JIS Fall opens in Miami, the first dated test after an eighth quiet session on the board, with the rupee's turn holding at 95 to the dollar

Accountability first: our mid-October call that Botswana would reach a clear direction on its De Beers holding has come due, and the talks are still reported as unfinished, per JCK citing Bloomberg on 13 October. For sightholders the open question is unchanged, which is who ends up controlling rough allocation and the terms of future sights into 2027.

💎 Polished — The price board has not moved for an eighth straight session since September's recovery, which reached every size but was led by the smallest goods. There is no new index reading, sight result or tender to shift it, and the next firm price point is the October RAPI in early November.

🌍 Demand & macro — The rupee's move earlier this week has held rather than reversed, with the dollar buying about 95.06 rupees and running close to 1.8 percent weaker over the week, past the 1.5 percent weekly line that matters for quoting. A firmer rupee trims what Indian exporters collect in rupees on their dollar sales, while making imported rough a little cheaper to buy in local terms. We take this as the sustained turn we flagged on 15 October rather than a one-day move that fades inside a fortnight.

📅 On the radar — JIS Fall opens in Miami today and runs through 19 October, the first dated test the board has been counting toward, even if no firm price data comes out of it right away. JA New York follows on 25 October and the Dubai Diamond Conference on 26 and 27 October, the De Beers October sight closes the month, and the October RAPI lands in early November to give the first firm reading since the September print.