Morning Bites (part 2)

💎De Beers has cancelled its August sight and rescheduled cycle dates for later 2024, following an oversupply in the diamond industry, Rapaport, reports. The decision also reflected sharp production cuts of polished stones in India (~95% of world supply), with executives estimating a ~50% YoY reduction in July and early-August. According to De Beers spokesman, the revised scheduling is in-line with sightholders’ business needs

Although weak upstream sales indicate still elevated industry stocks, solid downstream demand in the key US market (~53% of the world's gem-set jewellery trade), combined with ongoing supply cuts, might speed-up the release of inventories in 2024 and bolster the stressed diamond market, in our view

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