We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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
Top News
Rough Display at BDB Not Taxable
Mumbai: Operations related to the display of rough diamonds at the Special Notified Zone (SNZ) in Bharat Diamond Bourse (BDB) in Mumbai are expected to commence within the next few weeks. This follows the announcement by the Ministry of Finance, Government of India on 16th Oct. that it had decided to exempt income from display of rough diamonds within a
NCDIA Hosts Global Color Diamond Con. Series
Mumbai: The Natural Color Diamond Association (NCDIA) plans to conduct a series of conferences in Australia, London, Antwerp, Israel and Hong Kong to build consumer awareness about the diamond category, the organization said in a statement. The series started earlier this month with events in New York on October 2 and Mumbai on October 8 covering the topics rarity and
De Beers Relocating Toronto HQ to Calgary
Toronto: In a move that is part of a restructuring effort to more efficiently support its Canadian diamond mines, De Beers Canada will close its Toronto headquarters and relocate to Calgary, Alberta, by the end of next June. “One of the things that accelerated this is the current state of the diamond market,” said De Beers Canada spokesperson Tom Ormsby.
Jean-Marc Lieberherr is Chairman of DPA
Gaborone: The Diamond Producers Association (“DPA”) has announced the appointments of Jean-Marc Lieberherr as Chairman and Stephen Lussier as Vice-chair, both with immediate effect. The DPA has also announced the appointment of Sally Morrison as Managing Director of Marketing, with effect from 19 October 2015. Jean-Marc is Managing Director of Rio Tinto’s diamond business, while Stephen is Chief Executive Officer
India May Restore Tax Benefits to Mfg SEZs
New Delhi: The Indian Government is examining the possibility of restoring tax benefits for a handful of manufacturing special economic zones, while continuing to tax the rest to minimize revenue losses, reports BusinessLine. “As exports from manufacturing SEZs, excluding gems & jewellery and petroleum, account for just 10 per cent of total SEZ exports, exempting them from taxes would not
PDE and IBGM Sign MOU
Panama: Brazil’s leading jewelry industry association, Instituto Brasileiro de Gemas e Metais Preciosos (IBGM), will be taking up residence in the Phase 1 building of the Panama Gem & Jewelry Center when it opens later this year. The announcement follows the signing of a Memorandum of Understanding between the Panama Diamond Exchange and IBGM in Sao Paulo during the Feninjer
New Gold Discovered in China
Beijing: Geologists have discovered a massive gold mine in China’s restive Xinjiang province, according to state news agency Xinhua. The new find, close to the border with Kyrgyzstan, has proven gold reserves of 127 tonnes, Xinhua said. If the estimates are correct, the reserves could be worth around 40 billion yuan ($6.5bn). The Xinjiang Geology and Mineral Exploration Bureau spent
Zimbabwe Can’t Wait For Annual Dividends
Harare: Zimbabwe will now collect its share of diamond revenue at the point of sale rather than wait for its Marange partners to remit dividends annually. Harare could have been prejudiced of millions of dollars from previous sales, The Herald newspaper reports. The government’s mining arm, Zimbabwe Mining Development Corporation (ZMDC) holds a 50 percent stake in firms mining gems
