We Wish to Build Globally Relevant SKY Gold: Akash Talesara
Israel’s Diamond Industry Under Severe Pressure
Did Natural Diamond Ind. Misjudge LGD Threat?
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
Top News
Gemfields Ruby Sale Fetches $44M
London: Gemfields said it is launching a campaign to market rubies from Mozambique after the company reported its largest sale to date for stones from the country’s Montepuez mine. The miner sold $44.3 million of rough rubies and corundum from Montepuez at an auction in Singapore from June 13 to 19, breaking a record of $43.3 million set in December
World’s Biggest Diamond Found in Botswana
Gaborone: A young man, just months into his apprenticeship at a mine uncovered the ‘diamond of the century’ which is now set to be auctioned for a record £50 million, reports DailyMail. Tiroyaone Mathaba, 27, said he ‘wanted to scream’ when he found the tennis-ball sized diamond in the Karowe mine in Botswana. It is the biggest find since 1905,
High Gold Price Deters Demand in India
Mumbai: A rally in gold has seen the precious metal hit two-year highs and this could slow gold offtake even if the country receives good rainfall as rising prices will deter gold purchase particularly in rural India that accounts for 60% of India’s annual gold consumption of 900-950 tonnes. Bullion traders say unless prices fall to Rs 28,000 per 10
“Diamonds & Antwerp, it’s in our DnA!”
Antwerp: The Antwerp diamond industry launched a new campaign yesterday that aims to reinvigorate the city’s reputation as diamond capital of the world, both at home and abroad. “Diamonds and Antwerp, it’s in our DnA” celebrates more than five centuries in which the city has been synonymous with diamonds, highlighted by a festive diamond themed period, starting October 2017, organized
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
Barclays Fined $44 Million over Gold Fix
London: British authorities have fined Barclays, one of five banks that sets the price of gold each day in the London fix, nearly $44 million after a former trader improperly influenced the price-setting mechanism, reports jckonline.com. The British Financial Conduct Authority said that, in 2012, Daniel James Plunkett, a director on the bank’s precious metals desk, placed certain orders meant
GJF Announces Day-Long Interactive Workshop ‘Labham’
Mumbai: The All India Gems and Jewellery Trade Federation (GJF) and all major G&J Trade Associations, has announced the first-ever educational ‘Labham’ programme on 1st June 2014 in Rajkot onwards for all jewellers, manufacturers, traders and other constituents of the G&J businesses in and around Rajkot. It will be held in Chennai on 10th June and in New Delhi on
