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 ...
Indian gold sellers hit on both fronts: domestic sales and exports
Sneha Gilada After a sudden surge in demand for gold on the eve of demonetisation, which led to record high gold prices, the gold buyers seem to have all gone into hibernation. With 80% of the Indian currency turning into trash, people can no longer step into jewellery stores, making a display of wads of notes in return for the precious metal. Even straight-laced, honest tax payers seldom buy jewellery electronically. This industry has been worst hit by the cash crunch in the short term and no amount of numbers and statistics can paint this picture better than the empty jewellery stores. Shri Shravanthi Jewellers, a known name in the gold business in Southern India, saw its domestic business suffer great losses in the months after note ban as turnovers were slashed by 90%. Footfall in retail stores witnessed an all-time low, ...
Rajesh Exports bags Rs.653 cr worth export order
The Dollar Business Bureau Rajesh Exports Ltd (REL) has received an export order worth Rs.653 crore from Singapore to supply gold and diamond studded designer jewellery by the end of September this year, the company said in a filing to BSE on Wednesday. REL is confident of delivering the order within the stipulated time frame from its Bangalore manufacturing facility as it has the largest gold jewellery manufacturing facility in the world with a capacity to process 250 tonnes of gold ornaments a year. The facility has integrated infrastructure, skilled craftsmen and artisans. The company excels in the art of handmade jewellery and technology. It delivers the best crafted gold jewellery to markets the world over. Their quality craftsmanship has made them global ...
Gold imports down 60.4% to $1.23 bn in April
The Dollar Business Bureau India’s gold imports decreased for the third straight month in April 2016. The country has imported $1.24 billion worth gold, which is 60.47% down from $3.13 billion in the same month previous year as per the data released by Ministry of Commerce and Industry on Friday. Gems and jewellery exports increased 17.23% to $3.45 billion from $2.94 billion in the same month last year. Silver imports also have declined 31.39% to $218.98 million. Due to a long strike by jewellers in India, the gold imports had declined over 80% to $972.96 million in March. Gold demand in India has come down 39% y-o-y to 116.5 tonnes during the last quarter of FY 2016 when compared to the demand ...
Indias gold import fell by 67.33% in April
The Dollar Business Bureau According to gold and silver refiner MMTC Pamp, gold imports fell by 67.33 per cent in April 2016. The fall in imports came as a result of the jewelers’ strike, who were opposing the one per cent excise duty on all non-silver jewellery. MMTC Pamp is a joint venture between the state’s Metals and Mineral Trading Corporation and Switzerland’s PAMP. A senior official from MMTC Pamp said that import of gold has decreased to 19.6 tonnes in April 2016 from 60 tonnes in the previous year. The fall in import is mainly due to weak demand. He also said that the bullion shipment of total imports was at 13.14 tonnes in April as against the 54 tonnes in ...
China looks to streamline cross-border gold trade
The Dollar Business BureauChina will soon test a new policy that aims to simplify cross-border shipments of gold trade, thereby speeding up import and export of yellow-metal a lot easier in the country. A joint statement issued by the People's Bank of China (PBOC) and the General Administration of Customs on Wednesday said the new policy will be tested from June 1. The new policy will be tested in the major Chinese cities such as Beijing, Guangzhou, Nanjing, Qingdao, Shanghai and Shenzhen. The policy will enable gold companies to clear customs up to 12 times with one permit, according to the statement issued by the People’s Bank of China. Earlier, gold companies had to apply for a separate permit ...
Indian firm to export gold jewellery worth Rs.1,122 crore to UAE
The Dollar Business Bureau The company has the total refining capacity of 2400 tonnes of precious metals per annum Indian jewelry manufacturer Rajesh Exports Limited (REL) on Monday said that it has bagged an order for supplying gold and diamond studded designer ornaments worth Rs.1,122 crore to the United Arab Emirates. The order which is set to be completed by March 31, 2016 will be executed at the company’s manufacturing facility in Bengaluru, which is recorded as the world’s largest gold product manufacturing facility, the REL said in a statement. Spread over 12 acres of land, the manufacturing facility has an installed capacity to process 250 tonnes of jewelry per annum. Earlier, the gold products exporter had got an order worth ...
