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As <keyword id="23288581" type="General" weightage="100" keywordseo="Dhanteras" source="keywords">Dhanteras</keyword> shopping kicks off, <keyword id="20402496" type="General" weightage="20" keywordseo="jewellery-sales" source="keywords">jewellery sales</keyword> have begun on a slower-than-anticipated note, likely due to both elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> and weekday timing, which has kept morning footfalls modest, a PTI report says. Jewellers are hopeful for increased customer flow starting this afternoon, with peak shopping expected after 2 p.m. <keyword id="20036537" type="General" weightage="20" keywordseo="Saiyam-Mehra" source="keywords">Saiyam Mehra</keyword>, chairman of the <keyword id="21612311" type="General" weightage="20" keywordseo="All-India-Gem-and-Jewellery-Domestic-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Gem and Jewellery Domestic Council" meta.hostid="261" meta.entityid="All India Gem and Jewellery Domestic Council">All India Gem and Jewellery Domestic Council</keyword>, said that while high gold prices (around ₹81,100 per 10 grams) are expected to curb volume somewhat, they hope to match last year’s numbers in terms of value. Mehra anticipates sales volume may be similar to or slightly lower than last year’s 20 tonnes due to the sustained high prices. Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," he told PTI. <keyword id="20398993" type="General" weightage="20" keywordseo="Saurabh-Gadgil" source="keywords">Saurabh Gadgil</keyword>, Chairman of PN Gadgil Jewellers, added that Dhanteras festivities extending into Wednesday offer a broader business window, with customer bookings showing promise despite possible dips in quantity sold. The extra shopping time could offset some of the price impact, particularly for buyers seeking smaller gold pieces or silver, which has remained steady at ₹99,500 per kg. Senco Gold and Diamonds MD Suvankar Sen noted positive weekend turnout, expecting the crowd to grow through the afternoon and into late evening. The industry anticipates late-night demand will hold strong, especially among buyers seeking traditional purchases on this auspicious day for jewellery investments. This extended buying period provides customers with more options, as jewellers focus on flexibility to accommodate high-value purchases amid record gold prices. (with PTI inputs)

Dhanteras 2024: Jewellers report slower than expected sales due to rising gold prices

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

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Dhanteras 2024: Jewellers report slower than expected sales due to rising gold prices

BI India Bureau

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

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