Latest news with #LGD
Time of India
14 hours ago
- Business
- Time of India
Now, LGD growers to be prodded to move to SDB
Surat: Efforts to fully utilize the world's largest office building, Surat Diamond Bourse, are set to speed up as the govt moves to encourage lab-grown diamond growers to start offices there. Tired of too many ads? go ad free now Among the leading LGD players, Kira Diamond, a sister concern of Kiran Gems, has an office in SDB, while a few natural diamond companies, such as Shree Ramkrishna Exports and Dharmanandan Diamonds, have operational offices there too. Recently, minister of state of home Harsh Sanghavi met 700-odd traders and brokers from Mahidharpura in the presence of Govind Dholakia, BJP Rajya Sabha member and leading diamond unit owners. He urged the businessmen to start offices in SDB on Jan 23, 2026, the auspicious day of Vasant Panchmi according to Vikram Samvat. The traders assured Sanghavi they would start work on furniture and move to SDB. "After the Mahidharpura businessmen, we are going to encourage LGD growers, manufacturers and traders to start operations in SDB. Some leading players have already bought premises there and are getting them furnished," Sanghavi told TOI. Some top LGD growers and processors are yet to open offices in SDB. These companies are the top LGD suppliers to the world. Efforts are being made for all segments of the market to shift to SDB, to create an ecosystem for proper functioning of the market. Processors of natural diamonds and LGDs are being encouraged to open offices to display their products. This will speed up trade. "It is important that all segments start operating at SDB. Tired of too many ads? go ad free now That will give shape to a market where the full spectrum of the trade is possible at one place with world-class infrastructure," added Sanghavi. Several efforts have been made to make SDB operational in the last four years, and the inauguration by PM Narendra Modi in Dec 2023 was one of the major pushes. However, due to adverse market conditions in diamond processing and trading, businesses are sceptical about starting operations at a new place. At SDB, banks, locker facilities and state-of-the-art security arrangements already exist. Angadia services will be on offer from Jan 2026, making it easy for businesses to transfer valuables and cash. A customs office has also been made operational. Bus services from various areas will be provided for smooth transport.
Time of India
2 days ago
- Business
- Time of India
IGI expands LGD certification amid industry shifts
Surat: As global gem labs rework their approach to lab-grown diamond (LGD) certification, the International Gemological Institute (IGI) is doubling down on infrastructure and outreach — reporting strong financial performance and expanding its footprint in India's Diamond City by setting up a new facility in Surat Hira Bourse, Ichhapore. It already has a laboratory and certification centre in Varachha. IGI's revenue rose 16% in the first quarter of FY 2025, with LGD certification showing the highest growth at 24% year-on-year. Profit after tax surged 63%, reaching Rs 1,265 crore compared to Rs 778 crore in the same period last year. "We're seeing strong growth across all segments and are bullish about expanding further," said Tehmasp Printer, MD and CEO, IGI. "Our focus remains on both lab-grown and natural diamonds. " In line with this strategy, IGI is setting up a new certification facility in Surat's Hira Bourse, Ichhapore, complementing its existing centre in Varachha. The move comes amid a sharp rise in LGD exports, which jumped from 7.81 million carats in FY 2023–24 to 15.29 million carats in FY 2024–25. Earlier this year, the Gemological Institute of America (GIA) announced it would discontinue the traditional 4Cs—cut, colour, clarity, and carat—for lab-grown diamonds (LGDs), opting instead for broader "premium" and "standard" categories. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's The Average Price of Gutter Protection For 2500 Sq Ft House LeafFilter Gutter Protection Learn More Undo Meanwhile, HRD Antwerp decided to exit LGD certification altogether. In contrast, IGI continues to certify both lab-grown and natural diamonds using the traditional 4Cs — cut, colour, clarity, and carat. In addition, it has introduced 'Light Performance Analysis,' a scientific evaluation that measures how a diamond interacts with light. The tool offers deeper insight into key visual attributes—brightness, fire, and contrast—that collectively define a diamond's true sparkle. "Certification is an integral part of knowledge. We provide knowledge and information. Certification is a critical part when consumers buy a product like a diamond.," said Printer, asserting that independent certification adds value, especially amid falling LGD prices and growing interest in self-certification.
