Weak gold may boost sales by up to 40 pc this Akshay Tritiya

May 12, 2013

Weak_gold

Mumbai, May 12: The continued weakness in gold prices is likely to boost jewellery sales by up to 40 per cent this Akshay Tritiya, according to retailers.

"Due to the sudden dip in prices, we expect a very positive response from consumers as now is the time they indulge in gold. The festive season along with the low rates make it a perfect spending opportunity. The increase expected can be anywhere around 30-40 per cent compared to last year," Manubhai Jewellers Director Samir Sagar told PTI here.

Echoing him, Shree GaneshJewellery House Head-Retail, GAJA, Rahul Singh said, "We expect around 40 per cent rise in Akshay Tritiya sales compared to last year."

The day is considered auspicious to buy gold. But non-Hindu buyers also take advantage of the offers and discounts offered by jewellers, he added.

All India Gems and Jewellery Federation (GJF) Chairman Haresh Soni said overall sales in jewellery and bullion is expected to rise by about 25 per cent considering current reduction in gold prices this Akshay Tritiya.

From the regional perspective, southern India is expected to consume high percentage of sales, he added.

Gitanjali Group Chairman and Managing Director Mehul Choksi said drop in gold prices normally boosts demand for jewellery and coins. When the gold peaked late last year at above Rs 32,000 per 10 grams, demand slowed in terms of value, while during the recent drop to almost Rs 27,000 there has been a surge of consumers in jewellery stores across India. "If gold prices remain relatively weaker than last year's peak, which is what the market now expects, then demand will be good, if they fall further, demand on Akshay Tritiya will soar by 30 per cent," he added.

Kotak Mahindra Bank Executive Vice President Puneet Kapoor said this season Kotak Mahindra Bank is expecting to sell around 175 kg of gold coins and bars, which will be 30 per cent higher compared 135 kg during last Akshay Tritiya.

After witnessing steep fall in prices -- up to almost 20 per cent -- the price of gold became stagnant at the new level, and has again started inching upwards in anticipation of higher demand.

In the last 10 days, gold has already gained almost 8 per cent and if the trend continues, it will bring investor community back to the fore, he pointed out.

Reliance Capital Executive Director, Broking and Distribution Business, Vikrant Gugnani said gold prices as well as gold sales hit a high during last Akshay Tritiya. "The run-up to this Akshay Tritiya has seen some volatility in the gold prices and we expect this to have a positive impact on sales of gold coins. We are optimistic and expect a 30 per cent growth in sales over last year," he said. The bearish trend in gold prices has also given boost to online jewellery sales as the e-commerce has matured in jewellery segment in the past 10-12 months.

JewelsNext.com CEO Gaurav S Issar said, "We are expecting good sales with ticket size of Rs 25,000-50,000 this season. Last Diwali, transactions ranged between Rs 10,000-20,000 since there was no marketplace model, less awareness about e-commerce, less matured market."

On the investment side, Religare Securities AVP & in-charge - Metals, Energy and Currency Research - Sugandha Sachdeva said a steep correction in prices just ahead of Akshay Tritiya is absolutely a perfect time for the investors for fresh buying.

The ETF data of previous years suggests that the turnover on Akshay Tritiya has been extraordinarily high. "Gold Exchange Traded Funds (ETF) on NSE recorded a turnover of around Rs 600 crore last year on Akshay Tritiya and this year we expect an additional growth of around 400 crore, given the fact that gold appears to be a good bargain at current levels.

Last year, India's gold consumption (coins and jewellery) on this day was around 17 tonnes and this year sales are expected to be around 20 to 25 tonnes, if prices drop further," she added. MCX gold this week-end was at Rs 26,987 per 10 grams, while in the international market it was at USD 1,447 an ounce.

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News Network
April 26,2020

New Delhi, Apr 26: The total count of coronavirus cases in the country surged to 26,917 on Sunday.

The total COVID-19 cases in the country are inclusive of 5,913 cured and discharged patients, one migrated, and 826 deaths. At present, there are 20,177 active COVID-19 cases in the country.

The Federation of Resident Doctors' Association (FORDA) wrote to the Union Health Minister, Dr Harsh Vardhan, seeking assistance regarding accommodation facilities for resident doctors advised for home quarantine.

In a letter to the Health Minister, the association stated that recently there have been reports of resident doctors from various hospitals who tested positive for COVID-19. As a consequence, their primary contacts who are mostly their colleagues and resident doctors, have been advised to be on home quarantine, the association added.

On the other hand, Maharashtra continues to have the largest number of COVID-19 positive cases at 7,628 . 1,076 persons have been cured in the state while 323 persons have died.

