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<ul><li>The global market for lab grown diamonds (<keyword id="10733616" type="General" weightage="80" keywordseo="lgd" source="Orion">LGD</keyword>) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025.</li><li>Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks.</li><li>The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry.</li></ul>Chennai, The global market for lab grown diamonds (LGD) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025 and exceed $15 billion by 2023 from the $1 billion in 2020. Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks as they can be used in extreme environments due to their potential to operate at higher speeds while using less power than silicon-based chips. The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry. As the government figures, exports of cut and polished (worked) LGD from India has been growing at fast clip. During FY21 the exports were $637.97 million and shot up to $1,348.24 million in FY22. This fiscal -- FY23 -- the exports of LGD between April-December stood at $1,387.33 million. Presenting the Budget 2023-24 in the Parliament recently, Indian Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, said: "The LGD is a technology and innovation-driven emerging sector with high employment potential." "These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," she added. As per a recommendation made by the <keyword id="113018" type="General" weightage="50" keywordseo="department-of-commerce" source="Orion">Department of Commerce</keyword>, the research grant of Rs 242 crore over a period of five years to <keyword id="55119" type="General" weightage="50" keywordseo="indian-institute-of-technology" source="Orion">Indian Institute of Technology</keyword>, Madras (IIT-M) has been approved. It is proposed to establish an India Centre for lab grown diamond (InCent-LGD) at IIT-M with the estimated cost of Rs 242.96 crore over five years. The aim of this project is to provide, in mission mode, technical assistance to the industries, and entrepreneurs in the country, in promoting indigenous manufacturing of both chemical vapour deposition (CVD) and high pressure and high temperature (HPHT) systems along with the recipes for expanding the LGD business at the upstream end. Research efforts would make the technology available for start-ups at affordable cost, increase employment opportunities, increase exports of LGD, thus play a significant role in fuelling India's economic growth. According to the Indian government, the gems and jewellery sector plays a significant role in the Indian economy, contributing around nine per cent to India's total merchandise export. Over the past decade, there has been several positive developments in the gem and jewellery sector globally. One of the major technological developments in this sector has been the LGD. Though, India is one of the leading producers of LGD using CVD technology it has to depend on other countries for the supply of critical machinery components and 'seeds' -- which are the raw material for producing synthetic diamonds. It is, therefore, imperative that India develops its own, indigenous technology for producing the critical machinery component seeds to remove the import dependence that we have in the case of natural diamonds, the government said. Good quality LGD with qualified certification, produced from the developed equipment and process parameters will attract many foreign customers increasing the export volume of LGD and scalability of production. The documented process parameters and the developed recipe will encourage new entrepreneurs to enter the LGD business making it easier and cost-effective to set up the facility, start the business and generate employment. "This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, <keyword id="1437475" type="General" weightage="50" keywordseo="silicon-carbide" source="Orion">silicon carbide</keyword> and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications," V. Kamakoti, Director of IIT-M, had said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-chrome-rolls-out-memory-and-energy-saver-modes-heres-how-you-can-use-it/articleshow/98118135.cms">Google Chrome rolls out Memory and Energy Saver modes: Here’s how you can use it</a> <a href="https://www.businessinsider.in/tech/news/oneplus-11-concept-video-reveals-a-large-camera-and-a-rear-panel-that-lights-up/articleshow/98112845.cms">OnePlus 11 Concept video reveals a large camera and a rear panel that lights up</a>

