The government recently increased gold import duty to 10% from 5% and agriculture cess to 5% from 1%. | Photo Credit: istock.com Pointing out that hiking import duties has historically failed to meaningfully curb gold imports, Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday said the government’s latest move may only push up domestic…
India imports nearly 700–800 tonnes of gold annually, resulting in significant foreign exchange outflows and pressure on the current account deficit | Photo Credit: K_MURALI_KUMAR Malabar Gold & Diamonds has submitted a comprehensive proposal to the Government recommending strategic enhancements to the Gold Monetisation Scheme (GMS). The jeweller appealed for responsible gold consumption and the…
The move aims to curb rising imports of precious metals amid strong investment demand, record inflows into gold ETFs and pressure on India’s forex reserves. | Photo Credit: iStockphoto Two days after the Prime Minister’s appeal to postpone buying of gold for a year, the Finance Ministry late on Wednesday raised the import duty on…
The move comes amid rising gold demand, record inflows into gold ETFs, and pressure on the rupee. Industry experts warned that the higher tariffs could dampen demand and trigger a revival in gold smuggling, which had eased after tariff cuts in 2024 India has raised import tariffs on gold and silver to 15% from 6%,…
Jewellery stocks declined for the second day on Tuesday, with Thangamayil Jewellery tumbling over 8 per cent, after Prime Minister Narendra Modi called for postponing the purchase of gold for one year to save foreign exchange amid the West Asia crisis. Shares of Thangamayil Jewellery plummeted 8.32 per cent, Senco Gold plunged 6.39 per cent,…
CaratLane, a jewellery brand from the Tata Group has announced the launch of its new manufacturing facility in Chennai, marking Located at the SIDCO industrial estate, the 32,000 sq ft facility spread across four floors is expected to double CaratLane’s overall production capacity. The facility will generate approximately 100 new specialised jobs, the company said in a media release. ,“This new manufacturing facility in Chennai represents a strategic investment in strengthening our supply chain and scaling operations to meet…
As Prime Minister Narendra Modi has appealed for austerity measures in view of the tensions in West Asia, India’s rising gold imports are drawing attention. Emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia, Modi on Sunday called for judicious use of fuel, postponement of…
Gold prices were largely steady on Tuesday, as markets weighed the developments in the West Asia conflict and interest rate expectations ahead of key US inflation data. Spot gold fell 0.1 per cent to $4,728.79 per ounce by 04:18 GMT, after climbing to a three-week high earlier in the session. US gold futures for June…
Gold prices on Tuesday rose by ₹194 to ₹1,53,857 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher by ₹194, or 0.13 per cent, at ₹1,53,857 per 10 grams in a business turnover of 1,174 lots….
Banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters. The resumption is expected to boost the country’s gold imports, widen the trade deficit and put more…
