Morning Bites

💎Petra Diamonds’ LFL rough prices dropped 13.0% at its May auction, vs. March. However, on an annual basis, the prices were still 8.9% higher YoY. According to the miner, most of the decline in May was recorded in diamonds smaller than 2ct, while more premium goods (2-11ct) also faced a 3-5% decrease. Petra has withheld ~15% of its sales volumes, expecting a better pricing environment later in 2023. Per the company’s CEO, Richard Duffy, the softer demand was affected by midstream stocks and extended manufacturing shutdowns, given the recent holidays in India (~95% of world polished stones supply). Overall, we maintain our cautious view on the diamond sector globally, following continuously soft US jewellery data and weak De Beers sales since early-2023

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