Fresh cases have been reported several states including West Bengal, Maharashtra, Rajasthan and Uttar Pradesh.

The total number of cases in Indore has risen to 1,176, including 57 deaths.

While 133 deaths have been reported from Gujarat where the total number of cases spiked up to 3,071.

Kerala has seen a recovery rate of around 74 per cent as 338 out of the total 457 COVID-19 positive patients recovered in the state with only 4 fatalities.

Delhi has seen 2,625 COVID-19 positive cases and 54 deaths due to the pandemic.

Here's a quick read on the COVID-19 related updates:

1. A five-member Central team visited Telangana Director General of Police (DGP) office here on Sunday, to review the law and order situation in the state and oversee how the state police are ensuring the implementation of the lockdown.

2. Post Graduate Institute of Medical Education and Research (PGIMER) Chandigarh and AIIMS Delhi and Bhopal will study the effectiveness of Mycobacterium w in critical COVID-19 patients.

3. Chandigarh-based Post- Graduate Institute of Medical Education and Research (PGIMER) said that it has assessed the safety of mycobacterial w (Mw), an immunomodulator for leprosy, in four hospitalised patients of COVID-19, and has found no short-term adverse effect.

4. As many as 2,189 cases were lodged and 10,062 people have been arrested so far, for the breach of lockdown norms in Uttarakhand.

5. The Delhi High Court has directed that COVID-19 related tests should be made available to the general public at the lowest cost possible as the country is going through an unprecedented medical crisis affecting public order.

6. Bihar government has ordered two automatic RNA extraction machines, said the Principal Secretary of Health, Sanjay Kumar today.

7. Medical services at Babu Jagjivan Ram Hospital in the Jahangirpuri area have been closed and the hospital is being sanitised after 44 staff members including doctors were tested positive for COVID-19, Delhi Health Department said.

8. In order to support the frontline workers in the fight against COVID-19, Samsung and Google will be offering free phone repairs to health care workers and first responders.

9. Bhopal Division of Indian Railways has converted 74 railways coaches into isolation wards, said Sunil Dhingra, Senior Section Engineer of Bhopal Division.

10. Indian High Commission here on Sunday said two Air India and one Blue Dart flights will send about 78 tonnes of cargo to India as part of the 1 million PPE kits being sourced from Singapore-based company.

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News Network
May 20,2020

United Nations, May 20: Highlighting India's long-standing history of promoting inclusive and peaceful societies, a top UN official on Tuesday voiced concern over incidents of "increased hate speech and discrimination" against minority communities in the country following the adoption of the Citizenship Amendment Act.

Under-Secretary-General and UN Special Adviser on the Prevention of Genocide Adama Dieng, however, welcomed Prime Minister Narendra Modi’s call for unity and brotherhood in the wake of the COVID19 pandemic.

Dieng said in a note to the media on Tuesday that he is "concerned over reports of increased hate speech and discrimination against minority communities in India" since the adoption of the Citizenship Amendment Act (CAA) in December 2019.

The Indian government has maintained that the CAA is an internal matter of the country and stressed that the goal is to protect the oppressed minorities of neighbouring countries.

The CAA, which was notified on January 10, grants Indian citizenship to non-Muslim minorities migrated to India from Afghanistan, Pakistan and Bangladesh till December 31, 2014, following persecution over their faith.

"While the objective of the act, to provide protection to minority communities is commendable, it is concerning that this protection is not extended to all groups, including Muslims. This is contrary to India’s obligations under international human rights law, in particular on non-discrimination,” Dieng said.

The Special Adviser recognised "India’s long standing and well recognised history of promoting inclusive and peaceful societies, with respect for equality and principles of non-discrimination.”

He also welcomed recent statements by Prime Minister Modi that the COVID-19 pandemic “does not see race, religion, colour, caste, creed, language or border before striking and that our response and conduct...should attach primacy to unity and brotherhood.”

Dieng encouraged the Government of India to "continue to abide by this guidance by ensuring that national laws and policies follow international standards related to non-discrimination and to address and counter the rise of hate speech through messages of inclusion, respect for diversity and unity.”

He further reiterated that he would continue to follow developments and expressed his readiness to support initiatives to counter and address hate speech.

The hate speech and the dehumanisation of others goes against international human rights norms and values, he added.

“In these extraordinary times brought about by the COVID-19 crisis it is more important than ever that we stand united as one humanity, demonstrating unity and solidarity rather than division and hate,” he said.

Dieng also expressed concern over reports of violence during demonstrations against CAA in some regions of India.

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News Network
February 18,2020

New Delhi, Feb 18: India emerged as the world's fifth-largest economy by overtaking the UK and France in 2019, says a report.

A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.

"India's economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794).

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

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