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The gems and jewellery industry is likely to face challenging times ahead following the hike in gold import duty to 15 per cent, from 4 per cent earlier, a move that could spur the grey market, the All India Gems and Jewellery Council (GJC) said on Wednesday. "Business is now going to become difficult on the back of the Prime Minister's austerity measures and following the import duty hike in bullion. What the industry fears is that this will give rise to grey market... smuggling is likely to grow, setting up a parallel economy in the country," GJC chairman Rajesh Rokde told PTI. Explaining the duty hike, Rokde said, now the import duty that includes Customs Duty, GST and Agricultural Cess will make gold costlier by around Rs 27,000 per 10 grams from the earlier Rs 13,500/10 gm. He said the GJC has called an all-associations meeting of the industry in Mumbai on Wednesday to mull over the recent policy decisions and decide on further action. Meanwhile, jewellery retailer Senco Gold
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 .