National News
GJEPC seeks government intervention over US reciprocal tariff proposal
Top representatives of India’s gems and jewellery sector have urgently briefed Hon’ble Commerce Secretary Sunil Barthwal, IAS, on the potential repercussions of the United States’ recent notice regarding reciprocal tariffs. The delegation, led by Shaunak Parikh, Vice Chairman, GJEPC, along with Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers’ Association (SGJMA), and Sabyasachi Ray, Executive Director, GJEPC, presented a detailed overview of the industry’s concerns and proposed mitigation strategies.
The briefing aimed to underscore the significant impact the proposed tariffs could have on Indian exports and the broader industry. Satya Srinivas, IRS, Additional Secretary, Ministry of Commerce (MoC), and Dnyaneshwar Patil, Development Commissioner, SEEPZ were also present to offer a comprehensive understanding of the issues at hand.
The US notice, which threatens reciprocal tariffs, has raised concerns within the Indian gems and jewellery sector, a key contributor to the nation’s export revenue. The industry leaders outlined the potential economic fallout and presented specific recommendations to safeguard interests.
National News
MCX Gold Declines, Silver Crashes By Rs. 6,000/kg
The Sharp Sell-Off Comes On The Heels Of A Hawkish Stance By The US Federal Reserve, Fueling Expectations Of Prolonged High Interest Rates.
Indian bullion markets witnessed a massive correction today as gold and silver prices tumbled under heavy global pressure. Domestic 24K gold rates slipped toward the Rs. 1.47 lakh per 10 grams mark on the Multi Commodity Exchange (MCX), while silver suffered a brutal meltdown, crashing by nearly Rs. 6,000 per kilogram.
The sharp sell-off comes on the heels of a hawkish stance by the US Federal Reserve, fueling expectations of prolonged high interest rates. A surging US Dollar Index coupled with geopolitical anxieties—including a lingering US-Iran blockade and persistent global inflation fears—dragged international spot gold down to $4,151.89 per ounce, triggering a ripple effect across Indian retail hubs.
MCX Gold (10g): Rs. 1,47,175 (Down 1.4% intraday)
- Silver Crash: Shed a staggering ~Rs. 6,000 per kg in a single session.
- Primary Triggers: Persistent hawkish Fed commentary, a robust US dollar, and profit booking at higher levels
MCX Gold Declines, Silver Crashes By Rs. 6,000/kg
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