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Gold rally continues;US PCE Price Index data keenly awaited

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Gold price extends its record-setting rally toward $3,100 after settling above $3,050 on Thursday. Sitting at record highs, Gold price keenly awaits the US Personal Consumption Expenditures (PCE) Price Index data and US President Donald Trump’s tariff updates for additional trading impetus.

The recent announcement of a 25% tariff on imported cars and light trucks, effective April 3, along with duties on auto parts beginning May 3, has reignited trade war fears. Reciprocal tariffs from key trading partners are expected to follow, creating an environment of uncertainty that further boosts gold’s appeal. Historically, protectionist policies have contributed to financial market instability, leading investors to shift capital into more stable assets such as gold.

Technical indicators suggest that gold prices are nearing the $3,080 resistance level, a crucial threshold for market sentiment. A breakthrough above this level could pave the way for prices to reach $3,100 and beyond. However, the Relative Strength Index (RSI) is currently at 72.50, indicating overbought conditions that may lead to a short-term correction. Key support levels to watch include $3,050 and $3,012, with $3,000 serving as a significant psychological barrier.

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Marie Antoinette’s Jewels take center stage at V&A Exhibition

London’s Victoria and Albert Museum (V&A) is set to host a captivating exhibition, “Marie Antoinette Style,” showcasing an extraordinary collection of jewelry and personal items once belonging to France’s last queen

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Opening from September 20 to March 22, 2026, at the V&A’s South Kensington location, this marks the first UK exhibition solely dedicated to Marie Antoinette.

Among the dazzling highlights are pieces believed to have been smuggled out of France before her execution, including a natural pearl and diamond pendant that fetched $36 million in 2018, and a double-ribbon bow brooch.

A central exhibit is the priceless Sutherland Riviere-style diamond necklace, featuring 20 large old brilliant-cut diamonds, some of them rare Type IIa Golconda stones. This necklace is famously linked to Marie Antoinette and the infamous Affair of the Diamond Necklace scandal of 1785. The exhibition will delve into this historical fraud, in which an extravagant diamond necklace—originally commissioned for King Louis XV’s mistress Madame du Barry—was illicitly acquired. Though Marie Antoinette was innocent, the public blamed her, further fueling anti-monarchy sentiment leading up to the French Revolution. While the original Boehmer and Bassenge necklace was broken up, it’s widely believed that some of its diamonds found their way into the Sutherland necklace. A replica of the original necklace will also be on display.

The Sutherland diamonds, long held by British aristocracy, were acquired by the V&A in 2022. The exhibition will feature approximately 250 objects, including exceptional loans from the Chateau de Versailles, offering a rare glimpse into the queen’s life through richly embellished fragments of court dress, her silk slippers, and other personal items never before seen outside France.

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Top UK buyers attend India–UK Gem & Jewellery BSM, boost trade confidence ahead of FTA

Top UK retail and wholesale buyers turned out in strength at an inaugural Buyer-Seller Meet (BSM) organised by GJEPC in London.

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The inaugural UK Gem & Jewellery Buyer-Seller Meet (BSM) in London, was held on 8th-9th July 2025 at the hospitality area at Arsenal stadium in north London.

The BSM was inaugurated by Ms. Nidhi Mani Tripathi, Hon’ble Minister (Economic), High Commission of India, London, alongside Mr. Nilesh Kothari, Convener, International Exhibitions, GJEPC, and other dignitaries from both countries’ gem and jewellery sectors.

Senior representatives of India’s High Commission in London took part in the inauguration ceremony, including a leading negotiator in the India-UK trade deal.

Over 100 UK retailers, wholesalers, distributors, and representatives of the hallmarking community attended the event, including some of the UK’s most respected jewellery buyers such as Brown & Newirth, Gemporia, and Optima, thus affirming the UK’s growing appetite for India’s design-led, export-ready jewellery, and underscoring the growing confidence in Indian manufacturing and the business potential unlocked by the forthcoming India–UK Free Trade Agreement (FTA).

The GJEPC seized the opportunity from a landmark India-UK trade deal announced earlier this year, to advance trading links with the UK’s gemstone and jewellery market.

