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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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Belgian Court Dislodges Attachment of Zim Gems
Antwerp: The court of First Instance in Antwerp has ruled in favour of Zimbabwe, a move which dislodged the attachment of 500 000 carats of diamonds worth over $45 million that belonged to Marange mining companies, The Herald reports. The diamonds were seized three months ago in Belgium by a South African mining company, Amari Platinum and later by a
IDMA Concerned about Over-grading Diamonds
Antwerp: Maxim Shkadov, President of the International Diamond Manufacturers Association (IDMA) said in an appeal distributed by IDMA that his organization expressed grave concern following the article published by Rapaport on over-grading of polished diamonds. In his article, “Honest Grading” posted last month and emailed to more than 77,000 diamond industry stakeholders, Martin Rapaport disclosed the over-grading of at least
EGL USA Stresses No Connection to Other EGL Labs
New York: EGL USA has responded to recent announcements of the closure of EGL International and the reorganization of the international EGL (European Gemological Laboratory) network by stressing that it does not have any connection with the bodies, reports IDEX Online. Yaakov Tversky, director of EGL USA, said, “Recently, EGL’s overseas laboratories announced plans to close and/or reorganize. This is
DSF 20th Anniversary to be Memorable
Dubai: The World Diamond Mark Foundation (WDMF), the Dubai Gold and Jewellery Group (DGJG) and the Dubai Events and Promotions Establishment (DEPE), an Agency of the Government of Dubai, have joined hands to make the 20th anniversary of the annual Dubai Shopping Festival, Dubai’s leading consumer shopping experience, a truly memorable event. In 2015, for the first time in its
Ernie Blom to be Guest of Honour at IDW
Ramat Gan: Mr. Ernie Blom President of the World Federation of Diamond Bourses (WFDB) has been invited as a guest of Honour to the International Diamond Week in Israel on the 8th to the 12th February 2015. Blom commented on both the forthcoming Antwerp Diamond Trade Fair and the International Diamond Week in Israel, saying “These kinds of events are
RJC to Hold AGM and Conference in Mumbai
Mumbai: The Responsible Jewellery Council (RJC) will hold its Annual General Meeting and a Conference at the Bharat Diamond Bourse in Mumbai, India from 13 to15 April 2015. The event will be structured over three days and will offer RJC Members and Stakeholders the opportunity to better familiarize with current and future RJC projects, the Indian manufacturing industry and best
‘CSR for Jewellery Professionals’ Course by Gem-A
London: The Gemmological Association of Great Britain (Gem-A) has announced its ‘CSR for the Jewellery Professionals’ course is now open for enrolment. The six lesson course, developed in conjunction with Branded Trust and the educational arm of the World Jewellery Confederation (CIBJO) the World Jewellery Confederation Education Foundation (WJCEF), is now accepting applications from across the trade for those who
Former De Beers Sales Director Joins Venus Jewel
Surat: Venus Jewel reports that Mahiar Borhanjoo, former executive sales director and senior vice president of sales, has been appointed as managing director of Venus Jewel International. He will be focused on creating new business ventures and further growing the global portfolio of Venus Jewel. Borhanjoo spent the last six years in his roles at De Beers. “It is wonderful
