India's gold jewellery exports to UAE decline 56% in January

India's gold jewellery exports to the United Arab Emirates (UAE) declined by a massive 56 per cent in January 2017 due to a 5 per cent import duty levied by the local government there. Data compiled by the apex representative body, the Gems and Jewellery Export Promotion Council (GJEPC), showed India's gold jewellery exports to the UAE at $148.1 million for January 2017, down from $334.08 million for the corresponding month last year. The decline in exports of gold ornaments coincided with the applicability of import levy by the UAE government effective January 1. Financial Astrology Tips 

UAE, led by Dubai, is a gateway for India's jewellery exports not only to other Arabian nations but also to Europe. As a matter of practice, Indian gold jewellery exporters dispatch their consignments to Dubai and, along with precious ornaments and jewellery originating from other countries such as Turkey, for further exports to European and Asian countries. This gives a perfect blend of global contemporary designs for European and Asian consumers. Post import duty levy, however, the practice of blending gold ornaments from global manufacturers has declined, and jewellery manufacturers in other countries have started shipping their ornaments to consumers directly. Hence, the routing business (through Dubai) has come to standstill. Astrology and Numerology Trading Tips