Wednesday 31 December 2014

Quote of the day - 31st Dec 2014

"Slow sales of gold coins in US is reflective of lack of interest in the gold market."

Frank McGhee, Alliance Financial, Chicago

Gold extends gains, set to close 2014 on a firm note

Gold headed towards US $1,200 an ounce on Wednesday, holding onto overnight gains, as worries about Greece's future in the euro zone triggered a sell-off in equities and an increase in safe-haven bids for the metal. read more

US Mint gold-coin sales head for biggest drop in eight years

Gold lackluster performance is turning off coin buyers, with sales at the U.S. Mint heading for the biggest annual drop in eight years. read more

Forevermark hosts diamond mine visit to Botswana

Forevermark, the diamond brand from the De Beers Group of Companies, recently conducted a diamond mine tour at Botswana for select retail partners. read more

AOJ Exclusive: Bureau of Indian Standards (BIS) DG transferred; New DG to take charge soon

Sunil Soni, DG of Bureau of Indian Standards (BIS) which falls under the Ministry of Consumer Affairs, Food & Public Distribution, Government of India has been transferred to the Ministry of Overseas Indian Affairs, read more

2nd edition of GJEPC’s India-US Diamond Week to begin in Jan; over 60 exhibitors to participate

Inspired by the success of the 1st India – US Diamond Week held in August 2014, The Gem and Jewellery Export Promotion Council is organizing the 2nd India – US Diamond Week read more

Tuesday 30 December 2014

Quote of the day - 30th Dec 2014

“Meeting with the PM and commerce minister under Make in India initiative was very positive for the gem and jewellery industry. We have put forward our demands like reduction in gold import duty, formation of national council, skill development, jewellery park etc. We are expecting positive results in the upcoming budget.”

Suresh Jain, President, India Bullion and Jewellers Association (IBJA)

Quote of the day - 30th Dec 2014

"Make in India initiative will give a boost to the jewellery manufacturing sector in India. Our meeting with Prime Minister was very productive and we are expecting positive results."

Pramod Derewala, Chairman, Derewala Jewellery Industry Limited

AOJ Exclusive: Gem and Jewellery sector gets boost from the PM; Trade bodies upbeat after the meeting

Meeting was called by Prime Minister Narendra Modi under Make in India initiative and the jewellery sector was represented by the trade bodies. Cabinet secretary put forward the presentation on behalf of the gem and jewellery sector. read more

New diamond bourse in Surat likely to be ready in 4 years; diamond barons to invest Rs 1.25lakh crore

Surat Diamond Bourse, a company floated recently by diamond barons, plans to invest Rs 1.25 lakh crore to establish a new bourse here over a period of four years. read more

Gold jewellery export business expected to return to special economic zones (SEZ)

As the government has scrapped the 80/20 rule for gold imports, part of the gold jewellery export business that had moved to domestic tariff area (DTA) in the past few months is expected to return to special economic zones (SEZ). read more

Gold holds below $1,200 as dollar scales new highs

Gold on Tuesday traded firmly below $1,200 an ounce as the dollar was perched at a near nine-year high versus a basket of major currencies, undermining the metal's appeal as a hedge. read more

China's net gold imports from Hong Kong hit 9-month high in Nov

China gold imports from Hong Kong in November rose to their highest level since February, indicating strong demand in the world's top bullion consumer ahead of the Lunar New Year. "Consumer demand is strong because of lower prices," read more

Kalyan Jewellers ventures into Kuwait market

Kalyan Jewellers marked their entry into the Kuwaiti market with an official inauguration ceremony, held at the Jumeirah Beach Hotel, Friday evening. read more

Monday 29 December 2014

Quote of the day - 29th Dec 2014

“Whether ‘Make in India’ is made for consumers within India or consumers outside, is not so relevant. The principle today is that consumers across the world like to buy products that are cheaper and of good quality.”

Arun Jaitley, Union Finance Minister, Govt of India

Madras Jewellers & Diamond Merchants Association (MJDMA) celebrates its Platinum Jubilee

The Madras Jewellers and Diamond Merchants Association celebrated its Platinum Jubilee year at Chennai Trade Centre, Nandambakkam on 28th December 2014 with pomp and splendour. read more

AOJ Exclusive: PM Narendra Modi meets jeweller industry leaders on 'Make in India' initiative

Prime Minister Narendra Modi met jewellery sector leaders and associations today in New Delhi to discuss how the jewellery segment can be part of the Make in India campaign he'd initiated in August. read more

SPDR Gold holdings at six-year low but price firm in thin trade

Gold was trading near its highest in nearly a week on Monday, retaining sharp short-covering gains from the previous session, but the metal could be susceptible to losses given weak investor sentiment and a strong dollar. read more

