×
201
Fashion Jobs
KITEX GARMENTS LIMITED
General Manager - Merchandiser
Permanent · ALUVA
ZODIAC CLOTHING CO LTD
Sourcing Officer (Fabric & Garment)
Permanent · MUMBAI
LIFESTYLE BRANDS
Head of Marketing, Louis Philippe - Bangalore
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Online Sales &Amp; Merchandising Bangalore
Permanent · BENGALURU
LIFESTYLE BRANDS
Group Manager - E-Commerce Product (B2B)
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Product, Louis Philippe
Permanent · BENGALURU
PANTALOONS HO
Senior Executive - Marketing
Permanent · PUNE
LIFESTYLE BRANDS
Manager - Trade Channel, Finance
Permanent · BENGALURU
LIFESTYLE BRANDS
Executive -Key Accounts (Mis),lp
Permanent · BENGALURU
LIFESTYLE BRANDS
Senior Executive - Garment Technician (ww &Amp; Kids), Pdqa
Permanent · BENGALURU
LIFESTYLE BRANDS
Sales Executive - Kannur &Amp; Kasargod
Permanent · BENGALURU
HIGH FASHION GARMENT COMPANY
Manager Humanr Resource (Male) From Mumbai Only
Permanent · MUMBAI
RAJ KHATRI FILMS PVT LTD
Digital Marketing Executive
Permanent · MUMBAI
PANTALOONS HO
Manager - Digital Marketing - Mumbai
Permanent · PUNE
LIFESTYLE BRANDS
Manager - Buying, Peter England- Bangalore
Permanent · BENGALURU
ANANDGUPTA COUTURE
Social Media Marketing & Fashion Design Assistant
Permanent · MUMBAI
DESIGNR
Sales Officer
Permanent · NEW DELHI
NETE.IN
CRM & Logistics Executive
Permanent · MUMBAI
FABINDIA OVERSEAS PVT. LTD.
Retail Planner
Permanent · NEW DELHI
SELECTIVE GLOBAL SEARCH PVT. LTD.
Business Development
Permanent · NEW DELHI
AJIO - RELIANCE INDUSTRIES LTD
Sales Officer
Permanent · KARIMNAGAR
AJIO - RELIANCE INDUSTRIES LTD
Sales Officer
Permanent · MIRYALAGUDA

India rethinks jewellery sales oversight after slump in gold demand

By
Reuters
Published
today Oct 9, 2017
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Indian authorities withdrew on Friday an amendment that made jewellers subject to anti-money laundering legislation and caused a drop in gold sales.


World Gold Council-Facebook


The Prevention of Money Laundering Act obliges banks and other financial institutions to report all cash transactions above 50,000 rupees ($765) to the government, including customers’ personal identification numbers or tax codes.

Transactions by jewellers in the world’s second-biggest gold consumer were added to the list in August but without specifying a financial threshold.

However, that dented jewellery sales during the gold-buying festival season because customers were wary of providing personal details, industry body the All India Gems and Jewellery Trade Federation said.

“For the time being we have withdrawn the notification and we will be reissuing it with clear cut guidelines,” Hasmukh Adhia, revenue secretary at the Finance Ministry, told reporters.

Demand for gold typically rises in the last three months of the year as consumer buy more for the wedding season and for festivals such as Diwali and Dussehra.

“It is a big relief. The timing is right – just before Diwali,” said Ishu Datwani, owner of Mumbai-based Anmol Jewellers.

Indians will celebrate Diwali in the third week of October, a holiday period in which the buying of gold is considered auspicious.

($1 = 65.3900 Indian rupees)

© Thomson Reuters 2019 All rights reserved.