Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

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Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Indian Government tightens checks to curb gold smuggling

05 march 2014

The Government of India has started to make physical checks of gold stocks held by wholesalers to ensure inventories match the amount imported by banks and state-run traders, as the country steps up efforts to halt smuggling, as reported by Economic Times. Government agencies are raiding and seizing gold at various places and asking to reconcile the (gold bar) number with the imported gold.
To tackle a widening trade deficit, India has put in place measures to dissuade gold buying, including a 10 per cent import tax. Imports have fallen sharply, leading to shortages and triggering smuggling. India imported about 750 tonnes of gold in 2013; while up to another 200 tonnes were believed to have been smuggled into the country, according to the World Gold Council. The bulk of official imports are channeled through either state-owned or private foreign banks and government-backed trading companies, which in turn sell the metal to local jewellery makers.
The industry members are however unhappy and claim that even legally imported gold bought by retailers from middlemen was being caught up in the checks. "My 125 kilograms (4,400 ounces) of gold has been stuck at Ahmadabad airport unnecessarily for a month now," Prithviraj Kothari, owner of Riddhisiddhi Bullions Ltd, a leading jeweller, told Reuters.
The finance ministry and the central bank have acknowledged that smuggling has increased considerably but have said they would not ease the import restrictions until they have a better grip on the trade deficit.
Meanwhile, a strike has been called for on 10 March, when shops will be kept closed as protest against the government’s moves.

Aruna Gaitonde, Rough&Polished correspondent in India