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
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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