Below is the Alukkas Showroom. Even the pedestrians appear to be skipping the shop after the car offer is over. What to do next is theserious thinking of all other major jewellers in the town to bring back customers who have thronged the new jeweller from Dubai due to the car and gift schemes. We did not take the inside picture of Alukkas or other showrooms as there were not many customers to focus our camera.
The sales team is cheerful Mansoor Ali, Shashi Manjet posing to KM photographer during the peak sales season
Atlas Jewellery, the leading 22 carat gold jewllery chain in the Gulf, has virtually stormed the Gold Market in Muscat by capturing most of the ongoing Ramadan season gold sales through a number of special schemes and marketing drive. According to gold market sources, the total sales within the first two days of the shop opening was a whopping RO 2.5 lakhs - thanks to the correct marketing campaign through the audio, visual and print media that really touched the psychology of expatriate and Arab gold buyers, who have been apparantly reluctant to spend their hard earned money in any lavish way due to the prevailing uncertainty in the Middle East (obviously Iraq issue) and the increased drive for localisation of various job opportunities.
Atlast Jewllery is located just opposite to its main competitor for Keralite custoers, Alukkas. According to market sources, the Atlas Group paid a huge premium to occupy the prime spot in the Ruwi High Street.
Due to shrinking business and a constant fear of imminent job loss, the expatriate community, especially the Keralites in the Gulf have been very prudential in their investment habits. Gold is considered by many as a valuable and safe investment compared to the Indian share market or bank deposits which yield relatively low rate of return and a high level of risk. Even though the sale of automobile has been affected due to the uncertainity over US-Iraq diplomatic warfare, Keralite community in Muscat appears to be in a festival mood to buy more and more gold. That also from the new shop opened adjacent to the Royal Oman Police office in the Ruwi High Street. According to a senior official of the World Gold Council, one flight from Dubai to Kerala used to carry a ton of gold to the state. Even if it is a bit exaggarated statement, this shows the amount of gold buying by the affluent and not so affluent sections of Indian community in various Gulf countries.
The company offers gold ornaments of a number of designs and fashions catering to various tastes and preferences. As the photograph below shows, Atlas Group managed to attract not only the Keralite gold buyers, but even the Arab and other expatriate community in Oman. The picture below shows brisk business taking place even at the last minute. Atlas Jewellery is a leading gold merchant in Dubaiand Kuwait with manufacturing facilities in the UAE and a wide variety of designs.
A relatively young work force from diverse social and religious background speaking multiple languages is another attraction that the Keralamonitor correspondent could see inside the two floors of gold shop. Pictured below are some of the talkative and friendly salesmen that adorn the jewellery shop, amidst a variety of gold ornaments that is believed to be of good quality 22 carat gold. The Muscat Gold market has been plagued by a number of unethical and dubious jewellers who have been selling substandard gold at high prices. The entry of two leading jewellery chains from Dubai, the Atlas and Alukkas, has in fact changed the market scenario here.
The Government policy is also to introduce gold hallmarking to prevent cheating by gold merchants and traders. Majority of the customers who throng the gold merchants in the Ruwi High Street are middle class and upper middle class people who are spending their hard earned money to buy gold, thinking that it is a safe investment. The resale value of gold bought from some of the shops is not that attractive. I t is believed that the gold hall marking scheme will ensure quality control in the yellow metal business. Muscat based jewellers have always been grumbling about the exodus of customers - Arab and expatriates - to Dubai to buy gold . When its main competitor Alukkas opened the new showroom in the area, there was a similar hype, which is maintained till today. A number of high profile film stars, special schemes etc followed suit. More
Fiften Costly Rings Stolen from the New Alukkas Jewellery showroom in City Centre--Carefour shopping Mall
KM Crime Bureau Alukkas Jewelry which started its second sales outlet in Oman at the newly opened Carefour Shopping Mall in Mabella has started business with a bad news. In the first two weeks of inaugurating the new supermarket jewelry showroom, about 15 gold bangles have been stolen by unsuspecting customers. According to informed sources, despite the presence of Closed Circuit Televisions and Spy Cameras that can take video pictures of customers from four angles, the Malabari owned jeweler could not control this great act of theft, believed to be committed by a group of Arab women customers--Full Report
keralamonitor.com March 8, 2002.
India's export in the Gem & Jewellery sector has registered a significant growth of 24.23% in US $ terms (27.30%in rupee terms) in January 2002 as compared to the same month last year. India plans to achieve a market share of 60% in 2005 and 65% in 2010 in the world trade in diamonds. Rajiv Pratap Rudy, Minister of State for Commerce & Industry, stated this, on the occasion of an exclusive presentation on 'The Strength & Potential of the Indian Gem & Jewellery Industry' before foreign Ambassadors and Diplomats, here yesterday evening. The function was organised by Gem & Jewellery Export Promotion Council (GJEPC), which was followed by a Jewellery Fashion Show. Full Report
Hallmarked Gold for Transparency in the Market
Praveen Saxena* With the beginning of the auspicious Navratras, at the end of Shraadh or the period of mourning, the markets start stirring with life again as the shoppers venture out and make a beeline for the showrooms. Companies manufacturing consumer durables, electrical appliances, electronic gadgets look forward to better volumes even as the retailers and dealers end the day with heavier cash boxes. Full Report
Revision to the terms of AngloGold's odd-lot offer
Wednesday, November 13, 2002
On 11 November 2002, AngloGold announced an odd-lot offer to permit the reduction, in an equitable manner, in the number of shareholders holding less than 50 shares in AngloGold. The odd-lot offer was made at an offer price of R493.32 per ordinary share, being the volume weighted average traded price of AngloGold ordinary shares on the JSE Securities Exchange over the ten trading days ended Tuesday, 29 October 2002. All ordinary shareholders who hold, individually, in aggregate less than 50 ordinary shares are able to participate in the odd-lot offer, which opened at 09h00 on Monday, 11 November 2002 and closes at 16h00 on Friday, 20 December 2002. The offer was made in full compliance with the listing requirements of the JSE.Subsequent to the decision of the Board of Directors of AngloGold to implement the offer and the setting of the offer price, the AngloGold share price has increased by some 12%, introducing an unintended arbitrage opportunity and, ultimately, the potential for the need to issue further AngloGold shares. Since this was not the intention of the company, it approached the JSE for assistance in formulating a revision to the offer which would achieve AngloGold’s original objectives.
