GJ Town India

  Recently Platinum Guild International (PGI) reported Platinum Jewellery Business Review (PJBR) for the 2Q 2020. The report says China’s GDP grew in Q2 showing an impressive post COVID-19 recovery. The decline of jewellery sales eased after lockdown measures were lifted in most cities. Platinum fabrication returned to positive growth in Q2, thanks to new product launches, promotions and PGI’s Reboot against a backdrop of positive metal pricing.   India’s store traffic and consumer demand dropped significantly as the majority of the jewellery business was closed. Once business resumes, platinum jewellery is likely to benefit from retailers’ focus on high margin categories and a conversion of gold customers to optimise return.   COVID-19’s economic impact is severe in Japan, but the government's cash hand-outs and an easing of the State of Emergency in late May supported a consumption recovery in June. Jewellery sales were dismal; however platinum was still performing best amon

  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

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

  MHA asks States to allow..!                 MHA asks States to allow unhindered movement of persons and goods and services during Unlock-3! The Centre has asked the States that there should be no restrictions imposed on inter-State and intra-State movement of persons and goods and services during the present prevailing Unlock-3 guidelines. In a communication to Chief Secretaries of all States today, the Union Ministry of Home Affairs (MHA) has stated that it has been reported that local level restrictions on movement are being imposed by various districts/States.  Such restrictions are creating problems in inter-State movement of goods and services and are impacting the supply chain, resulting in disruption of economic activities and employment, besides affecting supply of goods and services.   The MHA has said such restrictions at local level imposed by District Administrations or by States, amount to violation of the guidelines issued by the MHA under the provisions of the Disast

  Ruling disappointed Tiffany!   Tiffany & Co responded to the Second Circuit Court of Appeal’s ruling reversing summary judgment in Tiffany’s ongoing trademark infringement and counterfeiting lawsuit against Costco Wholesale Corporation. The Court’s reversal reflected its belief that the District Court should have allowed the question of liability for infringement and counterfeiting to be presented to a jury in the first instance, rather than decided by the District Court judge.   “We are disappointed in the Court’s ruling, which finds that a jury, rather than the judge, should have decided the question of liability in the first trial.   We continue to believe that the District Court was correct in its findings, and that the jury’s finding on damages, which resulted in a $21 million award for Tiffany & Co, is a clear indicator of the strength of the Tiffany brand, and of the jury’s outrage over Costco’s actions,” said Leigh Harlan, Tiffany & Co. Senior Vice President, Secr

  MoF constitutes industry Specific special group!   In a virtual review meeting held between the Finance Ministry and the GJEPC on 18th August, the Hon’ble Finance Minister (MoF) Smt. Nirmala Sitharaman called for the formation of a Special Group, including Customs and banking officials, to resolve all issues related to the gem and jewellery (GJ) sector. The Finance Minister added that if the gem and jewellery industry does not get a satisfactory reply from the Special Group, the matter may be flagged to the FM.   The Meeting was attended by Ms Nirmala Sitharaman, Hon’ble Finance Minister; Mr Sandeep Bhatnagar, Member Customs; Mr G D Lohani, JS TRU; Mr Colin Shah, Chairman, GJEPC; Mr Vipul Shah, Vice Chairman, GJEPC; Mr Sabyasachi Ray, Executive Director, GJEPC were present at the meeting.   Expressing gratitude to the Finance Minister for the review meeting, Colin Shah, Chairman, GJEPC said, “The export of gem and jewellery sector is witnessing some signs of recovery. We are ho

  9th Edition of the Forevermark Forum Addresses Today’s Challenges and Tomorrow’s opportunities!   Staying true to the resilience and purpose that diamonds reflect in their sparkle through all odds, including the ongoing pandemic, Forevermark – the diamond brand from De Beers Group – honoured its commitment to its partners by proceeding with its annual Forevermark Forum. For the first time since its inception, the brand hosted the Forum virtually, harnessing the theme ‘Meaningful Tomorrows’ for its authorised partners, jewellers, diamantaires and manufacturers from across the globe.   The ninth edition of the Forum, which was held from 18 – 20 August 2020, provided a platform for Forevermark to equip its partners with the newest retail innovations, latest technologies and consumer insights to help them optimise their business and stay ahead of the consumer curve.   As 2020 marks the beginning of a new decade, the theme ‘Meaningful Tomorrows’ is aimed at helping the brand and i

  Fundraising Campaign: Go Fund Me!   To show your support go to:  https://gf.me/u/ymj3yt   The Young Diamantaires, a group created by the World Federation of Diamond Bourses (WFDB) to grow and support the next generation of the diamond industry, has   announced a fundraising campaign to help build a library and kitchen at the Renaissance High School in Messina, South Africa.   After having visited the school in September last year, the group decided to bring about the addition of these much needed facilities. They formed a fundraising committee and have now begun a campaign on digital platform Go Fund Me. The immediate response to the campaign has been positive, and the YDs are very confident that they will reach their fundraising goal of $500,000.  Rami Baron, President of the Diamond Dealers Club of Australia and member of the WFDB Executive Committee who was instrumental in forming the Young Diamantaires group, said, “I am incredibly proud of the commitment and effort this gr