Morning Bites (part 1)

💎 Petra Diamond’s LFL rough prices at its October auction fell 16-18% vs. August, according to a company press release. Despite the negative dynamics, the miner expects prices to recover in the medium to longer term, supported by India’s two-month import suspension (~95% of the world’s polished stones supply). In addition, the supply discipline measures taken by De Beers and Alrosa (which jointly accounted for ~60% of the global rough diamonds output in 2022) could help to normalise midstream inventories in the medium term, we believe. However, in the short term, demand is unlikely to recover: we keep our cautious view on the diamond market, following the adverse macroeconomic environment globally and persistently weak US sales (53% of the world's gem-set jewellery trade in 2022)

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