Polished prices in decline. De Beers lets sightholders defer 1 ct. and larger rough to early 2024, as manufacturers have enough goods for the holidays. Shift to fancy shapes is raising production and inventories of cushions. Secondary rough market quiet during sight week. Alrosa 1H sales flat at $1.9B despite sanctions, profit -35% to $563M. Dealers in Belgium and Israel returning from vacation with low expectations for 2H. US inflation rises to 3.2% in July vs. 3% in June. Synthetics ruining demand for 1 to 2 ct. Wealthy buying beautiful fancy shapes and high jewelry with top-quality natural melee. Hong Kong preparing for September show amid soft Chinese sales. William Lamb to replace Eira Thomas as Lucara CEO.

Changes in buying habits — rather than inflation — are the main cause of the current weakness in retail spending, US-based consultant David Marcotte tells the Rapaport Diamond Podcast.

Weak demand has left manufacturers with growing inventories of unsalable SI goods.

A look at some of the stories we’ve been enjoying here at Rapaport.