Export Promotion Council of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC), sponsored by the Trade and Industry Ministry of India has published an annual report on export activities for 2017 in the presence of the chairman of GJEPC Pravinshankara Pandya (Praveenshankar Pandya) and executive director of the organization Sabyasachi Ray (Sabyasachi Ray).
Exports of gold jewelery increased by 2% to $ 8.72 billion in the 2017 fiscal year, compared with $ 8.56 billion in the previous fiscal year. Export of silver jewelry increased by 35.8% to $ 4.02 billion compared with $ 2.96 billion a year earlier. Exports of colored gemstones fell 3% to $ 419.9 million in the 2017 fiscal year, compared with $ 433.18 million in the previous fiscal year. Rough exports increased by 28.2% to $ 1.5 billion from $ 1.17 billion a year earlier.
In 2017 fiscal year, exports of gems and jewelery reached $ 43.16 billion, accounting for 15.7% of total exports of the country, totaling $ 274.65 billion. Thus, the sector of precious stones and jewelery is one of the leading sources of foreign currency in India .
Pravinshankar Pandya said, "Prime Minister Narendra Modi in his special address to live congratulated GJEPC 50th anniversary and expressed a desire to make India the world's largest diamond trading center and a global center for the jewelery industry Moving abroad exports to $ 40 billion in 2017 fiscal year. we are developing a strategy for 2022, India has been able to take a leading position in the global market of precious stones and jewelery to the 75th year of its independence. The strategic focus will be on exports, training and education, job creation, added value and sustainable marketing. "
The main export destinations in the sector of precious stones and jewelery India 2017 fiscal year were the United Arab Emirates: 32% of exports were directed to this market. This is followed by Hong Kong (30%) and the USA (23%). Imports of rough diamonds increased by 21.6% in the 2017 fiscal year to $ 17.08 billion from $ 14.04 billion in 2016 fiscal year. Polished diamond imports decreased by 5% to $ 2.63 billion compared with $ 2.77 billion a year earlier.
GJEPC urged the government to follow the principle of equivalence in the preparation of the new tax regime, ie no export operations should not be subject to any kind of tax, as well as all related activities: consumption of raw materials and manufacturing services. GJEPC also urged to reduce import duty on gold.
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Imports of polished diamonds in the US in August increased by 3.9% compared to the same period last year, to $ 1.62 billion, the portal Rapaport reports. The average price of polished diamonds increased by 5.3% to $ 1,861 per carat, according to the US Department of Commerce on October 6.
The polished exports fell 16% to $ 1.34 billion, which led to an excess of $ 281.6 million against a deficit of $ 33 million in August 2014.
Import of diamonds more than doubled in August 2015, to $ 43 million, and exports of rough stones increased by 16%, to 31.7 million. Thus, the net import of diamonds was $ 11.3 million compared to $ 7.8 million last year. The net balance of diamond trade showed that the volume of imports surpassed the volume of exports by $ 292 million compared to last year's deficit of $ 41.7 million.
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