GJ Town India

Currently no material impact on Group's business activities   Sarine Technologies Ltd updates its investing public on the ramifications of the current Covid-19 outbreak in India. The latest outbreak of Covid-19 in India has not yet had any material effect on our business. Though Mumbai, the centre of the polished diamond trade in India, is currently under lockdown, the diamond trade and bourse have been exempted.   As for Surat, where the diamond cutting and polishing operations are located, there have not yet been any new official directives pertaining to the diamond industry, beyond the night time curfew, which has been in force from before the current outbreak. The curfew has had little to no effect, as the manufacturers' night shifts typically start before the curfew and end afterwards.  The only marginal impact on our business has been the very minor absence (around 5%) of workers who are either ill or in quarantine, having been exposed to sick or possibly sick p...

Titan income registers a decline of 4% YoY   Titan Company Ltd continued to do well in Q4 of FY 2020-21 with strong revenue growth both in the Jewellery and the Eyewear divisions and with the Watches division recovering fully. The total income for the quarter was Rs. 7,169 crores, including sale of gold bullion to the extent of Rs. 25 crores, compared to the income of Rs. 4,469 crores for the same quarter in the previous year. The growth in total income excluding bullion sale was 60%.   The total income for the year ending March 2021 was Rs. 19,426 crores (excluding bullion sale of Rs. 1,357 crores), against the income of Rs. 20,156 crores in the corresponding period last year, a decline of 4% compared to the previous year.   The Jewellery division ran a diamond studded promotion in the quarter and that led to good recovery of the studded segment of the business. However the studded ratio continued to lag the previous year and with gold coins sales continuing to rem...

Paying more attention on exploration   Gibb River Diamonds presented their Quarterly Highlights for the quarter ended on March 31, 2021 for, 1: Edjudina Gold Project, 2: Ellendale Diamond Project.   In their quarterly summery Gibb said, during another busy quarter, the Company has completed a very successful Phase 3 RC drilling campaign at the Edjudina Gold Project and secured a highly financially advantageous option agreement over the Ellendale Diamond Project, sold a number of non-core gold legacy royalties.   This Ellendale Option sale will now enable GIB to focus more attention on the further exploration and development at the Edjudina Gold Project, including the recently discovered Neta Lodes Prospect.   Planning for the Phase 4 aircore drilling campaign at the Edjudina Gold Project is progressing well and the Company is looking forward to commencing this exciting program, targeting Neta Lodes lookalike deposits along the highly prospective, under-explored ...

                 WFDB Launches Fundraising Campaign                                https://campaign.wfdb.com/   Diamond Aid appeal directed to diamond and jewelry industry worldwide The World Federation of Diamond Bourses (WFDB) has launched a campaign, Diamond Aid, to raise funds to help India in its battle with COVID-19. Yesterday, the WFDB Executive Committee held an emergency session over Zoom, and decided unanimously to take the lead in mobilizing the international diamond and jewelry industry to donate.   The goal of the fundraising campaign, organized in coordination with the leadership of the Bharat Diamond Bourse, is to purchase essential medications and equipment that are desperately needed by hospitals in Surat and Mumbai. Diamond Aid is a multi-pronged campaign that is being launched through personal appeals to industry leaders, press, inte...

                                           Christie’s proudly presents the spectacle                                                                   a 100 carat D colour internally flawless diamond  Highlighting the Magnificent Jewels Auction in Geneva on 12 May 2021   On 12 May Christie’s will proudly present the Spectacle, a 100.94 carat, D-colour Internally Flawless diamond, estimated at $12,000,000-18,000,000, as a highlight of the Geneva Magnificent Jewels auction. Public viewing is scheduled on 1 and 2 May in Taipei and 8 to12 May in Geneva. The Auction will be held in Geneva on 12 May at the Four Seasons Hotel des Bergues, 1204 Geneva. At the occasion, “We are fascinated to ...

                            Ensure that these additional charges are factored                               into your future business- and cashflow planning! FM India should peep-up the opaque of EL announcement! Recently Petra Diamonds had issued a Memorandum to all their rough buyers yet it had an exclusive focus on buyer’s from India. Jacques Breytenbach, CFO –Petra diamond said, “Petra Diamonds has taken the stance to implement the 2.04% levy with immediate effect and this additional levy will be raised on all relevant sales transaction invoiced to Indian customers from the date of this letter. Petra issued the letter on April 26, 2021.   The letter said, as announced previously by the Indian Minister of Finance in the Union Budget of India speech on the 1st February 2020 (amended on 23 March 2020), a new equalization levy (Re...

Gold demand tumbles by 23% in 2021 Gold supply declined 4% year-on-year   Gold investment demand fell in Q1 driven by hefty outflows in gold-backed exchange-traded funds (ETFs)  as growing expectations of higher interest rates impacted sentiment, according to the World Gold Council’s latest Gold Demand Trends report. While Q1’s overall global gold demand,  at 815.7 tonnes (t), was on par with the preceding quarter, there was a significant (23%) drop year-on-year, as gold-backed ETFs saw 177.9t of outflows.   However, the effect of this drop in ETF demand was mitigated by the strength of bar and coin demand. Such retail gold purchases reached 339.5t (+36% year-on-year), influenced by price-driven ‘bargain-hunting’ and widespread concern over growing inflationary pressures.   Furthermore, the value of gold jewellery purchased by consumers enjoyed a post-Covid rebound, rising to 477.4t - a 52% annual increase. This marked a strong improvement from an extrem...

