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UAE-INDIA GOLD TRADE COULD TAKE HIT FOLLOWING IMPORT DUTY HIKE, ANALYSTS SAY
(ICE) – ROMA, 1 LUG – The move could have implications for UAE-India gold trade despite the duty safeguards under the recently signed bilateral economic partnership agreement India has raised its basic import duty on gold to 12.5 percent from 7.5 percent on Friday – a move market analysts said will have implications for UAE-India gold trade, despite the duty safeguards under the recently signed bilateral economic partnership agreement.
The UAE is the second-largest exporter of the precious metal to India, while it is the largest market for Indian gold jewellery.
India’s move on hiking import duty on gold, industry analysts said, was done in a bid to control its import due to the sinking rupee value. Rising gold imports – the South Asian country meets its domestic demand mostly through imports – has an adverse effect on the country’s trade deficits, pushing up its negative current account.
India has extended a one percent duty concession for gold imports from the UAE for up to 200 tonnes of inbound shipments, while jewellery exports to UAE attract zero duty under the bilateral Comprehensive Economic Partnership Agreement (CEPA) signed on February 18.
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Industry executives said after Friday’s increase, the actual import duty on gold in India will be 15 percent because of the 2.5 percent additional agricultural cess charged on imports.
The latest government announcement, however, exempted the social welfare surcharge earlier charged on gold imports.
This makes the net change in duty rate at 4.25 percent.
India’s gold imports have seen a surge in recent months, with 98 tonnes in May, which was significantly higher than the 27.1 tonnes imports in April this year and 11.4 tonnes in May 2021, according to the World Gold Council. The rising trend in gold imports was good news for the UAE, which is the second-largest exporter of the yellow metal to the South Asian country, after Switzerland.
India, the second-largest consumer of gold after China, also exports over 75 percent of its jewelry exports to the UAE. Industry executives said the import duty hike could have a dampening effect on gold imports, which was expected to see further increase in the coming months because of the pent-up demand and the upcoming festival and wedding season purchases in India. (ICE DUBAI)
INDIA RAISES BASIC IMPORT TAX ON GOLD TO 12.5% FROM 7.5%
(ICE) – ROMA, 1 LUG – India has raised import duty on gold to 15 per cent from 10.75 per cent to check current account deficit (CAD) and rising import of the yellow metal, the government notified on Friday. The duty changes came into effect from June 30. Prior to this, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent. Along with agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent. “There has been a sudden surge in imports of gold. In the month of May, a total of 107 tonnes of gold was imported and in June also the imports have been significant. The surge in gold imports is putting pressure on the current account deficit,” The Finance Ministry said. While the majority of India’s gold needs are met by imports, which however placed a pressure on the rupee (hit a record low earlier this week), in order to reduce inflows to the world’s second-largest consumer, India increased its import tax on gold in a surprise move today. India’s gold purchases had been increasing since last year after buying declined during the pandemic.
The World Gold Council reports that India’s gold imports reached their highest level in ten years in 2021. Although the Centre had disregarded any knee-jerk reaction that would have impacted the ongoing economic recovery, it had remained alert after the trade imbalance reached a record $24.3 billion in May. India has in the past imposed restrictions or raised customs tariffs to curtail imports of certain goods. Such curbs could however undermine economic growth that has held firm in the current fiscal year despite multiple headwinds. India’s current account balance showed a deficit of 1.2% of GDP in FY22 against a surplus of 0.9% in F21 as the trade imbalance widened to $189.5 billion from $102.2 billion a year ago. Fitch Ratings had said earlier this month that CAD could rise to 3.1% of GDP in FY23. The finance ministry had also flagged the issue in its latest monthly report.
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-raises-import-tax-on-gold-to-12-5-from-7-5/articleshow/92588067.cms (ICE MUMBAI)
INDIA RAISES IMPORT TAX ON GOLD TO 12.5% FROM 7.5%
(ICE) – ROMA, 1 LUG – India has raised its basic import duty on gold to 12.5% from 7.5%, the government said in a notification on Friday, as the world’s second biggest consumer of the precious metal tries to dampen its demand. India fufills most of its gold demand through imports, which were putting pressure on the rupee which hit a record low earlier this week. Gold also attracts 3% GST in India. The tax hike comes on the back of a widening current account — the broadest measure of trade. It is now nearly double the level seen in the previous year. India’s gold purchases had been picking up in the past year after buying slumped during the pandemic and the country had imported the most gold in a decade in 2021, according to the World Gold Council. Indians consider gold to be auspicious and a store of value, and the country relies entirely on imports to meet demand. The Centre has been vigilant after the trade deficit hit a record $24.3 billion in May but had ruled out any knee-jerk reaction that could impact the economic recovery underway. India has in the past imposed restrictions or raised customs tariffs to curtail imports of certain goods. Such curbs could however undermine economic growth that has held firm in the current fiscal year despite multiple headwinds. (ICE NEW DELHI)
US JEWELLERY SALES +11.9% IN MARCH AS CONSUMER SPENDING RE-BALANCES TO PRE-PANDE
(ICE) – ROMA, 30 GIU – Consumers have returned to shopping in stores and for this reason jewelry sales in the United States in March 2022 increased by 11.9% compared to last year and were 78.8% more than in March. 2019, said Mastercard SpendingPulse. According to Mastercard SpendingPulse, total retail sales excluding cars increased 8.4% yoy and 18% compared to pre-pandemic (2019) spending, not adjusted for inflation. This is similar to year-on-year growth experienced last month and slightly above January growth levels, he noted. For March 2022 they highlight the diversification of consumer spending across sectors and channels. Airline spending has taken off as the highly anticipated return to travel led to airline annual growth of 44.8% in March, while restaurants (+ 19.1%) and accommodation (+46, 4%) have grown significantly. But the increase in services did not stop spending on goods as the luxury (+ 27.1%), clothing (+ 16.0%) and department stores (+ 14.0%) sectors recorded a double-digit growth. Steve Sadove, senior consultant at Mastercard and former CEO and president of Saks Incorporated said retail sales remain strong but are stabilizing as consumers resume spending in areas of passion such as travel, live entertainment, indoor dining and more activity in person. (ICE HOUSTON)
HERE’S HOW TWO 100-PLUS-CARAT DIAMONDS DID AT AUCTION
(ICE) – ROMA, 30 GIU – On June 16 in New York, Sotheby’s auctioned two diamonds with a weight of more than 100 carats, and during the sale at the auction house “Magnificent Jewels”. The main lot was the stone formerly known as “The Juno Diamond”, a type IIa, 101.41 carat, color D, internally flawless pear-shaped diamond and Sotheby’s had predicted that it would sell for more than $ 10 million. In fact, he raised about $ 13 million, or about $ 127,800 per carat, and the private collector who bought the stone renamed it “Claire G Diamond” in honor of his wife. The other diamond put up for auction at Sotheby’s was “The Earth Star”, a 111.59 carat intense brown-orange fantasy diamond. It was thought that it would sell for between $ 1.5 million and $ 2.5 million but its final price was much lower than that: $ 693,000. The auction house said it was the second largest cut and polished brown diamond to be auctioned. The stone appeared in Lord Ian Balfour’s 1968 book “Famous Diamonds”. Lot no. 2 of the auction was comprised of a 4.08-carat old mine-cut fantasy deep pink diamond that sold for $ 3.8 million, nearly double its maximum pre-sale estimate. For lot no. 3 was a Kwiat ring centered around a 26.06-carat D-color VVS1 clarity diamond, which was within its pre-sale estimate range when it raised $ 2.3 million. A 3.46-carat mine-cut fancy purple-gray diamond fetched more than double its pre-sale estimate when it sold for nearly $ 2 million. A 10.31-carat modified triangular brilliant-cut Paraiba tourmaline necklace and diamond accents also fared well above pre-sale forecasts, selling for $ 1.2 million. The “Magnificent Jewels” auction reached the figure of more than 52 million dollars and this results, along with the sale of New York Fine Jewels sale also held last week, pushed Sotheby’s worldwide jewelry auctions to more than $230 million to date, which it said was a 14 percent increase over the same period in 2021. (ICE HOUSTON)
