IDEX Polished Price Index Down: The Decline Slows in February

(IDEX Online) - The IDEX Polished Price Index showed signs of stabilizing in February, with its smallest decline in a year, of just 0.55 per cent. Some short-term shortages appear to be forcing up the prices of smaller goods. Melee prices were reportedly up as much as 10 per cent at Sight 2 (20 to 24 February), although the prices of some larger goods were reduced. Russian goods have largely been reaching the markets over the last year, despite US and corporate sanctions, but there were, reportedly, no goods offered in February. The G7 and EU nations remain undecided on Russian diamonds but the impact of the Ukraine war appears to be diminishing. The Hong Kong Diamond, Gem and Pearl Show, currently taking place, is expected to fuel a recovery in China, which is open for business again after lifting its zero Covid restrictions. And US inflation is slowing. The Index has been in decline for a year. In January it was down 1.17 per cent, in December 2022 by 0.76 per cent and in November by 2.62 per cent.

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