Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
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.
Indian diamantaires are looking to go slow on rough diamond purchase during the remaining quarters of the current financial year, thanks to weak global sentiment.
The curtains were brought down on a memorable Asian Games with the celebration of the athletes' stupendous feats and China's cultural heritage at a colourful and technologically mesmerising closing ceremony in Hangzhou on Sunday.
'So far we have paid our salaries and pension in full because we had some reserve fund.' 'But we cannot afford to do so for more than another three months.'
Dubai witnessed a historic moment as the inaugural edition of the Global Chess League was held on Thursday.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
Cricket has been played only thrice in Asian Games history and India did not take part in the event when it was last held in Incheon in 2014.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Lakshya Sen went down fighting against reigning All England champion Li Shi Feng of China in the men's singles semi-finals.
At present, it is trading at around $1,004 an ounce in the international market, about $150 cheaper than gold
Birj Bhushan loyalist Sanjay Singh becomes new WFI president
After a year's delay due to COVID-19, the 19th Asian Games officially opens in Hangzhou on Saturday with hosts China eager to lift a country mired in economic gloom.
Going forward, Vinita Bali, outgoing MD, Britannia wants to do other things in life which she was unable to pursue.
Jamaican sprinter Usain Bolt, who is set to retire after the World Championships in London next year, has been shortlisted for the 2016 IAAF World Athletes of the Year award.
A three-way voting process will determine the finalists.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
In three of the past four years, 10-year returns have been 10 per cent or lower, making equity unattractive, compared to other asset classes.
'That's great for our team and in a way Ashes are bloody hard to win. It's not going to be easy but if we were to win it, that is legacy defining stuff.'
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Orders for the festive season abroad begin from next month.
The Prime Minister's Economic Advisory Council Chief further said that 'inflation is showing signs of coming down and therefore attraction of financial products will be greater'.
The British government launched the 'India-UK Week of Sport' on Monday to celebrate the incredible "living bridge" between both nations to mark India's 75th year of Independence.
Indicating that things were far from ideal in the ad-hoc panel, Singh said Bajwa wants to take all the decisions by himself, giving a feeling that the previous WFI setup was still in place.
The 30-year-old's decision means that she will miss the upcoming edition of The Hundred, where she was due to represent the Trent Rockets.
India's exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48 per cent to $53.10 billion.
Two treasure hunters claim to have found a mysterious Nazi train which disappeared on its way to Germany from Hungary in 1945 carrying guns, gems and other valuable items, including paintings estimated to be worth $200 million (about Rs 1,300 crore).
Hockey greats Vasudevan Baskaran, M M Somaya and Mervyn Fernandis relive India's gold medal-winning campaign at the Moscow Olympics in 1980.
In keeping with the main theme of 'Tides Surging in Asia', the ceremony was about the intermingling of China, Asia and the world in the new era
In other India-related news, Manish Kaurav (KL3 men 200m) and Manjeet Singh (VL2 men 200m) made it to the finals of their respective events for the first time in the history of the tournament.
Sri Lanka crushed Afghanistan by 68 runs to win the gold medal in the men's Twenty20 cricket event at the Asian Games on Friday.
The trials to short-list the wrestlers for the Asian Games will likely take place around July 20.
There was a huge uproar in the Commonwealth Games gold medal match after Australia cricketer Tahlia McGrath was allowed to play the T20 final against India on Sunday despite testing positive for COVID-19.
Summary of sports events and persons who made news on Wednesday
Esports to breakdancing, Hangzhou will set the trend for future of sport
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Cricket last featured in the 1900 Olympics in Paris and the ICC has been pushing for the inclusion of the sport's Twenty20 format in the 2028 Games in Los Angeles.
A relay gold medallist at the 2014 Commonwealths in Glasgow, the Jamaican said he was busier than ever after last year's retirement and focused, in the sporting arena at least, entirely on his nascent career as a footballer.
India's hopes of a medal in the women's 3000m steeplechase were dashed on Sunday after Bahrain's Ruth Jebet was reinstated as the gold medal-winner following a review, a decision which the Indian contingent plans to challenge in front of "higher authorities".
