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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
Top News
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
Gold Prices on Down Trajectory
Mumbai: The price of gold continued its downward trajectory for the third consecutive day in India, reflecting a mix of domestic and global market influences. The decline in gold prices is evident across major markets. In Delhi, 10 grams of 24-carat gold is priced at Rs 76,963, a sharp drop from Rs 78,003 recorded yesterday. In Chennai, the price stands
GJEPC Organized 6th Artisan Awards
Mumbai: In a grand event held in Mumbai, the Gem and Jewellery Export Promotion Council of India (GJEPC) unveiled the winners of the highly anticipated 6th edition of Artisan Awards 2023, the country’s esteemed jewellery design competition. This prestigious event, organized by GJEPC, showcased the exceptional talent and creativity of jewellery designers from across the nation and around the world.
Slight Decline in Sales of 4th Cycle
Gaborone: De Beers announced that sales of rough diamonds in the fourth sales cycle of 2023 saw a small decrease from the previous cycle. The provisional sales value for Cycle 4 2023 is $480 million, down 11% from $542 million in Cycle 3, and down 21% from Cycle 4 of 2022. Al Cook, CEO, De Beers Group, said: “Sales of
12th Edition of National Jewellery Awards
Mumbai: All India Gem & Jewellery Domestic Council (GJC), the national apex body of the gems and jewellery industry, has announced the 12th edition of National Jewellery Awards (NJA). Known for its stand for craft, devotion, and motivation for the industry, NJA is considered to be Industry’s biggest and widest award show that recognizes all sector of the industry and
Laguna Blu Diamond Sells for $25m
Geneva: The ultra-rare 11.16-carat pear-shaped Bulgari Laguna Blu – certified as the highest grade blue diamond ever by the GIA – was auctioned for just over $25m at Sotheby’s Geneva on Tuesday. It became the most valuable gem ever to be sold by Bulgari, after a four-minute bidding war between three parties on the phone and one in the showroom.
