National News
RBI bought 6 tonnes of gold and likely sold $ 7 bn worth US treasury secs
The Reserve Bank bought almost six tonnes of gold and likely sold $ 7 billion worth US treasury securities this April in what seems to be its strategy of diversifying its forex reserves management.
The Reserve Bank bought almost six tonnes of gold and likely sold $ 7 billion worth US treasury securities this April in what seems to be its strategy of diversifying its forex reserves management.
The value of India’s – essentially the Reserve Bank of India’s – US treasury securities dipped $ 7.1 billion in April to take the value of outstanding US treasury securities’ (USTs) exposure to $233.5 billion at the end of the month, according to the data released by the US treasury department late on Tuesday.
In comparison, India bought about $ one billion worth of USTs in April of 2023 and the stock of gold was almost flat at 794 tonnes in the same period.
The RBI’s strategy is in line with that of the other major central banks globally who have been accumulating gold and discarding dollar denominated assets as the geopolitical tensions escalate. Foreign central banks have lowered their exposure to the USTs by $30 billion, the data released by the US Treasury department shows.
On the other hand, central banks globally bought a record 290 tonnes of gold in the January-March quarter with Chinese and Turkish central banks accounting for the maximum purchases during the quarter, data from the World Gold Council indicates.
The Reserve Bank has started to accumulate gold regularly from the market since December 2017, but has intensified its pace of accumulating over the past two years amidst rising geopolitical tensions
“We are building up gold reserves, the data is released from time-to-time” said RBI governor Shaktikanta Das at the post policy media conference on April 5. “All aspects while building up the reserves are assessed and then we make a decision.”
Source:ECONOMIC TIMES
National News
Rajiv Jain Elected Chairman Of Jaipur Jewellery Show
The members expressed their confidence that, under his leadership, JJS will continue to achieve new milestones while further strengthening its position as one of the country’s premier gem and jewellery exhibitions.
The Jaipur Jewellery Show Organising Committee has unanimously elected Rajiv Jain as the Chairman of Jaipur Jewellery Show (JJS). Rajiv Jain is a distinguished industry leader with decades of exemplary service to the gem and jewellery sector and had held many important positions.
A few of the key positions held by him are: Past Chairman, Gems & Jewellery Export Promotion Council (GJEPC), sponsored by the Ministry of Commerce & Industry, Government of India; Chairman, Confederation of Indian Industry (CII), Rajasthan; Founder Chairman, Museum of Gems & Jewellery, Jaipur; and Past Chairman, Indian Institute of Gems & Jewellery, Jaipur (IIGJ Jaipur).
Rajiv Jain succeeds Vimal Chand Surana, who has served as the Chairman of JJS for the past 19 years. Under his visionary leadership, Jaipur Jewellery Show has evolved into one of India’s most respected and successful gem and jewellery exhibitions. In recognition of his distinguished service, exemplary leadership, and invaluable contribution to the growth of JJS, the Organizing Committee has unanimously named him as the Patron of Jaipur Jewellery Show.
Following these appointments, the Executive Committee of Jaipur Jewellery Show (JJS) is constituted as under: Vice Chairman, Dinesh Khatoria; Secretary, Kamal Kothari; Joint Secretary, Ajay Kala; Joint Secretary, Ashok Singhi; and Treasurer, Dr. Nawal Agrawal.
The members conveyed their heartfelt congratulations to Shri Rajiv Jain on his unanimous election as Chairman and expressed their confidence that, under his leadership, Jaipur Jewellery Show will continue to achieve new milestones while further strengthening its position as one of the country’s premier gem and jewellery exhibitions.
The Organizing Committee looks forward to the continued support and active cooperation of all Committee Members and Sub-Committee Members in carrying forward the vision and legacy of Jaipur Jewellery Show.
Rajiv Jain Elected Chairman Of Jaipur Jewellery Show
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