Diamond prices slumped dramatically during July and allied with weak trading volumes, this highlights the current malaise covering the diamond industry, Polished Prices reports.
The overall PolishedPrices index finished the month at 141.9, 5.1% below the level at the end of June. The average for July stood at 147.0 points, 2.4% below the June average and 13.8% below the average for July 2011. The first seven months of the year saw the index fall by 8.5% and it is 19.1% below the peak of August 2011.
The sudden acceleration in the rate of decline in polished diamond prices has left the overall index well below the level we were expecting it to be at the start of the year. With the summer holidays starting, it is difficult to see that there will be a major shift in direction through August, but hopes remain that the turnaround will come as the markets gear up for the fourth quarter.
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