The overall <keyword id="20150666" type="General" weightage="20" keywordseo="gem" source="keywords">gem</keyword> and <keyword id="20243747" type="General" weightage="20" keywordseo="jewellery-exports" source="keywords">jewellery exports</keyword> witnessed a 21.93 per cent year-on-year <keyword id="19959767" type="General" weightage="20" keywordseo="decline" source="keywords">decline</keyword> in July to $1.67 billion (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (<keyword id="19995719" type="General" weightage="20" keywordseo="GJEPC" source="keywords">GJEPC</keyword>) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> in the category in July 2023 stood at Rs $ 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to $907.67 million from $1.17 billion in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to $530.38 million compared to $603.12 million in the same period of last year. Meanwhile, the apex trade body said during the recent six-day India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about $12 billion (approximately Rs 1 lakh crore) was generated. IIJS Premiere 2024 attracted over 50,000 buyers and international delegations from over 13 countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, and Uzbekistan. "IIJS Premiere 2024 was a tremendous success, generating over $12 billion in business for our exhibitors. The business was mainly dominated by gold jewellery following weakness in prices of the yellow metal," Shah said. The show featured an array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z, he said. "IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Gem, jewellery exports drop 21.9% to $1.67 billion in July

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s overall <keyword id="19981326" type="General" weightage="20" keywordseo="gems" source="keywords">gems</keyword> and <keyword id="20243747" type="General" weightage="100" keywordseo="jewellery-exports" source="keywords">jewellery exports</keyword> 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 <keyword id="20185537" type="General" weightage="20" keywordseo="overseas-markets" source="keywords">overseas markets</keyword>, according to data by Gem and Jewellery Export Promotion Council (<keyword id="19995719" type="General" weightage="20" keywordseo="GJEPC" source="keywords">GJEPC</keyword>). The total gems and jewellery <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> 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 <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> leading to economic uncertainty in the <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword>, 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, <keyword id="19894886" type="General" weightage="20" keywordseo="china" source="keywords">China</keyword> being the key one as it accounts for approximately a third of India's cut and polished diamond exports. However, the total gold jewellery exports went up by 7.97 per cent at Rs 5,074.27 crore (USD 608.01 million) as compared to Rs 4,699.56 crore (USD 571.63 million) for the same period of the previous year. "The uptick in exports of gold jewellery was following the robust demand in the global market as prices are currently less volatile, which has encouraged consumers to make the most out of this situation and purchase the yellow metal as an investment avenue as well as for wearable purpose," Shah added.

India's gems, jewellery exports dip 13.44% in June to Rs 15,939.77 cr: GJEPC

<keyword id="18053223" type="General" weightage="20" keywordseo="indias-gems-and-jewellery-exports" source="Orion">India's gems and jewellery exports</keyword> are likely to decline by 10-15 % in the current financial year on account of slowing demand in key markets like the US and China, GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48% year-on-year to ₹3,00,462.52 crore (over $36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC). Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman said that the Commerce Ministry has given a target of $42 billion for the gems and jewellery segment exports in 2023-24. "For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising <keyword id="888190" type="General" weightage="20" keywordseo="interest-cost" source="Orion">interest cost</keyword>, <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword>, all these concerns and consumers' confidence is also going down," Shah said. Going ahead, "we expect that overall we should see a 10 to 15 % decline in the gems and jewellery exports," he said on GJEPC estimates for the current fiscal ending March. Diamonds constitute more than 55% of the overall gems and jewellery export basket, Shah said. The exports target (for the current fiscal) is $42 billion, which was given by the Ministry of Commerce, he added.

