International News
WGC 2024 Central Bank Gold Reserves Survey
Central Bank managers will continue to increase their gold holdings in the next 12 months
Central Bank managers will continue to increase their gold holdings in the next 12 months
An increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever. In 2023, central banks added 1,037 tonnes of gold – the second highest annual purchase in history – following a record high of 1,082 tonnes in 2022.
Following these record numbers, gold continues to be viewed favourably by central banks as a reserve asset. According to the 2024 Central Bank Gold Reserves (CBGR) survey, which was conducted between 19 February and 30 April 2024 with a total of 70 responses, 29% of central banks respondents intend to increase their gold reserves in the next twelve months, the highest level we have observed since we began this survey in 2018.
The planned purchases are chiefly motivated by a desire to rebalance to a more preferred strategic level of gold holdings, domestic gold production, and financial market concerns including higher crisis risks and rising inflation.
81 per cent said that official sector gold reserves overall will grow in the same period. Optimism towards gold’s future role in global reserves continues to grow, with 69% saying that gold’s share of reserves will be higher in five years compared to 62% last year, the WGC survey said.
The top reasons given for the increases now are “long-term store of value or inflation hedge,” “performance during times of crisis” and “effective portfolio diversifier.”
According to the report, reserve managers indicate that they are looking to gold to help mitigate risks and prepare for further political and economic uncertainty, globally. Although seven in ten (71%) still view gold’s legacy as a reason to hold it, other reasons have surpassed it this year. The top three reasons to hold gold now include: gold’s long-term value (88%), performance during crisis (82%), and its role as an effective portfolio diversifier (76%).
Central banks in emerging markets and developing economies (EMDE) maintained their positive outlook for gold’s future share in reserves portfolios. Notably, they were joined by advanced economy central banks which now view gold more positively. More than half (57%) of this group said gold would account for a higher proportion of reserves five years from now, a significant increase compared to 2023 (when 38% of respondents indicated the same view).
Advanced economy central banks have also become more pessimistic in their outlook for the US dollar’s share of global reserves, a view which has consistently been more prominent among EMDEs. More than half (56%) of advanced economy respondents believe the US dollar’s share of global reserves will fall (up 10 percentage points year-on-year), while 64% of EMDE respondents share the same view.
Demand for gold from central banks has been elevated in the last two years as some countries diversify their foreign currency reserves. Their demand contributed to the gold price rally in March-May with the spot price hitting a record high of $2,449.89 per ounce on May 20.
International News
Oroarezzo 2026, with Italian Exhibition Group, Manufacturing Explores New Markets
International focus, evolving export geographies and a high-level global congress to shape new tools and strategies for Italian gold and jewellery companies from 9–12 May in Arezzo.
Quality business for foreign markets and high-level tools for companies will be the two key levers at the next edition of Italian Exhibition Group’s Oroarezzo event, scheduled to take place from 9th to 12th May at Arezzo Fiere e Congressi.
Between 2024 and 2025, the weight of the main Italian gold and jewelry export markets was redistributed in favor of the European Union, the United Arab Emirates and Switzerland, with the United States substantially holding up. Demand from Turkey halved, even though it was still the top destination for Made in Italy products.
IEG, together with the Italian Trade Agency (ITA), is amassing a delegation of hosted buyers for the jewelry manufacturing markets of interest that will exceed the one-to-one buyer/exhibitor ratio.

A key new feature at the upcoming edition will be the first international congress in Arezzo, to be held on Monday 11th, entitled “Global markets, geopolitical scenarios and concrete tools for business growth”. The event will focus on the prospects opened by the free trade agreement between the European Union and India, as well as on France and Switzerland — homes of the big brands — supply chains between the United States and Canada, and the opportunities of the African continent.
EXPORTS HAVE CHANGED, NOW BUSINESS AND TOOLS FOR COMPANIES
“Markets change, but interest in Italian gold and jewelry does not fade. Therefore, together with the Italian Trade Agency, we are working on compiling a high-profile delegation with the utmost attention to foreign markets that are still important for Arezzo manufacturing, like the United States, and to those, albeit a minority, that are livelier, such as Poland, Canada or China.
A collective effort which we are keeping associations, such as the national Federorafi, updated on through the Goldsmith Council, as well as local institutions, from the Municipality to the Chamber of Commerce and the Province, because Oroarezzo’s growth is a strategic IEG priority.
Our job, however, does not end with the encounter between market supply and demand. IEG is convinced that companies must also face current challenges with enabling experiences, such as data sharing and analysis. Which translates into a high-profile international conference. It is not the time to wait for change, we must build it together,” said Matteo Farsura, Head of IEG’s jewelry trade shows.
THE INCOMING STRATEGY
At last year’s edition, Oroarezzo saw the participation of over 370 exhibitors and around 400 hosted buyers thanks to the collaboration program with ITA.
For the coming edition, Italian Exhibition Group is working to exceed this proportion, with a predominant share of buyers operating in the US and UAE markets. IEG and ITA will also strengthen European representation and adopt a targeted approach to the Asian market, particularly Japan and China.
New markets in the Mercosur area will include Brazil, Mexico and Panama. Guests will be welcomed with a networking aperitif at the Fraternita dei Laici building on the opening day, along with curated experiences designed to highlight the city and its cultural heritage.
VALUE CHAINS, TARIFFS AND FREE TRADE: THE INTERNATIONAL CONGRESS
The first international conference will provide strategic insight into key areas for Italian gold and jewelry manufacturing exports. The initiative is a joint decision between IEG and the national Federorafi Confindustria to equip the Arezzo district with effective tools to interpret global scenarios and emerging opportunities.
The program will begin with an analysis of the medium- and long-term prospects resulting from free trade agreements currently being ratified between the European Union and the Mercosur area for the Italian gold and jewelry industry.
It will then examine the opportunities offered by India following the signing of the trade treaty with Brussels in New Delhi on 27th January for the progressive elimination of customs duties.
Further themes will include the decision-making centers of major jewelry brands between France and Switzerland, the reorganization of supply chains between the United States and Canada, and the opportunities presented by Africa as an initial commercial entry point for the gold and jewelry sector.
-
International News1 day agoOroarezzo 2026, with Italian Exhibition Group, Manufacturing Explores New Markets
-
National News24 hours agoIIBS-11: Navigating the ‘New Gold Rush’ in a fragmenting global economy
-
International News1 day agoGemfields nets $53m in Bangkok ruby auction
-
New Premises1 day agoLimelight Diamonds Unveils Exclusive Visakhapatnam Store in the Presence of Union Minister of Civil Aviation Shri Kinjarapu Ram Mohan Naidu


