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04 Aug
Titan, the jewellery and watchmaker owned by the giant Tata group, reported a net profit of ₹238 crore ($37.4 millioin) for the first quarter ended June 30, nearly double the ₹121 crore $19 million) reported in the same quarter in 2016, thanks to strong jewellery sales that more than made up for a lacklustre performance in the watches and eyewear segment. Revenue for the period rose 42 percent to ₹4,049.60 crore ($636.7 million), the company said in a filing with the Bombay Stock Exchange (BSE). Revenue from its jewellery segment, which includes the pan-India Tanishq brand, increased 57.3 percent to ₹3,352.21 crore ($527 million), contributing more than 74 percent to Titan’s top line. Company chief executive Bhaskar Bhat was quoted as saying the jewellery segment had delivered a “stellar...
02 Aug
A 5.4-carat diamond worth $53,000 (₹34 lakh), that was stolen from an exhibitor’s booth at the recently-ended India International Jewellery Show (IIJS), was recovered from two Chinese nationals who were arrested at Mumbai airport on Monday evening. The two, Jiang Changquing, 47, and Deng Xiaobo, 45, had spent two hours at the booth of P. Kirtilal & Co. and, under the pretext of examining the diamond, had replaced it with a fake by sleight of hand. The exhibitors discovered the switch only after the two had left the IIJS venue. They were identified through video footage from security cameras. Security personnel notified their colleagues at Mumbai airport and the two were found and apprehended just minutes before they boarded a flight to Hong Kong and Osaka via Delhi. The pair had no...
01 Aug
De Beers today announced that it had provisionally sold a total of $572 million in rough diamonds through its sixth sales cycle of this year. This is nearly 8 percent higher than the $528 million sales figure for the sixth cycle of 2016. De Beers also said that the actual sales figures for the 5th cycle this year now stood at $541 million. Chief Executive Bruce Cleaver said, “The sixth sales cycle of the year maintained the trend of consistently good demand for De Beers rough diamonds across the product range.” He added, “With Diwali being earlier than normal in 2017, we saw some demand from Indian diamantaires pulled forward from Sight 7. This was due to these customers needing to make rough diamond purchases in sufficient time to complete their polishing before the holiday begins.”
31 Jul
The 34th edition of the annual India International Jewellery Show (IIJS) closed today in Mumbai with extremely high levels of business being transacted by every sector in the Indian gem and jewellery production industry. Industry watchers said the high purchase levels were due to an overall perception that the push towards a more transparent, cashless economy that was kicked off by the government’s demonetisation of ₹500 and ₹1,000 notes in November last year, followed by the introduction of the Goods and Services Tax (GST) in July this year, has had a positive impact on the nation’s economy. The demonetisation was initially viewed as being catastrophic by a largely cash-transaction jewellery retail industry and many who spoke to GEMKonnect thought it would have serious financial...
29 Jul
The reduction of India’s trade deficit has given the country room to consider lowering the 10 percent import duty on gold, according to Ministry of Commerce & Industry Joint Secretary Manoj Dwivedi, reports Reuters. India had raised the import duty on gold to 10 percent in August 2013 as a measure to narrow what was then a yawning current account deficit. However, the country’s trade deficit in June this year almost halved from a month earlier to $12.96 billion. Dwivedi was quoted as saying that the Commerce Ministry considers a 2 percent import duty to be the ideal rate. He said that with the improvement in the trade deficit, a reduction in import duty might be considered by the Finance Ministry for the next national budget. The Finance Ministry declined comment. While India’s annual...
28 Jul
The global diamond fraternity met on Friday morning at the ongoing India International Jewellery Show (IIJS) in Mumbai to form the International Diamond Monitoring Committee (IDMC), an initiative to ensure the separation of natural diamonds from synthetics in their journey through the process pipeline to the retail counter. Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya told industry media that apart from the GJEPC itself, the IDMC meeting had participation from the Bharat Diamond Bourse (BDB), the Antwerp World Diamond Council (AWDC), the Diamond Producers Association (DPA), the All India Gems & Jewellery Trade Federation (GJF), the Israel Diamond Exchange (IDE), representatives from China, Hong Kong and the US, along with jewellery retail major...
