INTERVIEW – FIEO pitches for inclusion of jewellery products in e-commerce exports list

The Federation of Indian Exports Organisation (FIEO), India’s apex export promotion body has asked for an expansion of the list of items that will enjoy export incentives through e-commerce. Considering the exponential growth potential in cross border e-commerce transaction in coming years, the association has particularly pressed for inclusion of jewellery products in the list […]

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Indian banks revise financing norms for gems and jewellery exporters

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Gem and jewellery exporters might see better news when the next financial year’s assessments for financing them are finalised. In the year since the Nirav Modi fraud came to light, all banks having tightened their financing to the sector. Many exporters had their lending limits cut. The Gem & Jewellery Export Promotion Council, been able to convince State Bank […]

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Global gold demand steady in third quarter; central banks and consumer purchases offset ETF outflows

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Global gold demand was steady in Q3 2018 at 964 tonnes, up just 6 tonnes year-on-year, according to the World Gold Council’s latest Gold Demand Trends report. Robust central bank buying and a 13 per cent rise in consumer demand offset large outflows in gold-backed exchange-traded funds (ETFs). Lower gold prices saw retail investors take […]

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India’s gold imports in August 2018 double, hit 15-month high as prices drop: GFMS

India’s gold imports more than doubled in August 2018 to hit their highest level in 15 months as lower prices prompted manufacturers to replenish inventory for a jewellery exhibition, provisional data from metals consultancy GFMS showed. The 116.5 per cent jump in gold purchases year-on-year to 100 tonnes last month by the world’s second-biggest consumer […]

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Kerala floods to slash gold demand in India; cashing old jewellery seen rising

Gold demand from India’s flood-hit southern Kerala state is expected to decrease substantially in the coming months, while the fall in new demand and increase in supply due to the sale of old gold jewellery will reduce imports of the metal further, gold analysts said. This year’s gold imports are anyway estimated to fall by 15 per cent to around […]

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Government of India withdraws duty free gold import for jewellery exporters

The Director General of Foreign Trade (DGFT) issued a public notice last week to discontinue duty free import of gold before exports. The move is meant to arrest the misuse of incentives offered on gold jewellery export.. The restricting move by the government has come a few months after the exposure of a scam in large jewellery houses in February […]

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Higher gold prices, tightened credit to pull down growth in India’s 2018 jewellery demand – ICRA

The jewellery demand growth in India is expected to weaken by 2-4% for calendar year 2018, owing to higher gold prices, and subdued financing environment, ratings agency ICRA said. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply, it said in a statement. ICRA, however, has estimated […]

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