Gems And Jewellery
Gems And Jewellery News
India's exports plunged by a record 34.57 per cent in March due to a steep decline in shipments of leather, gems and jewellery and petroleum products, dragging the total exports in 2019-20 down to $314.31 billion, official data showed on Wednesday
Coronavirus Outbreak: Exports sector may witness 15 million job losses, increase in NPAs, says industry body
About 15 million people face job losses in India's exports sector following cancellation of over half of the orders and gloomy forecast for global trade due to the Covid-19 pandemic, exporters' body FIEO said on Friday
Coronavirus Outbreak: Gems, jewellery exports stare at steep fall in Q1 next fiscal as disruptions hit operations: Report
A 41 percent annual decline in cut and polished diamond exports led to a cumulative exports fall of 19 percent year-on-year for the overall gems and jewellery industry in February 2020, it added.
India's exports contracted marginally by 0.34 percent in November to $25.98 billion, while imports slowed to $38.11 billion, bringing down the trade deficit to $12.12 billion
The gems and jewellery exports continued to be affected following geopolitical tensions as the overall shipments in October declined by 5.49 percent to Rs 24,583.19 crore compared to the same month last year
WTO cuts global trade growth forecasts to 1.2% for 2019 on escalating trade tensions; projection to not augur well for India
WTO Director-General Roberto Azevedo said the darkening outlook for trade is discouraging but not unexpected.
India's exports grew by 2.25 percent to $26.33 billion in July, government data showed on Wednesday
Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam
Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry.
On the onset of the Union Budget for 2019-20, the gems and jewellery sector has unanimously sought a reduction of gold import duty to 4 percent to check smuggling in a big way
PC Jeweller gets board's nod for export division demerger, amalgamation of subsidiary; scheme to enable independent listed company
The board of the demerged company that the commercial activities of the two verticals are distinct and diverse from each other
Mehul Choksi claims innocence, says not related to two firms involved in over Rs 14,000 cr PNB fraud
In a statement issued by his lawyers, the raids against Choksi were on the basis of "an old and dated (KYC) document" given to PNB
Exports to hit $330 bn in 2018-19; nine sectors identified to achieve 16% growth this financial year: Suresh Prabhu
He said the country's merchandise exports have seen high growth in the past six years through sector-specific interventions, focused export promotion initiatives, and quick resolution of issues.
Integrated gold policy likely soon; govt to promote growth of yellow metal industry, jewellery exports, says Suresh Prabhu
In February, Finance Minister Arun Jaitley announced formulation of a comprehensive gold policy to develop gold as an asset class.
The Exim Bank estimate said merchandise exports will go up to $82.39 billion for the third quarter of the fiscal year, as against $77 billion.
Exports up 14.32% in July to $25.77 bn on better performance by gems and jewellery, petroleum sector
The foreign trade data released by the commerce ministry on Tuesday revealed that merchandise imports during July rose 28.81% to $43.79 billion, from $33.99 billion in the year-ago period.
According to industry estimates, in four months since July when GST came into effect, “about Rs 40,000-50,000 crore” has been pending with the government in the form of GST refunds
Trade deficit widens sharply to $14 bn October: Why glitches in GST continue to plague small exporters
In value terms, these small and micro industries comprise 40-45 percent of India’s total export basket whereas in volume terms, their share is even higher, which is why they have the most to lose from GST glitches
Govt had on 23 August extended the stringent provisions of PMLA to the gems and jewellery sector on suspicions of elements in the trade facilitating money laundering, especially post note ban last year
Under GST, "3 percent Integrated-GST is payable on all imports of precious metals in addition to the basic customs duty. IGST paid can be taken as input tax credit by the banks."
Strong performance by petroleum, engineering, textiles and gems and jewellery sectors propelled the country's exports growth during the month