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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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Botswana Unearths Massive 1,305 ct. Diamond
Gaborone: Africa’s leading diamond producer, Botswana, has reinforced its status as a global powerhouse in the gemstone industry after a massive 1,305.4-carat diamond was recovered from the country’s renowned Karowe mine, adding yet another extraordinary discovery to its record of producing some of the world’s largest and most valuable diamonds. The stone is categorized as white and is unbroken, the
Forevermark Diamond Jewellery Opens First Store in Bengaluru
Bengaluru: Forevermark Diamond Jewellery from De Beers Group has strengthened its presence in South India with the launch of its first store in Bengaluru, marking a significant step in the brand’s retail expansion journey in India. Located at Phoenix Mall of Asia, one of Bengaluru’s premier luxury retail destinations, the new store strengthens Forevermark’s presence in one of the country’s
India–UK Trade Agreement: CoOs Distributed
New Delhi: To commemorate the India–UK trade agreement coming into effect, Mr. Rajesh Agarwal, the Commerce Secretary and Ms. Lindy Cameron, High Commissioner of UK in India distributed Certificates of Origin (COOs) to some of our exporter members at Vanijya Bhawan. Mr. Sabyasachi Ray, Executive Director and Mr. Antarpal Singh, Regional Chairman, Northern Region received the certificates on their behalf
Kirit Bhansali Joins India’s High Level Delegation
Mumbai: Mr. Kirit Bhansali , Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), joins Mr. Piyush Goyal , Hon’ble Minister of Commerce & Industry; Dr. S. Jaishankar , Hon’ble Minister of External Affairs; Mr. Jitin Prasada , Hon’ble Minister of State for Electronics & Information Technology and Commerce & Industry; and Ms. Karen Rentmeesters , CEO, AWDC, at
ALROSA Cuts Production Target for 2016
Moscow: ALROSA lowered its guidance for production of rough diamonds in 2016 as the Moscow-based miner plans to reduce accumulated inventory from last year. In a meeting on April 1, the company cut its target for production to between 37 million and 39 million carats, from 39 million carats, ALROSA said in a statement. The revision will be achieved by
RBI Eases Norms for Diamond Imports
Mumbai: The Reserve Bank of India (RBI) allowed banks to approve clean credit facility given by foreign supplier to Indian importers of rough, cut and polished diamonds, even beyond 180 days. “To ease the operational difficulties faced by importers, it has been decided, in consultation with the Government of India, to delegate the powers for permitting such clean credit for
Antwerp Diamond Industry Pleased with Modi
Brussels: Given the importance of diamonds in the trade relations between Belgium and India, Indian Prime Minister personally welcomed members from the Antwerp World Diamond Centre’s Board of Directors during his visit to Belgium. Several points were discussed, including the Reserve Bank of India’s (RBI) norms on imports. Belgium is one of Europe’s top three trade partners with India, and
India Gives Major Relaxation under GMS
Mumbai: In a major relaxation in gold deposit scheme, the Reserve Bank of India (RBI) yesterday allowed banks to redeem gold deposited under the scheme in form of gold when deposit is for medium or long term. This was a major demand from temple boards. So far the provision of redeeming gold deposits under the scheme in form of gold
