Jewellery

Unveils blueprint to position UP as a hub for jewellery trade and exports

This season has created a ripple effect, turning what might have been a sluggish year for many businesses into one of strong recovery

The cost of procurement of metals increased by over 53 per cent to Rs 115 crore in FY24

India's gems and jewellery exports grew by 9.18 per cent to USD 2,998.04 million (Rs 25,194.41 crore) in October due to revival in demand for cut and polished diamond, the Gem and Jewellery Export Promotion Council (GJEPC) said on Friday. The overall exports stood at USD 2,746.09 million (Rs 22,857.16 crore) during the corresponding period of previous year, GJEPC said in a statement. CPD (cut and polished diamond) exports went up by 11.32 per cent during October this year to USD 1,403.59 million (Rs 11,795.83 crore) from USD 1,260.91 million (Rs 10,495.06 crore) recorded in the same month a year ago. "This is a welcome relief for our industry, as we've experienced export growth of 9.18 per cent in October. Notably, the export of cut and polished diamond grew 11.32 per cent compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery. Furthermore, t

Dhanteras has begun on a slow note and jewellers expect footfalls to pick up and sales to increase even as the high gold price is likely to dampen the festive demand for the yellow metal. "Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," All India Gem And Jewellery Domestic Council chairman Saiyam Mehra told PTI. He said, volume-wise sales will be impacted due to the ruling high gold prices and expect to do business either 5 per cent lower than last year or same as last year this Dhanteras, which is considered an auspicious day for purchasing precious metals, gold and silver jewellery. "We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales," he added. Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 p

The All India Gem and Jewellery Domestic Council (GJC) announced Tuesday it is working to implement 'One Nation One Gold Rate', aiming to standardize domestic gold prices that currently vary across different regions of the country. "We import gold at the same rate, but the domestic retail prices differ from one city to another. We want a single rate to prevail across the country," GJC Secretary Mitesh Dhorda said at the launch of 'Lucky Lakshmi', a revamped annual gold festival running from October 22 to December 9. The council, which has already conducted over 50 meetings with its members, has managed to bring up to 8,000 jewellers on board for this initiative. While a representation has been made to the government, the GJC is currently focused on convincing the industry stakeholders. "We are already providing a recommended rate through WhatsApp broadcast groups to our members. Our target is to reach at least 4-5 lakh jewellers step by step," Dhorda said, adding that implementatio

Titan beat growth expectations across most segments and this led to likely earnings upgrades for FY25 to the tune of 4-5%

The ease with which the trade of precious metals and stones can be used to move "large amounts" of funds without leaving an ownership trail shows this sector in India is vulnerable to be used as a tool for money laundering and terrorist financing, the Financial Action Task Force (FATF) has said. The Paris-headquartered global body said in its mutual evaluation report for India released on Thursday that the money laundering (ML) risks associated with the "smuggling and dealing" in precious metals and stones should be "further developed" given the size of this sector in the country. The report said there were approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country but its apex body-- Gems and Jewellery Export Promotion Council (GJEPC) only had 9,500 members. Certificate of being a GJEPC member along with tax registration is mandatory for undertaking import or export of gems trade in India. Currently, there are "shortcomings" in risk understanding, particula

The government has reduced custom duties on gold bars to 6% from 15%

India's overall gems and jewellery exports witnessed an on-year decline of 13.44 per cent in June at Rs 15,939.77 crore (USD 1,909.57 million) amid muted demand in overseas markets, according to data by Gem and Jewellery Export Promotion Council (GJEPC). The total gems and jewellery exports stood at Rs 18,413.88 crore (USD 2,240.77 million) during June 2023, the GJEPC data added. "This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets," former GJEPC chairman and Kama Jewelry Managing Director Colin Shah said. The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year. Shah said, this was mainly due to the weak demand from the key markets, China being the key one as it ..

The gems and jewellery industry plays an important role in Rajasthan's economic progress and the state is working on to promote the sector and ensure ease of doing business for entrepreneurs, Chief Minister Bhajanlal Sharma said on Friday. Sharma said that the share of gems and jewellery in the total exports from the state reached Rs 11,183 crore in 2023-24. Gems and jewellery businessmen are making a significant contribution to the economic progress of the state and the sector is a major job creator, the chief minister said at the inauguration of jewellery show JAS-2024 being organised by the Jewellery Association here. He further said that Jaipur is famous for gems and jewellery on the world stage and the state government is continuously working to promote this industry and make business easier for entrepreneurs. According to an official statement, Sharma said that the jewellery made in Jaipur is recognised worldwide for its beauty and craftsmanship. For this reason, gems and ...

The government on Tuesday put on hold the new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports until July 31, 2024, just a day after the notification after the gems and jewellery industry raised serious concerns on the new standards. The government on Monday notified revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The industry claimed that the norms were notified without any consultation. The Directorate General of Foreign Trade (DGFT) on Tuesday that now keeping in view the representation of the Gem and Jewellery Export Promotion Council highlighting the difficulties to their sector from the revised norms, another opportunity will be given to the industry for submission of their views. The DGFT said that the industry and the council can provide information/data to the concerned norms committee within one month. Accordingly DGFThereby places th

The government on Monday revised norms related to permissible amount of wastage and standard input output with regard to export of gold and silver jewellery. An industry official said the wastage norms have been eased and the manufacturers are disappointed with it. "The wastage permissible and standard input-output norms with regard to export of jewellery have been revised," the Directorate General of Foreign Trade said in a public notice. The official from the gems and jewellery export council said the industry was not consulted before taking this decision. According to the public notice, weight of mountings and findings (or parts) of gold or silver, if imported and used in export products, will not be included for determining net content of gold and silver in export products. Standard input-output norms (SION) are rules that define the amount of input/inputs required to manufacture a unit of output for export purposes. Input output norms are applicable for the products such as

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

Organised gold jewellery retailers are expected to clock 17-19 per cent year-on-year revenue growth in 2024-25, driven by higher realisations following a surge in gold prices, while volume is likely to remain steady, a report said on Wednesday. The revenue of organised gold jewellers is expected to rise 17-19 per cent this fiscal, while volume growth is likely to stagnate due to rising gold prices, Crisil Ratings said in a report. The report further stated that the working capital requirements of retailers might increase due to higher inventory levels resulting from the substantial rise in gold prices and new store additions. However, credit profiles should remain stable, it added. The organised sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest, it noted. Domestic gold price increased 15 per cent during FY24 and reached Rs 67,000 per 10 grams at the end of March 2024, Crisil Ratings said. Gold prices inch

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The company's reported a profit of Rs 786 crore ($94.2 million) in the quarter ended March 31, up 7.1% from last year, but missing analysts' expectation of Rs 799 crore as per LSEG data

It is not an interest-bearing asset and has precious little industrial use

The jewelery segment, which houses brands including Tanishq and CaratLane, was boosted by healthy inflow of buyers and double-digit percentage growth in its same-store sales