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India Removes Excise Duty on Jewelry
The Indian government has withdrawn the excise duty on branded jewelry and the proposed duty ‎on unbranded jewelry much to the relief of the industry and consumers.‎‎“The outpouring of sentiment both within and outside...
Retail May 07, 2012 Dilipp S Nag
Jewelry Sales India
High Gold Prices Hurt Consumer Demand on Akshaya Tritiya
Consumer demand for gold was tepid due to high prices on Akshaya Tritiya, one of the most auspicious days in the Hindu calendar to buy precious metal and jewelry. Sales improved by value from 2011, but...
Retail Apr 25, 2012 Dilipp S Nag
Jewelry Sales India
Indian Jewelers Suspend Strike Until May 11
Indian jewelers and bullion traders suspended their 21-day strike and opened the business from today following favorable assurance from the Finance Minister, Pranab Mukherjee regarding their demand.“We have deferred the...
Manufacturing Apr 06, 2012 Dilipp S Nag
India Finance Ministry
Govt. Invites Indian Jewelers for Talks on Friday
India's Finance Minister, Pranab Mukherjee, has convened a meeting with representatives of the jewelry manufacturing sector to take place on Friday in New Delhi. The minister called the meeting to better understand the industry's concerns regarding...
Manufacturing Apr 05, 2012 Dilipp S Nag
SDA
Diamond Trading in Surat Suspended on Monday
Diamond trading operations in Surat have closed on Monday to support local jewelers protesting the government’s proposed excise duty on gold jewelry. The Surat Diamond Association (SDA) met on Friday to discuss ways to show their support...
Manufacturing Apr 02, 2012 Dilipp S Nag
Jewelry Store Window
India Re-Considers Duty on Unbranded Jewelry
India's Finance Minister, Pranab Mukherjee, is re-considering his budget proposal to tax unbranded jewelry following major protests by local jewelers across the country. He is also examining the issue of making PAN card declaration mandatory for...
Retail Mar 29, 2012 Dilipp S Nag
Gold bars
Higher Taxes in India Will Lower Gold Imports
Gold imports for India, the world's largest consumer of yellow metal, are likely to fall significantly in 2012 due to increases in the customs duty. India's Finance Minister, Pranab Mukherjee, this past week proposed to double...
Retail Mar 23, 2012 Dilipp S Nag
India Union Budget
India Proposes Import Duty on Polished Colored Gems
India's Finance Minister, Pranab Mukherjee, on Friday proposed to impose customs duty of 2 percent on cut and polished colored gemstones in order to prevent round-tripping, bringing the duty on par with diamonds. He also proposed increasing the basic...
Polished Markets Mar 16, 2012 Dilipp S Nag
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