Indian Polished Diamond Exports up by over 30 Percent.

India’s gem and jewellery industry has witnessed a growth of 22.27 percent for the financial year 2007-08 as compared to the previous year, with the sector accounting for 13.41 percent of India’s total merchandise exports. This performance is all the more commendable considering the fact that the rupee showed a steady gain over the US dollar for most part of the year, notes a spokesman for the Gem and Jewellery Export Promotion Council (GJEPC).
Exports of cut and polished diamonds which was the performance driver for the period in consideration amounting to nearly 68 percent of the export basket, grew from US$10.9 billion in 2006-07 to US$14.2 billion in 2007-08. Hong Kong emerged as largest importer of cut and polished diamonds from India, with a share of 35 percent of the total ex ports followed by the United States, which accounted for 24 percent and United Arab Emirates at 13 percent.

“The industry has maintained a steady rate of growth this year too, but this growth is result of increase in trading activities as actual manufacturing has shown a decline. What is more remarkable about this performance is that they have been achieved in face of appreciating rupee, high interest rates, withdrawal of GSP benefits and general economic slowdown in our major markets. The increase in the exports of diamonds, that are cut and polished in the country are a testimony to the talent of our artisans in this industry. With the assistance of the government of India we at GJEPC are committed to take this industry forward. Over the years the government of India has keenly considered the needs of the Indian gem and jewelry industry and has made favourable amendments in policies to support the continuous growth. For instance last year the government of India reduced import duty on cut and polished diamonds to 0 percent that has helped India to be at par with other international manufacturing centres. This will enable India to transform from largest manufacturing centre to the global trading hub,” says Sanjay Kothari, Chairman of the GJEPC.

In other news, the GJEPC is now repositioning Indian gems and jewelry as “Epitome of Luxury” by developing programs such as ‘BRAND INDIA’, which is the Council’s initiative to promote Indian jewelry to the end users in markets such as the United States, China, the Middle East, CIS, Russia and India .

Source: http://www.diamondintelligence.com/

Indian jewellery exporters eye China

US is losing its sheen as the biggest gems and jewellery importer with the recession hitting the American economy badly and China taking giant strides in the field.

According to traders and exporters, the recessionary trends in the world’s largest economy has stagnated the purchasing power of US consumers.

Following this, Indian exporters have lowered the purity of gold content in gold and diamond-studded jewellery in order to maintain the pricing.

The rampaging economy of China has improved the financial well-being of consumers, resulting into higher gem and jewellery consumption.

India’s exports to the US slumped to 26 per cent during 2007-08 from 35 per cent in the previous year while the shipment to Hong Kong jumped to 26 per cent from 15 per cent last year.

Gems & Jewellery Exports Promotion Council (GJEPC) attributed the slump in the exports to the US to a number of factors, including high gold price, depreciating US dollar, economic recession and huge appreciation in rough diamond prices.

The sudden fall in exports to the US can also partly be attributed to the withdrawal of generalised system of preferences (GSP).

The GSP, which provided the benefits of duty-free jewellery imports to underprivileged countries, including Bangladesh, was withdrawn on July 1, 2007.

Source: http://www.commodityonline.com/

Increase in Exports of Indian Gems and Jewellery

India's total gem and jewelry exports rose to $20.88 billion from $17.08 billion in the previous financial year, a growth of 22.27 percent. These results were announced by Sanjay Kothari, chairman of The Gem and Jewellery Export Promotion Council (GJEPC) at a press conference in Mumbai Tuesday.

Exports of cut and polished diamonds, representing 68 percent of total exports, reached $14.18 billion in the 2007-08 fiscal year, compared to $10.89 billion in the previous year, a growth of 30.19 percent.

Gold jewelry exports of both plain and studded jewelry grew by 8.07 percent to touch $5.62 billion – up from $5.20 billion in the previous year – representing a 27 percent share of the gems and jewelry exports.

