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20 Mar
The production value of diamonds has remained static over the past five years, while margins for the midstream of the diamond production pipeline are shrinking, noted Chaim Even-Zohar, on the first day of the the Mines to Market international diamond conference hosted by the Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai on Sunday. Even-Zohar, who is the event’s host, noted that the midstream made a profit of some $900 million in 2016 — a very small proportion of the $20.35 billion value of the polished diamonds generated by the pipeline. According to him, the forecast for the midstream’s profits in 2017 are drastically lower at $200 million. The wholesale price of polished diamonds has also declined from $22.6 billion in 2011 to about $18.7 billion today. By far the...
20 Mar
Articulating an industry wish-list, Gem & Jewellery Export Promotion Council (GJEPC) Chairman Praveenshankar Pandya asked Maharashtra Chief Minister Devendra Fadnavis for help in ensuring that the Goods & Services Tax (GST) council ensured that gems and jewellery, which sometimes changes several hands while in the process pipeline, was only taxed at the final sale stage. Pandya also asked the Chief Minister to look at providing Mumbai with a world-class convention and exhibition centre, the allocation of land and clearances for an industrial park for jewellery and help in consolidating the industry’s training and certification efforts by establishing a gem and jewellery university. Pandya was speaking at the GJEPC 43rd annual India Gem & Jewellery Awards function in Mumbai on...
17 Mar
At the launch of the certification event are from left: IIGJ JaipurSecretary Vijay Chordia, JAJ President Nirmal Bardiya, GJSCIChairman Premkumar Kothari, IIGJ Jaipur Chairman PramodAgarwal and JAJ Secretary Rajesh Dhamani.
The Gem & Jewellery Skill Council of India (GJSCI), the Indian Institute of Gems & Jewellery (IIGJ), Jaipur and the Jewellery Association of Jaipur (JAJ), signed a tripartite agreement to train and certify 10,000 gem and jewellery artisans based in Jaipur over the next six months. The training and certification will take place through the GJSCI’s Recognition of Prior Skills (RPL) program under a government initiative, the Pradhan Mantri Kaushal Vikas Yojana scheme. Under the agreement, signed by the Jaipur IIGJ Chairman Pramod Agarwal,...
16 Mar
Anil Agarwal
Indian billionaire Anil Agarwal has stated that he plans to acquire a stake of about 12 percent, worth approximately $2.5 billion, in Anglo American, which owns diamond major De Beers and Anglo American Platinum, the world’s largest platinum producer, accounting for 38 percent of production. Agarwal says he is interested in Anglo American because of its diamond and platinum mining business. Agarwal, who will make the acquisition through his family trust, Volcan Holdings, controls London-headquarted Vedanta Resources, a mining conglomerate with interests in zinc, lead, silver, copper, iron ore and aluminium. Anglo American and Vedanta shares rose on the London Stock Exchange in response to the news. Like most other miners, Anglo American was hit hard...
16 Mar
Mumbai-based Gitanjali Gems has bundled its diamond jewellery brands, including three former De Beers labels, into a single entity, Nakshatra World, and filed draft papers with the Securities & Exchanges Board of India (SEBI) to float an initial public offering (IPO) for the new firm. The Gitanjali filing with SEBI indicates that Nakshatra World will retail the group’s Gili, Diya, Parineeta and Rivaaz jewellery brands as well as the Nakshatra, Asmi and Sangini brands that it acquired from De Beers. The planned IPO is for 18 million shares of Nakshatra World, and though no value was declared, Gitanjali had stated in December last year that Nakshatra would raise up to ₹650 crore  (about $100 million) through an IPO. The new company will join a slew of other listed Indian jewellery...
16 Mar
Sarine's new consolidated facility in Surat
The Indian subsidiary of diamond processing equipment maker and services provider Sarine Technologies has consolidated its Surat operations in a brand new, wholly-owned, hi-tech facility. The new facility covers 55,000 square feet (5,100 square meters) over six floors, housing approximately 400 staff members. Named 'Sarin House', the building is wholly owned by Sarin India. All operations and services of Sarin India in Surat have moved to Sarin House, including customer care and support, Galaxy inclusion mapping, Quazer laser processing and the Sarine Profile trade and retail services.  According to David Block, Chief Operating Officer and designated Chief Executive Officer of Sarine, "The opening of Sarin House in Surat...
