Jewellery

Buyers throng jewellery stores after cut in Customs duty on gold

The government has reduced custom duties on gold bars to 6% from 15%

Gems, jewellery exports dip 13.44% in June to Rs 15,939.77 cr: GJEPC

India's overall gems and jewellery exports witnessed an on-year decline of 13.44 per cent in June at Rs 15,939.77 crore (USD 1,909.57 million) amid muted demand in overseas markets, according to data by Gem and Jewellery Export Promotion Council (GJEPC). The total gems and jewellery exports stood at Rs 18,413.88 crore (USD 2,240.77 million) during June 2023, the GJEPC data added. "This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets, which has pushed the demand southwards in the overseas markets," former GJEPC chairman and Kama Jewelry Managing Director Colin Shah said. The overall exports of cut and polished diamonds dipped by 25.17 per cent in June to Rs 8,496.87 crore (USD 1,017.87 million), compared to Rs 11,354.67 crore (USD 1,382.13 million) for the same period of the previous year. Shah said, this was mainly due to the weak demand from the key markets, China being the key one as it ..

Jewellery industry key to Raj's economy, working to raise ease of biz: CM

The gems and jewellery industry plays an important role in Rajasthan's economic progress and the state is working on to promote the sector and ensure ease of doing business for entrepreneurs, Chief Minister Bhajanlal Sharma said on Friday. Sharma said that the share of gems and jewellery in the total exports from the state reached Rs 11,183 crore in 2023-24. Gems and jewellery businessmen are making a significant contribution to the economic progress of the state and the sector is a major job creator, the chief minister said at the inauguration of jewellery show JAS-2024 being organised by the Jewellery Association here. He further said that Jaipur is famous for gems and jewellery on the world stage and the state government is continuously working to promote this industry and make business easier for entrepreneurs. According to an official statement, Sharma said that the jewellery made in Jaipur is recognised worldwide for its beauty and craftsmanship. For this reason, gems and ...

Full story | Jewellery worth Rs 300 sold to US woman for Rs 6 crore in Jaipur

Govt puts new wastage norms for gold, silver jewellery exports on hold

The government on Tuesday put on hold the new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports until July 31, 2024, just a day after the notification after the gems and jewellery industry raised serious concerns on the new standards. The government on Monday notified revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The industry claimed that the norms were notified without any consultation. The Directorate General of Foreign Trade (DGFT) on Tuesday that now keeping in view the representation of the Gem and Jewellery Export Promotion Council highlighting the difficulties to their sector from the revised norms, another opportunity will be given to the industry for submission of their views. The DGFT said that the industry and the council can provide information/data to the concerned norms committee within one month. Accordingly DGFThereby places th

Industry disappointed with revised norms for gold, silver jewellery exports

The government on Monday revised norms related to permissible amount of wastage and standard input output with regard to export of gold and silver jewellery. An industry official said the wastage norms have been eased and the manufacturers are disappointed with it. "The wastage permissible and standard input-output norms with regard to export of jewellery have been revised," the Directorate General of Foreign Trade said in a public notice. The official from the gems and jewellery export council said the industry was not consulted before taking this decision. According to the public notice, weight of mountings and findings (or parts) of gold or silver, if imported and used in export products, will not be included for determining net content of gold and silver in export products. Standard input-output norms (SION) are rules that define the amount of input/inputs required to manufacture a unit of output for export purposes. Input output norms are applicable for the products such as

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

Organised jewellery retailers to witness 17-19% revenue growth: CRISIL

Organised gold jewellery retailers are expected to clock 17-19 per cent year-on-year revenue growth in 2024-25, driven by higher realisations following a surge in gold prices, while volume is likely to remain steady, a report said on Wednesday. The revenue of organised gold jewellers is expected to rise 17-19 per cent this fiscal, while volume growth is likely to stagnate due to rising gold prices, Crisil Ratings said in a report. The report further stated that the working capital requirements of retailers might increase due to higher inventory levels resulting from the substantial rise in gold prices and new store additions. However, credit profiles should remain stable, it added. The organised sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest, it noted. Domestic gold price increased 15 per cent during FY24 and reached Rs 67,000 per 10 grams at the end of March 2024, Crisil Ratings said. Gold prices inch

Bond market boost, jewellery for the ages: Top personal finance stories

Our top stories this week tell you about how to enter the bond market and how traditional jewellery is being redesigned

Titan Q4 results: Net profit up 7% at Rs 786 crore, revenue rises 17%

The company's reported a profit of Rs 786 crore ($94.2 million) in the quarter ended March 31, up 7.1% from last year, but missing analysts' expectation of Rs 799 crore as per LSEG data

Behind the glitter: Why is gold going up in value, how should you invest?

