At the July sales cycle De Beers cut official rough prices and narrowed its sightholder roster from roughly 70 to 45–50. The primary pipeline is consolidating into fewer hands — fewer shock absorbers along the chain.

The RAPI is split this month: 0.50ct up 0.85% while 1ct slipped 0.34%. Demand is returning first to smaller, faster-turning goods rather than larger stones.

Gold retreated 2.4% over the month to $4,114/oz, and the shekel held steady near 3.01 to the dollar (+0.26% on the week). A calm macro backdrop eases pressure on inventory financing costs.

De Beers moving official prices toward secondary-market levels removes a psychological anchor the trade has leaned on for years; the fixed premium between primary and secondary goods can no longer be assumed.

Vicenzaoro opens September 4 in Vicenza, the autumn season's first major gold and jewelry event.