Jewellers Battling Soaring Costs As Rising Prices Hit Buying And Selling lolita, 27/04/2024 However, industry experts predict a decline in demand as consumers become conscious of drawbacks similar to lack of rarity and transparency points. Lab-grown diamonds, while providing affordability and environmental benefits, could wrestle to compete with the timeless attract and intrinsic value of pure diamonds. This shift reflects changing shopper preferences and evolving perceptions inside the diamond business. Top jewellery chains like Kalyan Jewellers and Tanishq are hesitant to adopt lab-grown diamonds as a outcome of low demand. Despite the rising recognition globally, Indian retailers like Joyalukkas remain cautious about integrating LGDs into their stores. The Central Board of Indirect Taxes and Customs is initiating the formation of a panel to address the issues raised by the gems and jewellery business associated to customs clearances. The business has highlighted points such as the dearth of valuers, challenges with the hand-carriage of gems and jewelry, and concerns concerning the Remission of Duties or Taxes on Export Products scheme. In November, India’s gem and jewellery exports decreased by four.52% YoY to Rs 19,018.18 crore (USD 2,263.34 million), marking an enchancment from the earlier 12 months. The Gem and Jewellery Export Promotion Council attributes the decline to produce disruptions and a voluntary halt in … Continue Reading