Gold jumps Rs 820 to Rs 98,490/10 g; silver remains flat
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Gold prices jumped Rs 820 to Rs 98,490 per 10 grams in the national capital on Wednesday due to fresh buying by retailers and stockists in line with firm global trends, according to the All India Sarafa Association.The precious metal of 99.5 per cent purity appreciated by Rs 750 to Rs 98,000 per 10 grams (inclusive of all taxes).However, silver prices traded flat at Rs 1,07,100 per kilogram (inclusive of all taxes) on Wednesday.Meanwhile, spot gold in the international markets rose by USD 12.09 per ounce or 0.36 per cent to USD 3,334.69 per ounce."Gold edged higher...supported by safe-haven demand as traders expressed concerns about tariff-related uncertainty."This renewed uncertainty followed a federal appeals court ruling that allowed US President Donald Trump to continue imposing global tariffs," HDFC Securities' Senior Analyst - Commodities Saumil Gandhi said.Gandhi also highlighted that these concerns overshadowed some of the optimism stemming from the positive trade talks between the US and China.During their two-day discussions in London, both parties agreed on a plan to ease trade tensions.According to commodities market experts, geopolitical tensions stemming from the Russia-Ukraine war and intensifying conflict in the Middle East are driving the demand for gold as a safe-haven asset.However, spot silver fell 0.5 per cent to trade at USD 36.34 per ounce in the global markets.Kotak Securities' AVP-Commodity Research Kaynat Chainwala said the focus of market participants will shift to the upcoming US Consumer Price Index data, which will be released later in the day, giving more insights into the monetary policy outlook.
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Indian Express
24 minutes ago
- Indian Express
From the Opinions Editor: India needs a well thought out trade strategy, but first it needs a China strategy
Dear Express Reader Over the past 11 years, the Narendra Modi government has taken several steps to shore up the economic momentum, and put the country on a higher growth trajectory. But, despite its efforts to ensure macroeconomic stability, revive private sector investments and boost household consumption, growth has been less than spectacular. Between 2014-15 and 2024-25, the economy grew at an average of just 6.2 per cent. Now, in its third term, whether pushed by Donald Trump's tariff war or the imperatives of growth, the government is making a determined effort to sew up trade agreements, hoping they will help embed the country into global supply chains, catalyse exports, and push up growth. A trade deal has been struck with the UK, and talks are proceeding with the US and the EU, with many of the issues that have previously held back these agreements being either resolved or sidestepped. These agreements will ensure greater market access and bring down tariffs, improving competitiveness of exports. But the question is: Will these trade deals be enough? Can they alone facilitate India's deep integration with global supply chains? Can the country emerge as a major production hub without integrating more closely with the supply chains that run through South and East Asia which form a vital part of global production systems? The case of Apple is instructive. The dramatic scaling up of the Apple ecosystem in the country — the company has recently said that iPhones sold in the US market will be mostly sourced from India — is a remarkable development. It is a consequence of both the government's production linked incentive scheme and the firm wanting to diversify its production bases away from China. Now, Apple provides a supplier list — a list that represents 98 per cent of the company's direct spend for materials, manufacturing and assembly of its products worldwide. This would include suppliers not only those involved in the production of the iPhone but also in other Apple products. As per this list, in 2023, 156 of the company's suppliers had manufacturing locations in China, 42 suppliers were located in Japan, 35 in Vietnam and 33 in South Korea, and 14 in India. Two years later the numbers would have changed slightly — as per a recent report there are now more than 20 component suppliers in India — but, they would still point towards the centrality of South and East Asia, and China in particular, to the global production system — a fact that cannot be ignored. If India wants to be a part of the production chain of other Apple products and grab a greater share of the value addition in the production process, it would need the smooth flow of components/materials into the country and more component manufacturers to be located here. And therein lies India's conundrum. What is India's China strategy? Should the country also be a part of RCEP (Regional Comprehensive Economic Partnership) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership)? In 2019, India chose not to be part of RCEP — the trade agreement that spans China, Japan, South Korea, Australia, New Zealand and the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam). The decision to not join was in large part attributed to concerns over China. But the trade relationship with China has only deepened since. And that is the reality, contrary to the desire of reducing the dependence on China. In 2018-19, before India withdrew from RCEP, its trade deficit with China stood at $53.5 billion. By 2024-25, it had surged to $99.2 billion, without RCEP. India, though, is not alone. Even as the US has tried to reduce its reliance on China, its deficit with the country, though it has declined in recent years, stood at a staggering $295 billion in 2024. And this does not account for rerouting of exports through other countries. But, it's not just about companies like Apple. The issue around rare earth minerals — used in a range of sectors such as smartphones, TVs, EV cars, solar panels and jet engines — underlines China's centrality to the global production system. This reality cannot be wished away. China accounts for 90 per cent of global processing of rare earths. With the country placing restrictions on its exports, EV manufacturers in India have reportedly sought the government's intervention in the matter. If these supplies continue to be restricted, India's EV push, and thus its efforts in shifting towards a cleaner vehicle fleet, risk being affected. And that won't be the only sector that is likely to be impacted. There are some reports which suggest that the government has raised the issue of export curbs on rare earth minerals and magnets with China. But it's not just India. Even the US has been affected. In fact, one of the key aspects of the US-China agreement that was announced by Donald Trump is the upfront export of full magnets, and any necessary rare earths by China. It is difficult to see companies move their production to India on the scale that is needed for the country to emerge as a manufacturing powerhouse unless they can be sure of stable trade relations, of supply chains working smoothly, of the seamless movement of components/personnel from other jurisdictions. India needs a well thought out trade strategy. The lack of clarity partly explains the sluggish pace of investments in the country by domestic as well as foreign firms — both of whom seem to be more inclined to invest in other jurisdictions presumably because the risk-return matrix is not as favourable in India. A clear strategy should give these firms the confidence needed to invest in the country. Take care, Ishan
