Total gems and jewellery exports from India stood at $20.9 billion for FY’08, a growth of 22.27% over $17.1 billion the previous year, according to the Gems and Jewellery Export Promotion Council (GJEPC). The United States and Hong Kong were the largest importers of gems and jewellery from India, with a share of 26% each, followed by UAE at 21%.
But, it seems to be a mixed bag for the southern gems and jewellery sector. While cut and polished diamond exports from the region saw a 148.54% rise over last year at $102.1 million, exports of gold jewellery fell by 17.41%. This was despite an increase in exports of gold jewellery at the national level, from $5,202.48 million in FY’07 to $5,622.41 this year. The total exports from south India was at $1,458.8 million, a decline of 10.7% over last year.
The council further states in its report that the lack of a well-equipped gems and jewellery training institute in the south is one of the biggest challenges that the sector faces. “Despite being a big jewellery market, there’s no world-class institute in Chennai on the lines of institutes in Delhi, Mumbai and Jaipur. We have applied to the government to give us space to set up such an institute here,” GJEPC chairman Sanjay Kothari
told ET. There is also a problem with regard to the supply of gold in the region as nominated agencies are not in a position to cater to the exports and concentrate on domestic business only. Even MMTC operates only selectively in Chennai, with no operations in Coimbatore, Bangalore, Hyderabad or Cochin.
Even domestic sales seem to have taken a hit. Amid reports of a not-so-glittering Akshaya Tritiya this year, comes a World Gold Council (WGC) press note, which claims that despite a fall in sales volume, there has been an increase in value terms. Although sales were down to 48.99 tonne of gold this year (during Akshaya Tritiya) against 55 tonne in 2007, there was a 19% growth in value terms as prices were at Rs 12,000 per 10 gm, up from Rs 9,000 per 10 gm for the corresponding period last year.
Source: The Economic Times.
Wednesday, May 21, 2008
Saturday, May 17, 2008
Gem and jewellery export touches $20.9 bn
The export by gem and jewellery in India has touched $20.9 billion, growing by 22 per cent this year as compared to $17.1 last year.
India 's gem and jewellery industry contributes 13.41 per cent of total merchandise export of the country expects 30 per cent growth in the current year.
United States and HongKong are the largest importers of gems and jewelary from India with a share of 26 per cent each.
Source: Business Standard.
India 's gem and jewellery industry contributes 13.41 per cent of total merchandise export of the country expects 30 per cent growth in the current year.
United States and HongKong are the largest importers of gems and jewelary from India with a share of 26 per cent each.
Source: Business Standard.
Thursday, May 15, 2008
India Intensifies Polish Diamond Imports
India exported polished diamonds to the tune of $1.241 billion in April, shipping out some 3.434 million carat of goods. This is a strong 42.45 percent increase in the value of exports compared to April 2007, according to provisional data provided by the Gems & Jewellery Export Promotion Council.
Even after discounting the falling value of the U.S. dollar, the value of exports rose by nearly a third - 30.65 percent.
But the interesting story is the imports that nearly doubled in value. Polished diamond imports totaled $652.29 million as more than 2.14 million carats were brought into the country. The volume figure does not include imports to the special economic zones.
As the country’s middle class is growing, purchases of diamond jewelry are growing with it, almost hand in hand. In dollars, total polished imports soared 196.74 percent, even while imports to the SEEZs and Bonded Warehouses fell more than 63 percent.
Imports to Surat, India’s diamond manufacturing center, shot up from $6.77 million in April 2007 to $395.72 million last month.
In terms of average value, exports stood at an average of $361.39 per carat, while the average value of imports in April reached $295.80 per carat.
Source: IDEX, International Diamond Exchange.
Even after discounting the falling value of the U.S. dollar, the value of exports rose by nearly a third - 30.65 percent.
But the interesting story is the imports that nearly doubled in value. Polished diamond imports totaled $652.29 million as more than 2.14 million carats were brought into the country. The volume figure does not include imports to the special economic zones.
As the country’s middle class is growing, purchases of diamond jewelry are growing with it, almost hand in hand. In dollars, total polished imports soared 196.74 percent, even while imports to the SEEZs and Bonded Warehouses fell more than 63 percent.
