04 Jan
Anantha Padmanabhan
The All India Gem & Jewellery Domestic Council (GJC), the national apex body of the domestic gem and jewellery industry elected Anantha Padmanaban of NAC Jewellers Ltd. as its next Chairman for a two-year term.  Shaankar Sen of the Senco Group was elected Vice Chairman. The two were elected through a countrywide independently verified online voting process, which also elected new members to the GJC’s Committee of Administration — the body’s governing board. Padmanaban has been closely associated with the GJC ever since its inception and has, over the years, come up with and executed innovative programmes for the benefit of the Industry. He was instrumental in addressing many issues that impacted the industry like excise duty, the Goods and...
03 Jan
The Indian government has accepted the recommendations of the Gem & Jewellery Export Promotion Council (GJEPC) and exempted jewellery exporters from paying the Integrated Goods and Services Tax (IGST) on gold imports through government-designated importers known as Nominated Agencies. Until now, a 3 percent IGST was applicable to jewellery exporters who sourced their gold from the Nominated Agencies — mainly state-owned banks and other state-owned bodies such as the Minerals & Metals Trading Corporation (MMTC). While the banks themselves had been exempted from paying GST on the imports of gold, it was still levied from importers, who did so through bank guarantees that tied up a significant portion of their working capital. GJEPC Chairman Pramod Agarwal observed, “We commend this...
02 Jan
The All India Gem and Jewellery Domestic Council (GJC) has announced that its first Preferred Manufacturers of India (PMI) event of 2019 will be held in Coimbatore, the southern Indian manufacturing and export hub, from January 8 to 10. Participating jewellery manufacturers will be showcasing their product to 150 Indian jewellery retailers. GJC Chairman Nitin Khandelwal commented that Coimbatore was the ideal location to kick of the PMI initiative as the city is home to over 50,000 goldsmiths and more than 25,000 small and medium enterprises, making it a showcase for the ‘Make in India’ initiative. GJC Vice Chairman Anantha Padmanaban commented, “Our aim is to help participants from all parts of the country by fulfilling their business objectives,” adding, “Coimbatore offers the best of...
31 Dec
An order from the Indian government making the hallmarking of gold and silver jewellery mandatory is imminent, reports the Business Standard. The government had notified regulations for the mandatory hallmarking of gold and silver jewellery last June and Food and Consumers Affairs Minister Ram Vilas Paswan had said in November that an order mandating hallmarking was “coming soon”. The hallmarking will be administered by the Bureau of Indian Standards (BIS), which comes under the Food and Consumers Affairs Ministry. The BIS has been ready with standards for 14-, 18- and 22-karat gold, but the ministry has held back until now while it sought legal clarifications regarding the proposed order. Many Indian jewellery retailers sell both hallmarked and non-hallmarked jewellery, with some...
28 Dec
Hamdi Ali
A 17-year-old high school student from Edmonton, Canada, has discovered a new way to extract rough diamonds from the mother rock without using the current technique of mechanical crushing, which carries the high risk of the diamonds within the rock being damaged or broken into small pieces, reports CTV News, Edmonton. Hamdi Ali, the teenaged student, made the discovery while running an experiment as part of the University of Alberta’s Women in Scholarship, Engineering, Science, & Technology (WISEST) program that focuses on creating effective programs to empower women (and other under-represented groups) to pursue, impact, and succeed in the fields of science, engineering, and technology. Ali and her graduate student mentor Margo Regier began by x-...
22 Dec
GJEPC Chairman Pramod Agarwal and DDE ChairmanAhmed Bin Sulayem at the signing ceremony
The Dubai Diamond Exchange (DDE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), signed a service agreement to join the MyKYCBank platform of the Gem & Jewellery Export Promotion Council (GJEPC). DMCC Executive Chairman and DDE Chairman Ahmed Bin Sulayem GJEPC Chairman Pramod Kumar Agrawal did the honours. The DMCC is the fourth trade body to join the MyKYCBank after the GJEPC, Bharat Diamond Bourse (BDB) and the Antwerp World Diamond Council (AWDC). The agreement enables DMCC members trading in diamonds, gold and precious stones to join the MyKYCBank platform. The MyKYCBank platform provides a centralised global platform for companies in the gem and jewellery...
