IBJA
Gold’s 13% uptick beats Nifty's H1CY24 gains. Who could hold the edge in second half?
HDFC Bank's shares surged approximately 3% to reach a new 52-week high on Wednesday. Investors reacted positively to news suggesting a potential increase in the bank's weightage in the MSCI Emerging Markets index. Doubling lenders' weightage in the global index can attract FII flows, ranging from $3.2 bn to $4 bn.
IBJA appoints Aksha Mohit Kamboj as Vice President
Aksha Mohit Kamboj is the Executive Chairman of Aspect Global Ventures Pvt Ltd and is also the co-owner of Cricket ISPL team Tiigers of Kolkata. She is the first and the only woman appointed to such a prestigious post in the gold and jewellery sector.
India's gold imports seen falling as record price prompts jewellery swaps
India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.
Gold trade urges introduction of hallmarking for 9-Carat gold amid record prices
The gold trade has called for hallmarking and HUID numbers to be introduced for 9-carat gold amid record-high prices of both gold and silver, making them unaffordable for many. Silver reached ₹92,444 per kg and gold approached ₹75,000 per 10 gm in Mumbai's Zaveri Bazaar. Officials from the India Bullion & Jewellers Association (IBJA) met with BIS executives to discuss the matter. IBJA emphasized that allowing hallmarking for 9-carat gold could enable consumers to purchase heavier jewellery within their budgets.
22KT, 18KT, 14KT gold price today from Indian Bullion and Jewellers Association (IBJA)
Gold prices on Akshaya Tritiya: If an individual is buying gold jewellery, then they should know the prevailing gold price of 22KT, 18KT or 14KT. This is because these are purity karats used for making gold jewellery. Usually, one cannot buy gold jewellery made of 24 Karat of gold. Read on to know the current gold prices.
Gold rush to summit sees demand trampled
Gold prices soar in Kolkata's Zaveri Bazaar, impacting sales. Jewellers hopeful for a recovery during Akshay Tritiya. Mumbai sees 70% demand slump, while investment in bars rises. Analysts predict further price hikes due to global factors.
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Learn with ETMarkets: How to unlock benefits of sovereign gold bonds?
Adding gold to the investment portfolio serves various benefits, such as diversification, storing of value, and hedging against inflation.
Sovereign Gold Bond price fixed at Rs 6,263/gm; issues opens Monday
The Government of India, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and making the payment against the application through digital mode.
Sovereign Gold Bond scheme opens for subscription today. Check price, issue date, other details
Sovereign Gold Bond: The price of SGB is based on the simple average of the closing gold price of 999 purity of the previous three business days from the date of redemption as published by the India Bullion and Jewellers Association Ltd (IBJA). In this case, the three business days are between February 7 and February 9, 2024.
Sovereign Gold Bond premature redemption on Monday, December 18. Check details
Premature redemption in the SGB scheme is permitted after the completion of the fifth year from the date of issue. The tranche was issued by RBI on December 18, 2017
Redemption price of 1st SGB tranche announced; investors make 128% return excluding interest
The redemption price of SGB is based on the simple average of the closing price of gold of 999 purity of the week (Monday, November 20-Friday, November 24), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd. (IBJA).
Big Bullion Sale: Gold shines amid festive fireworks
Sales of the worst affected mass-to-mid segment products across categories have also seen a slight improvement in this season with single-digit growth, according to companies, retailers and market researchers. The revival has been driven by urban and semi-urban markets, with the critical rural markets still showing no signs of a recovery.
Big bullion sale: Gold shines amid festive fireworks
Demand for gold in the country increased about 7.7% by volume to an estimated 42 tonnes and 10% by value to ₹22,000 crore, according to the India Bullion and Jewellers Association (IBJA). Gold prices fell about ₹1,500 per 10 gm in two days to ₹60,400 per gm on Friday, helping drive sales.
Sovereign Gold Bond scheme opens for subscription: 8 reasons to buy
Solanki’s advice to investors is to remain invested for 8 years to take benefits of capital gains tax exemption.
MCX Gold futures get cheaper than SGBs. Where should you invest?
Investors are advised to take advantage of the SGB Scheme 2023-24 subscription window, despite a fall in gold prices on MCX Gold Futures, according to analysts. The bonds are intended for long-term investment and the current dip in the price is short-term according to Prithviraj Kothari, CEO of RiddiSiddhi Bullions. The nominal value of the bond depends on the India Bullion and Jewellers Association's average closing price for the last three working days prior to subscription, and at present, gold is in a positive long-term uptrend. Experts suggest that gold will hit between INR65,000 to INR68,000 ($1,009 - $1,053) per 10 grams within the next three to five years.
Lofty prices tarnish gold's lustre in top Asian retail hubs
Retail buyers in China and India, the world's largest and second-largest retail gold consumers, are leaving gold stores without buying anything due to high gold prices. With gold prices just off their records of 2020, caused by safe-haven investors seeking solace amid recession fears and banking crises in the US and Europe, retail buyers are not purchasing jewellery items. India and China accounted for 48% of total global retail demand in 2022; hence dealers in these countries have reduced premiums by almost $40 an ounce in China to small discounts, and cutting discounts to $57 an ounce under official domestic prices in India.
NSE, IBJA to launch bullion spot exchange soon
The domestic bullion spot exchange shall ensure complete transparency in the bullion transactions executed on its platform.
NSE, India Bullion and Jewelers Association to soon launch bullion spot exchange
IBJA and NSE are already in advanced discussions with industry players in closing the shareholder structure, according to the release.
India Bullion & Jewellers Association not to support Monday's strike
"We believe that constant dialogue with the Government is required to resolve some issues with regard to mandatory hallmarking. These issues are more of administrative nature which will ensure that no fake or duplicate hallmarked items reaches out to final consumer. We firmly believe that consumer must get pure jewellery and there is no compromise in the same," said Surendra Mehta , national secratary of IBJA.
Dhanteras gold jewellery sales may record 35% rise
Jewellers are witnessing a lot of pent-up demand in the market after a hiatus of almost eight months when concerns over the pandemic had forced consumers to avoid non-essential purchases and conserve cash.
Jewellers unlikely to achieve 100% gold hallmarking by June 2021: IBJA
At present, only 30,000 jewellers out of the nearly 300,000 jewellers in the country are BIS certified and are selling hallmark gold.
Gold decouples from wedding season
Also, equity markets across the globe are doing well, dulling gold’s relative appeal as a safehaven investment.
Makers to sell ornaments to jewellers only via PDCs
The decision to sell ornaments against PDCs was agreed upon at a board meeting convened by the India Bullion and Jewellers Association (IBJA) on Monday.
Spot and futures gold rates likely to converge
The move will also likely reduce unwarranted imports and exports, ensuring the safety of bank credit to the sector.
Allow only accredited gold refiners to make bars: IBJA
There are more than 30 regulated NABL/BIS approved gold refineries.
Jewellers’ body to push for curbs on sale of impure gold
Impure bars were available at a discount and both buyers and sellers were involved.
Govt hikes import duty on gold to 12.5% from 10%
Around 100 -120 tonnes of gold enter into the country through the illegal route.
‘Gold monetisation scheme likely to be tweaked’
But this discount was more of a B2B phenomenon, rather than B2C, said sources in Zaveri Bazaar.
Trade bodies make conflicting remarks on raids involving hallmarking
An official in BIS’s Delhi headquarters said he was not aware about any such raids.
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