Latest news with #GemandJewelleryTradeCouncilofIndia
Time of India
20-05-2025
- Business
- Time of India
City jewellers decide to boycott Turkish products
Kolkata: Following Turkey's support for Pakistan during the escalation of the India-Pakistan conflict, jewellers in Kolkata have decided to boycott sale, purchase, and display of Turkish jewellery. City jewellers said they kept Turkish jewellery to add to the variety of designs. "Buyers look for different kinds of designs, especially in the lightweight jewellery category. We imported Turkish jewellery through our vendors in Mumbai. There are buyers who procure it from Dubai. The GJC took a firm stand against Turkish jewellery, and each jeweller has welcomed that," said Rupak Saha, zonal member of Gem and Jewellery Trade Council of India . The Swarna Shilpa Bachao Committee , a nodal organisation of nearly 30,000 jewellers in Bengal, gave a call to "boycott all Turkish-origin jewellery and products". The committee said, "We refuse to let foreign profit weigh more than national pride." Turkish jewellery imports include finished products like necklaces, parts like "mounting" and "finding", and pearls and precious stones. In 2024, Indian import of Turkish jewellery was $275 million. Earlier, jewellers of Lucknow had decided to boycott Turkish-origin jewellery. The All India Gem and Jewellery Domestic Council gave the call to stop transactions with jewellery manufacturers and traders from Turkey and Azerbaijan. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo Bablu De, president of Swarna Shilpa Bachao Forum, said, "Artisans use parts of jewellery, apart from the finished product, which is imported from Turkey. Our artisans can also produce that. There is no reason why we should import from there." Pankaj Parekh, chairman (east) of the Gem and Jewellery Export Promotion Council, said: "In the import basket, the share of Turkish jewellery is nominal. But their craftsmanship is appreciated worldwide." "We have stopped selling or even displaying Turkish jewellery now," Shubadip Roy of Bengal Jewellery said. Anargha Uttiyo Chowdhury of Anjali Jewellers felt artisans at places like Rajkot and Ahmedabad will soon be able to replicate the designs. "There is a demand for Turkish designs, but our artisans are capable enough to produce similar ones," he said.
Time of India
30-04-2025
- Business
- Time of India
Gold sales shine on Akshay Tritiya
Kolkata: On Akshay Tritiya, gold buying in Kolkata met the expectations of the jewellers despite starting on a muted note. While soaring prices of gold prompted the bulk of customers to opt for token purchases, footfall in the stores matched the enthusiasm jewellers witnessed last year. Tired of too many ads? go ad free now Bowbazar was decked up since morning, and morning showers brought relief to the store owners. In the evening, the usual Akshay Tritiya crowd was present at almost 350 stores lined up on both sides of BB Ganguly Street. The soaring price of gold, which touched the Rs 1 lakh per 10 gm level nine days back, came down to Rs 95,510, adding to the positive buying sentiments. On Wednesday, 24-karat gold was sold at Rs 95,510 per 10 gm, while 22-karat gold was sold for Rs 90,751 per 10 gm. "We were not sure of the footfall this year initially as historic high gold prices created confusion among buyers. However, it started picking up as the day progressed," said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India. "It seems they did not want to miss the opportunity of availing genuine discounts during Akshay Tritiya. High prices have eventually restored their confidence in gold," said Vinay Bamalwa, director of Nemichand Bamalwa Jewellers, Salt Lake. Customers flocked during auspicious windows like Mahendra Yog (1.42 pm to 3.25 pm and 9 pm to 10.30 pm) and Amrit Yog, which began at 6.45 pm. "We will see a value growth this year, but compared to last year quantity is impacted," said Suvankar Sen, MD & CEO, Senco Gold Ltd. "The demand for gold is always strong as it is a time-tested metal," said Anarghya Uttiya Chowdhury, partner of Anjali Jewellers. "Diamond is becoming equally sought-after and this trend is going to increase ," said Shubadip Roy of Bengal Jewellery.
