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A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
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U.S. Jewellery Imports Surge in Q3
New York: U.S. jewellery imports jumped 85 percent for platinum in the third quarter of 2015 and 12 percent for gold, ahead of the holiday season, as prices for both precious metals fell for the fifth straight quarter, Thomson Reuters GFMS calculations showed on Monday. “The holiday season is the most significant contributor to annual retail sales,” said Chicago-based Erica
ALROSA Mulls Production Cut in 2016
Moscow: ALROSA may reduce production in 2016 as its rough diamond inventory is at a critical level in a weak market. “Currently, our inventory stands in excess of 20 million carats and increasing inventory further would not be feasible for the company, or it would be difficult economically,” Ilya Ryashchin, ALROSA’s first vice president in charge of finance and economy,
Rio Tinto Completes First Rough Viewing at IDTC
Mumbai: Rio Tinto recently completed the inaugural rough diamond viewing at the India Diamond Trading Centre (IDTC) – India’s first SNZ – in Mumbai’s Bharat Diamond Bourse (BDB). The viewing was held from November 23 to November 25, 2015. The selection on view included rough diamonds from Rio’s Argyle and Diavik mines. After completion of the viewing, the diamonds were
India Gets Rs. 246 cr. from Gold Bonds
New Delhi: Government today said Gold Bond scheme got overwhelming response from retail investors with 63,000 applications amounting to Rs 246 crore, while the gold monetization scheme, which has so far witnessed a “slow response”, has been tweaked. On gold bond scheme, a Finance Ministry statement said: “This scheme saw an overwhelming response from the investors throughout the country and
Tanzanite Foundation Announces Reorganization
New York: The Tanzanite Foundation has officially announced that it will undergo “structural and operational changes to better align with global tanzanite markets and sightholder expectations,” it explained in a recently released statement. “After a long consultation period with the global industry, the future direction and resource allocation for the Tanzanite Foundation’s education, promotion, and information-distribution programs has been established
232 Carat D-Color Diamond Unearthed in S. Africa
Johannesburg: It’s big, it’s colorless, and it just might be flawless. In a year filled with notable diamond finds, Petra Diamonds has unearthed a particularly impressive stone—a 232 ct. D-color stone with “exceptional clarity.” “The diamond is practically see-through, so it is very likely to produce a flawless stone,” says Petra spokesperson Cathy Malins. She describes the rough as “the
Rio Tinto Gifts Australian Diamonds to Smithsonian Institution
Washington: Rio Tinto has announced a donation of a significant sample of Australian rough diamonds to the Smithsonian Institution in Washington DC, the world’s largest museum and research complex and home to the most notable diamonds and diamond jewellery in the world. At an event at the Australian Embassy hosted by The Honourable Kim Beazley, Australian Ambassador to the Unites
Dharmanandan Diamonds to Unveil Technology for Retailers
Mumbai: Dharmanandan Diamonds will be unveiling the ‘Virtual Showcase’, a ‘3D Diamond Viewer” for retailers at the September 15-19 Hong Kong Jewellery & Gem Fair. The company has introduced several technology products for the diamond industry in recent years aimed at “upgrading retailers and revolutionalizing the way diamonds are purchased”. Dharmanandan successfully launched an iPad application in 2010, and, the
