International News
WGC:Central banks keep gold in focus in February
Central banks reported 24t net purchases in the second month of the year The National Bank of Poland led net purchases, adding 29t to its gold reserves, making February its 11th consecutive month of net buying The People’s Bank of China, the Central Bank of the Republic of Turkey, the Central Bank of Jordan, the Czech National Bank and the Qatar Central Bank also reported net purchases in February.
Demand for gold from central bankers continues, with data available for February showing reported global central bank gold reserves rising by 24t. Thus far, Poland, China, Turkey and the Czech Republic have led gold demand from emerging market central banks.
As in the preceding months, much of the buying was centred on those central banks that have been regular buyers/sellers of late:
- National Bank of Poland (NBP) lead month and year-to-date net buying, adding 29t in February alone. Year-to-date, NBP added 32t of gold, with its total gold holdings now 480t or 20% of its total reserves
- People’s Bank of China (PBoC) added 5t of gold in February, its fourth consecutive month of net buying since it resumed reporting in November 2024
- The Central Bank of the Republic of Turkey added 3t of gold in February, with its gold reserves totalling 623t or 38% of its total reserves
- The Central Bank of Jordan also added 3t of gold in February, with total gold reserves now at 72t or 30% of total reserves
- Qatar Central Bank reported 2t of net buying in February; its total gold holdings now stand at 114t which constitutes 19% of total reserves
- Czech National Bank added 2t of gold to their reserves this month, its gold holdings stand at 55t or 3% of total reserves
- Net sellers for the month of February were the National Bank of Kazakhstan (-8t) and the Central Bank of Uzbekistan (-12t). Both central banks lead net selling activity year-to-date, down 4t
- Despite net sales y-t-d, gold reserves form 54% of Kazakhstan’s total reserves, bringing its total to 280t.
The National Bank of Belgium (NBB) has addressed recent media reports on the monetisation of Belgium’s gold reserve for public finance purposes, particularly defence spending. In a recent press release, NBB reaffirmed its independence and said gold reserves constitute assets allocated for achieving “public interest tasks entrusted to the Bank.”
The year has had a decent start as central banks’ appetite for gold continues to be robust. Our upcoming Gold Demand Trends report scheduled for publication on 30th April, covering central bank demand for the entire first quarter.
In a landmark move toward ethical luxury, Chaumet has announced its commitment to 100% gold traceability across all its jewellery collections, beginning in 2025. This initiative will debut with the launch of a new Bee de Chaumet pendant, crafted entirely from responsibly sourced, traceable gold.
With a legacy spanning over 240 years, Chaumet has long drawn creative inspiration from nature—an ethos now deeply embedded in its sustainability journey. As part of the LIFE 360 programme led by parent group LVMH, the Maison is strengthening its environmental and social responsibility efforts, reflecting a broader commitment to nature conservation and ethical craftsmanship.
A member of the Responsible Jewellery Council (RJC) and supporter of the Kimberley Process, Chaumet has also joined the Swiss Better Gold Association (SBGA), which champions sustainable development in artisanal mining communities.
The upcoming Bee de Chaumet pendant, adorned with the brand’s iconic bee motif, symbolizes this ethical shift. Every component—from the pendant and chain to clasps and rings—is made from gold that is 100% traceable and sourced through verified, responsible channels.
While not claiming to transform the mining industry overnight, Chaumet’s initiative marks a significant step in promoting transparency and integrity across the jewellery value chain—setting a high standard for the future of sustainable luxury.
As part of its outreach campaign for the upcoming Saudi Arabia Jewellery Exposition (SAJEX) and IIJS Premiere 2025, the GJEPC recently concluded a door-to-door initiative in Kuwait, engaging directly with key players in the local jewellery industry.
The GJEPC team met with 92 top retailers from key markets including Al Mubakariya, Souq Al Wataniya, Souq Al Sharq, and the Farwaniya Gold Market.
The focused meetings with leading retailers, manufacturers, and wholesalers, offered insights into the Kuwaiti market’s preferences and dynamics. The response was highly encouraging, with strong interest expressed in attending SAJEX 2025, which is set to become a vital networking hub for the jewellery industry across the MENA region.
International News
De Beers CEO Al Cook Engages with GJEPC Leaders During Strategic Visit to Mumbai Office
Al Cook, CEO of De Beers Group, visited the Gem & Jewellery Export Promotion Council (GJEPC) office in Mumbai, reinforcing the group’s commitment to deeper collaboration with the Indian diamond industry. He was accompanied by senior executives including Paul Rowley, Executive VP – Diamonds Trading; Shweta Harit, Global Senior VP; and Amit Pratihari, VP of De Beers Forevermark India.
The visit follows the successful joint launch of the Indian Natural Diamond Retailer Alliance (INDRA) earlier this year—a strategic initiative to boost India’s natural diamond retail ecosystem.
Mr. Cook and his team were welcomed by a distinguished delegation from GJEPC, including Shaunak Parikh, Vice Chairman; Russell Mehta, Advisor to the Chairman; Ajesh Mehta, Convener – Diamond Panel; Diamond Panel Members Anoop Mehta, Nilesh Kothari, Anil Virani, Manish Jiwani, Ashish Borda; and Sabyasachi Ray, Executive Director.
The meeting featured in-depth discussions on pressing industry topics such as traceability, G7 compliance, funding challenges, U.S. tariffs, and marketing strategies, aimed at strengthening India’s global competitiveness in the diamond sector.
The engagement signals a continued partnership between De Beers and GJEPC to drive growth, innovation, and transparency across the diamond value chain.
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