钻石行业跟踪报告：12月印度钻石出口数据跌幅收窄

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% in the industry index relative to the broader market within the next six months [20]. Core Insights - The report highlights that India's diamond industry, as a major processing hub, shows signs of improved downstream demand, with a narrowing year-on-year decline in both cultivated and natural diamond exports in December [2][17]. - The long-term outlook for diamond consumption is optimistic, driven by macroeconomic recovery and the growing "self-gifting" consumer trend, which is expected to gradually restore demand [2][17]. - The report emphasizes the competitive advantage of cultivated diamonds due to their similar composition to natural diamonds but at a lower price point, suggesting an increase in their market penetration in the future [2][17]. Summary by Sections 1. Cultivated Diamond Data Tracking - In December, India's cultivated diamond rough imports fell to $0.68 million, a year-on-year decline of 50.14%, while cultivated diamond exports were $0.79 million, with a reduced decline of 5.48% compared to November [7][9]. - The penetration rate for cultivated diamonds in exports increased to 9.26%, up by 0.44 percentage points year-on-year, while the import penetration rate decreased to 7.52%, down by 1.90 percentage points [11]. 2. Natural Diamond Data Tracking - India's natural diamond rough imports in December amounted to $8.36 billion, reflecting a year-on-year decline of 36.28%, while diamond exports were $7.73 billion, with a reduced decline of 10.36% compared to November [13]. - The international polished diamond price index fell to 95.22 points in December, down 1.38 percentage points from November, indicating a downward trend in natural diamond prices due to insufficient market demand [15]. 3. Investment Recommendations - The report suggests that the import and export data of rough diamonds are crucial indicators for assessing the downstream market's health. The narrowing decline in December's export figures signals a potential recovery in demand [2][17]. - The anticipated recovery in consumer demand for diamonds is supported by broader economic improvements and changing consumer attitudes towards self-gifting [2][17].