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<keyword id="6354387" type="General" weightage="20" keywordseo="jewellery" source="Orion">Jewellery</keyword> consumption, in terms of value, is expected to grow by 10-12 per cent in this financial year, mainly on account of increase in <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword>, a report said on Friday. Rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="icra" source="Orion">Icra</keyword> has revised upward its forecast for the year-on-year (YoY) <keyword id="19910440" type="General" weightage="20" keywordseo="domestic-jewellery-consumption" source="Orion">domestic jewellery consumption</keyword> growth (in value terms) in FY24 to 10-12 per cent from the earlier estimates of 8-10 per cent, primarily driven by the rise in gold prices. Jewellery consumption is estimated to have risen by more than 15 per cent YoY in the first half of FY24, aided by stable demand during 'Akshaya Tritiya', a festival considered auspicious for buying precious metals, and higher gold prices. However, Icra projects the growth rate to moderate to 6-8 per cent in the second half of this financial year due to sustained tepid rural demand amid persistent <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword>. After remaining volatile between December 2022 and April 2023, gold prices were relatively stable in the first half of FY24, although up 14 per cent compared to the average prices during the year-ago period, noted the report. The elevated price levels supported revenue expansion of most jewellery retailers in the face of muted volume growth, it said. The ongoing tensions in the Middle East and the evolving global macro-economic environment could keep gold prices elevated in the near term. The spike in gold prices since early October 2023 and persistent inflationary headwinds remain key risks to demand, it stated. "Jewellers of the organised market is projected to record a healthy revenue expansion of 15-18 per cent YoY in FY24 on the back of their planned retail expansions and a gradual shift in consumer preferences towards branded jewellers. The organised jewellery retailers are expected to outperform the industry over the medium term supported by tailwinds from accelerated formalisation of the industry," Icra Vice President and Sector Head Sujoy Saha said. Icra has projected some moderation in FY24 in the operating margins of organised players owing to the front-loaded operating costs for planned store additions and increased advertising expenditure in the face of rising competition. Nevertheless, the benefits of economies of scale are likely to support the operating margins, which are estimated to hover in the range of 7.5-8 per cent in the near to medium term. Despite the projected increase in debt levels to fund the inventory for new stores, the debt protection metrics for the players are estimated to remain comfortable. "The organised jewellers had recommenced their retail expansion in FY23, after a brief hiatus in FY21 and FY22, with the store count estimated to have risen by more than 20 per cent during the year. The momentum is likely to continue over the near to medium term with an estimated increase in store count by 18-20 per cent YoY in FY24, supporting their revenue growth," Saha added.

Jewellery consumption to grow by 10-12 pc value-wise in FY24 amid rise in gold prices: Report

