Author: Ruchi Singla

Malabar Gold and Diamonds has opened its flagship showroom in Los Angeles, marking its fifth location in the USA and its largest in North America. This showroom is aligned with the company’s expansion strategy in North America and globally. The new location, situated in Artesia City, spans 6,500 square feet and showcases more than 30,000 jewellery designs from 20 countries, featuring 25 exclusive brands. The showroom offers customisation options for jewellery.The inauguration ceremony was attended by California Congresswoman Michelle Steele, along with Malabar Group’s Chairman MP Ahammed, Vice Chairman KP Abdul Salam, and other senior executives. Commenting on the event,…

Indian fine jewellery retailer GIVA has raised Rs 255 crore ($30.4 million) in an extended Series B funding round. This financing round was led by Premji Invest, Epiq Capital, Edelweiss Discover Fund, and GIVA’s top management, and includes both primary and secondary investments. This comes as GIVA looks to expand its presence across India and strengthen its offerings, particularly in the lab-grown diamond and gold jewellery segments.Strategic Investor Exits and Growth PlansThe funding round facilitated partial exits for early investors A91 Partners and India Quotient, while allowing GIVA to reinforce its market position. Of the Rs 255 crore raised, 35% is…

The Gem & Jewellery Export Promotion Council (GJEPC) of India is targeting a 20% increase in exports to the United Arab Emirates (UAE) in 2024, supported by the 4th International Gem & Jewellery Show (IGJS) Dubai. The event, which commenced this year, has brought together key stakeholders from the global jewellery sector to strengthen trade relations and explore new growth opportunities between India and Middle Eastern markets.IGJS Dubai 2024: A Key Event for Strengthening TradeThe IGJS Dubai 2024, organised by GJEPC and co-sponsored by Suntech Business Solutions, is expected to play a significant role in enhancing India’s jewellery exports to…

Gemological Science International (GSI) and Dr. Homi Bhabha State University in Mumbai have signed a Memorandum of Understanding (MoU) aimed at strengthening ties between the jewellery industry and academic institutions. The agreement, signed on 6th May 2024, sets the stage for collaboration in education, research, and technological advancements in the fields of gemology and chemistry.The MoU was formalised by Deepa Srinivasa, Chief Gemologist at GSI Mumbai, and Professor Vilas Padhye, Registrar of Dr. Homi Bhabha State University. Several senior university officials were also present, including Dr. Vishal Banewar, Director of the Research & Incubation Center, and Dr. Shubhangi Patil, Nodal Officer…

The 12th edition of the Delhi Jewellery & Gem Fair (DJGF), organised by Informa Markets in India, concluded successfully at Pragati Maidan, New Delhi, featuring more than 650 exhibitors and showcased over 150,000 jewellery designs, marking its largest edition to date.Record-Breaking Participation and OfferingsWith over 700 brands participating, this year’s DJGF presented a broad spectrum of both traditional and contemporary jewellery, spanning gold, silver, diamonds, pearls, and gemstones. Alongside the diverse collection of materials, the event emphasised the latest advancements in jewellery design and production technology.The DJGF Silver Show, held in Hall No. 2, focused on silver jewellery collections. The…

A fire at R V Ornaments, a diamond jewellery factory in Katargam, Surat, has left 14 artisans injured, with four in critical condition. The incident occurred following an explosion in a gas burner, according to local fire officials. Those injured are receiving medical treatment at a private hospital.Incident OverviewThe fire broke out on the third floor of the factory, where the workers were engaged in cleaning diamond-studded gold ornaments. Gas for the operation was being supplied from LPG cylinders on the ground floor through a pipeline network, which is suspected to have developed a leak. Upon arrival, fire officials found…

The gem and jewellery industry in Rajasthan is facing a critical labour shortage as exports continue to rise. In the financial year 2023 (FY23), Rajasthan exported approximately Rs 9,470 crore worth of gems and jewellery, increasing to Rs 11,180 crore in FY24. Despite this growth, the industry’s future is uncertain as the workforce shrinks, threatening its competitiveness in the global market.Rise of Chinese CompetitionChina has become a stronger competitor in gemstone manufacturing, largely due to its adoption of machine-based techniques. Kailash Mittal, President of the Sarafa Traders Committee, explained that mechanisation in China reduces labour costs, giving it an edge over India’s…

