Wednesday 31 May 2017

#AOJDailyeNews Gold charts extended monthly winning vein since 2010

  Gold held steady on 1st June after hitting a five-¬week high in the previous session on geopolitical tensions, but expectations the U.S. Federal Reserve will hike interest rates next month weighed on prices.Read More 

GIA lines up seminars at JCK Las Vegas from June 4 onwards

 The line-up is ready by the GIA’s for the JCK show and this includes a an in-depth look at GIA M2M TM – a new service that tells the digital story of a diamond; information about a new easy-to-operate instrument to identify mounted and loose natural diamonds.Read More 

#AOJQuote of the day 31st May 2017

: “The idea of e-buying of gold is to ensure that customers buy gold and we can deliver the accumulated gold at their location, if the customer choses to convert digital gold into physical form. You can make payment through the e-wallet balance, debit or credit cards, net banking and ATM card.” Krishna Hegde, Senior Vice-President, Paytm

#AOJDailyeNews Asian Star’s gains fall even after increased sales

  Profit at Asian Star, a Mumbai-based diamond manufacturer, fell during the past fiscal year even as sales increased, the company reported.
Read More 

#AOJDailyeNews E-wallets gold buying offers many options

If you have a Paytm e-wallet, you can buy and sell gold in digital and physical forms. Though there is a monthly transaction limit of Rs20,000  Read More 

#AOJQuote of the day 31st May 2017:

“Sixty tons of gold is a whopping 75 lakh sovereigns. That is the amount of gold expected to be sold in Kerala this year. If this estimate is right, consumers across Kerala would be spending about Rs 16,200 crore. While India received Rs 2,600 crore through VAT on gold sales last year, Rs 600 crore, or 23 % came from Kerala.” B Govindan, State President, All kerala gold and silver merchants association

#AOJDailyeNews Gold to gain its vivacity as Indians reported to spend Rs 16,200 crore on gold and jewellery in 2017

  Gold merchants expect to sell 650 to 750 tons of the yellow metal in India this year. Not surprisingly, about 60 tons of it would land in Kerala households. Ahead of the all-important festive Onam season which sees a concentration of weddings in the state, the gold market has already grown by 10 to 15 per cent from a year earlier.  Read More 

Tuesday 30 May 2017

#AOJDailyeNews Large and exquisite green diamond unearthed in South Africa

  Canada’s Diamcor Mining said it unearthed a rough 5.36-carat green octahedron diamond from its Krone-Endora project in South Africa. Read More 

#AOJDailyeNews Gold imports came down 13.5 % to $27.4 billion in FY17

 India's gold imports declined by about 13.5 % to $27.4 billion in 2016-17, which is expected to keep a lid on the current account deficit.  Read More 

Ace jewellery designer Reena Ahluwalia ready for her American debut at JcK Las Vegas with Coronet

 After a successful launch at Baselwolrd, 'Coronet By Reena Ahluwalia' line will make its North American debut at JCK Las Vegas in June. Because of its technological innovation, ‘Coronet By Reena Ahluwalia' diamond collection has taken years to materialize. It is her partnership with Hong Kong's top diamond brand, Coronet of Aaron Shum Jewelry. Read More 

#AOJQuote of the day 30th May 2017:

“We are looking at increasing our presence by 50 per cent every year outside India. There is a huge scope in terms of market, availability of products and customer base. It has long changed the dynamics of jewellery retailing in India with large format showrooms and higher inventory. Our strategy is to cater to the India-like markets and to the Indian diaspora.” Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers

#AOJQuote of the day 30th May 2017:

 “We expect GST to be 5 percent on jewellery. The biggest change that the GST will bring about is that the formal sector will benefit. And the jewellery industry is dominated by the informal sector. Government will like to formalise the entire jewellery industry so that the generation of unaccounted income is eliminated”. Bhaskar Bhat, MD, Titan Company E-store

#AOJDailyeNews Gold demand can go down as India considers new taxation policy under GST

  It’s been a solid year for gold buying in India. With demand in the world’s top-consuming nation rebounding after a series of political setbacks in 2016. Read More 

#AOJDailyeNews Tiffany’s Q1 reports show some growth in revenue; thanks to Asia Pacific

 Tiffany & Co’s first quarter financial report showed a slight increase in global revenue, with the company heralding “pleasing” sales in the fashion jewellery category but not so positive results in other areas.

