Morning Bites (part 2)

💎Rough diamond prices recovered 5-10% at small auctions in early-November, for the first time since February 2023, as shortages of some stones start to emerge, Bloomberg reports. Noteworthy, polished diamond prices have plunged ~20% this year, triggering a ~35% fall in rough diamond prices at some auctions, with the steepest declines seen in late-summer and early-autumn, per Bloomberg. Overall, the news reflects the supply discipline measures recently taken by De Beers and Alrosa (which jointly accounted for ~60% of global rough diamonds output in 2022), following sluggish consumer demand and high mid-stream stockpiles. Although the indication is favourable for the sentiment, we keep our cautious view on the diamond sector globally and await the results for larger tenders, although they are unlikely to be released in the near future, we believe

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