Malabar Gold & Diamonds has announced plans to open 20 new showrooms across multiple countries in October. This move is part of the company’s international expansion strategy, aimed at strengthening its presence in key markets such as India, the Gulf Cooperation Council (GCC) countries, and the United States. Once the new showrooms are launched, the total number of outlets will increase to 375 worldwide, up from the current 355.Expansion in Key MarketsThe company’s expansion targets both established and emerging markets. In India, Malabar Gold & Diamonds will open 13 new showrooms across nine states. These will include three in Uttar Pradesh…

In a joint communication to members of the diamond industry, Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), and Anoop Mehta, President of Bharat Diamond Bourse, outlined the current state of the diamond market. The letter highlights both the challenges faced in recent months and the signs of recovery. It addresses market adjustments following the pandemic and looks ahead to a potential stabilisation of prices and is posted in full below:Date : 5th September 2024Dear Trade Members,We write to you at a critical moment for the diamond industry. After a post-pandemic surge in natural diamond demand…

Rivaah by Tanishq, the wedding jewellery division from the Tata-owned brand, has launched a new campaign promoting the idea of marriage as a union of equals. Conceptualised by Lowe Lintas, the campaign focuses on the evolving role of modern brides who play an active part in shaping their wedding journey and future. The central message, “For Marriages Crafted by You,” reflects a shift in the portrayal of marriage in India as a partnership grounded in equality and mutual respect.Multilingual Film Celebrating DiversityAs part of the campaign, Tanishq has released its first-ever multilingual television commercial, running three minutes in length. The film…

The Gem and Jewellery Export Promotion Council (GJEPC) is intensifying its efforts to promote Indian jewellery exports by targeting the US market and conducting its first outreach programme in Kashmir. These initiatives provide Indian jewellers with opportunities to expand into the US and improve export capabilities in the Kashmir region.Exploring US Market Opportunities for Indian JewellersAs part of its strategy to increase jewellery exports, the GJEPC hosted a webinar focusing on the US market, which remains a crucial destination for Indian jewellery. The event was designed to provide Indian jewellers with insights into the preferences of US consumers and to highlight…

Kalamandir Jewellers, a jeweller that sells lab-grown diamonds amongst other jewellery items, has recently come under scrutiny by the Advertising Standards Council of India (ASCI) for publishing an advertisement that contained potentially misleading information about natural diamonds. The advertisement portrayed natural diamond mining as environmentally destructive and harmful while promoting lab-grown diamonds as a superior, eco-friendly alternative. This issue arose after the Natural Diamond Council (NDC) filed a complaint, prompting an enquiry from ASCI’s Consumer Complaints Council (CCC).Request for more information from advertiserThe ASCI provided Kalamandir with the opportunity to provide more information to support its claims regarding the environmental and…

The Gem and Jewellery Export Promotion Council (GJEPC) recently hosted a webinar on 22 August as part of its Global Market Insights series, focusing on the UK jewellery market. The event, led by GJEPC’s Research Division, attracted over 130 participants and featured key industry experts and aimed to provide Indian businesses with valuable insights into the UK market, offering strategies to capitalise on its growth potential. Speakers emphasised the importance of sustainability, ethical sourcing, and transparency to meet evolving consumer expectations.UK Market Vital to India’s Export AmbitionsDr. Rashmi Arora, an economist with GJEPC, highlighted the critical role the UK plays in…

Malabar Gold & Diamonds has been recognised with the prestigious India Gold Conference (IGC) Responsible Jewellery House Award for 2023-24. The award, presented at a ceremony in Bangalore, highlights the company’s dedication to ethical sourcing, sustainability, and responsible business practices in the global jewellery sector.Recognition for Ethical SourcingThe award acknowledges Malabar Gold & Diamonds’ commitment to sourcing gold and diamonds from legitimate and responsibly mined origins. This ensures that each piece of jewellery meets strict standards of purity and integrity. Speaking at the event, Malabar Group Chairman, M.P. Ahammed reinforced this dedication, stating, “We are deeply honoured to receive the…

The India International Jewellery Show (IIJS) Premiere 2024, organised by the Gem & Jewellery Export Promotion Council (GJEPC), concluded with record-breaking business worth $12 billion generated over six days. As one of the world’s largest business-to-business (B2B) gem and jewellery exhibitions, this year’s event took place in Mumbai, attracting a broad spectrum of participants from both domestic and international markets.Event OverviewCelebrating its 40th edition, IIJS Premiere 2024 was held from 8 to 12 August at the JIO World Convention Centre and from 9 to 13 August at the Bombay Exhibition Centre. The exhibition spanned 135,000 square metres, featuring more than 3,600…

