Gold jewellery sales is likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied, experts said.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
The panel will look into issues related to compliance procedure.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
The government has not given any concrete assurance on the rollback of excise duty.
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
At nine-month high, current prices attractive; consumers want to cash in before a correction
A worker earns Rs 10,000-20,000 but in the past month earnings had dwindled to Rs 5,000-7,000.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
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