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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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GMS Generates only 3 Tons of Gold
New Delhi: India’s Government may further tweak the Gold Monetization Scheme (GMS) with retrospective effect in view of lower collections so far and to make it more attractive for investors. Economic affairs secretary Mr. Shaktikanta Das met Indian Bullion Association and jewellery industry representatives for their inputs to make the scheme more attractive as the scheme has garnered only 3
India Gets only Rs. 1,400 cr. via Gold Bonds
New Delhi: The Centre managed to raise just Rs 1,400 crore through the sovereign gold bonds or only 9% of the target of Rs 15,000 crore in the current fiscal year, sources said. The third and final tranche of the bonds fetched about Rs. 400 crore in March 8-14 as against Rs 1,050 crore in second tranche in January and
Portuguese Co. Makes First Export of Diamonds
Lisbon: Portuguese company Portdiamonds / Numerplatina Ida has announced its first-ever export of rough diamonds with Kimberley Process (KP) certificates to Dubai. The Lisbon-based rough diamond trading company, which has been operating for more than four years, exported the KP-approved diamonds to AIC Diamonds which is a member of the Dubai Multi-Commodities Centre, and will be exporting rough diamonds on
ALROSA's Revenue +8% in 2015 on Weaker Rouble
Moscow: ALROSA reported revenue jumped 8.4 percent to $3.28 billion (RUB 224.5 billion) last year as the rouble’s depreciation against the dollar boosted the Russian miner’s sales in local currency. As a result, the company swung to a profit of $470.9 million from a loss of $246.2 million in a year ago, overcoming a 24 percent slide in the volume
New Tariff Puts India’s G&J Exports Under Pressure
Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) has taken note of the United States’ transition from the temporary Section 122 balance-of-payments surcharge to the new Section 301 tariff regime, effective from 24 July 2026, under which the additional tariff on Indian gem and jewellery (G&J) exports remain unchanged at 10%. The new tariff framework follows the conclusion of investigations
European Natural Diamonds Exempted from US Tariffs
Antwerp: Natural diamonds cut in Europe will once again be exempted from US import tariffs. This brings an end to the 10% import tariff that had been in effect for the past six months. The restored exemption is significant news for the Antwerp diamond sector: Antwerp is Europe’s leading diamond-cutting centre, and the United States is a major trading partner
De Beers’ Rough Production Rises 88% in Q2 2026
London: De Beers has reported that its rough diamond production was 88% higher at 7.8 million carats, reflecting the impact of the extended maintenance shutdown in the comparative period at Orapa in Botswana, as well as the planned mining of higher-grade ore at both Jwaneng in Botswana and Gahcho Kué in Canada. Planned plant maintenance at Orapa and Jwaneng during
Only Natural Diamonds Should be Graded with 4Cs: CIBJO
Milan: The Diamond Commission of the World Jewellery Confederation (CIBJO) has insisted that the 4C polished diamond grading system (cut, color, clarity, and carat weight) should only be used for natural stones, but not synthetic ones. In the Special Report prepared for the upcoming 2026 CIBJO Congress, the Commission’s head Udi Sheintal also urged the industry’s stakeholders to use the