From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels

China has cut a controversial tax on personal items bought overseas, ranging from iPads to books, in an effort to boost consumer confidence. The government will slash the "tax on baggage and articles accompanying incoming passengers and personal postal articles", a three-in-one tax consisting of value-added tax, consumption tax and import duties on April 9, according to a notice posted online by the Ministry of Finance on Monday. The tax rate on products including computers, foodstuffs, gold and silverware, furniture and medicines will be lowered to 13 per cent from 15 per cent. The rate for commodities including textiles, electric appliances and bicycles will be cut to 20 per cent from 25 per cent, according to the statement. The tax rate for wine, cigarettes, jewellery, golf equipment, luxury watches and high-grade cosmetics will be kept at 50 per cent. This is the second round of tax cuts on consumer products bought overseas in six months, after Beijing initially lowered the rate on November 1 2018. The last round of tax cuts saw the tax on wine and cigarettes cut from 60 per cent to 50 per cent, while the tax rate on textiles and home appliances was slashed from 30 per cent to 25 per cent The decision was announced by Premier Li Keqiang at a routine State Council meeting last week, according to a statement on the government's website, which also said that the cut is designed to boost imports and consumer confidence. "For those products that are used by the general public, we must effectively reduce the customs tax rate," Li said in the statement. "The relevant departments will further study how to lower the price of necessary imports for the country." Hong Hao, head of research at Bank of Communications International, said that while the cut will help boost consumption, it will not provide a massive lift to Chinese consumer confidence, which has been dampened by the <a href="https://www.scmp.com/economy/china-economy/article/3004961/us-says-theres-still-significant-work-be-done-trade-talks" target="_self">US-China trade war</a> and a <a href="https://www.scmp.com/economy/china-economy/article/2188625/china-lowers-2019-gdp-growth-target-6-65-cent-range" target="_self">sluggish domestic economy</a>. "Two percentage points [cut] will not make a lot of difference," said Hong, referring to the small tax cut on some products. "It is a difficult situation now [for consumption]. Perhaps a recovery in the housing market and a rebound in the stock market would really boost spending." The tax has proven controversial among individual travellers since it was implemented in 2010. It also caused friction among government departments. At the time, the Ministry of Commerce issued discouraging correspondence to China's customs agency, local media reported. The tax also poses a threat to the business model of the <a href="https://www.scmp.com/economy/china-economy/article/2174570/chinas-e-commerce-consumers-given-more-duty-free-spending" target="_self">Chinese army of</a> <a href="https://www.scmp.com/economy/china-economy/article/2174570/chinas-e-commerce-consumers-given-more-duty-free-spending" target="_self">daigou</a> , cross-border shoppers who purchase goods cheaper overseas and bring them back to China, via personal luggage or postal services, to be sold at a profit. However, the cut comes as analysts grow increasingly concerned that consumption and trade are the weak points in the Chinese economy. 'There's a pickup in production but they need to get people out buying and consuming," said Banny Lam, head of research at <keyword id="346068" type="COMPANY" weightage="20" keywordseo="China-Everbright-Bank">China Everbright Bank</keyword> International Investment, referring to the pick up in the nation's manufacturing sector in March. The official purchasing managers index for the month jumped to 50.5, compared to 49.2 in February. A reading above 50 indicates growth from the previous month. Beijing has declared that it is embarking on the "<a href="https://www.scmp.com/economy/china-economy/article/3002364/chinas-unprecedented-and-sufficient-tax-cut-still-does-not-do" target="_self">biggest tax cut</a> campaign in its history" to <a href="https://www.scmp.com/economy/china-economy/article/3005218/china-pledges-remove-unreasonable-barriers-and-restrictions" target="_self">cushion the impact</a> of slowing domestic demand and a trade war with the United States. According to Premier Li's work report released last month, the overall tax reduction package, including the cut to the social contribution fees, will be worth 2 trillion yuan this year, equivalent to 2.1 per cent of China's <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword>. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more SCMP stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

China cuts tax on personal items bought overseas in move to boost consumption

There is a bad news for those who love the yellow metal. The <keyword id="18712" type="ENTERTAINMENT" weightage="80" keywordseo="Gold">gold</keyword> trade would be affected in the country as result of increased competition due to duty free jewellery imports from <keyword id="8692" type="COUNTRY" weightage="80" keywordseo="Indonesia">Indonesia</keyword>. At the same time, there would be fall in rural demand for the precious metal from June 1 when PAN card would be required to purchase gold jewellery worth over Rs 1 lakh. 
 
According to experts, jewellery imports from Indonesia are "completely detrimental to the interest of the gold trade" in the country. On the other hand, as agricultural income doesn't come under the tax net, many farmers don't have PAN cards. This would be a blow to the trade as rural India accounts for 60% of the total gold consumption of 811 tonnes in the country. 
 Trade insiders say gold jewellery imported from Indonesia under the free trade agreement (FTA) is affecting the domestic business that has to pay an import duty for gold. "Gold attracts an import duty of 10%, which makes the landed price of gold costlier. And automatically our jewellery prices go up," Manish Jain, chairman at <keyword id="2422472" type="UNKNOWN" weightage="80" keywordseo="Gem-Jewellery-Trade-Federation">Gem &amp; Jewellery Trade Federation</keyword> (GJF), told the Economic Times. 
 
The issue has been brought to the notice of the commerce ministry," he said. 
 The development comes at a time when the domestic demand is not picking up. Jewellers fear the market condition may get worse as buyers will soon have to show their permanent account number (PAN) card issued by the <keyword id="6354751" type="COMPANY" weightage="80" keywordseo="Income-Tax">income tax</keyword> department if they purchase jewellery over Rs 1 lakh. 
 
"The move to make PAN card mandatory for high-value transactions will surely impact retail sales. Rural demand of gold will be hard hit," said Bachhraj Bamalwa, director at GJF. 
 
And branded jewellers are increasingly penetrating to rural markets. Samir Sagar, director of Mumbai-based Manubhai Jewellers, said rural customers save for years to buy gold for weddings. "Now, if jewellers ask for PAN cards, they will get scared," he said. 
 The PAN mandate may also impact demand from housewives who buy non-marriage gold jewellery. "Usually, they do not have PAN cards, and even if they have, they do not want to carry these cards to jewellery outlets," Sagar said. Jain of GJF said representatives of the federation have met <keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> to request him to raise the limit to Rs 5 lakh worth of gold jewellery for furnishing PAN details. 
 
"He has assured us that some positive step will be taken before June 1," he said. 
 This year the <keyword id="113718" type="ORGANIZATION" weightage="80" keywordseo="World-Gold-Council">World Gold Council</keyword> has kept a consumption target of 900-1,000 tonnes for India. 
 
(Image: Indiatimes)

Indonesian imports, PAN submission to affect gold trade in India

Global <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> demand declined by 13 per cent year-on-year to 1,080.8 tonnes during the January-March quarter of this year, mainly due to outflows from European-listed <keyword id="982068" type="General" weightage="20" keywordseo="exchange-traded-fund" source="Orion">exchange-traded fund</keyword> (<keyword id="6357062" type="General" weightage="20" keywordseo="etf" source="Orion">ETF</keyword>) products, according to the World Gold Council (<keyword id="142987" type="General" weightage="20" keywordseo="wgc" source="Orion">WGC</keyword>). The total gold demand stood at 1,238.5 tonnes during the first quarter of 2022, WGC's Gold Demand Trends Q1 2023 stated. Holdings of global gold ETFs fell during Q1, with 29 tonnes of outflows in January and February equivalent to a USD 1.5 billion in outflow, the report said, adding that the majority of outflows came from the European-listed products. However, North American-listed ETFs, as well as those listed in other regions, witnessed a recovery in inflows during the first quarter of 2023, it added. "The mixed picture for quarter one highlights how gold's diverse sources of demand underpin its role and performance as a global asset," WGC Senior Markets Analyst Louise Street said. "Growth in some regions offset weakness in others as different economic forces and demand drivers played out in the global gold market. One commonality was that different types of investors looked to gold as a store of value in uncertain times," Street added. She, however, noted that against the backdrop of turmoil in the banking sector, ongoing geopolitical tensions and a challenging economic environment, gold's role as a safe haven asset has come to the fore. Moreover, it is likely that investment demand will grow this year, especially with waning headwinds from the strong US dollar and interest rate hikes, she said. She further noted that positive demand for gold ETFs has continued in the second quarter so far, and the looming threat of developed market recession may be the trigger for inflows to accelerate later in the year. "Central bank buying is likely to remain strong and will be a cornerstone of demand throughout 2023, even if at lower levels than the record highs seen last year," she added. Central banks have helped boost demand adding 228 tonnes to global reserves, a quarter-one record high in this data series, compared to 83 tonnes in the same period last year, said the report. "<keyword id="17331412" type="General" weightage="20" keywordseo="central-banks-of-singapore" source="Orion">Central banks of Singapore</keyword>, China and Turkey were the top buyers, while the Reserve Bank of India also added 7 tonnes to its reserves during the January-March quarter," WGC Regional CEO, India, Somasundaram PR told PTI. On the supply side, there was a slight increase in the first quarter to 1,174 tonnes, with marginal 2 per cent growth in mine production and a 5 per cent uptick in recycling driven by the higher gold price. The report further noted that bar and coin investment strengthened 5 per cent year-on-year to 302.4 tonnes compared to 287.7 tonnes in the same period of 2022, although there were notable shifts in key markets. The US bar and coin demand hit 32 tonnes in the first quarter, the highest quarterly level since 2010, and was driven primarily by recession fears and a flight to safety amid the banking turmoil, it said. This increase helped offset weakness in Europe and particularly Germany where there was a 73 per cent drop in demand, they stated. Meanwhile, jewellery performance was relatively flat in the first quarter at 477.9 tonnes compared to 475.3 tonnes in the corresponding period of 2022, the WGC report said. The report stated that Chinese demand regained ground, reaching 198 tonnes in its first quarter of unfettered consumer activity since lockdown restrictions were lifted. "Demand in China went up by 16 per cent due to the lifting of restrictions from the lockdown imposed to control the spread of Covid-19 and Chinese New Year," Somasundaram said. Meanwhile, demand in India declined as consumption fell by 17 per cent year-on-year to 78 tonnes during January-March 2023, mainly on account of a sharp increase in domestic gold prices to over Rs 60,000 per 10 grams and continued volatility in price. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-paytm-tvs-hero-motocorp-britannia-among-stocks-to-watch/articleshow/100001235.cms">Sensex, Nifty50 slip amid weak global cues: HDFC twins tumble over 5%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-hdfc-market-capitalisation-falls-after-msci-tweak/articleshow/100006092.cms">HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak</a>

Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

<ul class="summary-list"><li>Gold jewelry demand looks set to weaken for the rest of 2022, said the World Gold Council. </li><li>A slowdown in the global economy is the largest risk to demand, said the 32-member group in its latest trends report. </li></ul>Demand for gold jewelry will be sluggish in the second half of 2022, according to the World Gold Council, which pointed to hurdles in two of the biggest markets — China and India. "The largest risk to jewellery comes from potentially weaker economic growth," the council said in a <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2022/outlook">report published late Wednesday</a>. It sees "notable downside risk" in the gold jewelry market for the rest of this year. <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2022/17134">In April</a>, the council projected flat demand in 2022.The more downbeat view from the council, whose membership is comprised of 32 gold mining companies, arrived shortly before US government data Thursday suggested the <a href="https://www.businessinsider.com/gdp-q2-economic-growth-recession-inflation-hiring-us-recovery-progress-2022-7">world's largest economy has entered a technical recession</a>. <a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022">The International Monetary Fund</a> also this week cut its 2022 global GDP growth projection to 3.2% from 3.6%. Flash points in gold demand moving forward this year lie in China and India, the World Gold Council said. "China's lockdowns have dented demand and a recovery will likely be slow due to the continued strict zero-COVID policy and stresses in the domestic real estate sector," it said.China's gold jewelry demand dropped 29% in the second quarter to 103 tonnes. But some relief may be found in consumption stimulus measures and pent-up wedding demand, the council said. The Chinese government on Thursday reportedly said it will work on landing the best possible result for economic growth in 2022, indicating leaders in the world's second-largest economy will miss a target of 5.5%. The economy expanded by a relatively slow rate of 2.5% in the first half of 2022. And while gold demand in India climbed 49% to 140 tonnes last quarter on robust wedding and festival sales, the report noted headwinds there too. In particular, pressure in India should stem from an increase in the country's gold import duty and the possibility of additional curbs on gold buying to stem further depreciation of India's currency, the rupee. India this month raised its gold import duty by 4.25% to 18.45%. Overall jewelry consumption in the second quarter was 4% higher at 453 tonnes as growth in India and the Middle East outweighed declines in China and Russia, the group said. <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Gold</a> futures during Thursday's session rose by nearly 2% to $1,752 an ounce. Prices have declined by more than 4% so far this year.<div type="image" title="A chart shows quarterly jewelry demand below pre-pandemic levels." height="972" width="1460" msid="93195649" hostid="261" sizebytes="48402"></div>

The gold market should see slower jewelry demand through end of 2022 amid deteriorating global economic growth, says World Gold Council

