Author: Ruchi Singla

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…

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,…

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…

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…

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…

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.…

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…

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:…

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…

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…

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,…

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…

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…

The Gem & Jewellery Export Promotion Council (GJEPC) hosted a session titled Empowering Women Entrepreneurs in the Business of Gem & Jewellery Exports on 19th November at the Deputy Speaker Hall, Constitution Club of India in New Delhi. The event highlighted the contributions of women to growth and innovation in the gem and jewellery industry.Former Union Minister Smriti Zubin Irani attended as the Chief Guest, sharing her perspectives on supporting women entrepreneurs in the gem and jewellery industry.A Vision for Women’s Empowerment in JewelleryIn her address, Smriti Irani highlighted the opportunities available for women in the gem and jewellery sector.…

The Natural Diamond Council (NDC) and jewellery retailer Jos Alukkas have announced a partnership aimed at enhancing consumer education and appreciation of natural diamonds. The collaboration seeks to highlight the craftsmanship, heritage, and enduring value of natural diamonds while promoting transparency within the diamond industry.Focus on Education and TransparencyThe NDC, a global not-for-profit organisation supporting the natural diamond industry, will work with Jos Alukkas to inform consumers about the origin, rarity, and value of natural diamonds. Both organisations aim to enable consumers to make informed decisions when purchasing diamond jewellery by emphasising ethical and transparent practices in the sector.Richa Singh,…

Titan Company has reported a 26% increase in jewellery revenue for Q2FY2025 (July to September 2024), with growth followwing a reduction in India’s gold duty from 15% to 6% in July, marking a notable policy change.Revenue Performance Across Key SegmentsFor the quarter, Titan’s total consolidated revenue reached $1.62 billion (₹13,660 crores). Jewellery revenue showed significant growth, while the watches and wearables division reported a 19% increase during the same period.Titan Managing Director CK Venkataraman commented: “After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double-digit growth for the quarter. Our portfolio approach in this business…

The Directorate General of Foreign Trade (DGFT) has officially designated Amritsar Airport as an authorised export point for gold, silver, and platinum jewellery, as per a public notice issued on 13th November. This update amends the Handbook of Procedures, 2023, to streamline the jewellery export process, particularly for businesses in Punjab and surrounding areas. The move follows persistent advocacy by the Gem and Jewellery Export Promotion Council (GJEPC) to enhance regional export capabilities and facilitate industry growth.Simplified Export Process for Regional JewellersAmritsar Airport’s designation as an export hub simplifies the process for jewellers in Punjab and nearby regions, who previously had…

The diamond market in Panna, known for producing high-quality diamonds through small-scale mining, is facing significant challenges. A substantial volume of diamonds recovered from the district remains unsold following recent government-run auctions. The market downturn is attributed to a slump in global diamond demand and increasing competition from lab-grown diamonds.Market Pressures: Lab-Grown Diamonds and Geopolitical FactorsTwo major factors are reducing the demand for natural diamonds from Panna. First, lab-grown diamonds, which are significantly cheaper, are being increasingly used in jewellery. Lab-grown stones cost between ₹15,000 and ₹20,000 per carat, compared to ₹2.5–3 lakh for natural diamonds, contributing to their growing market…

Titan Company has indicated that it may be considering an entry into the lab-grown diamond market.During the company’s Q2 earnings call, Managing Director C.K. Venkataraman addressed analysts’ questions, leaving open the possibility that Titan could introduce lab-grown products in the future – a notable shift from its traditional focus on natural diamonds.Signals of Strategic ExplorationWhen asked about Titan’s stance on lab-grown diamonds, Venkataraman replied, “Why do you think anything is stopping us from getting into [lab-grown]? We have not yet launched.” While not a definitive confirmation, the comment leaves room for speculation about potential developments in this segment.Analysts also queried…

Aditya Birla Group’s jewellery venture, Novel Jewels, has announced a significant investment plan of Rs 5,000 crore to open 100 retail stores across India over the next 18 months. Novel Jewels will also offer franchise partnerships to capitalise on interest from prospective franchisees, aiming to expand its presence within India’s growing organised jewellery market, where there is a rising demand for branded fine jewellery.Strategic Expansion Plan and Market OpportunityNovel Jewels, operating under the Indriya brand, plans to establish itself as a key player in India’s organised jewellery sector, which is seeing a shift towards branded jewellery products. Sandeep Kohli, CEO…

The Indian government has recently announced the expansion of mandatory hallmarking for gold jewellery and artefacts, extending it to 361 districts across the country. This decision, formalised through a Gazette notification on 5 November 2024, adds 18 new districts to the existing list of 343 where hallmarking is already a legal requirement. Key regions gaining hallmarking coverage in this phase include Uttar Pradesh and Rajasthan, with each state adding four districts. The mandate is intended to improve the traceability and authenticity of gold sold across India, strengthening consumer assurance.Overview of BIS Hallmarking ExpansionThe Bureau of Indian Standards (BIS) initially implemented mandatory…

