Author: Ruchi Singla

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 Expansion The Bureau of Indian Standards (BIS)…

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-commerce CaratLane’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…

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 Updates According to…

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 Attempts The 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…

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 Gold Under 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 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” Status While prior notifications granted duty-free status to rough diamond imports, the customs treatment of “Simply Sawn Diamonds” had remained unclear. The new directive…

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 Growth Funding 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…

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 Site The 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…

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 Raids The 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…

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…

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 Plans The 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…

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 Trade The 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…

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,…

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 Offerings With 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…

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 Overview The 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…

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 Competition China 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…

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 Markets The 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 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 2024 Dear Trade Members, We write to you at a critical moment for the diamond industry. After a post-pandemic surge in…

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 Diversity As part of the campaign, Tanishq has released its first-ever multilingual television commercial, running three minutes in…

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 Jewellers As 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…

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 advertiser The ASCI provided Kalamandir with the opportunity to provide more information to support its claims regarding…

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 Ambitions Dr. Rashmi Arora, an economist with GJEPC, highlighted the critical role the…

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 Sourcing The 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…

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 Overview Celebrating 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…

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…

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 Imports The 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…

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 Highlights The 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,…

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…

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 Participation This 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,…

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 Policy The 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…