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Jewellery exports to fall
Highlights
Jewellery Exports To Fall, Local Traders Had Bad News, Export of Gold Jewellery, Global Market. Even as the global market managed to remain marginally upbeat, the local traders had bad news. The export of gold jewellery in the current year is likely to register a fall of about 50 per cent as compared to the export figures of last year. In 2012-13 country exported gold jewellery worth Rs 1,293 crore whereas in the current year during last seven months the export has fallen by 55 per cent.
Hyderabad (NVS ): Even as the global market managed to remain marginally upbeat, the local traders had bad news. The export of gold jewellery in the current year is likely to register a fall of about 50 per cent as compared to the export figures of last year. In 2012-13 country exported gold jewellery worth Rs 1,293 crore whereas in the current year during last seven months the export has fallen by 55 per cent.
In fact, due to higher gold price at home, investors prefer to buy gold and jewellery from the middle-east countries. Significantly, many Indian jewelers have their establishments in Dubai, Doha, Behrain, Quatar, etc who act as easy conduits for such transactions.
Indeed, most of the CAD is owing to the import of gold and petrol and petroleum products. In order to overcome the problem of rapidly increasing CAD, it is no wonder that re-introduction of the gold control scheme, albeit, in its new ‘avatar’ is also considered as an option by the policy-makers.
During the week Standard gold (24 carats ) appreciated marginally by Rs.30 (per 10 gms) and closed at Rs. 31,170 (per 10 gms) against previous week’s closing of Rs.31,070. Ornamental gold followed the suit and was quoted in the range of Rs.30,380 – 30,480 (per 10 gms). Silver also followed the suit and appreciated by Rs.250 (per kg) and closed at Rs.45,700 (per kg) from the previous week’s closing of Rs.47,450.
The sentiment in the principal commodity markets at Osmangunj, Begum Bazar, Dilsukh Nagar, Monda Market and Kukatpally remained moderate.The sentiment in Rice, Wheat, Bajra,Chilies, Coriander, Tilseeds, Jeera , Tamarind and Ginger was strong.
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