International News
Jemora Gemhouse unveils exclusive auction platform
Jemora Gemhouse (JGH), an innovative auction house dedicated to rare and valuable polished coloured gemstones, is set to redefine the gemstone market by bridging the gap between coloured gemstone owners and an exclusive network of buyers. The auction house aims to establish a sanctuary for the world’s rarest gems.
Founded by Dev Shetty, Jemora Gemhouse (JGH) is part of Gaston Group, a UAE-headquartered company.
In the past, Shetty played a key role in the turnaround of Gemfields by developing their emerald and ruby mines. He also founded Fura Gems, the only company mining emerald, ruby, and sapphire globally. JGH leverages Shetty’s transformative expertise in the coloured gemstone industry, including notable achievements such as the record-breaking sale of the 55.22-carat “Estrela de Fura Ruby” for $35 million, the highest price ever paid for any coloured gemstone.
Jemora Gemhouse will offer collectors, luxury brands, and trade partners access to some of the world’s most exquisite, rare and valuable collections of polished coloured gems.
Dev Shetty shared his vision for the auction house: “I’m excited to unveil Jemora Gemhouse, the first-of-its-kind auction house dedicated to extremely rare and exclusive polished coloured gemstones. For years, the industry has needed a specialised platform to showcase premium-coloured gems to the right audience, bypassing the constraints of traditional auction houses. Jemora Gemhouse fulfils this demand by connecting sellers directly with buyers, ensuring that the finest gemstones achieve their true market value.”
He added, “Our inaugural auction promises to be a milestone event, featuring once-in-a-lifetime collections that are simply irreplaceable. I want to thank the team at Jemora Gemhouse for working very hard to assemble this exquisite collection, and DMCC for hosting this launch at its world-class facility in the Dubai Diamond Exchange.
- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical Triggers
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
| Commodity | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3650/oz | $3800/oz |
| Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
| Silver | International | $42.5/oz | $45/oz |
| Indian | ₹127,000/kg | ₹140,000/kg |
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