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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
1,111 ct. Diamond Named ‘Lesedi La Rona’
Gaborone: The 1,111-carat diamond recovered by Lucara Diamond Corp. in Botswana in November has been named ‘Lesedi La Rona’ following a competition among locals to label the gem. The name, which means ‘Our Light,’ was given by Thembani Moitlhobogi, the winner of a $2,196 (BWP 25,000) prize, according to a Lucara statement February 9. The contest was only open to
Shmuel Schnitzer Salutes Stephen Lussier
Ramat Gan: Shmuel Schnitzer, the newly elected Chairman of the Israel Diamond Institute Group of Companies (IDI), praised the appointment of Stephen Lussier as Chairman of the Diamond Producers Association (DPA). Lussier is Executive Vice President of Marketing of the De Beers Group and Chief Executive of the De Beers Forevermark brand. Shmuel Schnitzer said, “Stephen Lussier is a true
Indian Jewellers to Observe Strike on 10th Feb
Kolkata: Over 300 jewellery associations across the country will observe one-day strike on February 10 to protest against norms that make it mandatory to quote PAN for any transactions of Rs 2 lakh and above. “We are forced to call the strike on Wednesday for the government’s decision to impose PAN card for purchases above Rs two lakh,” chairman (east)
KP Chairman Honored during Visit to WJH
Panama: Ahmed bin Sulayem, Executive Chairman of the Dubai Multi Commodities Center (DMCC), was honored last week in Panama City, when he was presented Honorary Membership of the World Jewelry Hub (WJH) by its Chairman Mr. Eli Izhakoff. Mr. Bin Sulayem, who also is the current Chairman of the Kimberley Process, was on a visit to Panama as a guest
