Don't forget the Diamonds holders - Some promising results starting to appear of the Markets recovery.Polished Diamond Price Index Returns to pre-Covid Level
January 06, 21by IDEX Online
(IDEX Online) - Year-on-year diamond prices for December 2020 were exactly in line with those of the same month in 2019 - no change at all. They were badly hit by the pandemic in March and April, when they were 4.8 per cent down, but have rising more or less steadily ever since and have now reached pre-Covid levels. The Index is now at the x-axis, with every likelihood that it will break through next month.Diamond prices rallied somewhat in December, up 0.3 per cent month-to-month. The rise follows an unexpected 0.2 per cent fall in November, which may now prove to be nothing more than a blip. Prior to that we'd seen three consecutive months of solid increase. June and July were a wipe-out because of the pandemic.The IDEX Polished Diamond Price Index finished on a day-to-day high (see Daily Index graph below) but on a year-to-year basis it slumped during 2020. It closed at 119.22, a fall of 2.4 per cent on 2019, for which the pandemic must surely take most of the blame.The Index enjoyed a post-Christmas bounce and closed the year on a 2020 high. On a day-to-day basis prices have been recovering, but if we zoom out, the December average was only slightly up on November. And year-on-year 2020 was disappointing.The Index averaged119.2 during the year, down markedly on 2019 and the lowest since 2010 when it was 116.0. It peaked in 2012 at 136.8.So the long-term view isn't great, but focus on December alone and there are encouraging signs. After dipping slightly for the first few days of the month the Index climbed steadily through most of the month. The Index closed at 122.35, the highest it's been at since June 2019, and up 1.7 per cent on in the month. That's a hefty increase after a flat November (down 0.13 per cent) and October (up fractionally by 0.02 per cent).The monthly average for the Index in December was just a whisker down on the 2019 figure. During 2020 the Index reached its lowest point in July and has been flat or increasing marginally ever since. It had been in overall decline since mid-2018 and dipped markedly during the first wave of coronavirus in March and April.A long-term look at the Index shows prices have been in overall decline since 2011, hit a low for the decade when the pandemic hit last year, and have since been recovering.Prices for most diamond sizes shown below were up, by as much as 0.5 per cent, in December. Those that fell did so only marginally, with the exception of the more volatile four-carat stones. December was, overall, a better month than November, with its across-the-board price drops.Year-on-year prices for 1.0-ct to 2.0-ct stones were down a little, as they were last month. But increased demand for smaller goods saw a sharp rise in 0.5-ct stones, up 11.7 per cent. Four-carat stones were also up, by 5.5 per cent.The Index shows annual price drops for all sizes of stones below, continuing the overall trend of almost a decade. Year-on-year 0.5-cts were down only fractionally. The bigger the stone, the bigger the fall.OutlookWe're in limbo. There are some encouraging signs in the stats above - the Index is back to what it was before the pandemic. Equally there are causes for concern. The big black Covid cloud still hangs over the market, and although vaccines are now being rolled out, mutant strains, rising infection rates and new lockdowns mean that after a year of coronavirus the end is still not in sight. Holiday sales of jewelry in the US were down last month despite an e-commerce boom, and remain low in Hong Kong.
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