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
Top News
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.
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
AWDC Launches Antwerp Diamond Experience
Antwerp: For the past three days a delegation of leading jewelers and diamond traders from Kuwait have been getting acquainted with their counterparts in Antwerp, enjoying a behind-the-scenes look at the diamond capital and doing business at high-level networking events. The visit from the up-and-coming diamond market of Kuwait – long a major player in the pearl, gold and gemstone
KP Warns of Fake Certificate from Cameroon
Dubai: The United Arab Emirates received a shipment from Cameroon, which was declared to the UAE Customs. Upon inspection they noticed that the Kimberley Process (KP) Certificate accompanying the shipment was fake. Cameroon authorities confirmed this. The document was uploaded on the restricted side of the KP website as well. The KP has therefore called on all its members to
Chow Tai Fook to Sell Diapers and Cookies
Beijing: China’s largest jewelry retail chain, Chow Tai Fook, is spreading its wings further afield and is aiming to expand more broadly into retail in a bid to capture some of the business of Chinese retail giant Alibaba and other Internet retailers. It invested $54 million in shopping platform CTFHOKO.com in December and a mall to showcase products sold online,
Botswana Diamonds Loss Widens to £274,000
Gaborone: Botswana Diamonds, which is currently exploring for diamonds in Botswana, recorded a £274,000 loss during the six months to 31 December 2015 from £174,000 recorded a year earlier. The increase in loss was, however, due to an exchange difference on translation of foreign operations. Operating losses dropped to £155,000 during the same period under review compared to £166,000 recorded
