National News
GJEPC Chairman Meets New Customs Commissioner to Strengthen Trade Facilitation
Mr. Kirit Bhansali welcomes Commissioner Santosh Kumar Mishra, discussing industry challenges and reaffirming collaborative efforts for smoother gem and jewellery trade.
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Mr. Santosh Kumar Mishra, the newly appointed Commissioner of Customs at the Precious Cargo Customs Clearance Centre (PCCCC), during a meeting with Mr. Kirit Bhansali, Chairman of GJEPC.
During the meeting, Mr. Bhansali addressed several critical issues currently affecting exporters and importers in the gem and jewellery sector. He emphasized the need for continued support from the Customs department to ensure streamlined and efficient trade processes.
Commissioner Mishra expressed his appreciation for the constructive dialogue and assured the industry’s stakeholders of his department’s unwavering commitment to enhancing the ease of doing business. He stated, “When you flourish, we flourish, and the country flourishes,” underlining the significance of a strong, collaborative relationship between Customs and trade organizations like GJEPC.
The meeting concluded on a positive note, setting the stage for strengthened cooperation and proactive engagement to address industry concerns and enable seamless operations in India’s gem and jewellery trade ecosystem.
National News
MCX Gold and Silver Decline Sticky Inflation Fears
There Was Profit-Booking Following Recent Highs Fueled Speculation Around Central Bank Monetary Tightening.
Gold and silver prices dropped by up to 1% on the MCX as sticky inflation fears, volatile energy prices, and profit-booking following recent highs fueled speculation around central bank monetary tightening.
Inflation & Rate Hike Speculation: Despite July US CPI moderating to 3.4% YoY and PPI remaining flat, inflation remains well above the Fed’s 2% target. Markets are currently pricing in a ~1-in-3 chance of a September rate hike.
Energy & Geopolitical Volatility: Ongoing Middle East conflicts—amplified by US naval blockades of Iranian ports—have pushed oil prices above $87/bbl, creating energy-driven inflation risks.
Mixed Economic Signals: Weak US payrolls (dropping 23,000 in July vs. +80,000 expected) initially supported rate-freeze bets, but upcoming PCE data (due August 26) keeps traders cautious.
Profit-Taking: Technical profit booking emerged after gold breached its 100-day moving average.
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