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Published
Dec 9, 2022
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Rough diamond prices expected to stay firm in FY24: ICRA

Published
Dec 9, 2022

Rough diamond prices are expected to remain firm in the 2024 financial year due to factors including pressures from inflation and a comparatively low supply from mining companies, according to ratings agency ICRA. 

Inflation could squeeze diamond business' operations this fiscal and beyond


“After witnessing a sparkling performance in FY2022, Indian diamantaires are facing demand moderation in FY2023, led by regions of the US and Europe,” said ICRA’s vice president and sector head of corporate ratings Sakshi Suneja, ET Bureau reported. “The cost pressures also remain elevated due to firm rough prices (due to continued controlled and lower than pre-pandemic supply by mining companies).” 
 
The fact that there is no significant increase in rough diamond mining output expected in the coming two years should mean that no real price drop will occur, according to ICRA. Many countries are facing a recession and this will impact the profit margins of Indian cut and polished diamond businesses.

From a credit perspective, it will be very important that diamond businesses maintain strict control over their working capital cycle, according to ICRA. This will help businesses limit their dependance on working capital debt. 
 
Cut and polished diamond businesses will face the challenge of having higher raw materials prices but less ability to pass these costs on the the customer as they will be squeezed by inflation. This could cause revenue of cut and polished diamond businesses to decline by between 8% and 10% in the current financial year, according to Suneja. 

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