International News
U.S. gold prices decline on geopolitical and economic developments
By Steve Fernandes
U.S. gold prices have experienced a notable decline, falling from a recent high of $3,509 to $3,310. This $199 drop can be attributed to a combination of geopolitical and economic developments that have reduced market demand for safe-haven assets.
Key Factors Driving the Decline
- Stability in U.S. Monetary Policy
Investor concerns over potential instability in U.S. monetary policy were mitigated following former President Donald Trump’s remarks reaffirming his support for Federal Reserve Chair Jerome Powell. By ruling out any intention to replace Powell, Trump contributed to a sense of continuity and stability in monetary leadership, reducing speculative demand for gold. - Positive Signals in U.S.-China Trade Relations
Sentiment was further boosted by optimistic statements from Trump regarding ongoing trade negotiations with China. His characterization of the discussions as “progressing positively” and his expressed confidence in achieving a mutually beneficial agreement have lowered immediate fears of trade disruptions, easing the flight to gold. - Geopolitical Easing in Eastern Europe
Russian President Vladimir Putin’s willingness to initiate talks with Ukrainian President Volodymyr Zelenskyy has raised hopes for a ceasefire agreement. This development has encouraged a shift in investor sentiment toward riskier assets, further weakening gold’s appeal as a safe haven.
Contrasting Forecast: Bullish Outlook from JP Morgan
Despite the current decline, JP Morgan has issued a bullish long-term outlook, projecting that gold prices could exceed $4,000 per ounce by Q2 2026. The forecast is driven by concerns over a potential U.S. recession and the impact of renewed trade tensions stemming from Trump-era tariffs.
The recent decline in gold prices underscores the complexity and volatility of today’s economic landscape. While current developments have encouraged a risk-on sentiment, longer-term forecasts suggest persistent uncertainty could reignite demand for gold. In a volatile, uncertain, complex, and ambiguous (VUCA) world, forecasting commodity movements remains inherently challenging.
In a landmark move toward ethical luxury, Chaumet has announced its commitment to 100% gold traceability across all its jewellery collections, beginning in 2025. This initiative will debut with the launch of a new Bee de Chaumet pendant, crafted entirely from responsibly sourced, traceable gold.
With a legacy spanning over 240 years, Chaumet has long drawn creative inspiration from nature—an ethos now deeply embedded in its sustainability journey. As part of the LIFE 360 programme led by parent group LVMH, the Maison is strengthening its environmental and social responsibility efforts, reflecting a broader commitment to nature conservation and ethical craftsmanship.
A member of the Responsible Jewellery Council (RJC) and supporter of the Kimberley Process, Chaumet has also joined the Swiss Better Gold Association (SBGA), which champions sustainable development in artisanal mining communities.
The upcoming Bee de Chaumet pendant, adorned with the brand’s iconic bee motif, symbolizes this ethical shift. Every component—from the pendant and chain to clasps and rings—is made from gold that is 100% traceable and sourced through verified, responsible channels.
While not claiming to transform the mining industry overnight, Chaumet’s initiative marks a significant step in promoting transparency and integrity across the jewellery value chain—setting a high standard for the future of sustainable luxury.
As part of its outreach campaign for the upcoming Saudi Arabia Jewellery Exposition (SAJEX) and IIJS Premiere 2025, the GJEPC recently concluded a door-to-door initiative in Kuwait, engaging directly with key players in the local jewellery industry.
The GJEPC team met with 92 top retailers from key markets including Al Mubakariya, Souq Al Wataniya, Souq Al Sharq, and the Farwaniya Gold Market.
The focused meetings with leading retailers, manufacturers, and wholesalers, offered insights into the Kuwaiti market’s preferences and dynamics. The response was highly encouraging, with strong interest expressed in attending SAJEX 2025, which is set to become a vital networking hub for the jewellery industry across the MENA region.
International News
De Beers CEO Al Cook Engages with GJEPC Leaders During Strategic Visit to Mumbai Office
Al Cook, CEO of De Beers Group, visited the Gem & Jewellery Export Promotion Council (GJEPC) office in Mumbai, reinforcing the group’s commitment to deeper collaboration with the Indian diamond industry. He was accompanied by senior executives including Paul Rowley, Executive VP – Diamonds Trading; Shweta Harit, Global Senior VP; and Amit Pratihari, VP of De Beers Forevermark India.
The visit follows the successful joint launch of the Indian Natural Diamond Retailer Alliance (INDRA) earlier this year—a strategic initiative to boost India’s natural diamond retail ecosystem.
Mr. Cook and his team were welcomed by a distinguished delegation from GJEPC, including Shaunak Parikh, Vice Chairman; Russell Mehta, Advisor to the Chairman; Ajesh Mehta, Convener – Diamond Panel; Diamond Panel Members Anoop Mehta, Nilesh Kothari, Anil Virani, Manish Jiwani, Ashish Borda; and Sabyasachi Ray, Executive Director.
The meeting featured in-depth discussions on pressing industry topics such as traceability, G7 compliance, funding challenges, U.S. tariffs, and marketing strategies, aimed at strengthening India’s global competitiveness in the diamond sector.
The engagement signals a continued partnership between De Beers and GJEPC to drive growth, innovation, and transparency across the diamond value chain.
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