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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
Top News
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
Zimbabwe Starts Work on Diamond Bourse
Bulawayo: The Minerals Marketing Corporation of Zimbabwe (MMCZ) has started work to set up the first ever diamond bourse in the country, reports The Southern Times. The company has called for consultancy work on the multi-million dollar project. Zimbabwe had planned to establish a diamond exchange by end of the first half of 2015, but however the target could not
GJEPC Welcomes India’s Role as KP Chair
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC), the nodal agency for the Kimberley Process (KP) in India, welcomes India’s election as Chair of the Kimberley Process Certification Scheme (KPCS) for 2026. The Kimberley Process Certification Scheme, a UN-mandated initiative, is the only global mechanism governing international trade in rough diamonds, aimed at preventing conflict diamonds from entering legitimate
India New Zealand FTA to Benefit G&J Industry
Mumbai: India and New Zealand recently concluded a Free Trade Agreement (FTA) that offers significant duty-free access for Indian exports, but Gems & Jewellery (G&J) are listed among the sensitive sectors excluded from immediate zero-duty benefits under the FTA, with India protecting these products, alongside dairy, sugar, and metals, from immediate tariff cuts, though the overall deal aims to boost labour-intensive exports like textiles,
India’s G&J Exports Recover During April-Nov 2025
Mumbai: India’s gem and jewellery (G&J) exports showed clear signs of stabilization and recovery during April-November 2025, supported by improving global demand conditions and strong performance across diversified international markets. Total exports for the period rose marginally by 0.07% year-on-year to $18.87 billion, compared to $18.85 billion in the corresponding period last year, underscoring the sector’s resilience amid a challenging
How Many Years will the Diamonds Reserves Last?
Mumbai: Global economically viable diamond reserves are estimated at about 1.8 billion carats. At the current annual production level of roughly 90 million carats, these reserves are expected to sustain the market for around 20 years. The estimate was shared by Sergey Takhiev, Head of Corporate Finance and Investor Relations at Alrosa. More than half of the world’s diamond reserves
