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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 Diamonds Posts 54% Jump in Revenue in H1
London: Gem Diamonds Limited reported its revenue rose 54 percent to $148.9 million in the half year ending June 30. The miner reported attributable profit of $19.7 million, up 129 percent from a year earlier. “Excellent financial performance with significant growth in revenue, strong cash flow further enhancing the balance sheet and [the firm is] on track to consider declaring
LDB Launches Platform for Member Inventory
London: London Diamond Bourse members can now search goods from fellow members in the latest unveiling on their website. This exciting initiative is the latest development in the London Diamond Bourses passage into enhancing membership value. Victoria McKay, the bourse’s chief operating officer, said, “It’s a radical move to enhance and dovetail with the traditional ‘trading across tables’ method by
Antwerp Posts Solid Trade Figures in July
Antwerp: July continued to mark a stable month for the Antwerp diamond sector. A modest decrease was only seen in in the volume of imported polished diamonds, compared to July 2013. The rough diamond trade continues to fare well. In comparison with July of last year, the volume of exported diamonds rose by 1,22%, which translates to a volume increase
DDC Makes Award to Pankaj Parekh
New York: The incoming chairman of India’s Gems & Jewellery Export Promotion Council (GJEPC), Pankaj Kumar Parekh, was presented with an award by Reuven Kaufman, president of the Diamond Dealers Club, and Eli Izhakoff, WFDB and DDC honorary president, at a reception in honor of the first India Diamond Week in New York, reports idexonline. Parekh was recognized for his
CIBJO Releases Gemmological Special Report
Milan: With fewer than two weeks to go to the opening of the 2021 CIBJO Congress on November 1, 2021, the sixth of this year’s CIBJO Special Reports has been released. Prepared by CIBJO’s Gemmological Commission, headed by Hanco Zwaan, the report focuses on two issues, namely the establishment of criteria for defining gem variety names, and the creation of
Drivers of Indian Gold Demand: Report by WGC
The World Gold Council (WGC) yesterday launched a report titled ‘The Drivers of Indian Gold Demand’, the first in a series of in-depth analysis on the Indian gold market. Using an econometric model, it draws on three decades of annual data, dating from 1990 to 2020, to gauge some of the principal influences driving gold demand in India. The report
India's H1 Gem & Jewellery Exports Rise 11%
Mumbai: India’s Gem & Jewellery exports have been picking up since the start of the year and have maintained the momentum through the first half of the fiscal year. During April to September 2021, the overall gross exports of gems & jewellery recorded a growth of 11% to Rs. 140412.94 crore (+5.13% in dollar terms to US$18984.49 million) as compared to April-September 2019 of Rs. 126461.93 crore (US$ 18058.52 million). Mr.
Angola Int'l Diamond Conference from 25th Nov
Luanda: The Ministry of Mineral Resources, Petroleum and Gas (MIREMPET) informed that the first International Diamond Conference in Angola would be held from November 25 to 27, 2021, in Saurimo, the capital of the Lunda Sul province. The conference will include the participation of Mining Ministers from the main African diamond-producing nations, leaders of diamond companies and national and international
