National News
Gold discounts in India widened this week to their highest point in nearly eight months
Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.
Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.
India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium
National News
Bharat Diamond Bourse and Department Of Posts Sign MOU
Foreign Post Office To Open In BDB To Facilitate
Export-Import of Precious Cargo By Post
- Economical and simplified doorstep logistics support for Export and import of high-value cargo – International and Domestic
- Facility Open to all
Bharat Diamond Bourse (BDB) and Department of Posts (DOP), Maharashtra Circle, today signed a Memorandum of Understanding (MOU) to establish a partnership aimed at facilitating shipments of precious cargo from within the Bourse premises. A Post Office extension counter that offers a range of postal services will commence operations in BDB within a month.
Under the partnership agreement, comprehensive logistics facilities will be provided to both members and non-members for shipments of domestic and international parcels. These Doorstep Logistics Services will operate with the Department of Posts as the primary logistics partner.
Services available for all within the bourse will include Speed Post, India Post Parcel, Logistics Post, Media Post, and others.
Shri Anoop Mehta, President of BDB, Said:
“BDB’s vision is to provide the best facilities for its members, and simultaneously facilitate the growth of diamond exports. The MOU is a big step in enabling smooth logistics for export-import parcels from within our premises. We believe it will help individual businesses as well as boost overall diamond exports.”
Mehul Shah, Vice President, BDB, Said:
“Opening the post office in BDB is a big milestone for small and medium traders. Reduced shipment costs will make it extremely economical. Further, there is no requirement for Customs clearing agents (CHAs). The move will also boost the e-commerce business with direct shipments from manufacturers to end consumers. Easy access to other services like speed post and parcel will make logistics easier for BDB members.”
Amitabh Singh (IPoS), Chief PMG, Maharashtra Circle, Said:
“This partnership leverages the world’s largest postal network for facilitating import and export of valuable cargo and domestic parcels of the BDB business community. It brings India Post to the doorstep of the diamond trade and connects BDB, the diamond bourse having the largest turnover worldwide, with the largest Postal network, opening a door to Global Geography.”
Other dignitaries present on the occasion of the MOU Signing included Shri Santosh Mishra, Commissioner of Customs Zone-3, Shri Pandurang Chormale (IPoS), Senior Superintendent of RMS, Shri Anup Zaveri – Customs Convener BDB, and others.
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