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Gold: India is a lavish consumer and poor producerBy David Lew Everyone in the global bullion market has been waxing eloquent on the biggest gold consuming country in the world: India. Indian gold imports make big news at the end of every month. When gold imports decline, bullion analysts make a hue and cry, predicting that gold consumption is taking a beating in India. When imports go up, they would merrily proclaim that Indians are on the streets buying gold ornaments and coins. Indeed, India is the most lavish gold consumer in the world. No one can miss the sign of a gold shop, if he travels across any Indian city. A small village town called Chavakkad in central Kerala, a southern Indian state that consumes 20% of all gold sold in the country, has more than 115 glittering gold jewellery shops! And it is not just the village towns. Travel to Zaveri Bazaar, the nerve centre in Mumbai, India`s financial capital. Thousands of bullion traders and dealers carry out global trading in gold from here. Gold prices may be zooming world over. This week, the yellow metal glittered as it touched a record high of $1225 per ounce! Now, analysts from Jim Rogers to Jim Sinclair are predicting that gold is the hottest investment asset compared to the declining US dollar, and thus the yellow metal prices will soar above $2000 per ounce in the next decade, beginning 2010. But despite this huge rise in gold prices—the yellow metal prices gained by more than 39% in 2009—Indians continue to buy gold. They buy gold ornaments for the marriage of daughters. They buy gold jewellery during festival seasons. They buy gold coins from banks, post offices and brokerage houses and keep them in safe lockers as future investment. India remains the darling consumer of the bullion trading industry. No bullion analysis daily misses to mention India when it comes to gold trading, consumption and imports. According to an estimate from the World Gold Council (WGC), India is set to consumer or buy around 700 tonnes of gold in the year 2009. In 2008, India`s gold buying was higher at 900 tonnes. Bullion traders and WGC say that gold consumption has declined in India this year thanks to the skyrocketing prices of the yellow metal. Ditto is the case with India`s gold imports. Last year, India imported 712 tonnes of gold. Gold imports this year is expected to plunge to around 450 tonnes thanks to the dropping sales of gold on high price. India`s total gold holding is between 10,000 tonnes and 15,000 tonnes of which the Reserve Bank of India has only around 600 tonnes. While India is the proud, No 1 consumer of gold in the world, that golden status may move over to China by next year. Bullion analysts and WGC have already forecast that China may overtake India in gold consumption soon. Increased love of Chinese for gold may cause a huge rise in gold jewellery sales in China. According to market analysts, middle-class buyers in China, the second-biggest gold user, drove a 16 per cent gain in gold and silver jewellery sales in the first nine months. China`s economy grew 8.9 per cent in the third quarter, the fastest pace in a year, and the World Gold Council said in July that the nation may pass India as the biggest consumer. Bullion is on course for its ninth annual gain after the dollar weakened and demand for gold as a store of value increased. The Chinese have only started to buy gold as an investment product, and there`s huge room for this sector as the middle class grows. China`s household savings reached 26 trillion yuan ($3.8 trillion) this year. Gold and other jewellery sales in China are forecast to reach 260 billion yuan this year, only 1 per cent of the total household savings. It is nice to read about India`s gold consumption. But when it comes to gold mining and production, it is really a sad story in India. Indeed, it is a tragedy that India, rich in mineral resources, virtually produces no gold compared to China, Russia, South Africa or Australia. This year, gold production has risen in countries like China, Russia and Australia. But no one in India, the government included, is bothered about gold mining and production! Gold price may be booming, but gold production in India is plunging, year on year. Here are some startling statistics on India`s gold mining and production: In 2007, India produced 11.99 tonnes of gold. In 2008, the gold production was 3.71 tonnes. In 2009, for which figures are not yet, it is estimated that the yellow metal output will be same or less than last year. India currently produces hardly 0.4% of its gold consumption despite having 9% of global gold reserves under the country`s land mass. Though private entrepreneurs have come forward for reconnaissance, hardly less than 1% of them have come up to mining stage. This is mainly for want of latest technology, high risk capital etc. Foreign companies rarely come to India because they cannot sell the data they map and can only utilise the information if they venture into mining themselves. Under the existing rules if any entrepreneur invests money and finds gold, then he must apply again for mining. Southern India`s Deccan region has been surveyed as having one of the richest deposits of the yellow metal. India is estimated to have 20,000 tonnes of gold and diamond reserves spread over several states. Concerned over its increased dependence on bullion imports, the government of India