The reason for the demand destruction is a surge in prices and the subsequent lockdown, due to which footfalls at retail stores dropped significantly
Gold price today for 24-carat gold in New Delhi is at Rs 46,650 per 10 gram. Gold rate in Chennai is Rs 48,830 and Mumbai Rs 46,000
The gold price today for 24-carat gold in New Delhi fell to Rs 46,650 from Rs 47,150 per 10 gram. Gold rate in Chennai is Rs 48,780 and Mumbai Rs 46,900
The gold price today for 24-carat gold in New Delhi is Rs 47,700 per 10 gram
The gold price today for 24-carat gold in New Delhi is Rs 47,300 per 10 gram. Gold rate in Chennai is Rs 48,790
The gold price today for 24-carat gold in New Delhi is Rs 47,810 per 10 gram
The gold jewellery prices vary across India - the second largest consumer of the metal - due to excise duty, state taxes and making charges
Global holdings of physically-backed gold ETFs and similar products jumped by 298 tonnes during the March quarter - the highest quarterly inflows for four years
Ajoy Chawla, CEO of the jewellery division at Titan, tells Samreen Ahmad that the company is gearing up to train nearly 25,000 people in Titan's ecosystem in two weeks to restart post-lockdown work.
Likelihood of customers coming to sell their own gold holdings when stores open adds to their worries
Titan which sells Tanishq brand gold and diamond jewellery, operates over 350 retail stores across the counter. Apart from that, the company also sells huge quantity of its products online.
Customers are not buying gold though prices are now falling
Gold jewellery sales plunge on unaffordable high bullion price
WGC estimates the total fourth quarter demand for gold at 1,045.2 tonnes - a drop of 19 per cent year-on-year
Estimates regarding the number of jewellers and ornaments being hallmarked at present are varied
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present
However, one year period will be provided for implementation of this decision to enable jewellers clear their existing stock
The drawback rates have been raised to Rs 372.9 per gram for gold jewellery from Rs 272 per gram, according to a notification of the finance ministry
The lack of a coherent policy and the unwillingness of Indian jewellers to reform are tarnishing the industry
Indians comprise nearly 18% of the 4,345 tonnes of global gold purchases annually