SONA SWISS celebrates Raksha Bandhan with unique golden rakhi of 24K GOLF LEAF FLOWER

~Priced at an affordable range of Rs 100/- to Rs 700/- are available in different sizes~

Mumbai, July 29th 2009: The festival of Raksha Bandhan holds immense significance in India and the custom of celebrating the festival with sacred thread of protection embellished with the love and affection of a sister for her brother. Rakhi strengthens the bond of love between brothers and sisters. To reinforce the bond, SONA SWISS has specially designed and crafted Rakhi made of 24K Gold Leaf Flower. Sona Swiss 24K Gold Leaf Rakhis are affordably priced in the range of Rs 150/- to 700/-.

SONA SWISS 24k gold flower collection which includes 24k gold rose, 24k gold carnation, 24k flower bouquet for a stunning centre piece. Sona Swiss has introduced whole new range of 24k gold flower hair accessories and 24k Brooch.

SONA SWISS products are handcrafted & have been specially created using traditional goldsmith's skill combined with the latest patented 3D Art Technology. All Sona Swiss products are made of pure 24 carat Gold leaf with a purity of 999.9 in thousand. They have also been independently certified for their gold purity by the Assay offices in London and New York. All the gold products come with a certification from Taiwan, USA, etc our gold foil products are patented for designing and manufacturing. All gold materials are of high purity imported from Switzerland.

For further information and business related queries please call:-
Priyanka Gole
Sona Swiss Gems Pvt. Ltd.
Unit no. 16, 6th Floor, A.C market, Tardeo, Mumbai 400034, India Tel/ Fax: +91 22 40047765, Web: http://www.sonaswiss.com/ Email: sona.swiss@gmail.com
Cell phone - 9987199047

Metal Weekly-Karvy Comtrade

BULLION

Bullion prices gained last week amidst a plethora of weak economic numbers, plunging global stocks and a slowing world economy. The appeal of the yellow metal as a safe haven drove its prices to an eleven month high of $1007.70 levels per troy ounce which is the highest since March 18, 2008. Silver also gained, tracking gold, with prices ending the week at $14.49 a troy ounce, up by 6.35%. The financial crisis has resulted in a recession in most of the developed nations with some investors buying gold due to fears that government measures are insufficient to bring the economy out of recession, while others buying the metal on speculation that money injection will fuel inflation. The Japanese economy shrank by 3.3% Q/Q, further deepening into a recession. The finance ministers of the G-7 (Group of Seven) countries held a meeting in Rome on Sunday, stating that a "severe" economic downturn will persist for most of 2009. The economic data provided credence to the above statement as the numbers reported a further decline. Economic data continued to worsen as Housing Starts dropped to its all time low of 4,66,000 units. Building Permits, which is a gauge of future housing activity, also fell by 5,21,000 units while industrial production fell by 1.8% in January, which is the lowest level in five years. In addition, the US Empire Manufacturing and the Philadelphia Federal Index also contracted sharply, proving fatal for the economy. The Fed revised its 2009 outlook and stated that the economy will contract between 0.5% and 1.3%. It also set its inflation target of 2%, while the unemployment rate is projected to rise between 8.5 and 8.8%.

Bullion prices are bound to gain in turbulent times as asset classes like equities and currencies continue to erode value. Investments in SPDR gold funds climbed to a record-high last week and are just shy of 1,040 tonnes, held by Switzerland, which is the sixth-largest stockpile. The holding stood at an astounding 1,029 tonnes. According to the London-based World Gold Council, investment demand for bullion, including coins and bars, almost tripled to 399 tons in the fourth quarter, as total demand climbed 26 percent to 1,036.5 tonnes. Investment in Barclays Plc’s IShares Silver Trust, the biggest ETF backed by silver, also rose to a record last week, topping 7,892.2 metric tons.

