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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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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
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
Hatton Garden Robbers’ Gang Sentenced to Jail
London: Two of the ringleaders of the Hatton Garden heist yesterday thanked the judge as he jailed them for an audacious £14million gem raid that he said stood ‘in a class of its own,’ reports Daily Mail. ‘Diamond wheezers’ Terry Perkins, 67, said ‘thank you sir’ and Daniel Jones, 61, ‘thank you judge’ as the pair were each sentenced to
GJEPC Urges Govt. to Withdraw Duty on Jewellery
Mumbai: India’s Gem and Jewellery Export Promotion Council (GJEPC) stated that the imposition of 1% excise duty on jewellery (other than plain Silver jewellery) by the Government of India in Union Budget 2016-17 is not in the interest of the industry. GJEPC Chairman has already approached the Government to initiate meetings with the Finance Minister and Officials of the Finance
Platinum – A Choice for the Modern Women
Mumbai: This International Women’s Day, pay tribute to the indomitable spirit of women hood with Platinum. Precious, eternal and elegant this metal personifies the innate strength of a modern woman. What better than platinum to show your love and gratitude to the women in your life. Be it your mother, wife, partner, sister or daughter, platinum is something that she
Okavango to Host Rough Diamond Viewing at IDTC
Mumbai: Okavango Diamond Company (ODC) announced that it is set to hold rough diamond viewings at the India Diamond Trading Center (IDTC). The viewings at the Bharat Diamond Bourse (BDB) will take place in parallel with regular ODC viewings in the Botswana capital, Gaborone. The company will show an assortment of stones, which will be offered for sale at the
