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Despite Collapsing Hike Odds, Rising Yields Kept Indian Gold, Silver Below Their Floors
Snap Shot: Most of the damage in the week ending 2 October landed before the good news arrived, and the good news then failed to repair it. August core PCE inflation, released on 30 September, rose 3.0% from a year earlier against expectations of 3.3%, helped partly by methodology changes at the Bureau of Economic Analysis. September payrolls on 2 October then added just 29,000 jobs against forecasts near 90,000, with unemployment at 4.2% and August revised down to 133,000
Despite Collapsing Hike Odds, Rising Yields Kept Indian Gold, Silver Below Their Floors
Snap Shot: Most of the damage in the week ending 2 October landed before the good news arrived, and the good news then failed to repair it. August core PCE inflation, released on 30 September, rose 3.0% from a year earlier against expectations of 3.3%, helped partly by methodology changes at the Bureau of Economic Analysis. September payrolls on 2 October then added just 29,000 jobs against forecasts near 90,000, with unemployment at 4.2% and August revised down to 133,000
Top News
GJEPC Welcomes Interim Budget
New Delhi: India’s Finance Minister (FM) Ms. Nirmala Sitharaman yesterday presented Union Budget 2024 in Parliament. This is an interim budget as it came just ahead of the General Elections. No changes were announced in the tax slabs in both old and new regime. This was Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that
India’s Gold Demand in 2023 Declined by 3%
Mumbai: The World Gold Council’s (WGC) Gold Demand Trends report reveals that annual gold demand (excluding OTC) fell to 4,448t in 2023, down just 5% from a notably strong 2022. When factoring in demand from the OTC markets and other sources, total demand climbed to a new annual record at 4,899t. Investment from this more opaque source of demand supported
GJC Seeks Customs Duty Reduction in Budget
Mumbai: All India Gem & Jewellery Domestic Council (GJC), a national apex body for the gems & jewellery industry, has urged the Union Finance Minister Nirmala Sitharaman to withdraw the Basic Customs Duty on gold and also GST on the gems & jewellery industry. In the pre-budget recommendation 2024-25, the apex body has submitted an exhaustive list of recommendations for
Reflecting on the 2 Day IGJS 2024
(By Suresh Chotai): In a dazzling start to the new year, the 2-day India Gold and Jewellery Summit (IGJS) illuminated the landscape of the gold and jewellery industry on January 23 and 24, 2024. This annual event brought together luminaries, thought leaders, and industry stakeholders to discuss, discover, and celebrate the ever-evolving facets of India’s vibrant gold and jewellery sector.
1,800 Diamantaires Head to Antwerp for Auction
Antwerp: The Antwerp diamond district is notably busy this month, with eight diamond auctions taking place, including four running simultaneously during the first week of September. More than 1,800 diamantaires from all over the world are traveling to Antwerp to bid on 900 different parcels of rough diamonds. The Antwerp branch of diamond auction house Bonas is the only place
GJEPC Welcomes Drastic Reforms in GST
New Delhi: The Goods and Services Tax (GST) Council, in its 56th meeting yesterday, cleared the next-generation reforms under the eight-year old indirect tax regime. This effectively paves the way for a broad two-slab structure of 5 per cent and 18 per cent with a demerit rate of 40 per cent rate only for super luxury, sin and demerit goods.
WGC Launches a Vision for the Next-Generation Gold Market
Mumbai: The World Gold Council (WGC), Linklaters and Hilltop Walk Consulting have unveiled a pioneering vision to transform the global gold market through the introduction of Wholesale Digital Gold—a transformative concept that will enhance how gold is owned, traded, and utilized. In today’s wholesale market, gold trades are settled in two main structures. The first is allocated gold which involves
GJEPC Reinforces India’s Diamond Leadership at ICC Conclave
Kolkata: The Indian Chamber of Commerce (ICC) hosted the Diamond Conclave 2.0, themed “India Shining for the Global Stage,” with GJEPC as co-partner. The conclave, held in Kolkata on 30th August, brought together industry leaders, policymakers, and trade experts to deliberate on the challenges and opportunities shaping the future of India’s gem and jewellery sector. In his address, Sabyasachi Ray, Executive Director,
