Indian imports of gold bullion fell in June by 46%, up to 26 tonnes from 50.1 tonnes in May, according to customs data. Import of the precious metal has decreased by 40% compared to the same period last year, when it was 44.6 tons. This is the lowest rate of gold imports to India in March this year.
Physical demand for gold in India fell this year due to high prices and because of the protests of jewelers who opposed tax increases and reforms in the industry.
In June and July discount for gold in India in relation to world prices reached record levels and amounted to more than $ 70 per ounce, as high prices in the spot market continue to restrain demand from local investors. In recent days it reported a sharp increase in such discounts on gold to $ 100 per ounce, which is also a record value ever recorded.
In 2016, the gold price almost continuously growing. This precious metal has risen in price from 1 January 2016 is already almost 30%. Indian gold consumers, who are often seen as long-term investors, traditionally very sensitive to the price of the metal, and traders on the ground have reported actually stop the sale of gold products in June and July.
In 2015, gold consumption in India totaled nearly 1,000 tonnes. However, since the beginning of this year, imports of gold bullion fell to 215 tons, which is only half the level of the same period of 2015. Against this background, many market participants expect in 2016 is much lower levels of consumption of gold in India than in 2015.
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Today will be the launch of the first diamond-trading platform in Latin America. 4cTrade.com platform - the diamond market in Latin America is currently the largest online diamond trading center in the region.
Database platform includes more than 1200 jewelery shops selling loose diamonds or diamond jewelry in Latin America, including Brazil, Mexico, Panama, Argentina, Chile, Honduras, Costa Rica, Dominican Republic, Venezuela, Colombia, Paraguay, El Salvador, Nicaragua, Uruguay, Bolivia, Peru, Ecuador, and soon - and on the islands of the Caribbean.
"In light of the strong growth the jewelry industry in Latin America and the constant discovery of new jewelry stores in these countries, as well as the great interest of foreign companies and wholesalers to enter this growing market - which confirms the recent opening of the Panama Diamond Exchange (Panama Diamond Exchange, PDE), - we finally discovered the largest diamond online center in Latin America, in order to facilitate the task of these companies to enter the market in the region ", - said Meir Kamhadzhi (Meir Kamhaji), CEO 4cTrade.com.
Kamhadzhi noted that jewelry and diamond companies are too expensive to send sellers abroad for a long time or to rent an office in order to find new buyers, while not knowing the language or location or features of thinking of local consumers.
"Our goal - to create an ad hoc network, in which will participate only diamonds that are in Latin America, or those that can be sent there, to all the jewelry companies and individuals in the rest of the world have ready access to these reserves when the need arises and, at the same time can save the money that would have spent if they were looking for diamonds on their own ", - said Kamhadzhi.
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