Morning Bites

💎 India’s rough diamond net imports slid 47% YoY in August, after the 12% YoY drop in July. In terms of volumes, net imports were down 46% YoY, mostly amid De Beers’ decision to cancel its August sight, we believe. India’s polished diamond net exports declined 22% YoY (vs. -18% YoY in July). Synthetic rough diamond net imports fell 8% YoY, after the 25% YoY drop seen in July. The share of lab-grown net rough imports in total trading was 18%, as natural imports were abnormally slow due to a one-off effect

We remind readers that GJEPC has recently underpinned the looming recovery in the diamond industry, following significant reductions in polished inventories across markets and price increases indicated in certain diamond segments. We continue to believe that in 4Q24, polishers will unwind their inventories, paving the way for massive restocking in 1Q25

India accounts for ~95% of world polished stone supply

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