GJ Town India

December revenue is above expectations!   Pandora started Q4 with positive organic growth in October and November. December has been impacted by phasing of revenue from December to November but underlying performance continues to be solid, and December revenue is above expectations.   The organic growth for 2020 is now expected to be at least 1 percentage point better than the high end of the guidance range of -14% to -17%. The EBIT-margin is expected to reflect the revenue performance and exceed the top end of the guidance range of 17.5% – 19.0%. It should be noted that the financial results for 2020 are still subject to the usual year-end audit. On average, more than 10% of the physical stores were temporarily closed during Q4 2020. The negative impact on performance from COVID-19 store restrictions appears to have been offset by a non-recurring positive impact from reallocation of consumer spending away from travelling and services towards gifting and discretionary good...

Outlook to Positive; Affirms IND-A   India Ratings and Research (Ind-Ra) has revised P.N. Gadgil & Sons Limited’s (PNGSL) Outlook to Positive from Stable while affirming Long-Term Issuer Rating at ‘IND A’. The instrument-wise rating action said the Size of Issue of Rs 2,900 mn with Rating Action remark- Affirmed; Outlook revised to Positive from Stable!    The Positive Outlook reflects PNGSL's strong month on month recovery in sales post the Covid-19 pandemic; a sharp increase in the EBITDA margins in 1HFY21 partially supported by inventory gains; and the likelihood of an improvement in the company’s net leverage to below 1.5x in FY21 basis higher Year-on-Year (YoY) festive season sales in 3QFY21.   The Positive Outlook also reflects the agency’s expectation that the company’s absolute EBITDA would sustain close to INR1,500 million (excluding one-off high inventory gain accrued in 1HFY21) which would help PNGSL to post strong positive cash flow from operati...

Revised to negative 7.8% from negative 11.8% due to the easing of headwinds!   India Ratings and Research (Ind-Ra) has revised its expectation for India’s FY21 gross domestic product (GDP) growth to negative 7.8% from negative 11.8% due to the easing of the Covid-19 headwinds and better-than-expected 2QFY21 GDP numbers. However, the question remains, how sustainable is the recovery witnessed in 2QFY21, as a significant part of the impetus came from the festival and pent-up demand.   Although the headwinds emanating from Covid-19 related challenges are unlikely to go away till mass vaccination becomes a reality, perhaps the economic agents and economic activities not only have learnt to live with it but also are adjusting swiftly to the post Covid-19 world. Ind-Ra now expects 3QFY21 GDP growth to come in at negative 0.8% and 4QFY21 GDP growth to turn positive at 0.3% as against its earlier expectation it turning positive in 4QFY22. The agency expects FY22 growth to be 9.6...

Blingvine Presents a Fine Collection of Designer Fashion Jewellery by Manufacturers from All over the World!   Blingvine, an online premium fashion jewellery store in India, presents imported jewellery from manufacturers around the world to cater to its Indian audience. Blingvine offers jewellery from international Jewellery designers and manufacturers from different cities like the fashion capital of the world, Paris and many other cities like Venice, London, Milan, Vienna and Los Angeles to name a few. Blingvine claims its jewellery to be of international standards to serve global and elite clients. The jewellery collection includes imported necklaces, pendant sets, earrings and bracelets made from high-grade lead and nickel free alloy and raw materials like 18K gold plating, Cultured Venetian Pearls, Swarovski Crystals, Austrian crystals, professional Enamel and Mother of Pearl work.   “Quality and design is something we are very precise about. We go through crazy level...

Silver jewelry hitting the sweet spot!   The strength of silver jewelry demand compared to jewelry demand for other metals varies hugely between countries. This is mainly due to cultural attitudes, such as consumers viewing silver as fashionable or a close, rather than a distant, relative of gold. (This helps explain why silver jewelry in the US is much stronger versus gold than it is in many other countries.)   Similarly, some markets might accept pieces made in base metals if the design and branding are good enough (a common view in Europe), while others would dismiss say a necklace in bronze as worthless, said in a Silver Jewelry Report, Prepared for The Silver Institute under the head, Silver Jewelry’s Popularity!   As shown below, Indian silver jewelry demand versus gold today is much stronger than silver is in China. This is due to both pro-silver facets in India (such as urban areas’ preference for silver for daily wear items) and pro-gold features in China (s...

