Tuesday 31 March 2015

Quote of the day 31st March 2015

"In any case, smuggling of gold is on the higher side. The risk to the Balance of Payment situation was also not much since the Current Account Deficit is well within control.”

D S Rawat, Secretary General, Assocham

Gold smuggling on rise: DRI seizes over 160 kg in four days

The Indian appetite for gold shows no signs of slowing. Even as legal imports of the precious metal are on the rise, the Directorate General of Intelligence (DRI) has seized around 161 kg of gold in the past four days. read more

Gems and jewellery exporters seek relief from high import duty on gold, PAN submission

Disappointed with the budget retaining the customs duty on gold, the most important raw material for the gems and jewellery exporters, the sector which is among the largest contributors to the country's export basket read more

Gold slips Rs 410 on weak global trend

Gold prices plunged by Rs 410 to trade at over two-week low of Rs 27,790 per 10 grams at the bullion market on Monday owing to slackened demand at prevailing levels amid a weak global trend. read more

US jewellery and watch sales flat in February

US jewellery and watch sales across all channels were basically flat, or down 0.2 pe rcent year on year, at US $6.188 billion in February, according to preliminary figures. read more

Zimbabwe's diamond exports decline in 2014

Zimbabwe's annual diamond export declined to 5.9 mn carats last year from 8.9 mn carats in 2013 after exhaustion of alluvial diamonds in Marange, figures from the Mineral Marketing Cooperation of Zimbabwe (MMCZ) revealed. read more

Monday 30 March 2015

Quote of the day 30th March 2015

“The discussion with the finance minister on the PAN issue had been very cordial and we are expecting positive results.”

Haresh Soni, Chairman, GJF

Quote of the day 30th March 2015

“India's diamond manufacturers are under ‘unacceptable stress’, cutting output dramatically in recent months as price pressures rise.”

Martin Rapaport, Chairman, Rapaport Group

AOJ Exclusive: GJF delegation meets the Arun Jaitely over PAN issue; Gets assurance of positive results

All India Gems and Jewellery Trade Federation (GJF) led by Haresh Soni, chairman, met Arun Jaitley, the Finance Minister on March 30, 2015 to discuss on the issue of PAN card requirement for any purchase above 1 lakh.read more

Bullion prices could build on its gains

The pressure seems to be easing on gold prices as the yellow metal extended its rally to close higher for the second consecutive week. Global spot gold prices opened the week at $1,182.53 per troy ounce on Monday. read more

AOJ Exclusive: IBJA holds its quarterly Board Meeting in Mumbai; Comes up with new vision

The India Bullion and Jewellers Association (IBJA) recently organized its quarterly board meeting at Trident Nariman Point, Mumbai on March 28, 2015. read more

Bluestone in talks to raise $25mn; Expects turnover to triple in year

After raising over US $15 million in two rounds of funding since its inception in 2011, online jewellery store, BlueStone.com is in talks to raise US $25 million, double its headcount of 200 and grow its current turnover of Rs. 100 crore by three times, over the next 12 months. read more

De Beers toughens rules for diamond customers

De Beers is making the biggest reforms in more than a decade to the way it sells most of its diamonds, amid concerns over the financial stability and transparency of some of its best customers. read more

BKC bourse: The new hub for Chinese diamond jewellery buyers

Mumbai does not have its own China Town. The western business district of Bandra-Kurla Complex, though, is fast turning into a home for several middle-class working Chinese men and women, read more

Miners urged to start generic promotion of diamonds

The Gems and Jewellery Export Promotion Council (GJEPC) has urged the diamond mining companies of the world, including De Beers, to embark upon generic promotion to sustain the diamond dream. read more

Illegal diamond activity suspected in Antwerp

Antwerp fight against diamond fraud may be called into question after a police official responsible for investigating wrongdoing in the diamond industry and a diamond dealer were arrested on suspicion of money laundering. read more

Saturday 28 March 2015

YOUR RESPONSE: On Coverstory- K Narayan Rao

I would like to commend the magazine on its exceptional cover story detailing the impact of GST on the jewellery industry. The article accurately described the positive changes GST can bring about in the industry. Although GST regime would work better for the trade, it will face a number of state and federal government hurdles and is unlikely to get implemented anytime soon.

K Narayan Rao
Sri Mahalakshmi Jewellers, Tumkur

Friday 27 March 2015

YOUR RESPONSE: On Coverstory- Ankur Gupta

Our industry is capable of making the 'Make in India' campaign a reality but to achieve this vision the foremost action required is to formulate policies and government support favouring bullion imports and jewellery manufacturing in India. Implementation of GST would prove to be a beneficial step for the industry. Thanks for such an enlightening cover story.

