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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
Top News
CIBJO Congress from 2nd Nov in Shanghai
Milan: The World Jewellery Confederation (CIBJO) will hold its 2024 annual congress in Shanghai, China, from November 2 to November 4. Pre-congress meetings will be held on October 31 and November 1. The 2024 Congress will take place at the Shangri-La Qiantan convention centre, in the heart of Shanghai’s New Bund International Business District in Pudong. It is being hosted
PGI Statement on Anglo American Strategy
Mumbai: In response to the announcement by Anglo American regarding its intention to explore options to demerge from Anglo American Platinum, one of Platinum Guild International (PGI)’s principal sponsors, PGI remains focused on its strategy to collaborate with partners to create incremental value in and for platinum. Throughout its history, PGI has always been funded by South African platinum mining producers, of which
Lightbox Drastically Reduces Prices of its LGDs
London: De Beers Group’s wholly-owned lab-grown diamond jewellery brand, Lightbox Jewelry, yesterday announced a permanent price reduction to as low as $500 per carat, from a previous price of $800 per carat, for the brand’s Standard range of lab-grown diamonds (LGDs). The price reduction follows months of testing lower prices and researching the lab-grown diamond jewellery sector. The brand will
WDC Calls to Enhance Transparency
Dubai: With 2024 being declared the “Year of Delivery” by the Chair of the Kimberley Process (KP), World Diamond Council (WDC) President Feriel Zerouki reminded delegates of the KP Intersessional meeting in Dubai that Participants can choose to apply best practice over and above the minimum requirements of the KP, in this instance, listing the countries of mining origin on
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
Reena Ahluwalia Donates ‘Pristine’ Canadian Diamond Painting
Toronto: The Canadian Jewellers Association (CJA) held the CJA Industry Summit on Oct. 21 at The St. Regis Toronto. The CJA summit is Canada’s premier jewellery industry event. The Chair of CJA, Angela Betteridge invited artist and jewellery designer Reena Ahluwalia to showcase her diamond artworks at the event. Upon invitation, Artist Reena Ahluwalia donated ‘Pristine’, her Canadian diamond painting,
GSI Takes Students on a Trip to Elahera Gem Mine
Mumbai: Gemological Science International (GSI) recently organized an insightful mine visit for students enrolled in its prestigious Colored Stone Professional (CSP) programme. The visit to the Elahera Gem Mine in Sri Lanka, a world-renowned source of high-quality sapphires, provided students with invaluable real-world experience as part of their holistic learning journey. GSI’s CSP programme is known for its blend of
