Author: Ruchi Singla

The Gem and Jewellery Export Promotion Council (GJEPC) and Delhi International Airport Limited (DIAL) have opened discussions regarding the potential development of a Jewellery Park Cargo City near Terminal 3 of Indira Gandhi International Airport in New Delhi. The proposed facility is intended to improve logistics and export infrastructure for the gem and jewellery sector through a planned 50-acre site.Stakeholder Meeting and Project OutlineA meeting was held on 26 March 2025 at GJEPC’s Delhi Regional Office to discuss the proposal. The session was chaired by Antarpal Singh Sawhney, Regional Chairman – North, GJEPC, and attended by representatives from both GJEPC…

The Natural Diamond Council (NDC) has launched the Diamond Learning Centre, a new free digital platform designed to provide accessible education on diamonds for jewellery professionals and enthusiasts. The platform launched in April, aligning with the Natural Diamond Council’s broader seasonal marketing efforts.Accessible at diamondlearningcenter.org, the site aims to improve knowledge of the differences between natural diamonds, laboratory-grown diamonds, and simulants. The platform is mobile-compatible and designed for independent use.Content and Learning StructureThe Diamond Learning Centre includes more than 25 short videos addressing frequently asked questions, as well as four self-paced educational modules covering:Users receive certificates upon completing each module.…

China has resumed purchasing cut and polished diamonds from India after nearly two years, providing a boost to the Indian diamond trade. This renewed interest was evident at the Hong Kong International Jewellery Show (4-8 March), where Chinese buyers placed orders to replenish stock. The shift has contributed to an increase in rough diamond prices and renewed expectations for improved trade.Implications for the Indian Diamond IndustrySurat, India’s main hub for diamond cutting and polishing, has been affected by lower demand from China in recent years. With China being India’s second-largest export market after the United States, the return of buyers is…

The International Gemological Institute (IGI) has appointed Pooja Sahgal as its Global Chief Marketing Officer. Sahgal has over 35 years of experience in marketing, branding, and digital strategy across various consumer brands.Background and Industry ExperienceBefore joining IGI, Sahgal held senior marketing roles at several well-known companies. Most recently, she was Vice President & Head of Category Direction, Innovation, and Equity at Godrej Consumer Products Limited, where she was involved in shaping brand strategies. Prior to that, she was Chief Marketing Officer at Raymond Consumer Care, overseeing brand development initiatives.Her previous roles also include positions at Kaya Limited, L’Oréal India, and Kellogg…

India and Thailand have formalised new trade collaborations in the gem and jewellery sector through three Memorandums of Understanding (MoUs) signed at the Bangkok Gem and Jewelry Fair (BGJF) 2025.These agreements, signed between leading industry bodies from both countries, focus on trade, certification, and industry cooperation.Key Agreements SignedAn 18-member delegation from India’s Gem and Jewellery Export Promotion Council (GJEPC), Jewellers Association Jaipur, and Sitapura Gems and Jewellery Industry Association participated in the Bangkok fair from 22–24 February 2025. On the opening day, three MoUs were signed to strengthen industry ties.The agreements include:Trade and Knowledge Exchange InitiativesThe delegation held discussions with…

India’s gem and jewellery sector currently contributes 7.5% to the country’s GDP, with projections indicating this could increase to 8.5% as gold prices rise according to Avinash Gupta, Vice Chairman of the Gem & Jewellery Council (GJC), who shared this outlook during the Delhi Jewellery & Gem Fair (DJGF) Signature 2025 at Bharat Mandapam.Gupta also noted that Delhi has become an important centre for the jewellery trade in North India, providing business opportunities for jewellers across the country.Delhi Jewellery & Gem Fair (DJGF) Signature 2025The first edition of DJGF Signature took place at Bharat Mandapam, featuring around 120 exhibitors. Organised…

The Reserve Bank of India (RBI) reduced the repo rate in early February in an effort to make borrowing more affordable. However, some analysts suggest this may not be enough to improve credit growth. Neelkanth Mishra, Chief Economist at Axis Bank and a part-time member of the Prime Minister’s Economic Advisory Council, stated that improving liquidity would be a more effective strategy for supporting economic expansion.Mishra noted that despite the rate cut, credit availability is still limited due to tight liquidity over the past 18 months. He stated that without addressing liquidity concerns, further rate cuts may not significantly affect…