Time of India
27-04-2025
- Business
- Time of India
Gold price slips by 1k/10g; Kolkata buyers hope for further slump ahead of Akshay Tritiya
1 2 Kolkata: While the gold prices softened a bit after touching the Rs 1 lakh-mark for 10 g in Kolkata, buyers are waiting for a further decline in prices before Akshay Tritiya, which is on April 30. City jewellers, who have already come out with offers, get almost one-third of their annual sales from Akshay Tritiya each year. On Sunday, the price of 10 g of 24 Karat gold hovered around Rs 99,000, nearly Rs 1,000 less than what it was a week back. Gold prices were on a historic high over the past three years. Between May 2022 and April 2024, the price of 24 Karat gold doubled when it touched the Rs 1 lakh mark on April 21. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata "We witnessed fluctuations in gold prices in the past six days. While it was Rs 1 lakh on April 21, it came down to Rs 98,800 on April 23. It went up marginally to Rs 99,000 per 10 gm on Sunday. This fluctuation created some amount of confusion among the buyers," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council. According to Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India, with sudden price fluctuations, the market got confused even in the past. "This is quite common every time we witness sudden fluctuation. Moreover, the tension between India and Pakistan and the recovery of the stock market also halted buying for a few days," Saha said. Abhishek Naiya, a fashion designer living in Kasba, invested in small gold biscuits or coins over the past few years. "I keep on buying the metal solely with the purpose of investing. I invested in gold like that over the last three to four years. The price of gold has not come down over the past several years. Investors like me keep on buying gold in smaller amounts," Naiya said. Suvankar Sen, MD and CEO of Senco Gold Ltd , felt that the Rs 1 lakh-mark created a mixed feeling among buyers. "On the one hand, they were happy to see the price of old gold appreciate significantly. On the other hand, people also wait for the price of gold to soften when they are buying the metal," he said. "We presume that this volatility in the market will continue throughout this year. Consumers, in such situations, prefer to buy gold as it is a safe haven for them. We don't see any significant price correction immediately," said Anarghya Uttiya Chowdhury, director of Anjali Jewellers.
Time of India
21-04-2025
- Business
- Time of India
Nine days before Akshaya Tritiya, gold touches 1 lakh in Kol mkts
1 2 3 Kolkata: Price of 10 gm gold of 24-carat purity in Kolkata touched the Rs 1-lakh mark with GST on Monday evening, nine days before Akshaya Tritiya — the day on which jewellers in the city witness the largest sale volumes. While the jewellers don't see any change in the pricing trends any time soon, they claimed that Akshaya Tritiya sales will not be hit by the price points. "The price of gold touched Rs 1 lakh on Monday evening. We anticipated this, and the industry was prepared for such a rise. Gold has always been pricey, and people bought gold despite that. However, with sudden price fluctuations, the market got confused at times. But people accepted the price hike," said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India. Gold price has been on a steep curve over the past three years, and they doubled during this period. In May 2022, the price of gold (24 carat) was Rs 52,900 for 10 grams, and it climbed to Rs 60,000 the next year. In May 2024, the price was hovering around Rs 68,700 per 10 grams before it witnessed the steepest climb in the past year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Tambovskaya Oblast - Watch What Happens Happy in Shape Undo "The price of gold at 6 pm was Rs 99,710, and in the next two hours, it touched the Rs 1,00,000-mark. This is the only sector where people are getting a very strong return on their investments. Even those who bought gold during Poila Boisakh are in profit now. This growth cannot be witnessed in any other sector within a fortnight," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council. "Customers will continue to buy gold as they have confidence in gold. However, the spike in price will impact sales by volume. We can see an impact in terms of volume, but not in value terms," said Suvankar Sen, MD and CEO of Senco Gold and Diamonds. City jewellers, who are already on the verge of announcing offers for the Akshaya Tritiya week, said that even if the market witnesses downward corrections in price in the days to come, it will be temporary. But the high price of gold will shift the buying more towards light gold jewellery and diamonds. "If the current trend continues, we may see an upward price movement in the short term, maybe by 5%-7%. The market seems to remain volatile during 2025, and it is the ideal time for investors, too. We are expecting healthy sales during Akshaya Tritiya as customers' confidence in gold will be even stronger now," said Anargha Uttiya Chowdhury, partner of Anjali Jewellers.
