In a first since 1998, rough diamonds mined in India will now be up for display in Surat for auction by state-run National Mineral Development Corporation (NDMC) in association with Gems & Jewellery Export Promotion Council (GJEPC), reports Business Standard. So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna. However, […]
Domestic steel consumption growth is expected to decelerate to around 5-6 per cent this fiscal, from 7.9 per cent in FY2019, on the back of an unprecedented slowdown in economic activity, said ICRA in a report. The country’s GDP growth tapered to 5.0 per cent in Q1 FY2020. Consequently, margin outlook for steelmakers has weakened in Q2 […]
Continued deterioration of investor sentiment on the back of ongoing US-China trade war which is weighing on the economy, Fitch Solutions Macro Research today lowered its average global zinc price estimates to $2,500 per tonne for 2019 from $2,600 per tonne earlier. This is despite tightening fundamentals, as global zinc slab production has declined by 1.1 per cent y-o-y in Jan-Jun, […]
Gems and jewellery exports continued its downtrend registering a fall of 14 per cent in August 2019 to $2.84 billion against $3.32 billion logged in the same period last year. In rupee terms, exports were down 12 per cent to Rs. 20,242 crore from Rs 23,077 crore. The hike in import duty on cut and polished diamond to […]
JSW Steel Ltd., India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover, Bloomberg reports. Prices may trade between $80 and $85 a tonne for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director […]
India’s economic growth is “much weaker” than expected, the IMF said, attributing the reasons to corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies. The International Monetary Fund (IMF) projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, […]
India’s gems and jewellery sector hopes to tap a $1-billion export opportunity arising out of the ongoing trade war between the United States (US) and China, reports Business Standard. The opportunity came India’s way after the US levied a 10 per cent import duty on import of gems and jewellery from China, taking the tariff to 20.5 per cent. […]
Capital markets regulator Securities and Exchange Board of India (SEBI) added diamond, base metals and alloys to the list of eligible liquid assets for the commodity derivatives segment. Currently, the list of commodities permitted as liquid assets consists of bullion, steel and agricultural commodities. “Considering the introduction of compulsory delivery-based diamond and base metal derivatives […]
More than a dozen banks nominated for importing gold are now being forced to buy the metal from abroad for lending it to jewellers, at a time when it can be bought at a huge discount in the domestic market, says a Business Standard report Gold in Mumbai’s Zaveri Bazar market is currently trading at a discount of […]
Investment in coal has been declining as both global mining corporations and international banks try to address the climate crisis. Rio Tinto has exited the thermal coal business—that is, coal used in power plants. Both Anglo American and BHP are said to have begun the process of divesting their thermal coal assets. Earlier this year, […]
