The Art of Jewellery: 2017

Monday, 3 July 2017

'Teething' GST concerns may be resolved in two months’ time: CEA

Chief Economic Adviser Arvind Subramanian on 30th June expressed confidence in resolving 'teething' problems of GST implementation within two months.
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#AOJQuote of the day 3rd July 2017:

"Indian consumers normally start preparations with new designs and collections in July which marks the beginning of the season. But, jewellery demand remained fairly good both in India and overseas. Meanwhile profitability of diamond processors is under tremendous pressure. Hence, they have adjusted the price to claim profitability." Praveen Shankar Pandya, Chairman, Gems and Jewellery Export Promotion Council (GJEPC).

#AOJDailyeNews Gold holds a firm ground ahead of US Independence day holiday

Gold edged lower on 3rd July as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low.
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Sunday, 2 July 2017

#AOJDailyeNews Hong Kong based Luk Fook’s profit jumps in Q4

Luk Fook’s share price rose on 29th June as the Hong Kong-based jeweler reported a jump in profit for fiscal 2017 and an improvement in consumer sentiment in mainland China.
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#AOJDailyeNews JA an organised event in Washington where jewellers met law makers

Jewelers of America (JA) hosted two days of meetings and events in Washington to give retailers and suppliers the opportunity to talk with lawmakers about issues affecting the industry.
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#AOJQuote of the day 3rd July 2017:

“The 3% GST rate for gold and gold jewellery though would result in a slight increase of about 1% additional tax, but at the same time the dealers would be able to take input tax credit, which is an upside. Overall, I think GST will be smooth for jewellers,” Harpreet Singh, Partner, Indirect Tax, KPMG India

#AOJDailyeNews Paytm’s digital gold becomes a rage with buyers

Paytm, which has sold more than 100 kg of gold on its platform, is in discussions with jewellers across the country to enable buyers to redeem their digital gold in the form of jewellery. Read More

#AOJDailyeNews Confusion prevails over the exchange policies for old gold

Huge confusion prevails on the interpretation of rules regarding exchange of old gold ornaments for new ones and on ornament making charges from customers’ own gold, which could end up in their having to bear a burden higher than the 3 per cent GST rate Read More

Friday, 30 June 2017

#The Art of Jewellery June 2017 Issue - Latest Issue Released... Get your copy today http://goo.gl/dU7cnw

#Visit us at Singapore International Jewellery Expo(SIJE) Booth No. P03 | 06-09 July,Marina Bay Sands

Reader’s Response: Indian Weddings - of trade, trends & timing the occasion

More wedding days is expected to drive volumes

Congratulations on an outstanding issue! The depth and breadth of content are stunning. Your cover story on wedding season is very informative. After a contraction in demand for jewellery in the second half of 2016, the retail sales are stable now. We have seen good demand on occasions such as Gudi Padwa. Higher number of wedding days in 2017 is likely to provide a boost to the revenue growth in the coming quarters.

Kishor Chokshi

Proprietor, Kanjibhai Jewellers

Vadodara

Indian Weddings - of trade, trends & timing the occasion

Wedding jewellery is a key driver for demand

Thanks for highlighting the wedding jewellery industry in your cover story. Bridal jewellery market in India is

bedrock of retail jewellry sales. With the onset of the wedding season Indian jewellers and dealers are stocking up in view of the expected demand. Be it jewellery, gifts or any other investment purpose, sales during the wedding season has always been on the higher side.

Sanjay Zinzuwadia

Director, Panchratna Jewellers Pvt Ltd

Ahmedabad

Reader’s Response: Millennial consumers & jewellery sales

Detachable jewellery in vogue

The new mechanisms that help in making jewellery detachable and multi-functional are very popular
amongst millennial consumers. This makes the jewellery multiple looks and is fun to wear.

Manju Kothari
Creative Director,
Entice, Jaipur

#AOJDailyeNews Gold and Silver see a fall in demand on the eve of GST implementation

Gold and silver slipped into the red in morning trade on 30th June on account of subdued demand of precious metals from jewellers. Read More

GIA plans big forays in diamond tracking via new initiatives

GIA is investing and taking interest in getting techniques or initiatives which help in tracking diamonds. GIA’s Vice President of Lab Research Matt Crimmin recently outlined two projects. Read More

#AOJDailyeNews Jewellery exports dip by 47% in last three months

After the government started investigations into the export of 24-carat jewellery as a probable mode of round-tripping and misuse of bank funds. Read More

Thursday, 29 June 2017

#AOJDailyeNews Gold rewards jump ominously before GST rollout

India's gold premiums jumped to the highest level in seven and half months this week as consumers advanced purchases to avoid paying higher tax when a new nationwide sales tax takes effect from July 1. Read More