Read More 

De Beers auction its self-polished diamonds in June

 Under a new pilot program, De Beers Group will start selling its polished diamonds through the group’s online auction business.
Read More 

Gold may achieve $1,300 mark this week says TD Securities report

 As gold holds near one-month peak, one bank projects even higher prices for the yellow metal this week — forecasting a move closer to $1,300 level.
Read More 

National Jewellery Awards (NJA) 2017- The most prestigious awards for the Gems & Jewellery Industry is back . Hurry last date for sending entries is 25th June 2017 !!

#AOJDailyeNews Gold gains and reaches Rs. 29,350 because of wedding season buying

 Gold prices rose Rs 100 to Rs 29,350 per 10 grams at the bullion market on increased buying by local jewellers even as the metal weakened overseas.


#AOJDailyeNews Sluggish prices may push Platinum demand this year

 Diamonds may be a girl’s best friend but for budget-conscious ring-bearers, the preferred material might be platinum.Read More

Monday 29 May 2017

#AOJDailyeNews US jewellery store sales reach 2.31 bn in March; up 3.3%

  Sales at specialty US jewellery stores reached $2.31 billion in March, a 3.3 per cent increase from the previous year, according to provisional figures from the US Census Bureau. READ MORE 

#AOJDailyeNews Gold industry plans 100 hallmarking units

  The gold trading industry hopes the plans to set up 100 hallmarking centres and establish a precious metal assay and training institute this fiscal year will help ensure the purity of the metal sold in India, even as the GST roll*out enables it to come out of the shadow of black money. Read More 

#AOJDailyeNews : Jewellery stocks shine: PC Jeweller, Gitanjali Gems, TBZ & Titan Company marches ahead

  Jewellery stocks witnessed a bullish undertone on today’s intraday trade as PC Jeweller, Gitanjali Gems, Tribhovandas Bhimji Zaveri Ltd and Titan Company is trading bullish on BSE in the first half of trade on BSE. Read More 

#AOJQuote of the day 29th May 2017:

“GST roll-out should ideally be accompanied by enforcement of hallmarking to ensure purity. The hallmarking infrastructure in the country needs to be beefed up further.” Somasundaram PR, Managing Director, World Gold Council

Sunday 28 May 2017

#AOJDailyeNews GST rate on gold may be fixed at 5%

  The GST Council may settle for a 5 per cent tax on gold, a keenly awaited item for discussion in the June 3 meeting, which perhaps will be the last for fitment of rates.

Read More 

#AOJDailyeNews Evenly balanced year for platinum in 2017, supply deficits to continue

  The platinum market is expected to be broadly balanced over the year with a deficit of 65000 oz forecast for this year. Above ground stocks are expected to end the year at 1.89-million ounces, which is a 3 per cent decline on 2016 and in excess of 54 per cent down from 2012 levels. This is according to the World Platinum Investment Council’s (WPIC’s) latest Platinum Quarterly report, which was released on Monday. Read More 

#AOJDailyeNews Renaissance Jewellery hits 1-yr high, to consider buyback on May 30

 Shares of Renaissance Jewellery Ltd touched 52-week high of Rs 172, rises 7.6 on May 26, 2017 percent as the company is going to consider buyback of its shares on May 30. Read More 

#AOJDailyeNews IBM announces partnership with Kalyan Jewellers

 During India Cloud Forum held on May 26 in Mumbai, technology giant IBM announced partnership with Kalyan Jewellers. According to IBM, Kalyan Jewellers is collaborating with IBM to design and deploy ‘Store-2-Door’, a custom-built iOS based mobile app on IBM Bluemix to improve how the jewellery retailer and its staff engages with customers.Read More

Friday 26 May 2017

Reader’s Response: Millennial consumers & jewellery sales

                                               Jewellery must reflect their style

Eminence of millennial has grown to be very important for the jewellers as they form a huge part of the country's population with distinguished requirements. Millennial have their own prerequisite preferences as they look for something that is versatile and contemporary. It is important to
contemplate what they are looking for.

