Friday 29 May 2015

YOUR RESPONSE: Akshaya Tritiya : Expectations met- Ba. Ramesh

Lower gold prices in the recent past and the wedding season which started on Akshaya Tritiya and continues till June, has increased the demand for gold and leads to higher jewellery sales, up by around 25-30 per cent this Akshaya Tritiya.

Ba. Ramesh
Joint managing director, Thangamayil
Jewellery Limited,Madurai

YOUR RESPONSE: Akshaya Tritiya : Expectations met- Jayantilal Challani

More and more people are now buying gold on Akshaya Tritiya in Chennai which is a good sign for the industry. The sales are up by 20 per cent and are better than the last year.

Jayantilal Challani
President, The Madras Jewellers and
Diamond Merchants Association

YOUR RESPONSE: Akshaya Tritiya : Expectations met- Bachhraj Bamalwa

We have seen a growth of 15 to 20 per cent in sales this Akshaya Tritiya. Most of the jewellers in Kolkata have done well.

Bachhraj Bamalwa
Founder Partner,
Nemichand Bamalwa and Sons, Kolkata

YOUR RESPONSE: Akshaya Tritiya : Expectations met- Goutham Chand Jain

This year, sales during Akshaya Tritiya were really above our expectations and we are really happy with the response. Nearly 30 per cent increase in sales was recorded, especially in gold jewellery. Even the diamond section witnessed healthy sales. Lower gold price has played a prime factor, pushing the customers for their purchases.

Goutham Chand Jain
Managing Director, Navrathan Jewellers

Quote of the day 29th May 2015

“With operational guidelines in place, global miners will be able to set up offices in India which will reduce travelling time for Indian diamantaires, and also cost of rough diamond procurement.”

Sabyasachi Ray, Executive Director, GJEPC

Global diamond mines to directly sell rough diamonds in India

The government has finally allowed international mines to sell rough diamonds in India, which otherwise Indian merchants had to earlier purchase from Antwerp. read more

Jewellers’ suggests recommendations for GMS

To make a success of the gold monetisation scheme recently proposed by the central government, experts have suggested expanding the network of collection centers to include entities with which gold customers have regular contacts. read more

JCK Las Vegas show 2015 begins today

One of the biggest shows of global jewellery industry, JCK Las Vegas begins today on a high note. The show held at Mandalay Bay Resort and Casino Las Vegas, USA from May 29-June 1, 2015. read more

Gold coins will soon be available with buyback facility

In a first, commodity exchange NCDEX plans to sell gold coins with a buyback facility, but only when the new forward contract ‘Gold Now’ launched on Thursday enters the second stage. read more

Forevermark & Chintamanis unveils a diamond jewellery

Forevermark – the world’s leading diamond brand, celebrated the launch of a fascinating diamond jewellery collection in association with Chintamani’s – one of the most renowned and trusted jewellers in the city. read more

Thursday 28 May 2015

Quote of the day 28th May 2015

“To streamline the GMS process, the Govt must approve domestic refineries to make the quality of gold acceptable to banks. Refineries with a credible record among jewellers should get approval from the govt, similar to hallmarking centres."

Suraj Kansara, Director, Gujarat Gold Centre, Ahmedabad

Diamond sales in domestic market remains flat despite regulatory measures

Diamond sales in the domestic market remains flat on the first anniversary of Modi government though the industry was expecting sales to move up significantly due to an overall positive sentiment. read more

Gold refiners see good business opportunity through GMS

Operating at less than 35 per cent of installed capacity for several years due to raw material scarcity, gold refiners are seeing a good business opportunity through the government’s proposed Gold Monetisation Scheme (GMS) read more

Gold recovers from 2-week low as dollar rally loses steam

Gold steadied on Wednesday off the previous session's two-week low as the dollar retreated after its biggest daily rise in two years, but prices remained under pressure from expectations read more

DDC, DMIA issue joint statement on undisclosed treatments

The Diamond Dealers Club (DDC) of New York and the Diamond Manufacturers &Importers Association of America (DMIA) issued a joint statement today regarding a Gemological Institute of America (GIA) read more

Rapaport Breakfast and Conferences at the JCK Las Vegas Show

The annual Rapaport Breakfast at the JCK Las Vegas Jewelry Show will be held on Sunday, May 31, 2015 at 8:00-10:00 am in the Mandalay Bay Hotel. The breakfast and conferences are free and open to the trade. read more

Tiffany & Co.'s sales falls 5%, profit down 17% in 1Q

Tiffany & Co.'s revenue fell 4.9 per cent year on year to $962.4 million in the first quarter that ended on April 30. Same-store sales fell 7 per cent. Cost of sales declined 6.9 per cent to US $393.4 million read more

Tuesday 26 May 2015

Quote of the day 26th May 2015

“Jewellery imports from Indonesia are completely detrimental to the interest of the gold trade in India. We have brought this to the notice of the commerce ministry."

