GJ Town India

2022 likely increase the need for a high-quality liquid asset such as gold Physically backed gold ETFs saw global outflows of 173 tonnes (t) (-US$9.1bn, -4.0% AUM) in 2021. Collective gold holdings were down 5% to 3,570t for the year, while assets under management (AUM) in value terms dropped 9% to US$209bn as net outflows were compounded by a 4% contraction in the gold price.  Despite considerable outflows for the year, gold ETF holdings remain significantly above pre-pandemic levels, as they posted record inflows of approximately 875t (US$49bn) during 2020. Losses in 2021 were driven by North American funds, which never recovered from their significant outflows in Q1, ultimately registering outflows of nearly US$11bn (-200t) by year-end.  The bulk of these outflows were from large US funds whose assets fluctuated in tandem with the gold price. Conversely, European ETFs turned positive in the second half of 2021 amid rising inflation expectations, ending the year with margina...

Key players express their expectations…   Sachin Jain, Managing Director, De Beers India:  “The Gems and Jewellery sector contributes to 7% of India’s GDP and forms around 12% of our export basket and plays a critical role in terms of employment generation. Over the past year the industry bounced back and performed well due to multiple positive steps taken by the government including reducing the import duty on gold and silver as well as ensuring there were no drastic increases in personal taxes.    Beginning 2021, we also noticed that consumers moved towards purchases that were meaningful and brought value to their lives where jewellery played an important role. We look forward to the forthcoming budget in view that the gems and jewellery sector plays a pivotal role in the growth of the economy.”    Aditya Pethe, Director, WHP jewellers: “The Pandemic has affected a lot of small-scale businesses in jewellery as well as non-jewellery sector. This se...

Seeks pro-consumer initiatives   All India Gem and Jewellery Domestic Council (GJC) through its Budget recommendations seeks pro-consumer initiatives such as reduction in GST rate on jewellery to 1.25%; increase in PAN Card limit and cash limit & EMI facility for rural and semi-urban India.  The industry is identified as one of the stress sectors in KV Kamath’s report in 2020.   Post the impact of Covid’s first and second wave in 2020 and 2021 respectively, the Gems & Jewellery industry was on the recovery route, however, the fear of the new virus variant Omicron looms large and there are talks of restrictions and additional curbs.  India’s gem and jewellery business and allied businesses continue to suffer and face the brunt of the pandemic for nearly two (2) years now. Business has been slack due to lockdowns and curbs on retail sector; customers are not spending much on jewellery; and the MSME jewellers, craftsmen and artisans who comprise the bulk of ...

Higher grades may have increased by over 30% Paraiba tourmaline, the neon glowing greenish blue color tourmaline, and the rarest member of the tourmaline family of gems, has experienced a tremendous rise in prices, especially those sourced in Brazil. If only a few years ago, just mentioning that your gem Paraiba was of African origin might have killed the deal, today African Paraibas are much better received and are in great demand. Analyzing our big data system of actual transactions and asking prices of Paraiba gems, indicates that in the last couple of years the gem market has experienced a sharp rise in the demand and the prices of Paraibas.                                                                                       ...

Recovers over 1.5mn cts diamonds during Q4 808,739 carats sold in Q4 at US$83 per carat  Mountain Province Diamonds announces production, sales and preliminary unaudited cost results for the fourth quarter and year ended December 31, 2021 and FY21 from the Gahcho Kué Diamond Mine. 1,511,253 carats recovered during Q4 at an average grade of 1.86 carats per tonne. Full year 2021 production of 6.23 million carats against guidance of 6.30 - 6.50 million carats. Preliminary unaudited mine level costs on a full year 2021 basis were $61 per carat against guidance of $58-$63 per carat and $123 per tonne treated against guidance of $125-$135 per tonne treated. Ore mined on a full year 2021 basis was 3.6 million tonnes against guidance of 3.3 – 3.5 million tonnes. Ore processed on a full year 2021 basis was 3.1 million tonnes against guidance of 3.15 – 3.3 million tonnes. Mark Wall, the Company's President and Chief Executive Officer, commented, “2021 was an excellent year for the Gahcho Kué...

Provide consumers, safe, reliable and high quality products Bureau of Indian Standards (BIS) completed 75 glorious years of its existence on 6th January 2022. BIS came into existence as Indian Standards Institution (ISI) in 1947. Through its core activities of Standardization and Certification, BIS has been contributing to national economy from past 75 years.   Piyush Goyal, Union Minister, Ministry of Consumer Affairs, Food & Public Distribution, Commerce & Industry and Textiles congratulated the institution and all associated with it via video conferencing.  While addressing the officers of Ministry of Consumer Affairs, Food and Public Distribution and BIS, he said, “Honourable Prime Minister before even becoming the Chief Minister of Gujarat gave the concept of 3S- Speed, Skill and Scale. It’s time now to change it to 4S – Speed, Skill, Scale and Standards.”   He said that as we celebrate Azadi Ka Amrit Mahotsav, it’s a nice coincidence as well as an opport...

Joins the prestigious bandwagon of industry stalwarts H.K. Designs has been certified a Great Place to Work and joins the prestigious bandwagon of industry stalwarts in the USA such as Signet Jewelers. As part of the assessment, Great Place to Work Institute, a global management research and consulting firm dedicated towards enabling organizations achieve business objectives by building better workplaces, measured the perceptions of H.K. Designs’ employees using Great Place to Work Trust Index Employee Survey and understood the organization’s differentiating culture through the Culture Brief© and Culture Audit.   H.K. Designs received a high score on the Trust Index score covering five parameters of Credibility of Management, Respect for People, Fairness at the Workplace, Pride and Camaraderie between People. A major percentage of employees gave a positive response (rated 4 or 5 on a 5 point scale) to the 59 statements of the survey. We are extremely pleased to be certified as ...