Author: Ruchi Singla

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…

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 Kaur According 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…

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 Recession Shift to Gold Jewellery Chinese 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…

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 Conditions Kiran 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…

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 Standards India, 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…

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 Preferences According 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…

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 Awareness A key theme of the discussion was the necessity of enhancing education…

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 Increase A 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…

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 Surge Debt Repayment Initiatives The 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…

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 Presence Resha 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…

The Surat Diamond Bourse (SDB) has received approval for a customs house from the Central Board of Indirect Taxes & Customs (CBIC). This development aims to streamline diamond trade operations within the region, enhancing Surat’s role in the global diamond industry. Customs House Implementation The newly approved customs house, spanning 40,000 square feet, has been integrated into the Indian Customs EDI System (ICES) platform, with SDB designated as the custodian under the Customs Act. This aims to expedite import and export processes for diamond traders, reducing logistical burdens. Lalji Patel, vice-president of the SDB committee, stated: “The customs house approval…

Zen Diamond, a prominent Turkish jewellery brand, is set to establish its presence in India with the launch of its flagship store in Mumbai.  This strategic expansion marks the brand’s entry into the Indian market, with the store located in the bustling Bandra area at 36 Turner Road. The grand opening is scheduled for 9th August, beginning at 4 PM. A New Milestone for Zen Diamond Zen Diamond, which boasts over 400 stores globally, is venturing into the Indian market to cater to the growing demand for high-quality diamond jewellery. The new store will offer a preview of Zen Diamond’s…

The Diamond Workers Union Gujarat has launched a helpline to address the rising suicide rates among diamond polishers in Surat. This follows an economic downturn that has left many workers unemployed or in financial difficulty. Disturbing Trends and Helpline Response According to the Union, there have been at least 64 suicides in the diamond industry over the past 15 months. Bhavesh Tank, the president of the Diamond Workers Union in Surat, noted that on the first day alone, the helpline received 400 calls, highlighting the immediate and critical need for such a support system. Tank explained, “The major issue the…

The Aditya Birla Group has announced its entry into the branded jewellery market with an investment of Rs 5,000 crore. This move allows the conglomerate to enter India’s domestic jewellery sector, valued at over Rs 6.4 lakh crore. Their new brand, ‘Indriya’, will compete with established names such as Tata Group’s Titan, Kalyan Jewellers, and Joyalukkas. Market Dynamics and Growth Potential Industry experts note that the migration from informal to formal sectors, consumer preference for trusted brands, and the wedding market are key factors. In FY24, India’s wedding market was valued at Rs 10 lakh crore. Kumar Mangalam Birla, Chairman…

The Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the latest budget presented by India’s Finance Minister, Nirmala Sitharaman, under the Prime Minister Narendra Modi administration. This budget introduces measures aimed at improving the Indian gem and jewellery industry’s global standing. Key Budget Highlights for the Gem and Jewellery Industry The Finance Minister announced a series of measures in the 2024 Union Budget designed to stimulate growth and streamline operations within the gem and jewellery sector. These include the reduction of customs duties on gold and silver to 6%, and on platinum to 6.4%. This move is intended to…

The World Gold Council (WGC) has approached the Union Finance Ministry and the Reserve Bank of India (RBI) to establish guidelines and a regulatory framework for the burgeoning digital gold market in India. This initiative aims to safeguard consumer interests and promote transparency in digital gold transactions. Need for Regulation With over 120 million customers having bought digital gold and nearly 40 million currently holding it, the WGC emphasises the importance of a structured regulatory environment to protect these investments. The Council’s proposal includes the implementation of checks and balances to ensure the security of digitally purchased gold and to…

The Gem & Jewellery Export Promotion Council of India (GJEPC) and the Kashmir Chamber of Commerce & Industry (KCCI) recently held an interactive session aimed at strengthening cooperation within the gem and jewellery sector.  Key figures in this discussion included KCCI President Javed Ahmad Tenga and GJEPC Chairman Vipul Shah, along with other notable representatives from both organisations. Collaborative Discussions and Initiatives The meeting provided a platform for both organisations to discuss pivotal areas such as sector development and skill enhancement initiatives. The KCCI delegation highlighted the unique potential of the Blue Sapphire from the Bhaderwah-Kishtwar mines. In response, the…

The Bureau of Indian Standards (BIS) has intensified its enforcement of the six-digit Hallmark Unique Identification (HUID) regulation, taking legal action against jewellers who fail to comply.  The regulation, effective from April 1, 2023, mandates that all gold jewellery display a six-digit HUID code to ensure authenticity and traceability. Despite efforts to promote compliance, many jewellers have struggled to adhere to the new standard, prompting the BIS to take stringent measures. Crackdown on Non-Compliance Since the introduction of the six-digit HUID regulation, the BIS has been conducting raids across various states to ensure compliance. Reports indicate that several jewellers have…