15 Mar
Bahrain’s state-owned airline Gulf Air has added India-based jewellery retail chain Joyalukkas to its list of rewards partners, enabling jewellery buyers to earn reward points or miles. As a kick-off incentive, Joyalukkas is letting Gulf Air’s Falconflyer loyalty program members earn twice as many miles on purchases from its participating retail outlets in Bahrain, Oman, Qatar, Saudi Arabia, Kuwait, Singapore, Malaysia, the UAE, Britain and the United States. Joyalukkas group Executive Director John Paul Alukkas, who signed the deal with Gulf Air Chief Commercial Officer Ahmed Janahi, said, “The success of Joyalukkas is largely due to the loyalty and support our customers have given us throughout our 30 years in the industry.”
14 Mar
Indian jewellery chain retailer Reliance Jewels has introduced a wearable tech collection of pendants that the wearer can trigger to send distress signals to a pre-set list of ‘guardians’ — designated friends or family. The company said the jewellery range, called the Aavaran Collection, comes with a button that sends out a distress alert when pressed twice. The system also allows the designated guardians to track the wearer. The pendants range from ₹4,000 ($60) upwards for silver and ₹25,000 ($378) upwards for gold and are available at all Reliance Jewels stores in cities across the country.
03 Mar
World Platinum Investment Council Director for Market DevelopmentMarcus Grubb(left), Muthoot Precious Metals Division CEO Keyur Shah,Emerald Jewel Industry India Ltd. Chairman & Managing Director K.Sreenivasan at the product launch.
Muthoot Exim, the precious metals division of the 130-year-old Muthoot Pappachan Group, launched a range of platinum investment products, starting with a line of statuettes of the Hindu deity Ganesh. The statuettes are fabricated in 95-percent-pure platinum by Emerald Jewel Industry India Ltd. of Coimbatore, Tamil Nadu. Named the Anantavarsham Platinum Series, these products aim to give Indian customers access to affordable investment in platinum through easy-instalment purchases and savings schemes. The launch is part of a new...
03 Mar
Jayantilal Challani
Extolling the merits of organising local industry and being ahead of the curve in a rapidly changing economic and commercial environment in India, Madras Jewellers & Diamond Merchants’ Association (MJDMA) President Jayantilal Challani observes, “The term ‘cashless economy’ may have gathered momentum now, but we (the MJDMA) had long ago suggested to our members and our purchasing public that they move to card-driven transactions. We asked our members to educated their customers on the merits of cashless transactions.” He thinks cashless transactions will become the norm in the country rapidly. “I am sure in that just a few years from now, the whole country will accept and adopt cashless transactions.” As far as the proposed Goods and...
28 Feb
Priyanka Chopra glitters in $6.25 millionworth of Lorraine Schwartz jewellery
Platinum jewellery featured at this year’s Academy Awards red carpet and at the after-parties surrounding the award function, according to Platinum Guild International (PGI). Hollywood’s A-listers chose brands such as Lorraine Schwartz, Neil Lane, Tiffany & Co., Harry Winston, Chopard, and Fred Leighton to adorn them this year, the PGI said. Headlining the lot was Indian actor Priyanka Chopra, who was decked out in $6.25 million worth of platinum jewellery by Lorraine Schwartz. Her ensemble included earrings with 60 carats of diamonds, cuffs with jade and natural lavender and a ring with a 10-carat emerald-cut diamond, all set in platinum. Nicole Kidman went with Harry Winston, while...
27 Feb
Coloured gemstone producer Gemfields plc reported revenue of $51 million for the six months ended December 30, 2016 — a nearly 46 percent drop from the $94 million for the same period the previous year. The company also slumped to a loss of $13.6 million for the period, as against a profit of $8.2 million the previous year. The company said the main reason for the decline was the deferral of the higher quality rough emerald auction originally scheduled to take place in December 2016 to February 2017 and a moderated product mix placed on offer at the last ruby auction; Only two auctions were held during the period, consisting of one commercial quality rough emerald and beryl auction and one mixed quality rough ruby and corundum auction, the company said. The previous period saw three...
