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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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Final of India Jewellery Skill Competition Held
Mumbai: Mr. Surojitrana H. from Coimbatore and Mr. Vinod Kumar C. from Bangalore were selected today in a final round of the India Jewellery Skill Competition held at the India International Jewellery Show (IIJS). The Competition is being held by the Gem & Jewellery Skill Council of India (GJSCI) to decide the country’s representative at the prestigious WorldSkills International Competition
GJEPC Donates Rs One Crore to Make A Wish India
Mumbai: Gem and Jewellery Export Promotion Council (GJEPC) organized “Jewellers for Hope” charity dinner in association with GSI, yesterday in Mumbai. Leading bollywood celebrities Kajol, Boman Irani, Siddharth Roy Kapur graced the evening hosted by Raageshwari Sachdeva-Badola in the presence of the whose-who of the gems & jewellery trade. The “Jewellers for Hope” annual charity dinner is the first edition
India Reduces Tariff Value on Gold
New Delhi: The India government recently reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices. On the other hand, the tariff value on silver was raised to USD 690 per kg. As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at
Silver Price to be Set by New System
London: The London silver price mechanism will now be set via an electronic, auction-based mechanism administrated by CME Group and Thomson Reuters, according to a statement from the London Bullion Market Association. The new mechanism was chosen because it is electronic, “auction-based and auditable and tradable with an increased number of direct participants,” the LBMA said in a statement. CME
De Beers to Leave London Headquarters
London: De Beers, the world’s largest diamond company, is to leave its UK headquarters after almost a century, as parent company Anglo American trims costs. About 300 staffs were told on Friday that they would be leaving 17 Charterhouse Street, from where De Beers once controlled the flow of diamonds around the world. The move ends an era that began
Jharkhand to Auction Gold Mine-2 by May
New Delhi: Jharkhand is all set to become the second state in the country to auction a gold mine—two, in this case—and will come out with tenders for the blocks by April-end or in the first week of May. The government has already set the ball rolling for the auction process. The state has already successfully auctioned two small limestone
De Beers Q1 2016 Production -10%
Gaborone: De Beers has announced that its first quarter diamond production decreased 10 percent compared to the same period a year previously. The company mined 6.9 million carats as opposed to 7.7 million carats in the first quarter of 2015, reflecting the decision to reduce production in response to the trading conditions last year. At its Debswana mine in Botswana,
India’s U-Turn over Koh-i-Noor Claim
New Delhi: The Indian government says it is still seeking to reclaim the Koh-i-Noor diamond from Britain, despite telling India’s Supreme Court otherwise. The gem came into British hands in the 19th Century and is part of the Crown Jewels on show at the Tower of London. Ownership of the priceless gem is an emotional issue for many Indians, who
