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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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GJEPC Highlights Key Policy Priorities at Meeting with CIM
New Delhi: India’s Gem & Jewellery Export Promotion Council (GJEPC) highlighted the industry’s key policy priorities during a meeting chaired by Mr. Piyush Goyal, the Union Minister of Commerce & Industry, with Export Promotion Councils (EPCs) and industry associations in New Delhi on 24 June to review the Export Promotion Mission (EPM). Ashish Borda, Convenor – PMBD, GJEPC, and Sabyasachi
Thangamayil Jewellery, Receives IAGES Accreditation
Madurai: Gold buyers in Tamil Nadu can now purchase their favourite precious metal with complete trust and transparency from Thangamayil Jewellery Limited (TMJL), one of the most recognized chain of jewellery stores in the state. TMJL has officially received its IAGES accreditation, further cementing its commitment to serve its consumers in the most ethical, responsible and sustainable manner. The Indian
Russia to Levy 8% Duty on Rough from Sep.
Moscow: The Russian government has announced that it will impose an 8% export duty on rough diamonds weighing between 0.45 carats and 10.8 carats, as well as on special-size diamonds exceeding 10.8 carats, effective September 1, 2026. The new duty will apply to rough diamonds in weight categories that are considered economically viable for domestic cutting and polishing. Russia had
GJEPC Urges Simpler Path to Gold Monetization
Mumbai: India’s gold monetization efforts must focus on simplicity, trust and convenience if the country is to unlock the vast stock of idle household gold, said Khushboo Ranawat, Regional Chairperson – West, and Member – National Exhibitions, GJEPC, during a panel discussion at the ‘India’s Gold Revolution: Monetization, Tokenization & Financial Transformation’ seminar organized by the Bombay Chamber of Commerce &
De Beers Provisional April Sales $660m
Gaborone: The De Beers Group has officially announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the third sales cycle (sight) of 2016 at a provisional $660 million, while the second sight figure was $617 million. The third sales cycle took place last week. In the first three months of this year De Beers has
LATAM Diamond & Jewellery Week from 20th June
Panama: Buyers and suppliers of jewelry, diamonds and colored gemstones from more than 20 countries in Latin America and around the world will gather at the World Jewelry Hub in Panama City from June 20 to June 23 for the Second Latin American Diamond and Jewelry Week. A commercial and networking event that is specifically designed to bring together players
RBS to Close Down India Operations
Mumbai: The Royal Bank of Scotland (RBS) is set to close its banking operations in India, having been frustrated in its efforts to find a buyer, according to a report in The Financial Times. The UK-based bank has for a number of years been selling non-core units of its India business, which it had to undertake after overextending itself during
Arun Jaitley in No Mood to Relent
New Delhi: Refusing to relent on excise duty levy on non-silver jewellery goods, Finance Minister Arun Jaitley on Sunday said a “luxury item” cannot remain out of tax ambit when taxes need to be paid on many essentials. A large section of jewellers and bullion traders have been on strike for over a month seeking withdrawal of one per cent
