Readers Response: India should play an important role in international gold fixing - Girish Roy

Comprehensive coverage on ‘ Gold Price fixing’ was not only informative but also very impressive. It is good to know that AOJ team covered such an important issue that has not been touched by any other media house in my knowledge. India being one of the largest consumers of the gold, it should have its say in the international gold price fixing.

Girish Roy
Director
Vipul Gems
Gwalior

Readers Response: Commendable coverage on Budget 2014-15 - Pramod Varma

I really liked the special report on budget 2014-15. It provided us valuable information. Apart from that, the magazine covers the updated information of jewellery sector which is really informative to the people who are associated with this sector.

Pramod Varma via email

Readers Response: Security measures for jewellery sector is the first priority- Deepchand D

The coverage on technology was commendable. Section on security will not only help the jewellers to monitor their showroom but it will also provide them a sign of relief. As jewellery business has lot of risk involved in it, so security measures should be the first priority.

Deepchand D
Proprietor
Sun and Sun Jewellers, Raipur

Readers Response: Light weight jewellery reduces gold wastage - Sunita Gupta

Earlier, we use to buy light weight jewelleries from Honkong, Vegas and New York. But now, we have realised the importance of light weight jewellery and we have started making it here, in India. This not only reduces the cost but also the gold wastage.

Sunita Gupta
Proprietor
Kalashree Jewells, Delhi

QUOTES OF THE DAY

UID scheme is a good initiative, but it needs to be implemented with certain modifications. It should be presented without hurting the sentiments of the jewellers. We have also proposed our suggestion and demands and we are looking forward for a positive result.”

James Jose, President, Indian Association of Hallmarking

“Even if the 80:20 scheme for gold imports is continued, CAD would widen to USD 40 billion to USD 45 billion in FY15.”

Aditi Nayar, Senior Economist, ICRA

Gold hits 11-month low on global cues

Extending its downward journey for the fourth straight session, gold prices tumbled by Rs 200 to hit nearly 11-month low of Rs 27,500 per ten grams in the national capital today amid a weak trend in global markets. read more

China seeks bigger sway in world gold trade

China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world’s top producer and importer of the metal seeks greater influence over pricing. read more

Battle over India's gold import restrictions heats up

Even as the India government contemplates lifting gold import curbs given the low current account deficit in the country, alarm bells have started ringing in from different quarters. Analysts and economists are quibbling over whether a lifting of the curbs read more

Jewellery companies still waiting for availability of gold on loan

Relaxation in gold import norms by the Reserve Bank of India last week are yet to make a real impact for jewellers as no big imports have happened after the relaxation. Neither jewellery companies have stared getting gold on lease in the magnitude they were expecting. read more

Kalyan Jewellers and iDNA Graphics launches customized jewellery Collection

Kalyan Jewellers, has tied up with iDNA to launch the unique and customized ‘HELIX – DNA Jewellery. These will initially be available across 15 showrooms of Kalyan Jewellers. Each person on the face of the earth has his or her own unique DNA pattern. read more

10.93 Carat diamond ring sells for $1mn at Christie's

The Christie’s Paris Jewels auction exceeded expectations, bringing in US $8,206,462 in sales. The top sale was a 10.93 ct. baguette diamond ring, flawless, D color, VVS2, type IIa, sold to an anonymous buyer for US $1,000,347. read more

Zale shareholders approve sale to Signet

Despite vocal opposition by a group of dissident investors, Zale shareholders approved the acquisition by its longtime rival on May 29. Zale did not respond to requests for comment at press time. read more

QUOTE OF THE DAY

“UID at any level will not work and as a responsible trade body we strongly recommend to reconsider the proposal of implementing UID barcodes.”

Ashok Minawala, Director, All India Gems and Jewellery Trade Federation (GJF)

GJF not in favour of UID implementation by BIS

Bureau of Indian Standards has proposed a Unique Identification Number (UID) for every hallmarked jewellery piece. But this new addition has certainly not been cheered by the most of the jewellers. Now, All India Gems and Jewellery Federation (GJF), read more

Gold price slides again despite largest ETF inflows since 2012

The gold price extended Tuesday's losses on Wednesday falling to a near four year low as negative sentiment sweeps the market. On the Comex division of the New York Mercantile Exchange, read more

