High Prices Take Sheen off Gold Sales on Dhanteras

Agencies
November 5, 2018

Nov 5: Gold and jewellery sales in the morning trade remained subdued this Dhanteras Monday owing to sluggish demand from consumers amid high prices, according to industry players.

However, organised players like P C Jewellers are expecting better sales later in the day as quality and better designs at competitive prices are likely to attract more footfalls.

Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70 percent of the country's gold sales.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India.

"Footfalls are good but sales are moderate so far. Till few days back, we were thinking gold demand on the day of Dhanteras would be down 10-15 percent, but looking at the pre-booking and footfalls, there should be least 5-7 percent jump in sales today," the All India Gem and Jewellery Domestic Council (GJC) rpt Council (GJC) Chairman Nitin Khandelwal told PTI.

Both gold and silver are being purchased. Most buyers are restricting their purchase to tokens as gold prices are ruling high over Rs 32,000 per ten grams, he said.

Gold prices are ruling at Rs 32,690 per 10 grams today in the national capital as against Rs 30,710 per 10 grams on the Dhanteras day in 2017.

According to Delhi Bullion Association's Surender Jain, gold demand is sluggish because of higher prices. Consumers are buying gold and silver coins.

Stating that the market is subdued, gold refiner MMTC-PAMP India Managing Director Rajesh Khosla said: "There is a general reluctance to enter the market. Much of our demand for coins is from corporate this time."

Ideally, gold rates should have been around Rs 30,000 per ten grams, but the prices are ruling over Rs 32,000 per ten gram because of rupee depreciation. "The market is not able to adjust the increase of Rs 2,000 per ten gram," he added.

World Gold Council India Managing Director Somasundaram PR said, "millions of Indians believe that purchasing gold during the auspicious occasion of Dhanteras brings good fortune. However, the recent sharp increase in prices could weigh on the consumers, limiting purchases during this season."

Anecdotal feedback from the industry suggests that though footfalls seems to be good, demand could be moderate, he said.

Organised players seem better placed, a trend that has become evident in recent years after a spate of transparency measures. Digital wallets and online buying also seem to be growing in popularity, though they are relatively small, he added

P C Jewellers chief operating officer R K Sharma said the company expects better sales this Dhanteras when compared to the last year on the same day.

At its stores, maximum gold jewellery is being bought, while 25 percent is diamond jewellery. Some are buying wedding jewellery on this auspicious day, he added.

More footfalls are expected later during the day as many consumers will enter the market after the office hours. The buying today will continue till late night, he added.

Meanwhile, state-run Bureau of Indian Standards (BIS) has urged consumers to buy only hallmarked gold from its licensed outlets to ensure guarantee of purity or fineness which is consumers' right.

There are more than 4 lakh jewellers in the country. Around 22,000 jewellers have taken hallmarking licences so far.

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News Network
December 19,2025

Saudi Arabia has abolished fees on expatriate workers employed in licensed industrial establishments, signaling a strong push to empower national factories and enhance the Kingdom’s global industrial competitiveness. The move reflects the leadership’s commitment to building a sustainable and resilient industrial economy under Saudi Vision 2030.

The decision was approved by the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, following a recommendation from the Council of Economic and Development Affairs (CEDA). It forms part of a broader strategy to support, modernize, and strengthen the industrial sector.

By removing fees on foreign workers, industrial establishments gain greater operational flexibility and relief from financial pressures. This is expected to help factories expand production, improve efficiency, and compete more effectively in international markets, while reinforcing long-term sustainability.

The initiative aligns closely with Saudi Vision 2030, which identifies industry as a key pillar of economic diversification. A competitive and resilient industrial base is viewed as essential for driving innovation, attracting investment, and sustaining long-term economic growth.

Overall, the fee exemption underscores the Kingdom’s commitment to creating a supportive environment for industrial development and ensuring that Saudi factories remain globally competitive and capable of leading the nation’s economic transformation.

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News Network
December 21,2025

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Invoking the teachings of Prophet Muhammad—“pay the worker before his sweat dries”—the Madras High Court has directed a municipal corporation to settle long-pending legal dues owed to a former counsel. The court observed that this principle reflects basic fairness and applies equally to labour and service-related disputes.

