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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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Global Rough Diamond Production +51.4% in 2021
Johannesburg: Statistics published by the Kimberley Process (KP) indicate that global rough diamond production grew 11.9% by volume to 120.04 million carats in 2021, and jumped 51.4% in value to $13.98 billion on a year-on-year basis. Russia was the biggest diamond producer by volume in 2021, with an output of 39.11 million carats, while Botswana was the largest producer in
De Beers Hosted its Annual Forum in Mumbai
Mumbai: The De Beers Group, the world’s leading diamond company, held its annual Forum in Mumbai this week. The Forum brought together all its authorized partners, diamantaires, and manufacturers from across the country as well as key decision makers from the De Beers global team. The idea behind the three-day Forum was to facilitate a common platform for members of
Gold Import Duty in India Hiked by 5%
New Delhi: India has raised basic import duty on gold to 12.5 per cent from 7.5 per cent, according to a government notice dated June 30. This step has been taken to reduce influx of gold into the world’s second-largest consumer of the precious metal, after India’s ballooning trade deficit pushed the Rupee to a record low. This is a
GJEPC Welcomes GST Rate Rationalisation for CPDs
Mumbai: India’s Gem and Jewellery Export Promotion Council (GJEPC) has welcomed the government’s decision for rationalising the GST rates on cut and polished diamonds (CPDs) to 1.5 percent saying it will help resolve the industry’s issue on input tax credit (ITC). GST Council, in its 47th meeting held on 28th and 29th June 2022, has come up with revisions in
NDC Welcomes Rulings from ASA
London: Natural Diamond Council has welcomed two rulings from the UK’s advertising watchdog backing its efforts to protect consumers from misleading adverts of synthetic diamonds. The not-for-profit organisation, which exists to promote and protect the integrity of the global natural diamond industry, complained to the Advertising Standards Authority (ASA) about adverts by two retailers that failed to mention their products
Second edition of “TREASURES” in Lisbon
Lisbon: The second Edition of TREASURES, an award-winning international colloquium, will take place under the patronage of the President of the Republic of Portugal at the Royal Treasure Museum, Palácio Nacional da Ajuda, in Lisboa, Portugal, November 13-14, 2026. The theme of this year’s edition is “Crowns and Tiaras.” During the two-day colloquium, participants will enjoy presentations by a choice
GJC Gets New Office in Mumbai
Mumbai: The All India Gem & Jewellery Domestic Council (GJC), representing over six lakh jewellers across India, marked another significant milestone in its journey with the inauguration of its new office at Trust House, Parel East, Mumbai. Over the past two decades, GJC has emerged as a leading national trade body advocating policy reforms, promoting transparency, encouraging responsible trade practices,
High Gold Prices, Advantage Platinum Jewellery
Mumbai: As gold and silver prices soar to record highs in 2026, driven by import duty hikes and strong market demand, platinum jewellery is emerging as a premium yet increasingly competitive alternative. With gold prices exceeding ₹1 lakh per 10 grams, the relative price difference for rare, durable platinum has narrowed, making it a compelling choice for consumers seeking luxury