Colored gemstone exports grew 12.15 percent to $276.42 million in 2007-08, compared to $246.47 million in the previous year.

Total gem and jewelry imports increased to $18.50 billion in fiscal 2007-08, from $13.97 billion. Rough diamond imports amounted to $9.79 billion, gold bar imports were worth $2.54 billion and cut and polished diamond imports added up to $5.43 billion.

However, the massive increase in polished diamond imports from $2.026 billion in 2006-07 to $5.43 billion in 2007-08, shows that there has been a marginal decrease in manufacturing activity, despite a major spurt in trading activity.

Furthermore, increasing gold prices have had an impact on gold jewelry exports, indicating that the overall manufacturing activity has declined to some extent.

Kothari pointed out that, among the factors negatively affecting the gem and jewelry industry were the U.S. recession, the slowing of jewelry sales and the depreciation of the rupee. He also acknowledged that this has led to a loss of some 150,000 jobs in the sector.

Some of the future initiatives announced by the chairman to boost the export sector were related to rough diamond sourcing, particularly from the African countries; focused market promotion with an emphasis on building Brand India; the development of a Trend Cell; talent development and a focus on design and innovation.

The country would make efforts towards initiating generic promotions of diamond jewelry by international organizations. IDMA has already come forward to pledge its support to any such move by world bodies and the CIBJO conference currently underway in Dubai, which was being attended by the Vice-Chairman of the Council Vasant Mehta, is also expected to make a similar commitment, Kothari said.

Source: http://www.idexonline.com/

The Foreign Trade Training Centre

The Foreign Trade Training Centre (FTTC) operates under the auspices of the Egyptian Ministry of Trade and Industry. The FTTC currently trains more than 2,400 people with international trade programmes designed to enhance exporters’ knowledge and skills concerning current global economic and trading environments. Its agreement with the Institute of Export (IoE) will allow its trade members to be accredited by the Institute and benefit from the brand and its expertise.

The Memorandum of Understanding sets out a framework of activities which will be carried out with the FTTC. This includes developing programmes of education for its students, improving the performance and knowledge of the trainers and devising systems to measure the performance and development of the FTTC in general. The ultimate goal will be for the FTTC to operate a branch of the IoE covering Egypt, North Africa and parts of the Middle East.

Successful candidates of the programmes will become IoE graduates and will join an alumni of business people who have met one of the highest benchmarks in international trade knowledge. It is hoped that within the first year more than 200 people will undertake some form of IoE accredited training.

Chairman of the Institute of Export, Andy Nemes met with two of the representatives of the Egyptian Ministry of Trade & Industry, to sign the Memorandum of Understanding. Dr Saïd Harb, Executive Director of FTTC and Board Member Hala H Shawarby flew to London to sign the Memorandum and mark the alliance between the two trade bodies. The signing was hosted by Barclays and took place on the 30^th floor of their HQ in Canary Wharf.

Andy said: “This agreement is an acknowledgement of the quality of the training opportunities provided by the Institute and the reputation associated with the brand. We are delighted to get partner FTTC in Egypt and share our knowledge of international trade training with a wider audience.

“If the UK is to remain globally competitive, its ability to be a major player in the world of international trade is vital and this is just one of the ways forward to achieving that status. The alliance has received the full support of the UKTI and the Egyptian Ministry of Trade and we look forward to building on the relationship over the next three years.”

FTTC Executive Director Dr Said Harb, who has extensive experience in foreign trade and export development, said: “I am proud to be here today to sign this agreement, and look forward to joining forces with the Institute of Export to enhance export performance in Egypt and the neighbouring countries enhance competitiveness”.

This alliance is part of the Institute’s wider strategy to increase its presence in countries across the globe. Its office in Hong Kong recently hosted its first AGM and is increasing its membership daily. The Institute is constantly seeking to improve its education programmes to benefit international trade throughout the UK and across the globe.

