Morning Bites (part 2)

📈Russian gold output rose 9.3% YoY in December, after the 9.1% YoY growth in November, according to Rosstat. Meanwhile, domestic production of the precious metal was up 2.4% YoY in FY22. Despite some recovery in Russia's production (~9% of global gold mined output) since 1H22, we keep to our positive view on the metal's price, bolstered by the strong prospects for demand

💎The Indian government is to drop the 5% import tax on synthetic-diamond seeds, according to the country's Finance Minister. We note that these are used to create lab-grown rough stones. In addition, the authorities have committed to introducing more measures to support the manufacture of domestic lab-grown goods, including a special shipment code and grants. In our view, the decision is unlikely to have a material effect on sentiment on the natural diamonds market, at least at this stage, as the share of lab-grown trading is still quite small

#gold #diamonds
https://metals-wire.com:3000/news-reports