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Colin Shah as Chairman & Vipul Shah elected as the Vice Chairman GJ Industry & Trade pays a Tribute to Mr Shaankar Sen

IIJS

rescheduled to January 2021

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The future of

jewellery industry is promising

C

ovid-19 has changed the way we look at things. Not only has the global pandemic affected our lives in unimaginable ways, but also impacted our habits - from work to shopping, every avenue possible has taken a blow. While the world is weathering an economic crisis, with nations building respective strategies to sail through, the jewellery industry has also slowed down. But, if there has been an industry that has remained uidic for many decades, it has been the gem and jewellery industry. Famines, oods and other natural disasters haven’t really been able to affect it greatly, as the demand for jewellery has always existed and the artisans and jewellers have always pushed themselves harder to meet the demand. So, what lies ahead for the industry that has survived all odds and proved to be the phoenix rising from the ashes? We got in touch with the industry biggies to know what the future holds for the jewellery industry and here’s what they had to say.

The future of jewellery in India denitely looks promising as it has come a long way. From considering gold as a mere investment to holding dignity in owning precious jewels, our country has evolved to a great extent. With changing times, we have witnessed different trends in the jewellery industry, only to desire for more.

Be it the special occasions like weddings or auspicious days like ‘Akshay Tritiya’ etc, jewellery makes it a complete affair. The trend will continue for eternity.

Like any other industry, business of the jewellery industry has also got affected by the unexpected pandemic but industry insiders feel this is a temporary phase which will end soon.

The gems and jewellery industry has been impacted due to the pandemic, but we are seeing some green shoots of recovery post the lockdown. While there is still uncertainty, we believe there will be both emotional and rational intent to purchase Gold as it is considered to be a safe haven for investment. It is beyond an adornment metal, it is a symbol of security.

While the history hints at a hope, the digitization of the jewellery industry has also shown prospects for the future. Consumers will see a shift towards searching and shopping for jewellery in a more conscious way. Technology will play a signicant role in the future.

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14-JNI-JULU-AUG’2020

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CONTENT

WHAT’S INSIDE VOL: 19 / ISSUE: 6 | JULY-AUG’2020

IIJS rescheduled to January 2021

#18 .....................

Gem & Jewellery Industry & Trade pays a Tribute to #20 ...................

Mr Shaankar Sen

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FM discusses critical issues with GJEPC #28 leadership in video meet ................

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Colin Shah as Chairman & Vipul Shah elected #26 as the Vice Chairman ...................

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LEAD NEWS

IIJS rescheduled to January 2021

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he world renowned and India’s largest jewellery trade show, the India International Jewellery Show (IIJS) Premiere, has been rescheduled due to the ongoing Covid-19 pandemic. The Gem and Jewellery Export Promotion Council (GJEPC), the organisers of the show, after consultation with the participants from India and other countries, have decided to reschedule the event in January 2021.

IIJS Premiere witnesses the industry’s biggest gathering of domestic and international buyers, and serves as the primary platform for Indian jewellery manufacturers to network with retailers, enabling both segments to gain insight into product design and demand trends.

said, ”IIJS Premiere is organised each year during the rst week of August. However, this year due to Covid-19 pandemic and the lockdown measures taken by various countries and jewellery fraternity, the show has been postponed to January 2021. We will duly consult the Government, to chart out stringent safety norms, while also ensuring that business returns to normal. IIJS would remain to be the most awaited Jewellery buying experiences of the year and the show would be organized without compromising on anyone’s safety. The team is proactively planning on a new format to bring the industry together once again”.

Vipul Shah, Vice Chairman, GJEPC, said, “IIJS Premiere has been rescheduled to an

”IIJS Premiere is organised each year during the first week of August. However, this year due to Covid-19 pandemic and the lockdown measures taken by various countries and jewellery fraternity, the show has been postponed to January 2021. We will duly consult the Government, to chart out stringent safety norms, while also ensuring that business returns to normal.

pandemic in 2020.

The resultant demand for jewellery would be signicant and the IIJS Premiere would be an opportunity for our retailers to restock their inventory for the new season post Covid-19.”

IIJS Premiere has received global recognition with visitors from over 80 countries and 800plus cities from India. Every year, more than 1,300 domestic and international exhibitors participate in this jewellery extravaganza. The show attracts over 40,000 domestic and international visitors every year.

Colin Shah, Chairman, GJEPC

18-JNI-JULU-AUG’2020

appropriate time in January. We are also hopeful that our international visitors and delegations would be able to visit the IIJS Premiere, as we are expecting everything would return to normal towards the end of this year. The year 2021 will see a lot of weddings taking place, including the ones that were cancelled due to the

Shailesh Sangani, Convener, National Exhibition, GJEPC, noted, “IIJS Premiere 2021 will be the rst show of the calendar year, held on the same scale and size as that of IIJS Premiere, maintaining all safety norms post Covid-19. We are taking all precautions to ensure that the safety of exhibitors and visitors will be paramount during the show.

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TRIBUTE

Gem & Jewellery Industry & Trade pays a Tribute to Mr Shaankar Sen

W

ith profound sorrow that we announce the demise of our respected Chairman and Managing DirectorGold & Diamonds, Mr Shaankar Sen. Mr Shaankar Sen, 63 is a shining example of Bengali entrepreneurship and has been instrumental in putting the brand Senco Gold and Diamonds on the National map. From owning just three jewellery stores in Kolkata that he inherited from his father, in the early 1990s to more than 100 across the country today!

Mr Sen has made Senco Gold and Diamonds, the largest gold jeweller from eastern India and has expanded its footprint across 14 states. Mr Sen will be remembered as a man with a vision, a dynamic and inspirational leader who always had a smile on his face and immense wisdom.

GJEPC CoA & GJEPC Family: “GJEPC deeply mourns the untimely demise of Shri Shaankar Sen! We pay our homage & respect to a visionary, a guide, a mentor and a leader. No words can sufce to express our sorrow!

He will forever stay in our heart & remembered for his generosity & kindness!

Our deepest condolence to Mr Suvankar Sen & his family, we pray that his noble soul rests in eternal peace!

Sachin Jain, Managing director, De Beers India, “Mr Shaankar Sen was a true visionary in the industry. Under his leadership, Senco became the leading jewellery house it is today & a name to reckon with across the country. He was a wonderful person who's goodwill, humility 20-JNI-JULU-AUG’2020

and trust made him one of the most respected in the jewellery fraternity.

As our esteemed partner, Mr Sen believed in our purpose and always supported our business. It was only his faith in Forevermark that took the brand to the East in all its glory. His demise is a huge loss to us and the industry. He will truly be missed.”

Rajendra Jain, Managing Director-India, Swarovski, “We are deeply saddened and shocked by the sudden demise of Shri Shaankar Sen, who has left us for the heavenly abode on July 28th, 2020.

Mr Sen has played a remarkable role in the gem & jewellery industry leaving an honourable legacy behind that inspires & challenges anyone who aspires to emulate this great man. It is indeed a great loss to all of us! We unite in offering our deepest condolences to the family in their time of mourning.

May God rest his soul in peace and comfort. He will be deeply missed!

N Anantha Padmanaban, MD, NAC jewellers “It is with immense grief and sorrow we are sharing the tragic news of the demise of Mr Shaankar Sen, CMD, Senco Gold and Diamonds.

He had been battling COVID 19 since past few weeks and unfortunately today his soul departed for heavenly abode. He was also one of the founding members of GJC and was a prominent personality in the Gems & Jewellery Industry.

Mr Sen was an inspiration to all in the jewellery fraternity and was always jovial with his fellow business peers. He has been conferred with several accolades including the “GJTCI Excellence Awards” by the Gem and Jewellery Trade Council of India in 2016 and also India’s 5th Most Trusted Jewellery Brand by The Brand Trust Report (India Study).

Under his leadership, the exquisite Kolkata jewellery art pieces were known to the world.

The entire Industry, Senco family and friends deeply mourn this tragic loss and pray the almighty to give strength to the family.” www.jni.co.in

LEAD NEWS

G&J industry takes a sigh of relief as re-import of certified diamond extended for 3 months “I would like to thank the Government for this quick decision taken, which will help to mitigate the effects of Covid-19 on the industry. The Government has been supporting the industry during this crisis. The latest notification on the extension of three months on re-import of certified diamonds is a great respite for our exporters.”

I

n a major relief to the Indian diamond industry, the Central Board of Indirect Taxes And Customs, 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 certied diamond re-imports in an ofcial notication. 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 22-JNI-JULU-AUG’2020

CBIC has extended re-import of certied diamonds for three months between February 1 till July 31, 2020

certication 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 Finance Ministry for an extension of three months for such re-import. The Finance Ministry was quick in deciding to extend the duty exemption period.

Colin Shah, Chairman, GJEPC, said, “I would like to thank the Government for this quick decision taken, which will help to mitigate the effects of Covid-19 on the industry.

The Government has been supporting the industry during this crisis. The latest notication on the extension of three months on re-import of certied diamonds is a great respite for our exporters.”

Vipul Shah, Vice Chairman, GJEPC said, “The trade has been reeling under the impact of Covid-19 due to which exports to key destinations have been severely impacted.

