National News

DGFT notifies revised HS codes for precious metal imports

Published

11 months ago

May 21, 2025

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The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, has updated the rules for importing gold, silver, and platinum following announcements made in this year’s Union Budget. The new rules are effective from 1 May 2025, and include revised HS codes for precious metals and clarify who can import them. A similar notification has already been issued by the Central Board of Indirect Taxes and Customs (CBIC).

For gold (including gold plated with platinum)—unwrought or in semi-manufactured forms, with 99.5% or higher purity—imports are restricted to:

Nominated agencies notified by the RBI (for banks) or DGFT (for other agencies),

Qualified Jewellers (as notified by IFSCA) through the India International Bullion Exchange (IIBX),

Valid India-UAE TRQ holders (as notified by IFSCA) importing via IIBX, with physical delivery through IFSCA-registered vaults in SEZs.

Additionally, gold dore imports are allowed for licensed refineries under the Actual User (AU) condition.

Silver and platinum imports have also been aligned with purity-specific conditions, with imports either permitted freely or routed through authorised agencies.

National News

P N Gadgil Jewellers Limited – Quarterly Update Q4 FY26

Strong Q4 Surge Driven By Festive Demand and Expansion, With FY26 Revenue Crossing ₹10,744 Crore and Ambitious FY27 Growth Outlook

Published

1 hour ago

April 9, 2026

JewelBuzz Spread The Buzz

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The Company delivered an exceptional performance in FY26, reporting revenue of Rs. 10,744 crore, up 40% YoY, marking a significant milestone in our growth journey. This strong performance was driven in part by an outstanding Q4, where total revenue increased by 124% YoY.

Retail Segment

The Retail segment recorded 102% YoY growth in Q4 FY26, driven by strong demand during the wedding and festive season.

Non-Retail Segments

Franchise Operations grew by 132% YoY, while E-commerce recorded a 67% YoY increase. During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 104%. The details are provided below:

Consolidated Revenue (Rs.Cr)	Q4 FY’26	Q4 FY’25
Revenue Excluding Other Segment	3,196	1,569
Others Segment	356	18
Total Revenue	3,552	1,587

Note – Other segment primarily comprises B2B bullion sales from the Head Office and the corporate segment.

Festive and Event Sales

Foundation Day sales during the period amounted to Rs. 365 crore, with a healthy contribution across all categories. This was followed by a robust festive performance during Gudi Padwa, with sales reaching Rs. 171 crore, reflecting a 38% YoY growth. Subsequently, Gratitude Day sales to celebrate the milestone of reaching Rs. 10,000 crore stood strong at Rs. 225 crore.

Product Mix and Same Store Sales Growth (SSSG)

Despite rising gold prices, volumes saw positive traction with the gold category increasing by 27% YoY, while silver and diamond volumes rose 37% YoY and 125% YoY, respectively, driving the studded jewellery mix and taking the stud ratio to 9%.

The same-store sales growth (SSSG) for the quarter stood at a robust 86% YoY, highlighting strong customer traction across existing locations.

Operational Highlights

During the quarter, the Company added 8 COCO stores (3 Legacy and 5 LiteStyle) and 4 FOCO (1 Legacy and 3 LiteStyle), taking the total store count to 78 as of March 31st, 2026, comprising 57 COCO stores (48 Legacy and 9 LiteStyle) and 21 FOCO (17 Legacy and 4 LiteStyle). The expansion included strengthening our presence in Maharashtra and entering new markets in Uttar Pradesh through store openings in Gorakhpur and Varanasi.

Credit Rating Upgrade:

During the quarter, the Company’s long-term rating was upgraded to IND A+/Stable from IND A, while the short-term rating was reaffirmed at IND A1.

Outlook for FY27

We continue to maintain ongoing expansion momentum, with plans to open 25 new stores, with a strong strategic focus on scaling franchise formats, alongside company-owned stores. This is expected to take our total store count to 103 by the end of the fiscal year. We are targeting revenue of Rs. 13,500 crore, implying a growth of 25% YoY and an EBITDA margin of 7.5%.