Author: Ruchi Singla

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…

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 ImplementationThe 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 will make it…

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 DiamondZen 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 latest collections, providing an…

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 ResponseAccording 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 callers talked…

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 PotentialIndustry 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 of Aditya…

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 IndustryThe 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 boost domestic…

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 RegulationWith 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 promote a…

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 InitiativesThe 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 GJEPC offered support through…

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-ComplianceSince 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 already faced criminal…

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 precision and…

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 TensionsThe 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, which has…

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 InsightsSitapati 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 rural revival.…

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 CraftsmanshipThe 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 in physical, chemical, and…

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 CeremonyThe 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.Strengthening Industry TiesThe…

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 GrowthThis funding round is poised to support Bluestone’s growth, with the company’s valuation expected to exceed $960 million, an increase from $440 million…

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 DutiesMehta highlighted discrepancies in duty rates under…

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 GoyalDuring 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. This achievement…

Titan has announced the launch of its jewellery brand, Tanishq, in Bangladesh – a strategic to further expand its international market presence. The company has entered into a joint venture (JV) agreement with Rhythm Group, a significant player in Bangladesh’s business landscape.Expansion into BangladeshThe JV agreement, signed on Friday, outlines the collaboration between Titan and Rhythm Group to bring Tanishq to the Bangladeshi market. The initial phase of this venture includes the establishment of a manufacturing facility in Narayanganj, Bangladesh. This facility will serve as the cornerstone for producing Tanishq jewellery, combining Titan’s renowned artisanship with Rhythm Group’s extensive local market…

In a landmark victory for the Indian jewellery industry, the Income Tax Appellate Tribunal (ITAT) in Mumbai recently delivered a ruling in favor of the Gem and Jewellery Export Promotion Council (GJEPC). This case centered on whether GJEPC’s activities warranted tax exemptions under sections 11 and 12 of the Income-tax Act, 1961.The Case ExplainedGJEPC faced scrutiny from the Income Tax Department, which argued that GJEPC’s activities, such as organising exhibitions and trade fairs, were commercial in nature. They claimed that since more than 20% of GJEPC’s receipts came from these activities, the council should not be eligible for tax exemptions.The RulingThe ITAT…

The Dubai Multi Commodities Centre (DMCC) recently visited the Bharat Diamond Bourse (BDB) to fortify ties between two of the world’s leading diamond trade hubs.The delegation from DMCC was led by H.E. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and included Dr. Martin Leake, Special Advisor for Precious Stones, among other UAE representatives. The visit focused on potential collaboration between DMCC and BDB.During the tour of BDB’s facilities, Bin Sulayem met with key stakeholders to discuss collaboration opportunities. He also extended an invitation to BDB and the Gem & Jewellery Export Promotion Council (GJEPC) for the upcoming Kimberley…

The Gems and Jewellery Export Promotion Council (GJEPC) has made a significant appeal to the Indian government, urging for a reduction in import duty on gold, silver, and platinum bars to 4 per cent. This request was presented during a pre-budget meeting with Finance Minister Nirmala Sitharaman. The Indian gems and jewellery sector, which contributes around 10 per cent to the nation’s total merchandise exports, faces multiple challenges that have prompted this appeal.Challenges Facing the IndustryThe gems and jewellery industry is grappling with various challenges, including geopolitical tensions, the introduction of the beneficiation scheme, and issues related to sourcing rough…

Raniwala 1881 has unveiled its Pre-Fall 2024 collection titled “A Royal Evening Soiree,” featuring an array of Polki jewellery. This collection aims to blend modern styles with traditional elegance, showcasing pieces that are both sophisticated and versatile.Design and AestheticThe new collection is characterised by intricate designs, including statement necklaces, earrings, and bangles. These pieces incorporate a colour palette inspired by summer sunsets, utilising gemstones such as morganites, Russian emeralds, pearls, and rubies. The open-setting Polki jewellery style merges modern aesthetics with timeless appeal.Insights from Raniwala 1881Abhishek Raniwala, Co-founder and Creative Director of Raniwala 1881, shared insights into the inspiration behind the…

Muthoot Exim inaugurated its second Gold Point Centre in Hyderabad, Telangana. This latest addition brings the total number of Gold Point centres in India to 24, including two mobile units in Mumbai and Bengaluru that offer doorstep gold collection services.Expanding Footprint and ServicesThe new Gold Point Centre, located in the Uppal area of Hyderabad, provides a transparent and reliable platform for customers to sell old and used gold items. These items are subsequently reprocessed, refined, and supplied for domestic consumption. The facility ensures that customers can witness the entire valuation process firsthand, receiving immediate cash payments for gold valued up…

Limelight Diamonds has been awarded the title of ‘Best Lab Grown Diamond Jewellery Brand’ at the Times Now Excellence Awards 2024. The accolade was presented by the esteemed Indian actor, producer, and humanitarian, Sonu Sood, on June 19, 2024.Recognition for Contribution to the Jewellery IndustryThe award highlights Limelight Diamonds’ impact on the jewellery industry, particularly in the domain of lab-grown diamonds. As India’s largest CVD (Chemical Vapour Deposition) diamond jewellery brand, Limelight Diamonds has been promoting lab-grown diamonds as an alternative to mined diamonds.Founder’s Gratitude and VisionExpressing her gratitude, Pooja Sheth Madhavan, Founder and Managing Director of Limelight Diamonds, reflected on…

The Gem and Jewellery Export Promotion Council (GJEPC) Gujarat Regional Office recently organised the first ever seminar on ‘Artificial Intelligence in the Jewellery Industry’, focusing on how the technology is poised to transform jewellery design and retail.Opening Remarks and OverviewMr. Vijay Mangukiya, Regional Chairman of GJEPC Gujarat, commenced the seminar by welcoming the attendees and providing an overview of GJEPC’s activities and the export process. His introduction provided a foundation for exploring AI’s potential impact on the jewellery sector.AI in Jewellery DesignThe seminar’s first major presentation was delivered by AI expert Mr. Hardik Prajapati. He explained how artificial intelligence can…