International News
Rush for physical gold creates a premium for COMEX futures over spot prices
This rush for physical gold has created a pronounced premium for COMEX futures over spot prices.
Traders are moving reserves from traditional hubs like London to New York to capitalise on these spreads. The shift has even strained established systems: the Bank of England, for instance, now faces withdrawal delays of up to 4–8 weeks—far longer than the usual turnaround time. Across Asia, bullion banks are also redirecting supplies, with private vaults in New York (operated by HSBC and JPMorgan) reportedly receiving additional shipments.
Despite global enthusiasm, India’s gold market paints a contrasting picture. In domestic markets, physical gold is trading at a discount compared to futures, a clear signal of tepid demand.
International News
Consortium Led By Former De Beers CEO Gareth Penny Selected As The Preferred Bidder To Acquire De Beers
Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers
A consortium headed by former De Beers CEO Gareth Penny has been selected as the preferred bidder to acquire De Beers, according to Botswana’s Minister for State President, Defence and Security, Moeti Mohwasa.
Speaking on the development, Mohwasa said Anglo American conducted a competitive sale process involving three shortlisted bidders before identifying the Global Diamond Consortium as its preferred choice.
Anglo American announced plans to divest De Beers in May 2024 as part of a broader restructuring strategy, driven by prolonged weakness in the diamond market and other business priorities.
The sale process has attracted significant interest from industry leaders and investors. Among those previously linked to the bidding were former De Beers CEO Bruce Cleaver, Australian mining executive Michael O’Keeffe, Indian billionaire Anil Agarwal, and Indian diamond companies KGK Group and Kapu Gems.
Botswana is expected to play a pivotal role in the transaction. The country, together with Namibia, Angola and other shareholders, already owns a 15% stake in De Beers and retains important rights under the shareholder agreement. Mohwasa emphasized that Botswana has the flexibility to either join the preferred bidder as a strategic partner or exercise its pre-emptive rights independently or with another investor.
Industry observers believe the eventual owner will seek to preserve De Beers’ vertically integrated business model, spanning diamond mining, trading and global natural diamond marketing, while positioning the company to benefit from a potential recovery in natural diamond demand and prices.
Rajiv Jain Elected Chairman Of Jaipur Jewellery Show
Vinsmera Jewels Expands UAE Presence With Soft Opening Of New Al Barsha Showroom In Dubai
Nature’s Elegance, Reimagined: Lotus Arts De Vivre’s Cape Gooseberry Earrings Continue To Captivate
FIFA Unveils First-Ever 18K Gold Diamond Championship Rings to celebrate Spain’s World Cup Victory
Nature’s Elegance, Reimagined: Lotus Arts De Vivre’s Cape Gooseberry Earrings Continue To Captivate
Rajiv Jain Elected Chairman Of Jaipur Jewellery Show
-
BrandBuzz11 hours agoFIFA Unveils First-Ever 18K Gold Diamond Championship Rings to celebrate Spain’s World Cup Victory
-
National News10 hours agoNature’s Elegance, Reimagined: Lotus Arts De Vivre’s Cape Gooseberry Earrings Continue To Captivate
-
National News7 hours agoRajiv Jain Elected Chairman Of Jaipur Jewellery Show
-
National News12 hours agoMCX Gold, Silver Futures Surge
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.