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Seminar on gold and silver import through IIBX held in Kolkata

WGC,IIBX, in association with SBI and Brinks, conducted this informative seminar

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A Seminar on gold and silver import through IIBX held in Kolkata aimed to educate qualified jewellers and Tariff Rate Quota holders, featured presentations by IIBX, SBI, and Brinks. The event highlighted the benefits of importing gold and silver through IIBX, including subsidized custom duty on precious metals. This initiative is expected to boost the growth of the jewellery industry in Eastern India. World Gold Council as knowledge Partner in a first-of-its-kind initiative in East India, the India International Bullion Exchange (IIBX), in association with the State Bank of India (SBI) and Brinks, conducted this informative seminar on importing gold and silver through IIBX.

Ashok Gautam, FRM, MD & CEO of IIBX, provided an in-depth overview of the entire IIBX ecosystem. He emphasized the advantages of importing gold and silver through IIBX and highlighted the available hedging options for gold and silver through Futures Contracts offered by IIBX. Bipin Panchal &. Sarath S Pillai from Business Development team gave presentation on the benefits of the Tariff Rate Quota under the Comprehensive Economic Partnership Agreement (and guided attendees on the process of filing TRQ applications with theDGFT, based on the latest trade notice issued on February 12. TRQ applicants were encouraged to start their applications at IIBX for FY 25-26 through the Pre-TRQ Allotment Window, a new initiative designed to facilitate fast-track onboarding as valid India TRQ holders.

The event, held on February 27, 2025, was supported by major jewellery associations and witnessed the presence of prominent industry stakeholders.

The seminar received overwhelming support from major jewellery associations, including IBJA, GJC, GJEPC, Swarna Shilpa Bachao Samity, Calcutta Gems and Jewellers Welfare Association, Burrabazar Bullion Gems and Jewellers Welfare Association, Howrah Jewellery Traders Association, Ankurhati Jewellery Manufacturers welfare Association, Kalikata Byabasai Samity.

 Samar De,  Pramod Dugar,  Ashok Bengani,  Sunil Poddar,  Sandeep Gupta,  Pankaj Parekh, Mr Alok Addya,  Abhijeet Dhar represented their Association respectively.Prominent industry leaders, including  Hasmukh Parekh (H.P. Jewellers),  Suvro Chandra (P.C. Chandra), and  Suvankar Sen (Senco Gold and Diamonds), Mr Yogesh Soni (Punam Chand Jewellers),  Amit Soni ( KIK Jewellers),  Rahul Dewal ( Jagdamba Jewellers ) graced the event with their presence. Major Bullion Dealers of East Indis  Umesh Kumar Soni ( Kartikey Bullion),  Harshad Ajmera ( JJ Gold House ),  Santosh Poddar ( Anjani Gold Pvt Itd ) promoted the event with open heart for the benefit of East India Jewellery Market.

Burrabazar Bullion Gems and Jewellers Welfare Association members,  Vishal Soni (G.M. Jewellers) and  Manoj Soni (ACPL), coordinated the event. The association’s executive committee members, including  Suken Das (Treasurer),  Navin Soni (Joint Treasurer),  Rupesh Tosawar, and  Yogesh Banka, played a key role in organizing the seminar.

The seminar marked a significant milestone in promoting the growth of the jewellery industry in Eastern India, and its success is expected to pave the way for future initiatives and unity among associations to work together for the East India Jewellery Industry.

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RBI’s Gold reserve valuation triples over a year to Rs 6.88 lakh cr.

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The Reserve Bank of India’s gold reserves have not just glimmered—they’ve exploded in value, tripling over the past year to a staggering ₹6.88 lakh crore. This surge is no mere accounting quirk. It’s a direct consequence of two powerful forces: the relentless rise in global gold prices and the RBI’s aggressive gold-buying spree, a strategy that now places India among the world’s most assertive central bank gold accumulators.

With 879 tonnes of gold—valued at nearly $97 billion at current prices—the RBI has emerged as the second-largest gold buyer among global central banks in 2024, surpassed only by China. Since the pandemic, India has added 244 tonnes to its reserves, and the pace has only accelerated amid escalating geopolitical risks and the specter of economic sanctions.

