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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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Antwerp Presents Ring with 321 Natural Diamonds to the US
Antwerp: During the celebration of the 250th anniversary of the United States (US) in the Parc du Cinquantenaire in Brussels, the Antwerp diamond sector presented an exclusive ring set with 321 natural diamonds to U.S. President Donald Trump. The ring symbolizes the historic trade relationship between Antwerp and the United States – for decades the most important export market for
From London to Athens, GJEPC Builds New Export Opportunities
London: Representing India’s gem & jewellery industry (G&J), the Gem & Jewellery Export Promotion Council (GJEPC) Vice Chairman Mr. Shaunak Parikh joined the high-level business delegation led by India’s Commerce & Industry Minister Mr. Piyush Goyal to the UK and Greece. In the UK, GJEPC championed the industry’s priorities as the India–UK FTA paves the way for gem & jewellery
Candere Announces Smriti Mandhana as its New Brand Ambassador
Mumbai: Candere, the lifestyle jewellery brand from the House of Kalyan Jewellers, has announced celebrated Indian cricketer Smriti Mandhana as its new brand ambassador. Joining Shahrukh Khan as the face of the brand, Smriti’s association marks a significant step in Candere’s journey to strengthen its connect with young, modern Indian consumers. One of India’s most accomplished cricketers, Smriti has built
GJEPC Urges RBI to Ease Banking Norms to Boost G&J Exports
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) has urged the Reserve Bank of India (RBI) to introduce a series of banking and regulatory reforms to strengthen the competitiveness of India’s gem and jewellery (G&J) exports. The Council’s recommendations focus on improving exporters’ access to working capital, reducing compliance bottlenecks, streamlining banking procedures and creating a more facilitative regulatory
WDC Adds to Criticism of Amnesty CAR Report
The World Diamond Council (WDC) has become the latest body to come out against a recent Amnesty International report that claimed diamond trafficking was being used to fund violence in the Central African Republic (CAR). WDC president Edward Asscher said in an interview with Bloomberg that the Kimberley Process (KP) had taken “more than 99 percent” of conflict diamonds off
CIBJO Releases First Blue Book Devoted to Coral
Milan: CIBJO, the World Jewellery Confederation, has released online its latest Blue Book, delineating acceptable trade practices and nomenclature for the coral industry and trade. The document was compiled by the CIBJO Coral Commission, headed by Commission President Enzo Liverino, under the auspices of CIBJO’s Sector A, which has jurisdiction over gem materials. The Coral Book can be downloaded in
ASSOCHAM Seeks Relief From Indian Govt.
New Delhi: Emphasizing that real estate, power, steel, gems and jewellery sectors are in real crisis, the Assocham has sought special dispensations for these industries by way of cut in excise duty along with other accommodative measures such as teaser loans for the housing sectors for taking these industries out of stress. Besides, the Reserve Bank of India (RBI), banks,
WFDB Supports Bharat Diamond Bourse’s Decision
Antwerp: World Federation of Diamond Bourses (WFDB) President Ernie Blom said, in response to the decision of the Bharat Diamond Bourse (BDB) on Thursday to ban the trading of synthetic/laboratory-created diamonds that each WFDB-affiliated exchange is within its rights to decide on its policy on the issue. Blom also clarified that the WFDB is not opposed to the trade in
