Search Result for : Gems And Jewellery Sector

The Dollar Business Bureau  Foraying into the field of education and training for the first time Southern India, Gem and Jewellery Export Promotion Council (GJEPC) is establishing Indian Institute of Gems and Jewellery (IIGJ) at Udupi in the state of Karnataka in collaboration with the National Institute of Design (NID), Ahmedabad. This training institute will be a part of the series of institutes and facility centres which will be established by GJEPC all over the country. The foundation stone for the premier training institute was laid by Commerce and Industry Minister Nirmala Sitharaman on Friday. Speaking on the occasion, Sitharaman said, “Across the globe, the best of jewellery pieces are handmade. Global retail giants like Cartier, Boucheron or Van Cliff command premium prices for ...

The Dollar Business Bureau Gems and Jewellery industry welcomed the government’s decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business. The industry said they are happy that the government understood the requirements of the industry and a special category has been created in the GST. “We welcome the government's decision of 3% GST for gold and 0.25% on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” Nitin Khandelwal, Chairman All India Gems and Jewellery Trade Federation (GJF) told PTI. He further said the rate is expected to be less than 3% as input tax credit ...

The Dollar Business Bureau India’s gold imports surged to $3.85 billion during April 2017, witnessing a three-fold rise, mainly due to increased demand on Akshaya Tritiya. In April 2016, the country’s gold imports were $1.23 billion, according to official data released on Monday. Imports of the yellow metal were on a downward trend between February-September 2016. The imports rose in the months of October and November but declined in December and January. In February and March this year, the imports of the precious metal recorded a high rate of growth. In March 2017, imports of gold had surged to $4.17 billion compared to $974 million in the same month in 2016. The rise in gold imports had led to a widening of trade deficit in April 2017 to $13.2 billion ...

The Dollar Business Bureau The global demand for gold fell by 18% to 1,034 tonnes during the January-March period of 2017, primarily due to fewer inflows into the exchange-traded funds (ETFs) and slow central bank demand, as per the World Gold Council (WGC). The overall global demand for gold stood at 1,262 tonnes in the first quarter of 2016, as per the latest report on Gold Demand Trends by WGC.  “Demand is down but that is largely because Q1 last year was exceptionally high. Although we did not see the record-breaking surges in ETF inflows experienced in Q1 2016, we have seen good inflows nonetheless this quarter, with strong interest from European investors ahead of the Dutch and French elections,” said Alistair Hewitt, ...

The Dollar Business Bureau PM Narendra Modi, urged a gathering of diamond industry barons at Surat, to make the country, the number one in gems and jewellery sector. Namo was in the city to unveil Hari Krishna Export’s diamond polishing unit at ‘Hira Bourse SEZ’ in Icchapore village, and suggested the diamond barons that Surat’s success should extend beyond mere diamond-cutting and processing to a complete processed product. “Enough of just diamond cutting and polishing work. The country has expectations from Surat. Should the country have it or not,” Modi asked. He continued that the city had made strides in the diamond industry and contributed nearly 6-7% to the country’s GDP but now needed to look at the entire portfolio of gems and jewelry. He emphasized ...

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 ...

The Dollar Business Bureau India Ratings and Research (Ind-Ra) on Friday said that it has kept a negative outlook on the cut and polished diamond exporters and a stable one on the organised jewellery retailers for the financial year 2017-18. According to the World Gold Council (WGC), the demand for gold jewellery in India fell steeply by 22% year-on-year to reach a 7-year low of 522 MT in 2016. The demand was severely impacted due to several events that occurred last year like country-wide strikes by jewellers and the severe cash crunch due to the withdrawal of 500 and 100 rupee notes by the Government. After a four-month disruption on both supply and demand side, the decline in consumers demand was led due ...

The Dollar Business Bureau India’s credit growth is unlikely to recover materially in near future because of the prevailing demand conditions which are acting like a laggard, said a report released by State Bank of India (SBI). This was revealed by the bank’s Composite Index which released for the month of May. The Composite Index by the bank mirrors the credit demand in the country and other data available for the public. SBI Composite Index that tracks the country’s manufacturing sector have two growth constituents - month-on-month as well as year-on-year scaling from zero to 100. Index value of 42-46 represents moderate decline, 46-50 shows low decline, 50-52 means low growth, 52-55 says there is moderate growth and over 55 proves high ...