You are here

India's jewelry industry closes amid virus outbreak

Section: Daily Dispatches

By Swansy Afonso
Bloomberg News
Monday, March 23, 2020

India's jewelry industry has come to a standstill as the government locked down much of the country to try to stem the spread of the coronavirus.

Titan Co., the nation's biggest jeweler by market value, has shut stores until March 29, it said in a statement. The company has also closed its manufacturing units for the week and will review the situation at the end of the period, it said.

... Dispatch continues below ...


Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

Demand in India, the world's second-biggest gold consumer, has already tumbled amid record domestic prices and a slowing economy. Prime Minister Narendra Modi and state leaders over the weekend imposed an almost-complete lockdown as cases of coronavirus spiked, a move that will probably further hurt growth that's already set to slow to an 11-year low.

Concerns about the virus have seen the local gem and jewelry sector come to a standstill with virtually no footfall in stores and many jewelers shutting shops located in malls and shopping complexes, according to the All India Gem and Jewellery Domestic Council. ...

... For the remainder of the report:

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: