The Polished Recovery Is a Small-Stone Story

De Beers' price benchmark holds at $110/ct, still down 37% YoY through Q2. The rough reset remains structural, not a passing dip. Lucara's US$350M senior secured bond listing on Euronext Oslo underlines how producers are extending debt maturities rather than relying on a fast price rebound.

RAPI rose across the board this month, but the strength is lopsided: 0.50 ct is up 2.52% versus just 0.63% for 1 ct. Demand is returning to smaller, more affordable rounds first, while larger stones still lag the recovery.

The rupee firmed this week (USD/INR -0.94% to 94.49), easing the dollar cost of rough for Indian manufacturers, while gold at $4,477/oz, up 3.1% this month, keeps jewelry budgets focused on stone-led designs rather than heavy metal weight. Hong Kong jewelry and watch sales extended their July gains, offering a supportive read on Greater China demand.

Rapaport confirms that polished prices extended their August recovery specifically in smaller round categories, reinforcing the RAPI split above and pointing to where post-summer liquidity is concentrating first.

Vicenzaoro in Vicenza runs through Sep 8, and the 74th Bangkok Gems & Jewelry Fair opens Sep 8–12. These are the autumn season's first real demand tests, followed by Hong Kong's twin September shows on Sep 14–20.