has asked Geological Survey of India (GSI) to tap the countries potential to dig out gold and diamond reserves spread over these states. The government has also accorded the public sector company Hindustan Copper Ltd to diversify into gold and diamond mining in collaboration with leading foreign companies through setting up of joint ventures. The overseas firms that are in talks with the government for gold and mining exploration include Indogold, Anglo-American Gold Mining, Monarach Gold Mining, De Beers India Ltd, ACC Rio Tinto Exploration Ltd and BHP Minerals. Indeed, these are big plans for the Indian government to tap the vast underground gold reserves. India is also trying to come out with a new legislation on mining aimed to help increase mining. Great initiatives to boost gold output by India. But it needs to be watched whether these major plans really get a realistic edge in India, as the country`s mining sector is a battleground between politicians, greedy industrialists and environmental activists. It remains to be seen if India will catch up in gold mining with China—the dragon country that has given top priority to gold exploration and mining with a target of 700 tonnes of output. Yellow pages quickly turning redWhen the drains are blocked, the air-conditioning has given up or your life depends on someone delivering a pizza, you pick up the phone book. In most countries the companies that produce them have big chunks of the advertising market and enjoy some of the fattest margins in the media business. But now, because of the Internet, investors have taken fright. Shares in Yell, which owns phone books in Britain, the U.S. and Spain, fell by 26 per cent on May 20 when it announced its results. That was partly due to concerns about slowing economic growth and the company debt load, but also because of worries about its long-term future. The problem for yellow-pages businesses in developed markets is that people are increasingly searching for local services online. A survey by the World Advertising Research Center found that in 2005, 57 per cent of Europeans said they would turn first to the printed yellow pages when seeking goods and services. A year later that number had fallen to 51 per cent, and 24 per cent said they would go online, up from 20 per cent in 2005. Small and medium-sized businesses (SMEs), which make up most of the advertisers in yellow pages, are noticing the shift. Yellow-pages firms have two great strengths which mean that their decline is likely to be gradual. First, the information they offer is still far more extensive and reliable than most of what can be found on the Internet. Google acknowledges this, and pays directories firms around the world to use their data. Second, small firms are loyal to phone books, because they get results. But, The fear is that they will follow the audience and jump ship for the Internet says Bharat Bhushan, CEO, Mobileshoppee "Ten years ago SMEs had one marketing option: printed yellow pages," says Paul Zwillenberg of OC&C Strategy Consultants, in London. "Now they can buy space on Yell.com, or they can bypass yellow pages by building their own Web site and optimizing it on Google, or simply buying keywords from Google." There are signs that larger, more technologically aware SMEs are already doing just that. Yellow-pages firms are moving onto the Internet too, but they face intense competition online, unlike the near-monopolies they enjoy in print. In Britain Yell.com attracts fewer visitors than Google Maps, the search giant local-search service. Only three big yellow-pages firms, in France, Norway and Sweden, have recreated their dominance on the Internet. The biggest of these is PagesJaunes Groupe in France, which beats Google Maps for visitors. It helped that customers were already familiar with Minitel, a precursor to the Internet that featured PagesJaunes. In addition, the firm started to invest in its Web site 10 years ago, says its boss, Michel Datchary. Other yellow-pages companies, he says, have tried to protect their print products at the expense of online growth. Another difficulty in moving online is that directories dare not allow reviews or recommendations, because they earn money from advertising. But "people now want more than a book full of advertisers — they want word of mouth and a sense of community," says Douglas McCabe of Enders Analysis, a research firm. Yellow-pages firms have two great strengths which mean that their decline is likely to be gradual. First, the information they offer is still far more extensive and reliable than most of what can be found on the Internet. Google acknowledges this, and pays directories firms around the world to use their data. One laptop per child finds way into IndiaNEW DELHI: The one laptop per child (OLPC) project, a brainchild of MIT professor Nicholas Negroponte, will soon find its way into Indian homes. The OLPC Foundation is in talks with several state governments to provide these laptops, which cost around $180 or Rs 7,160, in schools. The low-cost laptops could also be retailed at your nearest electronics store soon. The OLPC Foundation, along with Reliance Communications (RCom), did a pilot project with a school in Khairat village in Raigadh, Maharashtra last month. Currently, 60 XO laptops, as these low-cost laptops are known, are deployed in India. RCom, other individual volunteers and the OLPC jointly funded these laptops. “There will be