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

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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.

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MCX Gold, Silver Rise Despite Global Weakness; US Data, Iran Tensions Keep Bullion Markets On Edge

While Domestic Gold and Silver Prices Edged Higher On MCX, International Spot Gold Slipped Amid Uncertainty Over US-Iran Negotiations, Inflation Concerns

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Gold and silver prices witnessed mixed momentum on May 28, with domestic futures on the Multi Commodity Exchange (MCX) trading marginally higher even as international spot gold prices remained under pressure. The divergence reflects cautious investor sentiment amid ongoing geopolitical tensions, uncertainty surrounding US-Iran peace negotiations, and expectations of tighter monetary policy in the United States.

MCX gold futures for June delivery rose modestly by Rs. 215 to Rs. 1,57,898 per 10 grams, while silver futures for July delivery gained Rs. 2,000 to trade at Rs. 2,72,628 per kilogram in early trade. The domestic uptick was supported by weakness in the US dollar and cautious positioning ahead of key macroeconomic developments.

However, global spot gold prices extended losses for a second consecutive session as investors remained wary of the inflationary impact of elevated energy prices and the possibility of prolonged geopolitical instability in the Middle East. Analysts noted that fading hopes of a near-term diplomatic breakthrough between the US and Iran have revived concerns around oil supply disruptions, higher crude prices, and inflation risks — factors that continue to influence precious metals.

According to market experts, gold has struggled to regain strong upside momentum despite its safe-haven appeal, as rising US bond yields and a firmer dollar have reduced investor appetite for non-yielding assets like bullion. Silver, meanwhile, remained under pressure globally after recent military developments in southern Iran weakened expectations of an immediate resolution to regional tensions.

Investors are now closely watching key US macroeconomic indicators, including ADP employment figures, GDP growth data, and the Personal Consumption Expenditures (PCE) inflation index — the Federal Reserve’s preferred inflation gauge. These data points are expected to offer fresh direction on the Fed’s interest rate trajectory, which remains a crucial driver for gold and silver prices.

With geopolitical risks still elevated and inflation concerns persisting, bullion markets are expected to remain volatile in the near term as traders await clearer signals on both diplomacy and monetary policy.

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