Imports to Surat, India’s diamond manufacturing center, shot up from $6.77 million in April 2007 to $395.72 million last month.
In terms of average value, exports stood at an average of $361.39 per carat, while the average value of imports in April reached $295.80 per carat.
Source: IDEX, International Diamond Exchange.
Wednesday, May 14, 2008
The IIJS Signature Show – Expanding Horizons for the Indian Gems & Jewellery Industry
The Show, organized by Gems and Jewellery Export Promotion Council of India culminated by fulfilling its promise of showcasing the Indian jewellery industry, while providing a platform for business opportunities in a unique and innovative venue. The IIJS Signature show, based in Goa, is a key part of GJEPC’s strategy to position the Indian gem and jewellery industry internationally as the ‘preferred source of quality gems & jewellery’.
Specifically, the IIJS Signature show provides an ideal platform for companies to meet serious buyers from unique countries like Uzbekistan, Afghanistan, and Ukraine, hence providing more opportunities for the Indian jewellery industry and further enhancing India’s position in the global jewellery market.
The emphasis of the show is to portray the potential and strength of the Indian jewellery industry in design and innovation of products ranging from plain gold jewellery, studded jewellery, platinum and silver jewellery. The Chairman of GJEPC, Mr. Sanjay Kothari, commented, “I am proud about the achievement of the Indian Gem and Jewellery Industry. We have ensured that the IIJS Signature show serves as a platform to forge strong and enduring business relationships. The exhibitors were the most renowned companies in India, and their manufacturing abilities are at par with international centers in terms of design quality and craftsmanship.”
IIJS Signature was well received by both buyers and exhibitors. Most of the 100 exhibitors, who were showcasing high-end or couture jewellery for a mixed visitor base of Indian and overseas retailers, reported orders and interest from a variety of buyers from geographical regions as diverse as Russia, Japan, Australia, the United States, Uzbekistan, Pakistan, Syria, Dubai and the Kurdish region of northern Iraq.
Mr. Sanjiv Khandelwal, Managing Director of Polygon in India, who attended the show added, “IIJS Signature has set new standards for tradeshows by offering a powerful presentation in an environment most conducive to business and leisure”.
The IIJS Signature initiative to bring in high-end jewellery buyers from across the globe is just one of the steps being made by the industry to further enhance India’s position in the global jewellery market. Polygon—the jewellery industry’s largest e-marketplace—supported the show by conducting various e-marketing campaigns and techniques to attract visitors from its’ strong base in Dubai and the GCC regions.
Source: LIVE-PR
Specifically, the IIJS Signature show provides an ideal platform for companies to meet serious buyers from unique countries like Uzbekistan, Afghanistan, and Ukraine, hence providing more opportunities for the Indian jewellery industry and further enhancing India’s position in the global jewellery market.
The emphasis of the show is to portray the potential and strength of the Indian jewellery industry in design and innovation of products ranging from plain gold jewellery, studded jewellery, platinum and silver jewellery. The Chairman of GJEPC, Mr. Sanjay Kothari, commented, “I am proud about the achievement of the Indian Gem and Jewellery Industry. We have ensured that the IIJS Signature show serves as a platform to forge strong and enduring business relationships. The exhibitors were the most renowned companies in India, and their manufacturing abilities are at par with international centers in terms of design quality and craftsmanship.”
IIJS Signature was well received by both buyers and exhibitors. Most of the 100 exhibitors, who were showcasing high-end or couture jewellery for a mixed visitor base of Indian and overseas retailers, reported orders and interest from a variety of buyers from geographical regions as diverse as Russia, Japan, Australia, the United States, Uzbekistan, Pakistan, Syria, Dubai and the Kurdish region of northern Iraq.
Mr. Sanjiv Khandelwal, Managing Director of Polygon in India, who attended the show added, “IIJS Signature has set new standards for tradeshows by offering a powerful presentation in an environment most conducive to business and leisure”.
The IIJS Signature initiative to bring in high-end jewellery buyers from across the globe is just one of the steps being made by the industry to further enhance India’s position in the global jewellery market. Polygon—the jewellery industry’s largest e-marketplace—supported the show by conducting various e-marketing campaigns and techniques to attract visitors from its’ strong base in Dubai and the GCC regions.