India's gems & jewellery exports likely to slip 10-15% pc in FY23: GJEPC

Mumbai, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in <keyword id="6357502" type="UNKNOWN" weightage="20" keywordseo="Import-Duty">import duty</keyword> on polished precious and semi-precious gemstones, in the upcoming Union <keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business." He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds. Pethe also said the facility of equated-montly instalment (EMI) should be extended to the gems and jewellery industry and to increase the cash purchase limit to Rs 1 lakh from the current Rs 10,000. Gems and Jewellery Export Promotion Council (<keyword id="110243" type="PERSON" weightage="20" keywordseo="GJEPC">GJEPC</keyword>) Chairman Colin Shah urged the government to reduce import duty on cut and polished precious and semi-precious gemstones to 2.5 per cent, from the current 7.5 per cent. In its Budget recommendations, GJEPC has also proposed a hike in import duty on synthetic cut and polished stones to 25 per cent from 5 per cent. Shah said GJEPC has also proposed amendment in taxation provisions to allow sale of rough diamonds in special notified zone in Mumbai. Malabar Group Chairman MP Ahammed has urged the government that tax rate, including import duty on gold and GST, should be reduced to 7 per cent. Ahammed has also said the government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in jewellery without any pricing break-up in terms of GST or other taxes. Currently, gold attracts 12.5 per cent import duty and 3 per cent GST and total duty and GST implication works out at 15.5 per cent. "Such high taxes have led to large-scale smuggling and tax evasion. Therefore, reducing import duty-GST implication to 7 per cent is an effective measure to prevent those industry malpractices," he added. Although the tax and duty implication is 15.5 per cent on gold, the actual implication comes to around 20 per cent after adding the mining royalties. The gold and diamond trade together accounts for 7.5 per cent of the country's GDP and 14 per cent of the country's total exports. About 60 lakh people are employed in this sector. Therefore, Ahammed noted that the government should take steps to facilitate comprehensive development of the grade trade sector so that it can continue to play a pivotal role in the growth of the economy. PNG Jewellers Chairman and Managing Director Saurabh Gadgil opined that 2020-21 has had a negative impact on the industry over all. "While jewellers are on track to recover from the impact of the pandemic and a muted wedding season, we are hopeful that the Budget 2021-22 will look at the jewellery industry favourably and roll out many SOPs and important policy changes that can help revive the industry in the next one year," he said. It is critical that the government also look at policies that encourage banks to kick-start lending once again to the jewellery sector, which will help businesses across the board to maintain liquidity and ensure survival and success, he pointed out. From the consumer perspective, he said gold should be deemed as an asset class like the mutual funds, allowing an increase in consumer investment confidence as well as the availability of facilities like EMI schemes to invest in gold products. "Setting up of a spot exchange, announced in the 2018 Budget on an immediate basis, will ensure consistency in pricing of gold across the country. This will boost consumer confidence and help people sell their gold at daily transparent prices," he added. SM HRS

Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%

New Delhi, Mar 9 () Gems and Jewellery Export Promotion Council (GJEPC) has rescheduled its international gem and jewellery show in Jaipur from Appril to July on account of coronavirus outbreak.In a statement, the council has said due to concerns related to the global coronavirus outbreak, they have decided to postpone the dates to July 18-20, 2020.There are serious concerns globally pertaining to the outbreak of respiratory illness caused by coronavirus, adversely affecting everyone's travel plans, it said."Considering the concerns and sensitivities of the countries impacted, the health and safety of exhibitors and visitors, after much deliberation with buyers and other stakeholders, there was no option but to reschedule the show," it added.Further, the council said over 600 buyers from 56 countries which includes Algeria, Argentina, Australia, Bangladesh, Belgium, Brazil, Canada, Denmark, and England, have registered so far.Over 230 exhibitors have confirmed their participation from all over India.During April 2019 to January 2020, exports declined 4.78 per cent to Rs 2,16,076.06 crore as compared with Rs 2,26,933.91 crore during the ten months period of 2018-19.The council also said that in view of the recent action taken by the Reserve Bank of India on Yes bank, all exhibitors and visitors are advised not to deposit any cheques/NEFT/RTGS/IMP in that bank with immediate effects."GJEPC May not be able to provide credit for cheque's deposited in Yes Bank after March 5, 2020 in view of the restrictions imposed on transaction with Yes bank," it added.The Reserve Bank last week imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseding the board of the private sector lender with immediate effect. RRBAL

GJEPC postpones intl gem, jewellery show in Jaipur to July due to coronavirus outbreak

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars. Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. “Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. “Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. Share prices of most jewellery stocks were trading lower on Thursday <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23% </td></tr></tbody></table> Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. The council said that the rise in import duty will increase prices of silver products in domestic markets. “The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC. Lab grown diamonds to boost gold demand, say experts Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. “The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. “The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a>

