Slump after 5 quarters amid high prices, rupee depreciation.
China was the only gold jewellery market to grow 6 per cent in 2009, according to the figures compiled by the organisation formed and funded by worlds leading gold mining companies.
In the July-September period of this year, the domestic demand improved mainly due to Diwali demand and the upcoming marriage season.
This was because of the closure of retail shops and factories after the nationwide lockdown was imposed to prevent spread of Covid-19, and a sharp increase in the metal's price.
The Gems and Jewellery Export Promotion Council (GJEPC) has urged the Centre to provide immediate relief measures as the tariffs imposed by the United States have started hitting the industry. US tariffs of 50 per cent on Indian goods came into effect on August 27.
India, China account for 54% of total gold demand in first four mnths of 2015.
Global central banks bought 157.5 tonnes of gold in the second quarter.
Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.
India's first quarter gold demand decreased by 29 per cent in volume at 207.6 tonne, year-on-year, while it dipped by 3 per cent at Rs 56,650 crore (Rs 566.5 billion) in terms of value.
India owns over 18,000 tonnes of above ground gold stocks worth approximately $800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.
WGC had earlier estimated around 200 tonnes of gold was brought into India through smuggling in calendar year 2013.
'I have no idea about such a medal. Never got one,' says Surya Shekhar Ganguly, the national chess champion between 2003 and 2008.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Only 21 tonnes of gold have been mobilised in the last eight years under the gold monetisation scheme (GMS) which was announced by the Government of India in November 2015. This could be considered as a failure as the scheme has undergone several changes with a revamped GMS announced in April 2021 to improve collections. This figure was released by the World Gold Council (WGC) on Wednesday in its report titled 'Gold Investment Market and Financialisation, in India gold market series'.
Junior Civil Aviation Minister G M Siddeshwara told Parliament that disciplinary action has been taken against the employees.
A gold-encrusted dagger once carried by the builder of the Taj Mahal is expected to fetch some 500,000 Euros at an auction this week, says a report from the World Gold Council web site. The artefact, which was once held by the Mughal Emperor Shah Jahan, is being auctioned at Bonhams on Thursday. The gold-encrusted dagger is part of the collection of Indian and Islamic art & artefacts owned by Jacques Desenfans, who spent more than 50yrs collecting historical & cultural items.
'That combination of a rising economy, a growing middle class, and a deepening love of diamonds and jewellery is what we see really doubling the market for diamonds over the next five years.'
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
The World Gold Council (WGC) said the recent fall in gold prices was driven by speculative traders in the futures markets.
Retail investment demand for gold bars and coins as well as central bank purchases pushed the global gold demand by 28 per cent to 1,181.5 tonnes in the September quarter, according to the World Gold Council report. The total global demand stood at 921.9 tonnes during the July-September quarter of 2021, the World Gold Council's 'Gold Demand Trends Q3 2022' showed on Tuesday. Investment was down 47 per cent year-on-year as gold backed Exchange Traded Fund (ETF) investors responded to a challenging combination of higher interest rates and a strong US dollar with significant outflows of 227 tonnes.
It was an invite-only event that blended delectable cuisine, curated cocktails and a stunning showcase of craftsmanship.
A report from the World Gold Council says that rising demand for luxury goods from India and China may drive the gold prices to a new peak in the next year.
In the first quarter of 2013, gold imports declined 5.7 per cent, as traders relied mostly in stocks to meet rising demand.
The council is looking at the youth as a segment in the global market and has started the LoveGold on the social media (Facebook and Twitter).
India (NRIs included) goes crazy about gold jewellery.
Stung by the steep fall in demand for the yellow metal in the world's largest consumer nation, the World Gold Council is now falling back on the familiar marketing mantra: If customers aren't coming, go to their doorsteps. The reason for the marketing overdrive by the Indian arm of the WGC is simple: India, which used to import around 60 tonnes of gold a month till last year, has seen zero imports in the past two months because of the prevailing high prices.
India is crazy about gold jewellery. With the World Gold Council aggressively marketing social and religious functions as gold buying events, the demand has shot up in the recent years to record levels.
Up 37% in December quarter, nearly 70 per cent over the year, a fourth of entire global intake.
Some of the leading, most cutting-edge, designs in India take inspiration from Indian culture and history.
Sky-high gold jwellery prices will haunt buyers in 2010 also though India is better placed than its global peers, where people are slowly turning back to purchases, according to World Gold Council.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
WGC will conduct nearly 30 workshops across the Indian cities as a prelude to Au DITIONS, a competition for gold jewellery designers. Au DITION is aimed at identifying three trend-setting designers, whose works will be showcased worldwide.
This year, WGC expects India's gold demand to stand at 865-965 tonnes. Last year, it was 864.2 tonnes.
In Q1 2010, India was the strongest performing market as total consumer demand surged by 698 per cent to 193.5 tonnes.
With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season. The industry expects the trends in 2021 will be able to reach pre-covid level sales of 2019 on the back of gold price hovering at Rs 46,000-47,000 per 22 carat 10 grams gold nearly 5 per cent lower than 2020, and jump in number of weddings, a senior official of an industry body said. "Since Navratri market is showing demand. It will continue on Dhanteras also.
Gold prices in the national capital touched a peak of Rs 16,250 per 10 grams before Diwali, on October 14, from Rs 15,370 in the beginning of September. The prices are ruling at Rs 16,175 per 10 grams on Friday.
Investors globally have found solace in gold in the last one year when major world economies slipped into recession. Sample this: According to World Gold Council data, investment by exchange traded funds in gold was 150 tonnes in the third quarter
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
After yellow and white, pink gold is set to hit Indian jewellery retail stores by the end of this year.
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