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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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6th IIJW Inaugurated in Mumbai
Mumbai: The much awaited 6th edition India International Jewellery Week (IIJW) was inaugurated on Monday by the Bollywood actress and Brand Ambassador of the Gem & Jewellery Export Promotion Council (GJEPC) Ms. Sonam Kapoor in presence of Mrs. Amruta Fadnavis, designer-cum-politician Ms. Shaina NC, Chairman of the GJEPC Mr. Vipul Shah, Convener of the IIJW Mr. Sanjay Kothari and other
Dev Shetty Conferred with ‘Bharat Gaurav’ Award
Mumbai: Mr. Dev Shetty, Chief Operating Officer of Gemfields – the world’s largest supplier of coloured gemstones, was recently felicitated with “Bharat Gaurav Award” at the British Parliament. “Bharat Gaurav Award” is prestigious award for Indians, from all over the World who have achieved overwhelming success in their respective field and made India proud globally. Mr. Shetty was felicitated for
RapNet Partners with IIJS 2015
Mumbai: RapNet has announced in partnership with the Gem & Jewellery Export Promotion Council (GJEPC), that the popular RapNet Show Listings service is now available for this year’s India International Jewellery Show (IIJS) taking place August 6 to 10, 2015. RapNet Show Listings is an online tool and mobile app enabling buyers to find diamonds and suppliers at major trade
SA Invites Indian Firms to Set Up Jewellery Units
New Delhi: South Africa has invited Indian companies to invest in jewellery manufacturing units in the country by taking advantage of its latest policies, reports ETRetail.com. Under the new industry policy programme, South Africa is encouraging jewellery manufacturing activities that will help add value to its raw materials including gold, silver and a variety of minerals. At the event organized
GIA Drops Fees on Synthetics Screening
New York: Gemological Institute of America (GIA) has dropped fees on its screening services for smaller diamonds to check if they are treated or synthetic. The service screens parcels of D-to-Z diamonds and colored diamonds up to 0.2 ct. The new fee structure reduces the existing per-stone fee from $12 to $10 for diamonds between 0.06 and 0.2 ct. and
About 200 Tonne Gold may Enter India Illegally
New Delhi: The World Gold Council (WGC) speculates that out of India’s total gold import demand in 2014, almost 20 per cent would be served through the grey market. “The total demand in 2014 is estimated to be between 850-950 tonnes, out of which upwards of 200 tonnes is likely to be served by the grey market,” said Somasundaram PR,
ALROSA Mulls Partnering with Jewelers
Moscow: ALROSA is considering the option of attracting renowned jewelry producers as strategic partners for its cutting and polishing facilities, the company reported. The announcement followed an executive committee meeting which looked at prospects for the development of its cutting and polishing business. The company did not specify which strategic partners in the diamond sector it was considering. However, ALROSA’s
Antwerp to Mark 30 Years of Ties with Shanghai
Antwerp: Antwerp’s two major export industries, diamonds and designer wear, are joining forces to celebrate the 30th anniversary of the ties between the city and Shanghai. The Antwerp World Diamond Centre (AWDC) and BVBA 32, the financial force behind fashion designers Ann Demeulemeester, Haider Ackermann and Jean-Paul Lespagnard, will be organizing an exclusive diamond evening with a fashion show in