Gujarat Gold Jewellery Show (GGJS) ends on a successful note

The 6th edition of GGJS show which was scheduled commences today at Gujarat University Convention and Exhibition Centre, Ahmedabad. The three day event which is scheduled from 26 to 28 December, read more

Meena Jewellers inaugurates four-storey Jewellery Showroom in Dubai

Meena Jewellers, one of the oldest gold and diamond jewellery traders in the Middle East region, launched their four-storey jewellery outlet in Gold Souk, Deira, on December 25, 2014. read more

Atlas Jewellery opens showrooms in Bangalore and Mumbai

Atlas Jewellery India launched two new showrooms at Bangalore and Mumbai recently. The Bangalore showroom is located Phoenix City Market and Mumbai Showroom Haware Infotech Park, Vashi. read more

Friday 26 December 2014

YOUR RESPONSE: Gold tourism can provide a firm platform to promote our jewellery heritage- Rajneesh Bhandari

The benefits of gold tourism are many. Dubai is a successful example. For India to catch up, it requires a strong will from the entire industry to revamp the existing gold markets of the country and turn them into highclass areas of trade.

Rajneesh Bhandari
Bhandari Jewellers, Ajmer

YOUR RESPONSE: Gold tourism can provide a firm platform to promote our jewellery heritage- Vinod Talwar

Creating gold tourism clusters within the country will not be a difficult task as we already have the buyers, skills and products in our reach. If we want to become a gold tourism hub then investment on infrastructure and promotion of our unique products in the world market is crucial.

Vinod Talwar
Krishna Jewellers, Chandigarh

YOUR RESPONSE: Gold tourism can provide a firm platform to promote our jewellery heritage- Deepak Wargi

India has always attracted foreign tourists because of it great architectural wonders, varied cultures, arts, crafts and cuisines etc. For centuries, the jewellery trade has played an important role in putting India on the global stage. Gold tourism circuits will not only bring additional revenue but will also bring fresh perspective into other aspects of the trade.

Deepak Wargi
Vaishnavi Gems & Jewels, Hyderabad

YOUR RESPONSE: Gold tourism can provide a firm platform to promote our jewellery heritage- Narayan B Khatri

From the past few years gold has attracted the ire of politicians and economists for putting the Indian economy in troubled waters. It is time to show the positive role of gold in the economy and its contribution to the GDP through revenue and employment generation. Gold tourism circuits will highlight these two aspects of gold in the right manner, which is the need of the hour.

Narayan B Khatri
DN Jewellers, Nagpur

Quote of the day - 26th Dec 2014

“China is not going to displace India as the leading diamond polishing hub any time soon, but India needs to reform its archaic tax rules to make the Indian diamond polishing industry more attractive for foreign miners."

Martin Rapaport, Chairman, Rapaport Group

Quote of the day - 26th Dec 2014

“There is enough gold in the market but the demand is very slow. We can see some demand coming in if prices come down to Rs 25,000-25,500 per 10 gm.”

Ketan Shroff, Spokesman, India Bullion & Jewellery Association (IBJA)

Jewellers demand Narendra Modi government to cut import duty on gold

India's 2014 gold imports are estimated to have dropped 13 per cent from last year despite a surge in November, data that jewellers hope would encourage the government to consider a cut in the metal's import duty. read more

Gold imports down in December

Gold imports are likely to decline drastically this month as jewellers over-stocked the metal in anticipation more import restrictions, according to a trade body. read more

Indian Govt to introduce alfa-numeric code for jewellery soon

The central government is “actively considering” introduction of a nine-digit alphanumeric identity code for every jewellery item manufactured in India, to fix purity and traceability. The code is proposed to be encrypted on every ornament. read more

China challenges India's polished diamond throne

India long-held position as the world's top diamond polisher is being challenged by soaring output from China, compelling the south Asian country to seek help from ally and top rough diamond supplier Russia to defend its market share. read more

Gold Assets in biggest bullion ETF tumble most since 2013

Investors in the world's biggest exchange-traded fund (ETF) product backed by bullion sold the most gold in 18 months as the US economic recovery cut demand for a haven. read more

GSI opens new lab in Botswana

Gemological Science International (GSI) one of the largest independently owned gemological laboratories in the world, announced today that it opened its 9th lab in Gaborone, Botswana. read more

Gujarat Gold Jewellery Show (GGJS) begins today

The 6th edition of GGJS show commences today at Gujarat University Convention and Exhibition Centre, Ahmedabad. The three day event which is scheduled from 26 to 28 December, 2014 read more

Wednesday 24 December 2014

Quote of the day - 24th Dec 2014

“The fascination towards affordable gold ornaments in a big way has also given us the hope to look for a five per cent revenue increase in the upcoming Gold and Jewellery promotions organised as part of 20th Dubai Shopping Festival (DSF).”

Tawhid Abdullah, Chairman of Dubai Gold & Jewellery Group

RBI may lift embargo on banks lending against gold

The Reserve Bank of India may soon permit banks to resume lending against gold to jewellers. The RBI is also looking at lifting the ban on import of gold coins and medallions. read more

Gold near 3-week low as stocks, dollar surge on strong US growth

Gold was trading close to a three-week low on Wednesday as strong U.S. economic growth boosted equities and the dollar, weakening safe-haven bids for bullion. read more

Consumption of affordable gold jewellery among youth on a rise

The consumption of affordable gold jewellery among the youth is on the rise worldwide, marking a clear shift from traditional gold models. read more

GIA to host gemstone gathering in Myanmar in Jan 2015

Audiences in Myanmar will have the opportunity to hear from GIA (Gemological Institute of America) experts during the first-ever Gemstone Gathering in Mandalay on Jan. 30. read more

Swarovski organizes Pure Brilliance Swarovski Zirconia education workshop in Bangalore

Swarovski organized Pure Brilliance Swarovski Zirconia education workshop on Friday, 12th December 2014 at Hotel Citrine, Bangalore. The workshop witnessed massive response from the Jewellers of entire Karnataka and was a huge success. read more

Tuesday 23 December 2014

Quote of the day - 23rd Dec 2014

"There is a possibility of a surge in sales and profitability of jewellery companies this festive season. Sales are likely to rise this Christmas season in overseas market.”

Alex Mathews, Head Research, Geojit BNP Paribas Financial Services Ltd

Quote of the day - 23rd Dec 2014

“We believe the solution to meeting India’s enduring appetite for gold lies not in restricting the import of gold, but in making better use of the gold that is already in the country, making it a productive fungible asset class like any other financial savings.”

Somasundaram PR, Managing Director-India, World Gold Council

India's gold bar imports surge 49% in November: 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 November this year. read more

Indians not averse to monetising gold holdings

The affinity Indians have towards gold is well-known. While they buy gold both as investment or adornment, very few are willing to part with it even in bad times. The country holds 22,000 tonnes of above-the-ground gold stocks and buys around 850 tonnes every year, but sells very less of its holdings. read more

Gold trades near three-week low as oil drop weighed with demand

Gold held near a three-week low as investors assessed prospects for slowing inflation spurred by slumping oil prices against signs of rising physical demand. Platinum was near the lowest level since 2009. read more

Jewellery stocks up on expectations of better sales this season

Share price of gems and jewellery companies shot up by upto seven per cent on Monday due to estimates of an improvement in margins this festive season. read more

Israel inaugurates new manufacturing plant during Intl. Diamond Week

A unique diamond manufacturing facility will be inaugurated during the International Diamond Week, which is scheduled for February 8 to12, 2015. A joint initiative of the Israel Diamond Exchange (IDE), the Israel Diamond Manufacturers Association (IsDMA) and the Israel Diamond Institute (IDI), read more

Monday 22 December 2014

Quote of the day - 22nd Dec 2014

“Post 80:20 scrapping, gold imports continue to happen from dore refiners and agencies other than banks on consignment basis. However, it is very limited due to existing supply glut and slack demand due to price sensitivity and seasonal reasons.”

Sudheesh Nambiath, Senior Analyst, GFMS Thomson Reuters

'Increased wealth in China and India will support jewellery demand'

The economic drivers for jewellery demand are robust. The outlook for two of the leading gold nations — India and China — is positive. In India, over the past seven years,  read more

Weak rouble may soften rough diamonds prices

As the rouble crisis deepens, with the country staring at a possible recession, Russia — the largest diamond producing country in the world — may increase its diamond exports which may lead to a decline in rough diamond prices by 2-5%. read more

12 edition of JJS witness grand success; Ruby theme attracts huge footfall

The Jaipur Jewellery Show 2014 underway at the newly built Jaipur Convention Centre is witnessing an extraordinary spark of an altogether different kind with the footfall, despite a new venue showing a swell. Its all because of the “Sparkle of the enchanting ruby” theme. The JJS 2013 theme is “red, rare and royal. read more

PN Gadgil Jewellers launches 'Gadgil Diamond Factory' in Mumbai

The pioneers in the retail jewellery industry, with a legacy that speaks about heritage, opulence and hard work, P. N. Gadgil Jewellers Pvt Ltd is now set to exponentially explore the diamond jewellery market with their new diamond factory. read more

Kareena Kapoor inaugurates Malabar Gold & Diamonds 122nd outlet in Dubai

Malabar Gold & Diamonds, a leading global jewellery retailer, is on a major expansion spree with the launch of five new showrooms planned in quick succession, starting today and concluding on January 3, 2015. read more

Tara Jewellers ties-up with

Tara Jewels said that its jewellery will now be available online, the leading e-commerce platforms Star Princess, the distributor of Tara Jewellers has tied up with Amazon, to launch the brand's collections on Amazon. read more