Exports of jewellery from India have gone up 32 per cent in the last two months ended May thanks to increasing demand and sale diamonds abroad.
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.
The government was close to imposing presumptive tax and the goods and services tax on the gems and jewellery sector
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.
De Beers, the world's premier source for rough diamonds, has painted an attractive picture for jewellery demand.
Exports of gold jewellery fell 23.13 per cent to $1153 million.
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.
Indian jewellery is widely prized for intricacy and craftsmanship.
The exports have shown a fall of 6% during the first 11 months of fiscal 2006-07.
India's direct import of roughs was $767 million from Russia in 2013, a little less than five per cent of India's total import of roughs.
Twelve of the 22 Indian diamond traders, detained in China on charges of smuggling, returned home early on Friday after they were let off following deportation orders by a Chinese court. "We are happy that 12 diamond traders held in China returned to India late last night. We are making all efforts to bring back the remaining traders," Gems & Jewellery Export Promotion Council Chairman Rajiv Jain said.
The country's Rs 60,000-crore (Rs 600-billion) diamond industry is likely to lay off 200,000 workers this year and with it the dream of making India a processing hub, according to Sanjay Kothari, chairman, Gems & Jewellery Exports Promotion Council, if the government does not frame favourable policies.
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Import of jewellery from Hong Kong attracts no duty in India, due to a free trade agreement.
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The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
India processes around 90% of the world's supply of rough diamonds.
The spotlight is back on the hawala trade in diamonds.
Precious ornaments are estimated to become 3% costlier under GST
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Bharatiya Janata Party's prime ministerial candidate, Narendra Modi, last month urged small traders to compete with foreign retail chains through e-commerce.
Two entities under the Union ministry of commerce report differing figures for import of cut and polished diamonds for the first eight months of the financial year.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
So far, rough diamonds mined from the Panna mines in Madhya Pradesh were auctioned online but displayed only at Panna.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion.
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.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
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.
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.
Out of 30 key export sectors, as many as 22 showed negative growth in September.
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.
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
For the last few days, Surat-based diamond exporter Savji Dholakia has been inundated with job applications.
The country's two biggest state-run lenders on Saturday pitched for treating a portion of their gold deposits as part of the mandatory cash reserve ratio (CRR) or statutory liquidity ratio (SLR), both of which banks consider as non-productive.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
Since he lives locally, Harish Patel is one of the luckier migrant workers in Surat - in that his employer was able to squeeze in a single shift for him at the weaving unit in Kamrej in Gujarat - unlike others who went home for Holi and other festivals just as the second wave of the Covid-19 pandemic was waxing and ended up stranded in local lockdowns.
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