Replaces China as imports more than double to 204 tonnes in September quarter, with demand up 39%.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
India imported 769 tonnes of gold in 2014, down from 825 tonnes in 2013.
A workshop has been organised in Mumbai to come up with suggestions.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
U K Sinha said the equity market also helps in the growth of the Indian economy as the money invested in equities is utilised for infrastructure-building
The flavour for this year was Musicals. Apart from the usual suspects, some unusual product categories like fans (consumer durables) and industry bodies like World Gold Council managed to surprise us with some interesting concepts.
IIM-A announced a tie-up with three corporate houses -- CRISIL, ATS Infra and SAP -- for research in financial markets, infrastructure and entrepreneurship.
According to World Gold Council (WGC), gold jewellery demand in India, the world's largest consumer, touched record 662.1 tonnes in 2014.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
Gold loans are a quick, easy and low-cost way to meet your immediate and emergency financing needs, but do ensure that you entrust your gold in safe hands after thorough due diligence, suggests Gaurav Gupta, founder and CEO, MyLoanCare.in.
The overall third quarter demand in the country for 2013 stood at 161.6 tonnes, WGC Gold Demand Trends report showed.
Indian badminton stars Satwiksairaj Rankireddy and Chirag Shetty were on Tuesday nominated for the Player Year of the Award by the Badminton World Federation (BWF).
A downturn in Indian demand could hit global gold prices.
The government has retained 10% duty on import of the yellow metal.
At nine-month high, current prices attractive; consumers want to cash in before a correction
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
It's a downfall for the powerhouse that produced some iconic names such as PT Usha, Shiny Wilson, Anju Bobby George, Rosa Kutty, Mercy Kuttan and Bobby Aloysius among others."
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
Gold demand in rural India is expected to be lower this year with weak monsoon affecting household savings, according to the World Gold Council (WGC).
After being overlooked for the India T20I captaincy, Hardik Pandya's leadership future at Mumbai Indians looks to be on shaky ground.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
The best way to curb gold demand is by reducing black money in circulation.
Gold has held up better than many expected.
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
The T20 showpiece is also seen as a major stepping stone to the 2028 Los Angeles Olympics, where cricket will make a comeback after 128 years when the big event kicks off on June 1.
But Morgan turned the match on its head as he got a wicket from each off his six deliveries to bowl out Surfers Paradise for 174. Five batsmen were out for golden ducks.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
Gold is currently ruling at Rs 30,050 per 10 grams.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
India's widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the fragile recovery, warns a brokerage report that has revised upwards its CAD forecast to $45 billion or 1.4 per cent of GDP by March. According to a report by British brokerage Barclays, the worries arise from the fact that the trade deficit has been jumping continuously since July. From an average monthly trade deficit of $12 billion till June, it has jumped to $16.8 billion in July-October, with September showing the highest-ever trade deficit on record at $22.6 billion, the report said.
Led by Olympic champion Neeraj Chopra, India will seek to showcase its ascendency as a sporting power at the Asian Games, which opens formally on Saturday after an unprecedented one-year delay due to the COVID-19 pandemic.
The government has also built in mechanism to protect investors from price fluctuation.
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