Gold Imports Dip 4% in April-July as Jewellers Await Festive Boost
India's gold imports fell by 4.23% to USD 12.64 billion from April to July 2024-25, reflecting global economic uncertainties, according to recent government data
Gold Jewellers See Sales Surge by 35-40% Following Duty Reduction
A recent reduction in gold import duties—from 15% to 6% in the latest budget—has led to a remarkable 35-40% increase in sales for gold retailers across India. This dramatic shift has provided a much-needed boost to an industry that had been struggling with high prices and stagnant sales
All India Gem & Jewellery Council Seeks Customs Duty Reduction in Pre-Budget Recommendations
The All India Gem & Jewellery Domestic Council advocates for a reduction in customs duties, presenting crucial pre-budget recommendations
In FY23, gold imports decreased by 24% to $35 billion
The dip in yellow metal imports has been attributed to high import duty, while the WGC predicts a healthy investment upside in 2023.
Gold imports fell by 30% to $31.8 billion during April-February 2023
Despite the substantial decrease in gold imports, the country's trade deficit, which is the disparity between imports and exports, has not been reduced.
Founder of Malabar Gold & Diamonds, MP Ahammed demands a reduction in import duty to curb gold smuggling
A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.
Government increases import tax on gold by 5%
Government increases import duty on gold to 12.5% from 7.5%
India's gold imports rise to $46.14 bn in FY22
The surge in gold imports during the last financial year contributed to the widening of the trade deficit to $ 192.41 billion, against $ 102.62 billion in 2020-21
Crisil: Revenue of gold jewellery retailers set to rise 12%-15% next fiscal
This will follow a strong revenue growth of 20-22% expected in FY22, albeit on a lower base of the pandemic-impacted previous fiscal
SEBI member says gold imports should be routed through exchange ecosystem
Such a step would ensure that gold monetisation takes place right at the source as the metal enters the country
India's gold imports rise sharply to $ 7.9 bn in April-June quarter
Import of gold has gone up significantly in the April-June quarter, Commerce Ministry data reveals
Proposed Retaliatory Tariffs By The US May Affect Jewellery Sector
According to Colin Shah, Chairman GJEPC with global demand rising, exports to the US, Hong Kong and the UAE have displayed gradual growth. In India, key sectors like gold and diamond will show significant rise as the pandemic comes under control
Gem And Jewellery Exports Industry An Example Of Aatmanirbhar Bharat And Vocal For Local
The Gem and Jewellery Export Promotion Council (GJEPC) proposes several measures like reduction in cut and polished diamonds to 2.5%, reduction in import duty of gold and other precious metals to 4%, Technology Upgradation Fund (TUF) Scheme for G&J industry; need for additional Common Facility Centres (CFCs) and many more to strengthen the gems and jewellery export sector
India's Gold Imports Drop 47 % During April-October
Gold imports, which have a bearing on the current account deficit, declined 47.42% to $ 9.28 billion during April-October
Gold imports show steep fall
Gold imports dip 14.23 per cent to $28.2 billion during 2019-20
