Banks will have to import gold and store it in a customs-bonded warehouse, and then supply to exporters without customs clearance; no relief for bullion refineries, however Banks and jewellery exporters have a reason to smile after the GST Council did some tweaking during its meeting on Saturday. The council proposed that supply of warehouse […]

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Those who purchased gold jewellery last Akshaya Tritiya (Akshaya Tritiya 2017) are sitting on some gains. With Akshaya Tritiya just around the corner, jewelers are hoping for an increase in footfalls. Akshaya Tritiya, also known as Akha Teej, is an annual festival considered auspicious by many to purchase gold. Akshaya Tritiya is on April 18 […]

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In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000. In a notification issued on Friday, the Ministry of Finance said, “The government has received representations from various associations in the gems and […]

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Imports of gold and other precious metals will attract 3% IGST, payable by the importing bank /nominated agency, the Central Board of Excise & Customs (CBEC) has clarified in its latest set of FAQs related to the gems and jewellery industry. The amount paid can however be taken as input credit by the banks, it […]

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The World Gold Council (WGC) has released its gold demand trends for Q2 2017 noting a weak demand for gold jewellery in the UK. According to the report, gold jewellery demand was down by 4% across Europe, stipulating that demand was “particularly anaemic” in the UK, where prolonged uncertainty over Brexit deterred anxious consumers. In […]

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