Latest news with #GemsandJewellery(Domestic)Council
Time of India
30 minutes ago
- Business
- Time of India
Gold, silver touch all-time high in domestic market
1 2 3 Nagpur: Gold and silver prices have reached all-time highs in the domestic market, with the precious yellow metal trading at Rs1,09,000 per tola (10 grams) and silver at Rs1,16,700 per kg. Internationally, gold remains below its 2022 peak of $3,500 an ounce, but a weaker rupee has pushed prices to record levels in India. Silver is just over a dollar shy of its 12-year high of nearly $50 an ounce, with international rates above $48 on Wednesday. Traders attribute the surge in precious metals prices to increased Indian imports ahead of the festive season, coupled with uncertainty over US trade policies and Federal Reserve's rate decisions. In times of economic uncertainty, funds typically flow into gold as a safe-haven asset, with de-dollarization also playing a significant role, they said. Rajesh Rokde, president of Gems and Jewellery (Domestic) Council (GJC), noted that gold prices stood at $3,500 in 2022. On Wednesday, prices hovered around $3,430, dropping to approximately $3,300 as US markets opened on Wednesday and it was night in India. Despite current gold prices being about $200 below the peak, the weaker rupee has kept domestic gold rates elevated. Even in the US, prices are roughly $200 higher per ounce than they were a month ago.
Time of India
16-05-2025
- Business
- Time of India
Jewellers To Shun Turkish Tag, Rename Ornaments As Sindoor
Nagpur: The tag 'Turkish', given to large-sized ornaments like earrings and necklaces by jewellers due to the design's origin in Turkiye, will be dropped in India. Instead, jewellers plan to brand such designs as 'Sindoor', said chairman of Gems and Jewellery (Domestic) Council (GJC), Rajesh Rokde. The GJC is a nationwide jewellers guild. The word 'Sindoor' has been chosen in recognition of successful Operation Sindoor against terror infrastructure in Pakistan and Pakistan-occupied Kashmir following the dastardly Pahalgam terror attack. This decision comes along with the GJC's call to jewellers to halt trade with Turkey due to its support for Pakistan. The name 'Turkish' was used for a wide range of premium jewellery, as such designs originally came from Turkiye. However, imports have decreased substantially over the years as Indian jewellers have gained the expertise to make such ornaments. Despite this, the jewellery was marketed under the brand name 'Turkish', for its premium value. Now, even the name will not be used, said Rokde. The GJC has also made a call to stop all kinds of trade with Azerbaijan, which also has leanings towards Pakistan. "By halting trade, we send a clear message of unity and resolve," says a GJC note quoting Rokde. Even though jewellery imports stopped, jewellers used to procure machinery from Turkiye. Appeals have been made to boycott Turkish equipment too, said another GJC member. Nagpur: The tag 'Turkish', given to large-sized ornaments like earrings and necklaces by jewellers due to the design's origin in Turkiye, will be dropped in India. Instead, jewellers plan to brand such designs as 'Sindoor', said chairman of Gems and Jewellery (Domestic) Council (GJC), Rajesh Rokde. The GJC is a nationwide jewellers guild. The word 'Sindoor' has been chosen in recognition of successful Operation Sindoor against terror infrastructure in Pakistan and Pakistan-occupied Kashmir following the dastardly Pahalgam terror attack. This decision comes along with the GJC's call to jewellers to halt trade with Turkey due to its support for Pakistan. The name 'Turkish' was used for a wide range of premium jewellery, as such designs originally came from Turkiye. However, imports have decreased substantially over the years as Indian jewellers have gained the expertise to make such ornaments. Despite this, the jewellery was marketed under the brand name 'Turkish', for its premium value. Now, even the name will not be used, said Rokde. The GJC has also made a call to stop all kinds of trade with Azerbaijan, which also has leanings towards Pakistan. "By halting trade, we send a clear message of unity and resolve," says a GJC note quoting Rokde. Even though jewellery imports stopped, jewellers used to procure machinery from Turkiye. Appeals have been made to boycott Turkish equipment too, said another GJC member.
