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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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Estimated ₹30k Cr Orders Booked at IIJS Signature
Mumbai: The recently concluded, IIJS Signature 2023, this year’s first & largest jewellery trade show, has booked orders worth Rs. 30,000 crore, as per the initial estimates by The Gem & Jewellery Export Promotion Council (GJEPC). The 15th edition of IIJS Signature, the biggest-ever and first-ever ‘Green Expo’ saw several brilliantly designed gem & jewellery creations from diverse parts of
GJEPC Seeks Jewellery Repair Policy from Govt.
Recommends 4% import duty on gold, silver & platinum; allowing sale of rough diamonds in SNZs; Zero duty on Lab Grown Diamond seeds 5 key recommendations in wishlist of GJEPC… Allow Sale of Rough diamonds in Special Notified Zone through Safe Harbour rule Re-Introduce Diamond Imprest Licence Repair Policy for Jewellery to tap $ 5.75 bn opportunity & create jobs
Plain Gold Jewellery Exports Grow Post India-UAE CEPA
Mumbai: For the period of April–December 2022, the overall gross exports of Cut & Polished diamonds (CPDs) declined 1.24% to ₹132,075.47 crores (fell 7.67% in dollar terms to US$ 16,625.45 million) as compared to ₹133,737.22 crores (US$ 18,006.79 million) for the same period last year. The Ukraine-Russia conflict has started to affect the Cut & Polished Diamond exports that has
Organised Jewellery Retailers’ Revenue to Rise 23-25%
Mumbai: Revenue of organised gold jewellery retailers, which had a growth spurt of 36% last fiscal on a low base of the pandemic-marred fiscal 2021, will maintain the glimmer in 2022 with 23-25% growth as volume grows on pent-up demand and recovery in discretionary spending, and realisations inch up, CRISIL Ratings said. Next fiscal, however, growth will moderate to 8-12%,
RBI Relaxes Ceiling on Loans against Gold
Mumbai: The Reserve Bank of India has relaxed the Rs 1-lakh ceiling on loans for nonagricultural purposes against pledged gold and has left it to individual banks to decide on a lending cap. “Banks, as per their board-approved policy, may decide upon the ceiling with regard to the quantum of loans that may be granted against the pledge of gold
De Beers Announces Model for Rough Allocations
Gaborone: The De Beers Group of Companies yesterday announced its updated model for the allocation of rough diamonds by Global Sightholder Sales (GSS) in respect of the March 2015–March 2018 contractual period. Around 90% of De Beers’ total rough diamond availability by value is sold through GSS. The updated allocations model will involve a new method for determining GSS’s rough
Global Diamond Production +11% to $14B in 2013
Gaborone: Global diamond production by value rose 11 percent year on year to $14.09 billion in 2013, due mainly to an increase in the average price of rough diamonds, according to annual data published by the Kimberley Process Certification Scheme. By volume, global production increased 2 percent to 130.48 million carats, while the average price of production grew 9 percent
PDE President to Present Project in India
Panama: With more than 40 of the 59 available offices in the Phase 1 building of the Panama Gem & Jewelry Center already accounted for, Erez Akerman, President of the Panama Diamond Exchange (PDE), is visiting the Indian cities of Mumbai and Surat, and then New York, where he is meeting with companies interested in obtaining space in Latin America’s
