Author: Ruchi Singla

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 Exports Gold 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…

Mumbai-based jewellery chain Torres faces allegations of running a Ponzi scheme, leaving thousands of investors in financial turmoil. Allegations and Scheme Details Torres, 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…

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…

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 Framework Hallmarking 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,…

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 Fraud Ajay 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.…

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 India Lab-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…

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 Measures Amit 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 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 Recommendations Safe Harbour Rule FAQs Acknowledging 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…

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 Diamonds Exports 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…

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 Education The session was facilitated by Sriram Natarajan, managing…

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 Utilisation The 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…

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 Implicated The 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…

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 Standards Since 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.…

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 Struggles Lakhani, the sole decision-maker…

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 Arrests The 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…

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 Details The 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…

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 Details The 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…

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 Recognition A 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…

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 Modernisation The Gem & Jewellery Export Promotion…

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 Highlights The 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…

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 Implications Gold prices have risen notably in 2024, reflecting its resilience amidst global economic uncertainty. By September, the price of gold reached ₹75,549…

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 Hub A 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…

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.…

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 Jewellery In her address, Smriti Irani highlighted the opportunities available for women in the gem…

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 Transparency The 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…

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 Segments For 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…

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 Jewellers Amritsar Airport’s designation as an export hub simplifies the process for jewellers in Punjab and nearby regions,…

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 Factors Two 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…

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 Exploration When 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…

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 Opportunity Novel 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…