Morning Bites (part 3)

💎Over 40% of diamond polishing factories in India's Botad have shut down, while another 20% are set to halt operations by the end-October, IDEX reports, citing the Botad Diamond Association. On our numbers, the city accounts for 3-5% of global polished stones supply. The decision comes amid poor demand for diamonds globally, which underpins our cautious view on the sector, at least in the short term. However,  the recent supply discipline measures taken by De Beers and Alrosa (which jointly accounted for ~60% of the world's rough diamonds output in 2022) could help to normalise midstream inventories in the medium term, we believe

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