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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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Gemfields Revenue Goes -9% in H2 2015
London: Emerald and ruby miner Gemfields plc has announced its results for the second half of 2015, which showed that revenue dropped 9 percent over the same period in 2014. The company’s revenue dipped to $94 million in the six month period ended December 31, 2015 compared to $103.4 million over the same period a year prior. EBIDTA fell from
Gold Spot Exchange in India is Viable: IGPC
Ahmedabad: India Gold Policy Centre (IGPC) at Indian Institute of Management Ahmedabad (IIMA) released a study on the viability of a Gold Spot Exchange in India by Prof. Joshy Jacob and Prof. Jayanth R. Varma of IIMA. One of the key findings is that a Gold Spot Exchange is eminently viable and would lead to efficient price discovery, assurance in
WFDB Warns about the Recent Certificate Scam
Antwerp: The World Federation of Diamond Bourses (WFDB) has been informed that a vendor on the world’s leading online global wholesale trading platform, Alibaba, has offered CVD lab grown (synthetic) diamonds inscribed with the numbers of genuine GIA graded natural diamond reports. The seller on Alibaba, a New Delhi (India) based company called International Trading Corporation (ITC), which only deals
De Beers to Cut 366 Jobs in S.A. Mines
Gaborone: Anglo American-owned De Beers has announced plans to cut 366 jobs in its South African mines as part of its retrenchment process, reports mining-technology.com. As part of its plans, the company will axe 152 posts at its Venetia Mine outside Musina, with a further jobs going at some of its other South African mines. The latest decision comes as
Final of India Jewellery Skill Competition Held
Mumbai: Mr. Surojitrana H. from Coimbatore and Mr. Vinod Kumar C. from Bangalore were selected today in a final round of the India Jewellery Skill Competition held at the India International Jewellery Show (IIJS). The Competition is being held by the Gem & Jewellery Skill Council of India (GJSCI) to decide the country’s representative at the prestigious WorldSkills International Competition
GJEPC Donates Rs One Crore to Make A Wish India
Mumbai: Gem and Jewellery Export Promotion Council (GJEPC) organized “Jewellers for Hope” charity dinner in association with GSI, yesterday in Mumbai. Leading bollywood celebrities Kajol, Boman Irani, Siddharth Roy Kapur graced the evening hosted by Raageshwari Sachdeva-Badola in the presence of the whose-who of the gems & jewellery trade. The “Jewellers for Hope” annual charity dinner is the first edition
India Reduces Tariff Value on Gold
New Delhi: The India government recently reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices. On the other hand, the tariff value on silver was raised to USD 690 per kg. As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at
Silver Price to be Set by New System
London: The London silver price mechanism will now be set via an electronic, auction-based mechanism administrated by CME Group and Thomson Reuters, according to a statement from the London Bullion Market Association. The new mechanism was chosen because it is electronic, “auction-based and auditable and tradable with an increased number of direct participants,” the LBMA said in a statement. CME
