After almost two decades of exploration, the Geological Survey of India and Uttar Pradesh directorate of geology and mining have discovered two deposits with estimated gold reserves of 52,806 tonne in Sona Pahadi and Hardi villages in the Uttar Pradesh’s Sonbhadra district. This large gold reserve is more than twice of India’s current household stocks […]
Gold prices climbed to their highest level in seven years on Thursday as an uptick in the number of coronavirus cases in South Korea fueled worries over the wider economic impact of the outbreak. Spot gold rose 0.44 per cent to $1,618.38 per ounce by 1:41 p.m. EST (1841 GMT), after hitting its highest level since February 2013 […]
India’s regulator, the Securities and Exchange Board of India (SEBI) board has decided to allow non-banking custodians to manage gold-exchange traded funds (ETFs) and other gold-related products. Banking custodians can continue to provide these services, it stated after a meeting. The board decided to bring amendments to the SEBI (Mutual Funds) Regulations, 1996, in this […]
The auctioning of mining leases in Odisha has begun and is almost half way through. The current auction of mining leases marks the end of the existing regime and the beginning of a new, anxiety-laden era. The Mines and Minerals (Development and Regulation) Act was amended in 2015, extending the life of leases of both […]
India’s biggest iron ore miner plans to raise production by as much as 50 per cent, potentially boosting supplies and alleviating concerns of shortages of the key raw material. State-run NMDC Ltd. is targeting production of 48 million tons in the year starting April, and will surpass 32 million tons this year. The growth in […]
Gold imports, which have a bearing on the country’s current account deficit (CAD), fell about 9 per cent to USD 24.64 billion (about Rs 1.74 lakh crore) during April-January period of the current financial year, according to Commerce Ministry data. Imports of the yellow metal stood at USD 27 billion in the corresponding period of […]
The gems and jewellery industry urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market. Speaking at the 13th edition of the India International Jewellery Show (IIJS), Gem and Jewellery Export Promotion Council (GJEPC) Chairman […]
A surge in onion prices contributed around 70 basis points to retail inflation that scaled a 68-month peak of 7.59 per cent in January, chief economic adviser Krishnamurthy Subramanian said, stressing that the latest spike in inflation is “transitory” and is substantially driven by volatile vegetable prices and an unfavourable base, reported Financial Express.. He […]
The festive cheer for the gems and jewellery sector has come to an end in January with exports declining 9.17 per cent to $29.6 billion. Exports in the first 10 months of this fiscal year fell 5.68 per cent to $30.66 billion. With the coronavirus outbreak, prospects for the sector look dim with a key […]
In order to promote green, safe and sustainable mining practices using technology as a tool, Ministry of Coal (MoC) has launched a web portal for star rating of coal mines. Union Minister for Coal & Mines Shri Pralhad Joshi launched this portal in New Delhi which will enable all operational coal mines across India for […]
