A fifth quiet session: the board holds since September's RAPI, with the Miami JIS show now three days out as the first dated test

The board sits where the September RAPI left it when it printed on October 6: the small end led, with the 0.50ct index up 2.5% for the month against a slim 0.3% at one carat, and a fifth session has now passed without extending or reversing that read. The macro side gives nothing to trade on either, with the shekel and the rupee each moving well under the 1.5% weekly line that matters for quoting, and gold down 3.19% since September 14, inside the 5% band that reaches jewelry cost rather than stones. For a trader quoting this morning, the sheet reads where it did last week.

The catalysts are dated and still ahead. JIS Fall opens in Miami on the 16th, three days out and the first live read on US holiday demand, before the Dubai cluster fills the 26th to 29th with the Dubai Diamond Conference and JGTD. The harder figures come later: De Beers' October sight on the 26th to 30th, the quarter's clearest signal on rough pricing, and the October RAPI in early November, which tests whether September's small-stone lead held or faded. Two watch-items still carry over unconfirmed as of this morning: Botswana's response on the De Beers stake, flagged for mid-October, and a reported US-India tariff step unconfirmed for around the 18th.