Gold and silver jewellery to get a lot more expensive

Mumbai, Mar 26 () Gems and Jewellery Export Promotion Council (GJEPC) has announced a Rs 50 crore welfare fund for its workforce, amid the COVID-19 pandemic that has brought business to a standstill. "The world is undergoing unprecedented difficult times in the wake of COVID-19. India too is grappled with this deadly pandemic. During these hard times it becomes pertinent and mandatory to take care of our employees," GJEPC chairman Pramod Agrawal said in a statement. The gems and jewellery sector in the country employs over 50 lakh workforce. "In our endeavour to combat the situation, we have decided to create a corpus of Rs 50 crore from our own reserves for the welfare initiatives of workforce employed in this sector in the current scenario," Agarwal added. He also appealed to all its members to take care of their employees during the lockdown and demonstrate a united and humane approach. Meanwhile, GJEPC vice chairman Colin Shah said the Finance Minister's announcement that companies with an annual turnover of less than Rs 5 crore will not be levied any interest, penalty or late fees with respect to GST till June 30, will help MSMEs in the gem and jewellery sector. As the outbreak of the COVID-19 pandemic and the lockdowns across cities create large scale economic disruption, Finance Minister Nirmala Sitharaman on March 24, announced various measures including extending the deadline for filing income tax and GST returns. The extension of timelines for GST returns for three months -- March to May, to the end of June without any late fees, penalty and interest for enterprises with turnover less than Rs 5 crore will provide significant relief for SMEs who are likely to be subject to intense liquidity pressures. SM DRRDRR

Gems, jewellery sector announces Rs 50-cr welfare fund for its workforce

Mumbai, Mar 11 () India's gems and jewellery exports declined by 20.26 per cent to Rs 20,763.28 crore in February, hit by the global outbreak of Covid-19, credit crunch and customs issues, according to industry body GJEPC. Gems and jewellery exports stood at Rs 26,039.32 crore in February 2019, the Gem and Jewellery Export Promotion Council (GJEPC) said. "The fall in gems and jewellery exports has been happening over some time due to the global economic slowdown coupled with the industry struggling with credit crunch and customs issues. Now the global outbreak of Covid-19 has added to the existing issues," GJEPC Vice Chairman Colin Shah told here. The overall exports declined by 6.38 per cent to Rs 2,36,839.34 crore during April 2019 to February 2020, compared to Rs 2,52,973.24 crore during the same period last year. Meanwhile, shipments of cut and polished diamonds (CPD) in February fell by 40.66 per cent to Rs 9,897.14 crore, compared to Rs 16,679.94 crore in the same month last year. CPD exports during April 2019 to February 2020 declined by 18.71 per cent to Rs 1,24,880.11 crore, from Rs 1,53,621.64 crore registered during April 2018 to February 2019. However, gold jewellery exports in February went up by 28.26 per cent to Rs 8,106.96 crore from Rs 6,320.88 crore in the same month of 2019. Gold jewellery exports from April 2019 to February 2020 grew by 7.27 per cent to Rs 80,088.38 crore, from Rs 74,661.63 crore earlier. Silver jewellery exports during April 2019 to February 2020 also jumped 91.57 per cent to Rs 10,342.17 crore from Rs 5,398.61 crore in April 2018 to February 2019. Coloured gemstone exports in April 2019 to February 2020 declined by 16.20 per cent to Rs 2,171.87 crore, from Rs 2,591.59 crore earlier. Meanwhile, the overall gems and jewellery imports during April 2019 to February 2020 declined by 3.33 per cent to USD 23.03 billion, from USD 23.83 billion registered during April 2018 to February 2019. The overall gross import of rough diamonds during April 2019 to February 2020 showed a decline 13.43 per cent to USD 12.39 billion from USD 14.31 billion earlier. SM ABMABM

