The CPI for all consumable product categories in December rose 1.7 percent year on year with an average CPI up 1.5 percent.
The U.S. consumer price index (CPI) for jewelry dropped 5.1 percent year on year to 161.75 points in December, which was about 4 points lower than November's reading and the lowest since July 2010.
The average jewelry CPI for 2014 slipped 4 percent to 170.58 points and it was the lowest reading since 2010 when the index held at 161.24 points, according to Diamonds.net.
Meawnhile, the CPI for watches "reflected a more stable environment in December as the index slipped only 1 percent year on year to 119.73 points and it was down 1.6 points from November's reading". However, the average CPI increased 0.5 percent during 2014 to close at a record high of 122.2 points, according to the report.
The RapNet Diamond Index (RAPI), the global benchmark for polished prices, found that diamond prices contracted in 2014. RAPI for 1.00-carat diamonds plunged 8.7 percent year on year, while RAPI for 3.00-carat dropped 6.6 percent and 0.30-carat fell 6.5 percent. Only prices for 0.50-carat diamonds held steady, or up 0.1 percent, according to RAPI.
Last year, gold prices, while fluctuating sharply due to global and economic events, closed the year slightly down, falling by 1.5 percent compared with 2013. But prices for silver plunged 19 percent and platinum was 12 percent lower in 2014.
