Author: Ruchi Singla

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 Aesthetic The 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 1881 Abhishek Raniwala, Co-founder and Creative Director of Raniwala 1881, shared insights…

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 Services The 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…

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 Industry The 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 Vision Expressing her gratitude, Pooja Sheth Madhavan, Founder and Managing Director…

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 Overview Mr. 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 Design The seminar’s first major presentation was delivered by AI expert Mr. Hardik Prajapati. He explained…

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 Regulations The 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,…

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 Targets For 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%…

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 Leaders The 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…

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 Context The 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…

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 Opportunities In 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…

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 Findings The 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%…

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 Schedule The 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…

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 Offerings The 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 Offer To mark the grand opening, Tanishq is offering a free gold coin with every purchase made between May 24…

Tribhovandas Bhimji Zaveri Limited (TBZ Ltd.) has announced its audited financial results for the fourth quarter (Q4FY24) and the entire fiscal year 2023-24 (FY24) with the results indicating a notable improvement in the company’s financial health and operational performance. Annual Profit Growth TBZ Ltd. has reported a significant increase in both Profit Before Tax (PBT) and Profit After Tax (PAT) for FY24. The PBT rose by 38.14%, reaching ₹71.18 crore, compared to ₹51.53 crore in the previous fiscal year. Similarly, the PAT saw a 36.16% increase, growing from ₹39.67 crore in FY23 to ₹54.02 crore in FY24. This growth highlights…

In a brazen daylight robbery, three armed men targeted MB Jewellers near Airport Bazaar in Jamshedpur’s Sonari area on Friday. The robbery, which was captured on CCTV, occurred around 1:50 pm and lasted approximately seven minutes. This incident highlights ongoing security challenges for jewellery retailers. Details of the Incident The robbers, posing as customers, entered MB Jewellers and requested to see rings. At that time, other customers were present in the store. Shortly after, they revealed their weapons—a combination of pistols and a gun-like device—causing panic among the patrons and staff. Kaushal Maalu, the shopkeeper, and his nephew, Rishabh Maalu,…

The Chennai Police, in collaboration with the District Child Protection Unit, recently conducted an operation that led to the rescue of eight child workers from various gold jewellery manufacturing units. This operation highlights the issue of child labour within the jewellery industry and the need for stricter enforcement of labour laws. Raid Details and Legal Actions On the evening of May 15, 2024, a special team from the Elephant Gate police station, acting on specific complaints, targeted several commercial establishments on Wall Tax Road and neighbouring streets. These raids revealed that multiple jewellery units were employing children below the age…

Indian Bullion and Jewellers Association (IBJA) has proposed the establishment of a new export facilitation centre within the Gujarat International Finance Tec-City (GIFT IFSC) in Gandhinagar. The initiative, to be known as the GIFT Trade Centre, aims to consolidate India’s position in the global jewellery market, with projected investments totalling Rs 500 crore. “The idea is to create a centralized platform where jewellers from all corners of the country can showcase their products to potential international buyers. It’s envisioned as a global hub for Indian jewellers to exhibit their designs and facilitate direct purchases,” a source from an International Financial…

In a sophisticated burglary, a jewellery store in Delhi’s Dariba Kalan market was robbed early this morning. The thieves, utilising a vacant adjacent shop, drilled a hole through the wall to gain entry, and removed the store’s CCTV cameras. Details of the Heist Kirit Bhai Soni, the store’s owner, recounted the morning’s discovery. “This is a very old shop. When I tried to open the shutter this morning, I couldn’t, so I called a man for help. When he lifted the shutter, he said that all the jewellery on the counter was gone. When the shutter was lifted, I saw…

Malabar Gold & Diamonds has recently opened its fourth showroom in the United States, located in Naperville, Illinois. This new establishment expands the brand’s North American presence, which now boasts five showrooms across the region. This launch also marks a milestone as the 350th showroom of the brand worldwide, reinforcing its strategy to increase its footprint in key global markets. Expanding Global Reach The new showroom, situated in Patel Plaza, spans over 6,400 square feet and houses more than 30,000 designs. These include a broad array of gold, diamond, and precious gem jewellery. Notably, the store features 25 exclusive brands…

At the recent InnovNXT, Forty Under 40 Leadership Summit, hosted by the Gem & Jewellery Export Promotion Council (GJEPC), De Beers projected significant growth for India’s diamond jewellery market. The forecast suggests an increase from the current US$ 79 billion in 2021 to US$ 17 billion by 2031. This expansion is part of a wider trend, with India’s overall gem and jewellery market expected to rise to US$ 120 billion by the same year. Record Year for Gold Production and Demand The World Gold Council’s research head for India, Kavita Chacko, highlighted that “2024 is likely to be a record…

Augmont Gold For All has announced its new collaboration with the jewellery brand CaratLane which aims to make gold investing more straightforward for customers and modernise the approach to jewellery purchasing through the introduction of digital gold. Overview of the Partnership The alliance between Augmont and CaratLane marks a significant step in the evolution of the gold technology sector. Augmont covers the full lifecycle of gold, providing services that simplify the processes of gold deposits, financing, and buying gold and silver on EMI. Augmont’s digital gold, which can be bought in denominations starting at just Rs 1, demonstrates the company’s…

