For the second straight year, the gems and jewellery industry witnessed a massive slump in business on Akshaya Tritiya, as only about 10 per cent of pre-COVID sales of 2019 were expected, amid the raging pandemic. In a normal year, the industry does business of 25-30 tonnes on Akshaya Tritiya, but this year, it expects a maximum of 3-4 tonnes of […]
The Central government has started the process of borrowing with the launch of sovereign gold bonds in consultation with the Reserve Bank of India on Wednesday. The government has issued Sovereign Gold Bonds in six tranches between May and September 2021. “The Government of India, in consultation with the Reserve Bank of India, has decided […]
A fledgling recovery in India’s gold demand in the first three months of this year (Jan-Mar 2021) is likely to be abolished by the explosive increase in coronavirus infections that keeps people at home, dampening sales during the key wedding season. Purchases in the world’s second-biggest consumer jumped 37% in the January to March period […]
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 […]
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 […]
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 […]
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 […]
India’s gold imports in March 2021 surged by 471 per cent from a year earlier to a record 160 tonnes, as reduction in import duties and correction in prices from record highs drew retail buyers and jewellers alike. In value terms, March 2021 imports surged to $8.4 billion from $1.23 billion a year ago. The […]
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 […]
The recent fall in gold prices is unlikely to affect the asset quality of non-banking financial companies (NBFCs) lending against gold in any considerable manner, according to a report published by rating agency, CRISIL. “However, banks that were aggressively disbursing gold loans during the last fiscal may see some impact on their asset quality,” CRISIL […]
