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
Candidates From India, China and The UAE Running For President Of The WFDB
The Election Reflects Power Shifts In The Trade As Well As Open Questions About The WFDB’s Character and Future.
Three candidates from India, China and the United Arab Emirates (UAE) are running for president of the World Federation of Diamond Bourses (WFDB) in an election that reveals contrasting approaches to the organization and the industry. s (WFDB) in an election that reveals contrasting approaches to the organization and the industry.
Bharat Diamond Bourse (BDB) vice president Mehul Shah, Shanghai Diamond Exchange (SDE) president Lin Qiang, and Dubai Diamond Exchange (DDE) chairman Ahmed Bin Sulayem have put their names forward ahead. Israel’s Yoram Dvash is standing down after completing the maximum two three-year terms.
The key theme is a split between preserving the federation’s traditional, experience-led model and pushing a younger, reform-minded approach.
Candidate positions
Mehul Shah is presented as the continuity candidate: he wants to strengthen the federation, add members, and restore its earlier influence, but he argues that younger leaders should first gain experience in junior roles.
Ahmed Bin Sulayem is linked with a reformist, younger-leaning camp that wants fresh leadership and modernization, with David Troostwyk and Molefi Letsiki on the same informal slate.
Lin Qiang’s role is more institutionally grounded, with recent WFDB and Shanghai ties showing China’s growing involvement in the federation’s outreach and industry strategy.
Industry context
The election is happening against broader concern about the WFDB’s relevance as lab-grown diamonds reshape the market and as influence shifts toward bodies like the World Diamond Council.
WFDB leadership tracker: track the Executive Committee, presidential election rules, and potential future candidates from India, China, and the UAE.
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