Gjepc

Gem, jewellery exports drop 12.9% in Nov amid geopolitical tension: GJEPC

Gems and jewellery exports saw a decline of 12.94 per cent to USD 1,986.21 million (Rs 16,763.13 crore) in November on prolonged geopolitical tension, Gem and Jewellery Export Promotion Council (GJEPC) said on Wednesday. Gems and jewellery exports in November 2023 stood at USD 2,281.4 million, the GJEPC data added. Cut and polished diamonds export in November declined 39.81 per cent to USD 666.01 million compared to USD 1,106.53 million for the same period last year. Provisional exports of polished lab grown diamonds during November declined 42.37 per cent to USD 62.88 million over USD 109.10 million for the previous year. However, the plain gold jewellery exports grew 72.12 per cent to USD 652.81 in November as compared to USD 379.27 million in the same period of the previous year. "Prolonged geopolitical tension continues to remain a matter of concern for the Indian gems and jewellery industry, which has led to a slowdown in exports after seeing an uptick in the previous ...

GJEPC urges govt to lay rules for disclosure of natural, lab-grown diamonds

Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to formulate stringent regulations mandating traders to clearly disclose whether a diamond is natural or lab-grown while marketing to prevent ambiguity. In a communication to the Department of Consumer Affairs, the council has said that ensuring transparency and implementing clear and standardised guidelines are essential to protect consumers and maintain the integrity of the domestic industry. It was informed that there is a widespread misuse of terminology in the marketing and advertising of lab-grown diamonds in India. To address this critical issue, the council has "decided to advocate for the adoption of the Federal Trade Commission (FTC) guidelines of the US. "These guidelines clearly define, standardised nomenclature and provide mandatory disclosure requirements for both natural and lab-grown diamonds." The diamond industry is already facing issues due to the Russia-Ukraine conflict, as it has ...

Gems, jewellery exports dip 13.44% in June to Rs 15,939.77 cr: GJEPC

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 ..

Gems, jewellery exports decline 5% to Rs 20,713 crore in May: GJEPC

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

Budget 2024: GJEPC seeks import duty cuts on gold, polished diamonds

Ahead of the Union Budget, the Gem and Jewellery Export Promotion Council (GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones. The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present. The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand. It urged the government to introduce the Diamond Imprest Licence again and cut import duties. This will provide a level playing field

Gem, jewellery exports decline 11.49% to Rs 22,873 cr in Oct: GJEPC data

India's overall gems and jewellery exports declined by 11.49 per cent to Rs 22,873.19 crore (USD 2,748.01 million) in October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data. The gross exports stood at Rs 25,843.84 crore (USD 3,134.85 million) during October 2022, the data showed. Cut and Polished Diamonds (CPD) exports witnessed a fall of 32.70 per cent to Rs 10,495.06 crore (USD 1,260.91 million) in the previous month compared to Rs 15,594.49 crore (USD 1,891.2 million) in the year-ago period. Gross export of polished Lab Grown Diamonds (LGD) in October dropped by 23.01 per cent to Rs 1,135.16 crore (USD 136.38 million) against Rs 1,474.38 crore (USD 178.73 million) in the corresponding month of 2022. "The overall gems and jewellery exports were down in October mainly due to slowdown in demand in key markets like the US and supply constraints of diamond, which constitutes 50 per cent of the total shipments. We are hoping the markets pick up during the ..

Israel-Palestine conflict not likely to impact gem, jewellery sector: GJEPC

Rising tension between Israel and Palestine is not likely to have any adverse impact on the gem and jewellery industry's exports, GJEPC has said. India has witnessed substantial exports of gem and jewellery to Israel, amounting to USD 1,279.76 million in 2022-23, according to data by the Gem Jewellery Export Promotion Council (GJEPC). It is significant to note that Israel being a very important trading centre exports rough diamonds to the tune of USD 1,782.80 million, it added. "Israel primarily serves as a re-export market. While the ongoing situation in Israel is of grave concern to us, we express our solidarity with the Israeli diamond trade during this hour of crisis for their nation. It is too early to definitively assess the impact and we are keeping a strict watch on the situation. "We have not witnessed any disruption in the regular dealings and believe it is unlikely to significantly impact India's gem and jewellery trade with Israel. Nevertheless, we remain hopeful for a

India's diamond firms in the rough as global trade sanctions mount

As Ukraine lists Indian diamond major on its list of "international war sponsors," diamantaires back home fear loss of livelihood, and rising unemployment

Russia's Alrosa suspends diamond supply for Sept-Oct to aid weak prices

Shah also said the GJEPC had communicated with top diamond producer De Beers, a unit of Anglo American, which had pledged to "provide complete flexibility to all their clients."

