Thursday 31 July 2014

Quote of the day - 31st July 2014

"Jewellers expect the low trend to continue until the government changes gold import guidelines and make the yellow metal available adequately to domestic players. This is the fallout for SEZs."

Sabyasachi Ray, Executive Director, Gems and Jewellery Export Promotion Council (GJEPC)

Sluggish demand, higher supply drag gold premiums in India

The gold premiums in India crashed to new lows on account of weak domestic demand and higher supplies of the yellow metal. The premiums fell by almost 50 per cent to US $5-US $6 per troy ounce read more

SEZs lose jewellery business to units outside; blame 80:20 rule

Data compiled by the Gems and Jewellery Export Promotion Council (GJEPC) showed gold jewellery exports from DTA shot up by 173 per cent to Rs 6,974 crore in the first quarter read more

Gold ends lower on strong US GDP data

Gold futures ended lower on Wednesday, on some upbeat US economic data with the country's gross domestic product jumped more than expected in the second quarter. read more

SDA demands separate police stations in the diamond hubs of Surat

Surat Diamond Association (SDA) has demanded police stations in the diamond hubs of Surat, Ahmedabad and Bhavnagar to exclusively deal with criminal cases related to diamonds. read more

Thangamayil Jewellery turns to loss in Apr-Jun quarter

Thangamayil Jewellery swung to a loss for the quarter ended June 2014. During the quarter, the company reported a loss of Rs 39.82 million read more collaborates with Satyug Gold to launch a range of jewellery, India’s largest online marketplace enters into a strategic partnership with Satyug Gold to launch a range of jewellery collection, read more

Wednesday 30 July 2014

Quote of the day - 30th July 2014

“Till last year, the preference of Indian households has been to invest in gold as a saving option as the cost of buying a property is high; people tend to spend less on it.”

Madan Sabnavis,
Chief Economist, CARE Ratings

Gold spend on a high: NSSO Survey

India’s affection for gold has only been growing across rural and urban areas. When compared with real estate, the yellow metal is still clearly perceived as a safer bet, read more

Gold drops as market waits for Fed's rate view

Gold fell on Tuesday as investors nervously awaited the end of US Federal Reserve's two-day policy meeting on Wednesday to see if the central bank will raise interest rates faster than expected. read more

Stocks overshadow gold in strong market rally this year

Indian equities have overshadowed gold's glitter by giving handsome returns of almost 23 per cent to investors so far this year. While the BSE's 30-stock benchmark index Sensex has logged in 22.76 per cent growth read more

Russia beginning to hoard gold

Russia continues to aggressively accumulate gold reserves. Its gold holdings increased again in June as the crisis in the Ukraine and relations with the West deteriorated. The Russian central bank read more

Gemfields and Gubelin Gem Lab announce next generation disclosure for gemstone reports

Gemfields and G├╝belin Gem Lab recently announced the “next generation” of disclosure on laboratory-issued gemstone certificates. read more

Tuesday 29 July 2014

Quote of the day - 29th July 2014

“Diamond processors are facing huge squeeze in their operating margins due to a massive spurt in rough and stagnant polished diamond prices, which poses a challenging environment for Indian players.”

Vipul Shah, Chairman, The Gems and Jewellery Export Promotion Council (GJEPC)

Gold holds above $ 1,300/oz

The gold price regained the psychologically important US $1,300 per ounce level late on Friday and was still trading above this level in early European hours on Monday at the start read more

Slowdown likely for diamond processors in India

The second half of the calendar year (July-December) is likely to remain challenging for the diamond processing sector in India. The sector witnessed robust growth in the first half. read more

Panama woos Indian diamond companies

While the much-hyped Surat Diamond Bourse (SDB) project is yet to take off, the Panama Diamond Exchange (PDE) in Latin America is wooing Indian diamond companies read more

OGI Systems launches service center in New York City

OGI Systems Group is pleased to announce the recent purchase of its New York City office headquarters located at 10 W. 46th Street. read more

Manappuram Gold Finance expects growth of 6% this fiscal

Gold loan NBFC Manappuram Finance expects to achieve a growth of six per cent in the current fiscal, having successfully removed toxic assets from its portfolio, company officials told. read more

Monday 28 July 2014

Quote of the day - 28th July 2014

“We want to break the misconception that diamonds are not meant for common man. We expect revenue of Rs 200 to 250 crore in the first year from these mini diamond outlets alone."