Source:http://www.export.org.uk/newsdesk/press

Formal vs. Informal Entry of Good in Import Export

Formal vs. Informal Entry of Goods in Import Export

Informal entries cover personal shipments, commercial shipments and mail shipments that are being entered for consumption, i.e. for use or sale. In most cases informal entry can be used if the merchandise is valued at $2000 or less. There are some exceptions such as textiles, certain types of footwear and other goods subject to quota/visa restrictions. Personal shipments valued over $2000 will also require a formal entry. The difference between an informal entry and a formal entry is the bond requirement and the liquidation process. Liquidation is the final computation of duties or drawback accruing to an entry and is the final step in the entry process.

Formal entries are generally commercial shipments supported by a surety bond to ensure payment of duties and compliance with Customs requirements. A bond is like an insurance policy that is payable to Customs in the event that the importer does not comply with import requirements. Having a bond on file, allows an importer to take possession of his merchandise before the payment of duties, taxes and fees. Bonds can be obtained from a surety, which is an insurance company that has been authorized by the Treasury Department to write Customs bonds.

A port director can require a formal entry for any importation if he or she deems it necessary for the protection of the revenue or for admissibility or enforcement issues.

Goods admitted as informal entries do not require the posting of a bond and goods are liquidated on the spot. After the importer receives notification of the arrival of merchandise from the carrier and it is determined that all shipping charges are satisfied an invoice is presented to Customs. When an informal entry is being made, the inspector, not the importer, is responsible for determining the classification number of the goods being imported. The inspector also completes the Customs forms used for informal entry.

U.S. Import Requirements

Import Requirements

• An individual may make his/her own Customs clearance of goods imported for personal use or business. All merchandise coming into the United States must clear Customs and is subject to a Customs duty unless specifically exempted by law. Clearance involves a number of steps: entry, inspection, appraisement, classification and liquidation.
  

• The U.S. Customs Service does not require an importer to have a license or permit. Other agencies may require a permit, license, or other certification, depending on what is being imported. Customs entry forms do ask for your importer number. This is either your IRS business registration number, or if your business is not registered with the IRS or you do not have a business, your social security number.

• The importer must declare the dutiable value of merchandise. The final appraisement is fixed by Customs. Several appraisement methods are used to arrive at this value. The transaction value serves as the primary basis of appraisement. Transaction value is the price actually paid or payable by the buyer to the seller for the goods imported. Other factors may also add to the dutiable value of merchandise, such as packing costs, selling commissions, royalty or licensing fees, etc. When the transaction value cannot be determined, then the value of the imported goods being appraised is the transaction value of identical merchandise. If merchandise identical to the imported goods cannot be found or an acceptable transaction value for such merchandise does not exist, then the value is the transaction value of similar merchandise. Similar merchandise means merchandise that is produced in the same country and by the same person as the merchandise being appraised. It must be commercially interchangeable with the merchandise being appraised. The identical or similar merchandise must have been exported to the United States at or about the same time the merchandise being appraised is exported to the United States.

• The importer must determine the classification number of the merchandise being imported. The Harmonized Tariff Schedule of the United States (HTSUS), issued by the United States International Trade Commission, prescribes the classification of merchandise by type of product; e.g., animal and vegetable products, textile fibers and textile products.

• The importer must pay estimated duties and processing fees if applicable. Customs makes the final determination of the correct rate of duty. The duty rate of an item is tied to its classification number. The HTSUS provides several rates of duty for each item: general rates for countries with which we maintain normal trade relations (NTR); special rates for special programs (free, or lower than the rates currently accorded NTR countries); and column 2 rates for imports not eligible for either general or special rates. Customs duties are generally assessed at ad valorem rates, a percentage of which is applied to the dutiable value of the imported goods. Some articles, however, are dutiable at a specific rate (so much per piece, liter, kilo, etc); others at a compound

rate of duty (i.e., combination of both ad valorem and specific rates).

