Latest news with #goldjewelry
CBC
3 days ago
- Business
- CBC
Gold is part of India's social fabric. As prices soar, customers watch, wait but, ultimately, still buy
Social Sharing Sidheshwar Shirsath, who lives in the suburbs of India's financial capital, Mumbai, first started buying gold when he got married nine years ago. Shirsath, 35, works as a driver and earns about 55,000 rupees ($889 Cdn) a month. He decided that gold might be a good way to build a nest egg for his family's future. Whenever he had some cash to spend, he purchased gold jewelry, including rings and bangles, and he now has about 130 grams of gold, worth more than one million rupees ($16,000 Cdn). "Sometime after I first bought gold, the rates started increasing, so my interest in investing in it also grew," Shirsath said. In recent months — to his delight — the price has skyrocketed. Gold globally was trading at $3,298 US an ounce on Friday morning, up more than 25 per cent since the start of the year, and up 42 per cent compared with a year ago. Gold's value globally has surged amid global economic uncertainty and geopolitical tensions, including concerns about the impact of U.S. President Donald Trump's tariff policy. The precious metal is often seen as a "safe haven" asset that investors flock to during periods of economic turbulence. 'Gold is a part of the social fabric' In India, the price has risen even more sharply and is up 30 per cent since the beginning of the year — with the additional increase driven by the rupee's depreciation against the American dollar. But for many Indians, like Shirsath, gold is more than an investment. "Gold is very close to Indian women," he said, his wife, Manisha, sitting next to him in their modest home, adorned with a heavy gold choker and gleaming bangles. "They need gold — especially for festivals and weddings." In India, gold is primarily purchased it in the form of jewelry because it can be a way of showing off one's wealth and status. The precious metal also holds enormous religious and cultural significance. It is part of the dowry in weddings, for example, and it is considered to be auspicious to buy gold during certain Hindu festivals. "India is a very unique market for gold ," said Sachin Jain, regional CEO, India, for the World Gold Council, a global industry association. "Gold is a part of the social fabric, and you don't need to be in any particular economic strata to consume gold. "We all in India have a family doctor, so to say, and we have a family jeweller." India among world's largest gold consumers In rural India, where most of the country's 1.4 billion people still live — and with many not having easy access to bank accounts — gold is a popular way of storing savings, Jain said. All of this means that India is one of the world's largest consumers of gold, with the country's demand for the precious metal hitting about 800 tonnes a year. The steep price, however, is having an impact on the quantity of the metal that people are buying. "With jewelry consumption, whenever the price of gold goes up, the consumer waits and watches," Jain said. "The moment it gets a bit settled, we see consumers come back." The World Gold Council's data shows that demand for gold in India in the first three months of this year stood at 118.1 tonnes, down by 15 per cent compared with the first quarter of last year. But because the price is up, the value of the country's gold demand — which is the quantity of gold that is bought or invested — in the first quarter of this year actually rose by 22 per cent, to reach 940 billion rupees ($15.1 billion Cdn). "People are buying lower quantities," said Colin Shah, managing director of Kama Jewelry, a Mumbai-based manufacturer. "They all have budgets. If someone has $2,000 to spend, they'll spend that and buy a lower volume." But, he said, that gold has by no means lost its shine, despite its high price. "In India, there is a culture of gold, and nobody is going to stop buying gold because of pricing," Shah said. "Actually, they'll have more confidence in the category due to the return they are making on their money." Investing in gold digitally is on the rise With Indians' appetite to own gold showing no signs of easing, the government in recent years has taken a series of steps to try to ensure that gold is brought into the formal economy. These include lowering the import duty on gold last year to six per cent from 15 per cent, partly as a way of making it less attractive for people to smuggle gold into the country to avoid paying high taxes. The government also offers sovereign gold bonds as an alternative to physical gold. The World Gold Council's Jain said that Indians are increasingly investing in gold digitally, for example, through exchange-traded funds (ETFs) — and the price surge has only encouraged people to look at these options. "The young generation is getting more and more savvy, and with the ease of technology, we believe that investment into gold and gold assets is going to get a little more digital," he said. Gold investment demand, including ETFs, rose by seven per cent in India to 46.7 tonnes in the first quarter, according to the World Gold Council. JPMorgan forecasts that the price of gold could hit $4,000 US an ounce next year. Shirsath said that he and his family have more than enough jewelry now, but he still wants to keep buying gold. "My next plan is to buy gold coins or go for bonds."