Gems, jewellery exports drop 20 pc to Rs 20,763 cr in Feb

New Delhi, Mar 9 () With the RBI imposing moratorium on Yes Bank, exporters' body FIEO on Monday said it will urge the central bank to allow to shift all outstanding foreign currency payments and receipts of exporters to their Nostro account with other banks. "We are taking up with the RBI that payment pending in Nostro account of Yes Bank or to be received as inward remittance or for documents sent on collection now should be sent to Nostro of exporters' account with other bank or credited to exporters account but withdrawal to be allowed," FIEO Director General Ajay Sahai told . Nostro accounts are used to facilitate international transactions and to settle transactions that hedge exchange rate risk. The Reserve Bank of India (RBI) on March 5 imposed a moratorium on capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseding its board with an immediate effect. The RBI's action came after the banking regulator found out risky credit culture and serious governance issues at Yes Bank. Following this, the country's largest lender State Bank of India (SBI) on Saturday said it will invest Rs 2,450 crore in the troubled private sector bank against 245 crore shares. Separately, the Gems and Jewellery Export Promotion Council (GJEPC) has also said that in view of the recent action taken by the RBI on Yes Bank, all exhibitors and visitors are advised not to deposit any cheques/NEFT/RTGS/IMP in that bank with immediate effect. "GJEPC may not be able to provide credit for cheque's deposited in Yes Bank after March 5, 2020, in view of the restrictions imposed on transaction with Yes Bank," it added. RR HRS

FIEO to urge RBI to shift exporters' Yes Bank Nostro account to other banks

Mumbai, Feb 13 () The gems and jewellery industry on Thursday urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market. "We have been pursuing with the government constantly with few concerns which require immediate attention, like reduction in import duty on precious metals -- gold, silver, platinum to 4 per cent from 12.5 per cent. Reduce import duty on cut and polished diamonds and gemstones from 7.5 per cent to 2.5 per cent," Gem and Jewellery Export Promotion Council (GJEPC) Chairman Pramod Kumar Agrawal said. Speaking at the 13th edition of the India International Jewellery Show (IIJS), he said the industry has also been urging the government for amendment in taxation laws enabling sale of rough diamonds in Special Notified Zone (SNZ), Mumbai. "This is very important to give a level playing field to our traders in the global market," he added. The four-day IIJS, which commenced from Thursday, is hosting more than 700 exhibitors and is expected to attract over 18,000 visitors from India and 55 countries. Agrawal also announced that GJEPC is coming up with a new show in Jaipur in Rajasthan -- India Gem and Jewellery Show -- to be held from April 1-3, especially for international buyers. SM ABMABM

Jewellery industry urges govt to reduce import duty on gold, polished diamonds

Surat, Jun 13 () With 23 workers employed in some diamond units in Surat city of Gujarat testing coronavirus positive, the civic authorities have ordered partial closure of around eight such firms and asked their other staff members to undergo 14-day quarantine. The Surat Municipal Corporation (SMC) said that it has ordered closure of certain floors and departments of these eight diamond units located in the city's Katargam locality, to contain the spread of coronavirus. Surat is the biggest diamond cutting and polishing hubs of the country. "In the last three days,23 diamond workers have tested COVID-19 positive and the number is rising," SMC's Deputy Municipal Commissioner,Ashish Naik, said on Saturday. With the detection of several positive cases, certain departments of diamond units, including Shivam Jewellers, SRK Empire, Dharmnandan Diamonds, Rinkle Impex, C Dinesh and Co, JB and Brothers, and Royal Diamonds, have been shut, the civic body said in a statement. Other workers of these units have been asked to strictly observe 14-day quarantine, it added. It also said that the units where social distancing norms were not being followed have been slapped with Rs 10,000 penalty each. The SMC said that it will continue to check diamond units to see whether norms like social distancing, use of masks and sanitisers, were being followed to prevent the spread of the virus. All the workers in the diamond polishing units sit in close proximity while working. Over 20 people, who recently tested coronavirus positive, worked at these units, civic officials said, adding that family members of these workers have also been quarantined. Regional President of Gems and Jewellery Export Promotion Council (GJEPC), Dinesh Navadiya, said that the diamond industry employs around 6.5 lakh workers in Surat. "There are around 6,000 diamond units in Surat that employ around 6.5 lakh workers. As per our calculation, from June 1, when these diamond units were allowed to reopen after lockdown, 2 lakh to 2.25 lakh workers have started working in these units," he said. "We will meet SMC officials to discuss the matter. We will try to find a way out," he said. Diamond polishing units started their operations again from this month after lockdown as relaxed in the country. COR KA PD NP NP

