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16 Feb
Gitanjali Gems Ltd., which is listed on the Bombay Stock Exchange (BSE), has reported a profit of ₹5 crore ($746,286) for the third quarter of fiscal 2016-17, a 76 percent drop compared to the ₹20.6 crore ($3.1 million) during the same period in the previous financial year.  The steep drop is due to a ₹119 crore ($17.8 million) interest payment which took a major bite out of the ₹122 crore ($18.2 million) pre-tax profit. Revenue for the period was ₹1,995 crore ($298 million), a drop of 4.2 percent from the ₹2,082 crore ($311 million) in the third quarter of the previous year. The company’s stock was trading 7.73 percent down from its previous closing at the time of reporting. Gitanjali has recently announced that Gitanjali Infratech, a wholly owned subsidiary, has acquired Dynamic...
15 Feb
Bombay Stock Exchange (BSE)-listed PC Jeweller posted a 27.39 percent drop in net profit to ₹106.97 crore ($16 million) for the third quarter of fiscal 2016-17 as domestic sales in the October-November period plunged in the wake of the government’s demonetisation initiative. The company had registered profits of ₹147.34 crore ($22 million) over the same period in the previous fiscal year. Revenues too fell to ₹2,107.37 crore ($315 million) from ₹2180.48 crore ($326 million) the previous year. The company said, however, that sales had picked up once again in December and that they had returned to normal levels by January. It stated it was confident of making up the lost sales of the third quarter in the fourth. The company said it had also experienced a spike in orders from the UAE over...
15 Feb
Chairman's Trophy winner Shiv Chandan (centre) with GJSCI PresidentPremkumar Kothari, flanked by runners up and IIGJ officials.
The Indian Institute of Gems & Jewellery (IIGJ) held its 10th diploma batch convocation on Tuesday at the IIGJ campus in the northern Mumbai suburb of Andheri.  The ceremony was presided over by Gem & Jewellery Skill Council of India (GJSCI) President Premkumar Kothari,  IIGJ Tardeo campus Convener Namita Pandya, IIGJ Director Nirmal Kumar Barmecha and the institute’s head Sanjoy Ghosh. The IIGJ Chairman’s Trophy for consistent performance during the course was awarded to Shiv Chandan, while Oneza Chauhan was declared runner up and Kushali Patel was placed third.
14 Feb
The SGL equipment being demonstrated
Solitaire Gemological Laboratories (SGL) has announced that new testing systems allow it to detect synthetic diamonds that have already been set in jewellery. SGL said that its routine testing of diamonds now includes the use of a fluorescence-based imaging system and a chemical analysis spectrometer, which allow for accurate detection of both HPHT as well as CVD synthetics even after they have been set in jewellery. The additional tests are being offered at no extra charge. SGL has concentrated its service offerings at the jewellery retailer level, and the new equipment allows it to assure clients who might have inventory they are uncertain about. “SGL has been regularly researching and updating its technology to cater to the...
13 Feb
Jewellery sales in India, having dropped steeply in November and December 2016 in the wake of the government’s currency reform measures, have begun picking up again from the end of January this year, with more credit card payments and online transactions, Ashok Minawala, a director of the All India Gems & Jewellery Trade Federation (GJF), told the Hindustan Times. While historically more than half the estimated ₹3.5 trillion ($52.3 billion) Indian jewellery sales market has typically seen cash transactions, some 80 percent of purchases in the last few weeks have been through card transactions. A senior government official was quoted as saying the official aim was to get such a result as authorities perceived a great deal of unaccounted wealth as being used in jewellery purchases. Tax...
11 Feb
Shantibhai Patel
The Indian jewellery industry should make a collective effort to  not only promote and market its product to consumers, but also educate them on what they should be spending on gems and jewellery, feels Shantibhai Patel of Jaykrishna Jewellers in Ahmedabad, who is also President of the Gem & Jewellery Trade Council of India. “We should have a communications effort that tells consumers that an ideal spend on our product should be about 20 percent of their discretionary income,” he said. Elaborating on the power of promotion, Patel said that the promotion and marketing efforts of the big retailers are what drives change in consumer attitudes to the product itself. Patel told GEMKonnect that another force catalysing change are the new fiscal and...