The 14th International Exhibition and Conference on Minerals, Metals, Metallurgy & Materials (MMMM) will take place from 27th to 29th September 2024 at the India International Convention & Expo Centre (IICC), Yashobhoomi, New Delhi. Organised by Hyve India, the event is a significant platform for professionals in the minerals, metals, and materials sectors, highlighting key advancements in manufacturing technologies and materials science.Supported by the Ministries of Steel, Coal, and Commerce and Industry, the expo is expected to be inaugurated by the Minister of Steel. With over 300 exhibitors from more than 10 countries and an expected 12,000 attendees from across South…

India’s gold imports fell by 4.23% during April-July 2024, totalling USD 12.64 billion compared to USD 13.2 billion in the same period last year. The decline is linked to global economic challenges and weaker commodity demand. Gold, a significant component of India’s import basket, continues to play a crucial role in the country’s current account deficit (CAD) calculations.Monthly Decline in Gold ImportsThe downward trend in gold imports was consistent throughout the initial months of the fiscal year, with significant contractions seen in May, June, and July 2024. Specifically, imports fell by 9.76% in May, 38.66% in June, and 10.65% in July.…

De Beers Forevermark has introduced its Twogether Collection to mark the celebration of Raksha Bandhan, a festival traditionally centred on sibling bonds. The new collection features diamond jewellery pieces designed to symbolise unity and togetherness, themes that resonate with the festival’s core values.Twogether Collection: Key HighlightsThe Twogether Collection offers a range of jewellery pieces that emphasise the connection between siblings through the use of responsibly sourced diamonds. The collection includes rings, pendants, and earrings, all designed to be both elegant and suitable for daily wear.Each piece is crafted with natural diamonds, ensuring a commitment to ethical sourcing, a key focus for…

On 12th August 2024, the Gem and Jewellery Export Promotion Council (GJEPC) met with a high-level delegation from the Namibia Diamond Board at the GJEPC Head Office in the Bharat Diamond Bourse (BDB) in Mumbai. The meeting initiated discussions on collaborations to enhance the diamond industries of both countries.The conversation, led by key figures from Namibia’s diamond sector, including Brent Eiseb, CEO of the Namibia Diamond Trading Company (NDTC), and senior executives from De Beers Marine Namibia and TaTe Diamonds, focused on the challenges faced by the global diamond industry and the opportunities for joint initiatives to strengthen their respective…

The India International Jewellery Show (IIJS) Premiere 2024, organised by the Gem & Jewellery Export Promotion Council (GJEPC), commenced at the JIO World Convention Centre in Mumbai, marking its 40th edition. Inaugurated by the Hon. Governor of Maharashtra, Shri C. P. Radhakrishnan, the event is one of the largest B2B gem and jewellery shows globally, highlighting India’s central role in the industry.Expanding Scale and International ParticipationThis year’s event spans two venues—JIO World Convention Centre and the Bombay Exhibition Centre—with over 3,600 stalls and 2,100 exhibitors, showcasing a vast array of jewellery products. The exhibition covers 135,000 square metres, surpassing similar shows in…

Union Minister for Commerce and Industry, Piyush Goyal, has announced the introduction of the Diamond Imprest Licence at the 40th edition of the India International Jewellery Show (IIJS) Premiere 2024 in Mumbai.The announcement, made during an interactive session, is expected to provide significant benefits to Indian MSME diamond exporters.Diamond Imprest Licence: A Long-Awaited PolicyThe Diamond Imprest Licence, which has been a long-standing recommendation of the Gem & Jewellery Export Promotion Council (GJEPC), will enable eligible Indian diamond exporters to import a minimum of 5% of the average export turnover from the preceding three years.This policy is intended to support MSME…

Indian jewellery brand Rang has accused actress and social media influencer Avneet Kaur of failing to honour a collaboration agreement during her recent European tour. The brand claims that despite wearing their jewellery on multiple occasions, Kaur did not provide the agreed-upon social media credit. This dispute, made public via Rang’s official Instagram account, has raised concerns about the ethics of influencer-brand partnerships, especially for smaller brands.The Allegations Against Avneet KaurAccording to Rang, Avneet Kaur was provided with several pieces of their jewellery to wear during her month-long European trip, with the understanding that she would tag the brand in her Instagram…