The most active COMEX Gold April futures contract surged by 6.37% and closed at $1002 a troy ounce. This week, the GDP and housing data along with Euro-zone industrial new orders and unemployment will be crucial to watch out for. Expected downturn in the US economic growth rate is likely to result in firm movement in bullion prices. Moreover, investments into
Technical view: XAU- SPOT GOLD
Spot gold rose sharply in the last week, witnessing more than 5.64 per cent from the previous weeks close and settled the week at $992.45 levels. Market also witnessed a high of $1005.40 levels. Market has been moving higher for the past two consecutive weeks as the short term as well as medium term moving averages are trading below the price levels. Technically, market is moving in a rising trend channel and shown a higher break out signaling prices to move further up in the coming sessions. Likewise, the momentum indicator RSI-14, weekly, is supporting the trend as it is currently treading at 0.65 levels. The momentum indicator has still potential to move further up and may enter into overbought territory.


However, in the daily price chart, the RSI-14 is treading at 0.72 levels, which shows, after an upward movement, market may set for a correction. Market is moving above the 76.4% retracement of the previous correction (from $1030.80 to $680.80), signifying auxiliary upwards move. Taking Elliot principles into consideration, the current trend which has resumed from $680.80 is the 5th impulse wave which is likely to move beyond previous top ($1030.80, or top of wave-3). On break of the same it may advance to $1060-1080 levels. However, for the week, we may expect market moving up to $1007.10 and breach of the same it may test $1030.80 levels. Likewise, on the lower side the supports are at $975 and then $960 levels. If market sustains above $975-960 range, then we may see prices to remain on higher levels for the week ahead.

Knowing Gold Price Seasonality-Karvy Comtrade

The yellow metal gold has seen a phenomenal rise in both 2008 and 2009. Last year we saw active gold future prices touching historical highs of $1033.90 a troy ounce backed by the depreciating dollar, leading to an increased appeal of the gold as alternate asset class. From thereon, gold prices fell to $681 levels as dollar appreciated on back of financial and economic uncertainty and cash liquidity got squeezed in the market. In the current year, prices seem to be back on bull track as they surge by 8.8% in a span of 48 days.

Demand for gold is broadly classified into jewelry fabrication, industrial application, government and central banks, and private investors. The demand is generally concentrated in the Indian subcontinent, Turkey, and the Middle Eastern nations. Over 50% of the demand comes from the jewelry sector while industrial & dental and investment contribute to the rest. In Q308, jewelry demand constituted 58% of the total gold demand, while the remaining two categories had a share of 9% and 33%, respectively. Investment demand is other major source of demand which is more during period of uncertainty.

Although prices have increased by 8.8% on COMEX, domestic market have witnessed an increase of 11.44% as rupee depreciated by 1.52% and demand during festive season picks up. For instance, when gold reached $1033.90 levels on March 17, 2008, MCX gold prices made a high of Rs.13397 per 10 grams, while now when gold prices on COMEX are at $962.70 levels; MCX gold prices are seen quoting at Rs.15200 levels. Commodity prices in the long term generally tend move in particular trend which is observed or analyzed in order to obtain likelihood of the same. The seasonality index in this regard helps one determine and identify the periodicity of the price action. Nevertheless as truly said by William I. Tierney, Jr., Mark L. Waller and Stephen H. Amosson "Seasonals are based on past prices and may merely reflect random effects rather than any true predisposition in market performance. Also, even if seasonal patterns are well founded and appear to be statistically reliable, seasonal effects can be over-whelmed by changing fundamental (and even technical) factors."

If seen historically, gold demand during October-March is high when compared to other months, as India, the world’s largest consumer of gold; goes through the festive and marriage seasons. Demand for gold is especially more during this period as gold is regarded as an eternal
beauty by Indians. Given below is the chart showing seasonal pattern in gold prices for the period during 2002-2008.

Prices of gold started rising from the month of September, took a dip between December and January and rose again until March. Between March and September, prices have been usually on the lower side.

Titan unveils Nebula Calligraphy Collection for men

Nebula, the exquisite range of solid 18K gold watches from Titan, has introduced Nebula Calligraphy - a collection inspired by the art of Calligraphy.

Bollywood actor Raima Sen unveiled the collection in the presence of Ms. Vandana Bhalla, Marketing Manager, Titan. Calligraphy means "beautiful writing".