CaratLane has launched its first retail store in the USA, with a new location in New Jersey. This new location, which opened on 27th October, aligns with CaratLane’s goal of making modern Indian jewellery accessible to a broader audience. With an established online presence in the United States, the New Jersey store strengthens CaratLane’s commitment to the international market by providing an integrated in-store and online shopping experience.Omnichannel Retail Strategy: Expanding Beyond E-commerceCaratLane’s move into a physical retail location in New Jersey reflects its ongoing focus on an omnichannel strategy, which has been central to its operations in India. With over 300…

The Central Board of Indirect Taxes & Customs (CBIC) will require, from 1 December 2024, all exporters and importers of lab-grown diamonds (LGDs) to declare the manufacturing method used for producing these diamonds in customs declarations. The regulation, which applies to synthetic or reconstructed diamonds, aims to streamline customs processing and improve the accuracy of trade assessments, enhancing the overall efficiency in the trade of lab-grown diamonds.This requirement supports CBIC’s aim to improve customs operations amid the rapid expansion of the lab-grown diamond market, projected to reach $15 billion by 2035.Key Regulations and Customs Process UpdatesAccording to the CBIC circular, importers…

Authorities in Vietnam have detained two Indian nationals attempting to smuggle a combined total of 1,078 diamonds into the country at Ho Chi Minh City’s Tân Sơn Nhất International Airport. The seizures, which occurred in two separate incidents over three days, involved coordinated efforts between Tân Sơn Nhất Customs, Ho Chi Minh City Police, and anti-smuggling authorities.Details of the Smuggling AttemptsThe first seizure took place on 23 October, when a passenger arriving from India was stopped during routine luggage inspections. The individual was found carrying 716 diamonds, hidden within wallets and other personal items in his clothing. These diamonds were packaged…

In this year’s Union Budget, India’s capital gains tax rules for gold and other non-financial assets underwent a significant overhaul. Effective from 23 July 2024, these changes affected both physical and digital gold, as well as alternative gold investments, with implications for jewellers, investors, and customers alike.Long- and Short-Term Capital Gains on Physical GoldUnder the revised rules, the classification for long-term and short-term capital gains has been shortened. Gold assets held for more than 24 months now fall under long-term capital gains and are taxed at a rate of 12.5% without indexation. For assets held under 24 months, the gains are…

The Ministry of Finance’s Department of Revenue has issued a notification waiving customs duties on “Simply Sawn Diamonds” imported between 1 July 2017 and 1 February 2022. This announcement provides clarification on the status of these diamonds, which are cut but not polished, for duty-free importation during this period. This directive, following ongoing efforts from the Gem and Jewellery Export Promotion Council (GJEPC), represents an important update for stakeholders in India’s diamond industry.Clarifying “Simply Sawn” StatusWhile prior notifications granted duty-free status to rough diamond imports, the customs treatment of “Simply Sawn Diamonds” had remained unclear. The new directive specifies that these…

India’s direct-to-consumer (D2C) jewellery sector has attracted $103 million in funding in 2023, according to recent data from market intelligence firm Tracxn. With over 550 D2C jewellery startups, India has surpassed the United States in global funding share within this segment, highlighting the country’s growing significance in the digital jewellery market.Record-Breaking Funding GrowthFunding in India’s D2C jewellery sector rose considerably, increasing by 57 percent from $66.3 million in 2022 to $104 million by the end of 2023. The third quarter alone saw $71.5 million in investments, marking the highest funding level in a single quarter for this sector in India.Bengaluru,…

Students enrolled in Gemological Science International’s (GSI) Colored Stone Professional (CSP) programme recently visited Sri Lanka’s Elahera Gem Mine as part of their training. The visit aimed to expand students’ understanding of gemstone mining and expose them to Sri Lankan gem industry practices.Experiential Learning at a Key Mining SiteThe Elahera region is recognised for its high-quality sapphires, garnets, spinels, and other gemstones. During the visit, students from GSI observed traditional mining techniques and the extraction process. The trip also highlighted Sri Lanka’s geological conditions and its role as a key source of coloured gemstones.Students interacted with local miners, learning directly…

In a large-scale operation named “Operation Torre del Oro,” the Kerala Goods and Services Tax (GST) department recently conducted extensive raids across jewellery manufacturing units, wholesale outlets, and residences in Thrissur, Kerala. This two-day operation, which engaged approximately 700 officials, led to the seizure of 104 kg of unaccounted gold, valued at around Rs 75 crore, revealing tax compliance issues within Thrissur’s jewellery manufacturing sector.Unprecedented Scale of GST RaidsThe raids, carried out over multiple locations, was a large-scale operation by the state’s GST department. GST Special Commissioner Abraham Renn S noted that this was the first raid of this scale targeting…