Monday, 30 June 2014
Indian Govt may cut 2% import duty on gold in budget: BoAML
The union government
is expected to cut two per cent import duty in gold in the forthcoming
budget, as local jewellers run out of inventory, a leading US brokerage
said here.
read more
After sluggish Q1, diamond traders eye shiny days
Even as the
countrys polished diamond exports declined in the first two months of
the current fiscal, the diamond industry is pinning its hopes on the
forthcoming budget for a boost to its business.
read more
Senco Gold eyes up to 60% revenue growth by FY17
Gold jewellery
retailer and exporter Senco Gold is eyeing up to 60 per cent growth in
revenue to over Rs 2,000 crore in next three years following plans to
add around 25 stores read more
Annual banking summit: GJEPC urges to increase the capital base of the ECGC
The second Diamond,
Gem and Jewellery Banking Summit 2014, organized by the Gem and
Jewellery Export Promotion Council (GJEPC), was successfully held on
June 28, 2014 in Mumbai. read more
IPL betting has become a pastime for some in the diamond industry: Dinesh Navadia
The local diamond industry is bracing itself for the after effects of
betting in Indian Premier League (IPL).Diamantaires fear increase in
payment default cases in the diamond markets read more
SA miners quit World Gold Council
Gold Fields quit the World Gold Council to save money. AngloGold
Ashanti, the worlds third-biggest producer of the metal, also left the
organisation.
Gold Fields decision was purely a cost issue, spokesman Willie Jacobsz said by phone. Members pay per ounce of metal produced and with all the cost-cutting weve seen, especially here at Gold Fields, weve had a look very carefully at our membership of all sorts of organisations around the world.
AngloGold spokesman Stewart Bailey couldnt be reached for comment. The WGC is the gold industrys market-development organisation and its members include Barrick Gold and Newmont Mining, the largest producers.
The council regrets the departures, it said today in an e-mailed statement. We thank them for all their support and hope that there will be an opportunity in the future to welcome them back.
AngloGold and Gold Fields have been slashing costs in the past year as they seek to adjust to a gold price that has fallen 21 per cent since the beginning of last year.
Gold Fields chief executive Nick Holland led the council to adopt so-called all-in cost reporting for miners last year to give investors a better understanding of producers profit margins and help them compare performance.
Such expenses exceed traditional cash costs because they include outlays such as capital spending, administration and exploration.
Courtesy: Business report
Gold Fields decision was purely a cost issue, spokesman Willie Jacobsz said by phone. Members pay per ounce of metal produced and with all the cost-cutting weve seen, especially here at Gold Fields, weve had a look very carefully at our membership of all sorts of organisations around the world.
AngloGold spokesman Stewart Bailey couldnt be reached for comment. The WGC is the gold industrys market-development organisation and its members include Barrick Gold and Newmont Mining, the largest producers.
The council regrets the departures, it said today in an e-mailed statement. We thank them for all their support and hope that there will be an opportunity in the future to welcome them back.
AngloGold and Gold Fields have been slashing costs in the past year as they seek to adjust to a gold price that has fallen 21 per cent since the beginning of last year.
Gold Fields chief executive Nick Holland led the council to adopt so-called all-in cost reporting for miners last year to give investors a better understanding of producers profit margins and help them compare performance.
Such expenses exceed traditional cash costs because they include outlays such as capital spending, administration and exploration.
Courtesy: Business report
VBJ e-commerce venture sets eyes on China foray
Vummidi Bangaru
Jewellers (VBJ) scion Amarendra Vummidi said that companys new
e-commerce venture would serve as the vehicle for an eventual foray into
China, a market whose margins far outstrip that of India.
read more
Saturday, 28 June 2014
Readers Response: Favourable market sentiments- Vishal Jain
Understanding the sentiments of the customers attached to the metal,
every year it becomes necessary to launch a range of gold dominated
jewellery line keeping the market trend in mind. There was a short phase
when diamonds dominated the trends however; gold dominant designs are
now in fad.
Vishal Jain
Director
Zahav Jewels
Mumbai
Vishal Jain
Director
Zahav Jewels
Mumbai
Readers Response: Impressive content- Ankur Rungta
It is good to find a magazine which deals with such a wide range of subjects and presents the gem and jewellery industry with a fresh approach. I really like the wide variety of information given in your magazine. It always carries articles in which I am greatly interested that doesn’t seem to be available elsewhere.
Ankur Rungta
Director
KKM Gold
New Delhi
Ankur Rungta
Director
KKM Gold
New Delhi
Readers Response: Customer protection- Kirit Zaveri
While there has been a significant increase in adoption of hallmarking
on jewellery, the practice is currently limited primarily to organized
players, thereby exposing customers to risks related to quality and
undercaratage.
Kirit Zaveri
Proprietor
Soni Bachubhai Zivabhai
Ahmedabad
Kirit Zaveri
Proprietor
Soni Bachubhai Zivabhai
Ahmedabad
Readers Response: Time to change- Sanjay Golank
The gem and jewellery industry has been working under tight regulations from the last one year. We expect the new government to pursue a reform agenda which could roll back policies introduced by the outgoing administration and try to lower the import duty that has blocked the movement of gold in the country.