Source: LIVE-PR
Monday, May 12, 2008
Gemstone Industry rejoices on Exemption of duty on Gemstones from 5 percent
The Indian gem industry recently celebrated the exemption of import duty on coloured gemstones and is certain about maintaining its competitiveness in world jewellery sector. The country currently imports rough coloured gemstones from Bangkok, Thailand and other countries. Shri P. Chidambaram; Honorable Finance Minister tabled the Finance Bill (2007-2008) on 3rd May 2008, exempting custom duty on Cut and Polished Diamonds. In the recently announced Union Budget (2007-2008), custom duty on cut and polished diamonds was reduced to 3 percent from 5 percent. The Council had made several representations to Government on the exemption of custom duty on cut and polished diamonds.
"I had reduced the customs duty on cut & polished diamonds from 5 percent to 3 percent. The Gems and Jewellery Industry had represented that the duty should be at zero percent in line with other countries. Ministry of Commerce has supported this proposal. However, if we find that the decision adversely affects the import of uncut diamonds or adversely affects employment in the cutting and polishing industry, we shall immediately review the decision. It is our intention to preserve, nurture and expand the cutting and polishing industry in India,” said Chidambaram.
Zero import duty will help in easy availability of coloured gemstones of various sizes and qualities in India, which would infuse growth and diversification of studded jewellery exports. The exports are predicted to rise with the exemption of duty on colour stones. The exports from Jaipur were around Rs.22000 crore and are expected to reach over Rs. 25000 crore till the end of the year. Nirmal Bardiya of RMC Gems said, “This is a very good move and will make outside stones available in India easily. It will provide variety for domestic as well as international markets. The prices will be competitive and will make it affordable to import these stones from abroad.” Bardiya is happy with the government’s initiative and efforts to promote the industry. Manufacturers will be able to source stones on their trip abroad, and provide clients with what they require on time, at affordable prices and earn profits.
India is currently facing labor layoff and shortage of jobs, due to completion from China and Bangkok. Vivek Kala of Kalajee Jewellery suggests that to stay in competition with these markets and to stay ahead in trade, India needs to change the way it works and work united towards achievement of the aims. Vivek Kala explains, “We think the government has delayed making this move for a long time of exempting taxes on imports. There are other problems that also need to be addressed like the provision of loans at special interest rates so that we can stay in competition and do good business in world markets. Another problem is infrastructure which needs to be addressed. Special attention should be given to tourism since it will help boost trade in cities like Jaipur where most coloured stone trade is carried on.”
Source: Diamond World News Service
"I had reduced the customs duty on cut & polished diamonds from 5 percent to 3 percent. The Gems and Jewellery Industry had represented that the duty should be at zero percent in line with other countries. Ministry of Commerce has supported this proposal. However, if we find that the decision adversely affects the import of uncut diamonds or adversely affects employment in the cutting and polishing industry, we shall immediately review the decision. It is our intention to preserve, nurture and expand the cutting and polishing industry in India,” said Chidambaram.
Zero import duty will help in easy availability of coloured gemstones of various sizes and qualities in India, which would infuse growth and diversification of studded jewellery exports. The exports are predicted to rise with the exemption of duty on colour stones. The exports from Jaipur were around Rs.22000 crore and are expected to reach over Rs. 25000 crore till the end of the year. Nirmal Bardiya of RMC Gems said, “This is a very good move and will make outside stones available in India easily. It will provide variety for domestic as well as international markets. The prices will be competitive and will make it affordable to import these stones from abroad.” Bardiya is happy with the government’s initiative and efforts to promote the industry. Manufacturers will be able to source stones on their trip abroad, and provide clients with what they require on time, at affordable prices and earn profits.
India is currently facing labor layoff and shortage of jobs, due to completion from China and Bangkok. Vivek Kala of Kalajee Jewellery suggests that to stay in competition with these markets and to stay ahead in trade, India needs to change the way it works and work united towards achievement of the aims. Vivek Kala explains, “We think the government has delayed making this move for a long time of exempting taxes on imports. There are other problems that also need to be addressed like the provision of loans at special interest rates so that we can stay in competition and do good business in world markets. Another problem is infrastructure which needs to be addressed. Special attention should be given to tourism since it will help boost trade in cities like Jaipur where most coloured stone trade is carried on.”
