Search Result for : Jewellery

The Dollar Business Bureau  India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions.  The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai.  The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC.  Trade between India and LAC is expected to reach $100 billion from the current $46 ...

The Dollar Business Bureau  The government’s demonetisation move last November to crackdown unaccounted money along with the higher prices affected the demand of silver bar in the country leading to a drop in global silver bar investment by almost half in 2016, said a survey. In 2016, silver mine production globally witnessed its first drop since 2002, declining by 0.6% last year to an overall of 885.8 million ounces (Moz), said the World Silver Survey 2017 that is released by Silver Institute and published by the GFMS Team at Thomson Reuters (GFMS) on its behalf. A major proportion of the decline was due to the zinc/lead and gold segments, where output dropped by 15.9 Moz. Overall physical silver demand fell by 11% in 2016 ...

The Dollar Business Bureau The global demand for gold fell by 18% to 1,034 tonnes during the January-March period of 2017, primarily due to fewer inflows into the exchange-traded funds (ETFs) and slow central bank demand, as per the World Gold Council (WGC). The overall global demand for gold stood at 1,262 tonnes in the first quarter of 2016, as per the latest report on Gold Demand Trends by WGC.  “Demand is down but that is largely because Q1 last year was exceptionally high. Although we did not see the record-breaking surges in ETF inflows experienced in Q1 2016, we have seen good inflows nonetheless this quarter, with strong interest from European investors ahead of the Dutch and French elections,” said Alistair Hewitt, ...

Abin Daya the author of 'Basics of Trade: An India Perspective' is a FEMA expert, a career transaction banker, with close to 15 years of experience in corporate and transaction banking, in India. By Abin Daya Well, the effect of that abysmal performance of the core sector had to have some effect on the IIP. IIP numbers have come in at the lowest in 4 months with -1.2% growth. However, the coming months might give us some respite considering the improvement in economic activity during the month of March. And speaking of March, we have got a second consecutive month of double digit export growth during the month, and that has helped us pull off a positive growth in annual export figures after ...

The Dollar Business Bureau  Lauding Gems and Jewellery Export Promotion Council of India (GJEPC) for playing a pivotal role in making India a global hub for diamond cutting and polishing, Prime Minister Narendra Modi on Sunday said that India’s giant stride in gems and jewellery exports could complement its potential to emerge as an international diamond trading hub. Addressing the International Diamond Conference in Mumbai, Modi said, “India has made rapid strides since the GJEPC was set up 50 years back. India is now the world's largest manufacturer of cut and polished diamonds, and gems and jewellery sector is one of the leading sectors in the country in terms of the value of exports as well as employment generation.” India’s diamond manufacturing and ...

The Dollar Business Bureau  The DGFT in its latest notification number 40/2015-2020 dtd Feb 23, 2017 makes the following amendment to Chapter 4, paragraph 4.34(i) of Foreign Trade Policy 2015-20.  According to the latest amendment, exporters of gold/silver/platinum jewellery and their related inputs who have availed CENVAT credit facility, and have exported the finished goods availing duty free rebate, can further restock precious metals from authorised centres.  However, the DGFT stresses that the duty-free inputs should be used in the manufacture of dutiable-goods in the same premises where the earlier products were manufactured. And the sale or transfer of such duty-free precious metal inputs is not permissible.

Sairaj Iyer G.V. Sreedhar, the outgoing chairman of the Gems & Jewellery Federation said 1.25%-1.3% is an ideal GST rate for gems and jewellery traders in the country. He averred that his federation would like the GST to be around 1.25%, although the industry demands differ ranging from 5%-18%. He pointed out, “We have been very clear from the beginning that VAT should be 1%, and excise tax should be 1%, put together it is 2%. But then 85-90% of our trade is out of excise and considering that revenue, the total value of GST should be 1.2-1.3%. We have given our representation to the government.” According to him, lower tax slabs will percolate into higher revenues, better compliance and organised in ...

The Dollar Business Bureau All the major sectors in Rajasthan have witnessed a slowdown in trade, thus reflecting a decrease of around 40-70%, according to Federation of Rajasthan Trade and Industry (FORTI). The findings have been revealed after carrying out an in-house survey about the impact of demonetisation across all the major sectors in the state. It was noticed that the impact of banning of high-value currency was seen the most in the Gems & Jewellery sector with the business witnessing a downfall of nearly 70%. According to Nirmal, secretary of the Jaipur Jewellers Association, local investments have been hit hard by demonetisation and a corresponding downfall in the businesses concerned. Nirmal highlighted that export hasn’t been affected much but domestic business has ...