Wednesday 30 April 2014

Coloured gems highlights Sotheby's NY sale

Four hundred and fifty lots will go on sale today in New York City as Sotheby's brings out its 'Magnificent Jewels' for sale, JCK Online reports. All told, the auction house hopes to collect in excess of US $37 million from the sales.
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Shanghai's jewellery sales up 2.2% in Q1

Sales of gold and silver jewellery in Shanghai increased 2.2 per cent to RMB 7.932 billion (about US $1.27 billion) in the first quarter of the year, citing figures released by the Shanghai Bureau of Statistics.  read more

Smuggling racket; 34kg of gold from Lanka seized in Chennai

Sleuths of the Directorate of Revenue Intelligence on Tuesday unearthed a smuggling racket in the city, and seized more than 33kg of gold worth about Rs 10 crore from a house in Triplicane. This is one of the largest gold seizures by DRI in the recent past in Tamil Nadu.  read more

Mumbai firms making Surat their new diamond capital

Mumbai may be about to suffer a blow to its reputation as the diamond capital of India. More than 50 large diamond companies in the city, reportedly representing over 70 per cent of the diamond trade in Mumbai, have decided to move to Surat, the world's biggest diamond cutting and polishing center.  read more

Good sales expected during Akshaya Tritiya in spite of elections and slow economy

With Akshaya Tritiya round the corner, both jewellers and customers have a reason to cheer. Jewellers have announced discounts on gold and diamond jewellery for the auspicious day, which sees a spurt in the sale of gold every year.  read more

India's gem and jewellery export dip 11% last fiscal: GJEPC

Gem and jewellery exports declined 11 per cent in 2013-14 to $34.7 billion, said Vipul Shah, chairman, Gem and Jewellery Export Promotion Council (GJEPC). The Council has said the fall was due to stringent gold import policies implemented from July.   read more

Tuesday 29 April 2014

Carat Ruby Crystal weighing 100 pounds to be auctioned by Bonhams

Bonhams will offer the largest ruby crystal ever auctioned at its Gems, Minerals, Lapidary Works of Art and Natural History sale in Los Angeles on May 20. The crystal, in zoisite, was mined in Longido, Tanzania, and weighs 100 pounds, or 228,000 cts.  read more

Chinese gold imports from Hong Kong jump 27% in Q1

It depends on whether you are a glass half full or half empty person – or perhaps whether you are at heart, or your set editorial policy is to be, a gold bull or a gold bear, but the mainstream media is yet again seizing on the latest Chinese gold imports from Hong Kong as another indicator that the Middle Kingdom’s appetite for gold is at last falling away.   read more

Saudi Arabia seizures 7% of global diamond trade: Report

Saudi Arabia's market has captured seven per cent of the global trade and business in diamonds, according to a report. Thanks to its high purchasing power the Saudi jewellery shows have become prominent platforms at the level of the Middle East to showcase the country's position,  read more

De Beers diamond inscriptions hit 1 million mark

Just mere months before celebrating its tenth birthday, the Forevermark seal has been inscribed on a diamond for the one millionth time, Diamond Intelligence reports. The acclaimed gem was inscribed at the Forevermark Diamond Institute in Antwerp, Belgium.  read more

Gold futures down on profit-taking; gold prices fall 0.45%

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.45 per cent to Rs 28,840 per 10 grams in futures trade today. At the Multi Commodity Exchange, gold for delivery in June eased by Rs 130, or 0.45 per cent, to Rs 28,840 per 10 grams in a business turnover of 325 lots.  read more

Indian jewellers count on Akshaya Tritya season to boost sales

Gold jewellers in India, the world’s largest consumer after China, are banking on a surge in demand at the country’s second-biggest bullion buying festival this week to end a sales slowdown caused by import curbs.   read more

Gold below $1,300; strong US data offset Ukraine tensions

Gold traded below $1,300 an ounce on Tuesday, holding on to most of its losses from the previous session as strong US data offset safe-haven bids from escalating tensions between Russia and the West.  read more

Monday 28 April 2014

UN ready to scrap embargo on Ivory Coast Diamonds

The United Nations Security Council will vote on Tuesday to quash the decade-long embargo on diamonds from the Ivory Coast. According to one diplomat interviewed by the French news agency, the fifteen members of the Security Council are in unanimous agreement that the sanctions should be scrapped. In November 2013, the Kimberley Process signalled to the UN that the ban on Ivorian diamonds was no longer necessary.  read more

London's Gold Fixing process to be observed by UK’s financial conduct authority

Regulators are stepping up their scrutiny of how gold prices are set, with officials from Britain's Financial Conduct Authority visiting Societe Generale to observe the so-called London fixing process, two people with knowledge of the matter said.
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Swarovski rides high on premium, jewellery business in India

Much has changed for Swarovski in India from the time a certain maharaja used to approach Sukanya Dutta Roy, its consumer goods business director here, for specific designs. When Swarovski entered the country, its image was that of a company that produces only luxury products. Since then Swarovski has learnt a lot and changed accordingly.  read more

