The U.S. consumer price index (CPI) for jewelry fell 2.9 percent year on year in July to 172.28 points, Rapaport reports. This was the largest year-on-year decline since December 2005. However, the CPI remains historically high and July's reading marked the nineteenth consecutive month with a reading of more than 170 points.
Since April, prices for polished diamonds have softened and both gold and platinum prices have dropped to below the level recorded one year ago.
Meanwhile, the CPI for all product categories combined in July rose 1.4 percent year on year to 228.72 points. This reading was the highest in two months, but still below the record high of 229.18 points set in April.
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