Morning Bites (Part 1)

💎India’s rough diamond net imports increased 34% YoY in November, having rebounded from the 32% YoY decline in October. Meanwhile, India’s polished diamond net exports were down 12% YoY in November, decelerating from -26% YoY in October. According to GJEPC chairman, Vipul Shah, there are hopes for better trading results amid the recent easing of China's COVID restrictions and the upcoming Chinese New Year. In our view, the diamonds sector is likely to stay under stress in the near future, following the global economic downturn and weak US jewellery sales (which accounted for ~50% of global diamond jewellery retail sales in 2021)

At the same time, India’s lab-grown rough diamond net imports decreased 9% YoY in November (vs. -49% YoY in October). The share of lab-grown net rough imports in natural diamond imports was slightly up to 6% in November, from 5% in October

#diamonds
https://metals-wire.com/sector/Diamonds