Chanthaburi, Thailand — March 2026
The morning market in Chanthaburi
The trading tables go up on Friday and come down on Sunday, and almost none of the business happens the way an outsider expects.
Sri Lanka — November 2025
Two stones from the same piece of rough, cut two ways on paper before either was cut for real.
A piece of Sri Lankan rough came in at 9.4 carats with usable colour concentrated toward one end. Cut to preserve weight, it would have finished somewhere near 4.1 carats, with the colour sitting low and the table reading pale.
Cut to bring the colour into the face-up view, the finished stone came out at 2.68 carats. That is a loss of roughly a third against the alternative, and it is the version we would buy.
The client is buying the stone that exists, not the rough that came before it. A 2.68-carat stone has to be worth its price on its own terms, and pointing at a carat weight that never existed is not evidence of anything.
We write it down because the decision is interesting, not because it is persuasive.
Journal
Chanthaburi, Thailand — March 2026
The trading tables go up on Friday and come down on Sunday, and almost none of the business happens the way an outsider expects.
Beruwala, Sri Lanka — January 2026
Most people put the rough on the scale before anything else. He does not, and his reason took a while to get out of him.