Gems and jewellery News

The overall imports of gems and jewellery for December stood at $1526.95 million (Rs 12,992.3 crore) showing a decline of 27.23 per cent from the same period last year.

The representative body, would be the forum for highlighting the issues and concerns of the industry that require redressal through policy measures.  

The government had on Friday reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA).

Higher demand in the Middle-East and South-East Asia could help India's gems and jewellery export grow this fiscal to about USD 42 billion, an export promotion body said on Monday.

The All India Gems and Jewellery Trade Federation (GJF) on Friday urged the government to levy 1.25 percent Goods and Service Tax (GST) on the industry as against the proposed four percent.

The government is expected to announce steps like cut in the gold import duty and incentives to set up gems and jewellery parks in the next Budget to promote growth of the industry.

Many jewellers estimate an 85-90 percent dip in business post-demonetisation -- but exports have been unaffected.

Gems and jewellery retailers are expecting around 25 percent growth in sales during Dhanteras, considered auspicious to buy precious metal, compared to last year due to good monsoon and pent up consumer demand, experts say.

Exports of gems and jewellery grew 11.7 percent to USD 11.4 billion during the first four months of the current fiscal, driven largely by demand in India's major markets like the US.  

Till November 18, the gold monetisation scheme had garnered 400 grams of physical gold.  

Gems and jewellery retailers are likely to outshine exporters by registering up to 12 percent growth in revenue on rising domestic demand this fiscal year, India Ratings and Research (Ind-Ra) Thursday said.

India imported gold worth about USD 26 billion during the April-December period of the current fiscal, Parliament was informed on Tuesday.

With decline in gold imports, the government may consider 2-4 percent reduction in import duty on it in the forthcoming Budget, a move that could help boost exports and manufacturing of gems and jewellery, sources said.

Surendra Mehta, secretary of The Bombay Bullion Association Ltd shared his views on expectations of the gems and jewellery sector for the Budget 2015.

The Commerce Ministry has called a meeting of gems and jewellery exporters Wednesday to discuss issues regarding gold imports for the sector.