Condividiamo alcune notizie provenienti dagli Uffici Esteri dell’ICE.
OROLOGI ANCORA PROTAGONISTI, TORNANO I GENEVA WATCH DAYS
(ICE) – ROMA, 29 AGO – L’orologio torna protagonista di una fiera in Svizzera: apre domani le porte la manifestazione Geneva Watch Days, evento organizzato a Ginevra che, sino a lunedì, riunisce numerosi marchi – a partire da Breitling e Bulgari – in un contesto non facile.
L’obiettivo degli organizzatori è quello di integrare professionisti e pubblico in modo informale, ma anche di dare la possibilità a realtà meno note di farsi conoscere, ha indicato all’agenzia Awp Patrick Pruniaux, uno dei sette fondatori dell’iniziativa giunta ormai alla quinta edizione.
“È uno dei rari eventi in cui i grandi marchi lavorano fianco a fianco con quelli più piccoli”, afferma l’esperto. Si instaurano collaborazioni e la solidarietà viene dimostrata anche dal punto di vista finanziario: le imprese più grandi accettano di pagare di più per la loro partecipazione, con contributi che variano da 10’000 a 100’000 franchi a seconda delle dimensioni dell’azienda.
“Nel complesso un evento come questo costa più di un milione di franchi: il nostro obiettivo non è quello di fare soldi, ma di chiudere in pareggio e, se otteniamo qualcosa in più, di reinvestire nella prossima edizione”, argomenta Pruniaux.
Le esportazioni di orologi elvetici sono risultate in calo nelle prima parte dell’anno e alcuni analisti prevedono altri mesi estremamente difficili, in particolare per i marchi di entrata e di fascia media, nonché per quelli con una forte esposizione alla Cina.
Stando a Pruniaux le aziende mantengono però una visione a lungo termine. A suo avviso non va inoltre dimenticato che le basi di confronto, per le statistiche sull’export, erano elevate, visto il buon andamento degli affari negli anni precedenti.
La fiera non sarà solo vendita, bensì anche educazione all’industria orologiera: sono previsti una serie di forum e conferenze su temi di attualità. “Non ci rivolgiamo solo ai ricchi, ma anche al grande pubblico, perché i Geneva Watch Days vogliono essere sempre più inclusivi”, sottolinea l’operatore. L’esposizione gratuita di quest’anno – che si svolge in modo decentralizzato, sia in un padiglione alla Rotonde du Mont-Blanc, sia in alberghi e negozi – mira ad attirare un numero di visitatori maggiore degli anni scorsi. (ICE BERNA)
GOLD RING PRICES SHOOT UP TO NEW HIGHS
(ICE) – ROMA, 29 AGO – HCMC – The local prices of gold rings soared to new highs today morning, August 28, reaching VND78.6 million per tael , up around VND1 million against the start of the month, according to local media reports.
The Saigon Jewelry Company (SJC) in HCMC quoted its gold ring buying and selling prices at VND77.4 million and VND78.65 million per tael, respectively, an uptick of VND100,000 compared to yesterday’s close.
PNJ bought gold rings at VND77.45 million per tael and sold them at VND78.66 million per tael, up by VND100,000 and VND110,000 against the previous session, respectively.
Doji, a jewelry firm in Hanoi, today listed its gold rings at VND77.55 million per tael for buying and VND78.65 million per tael for selling. A tael equals 37.5 grams or 1.2 troy ounces.
With continuous adjustments over several sessions, the price of plain gold rings has increased by more than VND1 million per tael since the beginning of August and is now at its highest level ever.
As for SJC gold bars, this morning, the price of this precious metal remained unchanged for the eighth consecutive day at VND79 million per tael for buying and VND81 million per tael for selling. (ICE HO CHI MINH CITY)
SOLITAIRE SALES MAY SPARKLE THIS FESTIVE SEASON ON LOWER PRICES
(ICE) – ROMA, 28 AGO – Indians are splurging on diamonds buoyed by a decline in solitaire prices since last Diwali. This has also raised hopes of robust sales of solitaires in the upcoming festive season, jewellers said.
Prices of the most common variety of solitaire diamonds of 1 carat have fallen from a high of Rs 4.2 lakh last Diwali to Rs 3.4 – 3.5 lakh currently, making it more affordable for consumers to buy the gemstones, particularly for wedding rings. Also, those buying 1 carat solitaire rings previously are now moving to purchase 1.5 carat. The price drop has happened following a drop in exports of cut and polished diamonds from India to the US, and a complete drying up of exports to China.
Jewellers are restocking solitaires in anticipation of good sales this festive season that will kick off with Navratri.
