International News
CA Congress embraces sustainability initiatives in Brazil and Africa, guides trade on tariffs

The May 19-22 ICA Congress highlighted initiatives towards greater sustainability in Brazilian and African gemstone mining, and gave guidance to the global gemstone trade on how to face up to the challenge of tariffs.
The Congress of the International Colored Gemstone Association (ICA) in Brasilia heard calls from speakers to develop responsible sourcing of coloured gemstones in Brazil by improving permissions for small-scale artisanal miners, who extract most of the South American country’s vast array of coloured gemstones.
Geologist Brian Cook, owner at Nature’s Geometry, appealed at the ICA Congress for more support for Brazilian artisanal mining communities in order to strengthen the industry. Cook urged more state-backed initiatives as well as investments to support responsible sourcing and permissions in artisanal mining areas, while ensuring health and safety.Regenerative agriculture, new income resources and entrepreneurial opportunities can be introduced to move towards greater sustainability in artisanal mining, he added.
The “Gems Keep Giving” initiative presented information about a life-changing project in Kenya and a new project that has started in Brazil to combat silicosis, which is a form of occupational lung disease caused by inhalation of crystalline silica dust.
A video presentation about a “Gems Keep Giving” water purification project in Kamtonga, Kenya, supporting the small-scale artisanal mining community there, received a standing ovation from the audience.
The ICA’s leadership advised their members around the world, faced with the challenge of tariffs, to contact their local government representatives to press for preferential trade deals, and to seek out contacts with US trade representatives.
ICA and the US Jewelers Vigilance Committee (JVC) are planning webinars in the coming months to inform members about tariffs and how to facilitate trade and shipping in coloured gemstones.
A possible rise in US tariffs after expiration of the present 90-day pause, could trigger investment in cutting and polishing in gemstone origin countries, Sara Yood, President, CEO and General Counsel at the JVC, told the ICA Congress.
If tariffs, presently held at 10 percent, revert to higher rates in key gemstone manufacturing countries such as India and Thailand, more investments in crafting operations in gemstone origin countries may follow, Yood said during a question-and-answer session. “Businesses may look to keep more cutting in mining countries, especially if those mining countries have a preferential tariff rate,” she said.
The ICA leadership summed up the impact of the Congress, underlining the strength of engagement by attendees at the event.

International News
Precious Metals zoom ato record high ahead of FOMC meet AUGMONT BULLION REPORT

- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical Triggers
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
Commodity | Market | Support Level | Resistance Level |
---|---|---|---|
Gold | International | $3650/oz | $3800/oz |
Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
Silver | International | $42.5/oz | $45/oz |
Indian | ₹127,000/kg | ₹140,000/kg |
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