In a notable advancement for India’s gem and jewellery industry, the Gem and Jewellery Export Promotion Council (GJEPC) has secured Authorised Economic Operator (AEO) status from the Ministry of Finance. This status is expected to improve the efficiency of export operations and further enhance the sector’s competitiveness on a global scale. GJEPC’s Advocacy Pays Off Initially excluded from the AEO program, which was introduced in 2011 to streamline export operations and reduce costs across various industries, the gem and jewellery sector has now been included after persistent advocacy efforts by the GJEPC. This inclusion allows industry units to apply for…

In a significant contribution towards sustainability, Shree Ramkrishna Exports (SRK), a leading Indian natural diamond supplier, has made substantial investments in green energy projects. Spearheaded by the company’s chairman, Govind Dholakia, SRK initiated the transformation of Dudhala, Gujarat—Dholakia’s childhood village—into a ‘smart village.’ This initiative included the installation of solar panels on all 350 homes in the village, completed in just four months during 2022. This solarization allows residents to enjoy free electricity for the next 25 years, underpinning SRK’s commitment to renewable energy and reduced carbon footprints. Expansion of Solar Projects Following the project in Dudhala, SRK expanded its…

In a significant consumer rights case that has captured widespread attention, Rogelio Villarreal, a 27-year-old doctor from Tamaulipas, Mexico, successfully purchased a pair of rose-gold, diamond-studded earrings valued at over $14,000 for just $14 due to a pricing error on Cartier’s website.  This unusual transaction has spotlighted the enforcement of consumer protection laws in Mexico and their implications for international luxury retailers. Incident Details The earrings, typically priced at $14,000, were mistakenly listed for $14. Villarreal, intrigued by the drastic price difference while browsing through a social media advertisement, proceeded with the purchase. Upon realisation of the error, Cartier attempted…

April saw a significant drop in retail sales compared to the previous year, as reported by the latest CBI Distributive Trades Survey. The sales volumes decreased to a weighted balance of -44% in April, following a stable performance in March (+2%). This decline was unexpected and suggests that factors other than seasonal variations are impacting sales. Seasonal Timing and Its Effects Although the early occurrence of Easter this year was thought to impact April’s sales, the actual decline indicates that other economic or market factors may be contributing. Retailers predict that sales will continue to fall next month, though at…

The Gemological Institute of America (GIA) conducted a graduation ceremony in Mumbai for its most recent jewellery design students on April 19.  This event marked the successful completion of the GIA Jewelelry Design programme and provided a platform for industry insights. “The gem and jewellery industry has many verticals,” stated B N Jewellers India Private Limited’s head of new product development Devinder Layal at the event, the Gem and Jewellery Export Promotion Council reported on its website. “Obtaining a quality education from a reputable institute such as GIA can strengthen the industry by ensuring that more qualified professionals meet international…

According to Allied Market Research, the Indian costume jewelry market is projected to reach a valuation of USD 2,126.3 million by 2027, growing at a compound annual growth rate (CAGR) of 7.0% from 2019 to 2027. The earrings segment is expected to show notable growth, with an 8.0% CAGR over the same period. Driving Factors and Market Dynamics The growth in the costume jewelry market is attributed to various factors, including shifts in consumer lifestyles, rising prices of precious metals, and increased fashion awareness. These factors have made costume jewelry an appealing option due to its affordability compared to traditional…

A case has been reported involving a jeweller from Surat accused of defrauding a Mumbai-based jewellery firm of ₹1.84 crore in raw gold. The central figure in the case is Gautam Wagh, owner of Apeksha Jewels Private Limited in Surat, and his business dealings with Prism Enterprises, based in Mumbai, which supplies jewellery to stores and boutiques. Details of the Transaction and Allegations In 2021, Prism Enterprises, led by Romil Sanghvi, initiated a business relationship with Gautam Wagh, with the agreement that Wagh would produce jewellery from the raw gold supplied by Prism at reasonable rates. Initially, Wagh fulfilled orders…

India’s largest retail jewellery chains are set to increase their market share in gold jewellery from 37% to an estimated 45% in the coming years, supported by the addition of approximately 500 new stores by the top five chains over the next two to three years. Major Investments and Store Openings Key industry players such as Tanishq from the Tata group, and other prominent names like Reliance Jewels, Kalyan Jewellers, Malabar Gold & Jewels, and Joyalukkas are planning significant expansions. The Aditya Birla Group is also entering this competitive market with a Rs 5,000-crore investment in its new brand, Novel…

In a significant criminal event, a jewellery shop in Avadi, Chennai, was targeted in an armed robbery, leading to the loss of gold jewellery worth Rs 1.5 crore and Rs 5 lakh in cash. The affected store, Krishna Jewellers, located in Muthapudupet near Avadi, was attacked during a quiet period on what is normally a busy commercial stretch. The owner, Prakash Pukkaram, aged 33, faced the brunt of this daylight heist which occurred on a bustling but recently quieter commercial stretch. Incident Details The robbery unfolded around noon when four individuals, posing as customers, entered the shop. Their pretence quickly…

PC Jeweller has received approval from its board to raise Rs 2,000 crore to support its operations and financial obligations. The funds will be sourced through a combination of rights issues and fully convertible warrants, according to the company’s latest regulatory filing. Details of the Funding Mechanism The company aims to raise Rs 1,500 crore through a rights issue of equity shares, priced at Rs 10 each, available to eligible equity shareholders. The record date and further details will be announced later, and the issue’s completion depends on regulatory approvals. Additionally, the board has approved raising up to Rs 500…