Monday 3 July 2017

'Teething' GST concerns may be resolved in two months’ time: CEA

Chief Economic Adviser Arvind Subramanian on 30th June expressed confidence in resolving 'teething' problems of GST implementation within two months.
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#AOJQuote of the day 3rd July 2017:

"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).

#AOJDailyeNews Gold holds a firm ground ahead of US Independence day holiday

 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.
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Sunday 2 July 2017

#AOJDailyeNews Hong Kong based Luk Fook’s profit jumps in Q4

 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.
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#AOJDailyeNews JA an organised event in Washington where jewellers met law makers

 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.
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#AOJQuote of the day 3rd July 2017:

“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

#AOJDailyeNews Paytm’s digital gold becomes a rage with buyers

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

#AOJDailyeNews Confusion prevails over the exchange policies for old gold

 Huge confusion prevails on the interpretation of rules regarding exchange of old gold ornaments for new ones and on ornament making charges from customers’ own gold, which could end up in their having to bear a burden higher than the 3 per cent GST rate Read More