Chief Economic Adviser Arvind Subramanian on 30th June expressed confidence in resolving 'teething' problems of GST implementation within two months.
"Indian consumers normally start preparations with new designs and collections in July which marks the beginning of the season. But, jewellery demand remained fairly good both in India and overseas. Meanwhile profitability of diamond processors is under tremendous pressure. Hence, they have adjusted the price to claim profitability." Praveen Shankar Pandya, Chairman, Gems and Jewellery Export Promotion Council (GJEPC).
Gold edged lower on 3rd July as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low.
Luk Fook’s share price rose on 29th June as the Hong Kong-based jeweler reported a jump in profit for fiscal 2017 and an improvement in consumer sentiment in mainland China.
Jewelers of America (JA) hosted two days of meetings and events in Washington to give retailers and suppliers the opportunity to talk with lawmakers about issues affecting the industry.
“The 3% GST rate for gold and gold jewellery though would result in a slight increase of about 1% additional tax, but at the same time the dealers would be able to take input tax credit, which is an upside. Overall, I think GST will be smooth for jewellers,” Harpreet Singh, Partner, Indirect Tax, KPMG India
Paytm, which has sold more than 100 kg of gold on its platform, is in discussions with jewellers across the country to enable buyers to redeem their digital gold in the form of jewellery. Read More
AOJ Media provides businesses with a forum to interact, engage, and arrive at decisions of mutual benefit. Our principal role is to help businesses connect, share, and grow. We do this in a variety of ways – through events that unite businesses, technology, and communications; through well-respected B2B publications that share business knowledge ; and through the creation and stewardship of industry-specific bodies that set the path for the category to follow. AOJ Media was born from years of experience in the publishing sector, in the form of Dipti Publications Pvt Ltd. Its flagship magazine, The Art of Jewellery is considered as an authoritative guide of the gem and jewellery trade and is the backbone of AOJ Media’s thorough knowledge of this sector. This in-depth familiarity has been further strengthened by decades of expertise in conducting B2B trade shows and B2C retail events across the country. In addition to the Gems and Jewellery vertical, AOJ Media is concurrently developing B2B interactions in other industries also.