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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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Element Six Sues IIa Technologies
Singapore: Element Six Technologies Ltd has today (12 January 2016) begun legal action in Singapore against IIa Technologies Pte. Ltd alleging infringement of its patents concerning synthetic diamond material. Element Six believes that certain of its patents for proprietary synthetic diamond products and their method of manufacture have been infringed (in particular Singapore patent numbers 115872 and 110508). It is
National Jewellery Awards on 6th Feb in Mumbai
Mumbai: The All India Gems & Jewellery Trade Federation (GJF) has announced its 6th edition of National Jewellery Awards (NJA) 2015 -16, Grand Finale to be held in Mumbai on 6th February, 2016. The NJA, being the most prestigious awards of the Gems & Jewellery industry will recognize and honor design, talent and establish new trends in the Indian Jewellery
World's First Diamond-Backed Cryptocurrency
New York: The companies behind the world’s first diamond-backed cryptocurrency will start selling the digital coinage this month. The asset class used is colored diamonds, which the founders of the PinkCoin claim have not lost value since tracking began in 1959, reports Rapaport. Precious Investments and its subsidiary BitGem Asset Management (BAM) will launch the PinkCoin crowdsale – a crowdfunding
Gold Demand Down by 15% Due to Poor Rain
Kolkata: The demand for gold will be less this wedding season – by 10 per cent-15 per cent – beginning January 15 in rural India as farmers have been affected by a poor kharif crop due to inadequate rains, reports The Economic Times. Lower commodity prices have made matters worse for them, and now they are keeping their fingers crossed
India not to Ask Nirav Modi About PNB Scam
London: Ahead of the extradition hearing of fugitive diamantaire Nirav Modi at Westminster Court, India has assured the United Kingdom that the Fugitive Economic Offender will not be “questioned” in connection with the $2 billion Punjab National Bank (PNB) fraud case. A written assurance or sovereign guarantee to this effect has been submitted to the UK authorities through the Crown
De Beers Launches Desert Diamonds Beacon
London: De Beers Group has announced the consumer launch of Desert diamonds, the first new ‘beacon’ it has developed in over a decade, supported by its largest category marketing investment in more than ten years. A De Beers beacon is a celebration of natural diamonds that is manifested through a jewelry concept designed to galvanize the industry around a central
Amit Pratihari Named MD, GIA India Laboratory
Mumbai: The board of directors of GIA India Laboratory Pvt. Ltd. (GIA India) has appointed Amit Pratihari as managing director, responsible for all aspects of GIA India’s gemological laboratories in Mumbai and Surat, as well as the GIA India school in Mumbai. Reporting to the board of directors of GIA India, he assumed his responsibilities on October 1. Amit’s deep experience
GJC Welcomes Formation of Dakshata Samiti
Mumbai: The All India Gem & Jewellery Domestic Council (GJC), the apex body representing over 600,000 jewellers across India, has welcomed the Maharashtra Government’s historic step of establishing a state-level ‘Dakshata Committee’ (Vigilance Committee) to ensure the safety and security of jewellers. For a long time, jewellers have faced harassment during investigations of theft and robbery cases involving gold and silver. In
