International News
GIA temporarily expands scope of laboratory services in Dubai and Hong Kong
In response to logistics challenges related to recently announced US tariffs affecting global shipments of gemstones, Gemological Institute of America (GIA) will temporarily expand services offered by the GIA Laboratory DMCC and the GIA Hong Kong laboratory.
D-to-Z diamonds, rough or polished, up to 9.99 carats may be submitted to the GIA laboratories in Dubai and Hong Kong.
D-to-Z diamonds, rough or polished, 10 carats and above and fancy colour diamonds may be submitted to the GIA laboratory in Hong Kong until further notice.
D-to-Z diamonds, rough or polished, up to 3.99 carats may continue to be submitted to the GIA laboratories in Bangkok, Dubai, Gaborone, Hong Kong, Johannesburg, Mumbai, Surat and Tokyo.
Rough diamond submissions are subject to the Kimberley Process Certification rules in each country; rough diamonds cannot be shipped to the GIA laboratory in Dubai, it noted.
The GIA laboratories in the United States (Carlsbad and New York) will continue to accept diamonds, coloured stones and pearls of any size from clients in the United States or with a United States country of origin.
The GIA laboratories in Bangkok, Hong Kong and Tokyo will continue to provide services for coloured stones and pearls, and the GIA laboratory in Mumbai will continue to provide pearl services.
International News
Precious Metals Gain As Crude Prices Weaken
Slumping Crude Prices and A Weaker Greenback Offer Support To Gold and Silver, Even As Federal Reserve Interest-Rate Uncertainty Looms
Gold and silver prices edged higher on Monday morning, finding support in a softening U.S. dollar and a sharp retreat in global energy prices after President Donald Trump announced that Washington would enter diplomatic talks with Tehran.
The prospect of a diplomatic breakthrough in the Middle East provided immediate relief to global markets, driving crude oil benchmarks down more than 5% to trade near $83 per barrel. The decline in energy costs helped alleviate broader fears of persistent, energy-driven inflation, while the U.S. Dollar Index slipped 0.50% to 99.42—falling below the key 100 mark and making dollar-denominated bullion more attractive to international buyers.
On India’s Multi Commodity Exchange (MCX), gold futures for October delivery traded up 0.13% at Rs 1,43,557 per 10 grams during early deals. Silver futures for September delivery rose 0.40% to Rs 2,18,061 per kilogram.
The market shift follows statements from President Trump over the weekend indicating that discussions with Iranian officials would take place on Monday. While Mr. Trump set no firm deadline for an agreement, the move raised hopes for a resolution regarding the impasse over Iran’s nuclear ambitions and a potential agreement to guarantee safe passage through the vital Strait of Hormuz.
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