GJ Town India

Online gold market India   India has embraced online retailing across different categories. Digital and social activity plays an increasingly important part in the purchase journey for gold. In urban India, consumers browse online/mobile apps before making purchases; they use online blogs and social media for ideas and inspiration. And mobile wallets/apps have played a key role in the growth of Internet Investment Gold (IIG) in India.   The Covid-19 pandemic has disrupted the brick and mortar business model of Indian gold retailers and has become a catalyst for online channels to boost sales. In this report focuses on, 1: the growth of IIG, 2: the barriers to online gold purchase and opportunities to grow the online market & 3: how retailers are adopting a digital strategy post Covid-19.   In the context of the report Somasundaram PR, Managing Director, India, World Gold Council (WGC) said, “Online retail adoption accelerated during Covid-19 across categories. T...

To understand the consumer perspective   De Beers Group is working actively in the face of the Covid-19 pandemic to understand the consumer perspective and monitor how this evolves as we pass through the stages of the crisis.   To augment our existing research program, we are conducting additional consumer, retailer and supply chain touch-bases to understand the pain points and the opportunities for partners large and small across the pipeline. In March 2020, we launched a weekly quantitative survey to collect data on the attitudes, behaviors and expectations of consumers in the US.   Once a month we also conduct a deep dive into diamond-specific attitudes. The latest survey was completed on June 22. With our second monthly insight report, we are continuing to track US consumers but widening the focus to include the experiences of retailers.   The report, heightened emotional state as uncertainty continues and also focuses on growth potential avenues like, gr...

Trading session from August 10-14     Alrosa decided to change dates for its trading sessions in July and August after having reviewed the current market situation.   July trading session, initially scheduled for July 12-17, will take place on July 27-31. This decision will support the company’s clients that expressed the potential interest in purchasing rough in this period. In order to make diamond supply steadier, Alrosa is also moving its next trading session from August 10-14 to the second half of that month, the dates to be announced later.   To balance rough supply with demand more effectively, the company idles its production of industrial diamonds of sieve classes under –3 and powders for the next six months. “Alrosa continues its responsible approach to sales and constantly communicates with its clients in order to thoroughly monitor the market and answer its needs. At the last three trading sessions, we provided our customers with unprecedented flexi...

Rough diamond production of 3.5mn cts DeBeers rough diamond production decreased by 54% to 3.5 million carats, primarily due to the Covid-19 lockdowns in southern Africa. Mining operations resumed following regional lockdowns with Covid-19 measures in place to safeguard the workforce; with production at lower levels reflecting reduced demand for rough diamonds due to the pandemic.   In Botswana, production decreased by 68% to 1.8 million carats, principally due to a nationwide lockdown from 2 April to 18 May and the implementation of Covid-19 measures to safeguard the workforce. Operations restarted from mid-May, with production targeted at levels to meet the lower demand.   Namibia production increased by 7% to 0.4 million carats as the Mafuta crawler vessel was under planned maintenance in Q2 2019. With targeted regional lockdowns in Namibia in response to Covid-19, marine operations implemented measures to enable operational continuity while safeguarding the workfor...

Sales agreement for all +10.8 Carat Rough  Lucara Diamond announces that it has entered into a definitive supply agreement for the remainder of 2020 with HB Group out of Antwerp, Belgium, in respect of all diamonds produced in excess of 10.8 carats in size from its 100% owned Karowe Diamond Mine in Botswana.   Large, high value diamonds in excess of 10.8 carats in size from Karowe account for approximately 70% of Lucara's annual revenues, and though the mine has remained fully operational throughout the Covid-19 pandemic, Lucara made a deliberate decision not to tender any of its +10.8 carat inventories after early March 2020 amidst the uncertainty caused by the global crisis.   Under the terms of this novel supply agreement with HB, the purchase price paid for Lucara's +10.8 carat rough diamonds shall be based on the estimated polished outcome, determined through state of the art scanning and planning technology, with a true up paid on actual achieved polished sale...

A glimmer of hope To embark the New Normal Uttar Pradesh’s Leading Jewellery Chain Aisshpra Gems & Jewels has launched its new collection to inspire us with a glimmer of hope in our life through its Hope Collection to embark the New Normal. The Hope Collection is first of its kind Glow –in- Dark jewellery edit. It is crafted in 18k white and rose gold studded with fine cut diamonds with enamelling that makes the piece glow in the dark. Just like the saying ‘Every Dark Cloud Has a Silver Lining’ when donned this Hope collection will be that lining in your darkest days that India is facing right now. As the glow technology used in these pieces charges up the enamel which makes them glow in the dark, similarly this range when adorned inspires us to believe in us, that we have immense power and positivity within us that gives us the strength to be hopeful and fight this tough times. By believing in oneself one will glowingly survive the darkest days that this pande...

