Morning Bites (part 2)
  
💎De Beers reduced rough diamond prices at its 6th cycle, as demand continues to disappoint, according to IDEX. The price of stones over 2ct was reduced by 10-20%; however, smaller stones weren't affected, Times of India reports. To recap, during its previous cycle, De Beers also lowered prices for >2ct and 1.0-1.5ct items by 5-10%. On our numbers, the De Beers price index has fallen ~11% YTD. We note that De Beers' sales remain subdued, showing one of the worst YTD dynamics within the observable period, while many factories in Surat are already working reduced hours because of slow demand and tight margins. Given the overall negative market data, we maintain our cautious outlook on the diamond market globally, which is still heavily stressed, affected by the adverse macroeconomic conditions and inflationary pressure
  
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https://metals-wire.com/sector/Diamonds