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.
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.
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
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
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.
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.
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.
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.
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.
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.
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.
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
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