International News
CIBJO SPECIAL REPORT-PRECIOUS METALS
While gold retains its investment edge, other metals drive industrial and jewellery demand
The global economy displayed resilience in 2024, expanding by 3.2 percent despite persistent inflation, geopolitical instability, and uneven regional performance. The IMF projects continued steady growth at 3.3 percent in 2025, with inflation moderating to 4.2 percent. The United States held robust growth at 2.8 percent, while China’s 4.7 percent fell short of expectations due to weak consumption. In this context of uncertainty, precious metals — especially gold — reaffirmed their role as both financial safe havens and critical industrial resources.
Gold
Gold marked a landmark year in 2024, averaging a record USD 2,386/oz, with peaks above USD 2,600. Driven by central bank purchases, geopolitical risks, and investor demand, prices soared further in early 2025, surpassing USD 3,500. Supply rose modestly due to increased mine production and recycling, while demand surged from central banks, retail investment in Asia, and industrial applications, though jewellery consumption fell sharply under record-high prices.
Platinum
Platinum, though range-bound for much of 2024, showed resilience with stable demand across jewellery and green technologies, and surged in 2025, surpassing USD 1,400. Supply increased slightly, while jewellery fabrication in India, Japan, and China rebounded strongly, aided by platinum’s price advantage over gold. Platinum’s role in hydrogen energy and clean technologies further reinforced its ESG profile.
Palladium
Palladium remained pressured, with 2024 prices averaging USD 983/oz, down 27 percent, weighed by declining automotive demand and substitution by platinum. Supply increased marginally but is expected to contract in 2025, while demand challenges persist.
Silver
Silver, meanwhile, saw renewed investor interest, averaging its strongest performance since 2012 with prices climbing to USD 32/oz by late 2024. Supply grew slightly, led by recycling, while industrial demand — particularly photovoltaics and electronics linked to AI and EVs — surged. Jewellery and silverware demand was mixed, with India leading recovery while Western markets weakened.
ESG
Across precious metals, ESG principles gained prominence. Gold, platinum, and silver advanced responsible sourcing, traceability, and sustainability-linked practices. Blockchain-enabled tracking, decarbonization commitments, and alignment with international standards underscored the industry’s pivot to ethical and sustainable operations.
International News
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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