Gold coin, bar sales on hold for 6 months

July 11, 2013

Gold_coinNew Delhi, Jul 11:In an unprecedented move, top jewellery retailers and bullion traders across the country have decided to suspend sale of gold coins and bars for six months. The measure is aimed at helping the government curb imports and keep the current account deficit under check.

Several prominent chains, including TBZ, Gitanjali, Tanishq and Mukesh Ambani's Reliance Jewels, will voluntarily stop sales. Coins and bars account for more than a third of gold sales in the country. India is the world's largest gold buyer, at 860 tonnes a year. Market estimates suggest that the demand for coins and bars surged 150% in the past four years.

The move by top jewellery retailers and bullion traders to suspend sale of gold coins and bars for six months comes at a time when the government and the Reserve Bank of India have asked banks to go slow on selling gold coins and bars and players such as Anil Ambani's Reliance Capital have pulled out of the business.

Although the government had taken several steps to tame sales, the impact has been slow and it was only in June that there were signs of demand cooling down. "We had a meeting with the government last month after the restrictions on gold imports were introduced. As an industry body, we realized we have to regulate ourselves. If the sale of coins and bars is stopped, it will restrict imports significantly," said Ashok Minawala, board member at the All India Gems and Jewellery Trade Federation which asked traders across the country to stop taking orders for bars and coins.

"Demand for gold jewellery in the last 10 years has remained more or less constant. But investment demand has increased manifold. We will not promote the sale of coins and bars till CAD issue is resolved," said Sanjeev Agarwal, CEO of Gitanjali. The jewellery brand has stopped purchase of coins and bars already and is currently only liquidating its stocks.

While consumers will find it tougher to get hold of gold coins, retailers will not be hit due to the low profit margins. Against a profit margin of 8-12 % on diamond and gold jewellery, the margin on coins and bars is as low as 1-2 %. "Jewellers stock coins and bars only because consumers ask for them on special occasions or for investment purpose. Most of it is converted into jewellery after couple of years," said Agarwal.

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News Network
June 23,2020

Bengaluru, Jun 23: Karnataka Medical Education Minister K Sudhakar's wife and daughter have tested positive for COVID-19, a day after his father was confirmed to have been infected with the virus.

"Test results of our family members have come. Unfortunately, my wife and daughter have tested positive for #Covid19 and are undergoing treatment," the minister tweeted on Tuesday.

He said he and his two sons have tested negative.

Sudhakar's father P N Keshava Reddy tested positive for coronavirus on Monday. He was admitted to the hospital with a cough and fever.

Earlier, the domestic help of the minister had tested coronavirus positive and was admitted to a hospital.

In April, Sudhakar was quarantined along with three other ministers for coming in contact with a journalist who was coronavirus positive.

Karnataka reported 249 new COVID-19 cases and five deaths on Monday taking the total number of cases in the state to 9,399 and the death toll to 142.

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News Network
April 12,2020

Bengaluru, Apr 12: The Karnataka government is studying in-depth the consequences of the possible relaxation of lockdown norms after April 14 and plans to come out with a clear roadmap in a day or two, a key Minister said on Sunday.

Medical Education Minister K Sudhakar, who is in charge of all matters related to COVID-19, told PTI that the pros and cons of any decision that the Government intends to take is being looked at in detail.

"We are trying to understand how the situation would be of any action that we intend to take. We need to foresee the repercussions or results of our action. That we have to keep it in mind and make a decision. After-effects of the decisions we intend to take, that is more important, he said. You will have clarity (on the possible relaxation of lockdown norms) in a day or two. For everything (government decisions) we will give the reasoning for what action we would like to take; with the reasoning, we will give a decision," the Minister added.

Government sources said some relaxation in liquor sales, stopped during the lock-down period, is likely after the ongoing 21-day national clampdown ends on April 14. Twelve of the state's 30 districts remain free from the COVID-19 pandemic. Till Saturday, Karnataka reported 215 COVID-19 positive cases, including six deaths and 39 discharges.

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Deepak Shetty Qatar
June 19,2020

Mangaluru, Jun 19: A repatriation flight from Doha brought 178 passengers to Mangaluru today. This is the first flight operated from Qatar to Mangaluru under the Vande Bharat Mission. 

The Air India Express flight, which took off from Hamad International Airport in Doha at 12 noon (Qatar time) landed at Mangaluru International Airport around 6.30 pm IST.

Indian embassy had prepared the list of passengers to be flown in the flight. Stranded people who were in need of emergency repatriation such as pregnant women, senior citizens and those in need of emergency medical treatment were given priority while finalising the list of passengers. 

Kannadiga organisations in Qatar such as Karnataka Sangha, Tulu Kuta Qatar, Karnataka Muslim Welfare Association, Mangalore Cricket Club, Bunts Qatar, Mangalore Cultural Association, South Canara Muslim Welfare Association, Qatar Billawas had been striving for the repatriation of stranded Kannadigas by exerting pressure on the elected representatives to operate flights. 

Kannadigas in Qatar have thanked former Udupi-Chikkamagaluru MP Jayaprakash Hegde for persuading the authorities concerned to facilitate the repatriation. 

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