Time of India
30 minutes ago
- Time of India
Zen Diamond looks to open 100 stores in India in 5 years
Diamond jewellery brand Zen Diamond plans to open 100 stores across India by 2030, especially in quality malls, a senior company executive has said. The company has two stores in Mumbai, and has signed up for three more, two in the south and one in the north, taking the total to five by the end of this calendar year., according to the official. "We are looking at retail expansion in India . We are planning to have 100 stores across India in the next five years, initially in the major metros, followed by tier II cities," Zen Diamond India Managing Director Neil Sonawala told PTI. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo He said the stores will be located in quality malls, which already attract consumers and already have the presence of international brands. For its India presence, the company has already invested Rs 100 crore, funded through internal accruals, he said. Live Events "We plan to expand, at least up to 10-15 stores, through internal accrual. Post that, for 100 stores in India in the next five years, we will tap different channels for funding. Maybe it could also be a franchise or we could also have some other alternate funding arrangements. It's a bit premature to talk about that at this stage," he added. Currently, Zen Diamond has over 450 stores across 20 countries. Sonawala further said that Zen Diamond is launching an e-commerce platform and has also collaborated with Pernia's pop-up. "We are launching an e-commerce platform. So, we will also have a shop-in-shop in 4-5 Bernier outlets by the end of the year," he added. When asked about the jewellery designs , Sonawala said, the Zen Diamond stores in India will have 75-80 per cent of selected international designs. "But, of course, in India we also need to blend with the local culture and the local taste and preferences. So, 20 per cent of designs are also created in India and which are more on the Indo-Western line. We are on the modern, trendy, international side of designs, ranging from Rs 20,000 and going all the way up to Rs 15 lakh. Our focus is everyday wear, evening wear and gifting," he added. For this purpose, the company has set up a manufacturing unit in Mumbai with a capacity of producing 5 lakh jewellery pieces annually," he said. "We have a manufacturing unit in Mumbai. So, everything is made in India in our facilities. We have a capacity of close to 35,000-40,000 pieces a month. So, almost 500,000 pieces a year," he added. PTI
Time of India
30 minutes ago
- Time of India
Wine industry expects a boost in FY26 after last year's consumption slowdown
The wine industry projects a normalised domestic macro environment to boost growth in FY26 after having suffered a setback in 2024-25. The previous financial year saw slowdown in urban consumption growth taking a "temporary pause", according to the annual report of Sula Vineyards Ltd. The impact on urban consumption slowdown was more evident on the wine segment when compared with other AlcoBev categories, as it is a predominantly urban drink, according to the report. Demand for wine was also impacted because of multiple temporary regulatory and other market disruptions, including general elections and state elections in key markets such as Maharashtra, Sula Vineyards Founder and CEO Rajeev Samant said in the report. "After 3 years of strong growth, FY25 was more a year of demand reset for the Indian wine industry," he said, adding, "But the good news is that these setbacks are now behind us as we look forward to a more normalised domestic macro environment going into FY26." Despite the challenges, Sula reported its highest ever revenue from operations at Rs 619.4 crore in FY25. "We continued to consolidate our leadership position, being by far and ahead the largest wine brand in the country," said Samant while addressing his shareholders. According to Samant, the worst has passed and there is "optimism of seeing better traction and growth in FY26 with positive triggers and expansion plans in our Own Brands and Wine Tourism businesses further supported by the normalisation of the macro environment expected soon." The company aims for accelerating earnings Growth over the next 3 years (FY25-FY28) with improved EBITDA margins and capital efficiency. This will be achieved through initiatives such as product development, expansion of its capacity, market Penetration, Wine Tourism and D2C Business. Sula is on track to expand Cellar capacity by 1 million litres to total capacity of 19.2 million litres per annum by the end of FY26. Samant also pointed out that the wine culture is evolving and spreading across the nation, outside its top two markets, which is encouraging. "Our domestic Own Brand sales, excluding Maharashtra and Karnataka, grew by 8 per cent YoY, powered by a total of 11 states registering healthy double-digit growth. This fits in well with our endeavour of creating a truly pan-India penetration," said Samant. India's wine market is valued at approximately $150-200 million (including both domestic and imported wines), with more than 3 million cases being sold annually. "Wine is still in a nascent stage in India, accounting for "Going forward, the Indian wine market is expected to grow at 15 per cent CAGR over CY 2023-2028 led by the increasing prosperity and disposable income, rapid urbanisation, evolving consumer preferences and increase in the number of working women and women drinkers," the company said. Moreover, Sula is also witnessing double-digit growth from its wine tourism business. It has two luxury resorts in Nashik - 'The Source at Sula' and 'Beyond by Sula', with a total of 104 keys. It has a new 30-key resort coming up near its York Winery, near Nashik and is expanding Wine Tourism Facility at Domaine Sula, Karnataka. "In FY25, our wine tourism revenue grew by 10.2 per cent YoY to Rs 60.3 crore, driven by a very successful SulaFest'25, coupled with the strong performance of our resorts. Our resort occupancy improved by 400 bps from 74 per cent in FY24 to 78 per cent in FY25 on the back of a strong festive and wedding season," he said.
