Page 11 - Jewellery

Govt may tweak jewellery hallmarking norms before making it mandatory

Only issue is whether upcoming general elections could impact the timing of roll out or not.

Jewellers going back to traditional handcrafted ornaments to fetch premiums

Heavy machinery costs, changing mindset of consumers responsible for the shift, say experts

Discounts raining this festive season on jewellery sales

Normally, offers are given in lean season but jewellers want to capture maximum sales this season

Domestic jewellers recommend 1.25% duty under GST

The Rs 250,000-crore gems and jewellery industry has recommended 1.25 per cent of levy for it under the coming Goods and Services Tax (GST). This is based on a recent study by global consultancy Deloitte, appointed by the industry body, All India Gems and Jewellery Trade Federation (GJF).The recommended rate, however, is far lower than the slabs before the government for GST applicability. The committee set up to consider applicable rates under the GST has recommended four slabs -- of five, eight, 12 and 16 per cent -- for various sectors.The gems & jewellery sector contributes nearly seven per cent of the country's Gross Domestic Product and operates with a margin of between three and four per cent. The government had earlier hinted at the lowest possible levy for the labour-intensive sector. The segment is also known for a growing parallel economy, stoked by any high levy."We have recommended the government 1.25 per cent of tax under GST, of which one per cent should be states'

Jewellers devise strategy to achieve $60-bn export target in 5 years

PM advises jewellers to frame a strategy for future growth Industry body sets $60-bn export target in five years Almost double from $31.98-bn achieved in 2015-16 To focus on value addition, reduce polished diamond sales and shifting from unbranded to branded products To spend Rs 20-cr per annum on brand promotionON A RECOVERY PATHIndia's gems and jewellery exportsFinancial year Value of exports ($ billion)2004-05 15.662005-06 16.702006-07 17.162007-08 20.922008-09 24.892009-10 29.442010-11 43.052011-12 43.212012-13 39.142013-14 34.992014-15 36.222015-16 31.982016-17* 41.002021-22# 60.00Source : Gems and Jewellery Export Promotion Council, * Gross value estimates, # target as per vision documentFollowing an advice from the Prime Minister, Indian exporters have for the first time prepared a detailed export promotion strategy and a target of $60 billion worth of gems and jewelley exports in five years.India's gems and jewellery exports reported a sharp decline over the last five years ..

Buying jewellery over Rs 2 lakh in cash will attract 1% TDS from April

Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods

Jewellery exports to US rise 7.8% in October-December

Shipments to the US rose to $2.52 billion in the December quarter

India's US jewellery sales rise 7.8% in Oct-Dec quarter

Shows revival in consumerism in US, markets await Trump's economic policy for sustaining this growth

Indian jewellers to double efforts to woo European buyers

India processes around 90% of the world's supply of rough diamonds

Gems and jewellery exports to EU worth $3 bn at risk

EU comprises 8% of India's overall annual exports of gems and jewellery worth $39 bn

Jewellers want wider ambit for compulsory hallmarking

Earlier this month, BIS restricted hallmarking to ornaments with purity of 22 kt,18 kt, 14 kt

Jewellery purchase by NRIs declines 50%

Due to cash crunch faced by customers

Govt working on lower costs for cashless sales in jewellery

I know what you did on Tuesday night, Piyush Goyal tells jewellers

US demand revives jewellery units in SEZs/EPZs

Earlier govt measures to curb gold import had hit these; prime American market has revived in recent months after a sluggish period

Early trend shows about 50% rise in jewellery sales on Dhanteras

Gold prices have risen 16% over last Diwali, with imports estimated to have doubled over the past few monts

Govt to provide all support to gems & jewellery sector: Nirmala Sitharaman

In September, gems and jewellery exports grew by 22.42 per cent year-on-year to $4.46 billion

Jewellery sales up 25-30% on sharp fall in gold prices

Consumers are now shifting from replacement purchases to placing fresh orders on hopes of a correction in gold prices

Organised jewellery sector to grow by 10-12% in FY'17: Report

Higher number of wedding days, festival sales will drive volumes in remaining three quarters, a report released by India Ratings said

Jewellery sales likely to dip

India's jewellery sector is estimated to record around 3% of growth in value this calendar year

Excise relief to jewellers to end with implementation of GST

They also want the government to increase the limit for mandatory PAN card for purchases over Rs 5 lakh instead of existing Rs 2 lakh