The IDEX Polished Price Index, published by IDEX Online, continued its decline in May, falling by 1.02%
Market uncertainty remains high due to factors like the future of De Beers, upcoming Russian sanctions, China’s economic recovery, fluctuations in lab-grown diamond demand, global economic challenges, inflation, interest rates, and weak consumer demand. Additionally, the recent cyberattack on Christie’s, although causing minimal damage, raises concerns about cybersecurity.
Historically, the Index is now at its lowest point in the past 13 years.
Month-to-month prices dropped by 0.9% in May. Prices have been falling consistently from April 2022 to October 2023. For most diamond sizes, month-to-month prices in May fell slightly, except for 5.0-carat diamonds, which rose by 4.2%, and 0.5-carat diamonds, which increased by 0.2%.
Year-over-year prices fell by 14.2% in May, marking the third consecutive month of slight improvement. Year-over-year prices showed slight improvements for all diamond sizes, despite ongoing drops of up to 16.6% for 1.5-carat diamonds.
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