COVID-19: Surat's 8 diamond firms partly shut after +ve cases

New Delhi, Jan 26 () Gold imports, which have a bearing on the current account deficit (CAD), fell 6.77 per cent to USD 23 billion during the April-December period of the current financial year, according data from the commerce ministry.
 Imports of the yellow metal stood at USD 24.73 billion in the corresponding period of 2018-19.
 The decline in gold imports has helped in narrowing the country's trade deficit to USD 118 billion during the period, against USD 148.23 billion a year ago.
 Gold imports had been recording a negative growth since July this year. However, it recorded positive growth in October and November last year, only to contract by about 4 per cent in December last year.
 India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
 In volume terms, the country imports 800-900 tonne of gold annually.
 To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on the metal to 12.5 per cent from 10 per cent.
 Industry experts claim that businesses in the sector are shifting their manufacturing bases to neighbouring countries due to this high duty.
 The Gems and Jewellery Export Promotion Council (GJEPC) has asked for a reduction in import duty to 4 per cent.
 Gems and jewellery exports declined 6.4 per cent to USD 27.9 billion in April-December this fiscal.
 The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion in 2018-19.
 The CAD narrowed to 0.9 per cent of gross domestic product or USD 6.3 billion in July-September 2019 from 2.9 per cent or USD 19 billion in corresponding period last year, according to the RBI data. RR HRS

Gold imports dip 6.77 pc during April-Dec 2019

New Delhi, Nov 24 () India's gold imports, which have a bearing on the current account deficit (CAD), dipped 9 per cent to USD 17.63 billion (about Rs 1.25 lakh crore) during April-October period of the current fiscal, according to Commerce Ministry data.
 Imports of the yellow metal stood at USD 19.4 billion in the same period of 2018-19.
 Dip in gold imports has helped in narrowing the country's trade deficit to USD 94.72 billion during April-October period of 2019-20 as against USD 116.15 billion in the same period of previous fiscal.
 Gold imports had been recording a negative growth since July this year. However, it grew by about 5 per cent to USD 1.84 billion in October.
 India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
 In volume terms, the country imports 800-900 tonnes of gold annually.
 To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on gold to 12.5 per cent from 10 per cent in this year's Budget.
 According to industry experts, businesses in the sector are shifting their manufacturing bases to neighbouring countries due to high duty.
 The Gems and Jewellery Export Promotion Council (GJEPC) had asked for a cut in import duty to 4 per cent.
 Gems and jewellery exports declined by about 2 per cent to USD 18.3 billion in April-October this fiscal.
 The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion during 2018-19. RR RVK

Gold imports dip 9 pc during Apr-Oct

New Delhi, Jan 2 () India's gold imports, which have a bearing on the current account deficit (CAD), fell about 7 per cent to USD 20.57 billion during April-November period of the ongoing financial year, according to the commerce ministry data.
Imports of the yellow metal stood at USD 22.16 billion in the same period of 2018-19.
The decline in gold imports has helped in narrowing the country's trade deficit to USD 106.84 billion during the eight-month period under review as against USD 133.74 billion in the year-ago months.
Gold import had been recording a negative growth since July this year. However, it grew about 5 per cent to USD 1.84 billion in October and 6.6 per cent to USD 2.94 billion in November.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
In volume terms, the country imports 800-900 tonne of gold annually.
To mitigate the negative impact of gold imports on trade deficit and CAD, the government increased the import duty on the metal to 12.5 per cent from 10 per cent in this year's Budget.
Industry experts claim that businesses in the sector are shifting their manufacturing bases to neighbouring countries due to this high duty.
 The Gems and Jewellery Export Promotion Council (GJEPC) has asked for a reduction in import duty to 4 per cent.
 Gems and jewellery exports declined about 1.5 per cent to USD 20.5 billion in April-November this fiscal.
The country's gold imports dipped about 3 per cent in value terms to USD 32.8 billion in 2018-19. 
The CAD narrowed to 0.9 per cent of GDP or USD 6.3 billion in July-September, 2019-20 from 2.9 per cent or USD 19 billion in same period last year, according to the RBI data. 
 RR ANU
ANU

