Connect with us

Business

Gold prices at record high! Festive demand drops 25%; coins and bars investments surge – The Times of India

Published

on

Gold prices at record high! Festive demand drops 25%; coins and bars investments surge – The Times of India


NEW DELHI: Gold demand this Dussehra witnessed a significant decline, with sales falling 25% to 18 tonnes compared to 24 tonnes during the same festival last year, according to the India Bullion & Jewellers Association (IBJA).“Last year Dussehra was a better one as the volume of gold sold was 24 tonnes. This year, the prices have remained at Rs 1.16 lakh per 10 gm on Dussehra, which has dented the demand,” said Surendra Mehta, national secretary of IBJA, as quoted by ET.In terms of value, however, sales rose by around 30-35%, reflecting the higher bullion prices. On Dussehra, celebrated Thursday, gold was priced at Rs 1.16 lakh per 10 gm—a sharp increase from Rs 78,000 per 10 gm the previous year. Buyers also pay 3% GST on gold, along with making charges ranging between 15-30%, depending on design intricacy.Despite reduced sales, many customers are already placing orders for Dhanteras, Diwali, and the upcoming wedding season, expecting that prices are unlikely to drop anytime soon.Gold continues to hold cultural significance, as it is traditionally bought on Dussehra to bring good luck, prosperity, and success. Retail rates on Friday were recorded at Rs 1,16,883 per 10 gm, excluding GST.

Coins and lightweight jewellery gain popularity

Jewellers reported that demand for gold and silver coins remained strong this Dussehra. Coins of 5 gm gold and 20 gm silver were particularly popular among investors.“Investment demand for gold and silver bars remains robust, and customers are making purchases despite price movements. Bullion continues to do well, while bangles, necklaces, and diamond jewellery are showing encouraging momentum,” said Saurabh Gadgil, MD of PNG Jewellers, Pune, as quoted by ET.Lightweight jewellery also saw strong bookings, while old gold exchanges continued to sustain sales, contributing approximately 50-55% of total purchases.In central India, wedding jewellery including diamonds, lightweight, and polki designs performed well.“Wedding jewellery from diamonds to lightweight and polki designs is also performing well, setting a very positive tone for the festive season. Despite higher gold prices, sentiment remains strong,” said Vikas Kataria, promoter of D.P. Abhushan, Madhya Pradesh.In contrast, South India recorded comparatively slower gold sales, with many opting for gold bars to be converted into jewellery later.“Gold bars of 10 gm to 20 gm are selling more. We are also trying to push diamond jewellery in 18 karat, 14 karat and 9 karat, but customers are leaning more towards gold jewellery. Old gold exchange has gone up to 55-60% this Dussehra,” said Varghese Alukkas, MD of Jos Alukkas, which operates 63 stores across five South Indian states, reported ET.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Is Zerodha Set To End Free Equity Delivery? Nikhil Kamath Flags Revenue Pressure

Published

on

Is Zerodha Set To End Free Equity Delivery? Nikhil Kamath Flags Revenue Pressure


Last Updated:

Nithin Kamath hints Zerodha may start charging brokerage for equity delivery trades amid regulatory changes and revenue decline.

Weekly Options Ban Could Hit Revenues, Zerodha Mulls Charging Delivery Brokerage

Weekly Options Ban Could Hit Revenues, Zerodha Mulls Charging Delivery Brokerage

Zerodha co-founder Nithin Kamath in his latest blog has hinted that the online brokerage platform may implement brokerage charges for equity delivery trades from customers, which are currently non-chargeable, to ensure the sustainability of the business. “We would be forced to start charging brokerage for equity delivery trades to make the business tenable,” Kamath said in the blog upon the regulator’s evaluation on whether to stop weekly options completely.

Zerodha will see another revenue hit if the regulator stops weekly options completely. Kamath said that the options business might be at further risk, with the regulators evaluation whether to stop weekly options.

On the question of what would we do if weekly options were removed, I suppose we’ll see another hit to our revenues in the short-term, Kamath explained the rationale behind the move.

