NEW DELHI: 11th August 2016
Demand for gold in India, the second largest consumer of growth, born twenty per cent to ninety seven.9 tonnes among the 3 months of the June quarter, whereas in China, the biggest consumer to this purpose, it degrew eighteen per cent as gold prices rose vi per cent in dollar terms and eleven per cent in rupee terms.
According to the newest report of the earth Gold Council (WGC), gold jewellery demand in asian country stood at ninety seven.9 tonnes in Q2, trailing China’s demand for 143.50 tonnes throughout the quarter.
Overall, consumer demand for gold in country stood at 131 tonnes (down eighteen per cent YoY) against 183.7 tonnes in China (down fourteen per cent). among the first six months of the continued calendar, gold prices have rallied twenty 5 per cent, the biggest worth gain since 1980.
“That said, Associate in Nursing optimism must be tempered with selection of} the headwinds that stay in place in an exceedingly variety of markets, love the economic retardation in China, pressure on rural gain in country and a troubled politics climate in West Asia,” the council said.
Investment demand for gold stood at one,064 tonnes, that accounted for just about 0.5 the final gold demand throughout the primary six months of 2016. it completely was sixteen per cent on the far side the previous peak among the half of 2009. Demand for ETFs reached nearly 580 tonnes within the initial six months of the yr.
NEW DELHI: The Madhya Pradesh government has started afresh the pilot spherical of auction of diamond mines, daily once it had been scrapped because of poor response.
A good response is predicted from corporations now spherical, officers same, citing interactions with the bidders.
Vivek capital of American state, director, natural science and mining, same some corporations could not complete the formalities for bidding and have requested modern auctions.
“Last time, due to some confusion, bidders submitted the bids in physical kind however couldn’t submit them on-line in time as was needed,” capital of American state told ET. “They have created representations to America, so we have a tendency to tend to annulled the earlier technique and restarted it. this point we have a tendency to tend to unit of measurement assured that each one four blocks will get sensible response.”
The authorities on weekday invited contemporary technical and cash bids for the four blocks – one diamond and three rock blocks. The last day for on-line purchase of tender document is August twenty 9 whereas the purpose for submission of bids is New Style calendar month 3.
Madhya Pradesh had earlier invited bids on could four.
The Hatupur diamond mine in Panna district is bit 133 hectares with expected zero.604 million tonnes of reserves of 10.20 carat diamonds. The Nimarmunda rock mine has seven.51 million tonnes of reserves, the Badarkha mine has seventeen.2 million tonnes and Ghuinsa sedimentary rock block possesses 9.98 million tonnes.
Currently, the Panna mine, surpass state-owned NMDC Ltd, is that the exclusively operational diamond mine within the country.
Currently, the Panna mine, surpass state-owned NMDC Ltd, is that the exclusively operational diamond mine within the country.
“Since not up to three bids were received for the on prime of blocks, consistent to Clause eight.1 (A) (d) of the tender document, the auction technique for all of the on prime of mentioned four blocks stands off,” a notification issued by the state’s mineral resource department, board of directors of earth science and Mining, on New Style calendar month twenty six same.
Meanwhile, the Union mines ministry will host a gathering on Thursday to work out the standing of mineral auctions by states among successive 2 cash years. The meeting additionally can discuss ways in which to expedite renewal of mining lease applications unfinished at varied stages.
The agenda includes various problems along side mineral conservation and development rules, offshore area mineral concession rules, and progress in fixing district mineral fund and new mineral exploration policy.
ET Intelligence Group: At a time once many jewellers ar finding their names on the FTO (non-performing assets) lists of banks, Mumbai-based Renaissance JewelleryBSE -0.31 it’s got been reporting growth without any longterm debt. that produces it the second listed debt-free jewelry company once TitanBSE zero.27 %. It jointly has cash balance value twenty sixth of its capitalisation.
The company exhibits financial discipline, price and risk controls, perpetually rising product combine and concentrate on operational margin. This has helped Renaissance grow its sales by nearly 400th within the last three years to Rs one,320 large integer and over treble its profit to Rs forty eight crore.
The company exhibits financial discipline, value and risk controls, perpetually rising product combine and concentrate on operational margin. This has helped Renaissance grow its sales by nearly four-hundredth among the last three years to Rs one,320 crore and over treble its profit to Rs forty eight large integer.
