National News
Gold discounts in India widened this week to their highest point in nearly eight months
Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.
Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.
India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium
National News
India Participates In ADPA@20 Celebrations and Holds Kimberley Process Consultation In Luanda, Angola On Its Sidelines
Consultation Discusses Sustainability, KP Secretariat Funding, Digitalisation and Compliance Ahead Of New Delhi KP Plenary
India, as Chair of the Kimberley Process (KP) for 2026, participated in the 20th anniversary celebrations of the African Diamond Producers’ Association (ADPA@20) in Luanda, Angola, on 3–4 November 2026. On the sidelines of the celebrations, India, represented by Shri Yashvir Singh, Additional Secretary, Department of Commerce, and KP Chair, convened a KP stakeholder consultation on 3 November 2026 with the Chairs and Vice-Chairs of KP Working Groups and Committees (KP Working Bodies), along with the KP Vice-Chair, Republic of Ghana, and the former KP Chair, United Arab Emirates. Representatives of Observers and partner organisations, including the World Diamond Council, KP Civil Society Coalition, Diamond Development Initiative (DDI) at RESOLVE and ADPA, also participated. The engagements formed part of India’s outreach ahead of the KP Plenary to be held in New Delhi from 30 November to 4 December 2026.
The Chairs and Vice-Chairs of the KP Working Bodies shared updates on progress against their respective work plans and outlined matters proposed for consideration at the Plenary. These included draft Administrative Decisions, initiatives relating to responsible rough diamond sourcing, improvements to the statistical reporting platform, and measures to strengthen institutional governance and participant compliance. The consultation also provided an opportunity to identify matters requiring further coordination and areas where early convergence could support the work of the Plenary Reaffirming India’s KP Chairship theme of Confidence, Compliance and Credibility, the consultation provided an opportunity for an open exchange on the status and evolving priorities of the global diamond industry. Discussions covered the sustainability of diamond-producing countries and communities, sustainable funding and continuity of the KP Secretariat, digitalisation of certification and statistical processes, and strengthening compliance with the Kimberley Process Certification Scheme. Participants also exchanged views on the reform of the conflict diamond definition, responsible sourcing, artisanal and alluvial diamond production, consumer confidence and the importance of effective reporting and peer-review mechanisms.
Shri Yashvir Singh said:

“India’s Chairship places emphasis on Confidence, Compliance and Credibility. The consultation in Luanda provided an opportunity to engage directly with the leadership of the KP Working Bodies, the KP Vice-Chair and Observers on issues that are important to the future of the Process and the diamond industry. Our endeavour is to build a shared understanding of the issues before the New Delhi Plenary and to advance practical outcomes through constructive dialogue and consensus-based decision-making.”
The African Diamond Producers’ Association (ADPA), established on 4 November 2006 in Luanda, Angola, seeks to enhance cooperation among African diamond-producing nations. ADPA comprises of 15 effective member countries and 8 Observers, including two non-African Observers, namely the Russian Federation and India. Its member countries collectively account for over 60 per cent of global diamond production. ADPA is currently chaired by the Republic of Sierra Leone, represented by Hon. Julius Daniel Mattai, Minister of Mines and Mineral Resources. On 4 November 2026, Botswana was admitted as an Observer Member of ADPA during the 13th Extraordinary Meeting of the ADPA Council of Ministers held in Luanda.
India has Observer status in ADPA, providing an institutional platform for engagement with African diamond-producing countries. This offers opportunities for cooperation in securing rough diamond supply chains, technical knowledge exchange, value addition, market access and the promotion of ethical and sustainable practices.
On 4 November 2026, Shri Yashvir Singh participated in the Council of Ministers and main commemoration programme of ADPA@20 and delivered a presentation titled “Partnering for the Future: A Global Industry Perspective on Africa’s Diamond Future”. Speaking as KP Chair (India) 2026, he underlined the central place of African producing countries in the global diamond value chain and outlined how partnership between producers, manufacturing centres and consumer markets can support the long-term sustainability of the natural diamond sector. Drawing on India’s vision of the 3Cs – Confidence, Compliance and Credibility – he highlighted that consumer confidence in natural diamonds, robust compliance with KP minimum requirements and a credible, inclusive Kimberley Process are essential to ensuring that diamond resources continue to contribute to development in producing countries.
The programme brought together representatives of African diamond-producing countries, industry and other stakeholders to mark ADPA’s two decades of engagement. Sessions included discussions on the ADPA Sustainable Diamond Standard and the ADPA Business Council, perspectives on sustainability and audit practices, and deliberations on protecting the integrity of natural diamonds, industry advocacy, market differentiation and consumer confidence.
The 13th Extraordinary Meeting of the ADPA Council of Ministers, held alongside the 20th anniversary celebrations, approved a Memorandum of Understanding (MoU) between the Gem & Jewellery Export Promotion Council (GJEPC), India, and ADPA. The MoU seeks to strengthen cooperation between the Indian gem and jewellery industry and African diamond-producing countries, including through capacity building and skills development in diamond sorting, valuation and manufacturing, exchange of technical expertise, and the promotion of trade and investment linkages across the diamond value chain. The discussions in Luanda will advance preparations for the KP Plenary in New Delhi, scheduled from 30 November to 4 December 2026 at Bharat Mandapam. The KP Plenary will be preceded by the New Delhi Diamond Dialogue (KP Forum) on 29 November 2026, with associated programme engagements extending through 5 December 2026. India will host the KP Plenary for the third time, following its previous Chairships in 2008 and 2019.
The Kimberley Process Certification Scheme (KPCS), established pursuant to United Nations General Assembly Resolution 55/56 (2000), is an international initiative aimed at preventing conflict diamonds from entering the legitimate rough diamond trade. The KP operates through a tripartite framework comprising Governments, the diamond industry and civil society. It currently has 60 Participants representing 86 countries, with the European Union and its Member States participating as a single entity. The Chairship of the Kimberley Process rotates annually among its participating countries, and India assumed the Chairship on 1 January 2026.
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