Saturday 28 February 2015

2015 Budget Highlights

Jewellery sector disappointed; gets mixed bag

AOJ Budget Reactions

“Overall, we are disappointed with the budget as there was no mention about gold import duty and SNZ. The only positive sign was the introduction of Gold Monetization Scheme.”

Vipul Shah, Chairman, GJEPC

AOJ Budget Reactions

“We are 60 per cent happy because of the gold deposit scheme but 40% unhappy as the govt did not mention anything about gold import duty and this is going to encourage smuggling.”

Anantha Padmanabhan, MD, NAC

AOJ Budget Reactions

“Finance Minister announces Gold Monetization scheme in Budget Speech as suggested and presented by IBJA to Prime Minister and Finance Minister."

Suresh Jain, President, IBJA

Budget 2015 Update

“Government to introduce Gold Monetization Scheme to encourage gold deposits.”

Arun Jaitley, Finance Minister, India

Budget 2015 Update

“Govt to develop Sovereign Gold Bond with fixed rate of interest which can be redeemable at face value of gold on the day.”

Arun Jaitley, Finance Minister, India

AOJ Budget exclusive

“Quoting Pan must for all purchase above 1 Lakh.”

Arun Jaitley, Finance Minister, India

Budget 2015 Update

“’Indian Gold Coin' will have the Ashoka Chakra on it.”

Arun Jaitley, Finance Minister, India

AOJ Budget Reactions

“India’s gold coin can become new black money.”

Swaminathan Aiyar, Economist

Budget 2015 Update

“Govt to introduce Indian made gold coin to reduce demand for foreign gold coins.”

Arun Jaitley, Finance Minister, India

Friday 27 February 2015

Quote of the day - 27th Feb 2015

"The gems and jewellery sector is upbeat and have pinned very high hopes from the upcoming budget on February 28. There are indications that the new government at the centre may take pro-active measures to increase gems and jewellery export which constitutes 15 per cent of the total export basket of the country."

Vipul Shah, Chairman, GJEPC

Commerce Ministry seeks cut in gold import duty in its Budget recommendations

With a decline in gold imports, Commerce Ministry has sought reduction in import duty on gold, a step that could boost exports and manufacturing of gems and jewellery. "We have been asking for a cut in gold import duty," Commerce Secretary Rajeev Kher told reporters on the sidelines Read More

India imports 60 % of gold from Switzerland in 2014

As much as three-fifths of India’s total gold imports last year came from Switzerland, reflecting a significant jump in just a couple of years. India imported 471.9 tonnes of gold from Switzerland in 2014, according to precious metals consultancy GFMS Thomson Reuters that quoted a country-by-country breakdown of gold imports and exports  Read More

Indian gold jewellery exports double in the ten months of FY15

After facing a dull season in 2013, gold jewellery exporters from India have a big reason to cheer. The gold jewellery exports have almost doubled in the ten months of FY15 (April 2014 to January 2015) compared to same period in previous year Read More

Gold advances on Chinese demand; ends the four-week losing streak

Gold advanced for the third session on Friday and was on track to end a four-week losing streak, supported by firm Chinese demand and a change in views on US interest rates Read More

Mehta Gold Pvt Ltd launches its new manufacturing facility

Bangalore based Mehta Gold Pvt Ltd launched its brand new manufacturing facility at Nagrathpet, Bangalore. With the capacity of producing 100 kg per month, the unit is expected to facilitate the company needs in an effective manner Read More

Diamond cutting and polishing pockets in Saurashtra and North Gujarat regions under scanner

The small diamond cutting and polishing pockets in Saurashtra and North Gujarat regions are under scanner following recovery of 110 synthetic polished diamonds from traders in Surat's Mini Bazaar diamond market Read More

Antwerps Rough Diamond Trade Fair receives strong response

The “Rough Diamond Days” event that took place this week in the Antwerpsche Diamantkring was once again strongly attended. Some 65 exhibitors traded a significant number of rough diamonds with national and international diamond dealers. This unique trading event has restored  Read More

Thursday 26 February 2015

Quote of the day - 26th Feb 2015

“Just like there were high expectations from last year’s budget this year too, the fraternity is looking for a positive outcome from the budget. The industry concerns have already been put forth by bodies like GJEPC, GJAF & FICCI to the government, we are hopeful that they will address the same which will benefit the industry.”

Sachin Jain, President, Forevermark India

Budget 2015 wish list: GJ industry expects reduction in import duty from 10% to 2%

With the Union budget for 2015-16 round the corner, the gem and jewellery industry is ready with its wish-list, hoping for a favourable treatment from the new government. read more

Gold rebounds amidst wedding season as Fed in no hurry to raise interest rates

Snapping its four-day losing streak, gold rebounded by Rs 100 to Rs 27,070 per ten grams at the bullion market today mainly on the back of wedding season buying by jewellers and retailers amidst a firming global trend. read more

China to launch Shanghai -Hong Kong gold market link up; may offer new regional benchmark

China is set to launch a link between gold markets in Shanghai and Hong Kong this year following a landmark stock connect scheme, aiming to enhance its pricing power of gold contracts and ultimately challenge its competitors in the West. read more

Economists want FM to introduce gold certificates; to discourage people from buying physical gold

Indians have for centuries relied on gold for savings. The yellow metal remains the investment of choice for many. The large amounts of savings locked up in gold curtail liquidity and therefore investment in infrastructure and other drivers of the economy. read more

Demand for Apple Watch to wreak havoc on gold prices: Study

According to recent reports if Apple plans to sell one million gold edition units a month, Apple Watch could wreak havoc on gold prices and do who knows what to the global economy. Josh Center at TidBits has done some math on Apple Watch read more

Saudi gold investments hit SR14b, up 20% in 2015

Saudi gold investment exceeds 20 percent to SR14 billion in 2015. World Gold Council (WGC) has released data, in which demand on gold in the local markets is exceeding 55 tons, a good proof that purchasing power on gold is not affected read more

Wednesday 25 February 2015

Quote of the day - 25th Feb 2015

“Gold has struggled to trade above US$1,200, reducing the supply glut. The rise in intra-day trades and concomitantly lower incidence of fresh positions is what we are seeing in the run up to the Budget.”

Ram Pitre, Head of commodities and currencies, Anand Rathi

Traders opt for cutting more intraday bets in gold and silver, ahead of Budget 2015

Traders in highly liquid commodities like gold, silver and crude futures contracts are cutting more intraday bets nowadays rather than initiating fresh positional trades because of range bound movement of these products on the international markets, read more

World’s biggest banks under scanner on manipulation for fixing prices of gold, silver

The U S Justice Department is investigating whether the world’s biggest banks manipulated prices of precious metals such as silver and gold as it pushes to wrap up probes into currency-rate rigging, read more

60 kg of smuggled gold seized in Ahmadabad airport

Gujarat police claimed they had made the single biggest seizure of gold smuggled into India on Tuesday after arresting six people leaving an airport with 60 kg of the precious metal flown in from Dubai. read more

Govt yet to take call on alpha-numeric code for jewellery manufactured in India

The government today said it has not yet taken a final decision on its proposal to introduce a nine-digit alphanumeric identity code for each piece of gold jewellery manufactured in India, to fix purity and traceability. “read more

Indian refiners explore the potential of doré imports; to capitalize on cheaper import duty

Indian refinement of gold doré has increased substantially of late, with firms said to be capitalising on the differential in import duties to bring metal into the country cheaply. read more

Creador Advisors acquires 3.2% stake in PC Jeweller for Rs 143 crore

India and Southeast Asia focused private equity fund Creador Advisors has acquired 3.2 per cent stake in listed jewellery chain PC Jeweller for Rs 143 crore or US$23 million and will raise its stake to 3.5 per cent by investing another Rs 12.4 crore read more

London Diamond Bourse (LDB) 's first-ever open day receives overwhelming response

The London Diamond Bourse (LDB)’s first Open Day received overwhelming response on February 23. An unprecedented number of people applied to attend the event held at LDB, read more

Two New Zones to Debut at Hong Kong International Jewellery Show in March

In the world's largest jewellery marketplace, Hong Kong, the HKTDC Hong Kong International Jewellery Show and the HKTDC Hong Kong International Diamond, Gem and Pearl Show are superb platforms read more

Tuesday 24 February 2015

Quote of the day - 24th Feb 2015

“The Thai Govt has been with every step of the way, helping to promote exports as well as developing overseas markets via trade fairs, road shows and exceptional exhibitions. All these changes predict a gleaming future for BGJS."

Somachai Phornchindarak, President, GJPCT and TGJTA

55th edition of Bangkok Gems and Jewelry fair opens with a grand ceremony

The 55th Bangkok Gems and Jewelry and Watch Fair 2015 was inaugurated today in a grand ceremony at the Impact Exhibition Center, Bangkok. The show began with the welcome speech by Nuntawan Sakuntanaga, Director General, read more

Gold prices remain sluggish; trading below $1200

Gold prices declined by Rs 120 to Rs 27,070 per 10 grams at the bullion market today due to sluggish demand from jewellers amid a weakening trend overseas. Silver followed suit and traded lower by Rs 135 to Rs 36,750 per kg read more

Undisclosed synthetic diamonds found in Surat for the first time in history

The Surat Diamond Association (SDA) on Saturday detected 110 pieces of synthetic diamonds from a packet belonging to two diamond traders operating from the Mini Bazaar diamond market in Varachha. read more

GSI Botswana becomes the first lab in Africa to utilize Sarine Axiom diamond scanner

Gemological Science International (GSI), one of the largest independently owned gemological laboratories in the world is pleased to announce that its Botswana laboratory is the first in Africa to use DiaMension™ Axiom in Africa. read more

Malabar Gold to pursue online platform to cut high capital costs and rentals

Leading franchiser Malabar Gold and Diamonds proposes to go increasingly online to get around the problems of high capital costs and rentals. Gold wholesalers and exporters do business against order only, read more

Women's Jewelry Association (WJA) to host the annual WJA at NYC on March 10, 2015

The Women's Jewelry Association (WJA) will host the annual WJA In The Know Conference on March 10, 2015, at Convene, 730 Third Avenue, New York City. "We've designed a program to address the myriad demands of today's busy professionals," said WJA's vice president of education, read more

Monday 23 February 2015

Quote of the day - 23rd Feb 2015

"We plan to open 100 company-owned outlets and we will open 100 franchised outlets in tier III and tier IV towns by 2019. We will invest about Rs 1,500 crore for our expansion."

Balram Garg, Managing Director, PC Jeweller

Jewellers expect major relief as custom duty likely to get reduced from 10 % to 6 %

The government is likely to announce a reduction in the customs duty on gold and the setting up of special notified zones for gems and jewellery in the budget. read more

Signature 2015 lives up to expectations

Considered as India’s only top-of-the-line jewellery show, Signature 2015 lived up to expectations. The event was held at Bombay Exhibition Centre, Mumbai from February 20-23, read more

Gold near 7 week low as deal strikes over Greek’s debt and China remains out of market

Gold hovered around the key US$1,200-an-ounce level on Monday, its lowest in seven weeks, as support for the safe-haven metal eased after a deal was struck over Greece's debt, read more

Gold ETF looses favour among investors; records Rs 1300 crore outflow in first 10 months of FY 15

Gold exchange traded funds (ETFs) seem to have lost favour among investors as mutual fund managers pulled out nearly Rs 1,300 crore from these products in the first 10 months read more

PC Jeweller plans Rs 1,500-crore investment, 200 new outlets

As part of its retail expansion strategy, country's leading jewellery brand PC Jeweller plans to invest Rs 1,500 crore and launch 200 new outlets by 2019. Out of the 200 new outlets, read more

Brilliance, craftsmanship and glamour shine at the Artisan Jewellery Design Awards 2014

At the Artisan Jewellery Design Awards 2014, a grand felicitation ceremony took place to honour 12 of the some of the industry’s outstanding and innovative jewellery designers. read more

Karnataka first silver industry park to come-up in Mangur village

The first silver industry park of the state will come up near Mangur village of Chikkodi taluk in Belagavi district. CM Siddaramaiah will lay foundation stone to the project on Saturday, read more

Friday 20 February 2015

YOUR RESPONSE; Thank you for vital information- Vikas Jain

I’m very thankful to The Art of Jewellery for always sending me the magazine on time. I really find the articles providing indepth knowledge of the jewellery industry and the perspective of present issues facing our trade are helpful and informative.

Vikas Jain
Owner, Maitri Creations, New Delhi

YOUR RESPONSE: Thank you for vital information- Prem Sukh Verma

The Art of Jewellery magazine is a vital source of information for anyone who wants to know about the gem and jewellery industry. I strongly believe that with such reasoned and thought out articles, readers would stay connected, refreshed and enlivened. Thanks a great deal.

Prem Sukh Verma

Proprietor, BB Jewellers, New Delhi

YOUR RESPONSE: Hallmarking need to be implemented fully- Sunil Kumar Gupta

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. Hallmarking needs to be implemented widely to protect the interests of customers.

Sunil Kumar Gupta
MaaGayatri Jewellers, Ranchi

YOUR RESPONSE: Gold Tourism- Ashok Gupta

The magazine always highlights the potential of the Jewellery industry and the recent example is the article on ‘Gold Tourism’. It is one of the best articles I have ever read.

Ashok Gupta
Guptas Gems and Jewels, Secundrabad

Quote of the day - 20th Feb 2015

“With easing of norms by RBI, gold imports may increase to 75-90 tonnes in coming months as against about 40 tonnes in recent months."

Prithviraj Kothari, Chairman, RSBL