We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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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De Beers Announces Interim Financial Results
London: Anglo-American – and its subsidiary De Beers – published their results for the first half of 2019. For Anglo-American, rough diamonds constitute less than ten percent of its earnings. Anglo’s chief earnings come from coper ($789 million), PGMs i.e. precious metals ($824) Bulks, i.e. a collation of products such as coal, iron ore, aluminum and other minerals ($3.36 billion!)
Indian Customs Clarifies on Foreign Exhibitions
Mumbai: Following the Ministry of Finance’s announcement that no IGST will be levied on gem and jewellery carried outside of the country for exhibition purposes, Director (Customs) vide Circular No. 21/2019 – Customs has clarified regarding applicability of Notification No. 45/2017 – Customs dated 30.06.2017 on goods, which were exported earlier for exhibition purpose/ consignment basis. Till now, gem & jewellery which was
De Beers Gets Funds for Research at Gahcho Kué
Toronto: De Beers Group’s carbon-capture research at the Gahcho Kué mine in Canada has received a funding boost following the award of a C$675,000 grant from Natural Resources Canada’s Clean Growth Program towards pioneering research in partnership focused on delivering carbon-neutral diamond mining. The project in Canada is part of a De Beers Group global research program that includes studies,
IMF Projects Lower Growth Outlook for India in 20
New Delhi: The International Monetary Fund (IMF) further cut its annual growth forecast for India, as it expects weaker domestic demand to limit an economic recovery, according to media reports. The economy is now expected to expand 7% in the year ending 31 March 2020, 0.3 percentage point slower than IMF’s April projection. In April, the Fund cut India’s growth outlook by
Construction of India Jewellery Park, Mumbai Begins
Navi Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) yesterday marked a historic milestone in the development of India Jewellery Park Mumbai (IJPM) with the commencement of construction at Mahape, Navi Mumbai. The ceremony marks the transition of this long-cherished industry vision into the construction phase, bringing India’s ambition to establish a world-class, integrated jewellery manufacturing hub a significant
Qatar Diamond Exchange Broadens Asian Presence
Doha: The Qatar Diamond Exchange (QDE) has signed a Memorandum of Understanding (MoU) with the Diamond Federation of Hong Kong, China (DFHK), establishing a strategic partnership between the two organizations. The agreement was formalized in Hong Kong by Ghanim Al-Saadi, Director of the Qatar Diamond Exchange, and Lawrence Ma, President of DFHK. Founded in 2000, DFHK represents Hong Kong’s diamond
Diamonds for Development Fund Receives Initial Funding
Gaborone: The Government of the Republic of Botswana and De Beers Group yesterday announced that De Beers Group has transferred its initial contribution of BWP1 billion to the Diamond for Development Fund, marking a major milestone in the progress of the Fund and its mandate to support Botswana’s long-term economic diversification. The disbursement follows the establishment of the Fund’s governance
De Beers Reports Lower Q3 Output
London: De Beers reported an 11% year-on-year decrease in rough diamond production to 6.8-million carats for the quarter ended September 30, primarily driven by planned plant maintenance at Orapa, in Botswana, and a slowdown at Venetia, in South Africa, ahead of a planned two-year production pause. Operational Performance: De Beers notes that rough diamond production was 11% lower at 6.8
