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Why Did Gold & Silver Break Down Just as Fed Hike Bets Faded
Macro Snapshot: The rate backdrop eased during the week ending 23 October, which makes the metals’ slide harder to explain. CME FedWatch odds of a hike at the 27 to 28 October FOMC meeting had settled near one in three on 14 October, after the 3.7% September CPI print, and stood at 9.4% by 23 October. December hike odds slipped from about 90% to close to 80%. The 10-year Treasury yield closed at 5.00% against 5.09% a week earlier, and
Why Did Gold & Silver Break Down Just as Fed Hike Bets Faded
Macro Snapshot: The rate backdrop eased during the week ending 23 October, which makes the metals’ slide harder to explain. CME FedWatch odds of a hike at the 27 to 28 October FOMC meeting had settled near one in three on 14 October, after the 3.7% September CPI print, and stood at 9.4% by 23 October. December hike odds slipped from about 90% to close to 80%. The 10-year Treasury yield closed at 5.00% against 5.09% a week earlier, and
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Reduction in Duty on Precious Metals Welcomed
Mumbai: India’s Finance Minister Mrs. Nirmala Sitharaman yesterday reduce the long awaited import duty on gold and silver from 12.5 to 7.5%. For platinum, the duty was reduced to 10%. The booster step to the already fumbling industry was whole heartedly welcomed by leaders. Ms. Vaishali Banerjee, Managing Director, Platinum Guild International (PGI) – India: “The Budget presented by the
Import Duty on Gold, Silver Reduced to 7.5%
New Delhi: The government of India on February 1 recommended reducing import duty on gold and silver to 7.5 percent, a move which would make the bullion metal and jewellery cheaper in the domestic market for the buyer. Finance Minister Mrs. Nirmala Sitharaman in her Budget speech said, “It is proposed to decrease custom duty on gold and other precious metals from
De Beers Reviews Promotion Guidance for 2021
Gaborone: De Beers has reset its production guidance for 2021 by 3%, blaming operational issues and lower output at its Venetia mine, in South Africa, rather than a Covid-related lack of demand. Its forecast is now down by a million carats at 32m to 34m carats, rather than the original 33m to 35m carats. Parent company Anglo American says in
GJEPC Holds Business Meeting with Oman
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) organised a virtual business meeting with Oman on 28th January 2021 in order to connect jewellery manufacturers from India and leading retailers/wholesalers of Oman. Gracing the occasion were Ravi Shanker Goel, Second Secretary (Commerce) Indian Embassy in Muscat; Suresh Kumar, Joint Secretary Ministry of Commerce & Industry, Government of India; Nasser Ashraf
Qatar Diamond Exchange Signs Strategic MoUs
The Qatar Diamond Exchange (QDE) has signed Memoranda of Understanding (MoUs) with the Diamond Exchange of Singapore, the Shanghai Diamond Exchange and the Tokyo Diamond Exchange during the 41st World Diamond Congress in Singapore. The agreements reflect QDE’s strategic focus on developing closer relationships with established diamond markets across Asia and creating new opportunities for trade and cooperation between Qatar
IDMA Mourns Passing of Vasant Mehta
Antwerp: The board and members of the International Diamond Manufacturers Association (IDMA) deeply mourn the passing of one of the global diamond industry’s and trade’s leaders and mentors, Mr. Vasant Mehta, who passed away earlier this week at the age of 81. Vasant served as IDMA’s Vice President from 1998-2000 and then from 2002-2008, on behalf of the Gem &
Shaping the Roadmap for India’s $100 Bln. G&J Future
Mumbai: Department of Commerce, in association with the Gem & Jewellery Export Promotion Council (GJEPC), yesterday convened the ‘Chintan Shivir – 2040 Roadmap for Gems & Jewellery’, a high-level dialogue aimed at developing a comprehensive strategy to help India achieve its ambition of USD 100 billion in gems and jewellery (G&J) exports by 2040. The roadmap envisages an increase in
India’s Largest Platinum Experience Zone at Kalamandir Jewellers, Vadodara
Vadodara: Kalamandir Jewellers has unveiled India’s largest Platinum Experience Zone at its new flagship store in Vadodara, creating a dedicated destination for consumers to explore platinum jewellery across designs, occasions andprice points. The launch strengthens the visibility of platinum jewellery in Gujarat and complements Platinum Guild International’s (PGI) ongoing efforts to build awareness and appreciation for the metal through consumer education, design innovation