Not just jewellery, lab grown diamonds used in satellites, computer chips too

<ul class="summary-list"><li>Cleveland Cavaliers center <a target="_blank" href="https://www.businessinsider.com/tristan-thompson-jordyn-woods-khloe-kardashian-timeline-2019-2">Tristan Thompson</a> has been suspended from the NBA for 25 games.</li><li>The 32-year-old tested positive for a pair of <a target="_blank" href="https://www.businessinsider.com/brady-quinn-peds-nfl-injuries-2015-11">substances prohibited</a> by the league's anti-drug program.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/cleveland-cavaliers">Cleveland Cavaliers</a> big man Tristan Thompson has been suspended without pay from the NBA for 25 games.The 32-year-old NBA champion tested positive for a pair of substances prohibited by the league's anti-doping program, according to an NBA release published Tuesday. The two drugs found in Thompson's system — ibutamoren and LGD-4033 — can be used for <a target="_blank" href="https://www.businessinsider.com/fitness-influencers-steroids-secret-dangerous-body-dysmorphia">performance enhancement purposes</a> and may have dangerous side effects.<div type="image" title="Tristan Thompson drives to the basket." height="1666" width="2221" msid="107093623" hostid="261" sizebytes="143098"></div><a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5632578/">According to the NIH</a>, ibutamoren is a growth hormone secretagogue, or a substance that promotes the production of growth hormones. Heightened growth hormone in one's system can increase muscle mass, limit body fat, and improve exercise tolerance, per Mayo Clinic.Likewise, LGD-4033 — also known as Ligandrol — can stimulate muscle growth and improve physical functioning, <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7528560/">according to the NIH</a>. LGD-4033 belongs to a <a target="_blank" href="https://www.businessinsider.com/tiktok-influencers-promoting-sarms-ped-steriod-like-substances-teens-2023-11">class of drug called SARMs</a>, or selective androgen receptor modulators, which are designed to mimic the effects of testosterone on the body, but can also have dangerous repercussions.<div type="image" title="a man whose face isn't visible is lifting weights shirtless in gray sweatpants while looking in a mirror" height="1414" width="1885" msid="107093624" hostid="261" sizebytes="59140"></div>Dubbed "legal steroids" despite their dubious legal status, SARMs like LGD-4033 can increase the risk of heart attack, liver failure, sexual dysfunction, and psychosis, the <a target="_blank" rel="" href="https://www.fda.gov/consumers/consumer-updates/fda-warns-use-selective-androgen-receptor-modulators-sarms-among-teens-young-adults">FDA</a> warns. Ibutamoren, meanwhile, has been associated with the potential for congestive heart failure in patients, per the FDA.Both drugs are banned by the NBA as well as sports governing bodies such as the <a target="_blank" href="https://ncaaorg.s3.amazonaws.com/ssi/substance/2022-23NCAA_BannedSubstances.pdf">NCAA</a> and the <a target="_blank" rel=" nofollow" href="https://www.wada-ama.org/en/prohibited-list">World Anti-Doping Agency</a>.Thompson is not the first NBA player found with such substances in his system. In 2017, then-<a target="_blank" href="https://www.businessinsider.com/james-dolan-stands-behind-msg-facial-recognition-ban-entry-2023-1">New York Knick</a> Joakim Noah earned a 20-game suspension after testing positive for LGD-4033 while taking supplements in an attempt to expedite his return from injury, <a target="_blank" href="https://www.nba.com/news/joakim-noah-suspension-supplement-backfired">according to the league</a>.<div type="image" title="Joakim Noah with the New York Knicks." height="1722" width="2500" msid="107093625" hostid="261" sizebytes="268396"></div>The following year, then-<a target="_blank" href="https://www.businessinsider.com/russell-westbrook-elena-delle-donne-injury-recovery-help-wnba-2021-8">Washington Wizards</a> guard Jodie Meeks missed the 2018 playoffs and the start of the following season after testing positive for ipamorelin, a growth hormone secretagogue similar to ibutamoren. And in 2019, John Collins — then with the <a target="_blank" href="https://www.businessinsider.com/how-trae-young-hawks-scoring-beating-defenses-playoffs-2021-6">Atlanta Hawks</a> — spent 25 games on the sidelines after the league found pralmorelin, another growth hormone secretagogue, in his system.Thompson, who has averaged just over 12 minutes per game this season in Cleveland, will be eligible to return to the court in mid March. The Cavaliers, who currently sit in fourth place in the Eastern Conference, will look to maintain their <a target="_blank" href="https://www.businessinsider.com/giannis-antetokounmpo-net-worth">playoff positioning</a> without the center as he completes his 25-game suspension.