THE COUTURE DESIGN AWARD 2022
(ICE) – ROMA, 30 GIU – The best designers in the world of fine jewelry were presented at the Couture Design Awards in Las Vegas, nearly 200 pieces participating in this year’s competition and the jury selected their first choices in 13 categories. In this regard, Gannon Brousseau, director of Couture reported that it was a real success, exciting to go on stage at the Encore theater. There were people from all over the world Europe, Asia and all the United States. It was a unique event, an opportunity not only for prizes but also for funny skits among the winners. Best in Diamonds under $ 20,000 to Federico Mariani who joked about it saying that “Italians do it better”, while the Best in Diamonds above $ 20,000 award was won by Gismondi 1754 with the One of Kind necklace, “Raggio di Sole “, in white diamonds and yellow infantry. Brazilians Silvia Furmanovich and Fernando Jorge won the People’s Choice and Editor’s Choice awards respectively. The Cindy Edelstein Award was won by Tony Goldsberry of Rock House. The prestigious jury that awarded countless talents and selected finalists and winners was made up of Diana Schade of Saks Fifth Avenue, writer Juliet de La Rochefoucauld, Nikos Koulis, Stellene Volondes of Town & Country and Elle Décor, and Tanika Wisdom of Matches Fashions. (ICE HOUSTON)
US WATCH AND JEWELRY SALES BOUNCE BACK
(ICE) – ROMA, 29 GIU -In the United States, sales of jewelry and watches increased somewhat in April. Growth of 18% year-on-year is projected after disappointing performance for the month of March. In fact, sales in March previously reported only 8.5%, have been revised up to 11%, taking into account actual rather than estimated sales. In this way the results were the lowest since August 2020. Keep in mind that these times are unusual, in fact Before the Covid blockade, we were used to year-on-year increases of one to three percent, so based on that all the increases in the last two years have been significant. (ICE HOUSTON)
JEWELRY SALES ROSE 22% IN MAY, MASTERCARD SAYS
(ICE) – ROMA, 29 GIU – U.S. jewelry sales in May increased 22% from a year earlier, according to Mastercard’s SpendingPulse, overall jewelry sales in May grew 65% from pre-pandemic May 2019. Both jewelry and luxury “outperformed” other categories in May, Mastercard said. The service found that, overall, retail sales in the United States increased 10.5% in May. The luxury category (excluding jewelry) saw a healthy 20% increase, he said. While the jewelry sales news is consistent with the good vibes featured at JCK Las Vegas, others were more skeptical. Mastercard SpendingPulse has also seen, as in recent months, a surprising return for two retail formats that some had erased as relics: department stores and traditional brick and mortar. COVID-19 has been very positive for e-commerce: Overall e-tail sales in May increased 99% compared to 2019, although physical sales also increased by 13.7%.Michelle Meyer, US chief economist for the Mastercard Economics Institute, while acknowledging that the “headwinds have gotten stronger,” said in a statement that the astonishing sales growth simply continues what the service has seen all year.(ICE HOUSTON)
BLUE NILE TO BECOME A PUBLIC COMPANY AGAIN
