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 ...
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 ...
Jewellers stir: AIBJSF to hand over shop keys to FM
Source: PTI Jewellery industry body AIBJSF on Friday decided to continue their strike for an indefinite period against imposition of 1% excise duty on non-silver jewellery and announced plans to hand over keys of their shops to Finance Minister Arun Jaitley. All India Bullion, Jewellers, Swarankar Federation (AIBJSF), which had organised a big rally at Ramlila maidan in the national capital on March 17, is continuing their strike, though three major associations -- GJF, ABJA and GJEPC -- had called off strike last Saturday after government's assurance that there would be no 'Inspector Raj'. AIBJSF and other local associations, particularly those in Delhi- NCR, Rajasthan, Uttar Pradesh, Chhattisgarh and Madhya Pradesh, were against calling off the strike. "Nothing less than a ...
Government to form a 3-member committee to address the jewellers woes; 70% jewellers remain defiant
On Sunday, the government issued a circular, following its meeting with jewellery associations, and said there will be no Inspector Raj and no excise official will harass them Deepak kumar |The Dollar Business Finance Minister Arun Jaitely, in his Union Budget 2016, had announced an imposition of 1% excise duty on non-silver jewellery articles Even as the gems & jewellery industry agreed to end their 18-day long strike following the governments recent proposal, about 70% of the jewellery traders continue to remain closed, demanding the government to be quick and transparent in its decision to roll back the excise duty. Majority of the people want the duty to be completely taken off. Strike is continuing, and more than 70% of jewellery traders are ...
