Coronavirus Outbreak: Gem and jewellery sector comes to 'standstill'; seeks prompt govt relief
4 years, 10 months ago

Coronavirus Outbreak: Gem and jewellery sector comes to 'standstill'; seeks prompt govt relief

Firstpost  

The indigenous gem and jewellery sector in the country has come to a “standstill” amid the coronavirus pandemic and is in immediate need of relief measures from the government, an industry body said The indigenous gem and jewellery sector in the country has come to a “standstill” amid the coronavirus pandemic and is in immediate need of relief measures from the government, an industry body said. With virtually no footfalls, many jewellers might have to even shut down their shops, the All India Gem & Jewellery Domestic Council said. “Considering the crisis situation, the domestic gem & jewellery sector seeks immediate relief measures to enable the trade to function smoothly,” chairman of the council Anantha Padmanabhan said in a statement. “We have sent a recommendation to the prime minister stating our concern… and we have received a prompt and favourable response from the PMO,” Padmanabhan said.

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History of this topic

An Indian irony: Glitter of fastest-growing diamond market eludes hub Surat
2 weeks, 3 days ago

An Indian irony: Glitter of fastest-growing diamond market eludes hub Surat

India Today  

A high-profile gems and jewellery industry event in Mumbai on January 7 announced that India was now the fastest growing diamond market in the world. The programme also marked a strategic collaboration between the De Beers Group, the world’s leading diamond company, and the Gem and Jewellery Export Promotion Council, India’s apex jewellery trade body, for honing the market shine …

Gems, jewellery sector urges govt to reduce GST to 1% in upcoming Budget
2 weeks, 6 days ago

Gems, jewellery sector urges govt to reduce GST to 1% in upcoming Budget

The Hindu  

The gems and jewellery sector has urged the government for a reduction in goods and services tax to 1% on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget. “We seek rationalisation of taxes and availability of finance to support business,” the All India Gem and Jewellery Domestic Council Chairman Rajesh Rokde said in …

‘Gem and jewellery exports grew 7.9% in April-Oct. 2022’
2 years, 2 months ago

‘Gem and jewellery exports grew 7.9% in April-Oct. 2022’

The Hindu  

Gem and jewellery exports from India grew 7.9% to ₹1,88,183.89 crore in the April to October period, despite a decline of 14.64% to ₹25,843.84 crore in the month of October, according to the Gem & Jewellery Exports Promotion Council. “We had witnessed the usual pre-Diwali buzz as factories rushed to complete export orders in time for Thanksgiving and Christmas,” said …

Diamonds to regain pre-pandemic sparkle in 2022-2024
3 years, 11 months ago

Diamonds to regain pre-pandemic sparkle in 2022-2024

The Hindu  

Diamond jewellery demand will recover to pre-pandemic levels between 2022 and 2024, with China leading the way, a report commissioned by the Antwerp World Diamond Centre predicted. Demand recovery will diverge depending on lockdown policies, government support, and the extent to which retailers manage to shift sales online, said the report by consulting group Bain. The diamond industry was already …

From carats to peanuts: how a pandemic upended the global diamond industry
4 years, 5 months ago

From carats to peanuts: how a pandemic upended the global diamond industry

The Hindu  

As the coronavirus pandemic upended the global diamond industry, shuttering mines from Lesotho to Canada and disrupting supply chains, Rajen Patel swapped diamond polishing for peanut farming. “There are a lot more enquiries from people seeking to buy these luxury stones as a hedge,” said Chris Del Gatto, CEO of the DelGatto Diamond Finance Fund, the largest non-bank lender to …

Coronavirus Outbreak: Gems, jewellery exports stare at steep fall in Q1 next fiscal as disruptions hit operations: Report
4 years, 9 months ago

Coronavirus Outbreak: Gems, jewellery exports stare at steep fall in Q1 next fiscal as disruptions hit operations: Report

Firstpost  

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. Mumbai: The gems and jewellery exports are expected to witness a sharp decline in March as well as in the first quarter of the next fiscal due …

Gold, silver jewellery sales down 25% amid coronavirus panic
4 years, 10 months ago

