Bullion Industry

Kalyan Jewellers India on Tuesday reported a 10.34 per cent growth in consolidated profit after tax (PAT) during the quarter ending December 31, 2022, at Rs 148.43 crore. The jewellery retailer's PAT stood at Rs 134.52 crore in the October-December quarter of the previous financial year, Kalyan Jewellers India said in a regulatory filing. The company recorded a 13.06 per cent growth in consolidated revenue during the quarter under review at Rs 3,884.09 crore against Rs 3,435.39 crore in the year-ago period. The India operations recorded EBITDA of Rs 276 crore for the quarter, compared to Rs 253 crore in the same period a year ago. The e-commerce division, Candere, recorded a revenue of Rs 44 crore for the quarter versus Rs 47 crore a year ago. Total revenue from operations in the Middle East grew by 24 per cent during the third quarter of FY23 was at Rs 641 crore against Rs 515 crore in the December quarter of the previous year. The Middle East region contributed around 16.5 per

Under this gold will be imported at a duty lower than applicable to refineries

Industry captains expect a 15-20% increase in demand over last year's high base

IIBX has the potential to ease the hassle involved in importing precious metals

India's International Bullion Exchange (IIBX) will be open for jewellers with a net worth of Rs 25 crore and above to participate

Prime Minister Narendra Modi will launch several projects including the country's first international bullion exchange during his two-day Gujarat visit starting July 28. Assembly elections are due in Gujarat by year-end. On the first day of his visit, Modi will inaugurate a Rs 305 crore milk powder plant of the Sabarkantha District Co-operative Milk Producers' Union (Sabar Dairy) near Himmatnagar, said state minister and spokesperson Jitu Vaghani. The plant can produce 120 metric tonnes of milk powder per day, he said. From the stage, Modi will virtually inaugurate Sabar Dairy's three- lakh-litre-per-day milk processing plant and also perform ground-breaking for a cheese plant which would come up at a cost of Rs 600 crore, said Vaghani. Sabar Dairy is part of the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), the owner of the Amul brand. In a release, Sabar Dairy said the PM will also interact with 20 women cattle-rearers from Sabarkantha and neighbouring Arvalli ...

The plant will produce more than 100 million pieces of contacts this financial year, with plans to double output by the end of March 2024, he said

MMTC-PAMP, a JV between state-owned MMTC Ltd and Switzerland-based bullion brand PAMP SA, on Thursday said it is aiming at a revenue of Rs 1,000 crore from the eastern region in the next five years. It forayed into the eastern market, launching the first store in Kolkata. Over the next five years, the company aims at earning a revenue of Rs 1,000 crore in the eastern region, and expand into key regional markets by targeting Jharkhand, Bihar and the northeast, MMTC-PAMP said in a release. With the launch of the Kolkata unit, the company now has 14 stores across the country. We plan to build a strong presence in the eastern market and with this store, we will not only cater to the huge demand of gold recycling in the region, but will also offer our flagship 999.9 purest gold, silver coins and ingots to consumers and trade channels, MMTC- PAMP MD & CEO Vikas Singh said.

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IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the such imports for domestic use will be routed via the exchange

Gold prices climbed to a one-month peak on Thursday after US Federal Reserve Chair Jerome Powell soothed investor fears by reassuring that he was in no rush to tighten policy, lifting metal's appeal

Gold was hovering around an over two-month low on Wednesday as investors awaited US jobs data for further clarity on the Federal Reserve's policy stance

This is in line with the company's expansion plan to triple its retail network from over 250 showrooms this year to 750 outlets by 2023

The remaining share capital may be acquired or held by any other person with a maximum cap of 5 per cent per investor.

These associations collectively represent close to 2,200 members, engaged in retail sale and trade of bullion

The bourse recently launched options on goods in 100-gm goldmini contract

In New Delhi, the price of 22-carat gold rises to Rs 51,250 per 10 gram

Move spurred by unprecedented decline in demand; WGC is also working with large institutions for a bullion exchange in India, and with assaying centres to build consumers' trust

Virus has led to checking being shifted from baggage to passengers

The dollar rose over 1% against rivals, making gold more expensive for holders of other currencies.