Gold Jewellery

Gold jewellery consumption to grow 14-18% in FY25 in value terms: ICRA

The domestic gold jewellery consumption in value terms is expected to continue its growth momentum in the current financial year and is likely to witness an on-year rise of 14-18 per cent, a report said on Tuesday. Rating agency Icra in a report said in FY25, gold jewellery consumption growth is pegged at 14-18 per cent in value terms, led by favourable realisations. In 2023-24, gold jewellery consumption growth had witnessed a growth of 18 per cent in 2023-24, primarily driven by realisations even as volume growth was subdued. According to the report, while gold prices were volatile, improving consumer sentiments and festive-led demand aided consumption growth in the recent months. Moreover, a sharp 900 bps cut in import duty in the Union Budget in July 2024, and consequent correction in gold prices for a brief period led to some pre-buying of jewellery as well as bars and coins during the second quarter of FY25, which is generally a seasonally weak quarter, it said. This, couple

TN CM Stalin announces gold jewellery industrial park for Coimbatore

Coimbatore, a hub of the global gold jewellery industry, will soon have a gold jewellery industrial park in Kurichi SIDCO with an investment of Rs 126 crore, Tamil Nadu Chief Minister M K Stalin said on Wednesday. This project containing all facilities including a NABL-accredited laboratory, aims to provide direct employment to 2,000 people and indirect jobs to 1,500, he said, during his second-day visit to the city. "This announcement follows a request during my interaction with the representatives of Coimbatore Gold Jewellery Manufacturers, and the Coimbatore Goldsmiths' Association on November 5," the chief minister said at a government function here. He made a slew of announcements for Coimbatore including a new IT complex on 17.17 acre land in ELCOSEZ adjacent to the existing TIDEL park, that would employ 36,000 people, and extending the elevated flyover on the Avinashi Road for 5 km from Chinniyampalayam to Neelambur. A special project will be implemented in the Coimbatore ..

Amazon sees big spike for gold and diamond jewellery during festive season

As per current trends, customers are purchasing fine jewellery starting at Rs 2,000 for silver jewellery and up to Rs 40,000 for gold and diamond jewellery

Decoded: Should you invest in gold schemes that offer monthly instalment

Consumers must proper check retailers before investing in such schemes

GTRI suggests duty cuts withdrawal on jewellery under India-UAE FTA

With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw

Senco Gold Q1 results: Net profit up 85% at Rs 51 cr on higher revenue

Senco Gold Ltd reported a net profit of Rs 51.27 crore for the first quarter of the current fiscal (April-June 2024), marking an 85.4 per cent increase on the back of higher revenue. The Kolkata-based gold and diamond jewellery chain saw a 7.5 per cent year-on-year growth in consolidated revenue, reaching Rs 1,403.89 crore for the quarter ended June 30. The company's EBITDA surged by 61.8 per cent to Rs 108.74 crore during the quarter, the company informed bourses. The jewellery retailer expanded its footprint by opening six new showrooms, bringing its total count to 165, including one in Dubai. Retail sales grew 9.6 per cent year-on-year, while same-store sales growth stood at 4 per cent. Senco Gold MD and CEO Suvankar Sen said, To enhance domestic value addition in gold and precious metal jewellery, the government of India has reduced customs duties on gold and silver to 6 per cent, and on platinum to 6.4 per cent from the earlier 15 per cent." He said, "This reduction is expect

Gold price slips Rs 10 to Rs 68,720, silver declines Rs 100 to Rs 88,400

The price of 22-carat gold slipped Rs 10, with the yellow metal trading at Rs 62,990

After paints, Aditya Birla group forays into Rs 6.7 trn jewellery retail

Group aims for brand to be among top three national players in five years

Gold price slips Rs 10 to Rs 70,850, silver declines Rs 100 to Rs 87,400

The price of 22-carat gold also slipped Rs 10, with the yellow metal trading at Rs 64,940

Gold price slips Rs 10 to Rs 74,830, silver declines Rs 100 to Rs 94,600

The price of 22-carat gold also slipped Rs 10, with the yellow metal trading at Rs 68,590

What does the jewellery sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Gold price slips Rs 10 to Rs 73,080, silver rises Rs 100 to Rs 93,300

The price of 22-carat gold was down by Rs 10, with the yellow metal selling at Rs 67,000

Gold price slips Rs 10 to Rs 72,370, silver rises Rs 100 to Rs 96,100

The price of 22-carat gold also slipped Rs 10, with the yellow metal trading at Rs 66,340

Gold price slips Rs 10 to Rs 72,270, Silver declines Rs 100 to Rs 89,900

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,390, Rs 66,240, and Rs 66,840, respectively

Gold price rises Rs 10 to Rs 72,160, silver slips Rs 100 to Rs 89,900

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,310, Rs 66,160, and Rs 66,670, respectively

Gold price slips Rs 10 to Rs 71,720, silver falls Rs 100 to Rs 89,900

The price of 22-carat gold slipped Rs 10, with the yellow metal trading at Rs 65,740

Curbs on some studded gold jewellery not applicable for SEZ units: DGFT

The government has clarified that its decision to impose import curbs on certain types of studded gold jewellery is not applicable for units in the special economic zones (SEZs). On June 11, the directorate general of foreign trade (DGFT) through a notification imposed the restrictions to discourage inbound shipments of these items from countries like Indonesia and Tanzania. "It is clarified that imports made by SEZ units (other than free trade warehousing zones)...are outside the purview of this notification," the directorate general of foreign trade (DGFT) has said in a policy circular. The DGFT has said that it has received representations from SEZ units highlighting the issues faced by them due to this notification. Goods under restricted category need a licence/permission from the government. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. These are enclosures that are treated as foreign territories for t

Gold slips Rs 10, silver declines Rs 100; yellow metal trading at Rs 72,320

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,440, Rs 66,290, and Rs 66,890, respectively

Jewels by Preeti aims to open 15 retail stores across India by year-end

Diamond manufacturer Jewels by Preeti on Monday said the company is planning to open 15 retail stores across major cities in the country by the end of this year. This strategic expansion aims to capture a significant share in the offline market by providing last-mile connectivity and cater to the growing demand for trendy and timeless diamonds in India, the company said in a statement. In the initial stage of expansion, Jewels by Preeti is planning to open seven stores in the metropolitan hubs of Mumbai, Delhi, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad. "It is a pivotal step for us to reach a wider audience, offering astute customers of both the upper and middle classes an abundance of access to purchase top-notch quality diamond jewellery," Jewels by Preeti Founder Preeti Jain said. The company intends to hire 300 employees to drive its growth strategy, Jain added.

What makes exchanging old gold jewellery for new a smart choice?

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