Jewellers turn to diamonds, NRIs to beat policy woes

July 5, 2013

Diamond-merchants

Mumbai, Jul 5: Jewellers in India are banking on a growing appetite for diamonds in the country and resilient demand for gold among its non-residents to offset a slowdown caused by a government clampdown on imports of the precious metal.

Leading jewellers such as Titan Industries and Gitanjali Gems are aggressively promoting diamond jewellery, which uses less gold, and opening more stores in cities such as Singapore and Dubai in an effort to spur sales.

The moves could help create alternative demand sources for the battered yellow metal in the medium term and help somewhat cushion price declines.

"We are moving to diamond jewellery more aggressively, introducing lower-carat jewellery and also pushing silver jewellery," Mehul Choksi, chairman and managing director of Gitanjali Gems, told Reuters.

Gold forms an essential part of a bride's trousseau in India, the world's top consumer of the metal, where it is also considered auspicious for religious rituals. But its imports have contributed to a burgeoning current account deficit.

As a result, India has since May raised gold import duties and tightened credit availability for importers of the precious metal.

After data showed Indians imported a record 162 tonnes of gold in May, jewellers joined a government campaign to cut gold buying.

That, and a weakening rupee, are inflicting pain on jewellers, which they are now seeking to lessen by focusing on new areas.

"Jewellers are thinking of introducing 14-carat jewellery. Low-carat jewellery will help us to control imports as well," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation, which groups more than 40,000 members.

Jewellers mix metals like silver and copper to reduce the purity of the yellow metal. Diamond jewellery uses 20-25 percent less gold compared to a normal 22-carat jewellery piece, according to Choksi of Gitanjali Gems.

Diamond jewellery sales are increasing, said Kamal Gupta, director at PP Jewellers in New Delhi, adding rising income of the lower middle-class pushes a switch from gold to diamond.

Demand for the lower-carat jewellery is seen coming mainly from younger consumers, who unlike earlier generations, are not fastidious about buying a 22-carat gold necklace.

Following the government's measures, gold imports by the world's top metal importer in June may be just 37-40 tonnes against a monthly average of 70 tonnes, according to the trade federation's Soni. And imports in July-December may decline by 20-25 percent compared to the first half of this year, he said.

Anticipating further restrictions at home, some jewellers plan to increase their overseas presence to boost sales, especially to non-resident Indians.

"For those who are in the jewellery business, Middle East countries are very attractive now," said Gupta from PP Jewellers. The company is currently "working on" opening stores in Dubai and Singapore, according to Gupta.

Gitanjali plans to open more stores overseas in the United States, Middle East, China and Japan, and expects to increase sales by 50 percent from its international operations over the next 18 months.

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Agencies
July 16,2020

New Delhi, Jul 16: A group of 174 Indian nationals, including seven minors, has filed a lawsuit against the recent presidential proclamation on H-1B that would prevent them from entering the United States or a visa would not be issued to them.

Judge Ketanji Brown Jackson at the US District Court in the District of Columbia issued summonses on Wednesday to Secretary of State Mike Pompeo and acting Secretary of Homeland Security Chad F Wolf, along with Labor Secretary Eugene Scalia.

The lawsuit was filed in the US District Court on Tuesday.

"The proclamation 10052's H-1B/H-4 visa ban hurts the United States' economy, separates families and defies the Congress. While the two former points render it unseemly, the latter point renders it unlawful," said the lawsuit filed by lawyer Wasden Banias on behalf of the 174 Indian nationals.

The lawsuit seeks an order declaring the presidential proclamation restriction on issuing new H-1B or H4 visas or admitting new H-1B or H-4 visa holders as unlawful. It also urges the court to compel the Department of State to issue decisions on pending requests for H-1B and H-4 visas.

In his presidential proclamation on June 22, Trump temporarily suspended issuing of H-1B work visas till the end of the year.

"In the administration of our nation's immigration system, we must remain mindful of the impact of foreign workers on the United States labor market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labor," said the proclamation issued by Trump.

In his proclamation, Trump said the overall unemployment rate in the United States nearly quadrupled between February and May of 2020 -- producing some of the most extreme unemployment ever recorded by the Bureau of Labor Statistics.

While the May rate of 13.3 per cent reflects a marked decline from April, millions of Americans remain out of work.