It’s reported that over the past six months, approximately 70 Indian diamond trading enterprises have closed their operations in the HK region. This downturn is primarily attributed to a shift in Chinese consumer preferences towards plain gold jewellery and a notable decline in polished diamond prices.Causes of the RecessionShift to Gold JewelleryChinese buyers, seeking a secure way to store wealth, have increasingly favoured plain gold jewellery rather than diamonds. The China Gold Association reported a 7.97% rise in gold jewellery sales, reaching 706.48 metric tons in 2023. Innovations in lightweight designs have further bolstered this demand. This shift has led to a…

Kiran Gems has announced a 10-day halt in production, offering an extended vacation to its 50,000 employees. This move aims to address the imbalance in the global diamond market, significantly impacted by fluctuating demand.Response to Market ConditionsKiran Gems, the world’s largest manufacturer of natural polished diamonds, will cease all cutting activities from August 17 to 27. This decision is part of a strategy to align production with current market demands. “We want to follow the demand and supply conditions,” said Dinesh Lakhani, Global Director of Kiran Gems. The company has already reduced production by 50% in July and August.The diamond industry…

India’s gold industry, with backing from the World Gold Council (WGC), has established a self-regulatory organisation named the Indian Association for Gold Excellence and Standards (IAGES). This initiative aims to enhance consumer confidence and trust within the industry by promoting fair, transparent, and sustainable practices. Sachin Jain, CEO of WGC’s Indian operations, emphasised the role of IAGES in improving regulatory compliance, establishing a code of conduct, and introducing an audit framework. Aiming for Higher StandardsIndia, the world’s second-largest gold consumer after China, faces a trust deficit due to unethical practices by a minority within the sector. The formation of IAGES aims to…

In a stark difference to their increasing popularity in many other countries, Indian jewellery consumers continue to display a marked preference for natural diamonds, according to Titan Company’s managing director, C.K. Venkataraman on an analyst call last week.Customer Inquiries and PreferencesAccording to Venkataraman, Titan’s stores, including Tanishq, CaratLane, Mia, and Zoya, have recorded minimal inquiries about lab-grown diamonds. He stated, “We’ve been trying to track the inquiries on a continuous basis across all the stores, Tanishq, CaratLane, Mia and Zoya, and so far we have not seen material inquiries for [customers wanting lab-grown diamonds].” Indian customers are more concerned about…

On 1st August, De Beers and the Gem & Jewellery Export Promotion Council (GJEPC) convened in Mumbai to discuss strategies for reinforcing the market for natural diamonds in India. The meeting included senior representatives from both organisations, such as Shweta Harit, Global Senior Vice President at De Beers; Amit Pratihari, Vice President of De Beers Forevermark India; and Jodine Bolden, Director of Education at De Beers. The GJEPC delegation included Diamond Panel Members Nilesh Kothari and Milan Chokshi, and Executive Director Sabyasachi Ray.Focus on Education and AwarenessA key theme of the discussion was the necessity of enhancing education and awareness…

The Indian Government has increased the customs duty on gold alloys imported under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). This move aims to address a loophole exploited by bullion dealers, resulting in market distortions and revenue losses for the government.Details of the Duty IncreaseA recent Gazette notification revealed the customs duty on gold alloys has been raised to 3.6 percent from the previous 0.5 percent. Additionally, the Agriculture Infrastructure and Development Cess has been set at 1.4 percent. This adjustment follows a sharp increase in platinum imports during a four-week period from mid-June, which…

PC Jeweller has experienced a significant 85% increase in its share price over the past month, rising from ₹51 to ₹98.56 per share on the NSE. This surge is attributed to the company’s announcement of a One-Time Settlement (OTS) system to repay its outstanding debt to a consortium of 14 banks, alongside a favourable rally in gold prices.Key Factors Driving the SurgeDebt Repayment InitiativesThe primary catalyst for PC Jeweller’s share price rally has been its proactive approach to addressing its debt obligations. The company has committed to repaying the outstanding debt of 14 banks using the OTS mechanism. Notably, PC…

GIVA has unveiled a plan to expand its retail footprint significantly across India. Established in 2019, the company initially made its mark through online sales of silver jewellery but has since shifted focus to physical retail in response to increasing consumer demand.Current Retail PresenceResha Jain, Chief Brand Officer at GIVA, disclosed that the brand currently has 130 physical stores across India. Jain highlighted the consumer preference for in-person shopping, especially for jewellery, which involves a tactile experience. “We try to deploy a 360-degree approach and are mostly active online, but we also leave it to our consumers to choose their own…