Jewellery Exports

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

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India is the largest importer of gold, which mainly caters to the demand of the jewellery industry

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The request features in GJEPC's representation made to finance ministry for union budget 2021-22

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The exports stood at $2.2 billion (around Rs 15,112 crore) in July last year

Hong Kong enjoys a discounted rate of 3.3 per cent export duty for goods shipped to the US due to the special status, while shipments from the rest of the world suffer 7.5 per cent

Hong Kong enjoys a discounted rate of 3.3 per cent export duty for goods shipped to the US due to the special status, while shipments from the rest of the world suffer 7.5 per cent

Lenders have Rs 40,000 crore of cumulative exposure to the sector

The move is expected to help genuine exporters who were hit by govt restrictions on the advanced authorisation scheme

The exports stood at Rs 26,010.87 crore in October 2018, according to data given by the Gems and Jewellery Export Promotion Council (GJEPC)

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India's gem and jewellery exports fell 11.2 per cent to $2.7 billion in July compared to a year ago

The sector's gross exports declined by 9.32 per cent to $12.15 billion between April and July compared to $13.39 billion during the same period last year, according to data

Experts say weak trend likely to continue, annual gems and jewellery exports seen dipping by as much as 15%

Jewellery export from India is likely to fall by 12-15 per cent in the near term. Demand from the European Union (EU), West Asia and Hong Kong, among other places constituting 55 per cent of the market, continues to be tepid. Industry officials say it would take 18 to 24 months for export to see growth. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), export during April-November (first eight months of this financial year) fell 8.2 per cent to Rs 1.45 trillion ($22.6 billion), against Rs 1.58 trillion ($24.6 bn) in the same period a year before.Apart from the demand problem in the key regions, a five per cent value added tax has been recently imposed by West Asia countries for such export (regional governments need more revenue, with the earlier slump in oil prices). This would mean more downward pressure on sales, says Praveen S Pandya, chairman of GJEPC. Shankaar Sen, managing director at Senco Gold and Diamonds, which exports to America, Britain ...

Union Ministry of Finance in a notification said the period of execution of jewellery export orders should replace 90 days from the existing 120 days

Faced with a sharp decline in India's gems and jewellery exports during the first half of the current financial year, apex industry body the Gems and Jewellery Export Promotion Council (GJEPC), under the Ministry of Commerce, invited over 110 leading global buyers to India to enhance their trading directly with Indian polished diamond suppliers.These polished diamond importers largely from the United States (40), Russia, Turkey, China, Turkey to name a few, dealt directly with Indian suppliers, a majority of them sightholders of De Beers.. A majority of them was the first time visitors India who showed in continuous buying of polished diamond from Indian suppliers. This is the first of its kind meeting between buyers and sellers of polished diamond where overseas importers can negotiate terms of supply and price directly with Indian buyers. These buyers were earlier purchasing polished diamonds from their local suppliers. "November is the best time for conducting buyer-seller meet ..