In this backdrop, the extension notication will give a muchneeded relief to the traders. I express my gratitude to the Government for this timely support.”

www.jni.co.in

LEAD RESUMPTION

GJEPC Proposes Measures to Boost Exports From SEZs

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he gems and jewellery industry has urged the Finance Ministry to allow sale of rough diamonds at the special notied zone for higher tax collection and promoting AatmaNirbhar in the industry.

Currently, rough diamonds are sent to the SNZ by miners for viewing but it cannot be sold as the sellers would be considered as permanent entities and levied income tax. To avoid this, sellers take back the rough diamond to Antwerp or Dubai and ship them back to India, increasing the cost for the importers.

In a presentation to the Finance Minister Nirmala Sitharaman the Gem and Jewellery Export Promotion Council has suggested a turnover tax not exceeding 0.16 per cent as levied in Belgium (Antwerp) so that miners can log their sales in India without the hassle of maintaining separate accounts.

If this is implemented, the industry assured that it will not only result in incremental tax collection which is currently going to Belgium but also lower logistic and foreign ofce costs for Indian rms, said industry sources.

The interaction with Sitharaman comes when the government is planning a special relief package for the jewellery industry hit by the Covid-19 pandemic and lockdown.

With banks reluctant to lend to the industry due to risk aversion, GJEPC has suggested to make it mandatory for all borrowers to register with MyKYCbank, an online platform developed by the Council.

India processes 80 per cent of the rough diamond and the rest is processed by Indian companies in 24-JNI-JULU-AUG’2020

crore logged before the duty was hiked.

Reduction in duty, the industry said will draw distributors to India making alternative centres such as Hong Kong and Dubai irrelevant besides increasing duty collections due to higher volumes.

Jewellery exports from SEZ has been on a declining trend and has fallen to $3.8 billion from $5.8 billion logged in 2014-15.

COLIN SHAH, CHAIRMAN, GJEPC

“SEZs have always played a critical role for our sector as 30% of exports are generated from these special zones.

However, this figure could be larger if, given the current pandemic, the government could tweak certain policies most importantly, the thrust on e-commerce as the world is moving towards the online mode of business.” the mining countries as part of their local beneciation programme.

In 2018, government increased the duty on polished diamond imports to 7.5 per cent from 2.5 per cent.

Following this, diamonds manufactured abroad are not imported to India, but routed to Hong Kong and Dubai. In fact, the duty collected from polished diamond imports have fallen to ¹ 26 crore a month against ¹ 31

Exports of jewellery being seasonal business lasting for six months in a year, GJEPC has suggested the government to allow units in SEZ to undertake job work for domestic tariff area (DTA) units with certain safeguards. This will improve the utilisation of capacity and save jobs in lean period, it said.

Among the other measures suggested by GJEPC to boost exports from SEZs were: Sale of unutilised inventory such as cut and polished diamonds and gemstones that were procured from the DTA unit earlier for manufacture of jewellery and are not required any longer.

The SEZ units should be allowed to dispose off scrap (other than gold/silver/platinum) on payment of applicable duty on the actual sale price of the scrap.

Transfer of assets by outgoing SEZ units to a new eligible entrepreneur after cancellation of their Letter of Approval (LoA).

To allow import of precious metal directly from foreign buyers on loan basis by SEZ units.

Valuation and payment of duty on used capital goods should be implemented as per the specic provision in Rule 49(1) of SEZ Rules 2006. www.jni.co.in

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LEAD RESUMPTION

Colin Shah as Chairman and Vipul Shah elected as the Vice Chairman of GJEPC “The new term at GJEPC starts amidst acute uncertainties due to the ongoing COVID 19 crisis in India and world over. It demand a paradigm shift for the industry. The Council is focusing towards recalibrating itself by digitalisation across verticals, exploring new ways of reaching customers and unconventional ways of creating demand for gems and Jewellery...

COLIN SHAH, CHAIRMAN, GJEPC

T

he Gem and Jewellery Export Promotion Council (GJEPC), apex body for gems and jewellery trade in India, under the aegis of Ministry of Commerce, Government of India, today announced the appointment of Colin Shah as the Chairman of GJEPC. Colin Shah will take charge as Chairman from the outgoing Chairman Pramod Kumar Agrawal. Also, Vipul Shah has been elected and appointed as the Vice Chairman of GJEPC. The new management taking charge from 23rd of June 2020 and will have a tenure of two years till 2022. Both the gems and jewellery industry captains have a successful track record.

Colin Shah being the current Vice Chairman of GJEPC takes over after completion of the term of the previous Chairman Pramod Agrawal, Vipul Shah has been elected unanimously by the gems and jewellery export members.

Prior to this appointment, Colin Shah has served as member of CoA for the period 2012-2015 when Vipul Shah, served as the Chairman of GJEPC for the same period..

26-JNI-JULU-AUG’2020

The other key appointments in the CoA for the term 2020-22 based on the elections held include : Ashok Gajera (Regional Chairman-West), Prakash Pincha (Regional Chairman-East), Nirmal Bardiya (Regional Chairman-Rajasthan), Dinesh Navadiya (Regional ChairmanGujarat), Mahender Tayal (Regional Chairman-South), Ashok Seth (Regional ChairmanNorth); Sanjay Shah, Dilip Shah, Milan Chokshi, Russell Mehta, Sanju Kothari, Chirag Lakhi, Anil Virani, Manish Jiwani in Diamond Panel ; Shailesh Sangani, K Srinivasan , Mansukh Kothari , Suvankar Sen in Gold Jewelry & Other Precious Metals Jewelry Panel ; Mahendra Agarwal and Vijay Kedia in Colored Gem Stones & Pearls Panel ; Ram Babu Gupta in Silver Panel and Badrinarayanan Gupta in Sales to Foreign Tourist Panel.

Commenting on the appointment GJEPC Chairman, Colin Shah, said, “The new term at GJEPC starts amidst acute uncertainties due to the ongoing COVID 19 crisis in India and world over. It demand a paradigm shift for the industry. The Council is focusing towards recalibrating itself by digitalisation across verticals, exploring new ways of reaching customers and unconventional ways of creating demand for gems and Jewellery. We are fortunate to have a very strong team representing every segment of our industry. We are condent that we all will work closely with the industry and the government, especially the Ministry of Commerce and industry, to give Indian gems and jewellery market a competitive edge in the world market.”

Colin Shah further said, “Favourable Policy measures for

“ The current environment is extremely challenging for the Indian gems and jewellery exports. However we are optimistic that the global consumption will pick-up in the second half of this year and global trade will witness upward trend.” www.jni.co.in

LEAD RESUMPTION improving ease of doing business, availability of Bank Finance, fostering MSMEs, leveraging eCommerce for trade and business are some of the immediate concerns we would like to address.”

“We will collectively turn adversity into opportunity and act with conviction and speed. “ Colin Shah further added.

Commenting on the appointment, Vipul Shah, Vice Chairman, GJEPC, said, “It is a privilege to be associated with GJEPC. India has come a long way to achieve the status of global leader in gems and jewellery exports business.

There are tremendous growth opportunities for Indian jewellery exports and the industry will

stand together to complete the vision of Prime Minister Shri Narendra Modi to create an Atmanirbhar Bharat by upgrading domestic manufacturing capabilities to substitute imports and make India the most ourishing global hub of jewellery exports in the next 5 years.”

Vipul Shah, further added, “The current environment is extremely challenging for the Indian gems and jewellery exports. However we are optimistic that the global consumption will pick-up in the second half of this year and global trade will witness upward trend.”

“Bank nance in the gems and jewellery sector, skill enhancement of craftsman and

karigars , gold monetisation etc are some of the recurring issues faced by the industry that needs to be addressed on priority”, Vipul Shah added.

GJEPC has made several representations and recommendations to the Government of India to boost gems and jewellery exports and is hopeful that the government will take some positive trade measures soon. Council congratulates the Government and the Ministry of Finance for announcing the Rs 20 lakh crores stimulus package. This relief package will ensure that the economic wheel of progress which has come to a halt, will resume again with full speed.

Gem & Jewellery exports dip 34.72 % in June : GJEPC

T

he country’s gem and jewellery exports contracted by 34.72 per cent to USD 1.64 billion (around Rs 12,333 crore) due to dip in global demand on account of the COVID-19 pandemic, according to the Gems and Jewellery Export Promotion Council (GJEPC). The exports stood at USD 2.52 billion (around Rs 18,951 crore) in June last year.

During April-June this scal, the exports dipped by 54.79 per cent to USD 2.75 billion as against USD 6.07 billion in the same period last year.

last scal.

The decline in shipments is mainly due to negative growth in the export of gold jewellery,

India’s main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country’s total gems and jewellery exports During the quarter, imports of gems and jewellery declined by 74.81 per cent USD 915.14 million.

The labour-intensive sector contributes about 15 per cent of the country’s overall exports.

“There has been a steady decline in exports as the demand has been going down following global economic slowdown and several restrictions in many countries to curb the spread of Covid-19 pandemic. However, we are seeing demand picking up in China, Europe and Australia,” GJEPC chairman Colin Shah told. www.jni.co.in

But, exports of silver jewellery grew to USD 324.59 million during the period from USD 168 million in April-June 2019-20.

Import of rough diamonds during April-June 2020 too dipped by 82.7 per cent to USD 481.65 million. and coloured gemstones.

As per the data, gold jewellery exports during the rst quarter of 2020-21 declined by 79 per cent to USD 321.24 million.