Source: Diamond World News Service
Wednesday, May 7, 2008
Launch of www.Made-from-India.com - A B2B portal for Exporters & Importers with a difference
Made-from-India.com Launches New Global Marketplace for Indian Manufacturer and Exporter
Made-from-India firmly believes that today is the age of information and half baked or incomplete information is always as suicidal as wrong information. Here, quality meets both genuineness and seriousness in business, as business always means profit. We have just tried to emerge as a reliable and complete information hub, and for that we are doing every effort to make it most complete one to meet the competitive environment. Our editorial team brings latest industry news, does research and brings out sartorial analysis, articles and highlights, along with brand launches, product catalogues and news features. Adding to the multitude are the Editor blogs, Expert comments and many more to come.
Exclusive services from Made-from-India.com:
v Product Directory (List of manufacturers, suppliers, exporters, global traders)-user can find only quality as we don’t believe in quantity.
v Trade Leads (Post buying and selling leads)- one can realize how it is different
v Virtual Office – an online revolutionary office existed never before.
v News (Keeping you updated with latest happening from niche markets)-be in the competition, be with the latest of the world with analysis.
v General Information (Informational articles, whitepapers and case studies from industry veterans)- many more will be updated under the segment as information is never complete and never stops to become perfect.
v Trade services (professional support and assistance).
Made-from-India ensures that this is one of the most user-friendly portals focusing on multiple areas while catering to the requirements of countless individuals belonging to import-export, in a simple and comprehensive manner. At the same, we always seek your advice for improvement at info@made-from-india.com
About Made-from-India
Made-from-India is an innovative and comprehensive online business-to-business (B2B) portal. It’s not just another B2B portal, but is meant for serious businessman only who care for Costing, Profit, Turn Over, Brand Promotion, Brand Creation, Brand Make Over, Edge Over others, and Growth.
For more details,
Please visit http://www.made-from-india.com/Contents/About_Us/Our_Services/
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Friday, May 2, 2008
India seeks rough diamond supply from African markets
India, which is facing a shortage of rough diamonds, has sought uninterrupted supply of the same mainly from the African market.
"Gems and Jewellery Export Promotion Council (GJEPC) has requested the International Diamond Manufacturers Association (IDMA) to present a report on the capacity of mines worldwide for supply of rough diamonds," GJEPC Chairman Sanjay Kothari told reporters on the sidelines of a press meet here on Tuesday.
In the processing sector, India was losing its edge and nearly one million jobs were at stake, he said.
"We must procure rough diamonds and protect the jobs of one million skilled workers. We want to procure rough diamonds from South Africa," he said.
"Our mission is to enable every individual associated with the Indian gems and jewellery industry to achieve his full potential," he added.
"The study will help us understand the future action that GJEPC would need to take to bridge the gap between the demand and supply of rough diamonds available," GJEPC's Vice-Chairman Vasant Mehta said.
The Diamond Trading Company has assured the industry that it would take steps to ensure the supply in the future, he said.
Meanwhile, as a part of making India the preferred source for quality gems and jewellery, GJEPC has taken major initiatives to promote Indian jewellery to end users in markets such as the US, China, Middle East, CIS, Russia.
Source: http://economictimes.indiatimes.com
"Gems and Jewellery Export Promotion Council (GJEPC) has requested the International Diamond Manufacturers Association (IDMA) to present a report on the capacity of mines worldwide for supply of rough diamonds," GJEPC Chairman Sanjay Kothari told reporters on the sidelines of a press meet here on Tuesday.
In the processing sector, India was losing its edge and nearly one million jobs were at stake, he said.
"We must procure rough diamonds and protect the jobs of one million skilled workers. We want to procure rough diamonds from South Africa," he said.
"Our mission is to enable every individual associated with the Indian gems and jewellery industry to achieve his full potential," he added.
"The study will help us understand the future action that GJEPC would need to take to bridge the gap between the demand and supply of rough diamonds available," GJEPC's Vice-Chairman Vasant Mehta said.
The Diamond Trading Company has assured the industry that it would take steps to ensure the supply in the future, he said.
