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Gold price surges past Rs 1 Lakh/ 10 gm

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In a landmark moment for the Indian bullion market, gold prices have surged past the Rs 1 lakh mark per 10 grams, reinforcing the precious metal’s status as a safe-haven investment during times of economic uncertainty. On Friday, Mumbai’s renowned Zaveri Bazaar witnessed an unprecedented rise in the price of 24-carat gold, which now stands at Rs 1,01,000 per 10 grams—marking the highest ever recorded in India’s history.

This significant increase is largely attributed to a confluence of international and domestic factors. Market experts suggest that rising global gold prices, coupled with expectations of potential interest rate cuts in the United States and Europe, have played a pivotal role in boosting demand. Additionally, a weakening US dollar and ongoing geopolitical tensions, particularly in the Middle East, have further cemented gold’s appeal among investors seeking stability in volatile times.

While this surge may be welcomed by investors, it poses a financial challenge for everyday consumers, especially during the current wedding season. As gold becomes increasingly expensive, middle-class buyers may find it harder to afford new jewellery. In fact, several gold traders have reported a noticeable dip in demand for newly crafted ornaments, with many customers choosing instead to liquidate existing gold assets to take advantage of the high prices.

Looking ahead, the trajectory of gold prices remains uncertain. If global instability continues and investor demand holds strong, experts believe that prices could climb even higher. On the other hand, some analysts foresee a potential cooling-off period, citing the likelihood of profit booking by investors who may now choose to capitalize on the recent surge.

In conclusion, the current rally in gold prices underscores the metal’s enduring significance in global and domestic markets. Whether this trend will persist or see a temporary pullback remains to be seen, but for now, gold continues to shine brightly as both an investment and a symbol of security.

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Belgian Consul General H. E. Mr. Pierre Stverlynck Graces BDB Annual Day  

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  • Event marks 42 years of Incorporation and 16 years of Operations
  • Recently-appointed Consul-General’s first visit to the Bourse helps strengthen a century-old bond
  • Long service awards presented to outstanding employees

Bharat Diamond Bourse today marked 42 years of incorporation and 16 years since the commencement of operations at the BDB Complex in BKC with a special programme graced by H. E. Pierre Stverlynck – Consul General of Belgium in Mumbai as Chief Guest and a number of leading diamantaires.

The function was organised to celebrate the crucial roles played both by the visionaries who conceptualised the need for a centralised infrastructure to boost the diamond trade over four decades ago, and the employees who have run the daily operations in a highly efficient and professional manner. 

In his Welcome Address, BDB Vice President, Mehul Shah explained the significance of celebrating twin milestones – 42 years of incorporation and 16 years of operations. He said:

“BDB began with a vision and is now the world’s largest operational bourse, and a symbol of India’s leadership in the diamond world and excellence in every aspect of operations.”

He added, “It is significant that the Consul General of Belgium is with us on this special occasion. Antwerp and Mumbai have a very close relationship, going back more than 100 years. Today the two cities have bonds based on trust, trade and friendship. We are committed to strengthening this bond over the next century as well.” 

Congratulating the awardees he said that members may be the owners, but it is the staff who run the complex and have helped build it as the “best of the best” centres for diamonds. “Personal integrity combined with hi-tech surveillance have made BDB one of the safest places in the world,” he explained, and urged all present never to forget that “it is the soldiers who fight and win the wars.” Mr Shah offered compliments to all the awardees and congratulated Team BDB. 

Speaking on the occasion, Anoop Mehta, President BDB, welcomed Mr Stverlynck who has recently assumed charge as Consul General of Belgium in Mumbai.

“We are sure that this will be the first of many visits to our Bourse,” he said, noting that the Consulate is the nearest neighbour of the complex. 

“The BDB leadership has always enjoyed a very special relationship with the Belgian consulate,” he added, “built on the longstanding bonds between the diamond industry in our two countries.”

Mr Mehta said it was heartening that so many employees had remained loyal to the BDB for multiple years, and urged all gathered to reach out through their department heads to put forward suggestions for further changes and improvements

Mr Stverlynck, who was on his first visit to the Bourse after assuming charge as Consul General, said he was extremely impressed with the facilities available for exporters within the complex. Assuring the trade of cooperation and support, he said he was happy to be personally present to celebrate such a remarkable institution as BDB that has become a key pillar of the India diamond industry.

Congratulating the leadership for its role in steering the bourse, as well as those employees who had received long service awards, Mr. Stverlynck said:

“The consolidated knowledge and experience of so many from those at the top to a number of others who contributed in various ways, is an asset to the industry.”

Special long service awards were presented to employees who completed special milestones during the year. These included 30-year, 25-, 15-, 10- and 5-year service awards to a few employees. 

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