Rajesh Exports wants Govt clearance to ship gold jewellery above 22-carat
The Dollar Business Bureau The leading gold manufacturing and jewellery company in India, Rajesh Exports Ltd has approached the Government for grant of permission to export gold jewellery of purity of 23-carat and 24-carat ‘on an urgent basis’ from its Cochin special economic zone (SEZ). Last week, the Government had barred the exports of gold jewellery, medallions and other items with purity of more than 22-carat in order to check the round tripping of yellow metal. Rajesh Exports, in a representation to the Ministry of Commerce, said that it has been shipping gold jewellery of 22-carat, 23-carat and 24-carat and also 24-carat medallions from its Cochin SEZ for several years. The company highlighted some specific issues faced by it after the implementation of Goods and Services Tax (GST). “Due ...
Gold jewellery and gold articles above 22 carat banned from being exported
The Dollar Business Bureau The DGFT has issued a notification 21/2015-2020 dated August 14, 2017, amending para 4.32 (i) of FTP 2015-20: “Gold jewellery, including partly processed jewellery and articles including medallions and coins (excluding legal tender coins), whether plain or studded, containing gold of 8 carats and above up to a maximum limit of 22 carats.” The notification also declares that, “export of gold jewellery, including partly processed jewellery, whether plain or studded, and articles, containing gold of 8 carats and above upto a maximum limit of 22 carats ONLY shall be permitted from domestic tariff area and EOU/EHTP/STP/BTP Units.” In other words, gold jewellery, gold medallions and other precious items made of gold, above 22 carat purity are not permitted by any exporter ...
Rajesh Exports bags Rs 786 cr jewellery order from UAE
The Dollar Business Bureau Rajesh Exports, currently the largest player in gold jewellery market, on Thursday, revealed that it bagged a contract worth Rs 786 crore from UAE. The contract is inclusive of exporting gold, diamond jewellery and medallions to UAE. In a BSE filing, the gold manufacturing company said that the export order received was of designer jewellery from UAE. The orders are to be fulfilled by October 15, 2016. The huge order will be worked upon at Rajesh Exports headquarter in Bengaluru. The Bengaluru facility has capacity to produce 250 tonnes worth jewellery and gold items per annum. Rajesh Exports further stated that the demand for Indian designed jewellery has been witnessing an upward trend in foreign markets.The 1989 founded company, is ...
Gold imports decline 39% to $1.47 bn in May
The Dollar Business Bureau India’s gold imports have declined 39.14% at $1.47 billion in May 2016 against $2.42 billion in the same month previous year as per the foreign trade data released by Ministry of Commerce and Industry on Wednesday. This is the fourth consecutive month that the imports of the precious metal have come down. It is mainly due to the downward trend in gold prices in domestic and international markets. The shrinkage of the inward shipment of gold has made trade deficit to decrease at $6.27 billion in May 2016 when compared to $10.4 billion in the corresponding period last year. India is the leading gold importer globally. It imports mostly to cater to the jewellery industry’s demand. The decline in ...
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 ...
Jewellers end 6-week strike, reopen shops today
The Dollar Business Bureau After keeping their shops closed for six weeks, in protest against the imposition of excise duty of 1%, all the striking jewellers and gold traders will reopen their shops today. The strike was called-off after the members of various associations of gold traders and jewellers met with several union ministers in the national capital on Tuesday. This development has been confirmed by the spokesperson of Gujarat Jewellers Association (GJA), Ashish Zaveri. "The Government has accepted around 70% of our demands," he said. Last week, in an attempt to put in their demands, jewellers and bullion traders from all over the country constituted All India Jewellers Excise Action Committee (AIJEAC). The Committee had submitted a memorandum to various senior ministers ...
4.61 Value Addition
4.61 Value Addition Under scheme for export of jewellery, value addition shall be calculated as per paragraph 4.38 of FTP. Minimum value addition shall be:
Indias gold jewellery exports shine in September; up 36% y-o-y
The Dollar Business Bureau | @TheDollarBiz India’s total gems and jewellery exports of around $34.9 billion in FY2013-14 accounts for around 11% of India’s total merchandise exports in the year After the decline seen last year, India’s exports of diamonds and gold jewellery are expected to rebound in FY2014-15 with exports of these items recovering significantly in September 2014. India’s exports of Cut & Polished (C&P) diamonds in the first six months of FY2014-15 have reached $12.08 billion, which is slightly down from exports worth $12.4 billion recorded in April-September 2013. However, exports of C&P diamonds in September 2014 increased to around $2.66 billion, up about 11.2% from $2.39 billion recorded in same month last year, according to Gem & ...
