Morning Bites (part 2)

💎India has voluntarily frozen rough diamond imports for two months, Rapaport reports, citing a letter written jointly by five leading representative organisations for the country’s diamond trade. Overall, the continuing deterioration in the global diamond sector pushed India’s midstream (~95% of the world's polished stones supply) to implement the strictest measures since Covid-19. The pause is to run from 15 October to 15 December. Alrosa, Russia's leading producer, has suspended sales for September-October amid the weak market environment. These decisions fit our thesis that demand remains sluggish and is unlikely to recover at least in the short-term, given the unfavorable macroeconomic conditions globally

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