'I've had a 10-and-a-half year journey behind the camera and people don't know who I am.'
'As we navigate uncertain waters, a conservative approach to largecap investing could provide a strategic advantage.'
Considering the sluggish demand in the advanced markets, and the huge working capital needs, the sector seeks funds at or lower than International interest rates
The GST rate for the sector has not yet been finalised by the government.
Gold sales on Dhanteras are estimated to drop 10 per cent in volume terms year-on-year on sharp 33 per cent annual rise in rates of the yellow metal, according to industry players. Since Dhanteras -- the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils -- is celebrated on two days till 1.11 pm on Wednesday, jewellers are expecting more footfalls in both online and offline stores.
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Export of Indian gems and jewellery is unlikely to surpass previous records, given the volatile price of gold and the consumers' increased inclination toward luxury items like perfumes and watches.
During 2012-13, the gems and jewellery exports declined by 9.4 per cent year-on-year to $39 billion due to sluggish demand in traditional markets.
To boost domestic manufacturing under the Make in India initiative and reduce dependency on imports, the government is expected to announce in the Budget an increase in the minimum local content requirement for public procurement, with certain sectors being granted exceptions. Currently, firms producing goods, services, or works with at least 50 per cent local content are classified as Class-I local suppliers and are preferred the most in government procurement.
The FM proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
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The senior IPS officer said Tata displayed resoluteness, uncharacteristic of his calm demeanour, when the iconic hotel came under attack.
Exports from the world's largest supplier of gems and jewellery were valued at $1.87 billion in May 2009.
Indian gems and jewellery market comprises diamonds, colored stones, jewellery (gold and silver), pearls, among others. Gold and diamond jewellery account for around 80% of diamonds processing in terms of carats and 55% in terms of volume.
It may touch Rs 19,800 crore.
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In the 76 years since India gained independence, 53 recipients of the Bharat Ratna have been there. That's less than one every year, which is a healthy ratio given there is the sanctity of this gem of an award to preserve. But four recipients for the year were announced in a few days in addition to one announced earlier. That took the total number in 2024 to five in less than a month, the highest for any year, post-Independence, notes Shyam G Menon.
Rogers operates under brand names Rogers Jewelers and Andrews Jewelers.
The growth came at a time when exporters had been complaining about reduced margins and weak export performance due to the strengthening rupee.
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Trading activities of 26 entities, including Gitanjali Gems promoter Mehul Choksi and firms linked to Prime Broking, were suspended on Thursday by market regulator Sebi and the bourses, as part of a probe into suspected market manipulations.
The gems and jewellery sector in India, consisting of a large number of small and medium enterprises (SMEs), has started to shine again, according to a survey conducted by IndiaMART Knowledge Services (previously known as IndiaMART Research Unit).
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The escalation of conflict in the West Asian region is expected to push already high logistics costs besides hurting trade in sectors such as oil, electronics and agriculture, according to exporters. They said that insurance costs for exports to the countries directly involved in the war could also go up, which will impact Indian exporters' working capital. Think tank Global Trade Research Initiative (GTRI) stated that the conflict is already hurting India's trade with countries like Israel, Jordan, and Lebanon.
The government should also introduce zero duty for gold imports so as the world trade shifts to India.
India's gems and jewellery export grew by 16 per cent to $28.41 billion in 2009-10 due to revival in demand from major markets like the US and Europe.
De Beers, the world's premier source for rough diamonds, has painted an attractive picture for jewellery demand.
Extending credit facilities and introduction of presumptive tax/turnover tax will benefit industry for a better performance.
The fall in exports of gems and jewellery exports is mainly because of shortage of raw-material for jewellery manufacturing.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
Demand is weak in traditional markets like US and EU.
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Snapping the two months slide, the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while trade deficit narrowed to $20.78 billion. According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year.
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The Gems & Jewellery Export Promotion Council (GJEPC), the apex body set up by the Union ministry of commerce to monitor the jewellery business overseas, says it might call for pulling out of the diamond cutting and polishing business in China.
The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
