Tuesday, 27 June 2017

#AOJDailyeNews On-line jewellery dealings face a threat from fraudsters

 E-commerce fraud increased 13% in the jewellery industry over the past year, according to a recent report by fraud-protection company Signifyd. Read More 

Diamonds smuggled using social media warns Global Witness report

 Smugglers are using social-media platforms such as Facebook and WhatsApp to get diamonds out of the Central African Republic (CAR) and into international markets, Global Witness claimed in a report last week. Read More 

#AOJQuote of the day 27th June 2017:

 “So much of gold buying in India was done through small retailers and sales were never recorded properly on their books. When you had those levels of under-invoicing — even no reporting — it was detrimental to those retailers following the rules. And the tax authorities were losing money all the way, hence GST is a good step. Joy Alukkas, Chairman, Joyaluakkas.

#AOJQuote of the day 27th June 2017

 “Apart from three per cent GST on gold and 0.25 per cent on rough diamond import, there will be a five per cent GST on services rendered outside the factory premises. This means, diamond processing would be costlier by three to four per cent.” Praveen Shankar Pandya, Chairman, Gjepc India

#AOJDailyeNews India topples Israel and becomes no. 1 for U.S. diamond trade

As President Trump met Prime Minister Narendra Modi the centre of the talk were diamonds.Read More 

Monday, 26 June 2017

#AOJDailyeNews Jewellers try to sell-off old stock before GST roll-out

 With only a few days more for implementation of the Goods and Services Tax (GST), jewellers have intensified their efforts to replenish inventory by offering discounts on making charges for ornaments. READ moRE 

Myanmar plans to step up gold & jewellery exports

 Myanmar plans to step up the promotion of jewellery and product in a bid to boost exports, Planning and Finance Kyaw Win said.

#AOJQuote of the day 26th June 2017:

 The thought behind bringing the GST is good but there is no clear roadmap for implementation. Already jewellery industry is in bad shape and the reason behind it is that the karigars don’t have money and business at the moment. While making jewellery it passes many hands and moves between 10-15 locations; it is impossible for these karigars to get paperwork done at all levels. Under GST, right from the bullion purchase to jewellery selling paper work and bills are needed; how would these karigars get it? I think GST would be like demonetisation and pull down the industry-especially small goldsmiths and benefit big retailers. Only the big retailers will benefit,” Samsu Alam, MD, Swarnashilpi Jewellery Manufacturing Hub.

#AOJDailyeNews KJF organises a seminar to educate jewellers on GST

  A GST seminar was organised by KJF at Bangalore on 25th June for its members. All the presidents and office bearers of the Karnataka State districts were present at the occasion. READ MORE

#AOJQuote of the day 26th June 2017:

 “We at GJF as a national trade body embarked upon a nationwide programme for jewellers to impart knowledge and application of GST in their business. We urge our jeweller community to exercise utmost preparedness and start migrating to the GST regime, with the help of Adhigam Software and start complying with the new tax regime.” Nitin Khandelwal, Chairman, GJF INDIA

#AOJDailyeNews Gold manages a stabilizing level after a fall

  For the first time in three weeks, gold prices have stabilized. Although gold closed slightly higher, in essence flat for the week. READ mORE 

#AOJDailyeNews GJF to hold a series of seminars to educate jewellers about GST

  The world's second largest diamond mining company is showing interest in a diamond project near Prince Albert, Sask. Read More  

GJF to hold a series of seminars to educate jewellers about GST

 All India Gems and Jewellery Trade Federation (GJF) national nodal trade body for the promotion and growth of trade in gems and jewellery across India is planning for its series of GST seminars in Mumbai. Read  MORE 

#AOJDailyeNews Fresh orders for gold imports on hold till July 1; banks watching GST roll-out

The $5 an ounce discount in the gold market has reduced sharply as bullion banks have stopped importing on consignment basis until clarity emerges on GST treatment over such imports, claimed a Kolkata based bullion dealer. Read More 

Friday, 23 June 2017

Reader’s Response: Millennial consumers & jewellery sales

                                               Chic yet affordable

Millennial always look for something that is trendy and affordable, so in order to cater them we need to offer something that is the combination of both.

Sonal Sahrawat
Creative Head, Sonal's Bijoux
New Delhi

Reader’s Response: Millennial consumers & jewellery sales

                                       Personalised jewellery attracts millennials

Millennials like other buyers want value for money. What sets them apart is the fact that they don't shy away from experimenting and they are very clear about what they want. An ideal
millennial would not necessarily be interested in going through hundreds of designs or spend hours at a stretch in choosing their jewellery. They want something which flaunts their individual taste and style. These unique and elegant jewellery pieces, which can complement their personality and style
is the game changer. They are usually interested in things which can be worn regularly and doesn't limit their clothing or accessories.

Bhavana Jakhia
Head Digital Ventures,
Om Jewellers

Reader’s Response: Millennial consumers & jewellery sales

Jewellery must reflect their style Eminence of millennial has grown to be very important for the jewellers as they form a huge part of the country's population with distinguished requirements. Millennial have their own prerequisite preferences as they look for something that is versatile
and contemporary. It is important to contemplate what they are looking for.

Chitwn D Malhotra
Founder and lead designer, Dillano
Jewels, New Delhi

#AOJDailyeNews Palladium ETFs continue their bull run as Gold ETFs look on

 Precious metal investing is in a tug of war between geopolitical tensions and a hawkish Fed. This is especially true for gold which is viewed as a safe-haven asset.
Read More

#AOJDailyeNews Analysts debate gold touching $1,300 mark; can end below $1,200

 As gold continues to be supported by geopolitical tensions, more hawkish central banks around the world are putting new pressures on the yellow metal, enough to potentially have it end the year below $1,200, says one analyst. Read More

#AOJDailyeNews Hedge funds remain bearish on gold ETFs

 In the troubled hedge fund world, there haven't been too many positive stories in recent months. Funds across the country are continuing to face an uphill battle against dwindling assets, disinterested investors who have grown frustrated with high fees. Read More 

Thursday, 22 June 2017

#AOJDailyeNews Government will be kind to genuine GST compliance mistakes says Adhia

 With the countdown to GST rollout underway, government on 22nd June promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime.Read More 

#AOJQuote of the day 23rd June 2017

: "Our intention is to have a smooth landing of GST. Intention is not to harass everyone in the first month. Distinction would be made between genuine mistakes in filing of returns and deliberate attempts to evade taxes. The government will be "very very kind" to genuine mistakes. There would be leniency, but I cannot announce now." Hashmukh Adhia, Revenue Secretary, GoI.

#AOJDailyeNews After a slump Swiss watches exports jump by 9%

 Swiss watch exports jumped in May amid stronger demand from China and Hong Kong, the Federation of the Swiss Watch Industry reported on 22nd June.
Read More 

#AOJQuote of the day 23rd June 2017

"As much people say but gold is not losing its shine. Post demonetisation, business has not been good due to its effect. But, the price is still favouring people to buy gold. Within 45 days of GST taking effect, when the festival season starts, we feel it will be good for the industry." Surendra Mehta, Secretary, Indian Bullion and Jewellers Association

#AOJDailyeNews De Beers interested in investing in diamond start-ups

 De Beers is launching an initiative to consider buying minority stakes in start-ups and rapidly growing companies, the diamond producer announced on 22nd June.
Read More 

#AOJDailyeNews Gold continues to rise as US Treasury weakens and dollar goes down

 Gold prices rose for a second straight day on 22nd June, supported by an easing dollar and weakness in US Treasury yields.
Read  More  

#AOJDailyeNews WJA to organise a seminar on “Intellectual Property Rights “for its members

 The Women Jewellery Association (WJA) is organising a seminar on intellectual property rights (IPR) on the 14th of July at the GIA – 5th floor conference room. The topic of the seminar-- “Intellectual Property or Imitation  Read More  

