Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Mumbai, Global economic uncertainties and geopolitical tensions are likely to take <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> to a new high of Rs 70,000 per 10 grams this year, making it a safe haven investment and a perfect hedge against inflation, industry body <keyword id="20036539" type="General" weightage="50" keywordseo="all-india-gem" source="keywords">All India Gem</keyword> and <keyword id="20035996" type="General" weightage="80" keywordseo="jewellery-domestic-council" source="keywords">Jewellery Domestic Council</keyword> (<keyword id="20014452" type="General" weightage="80" keywordseo="gjc" source="keywords">GJC</keyword>) said on Tuesday. "The yellow metal's appeal as a safe haven investment and a perfect hedge against inflation is likely to continue in 2024 as consumers face high commodity prices and elevated interest rates worldwide thus overheating financial markets, GJC chairman <keyword id="20036537" type="General" weightage="50" keywordseo="saiyam-mehra" source="keywords">Saiyam Mehra</keyword> said in a statement. Economic uncertainties and geopolitical tensions suggest a rise in gold prices, which emphasises gold as a vital portfolio hedge during downturns and the prices are likely to see an upsurge of USD 2,300 an ounce or Rs 70,000 per 10 grams in 2024, he said. "If economic conditions worsen, driving increased demand for defensive assets, gold prices could rise, offering a potential upside beyond all past predictions," he added. In 2023, gold outperformed other investment products as safe-haven buying triggered by the United States interest rate pause, geopolitical uncertainties, and high inflation amid a global economic slowdown, <keyword id="20036538" type="General" weightage="80" keywordseo="mehra" source="keywords">Mehra</keyword> noted. With 13 per cent returns, gold continued to be the most attractive investment option in 2023, he stated. The precious metal saw uninterrupted buying interest from investors, supported by a recent rally in the equity markets during the Christmas season. Consumers' appetite was seen throughout the year across all forms of gold products, such as physical, bonds, and paper gold. "Gold has been a timeless allure for Indian consumers following a similar trend overseas, reaching an all-time high record of Rs 64,460 per 10 grams during this year and outshined other asset classes in 2023. In the international markets, spot gold surpassed the previous record high of USD 2,081 an ounce," Mehra said. This signifies that consumers' appetite for gold is growing and with continuing the global economic uncertainty the prices will certainly catapult gold to much higher levels in 2024, he added.

Gold prices likely to reach around Rs 70,000 per 10 grams in 2024, says industry body

The Nagpur Bench of Bombay High Court passed an interim order on May 7 which stops Bureau of Indian Standards (BIS) from taking any coercive action on jewellers across India or impose penalty on those who may not comply with BIA (BIS Act, 2016) regulations, Section 29(2) on mandatory hallmarking due to the lack of adequate infrastructure in terms of assaying and hallmarking centres. The Court ruled: "The contention is that the new regulation making it compulsory to hallmark gold jewellery before it is stored or sold, which has to come into force w.e.f. 1st June 2021, is likely to result in great hardships to lakhs of jewellers in India and their number is stated to be 5 lakhs." The writ petition was filed by All India Gem &amp; Jewellery Domestic Council (GJC), which is the industry's apex domestic Council that ensures promotion, protection and progress of jewellers. GJC was represented in court by counsel, Rohan Shah. Ashish Pethe, Chairman, All India Gem &amp; Jewellery Domestic Council (GJC) stated, "Courts have seen the hardship of the jewellers. The order stated that further contention is that in proportion to such multitude of jewellers in India - the percentage of hallmarking centres available in India, is just about 34% of the 733 districts in the country and that there are at least 488 districts in the country, which do not have any hallmarking centres. It is further submitted that there are about 6,000 crore pieces of jewellery, which still need to be hallmarked." Nitin Khandelwal, Past Chairman, GJC, said, "Courts have been reasonable and strict with BIS as further contention is that if there is any breach of the said mandate of law as provided under Sections 14 and 15 of the Bureau of Indian Standards Act, 2016 (BIS Act), there is a penalty in offence as provided under Section 29 of the BIS Act, 2016 punishable with maximum imprisonment of one year. It is also submitted that within the time available, it could not be possible for all the jewellers and for every piece of jewellery presently available to be hallmarked before these provisions of law come into force." Saiyam Mehra, Vice Chairman, GJC, commented, "It is further submitted that there are also other problems arising out of the present COVID restrictions, which prevent a person to travel from one district to another district and that there are several districts, which do not have any hallmarking centres yet. And the court has in the meanwhile, directed that no coercive action shall be taken against the jewellers under Section 29(2) of the BIS Act, 2016, till next date of hearing on 14th June 2021. This is a big relief to the jewellers who shall now be fully protected from any actions from BIS even though they may wish to still go ahead with mandatory hallmarking." Dinesh Jain, Director, GJC who represented GJC in the writ petition filed, commented, "The writ has been admitted on merit and notice has been issued to BIS and all respondents. BIS is wise enough to know what to do in such a situation and we are sure that BIS shall not proceed with mandatory hallmarking without doing their homework properly. GJC is fully supporting Hallmarking and pray in the writ petition that a ‘High Level Committee' be constituted by Honourable court to streamline and resolve all issues for the benefit of Consumers, Jewellers and core objective of BIS." All India Gem and Jewellery Domestic Council (GJC) represents over 5,00,000 players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemmologists, designers, and allied services to the domestic Gems &amp; Jewellery industry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/a-potentially-lethal-fungal-disease-is-creeping-into-recovering-covid-19-patients-and-the-prognosis-is-not-good/articleshow/82476375.cms">A potentially lethal fungal disease is creeping into recovering Covid-19 patients, and the prognosis is not good</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-net-worth-has-crossed-60-billion-as-per-forbes/articleshow/82454659.cms">Gautam Adani’s net worth has crossed $60 billion – thanks to Adani Ports’ profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a>

