International News
Gold surge sparks selling spree, causing cash crunch in NY Diamond District
Gold recently climbed to $3,334 an ounce, while silver reached a 13-year high of $35 per ounce, reshaping dynamics in New York’s Diamond District. The rally has triggered a wave of consumers selling gold items rather than buying, leading to cash shortages among retailers constrained by bank credit limits. Transactions exceeding $2,500 are largely settled via checks or wire transfers.
Retailers report growing inflows of solid gold timepieces and vintage jewelry, with gold-intensive models fetching significant premiums. A Rolex Submariner, for example, now commands between $25,000 and $40,000, supported by rising gold prices.
Licensed precious metals dealers operate specialized facilities to melt gold, silver, and platinum into tradable bars. Demand for liquidation of assets is evident, with stalls stocked with items like silver menorahs and candlesticks awaiting smelting.
However, limited cash availability remains a challenge, occasionally costing dealers potential sales as customers move to competitors. Banks and security services maintain tight control over cash deliveries to curb risk.
High gold prices have made selling more attractive than buying. Traditional jewelers, who focus on finished pieces, face softer demand as consumers resist higher costs. Meanwhile, some investors prefer to buy bullion or coins as a hedge against economic uncertainty, reflecting continued faith in precious metals as a store of value.
Overall, while precious metals trading activity remains robust, the market tilts heavily toward sellers, putting pressure on liquidity and compressing retail margins.
International News
Dubai Records Highest-Ever Diamond Trade In 2025
Natural Diamonds Continued To Dominate The Market, Contributing US$39.9 billion, Or 96% Of Dubai’s Total Diamond Trade Value In 2025.
Dubai achieved a record performance in its diamond trade in 2025, reaching its highest-ever levels in both value and volume, according to the Dubai Multi Commodities Centre (DMCC).
The total value of diamond imports and exports increased 16% year-on-year to US$41.7 billion, up from US$35.8 billion in 2024. Trade volume also surged 43% to 359.5 million carats, marking the first time Dubai has recorded all-time highs in both value and physical volume.
DMCC CEO Ahmed Bin Sulayem said the strong performance reflects Dubai’s long-term strategy of building a transparent, connected, and efficient global hub for the diamond trade. Since 2020, diamond trade through Dubai has doubled in volume and grown nearly 140% in value.
Natural diamonds continued to dominate the market, contributing US$39.9 billion, or 96% of Dubai’s total diamond trade value in 2025.
Trade in rough diamonds reached 205.2 million carats, the second-highest volume on record and around 34% higher than in 2024. The value of natural polished diamond trade rose nearly 25% to US$18.7 billion. Since 2020, the value of natural polished diamond trade through Dubai has increased by 246%.
Over the past decade, Dubai’s overall diamond trade has grown 63% in value and 44% in volume, reinforcing its position as one of the world’s leading diamond trading centres.
The emirate also recorded strong growth in other precious stones. Coloured gemstone trade climbed 48% to a record US$1.1 billion, supported by a 69% increase in imports and a 34% rise in exports. Meanwhile, synthetic and industrial diamonds accounted for around 39% of the total diamond trade volume in 2025.
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