The regulatory measures are expected to continue to accelerate the formalisation of the sector, and the market shares of organised players are accordingly expected to increase, says the report.
The domestic industry has demanded a cut in import duty on gold to 4% from the current 10%
SEZs outperform DTA in gold jewellery export owing to beneficial zero-duty structure. The industry demands for a reduction in customs duty.
Lower gold prices saw retail investors take refuge in bars and coins, while jewellery purchases increased in India, China and across South-East Asia.
The duty-paid gold imports into India, the world's second biggest buyer of the precious metal, declined by 31.56 per cent to 168 tonnes during the April-July period of this fiscal due to sluggish demand.
Global gold demand remained muted in Q2 2018 at 964 tonnes (t), 4% below the same period in 2017, according to the World Gold Council’s latest Gold Demand Trends report. Slower inflows into gold-backed exchange-traded funds (ETFs) created a weak comparison against the highs of last year, contributing to the lowest H1 demand since 2009. Whilst China, the world’s largest gold market, saw a 7% rise in consumer demand.
Fuelled by an expanding economy and rising wealth, China's gold jewellery demand has boomed since the early 2000s.
Silver also dropped on lack of demand from industrial users.
India's gems and jewellery exports have declined 22 percent to $2.6 billion in April on account of demand slowdown in major markets including the UAE.
The gold jewellery demand is likely to face pressure in the long term, however, the country's demographics will offset the trends and boost demand, the World Gold Council (WGC) said in a report today.
However, in value terms, the demand for gold jewellery is likely to register a growth of 5-7 percent during the year, rating agency Icra said in its report.
Gold demand had a soft start to 2018, reaching 973 tonnes (t), the lowest first quarter since 2008.
The countrys gems and jewellery exports contracted by 8 per cent to about USD 32.72 billion in 2017-18 owing to demand slowdown in major markets, including the US.
Gold prices slipped for the second straight session at the bullion market, tracking a weak trend overseas amid fall in demand from local jewellers.
Industrial and jewellery demand expected to rebound; investment demand buoyed by robust ETF buying in 2017
Overall demand for the full year fell by 7% to 4,071.7t, compared with 2016.
Welcoming the Budget, the gems and jewellery industry said positive focus on the rural economy and estimated growth of GDP to 7.2-7.5 per cent will boost demand.
Jewellery Designer Gauri Himatsingka talks to Vijetha Rangabashyam
about creating one of a kind pieces that leave a lasting impression and
the growing demand for luxury fashion jewellery in India.
Gems and jewellery exports saw a 4.8 per cent dip at USD 22.43 billion during April- November this year owing to demand slowdown in major markets, including the US.
Global gold demand in Q3 2017 was 915 tonnes (t), a drop of 9% compared with the same period in 2016, according to the World Gold Council’s latest Gold Demand Trends report.
With delegates discussing about growth triggers in different aspects such as mining, creating demand, boosting consumer confidence and so on, the ICA Congress has shed light on the potential of coloured gemstone industry of India.
Latest policy revisions are expected to garner good demand for jewellery during the festive season
Among other reasons, a reduced demand and decreased cash flow will witness at least 30% decline in jewellery sales as against last year.
Gold prices eased by Rs 70 to Rs 29,350 per ten gram at the bullion market today owing to slackened demand from local jewellers and a weak trend overseas.
Indias gems and jewellery exports rose by over 11% to USD 6.78 billion during the first two months of the current fiscal, largely driven by demand in major markets like the US.
The 3 percent tax on gold jewellery is not likely to cause any major disruption to the overall gold demand, ICRA said in a report.
WGC latest report shows that Indian gold demand supported world gold demand in the first quarter of 2017.
After PM Narendra Modi’s pep talk about ‘Design in India’ and how India should be Number One in gems and jewellery, Indian exporters are all geared up to hit $60 billion worth of exports in the next 5 years. Given the current climate, this could be a tall order. There is no dearth for inspiration in this country that has had a longstanding heritage when it comes to craftsmanship. We have a strong foundation in jewellery manufacturing and the industry currently employs 4.5 million skilled and semi-skilled workers across India, but we are meeting only 10 per cent of the global demand. If our forte lies in jewellery making, why is India not playing to its strength? Where is the industry lacking and what should it be doing to be on top? Explores Vijetha Rangabashyam
Higher demand in the Middle-East and South-East Asia could help India’s gems and jewellery export grow this fiscal to about USD 42 billion.
Indian jewellery demand consumed a 15 per cent higher - 124 t of gold jewellery due to RBI’s remonetisation buoying consumer sentiment.
Gold price dips owing to a decrease in demand from local jewellers overseas.
Standard gold (99.5 purity) advanced by Rs. 50 to end at Rs. 29,195 per 10 grams from last Friday’s level of Rs. 29,145.
Gold demand in the country has suffered drastic downfall by 21 per cent mainly because of demonetization.
World Gold Council demand trend report for Q3 of 2016
Key growth segments include fine dining, electronics, luxury travel, personal care, jewellery and luxury cars