The Securities and Exchange Board of India (Sebi) in the past few years has taken several measures to restrict the galloping futures and options trading business across the country, leading to major losses to traders. According to a previous Sebi study, 93% F&O traders are in loss, marking a substantial trap for small investors to lose their hard-earned money in the pretext of speculative trading.

Kamath had earlier stated that the platform’s broking revenue fell 40% in 2025 due to combined factors, including the STT increase on options, then the removal of exchange transaction charge rebates, and a reduction in weekly expiries. In addition to this, there was a significant decline in market activity, he said, adding that our (Zerodha) revenues and profits suffered a decline.

Moreover, Kamath said, new account openings were lower due to the overall market activity.

“Our overall share of NSE’s active client list has trended down. A person trading once a year is considered active by NSE. I don’t pay much attention to this data because brokers are constantly gaming this by pestering customers to trade via notifications and dark patterns. By triggering people to trade, you not only generate turnover but also move up the list,” Kamath added in the post.

To allay the fear of customers, Kamath ensured that Zerodha is financially stable with a net worth of Rs 13,000 crore, substantially higher than its competitors.

“Our net worth as a percentage of client funds we handle is unprecedented—more than 50% on any given day. We have zero debt on the books, and as we are fully privately held, we have more skin in the game than any other broker in India,” Kamath added in the post.

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

Click here to add News18 as your preferred news source on Google. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
News business Is Zerodha Set To End Free Equity Delivery? Nikhil Kamath Flags Revenue Pressure
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More





Source link

Continue Reading

Business

America’s 250th birthday: Is US getting a $1 Trump coin? Here’s what Treasury said – The Times of India

Published

on

America’s 250th birthday: Is US getting a  Trump coin? Here’s what Treasury said – The Times of India


The US Treasury is considering a $1 coin featuring President Donald Trump to mark the country’s 250th anniversary, a Treasury spokesperson said on Friday. In a post on X, Treasurer Brandon Beach shared a coin draft and said that the first drafts, photos shared by a user on X, honor America’s 250th Birthday. “No fake news here. These first drafts honoring America’s 250th Birthday and @POTUS are real. Looking forward to sharing more soon, once the obstructionist shutdown of the United States government is over,” Beach said. The draft design of the coin, which was overseen by the Office of the US Treasurer Brandon Beach, features Trump’s profile on one side of the coin. The opposite side depicts Trump with a clenched fist in front of an American flag alongside the words “FIGHT, FIGHT, FIGHT.” “Despite the radical left’s forced shutdown of our government, the facts are clear: Under the historic leadership of President Donald J. Trump, our nation is entering its 250th anniversary stronger, more prosperous, and better than ever before,” a Treasury Department spokesperson said in a statement. “While a final $1 dollar coin design has not yet been selected to commemorate the United States’ semiquincentennial, this first draft reflects well the enduring spirit of our country and democracy, even in the face of immense obstacles.” In 2020, Congress passed bipartisan legislation, signed by Trump during his first term, that authorises the Treasury Secretary to issue one-dollar coins during the 2026 calendar year. The design of those coins must be “emblematic of the United States semiquincentennial.” Beach, who supervises the US Mint, said in a post on X Friday that the administration would share “more soon, once the obstructionist shutdown of the United States govt is over.” Living people are rarely featured on US money. Congress has imposed various restrictions on the ability of Treasury to feature living people and living presidents on currency. It’s not clear whether the latest Trump coin envisioned by the Treasury Department would run afoul of those laws.





Source link

Continue Reading

Business

The around-the-world cruise that is yet to set sail

Published

on

The around-the-world cruise that is yet to set sail


Suranjana TewariAsia Business Correspondent

BBC Treated image of a cruise ship on a blue background imposed on a scene showing a tropical island with orange sky and sea BBC

“Throw your current lifestyle overboard!” boasts the advert for Victoria Cruises Line (VCL), which bills itself as the world’s first affordable residential cruise.

Cabins typically go for US$3,840 (£2,858) a month for a three-year voyage to 115 countries, and travellers from all over the world have the option of doing the route for as long as they like.