27 Jul
The 34th edition of the India International Jewellery Show (IIJS), kicked off in Mumbai on Thursday, with retailers crowding to restock on gold jewellery, a category that has been a sell-out ever since the introduction of the country’s new Goods and Services Tax (GST). Visitor traffic was much slower in the loose diamond and gemstone sections, but exhibitors were nonetheless optimistic, expecting better footfalls over the next few days. Brands such as De Beers’ Forevermark are a prominent presence, with Chief Executive Stephen Lussier recently saying he expects India push the US aside to become the brand’s second largest market after China. The show, in a new and expanded format that features 2,200 exhibitors, has a lot riding on it for the Indian gem and jewellery industry, with...
25 Jul
The Gemological Institute of America (GIA) will be showcasing its new instrument to identify mounted and loose natural diamonds, a new service that tells the digital story of a diamond, and another new service to address industry concerns about the possibility of synthetic or treated diamonds being mixed into parcels of melee at its booth at this year’s India International Jewellery Show (IIJS). The GIA iD100 is a desktop instrument that combines advanced spectroscopic technology with GIA’s decades of diamond and gemstone identification research to distinguish natural diamonds from synthetic (HPHT and CVD) diamonds and diamond simulants. The GIA M2M is a new digital storytelling platform that combines scientific information with engaging content to involve jewellery-buying consumers in...
24 Jul
The Diamond Producers Association (DPA) will officially launch its generic diamond promotion campaign for India on July 26. The campaign will be unveiled at a business-to-business fashion showcase event titled Prelude to IIJS 2017 that the DPA and the Gem & Jewellery Export Promotion Council (GJEPC) are hosting together, a day before the start of the annual India International Jewellery Show (IIJS). The Prelude to IIJS 2017 event will feature leading jewellery manufacturers showcasing jewellery collections specially created for the IIJS to Indian and international buyers, traders, wholesalers, distributors and retailers. GJEPC Chairman Praveenshankar Pandya said, “In sync with the GJEPC’s Mission 2022 strategy, the Prelude event showcases trendsetting Indian craftsmanship, design...
24 Jul
Diamond processing technology provider Sarine Technologies Ltd issued a statement saying two Indian nationals have been arrested in Tel Aviv on suspicion of attempting to illegally obtain Sarine's confidential intellectual property. According to Sarine, a couple of months ago, its employees reported to company management that they had been approached by a third party offering to buy key intellectual property pertaining to Sarine's diamond manufacturing products. Sarine engaged the services of a private investigator who, posing as a Sarine employee, continued to correspond with this third party. An initial meeting took place in Tel-Aviv in June between the private investigator and two Indian nationals, who arrived in Israel specifically for the meeting. The terms of the proposed deal were...
18 Jul
Stephen Lussier
India is expected to elbow the US aside this year to become the second largest market after China for De Beers brand Forevermark, according to the brand’s chief executive Stephen Lussier. Currently, China accounts for 50 per cent of sales, with the US and India accounting for 15 percent each. This year, however, India's share of the Forevermark global market is set to to climb to between 20 and 25 percent. According to Lussier, who is also the De Beers executive vice president of marketing, Forevermark sold 60,000 pieces last year in India. This year, sales are expected to be between 100,000 and 130,000 pieces. Forevermark has been focussing on the daily-wear category in India and has largely steered clear of the extremely large bridal category....
14 Jul
The Indian government clarified that the sale of old gold jewellery to jewellers — a common practice in the country, with the scrap gold value of the old jewellery being offset against a new purchase — will not attract a 3 percent goods and services tax (GST). The sale of gold jewellery is taxed at the rate of 3 percent under the new GST regime. But the Ministry of Finance clarification noted, “Even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course of furtherance of his business (as selling old gold jewellery is not the business of the said individual), and hence does not qualify to be a supply per se.” Accordingly, the sale of old jewellery by an individual to a jeweller will not attract the provisions of Section 9 (4) of the GST...
