GJ Town India

Despite record-high prices demand only falling 2%!   The World Gold Council (WGC)’s Q1 2024 Gold Demand Trends report reveals that total global gold demand (inclusive of OTC purchases) was up 3% year-on-year (YoY) to 1,238t, marking the strongest first quarter since 2016. Demand excluding OTC fell 5% to 1,102t in Q1 compared to the same period in 2023.   Healthy investment from the OTC market 1 , persistent central bank buying, and higher demand from Asian buyers, helped drive the gold price to a record quarterly average of US$2,070/oz—10% higher year-on-year and 5% higher quarter-on-quarter. Central banks continued to buy gold apace, adding 290t to official global holdings during the quarter.   Consistent and substantial purchases by the official sector highlight gold's importance in international reserve portfolios amidst market volatility and increased risk. Turning to investment demand, bar and coin investment increased 3% year-on-year, remaining steady at the same level

Sarine technologies leveraging AI for LGD Grading  Recently Sarine Technologies Ltd presented their Review of FY2023 and said, “FY2023 A Challenging Year!” Further Sarine said, in any new equilibrium for the diamond industry, LGD are expected to account for a meaningful portion of the diamond jewellery market.  To adequately address this segment, we have adopted Gem Certification & Assurance Lab (GCAL)’s work procedures, and our LGD-focused GCAL by Sarine grading lab in India commenced operations in January this year.  Adaptation of our AI-derived grading technologies to LGD will enable further expansion of this service. We aim to attain an 8-10% share of the estimated US$ 100 million LGD grading segment in FY2024.  This month, we launched the utilisation of our industry-leading rough planning technologies on LGD on a pay-per-carat service basis. Initial responses have been positive with recurring revenue already being generated.  Additional LGD manufacturers, currently testing the

That is the 5th exclusive showroom in Delhi   Kisna Diamond & Gold Jewellery, a leading name in the Indian jewellery industry, continues its strategic expansion with the opening of its exclusive showroom in Kabir Nagar, Shahdara-New Delhi.  This launch marks Kisna’s 5th exclusive showroom in Delhi and 22nd across India.   With this expansion, Kisna further solidifies its commitment to provide unparalleled craftsmanship and timeless elegance to customers nationwide. The event was honoured by Ghanshyam Dholakia, Founder & MD, Hari Krishna Group along with Parag Shah, Director Kisna.  Kisna's presence in Kabir Nagar, Shahdara extends beyond mere retail operations; it represents a commitment to engaging with the local community, understanding their unique preferences, and forging lasting relationships built on trust and satisfaction.    Commenting on the launch, Ghanshyam Dholakia, stated, " With the opening of our exclusive showroom in Kabir Nagar, Shahdara, New Delhi

A significant milestone for the GJ industry in India!  The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for the Gem and Jewellery (GJ) industry in India. Following extensive efforts by the GJEPC in collaboration with the Ministry of Finance, the Authorized Economic Operator (AEO) status is now being extended to the gem and jewellery sector.  The AEO program was introduced as pilot project in 2011 vide Circular No. 37/2011 – Customs dated 23rd August. 2011.The AEO program, a crucial part of the broader ease of doing business initiative, has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters. Despite the benefits it offers, the gem & jewellery sector was initially denied participation in the AEO program.  However, through proactive engagement with relevant Ministries, the GJEPC successfully advocated for the inclusion of the gem and jewellery industry in the

Financing remains a crucial challenge for the industry!   Recently, David Tait, Global CEO, WGC , Sachin Jain, Regional CEO India, WGC Meets Rabi Shankar, Deputy Governor RBI and Rohit Jain, Executive Director RBI along with Andrew Naylor, Head of Middle East and Public Policy, WGC and Rakhi Khanna Global, Head of Corporate Communications, WGC at the RBI Headquarters Mumbai. On the other hand, news focuses on the Financing remains a crucial challenge for the industry! Recently, the WGC published in their India’s Gold Market: Reform and growth, report!  According to the one of the biggest challenges for the Indian gem and jewellery industry has been securing bank credit – a challenge that has increased in the wake of the Nirav Modi, Mehul Choksi scam when the Indian banking system was defrauded of around Rs130bn (US$2bn).    Compounding this, more than 20% of loans given to the sector have become non-performing assets (NPAs), resulting in the gem and jewellery industry gaining just 2.

Announcing relocating from Singapore to Botswana   De Beers Group announced it is relocating the De Beers Group Auctions business headquarters from Singapore to Botswana. The relocation supports De Beers’ focus on streamlining its operations and enhancing the efficiency of its activities, while also facilitating further development of the diamond sector in Botswana.   De Beers Group's decision to relocate its Auctions headquarters to Gaborone reinforces its commitment to developing Botswana’s diamond industry. It also reflects confidence in the country’s capabilities and growth agenda.  De Beers Global Sightholder Sales moved from the United Kingdom to Botswana in 2013, and has now operated successfully in Gaborone for more than a decade. The move of the Auctions business headquarters will enhance efficiency, strengthen partnerships, and support the development of key diamond industry skills in Botswana.   As the relocation process takes place over the coming months, De Beers G

5th Carats scheduled from 12th to 14th of July Exhibitions are exciting events which provide enormous opportunities to promote a business. Surat Diamond Association is all set to host the highly anticipated 5th edition of Carats- Surat Diamond Expo. The exhibition is organized by Surat Diamond Association (SDA), a non- profit organization on a mission to expand the diamond industry in Surat by giving it exposure to the Indian and overseas markets.  In an event that promises to sparkle with more than just the glint of exquisite diamond, Carats is set to be a landmark gathering. This prestigious affair is scheduled to light up the iconic Surat International Exhibition and Convention Centre Sarsana on 12, 13 and 14th of July 2024.  The venue has a spacious exhibition hall that can accommodate a large gathering with a staff present that is highly experienced and is always on its toes to make your event a flawless affair. The centre is centrally located and easily accessible by public trans