Gems and jewellery export falls by 5.3%
The Dollar Business Bureau Due to weak global demand and high diamond prices, the gems and jewellery exports fell by 5.30 percent in the financial year 2015-16. According to the data from Gem Jewellery Export Promotion Council (GJEPC), gems and jewellery exports stood at Rs 22.13 lakh crore for the financial year 2014-15. However, for the current financial year 2015-16, exports of the same stood at Rs 2.09 lakh crore. GJEPC chairman Praveenshankar Pandya said that the fall in exports is because of the slow-down in global markets like Europe, Japan and China. He also pointed out that surging prices and falling demand have resulted in the piling up of inventories. A 10 percent rise is expected in the future of jewellery, polished and ...
Gold prices to bottom out in 2015: Report
The Dollar Business Bureau If the industry sources have to be believed upon, the gold prices that have been under decline since two years, are expected to witness further deep downfall in 2015. According to industry reports released on Friday, the physical demand for gold has gone down in the year 2014 and as a result China, the world’s biggest consumer of gold fell down to the second position, giving a way for India to become the leading consumer of yellow metal in 2014. The report, however, suggested that the Chinese gold demand will increase in 2015, but, it may not be able to reach a target of $1000 tonnes, which it achieved for the first time in 2013, the report added. ...
GJF recommends gold import duty cuts, exclusion of jewellery from FTAs
The Dollar Business Bureau India exported gold jewellery worth around $8.1 billion in FY2013-14, down 38% from $13 billion in FY2012-13 The All India Gems and Jewellery Trade Federation (GJF), a trade body for the promotion and growth of trade in gems and jewellery across India, has urged the government to develop a comprehensive gold policy to make India a global jewellery hub as a part of Prime Minister Narendra Modi’s “Make in India” initiative. Among its recommendations for Union Budget 2015-16, GJF said that considering that crude oil prices are expected to be low, the government should reduce the import duty on gold from 10% to around 2% to strengthen the domestic gold industry and prevent smuggling of gold ...
