The shekel firms past the quoting line on day three of Sight 9, with no rough read yet

💎 Polished — Quotes sit where September's RAPI left them, with the 0.50-carat index at plus 2.5% and the 1-carat index at plus 0.3% for the month, so the small-stone lead is still the only firmness on the board and there is nothing to requote this morning. That reading remains the last real one until the October index lands in early November.

🌍 Demand & macro — The one mover is the shekel, which firmed 1.87% over the week to about 3.05 per dollar and is the first currency to cross the quoting line in this quiet run. For an Israeli desk that sells in dollars and carries its costs in shekels, a stronger shekel trims the shekel value of dollar receipts and of dollar-priced inventory. That is worth a look when marking positions or meeting local obligations, even though the USD-quoted stone price itself does not change.

The rupee, which we flagged as a sustained turn below 95 rather than a one-week blip, has held near 95.1 rather than reverting toward 96. Gold near $4,056 an ounce keeps easing, down 2.69% since September 28, and remains a jewelry-metal cost signal within its own threshold.

📅 On the radar — De Beers Sight 9 reaches day three of its October 26 to 30 run and closes on Friday, so any read on whether September's small-stone firmness reached rough demand will come from sightholder estimates in the trade press after it ends rather than from today. The October RAPI in early November is the next firm price reading, and the JGTD Dubai fair closes on October 29.