Synthetic diamond; a growing market in India

The provenance of diamonds has long been the mines. Having patiently been cultivated by the earth over millions of years, these rocks were prized as much for their clarity as their rarity. Then of course labs came along, muscled in on the earth's area of expertise and promised to grow diamonds in a petridish. Now, there are pressure cookers that hasten up the process and bake a diamond in flat 24 hours. read more

Gold advances to highest in more than a week on Ukraine crisis

Gold climbed to the highest level in more than a week, set for a monthly gain, as a worsening crisis in Ukraine stoked haven demand. Assets in the largest exchange-traded product were unchanged for a fourth day.  read more

Amazon continues to lobby in India for FDI in e-commerce

In India, Amazon has been continuously engaging with the Indian government to relax the regulations against foreign e-commerce companies and allow foreign direct investment in online retail. Amazon’s global vice president Paul Misener had met with Anand Sharma in February 2013 and again in July 2013 to discuss this issue.  read more

Elections may dampen jewellery demand on Akshaya Tritiya: Experts

The government policies and general elections are likely to play dampener for the overall jewellery business during this Akshaya Tritiya, considered one of the most auspicious day to buy gold, feels the industry.  read more

India's gold import curbs will be regularized: Mayaram

Gold demonstrated its safe-haven property yet again last week. The yellow metal reversed from lows of US $1,294 and moved above US $1,300 on news of pro-Russian activists seizing a vehicle of international mediators. It closed at US $1,303.3 per troy ounce on Friday, up 0.7 per cent for the week. Silver logged a gain of 0.5 per cent at $19.73 per ounce. Platinum gained 0.6 per cent to close at US $1,422.7/ounce.   read more

Friday 25 April 2014

De Beers 1Q production up 18%

De Beers production rose 18 per cent year on year to 7.532 million carats in the first quarter of 2014, Anglo American reported. The increase was largely due to easy comparisons since one year ago production was impacted by plant maintenance at the Orapa mine in Botswana and the on-going recovery of a slope failure at the Jwaneng mine.  read more

US exports a record amount of gold to Hong Kong in January

The figures are out and it looks like the United States exported a record amount of gold to Hong Kong in January. Last year, the US exported a total of 215 metric tons of gold bullion to Hong Kong. This was not the total amount of gold exported to Hong Kong as some smaller quantities of Dore’ and precipitates made their way into the country as well.  read more

GIA hosts Gemstone Gathering in Bangkok on April 30

A decade ago, a gemmologist and his friends journeyed to Pailin, a small Cambodian town surrounded by jungle, volcanoes and rivers, to get a rare glimpse into its gem mining world. In search of a translator at the Samaki market, they encountered a local English-speaker knowledgeable about gems who would forever change their views on field gemology.  read more

Indian stocks continue to outshine gold and silver

Indian stocks continue to outshine gold and silver when it comes to adding to investors' wealth by giving returns of 8 per cent so far this year.
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Leading Indian jewellers make their first visit to Rio Tinto's Argyle mine

Twenty leading Indian jewellery companies have made a historical first visit to Rio Tinto’s Argyle diamond mine in the remote east Kimberley region of Western Australia.
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Indian Jewellers in a fix on Govt’s new rule on instalment schemes

Jewellers across India are in a spot of bother after the new Companies Act and allied rules came into force this month, impacting popular gold schemes that gave them access to capital.
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Thursday 24 April 2014

US chain-store sales up 2%

US chain-store sales increased 1.9 per cent year on year for the week that ended on April 19, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Comparable-store sales improved just 0.4 per cent from the previous week.
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CIBJO Ethics Commission publishes special report

With fewer than four weeks away before the opening of the 2014 CIBJO Congress in Moscow on May 19, 2014, the fifth of the CIBJO commissions' special reports has been released. Prepared by the CIBJO Ethics Commission, headed by Cecilia Gardner, the report looks specifically at ethical advertising principles and standards for the gemstone and jewelry sectors.  read more

Anglo Asian increases Azerbaijan gold output by 32%

Azerbaijan's main gold producer said it had increased output by 32 per cent in the first quarter of 2014 and set a target of 62,000 to 67,000 ounces for the year, up as much as 28.7 per cent from production in 2013.
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Dubai Global Gold Centre on continuing bullion demand

Even though the price of gold has fallen below the psychological level of US $1330 an ounce, and while the mainstream media continues with its consistently negative coverage, demand for physical gold remains extremely robust in certain regions.
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Gold edges up, but holds near 2-1/2-month low as equities rally

Gold edged up on Thursday but held near a more than two-month low with a rally in equities dimming its appeal as an alternative investment, while demand from jewellers was also muted as they waited for prices to drop further.
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Credit card purchase dominate the jewellery segment in India: RBI

Of the 369 million debit and credit cards in the country, 10-15 per cent are used only for online transactions, the Reserve Bank said.

