D-Loupe Journal
Analysis and perspectives on diamond and jewelry markets, responsible trade, and industry developments for executives, collectors, and partners who value clarity over noise.
Rapaport's September reading ended a month of waiting. Small rounds led, one carat edged to a second straight gain, and the week's producer news showed the same soft market reshaping who owns the mines.
U.S. retailers signaled firming holiday demand this week, yet polished gains narrowed further into the smallest goods while rough held near multi-year lows.
Prices firmed all week, but mainly in the small stones that compete hardest with synthetics, while soft rough and a gold-heavy holiday outlook keep the rebound defensive.
Polished prices firmed where goods are most affordable, rough remained structurally reset, and a surging gold market reshaped how shoppers value jewelry. This week’s real story is about mix, not momentum.
The 1 ct index steadied after thirteen months of decline as rough completed its reset and demand concentrated in smaller stones, with the De Beers ownership question still hanging over 2027.
Two mines moved out of the pipeline as De Beers prepared to reset rough prices, while demand continued rotating into smaller stones.
India’s export decline, De Beers’ sightholder cuts, and rising premiums for fancy shapes marked a week of major repositioning across the global diamond pipeline.
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