Author: Ruchi Singla

Prime Minister Narendra Modi is scheduled to visit Namibia on 9 July as part of a broader five-nation tour, with discussions expected to focus on mineral cooperation, uranium supply and the potential for direct diamond trade. The visit reflects ongoing efforts to strengthen bilateral ties in areas relevant to resource access and industry collaboration. Exploring Direct Diamond Trade Routes Namibia holds significant marine diamond reserves, estimated at over 80 million carats. At present, these rough diamonds are typically routed to India via trading centres such as Antwerp and London. Although Indian companies already operate in Namibia’s diamond processing sector, there…

Malabar Gold & Diamonds has announced a ₹5,000 crore investment plan for FY2026, aiming to open 60 new showrooms across 15 countries and various Indian regions. The company is targeting revenue of ₹78,000 crore for the financial year, up from ₹63,000 crore last year. Expansion Across Domestic and International Markets The company plans to increase its presence to 22 Indian states and 3 Union Territories by the end of FY2026. Internationally, it will expand operations to 15 countries, entering new markets including New Zealand and Ireland. Malabar currently operates in 13 countries. Asher O, Managing Director – India Operations, said:…

The World Gold Council (WGC) has reported a significant increase in the discount on Indian domestic gold The World Gold Council (WGC) has reported a significant increase in the discount on Indian domestic gold prices compared to international benchmarks. The change follows reduced jewellery demand since the conclusion of the April–May wedding season. Domestic Discount Increases According to the WGC, the average discount on Indian gold—after adjusting for exchange rates and local taxes—rose from approximately $12 an ounce (₹370 per 10 grams) in mid-March to over $38 an ounce (₹1,164 per 10 grams) by 13 June. This change coincides with…

The Gem & Jewellery Export Promotion Council (GJEPC) welcomed Dr K. Srikar Reddy, Consul General of India in San Francisco, to the India Pavilion at JCK Las Vegas 2025, one of North America’s primary jewellery trade events. Dr Reddy was received by Kirit Bhansali, Chairman of GJEPC, along with Shri Dnyaneshwar Patil, IAS (Development Commissioner, SEEPZ), Dr Gaetano Cavalieri (President, CIBJO), and Sabyasachi Ray, Executive Director of GJEPC. India Pavilion Exhibitors This year, the India Pavilion features 30 exhibitors showcasing a range of products, including natural diamonds, coloured gemstones, lab-grown diamonds, and contemporary jewellery. The exhibitors are located across key sections of the show—Passport, Diamond Plaza, Lab-Grown Diamond, Gemstone,…

The Gem & Jewellery Export Promotion Council (GJEPC) marked World Environment Day by outlining a series of sustainability initiatives implemented across its India International Jewellery Show (IIJS) exhibitions. In line with the 2024 theme of “Land Restoration, Desertification and Drought Resilience,” the Council described measures aimed at reducing environmental impact at its events. GJEPC, the government-backed body for India’s gem and jewellery export sector, organises the India International Jewellery Show (IIJS), one of the key trade exhibitions in the industry. With greater scrutiny on the environmental impact of trade events, GJEPC has introduced a range of sustainability-focused practices at IIJS.…

The Surat District Education Office (DEO) has issued formal instructions to schools to begin accepting applications for fee relief from the children of unemployed diamond polishers. This follows a state government announcement of financial assistance for families affected by the diamond industry downturn over the past three years. The scheme covers all grant-in-aid, self-financed, and government schools at the primary, secondary, and higher secondary levels across Surat. It is being coordinated by the Surat Diamond Association, the Surat District Employment Office, and the District Industries Centre. Eligibility and Fee Relief Details Diamond polishers who lost employment after March 2024 may…

