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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Two Miners Leave World Gold Council
London: Two longtime members of the World Gold Council have resigned from the organization, reportedly for financial reasons. The decisions of AngloGold Ashanti and Gold Fields to leave were cost based, according to a report in Bloomberg. In a statement, the organization said it “regrets the departures.” “As long-standing members, AngloGold Ashanti and Gold Fields have played a leading role
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
GJEPC Organized 3rd Member Outreach Program
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) organised its 3rd Member Outreach program and initiated Discussions on the Way-Forward in Mumbai on 22nd June. This was organised in association with World Gold Council and supported by Jewellers Youth Forum. The exclusive program aimed to create awareness among industry members about the Council’s many initiatives to facilitate business and
WDC Warns KP against Risking a Two-Tier Market
Kasane: Highlighting the proven ability of natural diamond resources to serve as a driver for the development of sustainable economies and societies, World Diamond Council (WDC) President Edward Asscher warned that this potential is threatened if the Kimberley Process (KP) doesn’t evolve to address the challenges of today. He was speaking during the opening day of the KP Intersessional, which
De Beers Diamond Sales Up by 7.6% in 5th Cycle
Gaborone: The De Beers has announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for its fifth sales cycle of 2022, amounting to $650 million, which is 7.6% higher compared with $604 million earned in the fourth sales cycle. Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De
"KP is Not Fit for the Porpose": KPCSC
“The fact that the KP is unable to even discuss whether it should continue certifying Russian diamonds as conflict-free, reaffirms what we have been denouncing for years: That the world’s conflict diamond scheme is no longer fit for purpose,” Michel Yoboue, KPCSC coordinator, told KP delegates at a meeting in Botswana yesterday. “The silence of the KP over the Ukraine
