As a first major step towards making India a global trading hub the government on Monday constituted an expert committee for looking into the entire fiscal issues affecting the gems and jewellery sector.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
Food, feminism, fights, father-son issues, famous rivalries, OTT is as loaded as it gets this week.
'The US has agreed to negotiate with us a mutually beneficial bilateral trade agreement, which will go for reduction of tariffs on both sides so that our trade can grow.'
India's Head Coach Gautam Gambhir has seen both ends of the spectrum with high of Champions Trophy and low of six Test losses and he'll have tough choices to make once the new two-year cycle comes around with the new season.
Discover our country through great Indian rail trips!
Gems of wisdom from Dr Manmohan Singh, who passed into the ages on December 26, 2024.
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
Suddenly, the legendary advertising line -- a diamond is forever -- is losing its shine.
'One of the most significant factors contributing to the optimism for 2025 is the lineup of films featuring Bollywood's three superstar Khans.'
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.
Jewellers went on strike for three days from March 2.
IMAGES from the 3rd ODI played between Sri Lanka and India, in Colombo, on Wednesday.
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).
"Less than two week back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger," he said addressing the 51st Gems and Jewellery Award in Jaipur.
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
It may touch Rs 19,800 crore.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
'As we navigate uncertain waters, a conservative approach to largecap investing could provide a strategic advantage.'
A P J Abdul Kalam was a 'rashtra-ratna' (nation's gem) and the best tribute to him would be to realise his dreams for the country, Prime Minister Narendra Modi on Tuesday said as the nation mourned the demise of the former president.
Imports of rough diamonds at $7,249.39 (Rs 32,839.73 crore) million in April 08 - February 09 have shown a decline of dollar term 20.12 per cent (11.31 per cent in rupee term) compared with $9,075.36 million (Rs 37,027.47 crore) in the same period last year. The marginal growth in exports of cut and polished diamonds in the year 2008-09 from the corresponding period of last year is due to increase in the trading activities of cut and polished diamonds.
Finance Minister Nirmala Sitharaman on Tuesday announced cutting import duty on cut and polished diamonds and gemstones to 5 per cent while on sawn diamond to nil in order to boost the sector. At present, import duty on cut and polished diamonds as well as gemstones is 7.5 per cent. Presenting the Budget for 2022-23 in the Lok Sabha, Sitharaman also announced that the government will facilitate export of jewellery through e-commerce for which it will implement a "simplified regulatory framework" by June this year.
Extending credit facilities and introduction of presumptive tax/turnover tax will benefit industry for a better performance.
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.
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.
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Last fiscal, diamonds worth about $900 billion were sold globally of which those worth about $20 billion came back to India for recycling.
De Beers, the world's premier source for rough diamonds, has painted an attractive picture for jewellery demand.
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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.
GJEPC seeks two year Direct and Indirect tax holiday on export earnings of Gems and Jewellery Industry, considering difficult export market faced in the current fiscal
Gitanjali gems successfully completed its take over of Nakshatra Diamonds. Gitanjali now plans to make it a jewellery and lifestyle brand.
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.
Scientists, sci-fi, stand-up, suspense, take your pick of OTT this week. Sukanya Verma makes her recommendations:
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.
With generalised system of preferences in US coming to an end in June 30 and the American market showing little scope for growth
India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to $35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at $28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to $3 billion, as per the data released by the commerce ministry.
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.
For aggression, Indian cricket has Saurav Ganguly; for innovation, the man seems to be Rahul Dravid.
