Condividiamo alcune notizie provenienti dagli Uffici Esteri dell’ICE.
INDIA REVISES GOLD AND SILVER IMPORT FIGURES: TRADE DEFICIT NARROWED
(ICE) – ROMA, 9 GEN – The government revised gold and silver imports for April-November FY25, with the steepest downward revision of $5 billion in the former.
Data for November gold imports was revised to $9.84 billion, from the $14.86 billion announced last month, narrowing the trade deficit for the month to $32.8 billion, from the record $37.8 billion estimated earlier.
The high trade deficit had sparked concerns and contributed to the weakening of the rupee against the dollar.
According to the latest data by the Directorate General of Commercial Intelligence and Statistics (DGCIS), even after the downward revision, gold imports in November are up 186% from a year ago.
DGCIS also revised the gold import numbers since April 2024, revealing excess imports of about $11.7 billion in April-November FY25. The cumulative gold imports during the first eight months of FY25 are $37.38 billion, as against the earlier estimate of $49.08 billion.
Similarly, silver imports data for April-November were revised downwards to $2.33 billion, from $3.27 billion earlier.
Kolkata-based DGCIS comes under the commerce and industry ministry and is responsible for the collection, compilation and dissemination of India’s trade statistics and commercial information. There was no formal comment from the ministry on the revision till press time.
There was no revision in petroleum imports for November, at $12.4 billion. “Since the monthly numbers are less alarming, the sentimental impact and pressure on the rupee will be somewhat lower,” said Aditi Nayar, chief economist at Icra. The rupee has depreciated 2.2% in the last three months and was at 85.84 against the dollar on Wednesday. ET reported on December 20 that India’s import data since July may have to be recast as there may have been some double counting of gold imports. Transmission of data from the special economic zone (SEZ) portal to the Indian Customs Electronic Gateway (Icegate) may have led to calculation errors in the case of gold, officials had told ET.
Imports of the yellow metal in April-November stood at $44.1 billion, up 33.9% from the year earlier, rather than 49.1% higher in the previous estimate. Initial data released last month showed gold imports up 331% in November from the year earlier
“The government has revised its gold import figures for the month of November sharply lower after reports of overstating. The total for January to November data has been corrected to 664 tonnes, from 796 tonnes,” said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council, adding that it is “well below the annual average of 800 tonnes.”
He said this was encouraging as reduced duty on gold had led to a substantial shift of imports from the grey market to official channels. Gold jewellery exports are expected to exceed $12 billion in 2025, showing robust growth amid uncertainty.
India imports gold from Switzerland, the UAE, Peru and certain African countries. Gold imports rose sharply after import duty was reduced on gold to 6% from 15% in July last year.
The sharp spike in imports had fuelled speculation of a potential increase in import tariff to 10%, from 6% in the upcoming budget. The India-UAE Comprehensive Economic Partnership Agreement, effective May 1, 2022, may have contributed to the surge, as it allows unlimited duty-free imports of gold, silver, platinum and diamonds over the coming years. Most gold enters India as bars and rods with 99.99% purity, but traders are also using other tarifffree or concessional categories to bypass import duties.
Read more at: https://economictimes.indiatimes.com//news/economy/foreign-trade/india-revises-gold-and-silver-import-figures-trade-deficit-narrowed/articleshow/117063723.cms (ICE MUMBAI)
18-CARAT IS NEW GOLD STANDARD FOR YOUNG BUYERS
(ICE) – ROMA, 9 GEN – A surge in gold prices led to a 25% year-on-year increase in demand for 18-carat jewellery in 2024, according to industry executives. They said younger consumers preferred the more affordable 18-carat rose gold and studded white gold along with plain jewellery to 22-carat gold, which has traditionally been used in India for making jewellery.
On Wednesday, 18-carat gold was priced at around ₹59,120 per 10 grams, against ₹72,140 per 10 gm for 22-carat gold.
