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Coming out of the grip of economic slump brought in by the coronavirus pandemic, Indias gold demand for the second quarter (April-June) increased by 43 per cent compared to the corresponding quarter last year, revealed the latest report by <keyword id="113718" type="General" weightage="50" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword>. Value-wise <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s second quarter (Q2) 2022 gold demand value was Rs 79,270 crore, an increase of 54 per cent in comparison with Q2 2021 (Rs 51,540 crore). Total jewellery demand in India for Q2 2022 was up by 49 per cent at 140.3 tonnes as compared to Q2 2021 (94 tonnes). Globally in the jewellery sector, Q2 gold demand increased 4 per cent year-on-year to 453 tonnes, helped by a recovery in Indian demand, up 49 per cent compared with Q2 2021. The strong performance in India balances a significant decline of 28 per cent in China, where the market was dampened by Covid lockdowns that stalled economic activity and constrained consumer spending. "India's gold demand for Q2' 22 left behind the anxiety caused by the pandemic in Q1 and marked by festivals and wedding buying, grew 43 per cent year-on-year (YoY) to 170.7 tonne. Akshaya Tritiya coupled with traditional wedding buying spurred jewellery demand by 49 per cent to 140.3 tonne, though on a low base as Q2 of last year was impacted by a devastating second wave of covid. Total jewellery demand for H1 (first half) reached 234 tonne which 6 per cent higher y-o-y. Gold investment that is, bar, and coin demand in Q2 was of 30 tonne which is 20 per cent higher y-o-y, whereas H1' 22 demand of 72t at 11 per cent stronger y-o-y. Gold demand drew support from volatility in equity markets and inflation expectations," stated <keyword id="1817980" type="General" weightage="50" keywordseo="somasundaram-pr" source="Orion">Somasundaram PR</keyword>, Regional CEO, India, World Gold Council. The World Gold Council's latest Gold Demand Trends report revealed that global gold demand (excluding OTC) in the second quarter was down 8 per cent year-on-year to 948 tonnes. Globally gold bar and coin demand remained stable year-on-year at 245 tonnes in Q2. Growth in demand came notably from India, the <keyword id="30350" type="General" weightage="50" keywordseo="middle-east" source="Orion">Middle East</keyword>, and Turkey which helped to balance weakness in Chinese demand that was partially driven by continued coronavirus lockdowns. Going into H2'22, jewellery demand in India faces downside risks, due to uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on INR-USD exchange rate, stated Somasundaram. Upside potential for demand can come from expectations of a normal monsoon, higher inflation and the possibility for range-bound prices, he added. The gold prices increased from Rs 43,994 per 10 grams on March 31, as against Rs 46,504 per 10 grams on June 30, he said. Total gold recycled in India in Q2 2022 increased 18 per cent to 23.3 tonnes, compared to 19.7 tonnes in the same period last year. The quarter also witnessed 34 per cent growth in imports at 170 tonnes, compared to 131.6 tonnes in the same period in 2021. Somasundaram said, even as demand makes a recovery towards near-normal, the Indian bullion market is altering with some fundamental structural reforms such as mandatory hallmarking and exchange trading. "The proposed launch of the <keyword id="12742598" type="General" weightage="50" keywordseo="india-international-bullion-exchange" source="Orion">India International Bullion Exchange</keyword> (<keyword id="12552666" type="General" weightage="50" keywordseo="iibx" source="Orion">IIBX</keyword>) will kick-start a journey to make India a trusted and efficient trading hub and extend its influence in the global bullion markets," he said. IIBX is bound to emerge as a credible global entity in the bullion industry. As the importance of bullion rises in an uncertain world, a trusted eco-system underpinned by IIBX will offer a global advantage to investors in gold. India's efforts to monetise gold will also derive tremendous support from a transparent bullion trading system in GIFT City, he added. Globally central banks continued to buy gold. Global official gold reserves grew by 180 tonne in Q2, taking H1 net purchases to 270 tonne. The report asserted that some macroeconomic factors such as aggressive monetary policy tightening and continued US dollar strength may create headwinds, but upside surprises for gold investment remain firmly on the table. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-domestic-air-passenger-number-dips-to-97-05-lakh-in-july/articleshow/93640586.cms">India's domestic air passenger number dips to 97.05 lakh in July</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/in-pursuit-of-terminating-plastic-adidas-collaborates-and-rohit-sharma-and-launches-a-sustainable-apparel-collection-for-the-indian-market/articleshow/93639487.cms">Adidas ties up with cricketer Rohit Sharma for sustainable apparel</a>

