Thursday 30 April 2015

Quote of the day 30th April 2015

“Gold imports are going to be higher in the April-June quarter as now there is more clarity on import rules and demand is good at lower prices."

Bachhraj Bamalwa, Director, All India Gems and Jewellery Trade Federation (GJF)

India brushes off concerns over gold import spike for now

Weak oil and commodity prices are offsetting concerns at India's central bank over the impact of a spike in gold imports on the broader economy, officials say, read more

Gitanjali Gems gets fresh Rs 4,300 cr recast

Gitanjali consolidated sales fell 24% year-on-year (y-o-y) to R12,436 crore in FY14, driving down the Ebitda (earnings before interest tax, depreciation and amortisation) by 22% to R812 crore. Higher finance costs, read more

Gold retained losses as Fed says soft US economy only transitory

Gold retained losses fromovernight on Thursday, as the Federal Reserve characterised a recent slowdown in the US economy as transitory, not rulingout an interest rate hike this year. read more

AWDC signs MoU with Istanbul Diamond Bourse

Having participated in the Istanbul Jewelry Show in March, the AWDC yesterday (Tuesday) signed a Memorandum of Understanding with the Borsa Istanbul and the JTR Jewellers Association, according to an AWDC press release. read more

US silver output drops 11% q/q in January

US mines produced 89 100 kg of silver in January, an 11per cent decrease when compared with December's silver output of 99 900 kg and a seven per cent decrease compared with that of January 2014, read more

Wednesday 29 April 2015

Quote of the day 29th April 2015

“I own gold, but I am not buying gold or selling at present. I expect another opportunity to buy gold sometime in the next year or two, at which point I hope that I am smart enough to buy more.”

Jim Rogers, Commodity Guru & Chairman, Global Roger Holdings

Quote of the day 29th April 2015

"The volatility in rupee is hurting the rough diamond prices at a time when the exports are not picking up. More importantly, it will leave an impact on solitaire prices as they are not stocked by diamond trade.”

Rajiv Popley, MD, Popley & Sons

AOJ Exclusive: Swarnashilpa Bacchao of Kolkata donates Rs 5 lakh to PM relief fund for Nepal earthquake victims

Swarna Shilpa Bachao Committee- The jewellers Association of Kolkata has contributed Rs five lakh to Prime Minister’s National Relief Fund for Nepal’s earthquake victims. read more

Expect better opportunity to buy gold in the next year or two : Jim Rogers

Jim Rogers, Commodity Guru & Chairman, Global Roger Holdings says that, “I own gold, but I’ve constantly said I am not buying gold. I’ve not bought gold for several years. But I am not selling. read more

India gold demand down 5.7% in March quarter

India gold consumption declined by a marginal 5.68 per cent in the quarter ended March this year, primarily due to expectations of a cut in import duty. In terms of consumption, read more

Weak rupee makes rough diamonds expensive

The significant weakening of rupee against dollar in the past one week has made rough diamonds costlier by 2-3 per cent, raising concerns among the Indian diamond trade that cuts and polishes 80 per cent read more

Lisa Ray launches Amrapali store in Kolkata

Amrapali celebrated the opening of their fine jewellery boutique section within their existing silver jewellery store in Kolkata with actress, model, read more

Gold prices surges Rs 27355 on global cues

Gold regained sheen with its price surging by Rs 305 to over 7-week high of Rs 27,355 per 10 grams at the bullion market on Tuesday, tracking a firm global trend read more

Q1 physical gold demand down 9% on slower Chinese buying :GFMS

The gold market suffered falls in physical, investment and central bank demand in the first quarter, Thomson Reuters GFMS said. read more

World Jewellery Hub inaugurated in Panama City

The World Jewelry Hub (WJH), the first dedicated diamond, coloured gemstone and jewelry trading center in Latin America, was officially inaugurated today in the presence of Panama's head of state, President Juan Carlos Varela, read more

Tuesday 28 April 2015

Quote of the day 28th April 2015

“We have proposed to bring all the manufacturing hub under one roof making the jewellery sector more organised and transparent. I feel with the new initiative we will sought out the issues faster and boost the jewellery sector further.”

Mohit Kamboj, President, IBJA

Gold clings on near $1,200 ahead of Fed meeting

Gold clung to sharp overnight gains on Tuesday, bolstered by a weaker dollar and short-covering on rising expectations the Federal Reserve will not hint at a June rate hike at its policy meeting this week. read more

China gold demand recovers in the first quarter

China gold demand rebounded in the first quarter after a 25 per cent plunge in 2014, Dow Jones Newswires cited data from the China Gold Association as showing Tuesday. read more

Retailers anticipate rise in platinum demand: PGI

A recent report has projected a rise in platinum jewellery demand this year, suggesting jewellery retailers may benefit from stocking up in the white metal. read more

Venezuela gold swap with Citibank positive for the market as price pushes to $1,200

