GJ Town India

  Platinum Jewellery to benefit from rest of 2020   Recently Platinum Guild International (PGI) reported Platinum Jewellery Business Review (PJBR) for the 2Q 2020. Focussing on India centric key highlights are two, 1: Jewellers encountered greater cashflow pressure in Q2 and focused on making incremental sales to existing customers and moving inventory via e-commerce platforms.   2: Platinum jewellery saw business lost for most of Q2, but is likely to benefit from retailers’ focus on high margin categories and conversion from gold customers to optimise return once business resumes.  PJBR said for Platinum Jewellery in India that, Unit sales of all precious jewellery fell sharply, but platinum was the best performer (-46.4%) helped by competitive platinum prices and bridal demand. Platinum jewellery sold through mail order (including e-commerce and TV shopping) also jumped 46% YoY.  “New Me, Platinum” TV shopping was successfully aired in April for 10 hours....

Everledger, GIA and JD.com join forces to bring unparalleled Trust and Authenticity to online diamond purchases   Everledger has partnered with JD.com, China’s largest online and offline retailer, with more than 380 million active users, and the Gemological Institute of America (GIA), the world’s foremost authority on certification of diamonds, to help increase trust and transparency in diamond provenance and further confidence in online diamond purchases.   Through blockchain interoperability technology, the Everledger platform syncs GIA diamond grading information to the JD Blockchain Anti-counterfeiting and Tracing Platform, and provides customers with independently verified diamond certificates and origin information through the JD.com app, as well as on JD.com’s mobile and desktop websites.   GIA is the world leader for determining the quality of diamonds based on its universally recognised 4Cs diamond grading methodology. Through this collaboration, JD...

1.08 carat diamond and 0.25 carat Type IIa diamond recovered from L071 sample   Lucapa Diamond Company provides an update on kimberlite exploration at the Lulo diamond project in Angola. The kimberlite exploration program is designed to discover the primary hard-rock source(s) of the exceptional alluvial diamonds being mined in the greater Cacuilo valley.   The kimberlite bulk samples from L071, which is located in the Canguige catchment area, have now been treated. The sample totalling 2,380 bulked m3 was positive for diamonds, recovering two diamonds for a total weight of 1.33 carats. The largest is a 1.08 carat diamond and the second is a 0.25 carat Type IIa diamond.   The excavation and extraction of bulk samples from the remaining priority kimberlites and testing of anomalies of interest continues within the Canguige catchment area in our efforts to process as many bulk samples as possible this dry season and to identify the source of the diamonds recovered...

  ASEAN-India Business Council virtual meet! $300 bn trade target set at India & ASEAN!   Commerce and Industry Minister Shri Piyush Goyal said that 3Cs- Cooperation, Collaboration and Commitment, will guide the strategic partnership between India and ASEAN countries. Addressing the ASEAN-India Business Council virtual meet, Shri Goyal said the Covid-19 pandemic period provided a unique opportunity to India to demonstrate itself as the trusted partner to the world, particularly in times of stress. Shri Goyal extended a hand of friendship to the ASEAN region, which he described as deep and valuable partners, and partners in the progress. The Minister said that Atmanirbhar Bharat connotes a self-reliant country which is ready to engage with the world from the position of strength and confidence, and on equal and fair terms.   He said that India and ASEAN have not been able to harness the full trade potential, for various reasons, but now is the time to open ma...

  Tiffany Reports Significant Improvement in Sales Trajectory and Profitability!   Tiffany & Co reported its financial results for the three months that is 2Q & 1H ended July 31, 2020. The Company returned to profitability during the second quarter of 2020 behind meaningful sequential improvements in monthly worldwide net sales from May to July.   Worldwide net sales for the quarter were 29% below the second quarter of the prior year, after having been down 45% during the three months ended April 30, 2020 (“first quarter”) as compared to the prior year, on an as reported basis, with a similar improvement on a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”).   Worldwide net sales in the first half were 37% below the first half of the prior year. These declines, a result of the continui quarter, namely, increased sales in Mainland China and global e-com...

