Dubai's jewellers see better value in 18K push

January 2, 2013

HL

Dubai, Jan 2: Seeking to put the sparkle back into the gold trade after a less than stellar showing in the second half of 2012, Dubai’s jewellers are set to put their marketing muscle behind 18-carat jewellery for the first time. They believe such a move would help considerably improve offtake of jewellery among Western and Chinese shoppers, particularly tourists during the peak holiday season and during DSF.

It also signals a not so subtle shift on the part of Dubai’s jewellery trade which has until now focussed exclusively on 22-carat jewellery and demand from Indian and Pakistani residents and those on visit.

“18K is the most popular caratage in jewellery internationally, especially in Europe; hence it will be appealing to tourists from there,” said Abdul Salam KP, group executive director at Malabar Gold and Diamonds. “It obviously has the advantage of a lower price compared to 22K and offers more design variety as it is acceptable internationally and easier to make in complicated designs.”

On pricing, there is a fairly significant gap between the carats. Yesterday, a gram of 22K was going for Dh180.94 ($49.26) in Dubai, while its 18K counterpart had a less sheen in value terms at Dh147.99 ($40.29) a gram. Moreover, the making charges on 18K are said to be considerably lower.

Apart from the Western tourist, jewellery chains are keeping an equally keen look out for Chinese shoppers. They were quite conspicuous jewellery buyers during DSF 2011, but less so last year. Retailers are hoping for a marked improvement in the upcoming one and expect the 18K push will win them over.

“The Chinese tourist prefer 18K gold jewellery as well as 24K gold bars,” said John Paul Joy Alukkas, executive director, Joyalukkas Group. “The preference for the former is because they can use it more as a day to day rather than special occasion jewellery. The gold bars are with an investment perspective.”

Dubai’s gold trade definitely needs a volume boost and if 18K can provide that, retailers will not mind much. Demand had taken a dent last year after the steady upturn in gold prices through 2011 stalled and went through a bit of volatility.

But a key factor for the subdued demand had to do with events in India, where customs authorities dusted off a long dormant 1967 gold import duty and started applying it vigorously since the second quarter of 2012. This effectively meant that the price differential buying gold jewellery in Dubai as opposed to doing the same in India came down significantly. It also meant that any Indian expat here taking gold back to India would be hit with steep duties. As a case in point, a woman passenger wearing a gold chain weighing 40-gram would have to shell out Rs4,100 as duty on arrival at an Indian airport.

“Implementation of the recent revision in customs duty for gold and the related hassles for passengers has affected the mindset of NRI passengers in a big way,” said Sunny Chittilappilly, chairman of Dubai Gold and Jewellery Group. “As a result gold buying in the Gulf reduced to an extent and demand for 22K Indian jewellery was affected during the high purchase season close to summer.”

Several depositions, both individual and at the industry level, have been made to the Indian authorities for a repeal or a relook at the 1967 provisions. Dubai’s jewellers believe something will come out of the collective action.

In the meantime, they hope the 18K push and DSF 2013 — in which 13 kilos of gold can be won daily - will cut them some slack.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 25,2020

The COVID-19 pandemic and the subsequent lockdown saw many people turning chefs overnight, but those who could not turned to online delivery of food. And not just any food, as per a new report, Indians "craved the most for Biryani" during the lockdown.

The "StatEATistics report: The Quarantine Edition" from food delivery platform Swiggy found that Indians ordered biryani over "5.5 lakh times" from their favourite restaurants.

The new normal might have opened a pandora's box of behavioral changes, but some old habits die hard like the love for Biryani, which took the top spot for overall orders. It was followed by butter naan and masala dosa at 3,35,185 and 3,31,423, respectively.

Biryani has topped the list of most ordered dishes for the fourth year in a row, the food delivery platform noted.

Indians didn't forget to indulge their sweet tooth in the uncertain months of lockdown. Their favourite comfort food during the lockdown period was the moist and decadent Choco Lava cake, ordered around 1,29,000 times.

"The humble Gulab Jamun (84,558) and chic Butterscotch Mousse cake (27,317) followed suit," said the report derived from Swiggy's order analysis in the past few months across cities that it is present in.

