Morning Bites (part 1)

💎India’s rough diamond net imports rose 17% YoY in December, decelerating from the +73% YoY spike in November (mainly due to the low base). Meanwhile, polished diamond net exports fell 8% YoY. Synthetic rough diamond net imports surged 50% YoY. Lab-grown net rough imports accounted for 10% 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 2025)

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

#diamonds