Jewellery Industry

Gem and jewellery exporters on Sunday urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget. The industry also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones. Seeking a kind of "diamond package" in the forthcoming Budget, the industry said in light of the high inflation and economic crisis in the US and Europe and frequent lockdowns in China, the exports of diamonds and jobs in Surat have been impacted. The conventional source of rough diamonds across the world faces threats of deposit depletion, which also contribute to the exponential increase in the cost of extraction. Industries have thus found lab-grown diamonds to be a profitable alternative. These lab-gr

A large number of tour operators have dovetailed their itinerary with this event

On a year-on-year (YoY) basis, the demand for jewellery in India contracted 2 per cent

After witnessing a cumulative growth of 6% during the first six months of FY23, the second half of the year could be slightly 'challenging' for exports of gems and jewellery items

Industry captains expect a 15-20% increase in demand over last year's high base

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Strong brands and online presence coupled with expectations of market share gains are key strengths

Company to invest $50 mn on foray; stores will be located at malls and high streets across India and range from 500-1,500 sq ft

The number of new store additions is expected to reduce to almost a third of the average between fiscals 2017 and 2020, it said

This package will be used for setting up 'Model Manufacturing Workshop' that will focus on upgradation of skill development programmes, he added, Council Chairman

WGC said the Covid-19 disruption has caused jewellery retailers India to re-evaluate their existing business model

In view of the disruption in the wake of the Covid-19 crisis, they also urged the government to extend the next year's deadline for mandatory hallmarking.

Jewellery offtake down to 15-20% of May sales in the previous years

The report stated that industries, such as logistics and jewellery, had seen the biggest increase in usage over the past two years

Agrawal also announced that GJEPC is coming up with a new show in Jaipur in Rajasthan -- India Gem and Jewellery Show -- to be held from April 1-3, especially for international buyers.'

Gems and jewellery exports account for more than $40 billion (about Rs 2.84 trillion) annually, employing more than 5 million people across the country

Preliminary discussions have taken place, said an informed source. Aadhaar is considered better for this purpose than the idea of a PAN (income tax) number

The reading on the index for January-March 2019 was 122; it was 128 in the October-December 2018 quarter and 124 in the July-September 2018 quarter

Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present