Jewellers are applauding FM Nirmala Sitharaman‘s proposed reduction in custom duty to 6 per cent on gold and silver along with a reduction in custom duty on platinum to 6.4 per cent. They are calling the Union Budget 2024 a game-changer for the diamond, gems, and jewellery industry and it has provided an opportunity for…
The Directorate General of Foreign (DGFT) has put on hold its recent decision on changes in maximum permissible wastage norms for gold, platinum, and silver content in jewellery exports, according to a media release issued by Gem & Jewellery Export Promotion Council (GJEPC) on Tuesday. In a virtual meeting on 28th May GJEPC urged DGFT…
New Delhi: The Trade and Economic Partnership Agreement (TEPA) between India and European Free Trade Association (EFTA) is expected to triple the export of Indian gems and jewellery to Switzerland, Iceland, Norway and Liechtenstein to USD 1 billion in the coming years, said Vipul Shah, Chairman, GJEPC in a press note on Thursday. Currently, India…
Representative Image India’s diamond exports to the US have fallen amid a slump in demand following the Federal Reserve’s decision not to cut interest rates, which traders said dampened consumer sentiment. Purchasing power of US consumers remains muted as interest cost stays high, they said, although the holiday season saw a short-lived uptick in sales….
Representative Image Mumbai: The Directorate General of Foreign Trade (DGFT) on Wednesday pitched for formulating a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery. “India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices…
Representative image. Surat: Facing global slowdown, the country’s gem and jewellery trade is expecting various reliefs from the government in the next Union budget. The Gem & Jewellery Export Promotion Council (GJEPC) has proposed several recommendations to the government in this regard. According to GJEPC, the industry sustains around 4.3 million jobs and contributes 10…
Representative image. Kolkata: India will lead the global natural diamond demand in 2024 as the country is in a better financial state than other major buyers of the rock like the US and China, David Kellie, CEO of Natural Diamond Council (NDC), has said. NDC, the global authority on natural diamonds, has pegged the size…
Piyush Goyal, commerce and industry minister India has the potential to become the world’s largest gems and jewellery exporter, commerce and industry minister Piyush Goyal said at the inaugural event of the five-day India International Jewellery Show on Thursday. The country can be a proficient lab-grown diamond maker, impeccable design centre and technologically advanced machinery…
Representative image MUMBAI/LONDON: India, home to 90% of the world’s diamond cutting and polishing industry, and De Beers, the top global rough diamonds producer by value, are seeking clarity and flexibility from G7 countries in implementing a ban on imports of Russian gems. The Group of Seven countries on Wednesday announced a direct ban on…
Representative image. India’s overall gems and jewellery exports declined by 11.49 per cent to Rs 22,873.19 crore (USD 2,748.01 million) in October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data. The gross exports stood at Rs 25,843.84 crore (USD 3,134.85 million) during October 2022, the data showed. Cut and Polished Diamonds (CPD)…
