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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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Gem-A Council Respond to EGM Petition
London: The Council of Gemmological Association of Great Britain (Gem-A) is well aware of concerns expressed by some members about a lack of transparency at Gem-A following the decision of the Board not to proceed with an AGM on 24 June. There have been calls for an EGM. The decision not to proceed with an AGM on 24 June was
GJF Donates 1.23 Crores to PM National Relief Fund
New Delhi: The All India Gems & Jewellery Trade Federation (GJF) on behalf of Jewellery community in India has handed over a cheque of INR 1.23 crore towards relief works of the Nepal earthquake victims. Mr. Manish Jain, Chairman of GJF handed over the cheque to Shri. Amit Shah, BJP President in New Delhi on 11 June, 2015. Appreciating the
Petra Diamonds Anticipates Lower Revenue for '15
Johannesburg: Petra Diamonds Ltd. reiterated its production target of 3.2 million carats for the fiscal year that ends on June 30 and it remains on target to achieve 5 million carats by 2019, according to a market update that was filed on the London Stock Exchange. However, due to the lower incidence of high-quality rough diamond production and with a
Belgium's Polished Diamond Exports -16% in May
Antwerp: Belgium’s polished diamond exports dropped 15.5 percent year on year to $1.061 billion in May, according to data provided by the Antwerp World Diamond Centre. By volume, polished exports slipped 12.5 percent to 486,639 carats. Polished imports fell 14.8 percent to $863.5 million, leaving net exports down 18.6 percent at $197.3 million. Rough imports fell 6.7 percent to $1.1
De Beers to Accept Registration of Interest for New Sightholders
Gaborone: The De Beers Group of Companies today confirmed that it will accept registrations of interest for its 2015-2018 Global Sightholder Sales contractual period from 25th–29th August, 2014. Any diamond businesses interested in applying for supply from the start of the new contractual period will need a Key Individual from their Group to register at www.debeerssightholder.com/apply between these dates. General
FACETS 2014 Opens on September 4th
Colombo: FACETS Sri Lanka 2014, the 24th International Gem & Jewellery Show will be held from 4th – 7th September 2014 at the he BMICH Exhibition and Convention Centre in Colombo. FACETS Sri Lanka, held since 1991 with state and private sector patronage, will showcase a wide variety of sapphires and gemstones from producers and wholesalers from all the main
New UK Guidelines to Boost Ethical Sourcing of Jewellery
London: New guidelines in the UK are set to help boost ethical sourcing of jewellery. The recommendations from the government are to make retailers and producers aware of human rights abuses that take place in their supply chains. Gold, diamonds and other precious stones and metals are often sourced from areas in Africa and South America where labourers face appalling
GJEPC Had Successful Diamond Week in New York
Mumbai: The Diamond Dealers Club (DDC) and the Gems & Jewellery Export Promotion Council (GJEPC) have praised the success of the first India Diamond Week held at the bourse last week. The DDC said that “significant business transactions and new connections were made on the DDC’s trading floor by U.S. and overseas participants”. “The four-day exhibition, following on the heels
