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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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CIBJO Partners with Kering to Launch Design Award
Milan: The World Jewellery Confederation (CIBJO) is partnering with the Kering group of luxury brands in the launch of Kering Generation Award X Jewelry. Aiming to support visionary talent whose work demonstrates excellence in sustainable design and practices in jewellery-making, the international contest will be coordinated by Poli.Design, a consortium of Politecnico di Milano, Italy’s leading technical university. It will
India Allows Jewellery Exports from Amritsar
New Delhi: The Ministry of Commerce & Industry has issued an update in the Gazette of India has announced an important amendment to the Handbook of Procedures, 2023, to further streamline jewellery exports. The Directorate General of Foreign Trade (DGFT) issued a public notice dated 13th November adding Amritsar Airport as an authorized export point for gold, silver, and platinum
Celebrate Int’l Men’s Day with MS Dhoni Signature Collection
Mumbai: This International Men’s Day, experience MS Dhoni’s most admired values and characteristics embedded in every smooth curve, fluid design and bold lines of Men of Platinum’s recently launched MS Dhoni Signature Edition. This iconic collection by Platinum Guild International (PGI) India’s Men of Platinum encapsulates Dhoni’s inspiring journey as well as his unmatched character and greatness with the resplendence of rare and
KP Fully Lifts CAR Diamond Exports Ban
Dubai: The Kimberley Process (KP) Plenary, which took place last week in Dubai, United Arab Emirates (UAE), saw members voting to lift a decade-long ban on rough diamond exports from the Central African Republic (CAR). KP suspended diamond exports from the country in May 2013 after the Seleka fighters seized the capital Bangui in March of the same year, overthrowing
Belgium Returns Seized Diamonds to Zimbabwe
Antwerp: The final installment of 500,000 carats of seized diamonds with an estimated value of a little under $29 million has finally been returned to Zimbabwe, bringing a complicated dispute to a close. Denying an attempt by a South African mining company to attach diamonds to an unrelated case against the State of Zimbabwe, a Belgian Court of First Instance
43rd Baselworld Ended on a Positive Note
Basel: Baselworld came to an end after 8 days of non-stop activity from March 19th to 26th. Swiss Exhibitors are in a positive mood. Despite a small drop in the number of buyers (-3%), this year’s edition drew a record number of 4,300 media representatives (+7.5%), bringing total attendance to 150,000, in line with last year. Professionals travelled from around
Diamond Miners in Zimbabwe on Looting Spree
Harare: Diamond mining companies operating in Zimbabwe’s Marange diamond fields are reportedly on a last minute looting spree ahead of a loathed mandatory consolidation exercise. As government peruses through various consolidation proposals submitted by seven companies operating in Marange and prepares for an audit, miners are reportedly exploiting the existing loopholes as they await their fate under the new structure.
GJEPC to Launch DDRC with IDI in Surat
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) will soon be launching a Diamond Detection Resource Center (DDRC) at the Indian Diamond Institute, Surat (IDI). The centre will be operated and managed by the IDI, and will be fully equipped to detect synthetic diamonds. Opening of the DDRC will help small and medium enterprises in the city to detect
