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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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Lucara's July Rough Tender Achieves $69M
Gaborone: Lucara Diamond Corp.’s July tender of exceptional stones achieved $68.7 million, or $41,028 per carat. The tender featured 14 single stone lots from Karowe production, all of which were sold. A 341.90-carat, type IIa rough diamond sold for $20.6 million and a 269.70-carat stone sold for $16.5 million. In all, 12 diamonds fetched prices above $1 million. William Lamb,
India Cuts Import Tariff on Gold, Silver
New Delhi: India Thursday further slashed the import tariff value of gold to $376 per 10 grams and of silver to $498 per kg due to weak global prices. For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg. The import tariff value is the base price at which
De Beers First-Half Sales Fall 26 Percent
Gaborone: De Beers—which became the star unit of parent company Anglo American following soaring sales in 2014—reported a 26 percent drop in sales in carat terms for the first six months of this year. The company sold 14 million carats in the first half of 2015, compared to 16 million in 2014. De Beers’ rough prices also fell 4 percent
Rio Tinto Q2 Production Increases to 4.7 Mln Carats
Perth: Rio Tinto announced that production increased to 4.696 million carats in the second quarter, compared to 3.832 million carats in the same quarter of 2014. Rough diamond production in the first half of the year totaled 8.851 million carats, up from 7.482 million carats in 2014. The company said that production at the Argyle mine in Australia was 37-percent
AWDC Takes Leading Role in Global Campaign for Natural Diamond
Antwerp: On June 18, the Chairman of the Antwerp World Diamond Centre (AWDC), Isidore Mörsel, will represent the Antwerp diamond sector at a ministerial meeting in Luanda, Angola. The summit will be fully dedicated to broad-based generic marketing to promote natural diamond worldwide. AWDC has played a central role in successfully uniting all players in the diamond value chain behind
14th Edition of NJA ’25 Announced
Mumbai The All India Gem & Jewellery Domestic Council (GJC) has announced the 14th Edition of WGC presents National Jewellery Awards (NJA’25). Organized by GJC, NJA recognizes and honours outstanding talent in the jewellery sector, celebrating excellence, creativity, craftsmanship, and innovation while shaping the industry’s future. NJA is known for its unbiased and relentless efforts for the welfare of the
GJEPC Road Show Strengthens Outreach in Vietnam
Mumbai: In a bid to boost bilateral cooperation, India’s Gem & Jewellery Export Promotion Council (GJEPC) held a series of constructive meetings with key stakeholders from Vietnam’s gemstone and investment sectors. A key meeting was held with Mr. K.S. Ngo The Hoc, Vice President and General Secretary of the Vietnam Association of Gemstones (VAG), accompanied by representatives from seven member
Dr. K. Srikar Reddy, CGI, San Francisco Visits India Pavilion, JCK Las Vegas ’25
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Dr. K. Srikar Reddy, Consul General of India (CGI), San Francisco, during his visit to the India Pavilion at JCK Las Vegas 2025, North America’s premier jewellery trade show. Mr. Kirit Bhansali, Chairman, GJEPC, greeted Dr. Reddy at the Pavilion. Also present during the visit were Mr.