#AOJDailyeNews GIA to exhibit new device iD100™ & GIA M2M at June Hong Kong Jewellery & Gem Fa

 The Gemological Institute of America (GIA), which had unveiled its new gem testing device,   the iD100™ at the JCK Las Vegas show in early June has said it will hold demonstrations of the instrument Read More 

#AOJQuote of the day 22nd June 2017:

 “We’ve seen a very bullish rough market this year. Dealers are banging on my door looking for rough which has noted a strong demand in the market. The polished sector is only creeping up ever so slightly I’ve never seen this sort of charge before.” Bruce Cleaver, CEO, De Beers

#AOJDailyeNews Rough diamonds charge with firm prices; fetch $530M at a De Beers Sight

 De Beers sold $530 million worth of rough diamonds in June as sight holders continued to complain of shrinking manufacturing margins and a mismatch between rough and polished prices. Read More 

Wednesday, 21 June 2017

#AOJQuote of the day 22nd June 2017:

 “Many countries that have implemented the GST have exempted diamond imports. In India, 700,000 skilled and unskilled workers are employed in 40,000 small and medium enterprises (SMEs) engaged in diamond processing. Compliance will be challenging and processors will prefer to move out of India and migrate to China." Praveen Shankar Pandya, chairman, Gjepc India

#AOJDailyeNews Survey shows that millennials prefer shopping offline

 More than half of millennials make most of their purchases in physical stores, but young consumers are browsing the internet for information before closing the deal, according to a new survey. Read More 

#AOJDailyeNews June Hong Kong Jewellery & Gem Fair kick-starts today

 Trendy and fine-quality jewellery galore, diamonds, pearls and precious coloured gemstones will be displayed by almost 2,100 jewellery manufacturers, jewellery designers, gemstone specialists and packaging, tools and equipment suppliers from 40 countries and regions at the June Hong Kong Jewellery & Gem Fair 2017.Read More 

After GST, diamond processing may shift to China because of 5% levy

 Over two-thirds of the diamond processing business in India could shift to competing countries, primarily China, due to the 5 per cent goods and services tax (GST) levied on small rough diamonds meant for domestic movement. Read More

#AOJNewsUpdate: Seminar for jewellers to get GST ready

“GST has arrived and it is time for all the jewellers to migrate and comply. On 29th June, 2017, we (GJF) have organised an interactive seminar at Birla Matoshri Hall, Mumbai from 2 PM onwards, which will have panel discussion by legal experts and industry stalwarts, followed by official launch of Adhigam software.” Manoj Kumar Jha, Director – GJF INDIA

#AOJQuote of the day 21st June 2017:

 “Giving jewellers and others in the trade absolute and immediate certainty that their stones are natural, and developing a new platform to tell them about it in advance is GIA’s non-profit mission and for that we continue to research.” Tom Moses, Executive VP, & Chief Research Officer, GIA India

#AOJDailyeNews Gold and silver trade at higher levels; gets jewellers, industry and retailer push

Gold and silver were trading higher in morning trade on 21st June on account of buying in precious metals from jewellers, industries and retailers.  Read More 

#AOJDailyeNews Gold demand to slump as sowing season begins, likely to rise during festivals

  Rural demand for gold has dropped 30-¬40% over the past fortnight as sowing has picked up across the country with the onset of monsoon. Read More 

#AOJQuote of the day 21st June 2017

:"Sowing has picked up across country & we do not see an immediate pickup in demand after GST is rolled out on July 1. It will take at least 2 quarters for market to settle down after GST is introduced. However, expectations of good monsoon have raised hopes among traders of a boost in gold demand during the festive season. Ketan Shroff, Director, India Bullion and Jewellers Association

TBZ relocates and upgrades its Vashi store in vicinity

  Tribhovandas Bhimji Zaveri , TBZ-the Original, Jewellers have relocated their Vashi show room in the vicinity- nearby Nirman Premises Co-op, Sector-17, Vashi. The showroom is spread across an area of 2,984 sq ft with 2 levels showcasing gold and diamond jewellery.

