Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
Glittering pieces made of diamond or gold, embellished with gems were the cynosure of all eyes at the Mumbai Jewellery and Gem Fair fashion show.
Many celebrities including cricket icon Sachin Tendulkar and legendary singer Lata Mangeshkar rallied around the central government on social media using hashtags #IndiaTogether and #IndiaAgainstPropaganda following tweets by Rihanna and climate activist Greta Thunberg backing farmers who are protesting near Delhi border.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Choreographer Saroj Khan passed away in the early hours of Friday due to cardiac arrest.
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
The spotlight is back on the hawala trade in diamonds.
In India 24-carat gold is used mostly in coins and bars
Despite various challenges, the past year was a good one, says Bruce Cleaver, chief executive officer of the De Beers Group, the global corporation that has been the leading one in all aspects of the diamond trade for over a century.
Images from the T20 World Cup match between West Indies and Bangladesh, in Sharjah, on Friday.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
'Irrespective of the price movement of gold, customers can lock in their purchase at Rs 28,000 per 10 grams of pure gold.'
Soon after Unlock 1, the industry - which is estimated to polish nine of 10 rough diamonds in the world - resumed operations, but a surge in cases at diamond polishing cluster, especially in Katargam and Varachha, forced units to go into a voluntary lockdown, which continued until recently.
The rough diamond of 236 carats was found at the jwaneng mine in Botswana and took 21 months to polish.
India's exports dipped after a gap of four months in March but finished 2017-18 with a healthy rise of 9.78 per cent to $302.84 billion.
India's gems and jewellery exports grew by 16 per cent at $28 billion last fiscal due to revival in demand in major markets as well as recycling of used diamonds, a top industry official said.
'These days you are the main inspiration for a lot of young film-makers. They are mimicking your films.'
From silver screen and small, here are Sukanya Verma's 10 favourite male performances of the year.
Katrina Kaif sported a gown previously worn by a top model.
'While I was leaving the show, he said, "Urfi, you are being ungrateful".' 'I was like, "Moron, I am going out of the show. What do you want me to be grateful for?"'
'All selectors must be sufficiently thick-skinned and prepared to take criticism.' T C A Srinivasa Raghavan checks out Ravi Shastri's first book.
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
On the occasion of Ram Navmi, five Ram bhajans from Hindi films that you probably haven't heard, but should right away.
Last fiscal, diamonds worth about $900 billion were sold globally of which those worth about $20 billion came back to India for recycling.
The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth.
In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
A quick computation puts the following value to the seizures.
Some jewellers kept their shops shut in Mumbai as well.
Ajit Mishra answers reader queries on the stock market.
While the import of gold fell by about 11 per cent to $2.58 billion in February as against $2.89 billion in the corresponding month last fiscal, inward shipments of petroleum products were down by nearly 8 per cent to $9.37 billion.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
Movie legends Dharmendra and Sharmila Tagore share their memories of Shashikala, who passed into the ages on Sunday with Subhash K Jha.
In the end, it turned out to be a nightmare with dark clouds hovering over the future of this Indian team and no sign of 'VIBGYOR' in the Rainbow Nation.
The policy proposes a single-window platform for facilitation of the Indian software product industry, to help fast-track legal and regulatory issues over import and export, as well as setting up and winding up enterprises.
'All the actresses we approached for the role of Sakeena were demanding a lot of money. After a point, we collectively decided that we would cast a new face opposite Sunny Deol and the money that we would save by doing so, we would give it to Amrish Puriji and get him onboard for the role of Mayor Ashraf Ali. I was completely okay with signing a new heroine but there is no alternative to Amrish Puriji in the industry.'
A diamond bracelet and jewelled decorative elephants from Jaipur are some of the Indian heirlooms that made up a collection of 350 personal items belonging to Patricia Mountbatten, Lord Louis Mountbatten's eldest daughter, which fetched over £5.6 million (Rs 56 crore) at an auction in London.
Geethu Mohandas's third film will look at gangsterism from a female gaze.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