De Beers Group CEO Al Cook has reaffirmed the company’s commitment to India’s natural diamond sector during a recent visit to Mumbai and Surat. The visit is part of the Group’s broader engagement with India’s diamond industry, encompassing retailers, traders, cutters, polishers, and trade organisations, as the country becomes an increasingly important market for natural diamond jewellery. India Becomes Second-Largest Market for Natural Diamonds India is now the second-largest market globally for natural diamond jewellery, ahead of China. During his visit, Cook stated, “For more than two thousand years, India has been at the heart of the world’s diamond industry……

The All India Gem and Jewellery Domestic Council (GJC) has called on the Indian jewellery sector to suspend all business transactions with Turkey and Azerbaijan. The announcement follows Turkey’s public support for Pakistan after the recent Pahalgam terror attack in Jammu and Kashmir, in which 26 Indian civilians were killed. Azerbaijan has also reportedly taken a similar position, prompting a wider industry response. Trade Action Linked to National Sentiment GJC issued the call as an expression of solidarity with national interests and in support of Operation Sindoor. The Council said the trade suspension was in response to national security concerns…

The newly concluded Free Trade Agreement (FTA) between the United Kingdom and India is expected to impact trade in the gem and jewellery sector, with potential effects for manufacturers, exporters, and retailers in both countries. According to the Gem & Jewellery Export Promotion Council (GJEPC), the deal could see India’s jewellery exports to the UK double to $1 billion within a year of implementation, with broader bilateral trade in the sector projected to reach $7 billion in the coming years. A Framework for Growth The FTA is part of a wider comprehensive strategic partnership between the UK and India, aimed…

The Gem and Jewellery Export Promotion Council (GJEPC) has initiated the third batch of its export training programme in Delhi, aimed at providing practical guidance for individuals interested in entering the gem and jewellery export sector. The initiative is being managed by GJEPC’s Northern Regional Office under the title “How to Start Exports of Gems and Jewellery.” Hybrid Sessions Focused on Export Fundamentals The programme is conducted in a hybrid format, with one-day and three-day sessions available both online and in person. It focuses on introducing the procedures involved in exporting goods from India, specifically in the context of the…

International Gemmological Institute (India) Limited (“IGI India”) has released its unaudited financial results for the quarter ending 31 March 2025, following approval by the company’s Board of Directors at a meeting held on 21 April 2025. Financial Overview The company has published both standalone and consolidated unaudited financial results for the reporting period. While detailed figures were not disclosed in the initial announcement, the results have been reviewed by the statutory auditors through a Limited Review Report, in line with regulatory requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company’s unaudited…

US-based fine jewellery brand Angara has officially launched in India, beginning with a digital-first approach. Founded by Ankur and Aditi Daga in 2005, Angara builds on a family legacy of over 300 years in gemstone craftsmanship. The brand operates across the US, UK, and Australia, with offices and facilities in Ireland, Canada, and Thailand, and serves more than one million customers worldwide. Digital Launch Followed by Omnichannel Expansion Initially focusing on e-commerce, Angara plans to open physical retail locations in India in the coming months. These spaces are intended to give customers the opportunity to view collections in person before…

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 Outline A 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…

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 Structure The 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…

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 Industry Surat, 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…

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 Experience Before 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,…

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 Signed An 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…

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 2025 The first edition of DJGF Signature took place at Bharat Mandapam, featuring around…

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…

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 Priorities Kirit 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…

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 Jewellers Jewellers 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,…

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 Details A 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…

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 Industry Founded 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…

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 Jewellery Chawla 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…

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 Position Founded in 2019 by Pooja Madhavan, Limelight currently operates over 30 standalone stores and 30 shop-in-shop outlets across more than 35 cities in…

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 Transactions According to “Surendra Mehta, secretary of the India Bullion & Jewellers Association,” gold sales in Zaveri Bazaar have dropped by 80% over…

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 Context This year’s competition received over 630 entries, with finalists showcasing designs that combined heritage techniques with modern aesthetics. A selection of 20 finalist designs…

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 Trends Jos Alukkas has attributed the 28% growth to the heightened demand for diamond jewellery across key…

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 Scheme The 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…

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 Districts The 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…