International News
WGC Gold ETF Commentary : US leads multiyear record inflows
February in review
Global physically-backed gold ETFs1 saw significant inflows in February totaling US$9.4bn, the strongest since March 2022. North American flows flipped positive following two consecutive monthly outflows, recording one of its strongest months on record. Asian demand was also strong while European inflows narrowed. We have now seen three consecutive months of strong global inflows which, combined an upward trending gold price, have lifted total assets under management (AUM) to US$306bn, another month-end peak. Meanwhile, holdings rose to 3,353t, the highest month-end level since July 2023.
Highlights
- Global gold ETFs saw continued inflows during February as holdings across all regions grew.
- The third consecutive monthly inflows lifted global gold ETFs’ total AUM and collective holdings by 4.1% and 3.1% respectively in the month.
- Global gold trading volumes kept rising: OTC markets led the charge.
Regional overview
North American demand surged in February, adding US$6.8bn. This was the largest single month inflow for the region since July 2020 and the strongest February ever. As physical shipments into COMEX vaults from London and other markets made headlines, the positive gold market momentum also benefited North American gold ETFs.
But there were other important contributors. For instance, US Treasury rates trended down with various economic signals flashing red.3 Lower yields, alongside a weaker dollar, boded well for the gold price during most of the month – in fact, it reached nine new record highs in February before moving lower in the latter half.4 We believe reduced opportunity costs and a record-shattering gold price were key in attracting inflows. Moreover, a pullback in equity markets and fears of stagflation were also likely positive drivers of demand. Lastly, we have observed significant inflows triggered by gold ETFs’ options expiry, signalling further bullish sentiment from investors.
While we would not be surprised to see a slowdown in momentum, ongoing recession concerns and policy uncertainties – geopolitical and economic – will likely continue to provide a supportive floor for demand.
Gold trading volumes rise Trading activities across global gold markets increased in February, ending the month at roughly US$300bn/day on average. OTC trading, dominated by the LBMA, rose further, as dealers moved gold in response to the US tariff concerns. Gold futures trading volumes at COMEX were down while Shanghai Futures Exchange saw a sizable increase, given the strong local gold price performance. Additionally, gold ETF trading activities also rose, led by North America.
DiamondBuzz
De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India
De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.



The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.

Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.
We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance) to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”

Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.
By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”
The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:
- Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
- Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
- Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
- Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.


As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.
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