A collection of 9 demanded jewellery range! Nine Shine Collection launched! With the commitment to deliver purity, exclusive creations and unmatchable customer service, Shineshilpi Jewellers Pvt Ltd held a grand soft launching event for two days.  On the day two, invited preferred buyer and patrons of Shineshilpi. De facto Shineshilpi has over 1200 clients across India & overseas.   On the day one, Shineshilpi announced a soft launch and introduced the Nine Shine Collection with all those leading 9 demanded varieties & collection in the context of ongoing market trend and are in the focus of buyer India. The event remained attended by the GJEPC Chairman Colin Shah, IBJA National President Prithviraj Kothari, Nahar Group Chairman Sukhraj Nahar, Zee News Managing Editor Anil Singhvi, Emerald Jewels Ltd MD- K. Srinivasan, Rajendra Jain- MD India Swarovski, Ashish Pethe, Zonal Chairman West-GJC, Tater Group Chairman Khyalilal Tater with other stalwarts from Gems and Je...

BDB Members Give In-principle Approval for LGD Trading!   Diamond Industry India Ensures long-term sustainability!   Update 2: The Bharat Diamond Bourse (BDB) members during the Annual General Meeting held on December 28, have in principle approved the trading of lab-grown diamonds (LGDs) within the BDB. However, members cannot start trading in LGDs just yet.   The BDB Managing Committee will now draw up a set of guidelines to be followed by members who wish to trade in LGDs.   Mehul Shah, Vice President, BDB, says, “The BDB members will have to adhere to a set of guidelines formed by the bourse’s management before they are allowed to trade in synthetic diamonds. The intention is to keep the two pipelines in order, 1: natural diamond and 2: LGD category quite in a separate manner! The managing committee of BDB will now frame rules and guidelines on the same and decide the date from when members can start to deal in synthetics.” Some of the norms whi...

Luxury online sales grew 205% in the value term! Online jewellery sales remained up by 143% in amount   Comment from Aline Sylla-Walbaum, Christie’s Global Managing Director, Luxury: “This year, when so many of our live sales could not be held in person, we quickly moved and scaled our sales even more towards online, where we were holding already sales for the past 10 years. In total we conducted 40 Luxury online sales (82%+ from 2019) with a 205% increase in the value of online luxury sales.   Recent live auctions in Geneva and New York opted for a more hybrid approach, much appreciated by our clients – both, consignors and buyers. The one thing that I will take from this year, is the immense trust of our traditional and new client (+40%) base in our expertise to buy online, without the chance of seeing the objects in the flesh. Also a huge thank you is due to our consignors, trusting in our digital platform and in our excellent client relationships.” Jewellery part of ...

Gem business, thing are not so great today!   By furnishing the latest scenario for Thailand Market, Kennedy Ho, ICA Ambassador-Thailand reports, there are very few foreign tourists visiting Thailand at the moment as Thailand's travel restrictions are still in effect (14 days quarantine). Foreigners with work permits are now allowed back, but before their visa is approved to enter Thailand, they need to choose their alternative quarantine venue. These are usually 4-5 star hotels. Within Thailand is a totally different story. Local travel & tourism is very active. Millions of locals are traveling throughout Thailand, most hotels are giving special rates and the Thailand government has given some subsidies for local travel (eg: the government helps pay US$100- per night for hotel room).   The government has also made special holidays to compensate for the lockdown during Songkran (Thai New Year in April).  This means we are getting multiple 4-day weekends in the last...

Sold 185 rough of a total weight of 2,400 carats Sales 80% of total offered rough   Alrosa summed up results of online auction for special size rough diamonds. This format allows customers to review and evaluate rough diamonds remotely through the digital twin technology.   The December auction became this year’s fourth held online for special size (over 10.8 carats) diamonds. At the auction, Alrosa sold 185 rough diamonds with a total weight of 2,400 carats. The overall revenue amounted to $7 million. Clients from Belgium, India, Israel, Russia and UAE (33 companies in total) bought the goods. “The latest digital auction’s results show that our clients are increasingly using this format, having appreciated all its advantages and opportunities.  In 2020, we held four online auctions for rough diamonds larger than 10.8 carats. We are happy to note that this format, despite being rather new, wins the customers’ trust, as at the December auction they bought 80% of good...

New definition includes Synthetic Diamond-LGD!   After AGM, members are considering the amendment that made at Special Business in the 36 th AGM of Bharat Diamond Bourse (BDB) is a New Year gift! At the BDB AGM, the Special Business had amended the diamond definition and had included Synthetic Diamond-LGD (Lab Grown Diamond). Recently the BDB held the thirty sixth Annual General Meeting (AGM) of BDB on Monday, December 28, 2020 at BDB Convention Hall.   Since long- 2015, BDB boundaries remained closed for such LGDs and diamond fraternity will recollect several debate & discussion about the BDB approach. Yet the BDB de facto had gained a great reputation to source mined diamond in the world without any fear on the back of adopted definition in their AA, “Diamond, means any natural and/or mined diamond, whether rough or polished.”  Since long the managing committee of BDB was facing the members’ pressure to adopt LGDs by allowing in the premises.  Virtually ev...