10 Feb
Biren Vaidya speaks at the seminar
The Gem & Jewellery Export Promotion Council (GJEPC) organised the 2017 edition of its annual trend forecasting and design education seminar in Mumbai on February 9 and 10. Titled Design Inspirations 2017, the initiative looked at taking the Indian domestic and export-production jewellery industry forward through an increasingly digitised and demand-fragmented world. Its specific focus was the Millennial consumer and jewellery trends in the US, Europe as well as in India. As keynote speaker Shimul Mehta Vyas put it, “We live in a connected world, with a generation that views jewellery differently.” She added, we are now witnessing the fourth industrial revolution — the fusion of the physical, digital and biological world.”...
10 Feb
From right to left at the Presidents Meeting press conference: BDB Vice-President and WFDB Treasurer-General Mehul Shah, Secretary-General Rony Unterman, President Ernie Blom, Vice President YoramDvash, GJEPC Chairman Praveenshankar Pandya, and WFDB DeputyTreasurer-General Julien Dryblooms.
The WFDB will be creating a financial task force to follow up on the finance seminar held during the 2017 Presidents Meeting, WFDB President Ernie Blom told media at the Bharat Diamond Bourse (BDB). Blom said that the comprehensive discussion on financing for the diamond industry, along with the issue of generic diamond marketing and other key topics, had been extensively debated at the Presidents Meeting.  "We had a set of very frank and productive discussions which covered a...
10 Feb
SEEPZ Development Commissioner N.P.S. Monga speaks at theevent to launch the GJSCI initiative.
The Gems & Jewellery Skill Council of India (GJSCI), which has been working toward increasing skill levels in the Indian gem and jewellery industry, launched its Recognition of Prior Learning (RPL) Program in the SEEPZ export zone in Mumbai. The initiative was inaugurated by SEEPZ Development Commissioner N.P.S. Monga. The RPL program, which has been unrolled in several parts of the country, aims at certifying unqualified gem and jewellery artisans, with a syllabus that acknowledges their prior working experience as a major part of the qualification process. The SEEPZ export zone is a major gem and jewellery production centre that manufactures product for markets all...
10 Feb
Tribhovandas Bhimji Zaveri Limited, the Indian jewellery retailer known popularly as TBZ, reported a 2.49 percent drop in third quarter revenue for fiscal 2017 on a year-on-year basis to ₹1,316 crore ($197 million). Pre-tax earnings were, however, up 58.89 percent to ₹57.48 crore ($8.6 million). The company reported a 9.55 percent growth in third quarter revenue to ₹542.99 crore ($81.25 million) and a pretax profit of ₹19.15 crore ($2.87 million), up 11.86 percent on a year-on-year basis. Company Chairman and Managing Director Shrikant Zaveri stated,“We had a very encouraging start to the quarter and witnessed robust sales in October. The withdrawal of high denomination banking notes impacted the jewellery sales in November, however the situation gradually normalised in December. Despite...
08 Feb
The Indian bridal jewellery market, which still accounts for the bulk of jewellery sales in the country and driven by thousands of years of unchanging tradition, is now impelled by Facebook trends and no longer depends on the senior women in the family for purchase decisions. “The bridal jewellery market has changed beyond anything the traditional jeweller could imagine,” says Daxesh Soni of Parasmani Gems Pvt. Ltd. of Ahmedabad. “Where once the styles and designs could literally be traced back centuries, what sells today is fusion of traditional and modern design,” he adds. “While a traditional neckpiece would have between 200 and 300 grams of gold, today, we’re seeing demand for styles that have as little as 50 grams of gold,” Soni says. “The younger generation are no longer enamoured...
08 Feb
File photo of the Bunder project camp.
Rio Tinto announced that it has decided to gift the Bunder diamond mining project in India to the government of the state of Madhya Pradesh after a comprehensive review. Having failed to receive environmental clearances for the project to go ahead, Rio Tinto had announced in August last year that it would not proceed with the development of Bunder. The company said that under a state government order signed in January this year, the government will accept ownership and take on responsibility for the Bunder assets.  The miner said that the inventory of assets and associated infrastructure handed over to the government comprises all land, plant, equipment and vehicles at the Bunder project site. The inventory will also include...
