A Quiet Session — Small-Stone Strength Holds Ahead of September RAPI

The latest monthly RAPI still splits the market. The 0.50 ct grade is up 4.10% on the month while the 1 ct grade is barely positive at 0.57%, so the firmness we have tracked remains concentrated in the smallest goods and has not yet reached one-carat stones. This is the same split the past week of briefs flagged against IDEX’s softer September reading, and our view remains unchanged: D-Loupe will not repeat a broadening-recovery line until the wider data supports it. On the macro side, gold has eased about 8% over the past month to roughly $4,320/oz, which trims metal costs for jewelry makers but does not directly affect polished prices, while the shekel and rupee were both quiet on the week.

September’s RAPI, due around Oct 1, should answer the question more directly. A clearly positive 1 ct print would support a broader recovery, while strength below 0.50 ct alone as 1 ct fades would reinforce the small-stone story. Rough is quiet, with no sight or tender result at the major producers since the last brief. Botswana’s review of its De Beers stake is reported to be nearing a late-September deadline, a structural decision worth watching beyond the rumor around it. MadridJoya opens today in Madrid and runs through Sep 27.