IDEX Polished Price Index: The Downward Slide Continues in July
August 04, 24
(IDEX Online) - The IDEX Polished Price Index fell by 3.12 per cent in July, its biggest monthly post-Covid drop.
It represents an acceleration in the current slowdown. In June it was down 2.00 per cent, and in May it fell 1.02 per cent.
In addition to ongoing global economic woes, weak consumer demand, China's slow recovery, sanctions, lab growns and multiple uncertainties, we're now into the summer vacation season, for both traders and retailers. So an already quiet market just got a little quieter.
De Beers cut production by 15 per cent during Q2, India reported exports in June down by 26 per cent and prices of fancy color diamonds, usually resilient even in times of trouble, fell during the least three months for the first time in almost four years.
The Index remains in overall decline despite a slight bounce last November and December.
Month-to-month prices were down by 3.1 per cent in July, by far the biggest fall of 2024. The trend has been downward this year but the biggest single fall before July was 1.3 per cent in June. Prices have been declining every month since April 2022, except for a sudden bounce in December 2023 and a slight rise in January 2024.
Year-to-year prices fell 13.8 per cent in July, the 20th consecutive month of decline. Prices falls have remained largely constant - around 14 of 15 per cent - since the start of the year.
Month-to-month prices were down for all sizes shown below during July, by between 2.3 per cent and 4.5 per cent. Prices fell by no more than 1.8 per cent the previous month, when there were slight increases for 3.0-cts and 4.0-cts. During July 0.5-cts suffered the heaviest loss, followed by 1.0-cts.
Year-to-year prices for July were broadly similar to those for June and May. 1.0-cts and 1.5-cts suffered the heaviest falls, both down 15.1 per cent. 5.0-cts fell 5.6 per cent.
Prices for goods of all sizes shown below fell during July. In June 3.0-cts and 4.0-cts showed marginal increases.
