We Wish to Build Globally Relevant SKY Gold: Akash Talesara
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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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Global & Indian Firms Interested in Surat Bourse
Surat: Diamond companies from Belgium, Dubai, Israel and Hong Kong are interested in joining the proposed Surat diamond exchange and have applied for membership, according to Dinesh Navadiya, president of the Surat Diamond Association (SDA), reports The Economic Times. The proposed exchange, is likely to be almost as large as Mumbai’s Bharat Diamond Bourse (BDB), and the government is in
India May Restore Tax Benefits to Mfg SEZs
New Delhi: The Indian Government is examining the possibility of restoring tax benefits for a handful of manufacturing special economic zones, while continuing to tax the rest to minimize revenue losses, reports BusinessLine. “As exports from manufacturing SEZs, excluding gems & jewellery and petroleum, account for just 10 per cent of total SEZ exports, exempting them from taxes would not
PDE and IBGM Sign MOU
Panama: Brazil’s leading jewelry industry association, Instituto Brasileiro de Gemas e Metais Preciosos (IBGM), will be taking up residence in the Phase 1 building of the Panama Gem & Jewelry Center when it opens later this year. The announcement follows the signing of a Memorandum of Understanding between the Panama Diamond Exchange and IBGM in Sao Paulo during the Feninjer
New Gold Discovered in China
Beijing: Geologists have discovered a massive gold mine in China’s restive Xinjiang province, according to state news agency Xinhua. The new find, close to the border with Kyrgyzstan, has proven gold reserves of 127 tonnes, Xinhua said. If the estimates are correct, the reserves could be worth around 40 billion yuan ($6.5bn). The Xinjiang Geology and Mineral Exploration Bureau spent
India’s Silver Jewellery Demand Up by 45% in 2021
Mumbai: The global silver market realised growth in every demand category in 2021, marking the first time all key sectors rose in tandem since 1997, according to the World Silver Survey 2022, released by the Silver Institute. Surpassing pre-pandemic volumes, total global silver demand achieved its highest level since 2015, surging 19% to 1.05 billion ounces (Boz) last year. Leading
India’s Gold Imports Grew by 33.34%
Mumbai: India’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 33.34 per cent to $46.14 bn during 2021-22 fiscal on account of higher demand, as indicated by official data. Gold imports were worth $34.62 bn in the fiscal year 2020-21. The surge in gold imports during the last monetary year added to the
PNG Jewellers Launches De Beers Code of Origin
Mumbai: The consumers of the future are changing and a new generation of socially and environmentally active consumers are emerging who want to increasingly associate with products and brands that have strong values focused around people and bettering the planet. To cater to such consumers, De Beers launched their trusted diamond program – Code of Origin at PNG Jewellers, a
Senco Gold Files Fresh Papers for ₹525 cr. IPO
Kolkata: Senco Gold Limited, a pan-India jewellery retail player with legacy of over five decades and 2nd most trusted jewellery brand as per the TRA’s Brand Trust Report 2020, has filed a draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise Rs. 525 crore through an initial public offering (IPO). The Initial Public Offering of Senco Gold
