The event, organized in New Delhi to welcome the Prime Minister of India, Narendra Modi, the jewelry industry, among other requirements requested to reduce import duty on gold to 5 percent.
Speaking at the event, chairman of the All India Trade Federation gems and jewelery (All India Gems & Jewellery Trade Federation , GJF) GV Sridhar (GV Sreedhar) said: "This sector is facing problems. High import duties affect our gross revenues and the economy in general. I ask you to consider the question of its reduction from 10 percent to 5 percent. Because of the high duties entrepreneurs in this sector go to neighboring countries, thus having a negative impact on the country's exports. "
Pravinshankar Pandya (Praveenshankar Pandya), Chairman of Export Promotion of gems and jewelry Council (Gems & Jewellery Export Promotion Council, GJEPC) said that the high import duty on gold and lead to smuggling. "If you want the industry to be transparent, it is necessary to ensure a level playing field", - he said.
Pandya also asked the government to create the country's jewelry parks and provide them with the public facilities, the establishment of jewelry university in the country, as well as to form a separate ministry for the sector.
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Auction house Sotheby's said that in 2015, jewelry sales at the auction amounted to $ 561.7 million. 11 auctions were held during the reporting period.
Meanwhile, auction results can not be compared with previous years, since the data were collected from several sources other than the above, the statement said Sotheby's.
Last year, the auction house received a record revenue of $ 602.5 million.
The company sold jewelry worth $ 300.5 million on the sale of "Amazing jewelry" (Magnificent Jewels) and "Noble Jewelry" (Noble Jewels) in Geneva. As part of the May auction, the company received $ 161.7 million, and in the framework of the November -. $ 138.8 million in November, the company to be auctioned a rare diamond "Blue Moon" (Blue Moon) for $ 48.5 million proceeds from the sale of jewelry in the New. York was $ 135.7 million. also, at three auctions in Hong Kong, the company received $ 105.4 million and $ 20.1 million in the three auctions "Fine jewelry" (Fine jewels) in London.
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