Search Result for : Gems Jewellery

The Dollar Business Bureau India’s exports has witnessed a sharp jump of 30% year-on-year in the month of November, on the back of good growth in the outward shipments of engineering goods, petroleum products, gems & jewellery and organic & inorganic chemicals. “Exports during November 2017 have exhibited high positive growth of 30.55% in dollar terms, vis-à-vis November 2016. This is on the pattern of positive growth in exports in last thirteen months with a dip of 1.12% in October 2017 vis-à-vis same period last year,” the Commerce Ministry said in a statement on Friday. “During November, exports are valued at $26.19 billion as compared to $20.06 billion in the same month last year. In rupee terms, exports registered an increase of 25.21% ...

The Dollar Business Bureau India and Tanzania on Tuesday agreed to enhance sectoral cooperation at the fourth session of the India-Tanzania Joint Trade Committee meeting held in New Delhi. It was decided that the cooperation would be based on the needs of therespective sides and comparative advantage for mutual benefit. Tanzania is a beneficiary of the Indian Duty Free Tariff Preference Scheme, which has considerably boosted the exports from Tanzania to India in past few years, said an official release from the Ministry of Commerce. At the meeting, Commerce and Industry Minister Nirmala Sitharaman led the Indian delegation and the Tanzanian delegation was led by Charles John Mwijage, Minister for Industry, Trade and Investment of Tanzania. In her address, Sitharaman said, “India and Tanzania enjoy close ...

The Dollar Business Bureau  The Directorate General of Goods and Service Tax Intelligence (DGGSTI), the newly created intelligence arm of GST, has been named as the ‘regulator’ for handling cases of money laundering in the gems and jewellery sector. Last week, the Finance Ministry in a notification had amended the Prevention of Money-Laundering (Maintenance of Records) (PMLA) Rules, 2005 and made DGGSTI a regulator for the gems and jewellery sector. Under the PMLA Act, the regulator issues rules and recommends measures to establish the identity of the client in different dealings. The regulator may prescribe increased or simplified measures for verifying the identity of client after considering the client’s type, business relationship, value and nature of the transactions based on risks involved related to overall laundering of money and financing for terrorist activities. Under the new PMLA ...

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 In a much-needed relief to the exporters, the Export Credit Guarantee Corporation (ECGC) in its 60th year of operation has taken a customer friendly step by reducing the premium rate by an average of 17% for its whole turnover policy covers. This has reduced the transaction costs for short term business exporters from Rs.28.19 to Rs 25.46 per Rs 100 during FY 2016-17. The premier Export Credit Agency has also initiated several customer friendly steps to boost exports. In its press release on May 31st, the agency has listed out the initiatives taken during FY 2016-17. The agency has taken steps to make Export Factoring Scheme, cheaper for MSMEs. To give a fillip to the Medium & Long Term (MLT) ...

The Dollar Business Bureau Gold imports of India dropped by around 13.5% to $27.4 billion in the last financial year, which is likely to keep a tap on the mounting current account deficit (CAD). In 2015-16, the country’s overall imports of the yellow metal stood at $31.7 billion. As per the industry experts, one of the reasons for the drop is softening prices of the precious metal in the domestic as well as international markets. The decline in imports has helped in narrowing down of the trade deficit to $105.7 billion in 2016-17 compared to $118.7 billion in the previous fiscal. However, on a monthly basis, the imports of gold surged to $4.17 billion in March compared to $974 million in the same month year-ago, ...

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 ...