Jewellers find exports tough as bank fraud squeezes credit
6 years, 1 month 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 year’s levels, according to Colin Shah, vice chairman of the government-backed council that represents about 6,500 exporters. The challenge to get credit, coupled with difficulties in doing business after India rolled out a new nationwide tax last year, may lead to many job losses in the next two quarters and business may shift to China and Thailand, he said. “Liquidity is going to remain tight for some time as it will take time to regain the trust of the banks.” The squeeze on credit has been spreading across the country making life difficult for jewelers, who are even holding back on expansions locally, according to Nitin Khandelwal, chairman of the All India Gem and Jewellery Domestic Council, a national trade federation.

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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 …

Mint Primer: How India’s trade gap soared, and how it might hurt
3 weeks, 5 days ago

Mint Primer: How India’s trade gap soared, and how it might hurt

Live Mint  

India’s gold imports jumped fourfold to nearly $15 billion in November, powering a 27% surge in goods imports. Prominent drivers of the trade deficit were higher gold imports and falling realizations from petroleum exports. Gold imports touched $14.86 billion, a fourfold increase from $3.44 billion in November 2023, driven by higher volumes, likely fuelled by festive and wedding season demand. …

US holidays sales forecast boost gems and jewellery exports; shipments bottom out
2 months ago

US holidays sales forecast boost gems and jewellery exports; shipments bottom out

Deccan Chronicle  

CHENNAI: Indian gems and jewellery exporters are enthused by the forecast of the US retailers' federation, which predicts optimistic holiday season sales in that country. According to the Gems and Jewellery Export Promotion Council, prior to the holiday season, the exports have clocked 10 -11 per cent growth in October. We had witnessed 11 per cent decline in exports till …

Is the spike in India’s trade deficit a worry?
3 months, 3 weeks 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 …

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

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 …

Surat, not Belgium: India pushes back on G7's diamond checks
8 months, 3 weeks ago

Surat, not Belgium: India pushes back on G7's diamond checks

Live Mint  

MUMBAI, NEW DELHI : India is scrambling to soften the impact of curbs on diamond exports to G7 nations, which want the gems tested in Belgium to ensure they did not originate in Russia. The proposal, made by a G7 technical committee, is particularly troubling for Indian diamantaires since the domestic industry cuts or processes 10 out of 11 of …

Plain gold jewellery exports grew 61 pc in FY24
8 months, 3 weeks 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 …

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

Merchandise exports down 9% in Feb
1 year, 9 months ago

Merchandise exports down 9% in Feb

Live Mint  

New Delhi: India’s merchandise exports declined by nearly 9% in February, the third contraction in the current fiscal, led by a persistent demand slowdown across major markets including the US and the European Union. “Amid a challenging external environment and tepid demand from key markets, engineering goods exports have seen a downward trend and recorded negative growth in seven out …

Merchandise exports dive 12% in December
1 year, 11 months ago

Merchandise exports dive 12% in December

Live Mint  

India’s merchandise exports fell by 12% in December, marking the second decline in three months, as demand slowed down in major markets such as the US and the European Union. India’s merchandise exports dropped to $34.48 billion in December, while imports declined by 3.4% to $58.24 billion, resulting in a trade deficit of $23.76 billion, data released by the ministry …

Turning tide: On India’s goods exports
2 years ago

Turning tide: On India’s goods exports

The Hindu  

India’s goods exports rebounded from a nearly 17% dip in October to a mild 0.6% uptick in November. Their share in exports growth has been shrinking since June, with the contraction accelerating for many sectors from September to November — engineering goods that drove much of India’s record $422 billion goods exports in 2021-22, contracted 11.3% while textiles fell a …

‘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 …

October exports drop 16.65%, deficit rises 50%
2 years, 1 month ago

October exports drop 16.65%, deficit rises 50%

The Hindu  

The global slowdown has begun to hit home, denting India’s goods exports by 16.65% in October compared to a year ago — the first contraction since February 2021 that dragged outbound shipments below $30 billion for the first time in 20 months. October’s deficit was about 4.7% higher than September 2022 and was the fourth successive month of an over …

Exports drop 3.5% in September, imports slide below $60 billion for the first time in seven months
2 years, 3 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 …

‘India has everything to become the world’s jewel centre’
2 years, 7 months ago

‘India has everything to become the world’s jewel centre’

Live Mint  

"India is a place that has everything to become the jewel centre of the world,” says David Bennett, the former worldwide chairperson of international jewellery at auction house Sotheby’s. I don’t see that anywhere else.” Bennett, who retired in 2020 after working with Sotheby’s for four decades, was in Mumbai recently as a chief guest for The Artisan Awards 2022 …

India exports rise to record high of USD 418 bn in FY22
2 years, 9 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 …

India Hits $400 Billion Goods Export Mark: How Did We Do It & Is It a Big Deal?
2 years, 9 months ago

India Hits $400 Billion Goods Export Mark: How Did We Do It & Is It a Big Deal?

The Quint  

Compared with the April-February period for the previous year, India's merchandise exports grew by 46.09 percent. In absolute numbers, engineering goods exports raked in the most money, with February 2022 figures coming in at $9,321.78 million, an increase of 32.04 percent year on year. Electronic goods exports grew by 42.8 percent over the April-February period, while gems and jewellery exports …

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 …

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 …

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 …

Govt aiming to take jewellery exports to $80 bn from $40 bn in 5 years
4 years, 11 months ago

Govt aiming to take jewellery exports to $80 bn from $40 bn in 5 years

Business Standard  

Artisans will be able to access modern machines for designing and testing at this centre, the official said. The government is aiming at USD 80 billion of jewellery exports in the next five years from the present level of USD 40 billion, a senior official said on Thursday. "Jewellery exports is targeted to touch USD 80 billion in the next …

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 …

Gems, jewellery exports may decline 5-10% this year; US-China trade war, protests in Hong Kong to impact sales: GJEPC
5 years, 2 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 …

Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam
5 years, 6 months ago

Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam

Firstpost  

Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry. Mumbai: Bankers are not averse to financing the gems and jewellery businesses, however, they feel that the industry needs to become more organised, transparent and compliant to regain trust. “Incidents like the Nirav Modi and Gitanjali Gems have broken down …

Trump’s trade slap will send India’s gems and jewellery sector reeling
5 years, 6 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 …

Exports to hit $330 bn in 2018-19; nine sectors identified to achieve 16% growth this financial year: Suresh Prabhu
5 years, 10 months ago

Exports to hit $330 bn in 2018-19; nine sectors identified to achieve 16% growth this financial year: Suresh Prabhu

Firstpost  

He said the country’s merchandise exports have seen high growth in the past six years through sector-specific interventions, focused export promotion initiatives, and quick resolution of issues. New Delhi: The country’s goods export will touch $330 billion in 2018-19, which will be the highest ever, Commerce and Industry Minister Suresh Prabhu said on Thursday. “India’s goods export will peak at …

PNB fraud fallout: Bank finance to jewellers drops 10%; lower lending threatens exports, says industry lobby GJEPC
6 years, 5 months ago

PNB fraud fallout: Bank finance to jewellers drops 10%; lower lending threatens exports, says industry lobby GJEPC

Firstpost  

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 Mumbai: Bank finance to the gem and jewellery sector has declined by at least 10 percent, which will adversely impact exports, GJEPC cautioned in a report. “Bank finance is the …

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