GJ Town India

  Global gold demand hits new high as prices soar in 2024   The World Gold Council’s Q4 and Full Year 2024 Gold Demand Trends report reveals that total annual gold demand (including OTC) hit a new, record high of 4,974t, driven by strong, sustained central bank buying and growth in investment demand. The combination of record high gold prices, and volumes resulted in the highest ever total value of demand at $382bn.   Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000t for the third year in a row. Buying ramped up significantly in Q4, reaching 333t and bringing the annual total for central banks to 1,045t.   Global investment demand increased 25% year-on-year to 1,180t – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19t in Q4 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,...

  The Bullion Market witnesses all time high price in Gold   Recently, the gold & jewellery market witnessed all time high price in Gold. In the row, Rajesh Rokde, Chairman - All India Gem and Jewellery Domestic Council (GJC) said, “The all-time high price for gold was nearly $2,000 per ounce in 2011. However, if we adjust for inflation, the highest price of gold was actually $2,845.81 per ounce, which is the current price as of February 5, 2025.   To give you a better idea, here are some key milestones in gold prices, 1: 2025: $2,845.81 per ounce (as of February 5, 2025), 2: 2011: nearly $2,000 per ounce & 3: 1980: $850 per ounce (not adjusted for inflation).   Keep in mind that gold prices can fluctuate rapidly due to various market and economic factors. If you're interested in investing in gold or tracking its price, I recommend checking reliable sources like Macro trends for the latest updates."   Avinash Gupta, Vice Chairman – GJC sa...

  The value of gold demand during 2024 increased by 22%   Sachin Jain, Regional CEO, India, World Gold Council said, in 2024, India's total gold demand was 802.8 tonnes in 2024, a 5% increase from 761 tonnes in 2023. This was facilitated by multiple record-high gold prices, a reduction in import duty, investment demand, and purchases related to weddings and festivals.   The total jewellery demand, in terms of volume, decreased by 2% to 563.4 tonnes in 2024 from 575.8 tonnes in 2023, despite the gold price reaching multiple record highs. This indicates the resilience of gold jewellery demand in India and highlights the effect of the duty cut in July as well as India's stronger economic growth compared to many other markets.   Many consumers purchased gold jewellery in late Q3 when the duty cut mitigated much of the recent price increase. Nonetheless, the value of gold demand during 2024 increased by 22%, illustrating the ongoing demand for gold.  Tota...

The meeting will be held on June 10 – 11 in NYC   The World Federation of Diamond Bourses (WFDB) has announced that its next Presidents’ Meeting will be held on June 10 -11 in New York City, hosted by the Diamond Dealers Club of New York.   The annual Presidents’ Meeting is an important international event, convening senior representatives of the 27 member bourses and major players from throughout the diamond pipeline. It will explore the most pressing issues facing the world diamond industry in expert panels and discussions. Last year’s Presidents’ Meeting was held in Shanghai in March 2024 and was well attended by participants from around the world.    WFDB President Yoram Dvash is calling on all players in the international diamond industry to attend the meeting. “We are holding the Presidents’ Meeting this year right after the JCK Show in Las Vegas to appeal to as wide an audience as possible.    The diamond industry is facing many challenges in dem...

The 3 rd BSM to showcase global diamond, gold and jewelry companies   The third edition of the prestigious BSM Brazil 2025 event is set to take place on May 14th and 15th, 2025, in São Paulo, bringing together the world’s top diamond, gold, and jewelry companies for an extraordinary two-day exhibition and networking experience. This groundbreaking event will mark a new chapter for the South American jewelry industry, as it is the first to receive official support from the Dubai Multi Commodities Centre (DMCC), one of the leading global organizations for commodities trade.   BSM Brazil 2025 will provide an unique platform for industry leaders, investors, designers, and manufacturers to explore emerging trends, forge valuable partnerships, and showcase their latest innovations. This prestigious event is expected to attract key players from across the globe, making São Paulo the new epicenter of the diamond, gold, and luxury jewelry industries in Latin America.   ...

Key industry players & Budget 2025-26   Key industry players have shared their view on the recently pronounced Union Budget 2025-26. Let’s peep-up into the expressions! Vaishali Banerjee, Managing Director, India at Platinum Guild International: "We sincerely thank the Honourable Finance Minister for presenting a robust budget.  The reduction in the customs duty from 25% to 6.4% on platinum findings and the reduction in the tariff rate from 25% to 20% on finished jewellery— is a significant step.  We are confident that these measures will stimulate renewed demand and drive growth for platinum in the coming years.” Sachin Jain, Regional CEO, India, World Gold Council: "The fiscal budget announced by Finance Minister Nirmala Sitharaman is advantageous for the gold industry as it increases disposable income, encourages spending, and promotes economic growth across various income levels.   The omission of TCS above certain limits reduces compliance burdens and ...

Boost consumer spending & drive demand for jewellery   Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC), commented, “The reduction in personal income tax rates, along with the tax exemption limit raised to Rs12 lakh, is a positive move that will significantly boost consumer spending and drive demand for jewellery.    This increase in disposable income is expected to particularly benefit the gold and branded jewellery sectors. Additionally, the abolition of TDS and TCS on high-value transactions above Rs50 lakh will streamline operations, ease compliance burdens, and bring more transactions into the formal, hallmarked market. These reforms will foster transparency, trust, and sustainable growth in the jewellery industry." Avinash Gupta, Vice Chairman GJC, said, "The reduction in personal income tax rates is a welcome move as it will enhance disposable income, leading to increased consumer spending, including in the jewellery sector. Addition...

Union Budget push India in the growth path to Viksit Bharat   By casting his view & Budget reaction Vipul Shah, Chairman, GJEPC said, Union Budget presented by Finance Minister Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India's domestic growth potential and unveil a new trade roadmap to navigate global uncertainties. GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.   GJEPC further welcomes the proposal of creating of new tariff ite...