Morning Bites (part 2)

💎India’s rough diamond net imports declined 43% YoY in May, vs. the 31% YoY fall in April, per GJEPC data. Meanwhile, polished diamond net exports rose 5% YoY. Synthetic rough diamond net imports increased 22% YoY. Lab-grown net rough imports accounted for 13% of total trading in value terms

According to Rapaport, the conflict in the Middle East has disrupted diamond trading in the UAE and Israel (major hubs), with some auctions being postponed. We maintain our view that it might take time for the global diamond market to recover, especially given risks to supply discipline in 2026

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

#diamonds