The Gem & Jewellery Export Promotion Council (GJEPC) has appointed Kirit Bhansali as Chairman and Shaunak Parikh as Vice Chairman, following the Committee of Administration (COA) Election 2024. The newly constituted COA will oversee initiatives aimed at strengthening India’s gem and jewellery industry.Leadership PrioritiesKirit Bhansali, in his role as Chairman, outlined GJEPC’s focus on industry growth, infrastructure development, and international trade expansion. He highlighted key projects such as the India Jewellery Park in Mumbai and the Gem Bourse in Jaipur, alongside efforts to expand India’s presence in global markets, including Saudijex in Saudi Arabia and IJEX Dubai.”Our vision is to drive…

Gold leasing rates in India have reached record levels, doubling within a month due to a tightening global supply. Banks are diverting gold to the United States to take advantage of higher futures premiums, reducing availability in India. This shift is increasing jewellery production costs in the world’s second-largest gold-consuming market.Impact on Indian JewellersJewellers in India source gold through leasing arrangements, where banks import gold and lend it to manufacturers. Leasing rates, which typically range between 1.5% and 3%, have now exceeded this level, with further increases expected. Shekhar Bhandari, president and business head at Kotak Mahindra Bank, attributed the rise…

A jewellery store in Burrabazar has fallen victim to an online payment scam involving counterfeit transaction confirmations. The incident, which took place on 27 January, involved a fraudster using a fake payment app to deceive the store owner. Similar incidents have been reported in the area, indicating a risk for jewellers.Incident DetailsA middle-aged man entered the shop and selected a gold chain valued at ₹60,000. Instead of paying in cash, he opted for an online transaction via an e-wallet. However, the suspect used a fraudulent payment application that produced a fake confirmation message, giving the impression that the payment had been…

Mehul Shah, Vice President of the Bharat Diamond Bourse (BDB), has been appointed as the new Chairman of the Gemmological Institute of India (GII). With over four decades of experience in the diamond industry, Shah is recognised for his expertise in diamond certification, grading, and technological advancements in gem detection. He succeeds Anoop Mehta, who is noted for strengthening transparency and professionalism at the institute.The Role of GII in the IndustryFounded in 1971, GII provides laboratory services, gemstone certification, and research for the diamond, gems, and jewellery sector. The institute is backed by key industry organisations, including the Gem & Jewellery…

Titan Company has reported an increase in sales of diamond jewellery, attributing this to rising gold prices and a focus on high-value collections. Ajoy Chawla, CEO of Titan’s jewellery division, noted on an analyst call that while gold prices have been volatile, diamond jewellery sales have shown stronger growth.Consumer Preferences Shift Towards Studded JewelleryChawla highlighted that an increase in average transaction values contributed to diamond jewellery sales. “The buyer growth in studded was healthier than that in gold, much healthier I would say,” he stated. The company introduced collections aimed at high-value customers and expanded its marketing efforts during the Diwali…

Limelight Lab Grown Diamonds, India’s largest lab-grown diamond (LGD) jewellery brand, has raised approximately $11 million (INR 90 crore) in a funding round involving fund houses, broking firms, family offices, and company promoters.The capital will be used to expand the company’s retail presence, enhance its design offerings, and support operational growth. The brand aims to open 100 stores by 2026 as it seeks to strengthen its position in the LGD sector.Company Expansion and Market PositionFounded in 2019 by Pooja Madhavan, Limelight currently operates over 30 standalone stores and 30 shop-in-shop outlets across more than 35 cities in India. The company…

Gold sales in Zaveri Bazaar, India’s largest gold market, have slowed ahead of the upcoming Union Budget and concerns over potential US-imposed tariffs. Traders and jewellers are cautious amid speculation that the government may raise import duties to address the trade deficit. The import duty on gold was reduced from 15% to 6% in the July 2024 budget, and there is uncertainty over whether it will be revised again.Decline in Sales and Increase in Old Gold TransactionsAccording to “Surendra Mehta, secretary of the India Bullion & Jewellers Association,” gold sales in Zaveri Bazaar have dropped by 80% over the past four…

The Artisan Awards 2025, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and supported by GIA India in association with the World Gold Council, concluded in Mumbai with Princess Gauravi Kumari of Jaipur as the chief guest. Now in its eighth edition, the awards continue to recognise excellence in jewellery design, with this year’s theme, “Indian Crafts Reimagined”, highlighting the evolution of traditional craftsmanship in contemporary jewellery.Highlighting Traditional Craftsmanship in a Contemporary ContextThis year’s competition received over 630 entries, with finalists showcasing designs that combined heritage techniques with modern aesthetics. A selection of 20 finalist designs was exhibited…

