Friday 31 October 2014

Quote of the day - 31st Oct 2014

“India loves gold and we believe in gold; so we look at India as a very important market.”

Afshin Nabavi, Executive Senior Vice President-Trading, MKS Switzerland

Gold imports plunge after 4-fold jump in September

Gold imports by India, the world’s second-biggest consumer, are poised to plunge this month from September when festival demand fueled a more than four-fold jump in shipments, a jewellers’ group said. read more

Gold under pressure as most support weaken

Gold prices have once again failed to hold on to the recent gains and are currently testing key support levels. On Friday, spot gold prices were ruling $1,203.62 an ounce, read more

Rio Tinto launches diamond jewellery television campaign in India

Rio Tinto has released its latest television campaign to support Nazraana™, its flagship diamond jewellery initiative in India. read more

Russia buys most gold for reserves since 98

Russia boosted gold reserves by the most since defaulting on local debt in 1998, driving its bullion holdings to the largest in at least two decades. read more

Jewellery shops in Saudi Arabia will close down if women allowed working in them: Experts

Almost every jewellery shop in Saudi Arabia will close down if women are given the opportunity to work in them, according to a Saudi international expert on gold and jewels. read more

Thursday 30 October 2014

Quote of the day - 30th Oct 2014:

“Domestic markets have behaved better during Dhanteras and the US market primarily has responded better."

Vipul Shah, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC)

Gold premiums in India soar on import restrictions buzz

Premiums charged for physical delivery of gold shot up on Wednesday, in the wake of rumors that the Reserve Bank of India (RBI) or the ministry of finance might impose more restrictions on gold imports. read more

India's silver jewellery exports gain momentum

Steep fall in silver price has made silver jewellery more attractive in the overseas markets, especially the United States and the European Union, where sterling silver ornaments replaced white gold jewellery in the last few years. read more

GJEPC urges Centre to grant banking licence to ABN Amro Bank to open branches in India

The Gems and Jewellery Export Promotion Council (GJEPC) has urged the Central government that the Reserve Bank of India (RBI) to grant banking licence to the Netherlands-based ABN Amro Bank NV, read more

Diamond trade back on track during the past two months

The diamond trade in India has in the past two months managed to clear a substantial portion of its polished-diamond inventory worth US $1.5 billion, or about Rs 9,150 crore, read more

Rajkot based bullion dealer admits to black money, skips Swiss

Of the three Swiss bank account holders named by the government, the case of Pankajkumar Chimanlal Lodhai is the most curious. The rotund gold and bullion dealer from Rajkot, read more

Wednesday 29 October 2014

Quote of the day - 29th Oct 2014

 “Don’t just sell diamonds, sell relationships.”

Martin Rapaport, Chairman, Rapaport Group

Quote of the day - 29th Oct 2014

“We are anticipating a very good Christmas season for the diamond sector. The demand has increased in the lower and higher category goods.”

Chandrakant Sanghavi, Regional Chairman, The Gem and Jewellery Export Promotion Council (GJEPC)

Gold firms on weak US durable goods data; Fed eyed

Gold prices edged higher on Tuesday as softer-than-expected U.S. consumer spending data pressured the dollar, ahead of a closely-watched Federal Reserve policy statement. read more

Diamond exports start looking up after steep slide

After witnessing a continuous decline in the polished diamond exports since May-2014, Indian exporters witnessed a resurgence in September as exports of cut and polished diamonds along with gold jewellery (plain and studded) started looking up. read more

Ashwini Gold MD arrested for smuggling gold out of SEZ

The Indian Customs Department has decided to move court to issue arrest warrant against the first accused in the case related to smuggling of gold out of Special Economic Zone (SEZ) to jewelry shops. read more

Diamond bourses pull out of World Diamond Council AGM

The World Federation of Diamond Bourses (WFDB) and seven others major organisations have announced they are pulling out of the World Diamond Council’s (WDC) annual general meeting, due to take place on 28 October. read more

Malabar Gold & Diamonds launches customize jewellery on its Online Store

Malabar Gold & Diamonds is providing its online customer to make jewellery purchases using two new features – Smart Buy and Custom Jewellery, reports say. With these new features on its e-commerce portal read more

US diamond jewellery market plays a key role: Martin Rapaport

Putting America first and stressing the importance of adding value in the U.S. diamond and jewelry market was the cornerstone of a presentation by Martin Rapaport, the chairman of the Rapaport Group, read more

Argyle pink diamond tender achieves record prices

Rio Tinto reported that its annual pink diamond tender of rare pink and red diamonds from the Argyle mine in Australia achieved the highest average price per carat since the tender began 30 years ago. read more

GSI opens laboratory in Surat

Gemological Science International (GSI) a full-service, high-tech lab designed specifically to meet the rapidly changing needs of the jewelry industry, has announced the launch of its state-of-the-art laboratory facility at Surat. read more

Tuesday 28 October 2014

Quote of the day - 28th Oct 2014

“Today, young India wants platinum as it is considered a metal that speaks the modern language with its contemporary design. It is established as a symbol of the deepest relationships and is exclusive, unique and expensive, which denotes status."

Vaishali Banerjee, Country Manager India, Platinum Guild International (PGI)

Quote of the day - 28th Oct 2014

Antwerp Diamond Bank’s  (ADB), decision to close will largely affect Antwerp-based diamantaires, mainly traders of rough diamonds. I hope they will find alternative funding arrangements to overcome this and continue the business.”

Shreyas K Doshi, Chairman, Shrenuj Group

No better days ahead if margins not improve: Diamond industry

The owners of Antwerp Diamond Bank (ADB), whose closure announcement was a shock to the trade as it had lent to several, including Indian firms, have reportedly told borrowers they’d get enough time and terms to repay. read more

Platinum jewellery is gaining more favours among young Indian customers

Platinum customer profile in India is getting younger. A recent survey shows that 85 per cent of the metal's consumers in the country are in the age group of 15 to 30 years. read more

China gold imports rise to five-month high

China gold imports from Hong Kong in September rose to the highest in five months as retailers and fabricators boosted purchases ahead of a holiday sales season. Net imports totalled 61.7 metric tons last month, the most since April, read more

Swarovski creates 88 Facets cut for Zirconia

Continuing its dedication to advancing the range of zirconia products with stunning new varieties, Swarovski launches the 88 Facets cut. Eight being a symbol for infinity, the cut’s auspicious name speaks of good fortune and happiness. read more

Iran is among world's six major gold consumers

Behrouz Borna, deputy head of the Geological Survey of Iran, said Iranians buy about 400 metric tons of gold annually, Iran's ISNA news agency reported on October 25. read more

World Diamond Council appoints new Executive Director

The World Diamond Council (WDC) named Patricia Syvrud, the founder and president of Joia Consulting LLC, as the organization's first executive director, effective October 31, 2014. read more

104 carat d flawless unveiled by Chow Tai Fook

Chow Tai Fook will unveil a 104 ct. D color internally flawless round brilliant- cut diamond on Nov. 28 in celebration of its 85th anniversary. read more

Monday 27 October 2014

Quote of the day - 27th Oct 2014

“We have loyal customer base of over 20 lakh currently. In two years, we plan to double our loyal customer base to 40 lakh as we enter new markets in India and abroad.”

T S Kalyanaraman, CMD, Kalyan Jewellers

Quote of the day - 27th Oct 2014

“The jewellery sales in the north were very good experiencing nearly 15 to 20 per cent increase in sales compared to last year.”

Vijay Khanna, MD, Khanna Jewellers

Govt names Rajkot-based bullion dealer as black money account holder in Swiss Bank

The Union government has named Pankaj Chimanlal Lodya, a Rajkot-based bullion trader and two others as the black money holder in a Swiss Bank. read more

Gold jewellery sales increase 15 to 20% this Diwali

Gold sales in India during Diwali and Dhanteras celebrated this week rose by nearly 15 to 20 per cent. Compared to the southern region the jewellery sales in north were higher. read more

Suresh Jain appointed as new India Bullion & Jewellers Association (IBJA) president

In a surprise move, Mohit Kamboj stepped down as the president of IBJA and Suresh Jain of Royal Chains has been appointed as the new president of the association. read more

India’s gold jewellery exports shine in September; up 36% y-o-y

After the decline seen last year, India’s exports of diamonds and gold jewellery are expected to rebound in FY2014-15 with exports of these items recovering significantly in September 2014. read more

KGJS 2014 roadshow kick starts from Cochin

The 7th edition of Kerala Gem and Jewellery Show (KGJS 2014) road show was kick started from Angamaly (Cochin) on a successful note. Jose Thetiyill, MLA was the chief guest on the event held at more

Organised jewellery chains catch fancy of PE investors

October 20, US private equity (PE) major Warburg Pincus announced its Rs 1,200-crore investment in Kerala-based Kalyan Jewellers for an undisclosed stake. read more

Ebola outbreak affects gold-mining firms in Africa

A Birmingham gold-mining firm has been forced to put its project in Liberia on hold due to the Ebola outbreak. read more

Tuesday 21 October 2014

Quote of the day - 21st Oct 2014

“We have made a proposal to the Ministry of Commerce a similar notified zone for Surat so that the upcoming bourse there also benefits."

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

Quote of the day - 21st Oct 2014

“India’s attachment to gold is unlikely to break. This tradition has lasted for centuries. It’s a symbol of wealth or a form of investment, and the precious metal is deeply rooted in worship and culture.”

Howie Lee, Investment Analyst, Phillip Futures Pte

Diamond industry calls for notified zone in Surat too

Even as discussions are on for a special notified zone with tax benefits in Mumbai, the diamond industry is seeking a similar zone in Surat too. read more

Harikrishna Exports gifts cars, jewellery, flats to employees as Diwali Bonus

Surat's diamond industry may still be struggling to regain its sparkle after the economic slowdown but about 1,200 employees of local firm Hari Krishna Exports have ample reason to celebrate this Diwali. read more

Gold buying rebounds in India on diwali jewellery sales

Shweta Anand took half a day off work to get a jump on India’s jewelry shopping spree before the Hindu festival of Diwali, and she was looking for bargains. read more

Forevermark unveils new global marketing campaign

Forevermark, the diamond brand from The De Beers Group of Companies has unveiled its new global marketing campaign that aims to inspire people to renew their belief in the power of a promise read more

GIA Researchers Visit Emerald Mines in Zambia

In September 2014, a team of field researchers from the Gemological Institute of America (GIA) traveled to Zambia to collect emerald samples for the Institute’s gem identification database and to document the current state of Kagem, read more

ALROSA's 3Q Production falls 2%

ALROSA sold approximately US $1 billion worth of diamonds during the third quarter that ended on September 30, according to the company's preliminary estimate. ALROSA sold 5.3 million carats of gem-quality goods with an average price of US $182 per carat read more

Monday 20 October 2014

Quote of the day - 20th Oct 2014

“The world’s largest private equity fund   Warburg Pincus has invested Rs 1200 cr in our company for a minority stake. This is big step forward in taking our company to an international standard of capitalization and growth.”

Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers

Quote of the day - 20th Oct 2014

“We are considering to  reimpose some restrictions on gold imports after inbound shipments surged in the last few months, widening the trade deficit.”

Arun Jaitely, Finance Minister, Govt of India