While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
Demand will boom in the US and China, but exporters say it will be difficult for India to tap these markets.
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
When the lockdown was lifted last year, Rasikbhai Kotadiya, who runs a powerloom unit in the Kim-Pipodara industrial area on the outskirts of Surat, was left with only four workers out of the 48 that he used to employ to run his 128 looms. Though the economy had been unlocked, his textile unit, and that of thousands of others, struggled to resume operations. By the last week of May, nearly 700,000 of Surat's 1.2-1.5 million migrant workers, left high and dry with no pay during the lockdown, had returned home. In Laskana, another textile weaving hub in Surat, the powerlooms were all but silent, with only 2,000 of the total 55,000 looms churning out grey cloth at a snail's pace.
For the last few days, Surat-based diamond exporter Savji Dholakia has been inundated with job applications.
Many economists say only a substantial rise from October would point to a real recovery.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
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.
The Reserve Bank of India on Monday moved on Monday to tighten gold imports again in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
Exports in May 2012 stood at $24.77 billion.
Gold schemes are offering attractive returns to investors.
Sectors throw up a wishlist for the Finance Minister.
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Depreciating rupee a silver lining for some businesses amid the economic downturn.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
The government has retained 10% duty on import of the yellow metal.
Contract finally given for Rs 2,400-cr project, with GIFT City-like features
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
BCCI's decision to not send Indian teams for the Asian Games drew sharp criticism from the Olympic Council of Asia (OCA) on Saturday, which accused the influential cricket board of treating the sport just as a business venture.
Sanjay Leela Bhansali's Bajirao Mastani has ruffled quite a few feathers among the descendants of the Peshwa and his Muslim wife.
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