Tristan Thompson was suspended from the NBA for a drug violation. Here's why the 2 substances found in his system are banned.

The <keyword id="55119" type="General" weightage="20" keywordseo="Indian-Institute-of-Technology" source="Orion">Indian Institute of Technology</keyword>, Madras (IIT-M) will receive ₹242 crore as research grant for research and development of <keyword id="8933855" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="Orion">lab grown diamonds</keyword> (LGDs), the institute said on Thursday. The research will be focused on driving indigenisation of the LGD manufacturing process. Presenting the Budget 2023-24 in the Parliament on Wednesday, Finance Minister Nirmala Sitharaman, said: "The LGD is a technology and innovation-driven emerging sector with high employment potential." "These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," the Finance Minister added. As per a recommendation made by the Department of Commerce, the research grant of Rs 242 crore over a period of five years to IIT-M has been approved, the statement said. "This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, silicon carbide and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications," Prof. V. Kamakoti, Director of IIT-M, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/budget-to-aid-flagging-affordable-home-segment-boosts-demand-with-infra-push/articleshow/97556770.cms">Budget to aid flagging affordable home segment, boosts demand with infra push</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/credit-cards-personal-loans-more-indias-youngest-adults-lead-in-credit-inquiries/articleshow/97553940.cms">Credit cards, personal loans &amp; more – India’s youngest adults lead in credit inquiries</a>

IIT Madras to get ₹242 crore for R&D on lab grown diamonds

Mumbai, May 15 () Non-banking financial companies (NBFCs) on Friday requested the Reserve Bank of India (RBI) to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic.NBFCs appropriate pro Statutory and Other Reserves, and utilization of these reserves is governed by the statute requiring its creation."We urge upon RBI to consider, as a one-time measure, to allow NBFCs to draw-down from their Reserves and adjust towards additional Expected Credit Losses (ECL) provision requirement, in excess of provision calculated as per normal Probability of Default (PD) and Loss Given Default (LGD)," Finance Industry Development Council (FIDC), a representative body of assets and loan financing NBFCs, said in a letter to RBI Governor Shaktikanta Das.NBFCs are required to comply with Indian Accounting Standards (IndAS). The Institute of Chartered Accountants of India (ICAI) has advised NBFCs to measure the impact of COVID-19 on the portfolio quality in the form of PD and LGD with adverse impact on the business of the borrowers or debtors due to COVID-19 on one hand and prudential regulatory actions to sustain the economy such as loan repayment holidays and reduction in interest rates. As per IndAs norms, that are applicable in respect of ECL measurement and disclosure in the financial statements, the NBFCs are required to make additional provisioning in terms of ICAI advisory and it will surely make a severe dent on the profitability and net worth of the respective NBFCs particularly considering the impact of COVID-19 on the vulnerable sections of society, FIDC said.A one-time draw-down from reserves would enable the NBFCs to shore-up their balance sheet strength by reporting a more fortified ECL provision cover against their likely increase in delinquent loans and remain eligible to access equity/debt capital when situation normalizes, the letter read.The sector has asked the RBI to consider permitting any provisions made as per ECL, in respect of the standard assets, to be reckoned with for the purpose of tier II capital.The industry also requested the RBI to increase the ceiling for considering standard asset provision for calculation of capital adequacy to 2.5 per cent from 1.25 per cent. FIDC has urged the RBI to allow NBFCs a one-time window for restructuring of all loans. HV MR

