Higher GST on gold jewellery may make rural customers prefer parallel market, fear branded jewellers

KOLKATA: Branded jewellers concern that if the govt.   fixes GST on gold jewellery at 4%-5, many shoppers, notably those in rural areas, may like parallel market to the union sector, as a result of a probable price distinction of Rs 30-Rs fifty per gram.

Currently there’s a value side tax of 1 Chronicles on gold jewellery in the recent Union budget associate excise duty of 1 chronicles was introduced.
Currently there’s a value additional tax of I Chronicles on gold jewelry within the recent Union budget associate degree excise duty of I Chronicles was introduced.

“If the govt.   keeps GST at 2%-3% on jewellery which will be ideal. anything higher than this may run the chance of flowing to the unorganised sector where folks could also be tempted to look at ways of not paying taxes,” aforesaid Vijay Jain, chief officer at branded jeweller Orra.

The jewellers were hoping to bag a chunk of the agricultural business on the rear of wonderful monsoon rains, but high price of the Muntz metal, and eventually anticipated goods and services tax (GST) of 4%-5%, may prompt customers to choose  ..

NMDC gets government nod for diamond exploration in Andhra Pradesh

NEW DELHI: The Centre’s forest panel has given its permission to state-owned miner NMDCBSE 1.20 % to enter into Kalyandurg forest range in Ananthapur district, Andhra Pradesh for carrying out diamond exploration.

The Forest Advisory Committee (FAC) — the apex body in the Union Environment Ministry that approves or rejects proposals for diversion of forest land — examined the proposal in the recent meeting.

“The FAC has approved the National Mineral Development Corporation’s (NMDC) proposal subject to some conditions,” a senior Environment Ministry official said.
The company has not sought for diversion of forest land but has requested for the permission to enter into the Kalyandurg forest range for undertaking exploration activities.

As per the proposal, the NMDC will drill 64 bore holes for diamond exploration in 153 hectare area in Ananthapur district.

Sushma Swaraj, Mahesh Sharma discuss Kohinoor diamond issue

NEW DELHI: the problem of transfer back the notable Kohinoor diamond from uk was these days mentioned at a gathering attended by External Affairs Minister Sushma Swaraj and Culture Minister Mahesh Sharma.

The meeting lasted for over 45 minutes associated issues concerning the 108-carat diamond that is currently set in an extremely crown on show among the Tower of London were mentioned, a provide same.
In April, the govt. had created a submission among the Supreme Court that the diamond was neither “forcibly taken nor stolen” by Brits, but given as a “gift” to the malay archipelago Company by the rulers of geographical area.

Bringing back of the diamond faces legal and technical hurdles because it dates back to pre-Independence amount and so did not represent the scope of Antiquities and Art Treasures Act, 1972.
However, when receiving flak for its stand, the govt. had same all efforts would be created to induce back the diamond calculable to cost over USD 200 million.

Kohinoor, that means mountain of sunshine, is a large, colourless diamond that was found in southern Asian country in early fourteenth century.

Blue diamond sells for $25 mn in New York

NEW YORK: A blue diamond from the South African mine known for contributing to nation Crown Jewels sold for quite $25 million in the big apple on weekday, Christie’s aforementioned.

The house aforementioned the Cullinan Dream was the largest Fancy Intense Blue sort diamond to go underneath the hammer ANd was snapped up by an traveler bidder for $25.4 million, as well as premiums
Christie’s aforementioned it’s the biggest of 4 blue diamonds cut from a 122.52 carat rough discovered in 2014 at the Cullinan mine northeast of Pretoria wherever the biggest ever rough diamond was unearthed a century ago.
The mine yielded the 530.20 Cullinan I, that is that the largest polished white diamond breathing and a part of the Crown Jewels housed at the Tower of London.
Thursday’s sale comes weeks when a dazzling blue diamond once owned  by Britain’s late mining magnate Philip oppenheimer fetched a record $57.5 million in Geneva.

Jewel auctions have seen a billowing price of precious stones, because the world’s ultra-rich invest in hard assets as a safeguard against stock exchange volatility.
The Cullinan mine is wherever a three,106-carat diamond was discovered in 1905. it was conferred to nation monarch King edward vii and hack, leading to gems forming a part of nation crown jewels.
They include the Cullinan I within the Queen’s Sceptre and therefore the Cullinan II, that is within the crown that nation monarch wears to the gap of parliament.

Jewellery industry fears losing out on festive cheer

MUMBAI: With the onset of the joyous season, the gems and jewellery trade fears losing out on sizeable sales, with some trade leaders expression continuation of the strike are a “disaster” for the business.

All india Gems and jewelry Trade Federation (GJF) Director Ashok Minawala aforementioned if the jewellers still strike, it’s about to be “a disaster” throughout Gudi Padwa in Maharashtra.
“We should perceive the buyer demand, retain and maintain it. there’s a need to come out of the mindset and begin a correct and substantive dialogue with the govt. and reach some call. If the strike ends, the demand throughout Gudi Padwa likewise because the entire pageant season goes to be phenomenal,” he added.
Waman Hari Pethe Director Aditya Pethe rued that there’s heaps of confusion within the consumer’s mind with reference to the jewellers’ strike as eighty per cent of the outlets area unit shut since last one month.
“However, if the agitation is over before long, then the offtake can zoom as there’s heap of backlog consumer demand. we tend to expect minimum 30-35 per cent rise in demand on the Gudi Padwa day. it’ll be terribly high during the joyous season,” he added
“The demand are a minimum of three-fold throughout Gudi Padwa, where individuals consider it auspicious to shop for gold, because of heaps of repressed demand that was facilitate up following the all Republic of India strike by jewellers across the country,” PNG Jewellers CMD Saurabh Gadgil told PTI here.

The demand, he said, are mainly for weddings because the marriage season is round the corner. However, little price tag articles like coins and tiny jewelleries will be in demand because of Gudi Padwa.
He aforementioned PNG, that has twenty five stores in Maharashtra, is obtaining heaps of enquiries for wedding jewelleries. however the booking has not begun as shoppers area unit confused about the strike.

“We hope that the strike can finish before long, otherwise the result are fateful for the trade,” he opined.

The jewellers are on a pan-India strike since march 2 to protest against imposition of excise levy, tight withdrawal of the fund proposal.

Meanwhile, the govt. has entrenched a panel underneath former chief economic authority Ashok Lahiri to appear into the set of demand of jewellers.
The sub-committee, that has been asked to submit its report in sixty days, can consider problems involving the compliance procedure for the excise duty, as well as records to be maintained, forms to be crammed, in operation procedures and other relevant aspects.

The government, within the allow 2016-17, had projected one per cent excise duty on jewelry while not input credit or twelve.5 per cent with input reduction on jewelry excluding silver although those adorned  with diamonds and precious stones.

‘Impossibly rare’ violet diamond found in Australia

Rare violet diamond was found at Australia’s remote Argyle mine, it’ll be the centrepiece of metropolis Tinto’s annual pink diamonds showcase. (Representative image)

SYDNEY: A rare violet diamond, the biggest of its kind ever found at Australia’s remote Argyle mine, will be the centrepiece of rio Tinto’s annual pink diamonds showcase, the company same Tuesday.

The rough gem, discovered in August 2015 at a mine wherever over ninety p.c of the world’s pink and red jewels area unit made, originally weighed nine.17 carats and had etchings, pits and crevices.
After weeks of assessment, the Argyle Violet was polished right down to a two.83 carat, oval-shaped diamond.

“Impossibly rare and restricted naturally, the Argyle Violet will be extremely sought after for its beauty, size and root,” metropolis Tinto Diamonds chief of sales, patrick Coppens, same during a statement.

Rio Tinto didn’t place a figure on its price, however same it had been assessed by the Gemological Institute of America as a notable diamond with the color grade of Fancy Deep achromatic blue-black Violet.

It is not glorious however diamonds acquire their colored tinge however it’s thought to come from a molecular structure distortion as the jewel forms within the crust or makes its thanks to the surface.

Diamonds for sale as a part of the annual Argyle pink diamonds tender will fetch US$1-2 million a carat. As a basic rule of thumb, pink and red diamonds area unit price about fifty times over white diamonds.

Diamonds for sale as a part of the annual Argyle pink diamonds tender will fetch US$1-2 million a carat. As a basic rule of thumb, pink and red diamonds area unit price about fifty times over white diamonds.
Rio Tinto same violet diamonds were very rare with solely twelve carats of polished stone made for the tender in thirty two years.

“This gorgeous violet diamond can capture the imagination of the world’s leading collectors and connoisseurs,” Argyle pink diamonds manager Josephine Johnson same.
The 2016 tender can begin personal trade viewings in June and visit copenhagen, hong kong and new york, rio Tinto same.

Budget 2016: 1% excise duty on gold and diamond jewellery to hurt industry

KOLKATA: shoppers can got to give more for the gold and diamond jewelry as the budget has imposed one per cent excise duty, that comes as a blow to the gems and jewellery sector that hoped for a cut in import duty on gold from ten per cent to two per cent.

The Republic of India Bullion & jewelry Association fears that the introduction of the excise duty can result in job loss within the gem and jewelry sector.

The domestic imitation jewelry sector has received Associate in Nursing impetus as the government has multiplied the essential customs duty on foreign imitation jewelry from ten per cent -15 per cent. the dimensions of imitation jewelry is around Rs twelve,000 large integer and it’s growing at a rate of twenty five per cent -30 per cent annually. China and peninsula have already captured thirty per cent of the Indian imitation jewelry market.

Finance Minister Arun Jaitley has planned to levy one per cent excise duty on jewelry while not input credit or twelve.5 per cent excise with input credit. IBJA same that levying of excise duty on jewellery trade can produce additional hassle for this trade that is already starving. There ar concerning one large integer artisans operating in the trade and most of them ar doubtless to become unemployed, the association feels.

Bachhraj Bamalwa, director at the All Republic of India Gem & jewelry Trade Federation told ET: “The Modi government has frustrated US during this year’s budget. while the price of jewellery can go up it’ll be terribly tough for the govt. to implement the excise duty. jewelry in Republic of India isn’t machine created and ar mostly handcrafted. Therefore, to implement the excise duty the govt. can face plenty of downside. Some jewellers can absorb the excise whereas an oversized section of them can pass it o ..
In fact, the Economic Survey for 2015-16 tabled on last Fri within the had hinted at higher taxes on gold. whereas Survey had not observed within which kind that would be, the analyst fraternity had ruled out a cut in tariff. Instead, the Associate in Nursingalysts had pointed that an excise duty might be introduced.The Survey encompasses a full chapter on commodities that ar extremely supported, that embrace gold, LPG, kerosene, electricity, railway fares and aviation turbine fuel.

On gold, the Survey points out that gold could be a robust demerit smart as eighty per cent is consumed by prime twenty per cent financial gain earners whereas it’s taxed at 1-1.6 per cent compared with tax of concerning twenty six per cent for traditional product (the central government’s indirect tax on gold is zero compared with twelve.5 per cent for traditional commodities.). “This was positively a touch that taxes would be increase on gold,” same analysts.

Saurabh Gadgil, vice-chairman, india Bullion & Jewellers Association same that the introduction of one per cent excise duty can result in excise rule within the country and harassment to the trade.”The budget reflects to tax the wealthy people normally. and so Associate in Nursing excise duty has been obligatory,” he said.
Rajiv Popley, director of Mumbai-based Popley & Sons same, “The new subject of excise has are available in existence in Budget 2016. we’d like to know the implications of excise to wherever and the way it comes into image. Excise has the regulation management on the shopping for and selling of gold, therefore we’d like to know the implications of it as a result of it has ne’er been there in our trade.”
Meanwhile gold edged au courant MCX by one per cent at around twelve.30 within the afternoon once Arun Jaitley was asserting the Union budget. The Apr contract was trading at Rs twenty nine,738 per ten gm whereas the budget was being tabled and corrected at Rs twenty nine,590 before long once the budget speech was

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