IDEX Polished Price Index: Decline Slows in September
October 06, 24
(IDEX Online) - The IDEX Polished Price Index recorded a modest fall in September, which could be an early indication of prices stabilizing. It was down 0.96 per cent, compared with 1.36 per cent in August and 3.12 per cent in July - its biggest fall of the year so far.
In China, the world's second biggest market for diamonds, state opposition to "conspicuous consumerism", together with a real estate crisis, are limiting demand. The much hoped for post-Covid bounce back hasn't happened.
Meanwhile, production in India is falling month by month, which is likely causing a little more price stability. India now earns more from smartphone exports to the US than it does from polished diamonds.
Global rough production is expected to drop by a third this year, as sanctions bite in Russia and De Beers sales remain subdued. In addition, lab growns prices are still plummeting, as demand increases.
The Index has been declining every month of 2024, by an average of -1.24 per cent. January and February saw the smallest drops - down 0.27 per cent and 0.30 per cent respectively.
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