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters</div></div></div>It's been an ugly day for Valeant Pharmaceuticals.The stock is down around 9% in Monday's trading, after the company announced it would delay a fourth quarter earnings announcement expected Monday morning. CNBC also reported that it would have a call with Wall Street analysts Monday afternoon, but the company then quickly canceled the call. People were confused.Now here's more bad news - Moody's ratings agency is putting a bunch of Valeant debt <a href="https://www.moodys.com/research/Moodys-reviews-Valeants-ratings-for-downgrade--PR_344808">under review for a downgrade.</a>Here's the part you have to read [emphasis ours]:Valeant's Ba3 Corporate Family Rating (under review for downgrade) reflects its good scale in the global pharmaceutical industry with annual revenue above $10 billion, its strong diversity, its high profit margins, and its good cash flow. The ratings are supported by low exposure to patent cliffs, and growth from successful products like Jublia (antifungal) and Xifaxan for irritable bowel syndrome. In addition, the ratings are supported by management's commitment to reduce debt/EBITDA, using excess cash flow for debt repayment.However, the ratings also reflect moderately high financial leverage (pro forma gross debt/EBITDA of 5.5x), and significant business challenges related to Valeant's pricing strategy and aggressive acquisition appetite. Valeant is confronting significant scrutiny on its pricing practices, including those on products acquired through acquisitions, and uncertainty related to government investigations. In late 2015,Valeant announced it was terminating its relationship with specialty pharmacy distributor Philidor, and Valeant is transitioning to a new distribution arrangement with Walgreens.Valeant, a former Wall Street darling, was forced to change its business model last year after coming under scrutiny for its pricing practices, and for its strange relationship with a secret pharmacy called Philidor.Basically, Valeant promised not to hike the prices anymore, and dismantled Philidor before creating a new agreement with Walgreens. While it was doing that, Valeant also promised to cut down on its debt load - of around $30 billion - in 2016, forgoing more acquisitions.What's interesting about Moody's statement, is that it mentions Jublia and Xifaxan, two of the company's top selling drugs. Both those drugs are at risk right now. CVS has said that it is going to make customers try a generic form of Jublia (a toe fungus drug) before they can buy the Jublia itself. Xifaxan may be about to see a generic rival enter the market.Check out the full release from Moody's below:<h3 style="padding-left: 30px;">Moody's reviews Valeant's ratings for downgrade</h3>29 Feb 2016Approximately $31 billion of rated debt affectedNew York, February 29, 2016 -- Moody's Investors Service placed the ratings of Valeant Pharmaceuticals International, Inc. ("Valeant") and subsidiaries, including the Ba3 Corporate Family Rating under review for downgrade. This rating action reflects concerns that Valeant'sunderlying operating performance is weaker than Moody's previous expectations, potentially impeding the company's deleveraging plans.Moody's review will focus on the opportunities and challenges in Valeant's key businesses as well as the progress at transitioning toward a new prescription fulfillment program with Walgreens. In its review, Moody's will also consider Valeant's deleveraging prospects, as well as the company's ability to deliver sustainable growth in a strategy less reliant on large acquisitions and cost reductions.Ratings placed under review for downgrade:Valeant Pharmaceuticals International, Inc.:Corporate Family Rating at Ba3Probability of Default Rating at Ba3-PDSenior secured bank credit facilities at Ba1 (LGD 2)Senior unsecured notes at B1 (LGD 5)Valeant Pharmaceuticals International:Senior unsecured notes at B1 (LGD 5)VRX Escrow Corp. (obligations assumed by Valeant Pharmaceuticals International, Inc.):Senior unsecured notes at B1 (LGD 5)Rating affirmed:Valeant Pharmaceuticals International, Inc.:Speculative Grade Liquidity Rating at SGL-2The affirmation of the SGL-2 Speculative Grade Liquidity rating reflects Valeant's good liquidity stemming from low debt maturities relative to cash flow and revolver size, and the expectation that Valeant will remain in compliance with its financial maintenance covenants.RATINGS RATIONALEValeant's Ba3 Corporate Family Rating (under review for downgrade) reflects its good scale in the global pharmaceutical industry with annual revenue above $10 billion, its strong diversity, its high profit margins, and its good cash flow. The ratings are supported by low exposure to patent cliffs, and growth from successful products like Jublia (antifungal) and Xifaxan for irritable bowel syndrome. In addition, the ratings are supported by management's commitment to reduce debt/EBITDA, using excess cash flow for debt repayment.However, the ratings also reflect moderately high financial leverage (pro forma gross debt/EBITDA of 5.5x), and significant business challenges related to Valeant's pricing strategy and aggressive acquisition appetite. Valeant is confronting significant scrutiny on its pricing practices, including those on products acquired through acquisitions, and uncertainty related to government investigations. In late 2015,Valeant announced it was terminating its relationship with specialty pharmacy distributor Philidor, and Valeant is transitioning to a new distribution arrangement with Walgreens.Headquartered in Laval, Quebec, Valeant Pharmaceuticals International, Inc. ("Valeant") is a global specialty pharmaceutical company with expertise including branded dermatology, gastrointestinal disorders, eye health, neurology, branded generics and OTC products. Valeantreported approximately $10 billion in total revenue for the 12 months ended September 30, 2015.The principal methodology used in these ratings was Global Pharmaceutical Industry published in December 2012. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/benfords-law-used-detect-fraud-math-forensic-accountants-2016-2">How forensic accountants use Benford's Law to detect fraud</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B1YWoxcjrFrRijRDjTaHaOVr7tUDWzvh" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

