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Despite Global Losses & Firmer Rupee, Indian Gold & Silver Held Their Floors
Macro Snapshot: The selling that pushed both metals lower in the week ending 25 September came from the American bond market rather than from any bullion-specific news. S&P Global’s flash survey on 23 September put its composite output index at 58.4, the strongest reading since July 2021, with services at 58.7 and manufacturing at 56.7. On the same morning, Federal Reserve Governor Michael Barr said further policy adjustments were likely to be needed to return inflation to target. A poorly
Despite Global Losses & Firmer Rupee, Indian Gold & Silver Held Their Floors
Macro Snapshot: The selling that pushed both metals lower in the week ending 25 September came from the American bond market rather than from any bullion-specific news. S&P Global’s flash survey on 23 September put its composite output index at 58.4, the strongest reading since July 2021, with services at 58.7 and manufacturing at 56.7. On the same morning, Federal Reserve Governor Michael Barr said further policy adjustments were likely to be needed to return inflation to target. A poorly
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GJF Expresses Deep Anguish over Union Budget
Mumbai: Indian gems and jewellery Industry is extremely disappointed with the Union Government Budget Proposals as the finance ministry did not consider their plea of reducing the import duty component on gold and also abolish the stringent 80:20 norms. “The union finance minister Mr. Arun Jaitley has ignored the plight of the trade in spite of several representation and meetings
No Solace in Budget for India's Jewellery Sector
Mumbai: India’s Finance Minister Mr. Arun Jaitley has not given any relaxation in his first budget today as far as import duty on gold is concerned, within 45 days of forming of the Narendra Modi government. Mr. Jaitley surprised bullion markets by keeping the import duty on gold and silver unchanged at 10% in his fiscal budget, a move likely
RJC to Hold Session at IIJS Educational Program
Mumbai: The Responsible Jewellery Council (RJC) will be taking part in the educational program of the July 17-21 India International Jewellery Show (IIJS). The program, organized by the Gem & Jewellery Export Promotion Council (GJEPC), and sponsored by Gemological Science International (GSI), will host a series of industry experts during the four day educational series entitled Spectrum Seminar – Innovate
Myanmar Sells $3bn in Gems
Naypyidaw: Myanmar’s annual gem emporium took in more than $3 billion this year, the most ever for the country’s annual sale of gems and jade, organizers said Tuesday. Income reached $3.4 billion and saw the successful auction of 6,007 of 7,454 jade lots, 126 out of 436 gem lots and 224 of the total 342 pearl lots, they said. “This
Belgian Court Dislodges Attachment of Zim Gems
Antwerp: The court of First Instance in Antwerp has ruled in favour of Zimbabwe, a move which dislodged the attachment of 500 000 carats of diamonds worth over $45 million that belonged to Marange mining companies, The Herald reports. The diamonds were seized three months ago in Belgium by a South African mining company, Amari Platinum and later by a
IDMA Concerned about Over-grading Diamonds
Antwerp: Maxim Shkadov, President of the International Diamond Manufacturers Association (IDMA) said in an appeal distributed by IDMA that his organization expressed grave concern following the article published by Rapaport on over-grading of polished diamonds. In his article, “Honest Grading” posted last month and emailed to more than 77,000 diamond industry stakeholders, Martin Rapaport disclosed the over-grading of at least
EGL USA Stresses No Connection to Other EGL Labs
New York: EGL USA has responded to recent announcements of the closure of EGL International and the reorganization of the international EGL (European Gemological Laboratory) network by stressing that it does not have any connection with the bodies, reports IDEX Online. Yaakov Tversky, director of EGL USA, said, “Recently, EGL’s overseas laboratories announced plans to close and/or reorganize. This is
DSF 20th Anniversary to be Memorable
Dubai: The World Diamond Mark Foundation (WDMF), the Dubai Gold and Jewellery Group (DGJG) and the Dubai Events and Promotions Establishment (DEPE), an Agency of the Government of Dubai, have joined hands to make the 20th anniversary of the annual Dubai Shopping Festival, Dubai’s leading consumer shopping experience, a truly memorable event. In 2015, for the first time in its
