IDEX Polished Price Index: Slower Decline in August

(IDEX Online) - The IDEX Polished Price Index dipped yet again during August - down 1.36 per cent - although the decline was significantly less than the previous month (3.12 per cent in July).

It is, however, the first time the since the Index was launched 20 years ago that it has dropped below the 100 mark.

The ongoing downturn is due to weak retail sales in the US, China, and other key markets, together with increased competition from lab growns and a general slowdown because of summer vacations.

Overall sentiment remains cautious, with manufacturers maintaining polished production at reduced levels and working short weeks due to sluggish demand.

In addition, the threshold for G7 sanctions on Russian diamonds dropped from 1.0-cts to 0.50-cts on 1 September.

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