How has the new gold import and government policies impacted the bullion and jewellery market? What is your opinion about the new policies?
The impact on the market has been comprehensive. Not only Zaveri Bazaar but the entire gems and jewellery industry has been worst hit due to import policies. The gold imports have come down and jewellers are facing shortage of gold supplies. The curbs on gold imports have impacted the exports too. There is a good demand for Indian jewellery abroad but due to stringent Government policies, jewellers are unable to export the jewellery. The imports of gold have gone down by 85 per cent. Once upon a time, we used to import 80 tonnes monthly but now the number have come down to 15 tonnes monthly. When there is no gold in the market, how can we make jewellery? Hence, it’s obvious that the exports will be affected.
Indian men like gold and silver jewellery, but nowadays they prefer platinum, reveals a survey. The survey was conducted by the Platinum Guild International (PGI) in cities such as Chennai, Ahmedabad, Bangalore and Delhi to have an understanding of men’s lifestyle and mindset towards purchasing and wearing jewellery especially platinum.
The survey focused on men in the age groups of 25-31 years and 33-45 years. The common factor in both the age groups is that they want financial security that leads to an increase in jewellery buying sentiments, said a statement.
In November, members of the Kimberley Process (KP), meeting in plenary in South Africa, squandered on what was probably their last good opportunity to ban the sale of all blood diamonds, including cut and polished blood diamonds which are an important source of funding for the nuclear armed regime in Israel which stands accused of the crime of apartheid, war crimes and crimes against humanity.
Online shopping may be a relatively untouched sector so far in India but it has been growing with an enviable pace since last couple of years. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its recent survey has revealed that more and more Indian consumers are now opting to do their shopping of groceries and valuables including jewellery through online medias.