Author: Ruchi Singla

Ruchi is our trusted breaking news reporter, keeping you informed about the latest trends, launches, and significant events as they unfold. With a commitment to accuracy and a passion for adding a layer of insight, Ruchi creates informative and engaging content that shines a light across the world of jewellery.

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…

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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…

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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…

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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…

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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…

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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…

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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.…

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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…

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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,…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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The Odisha government has taken action against five jewellery shops found to be selling counterfeit gold falsely certified with Hallmark standards. Food Supply and Consumer Welfare Minister Krushna Chandra Patra made the announcement during a Legislative Assembly session, providing details of the investigation and subsequent measures.Jewellery Shops ImplicatedThe five implicated shops are Ambika Jewellers in Kuchinda, Rajshri Jewellers in Kujang (Jagatsinghpur district), Suna Chandi Jewellers in Puri, Radhakant Jewellers in Barpali (Bargarh district), and Sambalpur Alankar Jewellers in Sambalpur. Following the detection of irregularities by the Bureau of Indian Standards (BIS), the government revoked the licences of four of these shops,…

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The Indian government is exploring a proposal to introduce mandatory hallmarking for gold bullion, extending its existing hallmarking framework for jewellery. Consumer Affairs Secretary Nidhi Khare announced the initiative during the CII Gems and Jewellery conference, emphasising the need for quality and accuracy throughout the gold value chain.Expanding Hallmarking StandardsSince mandatory hallmarking for gold jewellery and artefacts was introduced in June 2021, over 40 crore gold items have been hallmarked with a unique HUID (Hallmark Unique Identification), offering consumers greater confidence in product quality.Khare confirmed that hallmarking for bullion is under consideration to enhance trust and transparency. She explained, “The entire…

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Maruti Impex, a prominent manufacturer of polished natural diamonds, has announced a temporary closure of its operations, directly affecting approximately 15,000 workers across Surat, Bhavnagar, Amreli, and Junagadh. The decision comes as founder Suresh Lakhani remains in a coma following a stroke three months ago.The suspension, set to last three to four months, was communicated to employees via an audio message coinciding with the post-Diwali reopening of diamond units. Staff were paid salaries through the holiday but have been advised to seek alternative employment as the company faces operational uncertainties.Leadership Void and Market StrugglesLakhani, the sole decision-maker since Maruti Impex’s founding…

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Twelve individuals have been arrested in connection with a staged Enforcement Directorate (ED) raid targeting a jeweller’s residence and showroom in Gandhidham, Gujarat. The group impersonated ED officials and stole gold, silver, and cash valued at over ₹22.25 lakh.The operation was led by Shailendra Desai, who planned the crime with a group of accomplices. This incident highlights security challenges faced by jewellers and the growing sophistication of impersonation crimes.The Operation and ArrestsThe group of 13, including a woman, posed as ED officers during a three-hour raid at the premises of Radhika Jewellers. Shailendra Desai, a former translator for the Directorate…

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An 18-year-old goldsmith tragically lost his life, and another sustained injuries, after a 250-kilogram jewellery rolling mill machine toppled in a workshop located in Zaveri Bazaar, Mumbai. The incident, which occurred late on Sunday night, has prompted legal action against the workshop owner and others, raising questions about safety practices in jewellery workshops.Incident DetailsThe deceased, identified as Anupam Tapan Ghosh, and the injured, Soumya Roy, were among nine workers employed in the worwhere the heavy machine, used for wire-cutting and placed centrally in the workshop, became dislodged during the incident.Police stated that two workers, accidentally knocked the machine over while playing.…

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A recent rescue operation in Choolai, Chennai, freed seven children aged 13 to 17 from a jewellery-making unit. The children, all from West Bengal, had been working under exploitative conditions, highlighting ongoing concerns about child labour in the jewellery industry.Rescue Operation DetailsThe operation was initiated following a complaint lodged via the Childline 1098 helpline on 29 November. A district task force, comprising officials from multiple departments, inspected the facility on Sattannan Naicken Street.The investigation revealed that the seven children were among 30 workers employed at the unit. The children had been working there for three to nine months. Although their parents…

