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Time of India
16-05-2025
- Business
- Time of India
Jewellers To Shun Turkish Tag, Rename Ornaments As Sindoor
Nagpur: The tag 'Turkish', given to large-sized ornaments like earrings and necklaces by jewellers due to the design's origin in Turkiye, will be dropped in India. Instead, jewellers plan to brand such designs as 'Sindoor', said chairman of Gems and Jewellery (Domestic) Council (GJC), Rajesh Rokde. The GJC is a nationwide jewellers guild. The word 'Sindoor' has been chosen in recognition of successful Operation Sindoor against terror infrastructure in Pakistan and Pakistan-occupied Kashmir following the dastardly Pahalgam terror attack. This decision comes along with the GJC's call to jewellers to halt trade with Turkey due to its support for Pakistan. The name 'Turkish' was used for a wide range of premium jewellery, as such designs originally came from Turkiye. However, imports have decreased substantially over the years as Indian jewellers have gained the expertise to make such ornaments. Despite this, the jewellery was marketed under the brand name 'Turkish', for its premium value. Now, even the name will not be used, said Rokde. The GJC has also made a call to stop all kinds of trade with Azerbaijan, which also has leanings towards Pakistan. "By halting trade, we send a clear message of unity and resolve," says a GJC note quoting Rokde. Even though jewellery imports stopped, jewellers used to procure machinery from Turkiye. Appeals have been made to boycott Turkish equipment too, said another GJC member. Nagpur: The tag 'Turkish', given to large-sized ornaments like earrings and necklaces by jewellers due to the design's origin in Turkiye, will be dropped in India. Instead, jewellers plan to brand such designs as 'Sindoor', said chairman of Gems and Jewellery (Domestic) Council (GJC), Rajesh Rokde. The GJC is a nationwide jewellers guild. The word 'Sindoor' has been chosen in recognition of successful Operation Sindoor against terror infrastructure in Pakistan and Pakistan-occupied Kashmir following the dastardly Pahalgam terror attack. This decision comes along with the GJC's call to jewellers to halt trade with Turkey due to its support for Pakistan. The name 'Turkish' was used for a wide range of premium jewellery, as such designs originally came from Turkiye. However, imports have decreased substantially over the years as Indian jewellers have gained the expertise to make such ornaments. Despite this, the jewellery was marketed under the brand name 'Turkish', for its premium value. Now, even the name will not be used, said Rokde. The GJC has also made a call to stop all kinds of trade with Azerbaijan, which also has leanings towards Pakistan. "By halting trade, we send a clear message of unity and resolve," says a GJC note quoting Rokde. Even though jewellery imports stopped, jewellers used to procure machinery from Turkiye. Appeals have been made to boycott Turkish equipment too, said another GJC member.
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.
The Print
01-05-2025
- Business
- The Print
High prices no deterrent as gold shines on Akshaya Tritiya
Gold was trading at Rs 98,550 per 10 grams (including taxes) in Delhi on Wednesday, up from Rs 72,300 during last year's festival. The All India Gem and Jewellery Domestic Council (GJC) anticipates a 35 per cent jump in value terms compared to last year. New Delhi, Apr 30 (PTI) Gold and silver purchases for Akshaya Tritiya gathered momentum on Wednesday afternoon, with jewellers expecting sales volumes to remain steady despite record high prices. Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness. 'We expect gold sale to remain steady at last year's level of 20 tonnes. However, in value terms, we see 35 per cent increase in gold sale today,' GJC Chairman Rajesh Rokde told PTI. Shopping began early in south India, while northern regions saw increased footfall in the latter half of the day. An unexpected trend emerged with higher demand for gold mangal sutras and chains, alongside brisk silver sales, particularly for utensils, he said. With the wedding season commencing during Akshaya Tritiya, demand is expected to rise significantly in the coming days. Rokde noted that even consumers aged 25-40 are buying gold and silver, an emerging trend amid sharp rises in precious metal rates. Consumers are purchasing jewellery, coins, and bars based on necessity and budget. 'Affordability has been impacted due to rise in gold prices. However, there is strong buying sentiment due to Akshaya Tritiya,' World Gold Council India CEO Sachin Jain said. PNG Jewellers' Chairman Saurabh Gadgil reported that nearly 50 per cent of purchases involve old gold exchanges, allowing customers to manage budgets while maintaining festival and wedding traditions. Kama Jewelry Managing Director Colin Shah said, 'Overall, a 10-15 per cent rise is sales was witnessed as compared to last year.' GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year's festival. The Confederation of All India Traders projects sales of approximately 12 tonnes of gold worth Rs 12,000 crore and 400 tonnes of silver valued at Rs 4,000 crore, totalling an estimated Rs 16,000 crore in business. Buying of gold will continue till late in the evening on Wednesday. Experts observe that gold demand has remained resilient over the past three years despite reaching new price peaks. India imports 700-800 tonnes of gold annually. PTI LUX TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
30-04-2025
- Business
- The Hindu
High prices no deterrent as gold shines on Akshaya Tritiya