<ul><li>Shares of <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> rallied 15% as private equity firm TPG’s Rise Climate Fund has committed to invest ₹7,500 crore (around $1 billion at current prices) in the company’s EV business.</li><li>The development has turned analysts positive on the company’s EV dreams as they believe Tata Motors’ volumes will surge in the near term due to lack of competition.</li><li>The automaker aims to create a portfolio of 10 electric vehicles in the next five years.</li></ul>Shares of Tata Motors stole the limelight on Wednesday as it rallied 15% as analysts turned bullish on the company’s electric vehicle (EV) business after it announced a billion dollar investment by a private equity firm on Tuesday. Private equity firm TPG’s Rise Climate Fund along with Abu Dhabi Development Holding will make an investment worth ₹7500 crore (around $1 billion at current prices) in Tata Motors’ electric vehicles (EV) segment, it had said. Analysts believe the development will turn fortunes for the company reeling from its Jaguar Land Rover business. “Lack of competition in the near term may continue to benefit Tata’s EV volumes though progress has to be tracked,” said analysts at HSBC while raising the target price for the stock to ₹550. At 9:36 a.m., on Wednesday, shares of the company were trading nearly 15% higher at ₹483. Meanwhile, Kotak Institutional Equities and Nomura upgraded their rating for the stock to “BUY”. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New target prices for Tata Motors’ stock </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹547 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹550 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹565 </td></tr></tbody><tbody></tbody></table> “We believe the domestic EV business can be the game changer for the company given strong government push amid favorable policies and growing consumer demand for greener solutions,” said a report by Kotak Institutional Equities. Tata Motors’ domestic passenger vehicle business currently has 71% market share in the EV segment with revenues of around ₹5-6 billion as of FY2021, according to Kotak’s report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-gets-a-billion-dollar-investment-from-tpg-group/articleshow/86966522.cms">TPG makes a billion dollar bet on Tata Motors’ EV dreams</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-home-sales-and-jewellery-to-power-consumption-these-sectors-are-back-to-pre-pandemic-levels/articleshow/86976154.cms">From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-tata-motors-infosys-wipro-and-other-hot-stocks-on-october-13/slidelist/86982754.cms">Reliance Industries, Tata Motors, Infosys, Wipro and other hot stocks on October 13</a>

Tata Motors rallies 15% as TPG’s billion dollars spark a series of upgrades for the stock