Half a million Indian jewellers resisting mandatory hallmarking get interim relief from the court

<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, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in <keyword id="6357502" type="UNKNOWN" weightage="20" keywordseo="Import-Duty">import duty</keyword> on polished precious and semi-precious gemstones, in the upcoming Union <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business." He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds. Pethe also said the facility of equated-montly instalment (EMI) should be extended to the gems and jewellery industry and to increase the cash purchase limit to Rs 1 lakh from the current Rs 10,000. Gems and Jewellery Export Promotion Council (<keyword id="110243" type="PERSON" weightage="20" keywordseo="GJEPC">GJEPC</keyword>) Chairman Colin Shah urged the government to reduce import duty on cut and polished precious and semi-precious gemstones to 2.5 per cent, from the current 7.5 per cent. In its Budget recommendations, GJEPC has also proposed a hike in import duty on synthetic cut and polished stones to 25 per cent from 5 per cent. Shah said GJEPC has also proposed amendment in taxation provisions to allow sale of rough diamonds in special notified zone in Mumbai. Malabar Group Chairman MP Ahammed has urged the government that tax rate, including import duty on gold and GST, should be reduced to 7 per cent. Ahammed has also said the government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in jewellery without any pricing break-up in terms of GST or other taxes. Currently, gold attracts 12.5 per cent import duty and 3 per cent GST and total duty and GST implication works out at 15.5 per cent. "Such high taxes have led to large-scale smuggling and tax evasion. Therefore, reducing import duty-GST implication to 7 per cent is an effective measure to prevent those industry malpractices," he added. Although the tax and duty implication is 15.5 per cent on gold, the actual implication comes to around 20 per cent after adding the mining royalties. The gold and diamond trade together accounts for 7.5 per cent of the country's GDP and 14 per cent of the country's total exports. About 60 lakh people are employed in this sector. Therefore, Ahammed noted that the government should take steps to facilitate comprehensive development of the grade trade sector so that it can continue to play a pivotal role in the growth of the economy. PNG Jewellers Chairman and Managing Director Saurabh Gadgil opined that 2020-21 has had a negative impact on the industry over all. "While jewellers are on track to recover from the impact of the pandemic and a muted wedding season, we are hopeful that the Budget 2021-22 will look at the jewellery industry favourably and roll out many SOPs and important policy changes that can help revive the industry in the next one year," he said. It is critical that the government also look at policies that encourage banks to kick-start lending once again to the jewellery sector, which will help businesses across the board to maintain liquidity and ensure survival and success, he pointed out. From the consumer perspective, he said gold should be deemed as an asset class like the mutual funds, allowing an increase in consumer investment confidence as well as the availability of facilities like EMI schemes to invest in gold products. "Setting up of a spot exchange, announced in the 2018 Budget on an immediate basis, will ensure consistency in pricing of gold across the country. This will boost consumer confidence and help people sell their gold at daily transparent prices," he added. SM HRS

Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Environmental activists blocked congressional staff and lawmakers after super gluing themselves to doors and each other in&#xa0;the Rayburn House Office building on Capitol Hill on Tuesday afternoon.</li><li>The group glued their hands to one another and to door knobs, forming chains around entryways and exits.</li><li>Activists appeared to yell out in pain as law enforcement officials made their way through.</li><li>Republican Rep. Jim Banks of Indiana posted a video of his staff navigating through the hallways of the Capitol: "Supergluing yourself to a door is a very dumb way to protest."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul>Environmental activists blocked congressional staff and lawmakers after super gluing themselves to doors and each other in a building on Capitol Hill on Tuesday afternoon.The Washington, DC, chapter of Extinction Rebellion glued their hands to one another and to door knobs, forming chains around entryways and exits at the basement in a building for House lawmakers.The protesters hung signs around themselves imitating emergency notices and calling for the passage of the <a href="https://www.sierraclub.org/trade/what-green-new-deal">Green New Deal</a>."DECLARE CLIMATE EMERGENCY," one sign said."We're sorry. Due to the CLIMATE EMERGENCY Congress is shut down until sufficient action is taken to address the crisis," another sign said.Republican Rep. Jim Banks of Indiana posted a video of his staff navigating through the hallways of the Capitol: "Supergluing yourself to a door is a very dumb way to protest," the video's caption said.Activists appeared to yell out in pain as law enforcement officials made their way through:Activists said the brand of glue they used was Gorilla Glue, according to Washington Post reporter <a href="https://twitter.com/mikedebonis/status/1153804871134351361?s=20">Mike DeBonis</a>. The manufacturer <a href="https://www.gorillatough.com/wp-content/uploads/Clear-Gorilla-Glue.pdf">advises</a> to "drench affected area with water for at least 15 minutes" if the glue comes into contact with the skin."Obtain medical attention if irritation develops or persists," the company warns on its safety sheet.<div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/washington-dc-famous-landmarks-secrets-facts-2019-7">7 secrets about Washington, DC landmarks you probably didn't know</a></h3> <div> </div> </div>

You Searched For "gjc" and got 5 results

Gold prices likely to reach around Rs 70,000 per 10 grams in 2024, says industry body

PTI

Half a million Indian jewellers resisting mandatory hallmarking get interim relief from the court

IANS

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

Prabhjote Gill

Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%

PTI

Environmental activists are super gluing themselves to buildings on Capitol Hill

David Choi

Popular Keywords

Buying Guides