International News
Gold sees significant decline on global trade tensions, recession fears
Spot gold experienced a significant decline on Monday, April 7, 2025, dropping 0.3% to $3,027.90 per ounce after hitting a 3.5-week low earlier in the session. This unusual behavior for gold, traditionally a safe-haven asset, prompted market speculation that investors are selling bullion to realize profits or cover margin calls on other investments. The sell-off is attributed to escalating global trade tensions and the resulting fears of a potential global recession.
Adding to the bearish sentiment, Morningstar’s John Mills foresees gold prices plummeting to $1,820 per ounce—a 38% decline—driven by easing inflation and potential trade normalization. Mehta Equities’ Rahul Kalantri attributes recent volatility to factors like a weak US jobs report and dovish Fed signals, projecting key trading ranges for gold.
Gold prices face a potential 38% decline, according to Morningstar’s John Mills, who forecasts a drop to $1,820 per ounce due to shifting market dynamics. Meanwhile, Mehta Equities’ Rahul Kalantri warns of persistent extreme volatility, outlining specific support and resistance levels in both USD and INR, and attributing the recent swings to various economic indicators.
International News
US Begins Third Phase Of Tariff Refunds For Diamond and Jewellery Importers
To Qualify For Phase III, An Importer Must Be A Plaintiff In A Relevant Case and Have A Court Order Directing CBP To Reassess The Import Entry and Refund The Duties. The Importer Must Also Have Provided A Valid Importer Of Record Number To CBP By July 30. This Number Identifies The Party Legally Responsible For The Customs Entry.
The United States has launched the third phase of tariff refunds for diamond and jewellery importers who paid duties imposed under President Donald Trump’s emergency tariff policy. However, the refunds are currently limited to businesses that filed lawsuits against the government and obtained court orders directing customs officials to return the money.
US Customs and Border Protection (CBP) launched Phase III on October 6. The programme covers importers whose cases are before the US Court of International Trade and who have secured orders requiring customs officials to reopen previously finalised import entries, remove the disputed duties and issue refunds.
Although the US Supreme Court struck down the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in February, not all affected businesses can claim refunds under the current phase. Legal proceedings are continuing over refunds for importers who did not file individual lawsuits.
To qualify for Phase III, an importer must be a plaintiff in a relevant case and have a court order directing CBP to reassess the import entry and refund the duties. The importer must also have provided a valid Importer of Record number to CBP by July 30. This number identifies the party legally responsible for the customs entry.
On October 8, the Court of International Trade certified a class action covering importers that paid IEEPA tariffs but did not file their own refund lawsuits. The decision could provide a path to refunds for a wider group of businesses. However, it does not mean that all affected importers can immediately claim refunds under Phase III.
Jewelers Vigilance Committee, has advised jewellery businesses to maintain detailed records of tariffs paid, payment dates and related import numbers. These records could help support future refund claims.
US customs officials have estimated that approximately US$166 billion in IEEPA duties were collected across around 53 million import entries. The collections covered a wide range of imported goods, not just diamonds and jewellery.
Importers are advised to review the duties they paid, confirm who was listed as the Importer of Record and check whether their import entries and legal cases meet the refund requirements. The programme does not cover tariffs imposed under other legal authorities.
-
National News6 hours agoTalla Jewellers Unveils New Showroom In Akhnoor, Jammu, Fifth Store In The Region
-
National News9 hours agoJagannath Gangaram Pednekar Jewellers Celebrates Jewellery as a Lifestyle with The Great Jewellery Festival
-
International News11 hours agoUS Begins Third Phase Of Tariff Refunds For Diamond and Jewellery Importers
-
National News10 hours agoKISNA Launches AI-Powered Jewellery Search In 15+ Indian Languages; Projects 20% Growth In Website Searches Over 4 Months