07 Feb
WFDB President Ernie Blom addresses the introductory session
The diamond industry and its bankers got together at a special finance seminar in Mumbai, to discuss the issue of scarce institutional credit for the industry and the reasons why many banks were exiting the sector. While bankers cited a variety of issues like the lack of transparency, professionalism and truthful reporting of financial numbers, the diamond industry underlined its solid global performance and asked bankers to understand the trade better and get more involved to avoid problems. The seminar, jointly organised by India’s Gem & Jewellery Export Promotion Council (GJEPC), the Bharat Diamond Bourse (BDB) and the World Federation of Diamond Bourses (WFDB), was held as a special segment of...
07 Feb
At the inauguration are (from left), GJEPC ChairmanPraveenshankar Pandya,  GJEPC Exhibitions ConvenerSaunak Parikh, Commerce Ministry Joint Secretary ManojDwivedi and WFDB President Ernest Blom.
The 10th edition of the IIJS Signature trade show kicked off in Mumbai on Monday, with show organiser the Gem & Jewellery Export Promotion Council (GJEPC) celebrating its 50th year of existence. The show features more than 500 exhibitors and over 1,000 booths, and is expected to attract 15,000 visitors from over 455 cities and towns across India and from more than 55 countries, the GJEPC said. It added that this year, overseas visitor registration had increased sharply. GJEPC chairman said this year’s show was significant as the Indian gem and jewellery industry looks...
07 Feb
Design students take a close look at traditional silver jewelleryfrom Hupari
The Gems & Jewellery Skill Council of India (GJSCI) has launched a “Revive Design” initiative in the town of Hupari, famous for its long tradition in silver jewellery manufacture. The initiative aims to get young design talent to infuse the town’s 200-year-old silver jewellery industry with a modern look. The town’s silver jewellery artisans are the sole suppliers of seamless silver balls to the entire country. The town’s artisans have, however, been struggling to keep up with India’s evolving market and the “Revive Design” initiative is intended to give it new impetus. The initiative involves a countrywide, inter-institute design contest with 20 winners being selected to work with...
01 Feb
Indian Finance Minister Arun Jaitley announced the country’s budget for fiscal 2017-18 in Parliament today, announcing a policy pivot toward boosting the country’s huge rural economy, which supports over 80 percent of the population, many of them poor and underprivileged. The government also kept up the momentum of its push for a greater cashless economy by imposing a penalty on cash transactions over ₹3 lakh ($4,450). The Finance Minister also said, however, that the country had to focus its export infrastructure in a competitive world, and announced a new scheme, the Trade Infrastructure for Export Scheme (TIES) towards building the country’s export competency. Among the proposed measures is a zero tax on those earning less than ₹2.5 lakh ($3,700) and a 5 percent income tax for those...
31 Jan
Anand Shah
In what is definitely a first in India, a jewellery retail store has opened in India’s diamond polishing capital Surat, branded with designer Anand Shah’s name under a franchise agreement. Shah told GEMKonnect that whole idea was conceived by the retailer —Deepak Vaghani — himself. “Honestly, the whole idea was his. He has had a lot of faith in my designs and it all built up to a franchise store with my name as the brand, being opened.” Shah, a designer who operates jewellery retail stores under his own brand in Mumbai, only has to supply product to the store, with retail being managed by the franchisee. Vaghani already has two retail outlets under the Golden Jewels store brand in Surat. The new Anand Shah boutique is his third in the same city. “I have...
30 Jan
Prasad Kapre
Style Quotient Jewellery, which launched a line of fashion jewellery under the Being Human brand in December 2016, is now rolling out a fine diamond jewellery line under the same brand. GEMKonnect spoke to Style Quotient Jewellery CEO Prasad Kapre to learn more about what the demand impellers were and what a charitable brand might have in common with a fine diamond jewellery line. Excerpts from the interview: Being Human is a charity, so doing a clothing and fashion jewellery line as a consumer contact initiative makes sense. What made you move into diamond jewellery? What is the connection with the NGO core of Being Human?  The Indian jewellery industry is showing signs of moving from standalone store brands to playing at national level. Which...

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