The All India Gems and Jewellery Trade Federation (GJF) has asked the government to reduce import duty on gold to 2% from its current level of 10% in order to protect the domestic industry and stop smuggling.
Chinese jewelry manufacturing and retailing giant Chow Tai Fook posted a 10 percent decline on the year for its third fiscal quarter which ended on December 31.
The firm said that there was an 18-percent slump in same-store sales - which included a 21-percent drop in sales in Hong Kong and Macau and a 15 percent fall in Mainland China.
India's Gem & Jewellery Export Promotion Council (GJEPC) has submitted proposals to the Ministry of Commerce & Industry with one-year and three-year action plans for the expansion of the gem and jewelry trade.
Indians traveling abroad from Delhi Airport with gold and precious jewelry will soon be able to register those items with Customs for valuation before leaving the country so that they are not charged duty on their return.
Digital sale monitoring firm comScore reported holiday season U.S. retail e-commerce spending from desktop computers for the entire November-December 2014 holiday season of $53.3 billion, marking a 15-percent increase versus the corresponding days last year.
Cyber Monday (Dec. 1) once again ranked as the heaviest spending day of the year with more than $2 billion in desktop buying.
Visitors to Hong Kong from Mainland China for the Golden Week vacation do not appear to have been deterred from visiting as a result of the political protests in the former British colony.
Signet Jewelers Limited, the largest specialty retail jeweler in the US, UK and Canada, today announced its sales for the eight weeks ended December 27, 2014 and reaffirmed guidance for the 13 weeks ending January 31, 2015 and the 2015 Fiscal Year ending January 31.
The World Diamond Mark Foundation (WDMF), the Dubai Gold and Jewellery Group (DGJG) and the Dubai Events and Promotions Establishment (DEPE), an Agency of the Government of Dubai, have joined hands to make the 20th anniversary of the annual Dubai Shopping Festival, Dubai's leading consumer shopping experience, a truly memorable event.
Pure Gold Jewellers, a leading international retail jewelry chain headquartered in the United Arab Emirates, has become the first jewelry retailer to adopt and introduce the World Diamond Mark's Authorised Diamond Dealer® (ADD) program.