International News
Zambia Lifts 15% Export Duty on Precious Gemstones
Gemfields Group Limited has expressed strong support for the Zambian government’s decision to suspend the 15% export duty on precious gemstones and metals, a move expected to significantly boost the country’s emerald industry. The suspension, announced by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, is effective immediately, meaning the duty will no longer apply to emeralds mined by Kagem Mining Limited. The company is majority-owned by Gemfields (75%) with the remaining 25% held by Zambia’s Industrial Development Corporation.
Gemfields CEO, Sean Gilbertson, lauded the government’s swift action, stating, “We express our sincere thanks to President Hakainde Hichilema’s government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. The Zambian emerald sector has experienced exceptional growth over the past 16 years and is now the world’s largest emerald exporter. This decision signals a clear commitment to fostering growth and job creation in Zambia, putting our industry back on track for continued success.”
International News
Gold, Silver Slide as Inflation and Fed Outlook Dominate Geopolitical Risks AUGMONT BULLION REPORT
- Safe Heaven Dynamics – Gold and silver remain under pressure, slipping to $4800 and $75 respectively, as stronger US producer inflation and a firm dollar outweigh safe-haven demand from Middle East tensions. Elevated real yields continue to cap upside, keeping sentiment weak despite geopolitical risks.
- Geopolitical Developments – Escalation intensified after Iran struck a Qatari site hosting the world’s largest LNG facility, following attacks on its South Pars gas field. This marks a significant widening of the conflict, raising energy security concerns and inflation risks, while increasing uncertainty across global markets.
- Monetary Policy stance – The Federal Reserve held rates steady, highlighting inflation risks from the conflict and signaling a cautious stance. While one rate cut is projected this year, policy easing will depend on clear signs of inflation cooling, keeping metals sensitive to macro data.
Technical Triggers
- Gold has reached its $4850 (~ Rs.152,000) support and may consolidate near current levels.
- Silver is testing key support at $75 (~ Rs.250,000); a breakdown could extend declines toward $72–70 (~ Rs.235,000–Rs.230,000).).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $4800/oz | $5250/oz |
| Gold | Domestic | ₹150,000/10 gm | ₹165,000/10 gm |
| Silver | International | $72/oz | $85/oz |
| Silver | Domestic | ₹235,000/kg | ₹268,000/kg |
Source:AUGMONT BULLION REPORT
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