Morning Bites

💎India’s rough diamond net imports were up 14% YoY in August, decelerating from the +29% YoY in July. Meanwhile, polished diamond net exports declined 7% YoY. Synthetic rough diamond net imports dropped 38% YoY. Lab-grown net rough imports accounted for 10% of total trading

Despite the positive YoY dynamics in June-August, the Indian diamond trade might be stressed in future months. To recap, the US (~50% of global polished diamond demand) increased import duties on Indian goods up to 50% starting 27 August

We maintain our view that it might take time for the global diamond market to recover, given the still high midstream inventories in 2025 and new trading disruptions

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

#diamonds