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
Suresh Shah New VP of IDMA
Antwerp: With the wrap-up of the 36th World Diamond Congress, the International Diamond Manufacturers’ Association (IDMA) concluded its meetings with the election of its officers. Maxim Shkadov was unanimously re-elected for a second term as IDMA President and Ronnie VanderLinden and Stephane Fischler were re-elected as Secretary General and Treasurer, respectively. IDMA Vice President Edward Asscher, who was recently elected
Gold-Silver Price-Setting Methods May Change
London: The decades-old methods for determining the daily benchmark prices for gold and silver seem set to change—the result of unwelcome attention from regulators and class-action lawsuits. Currently, the price of both metals is set at a daily teleconference by a number of prominent multinational banks—four in the case of gold, and three in the case of silver. However, the
CIBJO Gives Sustainability Frame for Pearl Sector
Milan: CIBJO President Gaetano Cavalieri has presented an outline for sustainability in the cultured pearl sector, emphasizing that a comprehensive approach must be taken that addresses economic, environmental and social responsibility. He was speaking at the Sustainable Pearls Forum, which took place in Hong Kong on June 21. The cultured pearl industry provides an opportunity to introduce concepts that often
Gold Curb Relaxations on the Way…
New Delhi: The government of India has indicated that there is a need to ease norms for bullion imports to boost supplies and jewellery exports. “There is a need of rationalisation in (gold import) duty and (gold import) procedure….We have already made it clear that there is a need to look at the current gold import regime,” commerce secretary Rajeev
WGC Members Contributed $38bn to Local Economies
Mumbai: A new report by the World Gold Council (WGC) highlights the role of its members, many of the world’s most forward-thinking gold mining companies, in contributing to socio-economic development in the countries and communities where they operate. Collectively, WGC member companies contributed$37.9bn to the GDP of the countries where they operate in the form of taxes, salaries and payments
New Emeralds from Musakashi Appear in Market
Basel: Advanced testing using Laser Ablation Inductively Coupled Plasma Mass Spectrometry (LAICPMS) on an anomalous stone from a batch of 10 emeralds submitted to the Swiss Gemmological Institute SSEF has indicated that it is likely to have been sourced at Musakashi, in the Solwezi district of central Zambia. This suggests that production at that site has been increased. The other
US Drops Proposed Duty on Indian Jewellery
Mumbai: The US has dropped plans to impose duties on certain jewelry items from India after the two countries reached an agreement over a controversial e-commerce tax. Earlier this year, the Department of the Treasury proposed tariffs of up to 25% on a range of Indian products, including selected gems and jewelry. This was in response to India’s digital services
Alrosa to Debut New Long-Term Agreements
Moscow: Alrosa has presented its customers with a new concept of creating a list of partners eligible for signing long-term agreements and new rough diamonds allocation principles, which will be relevant for the 2022–2024 contract period. Based on the lessons learned during the 2019 and 2020 crises, this approach takes into account the business specifics of different types of rough