Similarly, outbound shipments of coloured gemstones contracted 80.56 per cent in the

The Newly-appointed GJEPC Chairman said he will focus on promoting ease of doing business for the sector as it would help in pushing manufacturing and exports both.

JNI-JULU-AUG’2020-27

PRIME SUPPORT

FM discusses critical issues with GJEPC leadership in video meet

G

JEPC chairman Colin Shah, vice chairman Vipul Shah, and executive director Sabyasachi Ray held a video meeting with the Hon’ble Finance Minister, Smt. Nirmala Sitharaman, on 6th July, and made a presentation on the critical issues concerning the gem and jewellery industry with the Finance Ministry.

She was surprised that issues like allowing sales in the Special Notied Zone (SNZ) have not been addressed so far, defeating the very purpose of setting up an SNZ. Likewise, for GST-related issues, she said that these matters need to be taken up in the meeting of the GST Council, and should be strongly pursued by GST Council members from Maharashtra and

Gujarat.

Smt. Sitharaman appreciated the focussed presentation on the gem and jewellery sector made by the chairman and assured to look into all the points raised. She requested for a copy of the presentation to be submitted to her Addl PS, Mr. Vivek Singh.

The Finance Minister informed GJEPC that she will hold a Review Meeting with concerned secretaries and senior ofcers after 15 days to address the issues raised.

The meeting ended with the chairman thanking the FM for her

valuable time and her interest shown in the gem and jewellery sector. The chairman also appreciated the Finance Minister’s directive for a Review meeting after 15 days.

GJEPC donates over Rs.75 lakh towards Covid-19 Isolation ward at Surat hospital

T

he GJEPC continued its charitable work in the ght against Covid-19 by offering nancial assistance (through the Surat Diamond Association) to the SDA-Diamond

Hospital & Medical Research Center (Matrushree Ramuba Tejani & Shantaba Vidiya Hospital for purchasing medical equipment for an isolation ward.

28-JNI-JULU-AUG’2020

The nancial aid has enabled the hospital to acquire ventilators, ICU beds, and multi-parameter patient monitors among other equipment.

parameter patient monitors Rs.8,12,500; and four ICU beds – semi-auto, four adjustable cardiac tables, and bed mattresses for ICUs worth Rs.3,95,158.

In a letter, the hospital informed that it had no dedicated ward or equipment to provide healthcare services to the people affected by Covid-19.

GJPEC has donated Rs.75,42,378 ($101,085) to the Surat Diamond Association (SDA) to full the requirements of the hospital.

Apart from undertaking a host of initiatives and helping organisations and people during this pandemic, GJEPC has donated Rs.21 crore to the PM CARES Fund to support the country’s efforts to combat the pandemic and provide relief measures.

With the money donated to SDA, the association has been able to procure two ventilators (AdultICU) worth Rs.29,41,120; two ventilators (Neonet-NICU) worth Rs.33,93,600; four multi-

The GJEPC Covid Fund for karigars is being transferred in the form of Direct Benet Transfer (DBT) into the bank accounts of daily wage workers of the gem and jewellery industry.

GJEPC is initiating this scheme directly on its own, and has received more than 70,000 applications from across India. www.jni.co.in

PRIME SUPPORT

Falling sales are making jewellery manufacturers think twice about rehiring migrant artisans

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igrant gold artisans who had returned to their hometowns during the lockdown now want to go back to their workplaces, but many jewellery manufacturers are not keen on their return as the business has shrunk drastically.

Jewellers are ready to take them to work only if they take half of their salaries for at least three months till Diwali, when the industry is expecting sales to pick up.

Surendra Mehta National Secretary, IBJA

“Manufacturers in Mumbai have said they are not willing to increase their overhead cost. Sales have nosedived and they are not ready to increase production cost,” “Manufacturers in Mumbai have said they are not willing to increase their overhead cost.

Sales have nosedived and they are not ready to increase production cost,” told Surendra Mehta India Bullion & Jewellers Association national secretary.

Most of the artisans, or karigars, who work at jewellery 30-JNI-JULU-AUG’2020

manufacturing hubs in the country hail from West Bengal.

The major hubs are Mumbai, Kolkata, Rajkot, Coimbatore, Ahmedabad, Thrissur, Junagadh, Jaipur, Bengaluru, Hyderabad and Delhi.

“The outright sale of jewellery has nosedived to 5% of the preCovid level,” All India Gem & Jewellery Domestic Council chairman Anantha Padmanabhan said. “Consumers who have some pressing need to buy jewellery are coming to stores. And those who have deposited money in monthly gold-purchase schemes are coming to take jewellery against their deposits. Otherwise, no customers are coming as they are afraid of getting infected with the coronavirus,” he said.

“We have told the artisans that we can offer them half of their salaries for the next three months. We are hoping that by Diwali things will bounce back and people will come out to buy,” Padmanabhan said. “There is a lot of pent-up demand in the market. We will increase their salaries to the normal level by then.”

Some gold artisans have returned to Bengaluru, Coimbatore and other places in search of work, said Ashok Bengani, the president of the Calcutta Gem & Jewellers’ Welfare Association. Nearly 400,000 artisans have returned to Bengal from different jewellery manufacturing hubs after the lockdown was declared.

Anantha Padmanabhan - Chairman All India Gem & Jewellery Domestic Council

“We have told the artisans that we can offer them half of their salaries for the next three months. We are hoping that by Diwali things will bounce back and people will come out to buy,” for space at the park. “Each will be given 500 square feet of space to set up manufacturing units.

The park also houses big jewellers like Tanishq, Malabar Gold & Diamond and Senco Gold & Diamond. They can buy the jewellery from these artisans. Also, we will help them to sell their products to other jewellers like GRT Jewellers,” Bengani said.

Bengani said 22 artisans had so far submitted applications www.jni.co.in

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NEWS FOCUS

WGC Expects India’s H2 Consumer Demand To Remain Soft

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nvestors have embraced gold in 2020 as a key portfolio hedging strategy, said the World Gold Council (WGC) in its latest report titled, Gold mid-year outlook 2020: Recovery paths and impact on performance. In its gold market outlook released on 14th July, WGC examines how the combination of high risk, low opportunity cost and positive price momentum looks set to support gold investment and offset weakness in consumption from an economic contraction.

The WGC said that gold had a remarkable performance in the rst half of 2020, increasing by 16.8% in USdollar terms and signicantly outperforming all other major asset classes. By the end of June, the LBMA Gold Price PM was

trading close to US$1,770/oz, a level not seen since 2012, and gold prices were reaching record or near-record highs in all other major currencies.

The WGC informed that the

Indian economy slowed to an 11year low of 3.1% in Q1 2020. In order to stimulate the economy amid the Covid-19 outbreak, the Reserve Bank of India (RBI) cut

interest rates by a cumulative 115bps in H1 2020 and the Central Government, along with RBI, provided an economic package of Rs.20.97 trillion (US$278 billion).

WGC said it expects consumer demand in India in the second half of 2020 to remain soft due to reduced economic activity, concerns about increasing unemployment, and income erosion. However, additional economic packages from the government and a forecasted positive monsoon season could help soften the negative impact of an economic deceleration. “Additionally, we expect investors to turn to gold as a means of hedging as we have seen in the rst half of this year,” it added.

To employ migrant workers, GJ industry plan to set Jewellery Park in Uttar Pradesh

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o generate local employment for thousands of jewellery artisans who have returned to Uttar Pradesh, the industry has proposed to set up a jewellery park in the state where jewellers, largely unorganized, together consume more than 40% of the silver imported into India.

After the lockdown triggered reverse migration, Lucknow began mapping the migrant labour. That exercise showed that a large number were jewellery artisans.

The centuries-old silvery jewellery industry of the state, immortalized in the Bollywood number on Bareilly’s jhumkas(ear pendants), has not been able to harness its potential due to the lack of infrastructure facilities that come with organised trade.

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The approximate turnover of the silver jewellery business in Agra is more than Rs 10,000 crore as the city consumes about 2,000 tonnes of the white metal every year.

Agra-based Rishabh Singhal, one of the largest bullion traders in the country, said: “Of all the silver that is imported into India, Agra uses about 40% to make the most intricate anklets based on the traditional Moghul designs and using gems and mina work. The city also supplies the anklet base to other jewellery hubs like Selam, Rajkot etc in the country, which in turn use them for making anklets with local designs. The city houses some big jewellery exporters, while

the small entrepreneurs thrive in its tiny lanes.”

Nitin Kedia, general secretary, All India Jewellers and Goldsmiths Federation, said: “A Jewellery Park located between Agra, which is the hub of jewellery manufacturing, and Lucknow, which has an airport, will help in giving the industry various crucial services like banking, polishing, cutting, nding purity and many others under one roof.”

Singhal said that one of the biggest issues facing the jewellery industry in Agra is the management of the safe distribution chain of silver. The metal is imported by 15 RBI approved banks in the country at two locations; by air at Delhi and by sea at Chennai. www.jni.co.in

NEWS FOCUS

COVID-19 Jewellery retailers take up : digital channel to boost sales impact

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ewellery retailers in India are re-evaluating their brick and mortar business model and implementing omni-channel approach with an enhanced digital strategy to boost sales, says a report.

The World Gold Council in a report titled ‘Online gold market in India’ said the COVID-19 disruption has caused jewellery retailers in India to re-evaluate their existing business model and noted that online retail adoption accelerated during COVID-19 across categories.

