Zoya unveils their latest collection Espana with Nisha JamVwal

The collection was unveiled by the Ambassador of Spain, Mr. Gustavo de Aristegui, followed by a grand evening hosted by Luxury consultant, Ms. Nisha JamVwal

Post By : IJ News Service On 22 March 2014 1:53 PM
The World Gold Council, as reports say, has received an announcement by the International Monetary Fund (IMF), that it is will soon be conducting the next phase of its gold sales programme, and in a phased and transparent manner. In 2009, the IMF Executive Board has decided to approve gold sales totalling 403.3(t), and had rolled out the first phase sale to Central Banks, while maintaining the market’s smooth functioning. %% In November 2009, the IMF had sold 212 tonnes, to the Central Banks of India (200t), Sri Lanka (10t) and Mauritius (2t). The sale was executed at market prices and as per IMF’s Articles of Agreement and its commitment to follow recommendations of The Crockett Report of 2007 to ensure that its gold sales do not disrupt the smooth functioning of the gold market. %% The sales by the IMF in the next phase do not represent a net addition to supply because they will be accommodated under the Central Bank Gold Agreement. IMF has planned selling 191.3 tonnes (t) of gold in the next phase, with compliance to The Crockett Report. %% IMF has stated that: “The initiation of on-market sales does not preclude further off-market gold sales directly to interested Central Banks.” Further, IMF’s Executive Board has reaffirmed “the long-standing principle that the Fund has a systemic responsibility to avoid causing disruptions that would adversely affect gold holders and gold producers, as well as the functioning of the gold market.” %% Aram Shishmanian, Chief Executive Officer, World Gold Council, said: “The public restatement by the IMF of its commitment to execute the final sales under its previously approved programme in a responsible manner, once again demonstrates its commitment to an orderly market.” He further added that : “The outlook for gold remains positive precisely because of the unique diversity of the gold market. Resilient investment demand, and progressive improvements in jewellery and industrial demand are part of the picture. Supply trends are equally as important as demonstrated in 2009. Net purchasing by Central Banks in recent quarters, constrained mine supply and a more stable level of recycling activity, all help to ensure that gold continues to retain the qualities which make it an important preserver of wealth and a key component of an effectively diversified portfolio for central banks and investors alike.”%% According to World Gold Council’s Gold Demand Trends report for 2009, Central Banks are continuing to diversify their portfolios with an increased allocation to gold. The report also noted a significant reduction in net official sector sales in 2009 of 44t compared to an average of 444t over the five year period up to 2008 with Central Banks, in the aggregate, turning net buyers in the last three quarters of the year. %% Given the IMF’s status as effectively the global “lender of last resort”, World Gold Council believes it is imperative that the organisation continues to hold large gold reserves and acknowledges the IMF’s public declarations that: “The IMF should continue to hold a relatively large amount of gold among its assets, not only for prudential reasons, but also to meet unforeseen contingencies.”

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