Gems And-jewellery

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Gems And-jewellery - Total results - 24
Exports plunge 34.6% in March to $21.4 bn, steepest fall since FY09; imports down 28.7%
Business

Exports plunge 34.6% in March to $21.4 bn, steepest fall since FY09; imports down 28.7%

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
Business

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
Business

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.

Exports contract marginally to $26 bn in November; trade deficit narrows to $12 bn
Business

Exports contract marginally to $26 bn in November; trade deficit narrows to $12 bn

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

Gems and jewellery exports dip 5.49% in October to Rs 24,583 cr: Industry body GJEPC
Business

Gems and jewellery exports dip 5.49% in October to Rs 24,583 cr: Industry body GJEPC

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
Business

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.

Exports rise 2.25% to $26.3 bn in July, imports down 10.4%; trade deficit narrows to $13.4 bn
Business

Exports rise 2.25% to $26.3 bn in July, imports down 10.4%; trade deficit narrows to $13.4 bn

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
Business

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.

Union Budget 2019: Gems and jewellery sector seeks cut in gold import duty to 4%
Business

Union Budget 2019: Gems and jewellery sector seeks cut in gold import duty to 4%

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
Business

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
Business

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
Business

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
Business

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.

Exim Bank says export growth to surge 7% in Oct-Dec; Nov merchandise shipment shrinks
Business

Exim Bank says export growth to surge 7% in Oct-Dec; Nov merchandise shipment shrinks

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
Business

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.

Foreign Trade Policy mid-term review: Exporters heave a sigh of relief; now for quicker GST refunds
Business

Foreign Trade Policy mid-term review: Exporters heave a sigh of relief; now for quicker GST refunds

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
Business

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

Government says PAN card not required for jewellery purchase of above Rs 50,000
Business

Government says PAN card not required for jewellery purchase of above Rs 50,000

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

Banks to pay 3% Integrated GST on gold imports: CBEC
Business

Banks to pay 3% Integrated GST on gold imports: CBEC

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."

Exports grow 8.32% in May; trade deficit hits 30-month high
Business

Exports grow 8.32% in May; trade deficit hits 30-month high

Strong performance by petroleum, engineering, textiles and gems and jewellery sectors propelled the country's exports growth during the month