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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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India to Shut Down Hindustan Diamond Co.
New Delhi: An official release from the government of India circulated on 21st Sept. 2016 says that the Cabinet Committee on Economic Affairs has approved shutting down of Hindustan Diamond Company Pvt Ltd (HDCPL), a joint venture between the Indian Government and De Beers Centenary Mauritius Ltd (DBCML), which supplies rough diamonds to Indian diamond industry. The release notes that
India’s Current Account Deficit Narrows
Mumbai: India’s Current Account Deficit (CAD) narrowed in the first quarter of the financial year to $300 million as compared with $6.1 billion in the year-earlier period. The deficit sharank to 0.1 per cent of GDP in the period, as compared with 1.2 per cent. “The contraction in the CAD was primarily on account of a lower trade deficit ($23.8
US Fed Keeps Key Interest Rate Unchanged
New York: The Federal Reserve is keeping its key interest rate unchanged but signalling that it will likely raise rates before year’s end. The Fed said in a statement ending its latest policy meeting Wednesday that the U.S. job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation
Lucapa Finds 104ct. Diamond from Lulo Mine
Luanda: Lucapa Diamond Company recovered a 104-carat, D-color diamond at its Lulo mine in Angola. The type-IIa stone is the fourth rough diamond above 100 carats extracted from the deposit this year and the fifth since operations began. The diamond is the latest in a string of “special” diamonds from Lulo weighing more than 10.8 carats. Earlier this month, Lucapa
WDC & KP Sign an MOU
Antwerp: Edward Asscher, President of the World Diamond Council, and Vice Minister Wei Chuanzhong, Chair of the Kimberley Process, signed a Memorandum of Understanding in Antwerp on Friday, May 23, formalizing the agreement for 2014 between the two organizations, according to which WDC finances and operates the Administrative Support Mechanism (ASM) on behalf of the Kimberley Process. The ASM provides
ALROSA Expects 5-Percent Growth in Rough Prices
Moscow: ALROSA expects that global rough prices will go up by 5% in 2014 over the last year, according to the ITAR-TASS report from St. Petersburg. This was disclosed to journalists on the sidelines of the St. Petersburg International Economic Forum by Fyodor Andreev, President of ALROSA. “We reckoned on a growth rate of 5%. I think it is achievable,”
Zimbabwe Orders Miners to Sell Gems through RBZ
Harare: The cash-strapped ruling ZANU PF government has issued an order to all diamond miners in the country to sell their gems through the Reserve Bank of Zimbabwe (RBZ). The permanent secretary in the Ministry of Mines, Francis Gudyanga, reportedly wrote a letter to the companies explaining that the central bank will use the diamonds to secure a government loan.
Antwerp Hosts WDC and KP Chair
Antwerp: The Antwerp World Diamond Centre (AWDC) welcomed the Kimberley Process (KP) Chair, His Excellency Wei Chuanzhong, Vice-Chair Bernardo Campos and the Mr. Edward Asscher, President of the World Diamond Council (WDC) for the purpose of renewing the Memorandum of Understanding (MoU) on the KP Administrative Support Mechanism (ASM). In 2012, the KP Plenary designated the World Diamond Council through
