NEWS
Global
gold-backed ETF holdings added 15 tonnes(t) to 2,484t in May. Europe and Asia
drove inflows as European funds have responded strongly in the past two months.
North American fund flows reversed their early 2018 trend as they lost 2.3% of
assets, likely a result of the volatile prices in the gold market which left
gold lower by 60bps (in dollar terms) on the month.
Volatility
and weakness in the gold market were largely driven by a stronger dollar (DXY
+2.3% on the month). However, USD-hedged gold was higher by 1.4% on the month.
This highlights our view that having some allocation to USD-hedged gold helps
risk-adjusted returns by lowering price volatility in periods when currency
prices fluctuate.
The
JNA Awards and the Responsible Jewellery Council (RJC) are joining forces to
promote best practices in the international jewellery and gemstone
industry.
A
world-renowned programme organised by UBM Asia, the JNA Awards recognises,
celebrates and encourages excellence and innovation in the global jewellery
trade. Now in its seventh edition, the Awards will culminate in a glittering
awards ceremony in Hong Kong, on 16 September.
The
RJC, a not-for-profit organisation headquartered in the UK, is the jewellery
industry’s foremost standards setting and certification body. It has more than
1,100 member-companies in 75 countries that span the entire jewellery supply
chain, from mine to retail. RJC certification is a gateway to growth for
companies, demonstrating a company’s commitment to responsible business
practices and ethical behaviour.
Legacy
jewellery brand PNG Jewellers celebrated this World Environment Day (WED) at
their adopted village of Shillim in Pune’s Mawal taluka as apart of their
Corporate Social Responsibility initiative. This year, they held three
programmes that had the participation of over 30 employees from PNG Jewellers
alongside 500 local villagers.
The
aim was to not only improve the quality of life of the villagers but also
sensitize PNG employees towards larger socially relevant issues. The first
programme was a tree plantation drive at Shillim, Ajiwali and Kottamwadi
villages, where 1000 tree saplings such as bamboo and sagwan (teak) were
planted.
South
Africa and India are commemorating the 125th anniversary of the eviction of
Mahatma Gandhi at the Pietermaritzburg railway station. Gandhi arrived in South
Africa as a young lawyer in 1893 and shortly after his arrival, he booked a
first class ticket on the train to Pretoria, where he was to undertake business
on behalf of the legal firm where he was employed.
On
a cold June day, 07 June 1893, he was forcibly removed by the rail authorities
in Pietermaritzburg from the first class compartment and thrown off the train
following a complaint from one of the passengers. He subsequently spent the
night in the station’s waiting room.
CBDT
dedicates fortnight for pending appeal effect – rectification matters! Redressal
of public grievances and taxpayer service is an area of top priority for the
CBDT and the Income Tax Department. In this connection, a fortnight from 1st
June to 15th June, 2018 has been dedicated for expeditious disposal of pending
appeal effect and rectification matters.
IDMA
Quotes DeBeers on Rapaport's JCK Breakfast Conference
According
to Ronnie VanderLinden, President-IDMA, ‘What stood out were the various
reports on Rapaport's JCK Breakfast Conference where Martin Rapaport took the
industry at large and De Beers in particular to task. I advise - no, I urge -
you to view the video in its entirety and make your own judgement. If you
weren't present and want to be part of the conversation, you must watch it
first.
In
response to the 2018 Rapaport Breakfast Conference and to Martin Rapaport's
comments directed at De Beers, the De Beers Group of Companies wrote a letter
to its sightholders and to other industry stakeholders which is quoted here
below:
Chow Tai Fook (CTF) Jewellery Group Limited
announces its annual results for the year ended 31 March 2018 (FY2018). The
Group recorded a revenue of HK$59,156 million for FY2018 (FY2017: HK$51,246
million), representing a year-on-year increase of 15.4%. Gross profit amounted
to HK$16,213 million (FY2017: HK$14,963 million).
Adjusted
gross profit margin was down by 130 basis points in FY2018. Thanks to the
encouraging business performance and operating leverage, core operating profit
surged by 20.6% to HK$5,606 million (FY2017: HK$4,649 million).
According
to the WGC, Market Update for June, China’s jewellery industry has responded to
the changing consumer landscape over recent years. It has adopted two main
strategies: offering an improved product range and blending the online and
offline retail experience.
Improving
product offering 24ct gold jewellery has dominated China’s gold jewellery
market. It resonates well with older, more traditional consumers. But young,
city folk have different tastes. 18ct gold (also known as K-gold) has played an
important role in meeting the needs of this part of the market for some time.
Fura
Gems announces the initiation of the diamond core drilling program at the
Coscuez Emerald Mine in Boyacá, Colombia. Diamond core drilling program
commenced on May 28, 2018. A total of 2,500 metres are planned to be drilled
before the end of 2018. First 150 m of subsurface core drilling was completed
June 2, 2018.
The
drilling data, along with bulk sampling results, will contribute to a maiden
mineral resource estimate expected in the fourth quarter of 2018. Dev Shetty,
President & CEO of Fura, commented: “I am pleased to announce the start of
the diamond core drilling program at the Coscuez Mine. Initial results have
been very encouraging.
Government
of India has constituted a group of eminent persons to study the Special
Economic Zones (SEZ) Policy of India.
The
SEZ Policy was implemented from 01st April, 2000. Subsequently the Special Economic
Zones Act, 2005 was passed by Parliament in May, 2005 and received Presidential
assent on the 23rd of June, 2005 and the Special Economic Zone Act was enacted.
The SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February,
2006.
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