Polished Firms at the Small End While Gold Overshadows the Retail Counter

De Beers' realized price sits at $110/ct, down 37% year over year in Q2, and India's July polished exports fell 18% YoY to $876M. The midstream is still running lean, so rough buyers are maintaining pricing discipline rather than restocking aggressively.

The RAPI rose this month, led by the 0.50ct index (+2.54%), well ahead of 1ct (+0.43%). Demand is concentrating in smaller, more affordable goods, making that the size band to prioritize.

Gold is up 7.78% over the past month to $4,348/oz while the shekel weakened 1.08% on the week (USD/ILS 3.01). With bullion this strong, retail budgets tilt toward gold weight over gem-set pieces, so watch margin, not just volume.

The US extended its window for grandfathered Russian-origin diamond imports to September 2027. Legacy stock gets breathing room, but provenance paperwork is now a permanent operating cost, not a one-off scramble.

Vicenzaoro September opens in two days (Sep 4–8, Vicenza), the season's first major European show. The Jewellery Show London runs today through Sep 3, offering a first read on autumn order books.