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, Silver Decline as US-Iran Talks Fail
Dip Marks a Near One-Week Low for Gold, Which Had Moved Towards Record Territory as the “Safe-Haven” Asset
On the MCX, gold futures slid below the psychologically significant threshold of Rs. 1.52 lakh per 10 grams, erasing a portion of the gains made during a brief window of optimism. Silver, often more volatile than its yellow counterpart, saw a more pronounced retreat, with prices slipping 2 percent to trade near Rs. 2.40 lakh per kilogram. Gold prices in the international market fell to a near one-week low. Spot gold price declined 1.1% to $4,694.30 per ounce, its lowest level since April 7. US gold futures for June delivery fell 1.4% to $4,717.80 an ounce. Spot silver fell 1.9% to $74.45 per ounce.
The glimmer of a diplomatic breakthrough in the Middle East faded on Monday, sending shockwaves through global commodity markets as gold and silver prices tumbled from recent highs. The reversal followed the collapse of weekend peace talks in Islamabad. Negotiators had hoped to formalize a ceasefire between the United States and Iran, a move that would have de-escalated a conflict that has defined the first quarter of 2026. Instead, the failure of the dialogue has re-ignited fears of a prolonged blockade in the Strait of Hormuz, sending crude oil prices higher and forcing investors to recalibrate their portfolios.
- MCX Price Drop: Gold futures fell below the critical Rs. 1.52 lakh per 10 grams mark, while Silver saw a sharper 2% decline, trading near Rs. 2.40 lakh per kg.
- International Benchmarks: Spot gold hit a one-week low of $4,694.30 per ounce, marking a 1.1% dip, while spot silver dropped 1.9% to $74.45.
- Diplomatic Deadlock: The failure of weekend negotiations in Islamabad has reignited fears of a prolonged conflict and a potential blockade of the Strait of Hormuz.
- The Dollar Factor: A surging U.S. dollar, bolstered by its “safe-haven” status, has made gold more expensive for international buyers, further dampening global demand.
- Inflationary Pressure: Rising energy costs and the prospect of sticky inflation are leading traders to believe the Federal Reserve will maintain higher interest rates for longer.
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