Free spirited & uninhibited, this art form extends from alphabets to numerals to even abstract expressions using a vivid palette of colors. Meticulously crafted in 18K Gold, the Nebula Calligraphy collection is a unique blend of intricate craftsmanship and the delightful art of Calligraphy. Studded with dazzling diamonds and Italian styled leather straps, watches in this collection are brought alive by the exquisite use of calligraphy on the dials. Indices in the devnagri script adorn the mother of pearl dials while Sanskrit lipi shlokas quietly form the backdrop in some of the watches. The Classic forms and simple elegance captures the ingenuity and creativity of an invaluable collectible.

Speaking on the occasion, Ms. Vandana Bhalla, Marketing Manager, Titan, said, "Every collection from Titan enables our customers to connect with their deep-rooted yearnings of self-expression, encouraging them to Be More in their lives. Nebula Calligraphy is a beautiful illustration of this theme as it allows them to bring alive their hidden love for art".

Unveiling the collection, Raima Sen, Bollywood actor said, "I am truly impressed with the inspiration and refined styling of these watches. I am an ardent lover of all art forms and the flowing lines of calligraphy as an art appeals greatly to me. I think every watch in this new collection from Titan Nebula is a beautiful piece of art." Created by the Titan design studio, every Nebula watch is crowned with a sapphire glass crystal and comes with a lifetime warranty.
This unique men's collection is available in 7 different styles, offering dial designs that range from the subtle use of the art to bolder versions. The collection is designed to appeal the discerning men with a keen interest in art forms. Priced between Rs. 65,000 – Rs. 95,000/-, the Nebula Calligraphy collection is available exclusively at the World of Titan showrooms across the country.

About Titan Nebula: Nebula is an exclusive collection of 18k solid gold jewellery watches from Titan Industries Ltd. and India's first solid gold watch brand. Crafted in 18k gold, the elegant watches are a blend of the rich heritage of Indian jewellery and the fine craftsmanship of watch making. The Nebula collection comprises a variety of exquisite watches in 18k gold both plain and embellished with pearls and diamonds. The Nebula range is available in kada & bracelet styles for women besides the classic leather strap style. For men, there are options available in leather strap or pure gold strap. The entire Nebula collection of jewellery watches ranges from Rs. 18,000 to Rs. 1,50,000 and is available across all World of Titan showrooms. Each watch comes with a lifetime warranty and is designed to last for generations.

About Titan Industries: Titan Industries Limited, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO) commenced operations in 1987 under the name Titan Watches Limited. In 1994, Titan Industries diversified into Jewellery and more recently into Prescription Eyewear with Titan Eye+. Today Titan Industries is India's leading producer and retailer of watches and jewellery, and is credited with changing the face of the Indian watch as well as the jewellery industry. The watch division has a domestic market share of over 70% of the organized market. Titan Industries reported a turnover of Rs. 3,046 Crore for the year ended 2007 - 08. As a full range producer-marketer, Titan Industries offers the Indian and International customer a very large range of products to suit various consumer preferences. Its products are recognized for innovation in design, quality and reliability.

Israeli Diamond Industry To Have Record Presence at Hong Kong March

Ramat Gan, Israel, February 18, 2009: The Israeli diamond industry will have a larger presence than ever before at the Hong Kong International Jewellery Show from March 4 - 8, 2009. This year, 61 Israeli diamond manufacturers and exporters will be exhibiting, with 41 of these companies located in the Israel Diamond Pavilion, organized by the Israel Diamond Institute Group of Companies (IDI).

IDI sources say that the unprecedented participation of Israeli companies attests to the overwhelming interest that the Israeli Diamond Industry has in expanding its business in Asian markets.

The Israel Diamond Pavilion is located in Hall 5, Aisles D,E,F,G and Annex. IDI’s information booth is located at 5F21 at the entrance to the pavilion. It will provide assistance to buyers and help them find the goods they require in the pavilion.

