International News
Rio Tinto Unveils Rare 158ct Yellow Diamond from Diavik Mine in Canada
One of the largest gem-quality yellow diamonds ever discovered in Canada, the 158.20-carat gem is a remarkable find as Diavik Mine nears closure.
Rio Tinto has uncovered a rare and exceptional 158.20-carat yellow diamond at its Diavik Mine in Canada, marking one of the largest gem-quality yellow diamonds ever found in the country. This stunning discovery is also among only five yellow diamonds weighing over 100 carats to be unearthed by the company at Diavik throughout its 22-year history. Notably, Diavik is primarily known for producing white diamonds, with less than 1% of its output being yellow stones.
The Diavik Mine, which is set to close next year, is also responsible for several significant yellow diamond finds, including Canada’s largest yellow diamond, a 552.74-carat gem discovered in 2018, and the 187.7-carat Diavik Foxfire found in 2015.
With the closure of the Argyle mine in Australia in 2020, Diavik is now Rio Tinto’s sole diamond asset. Patrick Coppens, General Manager of Sales and Marketing for Rio Tinto’s diamond business, expressed excitement over the unique beauty and purity of the Diavik diamonds, eagerly anticipating the future of this extraordinary find.
International News
WGC Gold Market Commentary-Go With The Flow
September Was Unusual: Despite The Price Decline,Global Gold ETFs Recorded US $10bn (67t) Of Inflows Across Regions. North America Led The Charge, Followed By Europe and Asia.
September review
A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite
Yet September was unusual: despite the price decline, global gold ETFs recorded US$10bn (67t) of inflows across regions. North America led the charge, followed by Europe and Asia.
Key Takeaways & Market Drivers
1. September Price Retreat
- Price Movement: Gold dropped 8.5% m/m in September to close at $4,176/oz (USD), experiencing broad declines across all major international currencies.
- Primary Drivers: Macro headwinds drove prices lower, specifically a 53 bps surge in US 10-year Treasury yields (to 5.3%) and a 2% gain in the US Dollar Index (DXY), as captured by the Gold Return Attribution Model (GRAM).
- Derivatives Liquidation: COMEX net managed money positions shrank by $12bn (84t), while spreading positions fell by $22bn (156t), putting heavy downward pressure on spot prices.
2. Divergence: Physical ETFs vs. Derivatives
- Unusual Contrast: While futures/derivatives positions liquidated sharply, physical demand held firm—global gold ETFs saw strong net inflows of $10bn (67t) in September, led by North America, Europe, and Asia.
3. Stellar European & UK Demand in Q3
- Record Demand: UK-listed gold ETFs recorded 54 tonnes of inflows in Q3 (inflows in 12 of 13 weeks), far exceeding model predictions of 18t (a 36t excess).
- Macro Shift: Historical relationships fail to explain the surge. However, since July, excess UK ETF inflows have strongly correlated (r = 0.51) with rising UK term premia.
- Fiscal Concerns: Investors appear increasingly focused on long-term fiscal sustainability (highlighted by the UK Office for Budget Responsibility’s warnings) and persistent inflation risks rather than transient policy events.
Outlook: What to Watch in October
- Fed & Central Bank Meetings: Markets have lowered expectations for further monetary tightening across the Fed, ECB, and Bank of England.
- Key Signal: If bond yields and term premia remain elevated despite dovish rate expectations, it will signal deeper structural concerns regarding fiscal deficits, which should continue supporting strategic gold demand.
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