'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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#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  

#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 

#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