Gems And Jewellery

Shares of Blackstone-backed International Gemmological Institute India (IGI) were locked at the 10% lower circuit at Rs 366.60, also its new low on the BSE in Monday's intra-day trade.

The overall gems and jewellery exports declined 10.29 per cent year-on-year to USD 1,967.98 million (Rs 16,719.460 crore) due to geopolitical tensions and a slowdown in demand in China, GJEPC said on Friday. Gems and jewellery exports stood at USD 2,193.82 million (Rs 18,269.7 crore) in December 2023, according to data from industry apex body Gem and Jewellery Export Promotion Council (GJEPC). "The geopolitical tensions continue to affect the overall demand. The slowdown in demand in key export destinations, including China, has also impacted the shipments," GJEPC chairman Vipul Shah told PTI. The overall export of Cut and Polished diamonds (CPD) declined 10.36 per cent to USD 773.1 million (Rs 6,569.7 crores) in December compared to USD 862.48 million (Rs 7,182.53 crores) in the same period of 2023. Exports of Polished Lab Grown Diamonds fell 5.48 per cent to USD 78.93 million (in Rs 670.77 crore) against USD 83.51 million (Rs 695.48 crore) a year ago, according to provisional dat

The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget. "We seek rationalisation of taxes and availability of finance to support business," the All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said in a statement on Tuesday. With the continuously increasing gold rates, the current rate of GST is increasingly becoming a burden for the industry and end customers, he said. Therefore, GJC is urging for a reduction in GST from the current 3 per cent to 1 per cent in the upcoming Budget, which will encourage compliance, Rokde said. The tax reduction will enhance affordability for consumers, especially in rural areas, and most importantly, improve revenue collection by increasing the size of the formal economy, he added. The industry apex body said there is a need to introduce a concessional GST rate for lab-grow

The Middle East sees emerging opportunities for Indian jewellery exporters with countries like Saudi Arabia and Kuwait showing rising demand for studded gold jewellery, according to the Gem & Jewellery Export Promotion Council (GJEPC). The recent data has revealed a positive trend showcasing substantial growth in regions beyond the traditional strongholds for India's gems and jewellery, like the US and China, GJEPC has claimed. In a statement released here on Tuesday, GJEPC said there are emerging opportunities in the Middle East, with countries like Saudi Arabia (+26.05 per cent) and Kuwait (+87.99 per cent) showing a rising demand for studded gold jewellery. "Saudi Arabia, Kuwait, Bahrain, and Malaysia, in particular, have witnessed increasing exports due to the growing number of buyers from these countries attending the three India International Jewellery Show (IIJS) events -- Premiere, Signature and Tritiya -- in recent times. "The product profile of Indian jewellery is ...

Gems and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore (USD 32,022.08 million) during 2023-24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council (GJEPC) data showed. Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore (USD 37,646.17 million), according to GJEPC data. "The last financial year was very challenging for all product categories. This was mainly due to slowdown in the US, India's biggest export market in the segment, due to high interest rates. Also, slow recovery in China post Covid-19," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of Cut and Polished diamonds declined by 25.23 per cent during FY24 to Rs 1,32,128.29 crores (USD 15,966.47 million) compared to Rs 1,76,716.06 crores (USD 22,046.9 million) for the same period of previous year. Provisional gross export of Polished Lab Grown Diamonds dipped by 13.79 per ce

The ODOP aims to accelerate economic development within each district by harnessing the potential of local specialities

The gems and jewellery industry has urged withdrawal of hike in Basic Customs Duty (BCD) on import of gold in the coming interim Budget and asked the government to introduce a rationalised tax structure. "The jewellery industry contributes nearly 7 per cent of India's GDP and hence, deserves a pro-business environment," apex body for the gems and jewellery industry All India Gem And Jewellery Domestic Council Chairman Saiyam Mehra told PTI. "This will also benefit the government. We urge the finance ministry to withdraw the increase in BCD on gold in the upcoming Union Budget and a rationalised tax structure may be developed to tackle the CAD issue," Mehra said. Currently, the BCD is at 12.5 per cent ad valorem, which takes the total tax to 18.45 per cent on the imported gold, he added. He further urged the government to increase the PAN card transaction limit to Rs 5 lakh from the present Rs 2 lakh as gold prices have surged. "With the rising gold rate, there is an urgent need to

The growing gems and jewellery industry will help Maharashtra reach its target of becoming a USD 1 trillion economy by 2030, state deputy chief minister Devendra Fadnavis said on Friday. "The Gems and jewellery belong to Mumbai, and the city accounts for 72 per cent of the USD 37 billion annual exports. The Prime Minister has set a target of USD 75 billion for gem and jewellery exports by 2030. "This will be possible with the help of GJEPC instrumental in facilitating exports and making India one of the biggest international players," Fadnavis said while addressing India International Jewellery Show (IIJS) 2024 and the India Gem and Jewellery Machinery Expo (IGJME). The state government is providing the industry with hassle-free shipment, paperwork and ease of doing business, he said. "Soon, we shall have the new India Gems and Jewellery Park, a state government and industry collaboration, which will create a new ecosystem in the industry, and this will help us achieve our export .