affluent schools that will pay for these laptops and the state governments will have to subsidise it for the rest who can’t afford it. We also expect corporates to buy these laptops and donate them to schools as part of their corporate social responsibility initiatives,” RCom CIO Sumit Chowdhury said. While the laptops have been developed to be sold to governments for use in schools, sources said these laptops would also be retailed as they have already generated interest among buyers as a learning tool for kids. Sources said RCom is looking at retail of XO laptops but Mr Chowdhury refused to comment. The laptops come with a 7.5-inch TFT screen, video camera, a microphone, long-range Wi-Fi and Linux as operating system. They consume just about two watts of power and come with an external manual power option. Mass production of XO laptops started early this month in Taiwan. Taiwanese firm Quanta Computers, which is the world’s largest laptop manufacturing firm, is manufacturing these laptops. The initiative started with the aim of developing a $100 laptop for children in developing nations. It’s expected that as more nations join in and volumes go up, the laptop cost could go lower than even $100. Members of the OLPC Foundation include AMD, News Corp, Google, and Red Hat. World’s largest chipmaker Intel, which has its own low-cost laptops called Classmate PC, became an OLPC member in July this year. Consequently, a clear demarcation has been agreed upon by OLPC and Intel, according to which the XO laptop will cater to students in class I-VI while Intel’s Classmate PC will cater to students in the classes above that. India: Another emerging luxury marketIndia is a country of gift giving," says Yves Carcelle, chief executive of Louis Vuitton. "The Taj Mahal was a wedding gift and just recently, a man gave his wife an Airbus." Carcelle was referring to India s richest man, Mukesh Ambani of Reliance Industries. the country s largest private company, who gave the $60 million plane to his wife on her 44th birthday. While China and Russia are still far bigger draws for luxury brands, India actually leads the world in wealth creation. The countrys economy is growing at a brisk 8 percent and, in 2006, there were about 1.6 million households earning $100,000 or more a year and spending about $9,000 annually on luxury, a group that is expected to grow 14 percent annually, according to Technopak, a management consulting company. Analysts now are predicting that over the next five to 10 years, India could become luxurys biggest market. There are drawbacks, like the countrys high import tax and lack of infrastructure, but positive signs are there too. Last September Condé Nast debuted Indian Vogue; Elle was already on the stands. Lakmé Indian fashion week in Mumbai, a joint venture from the Indian beauty company Lakmé and the event management group IMG, is growing every year and Delhi boasts a similar operation. The Indian designer Manish Arora showed for the first time in Paris in late September. Arora already had shown in London, where his collection was featured in the Victoria & Albert Museums "Global Local" show in 2005 - the same year the he collaborated on a line of shoes with Reebok. Since starting his own brand in 1997, he has seen sales evolve from exclusively domestic to about half international. "Each country has a different attitude towards luxury. A century ago the Indian elite, the maharajahs, were among the luxury brandss biggest clients," says Carcelle. "And this is an important point because there are other countries where there is no luxury tradition. Luxury disappeared in India, but the culture for luxury continued to exist." Vuitton has been a pioneer in entering new countries - opening in 1992 in China, where it now opens four or five new stores a year. "We wanted to open in India after China, but leather importation was restricted," says Carcelle. Louis Vuitton opened its first Indian store in New Delhi in 2003. Indias luxury expansion really took off in January 2006, when the government began to allow foreign direct investment of as much as 51 percent in single-brand retail operations. Carcelle and others are actively working to persuade Kamal Nath, Indias minister of business and industry, to increase that amount to 100 percent. The countrys high import tax, which adds 45 to 55 percent to the price of foreign apparel and watches, has been an obstacle as well. Brands are absorbing some of those costs but note that the higher prices mean many affluent Indians, who travel frequently for business and pleasure, are buying such goods abroad. As for infrastructure, Indias congested urban centers and rent control has produced few shopping malls - so brands opened their first stores in five-star hotels. Carcelle scored a major coup when he convinced Biki Oberoi of the Oberoi Hotel in New Delhi to turn his office into the first Louis Vuitton shop. While mall openings are proceeding rapidly - it is estimated that the country will have 300 new malls by 2010 - few of the original ones have had what it takes to attract luxury brands. Emporio, from India construction giant DLF, set to open in March 2008 outside New Delhi and is the first to include a separate building devoted to luxury brands and a special space for watches. Emporio has attracted 130 brands, including 70 international names: Vuitton, Dior, Fendi, Armani, Dolce & Gabbana, Cartier, Versace, Hugo Boss, Escada, Tods, Paul