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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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.
India May Increase Duty on Synthetics to 10%
New Delhi: The government may increase the import duty on man-made diamonds to 10 per cent in order to remove the price differential with natural diamonds which encourages some jewellers to “cheat the customers”, reports The Indian Express. Simultaneously, it could abolish the customs duty on cut and polished gem stones as these can be re-exported at higher value. The
Pre-Budget Recommendations by GJF
Mumbai: The All India Gems and Jewellery Trade Federation (GJF), the national trade federation for the promotion and growth of trade in Gems and Jewellery (G&J) sector across India, has urged Union Finance Minister Shri Arun Jaitley to abolish 80:20 rule for gold import, which allows only the nominated agencies to import gold on the condition that 20 per cent
"Be Sensitive To Festival Dates": WFDB
Antwerp: The World Federation of Diamond Bourses (WFDB) is calling on international trade fair organizers to “be sensitive to dates” when scheduling events so they don’t fall on religious festivals and thus prevent some industry members from taking part. “The fast expanding number of trade shows and exhibitions held across the world has often been scheduled in such a way
WFDB Meeting to Discuss New Strategy
Antwerp: The World Federation of Diamond Bourses’ (WFDB) Executive Committee meeting, which will take place next week in Idar-Oberstein, Germany, will enable the organization to hold discussions on the global diamond industry and a new strategy going forward. The meeting, being hosted by Germany’s Diamond and Gemstones Exchange, will take place on November 1-2, and be attended by Executive Committee
Argyle Mine Next Headache for Troubled Industry?
Perth: In an opinion piece, Business News (West Australia) industry specialist Tim Treadgold says Rio Tinto’s Argyle mine hasn’t been profitable for the past 5 to 6 years, citing a royalties report by the Australian government released in June. With global diamond demand and prices plunging, that situation is hardly likely to improve, Treadgold says. In addition, the author questions
De Beers' Hunt for New Diamond Sources
Gaborone: The Wall Street Jounal takes an inside look at De Beers’ efforts to uncover the first major diamond mine in at least 20 years, an exploration drive that started in earnest last year in the southern desert of Botswana. “De Beers’ undertaking highlights the dilemma faced by diamond miners,” writes Scott Patterson of the WSJ, “who are forecasting diminishing
Myanmar's "Big State Secret": Jade
Naypyidaw: Global Witness has issued a major report, “Jade: Myanmar’s ‘Big State Secret’”, revealing an industry far bigger than previously thought, worth up to US$31 billion in 2014 alone (for the sake of comparison, the value of 2014 global diamond mining is estimated at $14-18 billion). That is equivalent to nearly half the GDP for the whole of Myanmar, but
