Morning Bites (part 1)

💎Petra Diamonds has postponed its May-June tenders to August. According to IDEX, the miner initially planned to offer 380kct this month, but has decided to sell the stones in August, together with the 76kct of gems unrealised in May. Similarly, De Beers has postponed its auctions during cycles 5-6 amid weak demand from Indian cutters, and also recently lowered prices. Hence, we reiterate our view that the adverse macroeconomic conditions globally and continuously weak US jewellery sales (~50% of the global demand) are likely to keep the diamond sector subdued, at least in the near future

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