GJ Town India

Sarine technologies leveraging AI for LGD Grading  Recently Sarine Technologies Ltd presented their Review of FY2023 and said, “FY2023 A Challenging Year!” Further Sarine said, in any new equilibrium for the diamond industry, LGD are expected to account for a meaningful portion of the diamond jewellery market.  To adequately address this segment, we have adopted Gem Certification & Assurance Lab (GCAL)’s work procedures, and our LGD-focused GCAL by Sarine grading lab in India commenced operations in January this year.  Adaptation of our AI-derived grading technologies to LGD will enable further expansion of this service. We aim to attain an 8-10% share of the estimated US$ 100 million LGD grading segment in FY2024.  This month, we launched the utilisation of our industry-leading rough planning technologies on LGD on a pay-per-carat service basis. Initial responses have been positive with recurring revenue already being generated.  Additional LGD manufacturer...

That is the 5th exclusive showroom in Delhi   Kisna Diamond & Gold Jewellery, a leading name in the Indian jewellery industry, continues its strategic expansion with the opening of its exclusive showroom in Kabir Nagar, Shahdara-New Delhi.  This launch marks Kisna’s 5th exclusive showroom in Delhi and 22nd across India.   With this expansion, Kisna further solidifies its commitment to provide unparalleled craftsmanship and timeless elegance to customers nationwide. The event was honoured by Ghanshyam Dholakia, Founder & MD, Hari Krishna Group along with Parag Shah, Director Kisna.  Kisna's presence in Kabir Nagar, Shahdara extends beyond mere retail operations; it represents a commitment to engaging with the local community, understanding their unique preferences, and forging lasting relationships built on trust and satisfaction.    Commenting on the launch, Ghanshyam Dholakia, stated, " With the opening of our exclusive showroom in Kabir Nagar,...

A significant milestone for the GJ industry in India!  The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for the Gem and Jewellery (GJ) industry in India. Following extensive efforts by the GJEPC in collaboration with the Ministry of Finance, the Authorized Economic Operator (AEO) status is now being extended to the gem and jewellery sector.  The AEO program was introduced as pilot project in 2011 vide Circular No. 37/2011 – Customs dated 23rd August. 2011.The AEO program, a crucial part of the broader ease of doing business initiative, has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters. Despite the benefits it offers, the gem & jewellery sector was initially denied participation in the AEO program.  However, through proactive engagement with relevant Ministries, the GJEPC successfully advocated for the inclusion of the gem and jewellery in...

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 indus...

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 mon...

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 pub...

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 diam...

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 export...

IGJS 2024 witnessed 250 international buyers from 27 countries   54 jewellery manufacturers and exporters showcased  An array of diamonds, Loose Gemstones, Gemstone &  Diamond Studded Jewellery, and Silver Jewellery!    The apex body of the gem and jewellery industry in India, GJEPC hosted the 3rd edition of International Gem & Jewellery Show (IGJS) in Jaipur. The event, powered by Gemfields, is being held from 12th to 14th April at Novotel Jaipur Convention Centre, Jaipur.    IGJS Jaipur is a curated event, showcasing the best of Indian craftsmanship, featuring over 54 jewellery manufacturers and exporters presenting an array of Diamonds, Loose Gemstones, Gemstone & Diamond Studded Jewellery, and Silver Jewellery.    IGJS 2024 witnessed 250 international buyers from 27 countries, spanning Algeria, Argentina, Australia, Brazil, Canada, Egypt, Greece, Iran, Italy, Jordan, Kazakhstan, Kenya, Lebanon, Mexico, Russian Federati...

Gold ETFs March remained 21% lower MoM   In the March in review of Global physically backed gold ETFs for World Gold Council (WGC) said, Outflows from global gold ETFs continued in March, but at a much slower pace than previous months as North American and Asian inflows cushioned European losses.   WGC witnessed their tenth consecutive monthly outflow in March, losing US$823mn. But by comparison this is far less than February outflows (-US$2.9bn) and the average of the past nine months (-US$2.4bn). Collective holdings fell by 14t to 3,112t by the end of March, the lowest since February 2020 and 21% lower than the month over month (MoM). The month-end record lower that of 3,915t in October 2020.  However, helped by a jump in the gold price, total assets under management (AUM) rose to US$222bn, an 8% increase during the month, the highest in 21 months. All regions except Europe saw inflows in March.  Flows in North America flipped back to positive for the first tim...