12 Jul
Nirmala Sitharaman (right) and Haribhai Chaudhary inauguratethe centre
A Common Facility Centre (CFC), that will allow artisans and small-scale operators from the surrounding area to access the latest in diamond planning and cutting technology, has been opened in the town of Palanpur in Gujarat. Sponsored by India’s Ministry of Commerce and Industry, the CFC, which is the second such facility to be set up, is a project of the Gem & Jewellery Export Promotion Council (GJEPC). A series of such centres is planned in the smaller towns that process diamonds. The first was set up in the town of Visanagar and more are planned in Bhavnagar, Bavsari and Junagarh. The government’s declared funding is for 15 such centres. Minister of State for Commerce & Industry...
04 Jul
Indian online digital wallet and retail system Paytm says it has sold more than 100 kilograms of gold on its platform and is now in discussions with jewellers across the country to enable buyers to redeem their digital gold in the form of jewellery. Paytm partnered with bullion dealers MMTC-PAMP to allow consumer purchases of 24-karat 999.9 purity gold on its platform. The system allows purchases from one rupee upwards, and allows either a resale online or a home delivery of an accumulated minimum of one gram of gold. According to Paytm, consumers have been buying gold in a wide spectrum ranging all the way into the hundreds of thousands of rupees. Some have buying ₹11 worth every single day, while others have opted to purchase one gram a week.  Reporting an overwhelming response to the...
28 Jun
The Gitanjali Group, which owns a raft of Indian and global brands and boasts thousands of retail points of sale in India and around the world, has entered into a partnership with Reliance Retail, part of the giant Reliance industrial group, to sell branded jewellery at the newly-launched Project Eve retail initiative. Project Eve is a Reliance Retail women’s lifestyle initiative that offers apparel, footwear, cosmetics and jewellery along with a salon or café all together in one outlet. The first Project Eve store has opened in Mumbai’s Inorbit Mall in the suburb of Malad, and features 10,000 square feet of retail space. Gitanjali has over 3,000 points of sale in India, around 120 stores in the US and over 100 points of sale in Japan. It has also tie-ups with several retailers in China,...
19 Jun
Indian jewellery brand BJewelz, that is now on a countrywide expansion drive as part of a $900 million plan to establish a national footprint through a combination of franchises as well as company-owned stores, has just opened its first outlet in the city of Morar in Madhya Pradesh. Owned by KSS Ltd., with a significant stake held by the Birla industrial group through Birla Jewels Ltd., BJewelz stores are set to open in a succession of other cities in Madhya Pradesh including Gwalior, Indore, Bhopal, Ratlam and Chhindwara. Commenting on the launch, KSS Chairman Satish Panchariya observed, “The launch in Morar is part of our core focus on Tier II and Tier III cities along with the metros and mini-metros. We look at being able to providing affordable jewellery to the mass market. We aim to...
19 Jun
Minister of State for Commerce & Industry Nirmala Sitharamanlights the traditional lamp at the foundation stone ceremony
Indian Minister of State for Commerce & Industry Nirmala Sitharaman laid the foundation stone of the planned Indian Institute of Gems & Jewellery (IIGJ) in the southern Indian city of Udupi last week. The new institution is being set up in conjunction with the National Institute of Design (NID) in Ahmedabad. Also at the event were Commerce Ministry Joint Secretary Manoj Dwivedi and GJEPC Chairman Praveenshankar Pandya. The IIGJ, which is a gem and jewellery industry training initiative run by the Gem & Jewellery Export Promotion Council (GJEPC), already runs training centres in Mumbai, Delhi and Jaipur, with another coming up in...
15 Jun
From the 2016 National Jewellery Awards presentation
The All India Gems  and Jewellery Trade Federation (GJF), the apex body of India’s domestic jewellery manufacturing and retail industry, announced that its annual National Jewellery Awards (NJA) presentation will be held on July 28 in Mumbai. The presentation will take place on the sidelines of the India International Jewellery Show (IIJS), which will run from July 27 to 30. This year’s awards will feature a total of 25 categories in five segments. They include 12 awards in the Jewellery segment, 5 for Excellence, 5 for Stores, 2 Designer awards and a set of Student awards with substantial scholarships for the prize. GJF Director and NJA Committee Convener Anantha Padmanaban said, “The NJA offers an opportunity...

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