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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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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
Platinum Strike Deal Edges Closer
Johannesburg: Labour negotiations at South Africa’s PGM mines are edging closer to a resolution as talks mediated by a ministerial task team continue. July platinum softened for a fifth session in a row on Wednesday to $1,433 an ounce and is down sharply from the $1,493 level less than two weeks ago over renewed hopes for an end to the
De Beers Signs $37M Deal for BT Networking
Gaborone: The De Beers Group selected BT for a range of IT and networking services with a six year contract and at a cost of $37 million. BT will orchestrate IT services across 70 De Beers locations, including exploration and mining sites, drawing on capabilities of the BT Connect portfolio that provides fiber optic, microwave and satellite linkages, as well
Chaim Zohar Awarded Life Membership of DDC
Johannesburg: Renowned diamond industry journalist Chaim Even-Zohar has been awarded an Honorary Life Membership of the Diamond Dealers Club of South Africa (DDC) for his lifetime dedication and contribution to the diamond industry. Ernie Blom, Chairman of the DDC and World Federation of Diamond Bourses President, presented Even-Zohar with the membership certificate. “We, as the Diamond Dealers Club of South
Modi Urges G&J Sector to Step up to the Next Level
Mumbai: The Prime Minister Narendra Modi urged the members of gems and jewellery sector to step up to the next level and create “Make in India” Brand. Speaking at a felicitation programme organized by GJEPC, GJF and AIJAC on July 23rd at New Delhi, PM assured the sector an unstinted support towards all strategic initiatives leading towards “Make in India”
Forevermark Redefines Branded Diamonds
Announces New Initiatives at the Forevermark Forum in Pune Pune: Forevermark, the diamond brand known for beautiful, rare and responsibly sourced diamonds, held a three-day interactive conference, The Forevermark Forum, from 19th July to 21st July 2016 in Pune. Each year, the Forum sees the attendance of prominent Diamantaires, Manufacturers and leading Jewellers from across the country, who come together,
CIBJO President Reports on its CSR Programme
Milan: CIBJO President Gaetano Cavalieri has reported on the World Jewellery Confederation’s Corporate Social Responsibility (CSR) and sustainability programme to the High-Level Segment of the United Nations Economic and Social Council (ECOSOC), which currently is taking place in New York. CIBJO was one of only a handful of NGOs invited to make an oral statement at the session. The High-Level
Namibia Discovers New Diamond Deposits
Windhoek: Discoveries of diamonds on land along Namibia’s coastline in the southern Atlantic may extend ground-based mining operations by another 50 years, said the country’s Finance Minister, Calle Schlettwein, according to a report published in Bloomberg. Namibia is the world’s largest producer of marine gems. Namdeb Diamond Corp., jointly owned by the Namibian government and De Beers, came across diamond
