08 march 2021
08 march 2021 The period 2020-21 of the global diamond and diamond jewellery industry could be termed as the most trying and arduous ever faced in recent times. When COVID-19 made its appearance, the diamond industry as part of the luxury sector was majorly impacted, due to lockdowns, travel restrictions and other hurdles. This, in turn, resulted in demand for diamond and diamond jewellery becoming localized which again put a brake on the growth of the industry globally, negatively impacting the economies of most countries. But, the diamond industry, slowly and surely, returned to a strong position towards the 2020 year-end, bring the much-needed cheers and confidence across global. Though ALROSA’s diamond production in Q4 2020 recorded only 7.1 million carats against 8.8 million carats in 2019, while sales went up to 17 million carats compared with the previous quarter against 8.2 million carats in 2019. For 12 months of 2020, diamond production amounted
Cut & polished diamond exports from India may come down 20% in FY21: Council
The Global Diamond Report also indicates that while the diamond industry suffered during the Covid-19 crisis, it still managed to keep its sparkle.
Synopsis The outlook is much in line with the Global Diamond Report 2020-2021 that has been released by Bain & Company and the Antwerp World Diamond Centre’s (AWD).
Kolkata: Cut and polished diamond exports from India may come down by 15 – 20 per cent in FY21 as compared to FY20 due to the outbreak of Covid -19, according to Colin Shah, chairman, Gem & Jewellery Export Promotion Council. The outlook is much in line with the Global Diamond Report 2020-2021 that has been released by Bain & Company and the Antwerp World Diamond Centre’s (AWD).
Budget 2021 impact: Cheaper gold, silver jewellery to add glitter to marriage season
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Last Updated: Feb 03, 2021, 10:01 AM IST
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Synopsis
“Price of gold will come down. There is a lot of pent-up demand in the market and the reduction in duty will unleash that demand,” said Ahammed MP, chairman of Kozhikode-based international jewellery retailer Malabar Gold & Diamonds.
Agencies
India imports around 800 -850 tonnes of gold annually. It is estimated that another 100-120 tonnes of gold enter the country through the grey market route. The duty cut may also help jewellery exports.
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Gold and silver jewellery will become cheaper in the country ahead of the upcoming wedding season with FM Nirmala Sitharaman reducing import duty on gold and silver to 7.5% from 12.5% in the Union budget. Besides bringing relief to the consumers, the move would make Indian jewellery more competitive in global markets and also help reduce gold smuggling into the country, in
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Stalled: The Gold Rush
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High taxes on import of India’s favourite metal are styming higher sales, and forcing many sellers to adopt unsavoury tactics that are ultimately denting government revenue
New Delhi [India], January 22 (ANI/Mediawire): We Indians love gold. We like wearing it, we like keeping it, we like gifting it. If estimates are to be believed, Gold reserves held by households and religious temples in India is anywhere between 25,000-30,000 tonnes, much of it passed down through generations. So, it s only natural that India has been one of the gold capitals of the world, with almost a third of all of the world s gold passing through its borders. According to a report by IMPACT, India is importing approximately 1,000 tonnes of gold per year a quarter more than what official figures indicate. A spike in smuggling of gold is being attributed to the government s decision to increase the import duty of gold in July 2019 from 10 percent to 12.5 percent.