In South India, the largest consumer of gold and diamonds in the country, the price fall has prompted buyers to upgrade to higher quality diamonds, which are colourless, flawless and have excellent cuts. The price of a diamond depends on 3Cs – colour, clarity and cut.
Chaitanya V Cotha, executive director at 155-year-old Bengaluru-based jewellery firm C. Krishnaiah Chetty Group said, “In South India, people prefer high-end diamonds of clarity of IF (Internally Flawless) and VVSI (very, very slightly included). The prices of these diamonds start from Rs 6 lakh onwards. In this category too, prices have fallen by 12-15% in the last six months. As a result, we have seen an increase of 15% in sales of higher-caratage solitaire diamonds. Also, people have upgraded to higher quality diamonds.”
“With the recent adjustment in solitaire diamond prices, demand has risen sharply. Indian buyers, especially when purchasing wedding rings, are now spending well beyond the traditional three-month salary benchmark, surpassing the global average. Diamond has become a gifting item nowadays, which was not the case a few years ago,” said Rajiv Popley, director at Bandra-based Popley & Sons that specialises in fine jewellery.
Colin Shah managing director at Mumbai-based Kama Jewelry said gold prices have fallen after the budget, which too led to a spurt in demand for diamonds. “Everybody aspires a solitaire and now they are able to fulfil it,” he said.
“Rapaport price list is the main guide for diamond pricing, across the globe,” explained Dinesh Navadiya, former president of Surat Diamond Association. The RapNet Diamond Index (RAPI) is the average of the cheapest/best-priced 10 diamonds based on colour, clarity and cut.
According to RAPI, diamond prices have fallen by 17.4% from January 1 to August 1, and by 26% from May 2023 to May 2024 for 1-carat solitaires.
According to a survey by De Beers Forevermark in May, 13% of Indian customers desire diamond jewellery as a gift, 51% wear diamond jewellery every day and 12% want to self-purchase jewellery with natural diamonds. Also, 23% buy natural diamonds to celebrate relationship milestones or to express love, 12% want to self-purchase jewellery with natural diamonds and 22% look to buy natural diamonds to celebrate personal milestones or to be ready.
GOVERNMENT NOTIFIES 160 TONS OF GOLD IMPORT FROM UAE AT CONCESSIONAL RATE THIS
THIS FISCAL UNDER TRADE PACT
(ICE) – ROMA, 28 AGO – The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022.
Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ).
Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added.
Think tank GTRI in its report in June stated that India’s gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement.
India’s gold imports, which have a bearing on the country’s current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data.
The government has slashed the customs duty on gold and silver to 6 per cent from 15 per cent in the Budget.
In 2023-24, India’s gold imports surged by 30 per cent to USD 45.54 billion.
Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).
The precious metal accounts for over 5 per cent of the country’s total imports.
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/government-notifies-160-tons-of-gold-import-from-uae-at-concessional-rate-this-fiscal-under-trade-pact/articleshow/112840602.cms
(ICE MUMBAI)
CHINA’S ROLE IN GOLD MARKET TO GROW: WGC
(ICE) – ROMA, 27 AGO – The Chinese gold market, which is evolving from a follower to a leader, is expected to play a bigger role globally in the years to come, said the top executive of the World Gold Council.
“Thanks to strong Chinese economic growth over the past decades, China has secured a leading position in the global gold market. For over 10 consecutive years, China has been the world’s largest gold consumer. And for an impressive 15 consecutive years, it has been the world’s largest gold producer,” said David Tait, CEO of the WGC.
Tait said China’s incredible achievements highlight the country’s crucial role and influence in shaping the future of the global gold industry. China has an influence that, in his opinion, should extend beyond its borders.
“Especially in key areas such as gold bar integrity, digitalization …and by bringing your own views to responsible supply chains and artisanal mining, issues of responsibility involve all of us here today,” Tait said.
The remarkable progress of the Chinese gold market mirrors this rapid development and should act as an example to the rest of the world that anything is possible “as we pursue our own gold reforms”, he said.
Tait further said the 2024 midyear outlook report showed that gold has had an exceptional year so far, with the price in US dollar terms rising by 12 percent during the first half.
“This impressive growth has outpaced most other asset classes, driven by sustained central bank purchases, robust consumer demand in Asia, ever burgeoning global debt, fear of currency debasement and the obvious ongoing geopolitical uncertainties.”
These uncertainties continue to highlight gold’s role as a safe-haven asset as well as have an impact on the global gold market.