More terrible news for Valeant

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Jacksonville Jaguars tight end Geoff Swaim suffered a scary helmet-to-helmet hit from New Orleans Saints linebacker Demario Davis on Sunday.</li><li>Swaim caught a ball crossing the middle of the field and was blindsided by Davis, immediately falling hard to the ground.</li><li>After the hit, players from both teams knelt in prayer as Swaim was tended to by trainers.</li><li>Swaim eventually was able to get to his feet, leave the field, and was evaluated for a concussion.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Jacksonville Jaguars tight end Geoff Swaim suffered a scary helmet-to-helmet hit from New Orleans Saints linebacker Demario Davis.With 11 minutes left in the fourth quarter and the Saints holding a 13-6 lead, Swaim caught a short pass crossing the middle the field from quarterback Gardner Minshew. Swaim's eyes were looking the other way, allowing Davis to get a jump on him, and leading to a brutal collision between the two players.Swaim immediately hit the ground and penalty flags were thrown.&#xa0;Players on both teams knelt to pray while trainers met with Swaim on the field, including Davis. The helmet-to-helmet contact did not appear to be intentional.Eventually, Swaim was able to get to his feet and walk off the field, officially leaving the game to be evaluated for a concussion.The Saints would hold on to their 13-6 lead, securing the team's fourth straight victory.&#xa0;<ul class="read-more-links"><li>Read more:</li></ul><a href="https://www.businessinsider.com/gardner-minshew-fantasy-football-espn-kyler-murray-2019-10" data-analytics-position="21" data-analytics-module="homepage-river">Gardner Minshew is said to be a fantasy-football savant but refuses to pick himself</a><a href="https://www.businessinsider.com/video-richard-sherman-baker-mayfield-handshake-coin-toss-twitter-2019-10" data-analytics-position="33" data-analytics-module="homepage-river">The Richard Sherman-Baker Mayfield handshake drama has taken a bizarre and confusing turn as video appears to show them shaking hands</a><a href="https://www.businessinsider.com/video-nick-bosa-trolls-baker-mayfield-flag-celebration-2019-10" data-analytics-position="40" data-analytics-module="homepage-river">Nick Bosa trolled Baker Mayfield by recreating the quarterback's most iconic college celebration</a><a href="https://www.businessinsider.com/jacoby-brissett-run-it-down-their-throats-colts-upset-chiefs-2019-10" data-analytics-position="1" data-analytics-module="homepage-river">Colts quarterback Jacoby Brissett told his coach they should 'run it down their throats' before using an old-school offensive attack to upset the Chiefs</a><div></div><div></div>

