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 Is a Widening Gulf War Lifting Oil but Sinking Gold and Silver?
Macro Snapshot: The week ending 30 October brought the kind of news that once sent buyers into gold. Reuters reported the first known successful limpet-mine strike on a tanker in the Strait of Hormuz since the war began in February, and Houthi forces claimed strikes on Saudi refineries. Washington ordered non-emergency government staff out of Saudi Arabia amid reports that US strikes on Iran could resume after the 3 November midterm elections. Brent rose 13.6% over October, with the expiring
Why Is a Widening Gulf War Lifting Oil but Sinking Gold and Silver?
Macro Snapshot: The week ending 30 October brought the kind of news that once sent buyers into gold. Reuters reported the first known successful limpet-mine strike on a tanker in the Strait of Hormuz since the war began in February, and Houthi forces claimed strikes on Saudi refineries. Washington ordered non-emergency government staff out of Saudi Arabia amid reports that US strikes on Iran could resume after the 3 November midterm elections. Brent rose 13.6% over October, with the expiring
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Industry Leaders React on Union Budget 2017
Mumbai: Mr. Praveenshankar Pandya, Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC) has issued the following statement in reaction of the Union Budget 2017. “In his presentation of Union Budget 2017-18, India’s Hon. Finance Minister focused on ‘Transform, Energise and Clean India’ (TEC) against the backdrop of global uncertainty. India is now the 6th largest manufacturer in the
Fancy Color Diamond Prices up Slightly in 2016
New York: Demand for blue diamonds increased substantially during 2016, while demand for yellows continued to fall. For the full year 2016, the Fancy Color Diamond Index rose by 0.4%, driven by price increases for blue and pink diamonds of 5.5% and 1.4%, respectively, and offset by a 4.0% decline in prices of yellow diamonds. According to wholesale pricing data
Drones to Monitor Marange Diamond Activities
Harare: The Zimbabwe Consolidated Diamond Company (ZCDC) is considering the use of drones to “effectively” monitor diamond mining activities in Marange, local media reports. NewsDay quoted acing ZCDC chief executive Ridge Nyashanu as saying the monitoring would help avoid leakages. “Plans are also underway to introduce the use of drones to monitor all mining zones because they are big,” he
High Tax on Gold May Continue: Economic Survey
Mumbai: Economic Survey for 2016-17 has indicated that implicit subsidy for gold is still too high and it mostly goes to the middle class. Market participants say that this indicates that government is looking to have higher tax revenues from gold, reports Business Standard. Survey notes that the calculations of implicit subsidies for the middle class, which forms top 40
Israel Exchange to Create Code of Ethics
Ramat Gan: In what appears to be a ground-breaking move for a diamond bourse, the Israel Diamond Exchange (IDE) has begun moves to create a code of ethics by which its members would be expected to operate. At a meeting at the bourse, IDE President Shmuel Schnitzer and management members discussed the creation of such a code with Israeli experts
China’s Jewellery Sales Accounted for 41%
Beijing: Mainland China is a major jewellery consumer in the world. According to the recently released China Jewellery Industry Report, 2013-2016, last year jewellery sales in Chinese Mainland approximated $75.8 billion, which is equivalent to 41.2 % of the global consumption. In Mainland China, the gold jewelry consumption accounts for about 50% of the total jewellery consumption. In 2013, two
Gold Smuggling in India May Fall to 50 Tonnes
Mumbai: Going by the seizures of gold which has increased four times in 2013-14, intelligence agencies have estimated gold smuggled in the country around 50 tonnes in 2013-14 which is way lower from the estimated by the World Gold Council (WGC), reports The Business Standard. WGC had estimated nearly 200 tonnes of gold entered India unofficially. Trade circles have been
India May not fully Withdraw Gold Curbs
New Delhi: Despite a significant reduction in the current account deficit, curbs on gold imports are unlikely to be fully removed this Budget. Instead, the finance ministry may lower the import duty on the precious metal by two per cent, reports The Indian Express. “The current account deficit situation is still being closely monitored. The curb on gold imports was
