GJ Town India

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 in the Cangui

  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 matrix to expand trad

  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-commerce, accelerated

  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 we’ve seen con

  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 effective from April 1, 2020 in the

  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 makes them active parti

  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 National Bank Ltd.in

  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 efforts and a testamen

  SPS on stimulating demand for silver jewelry   The Silver Institute’s Silver Promotion Service (SPS), which is focused on stimulating demand for silver jewelry in major international markets, announced today the launch of its all-new Virtual Silver Pavilion leading silver designers and gain access to information and trends, all from the safety and comfort of their own homes, inspired by reon the SPS website. Members of the jewelry trade can browse the latest designs from cent consumer research identifying pent-up demand for jewelry, as well as robust purchase intention for silver jewelry specifically; this digital platform will showcase “must-have” new silver styles available for purchase.   The pandemic related cancellations of 2020 trade shows, coupled with recent “Silver Linings” research confirming consumer purchase intention for silver jewelry, inspired the SPS to create a digital platform for Savor Silver brands to showcase their newest designs to retailers and the press.  B

Allegiant Gold on acquisition spree!   Allegiant Gold Ltd announces that it has signed a definitive agreement with Summa Silver whereby Summa can acquire up to a 100% interest in the historic Mogollon silver-gold mining district of south-western New Mexico from Allegiant Gold Ltd.    Peter Gianulis, CEO of Allegiant Gold, commented: “We are very excited to have reached an agreement with Summa.  Their dedication and professionalism throughout this process was unparalleled and we are confident that we selected the right partner to develop one of the best undeveloped silver projects in the U.S.  We look forward to their progress and our ability to focus on the development of Eastside, our flagship gold-oxide project in Nevada.  Allegiant now has four projects farmed out, three of which are expected to be drilled over the coming month in addition to drilling up to 15,000 metres at Eastside this season. We continue to execute our business plan and are very pleased with the progress we have

  The maiden drilling program   Gibb River Diamonds announces that the maiden drilling program at the high grade Edjudina Gold Project (GIB with Option to Purchase 100%) will commence in the first week of September. A contract with Top Drive Drillers Australia has been signed to provide drilling services to the Company. A Program of Works authorisation has been received from the WA Mines Department which permits the Company to undertake this drilling work and a number of subsequent drill programs. The maiden aircore drilling program will consist of a minimum of 2,000 metres of aircore drilling. It will aim to test a number of targets which have been generated by the Company using historic geological data, these include, 1: Areas of previous mining activity which include historical shafts and workings as evidenced in GIB’s field program. 2: Areas covered by alluvium or windblown sand along strike from previous workings which have not been explored or tested, 3: Areas with evidence of

Endeavours to stabilize polished prices   India being the global leader in diamonds, it produces 14 out of 15 diamonds set in jewellery worldwide and polishes one billion stones each year. In FY 2019, India’s major export markets for cut & polished diamonds were USA ($6,960.09 million), Hong Kong ($6,381.97 million), Middle East ($2113.63 million), Europe ($1,534.50 million).   Although the year 2020 is reminiscent of the recession period of 2008-09 when the Indian diamond industry collectively and voluntarily decided to halt imports of rough for a month or so to ease pressure on the overburdened pipeline.   This time though, multiple calls were taken month on month starting in April, to review the  spread of the pandemic and the danger it posed to lives, before taking a call to restart the units, which had come to a grinding halt in March following the nationwide lockdown.   In a true spirit of solidarity, the industry, led by the Gem & Jewellery Export Promotion Counc