India's demand for the yellow metal rises 43% in Q2: World Gold Council

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

We're <a href="http://www.businessinsider.com/the-most-popular-passwords-of-2015-2016-1">really bad at choosing&#xa0;passwords</a>.&#xa0;For that &#xa0;reason, I'm always psyched when I can avoid creating new account information&#xa0;whenever&#xa0;I sign up for a fresh&#xa0;app or website. That way, I avoid either inputting a new password I'll invariably forget or, worse, using the same password that I use for every other major account (warning: <a href="http://xkcd.com/792/">don't do that</a>). <div></div>Right now, a handful of major companies including Google, Facebook, Twitter, and Amazon encourage developers to let&#xa0;new users to co-opt their existing account information instead of creating a new identity.&#xa0;Here's how their usage percentages stack up,&#xa0;according to <a href="http://www.gigya.com/blog/the-landscape-of-customer-identity-q2-2015/">customer identity management provider Gigya</a>.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Gigya" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/569f1eacc08a80492c8b90a6-960/screen%20shot%202016-01-19%20at%209.43.12%20pm.png"></a><a href="https://www.gigya.com/blog/the-landscape-of-customer-identity-has-facebook-peaked/">Gigya</a></div></div></div>Facebook has long been the social login leader, according to Gigya data, but the company recently made a small design tweak that hugely boosted its number of new logins, Deb Liu, VP of Platform, tells Business Insider.&#xa0;"We found by using the words 'Continue as [first name]' on the Login opening screen we increased new logins by millions per month," she said.The new greeting experience made logging into apps with Facebook clearer for people, she reasons.&#xa0;<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Facebook / Business Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/569ff724e6183e1c008bad8d-960/logins.png"></a>Facebook / Business Insider</div></div></div>&#xa0;The change followed along Facebook's other decision last year to allow users to easily edit what info they share with apps (note the little blue pencil above). Liu says that simplifying permissions, changing the look and feel of login dialogs, and advances on the review side&#xa0;led to&#xa0;a "significantly improved" click-through-rate for logins last year.&#xa0;Facebook highlights,&#xa0;for example,&#xa0;the dating app Happn.<h2>Why apps like your Facebook profile</h2>The whole premise of Happn sounds a little creepy at first: You're connected with strangers based on whether or not you've physically cross paths over the course of a day. Rather than thinking of this as sketchy, Happn <a href="http://www.businessinsider.com/what-is-happn-dating-app-2015-5">considers itself the "hopeless romantic" of dating apps</a>. The team realized, though, that people might be more down with geolocation-based love if they could be sure that the people whose pictures they were liking were actually who they said they were. So, like fellow-dating app Tinder, Happn forces you to login with your Facebook account.&#xa0;(Yes you could theoretically create a fake Facebook profile just for Happn or Tinder, and plenty of people probably do, but the effort that requires at least is more substantial than just downloading pictures from the internet and pretending they're you.)&#xa0;<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Happn" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/569fa039c08a801c008bab84-960/happning.png"></a>Happn</div></div></div>Happn now has 10 million users and 4 million monthly active users, and says that&#xa0;once it added Facebook login, it increased its conversion rates by nearly 90%.&#xa0;Getting apps to offer&#xa0;Facebook Login is a boon&#xa0;for the social network, too.Although Facebook&#xa0;doesn't directly make any money off these integrations, they help&#xa0;it&#xa0;collect more information about its users.&#xa0;For example, if someone uses their Facebook account to log into an ecommerce app, Facebook can show more ecommerce-related advertisements to that person. Also, if someone uses Facebook Login, they're more likely to share content from that app back on Facebook, driving up overall engagement. &#xa0;<h2>Good for the ad business</h2>Finally, and perhaps most importantly, developers who integrate with a Facebook's&#xa0;Login capabilities are more likely to&#xa0;use some of its&#xa0;other tools, like&#xa0;mobile app install ads.&#xa0;Happn, for example,&#xa0;buys lots of mobile-app install ads from Facebook. Although the company declined to share how much of its marketing budget went to these ads, it did say that the ads typically&#xa0;drive&#xa0;almost&#xa0;60%&#xa0;of its user acquisition when launching in a new city.&#xa0;Analysts believe the app install ads are an important part of Facebook's broader mobile ad business, although the company has refused to say how much of its ad revenue comes from&#xa0;them. Marketers tend to pay more for these kinds of ads, because the return-on-investment is so much easier to measure than with, say, display ads.&#xa0;One industry source told us that, aggregate,&#xa0;their clients have seen cost-per-install - the price they pay Facebook when a user installs their app because of an ad - between $1.80 and $3.70 for Android and between $3 to $6.40 for iOS in the US. (Importantly, a&#xa0;majority of these clients are gaming companies, which typically pay more for this kind of ad. For comparison, a health and fitness app<a href="https://www.stefanmaescher.com/iphone-app-promotion/"> reported paying an average CPI of $1.43 this summer</a>).&#xa0;In 2014, Facebook's mobile app install ads had driven 250 million installs. Last March,&#xa0;it boasted more than a billion. We're still waiting for an update on how many it's driving these days.&#xa0; <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/italian-shape-shifting-speedboat-750000-dollars-luxury-tech-transformers-2016-1">An Italian yacht company has built a shape-shifting speedboat that looks like something out of 'Transformers'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="04ajgxMDE6KOl0JIM4VRDHacnDVjx_Ow" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

How a small design tweak got millions more people to use one of Facebook's products

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India's demand for the yellow metal rises 43% in Q2: World Gold Council

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