The appointment to Effective from 1 September De Beers Group is pleased to announce the appointment of Sarah Kuijlaars as Chief Financial Officer (CFO), effective from 1 September. Sarah will join the De Beers Group Board and Executive Committee. Sarah was previously CFO of Arcadis NV, a leading global design and engineering consultancy, with a listing on the Euronext Amsterdam Stock Exchange.  Prior to this, Sarah was Deputy CFO at Rolls Royce Holdings plc, and held a number of senior financial leadership roles during a 25-year career at Royal Dutch Shell plc.  She has worked in several geographies including Nigeria, Russia, Brazil and the Middle East. Sarah is also a Non-Executive Director at Aggreko plc, a leading international provider of mobile modular power, temperature control and energy services. Bruce Cleaver, CEO, De Beers Group, said: “Sarah is a proven leader and has a strong track record built with a number of world-class multinational...

Bring earlier stage projects for Silver! According to the World Silver Survey 2020 by Silver Institute, the main theme for mine output in the medium term is growth. This is partly due to a slight rise for mines already producing as operational improvements and expansions outweigh losses from grade decline and reserve depletion. We can also expect larger gains from new projects, both new primary silver projects (mainly in Mexico) and as a by-product. To avoid losses in the longer term (four to five years out), investment will be required to bring earlier stage projects into production as these are needed to replace lost output from reserve depletion, in both primary silver projects and assets where silver is a by-product.  In addition, disruption from industrial action will likely continue, as a major share of silver production comes from jurisdictions recently prone to disruption and there is little to suggest this trend will cease. The outlook for recycling is ...

WGC reports, Gold mid-year outlook 2020 Recently World Gold Council (WGC) released their Gold mid-year outlook 2020-Recovery paths and impact on performance. The report said Investors have embraced gold in 2020 as a key portfolio hedging strategy. Looking ahead, expectations for a faster recovery (V-shaped) from Covid-19 are shifting towards slower recovery (U-shaped), or potential setbacks from additional waves of infections (W-shaped). Regardless of the recovery type, the pandemic will likely have a lasting effect on asset allocation. It will also continue to reinforce the role of gold as a strategic asset. And we believe that the combination of high risk, low opportunity cost and positive price momentum looks set to support gold investment and offset weakness in consumption from an economic contraction. Gold outperformed in H1 as equities recovered: Gold had a remarkable performance in the first half of 2020, increasing by 16.8% in US-dollar terms and significantl...

Are we able to adopt a different business model? Recently Ronnie VanderLinden, President-IDMA asked a question to diamond business that Are we able to adopt a different business model? Further inks, first, let us take a quick look at who we are. The International Diamond Manufacturers Association (IDMA) was established in 1946, shortly after World War II. The association was formed to help diamond manufacturers pick up the pieces in the aftermath of this destructive war. In Amsterdam, where my family is originally from, few of the Jewish cutters and traders returned from the Nazi death camps, and sadly, the City of Diamonds never regained its former glory. In Antwerp, the situation was not much better, but due to its unique role as the world’s rough diamond trading and distribution hub, the Scheldt City slowly but surely was able to rebuild itself. In Ramat Gan, the budding diamond manufacturing began exponential growth, and soon diamonds became a major and vital exp...

Thai-Indian gems and jewelry webinar highlight The need for further cooperation between the two nations Transforming preparations in hand for the new Version of Bangkok Gems & Jewelry Fair (BGJF) The Department of International Trade Promotion (DITP) organized a webinar to discuss the potential business opportunity between India’s and Thailand’s jewelry industry in post Covid-19, as well as to promote the new version of Bangkok Gems & Jewelry Fair (BGJF). Entitled ‘Managing the Crisis, Mitigating the Impact with Survival & Revival Strategy for Jewelry Industry Related Post Covid-19’, the webinar attracted leading players in the gems and jewelry sector from both Thailand and India. The purpose of the webinar was to discover ways to promote cooperation between the two Asian countries. Jittima Nakamano, the Director of the Thai Trade Centre in Chennai, said, “The Covid-19 outbreak has impacted the gems and jewellery industry around the world, due to th...