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Gold prices fall today, down ₹2,000 from last month's highs; silver rates drop

Author: unknown - Published 11-10-2019 11:04
Gold prices in India fell sharply for a second day in a row, with futures prices on MCX down 0.23% to ₹38,072 per 10 gram. Domestic gold prices are now down about ₹2,000 from last month's high of ₹40,000 per 10 gram. Tracking gold, silver prices also fell 0.34% to ₹45,266. A weak global trend and a higher rupee weighed on domestic gold price. In global markets, gold prices edged lower today as optimism over US-China trade talks lifted the risk appetite. Equity markets were mostly higher across the globe. Spot gold prices were down 0.2% at $1,491.12 per ounce.

Rapaport Weekly Market Comment

Author: unknown - Published 10-10-2019 13:59
Diamond market quiet over Jewish holidays. Slight improvement in India ahead of Bharat Diamond Week, with buyers looking for polished before Diwali break (Oct. 27). Shortages in RapSpec A3+, nonfluorescent goods as manufacturers maintain low production. China retail sales +8.5% during Oct. 1 Golden Week. Luxury brands shifting high-ticket items from Hong Kong to Shanghai stores. LVMH 3Q jewelry & watch sales +8% to $1.24B. Sotheby’s HK sells $38M, with 10.64 ct., purplish-pink, IF diamond selling for $19.9M ($1.9M/ct.); auction also reflected sluggish big-stone market as 80.88 ct., D, FL diamond fails to sell. Rapaport offices will be closed on Oct. 14-15 for the Jewish holidays.

Bizarre 'nesting doll' diamond found inside another diamond

Author: MAYA WEI-HAAS - Published 10-10-2019 13:56
WHILE SORTING THROUGH the gems freshly unearthed in Yakutia, Russia, specialists working with the mining company ALROSA stumbled across something they’d never seen before: a tiny diamond entombed in the belly of a larger diamond. The so-called matryoshka diamond, named after Russian nesting dolls, weighs a mere 0.124 grams, and the outer gem is about as wide as a grain of rice is long, according to ALROSA’s announcement about the find last week.

Gems, jewellery exports decline 7% to $12.4 billion in April-August

Author: unknown - Published 10-10-2019 13:50
Gems and jewellery exports have declined 7 per cent to USD 12.4 billion during April-August 2019-20 on account of slowdown in demand in major developed markets. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), the value of exports stood at USD 13.4 billion in the year-ago period.

ALROSA Diamond Inspector Showed High Results in the Assure Testing Program by the DPA

Author: unknown - Published 09-10-2019 13:55
The first Russian portable instrument for diamond verification ALROSA Diamond Inspector showed high results in the Assure testing, performed by the independent laboratory UL Verification Services, Inc. in Boston (USA). Due to three optical methods of analysis, ease of use and low cost in comparison with analogs, Russian device suits retail shops, pawnshops, distributors, gemological laboratories, jewelry manufacturers.

Petra’s recently found blue diamond could fetch $15 million

Author: Cecilia Jamasmie - Published 07-10-2019 13:53
South Africa’s Petra Diamonds (LON:PDL) could get up to $15 million for a 20.08-carat blue rock it found in September at its iconic Cullinan mine, when it goes for sale at a planned tender in Johannesburg next month.

Gold prices fall today after sharp gain, silver follows suit

Author: Surajit Dasgupta - Published 04-10-2019 12:41
Gold prices fell today in India after a sharp rise in the previous session. A similar trend was seen in silver prices. On MCX, prices of December gold futures contracts slipped 0.16% to ₹38,343. Gold prices had jumped 1.3% in the previous session. Silver contracts on MCX slid 0.25% to ₹45,527 after registering a 1.8% jump in the previous session. In global markets, gold prices extended gains to the fourth day today as weak US data bolstered bets of further rate cuts by the Federal Reserve. Spot gold was up 0.2% at $1,508.12 per ounce.

Rapaport Weekly Market Comment

Author: unknown - Published 03-10-2019 12:52
Trading quiet due to Chinese, Indian and Jewish holidays and weak market sentiment. Dealers cautious as fourth quarter begins. Jewelers limiting inventory purchases as shift to interactive digital shopping experience and omni-channel reduces their in-store stock requirements. Hong Kong retail sales slump as protests escalate during Oct. 1 Golden Week. Lower midstream inventory supporting polished prices. 1 ct. RAPI -0.3% in Sep. Large stones (3 ct.+) remain soft. De Beers restricting supply through flexible buyback policy at $295M Sep. sight. Richemont acquires Italian jeweler Buccellati. Rapaport offices will be closed on Wednesday, Oct. 9, due to Yom Kippur.

De Beers Diamond Sales Fall 39% in a Year

Author: Thomas Biesheuvel - Published 03-10-2019 12:49
The latest sales data from De Beers reinforces why this is one of the worst years for the diamond industry in a long time.
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