Author: Ruchi Singla

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…

The Indian government has imposed restrictions on the import of gold jewellery and parts from all countries except the United Arab Emirates (UAE) in response to an unprecedented rise in inbound shipments. This new policy is intended to regulate the import surge and monitor the flow of gold-related products.New Import RegulationsThe Directorate General of Foreign Trade (DGFT) issued a notification placing items such as finished gold jewellery, gold studded with pearls, diamonds, precious stones, and their parts under the “restricted” category from the previously “free” category. This move requires importers to obtain an import authorisation for these items, increasing scrutiny over…

Titan has announced plans to expand its market share in the jewellery sector, with plans to increase its store count by nearly 40% to 1,250 across its jewellery brands by the fiscal year 2027 (FY27).Financial Performance and Growth TargetsFor the fiscal year ending 31 March 2024, Titan’s jewellery division recorded a total income growth of 20%, reaching ₹38,353 crore. The company aims to further boost its buyer base from 3.8 million to 6 million and increase its market share from 8.6% to approximately 10-11% by FY27. Additionally, Titan targets a revenue compound annual growth rate (CAGR) of 15% to 20%…

GIA India recently celebrated the graduation of students from its Graduate Diamonds Diploma Program at its Mumbai campus in a ceremony attended by Devansh Rajesh Shah, Partner at Venus Jewel, who served as the chief guest.Address by Industry LeadersThe event began with an interactive session led by Shah, focusing on “Opportunities in the Natural Diamond Industry.” Shah emphasized the critical role of education in the gem and jewellery sector, stating, “We deal with natural diamonds – a product that’s high-value – and customers rely on us to provide them with accurate knowledge. Education from institutes like GIA is important to…

For the first time, two Indian diamond merchants are vying for positions on the Board of Directors of the Antwerp World Diamond Centre (AWDC). This move highlights India’s expanding role in the global diamond trade and its aspirations to influence international policies.Candidates and Election ContextThe candidates, Chirag Shah, CEO of Yashvi Diamonds, and Ravi Bhansali, Managing Director of Rosy Blue, represent a shift towards increased Indian participation in global diamond governance. Their candidacy reflects India’s rise in diamond manufacturing and trading.The elections are scheduled for June 17th and 18th, during a period of notable challenges for both Antwerp and the broader…

A delegation from the Gem and Jewellery Export Promotion Council (GJEPC) recently embarked on a tour of Brazil, Colombia, and Panama to explore new markets, enhance India’s exports, and strengthen economic ties within the Latin American and Caribbean (LAC) region.The visit, conducted from May 21 to 29, was led by GJEPC Vice Chairman Kirit Bhansali, and included prominent industry leaders and representatives from key Indian jewellery companies.Brazil: Expanding Market OpportunitiesIn Brazil, the delegation engaged in discussions with key industry leaders to explore potential collaborations and market expansion. A meeting with Ecio Morais, Director of the Brazilian Institute of Gemstones and…

A recent national survey has highlighted a significant trend in Punjab where many consumers are purchasing non-hallmarked gold jewellery, raising concerns about consumer protection and the need for stricter enforcement of hallmarking standards.Survey Insights and FindingsThe survey conducted in 19 districts of Punjab, where hallmarking has been mandated, involved 4,090 consumers. These districts include Amritsar, Barnala, Bathinda, Fatehgarh Sahib, Fazilka, Ferozepur, Gurdaspur, Hoshiarpur, Jalandhar, Kapurthala, Ludhiana, Malerkotla, Mansa, Moga, Pathankot, Patiala, Sangrur, Nawanshahr, and Muktsar.The findings reveal that 30% of the respondents or their families had purchased non-hallmarked gold jewellery in the past 12 months, while 61% reported buying hallmarked…

GIA India has launched a new course titled “Jewellery Merchandising for Retailers,” designed to improve the merchandising skills of professionals in the jewellery retail sector. This course offers participants a comprehensive understanding of merchandising strategies tailored to the jewellery industry.Course Structure and ScheduleThe course is open to jewellery business owners, merchandisers, retail sales staff, category/section/floor managers, and store managers. It will be conducted via remote learning four days a week, from 9:00 a.m. to 1:30 p.m., with a practical session held one day a week from 9:00 a.m. to 5:00 p.m. at GIA India’s Mumbai campus. The first batch will start on…

Tanishq has launched a new store in Nikol, Ahmedabad. The inauguration took place on May 24, 2024, and was attended by senior executives from Tanishq, including Ms. Pelki Tshering, Head of Marketing, and Mr. Sunil Raj, Head of Retail, along with Mr. Vishal Vyas, Regional Business Manager for West 3.Store Features and OfferingsThe new Tanishq showroom, located at Malbar Prime, Bhakti Circle Road, spans 4500 square feet and features a diverse range of jewellery collections. These include:Promotional OfferTo mark the grand opening, Tanishq is offering a free gold coin with every purchase made between May 24 and May 26, 2024.…