GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

India gold demand down 32% for Q3 2019

12 november 2019

Demand for gold in India for Q3 2019 was at 123.9 tonnes down by 32% as compared to overall Q3 demand for 2018 which recorded 183.2 tonnes. India’s Q3 2019 gold demand value was $4130 down by 18% as compared to Q3 2018 valued $7528.47, according to a press release from World Gold Council.
Total Jewellery demand in India for Q3 2019 decreased by 32% at 101.6 tonnes, as compared to 148.8 tonnes in 2018. The value of jewellery demand was $5088.27, down by 17% from Q3 2018 valued  $6115.82. 
Total Investment demand for Q3 2019 at 22.3 tonnes was down by 35% in comparison to 34.4 tonnes in Q3 2018. In value terms, gold Investment demand in Q3 2019 was $1119.24, down by 21% from $9,398 in Q3 2018. 
Total gold recycled in India in Q3 2019 was 36.5 tonnes, up by 59% compared to 23 tonnes in Q3 2018. India 2019 full year market expectations of gold demand was 700 – 750 tonnes.
Somasundaram PR, Managing Director, India, World Gold Council said: “Gold demand in India declined by 32% to 123.9 tonnes in Q3, due to weak consumer sentiment and high prices. Despite a step-up in buying during Akshaya Tritiya in Q2; monsoons, the absence of any major festivals and intervening inauspicious periods like Pitru-Paksh, muted demand in Q3. And the drop this year has been significant, making it one of the lowest third quarters since 2005. While wedding-related purchases provided some support during the quarter, overall jewellery demand fell by 32% to 101.6t and bars and coins by 35%. This was due to low levels of general consumer confidence following a lot of noise about an economic slowdown and a lack of appreciation of the secular nature of price movements. The increase in custom duty in the July budget from 10% to 12.5%, also did not help. The sharp rise in the gold price and deep discount in the cash bullion market impacted both trade and the consumer outlook in Q3. The gold price rally failed to lose momentum during the quarter, breaching the Rs 35,000/10g level in mid-July and continued to climb to Rs 38,795/10g by the end of August. This Rs 5,000/10g leap in two months caught consumers completely off-guard, prompting many to delay buying and the domestic gold price reached an all-time historic high of Rs 39,011/10g in the first week of September. The following softening of prices in the final few weeks of the quarter – due to the decrease in the international gold price and a strengthening rupee – actually led to expectations of a further drop and hence, did not aid demand. Our full year gold demand estimate for India is 700-750 tonnes, although more likely at the lower end of the range. This will be a little above the 2016 level - which faced disruptions due to jewellers’ strikes, the introduction of PAN and demonetisation.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished