India's gold demand up 13% at 975 tonnes in 2013: Report

February 18, 2014

Indias_gold_demand
Mumbai, Feb 18: India's gold demand remained buoyant in 2013 and rose by 13 per cent to 975 tonnes compared to 2012, despite government putting in several restrictions to curb imports, according to a World Gold Council report.

Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.

"India's gold demand was up 13 per cent in 2013, compared to 2012. Demand in the second half was lower due to the effect of the supply curbs introduced in that period, but, equally, it was due to households having met a large part of their annual gold requirements in the first half, using the price drop in April as a buying opportunity," WGC Managing Director India Somasundaram P R said.

The total jewellery demand in the country in 2013 was up by 11 per cent at 612.7 tonne valued at Rs 1,61,750.6 crore compared to 552 tonne valued at Rs 1,58,359.1 crore in 2012.

The total investment demand for 2013, was up by 16 per cent at 362.1 tonnes from 312.2 tonnes in 2012.

In value terms, gold investment demand rose by six per cent at Rs 95,460.8 crore against Rs 90,184.6 crore in 2012.

Recycled gold, however, declined by 10.79 per cent to 100.8 tonnes in 2013, compared to 113 tonnes in 2012.

The latter half of 2013, Somasundaram said, has seen intense grey market activity but its impact will be more visible and significant this year if the import curbs continue.

Estimates of the extent of gold smuggling in India vary widely, market analysts have suggested it could have added between 20-30 tonnes per month, the report pointed out.

"However, our estimation, based on our own analysis of the market, is that these unofficial flows may be considerably higher. We have previously been on record with our estimate of between 150-200 for 2013, and we feel that the total for 2013, was closer to the top-end of this range," he said.

Talking about 2014, Somasundaram said the industry is not in a very happy situation but the year will be a come back for the precious metal.

"In India, even as the current scenario is not very good, I am positive about gold. I am confident that gold will play a significant role in the country's economy. In 2014, market estimation of gold demand is between 900-1,000 tonnes," he added.

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News Network
November 10,2024

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Mangaluru: A tragic accident took place on Saturday at Chembugudde near Thokkottu, claiming the life of a 47-year-old woman after a tanker lorry ran over her. The victim, identified as Rahmat H Rashid, was riding pillion with her husband, Abdul Rashid G, on their scooter. 

The couple was traveling from Yenepoya Hospital to Bajpe when the scooter skidded on the poorly maintained road. Rahmat fell onto the road and was fatally struck by a tanker lorry that was coming from behind. Despite being rushed to the hospital, doctors declared her dead upon arrival.

The incident prompted a swift response from the DYFI Ullal Taluk Committee, which staged a protest on Saturday night, condemning the unsafe condition of the road. Nithin Kuthar, president of the committee, criticized MLA and Legislative Assembly Speaker UT Khader for failing to ensure safe infrastructure, despite touting the road as toll-free. 

Kuthar demanded immediate repairs, warning that the committee would march to the MLA’s office with black flags if the road is not fixed within a week.

Former DYFI State President Sunil Kumar Bajal also voiced frustration over the deteriorating condition of Thokkottu market, highlighting the struggles people face while crossing roads riddled with dangerous potholes. In response to public outcry, temporary repairs were made to the road at Chembugudde on Sunday, though locals remain wary and demand a more permanent solution. 

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News Network
November 14,2024

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Thursday backed Chief Minister Siddaramaiah over his claim that the BJP had offered Rs 50 crore each to 50 Congress MLAs in an attempt to "topple" the state government.

Addressing reporters here, Shivakumar, also the Congress state president, said, “The BJP indeed lured 50 Congress MLAs with Rs 50 crore each.”

He defended Siddaramaiah’s statement and said the Congress MLAs were briefed about the BJP’s alleged 'Operation Lotus', a term used to describe the BJP's attempts to destabilise ruling governments through horse-trading.

“Some of our MLAs informed the Chief Minister about this matter, and he, in turn, shared it with the media,” Shivakumar said.

At an event in Mysuru, Siddaramaiah reiterated the claim that "none of the Congress MLAs had accepted the offer".

He also accused the BJP of filing false cases against him in a bid to "remove him and overthrow his government".

The BJP has yet to respond to the allegations.

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November 10,2024

Bengaluru: The Karnataka government has warned that disciplinary action will be taken against those officials who change the land mutation records and serve eviction notices to farmers under the Waqf Act.

In a letter, the Revenue Department Principal Secretary Rajender Kumar Kataria reminded all regional commissioners and deputy commissioners in the districts that Chief Minister Siddaramaiah recently had a meeting following complaints about certain land properties being made in favour of the Karnataka Board of Waqfs.

In the meeting it was decided that all the directions issued previously by any government office or authority to change the mutation records has been withdrawn, the letter said.

It added that all the notices served in the past have also been withdrawn and no action should be taken against the farmers who are cultivating on the said land.

On the directions of the chief minister, the previous letters and the latest reminders served on November 7 to the farmers and land owners have been withdraw, the letter said.

"The officials who served reminder-2 despite the chief minister's direction will face appropriate disciplinary action," Kataria said in his letter.

He said he has been instructed to strictly implement the chief minister's direction.

The fresh direction was issued in poll-bound Karnataka, where bypolls to three crucial assembly segments are due on November 13.

Some farmers in Honwad village in Vijayapura in north Karnataka had alleged last month that they were served eviction notices as the Waqf Board claimed rights over it.

Subsequently, complaints started in pouring in from some other parts of the state.

BJP leader Tejasvi Surya on October 25 alleged that Karnataka Waqf Minister B Z Zameer Ahmed Khan directed the deputy commissioners and revenue officials to register lands in favour of the Waqf Board within 15 days, which resulted in confusion.

On Surya's request, the Chairman of the Joint Committee of Parliament on the Waqf (Amendment) Bill, Jagdambika Pal visited Karnataka on November 7 and met farmers in Hubballi, Vijayapura and Belagavi districts who had alleged that their lands were marked as Waqf properties.

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