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With gold prices hovering near Rs 1 lakh per 10 grams, jewellers expect light-weight jewellery and other items to drive consumer demand this Akshaya Tritiya, which is considered an auspicious day to buy precious metals. Akshaya Tritiya, which is celebrated on the third day of bright half of Hindu calender month Vaisakha, falls on April 30 this year. "As we approach the auspicious occasion of Akshaya Tritiya, the gold market is buzzing with anticipation. Akshaya Tritiya holds immense cultural significance in India, traditionally marking a surge in gold purchases. This year, despite the elevated prices, we anticipate a healthy demand driven by light-weight items," All India Gem and Jewellery Domestic Council (GJC) chairman Rajesh Rokde told PTI. Gold on Friday traded weak at Rs 95,075 per 10 grams on MCX, as Comex gold continued to face resistance near the USD 3,330-an-ounce-mark. While some consumers might show initial hesitation, the enduring appeal of gold as a safe-haven asset a
Kalyan Jewellers on Friday reported a 37 per cent year-on-year increase in consolidated revenue for the fourth quarter of FY2024-25, despite extreme volatility in the gold prices. The company reported a consolidated net revenue of Rs 4,563.72 crore in the fourth quarter (January-March) of the 2023-24 fiscal. India operations saw 39 per cent revenue growth during the March quarter of the fiscal 2024-25, with 21 per cent same-store sales growth, the company said in a regulatory filing. The revenue from the Middle East operation rose 24 per cent, contributing 12 per cent to consolidated revenue. The company said 25 Kalyan showrooms and 14 Candere showrooms were opened during Q4 in India. The Candere segment recorded a revenue growth of 22 per cent during the reported quarter of 2024-25. The company plans to launch 170 new showrooms across Kalyan and Candere formats. "We have completed signing Letter of Intents for the Franchisee Owned Company Operated (FOCO) showrooms planned for t
Jewellery retailer Malabar Gold on Thursday said it will add 12 new showrooms across the country in the current fiscal at an investment of Rs 600 crore. Malabar Gold & Diamonds operates 11 state-of-the-art factories across India and 5 international units. The new showrooms will be opened in Panvel in Mumbai, Sinhagad Road in Pune, Brahmapur and Soubhagya Nagar in Odisha, Dhanbad in Jharkhand, Hospet, Nagarbhavi and Chitradurga in Karnataka, Nandyal, Amalapuram, Machilipatanam in Andhra Pradesh and Varanasi in Uttar Pradesh. This will take the total showroom count to 391 showrooms across 13 countries and 19 states in India and create employment opportunities this financial year, the company said in a statement, adding that currently, it employs over 25,000 professionals from 26 countries. Malabar Gold is also planning to open 60 new showrooms in India and overseas in 2025-26, of which 5 stores will be launched in April in the Middle East, UK, and Canada. The company, however, did .
The ED on Friday said it froze bank deposits worth more than Rs 21 crore during recent raids against the promoters of Mumbai-based Torres Jewellery group, accused of duping numerous investors through an investment "fraud". The raids undertaken earlier this week covered 13 premises in Mumbai and Jaipur in the case against Platinum Hern Private Limited (that floated the brand Torres Jewellery), the federal agency said in a statement. More than 3,700 investors have so far approached the Mumbai Police with complaints of being cheated and the fraud amount is over Rs 57 crore, according to officials. The alleged fraud came to light when hundreds of investors gathered at the brand's store in the Torres Vastu Centre building in Dadar (West) earlier this month as the company stopped paying the sums promised to them. The police have arrested three accused -- Tazagul Xasatov, a Uzbek national, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve -- all senior executives of the firm,
Diamonds and jewellery trader Starlineps Enterprise Ltd has reported more than two-fold jump in net profit to Rs 3.25 crore for the July-September quarter of 2024-25 compared to the year-ago period on higher income, according to a statement. The Surat-based company posted more than two-fold rise in revenue to Rs 24.43 crore for the September quarter of FY25 compared to Rs 9.07 crore revenue in the year-ago period, Starlineps Enterprise said in the statement. The Surat-based wholesale and retail trader of diamonds and jewellery also announced a strategic investment in EdTech platform Fusion Klassroom Edutech and acquisition of GenAI-powered platform CUR8. The company recently incorporated a wholly-owned subsidiary, Starlineps International Pvt Ltd.
Recently listed Jewellery retailers PN Gadgil Jewellers on Tuesday reported 59.11 per cent growth in net profit to Rs 34.91 crore in the quarter ended September 2024. The company's net profit stood at Rs 21.94 crore during the corresponding period of the previous fiscal, PN Gadgil Jewellers said in a regulatory filing. Its revenue from operations increased 45.92 per cent to Rs 2,001.31 crore during the quarter under review compared to Rs 1,371.51 crore a year ago. "The second quarter of FY25 has been highly rewarding, marked by strong operating performance across all our markets despite significant volatility in gold prices. Q2 FY25 surpassed expectations, establishing a solid foundation for growth, with demand levels exceeding those of the second quarter of FY24," PN Gadgil Jewellers Chairman and Managing Director Saurabh Gadgil said. The company made a strong debut on the stock market on September 17, 2024, he said. "Several factors shaped this successful quarter. The reduction
Dhanteras has begun on a slow note and jewellers expect footfalls to pick up and sales to increase even as the high gold price is likely to dampen the festive demand for the yellow metal. "Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," All India Gem And Jewellery Domestic Council chairman Saiyam Mehra told PTI. He said, volume-wise sales will be impacted due to the ruling high gold prices and expect to do business either 5 per cent lower than last year or same as last year this Dhanteras, which is considered an auspicious day for purchasing precious metals, gold and silver jewellery. "We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales," he added. Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 p