A powerful rally in gold prices has propelled the combined market capitalization of the world’s 50 most valuable mining companies to $1.4 trillion, offsetting sharp declines in copper and lithium stocks amid ongoing global trade tensions.

The sector added nearly $80 billion in value in early 2025, partially clawing back losses sparked by new U.S. tariffs that rattled global markets. While the rebound marks a positive turn, overall mining valuations remain approximately $400 billion below their 2022 peak.

The rankings, based on data as of April 17 to avoid early-quarter market volatility, show precious metals leading the resurgence. Gold soared to a record $3,420 an ounce, reshaping the industry’s top tier. Gold-related firms now represent one-third of the Top 50’s total value, and six new companies — the highest quarterly addition since tracking began — entered the rankings, helping Canada surpass Australia in total miner valuations for the first time.

Meanwhile, copper miners bore the brunt of commodity headwinds. A steep decline in copper prices erased $53 billion in market value, pushing out names like Lundin Mining and Poland’s KGHM. Their exits made way for gold-focused entrants such as Lundin Gold, which doubled its valuation to $10.1 billion.

South African producers Harmony Gold and Goldfields also saw gains on the back of the gold boom, while Russia’s Polyus and Norilsk Nickel maintained their standings despite facing ongoing sanctions and limited global trading access.

In contrast, lithium’s decline was stark. Once represented by six companies in the Top 50, only Chilean miner SQM remains following a price collapse that decimated market caps across the battery metals space. Rare earth companies continued to struggle, with only China Northern Rare Earth retaining a spot in the rankings.

The changing composition of the Top 50 underscores gold’s growing dominance amid persistent economic uncertainty. With Uzbekistan’s state-owned Navoi Mining preparing for a high-profile IPO, more gold miners could join the elite ranks in the months ahead.

The Dubai Multi Commodities Centre (DMCC) has appointed Neil Ventura, a seasoned diamond industry executive and former De Beers leader, as special adviser for its Precious Stones Ecosystem, the organization announced Sunday via X (formerly Twitter)

Ventura brings over three decades of global experience in the diamond and precious stones sector, including key leadership roles at De Beers and Anglo American. In his new position, he will provide strategic direction for the DMCC’s growing ecosystem, with a particular focus on the Dubai Diamond Exchange (DDE), which now hosts more than 1,300 member companies.

His responsibilities will span both natural and lab-grown diamonds, covering market development, ethical sourcing, compliance, and platform visibility. He will also help shape initiatives aimed at boosting international trade and attracting new participants to Dubai’s diamond hub.

Ventura is widely recognized for driving innovation across the diamond value chain. At De Beers, he spearheaded the development of De Beers Auction Sales, co-founded the Tracr blockchain platform, launched Lightbox Jewelry — the group’s lab-grown diamond brand — and created GemFair, a social initiative designed to empower artisanal miners.

Alongside his new advisory role at DMCC, Ventura continues to serve as an expert adviser to Boston Consulting Group (BCG) and is actively involved with Antler, a global early-stage venture capital firm.

Dubai’s jewellery industry is undergoing a strategic transformation to re-engage its core South Asian customer base, particularly Indian gold buyers, amid shifting global and regional market dynamics. Once favored for its price advantage, the city is now responding to India’s recent reduction in gold import duty—from 15% to 6%—which has significantly narrowed the price gap between the two markets.

This change has impacted buying habits among Indian tourists and residents, many of whom traditionally flocked to Dubai during festivals like Akshaya Tritiya and Diwali for jewellery shopping. To adapt, Dubai jewellers are shifting focus from just pricing to a value-driven experience built on design innovation, quality, and exclusivity.

Retailers are expanding their collections with contemporary pieces sourced from countries like Turkey, China, Italy, and Singapore, while also investing in locally made jewellery that caters to modern tastes. Unique design offerings—such as Turkish and Calcutta styles, temple-inspired motifs, and enamel work—are being emphasized to distinguish Dubai’s offerings from what’s available in India.

Craftsmanship has taken center stage, with retailers highlighting high-quality finishes and intricate details that appeal to a more discerning global clientele. Lightweight yet visually striking designs are trending, along with lab-grown diamond options for consumers seeking affordable luxury.

While the Indian gold rush has slowed, Dubai continues to attract buyers from diverse markets such as China, Singapore, Africa, and Europe. Industry experts note that tourists today are looking for more than just price—they value an immersive shopping experience, rare design aesthetics, and high craftsmanship.

By reinventing its jewellery retail strategy, Dubai is reaffirming its place as a world-class destination for gold and fine jewellery, driven by innovation, variety, and a refined shopping experience.