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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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RBS to Close Down India Operations
Mumbai: The Royal Bank of Scotland (RBS) is set to close its banking operations in India, having been frustrated in its efforts to find a buyer, according to a report in The Financial Times. The UK-based bank has for a number of years been selling non-core units of its India business, which it had to undertake after overextending itself during
Arun Jaitley in No Mood to Relent
New Delhi: Refusing to relent on excise duty levy on non-silver jewellery goods, Finance Minister Arun Jaitley on Sunday said a “luxury item” cannot remain out of tax ambit when taxes need to be paid on many essentials. A large section of jewellers and bullion traders have been on strike for over a month seeking withdrawal of one per cent
Angola Inaugurates New Diamond Mine
Luanda: Diamond mining company Sociedade Mineira do Tcheji, which will explore a diamond mine with the same name, expects initially to extract 3,000 carats of diamonds per month, with estimated revenues of US$1.5 million, Angolan news agency Angop reported. Mining.com reports (in Portuguese) that leaders of the Sociedade Mineira do Tcheji emphasized that “in the next 45 days after the
G2J EXCLUSIVE: Empowerment of Women in Latin American Jewelry Industry
Panama: A discernable tendency within the Latin American jewelry industry over the past decade has been growing involvement of women at the design, manufacturing and business levels. But while their numbers have grown steadily in the sector, they have been less successful in breaking the glass ceiling in management and the board room. The role and empowerment of women in
De Beers Signs $37M Deal for BT Networking
Gaborone: The De Beers Group selected BT for a range of IT and networking services with a six year contract and at a cost of $37 million. BT will orchestrate IT services across 70 De Beers locations, including exploration and mining sites, drawing on capabilities of the BT Connect portfolio that provides fiber optic, microwave and satellite linkages, as well
Chaim Zohar Awarded Life Membership of DDC
Johannesburg: Renowned diamond industry journalist Chaim Even-Zohar has been awarded an Honorary Life Membership of the Diamond Dealers Club of South Africa (DDC) for his lifetime dedication and contribution to the diamond industry. Ernie Blom, Chairman of the DDC and World Federation of Diamond Bourses President, presented Even-Zohar with the membership certificate. “We, as the Diamond Dealers Club of South
ALROSA and DDC Sign MoU
Las Vegas: ALROSA and Diamond Dealers Club of New York signed a Memorandum of Understanding (MoU) aimed to develop the diamond industries of Russia and the USA.The document was signed at an official ceremony in Las Vegas on 30 May by Reuven Kaufman, President of the DDC, and Alexander Malinin, Director of “Brillianty ALROSA” (ALROSA’s cutting and polishing division). The
Surat to Set Diamond Bourse in 2 Lakh Sq. Yards
Surat: Surat, known as a hub for processing of rough diamond is readying itself to set up a world class diamond bourse having trading facilities which will integrate processing and house all those interested in diamond business at one place, reports The Times of India. The proposed bourse may be of the size of the one existing in Mumbai. Mumbai’s
