Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
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.
The director has kept the narration simple without any unnecessary drama and both - the situations and the characters - appear real, says S Saraswathi.
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.
Gold demand will go up in the second half of this year.
Executives are dusting down the musty corner offices at private banks and spearheading a quiet revolution in the way they function.
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.
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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.
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WGC expects demand to revive in H2 on surplus monsoon rains
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
This is good news for the central government at a time when crude oil prices are rising.
Gold is currently ruling at Rs 30,050 per 10 grams.
In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9 tonnes.
Kerala reached 210 for 3 in reply to Andhra Pradesh's first innings score of 458 for 7 declared.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Replaces China as imports more than double to 204 tonnes in September quarter, with demand up 39%.
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).
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The RBI on Wednesday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
In 2012, Q4, the country's demand for the yellow metal during stood at 260.3 tonnes and for the entire year it was 863 tonnes.
Some antique jewellery is displayed in a couple of museums in the world.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
'Curbs will again lead to the grey market developing, undoing all the work done over the last two-and-a-half years.'
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
It rose to 310 tonnes in the second quarter ended June.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
The fate of three crew members onboard Coast Guard's Dornier aircraft that went missing on Monday remained unknown on Wednesday even as Navy deployed a submarine as part of massive search operations off Tamil Nadu coast.
Jewellers see flat gold sales this Dhanteras
Air India and aviation authorities on Saturday termed as false claims of a security scare onboard a recent Delhi-bound Air India flight from London.
Indian overtakes China in gold consumption.
In the second half of April, the discount on gold came down to $3 an ounce.
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