TS Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers

Gold prices looking weak

While geo-political tension will support prices, there aren’t enough drivers to take gold higher in the coming months. read more

Premium on gold drops falls to $ 5/ounce

Gold demand in the physical market too dried up. In India, world’s second largest gold market, premium on gold prices read more

SPDR gold holding drops

Last week US SPDR Gold Trust, the world’s largest gold backed exchange traded funds, saw some investors sell their units. read more

Smuggling may rise if customs duty on gold not lowered: Experts

Jewellery industry has expressed apprehensions that the government's decision of not lowering customs duty on gold from the current 10 per cent may give rise to activities in the grey market. read more

Kalyan Jewellers to invest Rs 1500 crore for expansion this year

Gold jewellery chain major Kalyan Jewellers will invest Rs 1500 crore this year to increase its network of showrooms across India and Middle East and to convert its cutomer service centres read more

GJEPC collaborates with DDC to present India Diamond Week in New York

Gem and Jewellery Export Promotion Council, India (GJEPC) and Diamond Dealers Club, New York (DDC) presents India Diamond Week at DDC, New York, to be held from 11th to 14th August 2014. read more

Singapore takes more steps to becoming global gold hub

Gold was badly impacted by what appears to be high frequency trading (HFT) or programme trading again yesterday with another bout of concentrated selling on two occasions. read more

De Beers Revenue +15% to $4B

Anglo American's group underlying earnings rose 3 per cent to $1.284 billion for the first half that ended on June 30 and De Beers contribution of $469 million reflected an increase of 59 per cent. read more

Gold Prices Looking Weak

“While geo-political tension will support prices, there aren’t enough drivers to take gold higher in the coming months.”

Premium on Gold Drops

Premium on gold prices in spot markets drops to $ 5/ounce from around $ 9-10/ounce in the previous week.

SPDR Gold Holding Drops

Last week US SPDR Gold Trust funds holding dropped by 3.3 tonnes.

Saturday 26 July 2014

Readers Response: Gold continues to rule the Indian culture- Ishu Datwani

The market sentiment is quite favorable, with clients buying not just gold jewellery and coins. Talking about diamonds, they are not the first choice as people prefer gold more.

Ishu Datwani
Anmol Jewellers , Mumbai

Readers Response: Gold continues to rule the Indian culture- Samir Sagar

The yellow metal has and still continues to be an integral part of the Indian culture. No marriage or festival in India is complete without gold. Even if it is just five gms gold jewellery or bullion, gold continues to occupy an important part of the gifting list among Indians today.

Samir Sagar
Manubhai Jewellers, Mumbai

Readers Response: Young generation opting for gold jewellery- Saurabh Gadgil

Today, even the younger generation holds the traditional belief and over a period of time their jewellery purchasing power increased considerably and continues to do so. They too look forward to auspicious days to make their gold purchase. The general trend of buying gold coins and ornaments have increased over the years.

Saurabh Gadgil

Managing Director
P N Gadgil Jewellers, Pune

Readers Response: Effect of gold prices going down- Vikram Bengre

Low gold prices are not attracting customers as people are expecting the rates to come down further. We have seen a slight increase in sales as compared to last year but it is not up to the satisfactory level.

Vikram Bengre
Store Manager, Tanishq, Bangalore

Readers Response: Effect of gold prices going down- Sunil MJ

Till now, we have not seen any increase in sales as customers are waiting for the prices to come down further. Since the Modi government has taken few positive steps to promote jewellery industry. However, the budget will reveal the real story behind the curtains.

Sunil MJ
Manager, Mehta Gold, Bangalore

Friday 25 July 2014

Quote of the day - 25th July 2014

"We are delighted to associate our valuable association with Abaran who are recognized for their unwavering commitment towards creating the finest jewellery. I am sure together we will be able to deliver excellence to our valued customers.”

Sachin Jain, President, Forevermark-India

Quote of the day - 25th July 2014

“We have a long tradition of social responsibility, reflected by our long-term commitment with jewellers for children. We believe that we require little time and effort to make a big difference.”

Mark Gershburg, CEO, Gemological Science International (GSI)

KGK Jewellery Manufacturing Ltd announces licensee agreement with Xcel Brands, Inc

Xcel Brands, Inc. has signed an exclusive licensing agreement with KGK Jewellery Manufacturing Limited to take over the wholesale jewelry business under the Judith Ripka brands. read more

Gold hits one-month low as strong data offset safe-haven lure

Gold hit a one-month low on Thursday after robust economic data from the United States, China and the euro zone deterred investors from safe-haven assets, even as tensions simmered read more

Swatch to use Indian diamonds in Swiss watch making

In order to break into the Indian retail market, watchmaker Swatch is proposing to use polished diamonds that are cut in the country at its manufacturing plants back in Switzerland read more

India's gold bar imports grew 28% in June 2014: GJEPC

The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of June 2014. read more

Forevermark launches ‘Red Carpet Collection’ at Abaran

Forevermark, the diamond brand from De Beers was launched at the new Abaran store in M.G.Road, in Bangalore. To mark the onset of the festive season, an exquisite range of red carpet jewellery read more

Gold and Silver jewellery exports by India surged 25% in June '14

The silver jewellery exports from India surged by 25.06 per cent year-on-year to touch $134.52 Million (Rs. 803.50 crores) during the month of June this year while its gold jewellery exports read more

Zimbabwe bans rough diamonds export

Chidhakwa confirmed the development yesterday when he told delegates at the on-going Mine Entra conference at the Zimbabwe International Trade Fair (ZITF) in Bulawayo read more

Thursday 24 July 2014

Quote of the day - 24th July 2014

“IGI’s new mobile application combines the Institute’s international grading expertise with accessible technology, marking a major milestone in the evolution of certification in India.”

Tehmasp Printer, Managing Director- India, International Gemological Institute (IGI)

‘Gold import curbs likely to remain in place’

Curbs on gold import are likely to remain in place with Finance Minister Arun Jaitley today saying the government is inclined to continue with this measure along with other steps read more

IGI launches mobile app, announces Jaipur Lab opening

The International Gemological Institute (IGI) launched its new consumer mobile application for Android/iOS titled “my Diamond, my Jewellery” at the India International Jewellery Show (IIJS) read more

Chinese gold bar demand plunged 62% during H1 2014: China Gold Association

The latest statement released by the China Gold Association indicates that gold demand fell sharply in the country during the first half of the year 2014. read more

India's polished diamond exports fall 1% in June

India's polished diamond exports declined 0.7 per cent year on year in June to US $1.469 billion, according to provisional data that was collected by the Gem and Jewellery Export Promotion Council. read more

De Beers announces revised diamond sales procedure

De Beers has updated its model for the allocation of rough diamonds by Global Sightholder Sales for the March 2015 – March 2018 contract period. read more

Joy Alukkas organises blood donation camp in Bangalore and Mysore

Jewellery retailer Joyalukkas organised a blood donation camp in Bangalore and Mysore as a part of their foundation’s 10th year celebration. read more

Wednesday 23 July 2014

Quote of the day - 23rd July 2014

“Banks, as per their board-approved policy, may decide upon the ceiling with regard to the quantum of loans that may be granted against the pledge of gold jewellery and ornaments for non-agricultural end uses.”

Reserve Bank of India (RBI)

Quote of the day - 23rd July 2014

“When there is a prohibitive duty of 10% on imports, what is the need to impose the 80:20 rule? You don't force a patient to undergo both allopathy and homeopathy treatment at the same time.”

Pankaj Parekh, Vice-Chairman, GJEPC

AOJ- Industry Comments: Vijay Khanna, MD, Khanna Jewellery

“I have got export orders for which I need 50 kg of gold to deliver on time. But my supplier Nova Scotia says the clearance for its gold consignment has been delayed by customs officials.”

Vijay Khanna, MD, Khanna Jewellery