“Though relatively nascent at 1-2 per cent, the online gold market in India is witnessing an enormous push from both digital players who see this as an opportunity and large jewellers who see this as a necessary supplement to their brick and mortar model,” WGC Managing Director, India, Somasundaram PR said.

He further said, gold jewellery retailers need to improve the endto-end jewellery purchase experience and establish the ‘loyalty loop’ with consumers.

The online gold market in India

accounts for just 1-2 per cent of overall gold sales in terms of value and during the third quarter calendar year 2019, only 17 per cent of urban gold jewellery purchases and 3 per cent of rural gold jewellery purchases were made online, the report stated.

“Jewellery buying, on most occasions, is a well-planned, family decision involving months and years of savings, therefore, online experience has to reect this long-term engagement and cannot sustain as simple transactional market-place,” Somasundaram said.

He further noted that for retailers, creating a seamless experience integrating ofine and online channels will be critical to attract more consumers and differentiate between online gold buying and buying a gold ETF (electronic traded fund).

The report further said that consumers between 18 to 45 years account for 70-80 per cent of online sales, while those over 45 years account for 20-30 per cent.

The average ticket size of online gold jewellery purchase is Rs

“Jewellery buying, on most occasions, is a well-planned, family decision involving months and years of savings, therefore, online experience has to reflect this long-term engagement and cannot sustain as simple transactional marketplace,” 25,000-30,000 and is purchased for daily wear (50 per cent) and festivals or gifting (50 per cent), the report said adding online sales of gold bars and coins are popular during auspicious festive

days like Akshaya Tritiya and Dhanteras.

Some of the barriers for online gold sales that prevent potential buyers from completing online purchase include, desire to hold or touch the product, to have the product right away, returns policy worries, price concerns, lack of awareness and understanding about Internet Investment Gold (IIG) in India, the report said.

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www.jni.co.in

INDUSTRY AROUND

Titan jewellery sales ‘better than envisaged’ during June quarter

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itan, the leading organised player in the gold jewellery business, has said its jewellery division revenue in May and June were at slightly below 20% and around 70% compared to the corresponding months of the previous year in a quarterly update for FY21.

The recovery in the division has been “better than originally envisaged” on the back of higher share of wedding jewellery sales (despite the deferment of many weddings), good sales coming from GHS scheme, and investment led demand leading to higher gold coin sales. The contribution from Gold exchange scheme was not unusually high and remained in line with last year,” the company said .

Titan added that Average ticket prices had gone up led by higher wedding jewellery and higher gold prices. As the gold prices have been rising continuously for last year, the division has also launched a ‘Gold rate protection scheme’, whereby customers can purchase gold coins and exchange the same at any store for jewellery at the prevailing rate until 30th November 2020, for a full refund of the

making charges paid on the coins.

The division has re-opened around 95% of its Tanishq stores till date. However, operations of stores tend to get disrupted as and when local governments enforce lockdowns.

The Titan stock traded at at Rs 1016.5 apiece on the NSE at the time of writing.

The jewellery division of the company that includes brands such as Tanishq also sold gold in the bullion market worth Rs 610 crore at market rates to “optimize” inventory levels.

Store re-opening and sales recovery is better in nonmetros, on the back of lower impact of the pandemic there. Studded share has been lower, primarily due to better recovery in plain gold jewellery sales, investment led demand and lower sales contribution from the key metro markets which normally have better studded ratio.

Sotheby’s Hong Kong Magnificent Jewels Sale Totals $56.4 Million

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otheby’s agship Hong Kong Magnicent Jewels auction on 10th July fetched a total of $56.4 million with two fancy heart-shaped diamonds taking centre stage.

A 5.04-carat fancy vivid blue diamond ring, Type IIb, from a private collection, sold for $10.55 million ($2.09 million per carat), nearly 9% above its higher presale estimate of $9.7 million. An internally awless 4.49-carat fancy vivid pink diamond fetched $8.12 million ($1.81 million per carat), below its higher pre-sale estimate of $8.8 million.

Wenhao Yu, Deputy Chairman, Jewellery, Sotheby’s Asia, said, “Today’s results are a clear indication that the appetite for top quality jewels in Asia remains undiminished. The hottest colour

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provenance, including a diamond bracelet gifted to Princess Margaret, the Queen’s sister, on her 21st Birthday. Made by Garrard & Co., the antique bracelet soared over its higher estimate of $64,500 to sell for $209,674.

diamonds in the most romantic of cuts and settings proved irresistible, with the pair of fancy vivid pink and blue rings taking top billing as the stars of the show, while ‘imperial jadeite’ attracted strong interest from international collectors.”

Originally scheduled for May, the Hong Kong sale featured exceptional property with noble

Yu noted, “For a couple of years now, young and established collectors in the region have shown a growing interest in jewels with a royal connection and steeped in European history, and this was conrmed today, as they faced erce competition from bidders around the world for Princess Margaret’s 21st birthday bracelet. This spring we have seen a resilience in the jewellery market, as collectors demonstrate their eagerness to transact with us in both new and traditional ways,” www.jni.co.in

INDUSTRY AROUND

Rio Tinto’s Q2 Diamond Output -5% To 4.23 Million Carats 11% reduction in recovered grade, partially offset by higher tonnes mined and processed.

Preparation continues for the safe cessation of Argyle operations before the end of 2020 and closure activities commencing in 2021, Rio Tinto added.

R

io Tinto’s Q2 2020 diamond production declined 5% to 4.23 million carats on a year-on-year basis, but rose 23% compared with Q1 2020.

At the Argyle mine in Australia, carat production was 1% lower, at 3.27 million carats, than the same period of 2019 as a result of an

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At Diavik in Canada, 963,000 carats recovered in the second quarter of 2020 were 19% lower than the second quarter of 2019 due to lower processed tonnes and lower grade in the underground.

“We continue to execute our value over volume strategy to match market demand during a challenging period for the industry,” the company noted.

www.jni.co.in

INDUSTRY AROUND

Diamonds Embark on a Journey of Luxury with The Natural Diamond Council

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he world’s leading diamond producers today launched the Natural Diamond Council (NDC), formerly known as the Diamond Producers Association (DPA), in USA and Europe. The NDC will promote the desirability of natural diamonds and support the integrity of the natural diamond jewellery industry. The NDC will also reposition its consumer identity (formerly known as ‘Real is Rare, Real is a Diamond’) under the brand name ‘Only Natural Diamonds’ (OND). As an industry authority, the NDC will continue to invest in advertising globally but will also become the go-to digital publisher for innovative content covering all that’s new and exciting in the industry. ‘’The current economic climate creates unprecedented challenges for the luxury industry. But, as the climate improves, natural diamonds will connect stronger than ever before.

Consumers will have a greater respect for all things natural and seek brands that have an honest mission to be truly sustainable. They’ll be purchasing luxury goods with a greater meaning, particularly those celebrating connections between friends and loved ones,” said Natural Diamond Council CEO, David Kellie. “We need to speak to the younger audience in a different way and we’re delighted to have brought in a number of partners that will contribute to the new world of natural diamonds we’re creating.”

Richa Singh, Managing Director, India, said: “Our endeavour is to www.jni.co.in

Diamond Producers Association (DPA) rebrands itself with a new consumer-facing identity and digital platform called ‘Only Natural Diamonds’ create the natural diamond dream in India by being both emotionally and culturally relevant. In India each piece of jewellery we buy has strong meaning and emotions attached to it. Through our marketing initiatives we want to reinforce the legacy and heritage of natural diamonds, by inspiring and educating consumers about the wonders of these glorious jewels and the integrity of the diamond industry, and we will achieve this with a digital rst strategy’’ In India, the focus is on the consumer platform. The change from the previous campaigns under ‘Real is Rare. Real is a Diamond’ is led by the launch of a consumer-facing website www.onlynaturaldia monds.in, and supported by a digital platform for retailers of natural diamond jewellery, www.naturaldiamond council-access.com.

The portal offers retailers an opportunity to become natural diamond ambassadors. Once they are conrmed as ambassadors, they will get unlimited, free access to best-in-class marketing assets that can be leveraged instore and on digital platforms.

The OND website, which will have a mix of Indian and international content, will also dedicate signicant coverage as a trusted educational hub providing all the facts needed when considering buying diamond jewelry. Areas of focus will

include access to the sustainability and ethical practices of the producers as well as buying guides, all presented in a dynamic and engaging tone. The website offers insightful coverage under six key pillars connecting the natural diamond world - ‘Epic Diamonds’, ‘Hollywood & Pop Culture’, ‘Love & Diamonds,’ ‘Style & Innovation,’ ‘Diamonds 101’ and ‘Inside the Diamond World.’

“There is no task more important than inspiring consumers with what we call ‘the Diamond Dream,’” said Stephen Lussier, Chairman of the NDC. “Our mission is to educate consumers on the industry and positive social contribution diamonds make to the world today. Our members are committed to these goals and the launch of the NDC marks an exciting step on this path.”

The NDC launch reects the collective commitment of its members, ALROSA, De Beers, Dominion Diamonds, Lucara Diamond, Petra Diamonds, Murowa Diamonds and Rio Tinto, to the growth of the industry going beyond the current economic crisis.

