Page 2 - Gems & Jewellery Export

Gems, jewellery and textiles sectors seek sops from Rajasthan govt

According to the trade body, in April 2024, exports saw a decline of over 5.3 per cent to around Rs 18,832 crore, while in April last year, exports were more than Rs 19,892 crore

Gems and jewellery exports in FY24 down 12.17% at Rs 2.65 trillion: GJEPC

Gems and jewellery exports declined by 12.17 per cent to Rs 2,65,187.95 crore (USD 32,022.08 million) during 2023-24, compared to the previous financial year due to high interest rates in the US and slow recovery in China, Gem and Jewellery Export Promotion Council (GJEPC) data showed. Gems and jewellery exports in FY23 stood at Rs 3,01,925.97 crore (USD 37,646.17 million), according to GJEPC data. "The last financial year was very challenging for all product categories. This was mainly due to slowdown in the US, India's biggest export market in the segment, due to high interest rates. Also, slow recovery in China post Covid-19," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of Cut and Polished diamonds declined by 25.23 per cent during FY24 to Rs 1,32,128.29 crores (USD 15,966.47 million) compared to Rs 1,76,716.06 crores (USD 22,046.9 million) for the same period of previous year. Provisional gross export of Polished Lab Grown Diamonds dipped by 13.79 per ce

Result preview: Weak demand may persist for apparel retailers in Q4

Jewellery firms may witness strong growth

Cut duty, increase PAN card transaction limit: Jewellery industry to govt

The gems and jewellery industry has urged withdrawal of hike in Basic Customs Duty (BCD) on import of gold in the coming interim Budget and asked the government to introduce a rationalised tax structure. "The jewellery industry contributes nearly 7 per cent of India's GDP and hence, deserves a pro-business environment," apex body for the gems and jewellery industry All India Gem And Jewellery Domestic Council Chairman Saiyam Mehra told PTI. "This will also benefit the government. We urge the finance ministry to withdraw the increase in BCD on gold in the upcoming Union Budget and a rationalised tax structure may be developed to tackle the CAD issue," Mehra said. Currently, the BCD is at 12.5 per cent ad valorem, which takes the total tax to 18.45 per cent on the imported gold, he added. He further urged the government to increase the PAN card transaction limit to Rs 5 lakh from the present Rs 2 lakh as gold prices have surged. "With the rising gold rate, there is an urgent need to

Keen to expand ECGC cover, form committee to boost jewellery export: Goyal

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector. "We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased. "If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show. The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start

Gem, jewellery exports decline 4.52% in Nov to Rs 19,018 crore: GJEPC

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

Global slowdown may take sheen off gems & jewellery industry in Rajasthan

The overseas demand has also shifted to light-weight stone-studded jewellery, of both precious and non-precious stones

Rajasthan elections: CM approves retirement benefits for part-time workers

Rajasthan's animal welfare board has been named "Amrita Devi State Animal Welfare Board", after Amrita Devi Bishnoi, during a state cabinet meeting

Electronics export in India grew 56% in Q1, emerge as 4th largest item

Electronics exports grew over 56 per cent in the April-June period, reaching Rs 57,220.24 crore, as against Rs 36,533.18 crore in the corresponding period of last year

India's gems, jewellery exports may fall 10-15% this fiscal: GJEPC

India's gems and jewellery exports are likely to decline by 10 to 15 per cent in the current financial year on account of slowing demand in key markets like the US and China, GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48 per cent year-on-year to Rs 3,00,462.52 crore (over USD 36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC). Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman informed that the Commerce Ministry has given a target of USD 42 billion for the gems and jewellery segment exports in 2023-24. "For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising interest cost, inflation, all these concerns and consumers' confidence is also going down," Shah said. Going ahead, "we expect that overall we should see a 10 to 15 per cent decline in the gems and jewellery exports," he said on GJEPC estimates for the current ..