A notable exhibition organised by the Surat Diamond Association has garnered significant attention, featuring an 8-carat lab-grown diamond engraved with Prime Minister Narendra Modi’s likeness. The event, held from July 12 to 14 in Gujarat’s diamond city, Surat, displayed this exceptional gemstone, highlighting the intersection of innovative craftsmanship and eco-friendly practices. Crafting the ‘Modi Diamond’ The creation of the ‘Modi Diamond’ was a meticulous process, taking about a month to complete. Initially weighing 40 carats before polishing, the diamond was intricately engraved to feature PM Modi’s face. This significant feat was achieved by SK Diam, a company known for its…

India’s gems and jewellery exports experienced a decline of 13.44% in June, reaching Rs 15,939.77 crore ($1,909.57 million), as reported by the Gem and Jewellery Export Promotion Council (GJEPC). This decrease from Rs 18,413.88 crore ($2,240.77 million) in the same period last year is attributed to muted demand in international markets. Impact of Geopolitical Tensions The former GJEPC chairman and Managing Director of Kama Jewelry, Colin Shah, highlighted the significant impact of prolonged geopolitical tensions on the industry. “This decline in gems and jewellery exports is owing to the prolonged geopolitical tensions leading to economic uncertainty in the global markets,…

Sudhir Sitapati, the Managing Director and CEO of Godrej Consumer Products Ltd (GCPL), has forecasted a recovery in the rural markets by Diwali, driven by good monsoon conditions and government measures. Rural Consumption Insights Sitapati noted positive signs for rural market revival and mentioned the government’s awareness of the need to boost rural consumption. He noted, “A lot of people are saying it and I’m also seeing a little bit of green shoots. Also the government is quite cognizant of reviving consumption in rural areas. I’m actually quite optimistic, the monsoon also seems quite good. So I’m quite optimistic of…

In a historic development for the Indian jewellery industry, crash.club by CKC has achieved a significant milestone by selling the largest lab-grown diamond ever recorded in the country. The 20.06-carat emerald-cut diamond, with F colour and VS1 clarity, marks a significant advancement in sustainable luxury, showcasing the growing acceptance and demand for lab-grown diamonds. Production and Craftsmanship The production of this diamond took 60 days in crash.club’s laboratory, involving a team of 10 artisans and brillianteers who worked continuously to ensure high-quality craftsmanship. The diamond went through a 58-point quality check process, ensuring its high standards. Identical to natural diamonds…

The Gem & Jewellery Export Promotion Council (GJEPC) has opened a new regional office at the Surat Diamond Bourse (SDB), with the inauguration officiated by Shri Praful Pansheriya, Hon’ble Minister of State, Government of Gujarat. This new office signifies a crucial development for Gujarat’s gem and jewellery sector. Key Figures at the Ceremony The ceremony was attended by several notable figures in the industry, including Govindbhai Dholakiya, Hon’ble MP – Rajyasabha and Founder of SRK Exports, Vallabhbhai Lakhani, Ex-Chairman of SDB, and Laljibhai Patel from Dharmanandan Diamonds. Their presence highlights efforts to support Surat’s role in diamond trading and exports.…

Bluestone  is set to receive a significant $100 million investment led by Dutch investment group Prosus. This funding round, involving venture capital firms such as Peak XV Partners, Steadview Capital, and Think Investments, includes a mix of primary and secondary share sales. The primary capital injection of $60 million will be utilised to enhance Bluestone’s business operations and growth trajectory, while the remaining funds will facilitate early investors to sell a portion of their shares. Implications for Bluestone’s Growth This funding round is poised to support Bluestone’s growth, with the company’s valuation expected to exceed $960 million, an increase from…

The Indian jewellery sector is currently awaiting the 2024-25 Budget, with hopes for duty cuts on gold, silver, diamonds, and platinum. Finance Minister Nirmala Sitharaman will present the budget on July 23, and the industry expects these changes to align with the wedding and festival season. Surendra Mehta, Secretary of the India Bullion and Jewellers Association (IBJA), has expressed concerns about the current duty structure, noting its complexities and inefficiencies. He pointed out that varying duty rates on gold and silver imports from different countries cause market distortions that need to be addressed. Simplifying Import Duties Mehta highlighted discrepancies in…

On June 29th, Union Minister Piyush Goyal visited Bharat Ratnam – Mega CFC, a collaborative project of the Gem & Jewellery Export Promotion Council (GJEPC) and SEEPZ. The event underscored the strategic initiatives taken by GJEPC, which have played a crucial role in strengthening the Indian gem and jewellery industry amid global challenges. Keynote Address by Piyush Goyal During his keynote address, Piyush Goyal, Hon’ble Minister of Commerce & Industry, stated, “I am immensely proud of how the Mega Common Facility Center (CFC) has developed. It stands on par with the best in the world, truly one of a kind.…