National News
India GJ exports down by 10.29% , imports down by 27.23% in December 2024
The overall gross exports of Gems & Jewellery in December 2024 stood at USD 1967.98 million (Rs. 16719.460 crores), showing a decline of 10.29% compared to USD 2193.82 million (Rs. 18269.7 crores) for the same period last year. This is due to the economic uncertainty looming in the market due to which buyers are leaning more towards the yellow metal as safe haven for investments rather than splurging on lifestyle.
Cut & Polished diamonds exports declined by 10.36%; imports declined by 64.1%in December 2024*Rough diamond imports declined by 22.1%*Polished Lab Grown Diamonds exports decreased by 5.48%*Gold Jewellery export declined by 3.56%*Coloured Gemstone exports declined by 11.5%
The overall imports of Gems & Jewellery for December 2024 stood at USD 1526.95 million (Rs. 12992.3 crores) showing a decline of 27.23% as compared to 2098.19 million (Rs. 17468.04 crores) for the same period last year.
National News
The Government Reduces Duty Drawback Rate For Gold, Silver Jewellery Exports.
Lower Tax Refunds Will Make Indian Gold and Silver Jewellery Exports More Expensive In The Global Market.
The Indian government has reduced the duty drawback rates—the tax refunds given to exporters for duties paid on imported raw materials—for gold and silver jewellery exports.
​Gold Jewellery: The refund rate has been cut by 3.1%, dropping from Rs 1,851.99 to Rs 1,794.11 per gram.
​Silver Jewellery & Articles: The refund rate has been cut by about 9%, dropping from Rs 29,501.09 to Rs 26,859.02 per kilogram.
Back in July, the government nearly doubled these refund rates to support exporters against rising global costs. However, because gold and silver prices have since fallen—reducing the actual import duty paid in real terms—the government adjusted the drawback rates downward to match current market conditions.
​Impact: Lower tax refunds will make Indian gold and silver jewellery exports more expensive in the global market.
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National News1 hour agoThe Government Reduces Duty Drawback Rate For Gold, Silver Jewellery Exports.
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