Author: Ruchi Singla

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…

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 Efforts Introduced in March, the G7’s sanctions ban the import of…

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 Practices SRK 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…

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 Engagement The GJS April Show featured over 550 stalls and 400 exhibitors, displaying a range of new…

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 Implications The 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…

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 Expansion The last quarter of the fiscal year 2024 was marked by significant achievements for Titan, with a…

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…

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 Details Identified 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…

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…

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 Partnerships To navigate the complexities of the IPO,…

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 Offerings The 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…

The Gem & Jewellery Export Promotion Council (GJEPC) has taken a significant step towards facilitating international trade operations and boosting the global competitiveness of the jewellery sector by hosting an Outreach Program focused on obtaining Authorized Economic Operator (AEO) status. This event was organised at the Bharat Diamond Bourse on 18th March 2024, attracting over 120 industry stakeholders interested in understanding the intricacies of AEO certification. Purpose and Benefits of AEO Status The event was designed to inform participants about the AEO status, which is recognized globally for its role in promoting secure and efficient trade practices. Among the advantages…

The Gem & Jewellery Export Promotion Council (GJEPC) recently held the landmark 50th India Gem & Jewellery Awards (IGJA), a celebration that brought together the crème de la crème of India’s gem and jewellery industry.  The event, graced by Maharashtra’s Governor Ramesh Bais and Mukesh Ambani, CMD of Reliance Group, honoured the top exporters in the industry with 24 awards across various categories. The awards night in Mumbai was not just a recognition of individual excellence but also a testament to the industry’s significant role in India’s economic and cultural landscape. Industry Giants Honoured The ceremony was illuminated by the…

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 Brand Forevermark 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…

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 Growth One of the key highlights of the TEPA is the removal of customs duties on Chapter 71 products, which includes gems…

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 Leadership The need for a new chairman arose after Vallabh Lakhani decided to step down. Lakhani had played a crucial role in the development and launch…

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 Connectivity Antwerp’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…

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…

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 Support The 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…

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 Responses The SDB’s establishment, with an investment of Rs 3,500 crore, was a moment of national pride,…

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…

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…