14th India International Gold Convention on 11-13 Aug 2017 at Grand Hyatt, Goa. Concluded Successfully...
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Sergey Nenashev
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India imported less gold in month of October this year compared to last year. Official import stood at 5.23 metric tons this October, a decline of 43% compared to 9.2 tons in the same period last year. India had already imported 132 tons of gold in Q3 (July-Sept) ahead of festival and wedding season. Festival demand did not appear as anticipated as sales were down by 30 % during Dhanteras and Diwali in October. All eyes are now set for wedding related demand. Wedding season has already kicked in and in the next few weeks bullion dealers and jewelers anticipate a pick-up in demand. Gold jewellery or in bullion form is not cheap in India as customers have to pay 13% extra over the international gold price. Bullion dealers are also charging at present $3 premium on an ounce of gold in domestic market. It has been observed in last few years that consumers are adjusting their budget on account of high price which translates to lesser offtake of gold in quantity terms.
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Quote from IIGC 2017

I must congratulate first Foretell for organizing such an excellent conference. As gold convention centres around gold, we find here every stakeholder like banks, refineries, bullion dealers, jewellers, intentional organizations like LBMA, DMCC, SBMA, WGC and many others. We have delegations from African countries. So when all are here, we can definitely say that since India is going through this transformation, we are standing up to become best in the world. We have established our leaderships in various sectors like space technology, and others. This is again one area where we can establish our leadership. Time will come when India will define everything related to gold because we are going to be the largest consumers of gold and we are going to be an industry where we have the largest capacity to do the handcrafting of jewellery from gold and therefore taking that into the account, if everybody comes together – if the bankers come together, various agencies working in the industry come together – I think synergy can definitely help us achieving a vision where we will be world leaders in this and we will be deciding the fate of gold and gold industry in the world.

- Shri Manoj Kumar Dwivedi, IAS

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