20 Dec
The All India Gem and Jewellery Domestic Council (GJC), has started its nomination process for the National Jewellery Awards (NJA) 2018. The awards recognise outstanding contributions in the Indian domestic gem and jewellery industry in the areas of design, manufacturing quality as well as marketing and business development excellence in the country’s jewellery manufacturers, wholesalers and retailers. The final presentation of the awards will take place in Mumbai on February 11, 2019. Features of this year’s NJA include: Over 36 awards in 5 categories. The introduction of Corporate Social Responsibility and Women’s Entrepreneurship awards for the first time. Scholarships worth ₹10 lakh ($14,265) for students. Consultants Ernst & Young are to be the process advisors for the awards...
19 Dec
Auction house Bonhams Fine Jewellery said a 5.03-carat square-cut fancy pink diamond of VS1 clarity, which sold in London on September 26 for $2,935,263, fetched the most on its top-ten list of fine gem and jewellery lots sold in 2018. The stone set a new per carat auction world record for a fancy pink diamond, at $583,551 per carat. Bonhams Global Director of Jewellery Jean Ghika commented, “The market has remained strong for exceptional pieces of jewellery from famed eras and world class makers. We’ve also seen excellent prices achieved for emeralds this year and anticipate that they will continue to follow an upward trajectory.”  She added, “Fancy coloured diamonds with intense colour saturations and of a good size also performed extremely well in all our fine jewellery sales in New...
19 Dec
Hong Kong-based Chow Tai Fook Jewellery Group, which has a large retail footprint in Hong Kong, Macau and mainland China, has joined De Beers’ Tracr blockchain traceability platform’s pilot program. Chow Tai Fook joins a range of other leading businesses from across the diamond value chain in piloting the Tracr asset-tracking platform powered by blockchain and artificial intelligence. De Beers said in a press release that Chow Tai Fook’s participation will further extend the platform’s reach into the Asian diamond sector, in particular in Greater China. This will help accelerate Tracr’s ability to fulfil its mission of working with the industry to build a digital ledger that spans the entire diamond pipeline, helping to ensure the platform made by the diamond industry meets the needs of...
19 Dec
The DMCC's Almas Tower in Dubai
HRD Antwerp has entered a partnership with Dubai-based jewellery retailer Stargems to certify their entire jewellery inventory through the establishment of a diamond jewellery grading lab, according to a press release from the Dubai Multi Commodities Centre (DMCC). As a result of the collaboration, HRD Antwerp will open its first diamond jewellery grading lab in the Middle East, located inside  the Turkish Trade Center (TTC) in Almas Tower in the DMCC Free Zone.  Stargems Group Chairman Shailesh Javeri commented, “Within the diamond industry, trust is key. As a retailer, we want our customers to have confidence in our products. By certifying our entire inventory with the highly reputable HRD Antwerp brand, our customers can be...
18 Dec
ALROSA reported that its global luxury and jewelry market research for the third quarter of 2018 revealed that despite the external economic pressure associated with the depreciation of various national currencies against the US dollar, the demand for diamond jewellery remains stable in markets worldwide. Overall, the diamond jewellery market grew by four percent in the quarter in a year-on-year comparison. Sales in North America, the largest diamond jewellery market, also showed a four percent sales increase compared to the same period last year. According to key retailers, stable growth was driven by increased domestic demand.  In the Asia Pacific region (ALROSA’s classification includes Southeast Asia and India), a slowdown in sales growth to 3 percent was tied to the overall external...
18 Dec
De Beers today announced that it had provisionally sold $540 million worth of rough diamonds in its 10th and last sales cycle of 2018. This compares with the $455 million in rough actually sold in the 10th cycle of 2017. It is also a hefty jump over the $442 million actually sold in Cycle 9 this year. With the final sale, De Beers has now provisionally sold $5.46 billion in rough diamonds over 2018. De Beers CEO Bruce Cleaver said, “De Beers Group’s rough diamond sales during the final cycle of the year continued to be in line with expectation ahead of the all-important retail selling season as cutting and polishing factories in India restarted their operations following the Diwali holiday.”
