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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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India Launches 3 Gold Schemes and Gold coin
New Delhi: India’s Prime Minister Mr. Narendra Modi on today launched three gold related schemes- Gold Monetisation Scheme (GMS), Gold Sovereign Bond Scheme and the Gold Coin and Bullion Scheme. PM Modi also unveiled the first ever national gold coin minted in India with the national emblem of Ashok Chakra engraved to be released among others on the occasion. Speaking
KGK Opens Silver Jewellery Mfrg. Unit in Bangkok
Mumbai: September 2015, Bangkok: In a string of opening new factories globally, KGK group added another silver jewellery manufacturing unit in Bangkok recently under the name of Trinity Creations Co. Ltd. A total of over 2100 sq. meter floor area, the factory is distributed amongst six floors with a capacity of 300 employees/ workers. The unit is specialized to manufacture
GJF Urges GST for Jewellery at Uniform Rate of 1%
Mumbai: The All India Gems and Jewellery Trade Federation (GJF) urged the Union Government to implement uniform 1% Goods & Services Tax (GST) across the entire gems and jewellery sector since such an initiative will bring all jewellery manufacturers under one umbrella. Such action will also help the gems & jewellery sector to promote ‘Make in India’ concept at grass
Gubelin & SSEF Agree to Harmonize Standards
Bern: The Swiss-based Gübelin Gem Lab and Swiss Gemmological Institute SSEF, recognized as the leading laboratories for coloured stone testing, have agreed to harmonize their standards for the colour terms “pigeon blood red” and “royal blue.” Their goal is to standardize the usage of these terms for the benefit of the international gemstone trade. The colour terms “pigeon blood red”
Gem Diamonds Posts 54% Jump in Revenue in H1
London: Gem Diamonds Limited reported its revenue rose 54 percent to $148.9 million in the half year ending June 30. The miner reported attributable profit of $19.7 million, up 129 percent from a year earlier. “Excellent financial performance with significant growth in revenue, strong cash flow further enhancing the balance sheet and [the firm is] on track to consider declaring
LDB Launches Platform for Member Inventory
London: London Diamond Bourse members can now search goods from fellow members in the latest unveiling on their website. This exciting initiative is the latest development in the London Diamond Bourses passage into enhancing membership value. Victoria McKay, the bourse’s chief operating officer, said, “It’s a radical move to enhance and dovetail with the traditional ‘trading across tables’ method by
Antwerp Posts Solid Trade Figures in July
Antwerp: July continued to mark a stable month for the Antwerp diamond sector. A modest decrease was only seen in in the volume of imported polished diamonds, compared to July 2013. The rough diamond trade continues to fare well. In comparison with July of last year, the volume of exported diamonds rose by 1,22%, which translates to a volume increase
DDC Makes Award to Pankaj Parekh
New York: The incoming chairman of India’s Gems & Jewellery Export Promotion Council (GJEPC), Pankaj Kumar Parekh, was presented with an award by Reuven Kaufman, president of the Diamond Dealers Club, and Eli Izhakoff, WFDB and DDC honorary president, at a reception in honor of the first India Diamond Week in New York, reports idexonline. Parekh was recognized for his