Jaguars tight end Geoff Swaim was knocked out of Sunday's game with a scary helmet-to-helmet hit

Deutsche Bank commodity analysts Daniel Brebner and Xiao Fu recently weighed in on the <a href="http://www.businessinsider.com/german-gold-claw-back-causes-concern-2013-1">German Bundesbank's decision to repatriate part of its gold holdings </a>from New York and Paris back to Germany.
The decision has caused quite a stir – some took it as a sign that the <keyword id="150939" type="ORGANIZATION" weightage="60" keywordseo="Bundesbank">Bundesbank</keyword> no longer trusts the authorities at the Federal Reserve and the Banque de France with its German <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword>.
However, Brebner and Xiao say that <a href="http://www.businessinsider.com/countries-by-gold-reserves-january-2013-2013-1">many central banks have been rebalancing their gold holdings</a>, and the Bundesbank just "happens to be a high profile example."
In fact, the Deutsche Bank analysts say the reason the Bundesbank is going to complete the repatriation process over seven years – as opposed to taking more immediate action – is to battle those very perceptions of waning trust.
Brebner and Xiao write:
Given the highly ‘charged’ or politicised nature of the gold market as it pertains to central bank actions, particularly in the Western World, central bankers are generally highly sensitive to public perception and to perceptions of trust. In our view the Bundesbank is responding in large part to the Court of Auditors, who themselves have no doubt observed the increase in value of German gold reserves and may wish to raise the standard by which gold is treated on their books.
Furthermore, we believe that the slow transfer of gold from the US Fed in NY back to Frankfurt, at 50t/year, is partly a reflection of its wish to avoid any perception of a change in confidence in the US Fed. A secondary factor could perhaps be the reluctance to put undue strain on the gold refining sector.
Moreover, the Deutsche Bank analysts say the timing makes perfect sense:
For various historical/liquidity reasons many central banks have in the past held their gold reserves in multiple jurisdictions. These reasons are, in many cases, no longer valid. This and the increased value of gold holdings combined with heightened budgetary pressures that many governments are now facing is, not surprisingly, resulting in a greater call to track assets more closely. On this basis, we believe the timing of the high profile German repatriation process is not altogether unexpected.
However, there is one issue, according to Brebner and Xiao – the gold may be there, but the quality of the gold may not be that great:
Not only will incoming bars be stored domestically however: these bars will, if necessary, also be upgraded to London Good Delivery (LGD) standards, thereby ensuring compliance with the request of the Court to ‘spot check’ their quality.
We believe much of the gold held in NY is old, known as ‘Fed Melts’ or ‘Deep Storage’ bars and may not be acceptable as is for transaction without additional processing.
The biggest impact the Bundesbank's actions have, though, according to Brebner and Xiao, is that they lend further credibility to the shiny yellow metal. The analysts conclude, "we view the repatriation and upgrade of old gold by the Western World’s central banks as a further positive in gold’s evolution as a legitimate form of money."
SEE ALSO: <a href="http://www.businessinsider.com/goldman-buy-gold-ahead-of-debt-ceiling-2013-1">GOLDMAN SACHS: BUY GOLD &gt;</a>

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Not just jewellery, lab grown diamonds used in satellites, computer chips too

IANS

Tristan Thompson was suspended from the NBA for a drug violation. Here's why the 2 substances found in his system are banned.

Meredith Cash

IIT Madras to get ₹242 crore for R&D on lab grown diamonds

IANS

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

PTI

More terrible news for Valeant

Linette Lopez

Jaguars tight end Geoff Swaim was knocked out of Sunday's game with a scary helmet-to-helmet hit

Tyler Lauletta

Why All Of The Conspiracy Theories About Why Germany Is Taking Its Gold Out Of America Are Bunk

Matthew Boesler

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