Morning Bites

💎Petra Diamonds’ LFL rough prices at its August auction were down 4.3% vs. May. To recap, the June tender was postponed to August amid weak demand from India’s midstream. The decline was mostly driven by the 14% cut in 2-11ct diamonds’ LFL prices, while smaller stones saw only a 1-2% decrease. According to Petra CEO Richard Duffy, the rough diamond stocks of Indian cutters (~95% of global polished stones supply) have likely peaked and might decline in the near future, while the upcoming holiday period (Diwali, Thanksgiving, etc.) could well add a positive note to sales. However, we keep our cautious view on the diamond sector globally, given the adverse macroeconomic conditions and ongoing soft US sales (~50% of world gem-set jewellery trade)

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