Diamond market sluggish due to US economic caution and China Covid-19 restrictions. Polished price decline fueling uncertainty. Buyers waiting for further decreases. Suppliers willing to negotiate to raise liquidity and reduce inventory of less desirable goods. Rough market restrained amid.
Rough diamond prices have reportedly fallen after months of frenzied purchasing. The diamond industry was considered a surprise winner as the global economy rebounded from the COVID-19 pandemic and in 2021, rough diamond prices rose by more than 20 per cent after copping significant hits in 2019 and 2020.
olished prices under pressure. Russian sanctions, China Covid-19 wave, US inflation, and hike in interest rates impacting demand. Polished inventory rising. Buyers lack urgency and expect further price declines. Suppliers reducing prices after 2022 surge. Melee and goods below 0.30 ct. weak. 1.
The European Union has announced a fourth round of economic santions on Russia following the invasion of Ukraine in late February, and among the restrictive measures is a ban on the importartion of luxury items such as diamonds and jewellery.