A Quiet Session — Small Stones Firm, but September Data Has Not Yet Broadened

Small polished still firms only at the bottom of the size scale. Rapaport's RAPI is up 4.10% on the month for 0.50 ct goods, while the 1 ct grade is barely positive at 0.57%. After more than a week of briefs describing a recovery spreading up the sizes, today's split points the other way: firmness sits in the smallest stones and has not yet reached one-carat goods. IDEX's September price report describes the month as broadly under pressure, with price decreases outnumbering increases. Our view is that the broadening-recovery line is not yet supported by the data, and D-Loupe will not repeat it until it is.

The September RAPI, due around Oct 1, should clarify the question directly. If the 1 ct grade turns clearly positive for September, the recovery would reach beyond the smallest stones. If only the sub-0.50 ct goods hold while 1 ct fades, the recovery remains narrow and this month's small-stone story should be read more cautiously. Rough is quiet, with no sight or tender result at the major producers since the last brief. MadridJoya opens tomorrow in Madrid, running Sep 24–27, with Doha's DJWE and Istanbul's IJS following at the end of the month.