News: Polished trading seasonally slow due to US summer vacations. Economic uncertainty fueling caution. Shift in sentiment with buyers setting market terms and polished inventories rising despite sanctions on Russian rough. 1 ct. RAPI -1.8% in June. Rough shortages expected to support prices in 2H. Expectations for strong De Beers sight next week. Kimberley Process reports 2021 global rough production +51% to $13.98B, volume +12% to 120M cts., average price +35% to $117/ct. Petra Diamonds’ price index +8% at $93M June tender. India raises goods and services tax on polished to 1.5%. Birks FY sales +27% to $141M, profit of $1M vs. $4.5M loss. G7 countries ban gold imports from Russia.

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