Demand Rotates into Smaller Stones While Rough Stays Soft

De Beers' average selling price sits at $110/ct, still about 37% below a year earlier on the Q2 comparison. This reflects a rough market that has repriced sharply and remained soft. It is not a fresh move today, but it is the base case the midstream is planning against.

RAPI is split this month: the 1 ct index is essentially flat (-0.11%) while 0.50 ct goods are up 1.66%. Firmness is rotating into smaller stones, so inventory weighted toward half-carat and melee goods is where the market is holding. Larger goods still lack clear demand pull.

Gold has surged 10.48% over the month to $4,529.90/oz, strengthening the intrinsic-value case for jewelry while raising manufacturing costs. The dollar eased against the rupee (USD/INR 95.39, -0.32% on the week) and the shekel (USD/ILS 2.9728, -0.40% on the week), a modest tailwind for dollar-priced buying in Mumbai and Ramat Gan. India's polished exports at $847M ran 8.71% ahead of last June.

The Qatar Diamond Exchange has signed cooperation agreements with three Asian bourses. A newer Gulf hub connecting with established Asian trading flows could gradually expand where mid-market goods can clear and settle. The impact is directional rather than immediate, but worth watching for new liquidity.

The Jewellery Show London opens Sep 2 at Olympia, immediately ahead of Vicenzaoro September (Sep 4–8). These events offer the season's first major fair read on autumn buying sentiment.