Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
In August 2013, import duties on gold, silver and platinum were hiked to 10 per cent in order to curb the surging imports and also to check CAD.
Official imports into India shrank almost 90 per cent in the six months to November
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
Indian jewellery is widely prized for intricacy and craftsmanship.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Indian gold demand seen falling to 8-year low in festive quarter.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Gold demand in India dropped by 30 per cent during the July-September quarter to 86.6 tonnes, compared to the same period last year due to Covid-19 related disruptions and ruling high prices, the World Gold Council (WGC) said in a report.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
From the studios of top jewellery designer, Suhani Pittie came the Child of Eden collection which dazzled the audience on Day 2 of Lakme Fashion Week Summer/Resort 2012.
In cricket, we have something that we can share with our families, neighbours and indeed, the whole country. It is colour-blind, language-neutral, truly secular and transcends all regions, from Kashmir to Kerala and Mizoram to Maharashtra, explains Shreekant Sambrani.
Replaces China as imports more than double to 204 tonnes in September quarter, with demand up 39%.
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.
World Championship gold-medallist para shuttler Manasi Joshi has strongly criticised former Indian cricketers Harbhajan Singh and Suresh Raina for allegedly mocking people with disabilities.
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.
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.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
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.
The overall third quarter demand in the country for 2013 stood at 161.6 tonnes, WGC Gold Demand Trends report showed.
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.
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
'Customers flocked to purchase gold in large numbers during the event.'
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).
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
Indian shooting legend Abhinav Bindra has been awarded with Olympic Order by the International Olympic Committee (IOC) for his outstanding services to the Olympic movement
