Speaking to , All India Gem and Jewellery Domestic Council chairman Anantha Padmanaban said, "we are witnessing steady footfalls since morning. However, the momentum is expected to pick-up towards the evening as Friday is a working day." WGC Managing Director, India, Somasundaram PR said there have been "mixed responses" since Thursday evening but the sentiment is much better today.
Hailing the government's move, CITI chairman T. Rajkumar in a press statement said “PLI scheme is extended for 10 key specific sectors, of which textile is one of the sectors and has been allocated Rs 10,683 crore of the total estimated outlay of Rs. 1.46 lakh crore, mainly for MMF and technical textile segment”.
A second Donald Trump administration is likely to be as turbulent and polarising as the first term, adding further volatility and uncertainty in the market, although the potential for radical policies could be lower in the second term should Congress remain divided, according to international gold experts.
The plan to add nine stores with an investment of Rs 240 crore will see Malabar Gold expand its footprint across all tier-I and tier-II cities in the north and central India as well as strengthen its position in markets like Singapore, Malaysia, Oman and the UAE.
According to consultancy Kantar, which tracks monthly FMCG purchases of over 81,000 Indian homes, growth in household care was 6.6% in June-August, up from 4.2% in March-May.
The pandemic-induced lockdown dragged down Q2 demand , but with restrictions easing steadily since then and many weddings deferred to the fourth quarter, jewellery demand is expected to improve in Q3 and Q4.
Due to the pandemic, GJEPC went virtual for IIJS 2020, which commenced on October 12, transforming the physical show into a complete virtual experience for exhibitors as well as domestic and global visitors.
"In fact, this environment of technology to reach customers all across the world shows the resilience of Indian industry and the government to serve customers, particularly with the festival season round the corner, both in India and across the world," Commerce and Industry Minister Piyush Goyal said.
India is the second largest consumer of gold in the world with annual consumption of 800-850 tonnes. This year, gold has given more than 25% return to the consumers and investors. Gold prices had fallen below Rs 50,000 per 10 gm level last month. But on Thursday, prices went up again in the spot market to touch Rs 50,413 per 10 gm level.
Gap Inc. and Arvind Fashions are parting ways, six years after the Bengaluru-based company signed a master franchisee for India and Arvind and US fashion group are currently looking for a buyer for Gap's India business.
As many as 80% of customers have taken loans against gold more than once in the past four months, said executives of gold loan NBFCs.
Platinum bracelets and chains priced below Rs 2 lakh are the popular picks as buyers don’t need to provide their permanent account number (PAN) for their purchase, said some of the jewellers ET spoke with.
Should fashion weeks be dismantled and rebuilt? Are cycles of new items every six months still the best approach, at a time when garment overproduction is under scrutiny, restricted lifestyles are commonplace and runway spectacles can feel out of step in a world with different priorities? These are only a few of the uncomfortable questions.
Traditionally, workers in Surat get a fortnight to a month-long holiday for Diwali, said industry executives.
Illegal shipments of gold to India are estimated to have slowed to a trickle of about 2 tons a month, and may total about 25 tons this year.
Tanishq will add 35 stores, while Senco will add 20,000 square feet of retail space in FY21. Malabar is focusing more on rural areas as the jeweller feels that good rains and better kharif output will spur rural demand for gold. The jewellers have also reworked the rentals for their outlets so that it is a win-win situation for all stakeholders.
The call for uniform pricing comes at a time when demand for gold is showing signs of revival. Buying of the yellow metal in India generally peaks in the October to December festival period.
According to data provided by the Gem & Jewellery Export Council (GJEPC), exports in this segment touched $1.7 billion in August. It was higher than the $36 million registered in April but down 41.55% from that in August 2019. Surat is the diamond cutting and polishing hub of the country and 85% of the stones processed there are exported.
