Supply Keeps Exiting the Market Just as De Beers Resets Its Prices

De Beers has told clients it will align its book prices with the market at the July sight opening Monday in Gaborone, after running 20%–30% above market on smaller stones and 5%–15% on larger sizes. Coming days after the two-year Venetia pause and Ekati's slide toward closure, the reset lands on a supply base that keeps shrinking — a lower list price on fewer available carats.

RAPI reads +1.31% for 0.50ct against -0.19% for 1ct over the month; the recovery remains concentrated in smaller commercial goods while one-caraters tread water. Assortments weighted to smalls are the ones re-pricing.

India's June polished exports came in at $847M, up 8.71% YoY — the first positive print after the April–May decline, suggesting the manufacturing hub is restocking into the small-stone recovery. USD/INR at 96.28 (+0.99% on the week) gives exporters an extra margin cushion; gold at $4,019/oz is off 3.9% on the month.

Ekati's sale process closed without a compliant bid, moving Canada's flagship mine toward closure — a reminder that capital, not geology, is now the binding constraint on mine viability. Canadian-origin programs lose supply; provenance premiums firm.

The De Beers July sight runs from Monday (July 20) in Gaborone — the first hard test of the new price alignment. Next major trade event: Vicenzaoro, September 4–8, Vicenza.