Morning Bites (part 2)

💎India’s rough diamond net imports dropped 49% YoY in July, continuing the decline seen since December 2022 (except the 7% YoY growth in April). Meanwhile, India’s polished diamond net exports dropped 44% YoY in July (after the -33% YoY in June), while synthetic rough diamond net imports fell 16% YoY (vs. -48% YoY in June). The share of lab-grown net rough imports in natural diamond imports was 10% in July, slightly more than the 8% in the same month last year. The weak and still deteriorating demand from India’s midstream (~95% of world polished stones supply) underpins our cautious view on the global diamond market. To recap, GJEPC expects India's gem and jewellery exports to drop 10-15% YoY in 2023 (the YTD decline is already steeper, at 24% YoY)

#diamonds  
https://metals-wire.com/sector/Diamonds