The Commerce Ministry is planning to come out with a comprehensive gold policy soon. Nitin Khandelwal, Chairman of All India Gems and Jewellery Trade Federation shared his views on the latest happenings in the sector.
Bachhraj Bamalwa, director of the All India Gems and Jewellery Trade Federation, told News18 that gold imports in November are estimated to be around 100 tons â€“ the most this year, and about a fifth of the 500 tons of the precious metal imported in 2016.
A delegation of the jewellers' body today met Maharashtra Finance Minister Sudhir Mungantiwar at Nagpur and submitted its representation on Goods and Services Tax (GST).
Dealers were charging up to USD 2 an ounce over official domestic prices, the first time premiums have been seen since mid-January, said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.
All India Gems and Jewellery Trade Federation (GJF) Director Ashok Minawala said if the jewellers continue to strike, it's going to be "a disaster" during Gudi Padwa in Maharashtra.
GJF along with All India Jewellery Associations has decided to extend the strike till March 7. Jewellers went on strike for three days from March 2.
From January 1, PAN Card has been made mandatory for all transactions above Rs 2 lakh in cash or through card in entire gems and jewellery sector.
The world's second-biggest gold consumer had imported gold worth USD 5.57 billion in the same month last year. Data released by the Commerce Ministry showed that import of both gold and silver has declined in value terms in November this year.
The GJF represents over 6,00,000 members and entities comprising manufacturers, wholesalers, retailers, designers, distributors, laboratories, gemologists and allied services to the domestic gems and jewellery industry.
Two straight years of drought in India - for only the fourth time in over a century - have hit gold demand in the world's No.2 consumer and could cut imports by up to 10 percent in 2015, said Padmanabhan, head of a regional gold federation.
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The jewellery trade says the Narendra Modi government's plans to trace gold deals is unworkable and won't deter holders of black money, or hundreds of millions of Indians outside the tax net, from buying gold to keep their wealth away from the prying eyes of the authorities.
The All India Gems and Jewellery Trade Federation (GJF), the national trade federation for the promotion and growth of trade in Gems and Jewellery (G&J) Industry across India, has expressed a satisfaction with the measures announced by Finance Minster Arun Jaitly in his maiden budget.
Gold imports are estimated to have jumped about five-times to around 95 tonnes in September, helped by spurt in demand in festival season and falling global prices, an industry expert said today.
The government is worried the trade gap could worsen again and the currency could weaken as the US Federal Reserve looks set to start tapering its economic stimulus soon.
India doubled its import duty to 8 percent from the 4 percent where it stood at the beginning of the year
Jewellers decided to continue the voluntary ban in support of the government's efforts to curb imports
Gitanjali Gems plunged 57 percent from Rs 547.85 to Rs 233.90 in eight consecutive sessions since June 19, on concerns that the fall in gold prices and recent RBI norms on gold imports would hurt earnings. SP Tulsian of sptulsian.com also feels the sell-off was triggered by margin call pressure.
Buying picked up from some Asian countries after gold retreated below USD 1,600 an ounce, and India's demand is expected to improve in April at the start of a new fiscal year, after the government held off from further curbs on gold inflows,
Gold imports can be reduced by 150 tonnes this year if the government makes mandatory one percent tax at source and production of PAN for purchase of bullion in cash, jewellers suggested today.
Speaking to CNBC-TV18, Nilesh Parikh, chairman of Shree Ganesh Jewellery says that the mismatch between import of gold bars and jewellery could be a loophole that jewelers will now look to exploit.
Gems and jewellery industry today expressed disappointment over reintroduction of 1% excise duty on branded jewellery in the Union Budget and called for a rollback of the decision.