International jewellery exhibition generates over Rs 70,000 cr business

The Gem and Jewellery Export Promotion Council on Thursday said it generated business worth over Rs 70,000 crore during the six-day IIJS Premiere 2023, which ended on August 8. The 39th edition of India International Jewellery Show (IIJS) Premiere 2023 saw over 50,000 visitors across two venues of Jio World Convention Centre and Bombay Exhibition Centre with 2,100 foreign delegations, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. The paperless and fully digital IIJS Premiere had 3,250 stalls and 1,850 exhibitors, across the two venues. The event witnessed more than 2,100 visitors from over 65 countries, including the US, the UK, the UAE, Australia, Canada, New Zealand, Fiji, Saudi Arabia, Qatar, Iran, Muscat, Italy, Bangladesh, Bahrain, Kuwait, Germany, Turkey, Singapore, Thailand, Vietnam, Cambodia, and Sri Lanka. "IIJS Premiere 2023 is estimated to have seen business worth Rs 70,000 crore being generated for the trade, which is far beyond anyone's wildes

GJEPC welcomes CBIC's step to simplify policy on jewellery e-commerce

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday lauded the government's decision to simplify the policy on jewellery e-commerce by allowing its exports through courier and said the move will benefit the industry. "We are pleased to see the government's acceptance of our recommendations to simplify the policy on jewellery e-commerce. The recent notification and circular issued by CBIC reflect their responsiveness to industry needs and will benefit the exporters," GJEPC chairman Vipul Shah said in a statement. The reduction in documentation requirements and simplified shipping bill details will make the export process more efficient and contribute to the growth of e-commerce exports in the gem and jewellery sector, Shah added. The Central Board of Indirect Taxes and Customs (CBIC), on June 15, issued a notification and circular for further simplification of the exports of jewellery through courier mode for such exporters who do not wish to re-import. The new guidelin

Gem export promotion council launches India jewellery exhibition in Dubai

Gem and Jewellery Export Promotion Council on Tuesday launched India Jewellery Exposition Centre, a 365-day exhibition platform, in Dubai to commemorate the first anniversary of the Comprehensive Economic Partnership Agreement. "CEPA is one of the most ambitious pacts. India's exports to UAE have exceeded USD 30 billion, with gems and jewellery and plastics deriving benefits from lower-priced inputs. GJEPC (Gem and Jewellery Export Promotion Council) has set up IJEX and I see tremendous value in such initiatives. "CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships," Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar said in a statement. The Comprehensive Economic Partnership Agreement (CEPA) has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16 per cent to reach USD 84.5 billion in 2022-23 from USD 72.9 billion the previous year.

Gem, jewellery exports rise 24% to Rs 28,832 cr in February: GJEPC

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

Centre should reduce import duty on cut and polished diamonds: GJEPC

Whereas to protect the domestic jewellery market, it has suggested that the basic customs duty on gold/silver/platinum jewellery should be increased from 20% to 25%

Gems, jewellery exports rise 12% to Rs 19,855 crore in November: GJEPC

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

Amid global headwinds, Indian exporters hope to tide over slowdown

Say India is better placed even as exports decline

Surat's polishing industry in for a treat as lab-grown diamonds find favour

Of the roughly 8,000 polishing units in Gujarat city, 15% polish lab-grown diamonds exclusively

Surat diamond industry pins hope on new mines amid staggered work

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

Russian diamond giant ALROSA has assured smooth supply, says GJEPC

Gem and Jewellery Export Promotion Council (GJEPC) Chairman Colin Shah said India directly imports around 10 per cent of Alrosa's total rough diamond output

Gems and jewellery exports up 6.5% to $32.37 bn during April-Jan: GJEPC

Gems and jewellery exports rose by 6.5% to USD 32.37 billion during April-January this fiscal, said industry body GJEPC on Wednesday.