Smith and the watch brands Piguet, Chopard and IWC. Now, DLF has announced plans to develop Emporio malls in Southern Mumbai, Hyderabad and Chennai. On the other side of the country in Bangalore, the UB City Mall, also is set to open next year. The project is on 10 acres, with five medium- and five high-rise towers and is the project of Vijay Malia, chairman of the United Breweries group and Kingfisher airlines. But not everyone is jumping into Indias new malls. Hermès will open its first store in India next year at the Oberoi Hotel. "We see India as a completely atypical country because we consider their textiles and the way they produce as a model for us. India has its own artisans," says Patrick Thomas, chief executive of Hermès. Antique jewellery a hot commodity in IndiaMOBILESHOPPEE comments, that because of recent demand, there is a dearth in antique gold jewellery. Those wanting to purchase the handmade ornaments set in gold and silver will have to sit through waiting periods just to acquire the assets. “Over the past few months, the market has seen a severe shortage of antique jewellery,” said Manish Jain, who deals in Indian antique pieces. “If some months ago, a Kutchi silver anklet could be picked up at Rs 200 per 10 gm, under the present circumstances, no matter how much the demand, there are no sellers of the same,” he added. Is your iPhone more secure than your laptop?If my BlackBerry gets stolen, it can be wiped of all information remotely Amid the hullabaloo around introduction of the iPhone last week, we were once more reminded of how porous data centers really have become. MIT analysts and security columnists felt compelled to put forth words of warning regarding the grave security risks associated with allowing an iPhone to gain entrance into the enterprise data realm. In some ways, their admonitions, while valid, strike me as a case of too little too late. The boundaries of where data actually resides within an organization now extend well beyond the data center to desktop computers, remote offices, employees homes and laptops, USB drives, and, yes, phones. The problem that I have with some of the iPhone alarmism is that it leaves an impression that enterprise data is highly secure and that there are not lots of other potentially much larger holes on which to focus. Cumulatively, we are talking about thousands of laptops, most with far more sensitive data -- millions of customer records, corporate intellectual property -- and far less traceable than the average smart phone containing contacts, e-mail and maybe a few gigabytes of MP3s. Yet, the majority of organizations do not have adequate security or data backup capabilities in place for their employees laptops. If my BlackBerry gets lost or stolen, it can be wiped of all information remotely, and since it is synchronized, the data can be transmitted to a replacement phone in minutes -- a wonderful capability and one reason corporations love BlackBerries. As the analysts correctly point out, the iPhone is not currently in the same league. But the question to ask is really, "Is the data protection and security of corporate laptops more akin to the BlackBerry or the iPhone?" I am not advocating opening enterprise access to alien devices or enabling Internet Message Access Protocol on Exchange servers. The last thing corporate IT needs is another security hole (or another technology) to support. However, I am suggesting that if your smart phones are safer than your laptops, it may be time to re-evaluate your priorities. Watch for the arrival of an interactive timepiece for your wristBy Earnest Hart Time does not stand still and neither do technological advances. I have often said there is something new in the tech world every week or maybe every day, if you are paying close attention. I have a new buzzword for you to ponder in the coming months. And it is not iPhone related, or at least not at the moment. But it might become all the rage. WATCH FOR WIBREE This new technology is called Wibree and could be considered a cousin to Bluetooth, but with a lower power consumption rate. Wibree, which is being developed by the Bluetooth Special Interest Group and Nokia Corp., will use radio frequency technology for communicating with small devices, such as watches, wireless keyboards, gaming and sports sensors. Even pill boxes and heart rate monitors may benefit from the technology, according to the Bluetooth Special Interest Group, which also is known as SIG. Any small, button-cell device with the Wibree feature would have the capability to connect to Bluetooth-enabled devices, such as mobile phones and personal computers. As this new technology comes on the scene, we can expect some gadgets to follow. TECHNO WRISTWATCHES One possible frontrunner will be wrist watches and other wearable devices. Just imagine a receiving a call on your mobile phone and having your watch display a text message or the phone number. I could use that feature now. Other uses could be in the area of sports and fitness. Sports watches could connect to a sensor and gather information on your heart rate, distance traveled and speed. The data could then be sent to your phone or computer for storage or further analysis. This process would be similar to Apple Inc.s Nike+iPod kit for gathering walking and running data. The Wibree special interest group, with more than 8,000 companies represented, says the health-care monitoring sector also could