Polished Diamond Prices Index Stable Again in July

(IDEX Online News) - The IDEX polished diamond price index was stable in July, rising very slightly during the month as was the case in June.

The Index began the month at 125.39 and ended at 125.61.

Outlook

Diamond trading in July was in line with seasonal expectations, according to De Beers which reported rough diamond sales with a provisional value of $530 million in the sixth sales cycle compared with $581 million in the fifth cycle. De Beers' sales in the sixth sale of 2017 were higher at $576 million.

Bruce Cleaver, CEO, De Beers Group, said: "In the sixth sales cycle of the year, demand for De Beers rough diamonds was in line with expectations during the seasonally quieter summer period for the industry's midstream sector."

In general, trading was quieter in July with many diamantaires on vacation or winding down ahead of their summer holiday. Although many buyers were hoping for a larger discount during the summer slow season, sellers who have had a strong first half of 2018 did not feel the need to sell low.

Manufacturers are keeping prices of polished high due to the relatively high cost of goods in the second quarter of this year, and traders are not finding it easy to replace polished goods they sold in the pre-summer quarter.

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