Renaissance is into coming up with, producing and promoting of jewellery products overseas and in Bharat. among the overseas business, it sells to several foreign jewellery brands appreciate stamp, Sears, retailers appreciate Amazon and JC Penny. It jointly includes a licensing tie-up with Hallmark. This reduces the possibility of dependence on a few of shoppers.
Over the years, the corporate has step by step shifted from gold to silver — from seventieth in 2010, gold currently accounts for unit of time. Through its innovation and springing up with team of over 200 people, the company has managed to remain durable negotiation power with shoppers.
Most of its sales is generated among the half of the business due to Christmas and Saint Valentine’s Day. Over the last a pair of years, the company has raised exposure to the Middle-East and Bharat to forty second among the half of FY16 from twelve months among the 1/2 FY14. the company uses hedging to manage the possibility of unsteady costs of precious metals. So far, it’s avoided aggressive growth.
Its operational margin before depreciation (EBITDA margin) improved to 6.3% from 4.9% in FY13. The management intends to expand it to 7%-7.5% over following a pair of years. It expects 13%-17% earnings growth for following a pair of years. In FY16, earnings grew by 100 and ninetieth over the previous business.
The stock has given a return of 1 hundred among the last one year. It trades at a trailing P/E multiple of five and fewer than fourfold cash earnings. it is a unvaried dividend remunerator with promoters holding seventy fifth stake.
LONDON: seems the biggest diamond discovered in over a century might not be price all that a lot of.
The lawn tennis ball-sized Lesedi la Rona did not find a customer Tues, a disappointing result for a stone that had represented as “the notice of a lifetime” by David Floyd Bennett, chairman of Sotheby’s jewellery division.
The diamond was unearthed in November in botswana at a mine owned by Canada’s Lucara Diamond Corporation. It measured one,109 carats, the second-largest gem-quality rough diamond ever discovered. Its name means “our light” within the Tswana language.
A voice same bidding reached $61 million eight below the over $70 million Sotheby’s had hoped for.
No rough diamond of this size had ever been auctioned, and after Wednesday’s sale it’s unclear if one can for a minute.
NEW DELHI: Average wage in India’s gems and jewelry trade, at Rs 2.52 large integer every year, is under that of alternative industries like drug company and capital product, resulting in acute labour shortage within the sector, says a report.
What makes things worse is poor operating conditions and restricted compliance with health and safety standards, that explains low interest among job-seekers for the trade, the Assocham-Thought Arbitrage analysis Institute (TARI) study pointed out.
The hierarchy has pharmaceuticals within the lead with a median wage of Rs five.09 lakh every year. The figure for capital product reads Rs four.94 lakh, whereas natural philosophy settles for Rs four.43 lakh, chemical (Rs three.97 lakh), automotive (Rs three.77 lakh), construction material (Rs two.88 lakh), metal and metal product (Rs two.54 lakh), that makes them a lot of profitable for job-seekers.
There square measure alternative turn-offs as well: excessive and prolonged exposure to fatal chemicals and gases which will cause respiratory organ tissue and kidney injury and cancer makes the jewelry trade less attractive for the youth.
Unorganised players and small-scale enterprises, not familiar to use up-to-date technology and high-quality materials within the producing method, additionally pull down the trade growth, the study discovered.
“Sustainable growth of any trade wants continuous provide of new talent with skills and ground-breaking ideas,” it recommended.
“Manual strategies of cutting, polishing, producing and planning of gems and jewelry have to be compelled to be substituted with high-end machines and software package by impartation sensible coaching to the youth on the use of optical maser machines and alternative fashionable techniques prevalent globally,” Assocham administrator D S Rawat aforesaid.
The study pitched for systematic and collective investment in ability development through inflated vocational education and hands development programmes, which may create a bigger talent pool.
It additionally created a robust case for providing safety kits with daily-use equipment like glasses, gas masks, gloves, research laboratory coats et al to employees, noting that such measures will facilitate scale back negative impact on workers’ health, attract a lot of young population and retain the present manpower.
NEW YORK: a huge diamond valued at over $70 million can go below the beat in London next month, the Sotheby’s house aforesaid weekday.
called ‘Lesedi la Rona’, the 1,109-carat diamond was found 9 months agone in Republic of Botswana by the Lucara Diamond firm.