Indian jeweller Jos Alukkas has announced a 28% surge in diamond jewellery sales over the first nine months of the current financial year. This growth aligns with the brand’s collaboration with the Natural Diamond Council (NDC), a partnership aimed at promoting consumer awareness about natural diamonds.The increase in sales reflects a broader trend in India, the world’s second-largest market for diamond jewellery, where rising disposable incomes and evolving consumer preferences are contributing to increased demand for natural diamonds.Market Growth and Consumer TrendsJos Alukkas has attributed the 28% growth to the heightened demand for diamond jewellery across key product categories, such…

The Department of Commerce, Government of India, has announced the Diamond Imprest Authorisation (DIA) Scheme, which will take effect from 1 April 2025. The initiative is aimed at supporting India’s diamond industry by enabling duty-free imports of natural cut and polished diamonds while imposing export obligations and value addition requirements on participating businesses.Key Features of the DIA SchemeThe scheme permits duty-free import of natural cut and polished diamonds weighing less than 0.25 carats (25 cents). Eligibility is limited to exporters holding Two Star Export House status or higher, with annual exports exceeding $15 million.Participating exporters are required to meet an export…

The National Board of Revenue (NBR) in Bangladesh has announced plans to install electronic fiscal devices (EFDs) in jewellery shops across the country. This initiative aims to enhance revenue collection in a sector where many businesses currently operate outside the Value Added Tax (VAT) system. The rollout will begin in 17 districts, with Dhaka and Chattogram as initial focal points.Phased Implementation Across 17 DistrictsThe implementation will begin with EFD installations in jewellery shops across districts including Dhaka, Narayanganj, Chattogram, and Mymensingh. Genex Infosys PLC will oversee the installation. The initiative aligns with recommendations to improve tax compliance and revenue collection.Addressing Challenges…

The Gem and Jewellery Export Promotion Council (GJEPC) has inducted renowned jewellery designer, artist, and educator Reena Ahluwalia into the Hall of Fame at the IIJS Signature 2025 Show. Supported by India’s Ministry of Commerce and Industry, the recognition acknowledges significant lifetime achievements and contributions to the jewellery industry.This year’s Hall of Fame focused on recognising women leaders who have driven innovation and progress within the sector. Ahluwalia was honoured alongside five other notable women for her contributions to the industry.Celebrating Women LeadersThe Hall of Fame also recognised Farah Khan Ali, Revathi Kant, Dr. Usha Balakrishnan, Vaishali Banerjee, and Pallavi Foley.…

The Gem & Jewellery Export Promotion Council (GJEPC) has reported a 12 per cent increase in gold jewellery exports during the current fiscal year, despite a 10 per cent decline in diamond exports. The council remains optimistic about a potential recovery in diamond demand, particularly in the United States, while also outlining plans to position Singur, West Bengal, as a global hub for fashion and costume jewellery.Mixed Performance in Jewellery ExportsGold jewellery exports have shown resilience this fiscal year, aided by rising gold prices, according to GJEPC officials. However, exports of cut and polished diamonds dropped by 18.8 per cent to…

Mumbai-based jewellery chain Torres faces allegations of running a Ponzi scheme, leaving thousands of investors in financial turmoil.Allegations and Scheme DetailsTorres, a jewellery chain operating several stores in Mumbai, is facing allegations of defrauding investors through a Ponzi scheme. The scheme involved offering moissanite stones and gems with a promised 11% weekly cashback over one year, amounting to an advertised annual return of 400%.Under the scheme, investors were required to contribute a minimum of ₹1 lakh and were provided with a moissanite pendant claimed to be worth ₹10,000. Customers later discovered these stones were counterfeit. While initial payouts were made,…

India’s Gem and Jewellery Export Promotion Council (GJEPC) launched the “Diamond Trails” project by globally recognised jewellery designer and artist Reena Ahluwalia during the IIJS Signature Show in Mumbai. This initiative integrates visual art, storytelling, and community engagement to spotlight the significance of natural diamonds in the jewellery industry.A Collaborative Effort“Diamond Trails” brings together five stories written by distinguished contributors—Avi Krawitz, Shanoo Bijlani, Grant Mobley, Sonia Esther Soltani, and Reena Ahluwalia herself. These narratives are paired with five diamond paintings created by Ahluwalia over more than a year. The project explores themes of collaboration and the evolving perception of diamonds within…

The Indian government is evaluating the introduction of mandatory hallmarking for silver jewellery and artefacts, following consumer demands for improved quality assurance. The announcement was made during the Bureau of Indian Standards’ (BIS) 78th Foundation Day event on 6 January 2025, where Food and Consumer Affairs Minister Pralhad Joshi asked BIS to assess the proposal’s feasibility and consult stakeholders.Current Hallmarking FrameworkHallmarking is currently mandatory only for gold jewellery and artefacts in India, a measure implemented in June 2021. This system certifies the purity of gold using a unique six-digit alphanumeric Hallmark Unique Identification (HUID) code. Since its launch, over 44.28…

