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…
Physical gold demand in India remained subdued this week despite a slight correction in prices as buyers awaited an even bigger drop, while Chinese premiums slipped for the second straight week due to sluggish holiday demand. In India, the world’s second-largest gold consumer and a major importer, domestic prices fell to around 70,500 rupees per…
BEIJING: China‘s gold consumption in the first quarter of 2024 climbed by 5.94% from a year earlier on soaring safe-haven demand, the country’s Gold Association said on Friday. Bullion consumption in the world’s largest consumer totalled 308.905 metric tons in the first three months of the year. Purchase of gold bars and coins jumped 26.77%…
India’s cut and polished diamond exports in 2023/24 plunged 27.5% from a year ago to a $15.97 billion due to sluggish demand from the United States, China and the United Arab Emirates, a leading trade body said on Monday. The fall in exports forced the world’s biggest diamond polisher to reduce imports of rough diamonds…
Representative Image Gems and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore (USD 32,022.08 million) during 2023-24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council (GJEPC) data showed. Gems and jewellery exports in FY23 stood…
NEW DELHI: Gold prices have experienced a notable surge in recent weeks, with the yellow metal witnessing an increase of over 11% in India alone. A recent report from Goldman Sachs highlights that this surge is not solely driven by traditional factors, indicating a shift in the dynamics of the gold market. The report underscores…
Representative image Mumbai: Silver surged to an all-time high on Monday as lingering geopolitical concerns and expectations of interest rate cuts by the US Federal Reserve are fueling a record-breaking rally in precious metals. The precious metal could gain by another 10-15% from current levels, said experts. Silver contracts, which have risen by more than…
Surging gold prices are prompting some Indians to exchange gold jewellery for new pieces as demand rises during the wedding season in the biggest consumer of the precious metal after China. More Indians are looking to reuse their gold, and the higher prices mean imports will remain pressured in the coming months, said Surendra Mehta,…
Representative image Luxury eyewear maker EssilorLuxottica on Thursday reported third-quarter revenue of 6.3 billion euros ($6.68 billion) with Asia-Pacific sales growth of 11.75% bolstered by China. The third quarter was a “slight deceleration” compared to the first-half due to a weaker sun (glasses) retail business in the EMEA region and North America, the Ray-Ban owner…
Representative Image New Delhi: Revenues of Indian diamond polishers are expected to drop by 30 – 35 per cent year-on-year to USD 14-15 billion, said a recent report by Crisil Ratings. The slump in revenues is projected owing to the economic slowdown as key markets including the US, the European Union (EU), and China have…
