National News
DGFT Summit Explores E-commerce’s Role in Boosting Gem & Jewellery Export Potential
The Directorate General of Foreign Trade (DGFT) hosted an E-commerce Export Summit at Bharat Mandapam, Pragati Maidan, on 11th March, gathering industry leaders to explore the growing potential of e-commerce in enhancing retail exports. Mr. Sabyasachi Ray, Executive Director of GJEPC, delivered a keynote presentation on ‘Enhancing Retail Exports through E-commerce.’
In his opening remarks, Mr. Ray emphasized the critical role of e-commerce platforms in driving growth for the gem and jewellery sector. He noted that e-commerce is particularly well-suited to this industry due to the low volume and high value of its products, making it ideal for cross-border trade. He expressed confidence that businesses in the sector will see substantial growth in the near future, driven by the accessibility and scalability of e-commerce.
Mr. Ray also provided insights into recent foreign trade policy reforms introduced by the Government of India. These regulatory changes have significantly eased e-commerce exports, contributing to the sector’s remarkable growth. Currently, India’s gem and jewellery exports total $38 billion, with projections aiming for $100 billion by 2047, largely fueled by the expanding e-commerce landscape.
He advised exporters to focus on identifying key product markets and understanding consumer preferences to secure repeat business. Additionally, he highlighted the recent partnerships formed by the GJEPC with major e-commerce platforms like eBay, Amazon, and DHL, aiming to provide a seamless export experience for its members.
National News
Gold and Silver Decline On a Strong Dollar
Navigating Volatility Between Oil Costs and Currency Strength
The Indian bullion market took a breather this Thursday as a combination of a stronger dollar and geopolitical shifts triggered a wave of profit-taking. After reaching record heights earlier in the week, both gold and silver saw a significant pullback on the MCX. The domestic futures gold price on MCX traded 2.54 percent lower to Rs 1,49,800 per 10 grams of 24-carat purity, from the previous close. Silver edged 6 percent down to Rs 2,28,891 per kilogram. Bullion has fallen as investors rush to book profits from recent highs.
The rally lost steam as several macroeconomic factors converged to weigh down the metals:
- Profit Booking: After gold surged to a staggering Rs 1,54,500 per 10 grams yesterday, investors were quick to lock in gains, leading to a sharp intraday correction. Currency Pressure: A firmer U.S. Dollar made dollar-priced commodities more expensive for holders of other currencies, dampening demand. Geopolitical Cool-down: Signs of de-escalation in West Asia have slightly reduced the “safe-haven” premium that usually keeps bullion prices inflated. Energy & Economy: While tightening energy supplies and rising oil prices often act as a floor for metal prices, they weren’t enough to offset today’s broad sell-off.
Outlook
Despite the current correction, the underlying market remains sensitive. While easing tensions in West Asia provides some relief, the interplay between rising oil costs and a strong dollar will continue to dictate the short-term volatility for precious metals. For now, the “rush to the exits” is the primary driver as the market stabilizes from its recent peaks.
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