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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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Gujarat Govt. Assures Help for Diamond Bourse
Surat: As the prices of realty in Vesu and Dumas areas have skyrocketed following the announcement of proposed diamond bourse, diamantaires spearheading the movement for a world-class diamond bourse in the city have started lobbying with the state government for land, reports The Times of India. Members of Surat Diamond Bourse (SDB) committee, which includes chairman of leading diamond companies
Antwerp Seizes Parcel of Banned CAR Diamonds
Antwerp: The Antwerp diamond industry, represented by the Antwerp World Diamond Centre (AWDC), is stepping up its efforts in combatting conflict diamonds. The city, largely owing its reputation as the most transparent and strictly controlled diamond trade centre to the rigorous controls of all diamond imports and exports at the Antwerp Diamond Office, is determined to continue its strong commitment
GJF to Get Council Status Soon
Mumbai: The All India Gems and Jewellery Trade Federation (GJF) expects to receive the status of council within the next two to three months, reports Business Standard. The federation said it would be easy to represent issues faced by gems and jewellery industry before government after receiving the status of the council. “We have already asked the concerned ministry in
GIA Considering Second India Lab
Mumbai: With its Mumbai grading lab taking more than four months to grade and return clients’ diamonds, the Gemological Institute of America may open a facility in the Indian manufacturing hub of Surat. A GIA release said it will “study the feasibility” of a second India lab, which would be the GIA’s 10th worldwide. It did not provide a possible
AWDC Thanks Diamond Industry for Support
Antwerp: The Antwerp World Diamond Centre (AWDC) expresses its sincere gratitude for the many messages of support and solidarity from diamond organizations around the world after the tragic attacks in Brussels on Tuesday. Among the many organizations sending their condolences to AWDC and Belgium are: World Diamond Council, World Federation of Diamond Bourses, International Diamond Manufacturers Organization, India’s Gem and
Stanchart Tightens Loan Terms to Diamond Sector
London: Standard Chartered’s push to bring some sparkle back to its performance has led the emerging markets bank to tighten its terms for lending to the diamond sector, reports Financial Times. The London-listed bank has asked diamond dealers to provide more collateral or to take out insurance protection on their loans, without which they will have to pay higher interest
CIBJO Launches New Main Website
Milan: CIBJO, the World Jewellery Confederation, has launched a new main website. Located on the web at www.cibjo.org, it represents a technological upgrade from its predecessor, providing users with more information about the organization and the jewellery sector, as well as improved functionality. The launch of the website is the first stage of a three-part upgrade of CIBJO’s online presence,
AGTA Spectrum Awards Postponed to Summer
New York: The American Gem Trade Association (AGTA) announced that it has decided to move its annual design competition, the AGTA Spectrum Awards to July. AGTA CEO Douglas K Hucker, said that the organization had taken the decision to move the awards for the benefit of designers and manufacturers, so that it would not interfere with the holiday selling season.
