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KOLKATA/NEW DELHI: Indian gold and jewellery retailers are taking a sharp hit from the escalating West Asia conflict, with sales in key Gulf markets falling by as much as 70% in March compared with a year earlier, according to industry executives.Chains such as Malabar Gold & Diamonds, Kalyan Jewellers, Joyalukkas and Titan Company's Tanishq, which together command a significant presence in the region, are witnessing weak footfall and cautious spending, even as most stores remain open in markets such as the UAE.In a region estimated to be a $2 billion jewellery market, Indian players account for about half of total sales. While festive demand around Eid provided some support in relatively less affected pockets such as Saudi Arabia, companies say expansion plans in the Gulf have been put on hold indefinitely amid prolonged uncertainty.Also Read: JICA plans to scale up private investment operations in IndiaIn an email response to ET, Titan Company said that while many Damas and Tanishq UAE stores are open on most days, consumer sentiment and sales were adversely impacted during March, although Eid sales in less affected markets such as Saudi Arabia and the UAE were reasonably strong. "While retail expansion plans are currently impacted, our transformation journey continues without any let-up," it said.Tanishq has 13 stores in the GCC region and Mia has one store. Titan acquired a 67% stake in Middle East jewellery company Damas last year, which operates 123 stores across the GCC.Joy Alukkas, chairman of the Joy Alukkas Group, which has 50 stores across the UAE, Oman, Qatar, Bahrain, Kuwait and Saudi Arabia, said, "The first week after the war broke out, the situation was at its worst. Now, while stores are open, volume offtake has been hit. People are buying more gold coins and bars rather than jewellery due to a drop in gold prices."ET emailed Kalyan Jewellers and Malabar Gold & Diamonds, both of which have a significant presence in the GCC, to assess the impact of the US-Iran conflict on their operations in Gulf countries, but neither company responded.Also Read: Banks told to use Grameen Credit Score to assess rural borrowersAshish Garg, board director at the Dubai Gold & Jewellery Group, said tourists, Asian expatriates and Arab expatriates are the primary buyers of gold and diamond jewellery. "Tourists are not coming because of the current geopolitical situation. Asian expatriates are the major buyers for Indian retail chains, but they are holding back purchases. Mostly, bullion buying is happening among them. Indian retail jewellers do not cater as much to Arab expatriates, as they prefer different design aesthetics," he said.Indian jewellery chains are exploring the US and the Far East as alternative markets to route jewellery from their GCC operations, in an attempt to offset some of the lost business."Expansion in the Gulf region - our most crucial global market - is on hold indefinitely, as there is no clarity on when the situation will improve. Even if conditions begin to normalise in India, buying sentiment in West Asia remains depressed," said an executive at one of India's largest jewellery retail chains.According to analysts, gold and jewellery remain the largest Indian consumer sector by value sales dependent on West Asia, contributing an average of 20-25% annually. While packaged consumer goods makers such as Reliance Consumer Products, Marico, Dabur and Godrej Consumer Products also have significant businesses in the region, their combined contribution by value is smaller.

Following the government’s decision to bar households with piped natural gas (PNG) connections from retaining or obtaining subsidised domestic LPG, around 6,000 PNG users have surrendered their LPG connections as of March 28. Petroleum and Natural Gas Secretary Neeraj Mittal, speaking on Sunday, thanked those who have given up their LPG connections and urged more PNG consumers to follow suit so cylinders can be made available to households without piped gas access. “Join this strong group of do-good citizens who have come forward to give up LPG to help those who don’t have PNG. Give up yours today,” Mittal said in a post on X. On March 14, the Ministry of Petroleum and Natural Gas amended the Liquefied Petroleum Gas (Regulation of Supply and Distribution) Order, 2000, under the Essential Commodities Act. The revised rules make it mandatory for households with PNG connections to surrender their domestic LPG connections.— neerajmittalias (@neerajmittalias) The order also bars government oil companies and their distributors from issuing new LPG connections or refilling cylinders for consumers who already have PNG supply. It states that such consumers must immediately surrender their LPG connections and cannot apply for new ones. The move aims to prioritise LPG availability for households that do not have access to piped gas. India imports about 88% of its crude oil, 50% of its natural gas and 60% of its LPG requirements. Before the recent escalation involving US-Israel strikes on Iran and Tehran’s retaliation, a significant share of these imports came from West Asia, including countries such as Saudi Arabia and the UAE. The ongoing conflict has disrupted supplies due to a blockade of the Strait of Hormuz, a key transit route for Gulf energy exports. While India has partly offset crude disruptions by sourcing oil from countries like Russia, gas supplies to industrial users have been curtailed and LPG availability for commercial establishments has been reduced. In response, gas allocation has been prioritised for households and transport, with full