Venezuela US $1 billion gold swap with Citibank is helping to create some much-needed momentum in the marketplace, pushing prices to $1,200 an ounce Monday. Bill Baruch, chief market strategist at iiTrader, read more

De Beers to put $ 1bn worth of rough diamond sale at upcoming May sight

De Beers may put to sale rough diamonds worth up to US $1 billion at the upcoming May sight, several sources in the diamond market reported. read more

CIBJO releases coral commission special report

CIBJO Coral Commission will release its special report at the 2015 CIBJO Congress slated to take place in Salvador, Brazil, on May 4. The Coral Blue Book was prepared by the Coral Commission led by read more

Monday 27 April 2015

Quote of the day 27th April 2015

“In volume terms, the gold jewellery exports of India grows to 136 tons during April 2014-January 2015 from 120 tons in FY 2013-14.”

Nirmala Sitharaman, Commerce and Industry Minister, Govt of India

Quote of the day 27th April 2015

"The import policy will allow the country's jewellery manufacturers to purchase gold through proper channels, which will benefit both the government and the gold businessmen."

Hedayetullah Al Mamoon, Senior Secretary of Commerce Ministry, Govt of Bangladesh

Gold jewellery exports of India rise to 136 tons in April-January

Gold jewellery exports of India stood at Rs 35,006 crore in the first ten months of the last financial year as against Rs 33,350 crore in the entire 2013-14 fiscal, Parliament was informed. In volume terms, read more

Bangladesh govt set to formulate national gold policy

The government is set to formulate a national gold import policy soon to facilitate expansion of jewellery business in the country, a senior official at the Ministry of Commerce (MoC) told. read more

Polished diamond exports of India falls 10% in March

Polished diamond exports of India declined 10.4 per cent year on year to US $1.749 billion in March, according to provisional data from the Gem & Jewellery Export Promotion Council. Polished imports plunged 36.6 per cent to US $500 million, read more

Jewellery market offers a massive opportunity for online startups in India

Despite a massive market, India's jewellery market is worth some $50 billion (Rs 3,15,700 crore) — online businesses in this field have taken the long road to growth. Sacheti's venture Caratlane is minute compared read more

Malabar Group opens its 131st showroom in Muscat

Malabar Gold & Diamonds, the leading jewellery retailers opened its 131st outlet in Abu Dhabi.  Bollywood Actress Kareena Kapoor Khan inaugurated this showroom recently in the presence of Shamlal Ahamed, read more

Low carat gold gaining popularity in the Indian market

Almost every weekend, Aarti Patel would reach for a small jewellery box tucked away in one corner of her wardrobe. She would wear all her glittering gold ornaments, one by one, and admire herself in the mirror. read more

Mayer & Watt releases the first commercial coloured gemstone app for Apple and Android

Almost every weekend, Aarti Patel would reach for a small jewellery box tucked away in one corner of her wardrobe. She would wear all her glittering gold ornaments, one by one, read more

Pure Gold becomes the first jeweller to adopt WDMs Authorized Diamond Dealer Program

Pure Gold Jewellers became the first jeweler to adopt and introduce the World Diamond Mark's Authorized Diamond Dealer® (ADD) program across its retail network in the United Arab Emirates (UAE) and India. read more

Saturday 25 April 2015

YOUR RESPONSE: CSR will bring positive change- Bhavesh Ranpura

The time has really come for retailers, distributors and manufacturers to join up the dots on what our industry needs to be socially, financially compliant and ethically aware.

Bhavesh Ranpura
Samrat Jewellers, Rajkot

YOUR RESPONSE: CSR will bring positive change- Deepak Soni

Thank you for highlighting the CSR activities of the jewellery industry through your cover story. If all the stakeholders of the industry work closer together with common purpose through adopting the principles of CSR and therefore exerting greater demands for compliance on the supply chain, then consider how much healthier the domestic jewellery markets would be.

Deepak Soni
Navdeep Jewellers Pvt Ltd, New Delhi

YOUR RESPONSE: CSR will bring positive change- B. Shivakumar

It's nice to see that the gem and jewellery industry is actively taking part in CSR activities. Traditionally, CSR has been associated with the big companies and firms. The purpose of CSR is to bring the benefits to a more understandable level. Even at the grass roots of our industry we do collectively have the capacity to demand more effective standards and governance.

B. Shivakumar
NSB Jewellery, Madurai

YOUR RESPONSE: CSR will bring positive change- Anand Rao

Your cover story on "CSR in the jewellery industry" was an interesting read. The industry is currently presented with many threats, most notably in the treatment of artisans and the transparency and traceability of its supply chain. Through CSR initiatives the industry can build a new culture and a new way of conducting its businesses that will focus on long term benefits rather than short term gain.