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The 51st India Gem & Jewellery Awards (IGJA), hosted by the Gem & Jewellery Export Promotion Council (GJEPC), celebrated excellence in the Indian gems and jewellery industry. Held in Jaipur, the ceremony honoured exporters and industry leaders for their contributions, showcasing innovation and resilience in the sector.Awards and RecognitionA total of 24 awards were presented, categorised as follows:Prominent winners included Shri Pramod Agrawal, Chairman of Derewala Industries Ltd., who was awarded the Lifetime Achievement Award. The awards were judged based on metrics such as export performance, value addition, employment generation, and investment in R&D, recognising significant contributions to the sector.Key Themes:…

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Hupari, a town in Maharashtra’s Kolhapur district, has been recognised as a “silver zone” by the Indian government due to its deep-rooted tradition of silver jewellery craftsmanship. The town is home to over 40,000 artisans, 60% of whom are women, specialising in handcrafted silver anklets, chains, and temple jewellery. The silver anklets produced in Hupari hold Geographical Indication (GI) status, affirming their authenticity and unique traditional methods. Despite this recognition, challenges such as outdated production techniques and limited infrastructure continue to restrict the region’s growth as a global export hub.GJEPC’s Support for ModernisationThe Gem & Jewellery Export Promotion Council (GJEPC) has…

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The Gem and Jewellery Export Promotion Council (GJEPC) is hosting the India Pavilion at Jewellery Arabia 2024, marking its 21st consecutive year of participation in the Middle East’s leading jewellery and watch exhibition. The event is being held at Exhibition World Bahrain in Sakhir from 26 – 30 November 2024 and serves as a platform for Indian jewellers to connect with international buyers.India Pavilion HighlightsThe India Pavilion occupies 909 square metres across Halls 3 and 7, featuring 97 booths with 49 Indian jewellery businesses. Exhibitors are showcasing diamond-studded jewellery, plain and studded gold jewellery, and loose gemstones. The pavilion reflects both…

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India has seen a significant increase in the value of its privately held gold stocks, according to estimates by the World Gold Council (WGC) and consultancy firm Metal Focus. By September 2024, the estimated gold holdings of Indian households ranged between 23,537 tonnes and 25,537 tonnes, valued at between ₹178 lakh crore ($2.11 trillion) and ₹193 lakh crore ($2.29 trillion). This marks a $400 billion increase in value since December 2023.Gold’s Rising Value and Its Economic ImplicationsGold prices have risen notably in 2024, reflecting its resilience amidst global economic uncertainty. By September, the price of gold reached ₹75,549 per 10 grams,…

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The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, has announced initiatives to develop the state as a hub for gems and jewellery trade and exports. With an annual market estimated at over ₹1 trillion, the plan focuses on enhancing manufacturing, driving exports, and expanding opportunities in the jewellery industry.Positioning Meerut as a Jewellery HubA key element of the state’s strategy is transforming Meerut into a jewellery manufacturing and trading hub for North India. Currently, the city contributes an annual turnover of ₹2,000 crore and employs approximately 40,000 artisans and traders.To support this initiative, the government has proposed a…

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Sky Gold, a midcap company in the diamond and gold jewellery sector, achieved an all-time high in its stock price on 24 November 2024, reaching Rs. 3961.5. The stock’s rise demonstrates investor confidence, supported by a ‘Buy’ recommendation from MarketsMOJO since October 2023. The company’s shares have outperformed market and sector benchmarks over the past year.Over the last year, Sky Gold’s stock has increased by 356.22%, compared to a 19.83% rise in the Sensex. During this period, it has maintained upward momentum across multiple trading days and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.Industry OutperformanceSky Gold’s…

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