benefit from Wibree devices that could send blood pressure and glucose levels to the mobile phones of patients and caretakers. And of course, entertainment and gaming would benefit with increased interactivity. Maybe my watch would be able to locate the TV remote. That alone might be worth the price of what is being pitched as a low-cost, wireless solution. According Michael Foley, director of the Bluetooth SIG, Nokia and Wibree will be working together to bring this technology to the market during the first half of 2008. TRY THIS WATCH ON If you canot wait that long, there is a Bluetooth-enabled watch that is compatible with some Sony Ericsson phones. It claims to allow you to leave your phone in your pocket and handle your calls and text messages from your wrist. It will also display the caller ID information and allow you to reject calls, get your message alerts and control your phones music player with play, pause and skip buttons. But other reviewers say this watch is large and heavy at 6.6 ounces. It also is said to have a short battery life and requires charging every few weeks. Foley says Wibree technology will use button-cell batteries that will only need replacing once a year. Bluetooth has been around for several years and with Wibree coming on the scene, this could be a good thing for wireless connectivity between Bluetooth-enabled gadgets and smaller devices. So I will probably be shopping for a new watch next year. It never ends. Digital watches have come a long way baby-GCasio has got some snazzy new watches for us to look good wearing black and white this summer. Although these Baby-G timepieces can put up with more harsh treatment than simply sunning it up in a swimsuit by the pool. The latest additions to Casio Baby-G range will suit any outfit and Casio said they will stand up to extreme activities throughout the summer. The watches feature "Auto Illumination" and "Auto Font Zoom" functionality meaning the display lights up when the wearer moves their wrist and the time enlarges making it easy to see in any environment. The MTD-1054-1AVER, MTD-1054D-1AVEF and MTD-1056-7AVER come with three different style options; stainless steel, resin and a multi- dial chronograph face. All watches in the range have a date indicator, anti-reverse bezel and are water resistant to 200 metres (so good for watersports then) with screw down crown. The multi-dial chronograph watch has the additional function of a stopwatch and screw lock back while the others in the range have a "Super Illuminator" display lighting system for any light conditions. More information about the watches can be gleaned from Casio website, www.casio.co.uk. Now designer couture shoes for menNow Indian men can match their dresses with European style formal, informal, fashion, everyday wear and designer couture shoes from the first-of-its-kind designer shoe couture label B. Higgins boutique. Genetically, the foot shape of Indian men is different from their global counterparts. Hence sensitive customers can now brace themselves for the best fits according to their needs. Our boutique will offer unmatched styles in a range of colours, textures, combinations and finishes, currently not available anywhere in India, said Birendra Higgins, designer and master craftsman, B. Higgins. The colour palette includes colours like red, cherry, off-white, burgundy, beige, fawn and mint green. The collection includes styles like brogues, oxfords, derbys, monk and moccasins. In a bid to provide a combination of comfort with style, pure leather has been used to create superior finishes and detailing. The shoes are handmade in Milan -, Chennai and Mumbai. The soles of shoes are imported from Italy and Argentina. Every quarter the label will introduce more than 30 new styles of shoes, which will be in sync with global fashion. For customers looking for exclusive pieces the B. Higgins range will retail "select" pairs in various textures and combinations. The designer shoe couture ranges between Rs.6,000-8,000 per pair while the imported shoe range is priced between Rs.12,000-14,000 per pair. The shoes are available at an exclusive boutique in Bandra and a few other selected stores. Titan to have separate eyewear business segmentTitan Industries, the Rs1,440 crore watches and branded jewellery major, is planning to consolidate its eyewear businesses under a separate business division. Titan has sunglasses brand Fastrack and has entered premium eyewear segment with ‘Titan Shades.’ The two brands are presently part of watches segment with Jewellery brand Tanishq already under a separate division. Titan has been planning to enter prescription eyewear. "The new business will be announced soon," said a company executive. Titan Industries’ management has recently taken shareholder approval for company entry and investments in new business, company sources said. Entire eyewear business will be consolidated under a separate segment when company enters prescription eyewear business which will be reflected in company annual revenue statements, company executives said. Titan businesses are presently divided into three segments, watches, jewellery and international business. Govt to monitor purity of gold
New Delhi: The Bureau of Indian Standards (BIS) will set up 500 surveillance centres in all major cities of the
country to monitor the quality of gold and silver jewellery that are sold off by jewellers in a bid to ensure their purity levels.
