Demand Rotates into Smaller Stones as Rough Holds Soft

De Beers’ realized price sits at $110/ct, down 37% year on year in Q2 2026. Rough pricing remains structurally soft, so disciplined buying still beats chasing volume.

RAPI firmed this month but unevenly: 0.50 ct goods rose 3.97% against just 0.45% for 1 ct goods. The polished recovery is concentrating in smaller sizes rather than lifting the whole market.

Gold eased 2.85% over the month to $4,415.9/oz, taking some pressure off stone-set fabrication costs. A marginally weaker rupee (USD/INR 95.88, +0.33% on the week) modestly supports Indian exporters’ margins.

A Signet executive flags firming natural-diamond demand ahead of the holidays. This retail-buyer read usually reaches rough weeks later and aligns with this month’s strength in smaller polished goods.

Jewellery & Gem WORLD Hong Kong runs through Sep 21 at the HKCEC, the season’s key Asian show. Order and tender flow from the fair will offer the first meaningful holiday read.