Anand Rao
Onsaz Jewellery Creations, Jaipur

Friday 24 April 2015

Quote of the day 24th April 2015

“The jewellery industry battled several economic issues - downturn in China, political and terrorist unrest in the Middle East, a declining European market and the suffering Russian rouble, which had a direct and adverse impact on export. However, foresight and agility helped survive these trying times, owing to significant action in the US and UAE to boost export.”

Vipul Shah, Chairman, GJEPC

AOJ Exclusive: IBJA brings new logo for Indian jewellery sector based on 'Make in India' campaign

India Bullion and Jewellers Association (IBJA) released a new logo for Gem & Jewellery sector which complements with Modi Govt's ‘Made in India’ campaign. read more

Swiss gold exports show Asia buying more as investors sell bars

China and India helped buy up investors’ biggest gold sales in more than a year. Gold exports to China from the refining hub of Switzerland almost doubled to 46.4 metric tons in March, read more

Popley group celebrates 88 years of existence

The Popley Group, an Ambassador of luxury lifestyle in India & the Middle East, celebrates the 88th year of its existence as a brand. Maintaining its heritage of a family owned operation, read more

Gemfields Ruby auction achieves $16mn

Gemfields plc concluded the sale of mostly lower-quality rough ruby and corundum from its Montepuez ruby deposit in Mozambique, achieving US $16.1 million at an average price of $4.03 per carat. The sale was 99 per cent sold by lot. read more

HRD Antwerp appoints new CEO

HRD Antwerp has announced the appointment of Peter Macken as its new CEO. He will take enter the job on a full time basis from the end of August. In a bid to strengthen its presence in Southeast Asia, read more

De Beers Production up 2%

De Beers Group diamond production improved two per cent year on year to 7.7 million carats during the first quarter that ended on March 31. Despite the slight increase in the first three months of the year, read more

Soft US data supports gold, but weekly dip on the cards

Gold clung to overnight gains on Friday on sluggish US economic data but the metal was poised for its third straight weekly drop on persistent uncertainty over when the Federal Reserve will begin to hike rates. read more

Thursday 23 April 2015

Quote of the day 23rd-04-2015

“GJEPC is pleased to collaborate with Vicenzaoro Dubai and present India contingent of 98 exhibitors spread across 136 booths that showcases India at its best.”

Pankaj Parekh, Vice Chairman, GJEPC

AOJ Exclusive: His Highness Sheikh Hasher Bin Maktoum Al Maktoum inaugurates VicenzaOro Dubai

The first edition of Vicenzaoro Dubai opened at Dubai World Trade Centre(DWTC) today with an eye-catching line-up of global gold and jewellery companies coming together for an event, which further consolidates Dubai’s stand as one of the world’s leading luxury destinations and the undisputed jewellery capital of Middle East Read More

GJEPC brings a large pavilion of 136 India booths to Vicenzaoro Dubai

The Gem and Jewellery Export Promotion Council (GJEPC) in its efforts to cater to the rapidly emerging Middle East gem and jewellery market has organized the Indian pavilion at the Vicenzaoro Dubai show, which is scheduled from April 23-26, 2015. The fair will provide a perfect platform for international buyers and sellers Read More

Rising gold imports no cause for alarm: Indian Govt

The Government, on Wednesday, said that rising amount of gold imports was no cause for an ‘alarm’ and action would be taken at an appropriate time. Gold imports in March nearly doubled to US $4.98 billion. In January and February, it rose to US $1.55 billion and US $1.98 billion, respectively. “The gold imports have surged in February and March. We will keep a watch. Read More

The G&J industry ends FY 2014-15 on an optimistic note: GJEPC

The Gem & Jewellery Export Promotion Council (GJEPC) today released the annual performance for the Indian Gem & Jewellery sector, declaring a contribution of US$ 39898.81 million to India's coffers in terms of foreign exchange earnings. In the year 2014-15 Read More

Kalyan Jewellers withdraws its controversial ad

A day after actress Aishwarya Rai Bachchan claimed that the image of a jewellery ad featuring her was changed without her prior knowledge, Kalyan Jewellers have decided to withdraw the ‘racist’ print ad from their campaign Read More

Forevermark presents it Red Carpet Collection 2015

Forevermark, the diamond brand from Dee Beers Group of Companies has hosted an exclusive preview of its Red Carpet Collection at Taj Lands’ End, Mumbai on April 23, 2015. Read More

Alrosa production up 6% in Q1

ALROSA diamond production rose six per cent year on year to 8.4 million carats in the first quarter that ended on March 31. The increase was driven by expanded production at the company's Mir underground mine, the Botuobinskaya pipe and the Arkhangelskaya and Karpinskogo-1 pipes at the Lomonosov deposit. Read More

Wednesday 22 April 2015

Quote of the day 22ndt April 2015

“Overall, this year, the Akshaya Tritiya sales were good with most of the jewellery shops witnessing good turnout and better sales, compared to previous year.”

K Shivram, Director, WGC