In honor of the fact that this is largest Israeli Diamond delegation to the HK March Show - IDI will be holding a festive cocktail reception in Hall 5 in the Oasis area, opposite the diamond pavilion on Friday March 6, between 2 – 3 pm.

An online mini-site, which can be accessed through the IDI portal site at http://www.israelidiamond.co.il/Exhibition/index.aspx?id=8&lang=eng
enables buyers to visit the pavilion virtually before the fair. The mini-site includes contact details of all Israeli exhibitors, as well as a map indicating their location at the show.

Most of the Israeli companies participating are refocusing their marketing efforts, offering different and lower priced goods than before. Elona Bilet, Marketing Director of Trapz says that the company will offer smaller pairs – called the Mini Trapz Collection -- which she says “offers the same unique look of trapezoid side stones but smaller and at a much more affordable price.” She added that Trapz will also be focusing on lines of radiants, cushions and emerald cuts in smaller sizes for eternity bands, bracelets and necklaces. “We expect these to sell well. We assume customers are looking for alternatives to larger stones and will be looking for multiple stone layouts that have the same big look but at a much cheaper price.”

Isaac Badra, Sales Manager of veteran fancy shape manufacturer, Vulcan & Co., which is a first time participant in the show, says that due to the economic situation they are offering the same goods at lower prices. “The price list and the market have both dictated that diamond prices are down. We have to adapt ourselves to the market,” he said.

The Israeli participants also have lowered expectations for the show but are cautiously optimistic. Bilet says that they have set up appointments with existing clients but hope to meet new buyers from Asia and Australia. Eran Ben Yehuda, Marketing Manager of fancy manufacturer Dani Avlas Diamonds, says they hope at least to cover their expenses. “We’ve informed all of our regular clients in Asia, as well as in Europe and the U.S. that we’ll be at the show. We hope to see them and to meet new clients – especially from new markets,” he said. Badra says that he has spoken to clients and they will be at the show. “We know they’ll come to see us but we don’t know how much they’ll buy. I don’t have any expectations, but I’m optimistic and hoping for the best,” he said.

IDI Chairman Moti Ganz said that now more than ever, Hong Kong, as the gateway to the Far East, is a major focus for the Israeli Diamond Industry. “For years we have looked to the Far East as a huge growth market for Israeli diamonds. Our industry, which is known for its flexibility and adaptability, is seeking now especially to expand its efforts in these markets. IDI is working hand in hand with the industry to promote these efforts,” he said.

IDI Managing Director Eli Avidar stressed that the Far East, with Hong Kong leading the way, represents a growth market for Israeli diamond exports now and in the future. “Although the world economic crisis is affecting the Far East, we are looking forward to seeing some encouraging signs at the Hong Kong show in March,” he said.

Avidar added that he was very optimistic about the medium and long term prospects for Asian markets. “China has evolved into an independent market for luxury goods and jewelry, with a great amount of wealth being created. In the coming years we believe that China will become an important consumer of polished diamonds, and we are focusing our marketing strategy on developing this market,” he said.

According to Avidar, IDI’s representative office in Hong Kong was spearheading efforts to enhance trade contacts with the region. In addition, he noted that IDI’s Chinese-language portal site has become an important vehicle for facilitating direct contacts between these countries.

Hindustan Zinc hikes silver rates to Rs 21,200/kg

Vedanta Resources group firm Hindustan Zinc today said it has increased prices of silver by Rs 450 to Rs 21,200 a kilo gram.

Silver metal is used in electrical contacts and conductors, mirrors and in catalysts for chemical reactions. Its amalgamations are used in dental fillings. It is also used in soldering activities.

The price revision is effective from today, a company circular said, adding, the prices are exclusive of sales tax/VAT and other statutory levies as applicable.

The miner revises silver rates on a daily basis following the price movement at the London Metal Exchange.

Shares of Hindustan Zinc were trading at Rs 334.90 on theBombay Stock Exchange, down 1.46 per cent in the early afternoon session.

Ganjam Opens Exclusive Boutique In New Delhi

Ganjam the premium jewellery brand has a century old legacy of being jewellers to The Indian Royalty. Now this internationally acclaimed brand has opened its first exclusive boutique in New Delhi at the DLF Emporio ushering in an era of design and unparalleled craftsmanship, in the nation’s capital.