If formal entry is required - the importer may have to post a surety bond.

· It is the importers responsibility to ensure that his or her goods being imported meet admissibility requirements - such as proper marking, safety standards, etc. - and that the proper permits, if required, have been obtained in advance of the goods arriving in the United States.

Arrival of Goods

Imported goods may not legally enter U.S. commerce until the shipment has arrived within the port of entry and Customs has authorized delivery of the merchandise. This is normally accomplished by filing the appropriate documents, either by the importer or by the importer's agent. To expedite this process, Customs entry papers may be presented before the merchandise arrives, but entry will not take place until the merchandise arrives within the port limits.

The Customs Service does not notify the importer of the arrival of the shipment. The carrier of the goods usually makes notification of arrival. Arrangements should be made to ensure that the importer or their agent is informed immediately of arrival so that the entry can be filed and delays in obtaining the goods avoided.

The Customs Service defines "entry" not merely as the arrival of goods at a port, but as the process of presenting documentation for clearing goods through Customs. Imported merchandise not entered through Customs in a timely manner (within 15 calendar days of arrival) is sent by Customs to a general order warehouse to be held as unclaimed. The importer is responsible for paying storage charges while unclaimed merchandise is held at the warehouse. If it remains unclaimed at the end of six months, the merchandise is sold at auction.

Some type of Customs entry must be made at the first port of arrival. Ordinarily entry is made there for consumption, for entry into a bonded warehouse, or for transportation in bond to another port where a consumption or warehouse entry will be made. If an importer is unable to be there to prepare and file the entry, commercial brokers, known as customs brokers and licensed by the Customs Service, may act as an agent for the importer. These brokers charge a fee for their services. A list of customs brokers may be obtained from the local Customs office or found in the yellow pages of the local telephone directory.

In the case of a single noncommercial shipment, a relative or other individual may act as the importer's agent for customs purposes. This person must know the facts pertaining to the shipment and must be authorized in writing to act for the importer.

The law prohibits Customs employees from performing these tasks for the importing public. However, they will advise and give information to importers about Customs requirements.

Source :http://www.citd.org/trade_info/sections.cfm?sid=17

IMPORTERS - IMPORTER LIST - IMPORTER DIRECTORY

Monday, April 7, 2008

IMPORTERS - IMPORTER LIST - IMPORTER DIRECTORY

International Importer Directory
Includes An Importer List Of Over 150,000 Worldwide Importers

The International Importer Directory is a 9-volume business-to-business reference importer list numbering over 150,000 worldwide importers from 160 countries. You will find included in this comprehensive importer list:

* Asia importers - including Japan Importers - China Importers
* USA importers and Canadian importers
* Europe importers - including UK importers, German Importers, Italian Importers and French Importers
* South and Central American importers including Mexican Importers and Brazilian Importers
* African importers
* Middle Eastern importers.

EXPORTERS: This unique importer directory set has been in publication since 1979 and the entire database is updated annually. It was primarily compiled for exporters, international traders and manufacturing companies to help you develop new global sales on a regional basis. This trade directory set (or separate regions) will provide you with critical global trade information you will not find elsewhere.

The International Importer Directory is available as a set or may choose one or more regions that best suit your needs. The regional titles are as follows: European Importers - Middle Eastern Importers - North American Importers - South and Central American Importers - Africa Importers and Asia/Pacific Importers.

This directory set or separate regional directories are available both Printed in a 3-ring binder and on a CD-rom. Both versions have been formatted to help you easily locate the importers most targeted to your products and/or services.