No gold rush despite fall in domestic gold price

Gold prices tumbled more than Rs 800 per 10 gm in the past four trading sessions through Wednesday intraday after the RBI eased restrictions on the trade. But consumers and jewellers are not rushing to buy the precious metal as they expect prices to fall further. read more

Global gold prices will depend on India’s import policy: Experts

Even as the risk appetite in the West is on the rise and US manufacturing activity is gaining momentum, gold prices may take a cue from India’s policy on imports, according to experts at S & P Dow Jones Indices. read more

SGL introduces 'The Jewellery Woman' concept

SGL, an independent international laboratory that specialises in certification of Diamond, Diamond Studded Jewellery and Diamond Education in its ongoing endeavour to reach out to the end consumers, has introduced a seminar catered solely read more

NSEL e-gold investors start getting refunds

Good news for the beleaguered e-gold investors of the National Spot Exchange (NSEL). The exchange has disbursed around $140 crore so far towards settlement of e-gold units. read more

Pakistan lifts gold import ban

In a major reprieve to its consuming class, Pakistan's Economic Coordination Committee of the Cabinet lifted a one-month ban on the import of gold and, meantime, outlined a revised set of rules. read more

Rapaport's RapNet to be the Launch Platform for Sarine Loupe Imaging

Singapore Exchange Mainboard listed Sarine Technologies Ltd., a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement and grading of diamonds and gemstones, read more

Jewellery maker Swarovski to double retail network in India in next 5 Years

Crystal jewellery and accessories maker Swarovski plans to double its retail network in India by investing 10 million euro over the next five years, a senior executive of the Austrian firm said. read more

QUOTE OF THE DAY

“There is no proposal to introduce mandatory hallmarking in the country considering there are large numbers of small jewellers with low sales turnover.”

Sunil Soni, Director General, Bureau of Indian Standards (BIS)

Mandatory hallmarking may not be introduced soon, UID plan under debate

Bureau of Indian Standards (BIS) is planning to introduce Unique Identification Number (UID) for every piece of hallmarked jewellery. But this decision is not welcomed by many jewellers and jewellery trade bodies as they feel it is a very lengthy process and following it will be an additional burden on them. read more

Modi Govt has enough reasons to ease gold curbs

The Centre is likely to ease restrictions on gold imports and a decision is expected soon. Last year, the government imposed restrictions on gold imports, the second biggest import after oil, following a steep rise in the country's current account deficit. read more

Gold hits 3-1/2 mth low on strong US data, weak China demand

Gold fell to a 3-1/2 month low on Wednesday, adding to sharp overnight losses on fears of slowing demand in top consumer China and as strong US economic data blunted the metal's investment-hedge appeal. read more

China's April gold imports drop to 65.4 metric tonnes

China’s gold imports from Hong Kong fell in April amid signs that investment demand waned in the world’s largest gold consumer. Net imports totalled 65.4 metric tonnes last month, compared with 80.6 tonnes in March and 75.9 tonnes a year ago, read more

Former State Department Conflict Diamonds advisor Joins GIA

Brad Brooks-Rubin, the former special advisor for conflict diamonds for the US Department of State, has joined the Gemological Institute of America as global director of development and beneficiation. read more

Switzerland exports 110 tonnes of gold in April; down 21% against March figures

According to the Swiss Federal Customs Office, Switzerland exported 110.92 metric tonnes of gold in April, worth 4.13 billion Swiss francs ($ 4.62 billion). Gold imports for the month were 121.97 tonnes in the amount of 3.45 billion francs ($ 3.86 billion). read more

JCK Las Vegas 2014 all set to commence on May 30th

JCK Las Vegas is the leading jewellery event in North America open to all jewellery professionals. The even t which is scheduled between May 30 and June 2nd, 2014 at Mandalay Bay Resort and Casino , Las Vegas will shine with the latest awe-inspiring domestic and international designers. read more

Oil firm to start mining diamonds in Russia- Israelidiamond

While the European Union ponders whether to slap restrictions on the import of Russian diamonds, Moscow shows no signs of slowing down its diamond production. If anything, the opposite is true: a Russian firm, read more

Increase in gold supply- Somasundaram P R

“RBI’s decisions will increase gold supply and ease some of the cost pressures jewellers are facing.”

Somasundaram P R, Managing Director, World Gold Council, India 

Gold price to fluctuate for some time- N Ananthapadmanabhan

“The gold prices have come down due to panic in the market. It will take some time for the impact of the import relaxation to be felt. Gold prices are expected to fluctuate for some time. A clear picture will emerge only after the General Budget.”

