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India’s Consul General to Dubai, Shri V V Reddy, Interacts with BDB Committee

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  • Visit gives CG greater insights into diamond trade and import-export operations
  • BDB Committee Highlights Close Ties between Diamond Industries in UAE and India

The Hon’ble Consul General of India to Dubai, Shri Vishnu Vardhan Reddy, visited the Bharat Diamond Bourse (BDB) complex on July 24, and after being shown around the complex, engaged with members of the Bourse Committee.

The visit enabled the Consul General to gather better insights into the functioning of the diamond trade and the operations within the Bourse. He also observed the smooth functioning of import-export trade in diamonds between the two countries, facilitated by the PCCCC run by Indian Customs within the complex.

The UAE is one of India’s most significant trading partners in the field of diamonds and jewellery. Bilateral trade between the two countries reached US$33.51 billion in FY2025-26.

In addition to a tour of the complex to understand the complete cycle from the import of rough diamonds to the export of polished diamonds, Shri Vishnu Vardhan Reddy also spent time interacting with Mehul Shah, Vice President, BDB, and other Committee members.

The BDB Committee highlighted the close connections between diamond companies in Mumbai and those in Dubai, as well as the regular interactions between the two centres. They thanked Shri Vishnu Vardhan Reddy for the cooperation they have always received from the Indian Embassy and expressed confidence that this visit would further streamline the movement of import-export parcels between the two countries.

Shri Vishnu Vardhan Reddy appreciated the global standards of the infrastructure and systems within the Bharat Diamond Bourse, as well as the professionalism with which the import-export trade operates. He assured the BDB Committee of the continued support of the officials at the Indian Embassy in the UAE.

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National News

MCX Gold Futures Traded Flat,Silver Prices Decline

​A Firm U.S. Dollar and Elevated U.S. Treasury Yields Kept Precious Metals Under Pressure As Investors Maintained A Cautious Stance

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Domestic gold futures traded flat on Tuesday while silver prices moved lower, dragged down by a stronger U.S. dollar and elevated bond yields, even as surging crude oil prices driven by escalating Middle East tensions offered underlying support. 

​MCX gold futures were virtually unchanged at Rs 151,101 per 10 grams, while silver futures slipped 0.37% to Rs 231,830 per kg.

​A firm U.S. dollar and elevated U.S. Treasury yields kept precious metals under pressure as investors maintained a cautious stance ahead of the Federal Reserve’s upcoming interest rate decision. However, sharp gains in energy markets limited deeper losses in bullion. 

​Crude oil rallied to three-month highs following fresh military escalations between the U.S. and Iran. Brent crude futures traded near $107 per barrel, while West Texas Intermediate (WTI) hovered around $103 per barrel.

​In retail physical markets, domestic 24-carat gold held steady around indicative levels of Rs 154,080 per 10 grams, while silver was quoted near Rs 244,900 per kg, subject to regional taxes and making charges.

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