Smaller Stones Firm as 1 ct Goods Stall

De Beers rough is $110/ct, down 37% YoY as of Q2. This is a quarterly benchmark, not a fresh move, but it shows how deep the rough-pricing reset has become. With producers defending volume over price, midstream margins remain pinched.

RAPI split this month: 0.50 ct rose 1.66% while 1 ct held essentially flat at -0.11%. Buying is concentrating in smaller, more liquid goods, so inventory should be weighted toward what is actually turning.

Gold jumped about 15% on the month to $4,632/oz while the shekel firmed (USD/ILS -0.59% on the week) and the rupee held near 95.5. India's June polished exports rose 8.7% YoY to $847M, a genuine demand signal beneath the gold-driven headlines. A softer dollar also eases financing for Indian and Israeli buyers.

Rapaport's new Intelligence Report frames the trade as "taking stock" before Q4. The practical takeaway: separate real holiday demand from restocking noise before committing capital.

The Jewellery Show London (Sep 2–3) opens the September fair run, with Vicenzaoro (Sep 4–8) following immediately after. Together, they provide the first real gauge of autumn retail sentiment.