GJ Town India

Commemorates the Silver Jubilee with Thought-Provoking Conclave   Bharat Diamond Bourse (BDB) observed the 25th anniversary of the Kargil War with a solemn and impactful event that blended remembrance with forward-thinking dialogues. The cornerstone of the commemoration was a knowledge conclave titled, Unity in Adversity: Building a Resilient Future, held on July 26, 2024, at the BDB premises in Mumbai.   The day commenced with a poignant wreath-laying ceremony to honor the brave soldiers who made the ultimate sacrifice during the Kargil War. Bhushan Gagrani IAS, Commissioner of the Municipal Corporation of Greater Mumbai, presided over the ceremony, underscoring the enduring spirit of courage and unity exemplified by the Kargil heroes.   The subsequent conclave brought together eminent experts and key stakeholders from the realms of security, risk, and disaster management to delve into the critical role of unity in forging a robust and resilient future. Parti...

Committed to pursuing artistic craft’s excellence   Reaction of Gem & Jewellery (GJ) Industry and Trade on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman!   1: Sumit Dassani, Partner at Dassani Brothers:   “The latest Union Budget brings promising changes for the jewelry sector, and as Dassani Brothers, we are particularly enthusiastic about the reduction in customs duty on gold and silver to 6%. This pivotal move will make these precious metals more accessible, driving increased demand and allowing us to offer our clients even greater value. We are committed to pursuing artistic excellence and technical perfection in our creations, and this policy change aligns perfectly with our mission. Lower costs will enhance our ability to provide competitive pricing while continuing to deliver intricate and magnificent adornments that celebrate life’s key moments.    This development not only ...

The customs duty reduction to benefit domestic jewellery manufacturers   In the Reaction, All India Gem & Jewellery Domestic Council (GJC) officially said on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman!   In the row, Saiyam Mehra, Chairman, GJC said, "The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry.   The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future.  The extensi...

India a step closer to attain as the largest rough diamond trading centre   The Gem & Jewellery Export Promotion Council (GJEPC), India’s apex trade body for Gems & Jewellery-GJ) hailed the first Union Budget of Prime Minister Shri Narendra Modi 3.0 government presented by Finance Minister Smt. Nirmala Sitharaman for the seventh historic time as a game changer for the indigenous gem & jewellery industry.     Finance Minister acknowledged that India is a world leader in the diamond cutting and polishing manufacturing, which employs more than a million skilled workers.   GJEPC said that the abolition of equalisation levy and announcement of safe harbour tax on rough diamond trading will see the growth of India as the largest rough diamond trading centre as all foreign mining companies will now trade rough diamonds directly to the diamond cutting and manufacturing entities in India.   Thus the small manufacturers will get the access of raw materia...

Key summary & budget theme of the union budget focus   The Choicest Key highlights are, 1: PM’s package of 5 schemes and initiatives with an outlay of Rs 2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth in 5 years. 2: For pursuit of Viksit Bharat, the budget envisages sustained efforts on 9 priorities for generating ample opportunities for all.   Despite global economy remaining under the grip of policy uncertainties, India’s economic growth continues to be the shining exception and will remain so in the years ahead. Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies of perishable goods reach market adequately.    Budget Theme: Dwelling on ...

Strategic dialogue  with inland players including KCCI & AKGDA   A delegation from the Gem & Jewellery Export Promotion Council (GJEPC), led by Chairman Shri Vipul Shah, engaged in productive discussion with key members from the Kashmir Chamber of Commerce & Industry (KCCI) and All Kashmir Gold Dealer Association (AKGDA) and local gem and jewellery trade members.   Also, in attendance from GJEPC were  Kirit Bhansali, Vice Chairman; Nirav Bhansali, Convener of National Exhibitions Sub-committee; Ashok Seth, Regional Chairman – North; Sabyasachi Ray, Executive Director, and other Board members of Council.   From the Kashmir gem and jewellery fraternity, following members were present at the meeting: Javed Ahmad Tenga, President, KCCI; Ashiq Hussain, Senior Vice President; Faiz Ahmed Bakshi, Secretary General; Zahoor A, Past President; Shaheen Gajwan, Member, KCCI; Bashir Ahmad Rather, President, All Kashmir Gold Dealer Association; Hilal Ahmad Zargar, ...

Production guidance 2024 unchanged at 26-29 mn cts   Recently, Anglo American plc presented production report for the second quarter (2Q) ended 30 June 2024. At the point, Duncan Wanblad, Chief Executive of Anglo American, said: "De Beers' diamond production reflects the lower revised guidance announced in our first quarter production report. Trading conditions became more challenging in the second quarter as Chinese consumer demand remained subdued.   With higher than normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are therefore actively assessing options with our partners to further reduce production to manage our working capital and preserve cash.”   Rough diamond production decreased by 15% to 6.4 million carats, primarily reflecting the lower production guidance announced in the first quarter production report in response to the higher than normal levels of inventory in the midstream, and the expectat...

Swiss made diamonds collection featuring six modern designs   Switzerland’s first sustainable diamond jewelry brand, presents the world‘s first-ever Swiss Made Diamond collection. With diamonds grown entirely in the heart of scenic Switzerland, surrounded by its famous mountains and using local, renewable energy, the house sets a new benchmark in transparency for the jewelry industry.    In collaboration with Ammil, Loev sets out to create a diamond collection that leaves no question marks in its supply chain and is fully committed to ethical and sustainable production.  The newly created Ammil diamond production facility in Muotathal, in the canton of Schwyz, operates on 90% hydroelectric power from the local Muota River, supplemented by solar and biomass energy. All raw materials, such as methane and hydrogen, are sourced from neighboring Germany.    Lab-grown diamonds offer a significant ethical and ecological advantage over mined diamonds, aimin...