NEWS
The Latest Jewellery Trends at JCK Las Vegas
Las Vegas: TRENDVISION
Jewellery+Forecasting, the independent global forecasting Observatory of
jewellery and luxury goods, promoted by VICENZAORO, the prestigious
international Event for goldsmith and jeweller craftsmanship organized by
Italian Exhibition Group S.p.A. (IEG) – the trade fair company created from the
merger of Rimini Fiera and Fiera di Vicenza – will once again be taking part in
JCK Las Vegas, leading event in North America and amongst the most important in
the industry internationally, scheduled from 5 to 8 June.
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%
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
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%
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
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
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
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
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
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.