tag:blogger.com,1999:blog-5848640164815342479.post4097304656556199993..comments2024-03-27T15:36:44.737-07:00Comments on Haq's Musings: Is Demand in South Asia Driving Up Gold Prices?Riaz Haqhttp://www.blogger.com/profile/00522781692886598586noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5848640164815342479.post-49826491026614004132013-04-13T10:20:20.063-07:002013-04-13T10:20:20.063-07:00Here's an Economic Times report on India gold ...Here's an <a href="http://articles.economictimes.indiatimes.com/2013-02-14/news/37100335_1_gold-demand-marcus-grubb-total-jewellery-demand" rel="nofollow">Economic Times</a> report on India gold demand:<br /><br /><i> MUMBAI: The country's gold demand dipped by 12 per cent in 2012 to 864.2 tonne, mainly on account of higher import duties, jewellers strike over proposed measures to curb imports and a sharp rise in the domestic price, World Gold Council said in its recent report.<br /><br />The overall demand of gold in the country had stood at 986.3 tonne in 2011, according to the WGC Gold Demand Trend 2012 report released today.<br /><br /> "China and India remain the world's gold power houses. In India, consumer sentiment towards gold remained strong despite measures aimed at curbing demand, reaffirming gold's role in Indian society.<br /><br />In an underdeveloped financial system like India, gold has an important role to play," WGC Managing Director, Investment, Marcus Grubb said.<br /><br />In 2013, WGC expects the demand to be in the 865-965 tonne range, an 11 per cent increase at the upper end, depending on any further government measures, he said.<br /><br />India is likely to remain the biggest market for gold this year followed by China, he said.<br /><br />In the first half of 2012, consumers faced headwinds in the form of higher import duties, market turmoil over proposed measures to curb imports and a sharp rise in the local price.<br /><br />However, the demand staged a strong revival in the second half of the year as the market thrived during the fourth quarter wedding season and festive period.<br /><br />Total jewellery demand in the country in 2012 was down by 11 per cent to 552 tonne, compared to 618.3 tonne in 2011.<br /><br />However, the demand in terms of jewellery value rose by 8 per cent to Rs 1,l58,090 crore, compared to Rs 1,46,067.8 crore in 2011.<br /><br />Total investment demand was down by 15 per cent to 312.2 tonnes, against 368 tonnes in 2011.<br /><br />In value terms, gold investment demand went up by a marginal 3 per cent to Rs 89,412 crore compared to Rs 86,936.7 crore in 2011.<br /><br />"Despite the turbulent macroeconomic climate throughout the year, as well as the regional uncertainties affecting India and China, the two largest gold markets, annual demand was 30 per cent higher than the average for the past decade," Grubb added. </i><br /><br />http://articles.economictimes.indiatimes.com/2013-02-14/news/37100335_1_gold-demand-marcus-grubb-total-jewellery-demandRiaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-8805264466154521592011-07-18T19:33:49.826-07:002011-07-18T19:33:49.826-07:00Pakistan 8th biggest gold consumer
Lack of hallma...Pakistan 8th biggest gold consumer<br /><br />Lack of hallmarking resulting in country losing exports<br /><br />Tuesday, November 18, 2008<br />By our correspondent<br /><br />LAHORE: Pakistan is the eighth biggest consumer of gold in the world and annually imports 127 tonnes gold but unfortunately there is no consumer satisfaction and Pakistani jewellery industry suffers from unfair competition by those who under-carat gold and therefore sell at a lower price.<br /><br />Non-existence of hallmarking results in Pakistan’s increasing loss of exports, self-dependence and less acceptability of Pakistani jewellery products in local and global markets. These views were expressed by the speakers at a seminar titled “Latest Trends in Jewellery Hallmarking”, organised by Pakistan Gems and Jewellery Development Company (PGJDC).<br /><br />Speaking on the occasion Project Director (PITMAEM), PCSIR Dr Shahzad Alam said that in order to improve the quality of jewellery products, complete quality assessment and hallmarking of gold is imperative.<br /><br />He informed that hallmarking refers to physically marking a piece of jewellery according to specific laws to certify the purity of metal. Hallmarks are small markings stamped on gold, silver and platinum articles.<br /><br />A hallmark means that the article has been independently tested and guarantees that it confirms to all legal standards of purity (Fineness). These tests are carried out only by an assay office. A number of successful jewellery industry in the world use hallmarking both as a marketing tool and to ensure consumer confidence, he added.<br /><br />PGJDC CEO Fawad H Khan informed that the decision to develop hallmarking in Pakistan is part of national strategy submitted by SWOG and ministry of industry’s support. It was aimed at helping Pakistan’s small and medium sized enterprises to reposition themselves on a more competitive footing in the domestic and global markets.<br /><br />Fawad said that apart from other countries of the world implementation hallmarking law in Pakistan would help country increase its export to approximately 18 signatories’ countries of Vienna convention. He said that the main objective is to create awareness among common people and to improve the image of our local jewellery industry at international levels.<br /><br />He informed that PGJDC is working on setting up an assaying and hallmarking system with the help of government organisations like (PITMAEM, PCSIR Labs complex) and to develop a strong cooperation between local and international manufacturers of gold jewellery.<br /><br />http://www.ncel.com.pk/Pakistan.8th.biggest.gold.consumer.phpRiaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-8674053794619802112009-11-04T17:16:33.840-08:002009-11-04T17:16:33.840-08:00India is boosting its gold reserves as percentage ...India is boosting its gold reserves as percentage of is total reserves held by its central bank. <br /><br />Gold prices hit an all-time high of $1097 a troy ounce after <a href="http://news.bbc.co.uk/2/hi/business/8342089.stm" rel="nofollow">India's decision</a> to buy 200 tons of gold from IMF announced Monday. <br /><br />Prior to this decision, <a href="http://en.wikipedia.org/wiki/Official_gold_reserves" rel="nofollow">India's gold reserves</a> stood at 557 tons, 11th largest in the world. <br /><br />By comparison, Pakistan's state bank gold reserves stand at 65 tons, or 41st in the world.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.com