Mumbai: The overall gem and jewellery exports witnessed a 23.28 per cent year-on-year decline in July to USD 1,665.4 million on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said. According to data released by GJEPC — the apex body for the gems and jewellery industry…
Nearly 200 diamond cutting and polishing factories in Surat will suspend operations for 10 days from August 18 to bring down inventory levels as exports to key markets of China and US are not picking up. China has been buying only gold since Covid-19 while the US has slowed down purchase of natural diamonds. Meanwhile,…
(Representative Image) The operator of Japan’s high-street fashion giant Uniqlo on Thursday hiked its full-year net profit forecast, predicting record results despite an underwhelming performance in China. Retail behemoth Fast Retailing said it was on course to make 365 billion yen (USD 2.26 billion) in the year to August, upgrading its previous estimate of 320…
Representative image Physical gold dealers in India offered discounts for the ninth consecutive week due to high prices, as they await a potential import duty reduction in the upcoming budget, while top consumer China also saw weakness in demand. Gold demand in India, the world’s second-largest gold consumer and a major importer, has slowed as…
Reliance Retail Ventures is set to finally launch Chinese fast-fashion label Shein in the coming few weeks, a year after it inked a strategic partnership with the latter, multiple executives aware of the developments said. The Mukesh Ambani-owned retailer will be selling Shein’s products on its app as well as offline stores owned and operated…
Union Textiles Minister Giriraj Singh Textiles minister Giriraj Singh on Tuesday said the government has approved over Rs 10,000 crore production linked incentive (PLI) scheme for textiles and is now considering to extend it to the garments sector. He also said that the ministry is framing a roadmap to move ahead of China in the…
SHANGHAI: Premium sportswear brands are enjoying robust growth in China as they take to directly courting their main customers, posing yet another setback to mega brands Nike and Adidas as they grapple with local competitors in the $55 billion sportswear market. Sportswear is a rare bright spot in China’s sluggish consumer market, as health and…
Zara will expand its live shopping broadcasts to the UK, Europe and the United States this year, testing a format that is already wildly popular in China but one with which Western shoppers are less familiar. The fast-fashion brand, whose parent Inditex reports quarterly results on Wednesday, is investing in new ways to engage shoppers…
Gold prices climbed to a record high on Monday after U.S. economic data last week cemented bets that the Federal Reserve could cut interest rates twice this year. FUNDAMENTALS * Spot gold was up 0.6% at $2,430.19 per ounce, as of 0118 GMT. Bullion hit a record high of 2,440.49 earlier in the session. *…
Representative image Coach handbag maker Tapestry cut its annual sales forecast and missed third-quarter revenue estimates on Thursday, signaling weak demand for its tote bags and accessories in North America and China. Shares of the Kate Spade owner fell 2% as the company also forecast fourth-quarter profit below expectations. Reduced discretionary spending in North America…