Pankaj Parekh, Vice Chairman, GJEPC

De Beers to sell flagship diamond mine

The De Beers Group is looking to sell its well-known Kimberley diamond mining operation, which was said to have dominated the diamond industry for nearly a century. read more

CIBJO seeks to 'monitor' diamond labs

An international forum of jewellery, gemstone and grading organisations has raised a number of important industry issues and established further actions to address them. read more

Jewellery imports from Indonesia completely detrimental to the Indian market

The gold trade in the country is facing a double whammy of increased competition due to duty free jewellery imports from Indonesia and an anticipated fall in rural demand from June 1 read more

Kalyan Jewellers invests Rs 175 Crore to open 4 new showrooms

Kalyan Jewellers has announced that it will invest Rs.175 crore to expand its distribution operations. The company is launching 4 new showrooms. read more

Diamond transactions in Surat to be replaced with new foolproof system

If all goes well, the traditional system for diamond transaction in the multi-crore diamond industry would be replaced with a new foolproof system to protect the trade from rising cases of defaults. read more

Luk Fook signs sightholder contract with De Beers

Luk Fook Holdings signed its three-year sightholder rough diamond sales contract with the De Beers Group of Companies for the period that ends on March 31, 2018. read more

UAE retailer creates record-breaking $2m diamond guitar

A US $2 million guitar created by UAE-based company Lifestyle Jewellery has broken a Guinness World Record for the world’s most valuable coronet diamond guitar. read more

Monday 25 May 2015

Quote of the day 25th May 2015

“Poor infrastructure facilities will delay the GMSscheme’s success. The Govt said there are 350 hallmarking centres for testing and melting of gold, however, more than half of these don’t have a melting facility and are situated at places where permission for this will be difficult.”

Ketan Shroff, Spokesperson, IBJA

Indias gold deposit scheme can drag the global gold price down

Two likely scenarios, a supply glut and consequent price crash — that may emerge if India succeeds with its landmark gold monetisation plan will have a game-changing impact on the global precious metal industry. read more

GJF announces new Committee of Administration for 2015 - 2017

The All India Gems and Jewellery Trade Federation (GJF) announced names of members who will comprise its Committee of Administration (COA) for the term 2015 – 2017 on May 7, 2015. read more

Poor infrastructure to pose challenge for the success of goldmonetization scheme

The gold monetisation scheme proposed by the Union government is better than earlier tries but will face challenges, say banks and jewellers. Notably, those of limited infrastructure and lack of a tax amnesty for what is deposited. read more

Drop in Indian weddings unfavourable for Jewellers

Gold is an essential part of the bride’s dowry in India and also a popular gift from family and guests at weddings. In fact, the southern state of Kerala uses up to 400 grams of gold per wedding, read more

India to Highlight Make In India Campaign at JCK

With India's gems and jewelry industry currently facing a slow period and summer vacations, all eyes are on the upcoming JCK Las Vegas show, read more

Gem & Jewellery Skill Council of India hosts SEEPZ Manufacturers Meet in Mumbai

Gem & Jewellery Skill Council of India hosted 'SEEPZ Manufacturer’s Meet' on 20th April 2015.The meeting was held at Convention Centre hall, Business Facilitation Centre, Mumbai. read more

BVC Clearance Handles First Export through Electronic Data Interchange in PCCCC

With over 55 years of experience in precious cargo logistics, BVC Clearance is the first company to have successfully conducted customs clearance through the Indian Customs EDI System read more

Friday 22 May 2015

Quote of the day 22nd May 2015

“We want to be the number one jewellery chain in the world. We will be investing Rs 800 crore into opening 22 more stores in the current financial year. We are also eyeing the real estate business and have lately started Kalyan Developers.”

T S Kalyanaraman, CMD, Kalyan Jewellers

GJEPC Machinery Expo moves to Mumbai to be held in conjunction with IIJS Signature 2016

The Gem and Jewellery Export Promotion Council (GJEPC)’s Machinery Expo, India Gem and Jewellery Machinery Expo (IGJME), has been moved to a new venue, Mumbai. read more

Centre grants Rs 4.66 crore to Meerut National Institute of Jewellery Technology

In a major boost to Meerut unorganized jewellery manufacturing units, the Centre has granted Rs 4.66 crore through the UP export promotion bureau to help align the industry's focus towards exports. read more

