NEWS

BIS Revises Jewellery Hallmarking Standards

BIS Revises Jewellery Hallmarking Standards

Mumbai: The Bureau of Indian Standards (BIS) has announced that from January 1, 2017, all hallmarked gold jewellery will have gold caratage stated on the piece in addition to the fineness of the metal which is currently marked.


Indian Banks Slash Rates as New Year Gift

Indian Banks Slash Rates as New Year Gift

Mumbai: The country’s largest bank State Bank of India (SBI) announced a steep interest rate cut in several years on Sunday, by reducing its marginal cost of funds based lending rate (MCLR) by 90 basis points (bps) across all maturities.


WFDB Supports Work of WDC at KP Meeting

WFDB Supports Work of WDC at KP Meeting

Antwerp: A team of World Federation of Diamond Bourses (WFDB) officials will be participating on behalf of the World Diamond Council (WDC) in events during the Plenary meeting of the Kimberley Process Certification Scheme (KPCS) which takes place in Dubai, UAE, from November 13-17. Other WFDB members will be attending the five days of meetings and discussions as observers. The events include a panel discussion as part of the Third Forum on Rough Diamond Evaluation hosted by KP Chair Ahmed Bin Sulayem, and a Special Forum on synthetics or man-made diamonds.

ALROSA’s Mir Diamond Mine Hits Full Capacity

ALROSA’s Mir Diamond Mine Hits Full Capacity

Moscow: Alrosa has brought the underground mine at its Mir diamond pipe to full capacity, according to Russian news service Interfax. Capacity for 1 million tons of diamond ore was reached at the end of December, and at that rate the Mir pipe can be mined for another 50 years, the company said in a statement.


U.S. Consumer Confidence Highest in 13 Years

U.S. Consumer Confidence Highest in 13 Years

New York: Consumer confidence climbed in December to the highest level since August 2001 as Americans were more upbeat about the outlook than at any time in the last 13 years, writes Bloomberg based on a report from the Conference Board, a New-York based independent business membership and research association working in the public interest.

Ashok Sancheti Re-elected as President of IDCA

Ashok Sancheti Re-elected as President of IDCA

New York: The Indian Diamond and Colorstone Association (IDCA) said its Board of Directors has unanimously reelected Ashok Sancheti as President.


KP Chair Ahmed Bin Sulayem Honoured by DDC

KP Chair Ahmed Bin Sulayem Honoured by DDC

New York: Kimberley Process (KP) Chair Ahmed Bin Sulayem has been honoured by the Diamond Dealers Club (DDC) of New York for contributions to supporting the sustainable growth of the global diamond industry.


3 Indian Cos Have More Gold Than many Nations

3 Indian Cos Have More Gold Than many Nations

Mumbai: Just three Indian gold loan companies have more gold in their vaults than many sovereign nations, according to recent reports in the Indian media!
The three, Muthoot Finance, Manappuram Finance and Muthoot Fincorp which are the largest in the business, have seen their reserves rise by as much as 35% over the last two years, and today have as much as 263 tonnes of gold stocks between them, the reports say.


GJEPC’s MyKYCBank to Hold Training Sessions

GJEPC’s MyKYCBank to Hold Training Sessions

Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC), had, some time back launched MyKYCBank.com for the benefit of the industry. The GJEPC is now holding training sessions for representatives (who are typically involved in the KYC process) of participating member companies. These sessions are planned to be held twice a week – every Tuesday and Thursday at 4.00 pm -- at the GJEPC’s Conference Room.

 

Demonetization will Prove to be a Boon: Vijay Jain

Demonetization will Prove to be a Boon: Vijay Jain

Mumbai: The Platinum Guild International (PGI) has predicted that Indian demand for platinum jewellery would grow by double digits next year and Japanese consumption will stay strong.


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