We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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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SA Platinum Producers to Launch Promotion Body
Johannesburg: South African platinum producers are planning to launch an industry body to promote investment demand for the precious metal in the coming months aimed at boosting sales in the face of falling prices, industry and banking sources said. The new body, to be called the World Platinum Investment Council, is likely to be based in London or Johannesburg, the
Angola Tips Zimbabwe for KP Chair
Harare: Angola said when presented with an opportunity to chair the Kimberley Process (KP), Zimbabwe should make a bid, as the African continent will support it as a candidate. The global diamond trade watchdog was established in 2003 in Kimberley, South Africa to stem the illicit trading of gems. Member countries chair the organization on a rotational basis for a
WDC Presi Advices KP Plenary
Guangzhou: “We should always remember that millions of people are depending on the well-being of the diamond industry for their livelihoods. From the miners and their families in the producing countries, through to the polishing and trading centers, the jewelry manufacturers and the retailers, we all need to face the future and contribute together to make the diamond world a
India’s Jewellery Exports Jump 22% in Apr-Sept
Mumbai: Exports of gold jewellery, coins and medallions rose by 22 per cent to Rs 33,594 crore in the first half of this fiscal mainly due to RBI’s 80:20 scheme. Under the 80:20 scheme, the Reserve Bank, in August last year, had allowed nominated agencies to import gold on the condition that 20 per cent of the import would be
Mining Companies Slash Tens of Thousands of Jobs
Gaborone: Mining companies Anglo American and Lonmin are cutting tens of thousands of jobs as commodity prices fall. Anglo said it would cut 6,000 posts from office and other roles not directly related to production, according to a report published in bbc.com. The company, which has some 150,000 workers worldwide, said employee numbers would fall by 35% after the cuts,
Falling Gold Prices Boost Demand in India: WGC
Mumbai: A fall in gold prices has boosted demand in India, the world’s second largest consumer, despite the summer months being a traditional quiet period, World Gold Council (WGC) said on Friday. It also said that fall in the gold prices are not universally perceived as “negative”. According to WGC, gold prices have fallen by 3.2 per cent in India,
India Cuts Tariff Value on Imported Gold Again
New Delhi: The government on Friday slashed the import tariff value on gold for the second straight week to $354 per 10 gm in line with weak global prices of the precious metal. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. Usually, the tariff value on gold and silver is
De Beers Revises 2015 Production Guidance
Gaborone: Global diamond giant, De Beers Group, which is 85-percent owned by Anglo American, has revised its production guidance for 2015 to 29 million carats from 31 million carats. Anglo chief executive Mark Cutifani said the move was necessitated by a continuation of the market weakness of late 2014 during the first six months of the year that resulted in
