Morning Bites

💎India’s rough diamond net imports grew 12% YoY in October, from the low base of 2022 (vs. -33% in September). Meanwhile, India’s polished diamond net exports dropped 41% YoY, accelerating from the 25% YoY decline in September. Synthetic rough diamond net imports surged 72% YoY (mostly due to the near-record low volumes a year ago), after the -21% YoY in September. As such, the share of lab-grown net rough imports in diamond trading remained flat at 8% in October. We also remind readers that India (~95% of world polished stone supply) suspended rough imports for 2 months, starting in mid-October, due to the weak market environment and excessive midstream inventories. Overall, we maintain our cautious view on the diamond sector, which we see as likely to remain stressed by the adverse macroeconomic conditions globally, at least in the short term

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