Rising Covid-19 cases in India could weigh on consumer gold demand, but support investment

Improved sentiment, as inflation concerns grew, interest rates fell and the US dollar weakened, helped lift gold in April, but rising Covid-19 cases in India could weigh on consumer demand going forward though investment will be supported, the World Gold Council (WGC) said in its monthly report. “Rising inflation expectations and questions around central bank tapering […]

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Zaveri Bazaar may lose primacy to proposed hi-tech jewellery park in Navi Mumbai

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Recent reports about Mumbai’s gold hub at Zaveri Bazaar shifting to New Mumbai is nothing new. Plans to shift the congested gold market in south Mumbai have been afoot for three years when Maharashtra state government signed an agreement with Gems and Jewellery Export Promotion Council (GJEPC) at the Magnetic Maharashtra 2018 conclave during the […]

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Gold demand to slow down temporarily: WGC

Demand for gold in India is likely to slow down in the second quarter (April-June) due to COVID-related restrictions, before rebounding in the second half of 2021, according to the World Gold Council (WGC). Gold investment demand has already fallen in the first quarter of this calendar year (Jan-March) on hefty outflows in gold-backed exchange-traded […]

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Postponement sought of mandatory hallmarking in India due to COVID, lack of infrastructure

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The All India Gem and Jewellery Domestic Council (GJC) has urged the government to extend the deadline for implementation of mandatory hallmarking of gold jewellery to June 2022 due to the COVID-19 pandemic and lack of infrastructure. The government has mandated that all jewellery has to be hallmarked by June 2021. Jewellers have asked for […]

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Hallmarking of gold artefacts and jewellery to be mandatory from June 1, 2021

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The Indian government is determined to implement compulsory hallmarking of gold jewellery and artefacts from June 1, amid rumours that the scheme’s rollout could be delayed. Hallmarking for gold jewellery started in April 2000 as a voluntary scheme. Around 40 per cent of gold jewellery sold in the country is being hallmarked at present. “No […]

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