We Wish to Build Globally Relevant SKY Gold: Akash Talesara
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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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Gold Smuggling Arrests Jump 750% YoY in India
Mumbai, 14th April: While cases of gold smuggling in India have jumped 265% from 40 in 2012-13 to 146 in 2013-14, the number of people arrested has shot up by 750%, from 30 in 2012-13 to 255 in 2013-14, data from the Directorate of Revenue Intelligence shows, according to a report published in Mineweb. “Gold imports through the legal channel have
Stricter Bank Norms Now for Indian G&J Industry
Mumbai: Banks are tightening financing norms for the gems and jewellery industry after being forced to write off loans of more than Rs 10,000 crore, reports The Economic Times. Domestic lenders are tying up with global banks such as ABN Amro Bank and KBC Group NV to get information on their clients’ businesses overseas. Banks that do not have partnerships
HK Firm Defaults on Rs 350cr Payment
Mumbai: A diamond jewellery firm in Hong Kong and Bangkok has gone bankrupt and defaulted on payment to the tune of Rs 350 crore to diamantaires in Surat and Mumbai, reports The Times Of India. The poor financial condition of two other firms in Bangkok has added to the worries of these diamantaires, who were hoping to reap huge profits
DDE to Host Diamond Finance Seminar Series
Dubai: he Dubai Diamond Exchange (DDE) has announced the launch of its Dubai Diamond Finance Seminar Series, which are designed to educate participants about Dubai’s diamond financing options. The inaugural Dubai Diamond Finance Seminar will take place on October 25. Davy Blommaert, unit head precious metals and diamonds at National Bank of Fujairah, and Peter Meeus, executive chairman of the
Gemfields Profit Drops Despite Rising Revenue
London: Gemfields, which provides ethically-sourced rare-coloured gemstones, posted a drop in pre-tax profit in the full year as costs rose and the margin was squeezed, even as revenue and production grew, reports Digital Look. For the year ended 30 June 2015, pre-tax profit came in at $12.3m from $16.3 last year, as selling, general and administrative expenses rose to $55.3m
