Morning Bites (part 3)

💎 De Beers is to reduce the value of rough diamonds allocations 20% in 2024, amid the YoY declines in stones’ prices, Rapaport reports. De Beers (29% of global rough output in 2022) has also recently allowed clients to postpone buying up to 50% of their allocations until end-2023: the miner aims to accumulate unsold gems, expecting a better pricing environment. Market sources anticipate De Beers' 10 cycle sales being broadly in line with the previous sight’s USD 80mn proceeds (the weakest since 2020), or even lower. In our view, this would mostly reflect the supply discipline measures

💍 India is to resume rough diamond imports on 15 December. Although the news was in line with the initial timing of the voluntary freeze, a GJEPC representative noted the improving sentiment in the US (53% of the global gem-set jewellery trade) on the eve of the winter holidays: this might add some support to the stressed diamond market, we believe

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