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Exporters in Rajasthan are expecting a sharp rise in gems, jewellery, handicrafts and textiles shipments to the United Kingdom once the Free Trade Agreement (FTA) with India comes into effect. As part of the FTA, which was signed in July this year and is likely to come into effect next year, duties on 99 per cent exports to the UK will be reduced to zero. Jaipur-based jeweller K B Goyal of Dwarka Jewellers said the removal of the 3-3.5 per cent duty on jewellery items in the UK will give Indian jewellers a strong edge in global markets. "The duty removal will help jewellers in sales and marketing of jewellery samples abroad... We will give tough competition to China, Thailand, and Hong Kong," Goyal told PTI on Wednesday. He said India's estimated export of gold, silver, and platinum jewellery to the UK stands around USD 400 million, with Rajasthan contributing nearly 40 per cent. "We expect this export to increase 1.5 times in the next 2-3 years," he added. Trade policy expert Ri
The Louvre said on Monday it would remain closed a day after historic jewels were stolen from the world's most-visited museum in a daring daylight heist. The museum's staff asked dozens of visitors who were queuing in front of the glass pyramid entrance to leave the site. In a message posted on the social media, the Louvre said visitors who have booked tickets will be refunded. It did not provide additional details. On Sunday, thieves rode a basket lift up the Louvre's facade, forced a window, smashed display cases and fled with priceless Napoleonic jewels, officials said. The theft about 30 minutes after the museum opened, with visitors already inside, was among the highest-profile museum thefts in living memory. It unfolded just 250 meters from the Mona Lisa, in what Culture Minister Rachida Dati described as a professional, four-minute-long operation. French Justice Minister Gerald Darmanin acknowledged security failures on Monday. One can wonder about the fact that, for exam
The overall gems and jewellery exports rose by 6.55 per cent in September to USD 2,914.29 million (Rs 25,737.50 crore) despite global headwinds as festive and wedding season demand gains momentum, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday. Gem and jewellery exports stood at USD 2,735.26 million (Rs 22,925.81 crore) in in September 2024, GJEPC said in a statement. In the first half of 2025-26, the overall gem and jewellery exports witnessed a growth of 3.66 per cent at USD 14.09 billion compared to USD 13.60 billion in the same period of the previous fiscal. "The first half of this financial year reflects encouraging signs of recovery for the industry. Demand for gem and jewellery products has strengthened across key markets such as the UAE, Hong Kong, and the UK, with exports registering consistent growth. The upcoming festive and wedding season among the Indian diaspora, together with the holiday season demand in global markets, is expected to further .
Bafleh Jewellery, one of the Middle East's largest importers of Indian jewellery, is shifting to lightweight designs and lower-karat gold as soaring bullion prices squeeze demand across key markets. The company's Managing Director Ramesh Vora said the Dubai-based company has imported 600-700 kilograms of jewellery from India in the first eight months of the current financial year, compared to 1.2 tonnes for all of last year. While import values have increased, volumes have dropped 20-30 per cent as gold prices surged from USD 2,200-2,500 per ounce to USD 3,600 within three months. "People cannot afford it anymore. We're thinking gold might even reach USD 4,000," Vora told PTI at a recent Saudi Arabia Jewellery Exhibition (SAJEX). The company plans to introduce 14-karat jewellery next month, working with suppliers in Kolkata and Delhi to maintain colour quality while reducing gold content. The strategy shift reflects broader challenges facing jewellery importers as volatile gold pr
The government will consider making hallmarking of silver jewellery and articles mandatory after evaluating the effectiveness of the process, which has been introduced on a voluntary basis. On September 4, the government announced introducing voluntary hallmarking for silver jewellery and articles, effective September 1, implementing a digital identification system to ensure metal purity for consumers. "We need some time to evaluate it. Six months should be enough. We will look at this for six months, and after that, we will consider whether to make it mandatory or not," Pramod Kumar Tiwari, Director General of Bureau of Indian Standards (BIS), told PTI on Friday. The official made the remarks in reply to a question about whether the government may consider making hallmarking of silver jewellery mandatory. BIS is the National Standard Body of India established under the BIS Act 2016 for the harmonious development of the activities of standardisation, marking and quality certificati