Attempting to compile a list of worldwide importers for your products and/or services can be extremely laborious, time-consuming and quite often futile. This importers directory saves you from that futile task by providing you with listings of importers that have carefully been compiled by our publisher through their use of comprehensive questionnaires and very expensive annual mailing to each importer in their database. View Sample Trade Directory Pages

The data you receive on each Importer includes:

* Complete Name and Address
* Name of Primary Contact Person
* Telephone and Fax Numbers
* Detailed List of Up To Eight Products They Import
* Email Addresses (Approximately 12% have provided Email Addresses)
* Web Site (Approximately 5% of all listings)

Here is optional information that some importers also provide: year their business was established; their number of employees; and their bank reference. View Sample Importer Listings - Source: www.importexporthelp.com/dirimp.htm

Rising input costs weigh on producers, exporters

VietNamNet Bridge – The volatility in prices of raw materials could be even more serious in the second quarter, warned Deputy Minister of Industry and Trade Bui Xuan Khu, and he urged industry to take swift measure to rein in costs while ensuring quality products.

Khu made the statement at a meeting last week of a ministry working group with local authorities to devise solutions to ease the burdens on domestic manufacturers caused by raging materials prices, both domestically and internationally.

Nguyen Thu Uyen, director of the Garment Company No 2, based in the northern city of Hai Phong, said input costs have skyrocketed, with the costs of some imported goods soaring by 30%, along with fuel prices that have risen 3-5%.

Sao Vang Co Ltd deputy director Nguyen Dinh Long said higher oil prices had pushed up the costs of transportating a single container of goods by VND300-400,000 (US$19-25).

Meanwhile, it was nearly impossible for garment exporters to renegotiate prices with customers based on these new, higher costs, Uyen said.

Tran Xuan Bai, director of the Department of Industry in the northern province of Hai Duong, said some food products exporters in the north have been unable to purchase sufficient quantities of raw materials and have had to turn to suppliers in the south, further driving up costs and cutting profit margins on already-signed export contracts.

Reports from Hai Phong and the northern provinces of Hai Duong, Ha Tay, and Hung Yen suggest enterprises are being hit by higher costs on all fronts. Late last year, the Government raised the minimum wage, driving up the costs of employing workers who have contractual protection from being laid off. The costs of construction materials were also rising, slowing the progress of construction in industrial zones and negatively impacting business expansion plans of enterprises.

Year-on-year growth in industrial output in Hung Yen alone in the first quarter of this year remained at 23.7%, lower than the anticipated growth of 26%.

Khu urged local authorities at last week’s meeting to commit to supporting local enterprises and to ease administrative burdens on them.

In response, officials of Hai Duong Province pledged to set up a fund to finance enterprises as needed to help them guarantee stable business operations.

Khu also said his ministry has requested Electricity of Viet Nam (EVN) to ensure sufficient power for producers and that the Government was committed to developing infrastructure such as roads and water supplies, as well as telecommunications capacity.

Administrative procedures have been streamlined to ease costs for enterprises, but companies still complain of being regularly audited by authorities. Many businesses also felt confused and uncertain over recent and expected changes in tax policies, said Ngo Van Thong, a representative of the Hai Phong-based International Co Ltd.

High productions costs are passed directly through to consumers and are a major factor in Vietnam’s rampant inflation. The consumer price index in March rose at its highest pace over a two decades, hitting 19.39% year-on-year, according to preliminary statistics from the General Statistics Office.

(Source: Viet Nam News)

Pakistan to export cement, rice to Sri Lanka

Colombo (PTI): Pakistan will supply cement and rice to Sri Lanka, even as the two countries have pledged to avail of the vast untapped potential for bilateral trade.

Sri Lankan government would import cement from Pakistan through the recently set up State Trading Co-operative Wholesale Company Ltd to counter the shortage allegedly created by errant traders concealing their stocks.

A spokesman of the Sri Lanka state owned company said the agreement is expected to be signed shortly with a company in Pakistan to import cement.

"The demand for cement has risen with the commencement of many massive infrastructure projects," he said.

The Trade Development Authority of Pakistan (TDAP), meanwhile, has agreed to export 500 tonnes of basmati rice to Sri Lanka to bridge its demand-supply gap.