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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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De Beers Group Launches ‘Heera Hai Aapke Liye’
Mumbai: De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Ms. Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative
GJSCI Holds JOSH Convocation Ceremony
Mumbai: The Gem & Jewellery Skill Council of India (GJSCI) organized the convocation ceremony of JOSH for the 6th batch of specially abled candidates and the 12th batch of regular candidates on 16 January 2026 at the Bharat Ratnam Mega Common Facility Centre (CFC), SEEPZ. The ceremony marked the successful completion of training for the candidates, celebrating their hard work,
Can India Reinforce Confidence in the KP?
Mumbai (By Suresh Chotai): As India assumes the Chair of the Kimberley Process Certification Scheme (KPCS) this year, the global diamond industry sees renewed opportunity for meaningful dialogue on one of the most debated issues within the Process: the definition of so-called “blood” or “conflict” diamonds. The current Kimberley Process definition, framed in the early 2000s, restricts conflict diamonds to
GJC Submits Pre-Budget Recommendations
Mumbai: All India Gem & Jewellery Domestic Council (GJC), the apex body representing India’s domestic gems and jewellery trade, submitted its detailed pre-budget recommendations to the Hon’ble Finance Minister Smt. Nirmala Sitharaman for consideration in the Union Budget 2026–27. The representation focuses on five core pillars: 1. GST reforms to restore affordability and eliminate working capital blockage 2. Direct tax relief on
Alrosa Plans Diamond Bourse for Far East
Moscow: Alrosa, the largest diamond producer in the world in terms of volume, will soon come up with a proposal to establish a diamond bourse in the Far East. The draft with specific terms on the creation of a trading platform will be proposed for approval by the Deputy Prime Minister Yuri Trutnev and Finance Minister Anton Siluanov, according to
Russia May Lift Import Duty on Colored Gemstones
Moscow: Russia may consider abolishing of duties on colored gemstones, a Deputy Finance Minister Alexey Moiseev said during the 3rd International Economic Jewelry Forum. “Russia produces virtually no colored gemstones. In fact, the vast majority of colored stones is imported because of the fact that production in Russia was not preserved,” – said Moiseev. He noted that the issue of
PAN to be Mandatory in Certain Transactions
New Delhi: The Indian government will soon make it mandatory to furnish the tax department-allotted Permanent Account Number (PAN) details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said on Sunday. “The government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken,” he
SA's Diamond Beneficiation Nearly Dead
Johannesburg: The destruction of 95% of South Africa’s once-buoyant diamond cutting and polishing industry showed once again that governments could not micromanage businesses and should not try to do so, Democratic Alliance (DA) Shadow Mineral Resources Minister James Lorimer said on Thursday. The Opposition Shadow Minister stated in a media release that his party was appalled by the news that