To celebrate this opening Ganjam will exhibit highlights of their acclaimed family Collection of Heritage jewellery. Steeped in history and rooted in Indian tradition, this rare collection will be on display from 7th February to the 15th February 2009 at the newly opened jewellery boutique. On display will be antique ceremonial pieces worn by Indian royalty and courtiers. With the same inspiration as the South Indian temple architecture, these ceremonial pieces are strongly influenced by mythology and the human form.

Ganjam is recognised internationally as a cultural reference to the Indian jewellery market and has to its credit numerous accolades, trophies and commissions from the world's leading jewellery specialists like the Platinum Guild International (PGI), World Gold Council, Pearles de Tahiti.

Ganjam was one of the select brands invited to exhibit at the prestigious International Jewellery Fair in Basel and was also commissioned by the PGI to design and create the iconic piece for the Basel Fair, 2007.

Luxurious indulgence has long been a term synonymous with Ganjam as they merge contemporary designs with traditional forms of craftsmanship, bringing to the customer a unique blend of luxury, style and glamour.

According to Mr. Umesh Ganjam, Director Ganjam “At Ganjam, we are extremely proud that while maintaining our legacy of craftsmanship we have received international appreciation and won global awards for our designs.”

While commenting on their foray into the Delhi markets, he said, “Ganjam’s excitement on entering the Delhi market is palpable, as we believe it to be a receptive market to our quality of jewellery, which has not until now been generally available. Customers in the Capital have a strong awareness of the latest international fashion trends and a deep appreciation for Indian heritage. They are connoisseurs of art and lovers of all good things in life. We believe that Ganjam will appeal to this niche audience and be well accepted by them”

This 1500 sq. ft store is designed to express the jeweller’s identity through subtle glimpses of the Hampi architecture which is visible in the regal interiors.

A long-term cost perspective on PGM prices

Current PGM demand has made many projects unfeasible. But the fall in demand could also obliterate the deficit which has plagued the market over the past few years as well as push the market into a surplus until at least 2014. We expect demand to fall by almost 8% y/y, to 7,22m oz in 2009. Thereafter, we expect a y/y increases for platinum demand. The fall in demand is driven by car sales which could decline by 7m units from levels reached in 2008 as consumers in the US and Eurozone struggle to cope with economic conditions. We expect little support from jewellery demand which we expect to remain largely unchanged. Other industrial uses are also set to decline. In 2010, we expect a recovery in demand. While y/y growth rates could rise, the amount of platinum oz actually consumed would only reach the levels seen last year in 2011. By 2014, we estimate that total demand for platinum could reach 9.125m oz.

Platinum mine supply in 2008 is estimated at 6.7m oz. While we have already seen production cuts at platinum mines in South Africa, we doubt production cuts could completely offset the fall in demand in 2009. At current price levels, we expect production cuts of between 400K and 500K oz. Working with the low end of the range and adding 190K oz of new platinum supply coming to market, total supply should be 7.51m oz in 2009.

Furthermore, in H2:10, as demand starts to pick up, operations which were shut down this year could restart (we estimate 400K), allowing for supplyto come to the market faster than any new developments. We have assumed that the cutbacks are brought to market in equal proportions in 2010 and 2011. Another source of supply is scrap. While this is not set for a massive rise until 2011, scrap and recycled platinum could reach 1.8m oz by 2014. This, we believe, could see the platinum market in a constant surplus until 2014. Should recycled metal increase as mentioned, and demand is close to our assumed numbers, the surplus would rise rapidly as we approach 2014. Above-ground stock would rise as a result. Should this happen, it should restrain prices.

We use our PGM cost model to estimate a price for platinum, palladium and rhodium that is consistent with our estimate of a surplus of 300K oz of platinum in 2009, and the surpluses in following years. In our cost model, we assume mining inflation at 10% y/y until 2014 and ZAR/ USD at $10 in real terms. While cost inflation is low compared to mining inflation in the recent past, current deflationary forces should push some mining costs lower. We further assume that new projects would, in 2008 prices, not be more expensive than current operations. This assumption is justified on the premise that any mine more expensive than current mines would not be a viable operation, given the expected surplus in the market.

