Derewala News World
Derewala May 2016, Newsletter
- We Do What No One Else Can!
Recently derewala group has developed a new unit especially dedicated to the fashion jewelry, at the event of the inaugural ceremony; the chief guest Ms. Annemette Markvad, Founder and CEO of Pilgrim (an International Jewelry Brand from Denmark) received a warm welcome in traditional Indian style & after that, she cut the ribbon and inaugurated the new unit. In inaugural speech, Mr. Pramod Agarwal, (Chairman of the Derewala Group) welcome’s the honorable guest, in his expression; he gave thanks to everyone in derewala family to work hard, day and night to raise the company’s name up to the sky, where there are no limits. While addressing to the management and employees of Derewala, he gives his gratitude to the employees and management of the company, in his personal note, he was thankful to all of the customers for their support to attain success. Afterwards the chief guest of the event Ms. Annemette Markvad congratulates the whole team for their success to make one step ahead towards the new product line. Mrs. Debi Nishimura (Director at Derewala Group) in her speech congratulates the whole team for their success. At the end, Mr. Yogendra Garg (Managing Director of Derewala Group) in his short speech gives a warm thankful note to Derewala Family (Employees and Management) & customers for their extraordinary support, to reach milestone.
The new unit has equipped with the latest machinery, with advance technology systems to generate more precise design production. The new unit will start serving to the clients from the next month, with the targeted capacity of 40,000 pieces per day in different styles.
Ms. Annemette Markvad, The Chief Guest
Inaugurated new unit of Derewala
Mr. Pramod Agrawal
At Inaugural speech, addressing comers
- Are Big Banks Manipulating Precious Metal Prices?
The latest, I received an email from one of our patron detailing why they feel silver prices are sure to explode. One of their reasons was a government investigation into some of the world’s largest banks for precious metal price manipulation.
Indeed, there have been investigations by European and U.S. regulators since early 2015. Initially they looked into currency manipulation and then expanded their investigation into other markets including precious metals. According to Bloomberg.com “The U.S. Justice Department is investigating whether the world’s biggest banks manipulated prices of precious metals such as silver and gold as it push to wrap up probes into currency-rate rigging, according to people with knowledge of the matter.” (“Banks Face U.S. Manipulation Probe Over Metals Pricing” 2015). The banks under investigation in the metals probe include Credit Suisse, Deutsche Bank, UBS, HSBC, Julies Baer, Barclays, Mitsui & Co., Goldman Sachs, Society General SA, Bank of Nova Scotia, and Standard Bank Group Ltd.
The key here is that the initial investigation was into currency manipulation and not precious metals. Most likely the regulators said to themselves, “hey we’re here anyway, why not look around.” The fact is, big banks have been sued for years by investors as well as the jewelry industry for alleged price fixing. However, the only case I found involving a bank actually guilty of price fixing is Barclays. A rogue trader artificially suppressed the price of gold in 2012 by using fake positions. Barclays was ordered to pay $44 million pounds because of this. (“Barclays slapped with $44 million fine over gold price fix” 2014). On the flip side, JP Morgan won a Federal Appeals Court ruling in 2014 with the dismissal of a complaint brought by investors claiming price manipulation. The ruling was that the investors “failed to plausibly allege even a tacit agreement to manipulate prices.” (“JPMorgan defeats appeal in U.S. silver price-fixing lawsuit” 2014).
I’m no lover of the big banks. They certainly have been guilty of massive levels of unethical, if not illegal behavior regarding mortgages and currency. However, I simply can’t find any indication of them being involved in collusion or manipulation of the precious metals markets.
Derewala Industries Ltd.
Derewala Industries Ltd. is one of the fastest growing jewellery having its worldwide distribution from its base in Jaipur, the jewellery hub of India. Derewala creates jewellery that is both exquisite and exclusive, employs passionate designers, brilliant engineers, master craftsmen, and using state of the art technology. Derewala’s expertise caters to retailers, manufacturers and wholesalers worldwide.
Dazzling dreams and a visionary approach is how Derewala could be described in a sentence. From its humble origin over twenty five years ago, we have evolved into a global force in world jewellery. Driven by the vision & passion of Mr. Pramod Agarwal, Chairman, Derewala Industries Ltd. has created new benchmarks in Gold, Silver and fashion jewellery that reflects excellence in design and artistry. Consumer preferences for jewellery are rapidly evolving and keeping pace with global trends, Derewala is strongly focused on innovation and visualizing future trends. The company continuously updates its technology to keep on the forefront of the industry.