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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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Cartier International Joins CIBJO
Milan: Cartier International, one of the world’s oldest and most prestigious luxury maisons, has joined CIBJO, the World Jewellery Confederation, as a commercial member. The company, which designs, manufactures, distributes, and sells jewellery, leather goods and watches was founded by Louis-François Cartier in Paris in 1847, and is today a subsidiary of the Swiss Richemont Group. It operate more than
India Extends Foreign Trade Policy for Six Months
New Delhi: The Government has received requests from Export Promotion Councils and leading exporters to continue with the current Foreign Trade Policy 2015-20, which had been extended from time to time, the Ministry of Commerce & Industry stated. In recent days, exporters and industry bodies have strongly urged the Government that in view of the prevailing, volatile global economic and
SSEF Celebrates 50-Year Anniversary
Basel: For 50 years, the Swiss Gemmological Institute SSEF has been at the forefront of scientific gemmological research and testing to support a thriving gemstone and jewellery trade. In tribute of both its mission and accomplishments, some 150 industry leaders and opinion-makers from around the world gathered in Basel on September 1 and 2 to celebrate the golden anniversary. Founded
India's Ministry of MSME Signs MoU with GJEPC
New Delhi: GJEPC was appointed as the implementation agency of the MSME Ministry’s Capacity Building scheme for First Time MSE (Micro & Small Enterprise) Exporters (CBFTE), which is part of the International Cooperation (IC) scheme. A Memorandum of Understanding (MoU) finalising the same was signed by Ms. Mercy Epao, Joint Secretary (SME), Ministry of MSME and Mr. Sabyasachi Ray, Executive
India not to Ask Nirav Modi About PNB Scam
London: Ahead of the extradition hearing of fugitive diamantaire Nirav Modi at Westminster Court, India has assured the United Kingdom that the Fugitive Economic Offender will not be “questioned” in connection with the $2 billion Punjab National Bank (PNB) fraud case. A written assurance or sovereign guarantee to this effect has been submitted to the UK authorities through the Crown
De Beers Launches Desert Diamonds Beacon
London: De Beers Group has announced the consumer launch of Desert diamonds, the first new ‘beacon’ it has developed in over a decade, supported by its largest category marketing investment in more than ten years. A De Beers beacon is a celebration of natural diamonds that is manifested through a jewelry concept designed to galvanize the industry around a central
Amit Pratihari Named MD, GIA India Laboratory
Mumbai: The board of directors of GIA India Laboratory Pvt. Ltd. (GIA India) has appointed Amit Pratihari as managing director, responsible for all aspects of GIA India’s gemological laboratories in Mumbai and Surat, as well as the GIA India school in Mumbai. Reporting to the board of directors of GIA India, he assumed his responsibilities on October 1. Amit’s deep experience
GJC Welcomes Formation of Dakshata Samiti
Mumbai: The All India Gem & Jewellery Domestic Council (GJC), the apex body representing over 600,000 jewellers across India, has welcomed the Maharashtra Government’s historic step of establishing a state-level ‘Dakshata Committee’ (Vigilance Committee) to ensure the safety and security of jewellers. For a long time, jewellers have faced harassment during investigations of theft and robbery cases involving gold and silver. In