Chitwn D Malhotra
Founder and lead designer, Dillano
Jewels, New Delhi

Reader’s Response: Millennial consumers & jewellery sales

                                              No longer an investment product

Fortunately or unfortunately, jewellery is no longer at the peak of the luxury market it's just another lifestyle choice. I think that's great in a way, because now it's something one wants to buy more
as a symbol of their personal style also, rather than looking at it as more of an investment. On the other side it will ensure that we jewellers offer not just beautiful and distinct pieces of art but a
complete product along with the kind of quality and service that the millennials have come to expect, due to other competing luxury products.

Shillpa Purii
Founder, Shillpa Purii Designer
Jewellery, Mumbai

Reader’s Response: Cash transaction limit lowered

                             Control over grey market

The directive to ban cash in transactions above Rs 2 lakh will result into people deferring their cash purchases and this will impact the gems and jewellery industry. In the long run, the move will
certainly help in taming the grey market and unorganised sector's size in India as companies look at becoming more tax compliant.

Jignesh Jain
Director, Gurjar Gem Pvt Ltd

Reader’s Response: Cash transaction limit lowered

                                                                Trade will get organised

Demonetisation and measures such as limit on cash usage would lead to lower participation of cash-driven customers shrinking the overall pool of buyers. It will further delay the recovery of sales in the jewellery sector. But in the long run, these measures would help the industry in enhancing transparency and thereby
getting more organised.

Ketan Patadia
Director, Vajra Jewels

#AOJDailyeNews Lalitha Jewellery becomes top advertiser for period (May 13–19 2017 ) with 14,333 insertions

  Lalitha Jewellery claimed the no.1 spot in BARC’s Top 10 Brands for Week 20(May 13–19) of 2017’s viewership and ad insertions with 14,333 insertions.

Read More 

#AOJDailyeNews Tata Steel and SAIL ¬e-auction rough diamonds worth Rs 110 crore via Mjunction

   Over one lakh carats of rough diamond with a transaction value of Rs 110 crore has been e-auctioned by mjunction for a PSU mining company. It is a significant development amid a global slowdown in diamond industry, the company said without naming the PSU.Read More 

#AOJDailyeNews PC jewellers Q4 net profit zooms 40%, announces 1:1 Bonus issue

  The board of PC Jewellers, on 25th May recommended issue of bonus shares in the proportion of 1 equity share for every 1 existing equity share.Read More 

#AOJQuote of the day 26th May 2017:

"WGC projections state that current trends are likely to change after GST as consumers would prefer buying lighter, minimally-designed jewellery.” Somasundaram PR, MD-India, World Gold Council.

#AOJQuote of the day 26th May 2017:

“The two millionth inscription reflects the continued growth of the Forevermark brand, which has gone from strength-to-strength since launching nine years ago.” Stephen Lussier, CEO,Forevermark Diamonds

#AOJDailyeNews G & J sector can take 12-18 months to stabilise after GST implementation says World Gold Council

  Although the proposed GST roll-out from July 1 is poised to usher in a more transparent and uniform tax structure, the gold industry is likely to take an immediate hit and will take at least 12-18 months to recover.

Read More 

Thursday 25 May 2017

#AOJDailyeNews #AOJDailyeNews Forever Mark inscribes its 2,000,000th diamond in Surat city

 The Diamond City has added yet another feather to its cap. Less than one per cent of the world's diamonds are eligible to become Forevermark. Read More

#AOJDailyeNews Problems remain for Signet Jewelers as sales continue to go down

  Signet Jewelers’ sales dived in the first fiscal quarter amid negative publicity and a sluggish retail sector.Read More

#AOJDailyeNews GIA has a comprehensive package for visitors at JCK Las Vegas in June

 All the cards are on the table for GIA’s line-up at the 2017 JCK show, including an in-depth look at GIA M2M TM – a new service that tells the digital story of a diamond. Read More

#AOJ Editor's Note : Special Note From the Editor n on Kerala Govt’s historical decision on withdrawing purchase tax on gold.

