Morning Bites

💎India’s rough diamond net imports jumped 73% YoY in November (from the low base), vs. the decline of 44% YoY in October. Meanwhile, polished diamond net exports rose 19% YoY. Synthetic rough diamond net imports surged 2.6x YoY. Lab-grown net rough imports accounted for 12% of total trading in value terms

We maintain our view that it might take time for the global diamond market to recover, given risks to supply discipline in 2026, as well as new trading disruptions (the US raised import tariffs on India’s goods to 50% from late August)

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

#diamonds