Sanjay Golank
Director
Sadhana Gold
Mumbai
Sanjay Golank
Director
Sadhana Gold
Mumbai
Readers Response: Comprehensive article on jewellery technology- Narayan Santosh Kudtarkar
The
Art of Jewellery’s April 2014 issue was something I waited for years
from the first letter I wrote to you to educate the jewellers on
technology. Even though it was late, but I was very happy to see the
vastness of subjects you covered in this issue. The ERPs, Customization,
the users reviews and new technologies like using ipad or tab to
leverage store performance was very novel and something I was looking
for a long time. I have got the leads on various softwares and security
solutions.
Narayan Santosh Kudtarkar
Proprietor
Sri Shantadurga Jewellers
Gadag, Karnataka
Narayan Santosh Kudtarkar
Proprietor
Sri Shantadurga Jewellers
Gadag, Karnataka
Friday, 27 June 2014
QUOTE OF THE DAY - 27th June 2014
“With the CAD coming under control, there are a
lot of expectations from the newly formed BJP led government.
Initially, they can reduce the import duty and continue with the 80:20
rule with slight modification which would gradually increase the imports
of gold through official channels and give impetus to ailing bullion
industry of India.”
Sachin Kothari, Director, BullionIndia.in
Actor Irrfan Khan launches Abaran’s Platinum Collection for Men
Speaking of his fascination for Platinum, Bollywood actor Irrfan Khan unveiled Abaran’s new season’s collection for men along with Pratap Kamath, MD, Abaran Timeless Jewellery Pvt Ltd., ream more
Shanghai may launch international gold exchange in FTZ
Shanghai may launch
an international trading board for gold in the China (Shanghai) pilot
Free Trade Zone this quarter. The new trading board in the FTZ is
expected to attract foreign participants as China hopes to have read more
GJEPC organises Diamond, Gem and Jewellery Banking Summit on 28th June
With Indian and
overseas banks taking a cautious approach to lending to diamond
companies, including De Beers sightholders and clients of Alrosa and Rio
Tinto due to rising number of loan defaults in Surat, Mumbai and
Antwerp, read more
Tara Jewels to close three retail stores; Focus on high-margin diamond jewellery
In a bid to
consolidate its retail business, jewellery maker company Tara Jewels
will shut down its three 'less-profitable' stores and focus more on
high-margin diamond jewellery segment.
read more
China's May gold imports from Hong Kong drop to 16-month low
China's gold imports
from Hong Kong dropped in May to the lowest level since January last
year as a weaker yuan curbed appetite for the precious metal in the
world's largest consumer. read more
Luk Fook's FY revenue up 43%, profit up 50%
Hong Kong-based jeweller Luk Fook Holdings reported that revenue rose 43
per cent year on year to US $2.478 billion (HKD 19.214 billion) in the
fiscal year that ended on March 31, 2014. read more
Thursday, 26 June 2014
QUOTE OF THE DAY - 26th June 2014
“BIS is making concerted efforts to create awareness for all stakeholders for the benefit of consumers. BIS is hopeful to take along all Jewellers and Hallmarking Centres to implement the Unique Identification system so as to ensure effective consumer protection.”
Sunil Soni, Director General, Bureau of Indian Standards (BIS)
Turkey sells 200 tons of secret gold to Iran
As the minister in
charge of Turkeys US $800 billion economy in 2013, Zafer Caglayan was
facing a series of numbers that didnt bode well for coming elections.
Inflation was up, read more
'Gold Fix' Reform Won't Happen Quickly: WGC
The World Gold Council on Wednesday said it doesn't expect an
industry-wide meeting to reform the so-called gold fix to provide an
immediate solution to trading in the precious metal, read more
Alrosa's 1Q revenue up 43%, profit falls 3%
ALROSA reported that
revenue rose 43 percent year on year to $1.66 billion (RUB 56.3
billion) in the first quarter of 2014. Growth was driven by an increase
in sales volume, read more
Domestic gold rebounds on renewed demand from stockist and customers
Gold prices rebounded at the domestic bullion market today due to renewed demand from jewellery stockist and retail consumers.
Moving with the general trend, silver also rallied supported by frantic speculative buying. read more
SGL opens two labs in Kolkata
London based
Solitaire Gemmological Laboratories (SGL) launches its 9th location with
two laboratories in Kolkata, the jewellery manufacturing centre of east
India. With its laboratories in two locations in the city, read more
Platinum miners back to work in S Africa
Tens of thousands of South African platinum miners returned to work on
Wednesday after wage deals ended the longest and most damaging strike in
the country's history.
read more
Singapore and Shanghai seek gold-hub role as demand shifts east
Singapore will introduce a physical gold contract this year, while Shanghai starts international bullion trading, highlighting a push in the biggest consuming region to establish new price benchmarks as demand shifts east. read more
Wednesday, 25 June 2014
AOJ EXCLUSIVE: Indian GJ industry will not suffer; FM assures GJF
All India Gems and Jewellery Trade Federation (GJF) delegation met the
finance minister Arun Jaitley with the recommendation and representation
from the Indian gem and jewellery industry for the upcoming union
budget.
read more
GJEPC requests FM to restore the bank credit cycle to 180 days
A delegation of diamond traders and representatives of Gems and
Jewellery Export Promotion Council (GJEPC) met the Union Finance
Minister, Arun Jaitley in New Delhi regarding the issues faced by the
diamond traders.
read more
Gold finance companies up; RBI allows them as banking correspondents
Shares of finance
companies which provide loans against gold rally after the RBI on
Tuesday allowed banks to engage non-deposit-taking non-banking finance
companies as banking correspondents for financial inclusion. read more
Gold smuggling on rise, Chennai accounts for maximum cases
While India is
seeing a steady increase in gold smuggling, a recent report of the
Enforcement Directorate says that Chennai accounts for the maximum
number of gold seizures in the country when compared to other cities. read more
The race to replace
the London silver price fix appears to be heading into the home stretch
as members of the London Bullion Market Association now have to
revaluate seven different presentations to find out which one will get
the official nod.
read more
Singapore to start gold contract as world demand shifts east
Southeast Asias biggest bourse operator, will introduce a wholesale
kilobar gold contract as the city-state seeks to increase its share of
the $18 trillion industry. The contract for 25 kilograms of 99.99
percent purity may start as soon as September, read more
HK June Jewelry Show fails to boost sales
Trading at the June
Hong Kong Jewellery and Gem Fair, which took place between June 19 and
22, came in below expectations as the event failed to boost sales during
the traditionally slow period of the year. read more
Russian rough diamond exports shoot up in Q1
New figures released by the Russian Finance Ministry point to an
increase in the sum of exports of rough diamonds from the country and a
decrease in the already paltry sum of imports of said stones, Rough and
Polished reports. read more
Reader’s Reaction to ‘UID for hallmarking: Blessing or a Curse?’ (The Art of Jewellery, June 2014 Issue- Cover Story)
Such
steps would only discourage jewellers to not apply or renew their
existing licences. It would create a huge gap within the industry as not
every jeweller can easily afford to pay such high enrolment fees for a
legitimate practice. This would lead to opportunism by the affluent
jewellers and disrupt the coexistence of smaller businesses (which have
been the backbone of our industry).
Vinay Agarwal
Partner
Ratiwant Jewellers
Bhopal
Vinay Agarwal
Partner
Ratiwant Jewellers
Bhopal
Reader’s Reaction to ‘UID for hallmarking: Blessing or a Curse?’ (The Art of Jewellery, June 2014 Issue- Cover Story)
"I
happen to read about the UID scheme by the BIS in your June issue and I
was very surprised by this tedious plan of the government. First of all,
we have very few hallmarking centres in our country. Especially in Tier
2 and Tier 3 cities, most of the jewellers in these cities feel,
it is difficult to get their jewellery hallmarked and therefore, rely
less on marketing hallmarked Jewellery. It’s a very difficult Job for
semi urban areas specially, where there is single hallmarking center for
some three districts situated 100 kms away."
Narayan Kudtarkar
Managing Partner
Sri Shantadurga Jewellers
Gadag
Narayan Kudtarkar
Managing Partner
Sri Shantadurga Jewellers
Gadag
Tuesday, 24 June 2014
AOJ Flash News : Vipul Shah meets FM, no assurance on easing gold import norms.
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GSI launches the Joy Box Campaign in Mumbai
Gemological Science International (GSI) has launched the Joy Box
campaign in association with Each One Teach One (EOTO), a charitable
foundation aimed at creating opportunities for underprivileged children
in urban and rural India. read more
India is the Future of the Diamond Industry: Vipul Shah
Vipul Shah, the
chairman of India's Gem and Jewellery Export Promotion Council (GJEPC),
discusses how business conditions and policies in India are changing.
Additionally, he urges U.S. retailers read more
GIA trains a fresh wave of qualified professionals in Surat
GIA (Gemological Institute of America) hosted its Graduate Diamonds (GD)
graduation ceremony on June 20 at Institutes classroom at the Surat
Diamond Association Premises in Varachha Road. read more
GJF organises Labham programme in Delhi
The All India Gems
and Jewellery Trade Federation (GJF), the country's leading trade
association of gems and jewellery, launched its educational programme
called Labham in Delhi on 23rd June, 2014.
read more
Gold euphoria won't last with Yellen's rally fading
After the biggest
gold slump in three decades left investors heartbroken, they're
following Taylor Swift's advice and never, ever getting back together.
read more
Union Bank of India opens branch in Antwerp to fund diamond industry
Mumbai-based Union Bank of India has opened a branch in Antwerp to
provide funding for diamond industry, Bloomberg reported. The bank has
been supporting diamond firms with credit and loans for many decades. read more
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