Friday 29 April 2016

Reader’s Response : Excise duty cripples industry

Threat to organised players 

By imposing excise duty and making PAN Card rule mandatory, black money generation will not stop, in fact it will increase. The negative steps taken by the government will encourage business of gold smugglers and it will wipe out the organised businesses within the industry. Government should take concrete measures to curb black money.

Abdul Majid Motiwala
Partner, Omarsons Jewellers,

Reader’s Response : Excise duty cripples industry

 GJ sector neglected  

In the list of 25 sectors included in 'Make in India' initiative the jewellery sector is not present. I wonder under which scheme the government will place the GJ sector.Till date, the government has only levied different kinds of taxes and rules on our industry. When almost every other sector can get tax benefits, subsidies and ease of doing business then why not us?

Manoj Soni
Director, Amarchand Jewellers PVT LTD
New Delhi

Excise duty on jewellery: Madras HC orders status quo - The Times of India

CHENNAI: Putting spokes in the Centre's plan to impose excise duty on jewellery items, the Madras high court has ordered maintenance of status quo on the issue till June 3.  Read More

IBJA launches medical policy for jewellers, Karigars and staff.

Jewellery groups in Kerala take e-commerce way to boost sales

One lakh products, 70 per cent offer”. If you think this is a routine advertisement from any e-commerce giant, think again. This is the offer given by Josco Group, which used to run jewellery business in Kerala. The group has started an e-commerce platform,, which offers around one lakh products.

Winsome Diamonds and Jewellery informs about closure of trading window

Winsome Diamonds and Jewellery has informed that a meeting of Board of Directors of the Company will be held on May 10, 2016, to consider and approve the Standalone
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Forevermark launches first India specific advertising campaign

Forevermark, the diamond brand with the promise of beauty, rarity and responsible sourcing, has announced its first India specific advertising campaign for Capricci, The Nose Pin Collection.  Read More

India’s CAD to widen to $25 billion in FY17 on gold imports surge: Report

The country's current account deficit is likely to widen modestly to US $25 billion in the current fiscal from $20 billion last year on rising demand for gold and sluggishness in exports, a report said. Read More

Gold jumps to seven-week top on dollar slump; silver at 15-month top

Gold jumped to a seven-week high and silver soared to a 15-month high on Friday, as the dollar remained downbeat after the Bank of Japan surprised markets by standing pat on policy  Read More

FM reinforces luxury item like gold jewellery can’t stay out of tax net, rules out any roll back on excise

The government has ruled out rollback of 1% excise duty on gold jewellery levied in the budget, calling it a tax on a luxury item. Finance minister Arun Jaitley said gold cannot remain out of the tax net when goods used by common people were being taxed. 
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