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
Safe-Haven Rebound Amid Geopolitical Easing and Macro Uncertainty Augmont Bullion Report
Gold Has Bounced From The $4,500–4,550 (~Rs. 1,49,000) Support Zone and Is Now Targeting Resistance At $4,800–4,850 (~Rs. 1,55,000)
- Safe-Haven Dynamics – Gold and silver have recovered from key support levels as Middle East de-escalation signals pressured oil prices, reducing inflation concerns. The dollar weakened against major currencies after the US indicated progress toward an Iran deal, while the yen surged to a two-month high amid intervention expectations.
- Geopolitical Developments – President Trump announced a temporary pause in “Project Freedom” — the US military’s commercial shipping escort operation through the Strait of Hormuz — to allow time for a potential Iran agreement. Trump confirmed via Truth Social that negotiations have advanced significantly toward a comprehensive deal.
- Macro-economic Signals – Market attention now shifts to the upcoming non-farm payrolls data, which will indicate whether economic resilience justifies holding Fed policy steady or whether labour market softening strengthens the case for rate cuts.
Technical Triggers
- Gold has bounced from the $4,500–4,550 (~Rs. 1,49,000) support zone and is now targeting resistance at $4,800–4,850 (~Rs. 1,55,000).
- Silver has recovered from the $73 (~Rs. 2,43,000) support level and is expected to advance toward resistance at $77–78 (~Rs. 2,54,000–2,56,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4500/oz : $4850/oz : Rs 148,000/10 gm : Rs 155,000/10 gm |
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