You are here

12 Jun
After major representations by the Gem & Jewellery Export Promotion Council (GJEPC) and the All India Gems & Jewellery Trade Federation (GJF), the Indian government announced that the previously-announced Goods and Services Tax (GST) rate of 18 percent on outsourced production, would now be reduced to 5 percent. The GJEPC, which represents India’s gem and jewellery export-production sector, had argued that the processing of diamonds, particularly the small sizes and cheaper qualities, was frequently outsourced to jobbing units and an 18 percent tax on it (which would have to be reclaimed in a refund process after the finished goods were exported) would end up blocking an unmanageably large proportion of the working capital of diamond processing firms. In addition, the polished...
09 Jun
Diamantaires from Surat joined a delegation led by the Gem & Jewellery Export Promotion Council (GJEPC) that met Gujarat state Deputy Chief Minister Nitin Patel seeking relief from the inordinately high tax levels that would be imposed by the soon-to-come Goods and Services Tax (GST). GJEPC Regional Chairman Dinesh Navadia, who led the delegation, observed that the 18 percent GST imposed on job-work production would wipe out small and medium operators. The total cost of the polished that these small operators produce, he said, carried a 70 percent labour charge component and such a high tax would impact earnings severely. He further explained that the 3 percent GST that would be levied on the inter-state transfer of diamonds would have a destabilising effect, noting that shipping the...
06 Jun
Shares of gem and jewellery firms listed on the Bombay Stock Exchange (BSE) surged on Monday in the wake of the Indian government’s announcement that gold and gold jewellery would attract a Goods & Services Tax (GST) of 3 percent. Shares of Titan Co. Ltd, owned by the giant Tata industrial group and which in turn owns the Tanishq jewellery brand as well as the Titan watch brand, shot up the most, rising 17 percent. Others, like Gitanjali Gems Ltd., Tribhuvandas Bhimji Zaveri Ltd., Tara Jewels and PC Jeweller all rose upwards of 6 percent. Two factors are quoted as being behind the rise. To begin with, the GST rate is lower than what was expected. Industry buzz before the announcement had the GST rate on gold and gold jewellery pegged at between 4 and 5 percent.The announcement that it...
05 Jun
GJEPC Chairman Praveenshankar Pandya
The Indian government announced its long-awaited tax regime for the gem and jewellery industry under the new Goods and Services Tax (GST) system over the weekend. Gold and gold jewellery will now attract a 3 percent tax, while rough diamond imports, hitherto completely tax-free, will be taxed at 0.25 percent, with the importer entitled to a refund if the resulting polished is re-exported. Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya expressed his disappointment at the move, observing, “Taxing diamonds is a retrograde step and not in sync with an equivalence policy. Diamonds are the key raw materials for the gem and jewellery exports business. Rough diamonds have been kept out of the...
15 May
Titan Co. Ltd., which owns the Tanishq jewellery brand, the Titan watch brand and holds a majority stake in online jewellery retailer Carat Lane, has posted revenues of ₹3,429.7 crore ($534.88 million) for the final quarter of fiscal year ended March 31, 2017. Year on year, the results are 43.4 percent higher than the performance in the same quarter the previous year. Profit after tax did not go up in sync with the increase in revenue, but was up 7.4 percent year-on-year to ₹200.7 crore ($31.3 million). Revenue from the group’s jewellery segment increased a robust 55 percent year-on-year and accounted for 82 percent of its total revenue. Volume, or “grammage” growth was 37 percent. An increase in the share of wedding jewellery and network expansion are expected to boost the jewellery...
08 May
Parliamentarians at the GJSCI training centre in Surat
A 20-member delegation of India’s Parliamentary Standing Committee on Labour, led by MP Kirit Somaiya, visited training centres of the Gem & Jewellery Skill Council of India (GJSCI) on May 1, Labour Day. Parliamentarians were able to see first-hand, the pioneering work of the GJSCI in transforming what has hitherto been an industry driven overwhelmingly by uncertified, traditional skills. The work is being carried out under Prime Minister Narendra Modi’s skill development initiative known as the Pradhan Mantri Kaushal Vikas Yojna (PMKVY) with courses and curricula  established by the GJSCI. GJSCI Chief Executive Binit Bhatt observed, “It was a great honour to receive appreciation from such prominent...