Asia gold demand weak as China eyes equities; lack of weddings in India

Gold buying was slow this week in Asia even as global benchmark prices dropped from a three-month high, with the Chinese hooked on surging equities while demand in India stayed weak and was unlikely to pick up as the wedding season cools. read more

We want to be the number one jewellery chain in the world: T S Kalyanaraman

Recently, Kalyan Jewellers got into a bit of hot water. Its advertisement showing Aishwarya Rai as royalty attended by a dark complexioned page was savagely attacked on social media for perpetuating stereotypes. read more

NBFCs to refer price on bourses for lending against gold

The Reserve Bank today allowed Non-Banking Financial Companies (NBFCs) to use gold price at commodity exchange to determine the value of the metal for purpose of advancing loans against it. read more

Taiwan unveils its first 3D metal printer for jewellers production; 50 % cheaper than current methods

Over the past few years, Taiwan has been steadily working to create a reputation as an island of 3D printing innovators, and it looks like they can add another achievement to that. read more

Thursday 21 May 2015

Quote of the day 21st May 2015

“While savings with bank fetch investors about 8%-9% interest, gold deposits may not receive that kind of return. We need to make a plan which is more lucrative and practical, which will motivate people. The Govt needs to involve the jewellers to promote the scheme by making them collection agents and giving incentives through commissions.”

Manish Jain, Chairman, All Indian Gems and Jewellery Trade Federation (GJF)

Quote of the day 21st May 2015

“NCDEX is a strong supporter of information transparency in the commodities markets and has pioneered highly innovative methods of price discovery. With newly launched Gold futures contract, we hope to bring much-needed clarity into the way gold is priced in India,”

Samir Shah, MD & CEO, NCDEX

Gold monetization scheme may bring out unaccounted wealth; Unattractive interest rates may fail to enthuse investors

The gold monetization scheme, the draft of which has just been unveiled by the government, may bring out unaccounted income that's held in the form of yellow metal. While the government is cracking down hard on black money, read more

NCDEX to launch gold futures contract; To bring more transparency into gold pricing in India

NCDEX, the leading commodity exchange, today announced the launch of gold futures contract that will provide a transparent and credible price benchmark to the Indian consumer. read more

Industry on high alert for undisclosed diamonds, tough penalties for defaulters

The diamond industry has taken swift action in an attempt to address suspicions that hundreds of undisclosed treated stones have hit the global market. The furore was instigated last week read more

Tanishq eyes to open 48 franchise outlets by December 2015

Tanishq, a jewellery brand of Tata Group, is eyeing to open 48 franchise outlets by December 2015. The brand is currently present in 99 cities and has 135 franchise and 59 company-owned units. read more

Gold prices fell moderately on the release of the Fed minutes, interest rate hike pushed to Sept

Gold prices fell moderately on the release of the Federal Open Market Committee (FOMC) minutes, which likely push an interest rate hike to September or later. read more

Untapped opportunity in India for platinum jewellery: Metals Focus

There is a significant opportunity for platinum jewellery to make inroads in India that has yet to be realized, Metals Focus’ Phillip Newman told delegates at the LPPM seminar on Tuesday. read more

Platinum Guild International (PGI) strengthens its team in India

Platinum Guild International (PGI), India has announced new roles under the leadership of Vaishali Banerjee to drive stronger growth for platinum jewellery in India, which is considered to be the 4th largest market for platinum in the world. read more

Wednesday 20 May 2015

Quote of the day 20th May 2015

“We are sceptical about the success of the gold monetisation scheme as it will be very difficult for the consumers to reach out to the hallmarking centres, which are generally inaccessible and not located in convenient areas. Besides, 350 hallmarking centres are not sufficient to cover the length and breadth of the country.”

Ashok Minawala, Director, All India Gems and Jewellery Trade Federation (GJF)

Gold monetisation Scheme set to unlock idle gold with tax bonanza

The gold monetisation scheme guidelines released on Tuesday is aimed at curbing gold imports and making it less attractive for households and entities to hold gold in physical form. read more

AOJ Exclusive: Jewellery industry sceptical about the gold monetisation scheme

The Centre has finally unveiled the guidelines for the gold monetisation scheme and the banks and the World Gold Council (WGC) has by and large welcomed the move. read more

Strong dollar takes shine out of gold

Investors applied the brake to the gold price after a five-day rally, as a rising dollar took some shine off the precious metal.Gold was down 1.4 per cent at US$1,208.17 in late afternoon trading - its biggest one-day drop this month. read more

In April gold jewellery exports fall by over 18%; Diamond exports falls 11%

The Indian gold jewellery exports plunged by over 18 per cent year-on-year to US$526.76 million (Rs. 3,305.44 Crore) in April 2015 while the country’s silver jewellery exports continued to remain strong, read more