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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
India-Australia ECTA to Boost G&J Trade to $2 Bln.
Mumbai: The Govt. of India has been successful in facilitating gem & jewellery trade in the post pandemic era – first, with the India-UAE CEPA which helped gain remarkable progress in gems & jewellery exports (G&J) to UAE, and now with the India-Australia Economic Cooperation & Trade Agreement (ECTA), which got Australian parliament approval recently. The historic India-Australia trade agreement
Jatin Mehta Fails in Bid to Unfreeze $932m Assets
London: Fugitive Indian diamond merchant Jatin Mehta has lost his legal challenge against the freezing of his assets, worth $932m, by a British court. The high court in London ruled that the worldwide freezing order (WFO) imposed in May 2022 on Mehta and his family must continue. He is accused of defrauding 15 lenders out of more than $1bn lent
Duties on 100% tariff Lines to be Eliminated by Australia
New Delhi: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal said that duties on 100 percent tariff lines would be eliminated by Australia under the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). He was addressing a press conference on the ECTA following the approval of the Agreement by the
IIJS Signature 2023 Launches “ONE EARTH” Initiative
Mumbai: In a major step towards sustainable development goals, IIJS Signature 2023, scheduled from 5th – 9th January 2023, is launching the “ONE EARTH” initiative in association with SankalpTaru Foundation. This is the first such large-scale pro-environment initiative by a gem & jewellery trade organisation in India. The tree plantation drive is aimed at offsetting carbon emissions generated by IIJS Shows with
0% U.S. Import Tariff for EU-Polished Diamonds
Antwerp: Thanks to intensive negotiations, the Antwerp World Diamond Centre (AWDC), the umbrella organization for the Antwerp diamond industry, has succeeded in securing a zero percent import tariff for natural polished diamonds under the trade agreement between the European Commission and the United States. This exemption is part of a U.S. executive order, effective retroactively as of Monday, September 1,
GSI Launches State-of-Art Lab in Kolkata
Kolkata: Gemological Science International (GSI) proudly announced the official launch of its laboratory in Kolkata, marking a significant milestone in the company’s commitment to providing world-class gemological services to one of the leading jewellery manufacturing hubs of India. The event, which was attended by prominent industry leaders and luminaries, received an overwhelming outpouring of support and enthusiasm, further solidifying GSI’s
GJEPC Announces Newly Elected CoA for 2025
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the gem and jewellery trade in India, has announced the results of its recent Committee of Administration (CoA) elections for 2025 for the vacant positions. Welcoming the new members, Mr. Kirit Bhansali, Chairman, GJEPC, said, “I warmly welcome all the newly elected members of the CoA. Each
Men of Platinum Returns with ‘MS Dhoni Signature Edition’
Mumbai: Platinum Guild International (PGI) India’s Men of Platinum brand returns this festive season with the MS Dhoni Signature Edition — a line of jewellery that speaks to the enduring legacy of a modern icon. Crafted in 95% pure platinum one of the highest standards of purity in precious jewellery, platinum is naturally white, it never fades or tarnishes. Each