The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore (USD 2,263.34 million), GJEPC said on Friday. Exports stood at Rs 19,917.73 crore (USD 2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC). "The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions. "The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports," GJEPC chairman Vipul Shah told PTI. The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added. Meanwhile, the overall export of Cut and Polished diamon

The gem and jewellery trade between India and UAE has grown significantly, particularly following the India-UAE CEPA agreement, and about 30 per cent of the total gems and jewellery imported by the emirate is sourced from India, the Gem and Jewellery Export Promotion Council (GJEPC) said. The UAE currently imports gems and jewellery amounting to USD 3.12 billion from India, the GJEPC said. The UAE imports a total of USD 10.48 billion worth of jewellery from around the world, and a significant portion, approximately 30 per cent is sourced from India," Vipul Shah, the Chairman of Gem and Jewellery Export Promotion Council (GJEPC), has said. Shah made the remarks while addressing the third edition of the International Gem and Jewellery Show (IGJS) in Dubai on Tuesday. The show from October 10-12 is supported by the Ministry of Commerce and Industry, the Government of India, and the Embassy of India in UAE. Additionally, it is supported by Dubai Gold and Jewellery Group, while Suntech

Since the economic slowdown in developed markets has dented demand, diamond prices have decreased by about 35 per cent in the past year and a half

Rajasthan's animal welfare board has been named "Amrita Devi State Animal Welfare Board", after Amrita Devi Bishnoi, during a state cabinet meeting

All India Gem and Jewellery Domestic Council (GJC) on Thursday announced the first 'India Jewellery Shopping Festival', from October 12 to November 17 and said it expects a 35 per cent growth in sales compared to the festive period last year. The nationwide shopping festival is expected to witness participation from over 5,000 jewellery retailers and distributors and will help boost the overall business sentiment across the industry, GJC chairman Saiyam Mehra told reporters. IJSF is a potential pool for all jewellery traders, and key industry participants have shown significant interest. Consumers and producers both benefit from the event. The jewellers have the opportunity to expand and increase their sales," he said. GJC Director and IJSF Convenor Dinesh Jain said these initiatives by IJSF will attract estimated 2.4 million end customers and are expected to bring in sales worth Rs 1.2 lakh crores. The purpose of IJSF is also to boost the business of single-store jewellery busines

India's gems and jewellery exports are likely to decline by 10 to 15 per cent in the current financial year on account of slowing demand in key markets like the US and China, GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48 per cent year-on-year to Rs 3,00,462.52 crore (over USD 36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC). Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman informed that the Commerce Ministry has given a target of USD 42 billion for the gems and jewellery segment exports in 2023-24. "For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising interest cost, inflation, all these concerns and consumers' confidence is also going down," Shah said. Going ahead, "we expect that overall we should see a 10 to 15 per cent decline in the gems and jewellery exports," he said on GJEPC estimates for the current ..

India's gem and jewellery exports grew 24 per cent to Rs 28,832.86 crore in February following a recovery in the Chinese and Middle East markets, GJEPC said on Thursday. The overall gems and jewellery exports during February 2022 stood at Rs 23,326.80 crore, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. In February 2023, the overall shipments of cut and polished diamond (CPD) increased 32 per cent to Rs 19,582.38 crore compared to Rs 14,841.90 crore a year ago. The total export of gold jewellery (plain and studded) rose 29.89 per cent in February to Rs 5,829.65 crore against Rs 4,488.30 crore in the year-ago period. "We are excited about the strong pace of demand observed by Indian exhibitors at the recent Hong Kong show, which revealed the untapped demand in the Chinese market. "In February, India saw 32 per cent growth in CPD exports, which can be partly attributed to the strong demand from China and the Lunar New Year festivities," GJEPC chairman Vipul

Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth

The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market. All India Gem And Jewellery Domestic Council chairman Saiyam Mehra said that the industry's critical concerns are not addressed in the Union Budget 2023-24. "While the research and development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored, including the reduction in customs duty on gold. It will severely hamper the industry and encourage the grey market," he stated. GJC has been urging for reduction in customs duty of gold over the past many years, however, the duty on silver dore bars has been increased to be brought at par with the yellow metal and platinum in this budget, he said. "This move will adversely affect the masses. We will continue to urge the ...

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

The gems and jewellery exports grew 11.83 per cent to Rs 19,855.17 crore (USD 2,429.86 million) in November compared to the year-ago period on the back of resumption of manufacturing activities after Diwali, GJEPC said on Monday. The exports stood at Rs 17,755.28 crore (USD 2,380.97 million) in November 2021, according to the Gem and Jewellery Export Promotion Council (GJEPC). "November is usually marked with resumption of manufacturing post the Diwali break that resulted in a rise in gem and jewellery exports by 12 per cent. "The USA and Hong Kong remained the two biggest pillars of India's overall gem and jewellery export growth for the period of April to November 2022, accounting for USD 9,211.39 million and USD 5,781.90 million, respectively," GJEPC Chairman Vipul Shah said in a statement. With the easing of Covid restrictions in China and the upcoming Chinese New Year, there may be hope on the horizon, he added. In November, the overall gross export of Cut and Polished Diamon

The gem and jewellery exports declined 14.64 per cent in October at Rs 25,843.84 crore due to seasonal trend as manufacturing activities are limited or closed during Diwali, GJEPC said on Saturday. In October 2021, the exports stood at Rs 30,274.64 crore, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. India's robust gem and jewellery export performance in the first 6 months of 2022-23 helped maintain growth for the period April-October, despite a sharp dip in exports last month, GJEPC noted. The decline in exports in October or November is a seasonal trend as manufacturing activities are either limited or units are closed because of Diwali, it stated. We had witnessed the usual pre-Diwali buzz as factories in India rushed to complete export orders in time for Thanksgiving and Christmas. The temporary closure of units, and absence of workers during Diwali usually results in a decline in exports post Diwali," GJEPC Chairman Vipul Shah said. The upcoming