Ankur Gupta
H.K. Jewels, New Delhi

YOUR RESPONSE: On Coverstory- Vipin Kaadia

I was just flipping through the latest issue and read your cover story. Thanks for highlighting the role of GST in jewellery trade as well as providing expert comment on its proper implementation. GST should include all indirect taxes and can help retailers reduce the cascading effect of taxes.

Vipin Kaadia
Diva Diamonds, Udaipur

YOUR RESPONSE: On Coverstory- Ravi Chokshi

I enjoyed reading the cover story "Impact of GST on Jewellery" and agree with many of the comments about its proper implementation. GST will be an important step to remove the various artificial trade barriers and in return, it will be a huge boost to jewellery trade in the country.

Ravi Chokshi
Damodardas Jewellers, Vadodara

Quote of the day 27th March 2015

“The sudden jump in gold prices has dampened demand in the Indian market."

Prithviraj Kothari, Vice President, India Bullion & Jewellers' Association (IBJA)

Diamond industry lacks bankability, not liquidity: ABN Amro

ABN Amro has been a major lender to the midstream diamond industry over the past century. More recently, the group has called on the diamond industry to improve its “bankability” as banks tighten their lending requirements. read more

Baselworld 2015 concludes; Attendance declines 3%

Organizers of Baselworld stated that the number of buyers at the show declined 3 percent compared with 2014. Still, overall attendance was at 150,000, with participants arriving from more than 100 countries. read more

Gold buying slows amid price rally; Akshaya Tritaya demand eyed in India

Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers, with traders keeping a close watch on top consumer India ahead of a festival that usually sparks strong demand for the metal. read more

AOJ Exclusive: IBJA meets European delegation; Discusses gold supply to India

India Bullion and Jewellers Association (IBJA) led by Mohit Kamboj, president of the association recently met the delegation from DG Trade, European n. read more

Muthoot forays into buying of used gold jewellery business

Muthoot Exim Precious Metals - part of the Muthoot Pappachan Group - has forayed into the business of buying of scrap gold from individuals, promising more transparency in the entire pricing process. read more

ICA initiates special policy to develop next generation ICA members

Following on from the policy of the International Colored Gemstone Association (ICA) to encourage younger members of the international colored gemstone industry to join its ranks by reducing membership fees, read more

China eases gold import norms; premiums may come down

At present only 15 banks are allowed to import Gold. Chinese consumers had to pay high premiums to ensure fast delivery of the yellow metal. The new move is likely to bring down premium on Gold. read more

Thursday 26 March 2015

Quote of the day 26th March 2015

“As we have always maintained, controls might only harm the sector, not lead to reduction in consumption. The rise in gross imports of gold is evidence to that."

Sudheesh Nambiath, Senior Analyst- Precious Metals, GFMS Thomson Reuters

Quote of the day 26th March 2015

“Stylori has been designed to encourage easy and convenient jewellery browsing. It also allows consumers to customise the jewellery according to their taste and preferences.”

N. Anandha Ramanujam, Founder & CEO, Stylori

Gold firms above $1,210 after Saudi Arabia air strikes on Yemen

Gold prices rallied to the highest level in almost four weeks on Thursday, after Saudi Arabia launched air strikes in Yemen, while the US dollar extended its slide. read more

India gold import rises to a 4-year high; Import in FY15 estimated at 945 tons

Indian consumers appetite for gold has increased again, with imports in 2014-15 rising to a four-year high, close to levels seen in the pre-import control days of 2012-13. Gold smuggled into the country, read more

Jewellers and bullion dealers in Delhi strike over PAN

Bullion market remained closed in the national capital today as traders refrained from doing business to protest the Budgetary proposal that would make it mandatory to quote PAN for purchases of above Rs 1 lakh. read more

Parineeti Chopra launches Stylori an online jewellery store of NAC Jewellers

To cater to the discerning fashion and style of the modern Indian women, NAC Jewellers has introduced ‘Stylori’ – an online jewellery store for everyday fashion jewellery. read more

Israel takes steps to revive diamond manufacturing

An advanced “one-stop-shop” for diamond manufacturing, recently opened near the Israel diamond complex in Ramat Gan, is the first step in an ambitious plan by Israeli diamond leaders to bring back a large part read more

More entities may join electronic LBMA gold price

After nearly a century, the traditional practice of fixing gold prices through the historic London Gold Fix has been discontinued in favour of the new electronic London Bullion Market Association (LBMA) gold price, read more

China should boost gold reserves to 5% of its total foreign exchange: WGC

China should increase its gold holdings to around 5 per cent of its total foreign exchange reserves to help diversify currency risks, the World Gold Council (WGC) said. read more

Wednesday 25 March 2015

Quote of the day 25th March 2015

“Indians have developed a big appetite for diamond jewellery. The middle-class too is lapping up this jewellery fast. Many retailers are also making affordable jewellery for all the segments of consumers."

