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Despite Global Losses & Firmer Rupee, Indian Gold & Silver Held Their Floors
Macro Snapshot: The selling that pushed both metals lower in the week ending 25 September came from the American bond market rather than from any bullion-specific news. S&P Global’s flash survey on 23 September put its composite output index at 58.4, the strongest reading since July 2021, with services at 58.7 and manufacturing at 56.7. On the same morning, Federal Reserve Governor Michael Barr said further policy adjustments were likely to be needed to return inflation to target. A poorly
Despite Global Losses & Firmer Rupee, Indian Gold & Silver Held Their Floors
Macro Snapshot: The selling that pushed both metals lower in the week ending 25 September came from the American bond market rather than from any bullion-specific news. S&P Global’s flash survey on 23 September put its composite output index at 58.4, the strongest reading since July 2021, with services at 58.7 and manufacturing at 56.7. On the same morning, Federal Reserve Governor Michael Barr said further policy adjustments were likely to be needed to return inflation to target. A poorly
Top News
India's Gold Imports Rising
Mumbai: Gold imports are estimated to be 95 tonne during September, mainly on account of decline in international prices and due to the ongoing festive season, according to an industry expert. “The import of the yellow metal is estimated to be around 95 tonnes during this September. The imports rose mainly due to decline in price in the global markets,
Zimbabwe Pilot Local Diamond Auction Fails
Harare: In the beginning of October Zimbabwe opened its diamond tender in Harare. A large-scale local auction was schedule for early November to coincide with the country’s bi-annual diamond conference. The Herald newspaper reports that the gems “went for a song” after international buyers bought them at ‘half’ the international price. The daily claimed that questions had been raised on
Shanghai Mission Great Success for Antwerp
Antwerp: The Belgian city of Antwerp and the Chinese city of Shanghai celebrated the 30th anniversary of their sisterhood ties with a spectacular fashion show in Shanghai, completely accessorized with diamonds. The exclusive evening was organized by the Antwerp World Diamond Centre. Antwerp diamond traders traveled to Shanghai and seized the opportunity to network with the Chinese diamond traders present
Smaller Sights in October
Gaborone: Rough diamond sights held by De Beers and Alrosa in October were relatively small, particularly in light of the De Beers Sights held this year that have been in excess of $700 million. The Sight reflected the fact that Indian diamond manufacturers will be closing down for at least three weeks from around October 20, while some plants will
RBI to Swap Gold to Improve Reserves Quality
Mumbai: The Reserve Bank of India (RBI) said yesterday that it had sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. The RBI sources said that the measure would “standardize the gold available with RBI in India with respect to international standards” and the gold acquired would
6,000-Gram Gold “Devil’s Ear” Unearthed in Russia
Moscow: Russian miners have unearthed a scary-looking 6,664-gram piece of gold they labeled the “Devil’s Ear” on Friday the 13th. According to the official publication of the local government, workers at the Ukhagan mine in the Bodaybinsky district of Siberia found the piece, the largest nugget ever found in the area, on June 13, the eve of the full moon.
India May Increase Duty on Synthetics to 10%
New Delhi: The government may increase the import duty on man-made diamonds to 10 per cent in order to remove the price differential with natural diamonds which encourages some jewellers to “cheat the customers”, reports The Indian Express. Simultaneously, it could abolish the customs duty on cut and polished gem stones as these can be re-exported at higher value. The
Pre-Budget Recommendations by GJF
Mumbai: The All India Gems and Jewellery Trade Federation (GJF), the national trade federation for the promotion and growth of trade in Gems and Jewellery (G&J) sector across India, has urged Union Finance Minister Shri Arun Jaitley to abolish 80:20 rule for gold import, which allows only the nominated agencies to import gold on the condition that 20 per cent
