Seiko Watch Corporation, the world's leading watch manufacturer, introduced its exclusive collection of luxury timepieces, Ananta, for the first time in Asia at The Campus, Grand Hyatt Erawan Bangkok, last week.
Leading the team to introduce Ananta in Bangkok was Hirohiko Umemoto, director of Seiko Watch Corporation, Japan, with Dara-ratana Mahadumrongkul, president and CEO of Trocadero Group, the exclusive distributor of Seiko elite collections. The event was also graced by HE Kyoji Komachi,the Japanese ambassador to Thailand, and many distinguished guests, celebrities and watch enthusiasts.
Inspired by the ancient art of the Japanese katana swordmaking, Seiko Ananta is a cutting-edge timepiece designed for those who truly appreciate the art of fine watchmaking, and crafted with the Spring Drive and high-grade mechanical movement.
Katana is the Japanese ancient art of swordmaking that has developed over 800 years. A katana sword has a single-sided,curved blade designed to be drawn from its scabbard and used in a single motion. Its legendary sharpness comes from a unique type of steel and a distinctive forging process,combined with superb craftsmanship.
Katana swords are still made today, and prized by their owners for their beauty and precision.
"Precision, artistry, parabolic curves and sharpness are the themes that find expression in the new Ananta collection," said Mr Umemoto."The side of the case has the distinctive katana curve and a three-stage 'blade' polishing process gives the case its remarkable mirror finish, as smooth and flat as a katana sword."
The long, graceful curve of the case is made possible by a unique construction in which the back and lugs are crafted from a single piece of steel. The collection includes three mechanical calibres, two of which are new and all of which deliver superlative levels of precision, long-term reliability and power reserve.
"Ananta is a Sanskrit word meaning 'infinite'," said Mr Umemoto."When the Seiko product development team embarked on this project, they were given infinite scope to build a watch that embodied the Seiko vision of the most technologically advanced craftsmanship in the world. The result is Ananta - a collection that expresses Seiko's dedication to infinite perfection."
Leading the Ananta collection is the Spring Drive Chronograph equipped with its 5R6 caliber,416 components and 50 jewels, the only luxury chronograph to measure elapsing time precisely, and not to the nearest tick.Alongside the chronograph is a Spring Drive GMT in which the extended power reserve of 72 hours is expressed in a katana bladeshaped sub-dial (priced at 223,850 baht).
The Ananta Automatic Chronograph is equipped with the technological movement 8R28, defined as "the most accurate alarm system" with a frequency of 28,800 rounds/hour. Coated in black stainless steel, the sleek case has a classic, luxurious appearance.The semi-skeleton, sapphire back case reveals the high-grade mechanical movement. Straps are available in a selection of black genuine leather or stainless steel with water resistance to a depth of 100 metres (priced at 112,000 baht).
Ms Chitose Masuda, the "god-hand" lady watchmaker who won first prize in Japan's National Skill Competition in 1999, flew in for the event to demonstrate the quality of Seiko hand-assembling. Each Ananta timepiece has more than 400 movements which may only be assembled by hand.
"Not everyone can assemble this complicated timepiece," said Ms Masuda."Only skilled watchmakers with lots of experience and understanding of the function of each part can do this job."
At the launch event, Ms Masuda demonstrated the delicate complexity of assembling the Ananta Spring Drive Chronograph. It needs concentration, precision and skill of a high order to adjust each individual part and movement to achieve the high standard demanded by Seiko, and the demonstration impressed everyone present.
For more information about the new Ananta collection, visit Seiko Boutique on the 1st floor of The Emporium shopping complex, tel 02-677-4500.
Saturday, September 12, 2009
Thursday, September 10, 2009
SME BANK HELPS GEM TRADERS STAY AFLOAT
Several gem and jewellery traders have been saved from grinding to a halt by an infusion of liquidity from the Small and Medium Enterprises Development Bank.
"Gems and jewellery are the hardest hit by the export downturn, as they are considered as luxury goods. Enterprises have faced a liquidity crunch.
"The government will continue to promote the industry's growth as it supports more than 2 million workers," Deputy Commerce Minister Alongkorn Ponlaboot said yesterday.
