International News
US jewellers warn Congress of harm from new sanctions on Russian diamonds
US jewellers have warned Congress of the harm that new sanctions on Russian diamonds will cause for the entire retail sector.
The trade association Jewelers of America (JA) met with a dozen Democratic and Republican lawmakers in both the House and Senate to voice concerns over the 1 September restrictions that will require all goods of 0.50-scts and above to enter G7 countries via Antwerp for verification.
JA said it continues to staunchly support efforts that will keep diamonds of Russian origin out of the supply chain, including the more stringent U.S. Customs and Border Patrol requirements that went into effect on 1st March. However, the proposed adoption of an exclusive physical verification and certification system in Belgium for all rough diamonds would cause maximum damage to the global diamond and jewellery supply chain, while having minimal effect on Russia’s diamond revenues.
They say a single import channel will “cause maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues”.
JA is urging all its members to lobby Congress and explain that the way the restrictions are being implemented will hurt jewellery businesses.
“JA has been working tirelessly behind the scenes and this visit to Washington, D.C. was a critical step to ensure we minimize unnecessary disruptions to the U.S. diamond industry,” said JA president & CEO David J. Bonaparte.
International News
Democrats Win In Midterm Polls Could Significantly Lift Industrial Demand For Silver
World Gold Council Data Going Back To 1970 Show Gold Rising 62% Of The Time In The Six Months After A Midterm, With A Median Gain Of Just 2%,
· Midterm Election Snapshot: Americans are voting for 435 House seats, 35 Senate seats, and 36 governorships. Forecasters expect Democrats to win the House (~90% chance), while the Senate remains a toss-up driven by voter concerns over inflation, tariffs, and the Iran conflict.
· Government Gridlock: A Democratic House would constrain President Trump’s agenda, leading to potential gridlock over spending and taxes.
· Impact on Precious Metals: Election outcomes matter to gold and silver mainly through their impact on Treasury yields and the US dollar. Silver enters the vote under weaker pressure, while gold holds up better.
· Historical Pattern: Since 1970, gold rises 62% of the time in the 6 months following a midterm, with a median gain of 2%—though past patterns are not guaranteed to repeat in 2026.
· National Debt Factor: A full Democratic sweep (“blue sweep”) could focus trader attention on the $40.5 trillion national debt ($120,000 per US citizen), which could eventually boost investment demand for both metals.
· War & Geopolitics: Funding for the 250+ day conflict with Iran would face heavy resistance in a Democratic Congress. An earlier end to the conflict would help gold and silver regain their traditional safe-haven status.
· Industrial Boost for Silver: Democratic policies prioritizing social infrastructure and green energy legislation would significantly lift industrial demand for physical silver, potentially aiding its effort to break back above the historic $50 mark.
· Interest Rate Risks: Higher federal spending could widen deficits and weaken the dollar (bullish for metals), but higher real interest rates and elevated Treasury yields could weigh on gold more than silver.
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