Titan's plan to acquire remaining stake in CaratLane reaches an impasse

According to the original deal between Titan and CaratLane, Titan can acquire the remaining business of CaratLane. However, it has to be done at a value agreed upon by both parties

India's gem, jewellery exports decline 23.7% to Rs 21,501.96 cr in March

India's overall gem and jewellery exports grew marginally by 2.48 per cent to Rs 3,00,462.52 crore (USD 37,468.66 million) in 2022-23 due to global challenges like inflation, the Russia-Ukraine war and the lockdown in China for almost six months, GJEPC said on Tuesday. The total gem and jewellery exports during 2021-22 stood at Rs 2,93,193.19 crores (USD 39,331.71 million), the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. The overall exports of gems and jewellery declined by 23.75 per cent to Rs 21,501.96 crores (USD 2,612.65 million) in March 2023 compared to Rs 28,198.36 crores (USD 3,699.90 million) in the same month last year. India's gem and jewellery industry has shown remarkable resilience and perseverance in the face of global challenges. Despite inflation in the US, the Russia-Ukraine war, and the lockdown in China for almost six months, a key market, the industry has managed to put up a commendable performance," GJEPC chairman Vipul Shah said. T

Gem, jewellery exports rise 24% to Rs 28,832 cr in February: GJEPC

India's gem and jewellery exports grew 24 per cent to Rs 28,832.86 crore in February following a recovery in the Chinese and Middle East markets, GJEPC said on Thursday. The overall gems and jewellery exports during February 2022 stood at Rs 23,326.80 crore, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. In February 2023, the overall shipments of cut and polished diamond (CPD) increased 32 per cent to Rs 19,582.38 crore compared to Rs 14,841.90 crore a year ago. The total export of gold jewellery (plain and studded) rose 29.89 per cent in February to Rs 5,829.65 crore against Rs 4,488.30 crore in the year-ago period. "We are excited about the strong pace of demand observed by Indian exhibitors at the recent Hong Kong show, which revealed the untapped demand in the Chinese market. "In February, India saw 32 per cent growth in CPD exports, which can be partly attributed to the strong demand from China and the Lunar New Year festivities," GJEPC chairman Vipul

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

Gems, jewellery exports rise 12% to Rs 19,855 crore in November: GJEPC

The gems and jewellery exports grew 11.83 per cent to Rs 19,855.17 crore (USD 2,429.86 million) in November compared to the year-ago period on the back of resumption of manufacturing activities after Diwali, GJEPC said on Monday. The exports stood at Rs 17,755.28 crore (USD 2,380.97 million) in November 2021, according to the Gem and Jewellery Export Promotion Council (GJEPC). "November is usually marked with resumption of manufacturing post the Diwali break that resulted in a rise in gem and jewellery exports by 12 per cent. "The USA and Hong Kong remained the two biggest pillars of India's overall gem and jewellery export growth for the period of April to November 2022, accounting for USD 9,211.39 million and USD 5,781.90 million, respectively," GJEPC Chairman Vipul Shah said in a statement. With the easing of Covid restrictions in China and the upcoming Chinese New Year, there may be hope on the horizon, he added. In November, the overall gross export of Cut and Polished Diamon

India's exports contract for first time in 2 years; imports moderate

Decline 17% to $29.8 billion in October

After growth in first half, jewellery exports may face challenge in H2

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

UAE accounted for 15% of India's gems and jewellery export in FY22

The UAE is an important export market for Indian gems and jewellery, accounting for around 15 per cent or USD 5.8 billion in FY 2021-22, according to a top official of an industry body

Surat diamond industry pins hope on new mines amid staggered work

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

Gem, jewellery exports rebound 56% to touch $39 bn in FY22: GJEPC

Gems and jewellery exports rebounded in 2021-22 to touch USD 39.15 billion, showing a nearly 55 per cent jump compared to the previous financial year, industry body GJEPC said on Thursday. The gross gems and jewellery exports stood at USD 25.40 billion during 2020-21, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. Meanwhile, in March the overall gross gems and jewellery exports went up by 4.33 per cent to USD 3,393.29 million, a decline of 0.46 per cent compared to USD 3,409.07 million for the same period in FY21. "India's exports to global markets bounced back 54 per cent, demonstrating the agility of the Indian G&J pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges," GJEPC chairman Colin Shah said. With annual exports of USD 39.15 billion, the Indian gems and jewellery sector has maintained its promise of contributing a 10th of the country's overall USD 400 billion ...