Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
Jhunjhunwala passed away early on Sunday morning due to a cardiac arrest, a source in his newly set up airline said.
In his monthly Mann Ki Baat radio broadcast, Modi hailed the potential of India and said the basis of its strength is the country's farmers, artisans, weavers, engineers, small entrepreneurs, the MSME sector and people from many different professions."
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
When overall gems and jewellery exports remained resilient so far this year on global economic uncertainty, shipment of silver jewellery witnessed a phenomenal growth so far this year.
Global jewellery major Tiffany is exploring the possibilities of setting up a processing unit for diamonds in India.\n\n
Dubai teenager Harshit Seth, on November 28, achieved a unique landmark of picking up a double hat-trick - a wicket of every ball in his over - in the six-team Under-19 Karwan Global Twenty20 League tournament.
Sherdil: The Pilibhit Saga is a boring, overlongm tale of an eccentric with delusions of leadership, sighs Deepa Gahlot.
India on Friday said it would make imports of precious metals and stones easier in order to promote gems and jewellery exports.
India's merchandise exports rose by 22.63 per cent year-on-year to $33.79 billion in September on better performance by key sectors like engineering goods and petroleum products, according to official data released on Thursday.
The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report.
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.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
A sharp decline in sales and prospects of a grim future have resulted in a fall in jewellery stocks.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
Investors more overweight on India compared to other emerging markets says Bank of America Merrill Lynch.
India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals
Diamond industry expects revenues to drop by 20-25% in the current financial year.
There are around 6,500 diamond manufacturers of which Palanpuri Jains operate a mere 6 per cent, or around 400 companies. But they stand out for being highly interlinked through blood ties.
Despite the 6-month high, trade deficit has widened to a four-month high of $14.62 billion, as imports rose by 14.85 per cent during the month, reports Subhayan Chakraborty.
The panel will look into issues related to compliance procedure.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
India scored at the recently-concluded Telluride Film Festival, reports Aseem Chhabra.
Consumption of gold is the highest among middle-income households - those with annual income between Rs 2 lakh and Rs 10 lakh - who account for an average of 56 per cent of gold sales over the last five years, according to a nationwide survey conducted by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A). "Per capita consumption is highest among the rich, but total volume still rests with the middle-income group. "With increasing income, there is an increasing propensity to consume gold, although the share of gold in the portfolio does not increase with the same proportion of income," the survey report says.
Here's what was on offer on Day 3 of the India International Jewellery Week, underway in Mumbai from August 15-19.
Here's what was on offer on Day 3 of the India International Jewellery Week, underway in Mumbai from August 15-19.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
In Shikhar Dhawan, Murali Vijay, Cheteshwar Pujara, Virat Kohli and Rohit Sharma, India, says Haresh Pandya, has a bunch of exciting young batsmen who will go places, individually and collectively.
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth.
Only 400 grams have been deposited so far.
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