DGCX Records July at 14-Year History!

The Dubai Gold and Commodities Exchange (DGCX) has registered its best ever month in its 14-year history, recording volumes of 2.382 million lots valued at over USD 39.2 billion in July, breaking the Exchange’s previous single month trading record of 2.16 million set in May 2018.

The stand-out performing contract in July was the Indian Rupee Quanto futures, which recorded its best month since inception with a total of 1,106,309 contracts traded, up 192% year-on-year (Y-O-Y). DGCX’s flagship Gold Futures product also underpinned last month’s trading, building on its strong performance in June on the back of global instability, trading 61,764 contracts, up 209% Y-O-Y.

Excellent Recoveries at Séguéla Gold Project

According to the Roxgold update on the recently completed metallurgical test work program, together with a development update at its new development asset, the Séguéla gold project located in Côte d'Ivoire demonstrated excellent Recoveries in Metallurgical Test work.

Completion of comprehensive metallurgy test work program indicating clean mineralized material with the potential for high recoveries and a potentially simple flow sheet. Program includes 1: High recovery rates of +94% based on a straightforward gravity/CIL flow sheet.

Pocket friendly Temple Jewellery Edition

Hey Fashionista! Style a piece of pocket friendly temple jewellery only at Izaara ranging from 1000Rs

Izaara brings a great news for all the fashionistas who are gearing up for the festive season with pocket friendly Temple Jewellery Edition that starts at INR 999 Only.

The fresh array is curated for fashionistas who love to look fabulous for less. The edition is all set to revolutionize the temple jewellery trend by making this unique art form accessible to the jewellery lovers who aspire to look ethnic chic.

Liquidation Process amended by IBBI

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 and the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2019.

The salient amendments affected by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 are:

BDW encourages more Chinese participation!

Bharat Diamond Bourse (BDB) President Anoop Mehta and Vice-President Mehul Shah will be holding meetings with the leadership of the Shanghai Diamond Exchange (SDE) and member companies next week as they seek to boost the number of Chinese companies attending the third edition of the Bharat Diamond Week (BDW) which takes place at the bourse from October 14 to16. They will be meeting with SDE President Lin Qiang and his senior management team to discuss participation by SDE members at the polished diamond week.

"We are delighted to have been invited to hold talks with the leaders of one of the most important diamond exchanges in the world and to address companies that are members of the bourse," said Mehta. "Our aim is to increase visitor numbers at each of the Bharat Diamond Week events.

Fed Reserve lowers federal rate to 2%

Information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.

Although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

GJEPC organised a Banking Summit

The Gem & Jewellery Export Promotion Council (GJEPC) organised 4th edition of Banking Summit 2019: Gems & Jewellery Sector, on July 31 in Mumbai with the theme, Redefining Business Strategy!

In the presence of Colin Shah, Vice-Chairman, Chairman Pramod Kumar Agrawal welcome Rupa Dutta, Economic Advisor, MoC&I, M Senthilnathan, ED, ECGC Ltd, VG Kannan, Chief Executive, IBA, Meeta Rajivlochan, Additional DGFT, Mumbai, Mr. Satyanarayan Pathuri, FGM, Union Bank of India, Mr. P N Prasad, DMD, SBI, P Palanisamy, CGM, Syndicate Bank, Bijayananda Pattanayak, Executive VP, IndusInd Bank, Mr Nimesh Patel, CFO, De Beers in the presence of Stakeholders & trade fraternity.

ABN Amro letter: A wakeup call

ABN Amro Bank recently sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases, “in view of the continued lack of profitability in the purchase of rough goods. We recommend you to show constraint and only consider purchasing rough when there is sufficient profitability. We want our clients to … refrain from purchases just with the aim to hold on to existing allocations with the mining companies or just to remain fixed to sources only hoping for better times to come.”

"A letter recently sent by ABN Amro Bank to its diamond industry clients stating that it would be limiting financing for rough purchases is the latest in a string of such decisions by the banking sector. The ABN Amro Bank decision is important in highlighting the need for the diamond industry to act prudently and buy only when profit can be made and to not borrow from the banks simply with the aim of holding on to their status with the rough suppliers or be used for other business," said Blom at, a new normal in the diamond trade!

Royal Mint highlights Molten!

The Royal Mint said, “Designed and hand made in the UK, our Molten range takes inspiration from the fluidity of molten metal to create a stunning range of sterling silver jewellery.”

The beautiful and slightly dangerous fluidity of melting metal is truly mesmerising and hypnotic. Typically, precious metals will be poured into the familiar bar or ingot moulds and left to cool before they become part of the wealth of nations stored deep in highly secure vaults.

CBIC to Make GST India to be world class

The Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur said that Goods & Services Tax (GST) has been a Game Changer for all the stakeholders in the economy. The Minister of State for Finance, Shri Thakur was speaking at the ‘GST Day’ Celebrations organized by the Central Board of Indirect Taxes &Customs (CBIC) on the 2nd Anniversary of GST in New Delhi.

Prior to GST, in the Constitutional Scheme, Shri Thakur said that taxation power with the Central Government on goods was limited-up to the stage of manufacture and production, while the States had the power to tax sale and purchase of goods. On the other hand, the Minister said that the Centre had the exclusive power to tax services.