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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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FACETS 2014 Opens on September 4th
Colombo: FACETS Sri Lanka 2014, the 24th International Gem & Jewellery Show will be held from 4th – 7th September 2014 at the he BMICH Exhibition and Convention Centre in Colombo. FACETS Sri Lanka, held since 1991 with state and private sector patronage, will showcase a wide variety of sapphires and gemstones from producers and wholesalers from all the main
New UK Guidelines to Boost Ethical Sourcing of Jewellery
London: New guidelines in the UK are set to help boost ethical sourcing of jewellery. The recommendations from the government are to make retailers and producers aware of human rights abuses that take place in their supply chains. Gold, diamonds and other precious stones and metals are often sourced from areas in Africa and South America where labourers face appalling
GJEPC Had Successful Diamond Week in New York
Mumbai: The Diamond Dealers Club (DDC) and the Gems & Jewellery Export Promotion Council (GJEPC) have praised the success of the first India Diamond Week held at the bourse last week. The DDC said that “significant business transactions and new connections were made on the DDC’s trading floor by U.S. and overseas participants”. “The four-day exhibition, following on the heels
India's Gold Curbs Likely to Stay Till Next Year: WGC
Mumbai: Indian gold demand in 2014 will fall below last year’s record levels as import restrictions are expected to remain in place, despite an improvement in demand in the second half of the year, the World Gold Council (WGC) said. Indian demand in 2014 will be 850-950 tonnes, the industry body said, down 50 tonnes from its earlier forecast. China’s
Zimbabwe Asks RBZ to Plug Diamond Leakages
Harare: Zimbabwe President Robert Mugabe has tasked the Reserve Bank of Zimbabwe (RBZ) to come up with ways to plug diamond leakages as government institutes desperate measures to increase revenues inflows that have been perilously dwindling, the Zimbabwe Independent has learnt. Top government sources say Mugabe’s office has tasked the central bank to assist with measures to ensure all diamond
Gold Recycling to Gain Ground in Asia: WGC
Boston: Gold recycling in Asia is expected to gain ground as China and India continue to be major centres of global gold demand, according to a recent report by the World Gold Council (WGC) and the Boston Consulting Group. The report, “The Ups and Downs of Gold Recycling,” discussed market drivers and challenges in the global gold recycling industry. According
AWDC Renews Support of DDI
Antwerp: Antwerp World Diamond Centre (AWDC) has made an important contribution to the Diamond Development Initiative (DDI), announced the AWDC and DDI. This year’s grant will be the third donation from the Centre in support of DDI’s work in bringing development to artisanal mining communities. Ari Epstein, CEO of the Antwerp World Diamond Council, said, “AWDC supports DDI because it
Miners Urged to Start Generic Promotion
Surat: The Gem and Jewellery Export Promotion Council (GJEPC) of India has urged the diamond mining companies of the world, including De Beers, to embark upon generic promotion to sustain the diamond dream. GJEPC office-bearers said generic promotion is extremely important because of huge competition from luxury items, not necessarily jewellery. Generic promotion will position diamond as a valuable product
