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 generation, who opted more for travelling and automobiles, has applied a brake on the jewellery business, chairman of Gem and Jewellery Domestic Council Ananth Padmanabhan told reporters here. After the demonetisation in 2016 and introduction of the goods and services tax, the growth of the industry remained stagnant despite the country being the second largest importers of gold, he said. The event saw 42 top gem and jewellery manufacturers displaying their designs for the benefit of retailers in and around Coimbatore and in the southern parts of the country, he said.

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History of this topic

An Indian irony: Glitter of fastest-growing diamond market eludes hub Surat
4 days, 7 hours 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 …

India becomes 2nd largest diamond market, crosses China
1 week ago

India becomes 2nd largest diamond market, crosses China

New Indian Express  

MUMBAI: Buoyed by the robust growth that has catapulted the country as the world’s second-largest diamond market overtaking China in 2024, apex trade promotion body Gem & Jewellery Export Promotion Council expects the domestic diamond industry to double by 2030 to become a $17 billion industry, while the overall gems and jewellery market will touch $130 billion by then from …

Gold Rate Today In India: Check 24 Carat Price In Your City On September 9
4 months ago

Gold Rate Today In India: Check 24 Carat Price In Your City On September 9

News 18  

Gold Rate Today In India: On September 9, gold prices in India were around Rs 73,000 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 72,860 per 10 grams. Gold rate today in India: Retail gold price on September 09 Check gold rates today in different cities on September 09, 2024; City 22 …

Gold Rate Falls In India: Check 24 Carat Price In Your City On September 1
4 months, 2 weeks ago

Gold Rate Falls In India: Check 24 Carat Price In Your City On September 1

News 18  

Gold Rate Today In India: Even as gold prices in the international prices have fallen as dollar and US treasury yields firmed after the latest US inflation data matched expectations, the gold price in India also decreased. On September 1, gold prices in India hovered around Rs 73,000 per 10 grams. The rate for 24-carat gold, known for its highest …

Gold Rate Today: Check 22 Carat Price In Your City On July 31
5 months, 2 weeks ago

Gold Rate Today: Check 22 Carat Price In Your City On July 31

News 18  

Gold Rate Today In India: On July 31, gold prices in India hovered near Rs 68,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 68,940 per 10 grams. Gold rate today in India: Retail gold price on August 1 Check gold rates today in different cities on July 31, …

Gold Rate Today: Check 22 Carat Price In Your City On July 30
5 months, 2 weeks ago

Gold Rate Today: Check 22 Carat Price In Your City On July 30

News 18  

Gold Rate Today In India: On July 30, gold prices in India hovered near Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 69,170 per 10 grams. Gold rate today in India: Retail gold price on July 31 Check gold rates today in different cities on July 30, …

Gold Rate Today: Check 22 Carat Price In Your City on July 29
5 months, 2 weeks ago

Gold Rate Today: Check 22 Carat Price In Your City on July 29

News 18  

Gold Rate Today In India: On July 29, gold prices in India hovered near Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 68,990 per 10 grams. Gold rate today in India: Retail gold price on July 30 Check gold rates today in different cities on July 29, …

India's jewelry retail sector surges to $80 billion in 2023-24 from $50 billion 6 years back
6 months, 3 weeks ago

India's jewelry retail sector surges to $80 billion in 2023-24 from $50 billion 6 years back

Hindustan Times  

India's jewelry retail sector has surged to USD 80 billion in the financial year 2024 from USD 50 billion in 2018, according to a report by Motilal Oswal Financial Services. A salesman helps a customer to select gold bangles at a jewellry showroom in Mumbai The report highlighted multiple drivers that led to the rapid growth of the industry, including …

India's Q3 gold demand up 10% at 210.2 tons; price to play key role in Dhanteras buying
1 year, 2 months ago

India's Q3 gold demand up 10% at 210.2 tons; price to play key role in Dhanteras buying

The Hindu  

Gold demand in India, the world's second-largest consumer of the yellow metal, rose 10% to 210.2 tonnes during the third quarter of this calendar year, aided by the softening of gold prices and festive demand, according to the World Gold Council. Releasing the quarterly gold demand report, the WGC said India's gold demand increased to 210.2 tonnes during the third …

South Indian jewellery market still under-explored says GJEPC
1 year, 9 months ago

South Indian jewellery market still under-explored says GJEPC

The Hindu  

Even though the South Indian jewellery retail market has crossed the ₹2 lakh-crore mark and now accounts for 40% of the overall Indian jewellery retail business, it is still under-explored as per The Gem & Jewellery Export Promotion Council. The organised retail share of the South Indian jewellery retail market is more than ₹65,500 crore while the unorganised segment consists …

‘Gem and jewellery exports grew 7.9% in April-Oct. 2022’
2 years, 1 month 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 …

Jewellery production and sales recovers in Coimbatore
2 years, 2 months ago

Jewellery production and sales recovers in Coimbatore

The Hindu  

Gold jewellery production and total sales was nearly 1.5 tonnes in Coimbatore during the last four days of Deepavali this year, said B. Muthuvenkatraman, president of Coimbatore Jewellery Manufacturers’ Association. With nearly 45,000 goldsmiths, 2,000 principal manufacturers, and 600 retailers, the sector supports about one lakh people in Coimbatore city. B. Sabarinath, president of Tamilnadu Jewellers Federation, said nearly 30 …

