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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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Mastering Lab-Grown Diamonds: Seminar by GSI
Mumbai: The industry has reached the intriguing crossroad of category diversification and transparency when it comes to diamonds. Natural or man-made, illegal mixing of both damages the trust of every stakeholder involved in the process. As lab-grown diamonds continue to gain traction in the luxury jewellery market, comprehensive knowledge has become essential for industry players. Encouraging transparency, Gemological Science International
Gold to Have Best Annual Performance: WGC
Mumbai: Although global interest rates are expected to continue declining in 2025, creating a tailwind for gold, the outlook heading into the new year is somewhat muddled, according to the latest report from the World Gold Council (WGC). The WGC noted in its 2025 Outlook report, published Thursday, that the gold market faces two distinct scenarios next year as uncertainty
“Challenges in Diamond Identification”
Mumbai: India’s Bharat Diamond Bourse (BDB) hosted a riveting session on the important and well-timed topic of “Challenges in Diamond Identification” as part of the BDB leadership series. The session was presented by Dr. Wuyi Wang, Vice President of Research and Development at GIA and facilitated by Sriram Natarajan, Managing Director of GIA India. Dr. Wang’s session offered valuable insights
IGI’s IPO Opens on 13th December
Mumbai: International Gemmological Institute (India) Limited (“IGI” or “The Company”), shall open its Bid/Offer in relation to its initial public offer of Equity Shares on Friday, December 13, 2024. The total offer size of equity shares (face value of Rs. 2 each) aggregating up to Rs. 42,250 million [Rs. 4,225 crore] comprises a Fresh Issue of aggregating up to Rs. 14,750 million
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%
2024 CIBJO Congress to be Streamed Live
Milan: The 2024 CIBJO Congress is set to open in Shanghai, China, on November 2, and for the first time in the history of the three-day event, it will be broadcast live worldwide. Free access to the live broadcast will be available via the dedicated congress website at https://cibjo.org/congress-2024/ or via the CIBJO YouTube channel at https://www.youtube.com/@cibjocommunications9276/streams. The Digital Binder of the
GJC Advises Jewellers to Carry Essential Documents
Mumbai: The All India Gem and Jewellery Domestic Council (GJC) has called upon its members and industry stakeholders to carry out all necessary documentation to ensure the smooth movement of goods during the upcoming Maharashtra election. The GJC’s directive covers items such as gems and jewellery, bullion, precious stones, and allied articles. In light of the upcoming Maharashtra elections, GJC
GJEPC Hosted Dr. S. Jaishankar
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) hosted Dr. Subrahmanyam Jaishankar, the External Affairs Minister, Govt. of India at its head office on Sunday 27th October. Dr. Jaishankar was visiting Bharat Diamond Bourse (BDB) in Mumbai for an interaction on India’s foreign policy at an event titled “Indian Foreign Policy: A Transformational Decade”, which aimed to explore the