Mehul Choksi, CMD, Gitanjali Group

Quote of the day 25th March 2015

“If the country manages to tap even 1% of the over 22,000 tons of household gold stocks, gold imports would be significantly contained.”

Rajesh Khosla, MD, MMTC-PAMP

Mumbai gold premium remains solid with demand ahead of the annual Akshaya Tritiya

The premium for gold in Mumbai remains solid, with demand ahead of the annual Akshaya Tritiya festival in April starting to pick up momentum. read more

Diamond jewellery demand picks up, middle-class is the key driver

Diamonds are forever. But in India they are for everyone too! At least, this is what the sales figures of diamond jewellery in this traditional gold consuming country show. Diamond jewellery sales in the country read more

Gold prices face resistance at US$1200

The gold price was slightly lower this morning after hitting close to a two-week high on Tuesday. Following key CPI data out of the US overnight, the metal is seen ranging on a lack of drivers. read more

Deccan Gold Mines up 20%, RBI allows FIIs to raise stake

Investors lapped up shares of Deccan Gold Mines on Wednesday after the Reserve Bank of India allowed foreign institutional investors to increase stake in the company. The stock rallied 20 percent in early trade. read more

US jewellery price index falls 3% in February

The US Consumer Price Index (CPI) for jewellery dropped 3.4 per cent year on year to 165.6 points in February, which was the lowest reading for the month since 2010. Comparatively, read more

Tuesday 24 March 2015

Quote of the day 24-03-2015

“With the initiative of IBJA, the circular issued by Weight and Measurement Department for compulsory use of electronic weighing machine in Maharashtra is being withdrawn.” - Mohit Kamboj, President, (IBJA) India Bullion and Jewellers Association Ltd

Gold bonds to carry nominal interest rate of 1-2%; Will be sold through post offices and banks

The sovereign gold bonds promised by finance minister Arun Jaitley in the recent Budget speech will be made attractive to savers with the twin benefits of a likely price appreciation of the metal and a nominal interest rate of 1-2 per cent Read More

Successful outcome of IBJAs meeting with CM; Compulsory use of electronic weighing scale withdrawn

With the initiative of IBJA the circular issued by Weight and Measurement Department for compulsory use of electronic weighing machine in Maharashtra is being withdrawn Read More

Goldman Sachs join ex-fixing banks for new LBMA gold price

The new London Bullion Market Association (LBMA) Gold Price went live for the first time on Friday, with Goldman Sachs and UBS joining the four members of the now defunct gold "fix" in setting its electronic replacement Read More

Platinum jewellery demand up by 20% as prices drop

As platinum becomes cheaper than gold, demand for platinum jewellery is zooming in the Indian market. Platinum jewellery retailers said that in February and March, demand shot up 20-25 per cent and this trend is likely to continue in the upcoming wedding season that kicks off next month Read More

Alrosa reports a loss of $283.8 mn ‎in 2014

ALROSA reported a loss of $283.8 million (RUB 16.8 billion) ‎in 2014 as a result of foreign-exchange losses on the company's U.S. dollar-denominated debt, following depreciation of the ruble in 2014 Read More

Worlds largest synthetic diamond facility opened in Singapore

The synthetic diamond sector will seemingly continue to evolve with news that the “world’s largest” lab-created diamond facility and an accompanying research centre have opened in Singapore Read More

Swarovski expands into fine jewellery; New collection features diamonds

It might be renowned for its fashion-focused jewellery but Swarovski has stepped up its presence in the high-end market with the release of a new collection that incorporates diamonds Read More

Israeli and Turkish industry leaders to open a diamond exchange in Istanbul

The Israeli diamond industry recognizes the enormous potential of Turkey, and plans to help it establish an advanced diamond industry, sources have told Globes Read More

Monday 23 March 2015

Quote of the day 23-03-2015

"India is the fastest growing diamond jewellery market in the world after China. There are a number of factors which are responsible for the growth story like the increasing middle-class, highest young population across the world, economic stability with the new government at the Centre, etc.”
Bruce Cleaver, Head-Strategy and New Business, De Beers'