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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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PDE Launches Accredited Buyers Program
Panama: The Panama Diamond Exchange has launched an Accredited Buyers Program, providing benefits to registered professional buyers from Latin American countries, on purchases of diamonds, gemstones and jewelry made at the World Jewelry Hub in Panama City. A key element of the program will be rebates of up to $1,000 on merchandise that has been acquired by a buyer on
Gemfields Gets Price of $318/ct at Ruby Auction
London: Gemfields plc reported revenue of $28.8 million from an auction of higher- and medium-quality rough rubies from the Montepuez ruby deposit in Mozambique. The company achieved an average price of $318 per carat, selling 90,642 out of 92,136 carats, or 45 out of 49 lots, according to a Gemfields statement December 21. It sold 98 percent by weight and
India Takes First Step to Commence Rough Trading
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB) launched the India Diamond Trading Centre marking a significant milestone in PM Modi’s ‘Make in India’ campaign to promote India as a global diamond-trading hub. Chief Guest, Mrs. Nirmala Sitharaman, Hon’ble Minister of State (Independent Charge) for Commerce & Industry, Govt. of India inaugurated the Centre
Now De Beers Closing Diamond Mine in Botswana
Gaborone: Botswana’s diamond mining giant, Debswana, is closing its Damtshaa mine, and will scale down production at Orapa No.1 operation for the next three years as it battles a continued downturn in the global diamond market, local paper Southern Times reports. The company, a 50/50 joint venture between De Beers and the Botswana Government had forecast production of 22 million
British MPs Urge to Probe Gold Price-Rigging
London: British Members of Parliament (MPs) have called on the UK’s financial watchdog to investigate allegations of price-rigging in the London gold market after a senior regulatory executive said that there may have been co-ordinated attempts to manipulate a crucial benchmark, Financial Times reports. Members of the influential parliamentary Treasury select committee pressed the Financial Conduct Authority to act after
RBI to Swap Gold to Improve Reserves Quality
Mumbai: The Reserve Bank of India (RBI) said yesterday that it had sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. The RBI sources said that the measure would “standardize the gold available with RBI in India with respect to international standards” and the gold acquired would
6,000-Gram Gold “Devil’s Ear” Unearthed in Russia
Moscow: Russian miners have unearthed a scary-looking 6,664-gram piece of gold they labeled the “Devil’s Ear” on Friday the 13th. According to the official publication of the local government, workers at the Ukhagan mine in the Bodaybinsky district of Siberia found the piece, the largest nugget ever found in the area, on June 13, the eve of the full moon.
India May Increase Duty on Synthetics to 10%
New Delhi: The government may increase the import duty on man-made diamonds to 10 per cent in order to remove the price differential with natural diamonds which encourages some jewellers to “cheat the customers”, reports The Indian Express. Simultaneously, it could abolish the customs duty on cut and polished gem stones as these can be re-exported at higher value. The
