Indias gems and jewellery exports decline by 11% in Feb
The Dollar Business Bureau Due to lack of institutional finance support in the aftermath of Punjab National Bank (PNB)-Nirav Modi scam, along with value-added taxes introduced on gold purchases by Dubai, India’s gems and jewellery exports witnessed a decline of 11.13% in the month of February over a year ago. The country exported Rs.23,613.26 crore worth of gems and jewellery in February 2018, as compared to Rs.26569.49 crore in the same month last year, according to a data by the Gems and Jewellery Export Promotion Council (GJEPC). Following the PNB scam of Rs.13,600 crore by billionaire Nirav Modi and his uncle Mehul Choksi, both public and private sector banks have considerably reduced lending to the gems and jewellery sector. The worst hit by this are ...
Gems and jewellery exports decline by 4.65% in Apr-Dec FY18
The Dollar Business Bureau India’s gems and jewellery exports dropped by 4.65% to around $25 billion during the nine-month period of the current fiscal due to sluggish demand in major international markets, including the US. The exports from the sector were $26.1 billion during April-December period last year, according to the date by Gems and Jewellery Export Promotion Council (GJEPC). The decline in exports is owing to the negative growth in the outward shipments of gold jewellery and gold coins and medallions. During the given period, gold jewellery exports contracted by 4% to $7 billion, according to the data. Similarly, shipments of gold medallions and coins dipped by around 55% during the period. On the other hand, exports of silver jewellery ...
Exports of gems and jewellery likely to touch $60 bn by 2022, GJEPC
The Dollar Business Bureau According to the recent data given by the Gems and Jewellery Export Promotion Council (GJEPC), the gems and jewellery exports is likely to touch the $60 billion mark in the next five years from the present $43 billion. Exports increased by about 4% to $9.17 billion in the first quarter of the FY2017, driven mostly due to the demand from major markets like US. In the last financial year, gems and jewellery exports aggregated to $8.84 billion. The Export Promotion Council in its bid to increase its exports by 40% in the next 5 years has prepared a plan, which it presented to the Prime Minister. The plan titled, ‘Vision 2022’ has provisions for setting up jewellery parks ...
Continuous exports growth gives confidence to exporters on easy sailing with GST
The Dollar Business Bureau Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST. The new regime of Goods and Services Tax (GST), which will subsume most of the indirect taxes, is expected to be rolled out from July 1, 2017. “The exports data for the month of May, 2017 showed yet another consecutive and positive growth depicting the strength and competitiveness of Indian industry,” said Dr A Sakthivel Regional Chairman FIEO Southern Region. India’s exports have surged 8.32% to $24 billion in the month of May, keeping the growth trajectory for straight eight months, according to the latest data released by the Ministry of Commerce. Dr Sakthivel ...
Exports grow 8.32%, imports by 33% in May; trade deficit widens
The Dollar Business Bureau India’s exports grew by 8.32% to $24 billion in May, registering an upward growth in the last eight months. However, the trade deficit also surged to $13.84 billion a 30-month high, majorly on account of higher gold imports. The exports growth during the month is mainly propelled by strong performance from marine products (44.58%), rice (27.08%), petroleum products (24.92%), organic & inorganic chemicals (15.34%), electronic goods (8.57%), engineering goods (8.25%), RMG of all textiles (8.06%) and gems & jewellery (6%). In May 2016, the country’s exports were $22.1 billion, according to the Ministry of Commerce data. The cumulative value of exports for the period April-May 2017-18 was $48.6 billion witnessing a growth of 13.83% compared to $42.7 billion over the same ...
Indias April exports rise 19.77%, gold imports widen trade deficit
The Dollar Business Bureau India's exports surged up almost 20% during April this year, continuing recovery for the eighth straight month, on the back of good performance by petroleum, textiles and engineering sectors. However, the trade deficit also recorded a three-fold rise to $13.2 billion, majorly due to a sharp increase in the imports of gold and crude oil during April. Exports increased by 19.77% to $24.63 billion during the month compared to $20.56 billion during April 2016, as per the data released by the Ministry of Commerce and Industry on Monday. “In continuation with the double-digit growth exhibited by exports during March 2017, exports during April 2017 have shown growth of 19.77% in dollar terms valued at $24.6 billion as compared ...
Indias gold imports fall 24% in Apr-Feb 2016-17
The Dollar Business Bureau The Indian gold imports witnessed a decline of about 24% and stood at $23.22 billion in the period April-February of 2016-17, which is likely to keep in control the current account deficit (CAD). In the corresponding period of fiscal 2015-16, total imports of the yellow metal were $30.71 billion. As per industry experts, easing of gold prices in the domestic as well as global markets can be the reason for contraction in imports. The shrinking of imports helped in decreasing the trade deficit, which stood at $95.2 billion during the April-February period of 2016-17 compared to $114.3 billion in the corresponding period of previous fiscal. However, gold imports on month-on-month basis, surged to $3.48 ...
GJEPC to set up Indian Institute of Gems & Jewellery in Varanasi
The Dollar Business Bureau The Gem & Jewellery Export Promotion Council (GJEPC) will be establishing the first-of-its-kind Indian Institute of Gems & Jewellery (IIGJ) in Varanasi, Uttar Pradesh. It will be the fifth such centre in the country after Mumbai, New Delhi, Jaipur and Kolkata. According to Union Minister of Commerce Nirmala Sitharaman, the Gems & Jewellery sector is one of the biggest sources of employment in India by way of having different sub sectors. It employs people largely from the rural areas and also those who are not from the Gems & Jewellery background after giving them proper training. This leads to the sector having a direct impact on the job scenario in India. Varanasi has an old history of craftsmanship which is why GJEPC chose the city to ensure ...
