Smaller stones firm as one-caraters stall

De Beers rough is $110/ct, down 37% YoY as of Q2 — a quarterly benchmark, not a fresh move, but it marks how deep the reset in rough pricing runs. With producers defending volume over price, midstream margins stay pinched.

RAPI split this month: 0.50ct +1.66% while the 1ct is flat at −0.11%. Buying is concentrating in smaller, more liquid goods, so weight inventory toward what is actually turning.

Gold jumped ~15% on the month to $4,632/oz while the shekel firmed (USD/ILS −0.59% on the week) and the rupee held near 95.5. India's June polished exports rose 8.7% YoY to $847M — a genuine demand signal beneath the gold noise, and a softer dollar eases financing for Indian and Israeli buyers.

Rapaport's new Intelligence Report frames the trade as "taking stock" before Q4. The read for the desk: separate real holiday demand from restocking noise before committing capital.

The Jewellery Show London (Sep 2–3) opens the September fair run, with Vicenzaoro (Sep 4–8) immediately behind — the first real gauge of autumn retail sentiment.