Yahoo
3 days ago
- General
- Yahoo
Fragment of Viking Age arm ring declared treasure
A "rare" 1,000-year-old gold arm ring discovered in a field by a metal detectorist and declared treasure at an inquest has been put on display for the first time. The fragment of jewellery, which is 1.4 inches (3.7cm) in length and weighs 1oz (27.26g), was unearthed by Ronald Clucas in spring 2025. Mr Clucas said, who has been metal detecting for 50 years, said he had previously found "some wonderful things", but the Viking Age find was "really something else". Manx National Heritage (MNH) curator of archaeology Allison Fox said the understanding of the island's "rich Viking legacy had been further enhanced by the discovery". The piece, which dates back to about between 1,000 and 1,100 AD, was originally created by plaiting eight strands of gold rods together. Ms Fox said such jewellery served as both "prized personal possessions and visible displays of wealth" during the period, which were also used for financial transactions. Ms Fox said the "beautiful find" had been cut twice, to remove the terminal end of the arm ring, with the other cutting the original complete piece almost in half. That suggested it had been used in transactions before being buried in the ground, possibly for safekeeping or "as an offering to the Viking Gods", she added. A member of the Manx Detectorist Society, Mr Clucas has previously unearthed a silver ingot and a lead ingot on the island in 2005. He said gold "generally gives a very low signal on the detector, so you can't really predict what is going to be uncovered". "It was quite a big shock to discover this lovely piece of gold, I couldn't really believe it at first," he added. The arm band has been put on display in the Viking Gallery at the Manx Museum in Douglas. Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X. Viking age coins declared treasure go on display Viking coin 'savings account' declared treasure Viking age silver found by metal detectorist Detectorist's 'disbelief' at second Viking find Manx National Heritage
BBC News
3 days ago
- General
- BBC News
Fragment of Viking Age arm ring declared treasure on Isle of Man
A "rare" 1,000-year-old gold arm ring discovered in a field by a metal detectorist and declared treasure at an inquest has been put on display for the first fragment of jewellery, which is 1.4 inches (3.7cm) in length and weighs 1oz (27.26g), was unearthed by Ronald Clucas in spring Clucas said, who has been metal detecting for 50 years, said he had previously found "some wonderful things", but the Viking Age find was "really something else".Manx National Heritage (MNH) curator of archaeology Allison Fox said the understanding of the island's "rich Viking legacy had been further enhanced by the discovery". The piece, which dates back to about between 1,000 and 1,100 AD, was originally created by plaiting eight strands of gold rods together. Ms Fox said such jewellery served as both "prized personal possessions and visible displays of wealth" during the period, which were also used for financial transactions. Ms Fox said the "beautiful find" had been cut twice, to remove the terminal end of the arm ring, with the other cutting the original complete piece almost in suggested it had been used in transactions before being buried in the ground, possibly for safekeeping or "as an offering to the Viking Gods", she added.A member of the Manx Detectorist Society, Mr Clucas has previously unearthed a silver ingot and a lead ingot on the island in said gold "generally gives a very low signal on the detector, so you can't really predict what is going to be uncovered". "It was quite a big shock to discover this lovely piece of gold, I couldn't really believe it at first," he arm band has been put on display in the Viking Gallery at the Manx Museum in Douglas. Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X.
Yahoo
3 days ago
- General
- Yahoo
Fragment of Viking Age arm ring declared treasure
A "rare" 1,000-year-old gold arm ring discovered in a field by a metal detectorist and declared treasure at an inquest has been put on display for the first time. The fragment of jewellery, which is 1.4 inches (3.7cm) in length and weighs 1oz (27.26g), was unearthed by Ronald Clucas in spring 2025. Mr Clucas said, who has been metal detecting for 50 years, said he had previously found "some wonderful things", but the Viking Age find was "really something else". Manx National Heritage (MNH) curator of archaeology Allison Fox said the understanding of the island's "rich Viking legacy had been further enhanced by the discovery". The piece, which dates back to about between 1,000 and 1,100 AD, was originally created by plaiting eight strands of gold rods together. Ms Fox said such jewellery served as both "prized personal possessions and visible displays of wealth" during the period, which were also used for financial transactions. Ms Fox said the "beautiful find" had been cut twice, to remove the terminal end of the arm ring, with the other cutting the original complete piece almost in half. That suggested it had been used in transactions before being buried in the ground, possibly for safekeeping or "as an offering to the Viking Gods", she added. A member of the Manx Detectorist Society, Mr Clucas has previously unearthed a silver ingot and a lead ingot on the island in 2005. He said gold "generally gives a very low signal on the detector, so you can't really predict what is going to be uncovered". "It was quite a big shock to discover this lovely piece of gold, I couldn't really believe it at first," he added. The arm band has been put on display in the Viking Gallery at the Manx Museum in Douglas. Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X. Viking age coins declared treasure go on display Viking coin 'savings account' declared treasure Viking age silver found by metal detectorist Detectorist's 'disbelief' at second Viking find Manx National Heritage