#AOJDailyeNews GST launch today at midnight, opposition to boycott

The stage is all set for the rollout of the major indirect tax reform measure - Goods and Services Tax (GST) - in Parliament's Central Hall on Friday night .Read More

#AOJDailyeNews Bigger jewellers likely to benefit from GST

Gold jewellery will attract 3% goods and services tax (GST). Though it is higher than the current applicable taxes, including 1% excise duty and 1.5% VAT
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#AOJDailyeNews Savio Jewellery gets a pat on back from President for Guinness Book entry

Savio jewellery company headed by Narendra Kumar Sand, Rajendra Kumar Sand , Ashish Sand and Abhishek Sand were invited with their respective families to meet the President of India Mr. Pranab Mukerjee for achieving and bringing the first ever Guinness Book World Record in diamond jewellery segment and make the nation proud.Read More

#AOJQuote of the day 30th June 2017:

“The GST meet on 29th June 2017 was a massive success as more than 1200 jewellers participated. GJF will continue to address industry's concerns on GST and assist them in migration. On behalf of GJF, I would like to wish the entire fraternity all the very best.” Manoj Kumar Jha , Director GJF INDIA

#AOJQuote of the day 30th June 2017:

"In the past one week, we have seen a tremendous increase in gold and diamond jewellery consumption. It is like a Dhanteras type of sale. We are seeing that families who have to marry off their daughters in five to six years are buying jewellery. The demand is up by 60 per cent in comparison to June 2016," Sreedhar Gurram, Immediate Past Chairman of GJF INDIA.

#AOJFlashNews 29/6/ 2017 : 4.54 Pm . GJF launches GST Software "ADHIGAM" for its members at a mega seminar attended by over 1000 jewellers in Mumbai.

A brand new ETF launched by U.S. Global Investors

U.S. Global Investors launched a brand new ETF aimed at providing exposure to a special part of the gold mining industry. Read More

“The gems, jewellery and diamond (GJD) industry is largely unorganised. Artisans take work from retailers and wholesalers. The large retailers and manufacturers have so far handled all compliances, at all levels.”-Ashok Minawala, director, Danabhai Jewellers

#AOJQuote of the day 29th June 2017:

“The industry wants the government to clarify the definitions of various works and positions of each entity–artisan, retailer, wholesaler–in the jewellery value chain so that their respective GST liabilities are known. This is important because under the current tax regime a business transaction is categorised as a sale or a purchase while under the new regime it would be about supply of goods.” Nitin Khandelwal, president, All India Gems & Jewellery Trade Federation (GJF).

#AOJDailyeNews Gold rises high after dollar and stock market weakens

Gold prices rose on Wednesday as the dollar weakened and stock markets fell after a delayed US healthcare bill increased doubts about President Donald Trump's ability to pass economic stimulus measures. Read More

#AOJDailyeNews Jwaneng mine to remain open beyond 2024

Botswana's Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country's government, plans to extend the lifespan of its Jwaneng mine beyond 2024, a mines minister said. Read More

#AOJDailyeNews The Next Big Trend for Engagement Rings

When it comes to engagement rings, more and more brides are looking for designs that are unique and one-of-a-kind. That's why colorful gems were a huge trend this past year. And now, a new stunning style is taking over.Read More

Wednesday, 28 June 2017

#AOJDailyeNews Mumbai goldsmiths to have testing time with mandatory digital signature

They can work intricate designs in gold but a digital signature--mandatory for GST compliance--is beyond the capabilities of Mumbai's many goldsmiths. In south Mumbai's Zaveri Bazaar, which handled 65% of the country's gold trade till a decade ago, the chief concern now is to make the artisans GST-compliant. Read MOre

#AOJDailyeNews Luxury watches are being sold at steep discounts prior to GST

Luxury brands ranging from Audi to watch brands like Chopard, Rado, Carl F Bucherer and Jaeger Le Coultre are on sale ahead of the Goods and Services Tax (GST) regime kicking in on Saturday. Read More

#AOJDailyeNews Rough diamonds sink in US but glitter in India

Prices of rough diamonds have corrected a bit as the onset of the summer holidays slows demand for polished stones in the US, the major global market for diamond jewellery. Read More

#AOJNewsUpdate: Yogesh Singhal elected President of The Bullion & Jewellery Association Delhi

#AOJDailyeNews Diamond prices rose 2-5% in three weeks

Despite weak demand ahead of the new season, rough and polished diamond prices have risen 2-5 per cent across all varieties during the past three weeks.
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#AOJDailyeNews GST welcomed by jewellers in India & abroad; not to disturb gold demand

