Friday 30 January 2015

YOUR RESPONSE: Design pages should be increased- Deepak Ghanshyam Bhai Soni

The entire magazine is a packet full of information about the jewellery world. Adding few more jewellery design pages focusing on diamond jewellery will provide it an extra edge over its competitor.

Deepak Ghanshyam Bhai Soni
Soni Ghanshyamlal Jayanthilal

YOUR RESPONSE: More cooperation is expected from Russia- Jigar Doshi

The recently concluded World Diamond Conference has revived the trade relations between India and Russia. Greater cooperation with Russia can completely transform the lives of diamond workers in Surat.

Jigar Doshi
C. Dinesh & Co. Pvt Ltd, Surat

YOUR RESPONSE: Scrapping of 80:20 rule is a positive sign for the industry- Vinod Mohanish

A source of valuable information Every month I receive the Art of Jewellery and I read it with all my attention. The magazine is always informative and enlightening about the GJ industry. It is always my ‘go-to’ source for industry news. I have seldom seen so much valuable information and knowledge in a single magazine.

Vinod Mohanish

Thakur Jewellers, Nasik

YOUR RESPONSE: Scrapping of 80:20 rule is a positive sign for the industry- Pradeep Jain

The government’s decision to drop the 80:20 rule suddenly is a good sign and timely as the buying season is in full swing. Demand for jewellery had perked up in the wedding season and will receive a boost ahead of the festive season.

Pradeep Jain

Navratan Jewellers, Noida

Quote of the day - 30th Jan 2015

“The pressure on gold remains because of the Fed’s plans to raise rates this year. I continue to remain bearish on gold.”

Rob Haworth, Senior Investment Strategist, US Bank Wealth Management

Indian Commerce Ministry calls for sharp gold duty cuts

The Ministry of Commerce in India has sought significant cut in duty on gold and silver imports. It has also asked for reduction of Minimum Alternate Tax (MAT) on jewelry manufacturing units in Special Economic Zones (SEZs) within the country. read more

India regains its position as worlds top gold consumer

India overtook China as the worlds biggest gold consumer in 2014 as global physical demand fell, an industry report showed on Thursday, forecasting that prices that have declined for the last two years would bottom out this year. read more

41st GJEPC awards held in Mumbai

The Gem and Jewellery Export Promotion Council (GJEPC) successfully conducted the 41st India Gem and Jewellery Awards (IGJA), 2014 on January 29, 2015 at Tata Theatre, NCPA, Mumbai. The prestigious awards night gathered leading industry read more

Minister for Mines calls for fresh exploration at Kolar Gold Fields

Union mines and steel minister Narendra Singh Tomar has suggested undertaking fresh exploration and evaluation of dumps and mines at Kolar Gold Fields (KGF) to understand the value and potential read more

GIA revises coloured stone, pearl reports

Effective February 1, 2015, the Gemological Institute of America (GIA) will begin issuing revised coloured stone and pearl reports and launch Report Check enhancements. The revised reports feature improved gemstone images read more

GSI cooperates with WDMF and DGJG at the Dubai Shopping Festival

During the past month, Gemological Science International (GSI), one of the largest independently owned gemological laboratories in the world, has cooperated closely with the World Diamond Mark Foundation (WDMF), read more

Thursday 29 January 2015

Quote of the day - 29th Jan 2015

“If the special notified zones (SNZ) comes up, it will bring a shift in market dynamics from Belgium and Dubai to India."

Pankaj Parekh, Vice-Chairman, Gem and Jewellery Export Promotion Council (GJEPC)

Quote of the day - 29th Jan 2015

“If the middlemen are cut down, the cost of production can come down by 5%. That will have a significant impact on our margins. It will improve both exports and imports."

Mavjibhai S Patel, Director, Kiran Gems

India may cut agents from diamond trade

India is gearing up to eliminate middlemen from the diamond trade, with the Centre sending a team comprising officials from finance and commerce ministries to Dubai and Antwerp to study how diamond trading read more

Another feather in Emerald’s cap, gets Guinness World Record for longest gold chain

The Guinness World Records team recently announced the new record by certifying the successful attempt to make the longest handmade gold chain, which was unveiled for public viewing at Deira Gold Souq Bus Station in Dubai on January 07, read more

Gold steadies after fall as Fed keeps patient stance on rates

Gold steadies after fall as Fed keeps patient stance on rates Spot gold was nearly flat at US $1,284.91 an ounce by 0034 GMT, not far below a five-month top of $1,306.20 reached last week. read more

Brandee Dallow appointed as the new president of Women's Jewelry Association

In a recent development, Brandee Dallow, was elected as the new International president of Women's Jewellery Association (WJA). read more

Damas adds 23 stores to its portfolio in 2014

Damas opened 23 new jewelry outlets across the Middle East in 2014, an expansion that continued to complement the brand's new two store format -- the Damas retail outlet, which showcases international brands, read more

