Gold Export

Weaker dollar, geopolitical concerns over Ukraine peace process, economic and political concerns due to Trump's tariff plans and softer yields are positive for the metal

Gold is expected to trade with a positive bias as buyers have $3,000 (MCX April gold Rs 88,000) level in focus

Higher leasing rates are driving up jewellery production costs in the world's second-largest gold consumer and could squeeze margins of jewellers such as Titan, Kalyan Jewellers

On January 28, spot gold traded between $2730 and $2760 as, once again, it took support at the crucial level of $2730 to extend its recovery following the selloff on January 27

Gold is looking somewhat overstretched at the current level as the US economy continues to do well amid sticky inflation and strong job market

This year's 30 per cent gold price rally, which took spot prices to a record high of $2,696.59 per troy ounce on Thursday, has been affecting physical demand in price-sensitive Asian markets

The government has reduced the drawback rates on exports of gold and silver jewellery by more than half to adjust for the significant cut in import duties on these precious metals in the Budget. A notification regarding this was issued by the Department of Revenue. On the export of gold jewellery, the drawback rate has been brought down to Rs 335.5 from Rs 704.1 per gram of net gold content in the article. The rate of silver jewellery and articles of silver have been cut to Rs 4,468 per kilogram of net gold content in an article. The Duty Drawback Scheme refunds import duties and internal taxes, which are paid while importing goods, which are, in turn, used for manufacturing products for exports. In the Budget, the import duty on gold and silver to 6 per cent from 15 per cent. Through this notification, "duty drawback on gold and silver jewellery was reduced as the duty on gold and silver lowered in the budget", Federation of Indian Export Organisations Director General Ajay Sahai

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 ..

The overall gem and jewellery exports witnessed a on-year decline of 4.52 per cent in November to Rs 19,018.180 crore (USD 2,263.34 million), GJEPC said on Friday. Exports stood at Rs 19,917.73 crore (USD 2437.53 million) during November 2022, according to the data by the Gem and Jewellery Export Promotion Council (GJEPC). "The decline in shipments has narrowed to just 4.52 per cent. There is an improvement in gem and jewellery exports in November mainly due to supply disruptions. "The industry in India had urged the industry to stop importing rough diamonds from October 15 till December 15, following geopolitical issues and lack of demand. This disruption and the festival demand has rejuvenated the demand scenario leading to improvement in exports," GJEPC chairman Vipul Shah told PTI. The industry expects things to improve going forward and expects the exports in FY24 to be better than the previous financial year, he added. Meanwhile, the overall export of Cut and Polished diamon

The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said

India's demand for gold will be between 800-850 tonne in 2022, said a top official of World Gold Council-India.

Gold imports, which have a bearing on the country's current account deficit (CAD), rose by 22.58 per cent to USD 34.6 billion (about Rs 2.54 trillion ) during 2020-21 due to increased domestic demand

ndia and China are the world's two biggest gold consumers

Silver imports during April-November 2020 too dipped 65.7 per cent to about $752 million

At present, an official government order allows for only 25 per cent of employees to attend work

Consumers sold 37.9 tonnes of the yellow metal in June quarter, says World Gold Council

In Mumbai's physical market, standard gold (995 purity) was trading at Rs 36,850 on Wednesday, nearly Rs 1,000 lower than in the futures market

Exporters would also have to make clear distinction between a religious idol and simply moulded gold article/idol

Exports of gold items above 22 carats of purity were banned by the government in August 2017

In India 24-carat gold is used mostly in coins and bars