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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
India-Thailand to Revive Bilateral G&J Trade
Mumbai: India’s Gem and Jewellery Export Promotion Council (GJEPC) hosted the 12th India Global Connect with Thailand on 28th October with an aim of exploring the untapped potential in the gem and jewellery sector. So far GJEPC had successfully organised India Global Connect e-meetings with the UK, Colombia, Switzerland, Angola, Oman, Singapore, Morocco, Saudi Arabia, UAE, Hong Kong and Qatar.
CIBJO Releases Coloured Stone Special Report
Milan: With the 2021 Virtual CIBJO Congress already underway, the eighth of this year’s CIBJO Special Reports has been released. Prepared by CIBJO’s Coloured Stone Commission, headed by Charles Abouchar, the report looks at issues related to ethical sourcing, and how the principles of responsible supply chain management can be implemented without disenfranchising artisanal and small-scale miners, and small and
Entries for 5th Artisan Awards Invited
Mumbai: The Gem and Jewellery Export Promotion Council (GJEPC) invites entries for India’s most coveted jewellery design awards – 5th edition of The Artisan Awards 2022. After 4 successful editions, GJEPC is here with another challenging theme “The Collectors”- focusing on three iconic women – Elizabeth Taylor, Barbara Hutton and Wallis Simpson – who had individual styles and portrayed an
India's Gold Demand can 'Shine' in Q4
Mumbai: India’s gold demand during Q3 2021 (July-September) jumped 47% to 139.1 tonnes versus 2020 owing to the return of positive consumer sentiments and increased trading activity, the World Gold Council (WGC) said in its latest Gold Demand Trends report. India’s Q3 2021 gold demand value was Rs. 59,330 crore, an increase of 37% as compared to Q3 2020. Jewellery demand in
