Morning Bites (part 3)

💍De Beers has published its 10th diamond insight report. Global supply shrank 1.6% to 121mnct, as output in DRC fell 27% YoY. The report was focused on the prospects for demand in China. Per the company’s estimates, China, HK & Macao jointly contributed 12% to global demand in 2022 (14% in 2021). Although consumer demand for jewellery in China has weakened in recent years following Covid-19, the report highlighted the potential growth, given the likely expansion of the middle class by 2030

💎Alrosa has suspended diamond supply for Sep-Oct at request of India. The measure took place amid weakening demand - in line with the practice of large miners of sacrificing volumes in favour of prices. We note that Alrosa accounted for 30% of the global diamond market in 2022, according to De Beers. Overall, this supports our view that the diamond market remains heavily stressed by growing inflation and adverse economic conditions globally

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