Time of India
20-07-2025
- Climate
- Time of India
Drought-like situation in 14 dists after large rain deficit
1 2 Guwahati: A preliminary impact assessment of the prevailing drought-like conditions by state govt revealed that 14 districts are experiencing a large deficit in rainfall, while 13 districts fall under the deficit category. State chief secretary (CS) Ravi Kota, while holding a monthly review meeting with all the district commissioners (DCs), instructed them to identify and demarcate impacted areas and initiate the process of drought declaration accordingly. "These declarations must be based on LGD (local govt directory) code-linked revenue villages to ensure accuracy and consistency," he said. The CS directed the agriculture department to assist this process by submitting gram panchayat-wise data to each district for necessary action. To provide immediate relief, the irrigation department, working in coordination with the panchayat & rural development (P&RD) department and agriculture department, was instructed to mobilise pumps for deployment in affected areas. "A district-wise mapping of all available pumps has already been completed. Additionally, dysfunctional tube wells will be revived where required to address irrigation demands," he added. For effective outreach to farmers, the P&RD was tasked with disseminating IMD forecasts and sowing advisories through circle officers, block development officers, and panchayat-level officials. "This will enable farmers to make informed decisions during this critical period. The feasibility of using Amrit Sarovars as an alternative irrigation source was also discussed and may be explored where viable," the CS said. In terms of relief and compensation, admissible assistance under relevant SDRF guidelines was also reviewed by the CS during the meeting on Saturday evening. He instructed the DCs to conduct proper estimations of crop loss within their respective jurisdictions. He added that the office of the relief commissioner and secretaries from the chief minister's office will provide necessary support and guidance to facilitate prompt and appropriate action at the district level. According to the IMD report, Bajali, Baksa, Bapeta, Bongaigaon, Chirang, Darrang, Dhemaji, Dhubri, Kamrup, Kamrup (Metro), Nalbari, South Salmara, and Tamulpur districts reported a large deficit in rainfall as of Sunday.
CNBC
15-07-2025
- Business
- CNBC
Central banks are increasingly buying gold from local mines as prices surge
Central banks are increasingly looking to bolster their gold reserves. And they are turning to mines in their backyard to source the yellow metal. Besides being cheaper, securing gold directly from mines helps support local industry and bolsters reserves without weighing on foreign exchange reserves, experts said. While countries such as the Philippines and Ecuador have been doing this for years, more central banks with access to domestic gold mines have started, increased, or are considering direct local purchases, according to the World Gold Council. Nineteen out of 36 respondents in the World Gold Council's latest central bank survey said they are buying gold directly from domestic artisanal and small-scale gold miners in local currency. Four are thinking of following suit. This is a slightly higher figure than last year's survey, when around 14 central banks out of 57 said they were buying directly from domestic sources. "One trend that we're seeing is that some central banks, especially in Africa, Latin America, are starting to buy gold directly from domestic, small-scale gold mines, which have really proliferated because of the higher price," said Shaokai Fan, global head of central Banks at WGC. Central banks of Colombia, Tanzania, Ghana, Zambia, Mongolia and the Philippines are relying on domestically mined gold to build up reserves, according to the industry body. Ghana Gold Board — the state agency managing gold purchases on behalf of the Bank of Ghana — in April secured agreements with several mining companies to buy 20% of their gold output, Reuters reported. Last September, Tanzania's mining authority reportedly mandated that all gold exporters, including miners and traders, put aside at least 20% of their output to sell to the central bank. "You can make an argument that it's cheaper than buying gold on the international market, because a lot of these central banks buy gold at a slight discount to the international price," Fan said. Traditionally, central banks acquire gold through the global over-the-counter market — typically centered in London — where gold is transacted via major bullion banks, priced in U.S. dollars, euros, or sterling. These purchases often involve high-purity London Good Delivery or LGD bars, which meet global trading standards and are stored in top-tier vaults such as those at the Bank of England. Because of gold's soaring prices and its attractiveness as a hedge against geopolitical risks, it is natural that the central banks of producer nations would turn to domestic output, said Adrian Ash, director of research at gold investment firm BullionVault. Gold prices have been on a tear, scaling fresh highs amid geopolitical uncertainties and waning confidence in other traditional safe havens. Spot gold prices are currently trading at $3,328.3 per ounce, up almost 27% year to date, data from LSEG showed. Buying domestic mine output saves on banking and intermediary fees, as well as shipping costs. However, countries need to pay for processing and refining the metal to LGD standard — the de facto international