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Showing posts with the label gold jewellery

Wedding rush sets record, sends India's gold imports surging to 6-year high

  About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year’s expected annual total. A quick glance at social media feeds in India over the past month shows a flurry of weddings as couples rush to tie the knot following a lifting of some virus curbs. About 2.5 million ceremonies are estimated to have taken place since mid-November, around a quarter of this year’s expected annual total, after the government eased some restrictions around gatherings. It’s a stark turnaround for India’s jewelers, who have seen demand hammered for almost two years as the coronavirus led to the postponement of many weddings — a key source of demand for the nation that considers buying and gifting of gold as auspicious — while broader financial hardship further curbed purchases. The bumper festival season may help push India’s gold imports to as much as 900 tons this year, the highest in six years , Metals Focus Ltd  said. That’s up from about 3...

Jewellers sell Rs 100 gold online as Indians take to internet buys in Covid

  Jewellers launch offers for festive season, when gold demand peaks in the country. Jewelers in India have started selling gold for a little over $1 online after the pandemic upended sales, forcing them to reassess traditional ways of doing business. Sales crashed last year in the second-biggest consumer after a nationwide lockdown shuttered stores across the country. But it also led to a bump in India’s nascent market for online gold sales. That’s pushed jewelers such as Tata Group’s Tanishq, Kalyan Jewellers India Ltd., PC Jeweller Ltd. and Senco Gold and Diamonds to launch offers to sell gold for as little as 100 rupees ($1.35) either directly on their websites or through tie-ups with digital gold platforms. Consumers can take delivery once they have invested enough for at least 1 gram of gold. Digital gold sales aren’t new to India, with mobile wallets and platforms like Augmont Gold For All, and World Gold Council-backed  SafeGold  offering the product. Jewelers had...