National News
Gold, silver prices surged to new highs on safe haven demand, rupee depreciation
Gold and silver prices surged to fresh record highs in domestic markets, trading above Rs.1,02,000 per 10 gm and Rs.1,17,000 per kg, respectively. The rally is supported by rupee depreciation against the dollar and strong safe-haven demand, amid concerns that political pressure on the US Federal Reserve could accelerate the pace of rate cuts.
Markets are largely factoring in a 25 basis point rate cut in September, with growing expectations that Fed decisions may be influenced by political dynamics. Recent US economic data showed slightly faster Q2 growth, but focus now shifts to the US personal consumption report due later today. A stronger reading could stoke fresh inflation concerns.
Market concerns over the Federal Reserve’s independence intensified after President Trump called for the dismissal of Fed Governor Lisa Cook. Rising inflation expectations also underpinned bullion, with the U.S. 10-year breakeven inflation rate climbing to a six-month high of 2.46%.
Additional support for gold came from escalating geopolitical tensions, including U.S. tariffs and ongoing conflicts in Ukraine and the Middle East. Investor interest remains strong, with gold ETF holdings at a two-year high.
Asian demand stayed firm, with China’s net gold imports via Hong Kong surging 126.8% in July from June, more than doubling month-on-month.
Gold Oct Futures are expected to continue their upside momentum towards $3485 (~Rs 102,500), if it sustains above $3445 (~Rs 101,500). As Silver Sep Futures has broken its range and sustained above $38.80 (~Rs 116,000), upside momentum can swing prices towards a new high of $40 (~Rs 120,000).
National News
Belgian Consul General H. E. Mr. Pierre Stverlynck Graces BDB Annual Day
- 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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