Gold imports dip 7 pc in Apr-Nov to USD 20.57 bn

New Delhi, Mar 26 () Following are the top business stories at 1917 hours: DEL94 BIZ-FM-2NDLD ECONOMY-STIMULUSGovt unveils Rs 1.7 lakh cr stimulus to help poor hit by lockdownNew Delhi: The government on Thursday announced a Rs 1.7 lakh crore stimulus that included free foodgrain and cooking gas to poor for three months, and cash doles to women and poor senior citizens as it looked to ease the economic impact of the nationwide lockdown. DEL119 BIZ-VIRUS-LD MANDISAbout 1,600 fruit, vegetable mandis functioning; 300 more to operate from Friday: Agri Min officialNew Delhi: As many as 1,600 wholesale fruit and vegetable mandis have started functioning smoothly and 300 more will operate from Friday after the central government on Thursday stepped in to normalise the supply during the lockdown. DEL97 BIZ-LD STOCKS-CLOSE Market clocks best 3-day rally in years as stimulus calms investor jitters amid lockdownMumbai: Equity benchmarks surged for the third straight session on Thursday, logging their best three-day gains in years, after the government's much awaited stimulus measures for coronavirus lockdown-hit segments lifted sentiments. DEL61 BIZ-VIRUS-EPF CONTRIBUTIONCovid-19: Govt to pay employer, employee's PF contribution for 3 monthsNew Delhi: The government will pay the employee provident fund (EPF) contribution both of the employer and the employee (12 per cent each) for the next three months, Finance Minister Nirmala Sitharaman said on Wednesday.DEL56 BIZ-FM-PM KISANGovt to transfer Rs 2,000 under PM-KISAN scheme to 8.69 cr farmers in April 1st weekNew Delhi: To provide relief to farmers affected due to the lockdown, the Centre on Thursday said it will transfer in the first week of April the first installment of Rs 2,000 to each of 8.69 crore beneficiaries under the PM-KISAN scheme. DCM14 BIZ-VIRUS-FOODGRAINSEnough foodgrains stock with FCI; govt closely monitoring PDS distribution: PaswanNew Delhi The government has enough foodgrain reserves to feed the poor amid the nationwide lockdown to contain the spread of coronavirus, Food Minister Ram Vilas Paswan said on Thursday. DEL39 BIZ-FM-HEALTHFM announces Rs 50 lakh insurance cover for doctors, paramedic, healthcare workersNew Delhi: Finance Minister Nirmala Sitharaman on Thursday announced a Rs 50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic. DEL95 BIZ-VIRUS-FACEMASKSCentre caps MRP of 3 ply meltblown face masks at Rs 16/piece till June 30New Delhi: The Centre has capped the maximum retail price of 3 ply face masks made of meltblown non-woven fabric at Rs 16 per piece till June 30 after clearing confusion with the manufacturers, Consumer Affairs Secretary Pawan Agarwal said on Thursday.DEL77 BIZ-VIRUS-MILLS-SANITISERSCentre permits distilleries to manufacture hand sanitisers, issues licences to 45 firmsNew Delhi: The Centre on Thursday said it has given permission to distilleries and sugar mills to manufacture hand sanitisers in bulk and has already issued licences to 45 distilleries. DEL104 BIZ-RUPEE-CLOSERupee settles 78 paise higher at 75.16 a dollar on stimulus boostMumbai: The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis. DEL62 BIZ-VIRUS-COMMODITY TRADINGCOVID-19: Exchanges cut trading hours for commodity trading till 5 pmNew Delhi: Leading stock exchanges BSE and NSE on Thursday cut down trading hours for commodities derivative segment till 5 pm, instead of current practice of allowing it up till mid-night, in the wake of coronavirus pandemic. DCM26 BIZ-VIRUS-WTOWTO sees sharp fall in trade, calls for global solutions to tackle COVID-19 crisisNew Delhi: The world trade is expected to witness a sharp fall due to COVID-19 (coronavirus) crisis, and global solutions will be required to deal with the pandemic, according to the WTO. DCM48 BIZ-VIRUS-JEWELLERYGems, jewellery sector announces Rs 50-cr welfare fund for its workforceMumbai: Gems and Jewellery Export Promotion Council (GJEPC) has announced a Rs 50 crore welfare fund for its workforce, amid the COVID-19 pandemic that has brought business to a standstill.DCM46 BIZ-STOCKS-WEALTHInvestors wealth zooms Rs 11.12 lakh cr in three days of mkt rally New Delhi:Investor wealth rose for the third consecutive day on Thursday, gaining Rs 11,12,088.78 crore in three days, as equity markets continued their sharp rally.DCM31 BIZ-VIRUS-FITCH-BANKSCoronavirus impact to bring more worries for Indian banks: Fitch Mumbai: The coronavirus-related worries are likely to aggravate difficulties for Indian banks, ratings agency Fitch said on Thursday, revising down the operating environment score for the critical sector by a notch. SHWSHW

