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
India Hikes Import Tariff Value on Gold, Silver
New Delhi: The Indian government yesterday hiked import tariff value on gold and silver to USD 411 per 10 grams and USD 632 per kg as global prices have increased in the wake of escalating violence in Iraq. In the first fortnight of this month, tariff value on imported gold stood at USD 408 per 10 grams and silver at
De Beers June Sight Estimated at $640M
Gaborone: The De Beers June sight closed with an estimated value of $640 million as demand for rough diamonds remained firm. Prices and assortments were largely unchanged from the previous sight, although sightholders reported minor price adjustments on select boxes. There was ex-plan supplied – rough in excess of sightholders’ initial application for goods – as demand rose during sight
Zimbabwe's Proposed Marange Restructuring Stalled
Harare: Marange diamond miner Anjin Investments Ltd. has reportedly stalled the Zimbabwe government’s intended consolidation of Marange diamond companies. As of last week, Anjin’s top management, which recently visited Zimbabwe from China, was yet to meet with officials from the mines ministry to finalize evaluations of company’s operations. The ministry had originally projected briefing Anjin chairperson Jiang Qingder on the
Belgian Politician Warns Against Diamond Sanctions
Antwerp: The 36th World Diamond Congress (WDC) has opened in Antwerp, with Minister-President of Flanders, Kris Peeters, warning of the “catastrophic” impact that sanctions relating to the diamond industry could have. The Congress is the bi-annual meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA). Talking of the huge role of the diamond
Lucara’s Exceptional Stone Tender Earns $30 Mln
Gaborone: Lucara Diamonds’ second Exceptional Stone Tender of 2015 achieved revenues of US $29.7 million ($20,625 per carat). The tender included 13 single stones totalling 1,440 carats. The very large, high quality exceptional stones were extracted from its 100% owned Karowe Mine in Botswana. The announcement points out the following highlights: 10 diamonds sold for more than $1.0 million each
India Plans to Promote Diamonds with Miners
Mumbai: Falling sales and squeezing margins have prompted Indian diamond trade to consider teaming up with miners like Rio Tinto, ALROSA and De Beers and launching a marketing campaign in strategic markets like China, Latin America and the Middle East, reports The Economic Times. The plan is to rope in international advertising agencies and celebrities to promote diamond that of
No Mercy for Those Involved in Certification Fraud
Antwerp: Four traders have received extremely harsh sentences from the Correctional Court in Antwerp for committing fraud concerning diamond certificates. The traders in question criminally bribed an employee from the HRD Antwerp diamond lab, and in this way were able to obtain certificates stating a higher color grade for their diamonds than is actually the case. This enabled them to
Connecting Resources and Society Conference
Gaborone: Leading experts will meet in Botswana on 23 – 24 November 2015 for the Connecting Resources and Society conference that is set to explore the role of Botswana’s diamond industry in the socio-economic development of the country since independence, almost 50 years ago. It will also discuss how responsible resource management can safeguard the benefits of resource extraction for
