Friday 30 June 2017

#The Art of Jewellery June 2017 Issue - Latest Issue Released... Get your copy today

#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


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


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
Read More

#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.
Read More 

#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.
Read More 

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.

#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

#AOJDailyeNews Gold manages a stabilizing level after a fall

  For the first time in three weeks, gold prices have stabilized. Although gold closed slightly higher, in essence flat for the week. READ mORE 

#AOJDailyeNews GJF to hold a series of seminars to educate jewellers about GST

  The world's second largest diamond mining company is showing interest in a diamond project near Prince Albert, Sask. Read More  

GJF to hold a series of seminars to educate jewellers about GST

 All India Gems and Jewellery Trade Federation (GJF) national nodal trade body for the promotion and growth of trade in gems and jewellery across India is planning for its series of GST seminars in Mumbai. Read  MORE 

#AOJDailyeNews Fresh orders for gold imports on hold till July 1; banks watching GST roll-out

The $5 an ounce discount in the gold market has reduced sharply as bullion banks have stopped importing on consignment basis until clarity emerges on GST treatment over such imports, claimed a Kolkata based bullion dealer. Read More 

Friday 23 June 2017

Reader’s Response: Millennial consumers & jewellery sales

                                               Chic yet affordable

Millennial always look for something that is trendy and affordable, so in order to cater them we need to offer something that is the combination of both.

Sonal Sahrawat
Creative Head, Sonal's Bijoux
New Delhi

Reader’s Response: Millennial consumers & jewellery sales

                                       Personalised jewellery attracts millennials

Millennials like other buyers want value for money. What sets them apart is the fact that they don't shy away from experimenting and they are very clear about what they want. An ideal
millennial would not necessarily be interested in going through hundreds of designs or spend hours at a stretch in choosing their jewellery. They want something which flaunts their individual taste and style. These unique and elegant jewellery pieces, which can complement their personality and style
is the game changer. They are usually interested in things which can be worn regularly and doesn't limit their clothing or accessories.

Bhavana Jakhia
Head Digital Ventures,
Om Jewellers

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

#AOJDailyeNews Palladium ETFs continue their bull run as Gold ETFs look on

 Precious metal investing is in a tug of war between geopolitical tensions and a hawkish Fed. This is especially true for gold which is viewed as a safe-haven asset.
Read More

#AOJDailyeNews Analysts debate gold touching $1,300 mark; can end below $1,200

 As gold continues to be supported by geopolitical tensions, more hawkish central banks around the world are putting new pressures on the yellow metal, enough to potentially have it end the year below $1,200, says one analyst. Read More

#AOJDailyeNews Hedge funds remain bearish on gold ETFs

 In the troubled hedge fund world, there haven't been too many positive stories in recent months. Funds across the country are continuing to face an uphill battle against dwindling assets, disinterested investors who have grown frustrated with high fees. Read More 

Thursday 22 June 2017

#AOJDailyeNews Government will be kind to genuine GST compliance mistakes says Adhia

 With the countdown to GST rollout underway, government on 22nd June promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime.Read More 

#AOJQuote of the day 23rd June 2017

: "Our intention is to have a smooth landing of GST. Intention is not to harass everyone in the first month. Distinction would be made between genuine mistakes in filing of returns and deliberate attempts to evade taxes. The government will be "very very kind" to genuine mistakes. There would be leniency, but I cannot announce now." Hashmukh Adhia, Revenue Secretary, GoI.

#AOJDailyeNews After a slump Swiss watches exports jump by 9%

 Swiss watch exports jumped in May amid stronger demand from China and Hong Kong, the Federation of the Swiss Watch Industry reported on 22nd June.
Read More 

#AOJQuote of the day 23rd June 2017

"As much people say but gold is not losing its shine. Post demonetisation, business has not been good due to its effect. But, the price is still favouring people to buy gold. Within 45 days of GST taking effect, when the festival season starts, we feel it will be good for the industry." Surendra Mehta, Secretary, Indian Bullion and Jewellers Association