Polished Recovery Holds in Smaller Stones While Rough Pricing Stays Soft

De Beers' average realized price sits at $110/ct, down 37% year over year in Q2. This is a reminder that producer pricing is still soft this cycle, keeping rough buyers cautious on restocking.

RAPI rose this month across sizes, led by a 2.52% gain in 0.50 ct goods versus 0.63% in 1 ct goods. The recovery is real but concentrated in smaller, faster-turning goods rather than larger stones.

India's July polished exports fell 18% year over year to $876M, so end demand still lags the price bounce. A firmer rupee (USD/INR -0.71% on the week) modestly eases dollar rough costs, while gold at $4,481/oz, up 2.74% on the month, keeps competing for the luxury wallet.

Lucara listed its $350M senior secured bond on Euronext Oslo Børs, financing the Karowe underground transition. This signals that major producers are locking in funding certainty to protect future rough supply through the soft market.

The 74th Bangkok Gems & Jewelry Fair opens today and runs through Sep 12, offering the first read on Asian trade appetite before Jewellery & Gem WORLD Hong Kong on Sep 14–20 sets the tone for Q4 restocking.