IDEX Polished Price Index Hits Lowest Level Since 2008
September 10, 23 by IDEX Online

A brief re-cap of the article:
(IDEX Online)- Polished diamond prices suffered yet another blow in August, as the IDEX Polished Price Index fell by 2.87 per cent to its lowest point since January 2008.


It has now lost 26.6 per cent of its value since its post-Covid peak in March 2022, just before we began to feel the full impact of Russia invading Ukraine.


The combined effects of the war, spiraling inflation and interest rate hikes have seen the Index fall month by month ever since.


There was, however, a notable recovery in 4.0-cts goods during August, as average prices rose by over five per cent.


August's 2.87 per cent drop was worse than the 2.57 per cent drop in July, but marginally better than the 3.04 per cent drop in June, the most severe of the current decline.


Having said that, the August graph below does show a marked acceleration in the decline during the last week of the month.


De Beers' rough sales slumped to just $370m during August, the lowest level since March 2020, when the pandemic forced the suspension of regular sights.


Sentiment globally remains weak and GIA, the biggest grading lab, has laid off a fifth of the workforce at its HQ in south California, a stark indication of the ongoing downturn.


India is predicting a 15 per cent drop in overall gem and jewelry exports this year as consumers hold onto their cash.