Search Result for : Diamonds

Indias gems and jewellery exports decline by 11% in Feb

The Dollar Business Bureau Due to lack of institutional finance support in the aftermath of Punjab National Bank (PNB)-Nirav Modi scam, along with value-added taxes introduced on gold purchases by Dubai, India’s gems and jewellery exports witnessed a decline of 11.13% in the month of February over a year ago. The country exported Rs.23,613.26 crore worth of gems and jewellery in February 2018, as compared to Rs.26569.49 crore in the same month last year, according to a data by the Gems and Jewellery Export Promotion Council (GJEPC). Following the PNB scam of Rs.13,600 crore by billionaire Nirav Modi and his uncle Mehul Choksi, both public and private sector banks have considerably reduced lending to the gems and jewellery sector. The worst hit by this are ...

India and Israel FTA yet to be finalised; Israel keen to boost exports with India

The Dollar Business Bureau During the historic visit of Prime Minister Narendra Modi to Israel, the Middle Eastern country is looking to boost its exports by exploiting huge base of India’s middle class consumers. However, the scepticism continues in the Jewish nation due to the stalled talks on the India-Israel FTA (Free Trade Agreement).  “India is a key export market for Israel. Tightening relations with India and this historic visit of the Indian Prime Minister will lead, beyond increasing security exports, to growth in trade in goods and services," said Eli Cohen, Israeli Minister of Economy and Industry.  “The economy of India is becoming a major destination for Israel’s exports, with the country’s more than 1.3 billion citizens driven by 300 million consumers ...

Jewellery industry welcomes 3% GST on gold but finds it challenging

The Dollar Business Bureau Gems and Jewellery industry welcomed the government’s decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business. The industry said they are happy that the government understood the requirements of the industry and a special category has been created in the GST. “We welcome the government's decision of 3% GST for gold and 0.25% on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” Nitin Khandelwal, Chairman All India Gems and Jewellery Trade Federation (GJF) told PTI. He further said the rate is expected to be less than 3% as input tax credit ...

Customs exempts import duty on cut and polished diamonds to authorised agencies and offices

The Dollar Business Bureau The government has exempted the customs duty payable on the imports of cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017. The given benefit is applicable on diamonds of 0.25 carat and above that are exported abroad for certification and grading. In its latest notification No.21/2017-Customs dated May 23, 2017, the office of Customs says, “the Central Government, hereby, directs that the whole of duty of Customs and additional duty of Customs, if any, payable on the import of such cut and polished diamonds during the period from the March 9, 2012 to March 1, 2017 by the authorised agencies/offices in India of laboratories mentioned under para 4.74 of the Hand Book of Procedure, but for ...

Israel wants more investment friendly policies from Indian government

The Dollar Business Bureau Israel wants India to further ease the process of doing business and offer a more investor- friendly environment to its companies, an issue that may come up for discussion during PM Narendra Modi’s upcoming visit to the country. Israeli sources said the Jewish country is optimistic on further progress on a Free-Trade Agreement (FTA) with India. The two countries have had eight rounds of discussions on FTA till now. An FTA will help Israeli companies in their business activities in India, the source said. From $200 million in 1992 (comprising primarily trade in diamonds), the bilateral merchandise between the two countries reached $5.19 billion in 2011. However, it stagnated around $4-4.5 billion with bilateral trade (excluding defence) for 2015 being $ 4.14 ...

Addition of a new laboratory for Certification/Grading of diamonds

Dated March 2, 2015 | Notification No.113/2009-2014 | S.O (E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends paragraph 4A.2.1 in Chapter 4 of the Foreign Trade Policy, 2009-2014. 2. The following is added after serial No. (xvii) under paragraph 4A.2.1 of the Foreign Trade Policy, 2009-2014: (xviii) International Institute of Diamond Grading and Research India Private Limited, Surat, India. Effect of this Public Notice: A new laboratory is added for purpose of certification/ grading of diamonds of 0.25 carats and above under paragraph 4A.2.1 of Foreign Trade Policy, 2009-2014. Sd/-        (Pravir Kumar) Director ...