Tag: jewellers

  • Gold price hits historic high of Rs169,650 per tola in Pakistan

    Gold price hits historic high of Rs169,650 per tola in Pakistan

    On Monday, the price of gold in Pakistan reached an all-time high of Rs169,650 a tola as investors continued to seek refuge in the safe-haven metal due to growing worries that the country’s economic situation will become worse.

    According to Geo, the rates of gold increased by Rs2,350 per tola and Rs2,016 per 10 grams, respectively, according to statistics supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). These prices eventually reached an all-time high of Rs169,650 and Rs145,448.

    Gold has reached many heights recently and concluded the week at Rs167,300 per tola after rising by Rs4,000, or 2.49 per cent, during the week that ended December 10.

    In the meantime, silver prices rose over the key Rs1,900 per tola mark. Price increases of Rs80 per tola and Rs68.58 per 10 grams brought the price to an all-time high of Rs1,970 and Rs1,688.95.

    Investors’ attention has switched to gold as a result of the dollar scarcity since the price of yellow metal is also increasing on the global market.

  • Gold price drops by Rs8,600 per tola as rupee strengthens

    Gold price drops by Rs8,600 per tola as rupee strengthens

    The price of 24 karat gold decreased by Rs8,600 per tola and Rs7,373 per 10 grams to settle at Rs145,300 and Rs124,571, respectively, in the local market, according to figures released on Wednesday by All Sindh Sarafa and Jewellers Association (ASSJA).

    The latest decrease was in accordance with what the traders anticipated that the market would correct itself after achieving fresh heights in earlier sessions.

    On July 28, the price of a tola of gold rose to an all-time high of Rs162,500.

    The local currency made a significant comeback against the US dollar, rising by nearly Rs9 or 4 per cent, which diminished the shine of the precious metal.

    In the last three sessions, the price of gold has fallen by a total of Rs14,300 per tola, from Monday to Wednesday.

    Read more: Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    Compared to Dubai, the price of gold in Pakistan is Rs2,000 per tola less.

    Bullion prices also fell $14 per ounce to close at $1,766 on the global market.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.

  • World’s biggest pink diamond mine closes after reserves finish

    World’s biggest pink diamond mine closes after reserves finish

    The world’s largest pink diamond mine has shut its doors after exhausting its reserves of the expensive gems.

    According to reports, the Argyle mine, in the remote Kimberley region of Western Australia, churned out more than 90 percent of the world’s pink diamonds — sought after for their incredible rarity.

    The seam was discovered in 1979 and the Anglo-Australian firm began mining operations there four years later.

    It has since produced more than 865 million carats of rough diamonds, including a small but steady stream of prized pink stones, according to global mining giant Rio Tinto.

    Read more – Indian jewellery ad slammed for showing Hindu-Muslim couple

    Argyle employees and indigenous landowners attended a ceremony at the shuttered mine to mark the end of operations.

    The company expects efforts to decommission and dismantle the 37-year-old site will take around five years.

    “A new chapter will now begin as we start the process of respectfully closing the Argyle mine and rehabilitating the land, to be handed back to its traditional custodians,” mine manager Andrew Wilson said.

    Over the past two decades, the value of pink diamonds has risen by 500 percent, Rio Tinto’s Sinead Kaufman told public broadcaster ABC.

    The end of operations at Argyle is likely to push the price of the diamonds even higher, jewellers say. At current rates, the gems can fetch up to $3 million per carat.

    Diamonds are typically clear, but jewels such as those mined at Argyle become pink through extreme heat and pressure during their creation. Those conditions warp their crystal lattices and alter the reflection of light as it passes through the body of the diamond.

  • FBR to regulate jewellers, accountants, real estate agents to curb money laundering

    FBR to regulate jewellers, accountants, real estate agents to curb money laundering

    The Federal Board of Revenue (FBR) will regulate and monitor businesses of jewellers, accountants, and real estate agents, and they will be asked to maintain records of their customers to check money laundering transactions.

    The FBR has issued Anti Money Laundering and Countering Financing of Terrorism Regulations for the Designated Non-Financial Businesses and Professions (DNFBRs) 2020.

    The government on Tuesday declared FBR as the AMU/CFT Regulatory Authority.” Every DNFBP shall be registered with the Board. The DNFBP shall provide any information or documentation that may be required by the Board for the purposes of registration or keeping the DNFBP registration up to date, including but not limited to criminal records of the senior management and beneficial owners.

    The record to be maintained and furnished by the Accountants, Real Estate Agents and Jewelers under these rules and as required by AML Act shall be subject to inspection by FBR, as laid down in section 6A(2)(f) of AML Act, who may be assisted by other law enforcement agencies.

    Any violation of any provision of these regulations shall be subject to sanctions issued under the AML Act, FBR added.