In December 2016 India's polished exports rose by 22.5% compared to the same period last year, to $ 1.49 billion, versus $ 1.21 billion in December 2015. This is evidenced by the preliminary data of the Council to promote the export of gems and jewelery (Gem and Jewellery Export Promotion Council, GJEPC).
Rough imports fell by 4.7% in value to $ 1.40 billion in December 2016, compared to $ 1.46 billion in December 2015. In volume diamond imports fell to 10.8 million carats, compared to 15 million carats in the same period of the previous year.
Polished diamond imports to India in December 2016 fell by 14% to $ 205.35 million, compared to $ 239 million in December last year.
During the first 9 months of fiscal year 2016 (April-December), India's polished exports rose 13% to $ 16.88 billion against $ 14.93 billion in the same period a year earlier. Also during the reporting period the volume of diamond exports declined from 22.59 million carats to 21.60 million carats.
Since the beginning of fiscal year 2016 (April-December), the import of rough diamonds to India increased by 25.4% compared to the same period last year to $ 12.69 billion against $ 10.11 billion a year earlier. By this volume index increased by 8.2% to 103.4 million carats, against 95.5 million carats a year earlier.
Polished imports for the 9-month period from the beginning of the 2016 fiscal year was $ 2.01 billion, which is 3.8% lower than the $ 2.09 billion in the same period of the previous year.
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Parliament of India passed a new law on the Bureau of Indian Standards (Bureau of Indian Standards, BIS) , which makes mandatory the installation procedure hallmark for gold and silver jewelry, and introduces the punishment for improper use of standards in the form of imprisonment for a term not exceeding two years and a fine in an amount up to 10 times the cost of the finished products produced with violations of the new rules. Parliament of India passed a law March 8. The new rules replace the acting 30 years Act of Bureau of Indian Standards.
If the offense is in the area of standardization will be committed by, any official person involved in its commission, it may be punished under the new law, regardless of whether the offense is committed with their consent or without it.
It is expected that the new law will improve the quality of products to customers, as well as help to reduce the import of poor quality products, at the same time supporting the government's program "Made in India" (Make in India).
"In this law the government has made mandatory the installation hallmark for gold jewelry" - said the Minister for Consumer Affairs Ram Vilas Pasvan (Ram Vilas Paswan). He noted that on March 9, held a meeting with jewelers, as previously reported the sale of jewelery from 9 carat gold, which were issued in 22-karat gold.
Everything else, according to a new law, the Bureau of Indian Standards has become a national body for the country's standards.
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