Demand rotates into smaller stones while rough stays soft

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.