International News
Pre-CIBJO Congress 2025 Special Report presents guideline for jewellery business and product integrity
With fewer than five weeks to go to the opening of the 2025 CIBJO Congress in Paris, France, on October 27, 2025, the sixth of the pre-congress Special Reports has been released. Prepared by the CIBJO Ethics Commission, headed by Sara Yood, the report outlines four critical dimensions of business integrity as relevant to the jewellery and watch industries, namely anti-money laundering and financial transparency, marketing ethics and greenwashing risks, consumer disclosure and product integrity, and technology and transparency tools.
“Today, no issue is more urgent than ensuring integrity and transparency across the supply chain,” Sara Yood writes. “As consumer expectations evolve and regulatory frameworks tighten, the industry must reaffirm its commitment to honest practices that protect both businesses and consumers. Blockchain technology, for example, can provide tamper-proof records of provenance, while artificial intelligence (AI) may lead to greater consistency in grading and pricing,”New technologies may be a useful tool for strengthening the integrity of the jewellery industry, Yood points out. she notes.
But she warns, technology also may pose a risk. “Blockchain systems rely on the accuracy of the data input. False or incomplete information at the source compromises the entire chain. AI systems, while efficient, may embed biases or lack transparency in their decision-making processes,” Ms. Yood states.
Integrity and transparency are not abstract ideals – they are necessities for the jewellery industry to continue to succeed. Without them, consumer trust erodes, regulators impose harsher restrictions, and the industry’s symbolic value is diminished.
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. The month closed at US$4,982/oz and scored 12 all-time highs. But it was not without drama with large intraday swings on the last two days of the month.
Our Gold Return Attribution Model (GRAM) showed an unusually large contribution from implied volatility (c.50% of January’s return), reflecting substantial option market activity. This variable currently sits in risk & uncertainty, although is likely more reflective here of momentum.
Global gold ETF flows provided plenty of support adding 120t in January to take holdings to a new record, valued at US$669bn. The flows were dominated by Asia (62t) and North America (43t) while Europe saw more modest inflows
Key Price Figures (January 2026)
The month was characterized by relentless momentum, scoring 12 all-time highs before ending with significant intraday volatility.
| Metric | Value (USD) | Peak Date |
| January Closing Price | US$4,982/oz | Jan 30, 2026 |
| All-Time Record High | US$5,307/oz | Jan 28, 2026 |
| Monthly Return | +14.1% | — |
Performance in Other Major Currencies (Jan Return):
- INR: +23.9% (Record high: ₹176,306/10g)
- RMB: +19.2% (Record high: ¥1,248/g)
- EUR: +13.0% (Record high: €4,444/oz)
Major Market Drivers
- Momentum & Options (GRAM Model): Approximately 50% of January’s return was attributed to implied volatility and massive options market activity rather than pure macro fundamentals.
- ETF Inflows: Global gold ETFs added 120 tonnes (valued at US$669bn), the strongest month on record.
- Asia: 62t (led by China)
- North America: 43t
- Europe: 13t
- The “Warsh Effect”: Late-month drama was fueled by the nomination of Kevin Warsh as the next Fed Chair. Markets perceive him as a “hawk” favoring a smaller Fed balance sheet, which triggered a sharp intraday correction from the $5,300 peaks.
Macro Outlook: The Inflation Resurgence
While geopolitics dominated January, the narrative is shifting toward resurgent US inflation risks for the remainder of 2026. Key triggers include:
- Tariff Pass-through: Lagged effects of trade policies hitting consumers.
- Fiscal Stimulus: Prospective $2,000 “tariff dividend” checks and ACA subsidies ahead of the US mid-term elections.
- Tight Labor: A falling breakeven employment rate and rising household inflation expectations.
Investment Implications
- Stock-Bond Correlation: Inflationary shocks are making stocks and bonds move in the same direction, reducing the efficacy of traditional 60/40 portfolios.
- Gold’s Role: Gold is increasingly viewed as a left-tail hedge and a “hard money” alternative as sovereign debt levels (reaching 30% of the $340T global sector debt) raise debasement fears.
The gold market is likely to “pause” after the January surge, but the combination of fiscal expansion and Fed leadership uncertainty suggests investment demand will remain a structural feature of 2026.
source :WGC
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