A jewellery store in Jaipur, Rajasthan (Purushottam Diwakar)
Earlier this month, over 70 Indian jewellers, mostly from Jaipur, were deported from the US for misusing their visas. They were also barred from entering the US for five years. They had been on their way to the Tucson Gems and Jewellery Show, being held from April 7 to 25, travelling on B1/ B2 visas, which are meant for tourists and short-term business trips. This visa allows the exhibition of products, holding business meetings and signing contracts, but does not allow the actual sale of products. The jewellery show was in many ways a crucial event, being held at a time when many other similar international shows have been cancelled. Though there are no figures to estimate exactly how much business Indian jewellers do at Tucson, it is a major event in the calendar of Indian jewellery sellers.
Production of polished diamonds in Surat declines by 25% in April
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Production has taken a hit at a time when the trade is witnessing strong demand from the US and Chinese markets, diamantaires said.
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Production of polished diamonds in Surat has declined by 25% in April compared with March due to rising Covid-19 infection among workers and exodus of migrant workers from the city in fear of the pandemic, industry insiders said.
Production has taken a hit at a time when the trade is witnessing strong demand from the US and Chinese markets, diamantaires said.
They are cutting down the import of rough diamonds as production has dwindled, which is likely to soften the prices of rough diamonds. India cuts and polishes 14 out of 15 diamonds in the world.
Gold imports during March have surged to 160 tonnes on the back of duty cuts to 7.5 per cent, a reduction in gold prices and a rise in demand in India and overseas according to industry body Gem and Jewellery Export Promotion Council (GJEPC).
Total imports during March was 160 tonnes, a growth of 470 per cent compared with the same period last year.
During 2020-21, total gold imports into the country was 632.73 tonnes, a decline of 11.87 per cent compared with the previous fiscal.
The industry body said that the growth of gold imports has been aided by a low base effect as imports in March 2020 was 28 tonnes because of the outbreak of Covid-19.
Gold price on Thursday jumped to Rs 50,810 for 10 gm from Rs 50,520 and the silver price is trending at Rs 68,800 per kg, according to the Good Returns website. Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges. In New Delhi, the price of 22-carat gold is at Rs 46,590 per 10 gm, while in Chennai it fell to Rs 45,060. The rate in Mumbai was Rs 45,200 according to the website. The price of 24-carat gold in Chennai was Rs 49,160 per 10 gm. Gold imports, which have a bearing on the country s current account deficit (CAD), rose by 22.58 per cent to $34.6 billion (about Rs 2.54 trillion) during 2020-21 due to increased domestic demand, according to the Commerce Ministry data.
Surat: Almost all the business sectors are worried over the prospects of the lockdown and the country’s economy coming to a standstill amidst growing cases of Covid-19. But as the pandemic has been brought under control in many parts of the world, India’s diamond industry has achieved remarkable growth in the export figures.
The export of cut and polished diamonds from India clocked the highest monthly figures, over last two years, in March. After weathering the lockdown and increasing numbers of Covid-19 cases among the diamond workers, the export of polished diamond in March alone was over US$1603 million, according to the figures of Gem and Jewellery Export Promotion Council (GJEPC).