GJ Town India

Extended till October 31, 2020! G&J industry takes a sigh of relief! In a major relief to the Indian diamond industry, the Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, Department of Revenue, Government of India, at the behest of the Gem & Jewellery Export Promotion Council (GJEPC), announced an extension of three months on certified diamond re-imports in an official notification. The provision stated: “Provided that for the cases where the last date of re-import falls between 1st February, 2020 and the 31st July, 2020, the last date stands extended by three months” Under normal circumstances, diamonds sent overseas for services like grading and certification do not attract any duty if they are re-imported within a period of three months. A 7.5% Customs duty is levied on the consignment if the re-import is delayed. Given the unprecedented circumstances due to the ongoing pandemic worldwide, the Council had been pursuing with F...

CPD exports slides 49.68% in 1Q Silver is the new silver line In the basket of GJ export India! According to the recent figures announced by the Gem & Jewellery Export Promotion Council (GJEPC), overall gross exports of Gems & Jewellery (GJ) is showing a decline of 34.72% to US$ 1647.49 million during the month of June 2020 as compared to US$ 2523.74 million in June 2019. Overall export performance during the first quarter of FY 2020-21 gross exports of Gems & Jewellery declined. Overall export dropped by 54.79% to US$ 2.75 bn during the April 2020 to June 2020, over the US$ 6.07 bn during the same period of last year, the first quarter. Cut and Polished Diamond (CPD) exports fallen by 46.91% in the month of June 2020 to US$ 898.32 mn as compared to US$ 1692.18 mn in June 2019.  This drop is being seen wider while looking at the quarter term. CPD exports for the period of April 2020 to June 2020 registered a drop of 49.68% to US$ 1801.71 m...

Investors flocked to silver-backed exchange Traded products and silver bullion coins! Silver’s role as a valued investment was broadly on display during the first half of 2020, as investors’ actively accumulated silver in the first six months of the year, leading to a 10 percent gain in investment demand. Paving the way was remarkably strong growth in silver-backed exchange-traded products (ETPs), which have posted successive all-time highs this year, together with solid silver coin and bar investment. The silver price averaged US$16.65 through to the end of June. Having fallen sharply in mid-March, the silver price has since recovered strongly, rising by 56 percent to reach US$17.84 at end-June; it has since broken through the US$18 barrier. The gold: silver ratio the quantity of silver ounces needed to buy an ounce of gold fell since its multi-decade high of 127 in March, and at end-June stood at 97.8, which is still very high by historical standards, and may signal th...

The next ICP comparison will be Conducted for reference year 2021 Purchasing Power Parities and the size of Indian Economy: Results from the 2017 International Comparison Program The World Bank has released new Purchasing Power Parities (PPPs) for reference year 2017, under International Comparison Program (ICP), that adjust for differences in the cost of living across economies of the World. Globally 176 economies participated in 2017 cycle of ICP. The International Comparison Program (ICP) is the largest worldwide data-collection initiative, under the guidance of UN Statistical Commission (UNSC), with the goal of producing Purchasing Power Parities (PPPs) which are vital for converting measures of economic activities to be comparable across economies. Along with the PPPs, the ICP also produces Price Level Indices (PLI) and other regionally comparable aggregates of GDP expenditure. India has participated in almost all ICP rounds since its inception in 1970. The ...

With the arrival of July comes the launch of An exciting new Gemfields’ jewellery collaboration! This time, we have partnered with ethically minded label Zoe & Morgan. Started by sisters Zoe, Morgan and Ruth in 2005, the brand now has shops in the UK and New Zealand and has made a name for itself all over the world with its designs inspired by tribal patterns and its cool, contemporary aesthetic. Rubies are renowned for being the birthstone for the month of July – so it is only fitting that the striking collection of necklaces and rings that has resulted from this new partnership features some of our finest fiery red gemstones; each one has been hand selected for its colour, cut and clarity from the Montepuez mine in Mozambique  – part of the world’s largest ruby deposit. Gemfields has been mining rubies since they were first discovered here in 2009. Zoe & Morgan Amelia Ruby Necklace: Long associated with passion, prosperity and protection; dazzling re...

Bibhu Mohapatra: Transcending Traditions! In the series of, The Power of a Diamond – Episode 3, Forevermark presented Transcending Traditions of Bibhu Mohapatra! The podcast recording, the content included and imagery captured and featured in this article, took place pre Covid-19 and before social distancing measures were put in place From Sari’s to diamonds and everything in between, in this episode, Indian fashion designer, Bibhu Mohapatra, speaks to editor and broadcaster, Mimma Viglezio about stepping away from a traditional Indian role to pursue his career in fashion. They discuss his childhood on the East Coast of India, the initial exposure and influence of his Indian heritage and the importance of staying true to who you are. The conversation begins with Bibhu explaining where his love of creativity and design was first brought to life, in Eastern India, as a child. “When I was about 11 or 12 years old, I saw my mother on a sewing machine making things and ...

The psychological resistance of (gold) USD 1,800 per ounce has been surpassed! At Precious Metals Watch, Georgette Boele, Precious Metal Strategist-ABNAmro observes, 1: Gold powers to an all-time high across a range of currencies, 2: Against the dollar, gold’s all-time high of USD 1,921 is now within reach, 3: The stars are aligned for gold prices to continue to rise, 4: Aggressive monetary policy easing, ultra-low interest rates, negative US real yields, fiscal. 5: stimulus and the technical outlook all support gold prices, 6: Nonetheless, positioning does remain extreme which could encourage volatility, 7: Our new gold price forecast for end 2020 is USD 1,900 per ounce (was USD 1,700 per ounce) & 8: Our new gold price forecast for end 2021 is USD 2,000 per ounce (was USD 1,800 per ounce). She inks about gold price record, we had expected another risk off wave in financial markets to support the US dollar and to result in temporary gold price weakness. Up to...