Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Those selling ornaments with lower purity might now offer hefty discounts in order to get rid of non-hallmarked stocks
Gold was Rs 28,100 per 10 gm on July 26, 2014.
Indian exporters are said to be exporting gold jewellery with minimum value addition to get a higher gold import quota for domestic market after imports linked to exports under the 80:20 rule.
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
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.
Import is returning to the normal prevailing three years ago
Going forward, Vinita Bali, outgoing MD, Britannia wants to do other things in life which she was unable to pursue.
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
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 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.
Indian gold demand seen falling to 8-year low in festive quarter.
Jewellers see flat gold sales this Dhanteras
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
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.
Indian overtakes China in gold consumption.
In the second half of April, the discount on gold came down to $3 an ounce.
WGC expects demand to revive in H2 on surplus monsoon rains
Concern would kick in if imports stay at or over 100 tonnes a month.
Official imports into India shrank almost 90 per cent in the six months to November
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.
Gold is seen as a preferred asset for all types of investors, even central banks.
Gold prices are set to drop further in the domestic market, owing to the rupee's appreciation.
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
At present, it is trading at around $1,004 an ounce in the international market, about $150 cheaper than gold
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
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
Indian jewellery is widely prized for intricacy and craftsmanship.
A workshop has been organised in Mumbai to come up with suggestions.
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.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
Gold is currently ruling at Rs 30,050 per 10 grams.
According to World Gold Council (WGC), gold jewellery demand in India, the world's largest consumer, touched record 662.1 tonnes in 2014.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
India imported 769 tonnes of gold in 2014, down from 825 tonnes in 2013.
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
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.
Replaces China as imports more than double to 204 tonnes in September quarter, with demand up 39%.
The overall third quarter demand in the country for 2013 stood at 161.6 tonnes, WGC Gold Demand Trends report showed.
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