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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Russia's Rough Exports Increased by 21.5% in 1Q
Moscow: Russia’s natural rough diamond exports increased 21.5 percent on the year to 12.01 million carats in the period from January to March, the Finance Ministry said on Monday. Diamond imports dropped 2.6 times in carat terms to 8,040 carats. In monetary terms, Russia’s diamond exports rose 20.6 percent to $1.41 billion while imports halved to $16.5 million, PRIME reports.
Raise Import Payment Credit to 180 Days: GJEPC
New Delhi: With expectations running high from the first budget of the Narendra Modi government at the Centre, a delegation of diamond traders and representatives of Gems and Jewellery Export Promotion Council (GJEPC) today met the Union Finance Minister, Arun Jaitley in New Delhi demanding relaxation in various rules relating to gems and jewellery industry. However, gold importers may feel
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
Israel’s Polished Exports Drop 20% in 2015
Israel’s polished diamond exports slumped 20 percent to $5 billion in 2015 because of a drop in demand in key markets and a mismatch between the prices of polished and rough gems, according to the Ministry of Economy. Polished exports to the U.S., Israel’s largest diamond-trade partner, dived 16 percent to $2 billion and outbound shipments to Hong Kong plummeted
Court Rejected Riddhi Siddhi’s Plea over Penalty
Mumbai: The Bombay High Court has rejected a petition filed by Riddhi Siddhi Bullion Ltd (RSBL) challenging levy of a Rs 100 crore penalty and cancellation of its Nominated Agency Certificate by the Director General of Foreign Trade (DGFT). The action was initiated after the bullion trader allegedly diverted 200 kg of gold into the domestic market instead of exporting
The Journal of Gemmology Joins Web of Science
London: The Gemmological Association of Great Britain (Gem-A) has announced that its flagship publication, The Journal of Gemmology, has been accepted for indexing in Thomson Reuters’ new Emerging Sources Citation Index (ESCI), part of the prestigious Web of ScienceTM research platform. This exciting development will allow The Journal to be fully searchable and citable by academics, authors and researchers across
China's Bank Buys 1,500-Tonne Gold Vault
London: China’s largest bank is buying the lease on Deutsche Bank’s huge London gold and silver vault, enlarging its footprint in the city’s bullion market, according to reports. ICBC Standard Bank, which took a controlling stake in London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business. The
