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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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Zambia Suspends 15% Duty on Gemstones
Mumbai: Gemfields Group Limited, a leading coloured gemstone miner, has welcomed the Zambian government’s decision to suspend the 15% export duty on precious gemstones and metals, a move set to benefit the country’s emerald industry significantly. The suspension, was issued by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, and takes immediate effect. As a result, the duty will no longer
Kirit Bhansali Elected Chairman, Shaunak Parikh VC of GJEPC
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC), the country’s apex nodal trade body, announced the appointment of Mr. Kirit Bhansali as Chairman; Mr. Shaunak Parikh as Vice Chairman and announced the constitution of new Committee of Administration (COA) after the completion of the COA Election 2024. Mr. Kirit Bhansali said, “Our vision is to drive transformative growth for India’s gem and
‘JOSH’ Holds Convocation Ceremony
Mumbai: The Jewellery Occupational Skilling Hub (JOSH), the first-ever industry-funded, state-of-the-art training centre of the Gem & Jewellery Skill Council of India (GJSCI), held its convocation ceremony at Bharat Ratnam Mega CFC SEEPZ, Mumbai on 12th February. The event celebrated the graduation of 136 candidates, comprising the ninth batch of regular trainees and the second and third batches of Specially Abled
Mehul Shah Elected Chairman of GII
Mumbai: The Gemmological Institute of India (GII), incorporated in 1971, has a long history of serving the diamonds, Gems & Jewelry sector by providing laboratory services, diamond detection, certification, research and education and onsite testing. GII has its own diamond detection machine Q CHECK. GII is also a pioneer in terms of certifying color gemstones. GII is a joint initiative of
Zimbabwe’s Local Auction Oversubscribed
Harare: First Element, which conducted Zimbabwe’s first local diamond tender in Harare last week, said although the stones that were placed under the hammer were few, there was a strong appetite from foreign buyers. Company managing director Johan Erikson told a diamond conference that was convened last week in Harare that about 400 buyers and 133 companies attended the auction.
Antwerp's Diamond Figures Drop Slightly
Antwerp: The Antwerp diamond sector’s trade figures in October decreased slightly compared to the same month last year. Figures show that slightly fewer polished diamonds were traded, but the value of diamonds traded was higher compared to the value of polished diamonds traded in October last year. Rough diamond trade figures also show a decline compared to October 2013, but
CIBJO Moots Carbon-Free Jewellery Industry
London: CIBJO President Gaetano Cavalieri has held a meeting in London with Lord Deben, Chairman of the Independent Committee on Climate Change in the United Kingdom, during which they discussed CIBJO’s educational programme for a carbon-free jewellery industry, which was outlined at the CIBJO Congress in Moscow in May. A renowned authority on environmental sustainability, Lord Deben also chairs the
KP Faces Fractious Battle Over '15 Vice-Chair Vote
Guangzhou: One of the biggest questions facing delegates at the plenary meeting of the Kimberley Process in Guangzhou, China which started yesterday and ends on November 14 will be which country is elected as Vice Chair for 2015. With Angola set to become Chair on January 1, Dubai and Australia are the candidates for the position of Vice Chair. However,
