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AUGMONT WEEKLY BLOG:Gold on beast mode as Liberation Day approaches

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Gold has continued its terrific run, on beast mode, hitting $3177 (Rs 91400) to set another milestone, as uncertainty about tariffs that would drive inflation and deteriorate economic development boosted safe-haven demand and maintained gold on track for its best quarter since 1986. The buying demand in gold continues unabated, with markets scrambling for shelter in the traditional store of wealth amid concerns over US President Donald Trump’s tariff plans on ‘Liberation Day’, April 2.

What is Liberation Day?

As per Wikipedia, “Liberation Day is a day, often a public holiday, that marks the liberation of a place, similar to an Independence Day. Liberation marks the date of either a revolution, as in Cuba, the fall of a dictatorship, as in Syria, or the end of the occupation by another state, as in the Netherlands, thereby differing from the original independence day or creation of statehood, while in Italy commemorates the victory of the Italian resistance movement against Nazi Germany and the Italian Social Republic, a puppet state of the Nazis and rump state of the fascists, the culmination of the liberation of Italy from German occupation and the Italian civil war in the latter phase of World War II”.

US Liberation Day on April 2

Donald Trump has threatened a “Liberation Day” with tariffs on countries having persistent trade deficits with the US. On Wednesday, April 2, the world will learn about Donald Trump’s new style of doing business with almost everyone. That is when the White House will unveil its tariff plan, which includes duty increases for all countries that trade products and services with the United States. Trump has not hinted at imposing a levy on gold, but the prospect of such a move has pushed prices to their current levels. Is gold taxed on imports? We find out on Wednesday. Until then, speculation is likely to continue in full swing.

Trump rattling the markets

Furthermore, US President Donald Trump shook markets last week by placing 25% tariffs on all non-American vehicles and light trucks ahead of the so-called reciprocal tariffs, which are scheduled to take effect on April 2. On Sunday, Trump expressed his rage and frustration with Russian President Vladimir Putin, threatening large tariffs on Russian energy and even bombings in Iran. He also stated that if he believes Moscow is impeding his efforts to end the Ukraine conflict, he will slap secondary tariffs ranging from 25% to 50% on Russian oil customers. Trump also slammed Ukrainian President Volodymyr Zelenskiy, warning that he would suffer serious consequences if he pulled out of the important rare earth minerals deal. This further weighs on investors’ sentiment and contributes to the global flight to safety.

What next?

Bullion is up around 18% this year after climbing more than 27% in 2024, owing to a favorable monetary policy background, significant central bank buying, and demand for exchange-traded funds, among other things. This comes on top of continuing concerns over slowing US economic growth, which drives stagflation fears, pulling the US Dollar down and providing more support to gold.

The next resistance for gold is $3210(~Rs 92000) while Silver is stuck in the range of $33 to $35, prices need to sustain above its $35 resistance to head higher towards $38.

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National News

Jaipur Gem & Jewellery Bourse Poised To Transform Global Coloured Gemstone Trade

Backed By Rajasthan Government and CIBJO, The Jaipur Gem & Jewellery Bourse Aims To Become The World’s Leading Hub For Coloured Gemstone Trade, Sourcing and Innovation.

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As global demand for coloured gemstones continues to surge, industry leaders are positioning the Jaipur Gem & Jewellery Bourse (JGJB) as a transformative initiative that could redefine the future of international coloured gemstone trade, sourcing, and distribution.

Gaetano Cavalieri, President of CIBJO – The World Jewellery Confederation, accompanied by Shri Pramod Agrawal, Chairman of the Jaipur Gem & Jewellery Bourse and Vice President, CIBJO, met Hon’ble Chief Minister of Rajasthan, Shri Bhajan Lal Sharma. The discussions focused on the transformative role of the Jaipur Gem & Jewellery Bourse in strengthening Jaipur’s position as the global capital of coloured gemstones.

During the meeting, Cavalieri thanked the Hon’ble Chief Minister and the Government of Rajasthan for their vision and support in advancing the Jaipur Gem & Jewellery Bourse, noting that the project will benefit the global coloured gemstone industry by creating a transparent, organised and internationally connected marketplace.

