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Gems & Jewellery Export
The glittering sapphires, emeralds, and diamonds that once adorned France's royals could well be gone forever, experts say after a brazen, four-minute heist in broad daylight left the nation stunned and the government struggling to explain a new debacle at the Louvre. Each stolen piece an emerald necklace and earrings, two crowns, two brooches, a sapphire necklace and a single earring represents the pinnacle of 19th century haute joaillerie, or fine jewellery. For the royals, they were more than decoration. The pieces were political statements of France's wealth, power and cultural import. They are so significant that they were among treasures saved from the government's 1887 auction of most royal jewels. The Louvre reopened Wednesday for the first time since the heist Sunday morning, although the Apollo Gallery where the theft occurred remained closed. Laure Beccuau, the Paris prosecutor whose office is leading the investigation, said Tuesday that in monetary terms, the stolen .
Even though the GST for gems and jewellery remained unchanged at 3 per cent, jewellers on Thursday welcomed the government's decision to reduce GST rates in other sectors, saying it would indirectly benefit the industry and boost demand. "The current GST reforms (GST 2.0) offer no direct and immediate relief to gems and jewellery exporters. Importantly, the gems and jewellery sector was excluded from the latest reforms. The reforms do not offset the adverse impact of the US tariffs, since input costs and compliance burdens remain unchanged," All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde told PTI. However, he said, by focusing on stimulating consumption, the GST changes will support the gems and jewellery sector indirectly over the longer term. "The new rates, effective from September 22, are expected to boost consumption, with the overall fiscal impact of the overhaul estimated at around Rs 50,000 crore," Rokde added. The GST Council, in its meeting held
The Gems and Jewellery Export Promotion Council (GJEPC) has urged the Centre to provide immediate relief measures as the tariffs imposed by the United States have started hitting the industry. US tariffs of 50 per cent on Indian goods came into effect on August 27. GJEPC Executive Director Sabyasachi Ray told PTI that exporters had "front-loaded" shipments to the US, anticipating tariff action, but the unexpected penal duty has left the industry reeling. "The market will be hit further if the concerns are not addressed within a quarter. A lot of demand had already been shipped to the US market before the tariff was implemented. "Now the industry requires immediate extension of credit timelines from 90 days to say 180 days or more, moratorium in installment payment and interest equalisation to provide respite immediately," he said. Front-loading is the accelerated shipment of goods to their destination before an expected disruption, such as a tariff increase, labour strike, or othe
The overall gems and jewellery exports declined 15.81 per cent to USD 2,263.42 million (Rs 19,260.81 crore) in May compared to the same period of the previous year following tariff announcement by the US, GJEPC said on Tuesday. The industry exports stood at USD 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data. Exports of cut and polished diamonds declined 35.49 per cent in May to USD 949.70 million (Rs 8,089.81 crore) compared to USD 1,472.08 million (Rs 12,272.03 crores) for the same period of previous year. Meanwhile, exports of polished lab-grown diamonds in May declined 32.76 per cent to USD 80.90 million (Rs 689.71 crore) from USD 120.32 million (Rs 1,003.06 crore) for the previous year. However, gold jewellery exports went up 17.24 per cent to USD 997.50 million (Rs 8,482.61 crore) as compared to USD 850.81 million (Rs 7,094.52 crore) for the same period of previous year. Gross exports
Gems and jewellery industry on Saturday welcomed the government's move to reduce the basic customs duty on platinum findings and slashing of jewellery duty in the Union Budget 2025-26. Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said the council welcomes the proposal of creating new tariff items in Chapter 71 so as to distinguish precious metals containing 99.9 per cent or more by weight of silver, containing 99.5 per cent or more by weight of gold, containing 99 per cent or more by weight of platinum under headings 7106, 7108 and 7110, respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of platinum (predominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for the import of platinum under India-UAE CEPA (Comprehensive Economic Partnership Agreement), he said. "The sector comprises 85-90 per cent of MSMEs and the revision in classificati
The Gem & Jewellery Export Promotion Council (GJEPC) on Saturday reported a 12 per cent jump in gold jewellery exports during the current fiscal, contrasting with a 10 per cent decline in diamond exports over the first nine months. The apex trade body expressed optimism about a turnaround in diamond exports, particularly in the US, which accounts for nearly half of the total exports. The exports of cut and polished diamonds between April and November of FY25 dropped by 18.8 per cent to USD 8,980.2 million compared to the same period the previous year. China's sluggish demand remains a concern for diamond exports, officials said on Saturday. Nonetheless, a five per cent surge in US demand during the Thanksgiving festival provided some relief for December month, they said. "We believe the worst is behind us, with a 10 per cent decline in the first nine months of this fiscal. With the new government in the US under Donald Trump, we are optimistic about a revival in demand and expect .
The overall gem and jewellery exports witnessed a 21.93 per cent year-on-year decline in July to USD 1,665.4 million (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall exports in the category in July 2023 stood at Rs USD 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to USD 907.67 million from USD 1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to USD 530.38 million compared to USD 603.12 million in the
The new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports will now be in abeyance till August 31, 2024, according to DGFT. The decision was taken on the request of Gems and Jewellery Export Promotion Council (GJEPC), DGFT said in a public notice. In May, the norms were put on hold till July this year. After GJEPC's request, the hold period was extended by one more month till August. This was done after the industry raised concerns over the government's revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The public notice dated May 27 is kept in "abeyance till August 31, 2024 for reassessment of permissible wastages and SIONs as per request of GJEPC," Directorate General of Foreign Trade (DGFT) said. For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand restored. On May 27, DGFT issued a public notice ..
India's overall gems and jewellery exports in May declined 4.97 per cent to Rs 20,713.37 crore compared to the same period a year ago, Gem and Jewellery Export Promotion Council (GJEPC) data showed. The exports stood at Rs 21,795.65 crore (USD 2,646.92 million) during May 2023. However, the total export of gold jewellery saw 13.1 per cent growth at Rs 5,507.71 crore in May 2024 as compared to Rs 4,807.71 crore in the same period a year ago. Exports of silver jewellery also surged to Rs 1,103.72 crore last month from Rs 665.13 crore in May 2023. The overall gross export of Cut & Polished diamonds declined to Rs 12,270.54 crore from Rs 14,190.28 crore. "India's gems and jewellery sector has shown remarkable resilience and adaptability despite global headwinds. The growth witnessed in categories such as gold and silver jewellery underscores the enduring appeal of Indian craftsmanship and design. As we navigate through the evolving landscape, we remain committed to driving innovation