The Commerce Ministry cooperated with the Finance Ministry yesterday to kick off the Gems Bank project with the objective of extending Bt3 billion-Bt5 billion in working capital loans to the industry.
Gem and jewellery traders have depleted their cash resources after running into business difficulties when exports and domestic sales plunged amid the economic downturn.
Loans provided by the SME Bank would underpin the industry's growth after it shrunk dramatically during the global downturn, Alongkorn said.
According to the Export Promotion Department, exports of gems and jewellery including gold increased 25.4 per cent to US$5.6 billion (Bt191 billion) in the first seven months of the year.
However, gem and jewellery exports excluding gold sank 23.4 per cent to $2.12 billion.
Gold accounts for 62 per cent of the total export value of the sector.
Gems and jewellery are the country's second largest export earner after computers and parts.
Alongkorn said the Gems Bank project should help inject circulating funds into enterprises in the sector and retain employment in the industry.
Under the Gems Bank project, SME Bank will estimate the value of gems and jewellery held by traders as their collateral for credit.
The gems and jewellery identification and grading company will estimate the value of the products so that traders would not have to put up other assets to access this loan programme.
The bank has not yet finalised the qualifications for borrowers, such as whether they have to be a member of the Thai Gems and Jewellery Traders Association.
Wasuwat Chaiyakul, vice president of the Chanthaburi Gems and Jewellery Traders Association, said many SMEs, particularly in his province, which is a major source of jewellery, lack liquidity.
"The loans provided specifically to the industry should help increase liquidity for many enterprises. Besides the 300 or so members of the association, a thousand SMEs are seeking loans to improve their cash flow and prepare for the return of economic growth," he said.
He pointed out that as the world economy remains sluggish, foreign buyers have placed smaller orders with SMEs.
The loan and flexible qualifications required for collateral should help buoy the industry.
On average, each trader needs Bt3 million to Bt10 million to continue operating as the economy picks up, he said.
"Gems and jewellery are the hardest hit by the export downturn, as they are considered as luxury goods. Enterprises have faced a liquidity crunch.
"The government will continue to promote the industry's growth as it supports more than 2 million workers," Deputy Commerce Minister Alongkorn Ponlaboot said yesterday.
The Commerce Ministry cooperated with the Finance Ministry yesterday to kick off the Gems Bank project with the objective of extending Bt3 billion-Bt5 billion in working capital loans to the industry.
Gem and jewellery traders have depleted their cash resources after running into business difficulties when exports and domestic sales plunged amid the economic downturn.
Loans provided by the SME Bank would underpin the industry's growth after it shrunk dramatically during the global downturn, Alongkorn said.
According to the Export Promotion Department, exports of gems and jewellery including gold increased 25.4 per cent to US$5.6 billion (Bt191 billion) in the first seven months of the year.
However, gem and jewellery exports excluding gold sank 23.4 per cent to $2.12 billion.
Gold accounts for 62 per cent of the total export value of the sector.
Gems and jewellery are the country's second largest export earner after computers and parts.
Alongkorn said the Gems Bank project should help inject circulating funds into enterprises in the sector and retain employment in the industry.
Under the Gems Bank project, SME Bank will estimate the value of gems and jewellery held by traders as their collateral for credit.
The gems and jewellery identification and grading company will estimate the value of the products so that traders would not have to put up other assets to access this loan programme.
The bank has not yet finalised the qualifications for borrowers, such as whether they have to be a member of the Thai Gems and Jewellery Traders Association.
Wasuwat Chaiyakul, vice president of the Chanthaburi Gems and Jewellery Traders Association, said many SMEs, particularly in his province, which is a major source of jewellery, lack liquidity.
"The loans provided specifically to the industry should help increase liquidity for many enterprises. Besides the 300 or so members of the association, a thousand SMEs are seeking loans to improve their cash flow and prepare for the return of economic growth," he said.
He pointed out that as the world economy remains sluggish, foreign buyers have placed smaller orders with SMEs.
The loan and flexible qualifications required for collateral should help buoy the industry.
