Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

China’s gold market sees premium elevated, gold reserves rise in November

15 december 2023

China’s economy remained under pressure in November 2023. According to the National Bureau of Statistics, China’s official manufacturing PMI fell further to 49.4.

And the non-manufacturing PMI also saw continued declines, although it remained above the 50 expansion-contraction threshold. On the bright side, exports rose by 0.5% y/y, defying the consensus of a 1.1% y/y decline.

The industry withdrew 132t of gold from the Shanghai Gold Exchange (SGE) in November, 11t higher m/m and 16t higher y/y. Seasonality was once again the key driver of this m/m rise in wholesale gold demand. Historical data suggests that replenishing activities from gold manufacturers tend to pick up ahead of the traditional peak season for gold consumption during the Chinese New Year holiday, which usually occurs in January or February.

The average Shanghai gold price premium in November was $44/oz, or 2%, virtually unchanged from October’s $45/oz (2%). Lower imports in recent months, compared to earlier this year, and relatively stable demand may have kept local net gold supply tight, supporting the Shanghai-London gold price premium.

China’s gold reserves climbed to 2,226t by the end of November, a 12t m/m increase and the thirteenth successive reported purchase. During this 13-month period, 278t of gold has been added to the PBoC’s gold reserves. So far in 2023 China has announced gold purchases amounting to 216t.

According to the latest information, China imported 95t of gold in October, a 29t decline m/m and 32t lower than the y-t-d average. Seasonal weakness in wholesale demand and the retreating premium, among other factors, may have impacted October’s imports. Y-t- d, gold imports into China totalled 1,241t, 105t lower y/y.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished