Author: Ruchi Singla

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.…

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 GrowthTBZ 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 the company’s…

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 IncidentThe 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, were present during…

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 ActionsOn 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 of 18,…

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 Services…

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 HeistKirit 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 the showcase…

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 ReachThe 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 and collections,…

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 DemandThe World Gold Council’s research head for India, Kavita Chacko, highlighted that “2024 is likely to be a record year for…

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 PartnershipThe 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 focus on…

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 OffInitially 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 AEO status, thereby…

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 ProjectsFollowing the project in Dudhala, SRK expanded its solar energy…

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 DetailsThe 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 to rectify the…

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 EffectsAlthough 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 a lesser rate…

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 standards.”Industry Insights…

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 DynamicsThe 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 jewelry. Additionally,…

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 AllegationsIn 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 on time, which…

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 OpeningsKey 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 Jewels.Digital and…

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 DetailsThe robbery unfolded around noon when four individuals, posing as customers, entered the shop. Their pretence quickly escalated to…

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 MechanismThe 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 crore through a…

India’s External Affairs Minister, S. Jaishankar, has discussed with Belgium’s government the challenges posed by the G7’s sanctions on Russian diamond imports. “Their intention is to hurt Russia. But it doesn’t work that way. The producer usually finds a way. More than Russia, such steps tend to hurt those lower in the supply chain. Our efforts are aimed at softening, delaying or stopping that from happening. It’s a priority issue for us now,” Jaishankar said at an industry event in Surat last week.Details of the Sanctions and Diplomatic EffortsIntroduced in March, the G7’s sanctions ban the import of diamonds originating from…

SRK Exports has announced its aim to achieve net zero emissions across its operations by the end of 2024. This target is part of the company’s environmental, social, and governance (ESG) strategy, emphasizing its commitment to environmental responsibility.Implementing Sustainable PracticesSRK Exports operates two major facilities, SRK Empire and SRK House, encompassing over 250,000 square feet. These facilities are central to the company’s manufacturing operations, employing nearly 5,000 staff, and are recognized for their sustainable designs, each achieving LEED Platinum certification.“The natural diamond industry has an opportunity to make an incredible impact on the environment and global net zero goals; SRK…

The India Gems and Jewellery Show (GJS), hosted by the All India Gem and Jewellery Domestic Council (GJC), concluded its April 2024 edition at the Jio World Convention Centre in Mumbai. This key industry event, themed #HumaraApnaShow, attracted a variety of participants, including jewellery wholesalers and retailers, creating a platform for business exchanges. The event was inaugurated by Mangal Prabhat Lodha, the Minister of Skills, Employment, Entrepreneurship and Innovation, Government of Maharashtra, alongside notable industry figures as keynote speakers.Exhibition Highlights and Attendee EngagementThe GJS April Show featured over 550 stalls and 400 exhibitors, displaying a range of new products and…

The Bharat Diamond Bourse (BDB) in Mumbai’s Bandra Kurla Complex has announced an expansion plan that includes the addition of 1,000 new offices and improved infrastructure. This development comes at a time when the Surat Diamond Bourse (SDB), which was positioned as a competitive force, is experiencing difficulties in filling its office spaces.Expansion Strategy and Its ImplicationsThe Mumbai Metropolitan Region Development Authority (MMRDA) has revised the global Floor Space Index (FSI) to 4.0 for the area surrounding BDB, facilitating a significant increase in construction capabilities. This change will allow BDB to add approximately 12 lakh square feet of built-up area,…

Titan Company Ltd. has reported substantial revenue growth in recent fiscal quarters, highlighting its strong position in the jewellery market. The fourth fiscal quarter saw a 18% year-on-year growth in jewellery sales, driven by an increase in both new and repeat customers. This growth is reflected across various segments, with plain gold and gem-studded jewellery experiencing similar upsurges. Notably, the opening of 27 new stores, including international expansions in Dubai and the US, has further strengthened Titan’s retail network.Quarterly Highlights and ExpansionThe last quarter of the fiscal year 2024 was marked by significant achievements for Titan, with a reported 17% year-on-year…

Surat-based Nita Exports terminated over 25 diamond polishers following their demands for higher salaries on April 1. The company, which employs over 500 polishers, cited financial constraints as the reason for denying the wage increase. The dispute escalated when the affected workers were barred from entering the premises, leading them to protest. Factory owner Haresh Somani remarked, “Our factory is quite old… Over 500 diamond polishers work here. There was a dispute with some of them who were demanding a hike in salary. When we refused, they staged a dharna outside the factory. In the current situation, we cannot afford to…

Customs officials at Kolhapur Airport, Western India, arrested a passenger attempting to smuggle polished diamonds valued at approximately $480,000. The passenger, planning to board a Lion Air flight to Bangkok, was found carrying 32 packets of diamonds, weighing a total of 1,350.4 carats. This event draws attention to the need for strict measures in the monitoring and transportation of precious stones, reflecting on broader concerns within the jewellery industry regarding supply chain security.Incident DetailsIdentified in a report by the Times of India as Prabhuprakash Lobo, the individual had attempted to pass through the airport’s “nothing to declare” area before being…

The Majhgawan mine, located near Panna in Madhya Pradesh, has recommenced operations after overcoming environmental and regulatory hurdles. This site, managed by the National Mineral Development Corporation (NMDC), stands out as India’s only mechanised diamond mine. Its operations, resumed on March 11, had been previously suspended due to lapses in environmental clearances related to the proximity of the Panna Tiger Reserve.The Majhgawan mine, located near Panna in Madhya Pradesh, has recommenced operations after overcoming environmental and regulatory hurdles. This site, managed by the National Mineral Development Corporation (NMDC), stands out as India’s only mechanised diamond mine. Its operations, resumed on…

Blackstone (BX.N) is set to initiate a $300 million Initial Public Offering (IPO) for the International Gemological Institute (IGI), a pivotal player in the gem certification landscape. This development comes on the heels of Blackstone’s acquisition of IGI in May 2023 for $570 million from Fosun, a Chinese conglomerate, and the Lorie family, the founders of the business. IGI, acclaimed as the largest independent laboratory for the testing and grading of diamonds, gemstones, and jewellery, mainly operates out of India, a testament to its significant market presence and operational focus.Strategic Banking PartnershipsTo navigate the complexities of the IPO, Blackstone has…

The All India Gem and Jewellery Domestic Council (GJC) is set to host the 5th edition of the India Gems and Jewellery Show (GJS), scheduled from 2nd to 5th April 2024 at the Jio World Convention Centre, Mumbai. Known within the industry as #HumaraApnaShow, GJS 2024 aims to bring together over 350 exhibitors and 600+ booths, with an anticipated attendance of more than 10,000 visitors, including over 200 from international locations.Key Features and OfferingsThe event will feature a broad spectrum of products, including gold and diamond jewellery, antique collections, lab-grown diamonds, and related machinery, aiming to cater to a wide range…