The sector employs around 1 million skilled and unskilled workers directly and indirectly and decline in exports is a major worry for participants in the value chain.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
The spotlight is back on the hawala trade in diamonds.
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.
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
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.
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.
Industry is displeased over the failure of the National Manufacturing Policy, which has failed to invite any sizeable investment since it was launched more than two years ago.
The Bill to amend the Bureau of Indian Standards Act has been passed.
Senior officials say the government might come up with an incentive package for the SEZs following the release of Foreign Trade Policy.
Developers had been urging dual usage of their SEZ land since the beginning of global financial recession in 2008.
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.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
The Swadeshi Jagaran Manch has pointed out that these firms pose a threat to domestic manufacturing and retailing as they do not pay relevant taxes such as GST, giving them a huge edge over local players.
'Today, I am taking new actions to restrict Iran's nuclear, ballistic missile, and conventional weapons pursuits. My Administration will never allow Iran to have a nuclear weapon, nor will we allow Iran to endanger the rest of the world with a fresh supply of ballistic missiles and conventional arms,' Trump said in a statement.
Commerce and Industry Minister Suresh Prabhu is slated to meet senior executives of Apple on the sidelines of the World Economic Forum in Davos later this month.
'Modi as the PM of the country has to take everybody on board and deliver on good governance. That is his responsibility. In that talking alone won't help, he's working.' Commerce Minister Dr Nirmala Sitharaman tells Sheela Bhatt/Rediff.com how the Modi government plans to change India.
Here is the full text of the joint statement issued by India and the US.
Moving ahead with their new mantra -- Chalein Saath Saath: Forward Together We Go -- Prime Minister Narendra Modi and United States President Barack Obama on Tuesday vowed to deepen cooperation in every sector for the benefit of global stability and people's livelihoods over the next ten years.
This is the joint statement issued by the ministry of external affairs on the visit of US President Barack Obama to India.
'It is in the interest of both sides that the visit of the US President is seen as being successful. Both sides have invested considerable political capital in it. This rapid exchange of visits and the decisions taken have to be justified, beyond the symbolism, which is no doubt important in itself. This opportunity to impart a fresh momentum to ties should not be missed,' says former foreign secretary Kanwal Sibal.
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