For Australians Dennis and Taryna Wawn from Perth, excited by the prospect of a home at sea, the advert on Facebook couldn’t have come at a better time as they planned their retirement.

Three years later, the ship has yet to sail. In fact, they and other would-be cruise residents have found that VCL does not even own or have a lease on the ship that is being advertised.

The Wawns are just two of dozens of people who have been waiting for VCL to refund their deposits, the BBC has learned.

Other would-be residents told the BBC they sold their homes, rehomed cats and put their belongings into storage. One woman said she had put down her sick dog, believing she would be gone for years.

Another couple have now had to move into a retirement community because of their advanced ages and failing health. They could no longer commit to a residential cruise that might or might not ever sail.

“The people that put down a deposit for this cruise were sold a dream… and it has turned into nothing short of a nightmare,” said Adam Glezer, who runs a consumer advocacy company. “What VCL has done is disgusting.”

Those affected have contacted the company, some have launched legal cases and others have filed consumer complaints to government agencies. One even wrote to the FBI.

VCL told the BBC that it still needs more customers before a vessel can be chartered and so is continuing to advertise the cruise.

The company said customers knew about the occupancy condition when booking, and the company denies targeting or harming anyone, adding that it advised some clients not to sell homes to pay deposits.

Many of those who signed up have given up hope of the ship ever sailing, or of getting their money back.

‘All above board’

Dennis and Taryna Wawn who signed up for the VCL retirement cruise. They are sitting in their living room, he is wearing an orange polo shirt, and she is wearing a white shirt. A painting of a beach scene hangs on the wall behind them.

Dennis and Taryna Wawn from Perth, Australia said the retirement cruise seemed like a dream

Taryna, 64, said that in May 2022, she and Dennis were starting to think about their future and what it could look like when they came across the residential cruise. The couple feel they did their due diligence.

Taryna said the company had a well-built and detailed website, they also spoke to a man from the company “who answered all the questions”, and they joined a Facebook group made up of other cruise “residents”.

“We did some checking, thought it was all above board,” she said.

Within a month, they took the step of paying a deposit of US$10,000 (£7,450). Their bank transfer has been viewed by the BBC.

But weeks before they were due to set sail in May 2023, VCL postponed the scheduled departure date.

In an email viewed by the BBC, VCL said the cruise hadn’t reached a roughly 80% occupancy – something the company said it needed in order to charter a vessel.

When VCL postponed twice more, the couple started to think something was up.

Then a fellow would-be resident got in touch, saying: “I’ve dug a little bit further. Get out.”

‘Our shared dream is very much alive’

Screenshot of the website of Victoria Cruises Line advertising the cruise. It says "Change your life and travel around the world" and shows a couple standing on the deck of a ship.

The website of Victoria Cruises Line is still advertising the cruise even though the ship has not yet sailed

VCL’s marketing promised a fully-fledged cruise liner that could house 1,350 guests, with pools, tennis courts and an Italian restaurant.

“We do have a beautiful, seaworthy ship, the former Holland American Veendam, now the Majestic,” VCL’s US representative wrote on the company’s Facebook page.

But the BBC has learned that on being contacted by some would-be residents, the firm that owns the ship denied any association with VCL.

Although it has not yet leased a ship, the company said it has continued to advertise the cruise and collect deposits in order to reach the necessary occupancy rate.

“If we had signed the lease agreement at the beginning of 2024, we would have had to pay approximately USD 18 million for nothing,” VCL said in an email to the BBC.

It also acknowledged that there had been 132 cancellations, and said it investigated 38 complaints, but found none justified a refund.

VCL also denied there were any “victims”, and said that 38 customers who asked for refunds cannot accept they were not entitled to one.

The company added that the refunds were withheld for administrative reasons, missing or incorrect bank details, failure to return termination administration agreements within deadlines, and anti-money laundering checks.

VCL’s cruise was last scheduled to depart on 26 July 2025, according to its website. But once again it failed to set sail.