<ul><li>Gold prices are falling for the third consecutive week as the Indian economy recovers and the number of COVID-19 cases decline.</li><li>The diminishing value of the yellow metal is good news for customers looking to buy up gold ahead of the summer wedding season and <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>.</li><li>Jewellers are optimistic that the fall in the price of gold and the upcoming festival season will drum up demand for the physical product.</li></ul>Gold prices are finally falling after a year of being on the rise. And, people in the world’s biggest market for gold, India, are taking advantage of the opportunity. Benchmark gold futures in the country have dropped 20% from a record high in August last year of ₹56,200. They are basically a deal to trade gold at terms decided now but with a settlement date in the future. Moreover, as compared to the beginning of 2021, gold prices are down by over ₹5,000 from highs of ₹48,500. This means the precious metal has technically entered bear territory. “Gold prices fell for the third consecutive week as risk on sentiments kept investors away from precious metals,” said HDFC Securities in its report dated March 8. For consumers, there couldn’t be better news with the summer wedding season just around the corner and Akshaya Tritiya — pegged as an auspicious day to buy gold — falling on May 14. Why is the price of gold falling? Simply put, consumers are no longer looking for a safe haven store of currency. During the coronavirus pandemic, the markets were volatile and rates offered by banks were sub par, giving gold the edge over others as a store of value. Now that the number of COVID-19 cases are slowing down and the economy is on the track to recovery, gold prices are coming back down. Investors are instead putting money into US government gold yields to earn higher returns. “Gold prices declined on a stronger dollar as traders and investors switched to the best alternative to gold.” noted HDFC Securities. As a result, the dollar index rose by 1.2%. Government officials told <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">Bloomberg</a> that imports have jumped 41% in February to the highest that they’ve been since November 2019, which is another indicator of demand coming back. It’s time to buy up gold Last year may have been stellar to buy gold on the commodity exchange, but physical consumption was in the pits. According to the World Gold Council (WGC), the demand for jewellery plunged by 34% in 2020 as compared to the year before. Now, the demand for physical gold is seeing an uptick as prices dip to a near one-year low. It also helps that the Modi administration reduced import duty on the yellow metal from 12.5% to 7.5%. "GJC had been representing this concern for many years and we are glad that the government has acknowledged it and reduced the import duty," said chairman of All India Gem and Jewellery Domestic Council (GJC) in a statement. Lower prices, however, are only one part of the picture. In India, gold holds an important place in Indian weddings and the summer wedding season is set to occur between mid-April to May. Jewellers are also hoping that Akshaya Tritiya — the second-most auspicious day to buy gold for Hindus after Dhanteras — will also lead to a surge in demand. “The festival and wedding looks good. The investment demand has come back, and the jewelry demand will come in after the rates stabilize,” said Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council in a <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">statement</a>. He believes that the demand will also see a boost since a lot of weddings that were postponed in 2020 due to the coronavirus pandemic will be scheduled for 2021. Brokerage HDFC Securities expects gold prices to remain low in the coming week, unlikely to dip below ₹44,000 per 10 grams. Analysts believe the rates of precious metal may continue to fall given the sharp recovery in economic activity and a slowdown in COVID-19 infections. However, gold could turn bullish again if central banks choose to step in. Sovereign debt for all countries has increased during the pandemic and the balance sheets are bloated in the face of public expenditure. “We do not think yield will sustainably rise given the fact that governments do not favour higher yields on their accumulated gigantic debt,” said the lead analyst of institutional equities at YES Securities, Hitesh Jain. Rising rates of yields — the interest rate that the government has to pay out for borrowing money from the market — is not favourable with high debt. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-blockchain-tech-to-make-sms-more-secure-is-leaving-users-locked-out-of-their-account/articleshow/81409145.cms">India’s blockchain tech to make SMS more secure is leaving users locked out of their accounts — and potentially more at risk</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers

Mumbai, Feb 1 () The gems &amp; jewellery industry has welcomed the budget proposals that offer lots of sops to boost farmers' income which in turn will boost gold demand.
But the industry is a bit disappointed with the status quo on customs duty on the yellow metal. It has lobbied hard for getting customs duty halved from the present 12.5 per cent.
"We welcome the move to boost agriculture that will increase farmers income and bring in liquidity and purchasing power to the retail industry, including the gems &amp; jewellery sector," All-India Gem &amp; Jewellery Domestic Council chairman Anantha Padmanaban told .
Disappointed with no changes on the duty front, he said, "we have been pursuing the government to reduce customs duty on gold to 6 per cent from the current 12.5 per cent to kill the gray market and boost the organized trade".
On the proposed bullion exchange, he said, the industry welcomes the move, but needs to study the details.
Commenting on the budget, the World Gold Council India managing director Somasundaram PR said measures to boost farmers income and reduce taxes for the middle class will boost purchasing power and consumer confidence, which will benefit the jewellery industry.
"Focus on the next wave of digital revolution will add impetus to digital gold products. The unmistakable thrust towards transparency sets long-term direction for the trade which will see many policy and market-led changes," he added.
Further, the plan to establish an international bullion exchange in Gift City is a positive step towards making gold a mainstream asset class.
"With its unique locational, infrastructural and regulatory advantages, the IFSC is well placed to build a fair, efficient and transparent bullion trading ecosystem. An organised bullion trading system will benefit the entire supply chain particularly, small players and exporters," he opined.
PNG Jewellers chairman Saurabh Gadgil said the announcement of the bullion exchange is interesting.
"The budget seems to be a very strategic and long term but no cognisance has been taken of problems on the ground. The only silver lining is the sops announced for the farming sector," he added.
Overall, the industry's request for reduction of import duty and other sops to increase consumption have gone unheard and that is disappointing, he said.
Manufacturers and exporters, however, are disappointed with the budget as there is increase in basic customs duty on diamonds, coloured gems, stones and semi-precious stones.
According to Gem Jewellery Export Promotion Council vice-chairman Colin Shah, these measures will increase the cost and ease of doing business and impact exports by minimum 5 per cent.
Basic customs duty on rubies, emeralds and sapphires, unset and imported uncut increased from nil to 0.5 per cent, duty on rough coloured gemstones increased from nil to 0.5 per cent.
Customs duty on pre-forms of precious and semi- precious stones and on rough synthetic gemstones increased from nil to 0.5 per cent as well. However, customs duty on platinum and palladium is reduced from 12.5 per cent to 7.5 per cent. SM BEN BAL