There is a caveat to our approach. Above-ground stock ofplatinum could rise by another 3.2m oz by 2014, from the current estimate of about 1m oz. As a result, the market could see this as excessive, and prices might fall. Above-ground stock of 4.2m oz would translate into a 160 days of consumption (at our 2014 demand levels) and this is much higher than the current estimate of 40 days. Arguably, some of the projects listed would not come to market, or at a much smaller scale.

"Cleo" valentine’s watch collection from Titan

Bold watches are in this season and this Valentine's Titan has got a line of watches called 'CLEO'.

Titan ‘CLEO’ reflects the energy and vibrancy of today's fashionistas. The watch is designed in a manner to fit for both both, office name wear or for a night out.

Styled with a louisiana croco leather strap in beige adorning the round studded case, this watch has a truly, contemporary form. The asymmetrically laid out indices in blue with an embellished seconds dial add a sparkling touch to complete this timepiece.This watch is priced at Rs. 3,995.

Meanwhile this contemporary creation with an international styling has a studded round case complemented with multi function features. The white dial comes to life with the sub dials further studded to highlight the day, date and the 24-hour function. With its graceful steel bracelet, this watch is an irresistible accessory for modern women. This wrist wear is priced at Rs. 5,495.

The collection is available at all World of Titan showrooms and department stores across the country.

India's first Architecture watch 'Bridge' by Xylys

Mumbai, January 20, 2009 : Xylys, the premium Swiss watch brand presented its 'Inspired By Architecture' line watch 'Bridge' to Hafeez Contractor at an event held at World of Titan on Tuesday.

Mr. Contractor, known for his many award winning architectural designs and for some of the most beloved building landmarks of India was felicitated by Xylys for his expertise and contributions to the field of architecture. It was a perfect opportunity that 'Bridge' - the watch that exemplifies exquisite architectural detailing - be presented to one of the stalwarts of modern Indian architecture.

"It's a pleasure to receive this brilliant form of craftsmanship from Xylys today. This is a watch I can associate closely with because of the intricate architectural designs incorporated in the watch which has impressed me a lot," said Contractor.

'Bridge' with its parallel arches miniaturizes the bridge architecture, to the midnight black bracelet that perfectly complements the dark dial. The attention to detail is prominent in the use of anti-reflective coating, scratch resistant sapphire crystal glass, and a 3 year warranty on both movement and battery. Priced at Rs. 14,000/- onwards, the collection is available in 5 distinct styles with both leather and metal bracelets.

The ladies range in the same line includes timepieces studded with 8 SIG1 diamonds and a mother of pearl dial making it a statement in luxury and precision.

Xylys is the premium watch brand from the house of Titan limited industries. It was launched in 2006 in collaboration with renowned Swiss designer Laurent Rufenacht and Titan's very own design advisor Michael Foley. The brand is targeted at men and women, who are today's people; supremely confident and conscious of the image they project. Priced between Rs. 8,000 and Rs. 25,000, the Xylys range of watches comes in three collections - Contemporary, Classic and Sport and offers over 60 distinctive models.

Israel Publishes List of Top Polished Diamond Exporters

Ramat Gan, Israel, January 21, 2009: The annual list of Israel’s largest polished diamond exporters was published by the Israel Diamond Controller’s Office in the Ministry of Industry, Trade and Labor. Topping the list once again is L.L.D. Diamonds Ltd., owned by Lev Leviev, with exports of $417 million in 2008.

Second on the list of top exporters is Leo Schachter Ltd. with $352 million. In the third place is A. Dalumi Diamonds with $182 million.

In the fourth place is Espeka Diamonds International Ltd. with $159 million; after that is Yerushalmi Bros. with $150 million in exports in fifth place.

