Morning Bites (part 2)

💎India’s rough diamond net imports were up 29% YoY in July, accelerating from the +3% YoY in June. Meanwhile, polished diamond net exports also rose 16% YoY. Synthetic rough diamond net imports also gained 7% YoY. Lab-grown net rough imports accounted for 8% of total trading

Despite the positive YoY dynamics seen in July, the Indian diamond trade might be stressed in future months, if the new tariff threat materialises. To recap, the US (~50% of global polished diamond demand) plans to increase import duties on Indian goods up to 50% starting 27 August

We maintain our view that it might take longer than we had originally anticipated for the global diamond market to recover, given the still high midstream inventories in 2025

India accounts for ~95% of the world's polished stone supply

#diamonds