IDEX Polished Price Index: Another Hefty Fall During July
August 03, 23
(IDEX Online) - Polished diamond prices suffered another hefty fall during July as geopolitical uncertainties continued to cast a dark shadow over the diamond market.
The IDEX Polished Price Index has been losing an average of 1.8 per cent a month over the last year.
During July it fell by 2.57 per cent, a slight improvement on June's 3.04 per cent drop, the worst since the current decline began last February.
De Beers announced a further steep drop in rough sales last month - despite significant price reductions - down almost 36 per cent to $410m, its lowest figure since May 2021.
And India is braced for a 15 per cent drop in overall gem and jewelry exports this year amid rising interest rates, inflation, and a lack of consumer confidence.
Manufacturers are reducing their inventory of natural diamonds, playing a wait-and-see game as rough prices decline, and increasingly turning instead to lab growns.
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