The Indian government is expected to increase the Goods and Services Tax (GST) rate on gold and silver from 3% to 5%. This anticipated hike follows recent reductions in the basic customs duty, as outlined in the latest Budget

At IGNITE Maharashtra, chaired by Collector Thane, the GJEPC highlighted growth opportunities for the gem and jewellery sector. Mithilesh Pandey, GJEPC's Director of Membership, focused on the industry's potential, with special emphasis on the India Jewellery Park in Mahape, Navi Mumbai

Sustained high gold prices are likely to hike revenues of organised gold jewellery retailers by 16-18 per cent this fiscal, a report said on Thursday

The surge in gold prices is anticipated to have a dampening effect on the demand for gold jewellery, leading to minimal volume growth for organised gold jewellery retailers in the fiscal year 2023-24 (FY24).

Jewellers in India have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs.2,000 notes from circulation.

This World Gold Council report states that chain stores comprise 35% of India’s retail gold jewellery market and that they are poised to grow in the next 5 years

Demand is primarily driven by a firm grip on the pandemic, with higher vaccination rates and falling infection rates leading to a rebound in economic activity

In an exclusive interactive session organised by the Gem and jewellery Export promotion council (GJEPC), Shri B V R Subrahmanyam, Commerce Secretary, MOC & I , Govt of India spoke to the gem and jewellery exporters on 4th September in Mumbai

Domestic gold prices have declined 3.6 per cent since its peak of Rs 39,031/10g on September 4, taking cue from global prices

Gross export of gems and jewellery declined 9.3 per cent to $12.15 billion from the same period last year

The CBDT has clarified that TCS is not a tax on goods but an interim levy on the possible "income" arising from the sale of goods by the buyer and to be adjusted against the final income-tax liability.

The two nations implemented a free trade agreement in January 2010. Under the pact, basic customs duty on gold was eliminated.

The countrys gems and jewellery exports contracted by 8 per cent to about USD 32.72 billion in 2017-18 owing to demand slowdown in major markets, including the US.

At present, the domestic gems and jewellery sector is estimated at USD 75 billion.