supply to PNG and CNG users. Industrial and commercial consumers are receiving around 80% of their usual supply, while fertiliser plants are operating at 70–75% capacity, with additional LNG cargoes being arranged. The government has also accelerated the expansion of city gas distribution networks by easing approvals and promoting a shift from LPG to PNG. More than 2.9 lakh new PNG connections were added in March alone. Companies such as Indraprastha Gas, Mahanagar Gas, GAIL Gas and BPCL are offering incentives to encourage PNG adoption. Despite geopolitical disruptions, LPG deliveries remain stable, with no reported shortages. Daily refill deliveries have crossed 55 lakh cylinders, and measures to curb diversion have been tightened. Commercial LPG supply has been restored to around 70% of pre-crisis levels, with priority given to hospitality, food services and key industries. To manage supply, the government has increased kerosene allocations to states and intensified action against hoarding and black marketing, conducting around 2,900 raids and seizing nearly 1,000 cylinders in recent days. States have been directed to enhance monitoring, hold daily briefings, counter misinformation and fast-track approvals for gas infrastructure. The government has also urged the public not to believe rumours. Consumers in areas with PNG access, including those in rented homes, will be required to transition, with officials treating gas as a basic utility similar to electricity and water. Around 60 lakh consumers are estimated to be eligible for the shift, with about 2.2 lakh already having moved from LPG to PNG in recent days. The government is targeting 12.6 crore PNG connections by 2032 as part of its push to expand city gas distribution networks.

Seoul: North Korean leader Kim Jong Un observed a test of an upgraded solid-fuel engine for weapons capable of targeting the U.S. mainland, and called it as a significant development boosting his country's strategic military arsenal, state media reported Sunday.Also Read: North Korea's Kim Jong Un inspects solid-fuel rocket engine, new battle tank as Pyongyang steps up military developmentWhile the test was in line with Kim's stated goal of acquiring more agile, hard-to-detect missiles targeting the U.S. and its allies, some experts speculate North Korea's claim may be an exaggeration. Missiles with built-in solid propellants are easier to move and conceal their launches than liquid-fuel weapons, which in general must be fueled before liftoffs and cannot last long.The official Korean Central News Agency reported Kim watched the ground jet test of the engine using a composite carbon fiber material. It said the engine's maximum thrust is 2,500 kilonewtons, up from about 1,970 kilonewtons reported in a similar solid-fuel engine test in September.KCNA reported the test was conducted as part of the country's five-year arms build-up meant to upgrade "strategic strike means," a term referring to nuclear-capable ballistic missiles and other weapons. Kim said the latest engine test had "great significance in putting the country's strategic military muscle on the highest level," according to KCNA. The agency did not say when or where the test occurred.North Korea's report on the latest test could be "bluffing" as it didn't disclose some key information like the engine's total combustion time, said Lee Choon Geun, an honorary research fellow at South Korea's Science and Technology Policy Institute.When North Korea reported about the previous engine test in September, it described it as the ninth and final ground test of a solid-fuel engine that it earlier said would be used for intercontinental ballistic missiles. Observers predicted at the time North Korea would soon test-launch an ICBM loaded with that engine, but it hasn't done so yet.Also Read: China is rebuilding its grip on North Korea. Is Kim Jong Un ready to oblige?North Korea's solid-fuel engine program may be facing some delays or the country might have determined to develop a better engine, possibly with Russian assistance, Lee said. Cooperation between the countries has deepened in recent years, with the North sending troops and conventional weapons to support Russia's war against Ukraine. In recent years, North Korea has test-fired a variety of ICBMs demonstrating the potential range to reach the U.S. mainland, including solid-fuel ones. But some of North Korea's past claims about major weapons tests drew outside skepticism. In 2024, North Korea claimed to have successfully test-launched a multiwarhead missile, but South Korea quickly dismissed it s a deception to cover up a failed launch.Some foreign experts say North Korea still faces technological hurdles before it has a functioning ICBM, such as ensuring its warheads survive the harsh conditions of atmospheric reentry. But others dispute that assessment given the number of years the country has spent on its nuclear and missile programs. Possession of more powerful and efficient solid-fuel engines would allow North Korea to build smaller ICBMs that can be launched from submarines or land-based mobile launch trucks, Lee said. Other observers say a push to increase the engine power is likely associated with efforts to place multiple warheads on a single missile to increase chances of defeating U.S. defenses.North Korea has pushed hard to expand its nuclear arsenal since Kim's high-stakes diplomacy with U.S. President Donald Trump collapsed in 2019. In a ruling Workers' Party congress in February, Kim left open the door for dialogue with Trump but urged Washington to drop demands for the North's nuclear disarmament as a precondition for talks.