It is not an interest-bearing asset and has precious little industrial use

Titan Q4 results: Revenue grows 17% on robust demand for jewelry products

The jewelery segment, which houses brands including Tanishq and CaratLane, was boosted by healthy inflow of buyers and double-digit percentage growth in its same-store sales

Businesses have responsibility to build strong, inclusive India: Ambani

Richest Indian Mukesh Ambani on Saturday said the business community has the responsibility to build a stronger and more inclusive India. Addressing an event organised by the Gems and Jewellery Exports Promotion (GJEPC) here, the chairman and managing director of Reliance Industries also exuded confidence that the industry will reach its goal of touching USD 100 billion in exports in the next few decades. "All of us collectively in the business community have a responsibility to build a stronger, better and more inclusive India to fulfil the vision and the goal that our PM has set for us, that of a Viksit Bharat, a fully developed India in the next decades," he said. Ambani congratulated the gems and diamonds industry for the work they have done over the past few decades to reach USD 40 billion in exports and create over 50 lakh jobs in the country. From modest beginnings, the industry led by people from Palanpur made big strides, Ambani said, stressing that he is "proud" of the ...

Lighthouse invests Rs 284 crore in silver jewellery brand Kushal's

Private equity platform Lighthouse on Wednesday said it has invested Rs 284 crore in fashion and silver jewellery brand Kushal's. The money raised will be deployed for brand building, hiring people, technology and also scaling up the retail presence. The investment by Lighthouse India Fund IV AIF also includes a secondary purchase from India SME Investments. India SME Investments was the first institutional investor in Kushal's and is partially selling its holding through the deal, according to a statement. The company founded in 2006 retails its products through more than 75 stores across 25 cities in India and also online. Lighthouse Managing Director Anshul Jain said the company is organising the large, fragmented fashion jewellery market in India with its premium product range and added that fashion jewellery is becoming an integral part of people's lifestyle now. "As we gear up for the next leg of our growth, we look forward to their (Lighthouse) guidance and support, given t

PC Jeweller Q3 results: Loss widens to Rs 198 crore, revenue down 95%

The company has proposed a one-time settlement of its unpaid debt to lenders, who have agreed in-principle to seek internal approval for the proposal, it said on Wednesday

Happy Valentine's Day 2024: Gift options to surprise your wife/girlfriend

Happy Valentine's Day 2024: Are you planning to surprise your wife or girlfriend with special gifts? Here are some of the gift options that you can explore and make your partner's day special

Despite Q3 margin miss, Street remains positive on Titan's prospects

Analysts remain cautious about near-term consumption trend

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

Sky Gold Q3 results: Net profit soars 41% to Rs 6 cr, income at Rs 460 cr

Jewellery firm Sky Gold Ltd has posted a 41 per cent increase in its consolidated net profit to Rs 8.93 crore for the quarter ended December 2023. Its net profit stood at Rs 6.34 crore in the year-ago period. Total income also rose to Rs 460.90 crore in the third quarter of the current fiscal from Rs 267.56 crore in the corresponding period of the previous year, the company said in a statement on Monday. Established in 2008, the Mumbai-based company is engaged in the business of designing, manufacturing and marketing of gold jewellery. It works on a B2B model with leading jewellery retailers and large wholesalers.

'Robust branding strategy crucial to make India as top jewellery supplier'

The Directorate General of Foreign Trade (DGFT) on Wednesday pitched for formulating a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery. "India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. "Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tonnes, there's a pressing need for streamlining exports," DGFT Director General Santosh Kumar Sarangi said. He was speaking at the 4th edition of the 2-day 'India Gold & Jewellery Summit' that concluded on Wednesday. "Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery," he said. According to him, the potential of e-commerce in cross ..