Jewellery retailers could see 12% revenue growth
3 years, 3 months ago

Jewellery retailers could see 12% revenue growth

Deccan Chronicle  

New Delhi: After two years of decline, jewellers are expected to see double-digit growth in revenues this fiscal. Stable gold prices and recovery in discretionary spending will see gold jewellery sales growing 12-14 per cent this fiscal, according to Crisil. The growth this fiscal will come on a low base as revenue had contracted 3 per cent in FY20 and …

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report
3 years, 9 months ago

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report

News 18  

India’s gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers. Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% …

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
3 years, 11 months ago

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver

India TV News  

The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
3 years, 11 months ago

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST

India TV News  

The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council, the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from …

Gold sales down even as the yellow metal\'s price skyrockets
4 years, 4 months ago

Gold sales down even as the yellow metal\'s price skyrockets

Deccan Chronicle  

MUMBAI: Jewellers in the traditionally lucrative Indian gold market are struggling even while the metal's value skyrockets as coronavirus fears keep sales down, craftsmen at home and shops shuttered. The Mumbai market was hit hard by the March lockdown, which saw millions of migrant workers including many gold craftsmen flee India's cities as their income dried up. "Initially, I was …

'It’s up to this industry to see how they will leverage the opportunities in new India': Mr Somasundaram talks about future of gold sector, needed policy reforms – Firstpost
4 years, 7 months ago

'It’s up to this industry to see how they will leverage the opportunities in new India': Mr Somasundaram talks about future of gold sector, needed policy reforms – Firstpost

Firstpost  

“It’s up to this industry to see how they will leverage the opportunities in new India,” says Mr Somasundaram PR, M.D, World Gold Council, India... 65% of the gold industry operates within the unorganized sector, making it a relatively challenging field to navigate. Add to that the increase in taxation from 10% to 12%, alongside several economic challenges in the …

India's scrap gold supplies likely to hit all-time high in 2020: Industry body
4 years, 8 months ago

India's scrap gold supplies likely to hit all-time high in 2020: Industry body

India Today  

Scrap gold supplies in India are likely to hit an all-time high in 2020 as consumers sell jewellery to reap record high prices and cope with the financial crunch from the coronavirus lockdown, the World Gold Council said on Thursday. Rising scrap supplies amid a fall in demand could dent the world’s second-biggest bullion consumer’s imports and cap a rally …

India's gold demand may hit three-decade low as lockdown hits festivals, weddings; slowing economy, pay cut woes haunt industry
4 years, 8 months ago

India's gold demand may hit three-decade low as lockdown hits festivals, weddings; slowing economy, pay cut woes haunt industry

Firstpost  

Even before the lockdown gold demand was faltering in India and imports plunged 55 percent in March quarter due to a record high prices. India’s gold consumption in 2020 could fall as much as 50 percent from a year ago to the lowest level in nearly three decades as a nationwide lockdown has closed jewellery stores during key festivals and …

Coronavirus Outbreak: Gem and jewellery sector comes to 'standstill'; seeks prompt govt relief
4 years, 9 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 …

India's gold demand falls 9% in 2019 on economic slowdown, record prices; reforms may boost consumer confidence: WGC
4 years, 11 months ago

India's gold demand falls 9% in 2019 on economic slowdown, record prices; reforms may boost consumer confidence: WGC

Firstpost  

In 2019, the WGC said India’s gold demand in volume terms declined to 690.4 tonnes from 760.4 tonnes in 2018, out of which jewellery demand fell nine percent to 544.6 tonnes from 598 tonnes. New Delhi: India’s gold demand fell nine percent to 690.4 tonnes in 2019 from the previous calendar year as record domestic prices and economic slowdown dented …

Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry
4 years, 11 months 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 …

Not just India, investors are losing fetish for gold jewellery globally
5 years, 2 months ago

Not just India, investors are losing fetish for gold jewellery globally

Live Mint  

Mumbai: Elevated gold prices have taken the sheen off gold jewellery not just in India but other parts of Asia too. Global jewellery demand fell 16% year-on-year to 460.9 tonnes in the September ended quarter, World Gold Council report showed. The average quarterly gold price during the quarter was USD 1472.47, 21% higher y-o-y deterring consumers from making fresh purchases. …

India's gold demand likely to soften in third-quarter on record high local price, rural distress: WGC
5 years, 5 months ago

India's gold demand likely to soften in third-quarter on record high local price, rural distress: WGC

Firstpost  

Indian gold futures hit a record high of Rs 35,409 per 10 grams in July. Mumbai: India’s gold demand is expected to soften in the September quarter as record-high local prices dampen buying in the world’s second-biggest consumer of the precious metal, the World Gold Council said on Thursday. Rural distress, higher prices and a hike in India’s import tax …

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC
5 years, 6 months ago

Hike in gold import duty to force businesses to shift to neighbouring countries: GJEPC

India TV News  

The gems and jewellery exporters on Saturday expressed disappointment over a significant increase in the import duty on gold and other precious metals saying the move would result in shifting of businesses to neighbouring countries. Gems and Jewellery Export Promotion Council Chairman Pramod Agrawal said: "We as an industry are greatly disappointed with the increase of import duty on precious …

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