Both 18- and 22-carat varieties are hallmarked gold, allaying concerns over gold purity.
Hallmark Unique Identification, a six-character alphanumeric code, is issued to identify and track gold jewellery.
“In 2024, Indians consumed 225 tonnes of 18-carat gold jewellery, a 25% increase compared to 2023. The jump is quite high because earlier there used to be a 5-10% increase in demand for 18-carat jewellery,” said Rajesh Rokde, chairman of All India Gem & Jewellery Domestic Council.
The total consumption of 22-carat gold in the country varies between 500-550 tonnes annually. Consumption of 18-carat gold was 180 tonnes in 2023 and 162 tonnes in 2022.
The lower the caratage, the stronger the jewellery. “Therefore, jewellers are experimenting with new and modern designs which are readily being purchased by the younger generation,” Rokde said.
The trend also picked up in southern India, the largest gold-consuming region in the country.
Varghese Alukkas, managing director of Joy Alukkas, said, “Our stores have witnessed a 15-20% demand hike in 18-carat jewellery and the buyers are mainly the young crowd.”
Many jewellers have launched gold jewellery in 14-carat and 9-carat gold as well. The India Bullion & Jewellers Association has written to the Bureau of Indian Standards, seeking introduction of hallmarking in 9-carat jewellery.
Suresh Krishnan, vice-president sales of the listed firm PNG Jewellers, said, “There was a 15-18% growth in the demand for 18-carat gold jewellery in 2024 than in 2023. That’s because young customers in the age bracket of 25-35 years are in favour of lightweight jewellery. The internet and social media also sensitised the target audience about fashion trends, helping popularise 18-carat jewellery.”
Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/gold-price-today-18-carat-is-new-gold-standard-for-young-buyers/articleshow/117063732.cms (ICE MUMBAI)
INDIA SLASHES NOVEMBER GOLD IMPORTS BY $5 BILLION IN RECORD COMMODITY REVISION
(ICE) – ROMA, 9 GEN – India has cut its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, after errors in preliminary calculations inflated the figure to a record, government data showed on Wednesday.
New Delhi said last month its gold imports hit a record high of $14.8 billion in November, more than doubling from $7.13 billion in October. The spike widened the country’s merchandise trade deficit to a record $37.84 billion in November, exceeding economists’ forecast of $23.9 billion and spooking financial markets.
The country’s gold imports in November were $9.84 billion, compared with a preliminary estimate of $14.8 billion published last month, data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed. The downward revision in gold imports by $5 billion would reduce the trade deficit by a similar amount, said a government official, who declined to be named because he was not authorized to speak publicly.
India is the world’s second-largest consumer of gold and relies on imports to meet most of its demand, which typically increases during the festival and wedding season in the December quarter.
Despite the revision of November numbers, the country spent a record $47 billion on gold imports in the first 11 months of 2024, surpassing the $42.6 billion spent during the whole of 2023, as gold prices jumped to a record high, the data showed.
Gold delivered better returns than stocks for Indian investors in 2024, driving increased demand for coins and bars, according to the World Gold Council.
India imports gold from countries including African countries, Peru, Switzerland, and the United Arab Emirates. Its gold imports rose sharply after India, in July, cut import duties on gold to 6% from 15%.
Higher November imports raised concerns among the bullion industry of import duty hikes to curb consumption, but revised data shows no unusual demand rise, a Mumbai-based dealer with a gold importing bank said.
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-slashes-november-gold-imports-by-5-billion-in-record-commodity-revision/articleshow/117046758.cms (ICE MUMBAI)
GEMS, JEWELLERY SECTOR URGES GOVT TO REDUCE GST TO 1% IN UPCOMING BUDGET
(ICE) – ROMA, 9 GEN – The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1% on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget.
“We seek rationalisation of taxes and availability of finance to support business,” the All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said in a statement on Tuesday (January 7, 2024).
With the continuously increasing gold rates, the current rate of GST is increasingly becoming a burden for the industry and end customers, he said.
