US consumers will be sensitive to tariff-related price increases: Paul Zimnisky
The recent imposition of steep tariffs by the Trump administration on diamonds imported from India has sent ripples across the US diamond jewellery sector. India being the primary supplier of polished diamonds to America, the world’s largest consumer market, the tariffs have caused supply chain disruptions, and are likely to lead to rising product costs. Prices are expected to go up, once the existing inventory depletes, unless a deal is reached between the US and India. Suneeta Kaul speaks with Paul Zimnisky, renowned diamond industry analyst, to gain insights into the fallout of the tariffs, and how they are reshaping buying behaviour and pricing strategies in the US.
Dubai Jewellers Adapt to Win Back South Asian Gold Buyers Amid Changing Market Dynamics
As changing gold import policies in India reshape buying behaviours, Dubai’s jewellery retailers are adapting fast. Once a top shopping destination for Indian tourists seeking price advantages, the city is now rebranding its appeal through innovative designs, diverse sourcing, and elevated craftsmanship to win back its core South Asian customer base
India’s Gold Imports Plunge to 20-Year Low Amid Record Prices
India’s gold imports are set to drop by a staggering 85% in February compared to the same month last year, hitting their lowest level in two decades, according to a report by Reuters
Indian Government Raises Customs Duty on Gold-Alloy Imports to Close Loophole
The Indian Government has increased the customs duty on imports of gold alloys under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, aiming to close a loophole exploited by bullion dealers that led to significant market distortions and revenue loss
Budget 2024: Custom duty on gold and silver reduced to 6%; safe harbour rates for mining companies introduced
In a significant boost to the gems and jewellery industry, Finance Minister Nirmala Sitharaman announced a reduction in customs duties on precious metals. The customs duty on gold and silver has been slashed from 15% to 6%, while the duty on platinum has been lowered from 15.4% to 6.4%
Gold Prices Rise, Deter Buyers in India and China
In India, anticipation of potential import duty cuts in the upcoming budget adds further complexity to market dynamics, while in China, retail and wholesale demand reflect the strain of elevated prices
Government Imposes Restrictions on Gold Jewellery and Parts Imports Amid Unusual Surge
In response to a significant increase in gold jewellery and parts imports, the Commerce and Industry Ministry has imposed immediate restrictions, as indicated by a recent notification from the Directorate General of Foreign Trade (DGFT)
Malabar Gold & Diamonds hits record turnover: Exceeds Rs 50,000 Cr
Currently, Malabar Gold & Diamonds operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe
Government Implements Restrictive Measures on Gold Imports to Promote Indigenous Manufacturing and Protect Artisan Livelihoods
This strategic move aims to strengthen the Indian jewellery industry by curbing the disproportionate import of bullion compared to jewellery and fostering local manufacturing capabilities
Surge in Gold Jewellery Recycling Expected to Reach Record Levels
The World Gold Council has forecasted that a record amount of used gold jewellery will likely be sold in India, reflecting the growing trend of individuals leveraging the advantageous market conditions to unlock the value of their assets.
Malabar Gold and Diamonds becomes the first jewellery group in India to obtain TRQ license
TRQ will help the group in importing gold through the IIBX under India-UAE Comprehensive Economic Partnership Agreement(CEPA) at reduced duty rates with convenience and transparency.
India is set to import 140 metric tons of gold from the UAE
India has taken a strategic step to promote business in its gems and jewellery industry by prioritizing the import of 140 metric tons of gold from the UAE at a reduced rate for 2023-24.
India's gold imports for January have hit a 32-month low, plummeting 76% from the previous year's numbers
The country imported 14.6 tonnes of gold in January 2023, down from 61.5 tonnes in January 2022. The lower demand for gold has affected not only India's import figures but also global gold prices, which fell on the news of India's reduced imports.
KPCS Meet: Big Relief to the Indian Diamond Fraternity
The Kimberley Process meeting scheduled from June 20 to 24 in Botswana will not include Russia’s invasion as an agenda for discussion
Gold Imports Surge 677% in May to Highest in a Year Amid Price Corrections
However, local gold futures fell to INR 49,572 per 10 grams in May, the lowest in nearly three months
