loader image
Connect with us

National News

GJEPC seeks government intervention over US reciprocal tariff proposal

Published

on

625 Views

Top representatives of India’s gems and jewellery sector have urgently briefed Hon’ble Commerce Secretary  Sunil Barthwal, IAS, on the potential repercussions of the United States’ recent notice regarding reciprocal tariffs. The delegation, led by  Shaunak Parikh, Vice Chairman, GJEPC, along with  Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers’ Association (SGJMA), and  Sabyasachi Ray, Executive Director, GJEPC, presented a detailed overview of the industry’s concerns and proposed mitigation strategies.

The briefing aimed to underscore the significant impact the proposed tariffs could have on Indian exports and the broader industry.  Satya Srinivas, IRS, Additional Secretary, Ministry of Commerce (MoC), and  Dnyaneshwar Patil, Development Commissioner, SEEPZ were also present to offer a comprehensive understanding of the issues at hand.

The US notice, which threatens reciprocal tariffs, has raised concerns within the Indian gems and jewellery sector, a key contributor to the nation’s export revenue. The industry leaders outlined the potential economic fallout and presented specific recommendations to safeguard interests.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

National News

Precious Metals: Record Highs & Cautious Gains

Published

on

1,698 Views

In the domestic market (MCX), gold and silver have hit unprecedented levels. Gold is currently hovering near the Rs. 1.53 lakh per 10-gram mark, while MCX silver has surged past Rs. 2.45 lakh per kg.

On the global stage, the momentum is slightly more restrained due to a powerhouse US Dollar, which has climbed to 99.3.

  • Spot Gold: Trading marginally higher above $4,710 per ounce.
  • Spot Silver: Initially rose to $76 per ounce before facing pressure and slipping toward the $75.6 range.

Crude Oil: Fueling Inflation Fears

As the conflict enters its ninth week, energy markets are on edge. Brent Crude has breached $106 per barrel, while US WTI rose above $95. These prices reflect the severe supply risk posed by the effective closure of the Strait of Hormuz, a critical chokepoint for global oil transit.

The failure of a second round of peace talks has dashed hopes for a swift resolution.

  • Diplomatic Collapse: President Trump cancelled a high-profile meeting in Pakistan that was intended to bring US and Iranian envoys to the table.
  • The Naval Standoff: Tehran refuses to negotiate while the US Navy blockade remains in place.
  • The Nuclear Factor: While Iran expressed a willingness to reopen the Strait of Hormuz, they have shown no intent to abandon their nuclear program—a non-negotiable demand for Washington.

Investors are now bracing for a heavy week of policy decisions.

  • The Fed Transition: The Federal Reserve is expected to hold rates steady this Wednesday. This meeting is particularly significant as it likely marks Jerome Powell’s final session as Chair, with Kevin Warsh anticipated to succeed him in May.
  • Global Policy: Decisions from the ECB, Bank of England, and Bank of Japan are also due this week.

With inflation risks rising alongside oil prices, there is growing concern that central banks may be forced to keep interest rates higher for longer to combat the economic fallout of the Middle East crisis.

Market Sentiment: Fragile and uncertain. The “nerve-wracking” tension in the Middle East continues to act as the primary driver for both commodities and currency volatility.

Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x