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
Gemfields – Ruby: The Fire Within
Gemfields Explores the Science, Symbolism and Timeless Allure of Mozambican Rubies, July’s Iconic Birthstone
This July, for which ruby is the birthstone, Gemfields is seeing red. Rubies are often regarded as powerful symbols of passion and vitality, with their blazing scarlet hue evoking feelings of hot-headed love and burning desire. Describing colour in gemstones is a little like describing the ephemeral. We can feel it, see its effects, and experience its intensity, yet the moment we try to define it precisely, language begins to fall short.

Our eyes can distinguish millions of colour variations, far more than our vocabulary can comfortably name. In emeralds and rubies, especially, what we casually call “red” or “green” is rarely just that. A ruby may show flashes of pinkish-red, orangey-red, or purplish-red depending on the light. An emerald might lean bluish-green in one moment and reveal a warmer, slightly yellowish tone in another. The human eye perceives nuances instantly, whilst words struggle to keep up.
Gemmology attempts to bridge this gap by breaking colour down into components: hue (the basic colour), tone (how light or dark it is), and saturation (how vivid or intense it appears). This structured language helps professionals communicate more clearly. Yet even then, colour remains subjective. Two people can look at the same gem and describe it differently because perception is influenced by lighting, environment, and even personal sensitivity to colour.
A ruby’s red comes from trace elements of chromium and how it interacts with surrounding oxygen ions, as this affects the rays of light that are absorbed or reflected within the crystal. Rubies from Mozambique display the full known spectrum of colour ranges, including the most vivid red hue, and naturally fluoresce under UV light.
There is, of course, another dimension to colour in rubies, in that the gemstone possesses pleochroism—the ability to display different colours when turned at different angles due to selective absorption of light. It is the skill of the gemstone cutter to marry these colours together and form the most pleasing, vivid crimson. The beauty is, as ever, in the details, as subtle movements reveal flashes of orange, pink and purple, a dance referred to as the ‘fire within’, evoking a picture of glowing embers and the rawest of emotions.

This is why gemstones, and rubies in particular, are so fascinating: they resist rigid definition. Their beauty lies in subtle shifts, in the interplay between light and matter, in nuances that cannot be fully captured by simple words. The act of seeing outpaces speaking, and perhaps that mystery is part of what makes the colour in gemstones so powerful.
Choosing a Gemfields Mozambican ruby of your very own is easier than you might think. Gemfields collaborates with a number of international jewellery brands, offering an array of jewellery designs to suit your unique style.

Make a statement with the DIACOLOR x Gemfields Gleaming Flower Earrings, which surround deep red Mozambican rubies with yellow diamond briolettes. Keep your rubies close with the Fehmida Lakhany x Gemfields Ruby and Diamond Choker or The Line x Gemfields Ladhi Ruby Necklace, which pairs rose-cut diamonds with blushing Mozambican rubies. Complete the look with the Ivy New York x Gemfields Chandelier Earrings, featuring over 20 carats of dancing Mozambican rubies.
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