September's RAPI is finally in hand: the smallest goods led the gains and one-carat posted a second straight monthly rise, settling the open one-carat call in the recovery's favor even as IDEX still calls the market broadly under pressure

No fresh rough price reading came in today, so the supply story stays producer consolidation. Rapaport reported on October 4 that De Beers is taking full control of the Gahcho Kué mine as its partner hands back its stake, while Petra works through a strategic review, which together point to output from higher-cost operations being steered toward holding price rather than any loosening of goods.

The figure the desk had been waiting on is now in hand. Rapaport's September index rose 3.2% for 0.30-carat goods, 2.5% for 0.50-carat, 0.3% for one-carat in a second straight monthly gain and 1.5% for three-carat, and the firmest grades match the Rapaport Price List increase of September 11 on round 0.30 to 0.69-carat, D-G, VVS1-SI1 stones. That settles the open one-carat question in the recovery's favor, though only just, because the one-carat gain is real but slight. The two price houses still frame the month differently, and the gap is worth holding in view. IDEX's recent report calls the market broadly under pressure, with decreases outnumbering increases in both rounds and fancies and the sharpest weakness in the 0.70 to 1.99-carat rounds. The two actually agree on the shape, with strength concentrated below half a carat and the one-carat band the weakest point, so the practical step is to mark smaller round goods higher on the list you quote against while keeping one-carat expectations modest. For the record, this figure published on October 6, ahead of the October 9 date the briefs had pointed to.

The rupee at 96.73 to the dollar, up about 0.9% on the week, and the shekel at 3.07, down 0.2%, are both inside the range where currency does not move a dollar quote. Gold near $4,160 an ounce is still down about 6% over the month, which eases metal cost for finished jewelry without touching the price of the stone.

The nearest show is JIS Fall in Miami Beach from October 16 to 19, followed in the last week of the month by the Dubai Diamond Conference and JA New York. The reported United States tariff on Indian gem and jewelry goods carries a date around October 18 that the desk should confirm with its customs broker. The next test of whether September's gains hold is the October index in early November.