IDEX Polished Price Index: Another Hefty Fall During July

(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.IDEX Online subscribers please click here to read the full report.

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