CIBJO opens 2015 Congress Registration

CIBJO, the World Jewellery Confederation, opened registration for the upcoming CIBJO Congress that is scheduled to take place May 4 to 6 in Salvador, Brazil. read more

Hong Kong polished imports up 9% in 2014

Hong Kong polished diamond imports rose 8.5 percent year on year to $19.592 billion in 2014, according to the Diamond Federation of Hong Kong, China Ltd. Trading volume slipped 4.3 percent to 20.11 million carats. read more

Amitabh Bachchan leads Kalyan Jewellers Diamonds are for Everyone campaign

Kalyan Jewellers has launched a new range of certified affordable diamond jewellery in line with the philosophy of “Diamonds are for Everyone”. The range of affordable diamond jewellery comprises of exquisitely designed finger rings, read more

Wednesday 28 January 2015

Quote of the day - 28th Jan 2015

“While gold is often seen as a hedge against inflation, gold could still rise despite fears of deflation around the world.”

William Rhind, CEO, World Gold Trust Services

Gold rises on soft dollar ahead of Fed policy statement

Gold rose 1 per cent on Tuesday after two sessions of losses, as the dollar and shares eased ahead of a US Federal Reserve policy meeting that may push back expectations for when US interest rates will start to rise. read more

Jewellery segment adds shine to Titan's earnings

While healthy revenue growth and margin expansion in the jewellery business aided Titan's growth in the December quarter, a subdued performance in the watch segment offset some of the gains. read more

Surat Diamond Bourse foundation stone-laying ceremony likely next month

After initial hiccups, the proposed Surat Diamond Bourse (SDB) is on a fast track, with land being allotted by the state government and a foundation stone-laying ceremony likely next month. read more

De Beers increases diamond offering

After launching the program in 2014, De Beers Group has announced its forward contract sales initiative will return this year with a wider range of diamonds to choose from. The company introduced the forward contract sales (FCS) program, read more

Industry leaders meet with De Beers delegation in Ramat Gan

Israeli bourse leaders met with a delegation from De Beers Group, headed by Paul Rowley, Executive Vice President of De Beers' Global Sightholder. The meeting was positive, and several issues were discussed. read more

China's gold imports from Hong Kong tumble 32 per cent from record

China's gold imports from Hong Kong tumble 32 per cent from record Gold shipments to China from Hong Kong fell 32 per cent in 2014 from a record a year earlier as lower prices failed to boost demand. read more

UAE gold sector records substantial growth per cent during DSF 2015

After an overwhelming response received by the shoppers this DSF, Dubai Gold and Jewellery Group ( DGJG ) reports a 25-30 per cent increase in gold sales within UAE. Backed with the grand promotions planned for the 20th anniversary, read more

Tuesday 27 January 2015

Quote of the day - 27th Jan 2015

"Sri Lanka government will not allow any foreign national or a foreign company to mine gems in the country."

Maithripala Sirisena, President, Sri Lanka

Quote of the day - 27th Jan 2015

“There is a lot of synergy between our gold business and gold finance business. We understand this business and it will increase our existing bottom-line."

Rajesh Mehta, Chairman at Rajesh Exports

Gold jewellery import fell 67% in Dec 2014: GJEPC

Import of gold bars and gold jewellery witnessed a decline of 47 per cent and 67 per cent, respectively, in December 2014. Gems and Jewellery Export Promotion Council (GJEPC) figures show that the gold bar import registered read more

Switzerland's gold exports to India cross Rs 1.2 lakh crore in 2014: Swiss Govt

Switzerland gold exports to India crossed Rs 1.2 lakh crore in 2014 even as concerns persist over bullion being used to channel illicit funds into the Indian shores. read more

Rajesh Exports to venture into gold finance business

Shares in gold & diamond jewellery manufacturer Rajesh Exports gained as much as 17 per cent to an intra-day high of Rs 187 on Tuesday after the company announced plans to venture into gold finance business. read more

Sri Lanka to not allow foreign companies to mine gems

Sri Lanka President Maithripala Sirisena has given instructions to relevant officials not to let any foreign national or a foreign company to mine gems in the country. read more

LBMA and Tri Optima eliminate gold interest rate swap trades

The London Bullion Market Association (LBMA) and TriOptima, leading provider of OTC derivatives post trade risk services, announce today that twelve market participants eliminated 99 per cent of their outstanding gold interest rate swap (IRS) read more

Rio Tinto publishes 17 select diamantaires for 2015

Rio Tinto published a list of 17 diamond manufacturers that have received long-term contracts to buy its rough diamonds this year. These clients, known as Select Diamantaires, have been listed on the company’s website, read more

Chinese gold demand holds up ahead of holiday, Indian buying weak

Higher gold prices have limited buying interest in top consumer China to some extent in recent days, but demand remained stronger than last month due to the upcoming Lunar New Year holiday, traders and dealers said. read more

Friday 23 January 2015

YOUR RESPONSE: Scrapping of 80:20 rule is a positive sign for the industry- Prakash Solanki

The scrapping of the 80:20 rule will certainly improve the supply position and result in cheaper procurement of gold. Customers will ultimately benefit since gold procurement will be easier and possibly cheaper.

