NEWS

Italian Exhibition Group Confirms Its Participation in JCK

Italian Exhibition Group Confirms Its Participation in JCK

Las Vegas: Italian Exhibition Group confirms the winning International format VICENZAORO Italian Passion. Made with Love by renewing its participation in JCK Las Vegas – open from 5 to 8 June 2017 at the Mandalay Bay Resort & Casino – with over 100 top brands showcasing Italian excellence in jewellery.


India’s G&J Industry Welcomes GST Rate at 3%

India’s G&J Industry Welcomes GST Rate at 3%

Mumbai: All India Gems & Jewellery Trade Federation (GJF) highly appreciated the Government’s decision to fix the Goods and Services Tax (GST) at 3% for the Jewellery trade and industry.
Expressing his satisfaction, Mr. Nitin Khandelwal, Chairman, GJF said, “This is a landmark day for the jewellery sector as the Government rightly kept the overall tax burden low in the industry keeping in mind, the unique characteristics of the gems and jewellery sector, the kaarighars and small jewellers. We wholeheartedly thank the Honourable FM Arun Jaitley, State FMs, GST Council, VAT Commissioners, entire CBEC for their tremendous support and guidance.  This low GST rate would help the Gold and Jewellery trade to go for more compliant and would mature as an organised sector in the years to come. In fact, this move will encourage the industry to become more organized, and help GJF to take them towards the path of accountability and transparency. We urge jewellers community to exercise utmost preparedness and start migrating to the GST regime, with the help of Software that will be launched soon by GJF, that will help the jewellers migrate and comply”.

Taxing Diamonds is Retrograde Step: GJEPC

Taxing Diamonds is Retrograde Step: GJEPC

Mumbai: Mr. Praveenshankar Pandya, Chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC) has expressed the Council’s unhappiness against the 3% GST levied on diamonds along with gold and silver.

GST on Gold, Silver, Diamonds Fixed at 3%

GST on Gold, Silver, Diamonds Fixed at 3%

New Delhi: The GST (Goods and Services Tax) Council of India on Saturday fixed the goods and services tax on commodities like gold, footwear, biscuits and textile. GST on most goods were finalised last month.


Thailand Gems & Jewellery Fair from June 15-18, 2017

Thailand Gems & Jewellery Fair from June 15-18, 2017

Bangkok: Exhibitors, buyers, gems and jewellery associations, and the public and private sectors are gearing up for the inaugural Thailand Gems & Jewellery Fair. Held from June 15 to 18, 2017 at the IMPACT Challenger 2, Muang Thong Thani, Bangkok, Thailand. The event is organized by the Thai Gem and Jewellery Traders Association (TGJTA) and marks the great cooperation between the Ministry of Tourism and Sports (MOTS), the Tourism Authority of Thailand (TAT), and AEC+6 industry associations.


US Diamond Jewellery Demand Hits $41 Billion High

US Diamond Jewellery Demand Hits $41 Billion High

New York: Total diamond jewellery demand from US consumers increased 4.4 per cent in 2016 to exceed US$40 billion for the first time, according to industry insight data published yesterday by De Beers Group.

While slower US GDP growth in the first quarter of 2017 is likely to have impacted diamond jewellery demand in the short term, the US has recorded five years of consecutive demand growth. US consumers now account for roughly half of all diamond jewellery purchases globally – a level not seen since before the financial crisis.

Although bridal diamond jewellery continues to be the foundation of demand in the US, more frequent acquisitions and a higher value of spend from single women helped drive demand. Meanwhile, self-purchase trends increased among both single and married women.

Fifty-seven per cent of self-purchased diamond jewellery is acquired by married women, while a third is from Millennials. Retailers also reported high levels of consumer interest for multi-diamond pieces.

The data showed that consumers are spending more per piece on diamond jewellery, with retailers reporting an increase in the US$1,000 to US$4,999 category.

Globally, demand for diamond jewellery in 2016 increased marginally in US dollars (at actual exchange rates) to US$80 billion, with demand growth from the US offsetting a contraction in India.

Demand from Chinese consumers grew 0.6 per cent in local currency and has continued to improve in early 2017, with robust sales around Chinese New Year contributing to the positive performance in the first quarter.

Demand from Indian consumers started to return to more normal levels in 2017, following an 8.8 per cent contraction (in local currency) in 2016 due to the jewellers’ strike, demonetisation and exchange rates.

Demand from Japanese consumers declined 2.9 per cent in local currency in 2016, but growth in US dollars reached 8.1 per cent due to the strength of the Yen.

Demand in the Gulf was impacted by a challenging macro-economic environment, driven by continued oil price weakness.

Further marginal global growth in diamond jewellery demand (in US dollar terms) is likely in 2017.

Bruce Cleaver, CEO, De Beers Group, said: “American consumers continue to express strong desire for diamonds, but their purchasing habits are changing rapidly. While bridal diamond jewellery remains fundamental, we are seeing both single and married women buying for themselves more frequently and more purchases being made online. Meanwhile, products such as multi-diamond jewellery are becoming more popular.

“However, while US demand drove global growth in 2016, it is increasing demand from emerging markets that is behind the last five years being the strongest on record. Despite some markets facing challenging conditions last year, we see this trend continuing, with improvements in demand from China and India, in particular, emerging in 2017.”

Caratlane Opens Its Store in Bengaluru

Caratlane Opens Its Store in Bengaluru

Bengaluru: CaratLane, India's leading omni-channel jeweller has opened its 3rd store in Bengaluru, at Mantri Square Mall. For a brand that’s on a mission to democratise access to jewellery, this store launch, the 18th in the country, is another step forward in expanding its retail footprint and making its jewellery more accessible.


Gahcho Kue Found Two Big Diamonds in April

Gahcho Kue Found Two Big Diamonds in April

Toronto: Mountain Province Diamonds Inc. reports an 84.65 carat diamond and a 53.90 carat stone were recovered from the Gahcho Kue diamond mine during April.


Indians Bought More Gold Than Americans in Q1

Indians Bought More Gold Than Americans in Q1

Mumbai: India may be far behind the US in terms of economy and per capita income, but when it comes to buying gold, Indians are far ahead of their American counterparts. During the first quarter (January-March, or Q1) this year, demand for gold jewellery was 92.3 tonnes in comparison to 22.9 tonnes in the world's largest economy, according to World Gold Council (WGC) data.

WDM & Museum of Named Diamonds to Cooperate

WDM & Museum of Named Diamonds to Cooperate

Hong Kong: The World Diamond Mark Foundation (WDM) and the Museum of Named Diamonds (MoND) announced they will be joining forces to collect retailers' stories about diamonds at the upcoming JCK Las Vegas show. The announcement comes on the heels of the WDM's call on diamond and diamond jewellery retailers to meet the WDM team and share their special diamond stories.


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