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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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WFDB Concludes Successful Presidents’ Meeting
Ramat Gan: The World Federation of Diamond Bourses (WFDB) concluded its annual Presidents’ Meeting for 2024, held in Shanghai, China. The three-day meeting explored the most pressing issues facing the world diamond industry – the G7 restrictions, synthetic diamonds, and the lackluster Chinese market — with expert panels, speeches, and discussions. The Presidents’ Meeting was held at the new Shangrila
Gemfields Collaborates with MonoC
Mumbai: Gemfields, a world-leading responsible miner and marketer of coloured gemstones, announced a collaboration with MonoC, the world’s first metahuman artist. This collaboration will employ a surreal virtual perspective to explore the meanings associated with rubies, highlighting their strong connection with love over a two-part film. This first collaboration with a virtual artist is a new approach for Gemfields, and
Platinum Demand Surged 25% in 2023: WPIC
Mumbai: World Platinum Investment Council (WPIC) has published a new study of the platinum market that says the demand surged 25% in 2023 to 8 million ounces, while total supply fell to 7.13 million ounces. Analysts at WPIC believe that platinum demand will remain robust in 2024, however it is expected to drop by 6% to 7.51 million ounces. Meanwhile,
Development of Clear Sustainability Strategies Now Imperative
Milan: The development of coherent and well communicated strategies that address environmental and social sustainability issues, responsible sourcing and proper governance are now management requestites in the jewellery gemstone and precious metals industries, Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO) has told an international group of graduate students during a lecture he delivered on February 28, 2024, at
Gautam Adani Graces the 51st IGJA
Jaipur: India’s Gem & Jewellery Export Promotion Council (GJEPC) presented the coveted 51st India Gem & Jewellery Awards (IGJA) held in Jaipur, honouring the leading exporters of the gems & jewellery industry. GJEPC presented a total of 24 IGJ Awards: 14 – Industry Performance Awards; 7- Special Recognition Awards; 2 – Felicitation Awards; and 1- Bank supporting the Gems & Jewellery
AWDC & Angola Strengthen Trade Relations
Antwerp: Earlier this week, the Antwerp World Diamond Centre (AWDC) and Angola signed a Memorandum of Understanding (MoU). AWDC, the umbrella organization for Belgian diamond companies, hailed this as a significant milestone in its partnership with Angola, one of the world’s leading diamond-producing countries. By formalizing their collaboration through the MoU, both parties aim to strengthen trade relations, ensuring that
India’s G&J Trade Adopts FTC Guidelines, USA
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC), apex body for the gem & jewellery trade in India, has adopted the new mandated definition, nomenclature and guidelines for diamonds specified by the Federal Trade Commission (FTC) of the United States (U.S.). The FTC’s updated guidelines provide a clear, standardized definition of ‘diamond’ and distinct terminology for laboratory-grown diamonds, ensuring
Milan Chokshi is New Chairman of GJSCI
Mumbai: Gem & Jewellery Skill Council of India (GJSCI) has announced the election of Mr. Milan Chokshi as its new Chairman. The decision was made at a Board of Directors meeting held on 15th October, 2024. Chokshi, a prominent figure in the gem and jewellery industry, succeeds Shri. Adil Kotwal, whose tenure was marked by significant contributions to the Council. Under
