The U.S. consumer price index (CPI) for jewelry declined 5 percent year on year to 171.35 points in October and the reading slipped about 4 points from September's index. The CPI for watches, meanwhile, rose 2.6 percent to 124.42 points, which was the second highest reading of the year.
Market prices for precious metals during the month remained under pressure with the average price of gold down approximately 2 percent compared with one year ago, while platinum experienced a second consecutive month of double-digit declines and fell 11 percent in October.
Diamond price movement was mixed during the month, according to the RapNet Diamond Index (RAPI), the global benchmark for polished goods. Polished prices for 0.30-carat rose 3.3 percent year on year, while they increased 5.1 percent for 0.50-carat stones in October, according to RAPI. However, polished prices for 1-carat diamonds fell 5.9 percent and prices were down by 4 percent for 3-carat diamonds.
By comparison, the CPI for all product categories in October increased 1.7 percent year on year to 237.43 points.
