Diamond export to be impacted by duty hike!

Recent Import Duty Hike to

Strengthen Jewellery Manufacturing in India

A step towards establishing Brand India jewellery!

The government recently increased the customs duty on categories of diamond such as semi-processed, half cut or broken, and cut and polished coloured gemstone to 7.5 per cent, from 5 per cent earlier, and increase in import of jewellery articles from 15% to 20% in a move to narrow the current account deficit (CAD).

Tariff hike, a great initiative!

Recently by a notification government hiked up import tariffs on 19 items where about six items are related to GJ (Gem-n-Jewellery) industry & trade. It is to be noted that, the items are, 1: Non industrial diamond (other than rough diamonds), i.e., cut and polished diamond, 2: Diamonds-semi processed, half cut or broken, 3: Lab grown diamonds, 4: Cut and polished Colored gemstone, 5: Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal & 6: Articles of Goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal.

Auction of adds $9mn to Alrosa

Alrosa, the world leader in the diamond mining industry, has successfully completed its own specialized “True Colours” auction with a total sale of $9 million worth of coloured diamonds.

210 unique diamonds were sold in the first round. The bidding was very active, and most of the lots were sold for well above their starting price. The “hero stones” stars of the collection with a particularly rare combination of qualities, generated enormous interest from bidders.

WGC to soon release blueprint on spot exchanges

The World Gold Council (WGC) would soon submit a blueprint to the government on spot exchanges, its managing director for India operations said at an Assocham event held in New Delhi.

“We have given a blueprint as a steering committee, we have drafted it and it is in the final stages, we will be releasing it very shortly,” said Mr Somasundaram PR, MD-India, WGC at an Assocham International Gold Summit.

He added, “This steering committee which has got all trade associations, key international banks and bullion banks and it was led by us, has been working on the spot exchange blueprint for last six-seven months, we have just now finalised what the spot exchange should be and we will be releasing that both to the government, policymakers and others.”

MCX Inks MoU with IBJA

Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange signed an MoU with India Bullion and Jewellers Association Ltd (IBJA), the apex industry body for all bullion and jewellery associations in India on various cooperation activities for the growth and development of bullion industry, including a joint viability of setting up a ‘Bullion Spot Exchange’ in India.

It is in line with the Government of India’s vision of establishing trade efficient and consumer friendly system of regulated gold exchange in the country for bullion stakeholders for efficient price discovery and transparency.

Gold Spot Exchange, once set up, would help considerably in creating a vibrant gold ecosystem corresponding to India’s annual demand of around 800-900 tonnes.

The Pink Legacy at hammer!

The Pink Legacy - the largest fancy vivid pink diamond ever offered at any Christie’s auction to lead Geneva Magnificent Jewels Auction!

Worldwide-On 13 November 2018, Christie’s Geneva will present The Pink Legacy, the largest and finest Fancy Vivid Pink diamond ever offered at auction by the company. Weighing just less than 19 carats (18.96 carats), this exceptional rectangular-cut gem will lead Christie’s Magnificent Jewels auction, to be held at Geneva. This incomparable pink diamond has descended from the Oppenheimer Family and is estimated at US $30 to $50 million.

Trade war threatens total destruction!

Chinese officials voiced in unison their disapproval of Washington’s latest tariff package against China, saying that the current administration’s tactics risk the “total destruction” of bilateral relations, the SCMP reports cited by CER. Foreign Minister Wang Yi told attendees of the US-China Business Council meeting in New York that recent tensions were undoing progress made since the two countries opened diplomatic ties in the 1970s.

RBI moves close to Basel III Framework

RBI on Liquidity Standards

 Now SLR, will be of 13% from October 1

Liquidity Risk Monitoring Tools and Liquidity Coverage Ratio (LCR), Disclosure Standards!

Presently, the assets allowed as the Level 1 High Quality Liquid Assets (HQLAs) for the purpose of computing the LCR of banks, inter alia, include (a) Government securities in excess of the minimum SLR requirement and, (b) within the mandatory SLR requirement, (i) Government securities to the extent allowed by RBI under Marginal Standing Facility (MSF) [presently 2 per cent of the bank's NDTL] and (ii) under Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) [presently 11 per cent of the bank's NDTL].

CIBJO pearl report released!

Commitment to marine sustainability

With fewer than three weeks to go to the opening of the 2018 CIBJO Congress in Bogotá, Colombia, on October 15, 2018, the seventh of the CIBJO commissions' Special Reports has been released. Prepared by the CIBJO Pearl Commission, headed by Kenneth Scarratt, it focuses on the growing commitment of pearl farmers from around the world to set the golden standard for sustainability in a marine environment.

"Mankind's impact on the earth's environment is not simply related to saving the elephants, lions and the rhinoceros, or wild orchids, while these have great urgency. But they are no greater than the significant issues surrounding how we control the massive volume of rubbish generated globally that enters our oceans and seas," wrote Mr. Scarratt.

A pastel range of Bridal Jewels

Bridal Jewels with SS Jewellers

Pastel range of Bridal Jewels

SS Jewellers launches an awe-inspiring range

Red takes a backseat as this wedding season has been all about pastel tones. Keeping up with the latest trends, luxury jewellery house SS Jewellers launches an awe-inspiring range of Pastel Bridal jewels that encapsulates Mughal Artistry in a modern andaz- the style!