The Chhattisgarh police have arrested two persons and recovered around 18.5 kg of gold and diamond ornaments in connection with a burglary of jewellery worth over Rs 20 crore from a store in New Delhi earlier this week, a senior official said on Friday.
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Robbers made off with priceless jewels from a state museum in Dresden on Monday in what German media described as the biggest art heist since World War Two. The thieves broke into the Green Vault at Dresden's Royal Palace -- home to around 4,000 precious objects of ivory, gold, silver and jewels -- at dawn after a power cut deactivated the alarm. The stolen items included brilliant-cut diamonds that belonged to a collection of jewellery of 18th-century Saxony ruler Augustus the Strong. Here are some of the items thus far confirmed as stolen by the Saxony police.
The Chhattisgarh police has arrested two people in connection with a Rs 20-crore burglary from a jewellery store in Delhi earlier this week and recovered around 18.5 kg of gold and diamond ornaments from them, a senior official said on Friday, even as the probe suggested involvement of only one person in the incident.
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India, the world's largest consumer of gold has created a number of rich jewellers over the years.
Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
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Film folk took a trip to Kochi over the weekend to attend the Navratri celebrations hosted by the Kalyanaram family, owners of Kalyan Jewellers.
'Over a span of three years, our entire studio was devoted to Heeramandi.'
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
The majority of these calls originate from foreign-based gangsters or their associates, using Voice Over Internet Protocol or international phone numbers, they said.
Gold prices rallied Rs 910 to hit a fresh all-time high of Rs 83,750 per 10 grams in the national capital on Wednesday due to heavy buying from jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had settled at Rs 82,840 per 10 grams in the previous trading session.
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.
Shobha Deshpande staged nearly a 20-hour protest in Mumbai after a city-based jeweller allegedly refused to speak in Marathi and asked her to leave his shop where she had gone to make a purchase.
Gold prices rallied by Rs 630 to a lifetime high of Rs 82,700 per 10 grams in the national capital on Wednesday following persistent buying by jewellers and retailers amid strong global trends, according to the All India Sarafa Association. Rallying for the sixth straight session, gold of 99.5 per cent purity appreciated by Rs 630 to hit a lifetime high of Rs 82,330 per 10 grams.
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RBI's interest rate decision, quarterly earnings and global cues would be the major driving factors for equity markets this week, analysts said adding that the impact of the Union Budget could linger on this week. Trading activity of foreign investors will also be a key driver for the markets, experts noted. "US and India's manufacturing PMI for January to be released on Monday, will be the key macro data to watch out for.
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As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
Gold demand in India witnessed a 5 per cent on-year rise at 802.8 tonnes in 2024 supported by reduction in import duty, and purchases related to weddings and festivals, and going ahead consumption of the yellow metal in 2025 is likely to be between 700-800 tonnes, according to the the World Gold Council. The World Gold Council (WGC) in a report on Wednesday said gold demand in the country in 2024 stood at 802.8 tonnes, as against 761 tonnes in 2023.
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.
Film folk looked like a million bucks at Radhika Merchant and Anant Ambani's wedding festivities. But apart from the designer saris and lehengas, the ladies wore some exquisite jewellery pieces too.
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