US Federal testimony awaited: Karvy Comtrade

On account of weakening US dollar today bullion prices are trading higher by almost $12 on account of weakening US dollar. The dollar is seen to weaken on concern that the US Federal Chairman may forecast a prolonged downturn when he speaks today.

Ben Bernanke will testify at the House Budget Committee on the economic outlook and financial markets at 10 am in Washington. The continued poor economic data emerging from the nation has lead to poor economic outlook for the world’s largest economy.

Single-family home building sank to the slowest pace in 26 years in the US in September and the industrial production index dropping to 2.5 years lows, has increased lower economic prospects. The economic sentiment is badly hit as there seems to be no symptoms of revival in the housing sector.

No major economic data is awaited today; however the outcome of the US Federal chairman’s testimony will be crucial to watch out for. Prices are likely to remain on the sidelines for the day, on back of the weaker US dollar and uncertainty of the economic revival.

“The December contract gold on MCX traded lower and posted a lower closing at Rs12,587 levels. Market is moving lower as it is trading below the 50-day EMA in the daily chart. Market is likely to take an initial correction and the immediate resistance is seen at Rs12,624-Rs12,650 levels. If prices are sustaining below the resistance we may expect market trading lower. The supports are at Rs12,400 then Rs12,325 levels,” said a daily commodity report by Karvy Comtrade.

GJEPC's new office at Bharat Diamond Bourse

The Gem and Jewellery Export Promotion Council (GJEPC) shifts its office to the Bharat Diamond Bourse (BDB). On 9th October, an auspicious and festive day of Dussera in India, the Council shifted its exhibition cell to BDB. It will relocate its office within two weeks.

At the occasion, dignitaries’ from the diamond industry such as Anup Mehta, President BDB, Vasant Mehta, Chairman, GJEPC, Bakul Mehta, Convener – Diamond Panel , Nirupa Bhat, GIA, Diamantaires Ashish Mehta- Kantilal & Chhotalal, Kirti Doshi , Nirmal Barmecha, and also the GJEPC working committee were amongst the others present.

The Intent is to consolidate Mumbai’s entire diamond industry at one location. Presently, the industry is concentrated at two to three zones in Mumbai.

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.