International News
Gold, ‘Non-traditional reserve currencies’ eat into U.S. dollar’s reserve dominance: Wolf Richter
Gold and other reserve currencies – but not the euro or renminbi – are steadily eroding the U.S. dollar’s position as the world’s preeminent reserve asset, according to Wolf Richter, analyst and publisher of Wolf Street.
“The status of the US dollar as the dominant global reserve currency has helped the US fund its twin deficits, and thereby has enabled them: the huge fiscal deficit every year and the massive trade deficit every year,” Richter wrote in an article published Monday. “The reserve currency status comes from other central banks (not the Fed) having purchased trillions of USD-denominated assets such as Treasury securities, other government securities, corporate bonds, and even stocks. The dollar status as the dominant reserve currency has been crucial for the US, and as that dominance declines ever so slowly, risks pile up ever so slowly.”
Total holdings of USD-denominated securities by other central banks (not the Fed) fell by $59 billion to $6.63 trillion at the end of 2024, from $6.69 trillion at the end of 2023,” he noted. “And the dollar’s share declined to 57.8% of total allocated exchange reserves at the end of 2024, the lowest since 1994, down by 7.3 percentage points in 10 years, as central banks have been diversifying their holdings for years to assets denominated in currencies other than the dollar, and into gold.”
International News
GJEPC Brisbane Outreach Connects Indian Exporters With Queensland Jewellery Trade
India’s Gem and Jewellery Exports To Australia Reached US$374.33 Million In FY2025–26, Up 16% From US$322.72 Million A Year Earlier
The Brisbane portion of GJEPC’s Australia-New Zealand trade mission brought Indian gem and jewellery exporters into discussions with Queensland’s jewellery retailers, wholesalers and business bodies, while reinforcing the opportunities created by the India-Australia ECTA.
Led by Vijay Mangukiya, Convener – International Events, GJEPC, the delegation visited Brisbane on 24-25 August 2026 and met Ms. Neetu M. Bhagotia, Consul General of India in Brisbane, as part of its engagement with the local jewellery and business community.
India’s gem and jewellery exports to Australia reached US$374.33 million in FY2025–26, up 16% from US$322.72 million a year earlier, as the India–Australia ECTA’s tariff-free market access continues to open opportunities for Indian exporters.
Sridhar Iyengar, Director – International Events, GJEPC, facilitated B2B interactions with local jewellery businesses and representatives of industry and business organisations. The programme included Michael Hill, Salt Wholesaling, Omi En Vogue, Prince Jewellers, along with representatives from Business Chamber Queensland and the Australia India Business Council. The outreach also took the delegation to established jewellery stores such as Wallace Bishop and Hardy Brothers, providing an on-ground view of Australian jewellery retail presentation and merchandising.
The engagement provided the Indian delegation with a closer understanding of Queensland’s retail and wholesale landscape and opportunities to connect Indian manufacturing capabilities with local businesses. The participating Indian companies span natural and lab-grown diamonds, gold, silver, platinum, coloured gemstones and contemporary jewellery.
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