Meanwhile, as a part of making India the preferred source for quality gems and jewellery, GJEPC has taken major initiatives to promote Indian jewellery to end users in markets such as the US, China, Middle East, CIS, Russia.
Source: http://economictimes.indiatimes.com
Thursday, May 1, 2008
India Scraps Import Taxes on Steel to Curb Prices
India scrapped import taxes on pig iron and other steel products to bolster domestic supplies and curb inflation, holding near a three-year high.
The country will also levy export taxes on steel products including cold-rolled coils, Finance Minister Palaniappan Chidambaram told lawmakers in parliament today.
The import duty cuts, effective today, will cost the government 15 billion rupees ($371 million), Chidambaram said. Anti-inflation measures announced earlier would have cost the government 48.4 billion rupees, he said.
Wholesale prices rose 7.41 percent in the last week of March from a year earlier, the most since November 2004, according to government data. Price gains eased to 7.33 percent in the week ended April 12.
The export taxes will take effect when the budget proposals get the assent of the president, Chidambaram said. The following are details of import duty changes:
* Basic customs duty reduced to zero from 5 percent on imports of
pig iron and mild steel products, including sponge iron,
granules, powders, ingots, billets, semi-finished products, hot-
rolled coils, cold-rolled coils, coated coil sheets, bars, rods,
angle shapes, sections and wires.
* Countervailing duty scrapped from the current 14 percent on TMT
bars and structurals, commonly used for construction of houses.
* Basic customs duty scrapped from the current 5 percent on
metallurgical coke, ferrous alloys and zinc, three inputs used
for manufacturing steel.
The following are details of new export duty levies:
* 15 percent export tax on overseas sales of specified primary
forms, semi-finished products, hot-rolled coils and sheets.
* 10 percent export tax on specified roll products, including
cold-rolled coils, pipes and tubes.
* 5 percent export tax on galvanized steel in coil and sheet
form.
Other measures:
* Reduction of import duty on skimmed milk powder to 5 percent
from 15 percent for a tariff rate quota of 10,000 metric tons per
year.
* Reduction of import duty on butter oil, used for milk
production, to 30 percent from 40 percent.
* Imposition of an export tax of 8,000 rupees per ton on overseas
sales of basmati rice.
* Reduction in the minimum export price of basmati to $1,000 per
metric ton from $1,200.
Source: http://www.bloomberg.com
The country will also levy export taxes on steel products including cold-rolled coils, Finance Minister Palaniappan Chidambaram told lawmakers in parliament today.
The import duty cuts, effective today, will cost the government 15 billion rupees ($371 million), Chidambaram said. Anti-inflation measures announced earlier would have cost the government 48.4 billion rupees, he said.
Wholesale prices rose 7.41 percent in the last week of March from a year earlier, the most since November 2004, according to government data. Price gains eased to 7.33 percent in the week ended April 12.
The export taxes will take effect when the budget proposals get the assent of the president, Chidambaram said. The following are details of import duty changes:
* Basic customs duty reduced to zero from 5 percent on imports of
pig iron and mild steel products, including sponge iron,
granules, powders, ingots, billets, semi-finished products, hot-
rolled coils, cold-rolled coils, coated coil sheets, bars, rods,
angle shapes, sections and wires.
* Countervailing duty scrapped from the current 14 percent on TMT
bars and structurals, commonly used for construction of houses.
* Basic customs duty scrapped from the current 5 percent on
metallurgical coke, ferrous alloys and zinc, three inputs used
for manufacturing steel.
The following are details of new export duty levies:
* 15 percent export tax on overseas sales of specified primary
forms, semi-finished products, hot-rolled coils and sheets.
* 10 percent export tax on specified roll products, including
cold-rolled coils, pipes and tubes.
* 5 percent export tax on galvanized steel in coil and sheet
form.
Other measures:
* Reduction of import duty on skimmed milk powder to 5 percent
from 15 percent for a tariff rate quota of 10,000 metric tons per
year.
* Reduction of import duty on butter oil, used for milk
production, to 30 percent from 40 percent.
* Imposition of an export tax of 8,000 rupees per ton on overseas
sales of basmati rice.
* Reduction in the minimum export price of basmati to $1,000 per
metric ton from $1,200.
Source: http://www.bloomberg.com
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