We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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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WFDB Presidents’ Meeting 2025 on June 10-11
Antwerp: The World Federation of Diamond Bourses (WFDB) has announced that its next Presidents’ Meeting will be held on June 10-11 in New York City, hosted by the Diamond Dealers Club (DDC) of New York. The annual Presidents’ Meeting is an important international event, convening senior representatives of the 27 member bourses and major players from throughout the diamond pipeline.
G&J Industry Welcomes the Union Budget
Mumbai: India’s Finance Minister Ms. Nirmala Sitharaman presented the Union Budget for the year 2025-26 in Lok Sabha yesterday which was wholeheartedly welcomed by the Gems & Jewellery industry of the country. Here are the feedbacks received by some industry leaders: Mr. Vipul Shah, Chairman of GJEPC: “Union Budget puts India in the growth path to Viksit Bharat. The Budget
Kirit Bhansali Presses Challenges Facing NDs
Doha: Mr. Kirit Bhansali, Vice Chairman, GJEPC, delivered a keynote speech at the inaugural session of the Doha International Diamond & Gem Conference, addressing industry leaders and stakeholders. He outlined the pressing challenges facing the natural diamonds (NDs) industry and proposed strategic solutions to ensure its sustainable growth. Highlighting key global concerns, Mr. Bhansali noted:• Declining demand in China, a
Trading of LGDs through Augmont’s Spot Platform
Mumbai: Augmont, India’s largest gold trading platform announced that it has added Lab Grown Diamonds (LGD) to its existing online SPOT trading platform for precious metals catering to more than 5,000 jewellers across the country. The enhanced SPOT 2.0 platform brings Augmont’s 17 years of precious metals trading expertise to the growing LGD sector. This addition represents an evolution of diamond trading infrastructure,
GIA to Shut Down Israel Lab
Ramat Gan: The Gemological Institute of America (GIA) has announced the closure of its laboratory in Ramat Gan, Israel, citing financial unsustainability. The lab, which began operations in August 2012, will shut down by the end of this year. Submissions will be rerouted to other GIA laboratories at no additional shipping cost, according to a GIA press release. GIA has
New Wastage Norms for Jewellery in India
Mumbai: India’s Directorate General of Foreign Trade (DGFT) has revised wastage norms and Standard Input Output Norms (SIONs) for jewellery , effective from 1st January 2025. DGFT had reduced the wastage norms drastically across all jewellery categories vide Public Notice No. 05/2024-25 on 27th May 2024, recognizing the impact of these drastic reductions, the Council promptly convened a stakeholder meeting
Gems Keep Giving Sends Funding Requests
New York: Gems Keep Giving (GKG), the global gemstone industry and trade initiative that supports communities in artisanal colored gemstone mining and cutting communities, calls upon industry members and players in the colored gemstone supply chain to bring suitable projects to GKG’s attention. “GKG is proud of its first project in Kamtonga, Kenya. In 2022, GKG completed a project to
India’s Gold Demand up by 18% in Q3
London: The World Gold Council’s (WGC) Q3 2024 Gold Demand Trends report reveals that total gold demand increased 5% year-on-year to 1,313t, a record third quarter. Total demand exceeded US$100bn for the first time on record, supported by strong investment in a record-high price environment. Global investment demand more than doubled year-on-year to 364t, driven by a shift in demand for gold ETFs primarily from Western investors. Globally, gold ETFs added 95t, marking the first positive quarter since Q1’22. Bar and coin demand fell 9%, but the year-to date total remains strong at 859t compared to the 10-year average of 774t. Central bank buying slowed in Q3 though demand remained robust at 186t. Year-to- date central bank demand reached 694t, in line with the same period of 2022. Gold prices continued to rise to record highs during the quarter reaching an average of US$2,474/oz, hampering global demand for gold jewellery. Total jewellery consumption was down 12%
