Gold loans company Manappuram Finance is seeing a steady rise in the number of people, mostly poor, borrowing money against their gold jewellery. The record surge in gold prices has given them an opportunity to get their hands on some extra cash to make both ends meet during the Covid-19 pandemic.
“Most of our customers belong to the poorer sections [of the society],” says VP Nandakumar, managing director and chief executive of the company based in South Indian state of Kerala. “A loan against gold jewellery is perhaps the most convenient option available to them for quick and easy access to credit. These are small shopkeepers, farmers, labourers, small and medium household businesses.”
Many of them “lack documents to prove regular income and therefore are unable to access formal credit from the banking system”, he says.
With the rise in borrowings, the company expects its gold-backed loan portfolio to see a 10 to 15 per cent year-on-year expansion at the end of the current financial year.
Gold has long been an alternative means of storing wealth – particularly for those who do not have access to traditional banking services. Millions are struggling to find work in Asia's third-largest economy in the wake of the pandemic-induced lockdown that came into effect in March. Borrowing cash against gold to meet daily expenses seems like the most logical option for the unemployed.
It helps that gold prices have been hitting record highs, surging more than 30 per cent this year to over $2,000 (Dh7,345) per ounce last week. Investors globally are piling into bullion, a haven asset amid weaker global economic outlook and lower interest rates and a consistent slide in the US dollar.
Although India has seen a rise in gold-backed borrowing in recent months, the pandemic and the slumping economy have dampened appetite for the precious metal. Goldman Sachs estimates the Indian economy will contract 5 per cent in the current financial year.
The World Gold Council's latest report reveals that demand for gold in India in the second quarter of this year fell 70 per cent to 63.7 tonnes compared to the same period last year. Demand for gold jewellery – which makes up the bulk of India's gold consumption - dropped 74 per cent to 44 tonnes in the quarter to June.
“India [is] still in the throes of the effects of Covid-19 ... [and that] has affected gold demand in the country,” says Siddharth Panjwani, the chief strategy officer at Pickright Technologies, a FinTech marketplace platform in Bangalore. “This is amidst the backdrop of record gold prices. The economic situation, along with the propensity to hold on to cash savings with uncertain future incomes has led to a precipitous fall in the demand of gold in India.”
Gold holds enormous cultural and traditional significance in India. It is considered an essential part of Indian weddings, partly because it is believed to be auspicious. But this year, many weddings have had to be postponed or dramatically scaled down in the country due to lockdowns.
“The wedding season and hence jewellery demand is also affected,” says Mr Panjwani.
India is one of the world's largest markets for gold but a demand turnaround in the short term is unlikely, analysts say.
“I'm doubtful that people would absolutely rush to buy jewellery,” says Somasundaram PR, managing director, India, for the World Gold Council. “It is about confidence, and we have seen a huge increase in prices. People will wait and see at these prices whether it is going to be volatile or whether it is going to go up further.”
Gold loans, however, could increase, Mr Somasundaram says, as Indian banks are now also pursuing “an aggressive strategy” to compete with gold loan companies such as Manappuram Finance and Muthoot Finance, as well as independent pawnbrokers and money lenders.
"The growth came mostly from existing customers who made use of our digital channels to increase their borrowings against their existing pledge," VP Nandakumar, managing director and chief executive of Manappuram Finance, says.
However, declining disposable incomes have kept Indians away from gold investment and consumption, says Sugandha Sachdeva, the vice president, metals, energy and currency research at Religare Broking, in New Delhi.
“High volatility at these levels is another concern for investors,” she says.
The impact on earnings of jewellers is all too visible.
Ketan Chokshi, one of the founders of Narayan Jewellers, says that demand for gold jewellery is just about 30 per cent of what it was before the coronavirus pandemic.
"People are not looking at jewellery right now", as the finished product includes making charges on top of the high gold prices. They are more interested in gold bars or a coin, expecting prices to rise further.
Mr Chokshi says that given Indians' love of gold, “demand [for gold jewellery] will come back” eventually, “but not until the pandemic situation eases”.
“Gold is a tradition of Indian culture,” he says. Although Indians will take loans against it, they are less likely to sell their gold jewellery due to cultural or sentimental value attached to it, he adds.
Mr Somasundaram says that “what is going to happen in the second half is very, very difficult to predict”, given the infection rate is still on the rise and and the government could double down on virus containment measures.
The number of confirmed coronavirus in India – the third worst-affected country globally – has exceeded 2 million.
Mr Somasundaram however, says there is a “latent demand” for gold and “India could surprise”, but it would largely depend on what happens with the pandemic.
Bloomberg News earlier reported that India's demand for gold rebounded last month with easing of lockdown restrictions. Citing a person familiar with the data, it said that imports rose by a quarter to 25.5 tonnes in July.
With major festivals including Diwali coming up later this year, which are traditionally times when Indians buy gold, analysts say that there could be slightly more buying in the months ahead.
“Demand is likely to pick up gradually around festival and wedding season in the third and fourth quarter,” says Ms Sachdeva.
Despite the decline in overall gold buying in India, there has been a bright spot: gold exchange traded funds, or ETFs.
The World Gold Council says that ETFs grew “after being dormant for many years”, while “digital gold too saw significant activity though volumes are yet negligible in the overall demand scenario”, with lockdown restrictions pushing investors towards buying online over physical purchases.
Data from the Association of Mutual Funds in India reveal that gold ETFs in the country saw an inflow of 35bn rupees ($466m) in the first half of the year.
Palka Chopra, senior vice president at Master Capital Services, says that there are factors that make gold potentially attractive as an investment.
“At present, the interest rates are low and are expected to go down further,” she says. “Spending and the borrowing of the central government creates a lot of risk which can improve the demand for gold. It's expected that inflation is on the way, which traditionally will stimulate the demand for gold.”
Meanwhile, businesses that have spotted the opportunity in the gold market trends were quick to adapt.
Mr Nandakumar at Manappuram Finance says that in the quarter to June, footfall at its branches for gold-backed loans in India were low due to lockdowns and as people were reluctant to venture out.
“The growth came mostly from existing customers who made use of our digital channels to increase their borrowings against their existing pledge,” he says.
Manappuram is looking to come up with new ways to boost business during the pandemic. It has already launched a "doorstep delivery" service.
“Our executives visit the customers at the residence to collect the jewellery, appraise it on the spot, and disburse the loan amount directly to the bank account,” says Mr Nandakumar.
With coronavirus cases continuing to rise in India, and lockdowns still in place, the company is banking on people turning to gold as collateral to ease their cash crunch.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
The%C2%A0specs%20
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
A meeting of young minds
The 3,494 entries for the 2019 Sharjah Children Biennial come from:
435 – UAE
2,000 – China
808 – United Kingdom
165 – Argentina
38 – Lebanon
16 – Saudi Arabia
16 – Bangladesh
6 – Ireland
3 – Egypt
3 – France
2 – Sudan
1 – Kuwait
1 – Australia
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
More on animal trafficking
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
GYAN’S ASIAN OUTPUT
2011-2015: Al Ain – 123 apps, 128 goals
2015-2017: Shanghai SIPG – 20 apps, 7 goals
2016-2017: Al Ahli (loan) – 25 apps, 11 goals
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
WEST ASIA RUGBY 2017/18 SEASON ROLL OF HONOUR
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
UAE Premiership
Winners: Dubai Exiles
Runners up: Abu Dhabi Harlequins
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
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Book%20Details
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The%20specs
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CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Tiger%20Stripes%20
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match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
THREE
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COMPANY%20PROFILE
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
COMPANY%20PROFILE
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