We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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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China’s Gold Demand to Continue For 20 Years
Beijing: China’s strong appetite for gold is expected to continue for the next 20 years, driven by the country’s increasing per capita income and the global shift of gold consumption from the West to the East, the China Gold Association said. In 2013, China’s gold consumption reached 1,176.4 tonnes, making it the world’s biggest gold consumer. Its consumption in 2014
British MPs Urge to Probe Gold Price-Rigging
London: British Members of Parliament (MPs) have called on the UK’s financial watchdog to investigate allegations of price-rigging in the London gold market after a senior regulatory executive said that there may have been co-ordinated attempts to manipulate a crucial benchmark, Financial Times reports. Members of the influential parliamentary Treasury select committee pressed the Financial Conduct Authority to act after
RBI to Swap Gold to Improve Reserves Quality
Mumbai: The Reserve Bank of India (RBI) said yesterday that it had sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. The RBI sources said that the measure would “standardize the gold available with RBI in India with respect to international standards” and the gold acquired would
6,000-Gram Gold “Devil’s Ear” Unearthed in Russia
Moscow: Russian miners have unearthed a scary-looking 6,664-gram piece of gold they labeled the “Devil’s Ear” on Friday the 13th. According to the official publication of the local government, workers at the Ukhagan mine in the Bodaybinsky district of Siberia found the piece, the largest nugget ever found in the area, on June 13, the eve of the full moon.
CIBJO Congress Becomes 1st Carbon-Neutral Event
Milan: With the submission of a report that carefully details the carbon footprint of this year’s CIBJO Congress, which took place in Salvador da Bahia, Brazil, May 4-6, 2015, and the purchase by CIBJO of offsetting carbon credits, the annual gathering of the World Jewellery Confederation is to officially become the first-ever major event in the industry to qualify as
De Beers Cuts Diamond Prices to Boost Demand
Gaborone: De Beers, the world’s biggest diamond producer, has lowered prices by as much as nine percent to boost sales, Bloomberg News said Monday quoting three unnamed sources. The move came amid a wider commodities slump, with global stock markets plunging over fears of an economic slowdown in China, a key growth sector for diamond sales. The price cuts follow
Large Diamond Missing from Madhya Pradesh
Bhopal: A large diamond, thought to be worth as much as Rs 500 million ($7.47 million) has gone missing from Panna in the Madhya Pradesh district of India. According to State minister and local MLA Kusum Mehedele, the “gooseberry-sized” stone should have been in the diamond office where it would have been properly valued before auction. In a letter written
Tongo to Produce 1M Carats Over 18 Years
Freetown: Stellar Diamonds said a preliminary economic assessment shows the Tongo kimberlite project in Sierra Leone can produce almost 1 million carats over the next 18 years, according to a company announcement. “The objective was to define updated project economics for both surface and underground mining of the diamond resource in support of the mining license application,” according to the
