GST collection up for November, 2019

The gross GST revenue collected in the month of November, 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592crore, SGST is Rs 27,144crore, IGST is Rs 49,028crore (including Rs 20,948crore collected on imports) and Cess is Rs7,727 crore (including Rs 869 crore collected on imports). The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2019 is 77.83 lakh.

The government has settled Rs 25,150crore to CGST and Rs 17,431crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.

877 Assaying and hallmarking centres in India!

Upon the recent announcement made by the Union Minister for Consumer Affairs, Food and Public Distribution Shri Ram Vilas Paswan that Notification for mandatory Hallmarking of Gold Jewellery & Artefacts across the nation to be issued on 15th January, 2020, gem-n-jewellery players have expressed about!

Vaibhav Saraf, Director -Aisshpra Gems and Jewels, “Mandatory hallmarking is a much awaited decision. This will increase transparency and customer confidence in the industry. The key to successful implementation is going to be elimination of fake hallmarking centres and rapid expansion in number of centres and expansion of existing! ”

DGCX hit 21.85 mn contracts this year

Total volumes on the Dubai Gold and Commodities Exchange (DGCX) this year stood at over 21.85 million contracts at the end of November, valued at more than USD 400 billion. This month (November), the DGCX traded 1.54 million contracts, and registered Average Open Interest (AOI) of 299,575 with the Exchange showing 15% growth in AOI in 2019.

The best performing asset class in November was the Indian Rupee (INR) product suite, which registered year-to-date (Y-T-D) volume growth of 17% from 2018 and an AOI increase of 10%. Trading this month was also underpinned by DGCX’s flagship Gold Futures product, which recorded Y-T-D total volume growth of 94% compared to the same period last year, and year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 452%.

BVC announce Vision 2022

BVC Logistics, India’s largest secure logistics company started its 60th year and unveiled its “Vision 2022” today. The new vision is to ‘Make Shipping the Competitive Advantage of 30,000 Businesses by March 2022.’

Today, logistics is a cost centre for every business and BVC aims to transform this and make shipping a competitive advantage where simply by using BVC to ship, businesses can make their customers experience a beautiful buying experience.

To achieve this vision, BVC has set aggressive service targets like achieving delivery within 24 hours anywhere in India and deep use of technology. BVC is also expanding its geographical coverage from 10,000 pin codes to over 20,000 pin codes, making hundreds of bullet-proof vehicles, recruiting over 1000 BVCites, all over the coming 30 months.

Education 2020 at GIA

Aspiring gem and jewelry professionals interested in studying diamonds, colored stones, pearls, jewelry design or other specialties in the gem and jewelry industry can now view GIA’s (Gemological Institute of America) global 2020 class schedules. The schedules and other details, including tuition and fees by location, are available at GIA.edu/gem-education/campuses.

“GIA’s robust and experiential gemology and jewelry education prepares people starting a new career or looking for the next step in their profession for success in the gem and jewelry industry,” said Duncan Pay, GIA vice president and chief academic officer. “GIA diplomas and certificates are instantly recognized as world-class professional credentials.”

Heating & price connection of Ruby!

According to the Gem Trend Updates, Heat treatment for rubies has been around for many generations. The ability to relatively easy to improve the ruby appearance, in terms of color and clarity, enabled fulfilling the market needs. Consequently, it was always considered a legit treatment. Prices of the heated gems were not far from their unheated companions of the same quality, maybe 20-30% cheaper.

However, in the last 3 decades, something changed. The price of unheated ruby climbed to new levels, and has become more than double that of heated rubies. Moreover, our records show that this tendency is even intensifying in the past 3 years further, clearly it distinguishing between the two gem conditions.

Mandatory Hallmarking of Gold Jewellery announced!

Notification for mandatory Hallmarking of Gold Jewellery & Artefacts across the nation to be issued on 15th January, 2020 giving one year time period for implementation: Shri Ram Vilas Paswan! The Union Minister for Consumer Affairs, Food and Public Distribution Shri Ram Vilas Paswan announced that Notification for mandatory Hallmarking of Gold Jewellery & Artefacts across the nation to be issued on 15th January, 2020.

Addressing media after the announcement, Shri Paswan said that Hallmarking of Gold Jewellery & Artefacts is being made mandatory in India for which a notification will be taken out by the Department of Consumer Affairs.

Likely the BDB door will open for LGD!

Lucara outlook to sell 350K cts diamonds by 2020

According to the operating guidance for 2020 of Lucara Diamond says, revenue is forecast to be between $180 million and $210 million & a capital expenditure of up to $53 million has been approved for early works related to a proposed underground mine at the Karowe Diamond Mine.  An investment decision, subject to receipt of all required authorizations and the arrangement of financing, is expected in H2 2020.

Diamond recoveries are expected to be between 370,000 carats and 410,000 carats; diamonds sold are expected to be between 350,000 carats and 390,000 carats.

Half of holiday shoppers have already started

More than half of consumers have already started their holiday shopping and nearly a quarter of purchases have already been made, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

 “This is further evidence that the holiday season has grown far beyond the period between Thanksgiving and Christmas,” NRF President and CEO Matthew Shay said. “Thanksgiving is still a hallmark of the season, and there’s billions of dollars in shopping still to come. But many consumers have already been shopping for weeks, and retailers are increasingly adapting to that.”