Industry expects focus on farmers to spur gold demand

Mumbai, Dec 30 () Small business sentiment continued to slide for the third quarter in a row in July-September, a survey by state-run Sidbi and rating agency Crisil said on Monday. 
 It also pointed out that the way things have panned out during the survey quarter are bleaker than the expectations of immediate future presented in the preceding quarter. 
 The survey comes at a time when the economic growth slid to a six-year low of 4.5 per cent for the July-September period. It also comes about a year after the Shaktikanta Das-led RBI rolled out a loan recast package for small enterprises after government prodding. 
 The MSME segment, which is generally called as the biggest employment generator, also presented a difficult picture from a job growth perspective. 
 The number of companies reporting an addition to their employee base more than halved to 7 per cent from 16 per cent in the preceding quarter, it said, adding that 87 per cent reported a maintaining of jobs while remaining 6 per cent reported a reduction. 
 Bankers are also not very hopeful of the MSME segment, with half of them calling their MSME loan performance as "below satisfactory", four of ten as "satisfactory" and only one calling it as an "improvement". 
 The 'Crisidex' survey score went down to 106 points for the second quarter of the fiscal year, as against 120 in the preceding April-June quarter and 124 for the year-ago period, a statement said. 
 It said typically, expectations for the next quarter are higher than actual sentiment for a quarter but the difference between the expectations and the actual turnout has been the sharpest in the second quarter in the eight surveys done by the company. 
 The preceding quarter had revealed a score of 129 on future expectations, while the actual turnout was a score of 106, it said, adding that both services and manufacturing firms have similar opinions. 
 "The survey findings need to be viewed in the context of macroeconomic factors such as production cuts by automobile manufacturers impacting utilisation of components, decline in both volume and realisation in commodity-linked sectors such as steel, and a slowdown in consumption impacting gems and jewellery, and hotels," Crisil's chief operating officer Amish Mehta said. 
 A little over a fourth of manufacturing companies reported Q2 as a "good quarter", which was at par with the preceding quarter, but down from the 37 per cent level in the year-ago period, it said. 
 The services sector seemed to be most impacted, with only 19 per cent of those surveyed terming it as a good quarter, as against 28 per cent in the preceding quarter and 38 per cent in the year-ago period, it said. 
 Export-oriented micro, small and medium enterprises performed better, with 21 per cent of them reporting an increase in order book compared with 15 per cent of domestic peers, the findings said. Among the importers, share of respondents reporting higher procurements declined to 9 per cent from 13 per cent, the survey said. AA MR
MR

