Rough Supply Rises While Smaller Polished Diamonds Continue to Firm

De Beers' Q2 report shows production nearly doubled year over year, while the average realized price fell 37% to $110/ct. More goods are available now at lower listed prices, but announced maintenance pauses in the second half of the year may tighten supply later. Buyers should time purchases accordingly.

This month's RAPI continues to show a clear size-based split: the 0.50 ct index is up 1.66%, while the 1 ct index is down 0.11%. The recovery remains concentrated in smaller stones, while larger stones remain more negotiable for buyers.

India's June polished exports rose 8.71% YoY to $847M, and the rupee firmed 0.38% on the week to 95.86. Restocking by Surat manufacturers can affect rough-diamond tenders within several weeks. Gold sits at $4,094/oz, up 1.8% on the month, keeping jewelry input costs elevated.

The U.S. placed Indian gem and jewelry imports under a Section 301 tariff regime with a 10% duty from July 24, while competing hubs including Israel face 12.5%. A tariff difference of this size makes shipping routes an important pricing consideration, so exporters should recalculate landed costs immediately.

IIJS Premiere opens in Mumbai next week (Aug 5–10). June export data may already reflect factory restocking ahead of the show.