Jewellery demand in value term grew up by 58%!  Net bullion imports in India rose-up by 262%   According to the key fact-n-figures that announced by the World Gold Council (WGC) for Gold demand full year for the period of January – March 2021, demand for gold in India for Q1 2021 was at 140 tonnes, increase by 37% as compared to overall Q1 demand for 2020 of 102 tonnes. India’s Q1 2021 gold demand value was Rs 58,800 crores, an increase of 57% in comparison with Q1 2020 of Rs 37,580 crores.   Total Jewellery demand in India for Q1 2021 was up by 39% at 102.5 tonnes as compared to Q1 2020 had halted at 73.9 tonnes. The value of Jewellery demand was Rs 43,100 crores, a rise of 58% from Q1 2020 of Rs. 27,230 crore.   Total Investment demand for Q1 2021 increased by 34% at 37.5 tonnes in comparison with Q1 2020 had stayed at 28.1 tonnes. In value terms, gold Investment demand was of Rs. 15,780 crores, up by 53% from Q1 2020 recorded of Rs. 10,350 crores. Total gold...

Vaccination to Shave Off 30bp from FY22 GDP Growth   India Ratings and Research (Ind-Ra) believes the second wave of COVID-19 infections will be less disruptive than the first wave, despite the case load per day reaching more than 3.0x of the peak level attained during the first wave. This is because the administrative response is likely to be confined to .the regional/local lockdowns and containment zones.   Moreover, unlike the first wave, the administrative response is not abrupt, and is unfolding gradually in a graded manner, also, households. Businesses and other economic agents are better prepared and there is a significant amount of learning by doing, which can help them withstand and navigate through the second wave of COVID-19 crisis. Lastly, the roll-out of COVID-19 vaccine since 16 January 2021 would enhance safety and reduce the fear element among the vaccinated economic agents.   Till 21 April 2021, 132.33 million vaccine doses have been administered. S...

To monitor the status of exports and imports, and difficulties   Department of Commerce, Government of India and Directorate General of Foreign Trade (DGFT) have undertaken to monitor the status of exports and imports, and difficulties being faced by trade stakeholders in view of the surge of COVID-19 cases. DGFT has accordingly operationalised a ‘COVID-19 Helpdesk' to support and seek suitable resolutions to issues arising in respect of International Trade. This 'COVID-19 Helpdesk' would look into issues relating to Department of Commerce/DGFT, Import and Export Licensing Issues, Customs clearance delays and complexities arising thereon, Import/Export documentation issues, Banking matters etc.  Helpdesk would also collect and collate trade related issues concerning other Ministries/Departments/Agencies of Central Government and State Governments and will  co-ordinate to seek their support and provide possible resolution(s).    All stakeholders, particularly t...

બી૧ વિઝા હેઠળ પ્રવાસી અમેરિકાની ધરતી પર માલ સામાન વેચી ન શકે જ્વેલરી માર્કેટ બ્યુરો : જેમ એન્ડ જ્વેલરી ક્ષેત્રમાંના અગ્રણી ન્યુઝ ટેબ્લોઇડ જ્વેલરી માર્કેટને મળેલા સમાચાર મુજબ જેમ એન્ડ જ્વેલરી માટેના એક્ઝિબિશન ટકસન શો ૨૦૨૧માં ભાગ લેવા ગયેલા ભારતના અંદાજે ૭૦ જેટલા જ્વેલર્સને ભારત પાછા મોકલવામાં આવ્યા છે, જયપુર જ્વેલર્સ અસોસિએશનના ચેરમેન રામશરણ ગુપ્તાએ આ વાતની પુષ્ટી કરી છે . આ ઉપરાંત તેમણે જણાવ્યું કે જે પણ જ્વેલર્સને ભારત પાછા મોકલવામાં આવ્યા છે તેમને જેમ સ્ટોન અને જ્વેલરીના વેચાણ અંગેના નિયમોથી અવગત કરવામાં આવ્યા છે , ખાસ કરીને ત્યારે જ્યારે તેઓ બી૧ વિઝા પર પ્રવાસ કરી રહ્યા હોય .   જે કોઈ પણ સભ્યો આ નિયમો ભૂલ કરે તો તેમને વોર્નિંગ આપવામાં આવે છે અને તે છતાં ના સમજે, જાણવા છતાં વારંવાર નિયમો તોડે તો તેમની મેમ્બરશીપ પણ રદ થઈ શકે છે સામા પક્ષે જીજેઇપીસીના જયપુર રિજનના ચેરમેન નિર્મલ બારડિયાએ આ તમામ જ્વેલર્સનો બચાવ કરતા જણાવ્યું હતું કે તેઓ નાના અને મીડીયમ ક્ષેત્રના જ્વેલર્સ ...