International News
WGC Report: Central banks continue their great gold grab in November 2024 Central banks and gold in July
By Krishan Gopaul, Senior Analyst, EMEA, World Gold Council
- Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People’s Bank of China reported its first addition (6t) since April. The Monetary Authority of Singapore was the biggest seller during the month, while the Bank of Finland also announced a reduction in its gold reserve.
- Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. Combined reported bank gold demand registered a net 53t of global official holdings based on available monthly data.
- These effective purchases were spread throughout the year and centered on familiar buyer markets — notably Emerging Markets — as the reasons behind holding gold, having increased for a stable reserve during times of global and economic uncertainties.
The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate. At a country level, much of the buying was limited to those who have been active in recent months:
- The National Bank of Poland (NBP) was once again a major buyer. It increased its gold reserves by 21t in November, to 448t. Gold now accounts for almost 18% of its total reserves, just below the previously stated target of 20%. This purchase also cemented the NBP’s position as the leading gold buyer on a year-to-date (y-t-d) basis of 130t.
- Data published by the Central Bank of Turkey (CBRT) showed its gold reserve rose by 5t during the month to 578t, maintaining additions since July.
As a result, both banks’ steady purchases mean total y-t-d net gold holdings amount to 382t.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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