For India’s legions of gold consumers, second only to the Chinese, the new GST (goods and service tax) will do nothing to reduce their appetite for the metal. In fact, in states such as Kerala. Read More

#AOJDailyeNews Birks Group’s revenue grows; thanks to US stores sales

Birks Group’s revenue grew in the past fiscal year as the Canadian retailer significantly increased its sales in the US.
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Consultancy firm Moody’s says GST benefit to show after a long term

The famous first freedom speech was made by Pandit Jawaharlal Nehru on the midnight of August 15, 1947. Finance Minister Arun Jaitley is all set to deliver the so-called second freedom speech on the midnight of June 30, 2017; or at least that must be the idea behind the chosen venue, Parliament House, and timing for the GST roll-out. Read More

#AOJDailyeNews Industries get ready for the introduction of GST

India’s long¬ awaited goods and services tax, or GST, is set to be rolled out this weekend, with businesses reacting with a mix of excitement and trepidation to the levy that is expected to add up to 2 per cent to GDP. Read More

"The US economy is on the revival path after witnessing a slowdown in the past few years. The consumer sentiment is positive and buyers in the United States have started coming into the market for the purchase of new jewellery. But, India needs to do some promotional activities for the rapid growth in jewellery exports as diamond miners like De Beers and Alrosa cannot do it alone. We, however, estimate India's gems and jeweller exports to move up by 10 per cent for the financial year 2017-18." Praveen Shankar Pandya, Chairman, Gjepc India.

#AOJQuote of the day 28th June 2017:

"The domestic demand for rough and polished diamond has been fairly good in the past few weeks. Hence, the prices of both rough and polished diamonds have risen by 2-5 per cent across all categories." Pravin Nanavati, Joint Secretary, Gujarat Heera Bourse.

Tuesday, 27 June 2017

#AOJDailyeNews On-line jewellery dealings face a threat from fraudsters

E-commerce fraud increased 13% in the jewellery industry over the past year, according to a recent report by fraud-protection company Signifyd. Read More

Diamonds smuggled using social media warns Global Witness report

Smugglers are using social-media platforms such as Facebook and WhatsApp to get diamonds out of the Central African Republic (CAR) and into international markets, Global Witness claimed in a report last week. Read More

#AOJQuote of the day 27th June 2017:

“So much of gold buying in India was done through small retailers and sales were never recorded properly on their books. When you had those levels of under-invoicing — even no reporting — it was detrimental to those retailers following the rules. And the tax authorities were losing money all the way, hence GST is a good step. Joy Alukkas, Chairman, Joyaluakkas.

#AOJQuote of the day 27th June 2017

“Apart from three per cent GST on gold and 0.25 per cent on rough diamond import, there will be a five per cent GST on services rendered outside the factory premises. This means, diamond processing would be costlier by three to four per cent.” Praveen Shankar Pandya, Chairman, Gjepc India

#AOJDailyeNews India topples Israel and becomes no. 1 for U.S. diamond trade

As President Trump met Prime Minister Narendra Modi the centre of the talk were diamonds.Read More

Monday, 26 June 2017

#AOJDailyeNews Jewellers try to sell-off old stock before GST roll-out

With only a few days more for implementation of the Goods and Services Tax (GST), jewellers have intensified their efforts to replenish inventory by offering discounts on making charges for ornaments. READ moRE

Myanmar plans to step up gold & jewellery exports

Myanmar plans to step up the promotion of jewellery and product in a bid to boost exports, Planning and Finance Kyaw Win said.
READ MORE

#AOJQuote of the day 26th June 2017:

The thought behind bringing the GST is good but there is no clear roadmap for implementation. Already jewellery industry is in bad shape and the reason behind it is that the karigars don’t have money and business at the moment. While making jewellery it passes many hands and moves between 10-15 locations; it is impossible for these karigars to get paperwork done at all levels. Under GST, right from the bullion purchase to jewellery selling paper work and bills are needed; how would these karigars get it? I think GST would be like demonetisation and pull down the industry-especially small goldsmiths and benefit big retailers. Only the big retailers will benefit,” Samsu Alam, MD, Swarnashilpi Jewellery Manufacturing Hub.

#AOJDailyeNews KJF organises a seminar to educate jewellers on GST

A GST seminar was organised by KJF at Bangalore on 25th June for its members. All the presidents and office bearers of the Karnataka State districts were present at the occasion. READ MORE

#AOJQuote of the day 26th June 2017:

“We at GJF as a national trade body embarked upon a nationwide programme for jewellers to impart knowledge and application of GST in their business. We urge our jeweller community to exercise utmost preparedness and start migrating to the GST regime, with the help of Adhigam Software and start complying with the new tax regime.” Nitin Khandelwal, Chairman, GJF INDIA