GJEPC asks government to abolish duty on gemstones imports
The Dollar Business Bureau The Gem and Jewellery Export Promotion Council (GJEPC) has urged the government to remove import duty on cut and polished coloured gemstones, reduce import duty to 2.5% on processed pearls, and establish a Special Notified Zone (SNZ) for trading of rough diamonds to help boost exports of Gems and Jewellery from India. The Gem and Jewellery sector is a key export-oriented sector in India which has helped the country become the hub for Gems and Jewellery in the international market. Overall exports from this sector have increased from $28 million in FY1966 -67, when GJEPC was established, to almost $35 billion in FY2013-2014. However, exports have declined in the recent years. India’s exports in ...
Alrosa to begin direct supply of rough diamonds to India in 2015
The Dollar Business Bureau Direct diamond trade between India and Russia is expected to benefit both countries Russia’s state-owned diamond mining company Alrosa will begin direct supply of rough cut diamonds to 12 Indian companies for three years beginning 2015, according to India’s Gems and Jewellery Export Promotion Council (GJEPC). Alrosa claims that it has the world’s largest rough diamonds reserves accounts for 27% of global diamond production in terms of carats. The company targets to produce over 40 million carats by 2020. It has presence in major diamond trading centres of Antwerp, Ramat Gan, Dubai, Hong Kong, New York, and London, and is likely to begin operations in India soon after the establishment of a Special Notified Zone (SNZ) for ...
India-Russia trade poised to grow beyond defence and energy
The Dollar Business Bureau Vladimir Putin is expected to meet PM Narendra Modi tomorrow. Putin's visit to India comes at a time when Russia is facing several challenges including isolation over the Ukraine crisis and low oil prices Vladimir V. Putin, President, Russian Federation, will be in India to take part in the 15th Annual India-Russia Summit today, but his visit promises to be different this time, mainly due to the fast changing geo-political environment. Since the signing of the "Declaration of Strategic Partnership between India and the Russian Federation" in October 2000 in New Delhi, the two traditional friends, Russia and India, host annual summits between the Prime Minister of India and the President of the Russian Federation on ...
SNZ to help India compete against top diamond trading centres
Sachin Manawaria | The Dollar Business India’s Ministry of Commerce has said that it is establishing a Special Notified Zone (SNZ) for import and trading of rough diamonds that will facilitate international diamond mining companies to sell diamonds to Indian manufacturers directly. The SNZ will ensure a steady supply of rough diamonds, eliminate middlemen and provide the Indian diamond industry a competitive edge against other diamond trading centres such as Antwerp in Belgium, Israel and Dubai. The follows a proposal by the Gem and Jewellery Export Promotion Council (GJEPC) and a study released in January 2013. The Task Group for Diamond Sector had said that a SNZ is required to make India an international trading hub for rough diamonds. The ...
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 & ...