“Despite the delay, we’ve been encouraged by a surprising influx of new interest in recent weeks – a strong signal that our shared dream is very much alive,” VCL’s website reads.

‘It got dirty’

Graham Whittaker, a former journalist based in Australia, estimates that VCL has taken money that goes into the millions.

“It got dirty because we started to find scores and scores more people who had never been refunded, who had asked for their money back, who had been lied to,” Whittaker said.

When passengers pushed harder – asking about refunds, and talking to the media about the case – they were threatened with legal action. The BBC has seen dozens of such emails.

“The threats and the harassments are getting serious for some,” Whittaker said.

VCL justified the threat of legal action in its email to the BBC.

“Yes, we will take legal action against anyone who tries to settle their complaint on social media,” it said.

The paper trail

Company records reviewed by the BBC show a web of shell businesses registered to the same address in Budapest, some now no longer trading.

The company is also registered in Florence, Italy, but as a specialised wholesaler of food, beverages and tobacco.

In Hungary, Viktória Takács-Ollram is listed as the founder, while her 79-year-old mother is registered as the chief executive.

Another company is registered under the same address to Viktória’s son, Marcell Herold, who is named as the vice president of VCL on its website.

In Hungary, VCL was registered in 2017 under a different name as an accounting and tax advising firm.

That changed to VCL in 2022, with “services auxiliary to waterborne transport” and “rental of water transport equipment” added.

In 2023 new activities were added: “car rental”, “lending of other machinery and equipment”.

As of 1 January 2025, its main activity is listed as “passenger transport by sea”.

Tax filings indicate more than $253,000 in unpaid taxes.

Taking matters into their own hands

A couple won a case in Hungary, overturning VCL’s contract changes, but enforcement stalled when VCL shifted its base to Italy.

VCL admitted to the BBC that it changed contracts after customers signed, and that new terms would apply retroactively.

“When drafting a contract, lawyers try to include everything. But sometimes life happens and the contract needs to be amended. That is what happened in this case,” VCL said.

“These contracts work this way for all shipping companies.”

Screen shot of the cruises deck plan on the VCL website

The Utah investigation found that VCL had not booked a departure port as advertised on its website

Another couple filed a complaint in the US state of Utah, with the investigation finding that a berth was not booked on a stated departure date.

It also found that people purporting to be hired staff on the website did not plan to be on the cruise, nor had they received offers of employment.

The investigation ruling said that VCL’s US representative encouraged people to sign up for the cruise.

The investigation found that she truthfully believed the residential cruise was going to sail, but she agreed to sign a compliance order barring her from promoting such travel services in the future.

‘Not a phantom company’

Despite all of this, VCL continues to advertise its cruise on Facebook and Instagram.

Accounts on the platforms show glossy brochures of the ship’s decks, menus and cabins.

Screenshot of VCL website saying Officer Crew and showing six videos of people underneath

Investigators contacted some of the people purported to be crew, who said they had not received employment offers

New “residents” are shown posing on board – many of them are actually stock images widely available on the internet.

To encourage lengthy stays, the cruise company has been offering hefty discounts, flash sales and cashback schemes.

Alleged victims say they have reported the ads repeatedly, but Meta – which owns Facebook and Instagram – has declined to take them down.

“It is reprehensible that these platforms are allowing advertising for VCL despite the significant amount of evidence. They should be held accountable for this,” said consumer champion Adam Glezer.

In a statement, Meta told the BBC that its advertising standards strictly prohibit deceptive or misleading ads, including scams, but it found no evidence that the page violates its policies.

VCL denied that it was running a scam, saying those affected were unable to accept that they were not entitled to a refund.

“Our company has never disappeared, we have responded to every email, so we are not a phantom company.”

Taryna said the idea of the cruise isn’t too good to be true – some people who signed up for the VCL cruise were currently travelling the world with other cruise liners.

However, for her and Dennis, going on another such cruise is no longer something they can afford.

“It was a dream for us and we were really focusing on it as a lovely adventure. It’s been traumatising.”

Additional reporting by Orsolya Polyacsko



Source link

Continue Reading

Trending