Indias gold imports fall 24% in Apr-Feb 2016-17
The Dollar Business Bureau The Indian gold imports witnessed a decline of about 24% and stood at $23.22 billion in the period April-February of 2016-17, which is likely to keep in control the current account deficit (CAD). In the corresponding period of fiscal 2015-16, total imports of the yellow metal were $30.71 billion. As per industry experts, easing of gold prices in the domestic as well as global markets can be the reason for contraction in imports. The shrinking of imports helped in decreasing the trade deficit, which stood at $95.2 billion during the April-February period of 2016-17 compared to $114.3 billion in the corresponding period of previous fiscal. However, gold imports on month-on-month basis, surged to $3.48 ...
Ind-Ra predicts negative outlook for diamond exporters in FY18
The Dollar Business Bureau India Ratings and Research (Ind-Ra) on Friday said that it has kept a negative outlook on the cut and polished diamond exporters and a stable one on the organised jewellery retailers for the financial year 2017-18. According to the World Gold Council (WGC), the demand for gold jewellery in India fell steeply by 22% year-on-year to reach a 7-year low of 522 MT in 2016. The demand was severely impacted due to several events that occurred last year like country-wide strikes by jewellers and the severe cash crunch due to the withdrawal of 500 and 100 rupee notes by the Government. After a four-month disruption on both supply and demand side, the decline in consumers demand was led due ...
Danish jewellery maker Pandora to open 50 shops in India
The Dollar Business Bureau Denmark’s jewellery manufacturer Pandora said on Friday that it would enter the Indian market and open 50 stores in the coming three years as it is pursuing an ambitious expansion target. The Indian market, one of the largest jewellery markets in the world, is worth over $40 billion a year and is likely to grow at a rate of 7% a year through 2021, the company said in its press release. However, the Indian market has traditionally been more focused on diamonds and gold than silver, the favourite material of Pandora, which makes up only 5% of the market, it added. A change in consumers’ behaviour particularly amongst the young Indians towards international brands could however, drive success towards Pandora's ...
Indian gold sellers hit on both fronts: domestic sales and exports
Sneha Gilada After a sudden surge in demand for gold on the eve of demonetisation, which led to record high gold prices, the gold buyers seem to have all gone into hibernation. With 80% of the Indian currency turning into trash, people can no longer step into jewellery stores, making a display of wads of notes in return for the precious metal. Even straight-laced, honest tax payers seldom buy jewellery electronically. This industry has been worst hit by the cash crunch in the short term and no amount of numbers and statistics can paint this picture better than the empty jewellery stores. Shri Shravanthi Jewellers, a known name in the gold business in Southern India, saw its domestic business suffer great losses in the months after note ban as turnovers were slashed by 90%. Footfall in retail stores witnessed an all-time low, ...
Online Jewellery market may grow in another 3 years
The Dollar Business Bureau Due to an increase in the sales in e-commerce, the online jewellery market in India is expected hit $3.6 billion in the coming three years. This is around 20% of the estimated global market size of $18 billion. Adish Shah, CEO, Jewelemart said currently, the world online jewellery market is around $10 billion, which will grow to $18 billion in next three years and India can capture a market share of 20%." He also added that, “We have launched the first B2C (Business-to-consumer) and B2B (Business-to-business) portal, www.jewelemart.com. This will immensely benefit consumers who can now buy certified diamond-studded gold jewellery at very competitive price from this 24x7 online virtual store.” Adish also pointed out that there is good scope ...