28 Apr
Jonathan Kendall
The International Institute of Diamond Grading & Research (IIDGR), part of the De Beers Group, today announced the launch of a world-first synthetic diamond detection training course. It is the first in a series of education services to be rolled out during 2017. The two-day lab-based course will be unveiled in India at the IIDGR Facility in Surat on May 15 and 16 and in the US towards the end of the JCK Jewellery show in Las Vegas on June 8 and 9. The course will provide participants with the knowledge and expertise to detect synthetic stones in both the rough and polished state using a range of specialised techniques and instrumentation. The course is the first course to be offered by IIDGR’s new education services, which will also include a...
28 Apr
India’s exports of gems and jewellery provisionally increased 9.85 percent to $43.16 billion in fiscal 2017 (April 2016 to March 2017) over the $39.24 billion in fiscal 2016 (April 2015 to March 2016). Gross exports of cut and polished diamonds for the year increased to $22.8 billion, growing 10.24 percent over the $20.7 billion the previous year. Exports of gold jewellery increased to $8.7 billion, up 1.92 percent over the $8.6 billion the previous year while exports of silver jewellery rose 35.83 percent to $4.02 billion. Exports of coloured gemstones dropped 3.08 percent to $419.9 million, while exports of rough diamonds increased 28.24 percent to $1.5 billion.   Gem and jewellery exports accounted for 15.72 percent of the country’s cumulative exports of $274.65 billion, ranking the...
26 Apr
Nitin Khandelwal
The All India Gems and Jewellery Trade Federation (GJF) expects robust sales across India during the festival of Akshaya Tritiya on April 28. The festival is considered auspicious for the buying of gold and is followed by a wedding season — an astrologically auspicious period to get married in. GJF Chairman Nitin Khandelwal said, “As a custom and tradition in India, people buy jewellery on Akshaya Tritiya and have great faith on this auspicious day. We expect growth to be robust at between 20 and 30 percent over last year due due to pent up demand for the wedding season.” Khandelwal referred to the expected rise in gold prices going forward this year and said this might be one of the main drivers for sales over Akshaya Tritiya. The GJF chairman...
24 Apr
Danish mass-market jewellery brand PANDORA has entered the Indian market with the official opening of its concept store in the `Mall of India ́, in the Noida area of Delhi.  The new concept store is owned and operated by PANDORA’s distribution partner, Pan India Charms & Jewellery Pvt. Ltd. PANDORA said the opening represents a significant milestone for the company and is part of its successful overall strategy of expanding its branded network globally. The group has more than 2,100 concept stores around the world and sells jewellery in more than 100 countries. Commenting on the announcement, David Allen, PANDORA’s President of Europe, the Middle East and Asia, said, “Entering one of the largest jewellery markets in the world is an integral part of our strategy to increase our global...
19 Apr
Brand ambassador Sunny Leone
Gitanjali Group-owned Indian online jewellery retailer Jewelsouk.com has announced a television promotional campaign with Bollywood actor Sunny Leone as its brand ambassador. Gitanjali, which acquired the brick-and-mortar jewellery retail chain Jewelsouk, launched the online retail brand as a separate operation that holds no inventory, but allows the brands carried by it to fulfil consumer orders directly. The portal offers a range of jewellery brands, gold and silver bullion and  watches including Gitanjali-owned brands like Nakshatra, Gili, Asmi, Nirvana, Maya Gold and Shuddhi. Jewelsouk.com President Saurav Bhattacharya said, “Today’s millennial online jewellery shopper is difficult to please because her standards are high. She is...
17 Apr
Praveenshankar Pandya and Tom Moses (centre) at the event'sribbon-cutting ceremony
The Diamond Detection Expo & Symposium (DDES), was organised by India’s Gem & Jewellery Export Promotion Council (GJEPC) on April 14 and 15 in Surat. The event, located in the world’s largest diamond manufacturing centre, had the participation of all the leading gemmological laboratories. They showcased all the different types of equipment and technologies available to identify synthetic diamonds. The two-day event was held under the auspices of the GJEPC’s Natural Diamond Monitoring Committee (NDMC) and inaugurated by GJEPC Chairman Praveenshankar Pandya GIA Executive Vice President and Chief Laboratory and Research Officer Tom Moses along with Surat Diamond Association (...
