Indian manufacturers worked to reduce inventories!
Prices for rounds and fancies diamonds showed a positive trends following a year of declines. Prices for 1-carat stones gained by 1 % between October 24 and November 1. While the index for 0.50-carat diamonds-the weakest category since the start of 2023-increased 0.3%, and the 3-carat index rose 0.4%.
Having followed by a year of continuous erratic decline due to ongoing conflicts such as the Ukraine – Russia War. And the Isreal – Hamas Conflict. The G7 summit held in October of 2023 stated that the Indian manufacturers worked to reduce inventories in anticipation of upward mobility during the holiday season, competition from synthetics, and further price drops.
With the upcoming Festive and Wedding season it is estimated that the Indian Diamond Industry is to expand even further with its sales volumes which is to see an impactful trade – off in the last quarter of the year, said Colin Shah, MD, Kama Jewelry on, The Prices in the diamond Industry observes a period of stabilization.
It is to keep in mind that all the leading Gem & Jewellery (GJ) Associations, including the GJEPC had urged the fraternity to observe voluntarily halt on rough import for two months.