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Gold prices jump after sharp two-day fall

Author: unknown - Published 28-06-2019 22:40
Gold prices in India recovered today after falling sharply over two days. On MCX, gold for delivery in August contracts rose 0.70% to ₹34,401, reversing a two-day fall. The October futures contracts also traded higher at ₹34,610. In global markets, gold prices also rebounded after dipping below $1,400 per ounce on Thursday. Spot gold traded at $1,420.35 per ounce, up 0.79%, buoyed by a weak dollar and uncertainty over global trade. Gold prices had hit a six-year high of $1,438 on Tuesday.

Rapaport Weekly Market Comment

Author: unknown - Published 27-06-2019 22:49
Sentiment weak amid ongoing liquidity concerns. Polished production reduced by estimated 30% in 2019 due to high inventory, sluggish demand and tight manufacturing profits. Recent rough-price cuts not enough to reboot the market. De Beers June sales slump 33% to $390M, 1H sales -18% to $2.4B. Quiet Hong Kong fair highlights show fatigue and cautious Far East demand as geopolitical tensions fuel economic uncertainty. Gold rallies +8% to $1,402 an ounce (June 1-27) as investors seek assets with store of value. Belgium May polished exports flat at $1.2B, rough imports -16% to $761M. India May polished exports -15% to $1.9B, rough imports -35% to $1B. Tara Jewels files bankruptcy.

Gemfields Exits Amethysts, Adds Gold

Author: unknown - Published 27-06-2019 22:45
Gemfields has sold its 50% stake in a Zambian amethyst mine to enable it to focus on its core assets, it said Wednesday.

Gems & jewellery sector seeks cut in gold import duty

Author: unknown - Published 27-06-2019 22:44
In a representation, the All India Gem and Jewellery Domestic Council (GJC) said the 10 per cent import duty on gold was levied to curb current account deficit (CAD), which has narrowed to 2.5 per cent of GDP in 2019.

GIA Conducts Seminar on Evaluating Jewellery Quality

Author: unknown - Published 25-06-2019 22:46
GIA (Gemological Institute of America) presents a unique seminar that teaches the assessment of jewelry design and engineering to identify manufacturing methods, workmanship and risk of failure. Professionals will learn the 12-step forensic methodology process to evaluate how jewelry is made based on GIA’s Quality Assurance Benchmarks (QABs) for assessing

Gem Diamonds Unearths 135ct. Yellow

Author: unknown - Published 25-06-2019 22:42
Gem Diamonds has recovered a 135-carat yellow at its Letšeng mine in Lesotho, the third significant colored-diamond discovery at the deposit this year.

From Hyd Nizam's sword to Golconda diamond: Auction of Indian jewels totals $109mn

Author: unknown - Published 21-06-2019 22:46
An auction of royal Indian jewellery at Christie's at New York has totalled almost $109 million, with a jade-hilted dagger of Mughal emperor Shah Jahan, a ceremonial sword of the Nizams of Hyderabad and a bejewelled medieval huqqa setting world records. These objects, among a total of 400, went under the hammer at the "Maharajas and Mughal Magnificence" auction here on Wednesday.

Namibia to build world's largest diamond mining ship

Author: unknown - Published 20-06-2019 22:51
Five African commercial banks are investing up to $375 million in the construction of a new diamond mining vessel for a subsidiary of Anglo American’s diamond unit De Beers.

Rapaport Weekly Market Comment

Author: unknown - Published 20-06-2019 22:50
Sentiment weak as polished prices continue to soften. Hong Kong fair opens with hope for better trading than Las Vegas shows. Outlook for Chinese local demand improves as luxury consumers shift to domestic spending, since weak yuan and trade war have reduced tourist shopping. Jewelers avoiding inventory buildup. Rough market cautious despite reported 4% to 8% price cut on small rough during low-value De Beers sight. Manufacturers reducing operations due to sluggish demand and tight profit margins. Christie’s Maharajas & Mughal Magnificence sale nets $109M (93% by lot) with Cartier diamond brooch selling for $10.6M. French billionaire Patrick Drahi acquires Sotheby’s for $3.7B

Gold prices zoom ₹280, crosses ₹34,000 mark

Author: unknown - Published 20-06-2019 22:39
Gold prices on June 20 surged by ₹280 to cross ₹34,000-mark in the national capital on strong global sentiment and fresh buying from local jewellers, according to All India Sarafa Association.
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