Small biz sentiment slides for 3rd quarter in Jul-Sep

<ul><li>The fashion carnival is slated to be held between October 16 and 22, and will showcase close to 2 lakh new styles over the last festive season.</li><li><keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> has scaled its MENSA network to 18,000 Kirana partners, to fulfill 70% of the festive deliveries.</li></ul> Myntra will be holding its '<keyword id="10055257" type="UNKNOWN" weightage="20" keywordseo="big-fashion-festival">Big Fashion Festival</keyword>' October 16 and 22 and expects a 2X increase in traffic over the previous festive season. Myntra’s holistic approach to its marketing campaigns, ahead of the event, with Bollywood, Tollywood and other regional celebrities, along with top T20 teams, is expected to reach 150+ million people across the nation. The upcoming edition of the fashion event is also set to witness a massive uptick in demand according to the brand, at 4X over BAU and 2X over the last festive season, with 50% of the contribution coming from Tier 2-3 markets. Myntra is geared to handle the increase in traffic with tech capabilities, scaled to operate at 20,000 orders per minute at peak. Biggest ever Fashion and Lifestyle selection Myntra has scaled its collection by 2 lakh styles, over the last festive season, and has also launched region-specific ethnic collections from various parts of the country underscoring the role of fashion during festivities. In order to cater to the consumer’s festive preferences, Myntra’s selection ranges from the evergreen regional specialties such as bandhani, benarasis, kaantha, kanjeevaram and chikankari, to more experimental trends such as ruffle sarees, shararas and asymmetrical kurtas. <keyword id="2799949" type="COMPANY" weightage="20" keywordseo="Myntra-Fashion-Brands">Myntra Fashion Brands</keyword> (MFB) will have a wide range of collection for men and women from brands, including, House of Pataudi, Anouk, Taavi, HRX, Wrogn during the seven days long festive event. There will also be a large focus on 'above the waist' looks and work from home wear with the nature of social events and celebrations becoming virtual. To cater to this change in fashion consumption patterns, there is a higher emphasis on selection across t-shirts, tops, dresses, kurtas, accessories, jewellery, sports footwear, winter wear, beauty and personal care categories. The apparel category on Myntra is slated to contribute ~70% to festive demand on the platform, with other key categories being, kidswear, footwear, home and personal care and accessories. Investments in safety Myntra is prioritizing safety above all aspects. From warehouses and fulfilment centers, to the customers’ doorsteps, there are numerous protocols on safety, which are strictly being adhered to by employees, delivery personnel, MENSA partners, brand partners, and even customers. These include, following strict social distancing norms, regular temperature checks, frequent sanitization of facilities and delivery bags, ensuring the use of PPE’s at all times, frequent hand sanitization and more. Customers are encouraged to undertake contactless deliveries and use digital modes of payment. Speaking about Myntra’s upcoming Big Fashion Festival, Amar Nagaram, CEO, Myntra said, “Myntra’s Big Fashion Festival will offer a specially curated selection of 9 lakh styles for consumers across the country, awaiting to bond over the joy of festivities. The region-specific collection will enable millions of consumers with diverse fashion choices, to celebrate the festive diversity of the country. The consistent momentum in demand observed over the last few months has given impetus to our brand partners, driving deeper collaborations this festive season. An event of this unprecedented magnitude is also set to provide thrust to Myntra’s ecosystem, especially the artisans, MSMEs, and our Kirana store partners.” Unique offers and early access There will be a ‘Grand Opening Hours’ offer for 2 hours on October 16 starting midnight, with the best value deals from top brands such as Puma, Vero Moda, GAP, Roadster, Nike, Levis and more. Myntra has also launched a ‘Play &amp; Earn’ feature where users will be able to play games and redeem their stars to get the Gold slot which will give them a window of 4 hours to shop before the event begins. All customers will be able to avail 10% instant discount on ICICI Bank debit and credit cards during the event. Over 45 celebrities and 80+ influencers are being engaged with, to harness the reach of Myntra Studio and social media platforms, to drive customer engagement. Top international and domestic brands are also set to offer ‘Deal of the Day’, to Myntra Insiders, through the seven-day period, with the top 3 tiers of the brand’s loyal customers getting Myntra vouchers worth up to Rs 1000. Role of <keyword id="2535292" type="COMPANY" weightage="20" keywordseo="Omni-channel">Omni-channel</keyword> Overall, Myntra has integrated more than 1000 stores from close to 100 brands on its platform so far to ensure that the customers get their orders delivered to their doorstep in the shortest possible time. Giving a major boost to the omni channel strategy ahead of the festive season Myntra has partnered with a dozen new brands across categories, giving customers access to new season collections from their stores across the country. Logistics and supply chain Myntra’s fulfillment centers across the country are using automation to enhance the speed of packaging, quality control process and expedited shipping. The company has added three packing centers and seven mother hubs ahead of the festive season for processing faster deliveries during the event. Myntra has also given a major boost to its supply chain network, including MENSA partners and has increased its capacity of last-mile deliveries by adding ~600 dexters and 6000 new kirana store owners, over the previous festive season to reach 27000 pincodes.

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