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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2nd Annual Banking Summit Held by GJEPC
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) organized second annual Diamond, Gem & Jewellery Banking Summit-2014 on Saturday, 28th June 2014 in Mumbai. At the end of the Summit, a Work-Group was formed consisting representatives of India’s diamond sector, Banks and Export Credit Guarantee Corporation (ECGC) to suggest solutions to improve cordial relations among them. Delivering the inaugural
Stéphane Fischler Re-Elected President of AWDC
Antwerp: On Wednesday June 25, during the first meeting of the new Board of Directors of the Antwerp World Diamond Centre (AWDC) the Board members reelected Stéphane Fischler as President of the AWDC. The Board of Directors also appointed Kaushik Mehta as Vice-President, representing the trade, and Freddy Inzlicht as Vice-President representing the Bourses. In 2012, the by-laws of the
No Assurance from India on Easing Gold Curbs
Mumbai: A delegation of diamond traders and representatives of Gems and Jewellery Export Promotion Council (GJEPC) met the Union Finance Minister, Arun Jaitley recently, demanding relaxation in various rules relating to gems and jewellery industry. The Finance Minister, however, remained reluctant to give any assurance on the existing gold import’s 80-20 rule, which allows only nominated agencies to import gold
Zimbabwe Running Diamond Sector like ‘Mafia’
Harare: Zimbabwean opposition politician Innocent Gonese has said that Zimbabwe’s ruling Zanu PF party needs to stop running the country’s diamond sector “like a mafia where everyone involved in the management of the gems is a thief.” The comments were made at a public forum organized by the Southern African Political and Economic Series (SAPES Trust) in Mutare, reported the
Gemfields Revenue Goes -9% in H2 2015
London: Emerald and ruby miner Gemfields plc has announced its results for the second half of 2015, which showed that revenue dropped 9 percent over the same period in 2014. The company’s revenue dipped to $94 million in the six month period ended December 31, 2015 compared to $103.4 million over the same period a year prior. EBIDTA fell from
Gold Spot Exchange in India is Viable: IGPC
Ahmedabad: India Gold Policy Centre (IGPC) at Indian Institute of Management Ahmedabad (IIMA) released a study on the viability of a Gold Spot Exchange in India by Prof. Joshy Jacob and Prof. Jayanth R. Varma of IIMA. One of the key findings is that a Gold Spot Exchange is eminently viable and would lead to efficient price discovery, assurance in
WFDB Warns about the Recent Certificate Scam
Antwerp: The World Federation of Diamond Bourses (WFDB) has been informed that a vendor on the world’s leading online global wholesale trading platform, Alibaba, has offered CVD lab grown (synthetic) diamonds inscribed with the numbers of genuine GIA graded natural diamond reports. The seller on Alibaba, a New Delhi (India) based company called International Trading Corporation (ITC), which only deals
De Beers to Cut 366 Jobs in S.A. Mines
Gaborone: Anglo American-owned De Beers has announced plans to cut 366 jobs in its South African mines as part of its retrenchment process, reports mining-technology.com. As part of its plans, the company will axe 152 posts at its Venetia Mine outside Musina, with a further jobs going at some of its other South African mines. The latest decision comes as