Revised terms of the odd-lot offer
AngloGold has, with the consent of the JSE, resolved to restrict the offer to those shareholders who are odd-lot holders as at the close of business on Tuesday, 19 November 2002 and who remain odd-lot holders until the close of business on Friday, 20 December 2002. The last date to trade on the JSE in order to participate in the odd-lot offer will therefore be Tuesday, 12 November 2002.
All other terms of the odd-lot offer set out in the announcement dated 11 November 2002 and as contained in the circular to AngloGold shareholders of the same date remain unchanged.
The odd-lot offer is not available to holders of AngloGold ADSs and CDIs and to shareholders whose registered addresses are, or who are located, in the United States or to shareholders who are U.S. persons. AngloGold has not registered and will not register under the U.S. Securities Act any AngloGold shares being offered or sold under the odd-lot offer. Therefore, these AngloGold shares may not be offered or sold in the United States or to U.S. persons, unless they are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available.
Eligible odd-lot shareholders who wish to participate in the odd-lot offer will be asked to make certain representations and agree to the foregoing restrictions. They should carefully read the circular to shareholders and the form of election before participating in the odd-lot offer.The odd-lot offer is not available to holders of AngloGold shares in book entry from through the Euroclear France system under Euroclear France securities code 12969.
The recoverable reserves of gold ore as per the information furnished by Indian Bureau of Mines (IBM), a subordinate organisation under the Ministry of Mines in the country is 17.79 million tonnes containing about 67.9 tonnes of gold metal. There is no exclusively policy for Gold exploration. National Mineral Policy announced in March 1993 seeks inter-alia to explore for identification of mineral wealth in the land and in off-shore areas. Under the policy, the Government has laid emphasis on induction of state of the art technology and private participation in exploration and mining of precious and rare minerals.
Large area prospecting licenses/Reconnaissance permits have been granted recently for various minerals including gold. Out of 115 large area prospecting licenses/Reconnaissance permits granted till July 31, 2001, 98 have been granted for gold in the States of Rajasthan, Andhra Pradesh, Karnataka, Uttar Pradesh, Haryana, Gujarat and Maharashtra. This information was given by the Minister of State for Mines Shri Jaysingrao Gaikwad Patil in a written reply in the Lok Sabha today. 29 August 2001
Hutti Gold Mines Ltd. (HGML) during July 2001 has produced 258.454 kgs. of gold against a target of 208.839 kgs. It produced 225.382 kgs. of gold during June 2001. During April-July, 2001 HGML and Bharat Gold Mines Ltd. (BGML) have produced 816.504 kgs. of gold against 630.168 kgs. during the same period last year. The target set for these 4 months of 2001 was 818.302 kgs. BGML didn’t fix any target for July as the mining and smelting activities have been stopped.
Saudi Mineral Resources
In addition to its vast oil and gas reserves, the Kingdom is rich in mineral deposits. Three thousand years ago, the mine known as the Cradle of Gold (Mahad Al-Dhahab), some 180 miles north of Jeddah, was a rich source of gold, silver and copper. According to the Fourth Five Year Plan, gold had been discovered at some 600 sites around the Kingdom and a total of 29 prospects have been drilled. The Mahad al Dhabab gold mine was re-opened by Petromin with the intention of developing a high-grade underground gold mine with a capacity of 400 tons of ore per day. This venture encouraged further exploration for gold elsewhere in the Kingdom. Silver and base metal deposits (bauxite, copper, iron, lead, tin and zinc), as well as non-metallic minerals (bentonite, diatomite, fluorite, potash and high-purity silica sand) have all been discovered, attesting to the wealth that remains, still largely unexploited, beneath the Kingdom's soil.
SBI Gold Deposit Scheme
Now your idle gold can earn you interest. And much more. Make the most of the power of gold. Deposit your gold with State Bank of India and earn interest thereon.The salient features of the scheme are:
Gold accepted in bar/ jewellery / coin form
Minimum quantity : 200 grammes gross
Maturity period 3 to 7 years
Interest 3 % to 4% (subject to change)
No income tax, wealth tax or capital gains tax
Liquidity. Facility of loan in rupees against Gold Deposit(s)
Premature encashment permitted after initial lock-in period
Repayment on maturity in purest gold, irrespective of price variations
Option with depositor of cash repayment
Transferable by endorsement and delivery
