The gold can be bought online and the seller stores the gold in an insured vault on the behalf of the customer. The gold can be bought through various mobile e-wallets such as Google Pay, PhonePe and so on. However, there are only three companies in India which offer digital gold – 1. Augmont Gold Ltd., 2. MMTC-PAMP India Pvt. Ltd. (a joint venture between the state run MMTC Ltd. And Swiss firm MKS PAMP), 3. Digital Gold India Pvt/Ltd with its Safe Gold brand.
In India, the daily gold prices are published by the Indian Bullion Jewelers Association (IBJA), the members of IBJA include some of the biggest gold dealers in the county. The prices are determined by speaking to the ten biggest gold dealers of the country. Depending on the rate at which they purchased gold, the dealers give their respective “buy” and “sell” quotes, then the averages of these “buy” and “sell” quotes are taken and adjusted for the local taxes and the rates are fixed accordingly.
To arrive at the “buy” and “sell” rates, the dealers take the international cost of gold and then adjust it to the exchange value of Rupee and then add the import duties and taxes such as VAT.
The process of certifying the purity and fineness of gold is known as hallmarking. BSI hallmark on gold is the indicator that its purity is verified in one of the licensed laboratories. The National Standards Body of India, is responsible for the hallmarking of gold & silver jeweller. For example- if you have bought a hallmarked 22k gold jeweler, that means 22/24 parts are gold and the rest is an alloy.
Kalyan Jewellers IPO that took place on 15th March, Monday was subscribed 2.64 times on 18th March, Thursday the third and final day of the bidding process. The IPO issue size was 9.46 crore shares and Rs. 1175 crore. The issue was prices at Rs. 87- 86. A fresh issue of Rs. 800 crore and AN offer of sale by existing shareholders of Rs. 375. Minimum 172 shares can be bid upon and the multiples of 172 thereafter. The proceeds from the issue of shares would
be utilized for the companies working capital requirements and the general corporate purpose.
In spite of the sharp decrease in gold price, retail jewellers are more likely to sustain the on going recovery into subsequent fiscal with 30-35% spike in demand. If we observe there was demand recovery in Q3 FY21 due to the festive season, pent up wedding demand, and 10% correction in the gold prices during the festival season time in august 2020, The Indian ratings reports like, revising the sectorial outlook to stable from stable-to-negative.
Karnataka state in India is that the only state which produces gold, and now it's aiming at opening jewellery shops and promote the alpha-beta brass under the “Brand Karnataka” image. For this purpose, the state is planning to tie up with private players. The state also plans to sell gold coins with the state emblem on them in order to attract more customers since the gold produced by the state will guarantee the purity of gold.
Most of jewellery shops within the city are experiencing a dip in footfalls as customers hesitate to get and carry home jewellery since the election model code of conduct is effective. Jewellers said sales had dropped by 30% owing to the fear of being questioned by election commission team or seizure of cash or gold. Business had looked up after covid 19 lockdown curbs were relaxed and such measures cripple the trade, the jewellers said.
The transactions in between manufacturers, wholesalers and retailers had fall by 40%. That was to steer clear in seizure of jewellery meant to be supplied to retailers despite having supporting documents
The Jewellers and Diamond Traders' Association, Madras, recently represented to the Chief Electoral Officer, Tamil Nadu, to get down guidelines on documents to be carried alongside the ornaments to avoid seizure and instruct field-level officers. Association general secretary S. Santhakumar said the recent budget announcements on duty and drop by gold prices had helped bring more customers into the jewellery stores. However, business had bogged down despite the marriage season.
Although jewellers or staff members carried various documents, they faced hardship and there have been many instances across the State where the ornaments had been seized. For example, a bit of ornament had to be transported to other areas for various stages like polishing, cutting and designing. But ornaments were waiting to be finished thanks to such hassles
“We are all requested the committee to get down guidelines on the set of documents to be carried to stop such seizures and permit movement of products. The officials at the sector level must be instructed to simply accept them as proof of authentic business transaction,” he said
Jewellers attributed the fluctuations in gold price to plug volatility and therefore the demand supply dynamics within the international market.
The five-year-old joint venture between Titan Co. and the German luxury brand Montblanc came to an end on at the beginning of this month as Titan Co. announced that it wants to focus on its primary business of selling gold jewellery and watches. Now Montblanc will operate as a wholly owned subsidiary in the country