The latest cut in diamond prices on the Rapaport List (Martin Rapaport) appeared for the fourth time in the past 6 months. The current price, according to Rapaport, is 7% lower for large diamonds whose weight is over 5 carats. The falling price of diamonds is a consequence of the reduced demand for diamonds world-wide.
Following a period of rising prices, Rapaport began cutting diamond prices in October 2008, which drew strong criticism from the industry. Since October 2008, diamond prices have not recuperated, especially due to poor sales figures during the holiday season and Christmas. As a result, Rapaport has cut diamond prices twice more, little by little. First to be lowered were the larger-sized diamonds and soon afterwards, the smaller diamonds were marked down as well.
At the beginning of the new year, the Rapaport Group announced that they would be publishing a weekly price list for diamonds based on the average asking price of several chosen categories of diamonds.