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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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Lucapa to sell Two Large Diamonds
Luanda: Lucapa Diamond will hold two diamond sales in the final quarter of this year following continued large diamond recoveries at the Lulo diamond mine in Angola. The next sale of diamonds is scheduled for mid-November. It will include the 172-carat and 104-carat Type IIa D-color diamonds recovered in September. Lulo continues to provide regular large specials, with the latest
Some Civil Society Members to Attend KP Meeting
Dubai: The office of the UAE Kimberley Process (KP) Chair has announced that members of Civil Society will attend the KP Plenary in Dubai, on November 13-17. The announcement follows an official invitation sent by the KP Chair on October 13 urging members of the Civil Society Coalition to attend the KP Plenary to discuss and make joint progress on
Gem & Jewellery Ind. Pays Tribute to URI Martyrs
GJNRF Hands over Relief Cheques to families in the presence of Hon. Chief Minister of Maharashtra, Mr. Devendra Fadnavis Mumbai: Hon’ble Maharashtra Chief Minister Mr. Devendra Fadnavis presided over a first-of-its-kind event at the iconic Bharat Diamond Bourse (BDB) in Mumbai wherein Gem & Jewellery National Relief Foundation (GJNRF) presented relief cheques to the families of Uri martyrs. The event
Exemption Sought for GJI Exports & Minimal GST
Mumbai: Gem & Jewellery Export Promotion Council (GJEPC), in a representation filed on behalf of the entire gem & jewellery industry, has reiterated that the industry is completely supportive of India’s move towards Goods & Services Tax (GST), and is looking forward to migrating to a GST regime but has sought exemption for GJI export transactions and preferred minimal GST rates
Gold Smuggling Arrests Jump 750% YoY in India
Mumbai, 14th April: While cases of gold smuggling in India have jumped 265% from 40 in 2012-13 to 146 in 2013-14, the number of people arrested has shot up by 750%, from 30 in 2012-13 to 255 in 2013-14, data from the Directorate of Revenue Intelligence shows, according to a report published in Mineweb. “Gold imports through the legal channel have