Yahoo
26-05-2025
- Business
- Yahoo
Exploring Competitive Strategies in Saudi Arabia's Jewelry Market: Insights into Key Players
The Saudi Arabia gold and diamond jewelry market is poised for growth, driven by rising incomes, cultural traditions, and Vision 2030 initiatives boosting retail and tourism. Opportunities include expanding luxury brand presence, e-commerce growth, and leveraging digital tools to engage tech-savvy consumers. Counterfeiting presents ongoing challenges. Saudi Arabian Gold and Diamond Jewelry Market Dublin, May 26, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Gold and Diamond Jewelry Market by Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Gold and Diamond Jewelry Market was valued at USD 4.56 Billion in 2024 and is projected to reach USD 8.34 Billion by 2030, rising at a CAGR of 10.59%. This growth is largely attributed to rising disposable incomes and a strong cultural affinity for luxury adornments. Jewelry remains an integral aspect of Saudi customs, especially in weddings and festive celebrations, thereby sustaining strong demand for premium products. Government-backed initiatives under Vision 2030 have also spurred the retail and tourism sectors, drawing international luxury brands and expanding the consumer base. The growing influence of global fashion trends, alongside social media, is fostering increased consumer awareness and encouraging purchases of high-end, contemporary, and customized pieces. Additionally, the evolution of retail experiences - ranging from immersive in-store services to sophisticated online platforms - is playing a key role in enhancing customer engagement and supporting overall market expansion. Key Market Drivers: Presence of Global Luxury Brands The expansion of global luxury brands has become a crucial driver for Saudi Arabia's gold and diamond jewelry market. Leading international names such as Cartier, Tiffany & Co., Bulgari, and Dolce & Gabbana have firmly established their presence, offering collections that appeal to both traditional tastes and modern aesthetics. Their entry has elevated consumer expectations for craftsmanship and design, prompting local jewelers to enhance their offerings to remain competitive. The emergence of upscale retail environments such as VIA Riyadh has further facilitated these brands' visibility and access to high-net-worth individuals and tourists. In alignment with Vision 2030, which emphasizes retail and tourism development, the presence of international luxury players continues to reshape the landscape, driving both product diversification and market growth. Key Market Challenges: Counterfeiting & Fraud Counterfeit products remain a persistent challenge in Saudi Arabia's gold and diamond jewelry market. High-value items like gold and diamonds are attractive targets for counterfeiters who produce fake replicas that often mislead consumers. These low-quality imitations undermine consumer trust and damage the reputations of authentic brands. In response, regulatory bodies such as the Ministry of Commerce and the Saudi Authority for Intellectual Property (SAIP) have implemented stricter enforcement measures, including penalties, imprisonment, and the establishment of IP courts. Despite these efforts, ongoing vigilance and public education remain essential to safeguard the integrity of the market and protect both consumers and legitimate businesses from fraudulent activities. Key Market Trends: Digital Transformation and E-Commerce Growth Digitalization and the growth of e-commerce are transforming how gold and diamond jewelry is marketed and sold in Saudi Arabia. Following shifts in consumer behavior - particularly accelerated by the pandemic - many luxury brands have upgraded their digital presence to meet demand for convenience and personalization. This includes the launch of virtual try-on features and AI-enabled customization tools. According to projections, Saudi Arabia's eCommerce sector is expected to generate USD 16.53 billion in revenue by 2025. The government's Vision 2030, with its focus on building a digital economy, further supports this trend. With high smartphone penetration and a youthful, tech-savvy population, the online jewelry segment is poised for rapid growth, making digital transformation a core element of the market's evolution. Key Players Profiled in this Saudi Arabia Gold and Diamond Jewelry Market Report: Al Romaizan Gold & Jewellery Lazurde Company for Jewelry Damas Jewellery Najd Deer Jewellery Taiba Jewellery Malabar Gold and Diamonds Titan Company Limited Kooheji Jewellery Company SPC Mouawad MENA DMCC ORRA Fine Jewellery Pvt. Ltd Key Attributes: Report Attribute Details No. of Pages 82 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $4.56 Billion Forecasted Market Value (USD) by 2030 $8.34 Billion Compound Annual Growth Rate 10.5% Regions Covered Saudi Arabia Report Scope: In this report, the Saudi Arabia Gold and Diamond Jewelry Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: Saudi Arabia Gold and Diamond Jewelry Market, by Type: Diamond in Gold Jewelry Gold Jewelry Gemstone Other than Diamond in Gold Jewelry Diamond in Other than Gold Metal Jewelry Saudi Arabia Gold and Diamond Jewelry Market, by Sales Channel: Jewelry Showrooms & Wholesales Market Company Exclusive Showrooms Others Saudi Arabia Gold and Diamond Jewelry Market, by Region: Eastern Western Northern & Central Southern For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Gold and Diamond Jewelry Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
