The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
The coins can have the face and names of the owner embossed on them.
The government has not given any concrete assurance on the rollback of excise duty.
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
A dedicated physical gold exchange could lead to standard gold pricing in India.
Following the Reserve Bank easing he 20:80 gold import norms, India Bullion & Jewellers Association (IBJA) said gold prices are likely to fall to Rs 23,000-24,000 per 10 grams by Diwali.
The scheme calls for banks, refineries and hallmarking centres to work together.
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The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
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The scheme is yet to take off.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
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As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
Over 300 associations, that consists of over 3 lakh manufacturers, retailers, wholesalers and artisans among others, are participating the nationwide stir.
The Bill to amend the Bureau of Indian Standards Act has been passed.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
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