Ashwin Gold, a gold exporting firm was raided recently on suspicions of smuggling gold. Earlier, the company’s managing director was arrested for trying to illegally transport a huge quantity of imported gold out of the Cochin Special Economic Zone (SEZ), as cited by AOJ.
Last week, the customs officials had seized 22 kilograms of gold while it was being transported out of the SEZ to be sold to local jewellers. As per norms, gold imported by SEZ entities are purely meant for value-addition and re-export and are not permitted to be sold in local market. The company had imported the gold duty free for the purpose of jewellery-making and re-export.
As per GJEPC data, export of gold jewellery from the SEZs had dropped by nearly one-third during the first quarter (April ‘14 to June ‘14) this fiscal. According to Customs officials, the huge drop in gold exports through SEZs had raised suspicions of possible outflow of the yellow metal to domestic market.
Aruna Gaitonde, Rough&Polished correspondent in India
Exclusive
Yoram Dvash: Industry unity, producer leadership and marketing investment key to natural diamond's future
The natural diamond industry is navigating a period of significant transition, but there are increasing signs that the foundations for a stronger and more positive future are being built, according to the World Federation of Diamond Bourses (WFDB)...
29 june 2026
AWDC: First fully traceable artisanal diamonds from DRC sold on the international market in Antwerp
In a historic milestone for the diamond industry, fully traceable, artisanal diamonds from the Democratic Republic of Congo have been sold on the international market for the very first time in Antwerp. Below, Ine Tassignon, AWDC spokesperson, provides...
22 june 2026
Natural diamonds most desired luxury jewellery, Gen Z spending double baby boomers, reveals De Beers report
Natural diamonds remain the most desired jewellery item among US consumers, with Millennials and Gen Z driving demand value and spending, according to De Beers Group’s The Diamond Report, which draws on the biannual Diamond Acquisition Study of 18,500...
15 june 2026
Edahn Golan: India’s lab-grown diamond exports surpass natural diamonds by volume, yet value gap widens
India’s diamond industry has reached a historic turning point. In March and April 2026, the volume of lab‑grown diamond exports overtook that of natural diamonds, with lab‑grown stones accounting for 51% and 50.4% of total export volume respectively...
01 june 2026
Dr M’zée Fula-Ngenge: Kimberley Process failing Africa
The Kimberley Process (KP) is failing Africa, and the world's definition of a “conflict diamond” is a moral and legal absurdity, according to the African Diamond Council (ADC) chairperson M’zée Fula-Ngenge. The following exclusive...
18 may 2026
