Morning Bites (part 2)
 
💎De Beers cut rough diamonds prices at its 5th cycle amid sluggish demand, according to Rapaport. Sightholders say that the prices were reduced for >2ct and 1-1.5ct items, with a discount of 5-10% primarily aimed at lower quality stones. In addition, the company extended its buyback terms for some >2ct categories. We note that De Beers sales have been consistently lower YoY in 2023. Petra Diamonds also reduced its LFL prices, by 13%, at the May auction. Hence, we reiterate our view that the diamond market globally is still heavily stressed, affected by the adverse macroeconomic conditions
 
#diamonds  
https://metals-wire.com/sector/Diamonds