Indias silver jewellery exports jump 4-fold
The Dollar Business Bureau In the current scenario, where the luxury products market across the world is struggling, India’s exports of silver jewellery have risen steeply in the last five years. Since 2010-11, exports of silver jewellery from India have increased fourfold. The data from the Gems and Jewellery Export Promotion Council (GJEPC) revealed, that India’s silver jewellery exports stood at $2959 million (about Rs.19,407 crores) in the fiscal year 2015-16 as compared to $566 million in 2010-11. The fourfold jump in silver jewellery exports is due to a shift in customer preferences towards light weight, contemporary and modern designs of stone-studded ornaments. The shift also enabled surge in export of silver ornaments of 44 percent in 2015-16, compared to the ...
Jewellers protest against excise duty on non-silver jewellery
The Dollar Business Bureau In the recent Union Budget presented by the Finance Minister Arun Jaitley, the government has proposed a 1% excise tax on jewellery with an aim to align gold with GST, which is expected to be implemented soon. “The proposal is not for small traders. However, jewellers are on strike since March 2 with the demand of withdrawal of excise duty on jewellery,” Jaitely said. In the Union Budget 2016, the government had announced an excise duty on non-silver Jewellery. Jaitley also mentioned that the excise duty is not valid for small traders but only for those with a Rs.12 crore turnover. They will also not be bothered by tax officials. Gems and jewellery industry has expressed disappointment ...
