National News
Gold discounts in India widened this week to their highest point in nearly eight months
Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.
Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.
India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium
AKS JEWELS, part of VEER GEMS Group of Companies, unveiled their new office and factory premises at grand inauguration ceremony in Mumbai. AKS JEWELS showcased a state-of-the-art factory and elegant corporate premises to leading players of the GJ industry. AKS JEWELS’ new office and factory premises are located at 1st & 2nd Floor, Khanna Park, Rd. No.8, MIDC, Andheri (E), Mumbai.
The formal inauguration was done by Rajesh Kalyanaraman, ED-Kalyan Jewellers in the esteemed presence of Ba. Ramesh, Jt MD-Thangamayil Jewellery, Russell Mehta, Chairman-Rosy Blue, Varghese Alukkas, MD-Jos Alukkas, along with Guests of Honour, Pramod Agrawal, Chairman NGJCI, Kirit Bhansali, Chairman GJEPC, Avinash Gupta, Vice Chairman GJC, Amit Pratihari, MD- GIA India, Richa Singh, MD-Natural Diamond Council, Suvankar Sen, MD-Senco Gold, Dr. Chetan Mehta,CMD-Laxmi Diamonds, Bengaluru, John Alukkas, MD-Jos Alukkas, ABS Sanjjay, MD-AVR Swarnamahal, Suvro Chandra, Director- P.C.Chandra, Vinod Hayagriv, MD-CKC, Vikas Kataria, DP Abhushan, Sumeet Khimji, Khimji Jewellers, T M Abdul Rahim, Sulthan Diamonds & Gold, Mahender Tayal, President HJMA, Surendra Mehta, National Secretary IBJA, Niraj Shah, IndusInd Bank-Head of Corporate Banking, G&J, Ramesh Vora, Bafleh Jewellery, Ashish Pethe, Waman Hari Pethe, Sumesh Wadhera, AOJ Media and dignitaries from the GJ industry. Representing AKS JEWELS were Dilip M Shah Chairman, Aadesh D Shah MD,VEER GEMS Group of Companies.
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