This is not just a story of numbers. It’s a reflection of a new world order in central banking, where gold is reclaiming its role as the ultimate hedge. The post-pandemic era, marked by the Russia-Ukraine conflict and recurring trade tensions between the U.S. and China, has forced monetary authorities to rethink their playbook. The global rush to gold—over 1,000 tonnes bought annually by central banks for three years running—underscores a collective anxiety about the durability of fiat currencies and the reliability of traditional reserve assets.

For India, the gold rush is both strategic and pragmatic. The RBI’s stated aim is to diversify its foreign currency assets and hedge against inflation and currency volatility. But the subtext is clear: in a world where sanctions can freeze reserves and trade wars can rattle markets overnight, physical gold offers a sanctuary that no digital ledger or sovereign bond can match.

The valuation windfall is also a timely buffer for India’s external accounts. With gold prices hitting record highs—₹95,935 per 10 grams on the MCX last week—India’s foreign exchange reserves have swelled, enhancing the RBI’s firepower to manage external shocks. This, in turn, sends a reassuring signal to markets about the central bank’s readiness for whatever turmoil lies ahead.

Yet, this golden moment is not without its caveats. The RBI’s buying spree has contributed to the very price surge that now inflates its balance sheet, raising questions about sustainability and the risk of a reversal if global sentiment shifts. Moreover, as central banks collectively pile into gold, the metal’s role as a “safe haven” could become a self-fulfilling—and potentially destabilizing—prophecy.

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Avira Diamonds Enters South India Market with First Hyderabad Store

The lab-grown diamond brand launches in Madhapur as part of a broader expansion across Andhra Pradesh and Telangana.

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Avira Diamonds, the lab-grown diamond jewellery brand, has marked the beginning of its South India expansion with the opening of its first store in Hyderabad. The new outlet, located in the bustling neighbourhood of Madhapur, spans 1,600 square feet and showcases a diverse collection of jewellery, including earrings, bracelets, bangles, solitaires, and coloured diamonds.

This launch is a key step in Avira’s strategic growth across southern India, with plans to open additional stores in Andhra Pradesh and Telangana.

Suresh Jain, Founder and Managing Director of Avira Diamonds, shared his inspiration behind the brand’s vision: “The concept of earth-friendly diamonds instantly captivated me with its promise of sustainability and ethical sourcing. As I immersed myself in understanding this innovative approach, I discovered its profound potential to revolutionize the industry.”

He added, “With our first store in Hyderabad, we are excited to bring Avira’s signature craftsmanship and sustainable luxury to a city known for its rich legacy in jewellery and fine living. We’re here to make diamonds accessible to every Hyderabadi household.”

Avira Diamonds currently operates eight retail stores across Chennai, Bangalore, Puducherry, and Dubai. The brand continues to position itself as a leader in sustainable luxury, offering lab-grown diamonds that blend environmental responsibility with high-end design.

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National News

Glow by Kirtilals Expands Presence with New Stores in Hyderabad and Tirupur

The contemporary jewellery brand strengthens its footprint in South India, now operating six showrooms across major cities

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Glow by Kirtilals, the modern arm of the esteemed House of Kirtilals, has expanded its retail footprint with the launch of two new showrooms in Jubilee Hills, Hyderabad, and Gandhi Nagar, Tirupur. These openings bring the brand’s total number of showrooms in India to six.

Strategically located in vibrant urban hubs, the new outlets are designed to appeal to today’s style-savvy customers who seek lightweight diamond and gold jewellery suited for daily wear. The collections blend timeless elegance with contemporary flair, offering versatile pieces that encourage individual style expression.

The expansion is part of a broader growth strategy aimed at reinforcing the brand’s presence in key southern markets. Suraj Shantakumar, Director of Business Strategy at Kirtilals, shared that customer response to the new locations has been overwhelmingly positive, aligning well with Glow’s vision for long-term growth.

Launch events in both Hyderabad and Tirupur drew enthusiastic crowds, with local patrons and jewellery enthusiasts among the first to explore the collections. With existing showrooms in Bangalore, Chennai, Kochi, and Thrissur, Glow by Kirtilals continues its mission to connect with a younger, fashion-forward audience while upholding the craftsmanship and legacy of the Kirtilals name.

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