National News
Titan expects to pay more to source gold from bullion banks as supply shrinks
Titan may face higher interest rates for leasing gold as bullion banks redirect supply to the U.S. due to high premiums on gold futures. This shift is causing a supply crunch and fluid interest rates. Titan’s growth outlook is uncertain amid fluctuating gold prices and potential U.S.-China trade tensions, despite strong third-quarter profits.
Indian jeweller Titan will likely have to pay higher interest rates to lease gold from bullion banks, which have increased shipments to the U.S. in search of bigger profits, tightening supply in other regions, the company said on Wednesday.
Jewellers such as Titan, which owns the Tanishq and CaratLane brands, lease gold from bullion banks, which import the metal, to avoid inventory risks due to fluctuation in prices of the yellow metal.
Global bullion banks are flying gold into the U.S. from trading hubs catering to Asian consumers to capitalize on the unusually high premium that U.S. gold futures are enjoying over spot prices, Reuters reported this week.
The Indian Association for Gold Excellence and Standards (IAGES), a Self-Regulatory Organisation (SRO) established by and for the Indian gold industry, has officially accredited one of Maharashtra’s oldest and legacy jewellery brand Waman Hari Pethe Jewellers (WHP) with its authorised certification.
“Our mission with the IAGES accreditation is to align our local businesses with global standards while addressing the unique needs of the Indian market with a framework that benefits the consumer, retailer and the gold industry at large. We are delighted to welcome Waman Hari Pethe Jewellers to the IAGES network, whose long-standing reputation of over 100 years and their integrity reflect the values we strive to uphold. This association is yet another step towards bringing greater transparency and reliability to our gold industry,” said Kaushlendra Sinha, CEO of IAGES.
The IAGES accreditation framework covers the entire gold value chain, which includes Refining, Bullion trading, Manufacturing, Assaying and Hallmarking to Retailing and even Digital Gold Selling.
As an IAGES value chain partner, WHP can enjoy several benefits such as an established market leadership, a competitive edge over non-IAGES accredited contemporaries, loyalty of both old and new consumers and deeper investor relations. For consumers, an IAGES-certified retailer means they can shop with total confidence knowing their retailer has sourced and processed the gold ethically and responsibly.
Waman Hari Pethe Jewellers has been a symbol of tradition, craftsmanship and customer care since 1909. An IAGES accreditation helps the brand to further expand its market presence and establish its authenticity among the younger, more informed consumers.
Aditya Pethe, Founder and Director, Waman Hari Pethe Jewellers added, “I’m honoured to be a part of the IAGES effort. We’ve been in the jewellery business for a long time, almost 115 years, but what our industry still definitely lacks today is formalisation. The IAGES accreditation is a very positive step towards process management. Consumers need to be assured that the highest due diligence has been implemented by retailers across the entire supply chain and that is what the IAGES framework promises. I hope more gold businesses join this cause, elevating the ethics and standards of India’s gold sector.”
Maharashtra’s legacy brand Waman Hari Pethe Jewellers receives IAGES accreditation
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