On average, each trader needs Bt3 million to Bt10 million to continue operating as the economy picks up, he said.
Tuesday, September 8, 2009
GOLD SHINES AT 18-MONTH HIGH
Gold hit US$1,000 an ounce yesterday, a 18-month high, on inflation fears and dollar weakening causing investors to gravitate to safe haven assets, with last year's all-time record of $1,034 appearing within reach this year.Yesterday was the third time bullion has passed $1,000 after peaking this year at $1,005 in February and lifting the bar to $1,034 in March last year.
Silver climbed to a 13month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.
Bullion for immediate delivery surged to $1,007.70 in London, taking this year's increase to 14 per cent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain.
Crudeoil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 0.8 per cent. Raw materials typically move inversely to the US currency.
Governments have cut interest rates and boosted spending to fight the worst recession since World War II, spurring investors to buy bullion as a hedge against potential inflation and debasement of currencies.
Gold, silver and palladium holdings in exchangetraded funds have advanced to records.
"We don't see any immediate recovery in the dollar and gold is one of the better alternatives," said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance in Geneva. "From here, the next technical level is $1,040, and at the rate it's going it might not be difficult. There's a lot of new money coming into gold."
n the local market, gold continued soaring with an increase of Bt750 per baht weight over one week after bouncing around in the past few weeks.
Fundamental factors still support the bullion rally with the US dollar drooping, while technical factors also support gold prices, experts said.
They predict that if gold can completely break through $1,000 per ounce, the next peak is expected at $1,030. But some believe this rally might be shortlived, as demand for jewellery is not strong.
Bloomberg quoted UBS AG analyst John Reade as writing in an emailed note yesterday that gold's rally to more than $1,000 an ounce is a "profittaking opportunity rather than a signal to buy". UBS maintained its one and threemonth forecasts for the metal at $950 and $1,000 an ounce respectively.
Yesterday, the domestic gold price had to be adjusted four times in line with the global market. The last adjustment was made at 2:24pm when gold bullion traded at Bt16,100 per ounce for selling and Bt16,000 for buying, while gold ornaments were pegged at Bt16,500 for selling and Bt15,766.40 for buying.
The gold price recently has been adjusted several times a day, such as three times on Monday, and two a day from Wednesday to Friday last week. Most of the changes are an increase of Bt50-Bt100.
Since last Wednesday gold has gained Bt750 per onebaht weight, with a sharp jump on Thursday of Bt350, while the US currency traded in a narrow range of Bt34.02-34.06 from September 1 to yesterday.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold had continued rising since last week, because funds were shifted to the gold market for speculation. However the gold price might swing slightly in the next period, the same as equity investment.
Currently the price of gold bars was at Bt16,100 per baht for selling, which increased from last Tuesday by Bt750 and was the highest in six to seven months.
Jitti predicts that gold may tag a new high at $1,034 per ounce this year, because the economy has not completely recovered yet. Investors are still not confident in the global economy and allocate money for gold investment, which will push gold prices up.
Investors should sell half of their gold for profit, while keeping the other half, because the gold price might rise further, he said.
Kritcharat Hirunyasiri, deputy general-secretary of the Gold Traders Association, said fundamental factors still support the rise in gold prices.
The US dollar was still weak, while technical factors also supported the gold price as the current gold price stood above the average price in every market.
Last week gold shot through the $960perounce level and zoomed to $997 per ounce on Friday. The gold price could stay above $990 per ounce, which means that the gold price had turned to an uptrend in the medium and long term, he said.
The oil price, which generally goes in the opposition direction to gold, fell from $70 per barrel to $67 and US equities were still retreating overall, so funds should give gold a greater weighting. The gold price was supposed to continue increasing at least one week, he said.
If gold can crack $1,000 per ounce, the next target is expected at $1,030 per ounce.
Silver climbed to a 13month high as a weaker dollar and concern that inflation may accelerate boosted the appeal of precious metals.
Bullion for immediate delivery surged to $1,007.70 in London, taking this year's increase to 14 per cent. Gold, which reached a record $1,032.70 in March 2008, is set for a ninth yearly gain.
