The IDEX Polished Price Index for polished diamonds fell by 2% in June, marking its steepest monthly decline this year and the largest since last September’s 3.07% drop. This decline nearly doubles May’s 1.02% decrease, according to IDEX Online.
Despite the sharp drop, there’s a glimmer of hope as month-on-month declines this year are notably smaller than in the past two years.
The Index remains in overall decline despite slight rebounds in November and December last year. Month-to-month prices fell by 1.3% in June and have been dropping consistently since April 2022, except for brief increases in December 2023 and January 2024. May saw a 0.9% decline. Year-to-year prices dropped 13.8% in June, a slight improvement from May’s 14.2% fall. June marked the 19th consecutive month of year-on-year price declines.
Most sizes experienced larger month-to-month price drops in June compared to May, with exceptions for 3-carat goods, which rose 0.5% after a 2.2% decline in May, and 4-carat goods, which increased by 0.6% following May’s 4.2% rise. Year-to-year prices in June were similar to May, with 1.5-carat goods faring the worst, down 16.3%, and 5.0-carat goods showing the smallest loss at 5.3%, compared to May’s 0.8% drop. Overall, prices for most sizes fell in June, except for marginal increases in 3.0-carat and 4.0-carat goods.
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