The U.S. consumer price index (CPI) for jewellery increased 6.7 percent in January from the previous month, according to the U.S. Bureau of Labour Statistics. The reading was 2.9 percent higher than a year ago, wrote Rapaport.
The increase in prices comes alongside rises in polished diamond prices in January due to shortages, with the RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds increasing 0.9 percent during the month, while RAPI for 0.30-carat diamonds advanced 4.7 percent and RAPI for 0.50-carat diamonds grew 4.5 percent.
Meanwhile, gold prices on Comex increased 6.4 percent between December 31 and February 1, according to data compiled by Bloomberg.
The January CPI for watches increased 2.6 percent from a month ago and 0.8 percent from a year earlier, according to the U.S. labour data. The CPI for all urban consumers was unchanged on a seasonally adjusted basis.