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
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Portugal Joins Kimberley Process Certification
Lisbon: Portugal has joined the Kimberley Process certification scheme, according to the Official Journal of the European Union. The Kimberley Process Certification Scheme is an international governmental certification program that was set up to prevent the trade in diamonds that fund conflict. Established in January 2003, the scheme requires governments to certify that shipments of rough diamonds are free from
Russia Becomes Top Diamond Producer in 2014
Moscow: Global diamond output grew 4 percent in value last year to $14.5 billion as the average price per carat jumped 8 percent to $116.17 and Russia displaced Botswana as the world’s largest producer, according to data published by the Kimberley Process Certification Scheme (KPCS). In terms of volume, production fell by 4 percent to 124.778 million carats. Russia, which
CIBJO Congress Becomes 1st Carbon-Neutral Event
Milan: With the submission of a report that carefully details the carbon footprint of this year’s CIBJO Congress, which took place in Salvador da Bahia, Brazil, May 4-6, 2015, and the purchase by CIBJO of offsetting carbon credits, the annual gathering of the World Jewellery Confederation is to officially become the first-ever major event in the industry to qualify as
De Beers Cuts Diamond Prices to Boost Demand
Gaborone: De Beers, the world’s biggest diamond producer, has lowered prices by as much as nine percent to boost sales, Bloomberg News said Monday quoting three unnamed sources. The move came amid a wider commodities slump, with global stock markets plunging over fears of an economic slowdown in China, a key growth sector for diamond sales. The price cuts follow
De Beers Held Talks with Dubai Diamond Exchange
Dubai: A delegation of senior executives from De Beers visited the Dubai Diamond Exchange (DDE) on September 14, with the sides discussing future collaboration, the increasing role that the producing nations play along the New Silk Route and the opportunities this shift is bringing. DDE Chairman Peter Meeus hosted the delegation along DMCC Chief Executive Officer Gautam Sashittal. The De
Gemfields to Explore Gemstones in Sri Lanka
Colombo: Colored gemstone miner, Gemfields Plc formed a joint venture East West Gem Investments Ltd. (EWGI) to explore sapphire and gemstones in Sri Lanka. Under the agreement, the joint venture will operate through three Sri Lankan subsidiaries. Gemfields will hold a 75 percent stake in the project with EWGI holding the remaining 25 percent stake. Gemfields said it acquired a
First Texas-Israel Diamond Show Sparks Great Interest
Ramat Gan: The first Texas-Israel Diamond Show, taking place later this month in San Antonio, promises to be an exciting event for both sides. The show, sponsored by the Texas Jewelers Association (TJA) and the Israel Diamond Institute (IDI), is an unprecedented opportunity for Israeli diamond exporters and Texas jewelers to meet face to face and to do business. The
Zimbabwe Cuts Gold Levy to Assist Revival
Harare: Patrick Chinamasa, the Zimbabwean finance minister reduced royalties on gold producers from 7% to 5% in a bid to incentivize growth in the mining sector which is now faced by a negative growth of 1.9% for this year. Zimbabwe is a resource- and agro-based economy whose manufacturing and industry sectors are wobbling. The mining sector has, however, been showing
