Gold jewellery shipments also dipped about 65 per cent to $3.55 billion

Union Budget 2021 gold: Currently, gold attracts 12.5 per cent import duty and 3 per cent GST and total duty and GST implication works out to be 15.5 per cent

Budget 2021: Deemed to be one of the fastest growing sectors, the gems and jewellery industry is highly export oriented and labour intensive

The diamond industry is looking for a revival after several quarters of demand slump

With foreign trade pattern changing drastically over the last few months in the wake of global supply disruptions and demand slump among other key factors, lower imports have resulted in fewer containers coming back to India

Total gold jewellery exports in the April-September 2020 were worth Rs 9,926.57 crore, 64.48 percent less than the Rs 43,425.22 crore exported through all ports in the same period, last year

US has added a 7.5% duty on imports from Hong Kong after China imposed the national security law on Hong Kong

Colin Shah, Vice Chairman, GJEPC, said the relaxations will give some relief to worried entrepreneurs and they are eagerly awaiting the economic relief financial package to be announced by the government

The industry has already witnessed $846 million fall in exports in February 2020 compared to the same month last year

The industry is sure to have lost over 75-80 sales this month as people are buying only essential commodities and tend to keep cash with them as there is no clarity on how long this crisis will go on and fears of worsening of the situation

The disruption due to coronavirus in China has put Indian industry in a jam

India is the largest importer of gold, which mainly caters to the demand of jewellery industry

As per the data, export of coloured gem stones, and cut and polished diamonds during April-August 2019-20 contracted by 10.5 per cent and 19 per cent, respectively

Commerce Minister inaugurated skilling Common Facility Centre (CFC) in Udupi, Karnataka and laid the foundation stone on CFC in Coimbatore, Tamil Nadu. The Minister unveiled two spices parks in Kota, Rajasthan and Raebareli in Uttar Pradesh.

GJEPC is holding advanced talks with the MoSDE for national classification of gem & jewellery sector workers/ craftsmen under Labour Management Information Systems

The government plans to bolster non-oil exports. But for that it needs to act on a war footing to arrest the fall in some of India's biggest exporting sectors.

The duty on cut and polished diamonds was raised from 5% to 7.5% dealing another blow to the diamond trade already hurt by spiralling prices of rough diamonds and the depreciating rupee.