AOJ FLASH NEWS 25/5/2017 3.30 P.M. (IST):

Kerala Legislative Assembly unanimously passed a resolution and has decided to withdraw the Purchase Tax on Gold.

#AOJDailyeNews Gold goes missing from IGI Customs lockers; CBI arrests official with 30 kg gold

 The Central Bureau of Investigation (CBI) on 24th May arrested a senior customs official on charges of pilferage of gold from the department's warehouse at Delhi's international airport. Read More 

#AOJQuote of the day 25th May 2017:

“India’s demand for platinum in jewellery sector is rising. The demand was highest in 2016 with 11.5 % increase to 245 koz. India’s jewellery (platinum) demand is expected to grow even faster in 2017. Platinum investment is underexploited in India but we are developing with partners and platinum investment market in India has great potential.” Paul Wilson, Chief Executive Officer, World Platinum Investment Council’s (WPIC).

#AOJDailyeNews WDM launches campaign promoting diamonds

 The World Diamond Mark (WDM) has launched a campaign to promote diamonds by telling human stories and directing consumers to the organization’s accredited stores.


#AOJDailyeNews Another diamond found at Crater of Diamonds State Park; this happens to be second largest diamond of the year

 A Montana couple found a 2.78-carat diamond while searching through Crater of Diamonds State Park on their first time trip to the park. Read More 

#AOJQuote of the day 25th May 2017:

"We think that the precious metal has weathered the prospect of a Fed increase rather well. We do see further strengthening ahead in light of what we think will be continued dollar weakness emanating from more Trump-related headaches emanating from Washington." INTL FCStone analyst Edward Meir.

#AOJDailyeNews Gold holds ground amid a slipping dollar after Fed policy meeting; steady future ahead say analysts

 Gold remained firm on 25th may to keep most of its gains from the previous session, with the dollar slipping after minutes of the U.S. Federal Reserve's last policy meeting downplayed the chance of more aggressive interest rate hikes. Read More 

Wednesday 24 May 2017

Gold charted Rs 29,000-mark after a long gap on the back of jewellers’ buying

 Gold wrested control of the Rs 29,000 level by rising Rs 185 to Rs 29,100 per 10 grams on 24th May taking strength from the scattered buying by local jewellers amid a firm trend overseas. However, silver met with resistance at existing levels and took hit of Rs 215 at Rs 39,600 per kg. Read More 

#AOJDailyeNews Downturn in US spending pulls down Tiffany sales

 Tiffany & Co.’s share price slumped 6% in early trading on 24th May as the retailer reported a dip in same-store sales for the first fiscal quarter.
Read More 

#AOJNewsUpdates :G.S.T Seminar organised by MJDMA (The Madras Jewellers & Diamond Merchants Association)

#AOJDailyeNews PNG Jewellers contributes for the education of 9 students under Corporate Social Responsibility

 PNG Jewellers has a 185 years old legacy, and as a part of their Corporate Social Responsibility, the company contributed for the yearly educational expenditure of 9 students from a Pune-based organization named Eklavya Bal Shikshan & Arogya Nyasa, on the special occasion of Mr. Saurabh Gadgil's birthday on 9th May, 2017.

Read More 

#AOJDailyeNews Gold demand may not get affected by GST; minor behavioural change may occur if kept high says WGC

 India’s demand for gold may remain more or less at last year’s level even if the GST rate on the metal is fixed lower than the current rate of 12 per cent, the World Gold Council (WGC) said on 23rd May.

Read More 

#AOJQuote of the day 24th May 2017

“The bullion bank is necessary because it will reduce imports as gold loans can be settled in gold terms instead of rupee terms at present. Various gold linked schemes can also be launched." Surendra Mehta, Secretary, India Bullion and Jewellers Association