11 Apr
Indian online jewellery retailer CaratLane, now majority owned by the Titan Company, which owns India’s largest jewellery brand Tanishq,  is planning to add 30 more retail stores and also eyeing to double its business turnover in the current fiscal year. Carat Lane co-founder and Chief Executive Mithun Sacheti says the company’s growth will come through a combination of increased online transactions as well as expanding the number of brick and mortar retail doors. Currently, Carat Lane has 16 brick and mortar stores in Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Chandigarh, Pune and Coimbatore. It plans to up this number to 46 by the end of the financial year. "Our retail stores are very different from the typical Indian jewellery stores that are elitist by nature. Our stores are...
06 Apr
Jatin Mehta
India’s Central Bureau of Investigation (CBI) on Wednesday registered six cases against Winsome Diamonds and Jewellery Ltd. and its associate firm Forever Precious Diamonds and Jewellery Ltd., as well as their promoter, diamond dealer Jatin Mehta, for alleged fraud and cheating of ₹1,530 crore ($235 million), involving bank loans of IDBI Bank, Central Bank and Vijaya Bank, reports The Indian Express. Winsome Diamonds has been declared a wilful loan defaulter, owing about ₹7,000 crore ($1.08 billion) to a consortium of 15 public and private banks led by Standard Chartered and the Punjab National Bank (PNB). Winsome Diamonds owes ₹4,680 crore ($720 million) to a consortium of banks headed by Standard Chartered Bank. Its associate firm Forever Precious...
04 Apr
Kalyan Jewellers Chairman T.S. Kalyanaraman
Investment group Warburg Pincus is reportedly boosting its investment in India’s Kalyan Jewellers Ltd. from its current ₹12 billion ($185 million) to total ₹17 billion ($262 million), reports Bloomberg. Kalyan has not stated how much of the company will be owned by Warburg after the investment. The investment announcement comes as the Indian jewellery retail chain has announced plans to double it stores globally. Kalyan, based in the Indian state of Kerala, will increase the number of stores it operates to 200 over the next three years, including entering the new markets of Saudi Arabia, Bahrain, Oman, Singapore and Malaysia. In India, Kalyan plans to expand its presence to the northern states of Uttar Pradesh and Madhya...
31 Mar
Sanjay Kothari
The KGK Group is a vertically integrated behemoth that has interests in every segment of the gem and jewellery production pipeline, from mines, through the processing midstream and to retail markets all over the world. Vice Chairman Sanjay Kothari told GEMKonnect about his company’s roots in the coloured gemstone business, the move to diamonds, and the transformation into a globe-girdling operation. Excerpts from the interview: Tell us about the process of change that saw KGK evolving from a traditional jewellery retailer, through coloured gemstone cutter, into diamond polishing and finally into diamond jewellery branding and retail. The story began in 1905 with the trading of gemstones throughout India and Burma. By the 1960s, KGK had positioned...
28 Mar
The Gem & Jewellery Skill Council of India (GJSCI) has signed a memorandum of understanding with the Delhi prison authorities to teach women prisoners at Tihar jail jewellery-making skills. Most of these women have committed crimes due to poverty and a lack of other economic survival skills. The jewellery-making skill program is intended to give them the necessary skills to make a legitimate living once they are out of jail.  “This project is a major achievement for GJSCI as it not only helps these women prisoners, it also helps the jewellery industry  source skilled manpower,” said GJSCI Chairman Premkumar Kothari.
20 Mar
AWDC Chairman Stephane Fischler speaks on what themidstream needs to do.
The global diamond industry exists in a world where technology drives even national policies and has a rapidly changing demographic, with more single people than ever before, noted Antwerp World Diamond Council (AWDC) Chairman Stephane Fischler. Fischler comments came on day two of of the the Mines to Market international diamond conference hosted by the Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai, which saw presentations and panel discussions on the midstream section of the production pipeline, institutional finance for the diamond industry, the issue of rough diamond valuation by the Kimberley Process (KP), what to expect in dealing with the US under the Trump...

Pages