Next on the list are: A.A. Rachminov Ltd., sixth place, with $141 million in polished diamond exports; PDD Diamonds, seventh place with $121 million in exports; M.I.D. House of Diamonds Ltd., eighth place, at $111 million; Niru Diamonds Israel (1987) Ltd. in ninth place, with $91 million and SN Asia (Israel) Ltd. in tenth place with $86 million.

Israel Diamond Controller Shmuel Mordechai said that the net polished exports of the top 25 exporters totaled $2.567 billion, accounting for 41% of Israel’s total net polished diamonds. Mordechai added that the list of 25 does not include 17 companies, who chose not to publish their export figures.

All of the exporters listed above experienced a drop in their polished exports in 2008, reflecting the trend that was experienced throughout the industry. Israel’s total polished exports stood at $6.240 billion in 2008, a drop of 12% over 2007 when they totaled $7.075 billion.

Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) and President of the Israel Diamond Manufacturers Association (IsDMA) and the International Diamond Manufacturers Association (IDMA), said that despite the drop in exports this year, the Israeli Diamond Industry would maintain its leading position within the world industry.

“The world economic crisis is affecting all sectors, not only diamonds. The Israeli Diamond Industry is working hard to find ways to succeed in these difficult conditions. I am confident that we will see the fruits of these efforts in the near future.” Ganz noted that the major diamond exporters have made an important contribution to the Israeli Diamond Industry, as well as to Israel’s economy. However, he said, that the strength of Israel’s diamond industry is based on a broad spectrum of industry members – manufacturers, exporters and traders.

IDI Managing Director Eli Avidar said, “Especially in these trying times, IDI applauds the achievements of all of the industry’s exporters. IDI continues to put its resources to work in promoting exports in traditional and developing markets -- to the benefit of Israeli diamantaires large and small.”

Precious metals directionless:Standard Bank

hin trading volumes throughout Asian electronic trading and the London session kept precious metals under pressure as the greenback bounced erratically between $1.3847 and $1.3975on Friday. However, a rally in US equity markets, possibly due to continued credit market thawing, eased investors' uncertainty. The resultant increase in investment fund flows filtered into precious metals, taking the metals higher during the New York session before a sudden reversal overnight as the greenback strengthened to $1.3850 again.

The rally during the New York session was also supported by higher crude oil prices (which we still believe reflects an inflated geopolitical risk premium). We note that WTI crudeoil gained from just above $42/bbl in early NY activity to just below $49/bbl in aftermarket electronic activity. Further oil price appreciation should anchor precious metal pricesin an environment of increased currency volatility.

On the economic data front, we note that both US and Eurozone December PMI manufacturing indices registered a contraction. US PMI manufacturing came in at 32.4 (forecast: 35), while the statistic for the Eurozone registered 33.9 (forecast: 34.5). Given that a PMI reading of less than 50 reflects a contraction, US and Eurozone industrial demand remains understrain - this should weigh on PGM in the short to medium term. The sentix Eurozone investor confidence index is due to be released later today - a worse-than-expected statistic could see the greenback claw even higher today. Important for PGM, lookout for US total vehicle sales tomorrow.

Gold slipped from $887 to $872 during Asian electronic activity, before shedding a further $7 in London. However, with oil prices picking up and the greenback losing some ground, gold then garnered fund-buying support - settling at $874 at the London PM fix. This continued in New York, with the metal gaining to $879 before consolidating at $878 at the close.Overnight, the metal plunged to $868. Primary support is at $863, with secondary support at $857 and $840. Resistance is at $880, $891 and $908.

Silver tracked gold throughout the day, finding major support in NY - managing to climb from $11.13 to $11.50, before consolidating at $11.48 at the close. Support and resistance are at $11.26 and $11.64, respectively, today.

Platinum bounced between $938 and $928 throughout London and Asia trading, before pushing higher in NY to $943 - settling at $938 at the NY close before plummeting to $930 overnight. Palladium traced platinum, dipping to $184 in London before $191 in NY - settling at $190 at the close. Compared to platinum, the metal endured a less rapid decline back to $190overnight after rising to $196 in the aftermarket activity. Rhodium fixed at $1,245.