Search Result for : Silver Jewellery Exports

The Dollar Business Bureau Due to lack of institutional finance support in the aftermath of Punjab National Bank (PNB)-Nirav Modi scam, along with value-added taxes introduced on gold purchases by Dubai, India’s gems and jewellery exports witnessed a decline of 11.13% in the month of February over a year ago. The country exported Rs.23,613.26 crore worth of gems and jewellery in February 2018, as compared to Rs.26569.49 crore in the same month last year, according to a data by the Gems and Jewellery Export Promotion Council (GJEPC). Following the PNB scam of Rs.13,600 crore by billionaire Nirav Modi and his uncle Mehul Choksi, both public and private sector banks have considerably reduced lending to the gems and jewellery sector. The worst hit by this are ...

The Dollar Business Bureau India’s gems and jewellery exports dropped by 4.65% to around $25 billion during the nine-month period of the current fiscal due to sluggish demand in major international markets, including the US. The exports from the sector were $26.1 billion during April-December period last year, according to the date by Gems and Jewellery Export Promotion Council (GJEPC). The decline in exports is owing to the negative growth in the outward shipments of gold jewellery and gold coins and medallions. During the given period, gold jewellery exports contracted by 4% to $7 billion, according to the data. Similarly, shipments of gold medallions and coins dipped by around 55% during the period. On the other hand, exports of silver jewellery ...

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 ...

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 Government has raised the All Industry Rates (AIR) of duty drawback on gold jewellery and silver jewellery to Rs.252.30 per gram and Rs.3285.40 a kg, respectively. “The Central Government hereby makes the amendments in Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, and raises the certain AIRs of drawback for export of gold jewellery, silver jewellery and articles,” the Central Board of Excise and Customs (CBEC) said in a notification. “The duty on articles of jewellery and parts thereof, made of gold has been increased to Rs.252.30 per gram and Rs.3285.40 per kg on articles of jewellery and parts thereof, made of silver,” the notification said. The revised rates are applicable with effect from June 24, 2016, ...

The Dollar Business Bureau   In the current scenario, where the luxury products market across the world is struggling, India’s exports of silver jewellery have risen steeply in the last five years. Since 2010-11, exports of silver jewellery from India have increased fourfold. The data from the Gems and Jewellery Export Promotion Council (GJEPC) revealed, that India’s silver jewellery exports stood at $2959 million (about Rs.19,407 crores) in the fiscal year 2015-16 as compared to $566 million in 2010-11. The fourfold jump in silver jewellery exports is due to a shift in customer preferences towards light weight, contemporary and modern designs of stone-studded ornaments. The shift also enabled surge in export of silver ornaments of 44 percent in 2015-16, compared to the ...

 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 & ...