24 Feb
An exhibition of diamond paintings by designer Reena Ahluwalia has gone on display at one of the outlets of the Bengaluru-based jewellery retailer C. Krishniah Chetty Group (CKC) to celebrate its 148th year of existence. A portion of the proceeds from any paintings sold will go to the CKC Foundation, which will use the funds towards improving three government-run primary schools in the Dasarahalli,  Jogupalya and Ulsoor areas of Bengaluru. On display are Ahluwalia’s large-scale hyper-realistic paintings with ultra magnified facets. “I want people who stand in front of my paintings to feel like a diamond – full of potential, rare, precious, brilliant and luminous. My paintings tell positive, uplifting and empowering stories, because diamonds without stories and soul are stone cold,” said...
24 Feb
New brand ambassador Kangana Ranaut
The Nakshatra diamond jewellery brand announced that film star Kangana Ranaut would be its new brand ambassador. The brand, originally created by De Beers to launch diamond jewellery promotions in India, was later acquired by the Gitanjali group. The brand has kept its core identity by staying with the seven-stone design that taps into both Indian tradition and mythology. The cluster design harks back to traditional Indian floral designs and the seven-stone setting connects with the Sanskrit name for the Great Bear constellation. The name Nakshatra derives from the Sanskrit word for ‘star’. The brand also launched a television commercial campaign that leverages the stellar connection and astrology, aiming to make a connection...
23 Feb
The Malabar Gold & Diamonds group, one of India’s biggest jewellery retail chains, announced it is planning to invest around ₹1,000 crore ($150 million) in an expansion drive focussed mainly on overseas markets. Malabar says its objective is to become the world’s largest jewellery retailer in a few years’ time. The ₹26,000 crore ($3.9 billion) Malabar group is already among the world’s top five jewellery retailers in terms of turnover. It reported ₹11,500 crore ($1.7 billion) in overseas sales and ₹10,700 crore ($1.6 billion) in domestic sales through 2016. It currently employs 9,000 personnel. Malabar said that the majority of its capital expenditure in the expansion drive would be towards setting up retail outlets in Hong Kong, Indonesia, the Middle East and Sri Lanka. Company...
21 Feb
When the Finance Bill 2017 is passed by the Indian Parliament, jewellery will be treated on par with general goods and any cash sales of jewellery exceeding ₹2 lakh in the country will attract a one percent ‘tax collected at source (TCS) as of April 1. Currently, cash sales of jewellery over ₹5 lakh are taxed. As the government’s budget proposals already seek a ban on all cash transactions over ₹3 lakh, the new Bill seeks to do away with the ₹5 lakh threshold for jewellery. Cash dealings over ₹3 lakh will be punished with a penalty of an equivalent amount to be paid by the person receiving the cash. A government official was quoted as saying, “The Income Tax Act provides for one per cent TCS on cash purchase of goods or services above ₹2 lakh. The definition of goods also includes...
20 Feb
The first GEMKonnect Knowledge Forum, one of a series of planned educational seminars powered by the Gemological Institute of America (GIA) across the country for the Indian gem and jewellery industry,  was conducted in the city of Indore. The response from the jewellery retail community was overwhelming, as a rapidly changing economic and social environment in the country called for major changes in the way the industry does business. The six-module event featured two sessions by the GIA’s Amrit Patel and Mohit Agarwal — one on what gemmology is all about and what career options it could throw open for the next generation, and the other focussing on synthetic diamonds; the various types and manufacturing processes as well as methods of detecting them. A session by Chirag Warty explained...
16 Feb
Muthoot Pappachan Group Executive Director Thomas Muthoot,CEO Muthoot Precious Metals Division Keyur Shah, DivineSolitaires Managing Director Jignesh Mehta, Shailen Mehta andHitesh Mehta, both Directors of Divine Solitaires, at the launch ofthe Swarnavarsham Diamond Jewellery line.
Muthoot Exim, the precious metals division of the Muthoot group, has tied up with Divine Solitaires to launch a range of single-stone diamond rings aimed at India’s lowest economic bracket that will be sold through all of Muthoot’s 3,600 outlets — most of them in small-town and rural India. In a first for India, the new initiative, Swarnavarsham Diamond Jewellery, offers a diamond buy-back at 90 percent of prevailing prices. Muthoot is a leader in the gold loans business and instalment-...

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