Mumbai|Kolkata: The Office of Foreign Assets Control (OFAC), a US government arm, has, in the last couple of months, frozen about a dozen fund transfers worth nearly $26 million by multiple offshore firms belonging to Indian jewellers, for alleged import of rough diamonds mined in Russia. The entities that have been directly impacted are UAE…
Representative Image Premiums on physical gold in China hit a near five-month peak this week on strong retail demand in the top consumer, while a weaker rupee offset the impact of a retreat in local prices in India. Chinese dealers charged premiums of $20-$35 an ounce over global spot prices, versus $15-$22 last week. “We’re…
Representative Image Talking about how India today is the factory for the world in jewellery and has potential to become the market for the world, CK Venkataraman, MD, Titan Company, said that all the circumstances are in the country’s favour. “It is what the industry can shape into. There is per capita income, an explosion…
Image used for representational purpose only India‘s gems and jewellery exports are likely to improve in the second half of this financial year as the demand recovers in key export destinations, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday. GJEPC is exploring new markets, including Vietnam, Cambodia, Thailand, Myanmar, Bangladesh and Sri…
New Delhi: Jewellery retailer Kalyan Jewellers is planning to expand its retail footprint by opening 11 showrooms in August this year, the company said in a press release on Thursday. The company plans to expand its operations across key non-South markets to further strengthen its presence at a pan-India level, according to the release. “As…
London: British fashion retailer Next raised its guidance for annual profit by 10 million pounds ($12.7 million) to 845 million pounds on Thursday, after full price sales and the end-of-season summer sale came in ahead of forecasts. The upgrade from Next, which is considered a barometer of how British consumers are faring as it trades…
Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. A Delhi-based principal bench of NCLT had issued a notice to PC Jeweller last week directing it to file…
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