Therefore, GJC is urging for a reduction in GST from the current 3% to 1% in the upcoming Budget, which will encourage compliance, Mr. Rokde said.
The tax reduction will enhance affordability for consumers, especially in rural areas, and most importantly, improve revenue collection by increasing the size of the formal economy, he added.
The industry apex body said there is a need to introduce a concessional GST rate for lab-grown diamonds to fully recognise their sustainable and cost-effective attributes compared to natural diamonds.
Currently, both natural and lab-grown diamonds are taxed at the same GST rate.
GJC further asked the government for a dedicated ministry and urged for state-wise nodal offices and appointment of a central minister specifically for the jewellery sector.
“We request the government to consider the EMI on jewellery, which has been a long-standing demand of the industry. Gold monetisation Scheme also needs a revamp as it has the potential to unearth idle household gold in the economy and thus help us to be self-reliant and promote less imports,” GJC Vice-Chairman Avinash Gupta said.
OROLOGERIA: NUMERO LAVORATORI CRESCE IN SVIZZERA, NETTO CALO TICINO
(ICE) – ROMA, 9 GEN – Malgrado un contesto che si è fatto più difficile il settore orologiero sta tenendo in Svizzera, perlomeno sul fronte dell’impiego, mentre mostra segni di cedimento in Ticino.
Stando ai dati diffusi oggi dalla Convention Patronale (CP), l’associazione dei datori di lavoro del comparto, a livello nazionale alla fine di settembre la manodopera attiva nel ramo era costituita da 65’642 lavoratori, lo 0,6% in più di dodici mesi prima, quando per la prima volta dagli anni 70 era stata superata la soglia dei 65’000 addetti.
La maggior parte dei dipendenti si trova nei cantoni di Neuchâtel (17’511), Berna (14’239) e Ginevra (12’288). Seguono Giura, Vaud, Soletta e – al settimo posto – il Ticino, che presenta 13 aziende (-2) e 1598 persone, in netta flessione rispetto alle 1842 del 2023 (-13%).
Se sul piano elvetico la forza lavoro è rimasta praticamente stabile nel 2024, le prospettive per il 2025 sono molto più incerte, mette in guardia CP.
Le persistenti turbolenze economiche, le tensioni geopolitiche e la forza del franco rappresentano sfide importanti. “L’industria dovrà raddoppiare gli sforzi per preservare la propria manodopera e mantenere la sua capacità produttiva”, afferma l’organizzazione padronale in un comunicato. (ICE BERNA)
IRAQ REGULATES SCRAP METAL AND MILITARY EQUIPMENT DISPOSAL
(ICE) – ROMA, 7 GEN – The Iraqi Cabinet has established new regulations for handling scrap metal, military surplus, and industrial waste. Key directives include:
Free Transfers: Ministries of Defence, Interior, and other security agencies will transfer decommissioned equipment, empty ammunition casings, and military-grade scrap metal to the Military Industrialisation Authority without charge.
Brass Transfers: All ministries and agencies will transfer brass materials to the Military Industrialisation Authority free of charge.
Copper, Aluminium, and Lead Sales: Civil ministries and non-security agencies will sell these materials to the Ministry of Industry and Minerals or the Military Industrialisation Authority, or exchange them for available products.
Iron Scrap:
Civil iron scrap will be sold to the Ministry of Industry and Minerals.
Security agencies will sell or exchange their iron scrap with the Military Industrialisation Authority.
Transport Facilitation: Movement restrictions on civil iron scrap between and within provinces remain lifted, as per a prior Cabinet decision.
Radioactive Testing: All scrap owners must obtain certificates confirming the absence of radioactive materials.
Transport Authorisation: The Joint Operations Command will issue transport orders within 72 hours to facilitate movement.
Policy Updates: Previous conflicting Cabinet decisions from 2017, 2023, and 2024 are rescinded to streamline these measures. (ICE AMMAN)