Justice G. R. Swaminathan made the observation while hearing a petition filed by advocate P. Thirumalai, who claimed that the Madurai City Municipal Corporation failed to pay him legal fees amounting to ₹13.05 lakh. Earlier, the High Court had asked the corporation to consider his representation. However, a later order rejected a major portion of his claim, prompting the present petition.

The court allowed Thirumalai to approach the District Legal Services Authority (DLSA) and submit a list of cases in which he had appeared. It also directed the corporation to settle the verified fee bills within two months, without interest. The court noted that the petitioner had waited nearly 18 years before challenging the non-payment and that the corporation could not be fully blamed, as the fee bills were not submitted properly.

‘A Matter of Embarrassment’

Justice Swaminathan described it as a “matter of embarrassment” that the State has nearly a dozen Additional Advocate Generals. He observed that appointing too many law officers often leads to unnecessary allocation of work and frequent adjournments, as government counsel claim that senior officers are engaged elsewhere.

He expressed hope that such practices would end at least in the Madurai Bench of the High Court and added that Additional Advocate Generals should “turn a new leaf” from 2026 onwards.

‘Scandalously High Amounts’

While stating that the court cannot examine the exact fees paid to senior counsel or law officers, Justice Swaminathan stressed that good governance requires public funds to be used prudently. He expressed concern over the “scandalously high amounts” paid by government and quasi-government bodies to a few favoured law officers.

In contrast, the court noted that Thirumalai’s total claim was “a pittance” considering the large number of cases he had handled.

Background

Thirumalai served as the standing counsel for the Madurai City Municipal Corporation for more than 14 years, from 1992 to 2006. During this period, he represented the corporation in about 818 cases before the Madurai District Courts.

As the former counsel was unable to hire a clerk to obtain certified copies of judgments in all 818 cases, the court directed the District Legal Services Authority to collect the certified copies within two months. The court further ordered the corporation to bear the cost incurred by the DLSA and deduct that amount from the final settlement payable to the petitioner.

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News Network
December 16,2025

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The deletion of over 58 lakh names from West Bengal’s draft electoral rolls following a Special Intensive Revision (SIR) has sparked widespread concern and is likely to deepen political tensions in the poll-bound state.

According to the Election Commission, the revision exercise has identified 24 lakh voters as deceased, 19 lakh as relocated, 12 lakh as missing, and 1.3 lakh as duplicate entries. The draft list, published after the completion of the first phase of SIR, aims to remove errors and duplication from the electoral rolls.

However, the scale of deletions has raised fears that a large number of eligible voters may have been wrongly excluded. The Election Commission has said that individuals whose names are missing can file objections and seek corrections. The final voter list is scheduled to be published in February next year, after which the Assembly election announcement is expected. Notably, the last Special Intensive Revision in Bengal was conducted in 2002.

The development has intensified the political row over the SIR process. Chief Minister Mamata Banerjee and her Trinamool Congress have strongly opposed the exercise, accusing the Centre and the Election Commission of attempting to disenfranchise lakhs of voters ahead of the elections.

Addressing a rally in Krishnanagar earlier this month, Banerjee urged people to protest if their names were removed from the voter list, alleging intimidation during elections and warning of serious consequences if voting rights were taken away.

The BJP, meanwhile, has defended the revision and accused the Trinamool Congress of politicising the issue to protect what it claims is an illegal voter base. Leader of the Opposition Suvendu Adhikari alleged that the ruling party fears losing power due to the removal of deceased, fake, and illegal voters.

The controversy comes amid earlier allegations by the Trinamool Congress that excessive work pressure during the SIR led to the deaths by suicide of some Booth Level Officers (BLOs), for which the party blamed the Election Commission. With the draft list now out, another round of political confrontation appears imminent.

As objections begin to be filed, the focus will be on whether the correction mechanism is accessible, transparent, and timely—critical factors in ensuring that no eligible voter is denied their democratic right ahead of a crucial election.

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