Bullion flows
Q2 saw sustained physical demand from central banks, particularly in Asia and the Middle East. Retail demand in Europe remained selective, weighted toward smaller formats and certified coins.
ETF flows were mixed — early-quarter outflows reversed by June as rate expectations softened. Net positioning at quarter-end was modestly positive.
Collector demand
Investment-grade coloured diamonds — particularly fancy intense yellows and certified naturals — saw strong interest from private clients building alternative allocations. Supply of top-quality material remained constrained.