Also, as birthday parties moved to video calls, and virtual cake cutting sessions, according to the food delivery platform, it delivered nearly "1,20,000 cakes" to complete these celebrations.

According to the report, on average, "65,000 meal orders" were placed by 8 pm each day to make sure food arrived in time for dinner.

"It was the busiest hour for Swiggy delivery partners and restaurants. On average, they (customers) chose to tip Rs.23.65, with one particularly generous customer tipping Rs. 2500!," it added.

For those who only relied on home-made food during the quarantine, Swiggy delivered a whooping 323 million kgs of onions and 56 million kgs of bananas through its grocery section and hence ensured that its consumers were all stocked up.

That said, it also took care of the 'quick-fix meal' tribe -- consumers who resort to the evergreen college hacks of living on instant noodles.

"Around 3,50,000 packets of this ideal easy to cook meal were ordered during the lockdown," it said.

In all, Swiggy delivered 40 million orders across food, groceries, medicines and other household items during India's lockdowns. It also delivered over 73,000 bottles of sanitizers and hand wash along with 47,000 face masks as the definition of essentials' changed during these uncertain times.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 22,2020

Feb 22: The subjective feeling of well-being experienced by many people with the practice of meditation is associated with specific changes in the brain, according to a study which may lead to better clinical recommendations of the practice.

The study, published in the journal Brain and Cognition, examined the effects of the technique known as Transcendental Meditation (TM), which consists of the silent repetition of a meaningless sound.

In the study, the researchers from the IMT School for Advanced Studies Lucca in Italy, enrolled 34 healthy young volunteers and divided them in two groups.

They said the first group practised TM 40 minutes per day in two sessions of 20 minutes each, one in the morning and the other in the evening.

The second group, the scientists said, did not change its daily routine.

Using questionnaires, they also measured the anxiety and stress levels of all the participants at the beginning of the study, as well as the subjects' ability to manage stressful situations.

According to the researchers, the participants were also subjected to a functional magnetic resonance imaging (fMRI) brain scan, in order to measure the organ's activity at rest, and changes in the excitation among different cerebral areas.

They repeated the tests after three months, at the end of the study.

According to the study, the levels of anxiety and stress perceived by the subjects who followed the meditation program were significantly reduced in comparison with those of the volunteers who did not practice TM.

"Magnetic resonance imaging also shows that the reduction of anxiety levels is associated with specific changes in the connectivity between different cerebral areas, such as precuneus, left parietal lobe and insula, which all have an important role in the modulation of emotions and inner states," said study co-author Giulia Avvenuti from the IMT School for Advanced Studies Lucca.

"In the control group, instead, none of these changes was observed. The fact that Transcendental Meditation has measurable effects on the 'dialogue' between brain structures involved in the modulation of affective states opens new perspectives for the understanding of brain-mind relationships," said Pietro Pietrini, IMT School's Director, and co-author of the study.

"It also extends the results of recent research suggesting that drugs therapies and psychotherapy leverage on the same biological mechanism," Pietrini said.

According to the researchers, even a few months of practice of TM can have positive effects which can be correlated with measurable changes in the brain.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 4,2020

Washington D.C., Jan 3: A new study has found out that diet significantly affects the mental health and well being of an individual.

The study was published in the journal European Neuropsychopharmacology.

"We have found that there is increasing evidence of a link between a poor diet and the worsening of mood disorders, including anxiety and depression. However, many common beliefs about the health effects of certain foods are not supported by solid evidence," said the lead researcher, Professor Suzanne Dickson.

According to the researchers, the link between diet and mental health can be firmly established in certain cases like that of the ability of a ketogenic diet being helpful for children with epilepsy and the impact of vitamin B12 deficiency on poor memory, depression and fatigue.

"With individual conditions, we often found very mixed evidence. With ADHD for example, we can see an increase in the quantity of refined sugar in the diet seems to increase ADHD and hyperactivity, whereas eating more fresh fruit and vegetables seems to protect against these conditions," said Dickson

But there are comparatively few studies, and many of them don't last long enough to show long-term effects," added Dickson.

The study further concludes that some food items can be associated with treatment and the betterment of certain mental health conditions.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.