  Recently Platinum Guild International (PGI) reported Platinum Jewellery Business Review (PJBR) for the 2Q 2020. The report says China’s GDP grew in Q2 showing an impressive post COVID-19 recovery. The decline of jewellery sales eased after lockdown measures were lifted in most cities. Platinum fabrication returned to positive growth in Q2, thanks to new product launches, promotions and PGI’s Reboot against a backdrop of positive metal pricing.   India’s store traffic and consumer demand dropped significantly as the majority of the jewellery business was closed. Once business resumes, platinum jewellery is likely to benefit from retailers’ focus on high margin categories and a conversion of gold customers to optimise return.   COVID-19’s economic impact is severe in Japan, but the government's cash hand-outs and an easing of the State of Emergency in late May supported a consumption recovery in June. Jewellery sales were dismal; however platinum was still performing...

  NDC to debut new campaign on 14th September week!   David Kellie, CEO, Natural Diamond Council inks, As we approach our three-month anniversary as the Natural Diamond Council I wanted to give you, our stakeholders, an update on our progress and a preview of our new Q4 2020 advertising campaign that we’ll be announcing in three weeks.   In the eight months since I took over in this role, the world and our industry has lived through unprecedented challenges. Never before has our generation faced such threats to our health, the economy and the way of life that we are used to. I have been incredibly impressed by how our industry has come together to support each other amid this crisis. More optimistically, it has also made me realize just how close we are to creating a new generation of consumers with a passion for diamond jewelry and the potential for our industry to grow significantly over the next five years. Since launching the Natural Diamond Council on 1st June ...

  GJEPC raises Equalisation Levy (EL) concerns  Finance Minister clarifies EL not applicable     Smt. Nirmala Sitharaman, Hon’ble Minister of Finance, Govt of India last evening in a representation meeting held with The Gems and Jewellery Export Promotion Council of India (GJEPC), clarified that the e-trade of rough diamonds does not attract 2 percent Equalisation Levy and assured the representation that a clarification will be done on this soon.   The Gem and Jewellery Export Promotion Council of India (GJEPC), the designated apex body by government of India for the promotion of gems and jewellery, met Finance Minister Smt Nirmala Sitharaman in the Capital City New Delhi. A delegation led by Chairman, GJEPC Mr. Colin Shah represented the implications arising on the diamond segment due to expansion of Scope of Equalisation Levy (EL).   Equalisation Levy was introduced and amended in the Finance Act 2020. A 2 percent Equalisation Levy has been effecti...

  The first report to examine export preparedness   NITI Aayog in partnership with the Institute of Competitiveness released the Export Preparedness Index (EPI) 2020. The first report to examine export preparedness and performance of Indian states, EPI intends to identify challenges and opportunities; enhance the effectiveness of government policies; and encourage a facilitative regulatory framework.   The structure of the EPI includes 4 pillars –Policy; Business Ecosystem; Export Ecosystem; Export Performance – and 11 sub-pillars –Export Promotion Policy; Institutional Framework; Business Environment; Infrastructure; Transport Connectivity; Access to Finance; Export Infrastructure; Trade Support; R&D Infrastructure; Export Diversification; and Growth Orientation.   “The Indian economy holds immense potential to become a strong exporter on the world stage. To realize this potential, it is crucial that India turns to its states and union territories and make...

  MCA maiden success from USA   Punjab National Bank Ltd. (PNB) has informed the Ministry of Corporate Affairs (MCA) which spearheaded the corporate governance litigation in a foreign jurisdictional Court, that it has received $ 3.25 million (equivalent of Rs. 24.33 crore) as the first tranche of recoveries. Upon liquidation of the debtors’ assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants.   The maiden repatriation of $ 3.25 million is an unprecedented achievement of the Government of India, Ministry of Corporate Affairs in its fight against corporate fraud in overseas territory. The Ministry also has initiated proceedings for disgorgement of monies from the perpetrators, i.e., the entities promoted and/or controlled by Nirav Modi/ Mehul Choksi. Punjab Nation...

  Center stage with a new collection   Bernhard Lederer, inceptor of numerous breakthroughs in watchmaking and creator of extraordinary tourbillons, returns to center stage with a new collection entitled ‘Tribute to the Masters of Escapements,’ a limited series of precision chronometers designed and developed to honor those who set true milestones in the advancement of an horological invention that remains as crucial and fascinating as ever.   After years of research, the watchmaker, incidentally one of the first members of the AHCI (Académie Horlogère des Créateurs Indépendants, an association with the mission to perpetuate the art of independent watch and clockmaking), brings to fruition the principle of the natural escapement with two 10-second constant-force mechanisms as conceived by John Harrison in 1756.   The Central Impulse Chronometer by Bernhard Lederer: a sleek watch with a movement of exceptional complexity, the result of unimagined development eff...