MUMBAI: Indian authorities withdrew on Friday an amendment that made jewelers subject to anti-money laundering legislation and caused a drop in gold sales.
The Prevention of Money Laundering Act obliges banks and other financial institutions to report all cash transactions above 50,000 rupees ($765) to the government, including customers’ personal identification numbers or tax codes.
Transactions by jewelers in the world’s second-biggest gold consumer were added to the list in August but without specifying a financial threshold.
However, that dented jewelry sales during the gold-buying festival season because customers were wary of providing personal details, industry body the All India Gems and Jewellery Trade Federation said.
“For the time being we have withdrawn the notification and we will be reissuing it with clear cut guidelines,” Hasmukh Adhia, revenue secretary at the Finance Ministry, told reporters.
Demand for gold typically rises in the last three months of the year as consumer buy more for the wedding season and for festivals such as Diwali and Dussehra.
“It is a big relief. The timing is right – just before Diwali,” said Ishu Datwani, owner of Mumbai-based Anmol Jewellers.
Indians will celebrate Diwali in the third week of October, a holiday period in which the buying of gold is considered auspicious.
India rethinks jewelry sales oversight after slump in gold demand
India rethinks jewelry sales oversight after slump in gold demand
Saudi Electricity Co. launches its new corporate identity, announces transformation to Saudi Energy
RIYADH: Saudi Electricity Co. has announced the launch of its new identity and its official transformation to Saudi Energy.
This step highlights its role within the national energy ecosystem and its alignment with the structural transformations witnessed in the Kingdom’s energy sector, enhancing its contributions to supporting the security of energy supplies and grid reliability, in achievement of the goals of Saudi Vision 2030, according to the Saudi Press Agency.
Saudi Energy CEO Khaled bin Salem Al-Ghamdi said: “This transformation is a continuation of the financial, regulatory, and structural reforms that the electricity sector has been witnessing since 2020, aiming to achieve the desired goals for the sector and elevate the quality of services provided to consumers.”
Al-Ghamdi added: “It also represents an extension of a deep-rooted legacy built by the Saudi Electricity Co. over decades, a natural evolution of its vital role, and embodies a new phase in the company’s national journey.”
He affirmed that launching the new identity expresses an evolution in role and responsibility, not a change in the nature of the activity, and represents a strategic step toward establishing a modern corporate image that reflects trust, sustainability, and readiness for the future, and confirms Saudi Energy’s commitment to its national role in supporting the energy sector and contributing to achieving growth and prosperity across the Kingdom.
Al-Ghamdi also said: “Today, we build upon a rich legacy filled with achievements and developments in the electricity sector, and we embark with an identity that reflects a more integrated coming phase.”
He added: “In this phase, we are ready to continue contributing, efficiently and effectively, to supporting the national energy ecosystem and enhancing service reliability, in complete alignment with the strategic directions of the Ministry of Energy and the goals of the Kingdom’s Vision 2030.”
The company affirmed that launching the new identity and changing its name reflects the role the company plays within the national energy ecosystem. This role includes developing and implementing energy storage projects and systems, alongside its pivotal role in enabling the transformation in the energy sector.
This involves enhancing the sector’s reliability and efficiency by reaching the optimal energy mix used in electricity generation, displacing liquid fuels to enhance and ensure supply security, expanding, upgrading, and automating transmission and distribution networks, increasing localization rates, stimulating investments, and achieving the Kingdom’s environmental goals.
This step also comes as an extension of a long and successful national journey in supplying the Kingdom with electricity, based on the company’s position as a key element in the electrical infrastructure, and affirming the pivotal role it undertakes in enhancing grid reliability, raising its efficiency, and modernizing and automating it.
To this, it adds its role in the integration of energy sources, supporting the stability of the ecosystem and confirming its readiness for the requirements of the next phase.
Furthermore, this development represents an extension of the approved regulatory framework governing its activities in the areas of electricity generation, transmission, distribution, and storage, and enabling the electrical system, reflecting the continuity of its operational model and the stability of the governance rules under which it operates.
Saudi Energy clarified that the new identity affirms that the customer is the core of the company’s business. This orientation, expressed in its logo and corporate promise, “Around you, For you,” represents one of the main pillars of its operational strategy.
It reflects its commitment to elevating the beneficiary experience, enhancing the quality of interaction with them and the service provided to them, and its efforts in developing digital channels and effectively responding to the needs of individuals, business, and industrial sectors, thereby contributing to improving the quality of life and supporting the competitiveness of the national economy.
The company stated that this transformation confirms its adoption of the best global practices in managing and operating energy grids and their infrastructure. This supports operational efficiency, enhances its role as a key enabler of the electrical infrastructure, and contributes to supporting the Kingdom’s position as a global energy hub.
