The diamond merchant wanted in India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, lost his legal battle against extradition as a UK judge ruled that he does have a case to answer before the Indian courts.
Security of supply of raw materials is thus an important issue, said Jairam Ramesh, minister of State of Commerce. India now imports close to $8 billion of rough diamonds.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
'Every single Indian dish is a jewel.'
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
Prime Minister Narendra Modi on Sunday called for the setting up of a high-power police technology mission under the leadership of the Union home minister to adopt future technologies for grassroot policing requirements.
Gold and diamond retail chain Malabar Gold & Diamonds will be investing Rs 1,600 crore in FY22 to launch 56 stores globally with 40 across India and 16 internationally in FY22 to further boost its retail presence across the globe. The move is expected to generate over 1,700 jobs. In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
Homegrown auto major Mahindra & Mahindra on Tuesday said it plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its leadership position in India's electric mobility segment. The company, which has set a cumulative revenue growth target of 15-20 per cent by 2025, is keeping its options open to either bring in private equity investors or carve out its EV business into a separate entity to drive its growth. M&M, which has already announced plans to invest Rs 3,000 crore in EVs, is also considering a new brand name for the electric SUVs that it will launch by 2027.
'Considering that an Internet company's market value is largely determined by its direct access to consumers for digital services, and largely served outside a sovereign country's control, it would appear reasonable in trade terms to discuss fees for a seat at the proverbial 'table' of opportunities in the largest open consumer market,' argues Venki Nishtala.
'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.
Globetrotter Parvinder Chawla's story will make you believe that nothing is impossible.
Dealers are selling gold at a discount of Rs 175 for 10 gm.
The government has not given any concrete assurance on the rollback of excise duty.
While e-commerce sites rush to meet mass demand, Etsy is positioning itself more as a community of artisans where buyers can seek uncommon and unique products rather than mass-produced discounted products.
They would intensify the protest if their concerns are not addressed in the Budget.
India's long-held position as the world's top diamond polisher is being challenged by soaring output from China.
There are so many patriotic songs that make us proud to be Indians.
The country's exports jumped by 58.23 per cent to $34 billion in March as key sectors such as engineering, gems and jewellery and pharmaceuticals recorded healthy growth rate during the month, according to the Commerce Ministry's provisional data. Exports during April-March 2020-21, however, dipped by 7.4 per cent to $290.18 billion compared to $313.36 billion in 2019-20, the data showed. Imports during 2020-21 contracted by 18 per cent to $388.92 billion compared to $474.71 billion during 2019-20. In March 2020, the exports stood at $21.49 billion, which was a decline of about 34 per cent over March 2019 due to global slowdown induced by the Covid-19 crisis.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
India and five Central Asian countries on Thursday decided to establish a joint working group on Afghanistan at the senior officials' level, ministry of external affairs secretary (West) Reenat Sandhu said.
Its time the RBI, govt pushes reforms to boost global investment
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Images from the abandoned fifth One-Day International between India and Sri Lanka at the Ferozshah Kotla, in Delhi, on Sunday.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
"Now the gof India has decided to soon initiate procurement from local industries to reduce import dependence," he said. Reddy, the Union Minister of State for Home, said for many years India was dependent on worldwide Original Equipment Manufacturers (OEMs) for procuring arms and ammunition.
Indian beauty Urvashi Rautela put her best forward in the National Costume Round and Talent Show.
Imports also fell for the eighth consecutive months, down 0.75 per cent to $41.14 billion in January, widening the trade deficit to a seven-month high of $15.17 billion.
The development comes amid a growing clamour for the boycott of Chinese products in India, combined with the government's push for Aatmanirbhar Bharat.
Parliament on Tuesday hailed A P J Abdul Kalam as the "real gem" of India, saying the death of the former President has taken away its "true son" who became the driving force behind the country's space and missile programme.
Calling the young CEOs as his team, Modi said India's development must be made a mass movement and entrepreneurs should think of what more they can do for the country's growth and for the poor.
Here's a look at celebs who graced the ramp on Day 2 of Indian International Jewellery Week 2015.
All stakeholders in the diamond industry chain from mines to retailers have to follow a system of warranty under which they have to individually declare in the invoices they issue that what they have sold are not conflict diamonds.
As Dinesh Karthik celebrated his 35th birthday on Monday, opening batsman Rohit Sharma remembered the wicketkeeper's heroics with the bat in the Nidahas Trophy T20 tri-series final in Colombo, in 2018. Karthik scored a last-ball six to help India pull off an incredible chase to beat Bangladesh by four wickets and win the Nidahas T20 tri-series title.
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
Sectors with positive growth during the month include rice, iron ore, oil seeds, oil meals, meat, dairy and poultry products, pharmaceuticals, coffee, engineering goods, and plastic.
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
India's exports to China have doubled to $1,662.86 million in eleven months in 2002-03 from $828.68 million recorded in 2000-01.
