The IDEX Polished Price Index, published by IDEX Online, fell 2.62% in November, standing at 132.76 – “its biggest monthly drop since April of this year.”
According to the analysis, several factors are “dampening demand and squeezing prices” – uncertainties over the US economy, the war in Ukraine and China’s Covid lockdowns along with the protests against them.
Long-term, the Index “had been in decline since mid-2018 […] hit a low point in April 2020, with the first lockdowns hit, but the overall trend since then had been upwards.”
Month-to-month diamond prices fell 2.4% in November, exactly the same as in October, “and one of the biggest drops in recent years.” Year-to-year polished diamond prices “showed slower growth for an eighth consecutive month in November.” Prices grew just 1.8% year-on-year in November – “by far the lowest figure so far of 2022, and could well dip below zero in December.”
According to the analysis, the Index is in decline “faster than in recent months amid ongoing weak consumer demand” with “the overall trend remains down, and decidedly so, according to all our metrics.”
Read the full analysis here.