Business highlights

<img class="gwt-Image" src="/photo/36708424.cms" /> 
With the hallmarking of the gold jewellery getting recognition, around 290 hallmarking centres engaged in giving purity certification to the gold jewellery across India may not shut operations. The owners are reworking their strategies and aiming at profitability. 
 Also, the <keyword id="2343245" type="UNKNOWN" weightage="100" keywordseo="Indian-Association-of-Hallmarking">Indian Association of Hallmarking</keyword> feels that with the jewellers likely to be mandated to sell the hallmarked jewellery pieces if the new government makes it mandatory, the numbers of centres are expected to increase to 1,000 in the next one to two years from the 290 centres at present. 
 Harshad Ajmera, president, Indian Association of Hallmarking, said the <keyword id="59330" type="ORGANIZATION" weightage="100" keywordseo="Bureau-of-Indian-Standards">Bureau of Indian Standards</keyword> (<keyword id="6367870" type="ORGANIZATION" weightage="100" keywordseo="BIS">BIS</keyword>), two years ago, accepted the price hike charges request to Rs 25 per jewellery from the earlier charge of Rs 18. “The hike was accepted after eight years. It will be comfortable for the hallmarking centres to operate now, which were running at loss for last two years,” Ajmera said. 
 
Also, with hallmarking of the gold jewellery becoming popular, the centres would be able to utilise their full capacity. Previously they utilised only 10-15% of their capacity, Ajmera added. 
 
The BIS, under the Consumer Affairs Ministry, is the administrative authority of hallmarking in the country. Meanwhile, the BIS has cautioned people against cheats and has advised them to look for BIS Hallmark sign on the gold jewellery before purchase, collect cash receipt indicating BIS hallmark and the purity of the gold purchased. 
 
Namit Dave, a gold analyst, said the jewellers who are engaged in 10-15% adulteration in gold will be mandated to sell pure 22 carat gold jewellery to the customers. 
 
The customers are often victims of irregular metal quality. A buyer, for instance, will be told that he has bought gold of 22 carats. When he goes to sell or exchange it, he discovers that the gold is actually only 18 carats. “The oldest types of frauds are those of adulteration by adding too much alloy and the similar fraud of selling them without the standard fineness but with the base metal cores. These frauds continued till hallmarking scheme was launched by the BIS,” said a city-based jeweller on the condition of anonymity. 
 
“With mandatory hallmarking, big brands will be benefitted the most. The local jewellers make their margins on impure gold sales and that is also one of the reasons why they sell at lesser price than the big brands,” said Kaushalendra Singh Sengar, CMD, Incubators Group. 
The business community would find the hallmarking laboratory business profitable and in only Kolkata, we expect the number of centres to increase to 25 from 15 at present, experts said. 
 Pankaj Parekh, vice-chairman, <keyword id="2343246" type="UNKNOWN" weightage="100" keywordseo="The-Gem-Jewellery-Export-Promotion-Council">The Gem &amp; Jewellery Export Promotion Council</keyword> (GJEPC), said the country lacks adequate infrastructure and the government must address this problem urgently and the number of hallmarking centres should be increased. 
 
 Analysts feel that to cater to 20-25 jewellers, one hallmarking centre is needed in a locality. 
 
Subir Sen, director, BC Sen Jewellers, said most of the jewellers sell hallmarked jewellery even if it is not compulsory. “But we have to ensure that sufficient facility should be there once it is made mandatory,” he added. “We don’t charge from the customers,” said Sen when asked about the gold purity tasting charges. 
 
While Chandra Surana, proprietor, Bhuramal Rajmal Surana Jouhree, said hallmarking will be beneficial for the business as scrupulous trade will be stopped. “However, hallmarking is not possible in case of kundan and meena jewellery,” said Surana. 
 
However Chandrakanta Roy Chowdhury, partner, MP Jewellers, said apart from plain gold jewellery, even kundan sets are hallmarked in all the MP Jewellers showrooms. 
 
Anita Naithani a gold jewellery lover, who makes it a point to buy jewellery on festive occasions, said, “I prefer buying unique and designed pieces along with hallmark certification assuring the highest standard of purity.”

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