De Beers set to ease rough prices at the July Sight

Per Rapaport, De Beers is poised to lower prices or widen discounts at the July Sight, after book prices ran 20%–30% above the market on smaller goods. Its Q1 realised price already slid to $101/ct (-19% YoY) — the move largely marks book to reality.

RAPI for 1ct eased 0.34% this month while 0.50ct gained 0.85%. The divergence signals demand keeps concentrating in smaller stones.

The rupee weakened to 95.4 per dollar (+1.1% on the week), a tailwind for Indian cutting margins. Gold fell about 8% over the month to $4,126/oz. Backdrop: India's polished exports closed FY 25-26 down 8.5% at $12.2B.

De Beers' July Sight is the event of the month; the next major show is Vicenzaoro in Vicenza, September 4–8.