Gold seems to be losing its glitter in India due to a rise in prices. Demand in Q2CY24 was 149.7 tonnes - a 5 per cent drop compared to 158.1 tonnes in the same period last year, according to a report by the World Gold Council (WGC). Demand by value in April-June 2024 stood at Rs 93,850 crore, up by 14 per cent compared to Rs 82,530 crore in the same period last year.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
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"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
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Consumers have to watch out for four marks on hallmarked gold jewellery: BIS mark, purity in carat, assay centre's name and jewellers' identification mark.
When overall gems and jewellery exports remained resilient so far this year on global economic uncertainty, shipment of silver jewellery witnessed a phenomenal growth so far this year.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
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'The Indian economy is expected to grow in terms of per capita income and GDP, and with that, the luxury segment becomes more relevant.'
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Indian exporters are said to be exporting gold jewellery with minimum value addition to get a higher gold import quota for domestic market after imports linked to exports under the 80:20 rule.
Lower income groups earning less than Rs 100,000 a year are yet to recover as are those earning between Rs 100,000 and Rs 200,000.
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The sector employs around 1 million skilled and unskilled workers directly and indirectly and decline in exports is a major worry for participants in the value chain.
Along the narrow lanes of Mumbai's historic Zaveri jewellery bazaar, many shops display placards saying 'we buy old gold jewellery', tempting buyers who face a $125 an ounce premium over London prices as the government cracks down on surging imports.
BIS proposes compulsory registration for selling hallmarked jewellery. This will kill business of online sales as BIS registration is given only to physical premises.
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India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
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Indian jewellery industry is roping in foreign designers to change designs and enhance the quality of its product to compete in the growing world market.
After yellow and white, pink gold is set to hit Indian jewellery retail stores by the end of this year.
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The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
India, the world's largest diamond cutting and polishing centre, exported gems and jewellery worth $9.1 billion in the past year ended March 31, up 21 per cent from the previous year, a leading trade body said on Thursday.
A husband has no control over his wife's 'stridhan' (woman's property) and while he may use it during the time of his distress, he has a moral obligation to return it to his wife, the Supreme Court has reiterated while directing a man to pay Rs 25 lakh to a woman in return for her lost gold.
