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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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India Jewellery Park Mumbai: Invest For a Bright Future
Mumbai: India Jewellery Park Mumbai (IJPM) is a Special Purpose Vehicle (SPV) and wholly-owned subsidiary of the Gem & Jewellery Export Promotion Council (GJEPC). The objective of IJPM is to develop, promote and operate a Jewellery Park in Mumbai – to continue driving India’s export led-growth and improve the quantity and quality of gems and jewellery produced in India. IJPM
Antwerp Diamonds Shine Again
Antwerp: The Antwerp World Diamond Centre (AWDC), the official representative of the Antwerp diamond industry, can close 2021 as the year of the comeback. With $37.23 billion in imports and exports of traded diamonds, the Belgian diamond sector is doing slightly better than in 2019, the year before the pandemic. But the Antwerp diamond sector wants above all to prepare
Fancy Colour Diamonds See Steady Price Growth in '21
New York: The Fancy Color Research Foundation (FCRF) said the year 2021 showed a rise in the price of 89% of all fancy colour categories. Price changes among all 128 categories tracked by the Fancy Color Diamonds Price Index ranged from -1.3% to +7.9%, with the average change in 2021 being a price increase of 1.7%. The average price of
De Beers Cycle 1 Fetches USD 660 mln.
Gaborone: De Beers’ first sales cycle of 2022 saw robust demand totalling $660 million, which was almost at the same level as $663 million recorded a year ago. Bruce Cleaver, CEO, De Beers Group, said, “As anticipated, there was strong growth in consumer demand for diamond jewellery over the end of year holiday season. As a result, we saw the
Final of India Jewellery Skill Competition Held
Mumbai: Mr. Surojitrana H. from Coimbatore and Mr. Vinod Kumar C. from Bangalore were selected today in a final round of the India Jewellery Skill Competition held at the India International Jewellery Show (IIJS). The Competition is being held by the Gem & Jewellery Skill Council of India (GJSCI) to decide the country’s representative at the prestigious WorldSkills International Competition
GJEPC Donates Rs One Crore to Make A Wish India
Mumbai: Gem and Jewellery Export Promotion Council (GJEPC) organized “Jewellers for Hope” charity dinner in association with GSI, yesterday in Mumbai. Leading bollywood celebrities Kajol, Boman Irani, Siddharth Roy Kapur graced the evening hosted by Raageshwari Sachdeva-Badola in the presence of the whose-who of the gems & jewellery trade. The “Jewellers for Hope” annual charity dinner is the first edition
India Reduces Tariff Value on Gold
New Delhi: The India government recently reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices. On the other hand, the tariff value on silver was raised to USD 690 per kg. As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at
Silver Price to be Set by New System
London: The London silver price mechanism will now be set via an electronic, auction-based mechanism administrated by CME Group and Thomson Reuters, according to a statement from the London Bullion Market Association. The new mechanism was chosen because it is electronic, “auction-based and auditable and tradable with an increased number of direct participants,” the LBMA said in a statement. CME
