Plain gold jewellery exports grew 61 pc in FY24
8 months ago

Plain gold jewellery exports grew 61 pc in FY24

Deccan Chronicle  

Chennai: Exports of plain gold jewellery, which had been low during the Covid years, surged 61 per cent in FY24.For FY24, exports of plain gold jewellery surged by an impressive 61.72 per cent to $ 6792.24 million as compared to $ 4199.96 million in FY23. Gross export of total gold jewellery for the FY 2023-24 grew 16.75 per cent to $11230.18 million over the comparative figure of $9618.80 million for the previous year. The UAE is the largest market of Indian plain gold jewellery and in FY24 also emerged as a significant market registering a growth of 107.2 per cent to reach $4,528.66 million compared to $2,185.67 million in the previous year. Australia also witnessed a growth of 37 per cent in plain gold jewellery exports attributing its growth to the India-Australia ECTA.However, the overall gross exports of gems and jewellery in FY24 declined 14.45 per cent to $ 32285.85 million compared to $37737.05 million in the preceding period.

India Exports Million Cent Export Fy24 Plain Gold Jewellery Gross Export Plain Gold Jewellery  million  gold  jewellery  growth  plain  pc  exports  cent  export  grew  fy24  61  compared

History of this topic

Gold jewellery sales volumes to drop in FY25: ICRA
1 week ago

Gold jewellery sales volumes to drop in FY25: ICRA

Deccan Chronicle  

Chennai: Despite a 25 per cent rise in gold prices, ICRA expects jewellery sales to grow only by 14-18 per cent in FY25, indicating lower sales in volume terms. After recording a value growth of 18 per cent in FY24, gold jewellery sales are expected to grow by 14-18 per cent FY25, finds ICRA. However, so far in the current …

India's Gold Imports Surge 132% in November
Trending News
1 week, 1 day ago

India's Gold Imports Surge 132% in November

Deccan Chronicle  

Chennai: Gold imports went up 132 per cent in volume terms to 130 tonnes in the month of November. Gold imports in volume terms went up 132 per cent to 130 tonnes in November against 56 tonnes in the same month last year. Silver imports between January and November stood at 7500 tonnes, which was 121 per cent higher than …

Trade deficit at a record $38bn as gold imports rise
Top News
1 week, 1 day ago

Trade deficit at a record $38bn as gold imports rise

Hindustan Times  

India’s merchandise trade deficit widened to a record $37.84 billion in November, driven primarily by surging gold imports and falling exports, a trend experts said threatens to add pressure on the rupee which is already strained by three months of portfolio outflows. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month, 1 week ago

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct

Live Mint  

New Delhi: India's merchandise exports continued their upward trajectory during April-October, with 21 of the top 30 sectors registering growth in value terms, buoyed by rising global demand for Indian goods. Growth in key sectors like pharmaceuticals, electronics, and engineering goods contributed to the overall gains, while a sharp decline was reported in traditionally strong sectors—petroleum and gems and jewellery—amid …

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank
1 month, 1 week ago

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank

Live Mint  

India's merchandise exports are likely to rise 1.85% year-on-year to $107.5 billion in the third quarter of FY25, according to India Exim Bank. Exim Bank has projected non-oil exports at $91.7 billion, marking a year-on-year growth of 7.39%. Read this | RITES sets sights on Africa for export of refurbished and underutilized railway diesel locos This anticipated growth signals a …

Is the spike in India’s trade deficit a worry?
3 months ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

Gold Rate Today: Check 22 Carat Price In Your City On July 30
4 months, 3 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, …

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry
5 months ago

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry

The Hindu  

Union Finance Minister Nirmala Sitharaman has proposed to reduce Customs Duties on gold and silver to 6% and on platinum to 6.4% providing big relief to buyers of these precious metals. As per the proposal, duty on gold bars has been cut from 15% to 6%, gold dore from 14.355 to 5.35%, for platinum from 15.4% to 6.4%, for silver …

India's Gems Exports Drop 15% in June, Gold Jewellery Rises 6%
5 months, 1 week ago

India's Gems Exports Drop 15% in June, Gold Jewellery Rises 6%

Deccan Chronicle  

Chennai: Gross exports of gems and jewellery were down 15 per cent in June and imports declined 16.5 per cent. At $1909 million, gross exports of gems and jewellery declined 14.78 per cent in June while gross imports at $1548.93 million were down 16.51 per cent. Gold jewellery exports provided some solace in June with a growth of 6.36 per …

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI
6 months, 1 week ago

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI

The Hindu  

“India’s gold and silver imports from its free trade agreement partner UAE have skyrocketed 210% to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge,” a report said on June 17. Economic think tank Global Trade Research Initiative said this sharp rise …

India's Gems and Jewellery Sector Aims for $1 Billion Exports
9 months, 1 week ago

India's Gems and Jewellery Sector Aims for $1 Billion Exports

Deccan Chronicle  

Chennai: India having signed a trade pact, the gems and jewellery industry hopes to grow exports to EFTA countries- Switzerland, Iceland, Norway and Liechtenstein- from $335 million to $1 billion in the coming years. The Trade and Economic Partnership Agreement has opened immense opportunities for the Indian gem and jewellery sector to enhance its exports to the untapped EFTA countries …

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra
1 year, 2 months ago

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra

The Hindu  

India's export of cut and polished diamonds is projected to decline by 22% to $17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31% following lower export volumes and …

Gold imports from UAE fall despite pact
1 year, 5 months ago

Gold imports from UAE fall despite pact

Live Mint  

Gold shipments from the United Arab Emirates have nearly halved from the previous year to a two-decade low in the year ended 31 March 2023 despite the concessional duty offered under the bilateral comprehensive trade pact that came into force in May last year. Under the India-UAE free-trade pact, a concessional tariff is applicable on the first 120 tonnes of …

