Gold Jewellers Strike

The Uttar Pradesh police today have arrested five accused for killing two jewellers in Mathura earlier this week. Six armed robbers had barged into the jewellery shop in Koyalawali Gali and opened fire that killed the two traders. Two others were injured in the incident. The accused came on motorbikes and escaped with money and gold worth Rs 4 cror...

India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to A sharp rise in prices and a strike by jewellers' following new regulations, the World Gold Council has said.

India's gold demand has been revised downwards by 12 per cent to 750-850 tonnes for this year after it fell by 18 per cent to 131 tonnes in the second quarter in view of a sharp jump in prices and a strike by jewelers following new regulations, the World Gold Council said on Thursday.

Gold demand in Asia was muted this week as physical buyers stayed off the market due to the bullion's recent rally, with a key festival in India failing to lift demand in the world's second biggest consumer.

Gold demand in India declined by 39 per cent during the first quarter of this year at 116.5 tonnes due to jewellers' strike over re-introduction of excise duty that affected the wedding purchase segment, says a report.

Gold imports fell sharply by 67.33 per cent to 19.6 tonnes in April 2016 as jewellers' strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp.

India's current account deficit is likely to swing to a surplus in the January-March period of this year amid lower oil and gold imports, says a report by Japanese financial services major Nomura.

Gold regained its sheen to trade higher by Rs 215 to Rs 29,790 per ten grams as the bullion market in the national capital reopened after two days of strike, while silver rallied by Rs 775 to Rs 40,975 per kg largely in tune with a firming global trend.

Gold demand in India improved this week as jewellery retailers reopened stores after a strike, but the world's second biggest bullion market remained at a discount to the global benchmark as purchases across the region were curbed by higher prices.

Indian jewellers have been on an indefinite strike since the beginning of March 2016 protesting against the Budget proposal to levy 1 per cent excise duty on non-silver jewellery.

More than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.

Gold traders, jewellers and artisans continued their indefinite strike for yet another day on Monday, in protest against a proposed one per cent excise duty on non-silver jewellery.

Congress Vice-President Rahul Gandhi will visit Mumbai on Tuesday during which he would visit the Deonar dumping ground that was recently in news due to massive fires, after which he would also meet jewellers, who have been on strike to oppose excise duty on gold jewellery.

As jewellers' strike continues against imposition of excise duty, a lot of work in the city has been shifted underground to meet the lucrative wedding season demand.

With the onset of the festive season, the gems and jewellery industry fears losing out on sizeable sales, with some industry leaders saying continuation of the strike will be a "disaster" for the business.

The Uttar Pradesh police today have arrested five accused for killing two jewellers in Mathura earlier this week. Six armed robbers had barged into the jewellery shop in Koyalawali Gali and opened fire that killed the two traders. Two others were injured in the incident. The accused came on motorbikes and escaped with money and gold worth Rs 4 cror...

India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to A sharp rise in prices and a strike by jewellers' following new regulations, the World Gold Council has said.

India's gold demand has been revised downwards by 12 per cent to 750-850 tonnes for this year after it fell by 18 per cent to 131 tonnes in the second quarter in view of a sharp jump in prices and a strike by jewelers following new regulations, the World Gold Council said on Thursday.

Gold demand in Asia was muted this week as physical buyers stayed off the market due to the bullion's recent rally, with a key festival in India failing to lift demand in the world's second biggest consumer.

Gold demand in India declined by 39 per cent during the first quarter of this year at 116.5 tonnes due to jewellers' strike over re-introduction of excise duty that affected the wedding purchase segment, says a report.

Gold imports fell sharply by 67.33 per cent to 19.6 tonnes in April 2016 as jewellers' strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp.

India's current account deficit is likely to swing to a surplus in the January-March period of this year amid lower oil and gold imports, says a report by Japanese financial services major Nomura.

Gold regained its sheen to trade higher by Rs 215 to Rs 29,790 per ten grams as the bullion market in the national capital reopened after two days of strike, while silver rallied by Rs 775 to Rs 40,975 per kg largely in tune with a firming global trend.

Gold demand in India improved this week as jewellery retailers reopened stores after a strike, but the world's second biggest bullion market remained at a discount to the global benchmark as purchases across the region were curbed by higher prices.

Indian jewellers have been on an indefinite strike since the beginning of March 2016 protesting against the Budget proposal to levy 1 per cent excise duty on non-silver jewellery.

More than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.

Gold traders, jewellers and artisans continued their indefinite strike for yet another day on Monday, in protest against a proposed one per cent excise duty on non-silver jewellery.

Congress Vice-President Rahul Gandhi will visit Mumbai on Tuesday during which he would visit the Deonar dumping ground that was recently in news due to massive fires, after which he would also meet jewellers, who have been on strike to oppose excise duty on gold jewellery.

As jewellers' strike continues against imposition of excise duty, a lot of work in the city has been shifted underground to meet the lucrative wedding season demand.

With the onset of the festive season, the gems and jewellery industry fears losing out on sizeable sales, with some industry leaders saying continuation of the strike will be a "disaster" for the business.