IDEX Polished Price Index Suffers Biggest Drop of Current Decline

(IDEX Online) - Polished diamond prices suffered their single biggest monthly drop of the current decline in September - down by 3.07 per cent.

In addition, after 18 months characterized by near-straight line decreases, we see more volatility, with prices levelling then suddenly dropping again.

The Index is now 30 per cent down on its March 2022 peak, the month after Russia invaded Ukraine.

Increasing lab grown sales, at ever-lower prices, are severely impacting natural diamond sales and prices, together with inflation, rising interest rates and a gloomy outlook for the global economy.

Industry bodies in India last week called for a two-month ban on all rough purchases in a bid to stabilize the market and keep a lid on growing inventories. In a similar vein, Alrosa has halted all sales of rough diamonds, though other miners have not followed suit..

On top of all of that, the Chinese market has failed to bounce back as predicted after its Covid lockdowns and the G7 nations are widely expected to introduce their own sanctions on Russian diamonds, to take effect in the New Year. A G7 delegation visited India last week to see how sanctions could be implemented there with minimum disruption.

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