Search Result for : World Gold Council

The Dollar Business Bureau The gold imports of India remained stagnant in the month of November at around 100 tonnes, despite decline in jewellery sales due to the cash crunch owing to the government’s demonetization initiative. The country had imported around 97 tonnes during the month of October, according to Bacchraj Bamalwa, Director of All India Gems and Jewellery Trade Federation (GJF). “The imports of gold were normal in the last month, about 100 tonnes and took place due to demand in the wedding season,” he said. The shipments are likely to halve when the wedding season ends in mid-December.  In addition, there is a surplus stock from the previous month. The demand in rural areas has been affected because of the cash crunch after the demonetization of Rs.500 and Rs.1,000 notes, he added. However, the total imports of gold in the quarter of October-December are likely ...

The Dollar Business Bureau With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council has launched a multimedia advertising campaign starting this week that includes newspapers, radio, digital and select cinema halls. More information on Indian Gold Coin can be accessed on www.indiangoldcoin.com or toll free number 1800 1800 000. The Indian Gold Coin is available in denominations of 5 gm and 10 gm coin and 20 gm bar. The coins are currently available at all MMTC outlets across India, along with select branches of seven Banks - Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank. Indian Gold Coin is available at about ...

The Dollar Business Bureau Increased buying of coin, bar and jewellery prompted by fall in price triggered an 8% surge in the global gold demand during July-September, with Indian jewellery consumers leading the charge, the World Gold Council said on Thursday. The gold demand climbed to 1,120.9 tonnes, it said, as bar and coin demand drove gains mainly due to bulk buying from central banks across the world. The demand for jewellery grew 6%. In India, the demand of the yellow metal was highest in the form of jewellery as compared to bar and coins. The demand increased by 15% in the last quarter to 211 tonnes, up 26.9 tonnes year-on-year and equal to the level of 2008. In this segment, India ...

The Dollar Business Bureau India’s largest jewellery manufacturer Rajesh Exports will ship gold and diamond studded ornament worth Rs.1,123 crore to Singapore by the end of this year. “Rajesh Exports Ltd (REL) has bagged an export order worth Rs.1,123 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The order is be completed by December 31, 2015,” the Bangalore-based firm said in a statement on Friday. The fresh order came nearly three weeks after the company had received an export order from a UAE-based firm to supply gold and diamond jewellery worth Rs.1,170 crore. The shipment to UAE has to be completed by October 31. According to REL, the demand for Indian jewellery has been “growing rapidly” ...

The Dollar Business Bureau As gold rates regained in the global market, the government on Monday increased the tariff value on imported gold from $354 per 10 gram to $363 per 10 gram. According to a fresh notification issued by the Finance Ministry, tariff value of silver has also been increased marginally from $498 per kg to $499 a kg. The Central Board of Excise and Customs (CBEC) revises tariff value on gold, silver and other commodities every fortnight to determine the minimum import duty. The department last revised the tariff on July 25, almost a week earlier than the usual schedule due to sharp decline in the global prices of the precious metal. On July 25, the tariff value for gold ...

Source: PTI India's gold demand during April-June declined 25% to 154.5 tonnes due to unseasonal rains in the first quarter that damaged crops and the shrinking of wedding dates, according to the World Gold Council (WGC). The demand during the second quarter of 2014 stood at 204.9 tonnes, WGC said in Gold Demand Trends report for Q2 2015. India's Q2 2015 gold demand in terms of value fell 26 per cent to Rs.37,590.2 crore compared with Rs.50,778.1 crore in Q2 2014. "Consumer demand in India fell 25% to 154 tonnes in the April to June quarter, due to a buoyant stock market, a softening rural economy affected by unseasonal heavy rains in Q1, which damaged crops and fewer auspicious days impacting wedding-related ...

 The Dollar Business Bureau Gold monetisation scheme will prove beneficial in the long run if it is implemented properly, says an expert. The Finance Ministry has already prepared the draft of the monetisation scheme aimed at recycling of idle gold in the form of household jewellery. The government has also sought recommendations from all stake holders for effective implementation of the scheme. Experts believe that the proposed scheme will be a win-win situation for all the stake holders including consumers, traders and the government. “Give some time for the consumer to get familiar, for banks to get familiar, build infrastructure; and in a couple of years when you turn around, you will find that this is a very robust way of ...

 The Dollar Business Bureau India’s gold exports can increase five times from $8 billion to $40 billion per year by 2020 with the implementation of stringent hallmarking standard of jewellery across the country, the World Gold Council said on Thursday. “A credible hallmarking system with a widespread presence of assaying and hallmarking centres is essential for both the gold jewellery industry and for the implementation of a successful monetisation scheme,” said Somasundaram P R, Managing Director, India, World Gold Council. “Hallmarking is to jewellery what ’know your customer’ norms are for financial services,” Somasundaram said at the launch of the WGC’s report on Indian hallmarking. “The trust and confidence which comes with a credible nationwide hallmarking system will underpin the growth of ...