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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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India's Diamond Imports' Get 180 Days' Credit
Mumbai, 8th July: The Reserve Bank has relaxed norms governing import of rough, cut and polished diamonds by doubling the credit time period to 180 days. “…it has been decided, in consultation with the government, that the Clean Credit i.e. credit given by a foreign supplier to its Indian customer/ buyer, without any Letter of Credit (Suppliers’ Credit)/Letter of Undertaking
Kiran Gems Gives First Melee Screening Machine
Mumbai: Kiran Gems, the world’s largest manufacturer of diamonds, had the first [De Beers] International Institute of Diamond Grading and Research’s (IIDGR) diamond Automated Melee Screening (AMS) machine commissioned at its headquarters in the Bharat Diamond Bourse (BDB), Mumbai. AMS is currently the most advanced machine with the latest technology in CVD screening. Dinesh Lakhani, director of global sales said:
Forevermark Eyeing 30% Revenue from India
Jaipur: Forevermark, the premium diamond brand from the world’s largest diamond company, De Beers Group, expects India to contribute about 30 per cent to the brand’s global sales in three-four years from about 15 per cent now. Forevermark, which entered the Indian market in 2011, retails through over 150 retailers and wholesalers across the country. The company doesn’t intend to
World’s Largest Faceted Sapphire Up For Sale
Atlanta: Ophir Collection, LLC has announced that the Ophir Collection of rare gemstones is available for sale. The collection has been awarded nine GUINNESS WORLD RECORDS titles. Included within the collection is the world’s largest faceted Sapphire, the Ophir Sapphire. Weighing 31,308 carats, roughly the size of a dinner plate, the extraordinary blue gemstone is recognized by Guinness World Records
CIBJO Releases Responsible Sourcing Special Report
Milan: With fewer than seven weeks to go to the opening of the 2021 CIBJO Congress on November 1, 2021, the second of this year’s CIBJO commissions’ Special Reports has been released. Prepared by the CIBJO Responsible Sourcing Commission, headed by Philip Olden, the report recounts how efforts to enhance supply chain integrity during the COVID pandemic continued uninterrupted, and
WGC Members Committed to TCFD Reporting
The World Gold Council (WGC) today announced that its members, 33 of the world’s most forward-thinking gold miners, have committed to reporting their positions and progress on climate-related risks in line with the recommendations of Taskforce for Climate-related Financial Disclosures (TCFD). The TCFD recommendations and reporting framework is now widely recognised as the preferred method for embedding climate change into
7th Cycle of De Beers Collects $514 Mln.
Gaborone: Diamond miner De Beers sold an estimated $515-million of rough diamonds during its seventh sales cycle of the year. This compares with the $514-million in sales recorded in the sixth sales cycle, and the $334-million in sales recorded in the seventh sales cycle of 2020. Owing to the restrictions on the movement of people and products in various jurisdictions
CIBJO to Launch 3rd Season of Jewellery Ind. Voices
Milan: The third season of Jewellery Industry Voices, the widely followed webinar series presented monthly by CIBJO, the World Jewellery Confederation, will kick off the same way that it did in 2020, with an in-person seminar in Vicenza, Italy, which will be live-streamed simultaneously as a webinar around the globe. The two-hour, two-part seminar/webinar is a featured event during the
