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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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Forevermark Expands to UK and Ireland
London: Forevermark, the diamond brand from De Beers Group of Companies announced yesterday it will be expanding into the United Kingdom and Ireland this autumn. Crossworks Manufacturing Ltd. has been appointed as the only licensee partner and will be working with a select number of retailers to bring Forevermark diamonds to the region. Forevermark CEO Stephen Lussier comments, “London is
Gaetano Cavalieri Addresses ECOSOC
Milan: CIBJO President Gaetano Cavalieri has addressed the High Level Segment of the UN Economic and Social Council in New York, and in his presentation stressed the commitment of both CIBJO and the international jewellery sector to assisting the United Nations meet its development goals. Dr. Cavalieri was addressing the annual keynote gathering of the UN agency as the head
5th Edition of IIJW Inaugurated in Mumbai
Mumbai: After completion of four successful years, the 5th edition of India International Jewellery Week, popularly known as IIJW, was inaugurated this morning in Mumbai by Mrs. Rashmi Thackeray. Present at the inauguration were Mr. Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), Mr. Pankaj Parekh, Vice Chairman of GJEPC and other degnitories. Conceived and conceptualized
HRD Antwerp Adjusting Parameters of Cut Grade
Antwerp: HRD Antwerp is to adjust the proportion parameters of its Cut Grade, with changes taking place as of July 14. The Belgian lab said it is making the move “in order to be more compliant with the market standard, while maintaining the highest-quality grading standards that HRD Antwerp is known for”. “The HRD Antwerp Cut Grade is based on
Modi-Putin Agree to Cooperate in Diamond Sector
In a statement to the press following the Russian-Indian talks in Moscow, Russian President Vladimir Putin highlighted the strategic cooperation between Russia and India in the diamond industry. “Russia is the world’s largest diamond-producing country, which accounts for 27 per cent of the global diamond output, and India is the leader in diamond manufacturing accounting for 65 per cent of
Anglo American Donates to DDI
Gaborone: The Anglo American Group Foundation has given a three-year contribution to support the Diamond Development Initiative’s efforts to promote responsible sourcing and improve the lives of local miners and their families in Africa. Anglo’s funding will allow DDI to carry out its primary functions, including the registration of artisanal miners, the implementation of the Development Diamond Standards at mining
India’s Polished Diamonds Export -15% in Nov
Mumbai: The drop in exports of cut and polished diamonds from India continued during November 2015, with the country exporting US$ 1.32 billion worth of goods, down 15.2% from the US$ 1.56 bn worth of exports a year ago, according to data released by The Gem & Jewellery Export Promotion Council (GJEPC). However, gold jewellery exports during the month were
PDE Launches Accredited Buyers Program
Panama: The Panama Diamond Exchange has launched an Accredited Buyers Program, providing benefits to registered professional buyers from Latin American countries, on purchases of diamonds, gemstones and jewelry made at the World Jewelry Hub in Panama City. A key element of the program will be rebates of up to $1,000 on merchandise that has been acquired by a buyer on
