Latest news with #AvinashGupta
The Hindu
16-05-2025
- Business
- The Hindu
GJC asks jewellers to cease business transactions with Turkey, Azerbaijan
The All India Gem and Jewellery Domestic Council (GJC), the apex body representing India's domestic gem and jewellery industry, has asked industry members to cease business transactions with Turkey and Azerbaijan. 'This decisive action follows Turkey's public support for Pakistan in the aftermath of the Pahalgam terror attack, which claimed the lives of 26 Indian civilians. Such a stance has raised critical concerns regarding national security and the ethical direction of trade relationships,' GJC said in a statement. Rajesh Rokde, Chairman, GJC, said: 'The Indian gem and jewellery sector stands united in support of the nation. We call upon every jeweller, manufacturer, trader, and wholesaler to stop all transactions with Turkey and Azerbaijan.' 'By halting trade, we send a clear message of unity and resolve, reinforcing our industry's role as a pillar of national pride. Let us unite as an industry to uphold these values, showcasing our resilience and loyalty to India's honour and security,' he said. Avinash Gupta, Vice Chairman, GJC, said, 'By standing firm in our resolve to halt transactions with Turkey and Azerbaijan, we demonstrate that our commitment to the nation surpasses commercial interests.'
Time of India
16-05-2025
- Business
- Time of India
GJC asks India's gems & jewellery industry to cease business dealings with Turkey, Azerbaijan
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel All India Gem and Jewellery Domestic Council (GJC), the apex trade body, has urged the country's gems and jewellery industry to cease business transactions with Turkey and Azerbaijan This decisive action follows Turkey's public support for Pakistan in the aftermath of the Pahalgam terror attack, which claimed the lives of 26 Indian civilians. Such a stance has raised critical concerns regarding national security and the ethical direction of trade Rokde, Chairman - GJC, said: 'We call upon every jeweller, manufacturer, trader, and wholesaler to stop all transactions with Turkey and Azerbaijan. This collective action reflects our unwavering commitment to national interests and solidarity during Operation Sindoor ."Avinash Gupta, Vice Chairman – GJC, said: 'Trade is not just about profit – it is also about principle. By standing firm in our resolve to halt transactions with Turkey and Azerbaijan, we demonstrate that our commitment to the nation surpasses commercial interests."Even though the jewellery trade has given a call to halt business with Turkey, but insiders said that the gold jewellery is routed through Dubai from Turkey and media release issued by GJC said that reports reveal that Indian tourists have also significantly contributed to Turkey's economy through tourism spending on flights, hotels, and destination weddings. Similar sentiments have also emerged regarding Azerbaijan.
Business Mayor
22-04-2025
- Business
- Business Mayor
Gold prices hit Rs 1 lakh per 10 gm ahead of Akshaya Tritiya; will high rates dampen demand?
Gold prices surged to touch the psychological mark of Rs 1 lakh per 10 gm at the retail level on Monday and is likely to hurt consumer sentiment ahead of Akshaya Tritiya, a heavy purchase day for gold. The price of gold without the Goods & Services Tax (GST) was trading at Rs 97,200 per 10 gm. The jewellery trade is hopeful that though the prices are surging northward, there will be good demand for gold as an investment product. 'There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further,' said Avinash Gupta, vice chairman of All India Gem & Jewellery Domestic Council. Jateen Trivedi, research analyst for commodity and currency, LKP Securities, said 'Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the USD 3,400-mark, trading near USD 3,395, while MCX gold surged to Rs 96,775, registering fresh all-time highs.' 'The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying from China, global central banks, and institutional investors has added momentum to the bullish sentiment. Technically, as long as Comex holds above USD 3,250 and MCX above Rs 91,000, the uptrend remains intact. Any dips towards Rs 93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility.' Interestingly, rising gold prices have also accelerated consumer interest in studded jewellery. We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look to gold as a safe, long-term asset. The next ten days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead, said Saurabh Gadgil, managing director of listed firm PNG Jewellers.
Time of India
22-04-2025
- Business
- Time of India
Gold prices hit Rs 1 lakh per 10 gm ahead of Akshaya Tritiya; will high rates dampen demand?
Gold prices surged to touch the psychological mark of Rs 1 lakh per 10 gm at the retail level on Monday and is likely to hurt consumer sentiment ahead of Akshaya Tritiya, a heavy purchase day for gold. The price of gold without the Goods & Services Tax (GST) was trading at Rs 97,200 per 10 gm. The jewellery trade is hopeful that though the prices are surging northward, there will be good demand for gold as an investment product. "There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, vice chairman of All India Gem & Jewellery Domestic Council . Jateen Trivedi, research analyst for commodity and currency, LKP Securities, said "Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the USD 3,400-mark, trading near USD 3,395, while MCX gold surged to Rs 96,775, registering fresh all-time highs." "The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying from China, global central banks, and institutional investors has added momentum to the bullish sentiment. Technically, as long as Comex holds above USD 3,250 and MCX above Rs 91,000, the uptrend remains intact. Any dips towards Rs 93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility.' Interestingly, rising gold prices have also accelerated consumer interest in studded jewellery. We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look to gold as a safe, long-term asset. The next ten days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead, said Saurabh Gadgil, managing director of listed firm PNG Jewellers.
Time of India
22-04-2025
- Business
- Time of India
Gold prices hit Rs 1 lakh per 10 gm ahead of Akshaya Tritiya; will high rates dampen demand?
Gold prices surged to touch the psychological mark of Rs 1 lakh per 10 gm at the retail level on Monday and is likely to hurt consumer sentiment ahead of Akshaya Tritiya, a heavy purchase day for gold. The price of gold without the Goods & Services Tax (GST) was trading at Rs 97,200 per 10 gm. The jewellery trade is hopeful that though the prices are surging northward, there will be good demand for gold as an investment product. "There was a lot of rush today to buy gold in Zaveri Bazaar as there is a feeling in the market that prices of gold will surge further," said Avinash Gupta, vice chairman of All India Gem & Jewellery Domestic Council. Jateen Trivedi, research analyst for commodity and currency, LKP Securities, said "Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400-mark, trading near $3,395, while MCX gold surged to Rs 96,775, registering fresh all-time highs." "The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying from China, global central banks, and institutional investors has added momentum to the bullish sentiment. Technically, as long as Comex holds above $3,250 and MCX above ₹91,000, the uptrend remains intact. Any dips towards ₹93,000 in MCX may offer fresh buying opportunities. However, given the elevated levels, speculators are advised to maintain low-risk positions to manage potential volatility.' Interestingly, rising gold prices have also accelerated consumer interest in studded jewellery. We are witnessing increasing traction in natural diamond jewellery, polki or raw, uncut diamond, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look to gold as a safe, long-term asset. The next ten days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead, said Saurabh Gadgil, managing director of listed firm PNG Jewellers.