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INDUSTRY AROUND

De Beers Group Appoints Sarah Kuijlaars As CFO

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e Beers Group announced the appointment of Sarah Kuijlaars as Chief Financial Ofcer, effective from 1st September. Sarah will join the De Beers Group Board and Executive Committee.

Sarah was previously CFO of Arcadis NV, a leading global design and engineering consultancy, with a listing on the Euronext Amsterdam Stock Exchange. Prior to this, Sarah was Deputy CFO at Rolls Royce Holdings plc, and held a number of senior nancial leadership roles during a 25-year career at Royal Dutch Shell plc. She has worked in several geographies including Nigeria, Russia, Brazil and the Middle East. Sarah is also a Non-Executive Director at Aggreko plc, a leading

Committee and look forward to working closely with her as we continue to deliver our transformation agenda.”

Sarah said: “I’m very pleased to be joining De Beers Group and the diamond industry. I look forward to working with the leadership team and colleagues and partners around the world to help deliver the company’s strategy.” international provider of mobile modular power, temperature control and energy services.

Bruce Cleaver, CEO, De Beers Group, said: “Sarah is a proven leader and has a strong track record built with a number of world-class multinational businesses. I’m delighted that Sarah is joining the De Beers Group Board and Executive

Sarah has a Mathematics degree from Oxford University, is a Fellow of the Chartered Institute of Management Accountants (FCMA) and an Associate member of Corporate Treasurers.

Sarah’s appointment follows the resignation announcement of Nimesh Patel on 2nd April, who will leave De Beers Group on 26th July.

Christie’s Paris Fine Jewels Sale Achieves $5.23 Million

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hristie’s said that its Paris Fine Jewels sale on 8th July fetched a total of $5.23 million and witnessed global participation with buyers coming from 30 countries across ve continents. The auction house noted that the sale conrmed strong interest for ne jewels, including those coming from Place Vendôme.

The top lot of the sale was a poetic sapphire, diamond and ruby desk clock by Van Cleef & Arpels coming from Jacqueline Kennedy Onassis’ personal collection, which sold for €310,000, almost eight times its pre-sale estimate, after a bidding

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battle between ve telephone bidders.

Collectors displayed enthusiasm for creations signed by the prestigious names such as Cartier; a beautiful diamond ring sold for €175,000 and a rare Art Déco emerald and diamond bracelet from Chaumet sold for €92,500. Further highlights included a sapphire and diamond ring by Verdura (pictured here) which sold for €274,000 and an emerald and diamond necklace by Van Cleef & Arpels that was sold to a buyer on Christie’s Live for €81,250, doubling its pre-sale estimate. www.jni.co.in

INDUSTRY AROUND

India Good Delivery (IGD) rules For Gold Bar

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or all these years, there was complaint from Jewellers regarding purity of Gold Bars in our country. IBJA as a prudent body decided to look in to this matter and it was found that many Gold bar Produced in the country oat out of non NABL and non-BIS certied reners. The Purity of these bars have been compromised by Such illegal reners which is not only damaging the reputation of the industry but also damaging jewellery manufactured by the jewellers. IBJA received numerous complaints regarding such gold bars.

Various meeting was held with Gold bar producers and it was noted that there is no effective law in the country to punish such gold bar producers who are compromising on purity of gold bar.

We at IBJA, always wanted a permanent solution to this problem. To nd solution to these problems a committee was formed in year 2017 under the banner of IBJA which consist of following organisation.

World Gold Council | India Gold Policy Centre| Association of Reners | Indian Association of Hallmarking | Commodity Exchanges | Bullion Banks Various meeting was held and it was decided that on the line of London Bullion market Association (LBMA), we should come out with Indian Gold standard (IGD) for gold bars and submit the same for industry comments. The draft for IGD was prepared on line of LBMA approved gold bars and it was sent to all stakeholders for their comments. The suggestion and comments received on such draft was duly incorporated in the nal Draft and the same was sent to Bureau of Indian Standard (BIS) for their approval.

However, the battle was not easy as it took almost 30 months to convince BIS for need of IGD. Finally, BIS accepted the draft submitted by above committee in toto. Thereafter, BIS notied standard IS 17278:2019 for delivery of gold applicable from 28th December 2019 vide its notication dated 15th January 2020.

This notication sets the standard for purity, form, provenance of gold bars and the way in which they are manufactured and delivered. The technical specication in terms of Purity, Fineness, Shape and size etc. were specied in the IGD. Once this approval was received, IBJA as a part of product advisory committee and Gold standard committee of the various exchange enforced that IGD is accepted by the Commodity exchange. Till then, only LBMA approved gold bars were accepted at the Exchanges in form of delivery. Other Gold Bars, which were not of LBMA standard were not accepted www.jni.co.in

CA Surendra Mehta National Secretary -IBJA by the exchange as they were not comfortable with purity standard and other KYC requirement of Indian Rened gold.

The matter was referred to Securities exchange Board of India by various exchanges apart from IBJA. The webinar meeting held by SEBI ofcials and IBJA during lockdown also raised this issue and that probably convinced them with IGD and exchanges were given go ahead to accept IGD as per rener’s standard set out by respective exchange.

So eventually, Exchanges are now ready to accept IGD subject to reners Audit. Some of the exchange have already appointed IBJA to carry out Technical and nancial Audit of Such reners who will produce IGD for gold bars in terms of NABL and BIS laws.

Once, these IGD roll out in the Commodity exchange, there would be clear distinction between exchange tradable gold bars and non-exchange gold bars. It is needless to mention that there will be zero tolerance in terms of purity of these approved reners whose gold bars will be allowed to be traded on the exchange. This would completely resolve the issue of impurity of gold bar and there would be an authority also to decide in case of any deviation.

This would also lead to zero discount on these exchange tradable bars and would put others non exchange tradable bars at huge discount. This will gradually end the market of gold bars made locally which are not tradable on the exchange as we are all set to see new era of India good delivery.

These standards will also reduce our dependence on imported Gold and gradually we will see that even banks are accepting and delivering IGD gold Bars.

This would even help Gold Monetization to great extent and also make way for export of gold bar from our country.

JNI-JULU-AUG’2020-41

MARKET REVIEW

Gold has rallied but do you have investments other than jewellery and coins Gold prices have worked out very well for the Indian household whose affinity for the metal is well known. But it is important to segregate that from financial Gold.

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midst the pall of gloom that the COVID-19 pandemic has cast on almost every investment class, there’s one asset that has shined through and that’s precious metals.

Gold prices have seen an unprecedented rally not just amidst this period of uncertainty but even prior to that and demand value of Rs. 50,000/10 grams on the MCX. Silver too has joined the rally, albeit a bit later.

Indians afnity to Gold has worked out in their favour. However, most of the Gold with Indians is in jewellery form with sentimental value attached as opposed to being in investable form. The former cannot be used to prot from this rally. It’s imperative for Indians to segregate consumable Gold (i.e. in the form of jewellery) from investable or nancial Gold.

KEY HIGHLIGHTS ®

A prudent practice in investing is buying low and selling high. But with Gold at Rs. 50,000, should you start your investments now? Yes

®

Gold Mutual Funds, Sovereign Gold bond schemes are some of the best ways to invest in Gold and one should consider staggering their investments in them, like a SIP!

®

Remember, your investment in Gold is more of a hedge for your portfolio and will act as a diversication tool

Below are some ways of investing in Gold: Gold ETFs or Gold Mutual Funds: Gold ETFs are listed on the exchanges and is basically a Mutual Fund. They are traded on the exchange as per the prevailing market price of Gold and hence investors can buy and sell them at close to the market prices. Being paper Gold, one does not have to worry about storage, safety, purity and they provide ample liquidity. Gold ETFs, however, are taxed at 20% after indexation if held 42-JNI-JULU-AUG’2020

www.jni.co.in

MARKET REVIEW for over 3 years.

Sovereign Gold Bond Scheme: This one is a favourite among personal nance experts as it is one of the few ways to earn a regular income from Gold, enjoys some tax benets and comes with government backing. The drawback, no liquidity!

The tenure of these bonds is 8 years with an exit option available from 5th year onwards. The xed interest of 2.5% is paid out and on maturity, the investor is paid as per the market rate of Gold. If held to maturity, no capital gain tax is imposed.

The minimum investment is 1 gram and the maximum is 4 kgs for individuals. The RBI issues these bonds in tranches. The next tranche will be available between 3-7 August 2020.

Gold monetisation scheme: One way of putting the idle Gold lying in your home lockers or bank lockers to work is by participating in this scheme.

Gold on yourself does face the risk of theft or loss.

Instead, you can deposit the Gold lying with you with designated banks and earn interest on the same! Minimum Gold to be deposited is 30 grams.

You can withdraw the physical Gold only if you deposited for the short term wherein you can withdraw either the Gold or its value prevailing then. If you deposit for the medium or long term, you will be paid the value and cannot withdraw

your Gold. In the investing world, it’s a prudent practice to buy low and sell high. But with Gold prices now nudging the Rs. 51,000 mark, should you invest now? Firstly, one must look at Gold as being a hedge in the portfolio, a portfolio diversier if you will since Gold and equities tend to move in opposite directions. Additionally, for those who have not yet invested in paper Gold, do so in a staggered manner, in a SIP form. Invest small quantities over a period of time until they form 7-10% of your overall portfolio.

