Morning Bites

💎India’s natural rough diamond net imports were broadly flat YoY in August, vs. the 10% YoY decline in July, per GJEPC data. Meanwhile, natural polished diamond net exports dropped 11% YoY. Synthetic rough diamond net imports rose 103% YoY, reflecting high monthly volatility in this segment. Lab-grown net rough imports accounted for 15% of total trading in value terms

In our view, the recent escalation of conflict in the Middle East might further weigh on global diamond trading, as it had previously disrupted operations 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 2026-27

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

#diamonds