Backed by rising demand for over-the-counter transactions, persistent central bank buying and slowing outflows of gold-backed exchange-traded funds, gold prices were driven to a record quarterly average of $2,338 per ounce in the second quarter, up 18 percent year-on-year.
Following the global price rise, the domestic gold market showed a divergent performance in consumption and investment.
In the second quarter, demand for jewelry in China hit the lowest same-time level since 2009, with a quarterly demand for a mere 86 metric tons, and Chinese jewelry consumption fell 18 percent year-on-year to 270 tons in the first half, according to the WGC.
The withering demand contrasted with demand for investment in the Chinese market, as bar and coin investment demand surged 62 percent year-on-year to 80 tons in the second quarter — the strongest second-quarter performance since 2013. Total investment requirements in the first half surged 65 percent year-on-year to 190 tons, WGC data showed.
As the gold rally is expected to continue, Tait said he believes the dip in jewelry will not last too long, and investment in gold bars and coins will stay because he sees big potential in gold investment, including bars and coins as well as gold ETFs.
Several factors have boosted the gold market sentiment, including the constant new price highs, concerns about geopolitics, rising expectations for interests rate cuts in major economies and central banks’ constant buying, said Zhou Maohua, an analyst with China Everbright Bank, in an interview with China Business Journal. (ICE SHANGHAI)
GOVT CUTS DRAWBACK RATES ON EXPORTS OF GOLD, SILVER JEWELLERY
(ICE) – ROMA, 26 AGO – The government has reduced the drawback rates on exports of gold and silver jewellery by more than half to adjust for the significant cut in import duties on these precious metals in the Budget. A notification regarding this was issued by the Department of Revenue.
On the export of gold jewellery, the drawback rate has been brought down to Rs 335.5 from Rs 704.1 per gram of net gold content in the article. The rate of silver jewellery and articles of silver have been cut to Rs 4,468 per kilogram of net gold content in an article.
The Duty Drawback Scheme refunds import duties and internal taxes, which are paid while importing goods, which are, in turn, used for manufacturing products for exports.
In the Budget, the import duty on gold and silver to 6 per cent from 15 per cent.
Through this notification, “duty drawback on gold and silver jewellery was reduced as the duty on gold and silver lowered in the budget”, Federation of Indian Export Organisations Director General Ajay Sahai said.
The gems and jewellery exports during April-July this fiscal contracted by 7.45 per cent to USD 9.1 billion.
Read more at: https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/govt-cuts-drawback-rates-on-exports-of-gold-silver-jewellery/articleshow/112767025.cms
(ICE MUMBAI)
OVER $13.6 BILLION OF MINING, MINERALS EXPORTED BY IRAN IN ONE YEAR
(ICE) – ROMA, 26 AGO – Speaking at an Annual General Assembly Meeting of IMIDRO, Somayyeh Kholousi also stated that $40 billion of mining and mineral projects have been compiled to realize the goald of the 7th Five-Year Socioeconomic and Cultural Development Plan.
The Deputy CEO of IMIDRO for Planning and Empowering Affairs pointed out that 48 developmental and infrastructural plans, valued at about $3.694 billion, will be implemented by the end of the current Iranian calendar year (to end March 21, 2025).
Elsewhere in her remarks, Kholousi referred to the four decisive roles of IMIDRO in developing mining and mineral industries and added that these roles include managing companies, developing, modernizing and empowering mines and minerals and developing technology.
In line with these role, the strategy map of mining and mining industries has been compiled and the indicators of the effectiveness and realization of the plans are monitored.
The mission of this organization is to create a platform and facilitate the development and competitive production of the chain of the country’s mining and mineral sector based on sustainable development, she added. (ICE TEHERAN)
IRAN IMPORTS OVER 30 TONS OF GOLD INGOTS IN 5-MONTH PERIOD
(ICE) – ROMA, 26 AGO – Head of the Islamic Republic of Iran Customs Administration (IRICA) Mohammad Rezvanifar stated that 30.633 tons of gold ingots, valued at $1.6 billion, were imported into the country from March 21 to August 22, 2024.
In this period, 96 percent of the gold ingots were imported into the country via the customs office of the Imam Khomeini International Airport (IKIA).
The customs offices of Bashmaq, Tabriz, Mashhad, Isfahan Airport, Piranshahr and Yazd were among the other customs offices that imported the gold ingots between March 21 to August 22, 2024, he added.
The deputy minister of economy pointed out that 4.233 tons of gold ingots, valued at $274 million, had been imported into the country in the five months of the previous Iranian calendar year (March 21 to August 22, 2023), IRIB reported.
(ICE TEHERAN)
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