Companies operating in India’s gem and jewellery sector can now receive Authorised Economic Operator (AEO) status, according to a 25 April 2024 Gem & Jewellery Export Promotion Council (GJEPC) press release. The AEO programme provides reduced cargo release time; lowers bank guarantee requirements; and provides faster resolution of customs, central excise and service tax cases.

HKTDC conducted surveys with more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2024 and the Hong Kong International Diamond, Gem and Pearl Show 2024. The survey results suggest jewellery traders are more optimistic on the industry outlook this year.

DV Riziya, Chief Operating Officer of H K Designs, a New York diamond jewellery manufacturer, assesses advances in the lab-grown jewel field.

Aayush Jain, Director of Gemdiam, a Hong Kong-based diamond supplier, assesses the latest market trends and sourcing challenges.

In 2023, Hong Kong exports of fine jewellery were up 23%. On the other hand, exports of pearls, gemstones and rough diamonds, exports of imitation jewellery were down 8% and 1%, respectively.

The U.S. Treasury Department announced on 8 February the issuance of two determinations prohibiting the importation of certain categories of diamonds mined in Russia, notwithstanding whether they have been substantially transformed in a third country.

India’s Central Board of Indirect Taxes & Customs has raised import duties on gold and silver findings, and coins of precious metals, to 15%, effective from 22 January 2024. This comprises the 10% basic customs duty and an additional 5% Agriculture Infrastructure and Development Cess (AIDC). The government has also hiked import duty on spent catalysts and ash containing precious metals, to 14.35%, comprising a 10% basic duty and 4.35% AIDC. Spent catalysts and ash, along with coins containing precious metals, however, have been exempted from the country’s social welfare surcharge, levied on imported goods at a rate of 10% of the customs duty collected.

India’s Directorate General of Foreign Trade (DGFT) has issued restrictions on the import of certain gold jewellery and articles. In Notification 19/2023 issued on 12 July 2023, the authority said the import of certain gold jewellery and articles under HS codes 71131911, 71131919 and 71141910 has been changed from “free” to “restricted” with immediate effect. Importers now require a government permit to bring in such products to India.

HKTDC conducted a survey of more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2023 and the Hong Kong International Diamond, Gem and Pearl Show 2023. The survey results suggest jewellery traders are more optimistic about the industry’s outlook this year as several Covid-related challenges finally come to an end.

The success of the recent China International Jewellery Fair marks an uptick in confidence among the mainland’s gold and gem traders.