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
KP Should Focus on Conflict-Torn Regions only
Shanghai: The newly elected president of the World Diamond Council (WDC) Edward Asscher, put a chill Tuesday on the movement to expand the scope of the Kimberley Process and so cover general human rights abuses, stating the trade body should focus exclusively on diamonds proceeding from conflict zones. Speaking at the Intercessional Meeting of the Kimberley Process in Shanghai, Asscher
DDE’s Peter Meeus Hits Back at PAC Claims
Dubai: Dubai Diamond Exchange Chairman Peter Meeus replied to what he called “serious allegations” made by Partnership Africa Canada about Dubai at the Kimberley Process (KP) Intersessional meeting taking place in Shanghai. “First of all we were surprised to see that Mr. Martin quoted an FAFT (Financial Action Task Force) report on ML/TF (Money Laundering/Terrorism Financing) of 150 pages in
Israel Exchange to Create Code of Ethics
Ramat Gan: In what appears to be a ground-breaking move for a diamond bourse, the Israel Diamond Exchange (IDE) has begun moves to create a code of ethics by which its members would be expected to operate. At a meeting at the bourse, IDE President Shmuel Schnitzer and management members discussed the creation of such a code with Israeli experts
China’s Jewellery Sales Accounted for 41%
Beijing: Mainland China is a major jewellery consumer in the world. According to the recently released China Jewellery Industry Report, 2013-2016, last year jewellery sales in Chinese Mainland approximated $75.8 billion, which is equivalent to 41.2 % of the global consumption. In Mainland China, the gold jewelry consumption accounts for about 50% of the total jewellery consumption. In 2013, two
Rio Tinto Announces Total Salary Freeze
London: Rio Tinto Group will freeze salaries for 2016 as the world’s second-biggest mining company warned that it sees no signs of respite in the commodities rout that’s eroded profits and threatened dividends for producers, reports Bloomberg News. The freeze applies from the chief executive officer downward, Sam Walsh said in an e-mail to staff, a copy of which was
India to Issue Second Trench of SGB Scheme
New Delhi: The Centre in consultation with the Reserve Bank of India has decided to issue second tranche of Sovereign Gold Bonds (SGB). Applications for the bonds will be accepted from January 18-22, and the bonds will be issued on February 8. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL) and designated post offices.
WJA Elects New International Board President
New York: The Women’s Jewelry Association (WJA) has elected Brandee Dallow, director of Rio Tinto Diamonds North America Representative Office, as the new president of the WJA International Board of Directors. Dallow succeeds Andrea Hansen of LuxeIntelligence. Jenny Luker of Platinum Guild International has been appointed president elect. The 2016-2017 WJA board’s executive committee also includes Kristie Nicolosi of The
Dominion Appoints New Chairman Designate
Toronto: Dominion Diamond Corporation has appointed Jim Gowans to its board of directors. He will take over from Robert Gannicott, chairman of the board, by the end of April. “Both the company and I have faced certain changes recently,” said Gannicott. For the company, these represent opportunities but in my case they represent medical challenges. I have known Jim throughout
