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Contracting for the third month in a row, India's exports declined by 8.8 per cent to $33.88 billion in February due to slowdown in global demand, even as the trade deficit touched about a year low of $17.43 billion during the month, according to official data released on Wednesday. Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year. Cumulatively, however during April-February this fiscal, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion.
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
The US is the largest consumer of gems and jewellery in the world contributing nearly 40 per cent of global production. If India can tap the opportunity, its overall exports to the US could jump by 10 per cent to $ 11 billion this year.
Reliance Industries chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
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.
El-Sisi welcomed Modi, who is on a two-day state visit to Egypt, at the Presidential Palace where the two leaders were closeted for one-on-one meeting after which the two sides signed a memorandum of understandng.
At a time when the Indian exporting community is feeling the heat of rupee appreciation, gems and jewellery export that recorded a poor growth of 2.7 per cent in 2006-07 is witnessing a turnaround, said a Reserve Bank of India (RBI) analysis on the country's foreign trade.
India's exports are unlikely to get an immediate boost from a depreciating rupee, which touched an all-time low on Monday, driven by rising commodity prices. The rupee fell to 76.97 against the dollar earlier in the day, settling 1.05 per cent weaker than the previous close. Oil prices soared to their highest since 2008 on Monday at $139 per barrel, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude oil to global markets increased supply fears.
Gold premiums in India, the world's biggest buyer of the metal, jumped sharply this week as the festive season began, driving up demand, and supply remained tight.
India's merchandise exports spurted to a record high of $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 $40 billion in a month in March 2022, Commerce and Industry Minister Piyush Goyal told reporters. Exports stood at $34 billion in March 2021.
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India's exports in January dipped by 6.58 per cent to $32.91 billion, as against $35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at $17.75 billion.
The auspicious day of Akshaya Tritiya has begun on a strong note as jewellers are witnessing good footfalls and being a public holiday on Tuesday, consumers are flocking to the stores early before the temperature soars. "Jewellers across the country have opened their stores early across the country and there is a strong momentum in footfalls since morning. "There has been positive sentiment in the market since the last 10-15 days and we expect it to continue on the day of Akshaya Tritiya.
Wants to help govt fight the widening current account deficit.
The retailers are also mulling putting a stop to selling of gold coins and gold bars to curtail investments made in gold, according to an official of trade body All India Gems and Jewellery Trade Federation.
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Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
Indian diamantaires are looking to go slow on rough diamond purchase during the remaining quarters of the current financial year, thanks to weak global sentiment.
Some jewellers kept their shops shut in Mumbai as well.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," external affairs ministry spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA.
The strike entered the 15th day on Wednesday.
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The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
The death of Britain's longest-reigning monarch, Queen Elizabeth II, reignited the demand in India to bring back the Kohinoor.
The scheme calls for banks, refineries and hallmarking centres to work together.
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India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products, according to provisional data released by the government on Wednesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $53.15 billion, an increase of 57.18 per cent over $33.81 billion in the same month of 2020, leaving a trade deficit of $23.27 billion.
The exports in the opening month of the current fiscal expanded by 95 per cent. In April 2009, the shipments were valued at $1.31 billion.
Title contenders Germany and Nigeria on Monday qualified for the quarter-finals of the FIFA Women's Under-17 World Cup from Group B with wins over New Zealand and Chile respectively.
The US market, which contributes about 75 per cent of India's jewellery exports alone, has recorded reduced orders, which have dipped by over 50 per cent because of economic slowdown. If the trend continues, gems and jewellery exports would nosedive almost at the current rate," said Vasant Mehta, chairman, Gems and Jewellery Export Promotion Council in the sideline of a conference on Tuesday in Mumbai.
Gold jewellery sales is likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied, experts said.
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India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October. Imports during the month under review rose by about 6 per cent to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery.
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