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OPTICS / JEWEL / PEN LABELS

CLEANING MACHINE

REGD OFFICE : Kohinoor City Mall, 1st Floor, Shop No. F-69, Near Kamani Kurla, Kirol Road, LBS Road, Kurla (W) Mumbai - 400 070 Ph. No. 25030666 / 25040666 / 25030888

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JNI-JULU-AUG’2020-43

MARKET REVIEW

Silver Investment Demand up 10% in H1 2020

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nvestors ocked to silver-backed exchangetraded products and silver bullion coins in the rst half of this year, according to a report released by The Silver Institute, an association of silver producers, reners, manufacturers and dealers focused on promoting the metal.

Investors actively accumulated silver in the rst six months of the year, leading to a 10% 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 $16.65 through to the end of June. Having fallen sharply in mid-March,

“In June, we commissioned a consumer research survey where respondents were asked to evaluate pent-up consumer demand due to the Covid-19 pandemic. The results were very positive, with 64% of consumers surveyed saying they were planning to purchase belated jewellery gifts and over 50% indicating it would be silver jewellery.” forecasts an annual decline for global silver jewellery fabrication of just 7% against a projected 25% slump for gold.

the silver price has since recovered strongly, rising by 56% to reach $17.84 at end-June; it has since broken through the $18 barrier. Retail and institutional inows into silver ETPs have been impressive this year. As of June 30, global holdings reached a fresh all-time high of 925 million ounces (Moz), which is roughly 14 months of mine supply.

Michael Barlerin, director of the Silver Promotion Service (SPS), an arm of the Silver Institute focused on stimulating demand for silver jewellery in major international markets, stated, “In June, we commissioned a consumer research survey where respondents were asked to evaluate pent-up consumer demand due to the Covid-19 pandemic. The results were very positive, with 64% of consumers surveyed saying they were planning to purchase belated jewellery gifts and over 50% indicating it would be silver jewellery.”

Retail bullion coin sales jumped by an estimated 60% year-on-year. Silver bar and coin sales surged in response to a deteriorating economic outlook linked to the global Covid-19 pandemic, leading to some supply-chain disruptions.

Looking ahead, silver jewellery is expected to weather the storm far better than other precious metals this year. This is due to the relative affordability and greater suitability to online selling of silver jewellery. Metals Focus, the independent precious metals consultancy, 44-JNI-JULU-AUG’2020

www.jni.co.in

MARKET REVIEW

Imitation jewellery industry seeks 35% duty on Chinese imports to boost local production

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ndian imitation jewellery industry has urged the government to increase import duty on Chinese imitation jewellery to 35% and take steps to stop under invoicing of imported jewellery to help reduce imports from the China and boost make in India.

In a representation to union micro, small and medium enterprises minister Nitin Gadkari, Imitation Jewellery Manufacturers’ Association expressed interest in developing imitation jewellery clusters in Gujarat, Maharashtra and West Bengal, and said mass production of imitation jewellery will help create one million jobs in a short span of time.

“We are capable of manufacturing all types of jewellery in our country to cater domestic as well as international markets,” said Nagendra Mehta, secretary of Mumbai-based IJMA. “The MSME minister is also willing to provide us land to set up imitation jewellery clusters,” he told ET. China has captured 3540% of the Rs 35,000crore imitation jewellery market in India with its cheaper products.

Mehta said the association in its representation on Friday urged the minister to ban imports of imitation jewellery if possible, as it is non-

essential commodity. If that is not possible, then the industry wants the import duty be raised to 35% from 15% now, and check under-valuation by levying custom duty on weight basis.

“We have urged the minister to x minimum rate (valuation) of imitation jewellery on per kilogram basis depending on the base material, kind of electroplating surface nishing and other value additions,” he said. “In order to prevent dumping of cheaper goods from China, the minimum valuation of the jewellery should be xed at Rs 2,000-2,500 per kg. There is an immediate need for fair valuation.”

Imports of Chinese jewellery has hardly taken place even after most lockdown restrictions on movement of goods were removed in early May as containers are stuck in different ports of the country, industry insiders said.

“Those are containers for which the orders were placed before Covid-19,” said Rajesh Chheda, partner at imitation jewellery rm Tip Top Point.

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www.jni.co.in

PRIME SUPPORT

GJNRF extends a helping hand during Covid 19 Pandemic GJNRF distributed 26000 masks (including N95 wherever required), 20000 PPE gowns, 200 PPE kits, 20000 goggles, 20000 gloves, 12000 litres of sanitisers, 960 Covid testing kits, 50 Infra digital Thermometers, 50 Oxymeters to various Hospitals and zonal Police stations

W

henever there is a crisis, Gems & Jewellery National Relief Foundation (GJNRF) has been quick to respond and has come forward to help the needy people.

This time around, during Covid 19 Pandemic, GJNRF is working with the guidance and advise of Maharashtra Govt. and BMC for the charity work in Mumbai.

GJNRF has been reaching out to people who are the most affected, which include daily wage workers, migrants and hospitals with lack of equipment.

Shri Sanjay Kothari, Chairman, GJNRF said, “The core objective with which this foundation GJNRF was formed back in 1999 was to help the needy and their families in such difcult times.

Over the years, GJNRF has been generously supported by all the stakeholders of the gem and jewellery industry, and this time was no different. ‘Due to COVID19 lockdown, the industry was on a standstill and many have been affected due to job losses, nancial losses, etc. Fortunately, with the help & support of the donors, we have been able to reach out to the

needy at the right time. I would like to thank each & every member for their support. GJNRF plan to spend a good amount of money for the welfare of the artisans.”

With the support of donors, Gem & Jewellery National Relief foundation (GJNRF) have assisted people at large during this pandemic outbreak of Covid 19 which include:

5) Distributed ration kits/food to migrants at PEN in Raigad district.

Apart from this, GJNRF has also provided approx. 7000 meals in a few accessible areas like Zaveri Bazar, Mumbai, mainly catering to the migrant karigars from West Bengal.

1) Distribution of 26000 masks (including N95 wherever required), 20000 PPE gowns, 200 PPE kits, 20000 goggles, 20000 gloves, 12000 litres of sanitisers, 960 Covid testing kits, 50 Infra digital Thermometers, 50 Oxymeters to various Hospitals and zonal Police stations in Maharashtra and Gujarat.

2) 8 Dialysis machines have been donated to Hospitals in Mumbai 3) Ration kits were distributed to the Ratnakalakars at Dahisar, Palanpur, Visnagar, Botad, Surendranagar and Surat catering to approximately 110000 people for a month

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4) Meals as well as dry snacks were also distributed to 150000 migrants leaving from Bandra, Kurla, Vasai - Bhayender and Surat railway stations

GJNRF with the support of the BMC will be restructuring a wing at government hospital as a permanent structure. Talks are at an advanced stage with the Government of Maharashtra and BMC for instituting a temporary shelter cum-care centre for the COVID-19 patients to be made in Mumbai.

Further, GJNRF has plans to install latest Covid testing machine in police hospitals. They also will be supporting the Ratnakalakars by providing school/college fees and books for their children. The foundation is talking to hospitals in Saurashtra, Gujarat for providing medical facilities for Ratnakalakars and their families if required for longer period.

Taking the lead in supporting industry people and public at large shows the Humane face of gem and jewellery industry.

JNI-JULU-AUG’2020-47

PRIME SUPPORT

IBJA as

Jewellers fight Corona (JFC)

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he entire world has shaken up and so is India due to Corona pandemic. This has resulted in complete lockdown almost in 200 countries around the world and India is no exception to this.

India has also declared complete lockdown since 25th March 2020.

As our lockdown is extended 4th time now, we understand that life of people will go through radical changes and almost every business will suffer.

As a responsible 101 old association of bullion and jewellery, we immediately swing in to action to help the industry.

The task was not simple as we have ofces in 31 states across the country.

Immediately, we formed various committees to look after this. What we realised that we need to protect all the people in the supply chain and not only our members. The focus was to save the industry and trade and not only to save our members.

We immediately formed one unit under IBJA as “Jewellers ght Corona (JFC)”. The purpose was to involve entire supply chain affected people and not only bullion dealers and jewellers.

Going further, various committee were formed and assigned various jobs as per the point discussed above.

Our biggest challenge was to help the workers, who were back bone of the industry.

We immediately went into action and started calling all the manufacturer to ensure that they take care of karigar employed by them. Though task was difcult, almost all big jewellery manufacturers ensured us that they shall ensure minimum basic need of their karigar employed by them.

Secondly, we started calling up big contractors and took an assurance from all the contracts also that they shall also ensure minimum basic need of the karigar working under his contract.

Both this promises resulted in our focus being 48-JNI-JULU-AUG’2020

shifted to small karigars. We took special permission from police authorities and visited few of such places where karigars were staying. We found that most of this small karigars don’t have any money even to buy meals.

We immediately decided that we should distribute ration to them and not ready meal as food habits of all the karigars are not same.

We started involving Bengali karigar association for their verication of small karigar. The Ration were purchased and we started distributing ration and other daily food requirement to them.

Till today we have successfully distributed Ration equivalent to appx 5,00,000 meals in numbers to this karigars only in Mumbai. Various other daily pulses and masala requirement to cook food was also given to them.

The request than started coming even from police and other municipal authorities. We also covered them in in our daily Ration distribution as this authorities have been ensuring cleanings, sanitizing and securing our market.