17 Dec
File photo of Jonathan Kendall and Sun Fengmin when the the partnership was announced in September
De Beers announced it has officially launched its education partnership with the National Gemstone Testing Centre (NGTC), a leading China authority in the testing and inspection of gems and jewellery, extending the accessibility of De Beers’ diamond education courses to students in China. The partnership, which was announced in September last and originally slated for rollout in early 2019, officially launched at the Beijing Jewellery Show in China on December 13. It will provide a variety of diamond education courses, supporting the needs of multiple groups across the diamond industry. Courses will focus on a range of content, including: Insight into the diamond...
13 Dec
Mineral sampling at Coscuez
Coloured gemstone producer Fura Gems Inc. announced the maiden mineral resource estimate for the Coscuez emerald mine in Colombia, in which it holds a 76 percent stake. The estimate infers 3 million tonnes of mineral resources at an average 2 carats per tonne, translating into an estimated 6 million carats of emeralds in the mine. Productive mine life is projected to be 30 years. At a conservative estimate of $200 per carat, the mine could potentially generate upwards of $1.2 billion over its estimated productive life. The mineral estimate was prepared by independent group Watts, Griffis and McOuat Limited (WGM) and entailed: The mapping of more than 20 km of existing underground tunnels. The completion of more than 1,600 metres of...
12 Dec
Coloured gemstone producer Fura Gems Inc. announced that its non-brokered private placement of shares worth C$5.3 million (US$4 million) has been fully subscribed and is now closed. The Shares were issued at premium of 25 percent to the company’s stock closing price on the Toronto stock exchange on December 10. As announced before, Fura intends to use the proceeds of the offering for the exploration and development of its emerald and ruby assets in Colombia and Mozambique respectively, and for general corporate purposes.  Fura also announces the appointment of Gaurav Gupta to its board of directors, effective immediately. His appointment follows the resignation of Roberto Schrader from the company’s board. Fura said Gupta is an entrepreneur with over 20 years of experience in...
11 Dec
India’s Gem & Jewellery Export Promotion Council (GJEPC), said in a press release that it expects exports of gems and jewellery to the US to be “encouraging” over the Christmas season. It cited rising GDP growth, employment and private consumption expenditure in the US as reasons for its optimism. The GJEPC said its view was underscored by the 22.1 percent year-on-year rise in polished diamond exports to the US over the April-October 2018 period to $5.43 billion from the $4.45 billion during the same period in 2017. In addition to this, the GJEPC said, exports of gold jewellery to the US also witnessed an impressive growth of 13.13 percent year-on-year from $867.87 million during April-October 2017 to $981.85 million this year. The GJEPC said it expects gem and jewellery exports from...
10 Dec
ALROSA reported that it had sold $266.6 million worth of rough diamonds along with $7.4 million in polished  for a total of $274 million in November. The sale brought the company’s 11-month total for 2018 to $4.1 billion in rough diamond and $90.4 million in polished sales for a total of $4.2 billion — a 3.7 percent growth in a year-on-year comparison. "Diamond sales in November were 13 percent higher by value and 25 percent higher by volume against October this year. This may be indicative of strengthening demand for low-cost small-sized rough diamonds, which has been declining over the past few months. However, it is too early to make final conclusions,” said ALROSA Deputy CEO Yury Okoemov. He added, “We still see a lot of potential for the increase in demand for rough diamonds from the...
07 Dec
Signet Jewelers Limited announced its third quarter results (13 weeks ended November 3) for fiscal 2019, reporting sales for the period of $1.19 billion, up 3 percent on a reported basis and up 3.3 percent on a constant currency basis from the same quarter in fiscal 2018. Total same store sales performance was 1.6 percent versus the prior year quarter, inclusive of a 75 basis points unfavourable impact due to planned shifts in timing of promotions at Zales and Peoples. E-commerce sales in the third quarter including James Allen were $125 million, up 54.9 percent on a reported basis. James Allen sales were $52.5 million in the quarter, up 13.6 percent compared to the prior year quarter, and had a positive 50 basis points impact on total company same store sales. E-commerce sales increased...

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