Connect with us

International News

US jewellers warn Congress of harm from new sanctions on Russian diamonds

Published

on

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.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

International News

Global Bullion Markets Experience Downturn As US Fed Keeps Interest Rates Unchanged

Market Analysts Anticipate Continued Volatility In Precious Metals As Traders Digest The Fed’s Stance On Monetary Policy and Its Implications For Future Rate Trajectories

Published

on

Global bullion markets experienced a downturn on Thursday as spot gold and silver prices each fell by nearly 1% following the U.S. Federal Reserve’s overnight decision to keep key interest rates unchanged. Domestic gold and silver prices in India are expected to reflect this global weakness throughout today’s trading session.

ParameterDetails
Gold (MCX) Futures~₹1,43,600.00 – ₹1,43,724.00 per 10 grams
Silver (MCX) Futures~₹1,94,450.00 per kg
Key Contract BenchmarkDecember 2026 Gold Futures are hovering near ₹1,42,324 – ₹1,43,700 levels.
Spot GoldDown ~1%, struggling around $4,044/oz.
Spot SilverDown ~1%, trading below $53.50/oz.
U.S. Fed Policy RateUnchanged at 3.75% – 4.00%.

In international markets, spot gold tumbled nearly 1% to trade near $4,044 per ounce, while spot silver dropped 1% to fall below $53.50 per ounce.

The market reaction follows the latest Federal Open Market Committee (FOMC) meeting, where policymakers voted to maintain the target range for the federal funds rate at 3.75% to 4.00% (3-3/4 to 4 percent).

In an official statement, the FOMC reaffirmed its commitment to supporting its dual mandate of maximum employment and price stability while continuing its policy of maintaining ample reserves within the banking system.

​Market analysts anticipate continued volatility in precious metals as traders digest the Fed’s stance on monetary policy and its implications for future rate trajectories.

Continue Reading

Trending

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.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x