Demand Rotates into Smaller Stones as Rough Stays Pressured

De Beers' realized rough price sits at $110/ct, down 37% year on year for Q2. Producers are keeping volumes tight rather than chasing a thin market, so rough remains disciplined but demand is still weak.

RAPI firmed this month across sizes, but 0.50 ct goods jumped 3.97% against just 0.45% for 1 ct goods. Demand is rotating into smaller, more affordable goods, while larger stones barely move.

Gold eased 3.1% on the month to $4,335/oz yet remains historically high, keeping manufacturers focused on lower metal weight and higher stone content. A softer rupee (USD/INR 95.96, +0.89% on the week) can support rupee margins on dollar receipts, even as it raises local costs for USD-priced rough.

India's August polished exports came in at $925M, down 4.93% YoY, even as total gem and jewellery shipments edged higher. The mix is migrating away from natural polished and toward studded gold and lab-grown lines.

Jewellery & Gem WORLD Hong Kong is underway at HKCEC through Sep 20, serving as Asia's bellwether fair and the week's clearest read on regional demand. IJS Istanbul follows on Sep 30.