GJ Town India

India eye to attain global GJ repairing Hub  GJEPC, the apex body of the gem & jewellery trade in India, owes a debt of gratitude to the Ministry of Commerce & Industry, whose constant, collaborative efforts have removed bottlenecks and paved a path for the rapid growth of the industry over the years. The Union Budget 2022-23 reflects this strong synergy.   The Indian gem and jewellery sector has been contributing in a big way to the country's economy with 4.3 million people employed in the sector, and annual exports of around USD 40 billion. The government has viewed this sector as a thrust area for export promotion.     Colin Shah, Chairman, GJEPC said, “There has been an ongoing, relentless and extensive support from the Ministry of Commerce & Industry to transform this industry and make it a global leader in all its verticals. India’s Commerce & Industry Minister Piyush Goyal, with his deep understanding of the challenges and pressing issues of the export sector

India & Lebanon attempts to set up a Direct Trade   Recently the Indian Embassy in Lebanon and the Gem & Jewellery Export Promotion Council (GJEPC) jointly organised the India Global Connect, e-meeting. While Lebanon has a rich history of jewellery manufacturing and its products are popular across the Gulf and Middle East region, the country relies on imports for 80% of its raw materials.   The Global Connect sought to strengthen India’s position as an advantageous source for polished diamonds, coloured gemstones and other items required by the Lebanese jewellery industry.   The participants included a long list of dignitaries, including His Excellency Dr Suhel Ajaz Khan, Indian Ambassador to Lebanon; R Arulanandan, Director, Ministry of Commerce & Industry, Govt. of India; Danny Gedaoun, DG, Ministry of Industry, Govt. of Lebanon; Dr Mohammad Abou Haidar, Director General, Ministry of Economy, Lebanon; Boghus Kurdian, President of Syndicate of Gems & Jewellery, L

UNI’s inventory to indicate the stone  that are compliant of sourcing standards   With the increasing demand in the marketplace for diamonds that are verifiably compliant with ethical sourcing principles, UNI Diamonds has announced the introduction of new online feature, by which users will be able limit their search of its aggregated inventory to stones that meet the requirement of two of the industry’s most stringent responsible sourcing standards.   As part of the new feature, every diamond listed in UNI’s inventory will now indicate whether the stone was supplied by companies that are compliant with the Responsible Jewellery Council’s Code of Practices (RJC COP) and/or De Beers’ Best Practice Principles (BPP). Both standards are aligned with the OECD Due Diligence Guidance, and to achieve compliance the companies are required to have their supply chains independently monitored and audited.   Despite rising consumer demand for verifiably responsibly sourced diamonds, it has of

Price among 128 categories tracked by the FCRF   The Fancy Color Research Foundation (FCRF) today announced the Fancy Color Diamond Price Index results for Q4 and a summary of 2021.   The year 2021 showed a rise in the price of 89% of all fancy color categories. Price changes among all 128 categories tracked by the FCRF Fancy Color Diamonds Price Index ranged from -1.3% to +7.9%, with the average change in 2021 being a price increase of 1.7%.   The average price of all Fancy Color Diamonds increased 1.7% in 2021, a market recovery from the decrease seen in 2020.   Throughout 2021, Blues (2.2%) and Pinks (2%) led the price increase, while Yellow prices rose 0.9%. Average prices for Fancy Vivids rose 1.6%. Fancy Intense diamonds in all colors and sizes increased by an average of 1.8%, with the only exception being Fancy Intense Yellow 1.5 and 5 carats, which fell 1.3% and 1%, respectively. Q4 Results says, the average price of all Fancy Color Diamonds rose 0.5% during Q4 2021. Pr

Trending restocking depleted inventories!   De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for the first sales cycle of 2022.   Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the first sales cycle of 2022, with the Sight event extended beyond its normal week-long duration.  As a result, the provisional rough diamond sales figure quoted for Cycle 1 represents the expected sales value for the period 17 January to 1 February and remains subject to adjustment based on final completed sales.    Bruce Cleaver, CEO, De Beers Group, said: “As anticipated, there was strong growth in consumer demand for diamond jewellery over the end of year holiday season. As a result, we saw the continuation of robust rough diamond demand in the first sales Cycle of the year as buyers focus on restock

A Blueprint to steer the economy over The Amrit Kaal of the next 25 years!   “We are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long lead up to India @100 said the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament. The Minister stated that this Budget seeks to lay the foundation and give a Blueprint to steer the economy over the Amrit Kaal of the next 25 years, from India@75 to India@100.   Vision of Amrit Kaal:  The Minister said that the all-inclusive Welfare focus wherein complementing Macro Economic level growth focus with the Micro Economic level; promotion of digital economy and Fintech, technology enabled development, Energy Transition and Climate Action; and reliance on virtuous cycle from private investment with Public Capital Investment in order to crowd-in private investment are the areas in which we achieve our vision by attaining certain goals in coming

Jewellery exports cost can be slashed over 20%   The Union Budget 2022-23, pronounced very positive for the Indian Jewellery Industry & trade too. The Union Budget enable the use of e-commerce channels to export jewellery. Overall the budget is looking ahead to set the road for India@100! Here is the choicest leading jewellers & stake holders get expressed on the pronounced Budget 2022-23. Let’s peep up:   Somasundaram PR, Regional CEO, India at World Gold Council , “The budget is very positive for the Indian Jewellery Industry. The emphasis on exports was evident with the announcement of a simplified regulatory framework to allow the e-commerce export of jewellery. The general policy thrust aimed at higher economic growth is again a tangible benefit for gold, as it is well established that income growth is the single dominant factor in long term gold demand.   Digital push, MSME support and infrastructure spending address several industry priorities and offer significant