N Ananthapadmanabhan, MD, NAC Jewellers and Regional chairman, All-India Gem and Jewellery Trade Federation (GJF)

QUOTES OF THE DAY

"I expect jewellery demand to rise this fiscal but investment demand may not pick up until the authorities cut the high import duty and also relax the 20:80 rule for import."

Mehul Choksi, Chairman, Gitanjali Group

“There is a feeling in the market that import duty will be reduced from 10% to 4% in the upcoming budget. If that happens and the rupee continues to remain strong, gold prices can come down to Rs 24,000-25,000 per 10 gram.”

Sachin Kothari, Diirector, BullionIndia

Bullion King Prithiviraj Kothari named for manipulating trades on MCX

PricewaterhouseCoopers (PwC)'s report on the forensic audit of Multi Commodity Exchange (MCX) has found five entities, including bullion king Prithviraj Kothari-controlled RiddhiSiddhi Bullion, and the broking arm of leading investment banking firm Edelweiss Securities, to have carried out wash trades on the exchange.  read more

Gold smuggling will come down- Mohit Kamboj

“Due to the positive steps taken by the government, the premium on gold has come down to USD 30 from USD 82. In the next 10 to 15 days there will be no shortage of gold in the market and gold inflow through the grey market will cut down."

Mohit Kamboj, President, The India Bullion & Jewellers Association (IBJA) 

AOJ EXCLUSIVE: Jaipur Jewellery Association election results announced

The elections for Jewellers Association, Jaipur which is one of the largest jewellery associations of India with 3,700 members had its elections for 2014-2016 on 24th, May, 2014. read more

India's CAD narrowed sharply to $1.2 billion in Q4 of 2013-14

India’s current account deficit (CAD) narrowed sharply to US $1.2 billion (0.2 per cent of GDP) in Q4 of 2013-14 from US $18.1 billion (3.6 per cent of GDP) in Q4 of the previous year on account of a steep fall in gold imports that led the sharp decline in imports.  read more

Gold producer Randgold opens to alternative price fixing

Randgold Resources Ltd. (RRS), the gold producer that has used the London fixing for 18 years, is open to consider an alternative to the benchmark used to set prices. ‘There is always no harm in reviewing any business,’ Mark Bristow.  read more

Russia and China need to secure their gold and currency reserves: Putin

Russia and China need to ensure their gold and currency reserves are secure, Russia's President Vladimir Putin told foreign journalists at the St Petersburg International Economic Forum.  read more

LBMA extends deadline on daily silver benchmark consultation

The London Bullion Market Association (LBMA) has extended by one week the deadline for a consultation on the future of the daily silver fixing mechanism to give the industry more time to respond, it said on Friday.   read more

China invites top foreign banks to Global Gold Exchange in Shanghai

China has added more glimmer to its dignified gold aspirations by inviting foreign banks and gold producers to take part in a global gold exchange in Shanghai that could challenge the dominance of New York and London in precious metal trade and pricing. read more

Muthoot Finance Q4 net down 17% at Rs 181 cr

Gold loan company Muthoot Finance on Monday declared a 17% decline in its net profit for the fourth quarter of FY14 at R181 crore. For the entire fiscal, net profit was down 22 per cent at R780 crore. Sequentially, the net profit declined by R13 crore from R194 crore in Q3 of FY14.   read more

Govt needs to relax 20:80 rule for import- Mehul Choksi

"I expect jewellery demand to rise this fiscal but investment demand may not pick up until the authorities cut the high import duty and also relax the 20:80 rule for import."

Mehul Choksi, Chairman, Gitanjali Group

Import duty to be reduced in the upcoming budget- Sachin Kothari

“There is a feeling in the market that import duty will be reduced from 10% to 4% in the upcoming budget. If that happens and the rupee continues to remain strong, gold prices can come down to Rs 24,000-25,000 per 10 gram.”

Sachin Kothari, Director, BullionIndia

QUOTE OF THE DAY

“The gold prices have come down due to panic in the market. It will take some time for the impact of the import relaxation to be felt. Gold prices are expected to fluctuate for some time. A clear picture will emerge only after the General Budget.”

