U.S. Jewelry Prices Jumped 7% in January as Polished Costs Rise

22/02/2016 09:04

The U.S. consumer price index (CPI) for jewelry rose by 6.7% on the month in January, according to the U.S. Bureau of Labor Statistics. The reading was 2.9% higher than a year ago, Rapaport reported. The rise in jewelry prices follows increases in polished diamond prices last month as a result of shortages. Rapaport said its proprietary price index had shown 1-carat, GIA-graded diamonds increasing by 0.9% during January, while 0.30-carat diamonds increased by 4.7% and 0.50-carat diamonds showed a price increase of 4.5%. In addition, gold prices rose by around 6% in January, according to data compiled by Bloomberg as economic turbulence led investors to seek safe haven investment assets such as gold.