Known as “Lesedi la Rona,” it had been found 9 months ago in botswana by the Lucara Diamond firm.
“It’s a 1,109-carat diamond,” said David Bennett, worldwide chairman of Sotheby’s International jewelry Division said in unveiling it.
“This is that the largest discovered in over 100 years.”
He side it had been the primary time a rough diamond of this size can go on auction.
The massive gem are shown in ny till Sunday before feat for Europe. it’s thanks to prolong show at Sotheby’s in London june eighteen to 28.
Once it’s snapped up by a bidder, the “Lesedi la Rona” may well be become jewellery, or left as-is for a personal assortment.
On an equivalent day as its discovery, another 830-carat diamond was found in botswana, the third largest within the world, William Lamb, Lucara’s president and chief govt, told AFP.
Gem and Jewellery Export Promotion Council expresses solidarity with Belgian diamond industry under terrorist attack
KOLKATA: Gem & jewelry Export Promotion Council (GJEPC) of Asian country expressed its commonness with the Kingdom of Belgium|Belgique|European country|European nation} |Belgique| European country |European nation} voters particularly diamond business of Belgium, World Health Organization were at the receiving end of the coup Diamond State main. The Indian diamond business is afraid with the actual fact that the terrorist attacks yesterday in Belgian capital claimed many innocent lives and contused many folks.
GJEPC Chairman man. Praveenshankar Pandya same “We unit of measurement terribly aghast by the dastardly coercion at the airdrome of Kingdom of Belgium. we’ve a tendency to precise our condolences to the excellent people of Kingdom of Belgium World Health Organization weren’t exclusively compassionate but in addition very accommodative that has been felt by America, the Indian Diamond community, over many decades. At currently of anguish, we’ve a bent to face with the fellow voters and diamond community of Belgium.”
MUMBAI: The 18-day long strike by jewellers, that complete last night, is calculable to possess caused loss of Rs sixty,000-70,000 large integer to the business.
Meanwhile, a three-member committee has been found out to seem into problems with jewellers and it might submit a report back to the govt among 2 months.
The Gems and jewelry Export Promotion Council (GJEPC) in a unharness said that the 18-day stir caused “losses of Rs sixty,000-70,000 crore” to the business.
The decision to decision off the strike was taken last night when the govt assured jewellers that there’ll be no harassment by excise officers and no ‘inspector raj’, Gems and jewelry Federation Chairman Sreedhar G V told PTI.
The decision was taken nem con by major jewellery associations, as well as GJF, India Bullion and Jewellers Association (IBJA) and Gems and jewelry Export Promotion Council, when they met finance minister Arun Jaitley yesterday relating to the one per cent excise duty planned on jewelry within the Budget.
“It (Excise duty) has not been rolled back, however our grievances are taken care of. The minister of finance has assured United States of America that there’ll be no ‘inspector raj’ and we ar hopeful of obtaining a notification during this regard soon. when long deliberations, all associations united to decision off the stir,” Sreedhar same.
India’s polished diamond exports slouched seventeen % year on year to $1.2 billion in December, consistent with conditional information from the Gem & jewellery Export Promotion Council. By volume, polished exports born five % to one.9 million carats. Polished imports plummeted forty six % to $239 million, leaving net exports 4.6 % lower at $964.3 million.
Rough diamond imports raised a pair of.4 % to $1.47 billion and rough exports fell seven.3 % to $99.6 million, deed web imports 3.2 % higher at $1.37 billion. India’s web diamond account, that is calculated because the distinction between net polished exports and net rough imports, was negative $402.2 million, compared with negative $313.4 million in December 2014.
During the month, Asian nation imported $2.2 million price of rough artificial stones, most of them diamonds. Polished artificial imports, meanwhile, destroyed $11.4 million.
Rio Tinto, de Beers and Alrosa are among the most important mining corporations that have determined to participate within the Indian Diamond trading Centre (IDTC), the special notified zone in mumbai.
The development comes once these miners with success completed 2 check shipments at IDTC-SNZ, that became operational from Sunday.
The IDTC has been originated to try to to away with middlemen in diamond trade and permit Indian makers to deal directly with miners.