Prakash Solanki
K.L. Jewellers, Rajkot

YOUR RESPONSE: Scrapping of 80:20 rule is a positive sign for the industry- Parag Gandhi

The withdrawal of 80:20 rule is good for the industry and good for the country. Now, business will be smooth as there will be seamless supply of gold to jewellery exporters.

Parag Gandhi
Shuddhahum Jewellers, Solapur

YOUR RESPONSE: AOJ sets a benchmark for others- Rajesh Anand

Congratulations to the Art of Jewellery Magazine! You have been a major inspiration and an important guide to the jewellery industry, over the past 13 years. Here’s wishing you continued success. Please keep up the good work.

Rajesh Anand
RK Jewellers, New Delhi

YOUR RESPONSE: AOJ sets a benchmark for others- Yogesh Zaveri

Congratulations to the Art of Jewellery Magazine on celebrating 13 years of continuous publication. Every cover is a work of art, each article and feature is intelligently considered.

Yogesh Zaveri
VBZ Jewellers, Aurangabad

Quote of the day - 23rd Jan 2015

“To provide incentive for the organised manufacturing facility, Govt must reintroduce metal gold loans (MGL) and innovative finance options for GJ sector.”

Manish Jain, Vice Chairman, GJF

Quote of the day - 23rd Jan 2015

“De Beers reduces prices as sightholders defer 20% to 25% of rough at January.”

Martin Rapaport, Chairman, Rapaport Group

Gold and silver are shining; up 8% in last 22 days

Gold prices climbed by less than one per cent on Thursday despite the European Central Bank announcing that it will buy 60 billion euros ($69 billion) worth of bonds each month. read more

De Beers to sell large size diamonds through forward contracts for the first time

Global mining major De Beers has said it will sell large size diamonds through forward contract for the first time. Introduced in 2014, forward contracts ensure short term availability of rough diamonds, read more

GJF presents its s pre-budget recommendation to Govt of India

All India Gems and Jewellery Federation (GJF) has a wish list for the budget 2015-16 and it touches bank, savings, investments and the overall economy of the country. read more

6.8-kg gold seized from Air India cabin crew

The Directorate of Revenue Intelligence (DRI) has detained four persons, including an Air India cabin crew member, at Mumbai International Airport for gold smuggling, in the wee hours on Thursday. read more

DGFT seeks five days to respond to RiddiSiddhi Bullion petition in HC

The Directorate General Of Foreign Trade (DGFT) has sought five days to respond to Riddi Siddhi Bullion Ltd's petition in the Bombay High Court against an order that imposed a penalty of Rs 100 crore read more

BVC Group doubles its staff strength; felicitate its employees for support and commitment

To mark their appreciation and celebrate the group’s success, BVC Group of Companies hosted its first annual event, BVC Millionight to felicitate its employees for their long-standing support and commitment. A hundred and eighty employees, read more

Thursday 22 January 2015

Quote of the day - 22nd Jan 2015:

“In today's world, the brand has to make an effort to go to customers and franchising model is a global tactic to deepen penetration and explore newer markets."

Prem Hinduja, CEO, Tribhovandas Bhimji Zaveri (TBZ)

Quote of the day - 22nd Jan 2015

“Jewellers are keeping lower inventory. They are not making big purchases expecting a gold import duty cut."

Daman Prakash Rathod, Director, MNC Bullion

Gold above $1300 on ECB stimulus

The global price of gold has moved up to a four-month high, to $1,300 an ounce, with investors turning to it as a traditional safe-haven store of value. read more

Jewellery sector experiences working capital squeeze

Suspension of gold deposit schemes after last year’s change in the Companies Act has created a working capital squeeze for domestic jewellery manufacturers and retailers. read more

Jewellers opting for franchises to reach out to more buyers

Branded jewellers are looking at the franchisee route to expand their retail footprint, a strategic turn prompted by the volatility in gold prices and erosion of margins over the past two years. read more

Indian gold discounts widest in 17 months, anticipates duty cut

Indian gold importers are offering a discount of up to US $16 an ounce versus London prices, the widest in 17 months, as jewellers curtail purchases ahead of a possible cut in the import duty. read more

Rapaport releases diamond price statistics report for 2014

The Rapaport Group released its annual Diamond Price Statistics Report for 2014 today (Wednesday), evaluating the performance of polished diamond prices. read more

Rio Tinto 4Q diamond production falls3 7%

Rio Tinto total rough diamond output declined 37 per cent year on year to 2.841 million carats during the fourth quarter that ended on December 31. The company attributed the sharp reduction in output to a maintenance shutdown read more