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The recent downturn has accelerated. In June, it declined by 2.00%, following a 1.02% decrease in May. This slowdown is attributed to global economic challenges, weak consumer demand, slow recovery in China, sanctions, lab-grown diamonds, and various uncertainties. With the onset of the summer vacation season for traders and retailers, the market, which was already subdued, has become even quieter.
During the second quarter, De Beers reduced production by 15%. India reported a 26% drop in diamond exports in June. Additionally, prices of fancy color diamonds, typically resilient during economic downturns, have fallen for the first time in nearly four years over the past three months.