India is one of the fastest-growing countries in the plastic money segment, with close to 350 million debit cards and 19 million credit cards in circulation.
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India's gold import likely to decline in April and May

While comparing with March, India’s gold import is likely to decline in April and May as India has restricted money flow in order to raise curtain for the general elections. According to the officials, the government’s stringent restriction over money has knocked down the purchasing power of the customers.  read more 

Wednesday 23 April 2014

GIA appoints Matt Crimmin VP of laboratory operations

The GIA has named Matt Crimmin vice president of laboratory operations, focusing on Africa and the Middle East.

Crimmin comes to GIA from Procter and Gamble but has spent much of his career at GIA.  read more

China's gold, silver and jewellery retail sales down 6.1% in March

The retail sales of gold and silver products, and finished jewellery in China totalled RMB 22.3 billion (US $3.58 billion), down 6.1 per cent in March compared with the same month last year, according to the recent data released by the National Bureau of Statistics of China.  read more

Apple extends company's trademark to include 'jewellery and watches'

Apple is extending its company trademark to include jewelry and watches ahead of a rumored iWatch device. Last June, Apple began registering for 'iWatch' trademarks; however, it is now updating its actual company name registration to cover jewelry and watches.   read more

Nearly 219 kg of gold seized from Kerala airports in one year

Smuggled gold to the tune of 219 kg, which is worth Rs 76.65 crore, was seized from international airports in Kerala during the last one year ending April 20, 2014.
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Gold above 10-week low as investors weigh Ukraine, US recovery

Gold traded above a 10-week low as improvements in the US economy were weighed against tension in Ukraine and signs of higher demand in China. Assets in the largest exchange-traded product held at the lowest in 12 weeks.
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Investors shy away from gold ETFs

Gold exchange-traded funds (ETFs), once a popular investment vehicle among retail investors, seem to be losing appeal, going by the large-scale closure of folios and the continuous net outflows. In the past year, about a fifth of the accounts set up for investments in this product have seen closures.   read more

India's jewellery sales take hit on election restrictions

India's gold imports in April and May could be less than half of arrivals in March, as restrictions on the movement of cash during general elections dent the buying power of consumers, jewellery industry officials said.
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Tuesday 22 April 2014

Rapaport Melee Diamond Index up 5.4% in 1Q 2014

The Rapaport Melee Index (RMI™) for small diamonds increased by 5.4% to 137.60 during the first quarter of 2014. Year on year the index is up 1.9% from its level of 135.00 in March 2013.
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Tiffany and Co. will benefit from China's increasing demand for jewellery: Analyst

Tiffany and Co. will benefit from China's increasing demand for jewellery coupled with the country's low rate of diamond penetration, especially as marriage rates increase, according to Sterne Agee analysts Ike Boruchow and Tom Nikic.
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US consumer price index for jewellery declines 2.6%in March

The US consumer price index (CPI) for jewelry declined 2.6 per cent year on year to 172.12 points in March, which was just a touch higher than February.
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GSI held third annual clean-up campaign in Mumbai

The Gemological Science International (GSI) held its third annual clean-up campaign on April 21 in Mumbai. GSI employees, together with municipal employees of the city, grabbed brooms and cleaning equipment to spruce up Turner Road in Bandra, Mumbai.
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Malabar group to launch its 115th store in Oman

Malabar Gold and Diamonds, one of the largest gold and diamond jewellery retailers in the world, is launching one of the biggest promotions across its network, spread in the GCC and Singapore. The promotional campaign – which starts from April 23, will run for 11 days till May 3 in Oman showrooms.
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Barclays to exit most commodities trading

The U.K. bank will pull back from trading in base metals, energy and agricultural products and fold its precious metals business into its currency trading unit, people familiar with the plans said Monday. The move comes as Barclays prepares to tell investors on May 8 how it will reshape its investment bank, where the commodities business is housed, to adapt to costly new regulations and a slowdown in some business areas.  read more

Gold extends losses to 4th day as fund outflows

Gold extended losses into a fourth session on Tuesday and hovered near its lowest in 2-1/2 weeks on further outflows from bullion-backed funds and stronger equities. Geopolitical tensions in Ukraine failed to lift gold’s safe-haven appeal, underscoring bearish sentiment in the market. Spot gold fell 0.2 per cent to US $1,286.65 an ounce by 0312 GMT. The metal declined to US $1,281.40 the day before - its lowest since April 3.   read more

Curb on gold import not sustainable in long run: Commerce Ministry

The Commerce Ministry today pitched for removal of restrictions on gold imports saying it is not sustainable in the long-run. The present gold import policy is workable only for a short distance. When this policy was conceptualised it was for a limited objective.
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Monday 21 April 2014

GIA to offer world class education on diamonds in Jaipur

Diamond enthusiasts, hobbyists and connoisseurs have the exciting opportunity to learn more about the cherished diamond – including the qualities that add to its value and jewellery buying tips– from one of the world’s leading experts.
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