Read More                

Russian gold reserves continue to pile up at 54.9 million ounces

Alrosa finds huge diamond at its Jubilee Pipe sight

  Alrosa, world’s top diamond producer by output, reported a new find on 20th June — a 62.75-carat diamond recovered from its very fruitful Jubilee kimberlite pipe.


GST on gold to be hiked from 3% to 5%? Government plans to review in Q1 meeting post implementation

The GST Council may review the tax rate on gold under the new GST regime in its first quarterly meeting, with Kerala state and the Central Board of Excise and Customs keen on imposing a higher 5% levy on the precious metal, ET Now reported citing unidentified sources. However, Finance Minister Arun Jaitley has favoured the low tax rate of 3% on gold to prevent smuggling. Read More

Tuesday, 20 June 2017

#AOJQuote of the day 20th June 2017:

“By GST coming in, we are at par with other countries as far as our taxation policies are concerned. There would be an increased level of trust between the buyers from abroad and the Indian manufacturers. The norms and taxation practises are in place for good business. “N. Anantha Padmanaban, MD, NAC Jewellers.

#AOJDailyeNews Silver may give pain in future; likely to re-touch Rs 36,500 mark again

  The unique properties of silver make it a very useful “Industrial Commodity”, despite being classed as a precious metal.  Read More 

#AOJDailyeNews Gemfields ruby auction fetches $55M; sets a record

  Gemfields recorded its highest auction total as it sold $54.8 million worth of rubies and corundum in Singapore last week. Read More

Monday, 19 June 2017

#AOJDailyeNews Gold to come back to $1,200 level by December due to optimism & Fed tightening

 Gold prices will return to $1,200 in the second half of 2017, as markets embrace a more hawkish Fed amid an improved economic outlook, OCBC Bank said in a report. The bank also cautioned not to rule out geopolitical risks.
Read More 

IDE and Start-Up Nation join hands for Diamond Tech Innovation Center

  The Israel Diamond Exchange (IDE) joins the "Start-Up Nation" with the opening of Diamond Tech Innovation Centre – a technological incubator for Israeli and international diamond-related start-ups. Diamond Tech will provide a home and financial support for start-ups that are in the initial stages of development.
Read More  

Birla Jewels enters Madhya Pradesh with “BJEWELZ” retail store

 Birla Jewels Ltd. has announced entry of their jewellery retail store “BJEWELZ” in Morar, Madhya Pradesh. Birla Jewels has launched their store at Sadar Bazar in Morar and it offers a vast and versatile collection of modern, contemporary as well as conventional jewellery at affordable prices.  Read MOre  

#AOJDailyeNews Singapore Diamond Investment Exchange launches Blockchain for diamond detection

   The Singapore Diamond Investment Exchange (SDiX) is testing blockchain technology as a way to authenticate ownership of diamonds, noting the methodology could cut costs and improve efficiency in the industry.Read More 

#AOJDailyeNews Gold imports to come down after touching a 2-yr high in May

   Gold import in May reached nearly a two-year high level at $4,958.6 million. In terms of quantity, it was estimated at 122 tonnes, the highest after March 2015. According to the data provided by the commerce ministry, gold import in May was the highest after August 2015, when it was $4,958.7 million.Read More

#AOJDailyeNews Kirtilals launches multi-utility jewellery collection; pendants & necklace in one set

 What if that expensive diamond necklace you bought also becomes a bracelet? Or a glittery pendant that can also be worn as ear studs?  Read More 

#AOJDailyeNews GJSCI, IIGJJ & Sarafa Traders Committee, Jaipur come together to train 20,000 artisans

 The Gem & Jewellery Skill Council of India (GJSCI), the Indian Institute of Gems & Jewellery Jaipur (IIGJJ) and the Sarafa Traders Committee of Jaipur yesterday signed a Memorandum of Understanding to help upskill artisans working with the jewellery industry in the state. Read More