Morning Bites (Part 2)

💎India’s rough diamond net imports fell 27% YoY in December, reversing from the 34% YoY growth in November. Meanwhile, India’s polished diamond net exports were also down, dropping 28% YoY in December, accelerating from the -12% YoY in November. According to GJEPC Chairman Vipul Shah, demand from China remains muted, while supply concerns might intensify when the demand for polished stones starts to recover. We note that the diamonds sector is likely to remain stressed in the short term, amid the unfavourable economic conditions globally and weak 4Q22 gem-set jewellery sales in China (~15% of world sales)

At the same time, India’s lab-grown rough diamond net imports decreased 12% YoY in December (vs. -9% YoY in November). The share of lab-grown net rough imports in natural diamond imports was slightly up to 7% in December (vs. 6% YoY)

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