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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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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%
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
US Platinum Jewelry Imports Jump 60%
New York: US platinum jewellery imports surged more than 60% in 2014 from a year ago, while imports of gold jewellery rose 15%, according to Thomson Reuters GFMS calculations released on Tuesday and based on US Census data. The US imported 1 156 kg of platinum jewellery in 2014, up 61% from 719 kg in 2013 because of steep declines
Rio Tinto Registers 6% Growth in Diamond Rev.
Perth: Rio Tinto recorded a 6 percent increase year over year in diamond revenues grossing $901 million for the year ended December 31, 2014. The group’s net diamond earnings for the year jumped to $104 million, from $53 million a year earlier. The diamond division has also posted a 23 percent year-over-year increase in EBITDA to $315 million. Rio Tinto’s
India Posts Strong Growth in Jewellery Demand
Mumbai: 2014 saw a stabilization of the gold market as it pulled back from the extremes of 2013, according to the latest Gold Demand Trends full year report presented by Mr. Somasundaram PR, (MD, India) of the World Gold Council (WGC). Annual gold demand was 3,924 tonnes (t), 4% lower than 2013. The year ended strongly, with gold demand in
GJEPC Begins Process of Issuing ID Cards
Mumbai: The Gem & Jewellery Export Promotion Council has begun the process of issuing GJEPC Photo ID card to its members, which will have an annual validity up to March 31st of every year. It will be renewed subject to the renewal of membership of the card holder. The GIEPC Photo ID card will contain the name of the member
