NEWS

Mark Gershburg to Step Down as Director of USKPA

Mark Gershburg to Step Down as Director of USKPA

New York-Mark Gershburg, Founder and CEO of Gemological Science International (GSI)), has made the decision to step down as director of USKPA. The USKPA is the only organization of its kind in the world. It’s a trade association that works closely with the U.S. Government to prevent the infiltration of “conflict diamonds” into legitimate trade.


IDWI to Feature Eight Tenders of Polished & Rough

IDWI to Feature Eight Tenders of Polished & Rough

Ramat Gan: The sixth International Diamond Week in Israel (IDWI), February 13 – 16, 2017, will feature a full eight tenders of rough and polished diamonds by major diamond producers and suppliers. The tenders will take place under the auspices of the Israel Diamond Exchange (IDE) International Tender Center, which will be officially launched during the event.

During IDWI, I. Hennig Tenders will hold its second tender of polished diamonds in collaboration with the International Tender Center. As in the company’s successful tender in September, on offer will be an interesting selection of diamonds, including commercial and fine polished goods in various shapes qualities.

Jewellery Sales Picking up in India

Jewellery Sales Picking up in India

Mumbai: Jewellery sales in India are gradually picking up momentum with consumers visiting retail stores to take advantage of the fall in gold prices, reports Business Standard.

Consequently, there has been a sharp increase in consumer footfall over the past two weeks as buyers are getting habituated with cashless transactions. Since cash transactions contributed nearly half of the jewellery sector's turnover, the complete shift to cashless transactions is expected to take at least a year with buyers in remote areas requiring a bank account, debit cards and proper training to initiate cashless transactions.

Consumers in urban areas, however, have started using cards and online fund transfers for jewellery purchases.

"Buyers have started gradually coming in. Sales have begun gradually picking up. But it will take sometime for restoring jewellery sales to the pre-demonetisation level. Online transaction is a smooth experience which requires no human intervention for counting, accepting, depositing in the bank etc. Online transactions are completed in a few seconds without any error or omission. The moment we get the message of fund transfer, we deliver the jewellery," said Kumar Jain, director, Umedmal Tilokchand Zaveri, a bullion dealer and jewellery retailer in Zaveri Bazaar.

In short, jewellery sales have recovered half of their losses since demonetisation in the past two weeks.

"Cash transaction has disappeared. But, consumers used to card transactions are coming back to jewellery stores. We are witnessing a turnaround in consumers turnouts since December," said Ashok Minawala, director, All India Gems and Jewellery Trade Federation.

GJEPC to Host 10th Edition of Signature IIJS From 7th to 9th Feb

GJEPC to Host 10th Edition of Signature IIJS From 7th to 9th Feb

The 10th edition of Signature IIJS 2017 is all set to unveil the most coveted premium jewellery and kick-start the new buying season from 7th (Tuesday) – 9th (Thursday) February, 2017 at Bombay Exhibition Centre, Goregaon. The 4th edition of India Gem & Jewellery Machinery Expo (IGJME) – one of the leading gem and jewellery (G&J) technology fairs - will be held in conjunction with SIGNATURE IIJS on the same dates and at the same venue.


Massive Diamond Boosts Lucara’s 2016 Sales

Massive Diamond Boosts Lucara’s 2016 Sales

Toronto: Lucara Diamond Corp. expects revenue to hit $295 million in 2016, implying a 32 percent surge from a year ago, following the sale of the most expensive rough diamond in history.

The Canada-based miner sold the 813-carat Constellation diamond for a record $63.1 million, or $77,649 per carat, to Dubai-based Nemesis International in May. Full-year revenue including that stone is expected to come in at an average of $823 per carat, the company said.


New Technology to Revolutionize India’s Diamond Industry

New Technology to Revolutionize India’s Diamond Industry

Tel Aviv: An Israeli company has invented a machine, currently undergoing advanced large-scale testing in India, that it claims instantly grades the clarity of polished diamonds.

The new ground-breaking system is likely to be marketed from mid-2017 by Sarine Technologies which has offices in Surat and Mumbai and employs about 450 people.


US$2million Rare Gemstone on Display at Dubai Show

US$2million Rare Gemstone on Display at Dubai Show

Dubai: The world’s purest and second largest Russian Alexandrite gemstone is now available on sale at Dubai International Jewellery Week for a cool US$2million.

The stone, which weighs 9.65cts, has been certified by GemResearch Swisslab (GRS) and Swiss Foundation for the Research of Gemstones (SSEF).  It has already attracted a lot of interest from visitors to the four day shopping extravaganza, with a number of people expressing an interest in how it could be set into a unique ring or necklace design.


India’s Gold Imports Go up in November

India’s Gold Imports Go up in November

Mumbai: India’s gold import in November was the highest in this calendar year, due to a sharp increase in demand from bullion dealers and stockists. Trade sources estimate import at 100 tonnes, as compared to 98 tonnes in the same month last year and 84 tonnes in October, reports Business Standard.

Dealers and stockists were anticipating a sharp rise in jewellery demand this wedding season, before the demonetisation of high value currency notes was announced on November 8. With that announcement, consumer demand for gold jewellery halted, resulting in a cascading effect on gold demand from jewellers, too.


India’s Luxury Market Grows 25%

India’s Luxury Market Grows 25%

Mumbai: Rising middle class and greater awareness of global brands helped luxury market in India to grow by 25 per cent to USD 18.5 billion, says a report.
"Growth drivers have contributed to the remarkable 25 per cent growth in the Indian luxury market from 2015 to 2016 - from a USD 14.7 billion to a whopping USD 18.5 billion," the CII-Kantar IMRB 2016 report on Luxury said.

As per the report, aspirational and younger middle class, rising Internet penetration leading to greater exposure to available products and services, increase in choices and greater awareness of global luxury brands have contributed in the growth of the sector.


Tanishq Plans to Boost Digital Presence

Tanishq Plans to Boost Digital Presence

Mumbai: Tanishq, the jewellery brand under Titan, plans to leverage the digital presence of online jewellery retailer CaratLane to increase its digital presence to woo tech-savvy buyers, especially in the low-ticket purchases. This comes in the backdrop of Titan embracing an omnichannel approach to revive growth and stay in tune with changing business scenario, reports Business Standard.

In July, Titan had bought a majority stake of about 62% in CaratLane for Rs 357 crore. “The assimilation (between the two firms) is happening. We bought it because we believed the exclusive potential in the online jewellery space,” said C K Venkatraman, chief executive officer of Tanishq.


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