Stating this, Company Affairs Minister P C Gupta also pointed out that it had come to the notice of the government that jewellers across the country have been selling sub-standard jewelleries to millions of gullible consumers without fear of being caught. “To ensure that this phenomenon does not recur, the Department of Company Affairs has asked the BIS to set up about 500 surveillance centres all over the country so that no cheating takes place for small investors in gold and silver. These centres would shortly become operational in major metropolis and other cities in which gold and silver is traded,” Gupta told Mumbai Mirror. BIS raids reveal that 88 pc of jewellery shops do not meet purity levels The government has found out, from BIS raids, that jewellers from various shops in Hyderabad, Kolkata and Jaipur have been selling jewellery of sub-standard. As a result, a monetary mechanism was being set up to ensure that no impure quality of jewellery was sold, Gupta said. The Minister pointed out that nationwide BIS operations showed that 88 per cent of shops, whose jewellery was tested by the inspectors, failed to follow purity levels. “These kind of distortions are not going to be tolerated and, therefore, the government would set up centres so that millions of people in India who have been investing in gold and silver are protected,” he said. Gold trading way above Indian stock exchanges Gupta also said that the government would soon take into consideration demands made by the bullion industry. Notably, the gold trading on an average has reached about Rs 6,500 crore a day. This was just Rs 3,500 crore a couple of months ago. This is against the daily trading of Indian stock exchanges which is not beyond Rs 3,500 crore. According to an industry estimate, daily trading in gold and silver would reach a level of Rs 20,000 crore in the next 2-3 years. Additionally, the Department of Company Affairs would also impose heavy penalties against those corporate houses that violate the corporate governance rule to cheat small investors. “The minimum penalties for violating corporate governance rule would be Rs 1 lakh and its maximum ceiling would be Rs 5 lakh,” he stated. Major brands queue to IndiaSingle brand retailing seems to have finally caught the foreign investors fancy and the list today includes the likes of Benetton, Louis Vuitton and Lladro, which want to sell through their own stores instead of hawking their wares through Indian franchisees.In the six months since the government decided to allow foreign brands to enter the Indian retailing market in a limited way, the government has received eight applications. Though only once case of Moja Shoes - which tied up with Tano India for selling Nike footwear and apparel - has been approved, a proposal from Sikora Aktiengesellschaft for retailing of measuring and control technology was rejected. The rejection was on account of the company proposing a 100% subsidiary in India. The venture to sell Nike products will have only 20% foreign equity holding. Louis Vuitton Malletier - which wants to hold 51% stake in the Indian venture - proposes to sell pens, leather products, shoes, watches, sunglasses and umbrellas through its own stores. Fendi too is calling on Indian shores to sell similar ware and with 51% stake in a venture, with the Indian partner - Fun Fashion - holding the remaining stake. Roll-up laptop screens developedNew laptop screens that can be rolled up could be created in the future using technology developed by scientists in Cambridge.The research team claims that the metal structures they have created could result in the development of computer screens and keyboards hat can be rolled up and put in a bag or pocket, or even temporary shelters. The metal sheets use copper alloys to switch from one shape to another and can take a variety of forms, including tubes and flat sheets. The material alters shape rather than breaking when it reaches a stress point. Dr Keith Seffen, lead researcher at the Department of Engineering at Cambridge University, told the BBC that the idea arose from examining childrens bracelets that snap onto the wrist, forming a coil. "They offer substantial shape-changing capabilities whilst preserving structural integrity," he explained. "They are simply made and their operation does not rely upon advanced materials. They afford compact, inexpensive solutions for multifunctional devices, which are required to be lightweight, stiff, but foldable on demand." The flexible electronics field has witnessed growing interest in recent years, as scientists search for ways to make technology lighter and more portable. WATCH : Titan Lao Khushian Pao
