IDEX Polished Price Index: Signs of a Slowdown in Decline
November 05, 23
The Index fell by 1.60 per cent, compared to just over 3 per cent in September, which was the single biggest monthly drop of the current crisis.
Price drops through October were gradual, and showed none of the volatility of the previous month.
The supply of rough is currently being squeezed, in an attempt to stabilize the market, by a voluntary moratorium in India, together with a halt in sales by Russia's Alrosa and Botswana's Okavango.
In addition, De Beers reported its lowest rough sales since Covid ($200m) and cancelled the online rough auctions that account for 10 per cent of its revenue.
The war continues in Ukraine, with the G7 nations poised to announce details of sanctions, and Israel is now battling Hamas in Gaza, with an inevitable knock-on effect on its diamond industry.
Consumer demand is starting to pick up, with less than two months until Christmas and less than a week until Diwali.
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