Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

SEBI proposes framework for setting up a spot gold exchange

24 may 2021
The Indian market regulator, Securities and Exchange Board of India (SEBI) has proposed a framework for setting up a spot gold exchange, in a discussion paper released one week ago. The proposal was first announced by the Finance Minister Mrs Nirmala Sitharaman in the Union Budget this year.
SEBI has sought comments on allowing trading in quantities as low as 5 grammes; permitting multiple spot exchanges, incentivising trading on the exchange platform; and having a single gold price across the country with transportation cost adjusted as premium or discounted from traded price.
The paper said, “Setting up a new stock spot gold exchange has advantages such as single good delivery standard, reduced market fragmentation, improved liquidity, single reference price etc. However, it will be time-consuming, will require fresh investments in setting up a new stock exchange,” along with duplicating other processes and infrastructure and increase compliance cost.
To simplify trading, SEBI has proposed to convert physical gold into electronic gold receipt (EGR), which will be issued by regulated vault companies. At the time of delivery that receipt will again be converted into physical gold, said the paper. SEBI has also proposed regulating vault companies. SEBI has also sought comments on the minimum quantity of gold tradable. 
The last date for submitting comments is June 18.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished