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30 january 2023

“Although we’re the 7th world gold producers, we have to buy the metal in USA”

With more than 45 years in the industry, Clemente Guevara runs New Fashion Peru, one of the three largest jewelry companies in the country. All together control the 90% of a 120-million-dollar jewelry export market. Mr. Guevara is also a member of...

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Consumers are testing a vastly less-expensive alternative to natural diamonds - Vin Lee, CEO of Grand Metropolitan

Vin Lee, the self-made billionaire CEO of Grand Metropolitan of USA, is popular as the 'King of Luxury'. The Beverly Hills family office 'Grand Metropolitan' is a $7 billion AUM privately held luxury goods holding company with a 60-brand...

16 january 2023

"Surat Diamond Bourse will become the voice of industry in the coming days," says Vallabhbhai Patel, Chairman of the Surat Diamond Bourse

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09 january 2023

US becomes largest export market for Indian gold jewellery

25 january 2023

According to WGC, the US became the largest market for Indian gold jewellery due to additional tariffs on Chinese jewellery to the US. 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.
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.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished