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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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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$2,474/oz, hampering global demand for gold jewellery. Total jewellery consumption was down 12%
2024 CIBJO Congress to be Streamed Live
Milan: The 2024 CIBJO Congress is set to open in Shanghai, China, on November 2, and for the first time in the history of the three-day event, it will be broadcast live worldwide. Free access to the live broadcast will be available via the dedicated congress website at https://cibjo.org/congress-2024/ or via the CIBJO YouTube channel at https://www.youtube.com/@cibjocommunications9276/streams. The Digital Binder of the
GJC Advises Jewellers to Carry Essential Documents
Mumbai: The All India Gem and Jewellery Domestic Council (GJC) has called upon its members and industry stakeholders to carry out all necessary documentation to ensure the smooth movement of goods during the upcoming Maharashtra election. The GJC’s directive covers items such as gems and jewellery, bullion, precious stones, and allied articles. In light of the upcoming Maharashtra elections, GJC
India’s Plain Gold Jewellery Exports Grew by 61%
Mumbai: For the FY 2023-24,exports of Plain Gold Jewellery surged by an impressive 61.72% to US$ 6792.24 million as compared to US$ 4199.96 million in FY 2022-23. “Total Gold jewellery (plain & studded jewellery), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%.” The UAE emerged as a significant market for plain
Turkish Role in Development of Jewellery’s Heritage
Milan: Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO), has highlighted the foundational role played by the Turkish people over thousands of years in the development of the jewellery arts and tradition. Visting Istanbul as a guest of the Turkish Jewellery Exporters’ Association and its President, Burak Yakin, he spoke both at the opening of the “Art For Jewellery
International BSM Held at Bharat Ratnam
Mumbai: Gem and Jewellery Export Promotion Council of India (GJEPC), the apex trade organization dedicated to promoting Indian gem and jewellery exports worldwide, organised the International Gem and Jewellery Buyer Seller Meet (BSM) the first ever at the newly inaugurated Bharat Ratnam, Mega CFC SEEPZ in Mumbai. This event is specifically designed to cater to international buyers from the U.S.,
Karen Rentmeesters Named as Interim CEO of AWDC
Antwerp: Karen Rentmeesters, currently active as Chief Officer PR & Industry Relations at AWDC, will take on the role of CEO ad interim within the organization. With Karen Rentmeesters, who has been with AWDC for 15 years now, the Board of Directors is choosing someone who knows the organization well and can fall back on a lot of expertise thanks
