SMR Jewels’ Rs 63.74 crore SME IPO closed on June 3 with institutional investors subscribing the QIB portion 2.35 times, while overall subscription remained below one time amid muted retail demand.

As India raises gold import duty from 6% to 15% amid economic pressure and a weakening rupee, the jewellery industry is preparing for higher prices, evolving demand, and possible market disruption, discovers Khursheed Mistry.

PNG Jewellers on May 13 launched Swarna Swaraj from Pune to promote domestic gold recirculation, lower-karat jewellery adoption and responsible consumption following Prime Minister Narendra Modi’s appeal on gold imports.

Finance Minister Nirmala Sitharaman’s Budget has been hailed by the gems and jewellery industry, with stakeholders calling the duty cuts a long-awaited step in the right direction

As India anticipates the forthcoming budget set to be unveiled by the end of July, leaders in the jewellery sector, including PNG Jewellers and Khimji Jewellers, have articulated their expectations

One of the biggest demands of the gems and jewellery sector was for the government to bring down the customs duty on gold to 10 per cent to eliminate smuggling – but the demand went unheard yet again

Finance Minister Nirmala Sitharaman will present the budget on the Parliament on February 1, 2023. With the approaching central elections, popular consensus on this year’s budget is that it would be growth-oriented, with a focus on infrastructure, inflation, manufacturing and rural economy

A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.

Indian official imports have continued to grow despite high import duty, averaging 760t since the first duty hike in 2012

Amidst several concerns, long meetings, continual discussions and more, the landmark regulation related to mandatory hallmarking becomes a reality in India – all set to change the course of the Indian G & J Industry completely. Opinions from across the industry highlight the upsides and downsides of thisregulation, says Sugandha R

Mandatory hallmarking has finally become a reality and many jewellery retailers are having mixed opinions – on the whole they welcome the move and are eager to fulfill all requirements of hallmarking

This initiative will bring in transparency and build confidence in buyers and bankers 

The Year That Was

5 million people work in the G&J industry that is worth $40 billion and contributes around 7 per cent to our nation’s GDP