Latest news with #ColinShah
Time of India
23-04-2025
- Business
- Time of India
Jewellery makers expect steady gold demand despite rising prices
Surat: Jewellery manufacturers in Diamond City say demand for gold jewellery will be sustained despite rising gold prices , which crossed Rs 1 lakh for 10g on Tuesday. Manufacturers with gold stocks are calculating their profits and building buyer trust in gold. On the other hand, a potential drop in demand is also a concern. Currently, demand for jewellery is low as there has been no buying for the festive season or for weddings. While jewellery manufacturers say there may be a wait for a few days before buying restarts. "The rising prices show that buyers' faith in gold is growing. For manufacturers, it shows stronger markets and a good time to claim profits if they have stock," said Rajni Chanchad, director of Ayaani Diamonds. Colin Shah, MD, Kama Jewellery, is optimistic about a rise in demand. "It has been observed that gold prices witness a slight rise around festive seasons like Akshaya Tritiya, in anticipation of the spike in demand. Sentimental and cultural value attached to investing in gold on auspicious occasions will keep demand upbeat, irrespective of the price trend." Experts in the industry say demand continued to grow over the past few months despite price increases. Industry insiders predict that demand will continue to grow for the next few months. "People trust gold, which plays two roles, as jewellery and as investment. In case of a sudden price increase, people may stop buying for a few days, but it will start again as the wedding season or festivals come closer," said Jayanti Savaliya, regional chairman, Gem and Jewellery Export Promotion Council (GJEPC). "The prices are a concern for families with limited spending capacity as their expenditure may increase suddenly," Savaliya added.
Zawya
03-04-2025
- Business
- Zawya
With US tariffs, India's jewellery exports set for sharp decline
MUMBAI - India's $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs will impede overseas sales to its biggest market, industry officials said. The United States slapped a 26% reciprocal tariff on India, dealing a blow to the South Asian country's hopes of relief under President Donald Trump's global trade policy. "The tariff is higher than expected," Colin Shah, managing director of Kama Jewelry, one of India's leading diamond jewellery manufacturers, told Reuters. "It is quite severe and will affect exports." India is the world's largest hub for diamond cutting and polishing, handling nine out of every 10 diamonds processed globally. The United States accounts for nearly $10 billion or 30.4% of India's annual gems and jewellery exports of $32 billion. Gems and jewellery are India's third-largest export to the United States, after engineering and electronic goods, and the industry employs millions in the South Asian country. The sector has already been hit in recent months by weak demand from China and exports dropped 14.5% to $32.3 billion in the 2023-24 fiscal year (April-March). A long-term bilateral trade deal with the United States could soften help the blow, Shah said. India and the United States are in talks to clinch an early trade deal. "We're are pretty hopeful that India could land a trade deal with the U.S. in the next few months. So, we just need to push through this tough phase for a little while longer," said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC). (Reporting by Rajendra Jadhav; Editing by Raju Gopalakrishnan)
Reuters
03-04-2025
- Business
- Reuters
With US tariffs, India's jewellery exports set for sharp decline
MUMBAI, April 3 (Reuters) - India's $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs will impede overseas sales to its biggest market, industry officials said. The United States slapped a 26% reciprocal tariff on India, dealing a blow to the South Asian country's hopes of relief under President Donald Trump's global trade policy. "The tariff is higher than expected," Colin Shah, managing director of Kama Jewelry, one of India's leading diamond jewellery manufacturers, told Reuters. "It is quite severe and will affect exports." India is the world's largest hub for diamond cutting and polishing, handling nine out of every 10 diamonds processed globally. The United States accounts for nearly $10 billion or 30.4% of India's annual gems and jewellery exports of $32 billion. Gems and jewellery are India's third-largest export to the United States, after engineering and electronic goods, and the industry employs millions in the South Asian country. The sector has already been hit in recent months by weak demand from China and exports dropped 14.5% to $32.3 billion in the 2023-24 fiscal year (April-March). A long-term bilateral trade deal with the United States could soften help the blow, Shah said. India and the United States are in talks to clinch an early trade deal. "We're are pretty hopeful that India could land a trade deal with the U.S. in the next few months. So, we just need to push through this tough phase for a little while longer," said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC).
