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 gold market cooled off to $3300 (~Rs 95000) after reaching $3500 (~Rs 99350) last week as Donald Trump signalled a potential softening of his aggressive trade stance toward China and indicated that tariff negotiations were underway.

While market tensions have subsided, uncertainty remains high enough to sustain gold prices at their current levels. While President Donald Trump claims his government has begun trade discussions with China, he has stated that the US will be reasonable in terms of tariffs and that markets are reacting to tariff policies. He also stated that Iran’s situation is progressing nicely and proposed a possible interim agreement with Iran.

Other geopolitical issues are currently at play. According to reports, high-level Trump administration official Steve Witkoff is scheduled to meet with Russian President Putin soon. There are also rumours that the United States and Israel will destroy Iran’s nuclear capacity if Iran does not reach an agreement with the US.

The Reserve Bank of India purchased 57.5 tonnes of gold during the previous fiscal year, the second-highest acquisition in a year since the central bank began accumulating the precious metal in December 2017. As of March 2025, the RBI’s entire gold stock amounted to 879.6 tonnes, up from 822.1 tonnes the previous year. During 2023-24, the RBI added 27.47 tons of gold to its holdings, at a time when central banks throughout the world were expanding their gold purchases due to the US dollar’s prolonged weakening amid global uncertainty.

The creation of a “Shooting Star” candlestick pattern in the weekly charts, indicates a probable uptrend reversal, which was an intriguing technical component of gold’s price movement last week.   If prices sustain below $3300 (~Rs 95000) this week, they may fall 50% to $3240 (~Rs 93000) and 61.8% to $3175 (~Rs 91500).

Having said that, if there is a new trigger of instability in trade talks in the market, we could see gold prices rebounding again. And if prices sustain above $3380 (~Rs 96400), we could see a run up towards $3435(~Rs 97400) and $3500(~Rs 99400).

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.