Supply Keeps Exiting the Market as De Beers Resets Prices

De Beers has told clients it will align its book prices with the market at the July sight, which opens Monday in Gaborone, after listed prices had been running 20%–30% above market on smaller stones and 5%–15% above market on larger sizes. Coming days after the two-year Venetia pause and Ekati’s move toward closure, the reset applies lower list prices to a shrinking supply base.

RAPI rose 1.31% for 0.50 ct goods and fell 0.19% for 1 ct goods over the month. The recovery remains concentrated in smaller commercial goods, while 1 ct stones remain broadly flat. Assortments weighted toward smaller stones are seeing the clearest repricing.

India’s June polished exports came in at $847M, up 8.71% YoY, the first positive result after the April–May decline. This suggests the manufacturing hub is restocking in response to the small-stone recovery. USD/INR at 96.28, up 0.99% on the week, gives exporters an additional margin cushion; gold at $4,019/oz is down 3.9% on the month.

Ekati’s sale process closed without a compliant bid, moving Canada’s flagship mine toward closure. It is a reminder that capital, not geology, is now the binding constraint on mine viability. Canadian-origin programs face reduced supply, while provenance premiums may firm.

The De Beers July sight runs from Monday, July 20, in Gaborone, providing the first significant test of the new price alignment. Next major trade event: Vicenzaoro, September 4–8, Vicenza.