Crudeoil futures and all six industrial metals on the London Metal Exchange rallied as the Dollar Index lost as much as 0.8 per cent. Raw materials typically move inversely to the US currency.
Governments have cut interest rates and boosted spending to fight the worst recession since World War II, spurring investors to buy bullion as a hedge against potential inflation and debasement of currencies.
Gold, silver and palladium holdings in exchangetraded funds have advanced to records.
"We don't see any immediate recovery in the dollar and gold is one of the better alternatives," said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance in Geneva. "From here, the next technical level is $1,040, and at the rate it's going it might not be difficult. There's a lot of new money coming into gold."
n the local market, gold continued soaring with an increase of Bt750 per baht weight over one week after bouncing around in the past few weeks.
Fundamental factors still support the bullion rally with the US dollar drooping, while technical factors also support gold prices, experts said.
They predict that if gold can completely break through $1,000 per ounce, the next peak is expected at $1,030. But some believe this rally might be shortlived, as demand for jewellery is not strong.
Bloomberg quoted UBS AG analyst John Reade as writing in an emailed note yesterday that gold's rally to more than $1,000 an ounce is a "profittaking opportunity rather than a signal to buy". UBS maintained its one and threemonth forecasts for the metal at $950 and $1,000 an ounce respectively.
Yesterday, the domestic gold price had to be adjusted four times in line with the global market. The last adjustment was made at 2:24pm when gold bullion traded at Bt16,100 per ounce for selling and Bt16,000 for buying, while gold ornaments were pegged at Bt16,500 for selling and Bt15,766.40 for buying.
The gold price recently has been adjusted several times a day, such as three times on Monday, and two a day from Wednesday to Friday last week. Most of the changes are an increase of Bt50-Bt100.
Since last Wednesday gold has gained Bt750 per onebaht weight, with a sharp jump on Thursday of Bt350, while the US currency traded in a narrow range of Bt34.02-34.06 from September 1 to yesterday.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold had continued rising since last week, because funds were shifted to the gold market for speculation. However the gold price might swing slightly in the next period, the same as equity investment.
Currently the price of gold bars was at Bt16,100 per baht for selling, which increased from last Tuesday by Bt750 and was the highest in six to seven months.
Jitti predicts that gold may tag a new high at $1,034 per ounce this year, because the economy has not completely recovered yet. Investors are still not confident in the global economy and allocate money for gold investment, which will push gold prices up.
Investors should sell half of their gold for profit, while keeping the other half, because the gold price might rise further, he said.
Kritcharat Hirunyasiri, deputy general-secretary of the Gold Traders Association, said fundamental factors still support the rise in gold prices.
The US dollar was still weak, while technical factors also supported the gold price as the current gold price stood above the average price in every market.
Last week gold shot through the $960perounce level and zoomed to $997 per ounce on Friday. The gold price could stay above $990 per ounce, which means that the gold price had turned to an uptrend in the medium and long term, he said.
The oil price, which generally goes in the opposition direction to gold, fell from $70 per barrel to $67 and US equities were still retreating overall, so funds should give gold a greater weighting. The gold price was supposed to continue increasing at least one week, he said.
If gold can crack $1,000 per ounce, the next target is expected at $1,030 per ounce.
Monday, September 7, 2009
Prices to top $1,000 this week
Gold prices yesterday continued to climb near US$1,000 per ounce amid investor concerns about rising inflation and fresh hiccups for the global economic recovery.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Sunday, September 6, 2009
Passing on the beauty of Sirabhorn
The art of making traditional theatrical costume jewellery Sirabhorn has been passed down through the generations in Phetchaburi, the central province known for its richness in arts and culture.
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
Thursday, September 3, 2009
Chic and hot for all gals
Considered one the hottest trends last year,statement jewellery is still high on the agenda for this year. Its bolder feature in a bigger size makes it stand out on every occasion; it can never lose its charm as a fantastic adornment to whatever kind of wardrobe you have.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
Wednesday, September 2, 2009
India's gold imports down
India's gold imports in August slumped by more than 85% from a year earlier as high prices and weak monsoon rains dented demand, the top official of Bombay Bullion Association (BBA) said yesterday.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
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