GJ Town India

NFTs can increase in value and be resold   Diamond artist and jewelry designer, Reena Ahluwalia announced her first-ever Diamond Art NFTs on OpenSea Marketplace. Reena’s, Diamond-Verse NFTs are ultra-rare Edition 1/1, along with limited Editions, 10/10. Reena's NFTs extend her widely known diamond paintings into a 3D digital realm, expanding her distinct vision and imagination as an immersive luxury experience.   “I have been working very hard on creating my Diamond Art NFTs since the past year,” says Reena. “The NFT digital revolution has exploded, it’s like an artistic renaissance on a scale we have never seen before.”   If you’ve been looking to dive into and expand your NFT portfolio with Diamonds, Reena Ahluwalia has just the thing of her breakthrough NFT digital artworks. Non-fungible tokens-NFTs transform digital works of art and other collectibles into unique, one-of-a-kind, verifiable assets that exist on blockchain. NFTs are usually bought with cryptocurre...

Sarine Celebrates Galaxy Systems milestone attained!   Recently Sarine Technologies announced that its Galaxy family of scanning and inclusion mapping systems surpassed the milestone of having scanned 30 million stones worldwide in one year.   Since its release into the market in late 2009, the Sarine’s internal inclusion mapping technology, as embodied in the Galaxy family of systems, has clearly revolutionised planning and production processes by maximising polished diamond yield, while expediting the manufacturing cycle and reducing human error.   Six years passed from the introduction of the Galaxy technology before reaching the milestone of having cumulatively scanned 10 million stones worldwide and, just two years later, 2017 was the first year in which 10 million stones were scanned in a single year.  This year's milestone of scanning 30 million stones in a single year is not only significant in itself, but doubly so as an indication of the accelerating...

Jewellery and coloured gemstones m ammoth on search and seizure operations!   ITD conducts search operations in Rajasthan   Recently the Income Tax Department (ITD) initiated search and seizure operations on a group engaged in manufacturing and export of jewellery and coloured gemstones at Jaipur. The search action covered more than 50 premises at different locations in and around Jaipur.   During the course of the search, it was found that the rough of semi-precious and precious stones is imported from African countries and the same is processed in Jaipur. The yield of cut and polished stones is suppressed and part of it is sold in cash, generating unaccounted income which is not recorded in the books of accounts. Such unaccounted income is then deployed to earn interest by providing cash loans through a finance broker.  The search team has seized documentary and digital evidences of disbursements of such cash loans and interest earned thereon. The nature of t...

Make in Surat programme of SJMA to build A robust jewellery manufacturing ecosystem   Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal said, India can emerge as the largest diamond trading hub in the world. In a video message during the Inauguration Ceremony of Gems & Jewellery Manufacturing Show - 2021, organised by the Surat Jewellery Manufacturing Association (SJMA).   Goyal said the Government has declared the Gems & Jewellery sector as a focus area for export promotion. “We have established ourselves as the largest player in diamond cutting & polishing, we can become the largest international diamond trading hub,” he said.   Exports of gems and jewellery this FY in the first 7 months upto October’ 21 was $ 23.62 bn, as compared to $11.69 bn (+102.09%) for the same period previous year. “Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA...

Disbursed to more than 45K exporters, out of  Which around 98% may fall in the MSME category   Government has released Rs56,027 crore in order to clear pending export incentive dues to exporters, which is for various Schemes namely: Merchandise Exports from India Scheme (MEIS) - Rs33,010 crore, Service Exports from India Scheme (SEIS) - Rs10,002 crore, Rebate of State and Central Taxes and Levies (RoSCTL) - Rs5,286 crore, Rebate of State Levies (RoSL) - Rs330 crore, Remission of Duties and Taxes on Exported Products (RoDTEP) - Rs 2,568 crore and other legacy Schemes like Target Plus Scheme (TPS),   Focus Product Scheme (FPS) etc.   - Rs 4,831 crore.     This includes support for exports made under RoDTEP and RoSCTL Schemes during the 4th quarter of FY 2020-21. It is estimated that such benefits would be disbursed to more than 45,000 exporters, out of which around 98% may fall in the Micro, Small and Medium Enterprises (MSME) category.   Clearance...

Training programs, lectures, webinars and  consumer awareness programs on Consumer Protection,  importance of Standards,  Hallmarking scheme etc organised under,  Azadi Ka Amrit Mahotsav by Department of Consumer Affairs Under AzadiKaAmritMahotsav, the Department of Consumer Affairs and the organisations under it have organised training programs, lectures, webinars and consumer awareness programs on an ongoing basis on various issues like Consumer Protection, importance of Standards, Hallmarking scheme, awareness and advocacy regarding MRP, verification of weights and measures etc.   These activities involve participation of educational institutions, Self-help Groups and industry bodies and consumer organisation. A hackathon event with participation of students, companies has generated software responses on analysis of Consumer Commission cases. Department has performed a Nukkad Natak on JagoGrahakJago theme in Aadi-Mahotsava organised by Ministry of Tribal ...

Global platinum jewellery demand contracted 5% YoY   During Q3’21 platinum demand struggled to maintain the momentum of the first half, as the increasing shortage of key components (including semi-conductors), together with constraints on some raw materials, saw dramatic downwards revisions in the automotive market.   In addition, at times during the quarter the optimistic market tone subdued as the rise in Covid-19 cases prompted localised restrictions, serving as a reminder that economies remain fragile in this post-peak-pandemic era.    The negative impact on investor sentiment due to lower autocatalyst demand, was compounded by contagion concerns following news that Ever Grande might default on its debt obligations, as well as by growing expectations that interest rates would rise earlier than previously expected, to offset rising inflation. Changing forward market conditions, meanwhile, encouraged outflows of platinum from NYMEX depositories.    ...