India is a leading supplier of manufactured and handcrafted jewellery, polished diamonds and gemstones, to markets around the world. GJEPC spearheads the push to boost Indian gem and jewellery exports.

Commercial links between the UK and India are vibrant because of the two countries’ intertwined histories and a large population of British South Asian people currently residing in the UK.

That population segment is served by an estimated 800-900 British South Asian jewellers in the UK, who predominantly supply high-value 22-karat gold jewellery.

Attendees at a delegates’ lunch included UK jewellery manufacturers, silver jewellery suppliers, senior hallmarking executives, retail buyers and UK trade show organisers, as well as staff from the UK’s National Association of Jewellers (NAJ), intermingling with the BSM organisers and GJEPC representatives.

Another key development was a gathering of senior jewellers with the NAJ leadership on the sidelines of the event, to drive forward plans for British South Asian jewellers to create a professional community group within the NAJ.

At the BSM, India showcased a number of well-established manufacturers to the visiting UK buyers.

Uni-Design Jewellery presented necklaces connected with charms telling a story in the wearer’s life; and Fine Jewellery Manufacturing offered pieces that embrace moves towards greater sustainability, crafted using recycled precious metals.

Mumbai-based jewellery manufacturer Walking Tree showcased “white label” solutions offered to UK retailers; and designer Suyasha Lunawat presented the Lunaya demi-fine jewellery range, featuring gemstones and enamel work, offered by Exxotic India.

Zillionaire presented a men’s hip hop jewellery range, in tune with present jewellery design trends in the market; and Sterling Ornaments, a manufacturer based near New Delhi, introduced their sterling silver jewellery range.

Organisers said privately that they were delighted with the feedback to the BSM and expressed optimism that the event would return to the UK for a second edition. Buyers explored a wide range of offerings spanning fine diamond jewellery, coloured-stone pieces, silver jewellery, and lab-grown diamond collections.

The BSM brought together 26 top Indian manufacturers from hubs like Mumbai, Jaipur, Surat, and Delhi.

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International News

Gold prices edge higher on  Trump tariffs, Russia caution

Gold’s gains were  limited  because the U.S. dollar is also performing well. The dollar went up as investors waited for important inflation data to be released on Tuesday. Spot gold rose 0.2% to $3,361.42 an ounce, while gold futures rose 0.3% to $3,374.80/oz .

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Gold prices edged up a bit in Asia today, continuing their recent climb. Investors are feeling a little nervous because of the possibility of the U.S. President, Donald Trump, raising tariffs on imported goods. This nervousness drove  investors to safe haven assets. Safe haven demand was also buoyed by reports that Trump planned to send offensive weapons to Ukraine, potentially escalating a conflict with Russia. 

Physical demand, however, stayed subdued in Asia due to high prices and seasonal weakness, with Chinese premiums steady at $10–$25 an ounce and Indian discounts narrowing to $8 per ounce amid tight local supply and low imports in May and June. Typically, India’s gold demand softens during the monsoon season, while premiums in Hong Kong and Singapore hovered at modest levels.

President Donald Trump’s aggressive tariff moves—including a fresh 35% levy on Canadian imports from August 1 and plans for 15–20% blanket duties on most other trade partners—fueled investor anxiety over global growth and inflation. This was compounded by his push for a dramatic 300 bps cut in the Fed funds rate, which stirred speculation about a dovish tilt in US monetary policy and raised concerns about longer-term inflation risks.

Further compounding this anxiety is President Trump’s aggressive push for a significant 300-basis-point reduction in the Federal funds rate. This call has ignited speculation about a potentially dovish shift in U.S. monetary policy, raising concerns among some market participants about longer-term inflation risks. In such an environment, gold, often seen as a hedge against inflation and economic uncertainty, typically finds favor.

Despite the macro tailwinds, physical demand for gold in Asia remained subdued. Elevated prices and seasonal weakness, particularly as India enters its monsoon season, contributed to softer buying. Chinese gold premiums held steady at a modest $10-$25 an ounce, while Indian discounts narrowed to $8 per ounce, reflecting tight local supply and a slowdown in imports during May and June. Premiums in key trading hubs like Hong Kong and Singapore also hovered at modest levels.

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