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 $2 million and barring the
Top News
Dubai Banks Facing Major Jewelry Loan Default
Dubai: Officials of 15 banks met in Dubai on Wednesday to discuss growing concerns over the financial health of a (as yet unidentified) major jewelry chain which owes an estimated Dh550 million (US$ 150 million) to them and has allegedly defaulted on payments, banking and industry sources told Gulf News. Some banks are planning to lodge a formal complaint of
Antwerp Remains Important Rough Trading Hub
Antwerp: Antwerp is still the most important rough diamond trade hub in the world. This is according to the 2014 annual figures from the Kimberley Process Certification Scheme, which monitors and maps out diamond production and distribution worldwide. The figures also reveal that the Antwerp rough diamond traders’ profit margins are under duress, with an average profit margin of 1%.
Gem-A Announce Council Election Results
London: The Gemmological Association of Great Britain (Gem-A) has announced the results of its hotly contested election for seats on the Association’s Council, following a vote held at a reconvened AGM on Wednesday 26 August. The newly formed Council is comprised of a number of dedicated and long-standing Members of the Association with a diverse range of skills and experiences.
IDE Mulls Creating Large Diamond Factory
Ramat Gan: The Israel Diamond Exchange (IDE) is considering opening a manufacturing plant for the polishing of large diamonds, according to information posted on its website. The IDE’s Industry Committee has invited members of the bourse to a discussion of the facility on September 7. Plans calls for converting 400 square meters of currently unused space into a factory. The
Grown Diamonds Gaining Popularity
New York: According to a recent press release by Frost & Sullivan consultancy, there is positive consumer outlook for grown diamonds, but challenging supply side factors restrain their market potential. Demand for colorless diamonds in value and volume terms is higher than any other color of diamond in the gems and jewellery industry. One of the key factors that prevented
Inaugural Ruby Auction Nets $33.5m – Gemfields
Johannesburg: The inaugural auction of rough ruby and corundum mined at Aim-listed Gemfields’ 75%-owned Montepuez deposit, in Mozambique, has raised $33.5-million, taking the coloured-gemstones mining and marketing company’s overall revenue for rough gemstone sales to in excess of $143-million for the current financial year. The auction, held in Singapore from June 12 to 17, had included both high- and low-quality
GJEPC Demands Relaxations from Govt.
Mumbai: The Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold and silver to 2 per cent from 10 per cent. An official News Release received by this website says that the body has also demanded for scrapping the existing 80:20 scheme, which was imposed by the government in August last year,
36th World Diamond Congress Concludes
Antwerp: The 36th World Diamond Congress concluded in Antwerp, Belgium, and reflected strength in the attendance and the presence of international diamond, gem stone and jewellery industry organization delegates. These included the representatives of 30 bourses affiliated to the World Federation of Diamond Bourses (WFDB), 15 members of the International Diamond Manufacturers Association (IDMA), the two bodies that organize the
