Morning Bites

💎India’s rough diamond net imports dropped 4% YoY in August, marking the ninth month of declines since December 2022 (only April showed growth, of 7% YoY). Meanwhile, India’s polished diamond net exports fell 38% YoY, after the 44% YoY decline in July, while synthetic rough diamond net imports suddenly rose 16% YoY (-16% YoY in July) after ten months of decline. The share of lab-grown net rough imports in diamond imports was 9% in August, vs. 10% in July. Overall, the weak demand data from India’s midstream cutters (~95% of world polished stones supply) and their inventory accumulation (see the chart above) underpin our cautious view on the global diamond market

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