IDEX Polished Price Index Down: The Decline Continues in January

(IDEX Online) - January proved to be yet another month of straight-line decline for the IDEX Polished Price Index amid ongoing caution and uncertainty. It fell 1.17 per cent, compared with 0.76 per cent in December and 2.62 per cent in November 2022. Festive spending may have cushioned some of the Index's fall in December. January's decline is less than half that of November, which could offer a small glimmer of hope. Sentiment remains weak generally and manufacturing in India is still well below capacity. De Beers reported a sharp drop in rough sales at its first sight of the year (down over 30 per cent to $450m on the last sight of 2022) and said buyers were biding their time. But China has re-opened for business and appears to be recovering from Covid. 

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