Gold is seeing a price drop this festive season which has led to a massive boost in demand. Along with good monsoons, it has led to a spur in rural buying too.
Speaking to CNBC-TV18's Rukmini Rao, FIMI's Secretary General, RK Sharma, reiterated the need to continue with minimum import price (MIP) to safeguard the steel industry.
The demand for gold has been generally low in the country. But RK Sharma, Executive Director and Chief Operating Officer, PC Jeweller, expects sales to bounce back in the upcoming wedding season.
RK Sharma, FIMI in and interview to CNBC-TV18 said basically this applies to low grade iron ore and miners in Goa may stand to benefit a little but no benefit for miners in rest of the country.
Lower prices of gold are getting us handsome footfalls since morning, said RK Sharma, ED & COO of PC Jeweller. He is upbeat on the sales on the back of auspicious occasion of Akshay Tritiya and upcoming wedding season.
Speaking to CNBC-TV18 on his outlook for the jewellery business, RK Sharma, chief operating officer, PC Jewellers says there has been a shift in demand from gold to diamond jewellery.
Miners' body FIMI has pitched for a drastic reduction in export duty on low-grade iron ore to 5 per cent from the present 30 per cent saying that the current rate has rendered shipments unviable.
RK Sharma, the Secretary General of the Federation of Indian Mineral Industries said they welcome the verdict. He also stated that the federation is against competitive bidding for mineral resources.
Iron ore exports from India, the world's third-largest supplier of the steelmaking material, will be less than 100 million tonnes in the next fiscal year starting April if prices stay at current levels, a top executive at Sesa Goa said on Wednesday.