Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry
Saying that liquidity is a major area of concern, All India Gem and Jewellery Domestic Council (GJC) Chairman Anantha Padmanaban said the government should take steps to ensure that banks lend to jewellers.
Gold imports plunge 12% to hit three-year low in 2019, record high prices dent demand; trade deficit narrows
In August last year, the domestic spot gold prices surged to a life-time high of Rs 40,220 per 10 grams due to worries over a possible global recession and uncertainty over the US-China trade talks.
India's gold imports, which have a bearing on the current account deficit (CAD), fell about 7 percent to $20.57 billion during April-November period of the ongoing financial year, according to the commerce ministry data
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
Gems, jewellery exports fall by 12.29% in August on decline in manufacturing, liquidity crunch: GJEPC
Gold jewellery exports April to August declined by 1.58 percent to Rs 34,982.69 crore from Rs 35,544.47 crore during April-August 2018.
Gold imports up 15.4% to $13.16 bn in April-July period; experts say traders may shift manufacturing bases to other countries
According to industry experts, there are apprehensions that sectoral players may shift their manufacturing bases to neighbouring countries due to high import duty on gold in India.
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.
PNB fraud fallout: Bank finance to jewellers drops 10%; lower lending threatens exports, says industry lobby GJEPC
According to GJEPC, the country's gem and jewellery exports declined by 8.84 percent during the June quarter to $10.1 billion, compared with $11.1 billion in the same period last year
Gems and jewellery contribute nearly 7 percent to the country's GDP and over 15 percent to the merchandise exports
Nirav Modi scam fallout: Gems and jewellery industry asks bankers not to reduce credit limits in a white paper
Gems and jewellery industry is presenting a white paper on 11 May on challenges of financing to the diamond industry
Gems and jewellery industry contributes nearly 7 percent to the country's GDP and over 15 percent to the merchandise exports
RBI ban on Letter of Undertaking (LoU) as a trade finance instrument, will not have much impact on the gems and jewellery industry in West Bengal, but a hike in bank's credit margin may hurt the business, a GJEPC official said
PNB scam: By killing LoUs, RBI is throwing baby out with bathwater; why punish traders for own failure?
Terminating LoUs altogether is no solution. On the contrary, it is counter-productive
GJEPC denies four-fold surge in imports of cut and polished diamonds, says there has actually been a 4.3% decline
Actual imports of cut and polished diamonds for this period stand at $1,527.43 million, and represent a decline of 14.44 percent as compared to $1,785.17 million for April-November 2016.
GJEPC chairman demanded that the import duty on gold be brought down to 4-5 percent in the Budget, asserting that the prevailing 10 percent import duty on the yellow metal gives rise to smuggling
Diamond Producers Association launches India operations, reaches out to 3,000 retailers for training, education
The DPA is an alliance of seven of the largest diamond mining companies in the world, which together represent over 75% of the world’s diamond production.
The decision came at a time when Indian gold jewellery traders have raised concerns over a surge in gold imports from South Korea
Rough diamonds have been kept out of the purview of taxes even in various Asian countries which are globally competitive, it said.
The industry has demanded cut in the import duty from the current 10 percent to 2 percent.
The demand for diamonds is unlikely to revive any time soon as India struggles to dispense enough new notes,