The meals were distributed not only in Mumbai but nearby areas like Kalyan, Diva, Bhayender, Dombivali, etc where this work force is staying.

Apart from ensuring that no worker sleeps without food, we had a task of ensuring that our jewellers get back all their material which was with the karigars.

Hence, we immediately approached various state authorities including police and municipality and discussed the issue of collection of gold given to karigars by jewellers for manufacturing jewellery, who would otherwise migrate to their natives without handing over gold to jewellers.

We are truly thankful to entire state machinery which permitted karigars and jewellers to travel during lockdown period wherein all jewellers got back their material from the karigars. We could www.jni.co.in

PRIME SUPPORT systemically do the entire operation in one single day wherein nearly 4000 jewellers were able to open enter their shops during lockdown with special permission.

We also ensured complete Sanitisation of Zaveri bazaar area. We distributed Sanitisation machine free to each building in Zaveri bazaar area. distributed mask, gloves, and temperature machine and hand sanitizers to most of jewellers. If Zaveri bazaar area.

made more than 3000 more members even during lockout period thru digital mode.

We did various webinar for enhancing the knowledge of industry participant in which not only domestic people but internationally well-known people also participated.

We also arranged for Corona test of many police

We ensured that Gold business for commodity exchange and banks and NBFC works as an essential service even during lockdown as per Govt order. All gold commodity exchange and bullion banks and NBFC worked in full swings even during lockdown.

IBJA continued to give daily gold prices inspite of lockdown and this helped Government to generate 3000 crore thru sovereign gold bond. Needless to say that these bond were oated as per IBJA rates.

We ensured that entire area of Zaveri bazaar is safe and secured even during lockout. For which we got special permission from police department and BMC to repair and install few more cameras which were installed at Zaveri bazaar.

We also intend to start 24*7 medical facilities soon at Zaveri bazaar for benet of karigars. At IBJA, we

authorities.

We distributed Mask, Gloves, PPE kits etc. to various police and state authorities.

We also made payment for hospital buying medical equipment’s and consumables.

We also arranged for transport and rail facility for migrant labourers.

IBJA also donated an Ambulance with Oxygen facility to Shiv Sena Specially for Covid patients.

Diamonds Do Good® to support families of fallen healthcare workers due to Covid-19

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n deference to the devastating impact of Covid-19 on the healthcare community, Diamonds Do Good® (DDG), formerly known as Diamond Empowerment Fund, will support The Brave of Heart Fund in its 2020 grant giving.

The Brave of Heart Fund was created by New York Life Foundation and Cigna Foundation, which both provide seed money to start a national relief fund of monetary grants for eligible family members of frontline healthcare workers and healthcare volunteers who lost their lives because of Covid-19.

“While DDG’s mission is and continues to be beneting people in diamond communities and

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helping to share the stories of the positive impact of natural diamonds, these are unprecedented times. To help the families of those who are working to keep all of us safe from Covid19 is not only the right thing to do, it’s also another example of how the diamond industry has a benecial impact on the world at large,” says Anna Martin, DDG president.

Support will come from voluntary donations for Diamond Do Good’s upcoming 30th July Virtual Global Conference featuring perspectives on the future of the diamond industry by De Beers CEO Bruce Cleaver, Signet CEO Gina Drosos, Alrosa CEO Sergey Ivanov, Rosy Blue Managing

Director Russell Mehta, and Chow Tai Fook Managing Director Kent Wong.

The event is free, although donations to support the work of Diamonds Do Good and the Brave of Heart Fund are greatly welcomed. Donations of $50 or more will receive a Green Bracelet as a thank-you gift.

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AWARDS

JNA Awards 2020 Honourees announced online have achieved incredible feats in the past 18 months, irrespective of their size, location or business nature. I am also delighted to see rst-time Honourees from Africa and the Americas this year, further underscoring the JNA Awards’ unique role in bringing together the best and the brightest of the jewellery industry.”

The JNA Awards 2020 Judging Panel (From left to right) - Albert Cheng, CEO, Singapore Bullion Market Association and International Advisor, Shanghai Gold Exchange; Mark Lee, Research Director of Asia Pacific Institute for Strategy (APIFS); James Courage, former Chief Executive of Platinum Guild International (PGI) and former Chairman of the Responsible Jewellery Council (RJC); Nirupa Bhatt, Senior Advisor to the Gemological Institute of America (GIA) India; and Lin Qiang, President and Managing Director of the Shanghai Diamond Exchange (SDE).

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he ninth edition of the prestigious JNA Awards announced its highly anticipated list of Honourees across seven award categories at a webcast on Monday, 29 June, followed by an online panel discussion featuring industry thought leaders. The Awards’ rst-ever virtual event was wellattended by international jewellers.

A renowned awards programme organised by Informa Markets since 2012, the JNA Awards promotes sustainable advancement within the industry by recognising individuals and companies that have demonstrated excellence, innovation and best business practices – irrespective of the size and scale of their operations, elds of expertise and the geographical regions they serve.

In the last few weeks, the judges diligently assessed entries from 11 countries and regions across ve continents, selecting 32 shortlisted Honourees out of a highly qualied pool of nominees.

While Industry Innovation of the 50-JNI-JULU-AUG’2020

The independent judging panel consists of industry experts, namely, Albert Cheng, CEO, Singapore Bullion Market Association and International Advisor, Shanghai Gold Exchange; James Courage, former Chief Executive of Platinum Guild International (PGI) and former Chairman of the Responsible Jewellery Council (RJC); Lin Qiang, President and Managing Director of the Shanghai Diamond Exchange (SDE); Mark Lee, Research Director of Asia Pacic

Year continues to be the most popular category, the Awards saw a spike in the number of entries for Sustainability Initiative of the Year - further underlining the jewellery community’s commitment to the ‘Emerald Jewel Industry values of innovation and sustainability as Shortlisted for drivers for positive JNA Awards change.

Letitia Chow, ‘Manufacturer of the Year’ Chairperson of the JNA Awards, and Director of Business Development Jewellery Group at Informa Markets, commented, “This year has indeed been unusual, pushing us to be more adaptable, exible and creative in the face of extraordinary uncertainties. This impressive show of business agility has clearly been demonstrated by our Institute for Strategy (APIFS), roster of Honourees for 2020, and Nirupa Bhatt, Senior Advisor which consists of start-ups and to the Gemological Institute of well-established companies. They America (GIA) India. www.jni.co.in

INTERVIEW

CLOSER TALK:

Abdulvahap Filiz

Habergold media

Would you introduce yourself to our readers?

My name is Abdulvahap Filiz. I was born in Adana. Adana is one of the biggest city of the south of Turkey. I nished my education until high school in Adana. After i nished university in Istanbul and London. I have started to live in Istanbul. I am owner of some companies. Mainly, i am in jewellery and textile and media sector. I have worked in middle east and north african countries and Europa and America, India, Asia, Chine, Canada and Avustralia and Russia and Balkan countries right now. We are in many countries.

When did you decide to found Habergold media. What affected you to establish Habergold?

Habergold has been started to Pulish in 2010. It was a dream for me. when i visited jewellery sector in Istanbul. I saw a lot of magazine but there wasn’t any online media in sector. And They were publishing in local market.

All of jewellery wholesale and manufacturers and retailer in jewellery sectors knows theirselves. In that time, many manufacturers in Turkey tried to sell their productions to foreign countries. But they couldnt contact with customers easily because of they didnt know very well. After i saw this situation in jewellery sector. I decided to found Habergold as a jewellery media.

What is Habergold’s mission?

After i started to publish Habergold as a On-line news media. First of all, We saw that we need to publish Habergold in 3 languages, Turkish, English and Arabic. But later we have added 2 more languages, French and Russian. Right now, Habergold have been published in 5 languages. Why should we publish www.jni.co.in

Do you only run in the jewellery sector or are you also interested in other sectors?

Habergold in a few languages.

Because all jewellery Turkish manufacturers need to contact with jewellery customers easliy. we thought that what were we able to do for this or how could we provide contact each customers.

We are an on-line news media.

Because of we are an on-line news media, we should publish jewellery news from Turkish jewellery sector and we must translate these news to other languages to show the customers in jewellery sector of the other countries. and we have done that what we have thought until this time and we are still going on to do..

What is mainly habergold doing?

As i told before, Habergold produces news and publish them in different languages. Habergold provide contact between Turkish customers ( manufacturers, wholesale and retailers) and foreign customers of other countries but as on-line news, not products. Briey, we introduce customers to each other. They usually give as an interview and they give informations about their selves about what they make. Also jewellery customers of other countries send us their news and pictures and We publish in what language they want as Turkish, English, Arabic, French and Russian.

Before i published Habergold, i was publishing on-line news in different economic sector and political area in Turkey. Right now, we are mainly publishing economic news. i have a media company. its name is AFmedya.

Actually, we are a group companies.. we have a media companies (habergold, ekonomitimes, dunyatimes, kuyumhaberi and local media in Turkey is ellekhaber... before we had 17 medias. I cancelled some of thems because of i couldn’t make control... The control is very important in company management. Right now, we have 11 medias...) and second, we have jewellery companies also, one of them is Rasha Model (we are making master mould and rubber and wax...resin(fusion) wax and (casting wax) , Second of thems is Galatadiamond (we are making mounting and diamond rings and we also have as Galatadiamond etrade web site.), Third of them, we have a manufacturing companies is Elit Pro company. This is our company mainly make all orders that came from customers meticulously.