The proclamation also extends till year-end his previous executive order that had banned issuance of new green cards of lawful permanent residency. Green Card holders, once admitted pursuant to immigrant visas, are granted "open-market" employment authorisation documents, allowing them immediate eligibility to compete for almost any job in any sector of the economy, Trump said.

Forbes, which first reported the lawsuit filed by the Indian nationals, said the complaint points out that the Congress specified the rules under which H-1B visa holders could work in the US and balanced the interests of US workers and employers.

"The complaint seeks to protect H-1B professionals, including those who have passed the labor certification process and possess approved immigrant petitions. Such individuals are waiting for their priority date to obtain permanent residence, a wait that can take many years for Indian nationals," Forbes reported.

Meanwhile, several lawmakers urged Scalia on Tuesday to reverse the work visa ban.

"Throughout this administration, the president has continued to lament the alleged abuses of the immigration system while failing to address the systemic problems that have persisted and allowed businesses and employers to exploit and underpay immigrant workers, guest workers and American workers," the lawmakers wrote.

"This misguided attempt by the president to scapegoat immigrants for policy failures during the pandemic not only serves to hurt immigrants, but dismisses the true problem of a broken work visa program that is in desperate need of reform," said the letter, which among others was signed by Congressmen Joaquin Castro, Chair of the Congressional Hispanic Caucus; Bobby Scott, Chair of the Education and Labor Committee; Karen Bass, Chair of the Congressional Black Caucus; Judy Chu, Ra l Grijalva, Vicente Gonzalez, Yvette Clarke and Linda S nchez.

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News Network
March 30,2020

Thiruvananthapuram, Mar 30: Kerala reported 32

fresh cases of coronavirus on Monday, with the worst affected Kasaragod district alone accounting for 17 cases.

Kannur reported 15 cases, while Wayanad and Idukki reported two each, Chief Minister Pinarayi Vijayan told reporters here after a COVID-19 review meeting.

Of the 32 cases, 17 had come from abroad and 15 had been infected through contact.

A total of 213 people are presently under treatment in Kerala.

At least 1.50 lakh people are under surveillance in the state and 623 are in isolation wards of various hospitals.

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News Network
March 7,2020

New Delhi, Mar 7: Prime Minister Narendra Modi turned emotional on Saturday when a woman beneficiary of his government's generic medicine programme told him that she had seen God in him.

Dehradun-resident Deepa Shah, who suffered paralysis in 2011, was interacting with the prime minister through video-conference on the occasion of Jan Aushadhi Diwas.

"I have not seen god, but I have seen God in you," she said, tears rolling down her eyes.

Modi was visibly emotional as the woman repeated her remark.

She also thanked the Uttarakhand chief minister and others who had helped her all along and said doctors had once told her that she cannot be cured.

"But on hearing your voice I have become better," she told Modi while profusely thanking the prime minister for his efforts to reduce the cost of medicines.

An emotional prime minister paused for a moment before telling her that it was her courage that had won over her disease and that she must carry on with the spirit.

Shah was expressing her plight and how she had suffered due to high cost of medicines after she suffered from paralysis in 2011 and has now started saving Rs 3,500 every month after benefitting from the government's low-cost generic medicines programme.

Soon after Shah rose to express her views, Modi asked her to sit and speak as he said she was uncomfortable while standing.

"You have defeated disease with your own will power. Your courage is your god and that same courage has given you the strength to emerge from such a big crisis. You should carry on this confidence in you," Modi told her.

He said some people still keep spreading rumours about generic medicines, going by their past experience, wondering how can medicines be available so cheap and that there must be something wrong with the medicine.

"But, by seeing you countrymen would gain confidence that there is nothing wrong in generic medicines. These medicines are not at all of inferior quality than any other medicine. These medicines have been certified by the best laboratories. These medicines are made in India and is 'Make in India' and are cheap," the prime minister said.

He said there is demand for generic medicines from India across the world and the government has made it mandatory for doctors to prescribe generic medicines to patients, unless necessary.

Comments

Sameeksha
 - 
Monday, 9 Mar 2020

Wowww so emotional... Lol .really god in you??? Drama king and queen

angry indian
 - 
Sunday, 8 Mar 2020

in 2002 riot we have seen shaitan in you..how come shaitan become GOD...

 

did he put atleat one tear for his mother, did he feel sad when pregnant muslim woman brutally murdered..

this guy is 21st century dajjal..

Suresh SS
 - 
Sunday, 8 Mar 2020

Big Nautanki, Dramebaz

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