Gems & Jewellery Export

Despite the increase in gold prices, the enduring appeal of gold during festive seasons and weddings remains strong

The overall gem and jewellery exports witnessed a 21.93 per cent year-on-year decline in July to USD 1,665.4 million (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall exports in the category in July 2023 stood at Rs USD 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to USD 907.67 million from USD 1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to USD 530.38 million compared to USD 603.12 million in the

The new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports will now be in abeyance till August 31, 2024, according to DGFT. The decision was taken on the request of Gems and Jewellery Export Promotion Council (GJEPC), DGFT said in a public notice. In May, the norms were put on hold till July this year. After GJEPC's request, the hold period was extended by one more month till August. This was done after the industry raised concerns over the government's revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The public notice dated May 27 is kept in "abeyance till August 31, 2024 for reassessment of permissible wastages and SIONs as per request of GJEPC," Directorate General of Foreign Trade (DGFT) said. For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand restored. On May 27, DGFT issued a public notice ..

'Modi diamond': The 8-carat lab-grown gemstone, showcased by the Surat Diamond Association, took about a month to prepare

India's overall gems and jewellery exports in May declined 4.97 per cent to Rs 20,713.37 crore compared to the same period a year ago, Gem and Jewellery Export Promotion Council (GJEPC) data showed. The exports stood at Rs 21,795.65 crore (USD 2,646.92 million) during May 2023. However, the total export of gold jewellery saw 13.1 per cent growth at Rs 5,507.71 crore in May 2024 as compared to Rs 4,807.71 crore in the same period a year ago. Exports of silver jewellery also surged to Rs 1,103.72 crore last month from Rs 665.13 crore in May 2023. The overall gross export of Cut & Polished diamonds declined to Rs 12,270.54 crore from Rs 14,190.28 crore. "India's gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as gold and silver jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation

According to the trade body, in April 2024, exports saw a decline of over 5.3 per cent to around Rs 18,832 crore, while in April last year, exports were more than Rs 19,892 crore

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

Jewellery firms may witness strong growth

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

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector. "We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased. "If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show. The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start

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 overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones

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

Electronics exports grew over 56 per cent in the April-June period, reaching Rs 57,220.24 crore, as against Rs 36,533.18 crore in the corresponding period of last year

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 ..

According to the original deal between Titan and CaratLane, Titan can acquire the remaining business of CaratLane. However, it has to be done at a value agreed upon by both parties

India's overall gem and jewellery exports grew marginally by 2.48 per cent to Rs 3,00,462.52 crore (USD 37,468.66 million) in 2022-23 due to global challenges like inflation, the Russia-Ukraine war and the lockdown in China for almost six months, GJEPC said on Tuesday. The total gem and jewellery exports during 2021-22 stood at Rs 2,93,193.19 crores (USD 39,331.71 million), the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. The overall exports of gems and jewellery declined by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year. India's gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the US, the Russia-Ukraine war, and the lockdown in China for almost six months, a key market, the industry has managed to put up a commendable performance," GJEPC chairman Vipul Shah said. T

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

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