National News
GJEPC Collaborates with Delhi Customs to Streamline Jewellery Export via Personal Carriage
Follow-up meeting focuses on refining SOPs under Circular No. 09/25 – Customs to ease export processes through Delhi’s Precious Cargo Warehouse
On 15 April, a delegation from the GJEPC Northern Regional Office met with senior officials of Delhi Customs to further refine Standard Operating Procedures (SOPs) for the import and export of jewellery via personal carriage. This discussion followed an initial meeting held on 9 April and focused on the implementation of Circular No. 09/25 – Customs, dated 28 April 2025, with the goal of issuing a comprehensive public notice for the trade.
Key customs officials present included Mr. Dheeraj Rastogi, IRS, Principal Commissioner – Exports; Ms. Ashima Bansal, IRS, Commissioner – ACC Export; Mr. Vishal Pal Singh, IRS, Commissioner – Airport; Mr. Dibyalok Singh, IRS, Deputy Commissioner – ACC Shed; and Mr. Anuj Kumar Pandey, IRS, Additional Deputy Commissioner – Airport. Representing the GJEPC were Mr. Antarpal Singh Sawhney, Regional Chairman – North, and Mr. Anil Sankhwal, Convener, Studded Jewellery Panel.
The meeting primarily addressed ways to optimise the draft SOPs for hand-carried jewellery exports through the Precious Cargo Warehouse (PCW) operated by Celebi at Delhi Airport. GJEPC representatives proposed practical solutions to remove procedural bottlenecks and speed up customs clearance. Among their key requests was the establishment of a dedicated detention room for appraised parcels within the Central Warehousing Corporation (CWC) cargo shed to reduce delays and improve exporter convenience.
Customs officials, led by Mr. Rastogi, responded positively to the recommendations and assured the delegation of due consideration. They also advised GJEPC to initiate discussions with CWC for space allocation to implement the suggested changes effectively.
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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