A jeweller in Borivali, Mumbai, has reported being defrauded of gold worth ₹1.6 crore in a scam involving fake gold bars. The LT Marg police have filed a case of fraud and embezzlement against two accused, identified as Suresh Vaishnav and Ramlal Gurjar, who are currently absconding. An investigation is underway to determine if other jewellers may have been similarly targeted.Details of the FraudAjay Dharamji Vaya, proprietor of Krisha Art, a jewellery-making business, was the victim of the scam. Vaya had been sourcing gold from Suresh Vaishnav, a supplier, and was introduced to Ramlal Gurjar in October 2023. Gurjar established initial…

Mumbai-based lab-grown diamond jewellery brand Limelight Diamonds has opened a new store in Chennai’s Anna Nagar, its 23rd exclusive outlet in India. The company, founded in 2019, plans to establish seven additional stores across the country by the end of the year. This expansion reflects the increasing demand for lab-grown diamonds (LGDs) among Indian consumers, driven by affordability and heightened awareness.The Growth of Lab-Grown Diamonds in IndiaLab-grown diamonds, identical to mined diamonds in composition and appearance, are witnessing steady growth in India. According to Limelight Diamonds’ Founder and Managing Director, Pooja Sheth Madhavan, the sector is expanding at a rate of…

The Gujarat Congress has urged the government to intervene to assist diamond artisans affected by the industry’s ongoing downturn. Party leaders Shaktisinh Gohil, Mukul Wasnik, and Amit Chavda raised the issue at a recent press conference, criticising the government’s approach.Call for Worker Welfare MeasuresAmit Chavda highlighted the need for implementing the Rajiv Gandhi Shramik Kalyan Yojana, a scheme designed to provide financial relief to workers laid off due to company closures. He emphasised that although the scheme was last revised in 2016, its provisions have not been extended to workers in the diamond industry during the ongoing crisis.“The scheme has provisions…

The Gem and Jewellery Export Promotion Council (GJEPC) has presented a series of pre-budget recommendations to Finance Minister Nirmala Sitharaman during a consultation held on 26 December in Delhi. The proposals address industry challenges, aim to boost growth, and enhance the sector’s global competitiveness.Key RecommendationsSafe Harbour Rule FAQsAcknowledging the introduction of the Safe Harbour Rule for the trading of rough diamonds by foreign mining companies at Special Notified Zones (SNZs), GJEPC highlighted the need for further clarification. Chairman Vipul Shah noted that the Council has prepared a list of frequently asked questions (FAQs) to address ongoing queries from stakeholders and has…

The gem and jewellery export sector saw a decline in November, with total exports dropping 13% year-on-year to $1.99 billion from $2.28 billion in the same period last year, according to the Gems and Jewellery Export Promotion Council (GJEPC). The downturn was attributed to weak global demand caused by economic uncertainty.Key Segment Trends: Diamonds and Lab-Grown DiamondsExports of cut and polished diamonds fell sharply, plummeting 40% to $666 million from $1.12 billion the previous year. Similarly, lab-grown diamond exports dropped 42% to $63 million from $109 million. While the lab-grown diamond market is still developing, the sector is expected to…

The Bharat Diamond Bourse (BDB) recently conducted a session as part of its Leadership Series, addressing the complexities and advances in identifying lab-grown diamonds from natural ones.The session featured a presentation by Dr Wuyi Wang, vice president of research and development at the Gemological Institute of America (GIA). Dr Wang highlighted the importance of accurate diamond identification in maintaining consumer trust. “GIA’s decades of independent research into natural and laboratory-grown diamonds is the foundation of our ability to differentiate them with complete certainty,” he stated.GIA’s Commitment to Research and EducationThe session was facilitated by Sriram Natarajan, managing director of GIA…

Bengaluru-based jewellery retailer BlueStone Jewellery and Lifestyle has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an Initial Public Offering (IPO). The offering includes a fresh issue of shares and an Offer for Sale (OFS) by existing investors.IPO Structure and Fund UtilisationThe IPO comprises a fresh issue of shares worth ₹750 crore and an OFS of approximately 24 million equity shares by investors, including Kalaari Capital, Saama Capital, and Sunil Kant Munjal (Hero Enterprise). Proceeds from the fresh issue will primarily be used for working capital and…