D-LoupeDaily intelligence for the diamond tradeMarket movements, trade flows, and exhibition insights
De Beers' average selling price sits at $110/ct, still running about 37% below a year earlier on the Q2 comparison. That's a standing picture of a rough market that has repriced hard and stayed soft — not a move today, but the base case the midstream is planning against.
RAPI is split this month: the 1ct index is essentially flat (-0.11%) while 0.50ct goods are up +1.66%. Firmness is rotating into smaller stones, so inventory weighted to half-carat and melee is where the market is holding — larger goods still lack a demand pull.
Gold has surged +10.48% over the month to $4,529.9/oz, strengthening the intrinsic-value case for jewelry while raising manufacturing cost. The dollar eased against the rupee (95.39, -0.32% wk) and shekel (2.9728, -0.40% wk) — a modest tailwind for dollar-priced buying in Mumbai and Ramat Gan — and 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 plugging into mature Asian flow widens, over time, where mid-market goods can clear and settle — 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) — the season's first major fair and the desk's first real read on autumn buying sentiment.
Trade Alerts
Russia's mandatory 'synthetic' labeling for lab-grown diamonds takes effect September 1, 2026
From September 1, 2026, lab-grown stones set in precious-metal jewelry sold in Russia must be labeled "synthetic", with weight stated in grams rather than carats. The word "diamond" — along with terms like "precious", "natural" and "eco-friendly" — is reserved for natural stones only.
What to do: If you sell lab-grown goods into the Russian retail channel, relabel stock to comply before September 1. Otherwise, note the widening natural-vs-synthetic terminology split as a positioning signal; it does not change documentation for natural goods.
OFAC extends Russian-origin diamond import window to Sept 1, 2027 (GL 104B supersedes 104A)
On August 26, 2026 OFAC issued Russia-related General License 104B, replacing GL 104A. U.S. imports of grandfathered non-industrial Russian-origin diamonds (1ct+ located outside Russia since Mar 1, 2024; 0.5ct+ since Sep 1, 2024) are now authorized through 12:01 a.m. EDT September 1, 2027 — not expiring September 1, 2026 as previously set.
What to do: Stand down on any rush to clear grandfathered Russian-origin stones into the U.S. before September 1 — the window now runs a full year longer. Keep filing the non-Russian self-certification on every 0.5ct+ entry and retain location/export-history evidence for CBP as before.
Russia delays 8% rough-diamond export duty and mandatory domestic-cutter rule to March 1, 2027
Russia's Finance Ministry postponed the 8% export duty on rough/semi-processed diamonds ≥0.45ct — and the rule requiring producers like Alrosa to offer goods to approved domestic cutters first — from Sept 1, 2026 to March 1, 2027, launching both alongside the new state cutting-cluster decree.
What to do: Non-G7 desks sourcing Russian-linked rough (India/UAE cutting): the Sept 1 duty cost you were budgeting is deferred six months — re-plan Q4 procurement around the new March 1, 2027 date. G7-facing desks: no change, Russian-origin rough stays barred.
RAPI July: first all-positive month since March 2025 — 1ct flat, ending a 13-month slide
Rapaport's July index (published Aug 4) rose across sizes — 0.30ct +1.6%, 0.50ct +1.8%, 3ct +0.2% — while 1ct held flat: the first flat-or-positive reading for all four categories since March 2025 and the end of a 13-month decline in 1ct.
What to do: Reprice inventory to the firming list before your next quotes and hold firm on 1ct — the long discount cycle has stalled; stop discounting smalls at last month's levels.
OFAC GL 104A expires September 1: window for grandfathered Russian-origin diamonds closes
The US authorization to import 'grandfathered' Russian-origin diamonds (located outside Russia before the March/September 2024 cutoffs) ends 12:01 a.m. EDT, September 1, 2026. After that, entry of such goods into the US is prohibited unless OFAC renews the license.
What to do: Inventory any grandfathered Russian-origin goods intended for the US market and ship before the deadline; verify country-of-mining documentation and self-certification for every US-bound parcel; brief US customers on the cutoff.
Market Pulse
On the Calendar
Olympia London (National Hall), Hammersmith, London, UK
The UK's premium trade-only jewellery event, successor to IJL at Olympia — gathering buyers, retailers, designers, goldsmiths and suppliers of fine jewellery for the British market's key autumn buying window.
Learn more →
IEG Expo Centre, Vicenza, Italy
An international jewelry trade show held concurrently with the T.GOLD machinery fair.
Learn more →
Paris Expo Porte de Versailles, Paris, France
France's leading international jewelry and watch sourcing fair. Held as part of the Who's Next trade event, it features contemporary jewelry, creative accessories, and watchmaking.
Learn more →
Compliance
Plain-language guidance and live alerts covering G7 sanctions, EU due diligence statements, the Kimberley Process, and U.S. customs requirements.
Open the Compliance HubTop Stories
The key stories shaping the diamond and jewelry trade this week.
2026-08-27
Rapaport reports on Hong Kong jeweler Chow Sang Sang’s latest half-year performance and the role of gold demand. Useful context for retail trends across Greater China — see the source for the figures.
2026-08-26
Rapaport's latest intelligence report assesses where the diamond trade stands heading into the second half of the year. Read the full report for the detailed analysis.
2026-08-25
Rapaport reports on Alrosa’s progress toward a state-backed domestic cutting and polishing cluster in Russia. Of interest to manufacturers and rough buyers tracking supply-chain shifts — see the source for specifics.
2026-08-23
Rapaport reports on new cooperation agreements between the Qatar Diamond Exchange and diamond bourses in Asia. Read the full article for the parties and terms.
More News & Analysis
Yoram Dvash to Head Up Okavango Diamond Company Board
Gold Climbs to Multi-Month High in Mid-August as Macro Risks Build
Russia Curbs Open Rough Market, Introduces 8% Export Duty on Diamonds
India Releases April–July Gem and Jewellery Export Figures for FY2026-27
Alrosa Skids to Loss as Weak Diamond Demand Persists
Lucara Diamond Reports Second-Quarter 2026 Results
GIA to Add Fluorescence Clarification Language to Grading Reports
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