GJC urges Rollback of import duty on gold Implement Gold Policy ASAP to save jobs of Lakhs of people in India’s gem & jewellery business!

Hike duty only after Gold Monetization is

Implemented as only GM Scan substitute gold imports!

GJC’s recommendations endorsed by

India Gold Policy Centre IIM-A

De Beers Cycle 6, 2019 shows uncertainty

De Beers Group today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the sixth sales cycle of 2019.

Bruce Cleaver, CEO, De Beers Group, said: “With ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream continuing to be higher than normal, De Beers Group provided customers with additional flexibility to defer some of their rough diamond allocations to later in the year. As a result, we saw a reduction in sales during the sixth cycle of 2019.”

Strong production at Yamana Gold 2Q

Yamana Gold is herein reporting its financial and operational results for the second quarter 2019. Second quarter results include strong gold and silver production highlighted by a second straight quarter of record production at Jacobina.

According to the report, a 7% year-on-year increase in production to 257,556, including 232,863 ounces of gold and 2.17 million ounces of silver. In-line cost guidance, including all-in sustaining costs of $941 per GEO and cash costs (3) of $670 per GEO.

Sotheby’s Reports, H1 & Q2

Sotheby’s reported its financial results for the second quarter and six months ended June 30, 2019. For the three months ended June 30, 2019, Sotheby’s reported net income of $57.0 million, or $1.20 per diluted share as compared to $57.3 million, or $1.08 per share in the second quarter of 2018. 

Excluding certain items, Adjusted Net Income was $70.0 million, or $1.47 per diluted share in the second quarter of 2019 as compared to Adjusted Net Income of $58.1 million, or $1.09 per diluted share in the second quarter of 2018 – increases of 21% and 35%, respectively, from the second quarter of 2018.

PNG presents the Mangalsutra Mohotsav

The renowned heritage jewellery brand, PNG Jewellers is back with its most awaited annual festival, “The Mangalsutra Mohotsav”.  The biggest and most successful Mohotsav till date has something unique in store for every woman who likes to wear their strength and symbol of love

Started from 27th of July & to run upto 31st August 2019, this month-long festival showcases a diverse range of attractive mangalsutras -one of the most important pieces of jewellery adorned by the Indian women.

A mangalsutra embodies love, togetherness and holy matrimony.

CBDT issues clarification on ITR

CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns. Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20.

There were reports in social media that the taxpayers were facing difficulties in filing return of income in ITR-2 & ITR-3 due to large scale changes in the ITR form on 11th July, 2019. It is stated that the software utility for e-filing of all the ITR forms has been released long back. The utility for e-filing ITR-2 and ITR-3 was released on 2nd May and on 10th May 2019 respectively.

Over 22 Lakh New MSMEs Registered

22.83 lakh Micro, Small and Medium Enterprises (MSMEs) were registered on Udyog Aadhaar Portal in the country during March, 2018 to March 2019.

The Ministry of MSME facilitates access to finance for Micro and Small Enterprises through its schemes / programmes namely Prime Minister’s Employment Generation programme (PMEGP), Credit Guarantee Scheme for Micro and Small Enterprises and Credit Linked Capital Subsidy Scheme.

The Emerging Financial Trends

India is one of the most vibrant global economies with diversified financial sector undergoing rapid expansion. The substantial expansion of the Indian Capital Market can be appreciated from the fact that Sensex has grown from just 100 to above 40,000 in a matter of 40 years, representing a return of 400 times.

With Financial Technology (FinTech) catching up fast, the Financial Market is banking on the dynamic technology platforms like Automation, AI, Big Data Analytics, mobile wallets etc. The Government of India has taken various steps to deepen the reforms in the capital markets, including simplification of the Initial Public Offer (IPO) process and allowed qualified foreign investors (QFIs) to access the Indian bond markets.

Las Dolores intercepted with gold near surface

From the Las Dolores Zone within the Las Conchitas area of its wholly-owned San Albino-Murra property located in Nueva Segovia, Nicaragua. The goal of the 2019 drill program at the Las Dolores Zone was to confirm and extend the near surface, high-grade mineralized shoot previously encountered in trenches and drill holes. 

Located only at 2.5 kilometers south of the Company’s San Albino gold project and bordering the El Jicaro concession to the south, the Las Dolores Zone hosts near surface high-grade mineralization in a geological setting similar to that of the San Albino Gold Deposit.  The Las Dolores Zone remains open along strike and down dip.

Santacruz Silver jumps production in 2Q 2019

Santacruz Silver Mining Ltd reports on the operating results from the Veta Grande Project in Zacatecas, Mexico and the Rosario Project in San Luis Potosi, Mexico for the second quarter (2Q) of 2019 and says, consolidated silver equivalent production increases by 114% as compared to Q2 2018 and 45% as compared to Q1 2019.

Veta Grande silver equivalent production increases by 185% as compared to Q2 2018 and 18% as compared to Q1 2019 while Rosario silver equivalent production increases by 48% as compared to Q2 2018 and 145% as compared to Q1 2019.