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Friday,February 03 2023 [ Issue 1 February/ 2023 ]
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A Budget that didn't Budge
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The Gem and Jewellery Domestic Council (GJC) in a statement said, “ ...the Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24.”
While many applaud a well-balanced budget the G&J industry was left feeling sidelined. The industry felt the need for a reduction in gold custom duty to encounter the problem of smuggling, but this request went completely unheard. One sure outcome of this budget will be seen as a rise in the price of gold, silver and diamonds as the customs duty has been increased on these jewellery items. To unlock the potential of Lab Grown Diamonds, the Finance minister laid emphasis on the research and development of LGD as well as to make it competitive in the international market. The Finance Minister also proposed to reduce the basic customs duty on seeds used in manufacturing LGDs.
While most suggestions are welcomed by the industry, jewellers also hope that the government will take separate measures to curb the smuggling of gold so that organised businesses can also flourish.
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|  | | In nature, change is the only constant. Seasons shift as flower buds blossom, bloom and fade. A caterpillar forms a chrysalis, preparing for its magical transformation into a butterfly. Beneath the earth's crust, billions of |
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| | |  | | Tiffany & Co. announces that it has acquired a final bespoke curation of rare pink diamonds from the now-closed Argyle Diamond Mine in Australia. Located in the country’s East Kimberley region, a remote area of West |
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| | |  | | The Indian Institute of Technology (IIT) Madras has been selected to receive the government grant of₹242 crore that was announced in the Union Budget 2023-24 for undertaking research on Lab Grown Diamonds (LGD), the institute |
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|  | | Only Natural Diamonds(OND), the premiere digital destination for consumers to dive into the universe of natural diamonds powered by Natural Diamond Council, releases its latest digital cover starring American actress, Kathryn |
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| | |  | | The Indian gems and jewellery industry which contributes around 7% to the country’s overall GDP employs over 5 million people. The sector is nuanced, dominated by independent (family-owned) entities on the one hand, cha |
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| | |  | | This compares with the $660-million of roughdiamondssold in the first sales cycle of 2022 and the $417-million of roughdiamondssold in the tenth sales cycle of 2022.
“Consumer demand for diamond jewellery over the 2022 |
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|  | | Consumers are increasingly aware of the environmental and social impact of their jewellery. In a cross-market survey of 4,300 jewellery consumers in Q3 2022, Platinum Guild International (PGI) found 94% of Indians, 87% of Chi |
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| | |  | | For the past six months, he has assisted LNS with the assessment of new mining projects. The first tasks Rørnes will undertake in his new position will be strategy for increased sales, analysis of historical mining dat |
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| | |  | | In the fully packed Teatro Palladio at Vicenzaoro, the reinvented design competition came to its conclusion with the announcement of the 3 category winners, the two runners-up and the overall competition winner. That nal hon |
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