Author: Ruchi Singla

De Beers’ subsidiary Forevermark is set to transform from a provider of loose diamonds to a dedicated jewellery brand focusing on the Indian market. The brand will phase out its association with the De Beers name, a notable shift from a rebranding strategy implemented three years ago. The transition is planned to start in April 2024 and is expected to be completed by January 2026.Transition to a Dedicated Jewellery BrandForevermark will discontinue its supply of loose diamonds, shifting its focus towards the sale of finished jewellery exclusively at its branded outlets. In a letter to Forevermark partners, Sandrine Conseiller, CEO of…

The recent Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), comprising Switzerland, Iceland, Norway, and Liechtenstein, marks a pivotal moment for the Indian gem and jewellery sector. The Gem and Jewellery Export Promotion Council (GJEPC) has announced that this agreement is set to triple the sector’s growth, leveraging duty-free access to boost exports from the current US$335 million to an anticipated US$1 billion in the near future.Duty-Free Access and Export GrowthOne of the key highlights of the TEPA is the removal of customs duties on Chapter 71 products, which includes gems and jewellery, thereby…

Govind Dholakia has been named as the new chairman of the Surat Diamond Bourse (SDB), India’s second major diamond trading hub. This leadership change follows Vallabh Lakhani’s resignation from the role, three months after the SDB’s opening ceremony, which was presided over by Prime Minister Narendra Modi. This move marks an important leadership transition at the SDB, reflecting both a continuation of its founding visions and an introduction of new leadership dynamics.Change in LeadershipThe need for a new chairman arose after Vallabh Lakhani decided to step down. Lakhani had played a crucial role in the development and launch of the…

Diamond traders in Antwerp have openly called on Air India to initiate non-stop flights to Delhi and Mumbai, aiming to bridge the logistical gap between two of the world’s leading diamond trading centres. This request, grounded in the desire to enhance operational efficiency and reduce travel time, underscores the absence of a direct air service linking Belgium and India, both pivotal in the global diamond trade network.The Call for ConnectivityAntwerp’s diamond traders have articulated their stance through a communication to Air India, stressing the significance of direct routes in streamlining business operations. The current travel arrangement necessitates layovers in major…

De Beers has reported a significant rise in rough diamond sales, attributing this increase to a surge in consumer demand within the Indian market. Specifically, sales for the second sight of 2024 experienced a 15% increase, amounting to $430 million, compared to the first sight of the year. This growth comes despite a dip from the previous year’s figures and amidst fluctuating global market conditions.De Beers Group CEO Al Cook said: “I’m pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024. However, ongoing economic uncertainty in the US has…

India marks a significant advancement in its gems and jewellery industry with the inauguration of the Bharat Ratnam Mega Common Facility Centre (CFC) at SEEPZ Special Economic Zone (SEZ) in Mumbai. This establishment, heralded as the first of its kind in the nation, promises to catalyse innovation, economic growth, and technological advancement within the sector.Inauguration and SupportThe Bharat Ratnam Mega CFC was inaugurated on 12th January 2024, with a virtual ceremony led by the Honorable Prime Minister Shri Narendra Modi. The centre enjoys robust backing from the Ministry of Commerce and Industry and is managed by the Gems and Jewellery…

Surat Diamond Bourse (SDB), inaugurated with much fanfare by Prime Minister Narendra Modi in December 2023, represents a bold stride towards redefining India’s prominence in the global diamond market. As the world’s largest office building, designed to facilitate over 4,500 offices, it showcases India’s ambition to be at the forefront of the diamond trade industry. However, the journey of the SDB post-inauguration reveals a tale of strategic reassessment and adaptation, reflecting the dynamic nature of the global diamond trade.Visionary Beginnings and Adaptive ResponsesThe SDB’s establishment, with an investment of Rs 3,500 crore, was a moment of national pride, marking India’s…

CaratLane, has expanded its retail footprint in Mangaluru with the opening of its second store. The new outlet, situated in Fiza by Nexus Mall, aims to bring closer to the consumers a wide range of stunning diamond jewellery. The inauguration was marked by a traditional coal-breaking ceremony, attended by friends, family, and loyal customers of the brand.This launch signifies not just the growth of CaratLane but also its commitment to making high-quality jewellery accessible to a broader audience in the region. The store promises an extensive selection from CaratLane’s iconic and collaborative collections, including Butterfly, Minions, Peppa Pig, and Harry…

In an ambitious move to widen its global footprint, Malabar Gold & Diamonds has announced the opening of ten new stores, aiming to elevate its total worldwide outlets to 350 by March. This initiative is part of the company’s comprehensive strategy to bolster its presence in the international jewellery market. Malabar Gold & Diamonds is currently ranked as the sixth-largest jewellery group globally and holds the 19th position in Deloitte’s Luxury Goods global ranking, showcasing its prominent stature in the industry.The expansion within India is marked by the opening of new stores in diverse locations including Latur, Satara, and Nagpur…