Market News | HKTDC Hong Kong International Jewellery Show

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Jewellery Industry in Hong Kong
Feb 2024

In 2023, Hong Kong exports of fine jewellery were up 23%. On the other hand, exports of pearls, gemstones and rough diamonds, exports of imitation jewellery were down 8% and 1%, respectively.

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Russia Sanctions Expanded to Include Diamonds
Feb 2024

The U.S. Treasury Department announced on 8 February the issuance of two determinations prohibiting the importation of certain categories of diamonds mined in Russia, notwithstanding whether they have been substantially transformed in a third country.

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INDIA: Import Duties Raised on Precious Metals and Jewellery Findings
Feb 2024

India’s Central Board of Indirect Taxes & Customs has raised import duties on gold and silver findings, and coins of precious metals, to 15%, effective from 22 January 2024. This comprises the 10% basic customs duty and an additional 5% Agriculture Infrastructure and Development Cess (AIDC). The government has also hiked import duty on spent catalysts and ash containing precious metals, to 14.35%, comprising a 10% basic duty and 4.35% AIDC. Spent catalysts and ash, along with coins containing precious metals, however, have been exempted from the country’s social welfare surcharge, levied on imported goods at a rate of 10% of the customs duty collected.

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INDIA: Import Restrictions on Gold Jewellery Introduced
Aug 2023

India’s Directorate General of Foreign Trade (DGFT) has issued restrictions on the import of certain gold jewellery and articles. In Notification 19/2023 issued on 12 July 2023, the authority said the import of certain gold jewellery and articles under HS codes 71131911, 71131919 and 71141910 has been changed from “free” to “restricted” with immediate effect. Importers now require a government permit to bring in such products to India.

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A Ring of Confidence: The HKTDC Hong Kong International Jewellery Show Survey 2023
Jun 2023

HKTDC conducted a survey of more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2023 and the Hong Kong International Diamond, Gem and Pearl Show 2023. The survey results suggest jewellery traders are more optimistic about the industry’s outlook this year as several Covid-related challenges finally come to an end.

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Reboot of Jewellery Sector Seen as Aligning with Mainland Economy Overall
May 2023

The success of the recent China International Jewellery Fair marks an uptick in confidence among the mainland’s gold and gem traders.

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Swedish Authority Orders Recall Campaign of EV Chargers, While Jewellery and Electronics Are Withdrawn from Market
May 2023

The Swedish Electrical Safety Board (the “Board”) recently announced that it had conducted a market surveillance inquiry into electric vehicle (EV) charging stations. It decided – under the threat of imposing penalties – to order a sales ban as well as a correction and recall campaign.

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Imported Goods to Be Focus of Forthcoming EU-Wide REACH Enforcement Project
Jan 2023

The European Chemicals Agency (ECHA) has reported that its Enforcement Forum has decided upon its next REACH enforcement project. The Forum is to investigate how companies fulfil the registration, authorisation and restriction obligations for products and chemicals that they import from outside the EU. The project is to be carried out in 2023-2025 and will require close cooperation between the Member States’ REACH enforcement and national customs authorities.

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Saudi Arabia Issues Technical Regulation for Ornaments and Accessories
Nov 2022

Saudi Arabia has recently announced its Technical Regulation for ornaments and accessories. The provisions will become effective on March 22, 2023.

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Jaded Jewellery Sector Returns to the Fray with Upbeat Hong Kong Events
Oct 2022

While a sense of playing it safe persisted, participants at two recent Hong Kong events – the 38th HKTDC Hong Kong International Jewellery Show and the 8th HKTDC Hong Kong International Diamond, Gem & Pearl Show – were confident that a post-pandemic reboot was afoot.

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