Sky Gold and Diamonds Limited Confirms Operations Unaffected by Changes to Gold Import Scheme
Sky Gold and Diamonds Limited issued a clarification addressing recent changes implemented by the Directorate General of Foreign Trade (DGFT) concerning the Advance Authorisation (AA) scheme for gold imports. The company stated that the revised guidelines do not impact its day-to-day operations, confirming that the business will continue as previously guided.The clarification arose following the DGFT's notification introducing additional compliance and monitoring measures under the AA scheme. These new measures include setting limits on imports under a single license, requiring the issuance of fresh licenses linked to export obligations, mandating periodic reporting, and establishing verification procedures for first-time applicants.
The government's move is intended to tighten monitoring of duty-free gold imports and minimize the potential misuse of the scheme, especially following the customs duty increase on gold imports from 6% to 15%.
The company noted that while the impact on listed jewellery players is expected to remain minimal, Sky Gold and Diamonds Limited is not directly affected by the rule changes. Management confirmed that the company does not currently operate under the Advance Authorisation framework for duty-free gold imports, rendering the DGFT notification irrelevant to its current operations and business outlook.
Sky Gold and Diamonds Limited reiterated its commitment to continuous operations, focusing on growth, operational execution, and compliance standards.
Company Background and Operational Scale
Established in 2008 and headquartered in Mumbai, Sky Gold and Diamonds Limited is recognized as a fast-growing B2B jewellery manufacturer in India. The company specializes in designing and manufacturing lightweight, design-led, and studded jewellery for India’s top jewellery retailers and is actively expanding its reach into global markets.The company's manufacturing capabilities and size are notable:
| Feature | Metric |
|---|---|
| Designers | 150+ |
| Manufacturing Space | 1,30,000 sq. ft. |
| Design Library | 900,000+ SKUs |
SKYGOLD Stock Price Movement
Shares of SKY GOLD AND DIAMONDS LIMITED today slipped by 0.39% to settle at ₹437.35. The stock closed on a volume of 1.36 million shares, indicating selling pressure throughout the trading session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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