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The first batch of women from Delhi’s Tihar Jail who underwent a skill development program initiated by the Gem & Jewellery Skill Council of India (GJSCI) have completed the course and are now qualified build a new life for themselves in the gem and jewellery industry. The GJSCI had signed a memorandum of understanding in March this year with the Tihar Jail to train women inmates in jewellery making. Most of these women have committed crimes due to poverty and a lack of other economic survival skills. The programme was intended to empower these women with a skill set that would help rehabilitate them into a respected profession after their release, preventing them from going back to the lives of crime that landed them in jail to begin with. GJSCI Chairman Premkumar Kothari said in a...
India’s Gem & Jewellery Export Promotion Council (GJEPC) held its annual India International Jewellery Week (IIJW) over the weekend on September 23 and 24. The event is an initiative towards moving the Indian gem and jewellery industry downstream from being simply a diamond and gemstone cutting and polishing powerhouse as well as a growing offshore jewellery manufacturer to one that is actually capable of driving consumer trends through developing its own designs and product lines. While the original intent was specifically aimed at the export market, the IIJW, in its current iteration, is also a massive platform for the gem and jewellery industry to reach retailers and end consumers with new lines and product ranges just before the all-important Diwali sales season. The focus is,...
India’s Gem & Jewellery Export Promotion Council (GJEPC) is already warning that the country’s overall gem and jewellery exports are likely to decline by a whopping 30 percent, due to a combination of factors that include the imposition of unrealistic levels of goods and services tax (GST) on raw material imports. The GJEPC has pointed out that the total value addition in the manufacture of gold jewellery is between 3.5 and 4 percent. This includes costs such as plant, machinery and labour. Actual profit is in the region of 0.5 percent. However, a gold jewellery exporter has to pay a levy of 3 percent GST on the import of gold. This is many times the actual profit on the finished product and is held by the government for periods in excess of 270 days, while the manufacturer goest...
In a unique initiative aimed at imparting a gainful skill that will hold them in good stead once they have finished their terms, prisoners in Surat’s Lajpore Central Jail are being trained in cutting and polishing diamonds by a local firm, Kohinoor Diamonds. Two polishing wheels have been installed at the jail and some eight prisoners, who have evinced interest in acquiring diamond cutting skills in order to make a living once they have served their terms, are being trained by a Kohinoor cutter as well as other prisoners who have diamond-cutting experience. The scheme was launched by Jail Superintendent H.R. Chaudhary along with the directors of Kohinoor Diamonds, when they realised that diamond processing skills were not being taught in the jail’s rehabilitation curriculum, which...
In what industry-watchers say is a move aimed at curtailing circular trading or “round-tripping” as it is known in the country, the Indian government has banned the export of all gold products with a purity above 22 karats. Indian exporters are allowed only to export finished jewellery. But medallions and bars with simple embossing can be exported as finished product. This category makes up 15 percent of the country’s jewellery exports. If an Indian firm exports the medallions to its own offices in a country that has a free trade agreement (FTA) with India, the same product can then simply melted into unmarked bulion and be re-imported as primary gold, duty free. This “round trip” then entitles the export firm to higher bank credit lines and other government benefits. There has been a...
India imported $5.4 billion in rough diamonds and exported $5.8 billion in cut and polished diamonds over the first quarter of the current fiscal year (April-June). This compares with the $4.6 billion in rough diamonds imported and the $5.6 billion in cut and polished diamonds exported in the first quarter of the previous fiscal year. Rough diamond imports rose 17.08 percent, while cut and polished exports rose only 3.19 percent over the previous year. The country also imported $658 million in cut and polished diamonds and exported $364 million in rough diamonds during the period. Gold imports for the period stood at $569 million while other imports together brought the country’s total gem and jewellery imports for the first quarter to $8.7 billion. Against this, gem and jewellery net...
In the latest initiative on on using diamonds as an investment instrument, the Indian Commodity Exchange (ICEX) will launch a systematic investment plan (SIP) for retail buyers to acquire diamonds in three different sizes — 0.3. 0.5 and 1 carat. The ICEX had previously got Securities & Exchange Board of India (SEBI) approval to trade diamond futures. In the current plan, SIP payments could be as low as ₹900 ($14) a month for two and a half years. In order to purchase a diamond, a consumer would need to open an account with a broker on the ICEX, complete the know-your-client (KYC) process and then deposit some money with the broker. The buyer also has to tell the broker the exact date of each month when the broker should buy a portion of the diamond (in electronic form) on behalf of...