India gold demand just surged 82%

03-03-2017 15:55 PM

AOJ E-NEWS: After a disappointing drop in demand in 2016, Reuters reports that India's February gold imports surged to 50 tons, up more than 82% from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday.

India's gold imports had fallen to 27.4 tons in February 2016 as buyers postponed purchases in anticipation of a reduction in the import duty in the budget at the time. This February, retail demand improved due to the wedding season and as cash supplies became normal, said Bachhraj Bamalwa, a jeweller based in the eastern Indian city of Kolkata.

India's gold imports in 2016 had fallen nearly 44 per cent versus 2015 to 510.4 tons, the lowest level in 13 years.

"Last year was an unusual year. This year consumption and imports will rise as jewellery demand has been recovering," said Bamalwa.

The rise in imports by the world's second-biggest consumer of the precious metal will support global prices that are trading near their highest level in 3-1/2 months, but could widen the South Asian country's trade deficit.

"Pent-up demand on the ease of the cash crunch and wedding related demand lifted imports in February," said Sudheesh Nambiath, a senior analyst at GFMS, a division of Thomson Reuters.

Courtesy: Bullion Bulletin

Kalyan Jewellers makes a foray in Haldwani with the launch of its new showroom, inaugurated by CM Pushkar Singh Dhami

31-03-2023 13:50 PM

Kalyan Jewellers, today announced the launch of its 2nd showroom in the state of Uttarakhand, making a foray into one of the state’s largest markets – Haldwani. The new showroom was inaugurated by the Chief Mi...

Kirtilals Presents the Forevermark Addigai Collection

31-03-2023 13:45 PM

Kirtilals, presents the Addigai Collection, crafted with De Beers Forevermark diamonds. The collection is an ode to South Indian tradition and showcases the unique beauty of the Addigai ornament with a contemp...

G20 Delegates visits Mumbai office of Kiran Gems

31-03-2023 13:40 PM

With sincere warmth and gracious hospitality, Mavjibhai Patel, Managing Director, and Dinesh Lakhani, Director, Kiran Gems extended a heartfelt welcome to the esteemed G20 Delegates at the Mumbai office of Kir...

Kalyan Jewellers announces the grand launch of its showroom in Jamshedpur

31-03-2023 13:35 PM

Kalyan Jewellers, one of India's leading jewellery brands, today announced that it will be launching its 2nd showroom in the state of Jharkhand, making a foray into the state’s largest market – Jamshedpur. The...

New hallmarking norms hits jewellery sector

31-03-2023 13:30 PM

Gold jewellery that have four symbol hall mark cannot be sold from April 1 as a government order issued earlier this month says no one can sell, display or offer to sell gold jewellery or gold artefacts if not...

8th Edition of India International Bullion Summit organised by IBJA and presented by WGC kickstarts at Mumbai.

29-03-2023 12:55 PM

Chief Guests Rahul Narwekar , Maharashtra Assembly Speaker , Motilal Oswal , Chairman Motilal Financial Services , Ashish Chauhan, MD & CEO NSE , Somasundaram PR , Regional CEO , WGC , Prithviraj Raj Kothari ,...