GJ Town India

Financing remains a crucial challenge for the industry!   Recently, David Tait, Global CEO, WGC , Sachin Jain, Regional CEO India, WGC Meets Rabi Shankar, Deputy Governor RBI and Rohit Jain, Executive Director RBI along with Andrew Naylor, Head of Middle East and Public Policy, WGC and Rakhi Khanna Global, Head of Corporate Communications, WGC at the RBI Headquarters Mumbai. On the other hand, news focuses on the Financing remains a crucial challenge for the industry! Recently, the WGC published in their India’s Gold Market: Reform and growth, report!  According to the one of the biggest challenges for the Indian gem and jewellery industry has been securing bank credit – a challenge that has increased in the wake of the Nirav Modi, Mehul Choksi scam when the Indian banking system was defrauded of around Rs130bn (US$2bn).    Compounding this, more than 20% of loans given to the sector have become non-performing assets (NPAs), resulting in the gem and jewellery industry gaining just 2.

Announcing relocating from Singapore to Botswana   De Beers Group announced it is relocating the De Beers Group Auctions business headquarters from Singapore to Botswana. The relocation supports De Beers’ focus on streamlining its operations and enhancing the efficiency of its activities, while also facilitating further development of the diamond sector in Botswana.   De Beers Group's decision to relocate its Auctions headquarters to Gaborone reinforces its commitment to developing Botswana’s diamond industry. It also reflects confidence in the country’s capabilities and growth agenda.  De Beers Global Sightholder Sales moved from the United Kingdom to Botswana in 2013, and has now operated successfully in Gaborone for more than a decade. The move of the Auctions business headquarters will enhance efficiency, strengthen partnerships, and support the development of key diamond industry skills in Botswana.   As the relocation process takes place over the coming months, De Beers G

5th Carats scheduled from 12th to 14th of July Exhibitions are exciting events which provide enormous opportunities to promote a business. Surat Diamond Association is all set to host the highly anticipated 5th edition of Carats- Surat Diamond Expo. The exhibition is organized by Surat Diamond Association (SDA), a non- profit organization on a mission to expand the diamond industry in Surat by giving it exposure to the Indian and overseas markets.  In an event that promises to sparkle with more than just the glint of exquisite diamond, Carats is set to be a landmark gathering. This prestigious affair is scheduled to light up the iconic Surat International Exhibition and Convention Centre Sarsana on 12, 13 and 14th of July 2024.  The venue has a spacious exhibition hall that can accommodate a large gathering with a staff present that is highly experienced and is always on its toes to make your event a flawless affair. The centre is centrally located and easily accessible by public trans

The first time ever international BSM at Mega CFC   The Gem and Jewellery Export Promotion Council of India (GJEPC), the apex trade organization dedicated to promoting Indian gem and jewellery exports worldwide, organised the International Gem and Jewellery Buyer Seller Meet (BSM) the first ever at the newly inaugurated Bharat Ratnam, Mega CFC SEEPZ in Mumbai.   This event is specifically designed to cater to international buyers from the U.S., Latin America (Argentina, Brazil), Oceania, Australia, Dubai, Italy, Lebanon, South Africa and Uzbekistan; comprising a total of 33 international buyers from 25 companies.  Present on the occasion were Ranjit Rawool, Senior Authorised Officer (SEEPZ); Kirit Bhansali, Vice Chairman, GJEPC; Colin Shah, Head - Working Group, Bharat Ratnam - Mega CFC and Sabyasachi Ray, ED, GJEPC. The iconic Mega CFC SEEPZ provided international standard facilities for the diverse groups including key stakeholders from various sectors of the diamond industry,

361 carats sold for US$10.5 million Lulo Tender  The tender, which concluded on Friday 19 April 2024, was conducted by Sodiam E.P in Luanda, Angola. The parcel of 361 carats consisted of three Type IIa diamonds weighing 42 carats, 116 carats and 203 carats.  Lucapa CEO and Managing Director Nick Selby commented, “This is the first tender of Lulo diamonds for 2024 and we are pleased to see that the outstanding quality of these Type IIa diamonds has been recognised by the diamantaires who competitively bid for the stones. An average price per carat of US$29,000 for the parcel is further proof that the high-end sector of the diamond market continues to be buoyant.”  Lucapa Diamond Company Limited together with its Lulo Alluvial Mine partners, Endiama and Rosas & Petalas are pleased to announce three exceptional diamonds recovered from the Lulo Mine in Q1 attracted US$10.5 million at tender.   

The UAE rose to 107.2% in FY 2023-24 Emerged as a significant market for India exports!   For the FY 2023-24, exports of Plain Gold Jewellery surged by an impressive 61.72% to US$ 6792.24 million as compared to US$ 4199.96 million in FY 2022-23. Total Gold jewellery (plain & studded jewellery), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%.    The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach USD 4,528.66 million in FY 2023-24, compared to USD 2,185.67 million in the previous year. Markets of UAE & Bahrain accounted for over 85% of India’s plain gold jewellery exports.    Australia also witnessed a growth of 37% in plain gold jewellery exports attributing its growth to the India-Australia ECTA.  Speaking about the increase in plain gold jewellery exports, Vipul Shah, Chairman, GJEP