Slump after 5 quarters amid high prices, rupee depreciation.
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.
WGC had earlier estimated around 200 tonnes of gold was brought into India through smuggling in calendar year 2013.
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC). Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
It rose to 310 tonnes in the second quarter ended June.
Just another golfer in his rookie season till some time ago, caddie-turned-pro C Muniyappa is finding it hard to believe that he will rub shoulders with greats like Tiger Woods and Phil Mickelson in the WGC-HSBC Champions starting in Shanghai on Thursday.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
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.
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 strong field at this week's World Golf Championships features 27 of the top 30 golfers in the world rankings, including past champions Dustin Johnson and Patrick Reed.
Shubhankar Sharma believes he has the game to be a multiple winner on the PGA Tour
Jeev Milkha Singh continues to soar high, reaching a career-best 29th following his fourth-place finish in the WGC-CA Championship with compatriot Jyoti Randhawa giving him company in the top 100 list of Official World Golf Rankings issued on Monday.
Geoff Ogilvy enhanced his status in the game by clinching his sixth PGA Tour title with a commanding 4&3 victory over Britain's Paul Casey in Sunday's final of the WGC-Accenture Match Play Championship.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
Defending champion Dustin Johnson failed to advance to the knockout phase of the WGC-Dell Match Play after suffering a second straight defeat in Texas on Thursday.
ATP, WTA cancel China events, including Shenzen Finals
Some antique jewellery is displayed in a couple of museums in the world.
Tiger Woods, despite uncharacteristically missing several short putts, held off a late challenge by playing partner Brett Wetterich to win his third successive WGC-CA Championship by two shots on Sunday.
The actresses attended dos at the ongoing film fest in Toronto after their film's premiere.
India's Shubhankar Sharma surprised a few people, but not himself, as he upstaged the biggest names in golf for a two-shot halfway lead at the WGC-Mexico Championship on Friday.
Shubhankar Sharma, fresh off an impressive outing in his PGA Tour debut that made the golfing world take notice, has accepted an invitation to compete in next month's US Masters, the tournament said on Tuesday.
India's latest golfing sensation Shubhankar Sharma, a special invitee to the Masters, is already attracting a lot of attention and he is loving it.
Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.
The World Gold Council (WGC) said the recent fall in gold prices was driven by speculative traders in the futures markets.
Steve Stricker could be forgiven for regretting he helped Tiger Woods with his putting before the WGC-Cadillac Championship, but after losing to him by two shots on Sunday, Stricker said he simply did what golfing buddies do.
Tiger Woods, who has missed the last two majors because of leg injuries, will return to competition at next week's WGC-Bridgestone Invitational in Akron, Ohio, the former world number one said on Thursday.
This year, WGC expects India's gold demand to stand at 865-965 tonnes. Last year, it was 864.2 tonnes.
With two wins in his last four starts Tiger Woods appears to have found his groove, found a new girlfriend and by the end of the week could find himself back at the top of the world golf rankings.
Matt Kuchar felt as if he ruled the golfing world on Sunday after landing his first World Golf Championships (WGC) title with a 2&1 victory over Hunter Mahan in the Accenture Match Play Championship final.
Jason Day found it nerve-racking at the end but he could not keep the smile off his face after beating the Masters champion and a former US Open winner on Saturday at the WGC-Accenture Match Play Championship.
Six years after he overcame the odds to earn a $2 million cheque, Scott Piercy landed a different jackpot with a stunning 7&6 victory over Luke Donald at the WGC-Accenture Match Play Championship on Friday.
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
He made 27 birdies on his way to a two-stroke win in the WGC-Cadillac Championship on Sunday and needed just 100 putts in 72 holes as he clinched his second victory of the young year.
A summary of sports events and persons who made news on Friday
Tiger Woods tumbled out of the WGC-Accenture Match Play Championship on Thursday after fellow Americans Hunter Mahan and Dustin Johnson had eased into the third round with commanding victories.
Adam Scott's caddy Steve Williams has escaped official punishment for his racist remark about former employer Tiger Woods after a high-level meeting of golf officials in China on Sunday.
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.
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