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Diamond Jewelry Market Is Going To Boom: Signet Jewellers, Swatch Group, Rajesh Exports
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Diamond Jewlery Market 2021 Industry Scenario – Chow Tai Fook, Richemont, Signet Jewellers, Swatch Group
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Diamond Jewlery Market 2021 Industry Scenario – Chow Tai Fook, Richemont, Signet Jewellers, Swatch Group
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Dubai: UAE shoppers rushed to gold and jewellery stores over the weekend – and it’s a good thing they did as Monday sees prices moving up again. On Friday and Saturday, local gold prices were below Dh200 a gram – the first time since June of 2020.
The Dubai Gold Rate for 22K was at Dh197.50 a gram as international bullion prices slipped below $1,750 an ounce. Those rates were enough to prompt some heavy buying activity over the last 48 hours.
But on Monday, Dubai Gold Rate was set at Dh199.25 a gram after gold reversed some of last week’s decline. (On August 6 last year, the local gold rate reached its highest point at Dh235.)
Synopsis
BIS hallmarking has been made mandatory for gold jewellery of 14, 18 and 22 carat sold from June 1. Failure to comply could attract a penalty of up to five times the cost of the object and imprisonment up to one year.
Leading jewellery retailers, including Tanishq, Malabar Gold & Diamonds, and Senco Gold & Diamonds, have stepped up gold jewellery hallmarking, which is set to become mandatory from June 1.
“We have tied up with selected BIS accredited hallmarking centres, which we have ascertained, have good quality processes and appropriate capacity. We have commenced the process of hallmarking from these select centres to ensure that we are fully ready by