The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
The Gems & Jewellery Export Promotion Council (GJEPC), the apex body set up by the Union ministry of commerce to monitor the jewellery business overseas, says it might call for pulling out of the diamond cutting and polishing business in China.
Currently, India is the reigning leader in global diamond polishing and export business with an estimated global market share of around 90 per cent.
De Beers does not expect any recovery in demand for diamonds until Christmas next year at the earliest and is planning to cut production drastically.
Parliament and state legislative assembly are regarded as 'sacred places' and there can be no place for disorderly conduct in the House, where members are expected to show statesmanship and 'not brinkmanship,' the Supreme Court said on Friday.
Once a stock market darling, the jewellery chain heads for liquidation.
Celebs follow a template for their special day -- an intimate ceremony with few people and a keen eye for a touch of luxury in every aspect.
'I was shocked by the kidnapping episode. I could have lost my life.'
Indian gems and jewellery market comprises diamonds, colored stones, jewellery (gold and silver), pearls, among others. Gold and diamond jewellery account for around 80% of diamonds processing in terms of carats and 55% in terms of volume.
"We are very willing to interact with him (Modi) at the first given opportunity and would like to take forward business relations. Would also say that everybody is welcome to Europe," Belgium Consul general to Mumbai Karl Van den Bossche told media persons in Ahmedabad on a question about Modi.
The ED conducted further searches at 21 locations across India.
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
Images from the World Athletics Championships in Eugene, Oregon, on Tuesday, Day 5.
Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.
The government had moved NCLT to freeze the assets of 19 people after CBI filed a charge sheet in Nirav Modi's case and Gitanjali Group cases.
The desi fashion influencer posed with breast pumps over her gown to spread awareness about motherhood.
The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
A diamond merchant from Surat has put a smile on his employees faces after he gifted them cars, homes and jewellery as Diwali bonus in a stunning act of generosity, Oprah-style.
Master tailors, textile manufacturers and custom clothiers, however, say the upcoming festive season, reinvention in the form of new collections and digital outreach are salvaging the situation somewhat.
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
Oprah looked elegant, draped in a Sabyasachi Mukherjee sari, as she graced the cover of Elle's 22nd anniversary edition.
As the West Bengal chief minister was busy containing the fallout of an internecine feud in her TMC following a rebellion by a redoubtable Suvendu Adhikari, the Centre shot off a fresh letter to her government to immediately relieve three IPS officers for central deputation.
Modi, a diamond jeweller whose designs have been worn by Hollywood stars, is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Noting the urgency and desire on the part of India to extradite people accused of corruption, the UK on Friday said a "legal process" is on in Vijay Mallya's matter and it has to be followed through as there cannot be any shortcut. In May last year, the fugitive businessman lost his appeals in the British Supreme Court against his extradition to India to face money laundering and fraud charges. Asked when can Mallya be extradited to India and if some kind of legal issue is still pending in the matter, new British High Commissioner to India, Alex Ellis, without pointing to any particular case, said he recognises the urgency, importance and the desire to get back people who are accused of corruption to India.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
As US business magazine Forbes puts its, the deals being offered would not last forever as they would "evaporate" as the economy improves in the coming months. In its list of '10 Things To Buy Before the Economy Improves', the publication has named houses, diamonds, toys, cars, laptops and women's clothing, among others. Other goods and services which are part of the list are vacation, 'high-dividend stocks', television and furniture.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
ED attached 21 properties of Nirav Modi and his group worth over Rs 523 crore.
The PM said that the Supreme Court has conducted the highest number of hearings via video-conferencing in the world during the coronavirus pandemic.
'One cannot avoid speculating whether there was something else at play that led to the uncovering of this saga.'
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
The bombs found on Wednesday were similar to the 18 found on Tuesday from in and around Varacha, where several diamond processing units are located, police said.
It was unclear how bankers were deciding which jewellers to support
You can imagine the standard of Pagalpanti's humour when characters are named Wifi, Bully and Tully, a hospital placard reads Dr Trump and bitter gourd is mistaken for poison to evoke laughs, warns Sukanya Verma.
Abhishek Banerjee, Trinamool Congress MP and nephew of West Bengal Chief Minister Mamata Banerjee, was questioned for about nine hours by the Enforcement Directorate (ED) in New Delhi on Monday in a money laundering case linked to an alleged coal pilferage scam in the state.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
'Even though the hormonal drugs made me feel constantly sick, the IAAF now wants to enforce even stricter thresholds with unknown health consequences. I will not allow the IAAF to use me and my body again'
Savji Dholakia, the diamond magnate who sent away his son to gain a 'hands-on' life experience, likes to do things the hard way.
