Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

US becomes largest export market for Indian gold jewellery

IANS
Updated: January 19th, 2023, 18:21 IST
in Business
0
gold

US becomes largest export market for Indian gold jewellery

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Chennai: The US has become India’s largest export market for gold jewellery ahead of the UAE, the World Gold Council (WGC) said in a report.

According to WGC, the US became the largest market for Indian gold jewellery due to additional tariffs on Chinese jewellery to the US, which made the Indian exporters more competitive.

Also Read

Bombay Stock Exchange BSE

Stock markets close lower amid caution ahead of Q1 earnings; IT, oil shares drag

15 hours ago

UAE unveils Golden Visa scheme; Indians could be benefitted

15 hours ago

Secondly, the UAE’s implementation of a 5 per cent import duty in 2017 and 5 per cent Value Added Tax (VAT) in 2018 have negatively impacted its competitiveness.

The WGC said that under a Comprehensive Economic Partnership Agreement (CEPA), introduced in May 2022, 90 per cent of Indian goods sent to the UAE will be given duty-free access. As goods sold in the UAE are re-exported, this has substantially increased India’s gold jewellery exports and will continue to do so.

With the Indian government seeking to boost manufacturing and exports, jewellery exports are likely to rise. Also, proposals to allow advance payments to overseas precious metal suppliers and set up mega common facility centres (CFCs) in the Santacruz Electronics Export Processing Zones (SEEPZ) in Mumbai and Surat could stimulate sector growth if implemented, said WGC.

According to the gold mining companies’ lobby body, CFCs would encourage best practice while state-of-the-art machinery would give small manufacturers access to technology and resources. If these efforts are supported by marketing communications around both quality and craftsmanship, the future of India’s gold jewellery market will be assured.

Though India is the second largest market for gold in the world, the sector faced regulatory changes and shifting consumer behaviour, WGC said.

“Looking ahead, gold jewellery will face further challenges. Changing demographics and the possibility that millennials will move away from gold as other luxury items demand their attention cannot be ignored. Against these headwinds, gold jewellery demand will likely profit from strong economic growth and urbanisation, as incomes rise and the middle class increases. As more people are lifted out of poverty, gold jewellery demand will benefit,” WGC said.

 IANS

Tags: exportGold jewelleryIndiaUS
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Surya Sidhant Rath

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Lopali Pattnaik

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019

Archives

Editorial

Toll Sucks Life

Nitin Gadkari
July 9, 2025

Union Road Transport and Highways Minister Nitin Gadkari took everyone by surprise when at a function in Nagpur, where the...

Read more

Bloodline

BJP-Shiv Sena
July 8, 2025

The coming together of the Thackeray cousins – Raj Thackeray, chief of the Maharashtra Navnirman Sena (MNS) and Shiv Sena...

Read more

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST