Bharat Diamond Bourse launches

According to a report by the Gem and Jewellery Export Promotion Council (GJEPC) the new diamond bourse in India has officially been launched last week.

The GJEPC inaugurated its office at the Bharat Diamond Bourse in Bandra-Kurla complex, Mumbai on 9 October. Customs and some of the first offices from other sectors of the industry are likely to make the move to the Bharat Diamond Bourse by end of this year.

Tanishq unveils hi-end jewellery collection ‘Aleya’

Tanishq announced the launch of their exquisite ‘Aleya’ collection, a range of hi-end diamond jewellery set in 22k gold.

Aleya, which means "to rise or ascend" in Hebrew or "highborn or of the highest social standing" in Arabic, is a mixture of polki or uncut diamond and semi-precious stones like rubies and tourmalines set in 22 karat gold with an open setting.

"We at Tanishq aim at offering the best and the latest design in line with the existing trends. Aleya Collection from Tanishq is designed keeping in mind the demand for variations in diamond jewellery and also a requirment for the forthcoming wedding season. We have about 150 designs ranging from neckwear, earring, finger ring etc. that is carfted using uncut diamonds and semi-precious stones," said Sangeeta Dewan, Head of Tanishq’s Design Studio.

The collection is priced Rs40,000 onwards and will be available at 50 Tanishq's stores across all major metros and select tier-II cities.

Tanishq’s jewellery is manufactured in a fully integrated manufacturing plant with state-of-the-art equipment. The Tanishq retail chain currently includes 112 exclusive boutiques in 75 cities, making it India's first and largest jewellery retail store chain.

Precious metals shine: Walter de Wet

Yesterday turned into a disaster for equities, crude oil and base metals. However, precious metals showed their mettle. With financial markets in such disarray, gold was the happy beneficiary.

After an uninspired start by equities in Asia yesterday morning, markets deteriorated as the day progressed. The FTSE in London shed 7.85%, followed by the S&P and Dow clocking losses of 3.85% and 3.58% respectively. Equities in Asia are listless again this morning in the wake of yesterday's shocking stock performances in Europe and the US after markets in Asia had closed. However, today should be less volatile trading as financial market investors regroup.

With panic spreading yesterday, the US dollar simply shone. It went from strength to strength, pushing from $1.3705 in Hong Kong to $1.3444 against the euro in New York. Should sentiment steady today, the dollar might give up some of these gains. However, we believe the euro will remain under pressure against the greenback in coming months.

Central bankers around the world, specifically European central bankers, are likely to work ceaselessly to return stability to financial markets. While a surprise interest rate cut is not our base-case scenario, we believe the odds of this have risen in Europe and the US. ECB president, Mr Trichet, will speak later today, followed by Fed Chair Bernanke. Markets will be scrutinizing their comments.

Gold started the day steadily, drifting around $830. But with panic infecting equity markets, investors piled into the yellow metal when European markets opened. Gold then climbed to $875.5 at the PM Fix. What makes this rally so noteworthy is that it happened despite a rampant US dollar. Towards the close in New York, gold had to surrender some gains; it closed at $864. Primary support is at $853, and secondary support at $843 and $822. Resistance is at $875, $888, and $906.

Silver started the day on the back foot, losing 30 cents in Asia, to trade at $11.00. But with gold pushing higher in Europe, silver followed, touching $11.50. In choppy trade, it bounced between $11.15 and $11.40. Support fell away towards the close, and silver closed at $11.04. Primary support is at $10.94 and secondary support at $10.64 - $10.50. Primary resistance is at $11.52, and secondary at $11.80.

Platinum also benefited from financial market uncertainty, tracking gold. It gained from $930 to just around $1,000 in New York. With momentum fading for gold, platinum closed at $973.

Palladium is still holding up well. Although trade has been erratic, it seems to have settled at $195 - $205. It closed at $198.

Rhodium dropped again, fixing at $3,195 in New York.

Nirupa Bhatt appointed as Chairperson of FICCI's Gem and Jewellery Sub Committee

Nirupa Bhatt, MD, Gemological Institute of America (GIA) India Laboratory Pvt Ltd, has been appointed as the Chairperson-Sub Committee Quality and Standardisation of FICCI's Gem and Jewellery Committee.

"India has the potential to be the global manufacturing hub for cutting and polishing of diamond and gemstones as well as jewellery manufacturing. However, in order to achieve this it is imperative for the companies to be able to be recognised for consistency in quality. This is only possible if companies have documental systems and processes in place. Standards and technology together can become the enabler for achieving this," said Nirupa Bhatt.

The primary objective of the committee will be to promote use of technology in manufacturing and production to modernize and upgrade the current practices in the Indian gems and jewellery sector .