benchmark for large gold bullion. These processes need to be done overseas if the country doesn't have domestic LGD refining, which will add costs, Ash said. Central banks that buy gold bars from local mines and have domestic LGD refining capacity, nullify those additional costs. The Philippines' central bank, for instance, is a certified LGD refiner. Kazakhstan has two refiners accredited by the London Bullion Market Association. Russia had seven until they were suspended in 2022 after the country invaded Ukraine. Others such as Ghana and Zambia might need to rely on external refiners, offsetting part of the upfront savings. Another compelling driver for buying domestic gold is monetary flexibility. Purchasing gold through the international market often requires dollars — a reserve asset. That means central banks must swap one reserve for another. But that won't be the case if they use local currencies to buy gold from their own backyard. "You're able to grow your reserves using local currency and therefore not sacrifice another reserve asset to grow your gold reserves," said WGC's Fan. With rising global debt levels, trade and geopolitical risks on the cards, central banks want to strengthen their reserve buffers to shield against sudden financial shocks. Holding more reserves — in multiple forms — provides ammunition to manage potential crises. Out of the 73 central banks surveyed by the WGC, around 95% said they expect peers across the world to raise gold reserves over the next year. In the past, if these central banks wanted to buy gold, they would probably just purchase it on the international market, Fan explained. "But if you have local gold production in your country, a lot of central banks are thinking, well, maybe we can use this local gold production instead and add the reserves this way," he added. Providing support for domestic mining sectors and respective local communities are also key drivers for central banks purchases via local mines. Demand for gold in some countries is too small, and central banks are incentivized to support mining operations in the country, which in turn generates jobs, said Nicky Shiels, head of research and metals strategy at MKS PAMP. Shiels, however, noted that purchasing gold via local mines comes with risks. Central bank purchases through international markets often via leading bullion banks offer greater trust and minimize reputational risks for central banks, she said. Much of the gold being bought domestically comes from artisanal and small-scale gold mining — ASGM has been linked with poor labor practices, environmental damage, and illegal smuggling. But it can also be argued that central banks, with their institutional credibility and financial weight, are in a good position to formalize and clean up that supply chain, said WGC's Fan. "Central banks can harness their massive buying power to do good for these artisanal, small scale miners," he said. "Having a credible, large-scale buyer like the central bank gives small-scale miners a legal and fair outlet to sell their gold," said Fan. "That not only diverts flows away from criminal networks but also improves traceability and accountability." "That's exactly how we describe it as — a win-win."
Hans India
06-07-2025
- General
- Hans India
District-Level Training Held for Water Resources Census: Emphasis on Accurate, Paperless Data Collection
Gadwal: Chief Planning Officer Yoganand emphasized that precise and unbiased data collection is essential for effective government policy-making. He instructed officials to ensure that every detail is recorded comprehensively and impartially. Speaking at the district-level training program held on Saturday at the IDOC Video Conference Hall, Yoganand addressed officials as part of the 7th Minor Water Resources Census and the 2nd Water Bodies Census for the agricultural year 2023–2024. He highlighted the importance of these censuses, stating that collecting detailed information on groundwater sources, surface water bodies, ponds, tanks, check dams, dug wells, and other minor irrigation sources in villages would provide a holistic perspective on rural water security. The 2023–24 census stands out for a significant advancement—for the first time, data will be recorded through a 'Mobile App'-based, paperless system, using LGD (Local Government Directory) codes for every village. Yoganand further informed that the census of dug wells will be conducted with the assistance of the Groundwater Department, while the enumeration of medium and major irrigation sources will be carried out under the supervision of the Irrigation Department. Detailed training was provided on schedule filling procedures, technical guidelines, data accuracy, and timely reporting to ensure a smooth enumeration process. Officials from the District Irrigation Department and Groundwater Department attended the program and shared key instructions and suggestions. They emphasized that the training sessions were designed to give clear understanding and guidance to all participants involved in the census. The Chief Planning Officer and associated officials called on all staff to ensure that the data collected meets the quality and accuracy expected by the government. Participants of the training included planning and statistical officers from all mandals, sub-statistical officers, and other relevant field functionaries. This initiative is expected to play a pivotal role in understanding local water resources and contribute meaningfully to water security and sustainable irrigation planning across rural Telangana.
