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
US jewellery consumers shift toward premium purchases in November 2025: Tenoris report
US jewellery buyers shifted toward premium purchases in November 2025, boosting average spend per item by 14.5% despite softer unit sales according to the Tenoris report.
Sales Snapshot
Total revenue climbed 3% year-over-year, lagging prior double-digit gains, as consumers splurged on higher-end pieces rather than volume. Finished jewellery led with nearly 5% revenue growth, fueled by rising gold prices and buyer willingness to pay up. Unit sales dipped 10% overall, signaling a quality-over-quantity mindset.
Diamond jewellery saw slight revenue dips but 13% higher spend per item on pricier natural stones; loose diamonds weakened, especially low-end. Gold, silver, and platinum demand shares held steady, rejecting alternatives amid gold’s rally.
Lab-grown diamonds (LGD) lagged, with revenue down despite modest unit upticks—stuck at ~$500 average, failing to attract investment buyers favoring naturals.
Edahn Golan of Tenoris highlights sustained premiumization, where shoppers chase value through upscale selections. This bodes well for high-end suppliers but pressures volume-driven segments like LGD entry-level goods.
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