Buying a Titan watch always held out the promise of making
one happy. Now buying a Titan watch can give you even more happiness! Titan announced an exciting price-off offer that allows customers to save
money and feel happy! This August, Titan brings to its customers the promise of ‘Titan Lao Khushian Pao’.From 14th August to 5th September 2006, customers buying any Titan watch can avail between 15 percent – 30 percent discount on their purchases. The discount slabs are devised such that the greater you spend, the more you save. In other words, customers will get greater discounts for higher priced watches. Titan is offering a 15 percent discount on watches priced below Rs. 1500, 20 percent discount on watches priced between Rs.1500 to Rs.2495, 25 percent discount on watches priced between Rs.2500 to Rs.4995 and 30 percent discount on those priced above Rs. 5000. Speaking on the offer, Mr. Ajoy Chawla Business Head – Titan said, “The Titan offer is in line with Titan’s strategy as a market leader to increase penetration of watches and encourage multiple watch ownership. What makes this offer extra special is that consumers can now buy a more expensive watch of their choice and get a greater saving!” During this special offer, customers can choose from a wide range of Titan watches including offerings such as Titan Edge, Raga, Gold & Steel, Wall Street, Bandhan, etc. This particular offer is not valid on Xylys, the new Swiss made watch brand from the house of Titan and Nebula, the brand of 18k gold watches. But both these premium brands also have exciting gift offers for customers during this period. Titan announces consumer scheme for Fastrack Eye Gear
Fastrack Eye Gear, a definitive range of youth
designer sunglasses from Titan Industries has announced the “Fastrack Consumer Scheme”. The offer starting from 14th August to 5th September
2006 will present an opportunity for consumers to avail a discount between 10 – 40 percent on their purchases.Mr.Ronnie Talati, Business Head, Accessories and Licensed Brands, Titan Industries Ltd. said, “This offer comes at an appropriate time for the enthusiastic shoppers in the country and offers our young customers an admired fashion accessory to celebrate with. Consumer schemes such these from Fastrack not only offer customers great value for money, it also helps in sustaining the brand’s emotional connect with consumers across the country.” This Fastrack Consumer Scheme will lend a new passion to the shopping affair for the forthcoming festive season, whereby customer will have an opportunity to choose from more than 148 Fastrack variants in the market. They can choose from light & impact-resistant lenses in popular shades like cricket blues, funky ambers, tawny browns or the classic blacks. The Fastrack Consumer Scheme will be supported through a campaign on radio. Priced between Rs. 695/ and Rs 1,995/- the discount offer is available at all World of Titan showrooms as well as Shoppers Stop, Lifestyle, Westside, Landmark, & select Optical outlets. India set to become gold hub of the worldNew Delhi, Sept. 3 (PTI):India, worlds largest importer gold with over 800 tonnes of imports, is set to become a global hub for the precious metal. "The Government is taking and will continue to take all possible measures aimed at making India the gold hub of the world," Company Affairs Minister P C Gupta told a global gold summit organised by Assocham. Till last year, India did not figure as a major trading center of gold and silver in the international market despite being the worlds largest importer and exporter of value added jewellery items, he said. With commencement of future trading in gold, the scenario appears to be changing, Gupta said adding India thus is no longer be looked as a price taker or price seeker of the gold. As per estimates of World Gold Council, the annual Indian demand for the precious metal in recent years has been over 800 tonnes, most of which is used for fabricaction, he said adding "we, therefore, have the potential of becoming a price-setter in the international market." On the policy front he said, as a part of special focus on jewellery in our foreign trade policy, the government has already allowed import of gold of 18 carat and above, freely under the replishment scheme. The government has also permitted duty free import of commercial samples upto Rs 1 lakh and duty free re-import for rejected jewellery equivalent to 2 per cent of Free on Board (FOB) value of export, he said. |
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