N Ananthapadmanabhan, MD, NAC Jewellers and Regional chairman, All-India Gem and Jewellery Trade Federation (GJF)

Jewellery refiner MPIPL to open 27 centres across India

India's only internationally accredited gold and silver refiner, MMTC-Pamp India Pvt Ltd (MPIPL) plans to open its collection centres across 27 MMTC offices in the country, with an eye on tapping 20,000 tonnes of gold estimated to be with Indian households.  read more

Best time to buy gold is now: Jewellers

For a city whose inhabitants buy and flaunt gold jewellery unabashedly, this piece of advice might come in handy — purchase more. Jewellers in the city say this is the time to accumulate more gold. ‘This is not the time to exchange old jewellery. Use your cash to buy gold,’ said a senior jeweller, who even suggested that cash stashed away in fixed deposits could be utilised for buying gold. read more

Fall in India’s gold price alerts UAE gold traders

India’s decision to ease up on restrictions on the importation of gold bullion, combined with a strengthen rupee, could affect gold sales in the UAE. The decision by the Reserve Bank of India, which was announced last week, has resulted in a drop in retail gold prices in the country. read more

Barclays fined with $44 mn fine over gold price fix

Barclays Plc has been fined 26 million pounds (US $43.8 million) for failures in internal controls that allowed a trader to manipulate the setting of gold prices, just a day after the bank was fined for rigging Libor interest rates in 2012.  read more

De Beers plans to increase rough diamond prices by 5% every year

On one hand, the diamond industry is elated over the development with regard to a new diamond bourse but on the other, small and medium diamantaires have no respite from the increasing prices of rough diamonds.  read more

GJSCI launches skill development programme in Thrissur

The Gem and Jewellery Skill Council of India (GJSCI), working under the aegis of the National Skill Development Corporation (NSDC), a public-private partnership funded entirely by the Ministry of Finance.  read more

Jewellery shops in Jammu to remain closed for 4 days

All shops of jewellers in Jammu region will remain closed from June 18 to June 21 for summer holidays. A decision in this regard was taken during a meeting of Jewellers Association and Swarankar Sangh under the chairmanship of Raj Kumar Babbar and Parjan Jain.  read more

Titan’s Gold Plus aims to touch Rs 1,000 cr turnover in 2014

Titan’s rural jewellery retail chain Gold Plus is lowering its pricing to be more competitive in the markets it operates. After a flat growth last year, Gold Plus is eyeing a 20 to 25 per cent growth this year to touch a turnover of Rs 1,000 crore by increasing same store growth. read more

Srenuj and Company net profit down 18%

Srenuj and Company, a diamond and jewellery conglomerate reported a 18 per cent fall in net profit of quarter four of FY 14 to Rs 26.2 crore compared to Rs 32.3 crore in the same period last year on the back of weak market scenario. read more

Readers Response : Commendable coverage on Jewellery Technology - Chaitanya V Cotha

"I like the April issue of your magazine with its coverage on technology as it was different from the other issues. The edition was very informative."

Chaitanya V Cotha, Director CKC & Sons, Bangalore

Readers Response : UID Card for every jewellery may not serve the purpose- Ashok Minawala

“GJF’s approach to the Govt. has always remained in support of hallmarking keeping in mind the consumers’ interest but at the same time with least burden to the jewellers of the country. Newly proposed UID Card for every piece of jewellery may not serve the purpose as it will create lot of procedural activities for the jewelers.”

Ashok Minawala, Director, All India Gems and Jewellery Trade Federation (GJF)

Readers Response : Aache din gold industry ke a gaye- Prithviraj Kothari

“It is a celebration time for jewellers post amendment in gold import policy. Premium should back to around $25/oz and will see more investors' participation. Gold loan is re-introduced. These are all good news for jewellery industry. Aache din gold industry ke a gaye (Good days have come to gold industry)”

Prithviraj Kothari, Director, RiddiSiddhi Bullions Limited (RSBL)

Readers Response : We oppose new diamond bourse at Surat- Vipul Shah

"We oppose the plan to set up a new diamond bourse at Surat. A committee of 30 people cannot decide the fate of the $43 billion industry."

Vipul Shah, Chairman of Gems and Jewellery Export Promotion Council (GJEPC)

Readers Response : Gold prices to drop to Rs 24k by Diwali - Mohit Kamboj

“We expect a reduction of the customs duty to 4-5% from the current 10% in the forthcoming budget. I can see that gold prices are likely to be at Rs 24,000 by Diwali.”

Mohit Kamboj, President, The India Bullion & Jewellers Association (IBJA)