Business Samachar

Gold Market in Turmoil: Tariffs Threaten Indian Jewellery Exports Posted by Niilesh waghela  Mumbai: The imposition of a 25% tariff on Indian gold jewellery exports, compounded by an additional 25% set to take effect from August 27, has sent shockwaves through the industry.  According to Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), this steep escalation will not only make Indian gold jewellery less competitive in the US market but also jeopardize the livelihoods of thousands of skilled artisans. Impact on Artisans and Small Workshops The tariff hike is expected to have a devastating impact on small workshops and family-run enterprises that preserve centuries-old techniques.  Many of these artisans are from marginalized communities, and the loss of export demand could lead to widespread job losses and destabilize local economies. Avinash Gupta, Vice Chairman of the GJC, emphasized that the tariff shock could also pressure the Indian Rup...

Gold Glitters on Akshaya Tritiya  Despite Price Surge Posted by Nilesh Waghela Mumbai: Indians flocked to buy gold and silver on the auspicious occasion of Akshaya Tritiya on Wednesday, defying record-high prices and reaffirming the country’s deep-rooted affinity for the precious metal. Industry estimates suggest gold sales surged by 35% in value terms compared to last year, despite only marginal volume growth. Experts noted that demand for gold in India has remained consistently strong despite rising prices in recent years, with annual imports of the metal ranging between 700 and 800 tonnes — underlining India’s status as the world’s largest gold consumer.  The All India Gem and Jewellery Domestic Council (GJC) reported steady buying momentum, particularly in South India during the first half of the day. Activity was expected to pick up in Maharashtra and northern states later, as consumers braved intense summer heat to make traditional purchases. Gold prices hovered between ...