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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
Top News
De Beers to Spend $3bn on Diamond Operations
Gaborone: The De Beers Group is set to invest around $3billion over the next 10 years on its diamond mining operations. Fin24 reports that the bulk of the investment would be spend on its key South African mine, Venetia in Limpopo where the underground mine was expected to extend its life beyond 2040. Venetia produced 3.2 million carats in the
SRK is now a ‘Premier Trading House’
New Delhi: Indian company Shree Ramkrishna Exports Pvt.Ltd (SRK), which exported 348,000 carats of polished diamonds in the financial year 2014, has been recognized as a ‘Premier Trading House’ – the highest recognition given to an Export House by the Indian government. SRK, which exports to more than 40 countries worldwide, has been given the status based on the total
De Beers Says Diamond Prices to Recover in Q2
Gaborone: De Beers said that diamond prices, which had been weak since the fourth quarter of last year, will recover from the second quarter of the year. Group chief executive Philippe Mellier was quoted by BusinessDay as saying that rough diamond prices leaped 7 percent last year. He, however, could not make any projections for 2015. “I definitely see some
India Interested in Small Angolan Diamonds
Cape Town: A group of Indian business men are interested in Angola’s small diamonds, an official from the state diamond mining company Endiama has said. Angop news agency quoted Endiama chief executive Carlos Sumbula as saying that he met with the group during the just ended 2015 Mining Indaba in Cape Town. “The Indians are interested in small diamonds and
Gemfields Announced $30 Mln. Rights Issue
London: Gemfields Group Limited, a company incorporated in Guernsey and listed on the Johannesburg Stock Exchange (JSE:GML) and AIM (AIM:GEM), has announced the launch of a fully underwritten Rights Issue to raise approximately $30 million. The Rights Issue will offer 10 new shares for every 21 existing shares at a price of 4.22 pence or ZAR1.06860 per new share. The
KP Progresses in Expanding Conflict Definition
Dubai: World Diamond Council (WDC) has welcomed the meaningful progress made towards expanding the Kimberley Process (KP) definition of conflict diamonds, after a successful week of open and productive dialogue at the 2025 Intersessional in Dubai. The meeting, hosted by the UAE and current KP Chair Ahmed Bin Sulayem, marked a significant breakthrough in seeking to expand the definition of
GJC Urges Ban on G&J Trade with Tuekey, Azerbaijan
Mumbai: All India Gem and Jewellery Domestic Council (GJC), the apex body representing India’s domestic gem and jewellery industry, announced its unwavering support for ‘Operation Sindoor’ and in alignment with national interest urges the India’s gems & jewellery industry to cease business transactions with Turkey and Azerbaijan. This decisive action follows Turkey’s public support for Pakistan in the aftermath of
PGI Appoints Vaishali Banerjee as Head of Global Market Development
Mumbai: Platinum Guild International (PGI) has announced key leadership augmentations, naming Vaishali Banerjee as Head of Global Market Development, a role that signals PGI’s sharpened focus on unlocking the global demand potential for platinum. In addition to this new mandate, Vaishali will continue in her existing role as Managing Director – India & ME — both critical growth hubs for
