National News
Surge in Gold Prices Triggers Flood of Sellers in Asia and the Middle East
As gold prices soar to record highs, jewellers across Asia and the Middle East are witnessing a growing trend of customers selling off old jewellery and coins, leading to a noticeable decline in demand for new pieces. If this selling spree persists, experts warn that it could slow down imports into key markets, potentially dampening the ongoing rally in gold prices.
Spot gold hit $3,000 per ounce for the first time on March 14, continuing to climb last week, marking an impressive 15% increase year-to-date, driven by global political and financial uncertainty. The price surge follows a nearly 30% jump in 2024, prompting a rise in business for scrap gold buyers in India’s Zaveri Bazaar, the country’s largest bullion market.
Unmesh Patel, a textile trader in India, recently earned a 25% return on four 10-gram gold coins purchased less than seven months ago, after the Indian government reduced import duties on gold. Patel chose to sell instead of waiting for prices to rise even further. Domestic gold prices in India have risen over 32% since the import duty reduction, reaching a record high of 89,796 rupees per 10 grams.
According to Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), if these high prices persist throughout the year, India’s overall gold demand could fall by more than 30% in 2025. With budgets stretched, buyers are increasingly unable to keep up with soaring prices.
Despite it being India’s wedding season, jewellers are seeing significantly reduced foot traffic, with many customers opting to exchange old jewellery for new in order to manage costs. India’s scrap gold supply, which totaled 114.3 tons last year, is expected to rise in 2025, further reflecting these changes in consumer behavior.
Similar trends are evident in the Middle East. In Dubai, a key jewellery hub, a decline in demand is being noted, with many Indian tourists opting to hold off on purchases, despite the appeal of avoiding import taxes. In the UAE, where 60% of gold demand is for jewellery, consumers are gravitating toward lower-weight products in response to high prices.
China, the world’s largest gold consumer, is also seeing a dip in retail gold purchases, with many buyers turning to coins and bars rather than paying premiums for crafted jewellery. Other major Asian markets are experiencing the same shift toward selling existing gold or using it as loan collateral.
These market dynamics reflect a delicate balance between gold’s cultural significance as a commodity and its growing role as a financial asset. Looking forward, experts predict continued strong demand for gold bullion, but the outlook for jewellery sales remains uncertain.
National News
MMTC-PAMP Appoints Sidharth Malhotra As Brand Ambassador
As Part Of The Association, Sidharth Will Lead MMTC-PAMP’s New Integrated Campaign, ‘Purest And More,’ Showcasing The Brand’s Expanding Portfolio Across Physical Precious Metals, Digital Investments and Responsible Gold Recycling.
MMTC-PAMP, India’s only London Bullion Market Association (LBMA)-accredited Good Delivery Gold & Silver refiner, today announced acclaimed actor Sidharth Malhotra as its Brand Ambassador, marking a significant milestone in the brand’s journey to strengthen its connection with a new generation of consumers. As part of the association, Sidharth will lead MMTC-PAMP’s new integrated campaign, ‘Purest And More,’ showcasing the brand’s expanding portfolio across physical precious metals, digital investments and responsible gold recycling.
The integrated campaign showcases MMTC-PAMP’s complete ecosystem, from 24K 999.9+ purest gold and silver coins and bars to digital gold and silver, gold recycling, online purchasing and assured buyback services. Through relatable, everyday moments and festive celebrations, the campaign reinforces MMTC-PAMP’s position as India’s most trusted precious metals brand while making gold ownership more relevant, accessible and convenient for today’s consumers.
Announcing the association, Samit Guha, Managing Director and CEO, MMTC-PAMP said:
“We are delighted to welcome Sidharth Malhotra to the MMTC-PAMP family. Sidharth has built a strong reputation through authenticity, credibility and a modern outlook—qualities that closely reflect the values of our brand. As one of India’s most admired and influential actors, he enjoys a deep connect across generations, making him an ideal ambassador as we continue expanding the reach of MMTC PAMP among both seasoned investors and first-time buyers.
This partnership comes at an exciting phase in our growth as we continue to redefine precious metals ownership through innovation, responsible sourcing and world-class quality. Through our ‘Purest And More’ campaign, we are showcasing how MMTC-PAMP today offers far more than physical gold—from digital investments and online buying to gold recycling and assured buyback—while remaining uncompromising on purity and trust.”
The campaign film unfolds through a series of relatable family moments around a wedding celebration, with Sidharth naturally introducing consumers to MMTC-PAMP’s diverse offerings. The storytelling highlights that every MMTC-PAMP offering is backed by the brand’s commitment to purity, trust and convenience while reinforcing its promise of “Purest And More.”
Speaking on the association, Sidharth Malhotra said:
“MMTC-PAMP has built a remarkable reputation for purity, trust and innovation, while also modernising the way people invest in and experience precious metals. Whether it’s celebrating life’s milestones, building long-term wealth or embracing more responsible choices through recycled gold, the brand continues to stay relevant for today’s consumers. I’m excited to be part of this journey and look forward to connecting with people through the ‘Purest And More’ campaign.”
The association brings together one of India’s most recognised actors with one of the country’s most trusted precious metals brands at a time when consumer interest in certified physical gold, digital gold and sustainable precious metals solutions continues to grow. With Sidharth Malhotra as the face of the brand, MMTC-PAMP aims to further strengthen its leadership position while deepening engagement with a younger, digitally connected audience.
The campaign will be amplified across television, digital platforms, social media, print, retail stores and e-commerce channels, with dedicated creatives highlighting key offerings including digital gold and silver, festive gifting, Virasat recycled gold, Akshaya Tritiya, Diwali and MMTC-PAMP’s certified purity credentials.
Link to the TVC (YouTube):
Link to the TVC (Instagram):https://www.instagram.com/p/DciH4s7tim5//
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