‘Pharma exports expected to touch $28 billion in FY24’
1 year, 6 months ago

‘Pharma exports expected to touch $28 billion in FY24’

The Hindu  

Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY23, Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India, a body under the Department of Commerce said on Tuesday. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges,” …

India FY23 exports defy global turmoil to hit record high
1 year, 8 months ago

India FY23 exports defy global turmoil to hit record high

Live Mint  

In a year of uncertainties worldwide, India exported a record $447 billion worth of goods in FY23, up about 6% from the previous year, commerce ministry data showed. At the same time, goods imports rose over 16% to touch $714 billion, widening the goods trade deficit to highest ever mark of $267 billion against the previous year’s $191 billion. “Although …

India To Witness Record High Merchandise Exports Of $447.3 Bn During FY2023
1 year, 9 months ago

India To Witness Record High Merchandise Exports Of $447.3 Bn During FY2023

News 18  

Export-Import Bank of India has said India’s total merchandise exports to consistently remain above $100 bn for the fourth consecutive quarter of FY2023, amounting to $110.9 bn, while non-oil exports are forecast to amount to $87.7 bn during the same period. India’s exports could be shadowed by deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in …

Jewellers move away from SEZs
1 year, 11 months ago

Jewellers move away from SEZs

Deccan Chronicle  

CHENNAI: The Covid pandemic shru-nk the share of Special Economic Zones in gold jewellery exports from 57 per cent in 2019 to 11 per cent in 2021. Gold jewellery exports through SEZs grew from just 23 per cent in 2015 to 57 per cent in 2019, according to the World Gold Council. However, the pandemic negatively impacted jewellery fabrication and …

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise
1 year, 11 months ago

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise

News 18  

The government is examining to hike customs duty on more than 35 items in the upcoming budget, which is scheduled to be announced on February 1, according to an Economic Times report. Meanwhile, the commerce ministry has also sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the …

‘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 …

Exports drop 3.5% in September, imports slide below $60 billion for the first time in seven months
2 years, 2 months ago

Exports drop 3.5% in September, imports slide below $60 billion for the first time in seven months

The Hindu  

India’s goods exports dropped 3.5% in September to $32.62 billion, while imports slid below $60 billion for the first time in seven months to $59.35 billion, 5.44% higher than a year ago. Engineering goods exports, the mainstay of India’s exports prowess in recent times, dropped 17% to $7.81 billion from $9.41 billion in September 2021, while readymade garments of all …

Jewellery exports to UAE pick up
2 years, 3 months ago

Jewellery exports to UAE pick up

Deccan Chronicle  

Chennai: Gold jewellery exports, which had fallen since the trade was hit by the pandemic, started picking up from May when the government entered a trade agreement with the UAE. Gold jewellery exports had fallen 58 per cent in FY21 to $5,040 million against $12,039 million in FY20 after Covid and the lockdowns hit the demand as well as trade …

Gold imports up 6.4% to $12.9 billion in April-July this fiscal
2 years, 4 months ago

Gold imports up 6.4% to $12.9 billion in April-July this fiscal

The Hindu  

India's gold imports, which have a bearing on the country's Current Account Deficit, rose 6.4% to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. In July 2022, however, imports of the precious metal fell sharply by 43.6% to $2.4 billion, as per the latest data released by the Commerce Ministry. Increase in gold and …

Exports grow 16.8%; merchandise trade deficit hit fresh high in June
2 years, 5 months ago

Exports grow 16.8%; merchandise trade deficit hit fresh high in June

The Hindu  

India’s merchandise trade deficit hit a fresh high of $25.63 billion in June as imports surged 51% to $63.6 billion, significantly outpacing the 16.8% rise in exports, preliminary trade data show. The value of non-petroleum imports was $42.84 billion in June, reflecting a growth of 36.4%, while non-oil and non-gold, silver and precious metals imports rose 31.7% to $36.7 billion. …

Import tax on gold hiked, prices see biggest jump in 4 months
2 years, 5 months ago

Import tax on gold hiked, prices see biggest jump in 4 months

Live Mint  

India has raised its basic import duty on gold, pushing domestic prices sharply higher today. Official imports of gold into India remained strong at 98 tonnes in May, significantly higher than official imports in April this year and May 2021, according to World Gold Council. Indian monthly official imports from January 2019 to May 2022 Source: World Gold Council Indians …

India exports rise to record high of USD 418 bn in FY22
2 years, 8 months ago

India exports rise to record high of USD 418 bn in FY22

Deccan Chronicle  

New Delhi: India's merchandise exports spurted to a record high of USD 418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, according to official data released on Sunday. Outbound shipments touched an all-time high of USD 40 billion in a month in March 2022, Commerce and Industry Minister Piyush Goyal …

How India’s exports surpassed the $400 billion mark for the first time
2 years, 9 months ago

How India’s exports surpassed the $400 billion mark for the first time

Live Mint  

“India set an ambitious goods export target of $400 billion and achieved it for the first time. According to data released by the ministry of commerce & Industry on March 14, India's Merchandise exports for the period April-February 2021-2022 Stood at $374.81 billion as against $ 256.55 billion during the April-February 2020-2021, registering a growth of 46.09%. Engineering goods remained …

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report
3 years, 8 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, 10 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, 10 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 Imports Dip 40 Pc in April-November to US Dollar 12.3 Billion
4 years ago

Gold Imports Dip 40 Pc in April-November to US Dollar 12.3 Billion

News 18  

Gold imports, which have a bearing on the current account deficit, fell 40 per cent to USD 12.3 billion during April-November due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Silver imports during April-November 2020 too dipped 65.7 per cent to about USD 752 million. The decline in gold and …

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