A major driving force behind the project has been the proactive support extended by the Government of Rajasthan, which has played a crucial role in facilitating the development process. The land allotment through RIICO, and continued engagement under the Rajasthan Investment Promotion Scheme (RIPS) reflect the State Government’s vision of positioning Rajasthan as a premier global jewellery and gemstone destination.

Expressing his gratitude to the Rajasthan Government, Pramod Agrawal, Chairman of the Jaipur Gem & Jewellery Bourse and Vice President, CIBJO, said:

“Our meeting with Hon’ble Chief Minister Shri Bhajan Lal Sharma reaffirmed the Rajasthan Government’s strong support for the Jaipur Gem & Jewellery Bourse. The Hon’ble Chief Minister assured us of the Government’s support in providing the infrastructure, policy support, skilling initiatives and investment ecosystem required to realise this landmark project. This gives the industry tremendous confidence as we move towards creating a world-class hub that will strengthen Jaipur’s position as the global capital of coloured gemstones.”

“Through strong collaboration between industry, government and global stakeholders, the Jaipur Gem & Jewellery Bourse has the potential to become a catalyst for trade expansion, investment, innovation, employment and sustainable growth across the gemstone value chain,” added Pramod Agrawal.

Jaipur already occupies a unique position in the global gemstone value chain, processing and trading a significant share of the world’s coloured gemstones. The Bourse seeks to elevate this leadership by bringing together manufacturers, traders, international buyers, sourcing offices, laboratories, logistics providers, auction facilities, technology partners and support services within a single world-class platform.

Kirit Bhansali, Chairman, GJEPC said:

“Jaipur’s unmatched expertise in coloured gemstones has made it a cornerstone of the global gem and jewellery industry for centuries. The Jaipur Gem & Jewellery Bourse will strengthen India’s leadership in the global coloured gemstone trade by creating a world-class ecosystem that connects heritage, craftsmanship and international commerce.”

Raju Agarwal Mangodiwala, President, The Jewellers Association, Jaipur, said :

“The Jaipur Gem & Jewellery Bourse reflects the collective vision of Jaipur’s gem and jewellery fraternity. We are proud to support an initiative that will empower our artisans, traders and entrepreneurs while strengthening Jaipur’s global position.”

Gaetano Cavalieri, President, CIBJO, described the initiative as one of global significance and a timely response to evolving market dynamics.

“The market is requesting increasing quantities of coloured gemstones, particularly quality gemstones, and Jaipur has always been one of the world’s most important centres for the coloured gemstone trade. The establishment of the Jaipur Gem & Jewellery Bourse responds directly to this growing demand by creating an organised, transparent and responsible trading environment.”

Emphasising the international relevance of the project, Cavalieri added: “This is not something related only to India. It is something related to the world through Jaipur and through India. The Bourse has the potential to become a reference point for the global coloured gemstone industry by bringing together trade, services, sustainability and traceability within a single ecosystem.”

Cavalieri further noted that the Bourse would strengthen confidence across the supply chain by promoting responsible business practices, transparency, sustainability and traceability — principles that are becoming increasingly important for consumers, brands and retailers worldwide.

Industry leaders believe the project will create significant opportunities for international buyers, jewellery manufacturers, luxury brands and gemstone traders seeking efficient access to high-quality coloured gemstones through an organised marketplace. The concentration of services and infrastructure is also expected to improve business efficiency, accelerate trade flows and foster greater collaboration across the global industry.

The Jaipur Gem & Jewellery Bourse is being developed as the world’s first dedicated bourse exclusively for coloured gemstones and coloured gemstone-studded jewellery. Planned facilities include more than 1,750 trading offices and kiosks, customs facilitation, gem-testing laboratories, auction facilities and a comprehensive range of trade support services.

As the coloured gemstone capital of the world, Jaipur is uniquely positioned to lead the next phase of growth in the global gemstone industry. With growing international support and a shared vision among industry stakeholders, the Jaipur Gem & Jewellery Bourse is expected to emerge as the world’s leading destination for coloured gemstone sourcing, trading, innovation, education and industry collaboration.

The Jaipur Gem & Jewellery Bourse, jointly promoted by GJEPC and the Jewellers Association Jaipur (JAJ), is expected to generate around 60,000 additional jobs and create a modern ecosystem that bridges Jaipur’s centuries-old gemstone craftsmanship with modern international trade and business standards.

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