Platinum Demand In India

India has raised its concerns over jump in imports of silver products, platinum alloy, and dry dates from the UAE and urged the country to ensure that the rules are not circumvented under the free trade agreement (FTA), an official statement said on Tuesday. The UAE has agreed to examine the concerns raised by the India, the commerce ministry said. Following significant increase in imports, India sought review of certain provisions of the FTA with the UAE that came into force on May 1, 2022. The concerns were raised during the second meeting of the joint committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in the UAE on October 14. The Indian delegation was led by Additional Secretary in the Department of Commerce Ajay Bhadoo and Assistant Undersecretary for International Trade Affairs, Ministry of Economy of the UAE, Juma Al Kait co-chaired from the UAE side. "Indian side raised the issue related to the recent surge in imports of silver products,

After the reduction, there is no incentive to bring silver or platinum into India

Gems and jewellery exporters on Tuesday sought a reduction in import duty on hold, silver, and platinum bars to 4 per cent in the forthcoming Budget. In a pre-budget meeting with Finance Minister Nirmala Sitharaman here, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10 per cent to total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing, it added. Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperati

Rarity and durability make the true white metal appealing to people searching for understated class

It is being presumed that the increase in duty on platinum is to plug a loophole which is helping bullion importers to make record profits

Prices of this rare precious metal lagged gold as a result of an industrial slowdown but battery adoption may boost it

Unlike yellow metal, platinum tends to have a positive correlation with equities

Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices, said Margaret Yang, a strategist at DailyFX

Market participants also await minutes of the U.S. Federal Reserve's Federal Open Market Committee meeting at the end of January, due on Wednesday

Gold is the third-most popular investment choice, with 46% of all global retail investors choosing gold products - next only to saving accounts (78%) and life insurance (54%)

Overall platinum supply is projected to fall by 2% year-on-year to 7,330 koz in 2017, with both primary and secondary supply expected to decline. According to the World Platinum Investment Council (WPIC)'s publication Platinum Quarterly for March quarter of 2017, the global demand projected is 6 per cent lower than last year 2016 but deficit has fallen 82 per cent while above ground stock is down 3 per cent.India's demand for platinum in jewellery sector is rising. The council said that in 2016, India's platinum demand for jewellery was highest with 11.5 per cent increase in 2016 to 245 thousand ounce. Paul Wilson, chief executive officer of WPIC, "India's jewellery demand is expected to grow even faster in 2017."Automotive demand, where the white strong precious metal is used as a auto catalyst in converter to reduce carbon emission, has fall in 2016 by 6 per cent to 165 thousand ounce.India's demand for the metal is around 5-6 per cent of the total global demand. Major demand comes .