Diamond prices stabilizing at low levels. Sentiment improving amid steady US holiday sales. Midstream inventory falling, with sharpest declines in round, 1 ct., D-K, IF-VVS categories after manufacturers reduced rough imports and polished production. Most India factories closed for Diwali. Federal Reserve lowers interest rates 0.25 percentage points. Oct. US inflation rose to 2.6%. Richemont fiscal H1 sales at Cartier, Van Cleef and Buccellati +2% to $7.6B, operating profit -5% to $2.5B. Brilliant Earth 3Q sales -13% YOY to $100M, with $1.1M loss vs. $2M profit in 3Q 2023. Trade bodies in talks to launch marketing fund. Strong turnout at Dubai events, reflecting hub’s growing importance.
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