(ICE) – ROMA, 28 GIU -According to a statement, Blue Nile Inc. is set to become a public company again through a merger with special purpose acquisition company Mudrick Capital Acquisition Corporation II. Publicly traded company until its acquisition by Bain Capital Private Equity and Bow Street LLC in a $ 500 million deal. The deal with SPAC Mudrick values Blue Nile at $ 683 million and puts the combined companies’ value at $ 873 million. Current Blue Nile CEO Sean Kell and his current management team will continue to lead the retailer following the acquisition. Kell has been at the helm since August 2019. The company will still be called Blue Nile and is expected to trade on the NASDAQ.The boards of directors of Blue Nile and Mudrick Capital Acquisition Corporation II have approved the transaction. It still requires the approval of Mudrick shareholders and is subject to other customary closing conditions. The deal is expected to close in the early fourth quarter of 2022.Blue Nile was ranked 10th in North America’s Best Jewelry Sellers in National Jeweler’s State of the Majors 2022 report, with an estimated $ 741 million in jewelry sales.It currently has 18 physical locations, with new stores coming to Atlanta’s Lenox Square Mall and Mall of America. It plans to open around 40 showrooms by the end of 2023.(ICE HOUSTON)
THE ART OF WELL DONE
(ICE) – ROMA, 28 GIU -The “Bella Italia” event was hosted at The Venetian Resort in Las Vegas, a show dedicated to the most representative companies of the excellence of JCK’s Made in Italy jewelry. When we talk about Made in Italy we think of the world of fashion, without thinking that a dress is accompanied by a jewel designed, modeled, and made even within the Italian borders.To communicate this complex fact in a clear and timely manner to the public attending the international fair, the Italian Trade Agency’s Houston branch commissioned the VO + Magazine team to set up its own stand. The artistic concept envisaged four distinct thematic areas corresponding to four geographical areas in which the jewelery districts have traditionally developed.From the north to the south of the long “boot” of Italy, in fact, there is a point of reference where the art and creativity of the Italian “well done” have developed their own specific processing methods by focusing on a particular raw material that has become now synonymous with every single area: gold for Arezzo in Tuscany, diamonds for Vicenza in Veneto, colored stones for Valenza in Piedmont and coral for Torre del Greco and Marcianise in Campania. The installation provided a map that traced the path of the entire gold and jewelry supply chain: from semi-finished products to finished, semi-precious or high-end jewelry.(ICE HOUSTON)
TANISHQ, JEWELLERY ARM OF INDIA’S TATA GROUP, LINES UP EXPANSION PLANS IN UAE
(ICE) – ROMA, 27 GIU – It is set to open two new exclusive showrooms – the first one is to inaugurated on Monday at Dubai’s Karama neighbourhood, while the second one is slated to be opened in Abu Dhabi soon. Tanishq, the jewellery arm of Indian conglomerate Tata Group, is set to go for another round of expansion in the UAE, with opening two new branches.The company is also drawing up plans for a GCC entry, with Qatar and Oman planned for the initial phase. The first of the new Tanishq showrooms will be inaugurated on Monday at Dubai’s Karama neighbourhood, while the second one is slated to be opened in Abu Dhabi soon.The Tanishq Karama outlet will be the company’s fourth exclusive showroom in Dubai. “This has already been a landmark year for Tanishq in the UAE, as we already opened new stores, including a shop-in-shop at Dubai Mall, showcasing differentiated designs and delivering unparalleled customer service.“Tanishq Karama will be another feather in our cap, and with the expansion into Abu Dhabi just around the corner, we are excited to sustain the momentum,” said Kuruvilla Markose, CEO – International Business Division, Titan Company Ltd – the parent company of Tanishq, said.Markose said the company was also looking at an entry into the larger GCC market soon.“GCC expansion is on the horizon for Tanishq and we are currently exploring strategic locations in Qatar and Oman. If all goes as planned we can expect to go regional in Q2, 2023,” Markose told Arabian Business. Markose said the company has been enjoying a good customer response and good sales during the traditionally busy festival periods of Eid and Akshaya Tritiya and look forward to a warm customer welcome for its new showroom at Karama Shopping centre.Combining traditional with contemporary, Tanishq’s exquisitely designed 2700 square-foot Karama store is to house exclusive jewellery collections in 18K and 22K gold and diamonds, solitaires, kundan, polki, and coloured stones. (ICE DUBAI)