IDEX Polished Price Index: Decline Slows in April

The IDEX Polished Price Index, published by IDEX Online, had a marginal decline in April, marking a modest 0.59% decrease compared to the 1.52% drop in March. While a full recovery in diamond prices remains uncertain, several factors hint at a potential price uptick.


Lab-grown diamond prices continue to plummet. Additionally, G7 sanctions on Russia have restricted a significant portion of the global diamond supply, forcing Alrosa to offload unsellable goods to the Gokhran, the state-run repository. De Beers has scaled back production and sales, with a 23% output reduction in Q1 2024 and a projected 10% annual decline. This supply squeeze, coupled with waning interest in lab-grown diamonds, presents an opportunity for price recovery. However, De Beers’ future, especially following a recent bid by mining giant BHP to acquire its parent company Anglo American, remains uncertain. Plus, impending sanctions targeting all Russian goods above 0.50 carats could further disrupt the market.


Though the Index continues to fall since a slight rebound in November and December, the rate of decrease appears to be decelerating. Monthly prices dropped by 1.3% in April, following a trend of consistent declines from April 2022 to October 2023.


Year-on-year prices saw a 15% decrease in April. Most sizes experienced declines, with exceptions such as 5-carat diamonds seeing a 2.3% increase. 4-carat diamonds suffered the largest loss, dropping by 4.5%. Year-on-year prices continued to fall across the board in April, with slight reductions compared to March. However, 3-carat and 4-carat diamonds experienced consistent declines, mirroring trends seen in previous months


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Polished diamonds on dollars
Polished diamonds on dollars

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