Smaller Stones Lead Polished as Hong Kong Show Opens

De Beers' Q2 realized price sits at $110/ct, down 37% year over year. This is the latest producer reading and remains deeply soft. With rough this cheap versus a year ago, there is no urgency to chase parcels; disciplined buying continues to be rewarded.

RAPI split this month: 0.50 ct goods climbed 3.97% while 1 ct goods barely moved, up 0.45%. Buyers are paying more for smaller commercial goods rather than larger stones, a rotation worth positioning inventory around.

The rupee slipped 1.13% against the dollar this week to ₹95.56, while gold held near record levels at $4,372/oz, roughly flat on the month at -0.2%. A softer rupee squeezes Indian importers paying for rough in dollars, even as high bullion prices keep pushing design toward more stone and less metal.

India's August gem and jewellery exports edged higher overall, but polished diamonds softened 4.93% year over year. The pipeline is leaning on other categories while polished demand stays selective, reinforcing the smaller-stone rotation shown in the RAPI reading.

Jewellery & Gem WORLD Hong Kong opens today at AsiaWorld-Expo, running through Sep 18, with the HKCEC halls following Sep 16–20. It is the season's first major read on Asian holiday demand, so watch order flow in smaller commercial goods.