Economic growth, high on Government agenda

Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs focuses economy revival. Minister is looking at revival of economy from slowdown. As per the estimates available from Central Statistics Office, Growth of Gross Domestic Product (GDP) at constant prices was 6.8 per cent in 2018-19, lower as compared to 7.2 per cent in 2017-18. However, the growth of investment picked up along with higher capacity utilization in manufacturing sector and higher growth of private consumption in 2018-19.

The growth in fixed investment picked up from 9.3 per cent in 2017-18 to 10.0 per cent in 2018-19. The 44th round of the Order Books, Inventories and Capacity Utilisation Survey conducted by Reserve Bank of India, shows a gradual improvement with higher capacity utilization in the manufacturing sector in first three quarters of 2018-19 (the latest data available), as compared to corresponding quarters of previous year.

The growth of private final consumption expenditure was 8.1 per cent in 2018-19, as compared to 7.4 per cent in 2017-18. The production growth in manufacturing sector as measured by growth of index of industrial production (IIP) - manufacturing, however, slowed down to 3.5 per cent in 2018-19 from 4.6 per cent in 2017-18.

Jewellery brands go emotional experiential

Jeweller members of All India Gem & Jewellery Domestic Council (GJC) took a pledge of Trust, Transparency, Ethics, Compliance and Customer First! “We pledge to always be ethical in our services. We pledge to treat our customers and vendors with utmost respect. We pledge to always be compliant in our businesses. We pledge to stand together in times of difficulty.

We pledge to be transparent. We pledge to respect industry peers and unite as one big family. We pledge to make right use of funds allocated to us. We pledge to usher in fresh breeze of freedom in the gems & jewellery industry. We pledge to play the biggest role in making India a first world country in business and economy.”

I Love Natural Diamonds Campaign

The Israel Diamond Exchange (IDE) is launching a global awareness campaign today to highlight the unique and extraordinary features of natural diamonds. The campaign will consist of several short videos to be released over the next several weeks and which will be promoted through social media. The message of the campaign is “In a fake world, real things are rare,” and tells the story of the natural diamond: its singularity, astounding beauty, natural creation, geological age and immeasurable value. The videos end with the tag line “I love natural diamonds.”

Market Sees Further Declines

Diamond market sentiment was weak in June due to sluggish demand and tightening manufacturing profits. Suppliers are reducing prices to raise liquidity, as they’re under pressure from banks to repay their loans.                

The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 1.4% during the month and 3.1% in the first half of the year. The index is down 5.6% from a year ago (YoY). 

The diamond industry’s challenges extend well beyond the slump in prices. There’s not enough profit in the midstream. De Beers’ June rough-price cuts were not enough to reboot trading and cutters are not seeing value in their rough purchases. It’s better to buy polished, especially since their inventory levels remain high. The number of diamonds listed on RapNet increased 13% from a year ago to 1.5 million stones as of July 1.

Responsibly sourced Zambian emeralds

Responsible sourcing of coloured gemstones will receive ever-increasing attention and become progressively more important to consumers, predicts Sean Gilbertson, CEO of Gemfields and Kagem Mining. The observation came as Gemfields contributed new data and insights to the latest results of the Knight Frank Luxury Investment Index, which highlighted coloured gemstones.

Gemfields operates the Kagem emerald mine in Lufwanyama in partnership with the government’s Industrial development Corporation (IDC) and is at the forefront of promoting responsibly sourced Zambian emeralds in the international market.

HK Exports celebrates 27th anniversary

Hari Krishna Group, a leading name in Gems and Jewellery industry, organised a blood donation drive on 3rd July 2019 at The Capital, BKC. The drive was held on occasion of HK’s 27thanniversary, the blood donation camp was open for company employees and common masses. The camp was aimed to emphasise blood donation awareness and its importance of saving lives.

HK group holds blood donation drives thrice a year and over 10108unitsof blood has been collected till date from Mumbai and Surat office. The event was honoured by prominent bankers, well-wishers and Shri. Ghanshyam Dholakia, Founder & Managing Director of Hari Krishna Exports Pvt. Ltd.

Hallmarking set up in India reaches to 830

The Bureau of Indian Standards Act, 2016 has enabling provisions for making hallmarking of precious metal articles mandatory by the Central Government. The setting up of Assaying & Hallmarking (A&H) Centre is a market driven activity depending upon the commercial viability as assessed by the entrepreneur. At present the total number of A&H centres is 830.

The details of hallmarking centres, State-wise is at Annexure. In Rajasthan there are 40 A&H centres. Any person can get their jewellery tested from any Bureau of Indian Standards (BIS) recognized Assaying and Hallmarking Centre after paying the due charges.

GJEPC delegation met up Piyush Goyal

GJEPC delegation met up with Commerce and Industry Minister in Mumbai today to represent G&J Sectoral issues!

GJEPC led by Chairman Mr. Pramod Kr Agrawal, Vice Chairman Mr. Colin Shah and GJEPC board members met up with Hon’ble Union Minister for Commerce and Industry Mr. Piyush Goyal, DGFT Mr. Alok Chaturvedi, Mrs. Rupa Dutta, Economic Advisor MOC to represent the issues and concerns impacting the Gem & jewellery trade .

Bankers not averse to financing G&J trade

Customer first! Values! Culture! Compliance! Technology adoption! Market development! These were the key words used by prominent speakers from corporate India during the first day of the Gem & Jewellery Industry’s most sought-after transformational conclave Manthan 2019.

All India Gem & Jewellery Domestic Council (GJC) presents its flagship event promoting a common platform to share expertise & knowledge - Manthan Gems & Jewellery Conclave 2019 on 2-3 July at Hotel Sahara Star, Mumbai. Manthan 2019, an Initiative by GJC will witness over a 1,000+ attendees, Presented by NSE, Powered by World Gold Council and Supported by Forevermark, Logistics Partner BVC Logistics, Laboratory Partner GIA, Jewellery Partner Shineshilpi, Software Partner Acme Infinity, Solitaire Partner Divine Solitaire.

Speaking about how to create a world-class institution, Mr. Vikram Limaye, MD & CEO, NSE, said that NSE overcame several challenges by adoption of technology, focus on customer, compliance and strong market development. He mentioned that these are relevant to jewellers too.

WFDB affiliated with IDE

The Israel Diamond Exchange (IDE) is launching a global awareness campaign today to highlight the unique and extraordinary features of natural diamonds.

The campaign will consist of several short videos to be released over the next several weeks and which will be promoted through social media. The message of the campaign is “In a fake world, real things are rare,” and tells the story of the natural diamond: its singularity, astounding beauty, natural creation, geological age and immeasurable value. The videos end with the tag line “I love natural diamonds.”