Gold and silver purchases for Akshaya Tritiya gathered momentum on Wednesday (April 30, 2025) afternoon, with jewellers expecting sales volumes to remain steady despite record high prices. The All India Gem and Jewellery Domestic Council (GJC) anticipates a 35% jump in value terms compared to last year. Gold was trading at ₹98,550 per 10 grams (including taxes) in Delhi on Wednesday, up from ₹72,300 during last year's festival. Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness. "We expect gold sale to remain steady at last year's level of 20 tonnes. However, in value terms, we see 35% increase in gold sale today," GJC Chairman Rajesh Rokde told PTI. Shopping began early in south India, while northern regions saw increased footfall in the latter half of the day. An unexpected trend emerged with higher demand for gold mangal sutras and chains, alongside brisk silver sales, particularly for utensils, he said. With the wedding season commencing during Akshaya Tritiya, demand is expected to rise significantly in the coming days. Rokde noted that even consumers aged 25-40 are buying gold and silver, an emerging trend amid sharp rises in precious metal rates. Consumers are purchasing jewellery, coins, and bars based on necessity and budget. "Affordability has been impacted due to rise in gold prices. However, there is strong buying sentiment due to Akshaya Tritiya," World Gold Council India CEO Sachin Jain said. PNG Jewellers' Chairman Saurabh Gadgil reported that nearly 50 per cent of purchases involve old gold exchanges, allowing customers to manage budgets while maintaining festival and wedding traditions. Kama Jewelry Managing Director Colin Shah said, "Overall, a 10-15% rise is sales was witnessed as compared to last year." GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year's festival. The Confederation of All India Traders projects sales of approximately 12 tonnes of gold worth ₹12,000 crore and 400 tonnes of silver valued at ₹4,000 crore, totalling an estimated Rs 16,000 crore in business. Buying of gold will continue till late in the evening on Wednesday. Experts observe that gold demand has remained resilient over the past three years despite reaching new price peaks. India imports 700-800 tonnes of gold annually.
Time of India
29-04-2025
- Business
- Time of India
Gold prices to dampen after Akshaya Tritiya? Experts offer cautious stance
Gold demand in India is showing no signs of slowing down, even after prices surpassed the record high of Rs 1 lakh per 10 grams, with Akshaya Tritiya just around the corner. The auspicious day, associated with prosperity, sees many people purchasing gold and silver as symbols of wealth and good fortune. Why does gold continue to attract buyers despite sky-high prices? The yellow metal continues to lure customers, thanks to its impressive returns over the past two years. Experts attribute the surge in consumer interest to a growing preference for lightweight designs and studded jewellery. Rajesh Rokde, chairman of the Gem and Jewellery Council of India (GJC), said gold has provided consistent returns of 20–25% annually over the last two years, boosting consumer confidence. 'Last year, on Akshaya Tritiya, the gold price was Rs 72,000 per 10 gm, and in 2023 it was Rs 58,000. With an annual growth rate of 20–25%, this steady increase is attracting numerous buyers. Because of this rally in gold, people are increasingly investing in it due to the strong returns over the past two years,' Rokde told ANI. He further added that India imported 802 tonnes of gold in 2024, up from 741 tonnes in 2023, reflecting continued strong demand despite soaring prices. Jewellers, too, are gearing up for a busy season. Saurabh Gadgil, chairman and managing director of PNG Jewellers, said the overlap with the wedding season has further boosted footfall. 'This year, Akshaya Tritiya is falling at the cusp of a packed wedding season. We anticipate a strong turnout, both for fresh purchases and for deliveries scheduled on the day. Rising gold prices have accelerated consumer interest in studded jewellery,' he said, adding that many are also exchanging old gold to buy bridal ornaments. Pullback in the yellow metal? Commodity analysts believe that gold prices are likely to see a pullback in the coming months, after the ongoing upward momentum, and offered a more cautious outlook on future returns. Ajay Kedia, director of Kedia Advisory, said, 'Gold has delivered an impressive return of about 32% since the last Akshaya Tritiya. However, for the year ahead, it is advisable to buy gold only for ceremonial purposes rather than with an investment motive, as returns are expected to moderate to around 6–7%, in line with inflation. As a result, a cooling in gold prices is anticipated towards the Rs 86,000–Rs 87,000 level. ' Kaynat Chainwala, AVP of commodity research at Kotak Securities, attributed the recent dip in gold prices on COMEX and MCX to global market dynamics, noting that easing US tariffs and improved investor sentiment played a key role in the decline. She said that broadly, uncertain trade negotiations and upcoming economic data are expected to keep gold prices range-bound in the near term. 'Further pullbacks cannot be ruled out if sentiment continues to improve, but any escalation in trade tensions could lend renewed support to gold prices, keeping investors cautious and focused on headlines,' she said. Still, some analysts remain optimistic. Manav Modi, senior analyst at Motilal Oswal Financial Services, continues to recommend a 'buy on dips' approach. 'Key support for gold is near Rs 90,000–Rs 91,000, and resistance is around Rs 99,000. Long-term targets are set at Rs 1,06,000,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
