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.

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Agencies
June 10,2020

Early treatment with the antiviral drug remdesivir has been found to reduce viral load and prevent lung disease in macaques infected with SARS-CoV-2 that causes COVID-19, according to a study.

The findings, published in the journal Nature on Tuesday, support the early use of remdesivir treatment in patients with COVID-19 to prevent progression to pneumonia.

Researchers from the National Institutes of Health in the US noted that remdesivir has broad antiviral activity and has been shown to be effective against infections with SARS-CoV and MERS-CoV in animal models.

The drug is being tested in human clinical trials for the treatment of COVID-19, they said.

Researcher Emmie de Wit and colleagues investigated the effects of remdesivir treatment in rhesus macaques, a recently established model of SARS-CoV-2 infection.

Two sets of six macaques were inoculated with SARS-CoV-2.

One group was treated with remdesivir 12 hours later -- close to the peak of virus reproduction in the lungs -- and these macaques received treatment every 24 hours until six days after inoculation.

In contrast to the control group, the researchers found that macaques that received remdesivir did not show signs of respiratory disease, and had reduced damage to the lungs.

Viral loads in the lower respiratory tract were also reduced in the treated animals; viral levels were around 100 times lower in the lower-respiratory tract of remdesivir-treated macaques 12 hours after the first dose, they said.

The researchers said that infectious virus could no longer be detected in the treatment group three days after initial infection, but was still detectable in four out of six control animals.

Despite this virus reduction in the lower respiratory tract, no reduction in virus shedding was observed, which indicates that clinical improvement may not equate to a lack of infectiousness, they said.

Dosing of remdesivir in the rhesus macaques is equivalent to that used in humans, the researchers noted.

They cautioned that it is difficult to directly translate the timing of treatment used in corresponding disease stages in humans, because rhesus macaques normally develop only mild disease.

However, researchers said the results indicate that remdesivir treatment of COVID-19 should be initiated as early as possible to achieve the maximum treatment effect.

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Agencies
June 23,2020

The record levels of new daily COVID-19 cases are due to the fact that the pandemic is peaking in a number of big countries at the same time and reflect a change in the virus' global activity, the World Health Organisation said.

At a media briefing on Monday, WHO's emergencies chief Dr Michael Ryan said that the numbers are increasing because the epidemic is developing in a number of populous countries at the same time.

Some countries have attributed their increased caseload to more testing, including India and the US But Ryan dismissed that explanation.

We do not believe this is a testing phenomenon, he said, noting that numerous countries have also noted marked increases in hospital admissions and deaths neither of which cannot be explained by increased testing.

There definitely is a shift in that the virus is now very well established, Ryan said. The epidemic is now peaking or moving towards a peak in a number of large countries.

He added the situation was definitely accelerating in a number of countries, including the US and others in South Asia, the Middle East and Africa.

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Agencies
March 27,2020

New Delhi, Mar 27: The Centre has restricted sale and distribution of "hydroxychloroquine" declaring it as an essential drug to treat the COVID-19 patients and meet the requirements of emergency arising due to the pandemic.

The Ministry of Health and Family Welfare on Thursday made the announcement making it clear that the order "shall come into force on the date of its publication in the official Gazette".

In the order, the government declared that the Central government is "satisfied that the drug hydroxychloroquine is essential to meet the requirements of emergency arising due to pandemic COVID-19 and in the public interest, it is necessary and expedient to regulate and restrict the sale and distribution of the drug 'hydroxychloroquine' and preparation based thereon for preventing their misuse".

"Now, therefore, in exercise of the powers conferred by Section 26B of the Drugs and Cosmetics Act, 1940 (23 of 1940), the Central government hereby directs that sale by retail of any preparation containing the drug Hydroxychloroquine shall be in accordance with the conditions for sale of drugs specified in Schedule H1 to the Drugs and Cosmetics Rules, 1945."

The order came at a time when the novel coronavirus claimed 16 lives and infected over 600 people across India.

The announcement regarding ban of sale and distribution of the drug was made by the government earlier but it issued an official Gazette notification on Thursday signalling that hydroxychloroquine -- an anti-Malaria drug -- will work as a medicine for treating coronavirus infected patients as well.

Recently, the national task force for COVID-19 constituted by Indian Council for Medical Research (ICMR) has recommended hydroxy-chloroquine as a preventive medication.

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