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Guest Panel:- "Artisans are our partners" |
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Anil Shah - Partner,Venus Jewel |
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Right from the inception of the diamond industry in India, artisans have been an integral part of it. Most of them have spent their entire lifetime working for this industry and have also introduced their family members to it. The diamond industry has been providing them their daily bread and butter. During the downturn, the situation has been grim and there has been lay offs and salary reductions for them.
Some of the laid-off artisans have joined Surat’s thriving textiles industry which has remained untouched by the recession. Some of them have shifted to their native places and joined their families in agriculture, and others, thanks to the joint family culture in India.
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Indian Gems and Jewellery Export and Imports in August 2009 |
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Gold Jewellery exports rise by 40%, imports of diamond rough decline by 35% - |
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According to the provisional figures received from the Gem and Jewellery Export Promotion Council (GJEPC), the total export of cut and polished diamonds for the month of August 2009 is US $1082 million (Rs 5171 crores) as compared to US $1423 million (Rs 5970 crores) last year, declining by around 24 percent. |
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Industry hopeful of good festive season |
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| Dussera, Diwali and Dhantera expected to drive demand for jewellery |
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According to provisional figures from Bombay Bullion Association (BBA), India's gold imports in August has slumped by more than 85 percent from a year earlier due to high prices and a weak monsoon.
BBA figures show imports between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year. For January to August, BBA data showed gold imports of 84.6 tonnes, down 68 percent from the same period last year.
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| Foregin Trade Policy 2009- 2014 |
| G&J sector takes delight |
The gems and jewellery sector is all set to benefit from the new foreign trade policies announced by commerce minister Anand Sharma. To neutralize duty incidence on gold jewellery exports, it has been decided to allow Duty Drawback on such exports. In an endeavour to make India a diamond international trading hub, it has also been planned that more diamond bourses will be established in key centres like Ahmedabad, Surat, Kolkata and Hyderabad. The one in Mumbai is nearing completion.
Talking about this, Mr. Ankit Mehta of D. Navinchandra & Co., one of the largest producers and exporters of diamond jewellery, says, “Diamond bourses will bring in the much needed growth in the industry as ours is one of the most booming market. |
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"What the new foreign policies mean for the Industry" |
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Nirupa Bhatt, Managing Director, India & Middle - East, GIA |
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I am very pleased with the recent announcement of the new foreign trade policies by commerce minister Anand Sharma. The Government continues to support the gems and jewellery trade. According to the new policies, it has been decided to neutralize duty incidence on gold jewellery exports, allowing Duty Drawback on such exports.
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