Gold, silver jewellery sales down 25% amid coronavirus panic

Live Mint  

Following the coronavirus outbreak, the gems and jewellery sector in the country has come to a standstill with retailers managing to do only 20-25 per cent business due to fewer footfalls amid fear of the virus' spread, according to an industry body. "There is virtually no footfalls in jewellery stores and retailers are doing only 20-25 per cent business across …

G&J exports hit by China shutdown
4 years, 11 months ago

G&J exports hit by China shutdown

Deccan Chronicle  

Chennai: The coronavirus outbreak and the consequent closure of manufacturing units and jewellery stores in China as well as Hong Kong has added to the woes of gems and jewellery exports, which were already reeling under the pressure of slower global demand and credit crunch. According to the Gems and Jewellery Export Promotion Council, off-take by China as well as …

Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry
5 years ago

Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry

Firstpost  

Saying that liquidity is a major area of concern, All India Gem and Jewellery Domestic Council Chairman Anantha Padmanaban said the government should take steps to ensure that banks lend to jewellers. Mumbai: Ahead of the Budget, gems and jewellery industry has sought reduction in import duty on gold to 6 percent and on cut and polished diamonds to 2.5 …

Gems, jewellery exports may decline 5-10% this year; US-China trade war, protests in Hong Kong to impact sales: GJEPC
5 years, 3 months ago

Gems, jewellery exports may decline 5-10% this year; US-China trade war, protests in Hong Kong to impact sales: GJEPC

Firstpost  

In September, the overall gems and jewellery exports dipped by 7.43% to Rs 23,788.01 crore during September 2019 Mumbai: The overall gems and jewellery exports are expected to decline of 5-10 percent in this financial year on the back of US-China trade war, protests in Hong Kong and the implementation of VAT in the Middle East, Gems and Jewellery Export …

GJC urges govt to rollback import duty on gold; seeks comprehensive integrated policy to save gems and jewellery sector
5 years, 5 months ago

GJC urges govt to rollback import duty on gold; seeks comprehensive integrated policy to save gems and jewellery sector

Firstpost  

Reduction in gold duty will directly reduce social and economic menace in the country, he said. Mumbai: All India Gem and Jewellery Domestic Council on Tuesday urged the government to rollback the import duty of gold to 10 percent and implement a comprehensive integrated gold policy to save the gems and jewellery sector. “The government should rollback gold import duty …

Trump’s trade slap will send India’s gems and jewellery sector reeling
5 years, 7 months ago

Trump’s trade slap will send India’s gems and jewellery sector reeling

Live Mint  

The withdrawal of duty benefits by the US under the Generalized System of Preferences is yet another blow for India’s gems and jewellery sector. The decision, which came into effect from 5 June, is however expected to have a limited impact on India’s overall export trade, said Crisil Research Ltd. Chaudhary, had said that the gems and jewellery sector provided …

Demonetisation, GST hit growth in gold jewel industry: Gem and jewellery body
6 years ago

Demonetisation, GST hit growth in gold jewel industry: Gem and jewellery body

Live Mint  

Coimbatore: The gold jewellery industry in the country has not witnessed any significant growth in the last two years, particularly after demonetisation and GST, the national apex body of gem and jewellery said Tuesday. Though the majority of the population of the older generation saw the precious metal as a long-time investment, the change in the lifestyle of the younger …

Jewellers find exports tough as bank fraud squeezes credit
6 years, 2 months ago

Jewellers find exports tough as bank fraud squeezes credit

Live Mint  

Mumbai: India’s jewellery exporters expect tighter lending to douse any recovery in overseas sales this year, stoking fears that buyers will shift to rivals China and Thailand. In the nine months since India’s biggest bank fraud came to light, jewelers have struggled to get credit to run their businesses. Exports may not grow this year with shipments hovering near last …

Will Gold Glitter This Dhanteras? GST May Cause Slight Dip in Sale
7 years, 3 months ago

Will Gold Glitter This Dhanteras? GST May Cause Slight Dip in Sale

The Quint  

Managing director for India, World Gold Council, Somasundaram PR, said that while the industry is bracing for the festive season and the trend is looking better than the first half, the market sentiment is not at its full potential. Somasundaram pointed out that GST was not implemented properly, and putting gold and silver imports from South Korea in the restricted …

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