And also we have textile companies. we are making different clothes as Evening long wear, dress, Peshtemal, coat, sportwear, shoes and hometextile. we have textile e-trade also.. it will start to publish in near future.

Jewellery and Textile for women We think all things in the same line. when i give a clothe to a woman, also they should wear diomand ring or sets together. after that you are going to see that woman shines.

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NEW LAUNCH

Aisshpra Gems and Jewels launches ‘Hope Collection’

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he Hope Collection is rst of its kind Glow - in- Dark jewellery edit. It is crafted in 18k white and rose gold studded with ne cut diamonds with enamelling that makes the piece glow in the dark. Just like the saying ‘Every Dark Cloud Has a Silver Lining’ when donned this Hope collection will be that lining in your darkest days that India is facing right now.

As the glow technology used in these pieces charges up the enamel which makes them glow in the dark, similarly this range when adorned inspires us to believe in us, that we have immense power and positivity

within us that gives us the strength to be hopeful and ght this tough times. By believing in oneself one will glowingly survive the darkest days that this pandemic has led us to just like the enamel that glows in the dark when charged.

The oral motifs and the ne-cut diamonds in this range resonate the kindness and the spark that you hold within yourself respectively and the enamelling that makes the piece glow resonates with the power that you have in yourself to light up the hope and ght the toughest of situations that we are facing.

PNG Jewellers Announces the ShubhAarambh of this wedding season

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s excitement builds up towards the revival of the wedding season, coupled with high returns in gold investments, there has been a noticeable shift in consumer mindset towards the purchase of gold jewellery. At the same time it is well known that 80% of all marriages across the country have been postponed for the latter half of the year. This unique occurrence has created many hurdles for young couples who were scheduled to be tied in holy matrimony.

Keeping this in mind, Maharashtra’s leading Jeweller, PNG Jewellers has announced an innovative and unique wedding jewellery proposition to provide www.jni.co.in

customers with the necessary cushion to allow them to full their life long dreams.

Hence, the brand has launched the & Dajikaka Promise Plan 100'. In this plan, customers pay a minimum of Rs. 1,00,000/as a one- time advance booking.

On completion of 10 months, the

This collection comprises of pendants and earrings which is perfect for daily wear as it is subtle and elegant. It can be adorned for casual and social gatherings during the day or night, at work or for casual dinner with dear ones. It can be paired on traditional as well as contemporary outts as the designs of pieces are versatile.

customers can avail 100% off on making charges on their jewellery purchases.

Being mindful of the hesitation customers have to personally visit showrooms during the ongoing pandemic, PNG Jewellers will also conduct home showcasing as well as video call shopping to ensure buyers get an opportunity to browse through and choose the right jewellery for weddings! Availing this offer shall help customers plan their jewellery well in advance and ensure they derive the benets of the discounts on offer.

Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers said, & The & Dajikaka Promise Plan 100 has been launched with the endeavor of carrying the rich legacy of Dajikaka Gadgil, a pioneer in the jewellery industry, forward.

Investing in gold or buying one’s favorite jewellery is a dream for most people.

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NEW LAUNCH

Mia by Tanishq brings back

‘Lil Joys Sale’ life whether it’s virtual celebrations, reading a book and sipping on tea on a rainy day, reminiscing old travel trips or indulging in hobbies.

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ia, by Tanishq, one of India’s most fashionable jewellery brands today announced the Lil Joys Sale on all exclusive collections at Mia starting from 13th July to 31st August where customers can avail attractive discounts of up to 20%* on all Mia products. Celebrate little moments of joy with Mia’s fashionable and edgy collections that will lift your spirit and bring in hope and positivity in life. As Mia announces reopening of its retail stores, embrace every little moment of happiness by dressing up either for work based video calls, catching up with friends or at a cosy dinner date at home with Mia’s light weight jewellery.

Customers can also celebrate their special moments and indulge in gifting for their loved ones and select from a wide range of premium ne jewellery in 14 Karat gold with over 800 designs.

Mia offers a wide array of collections to suit different tastes and preferences, from quirky to classy and from elegant to chic.

There’s something for every women who believe in living in the moment and rejoicing little joys of

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The brand’s unique, minimal and extremely versatile creations are spread over a wide range of products comprising earrings, pendants, bracelets, rings, necklaces, bangles, chains and nose pins at attractive prices.

Fashioned for the women of today, Mia’s exquisite 14 Karat jewellery is a perfect blend of style and elegance that is easy on the pocket too at affordable prices.

Monsoon jewelery picks by Reliance jewels

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eliance Jewels showcased their curated picks for this monsoon season. Each jewel embodies poetry, romance, and elements reecting season’s mood featuring vivid and lively embellishment in shades of blue and pink. The oral accents in both diamonds and gemstones spruce up every exquisite design.

The intricately crafted collections include motifs such as leaves, blooming owers, and the ever graceful peacock design. Droplet designs and swirls are perfect across attires from traditional to contemporary wear. The exquisite collection boasts of purest gold, the nest diamonds, and precious stones, complementing the

dreamy season.

The collections exude charm and elegance especially the peacock-inspired pieces.

Perfect wear for the bridesmaid and bride relatives at weddings.

Each necklace, droplet, pendant, and bracelet of this collection is unique. Each handcrafted pieces cater to the diverse tastes of the customers.

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TREND NOW

Cartier’s

New High Jewelry Collection is

‘Supernatural’

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ewelry with ora and fauna themes dates back to ancient civilization.

These subjects, particularly ora, were especially prominent during the 19th century and the recreation of these plant and animal motifs remains a foundation of jewelry design. However, few jewelers have had such an impact on these themes as Cartier. This year, the Parisian luxury brand returned to this theme with a contemporary take for its latest high jewelry collection, which was unveiled earlier this month in Paris.

Called “Surnaturel” (Supernatural), the collection consists of explosive, abstract takes on water, ora and fauna. (In its literature Cartier spells the name as [Sur]naturel.) What is exceptional and www.jni.co.in

unique about Cartier jewels is that each piece has its own separate identity, yet one can immediately tell that it was created by the high jewelry brand.

This new collection keeps to this formula through its blending of wilderness with fantasy using diamonds, emeralds and sapphires combined with opal, kunzite, coral, aquamarine, beryl and quartz.

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TREND NOW

The necklaces are the most prolic pieces in the collection. The wildest piece is the Tillandsia white gold necklace featuring two oval-shaped green beryls totaling 163.97 carats, a 0.55-carat fancy yellow pearshaped, and a 0.53-carat fancy dark orangebrown pear-shaped diamond. Other materials in the necklace include rutilated quartz, brown pear-shaped diamonds, yellow rose-cut diamonds and yellow diamonds.

White brilliant-cut diamonds pavé cover the cone-shaped links along the neckline.

Then there’s the Gharial Necklace that uses unusual gem shapes, such as 20 octagonal-shaped emeralds from Zambia totaling 15.44 carats. Four of the emeralds in asymmetrical pairs are suspended from two tapered diamonds totaling 4.13 carats. Tapered, square-shaped and brilliantcut diamonds are used throughout the platinum necklace.

Another piece featuring Zambian emeralds is the Opheis white gold necklace centered with a 53.94 rectangular-shaped emerald with rounded corners, anked by two rectangular shaped diamonds totaling 5.42 carats, a 1.55-carat cut cornered triangular shaped diamond, with onyx, baguetteand brilliant-cut diamonds. The neck-piece consists of diamonds in a snake-like shape.

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TREND NOW

The Sinopé white gold necklace features ve oval-shaped sapphires from Madagascar totaling 39.22 carats. The neckline of the jewel is in a rounded wave pattern rimmed with lapis lazuli and paved with brilliant-cut diamonds.

Most of the necklaces have matching rings, earrings and bracelets. For example, the Sinopé white gold ring features diamond pavé and lapis lazuli layered in circular steps that climb to the main stone, a 5.03-caratoval-shaped Ceylon sapphire along with earrings paved with diamonds and lapis lazuli in a similar design centered with two oval-shaped sapphires from Madagascar totaling 9.22 carats.

The Hemis platinum necklace features a 71.08carat cushion-shaped kunzite, surrounded by opals, pink and white brilliant-cut diamonds in a bib-like layout.

There’s at least one timepiece in the collection: the colorful Panthère Tropicale wristwatch.

Two octagonal aquamarines totaling 12.71 carats and two octagonal blue tourmalines totaling 20.58 carats in various shade are the focal point of the bracelet. They are accompanied by onyx and brilliant-cut diamonds set into orange coral all mounted in yellow gold. The square diamond-paved dial in the center of this bejeweled timepiece is powered by a quartz movement.

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JNI-JULU-AUG’2020-57

TREND NOW

Jewellery influenced by architecture and geometry

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ewellery has always been an object of desire for women. If one looks beyond the shine, each piece has its own story to tell. From billionyear-old diamonds to ancient techniques, jewels are not just adornments, but a piece of art. Driven by passion, jewellery artists often take inspiration from objects around us. The inuence of geometry and architecture on jewellery designs is a classic case on point.

“Geometry and architecture around the world have always played a major role in designing our collections. The interplay of ornate structures and space has allowed us to create and bring to life our innovative designs,” says Leshna Shah, Founder & Chief Creative Director, Irasva.

From architectural spaces, geometric shapes to symmetrical patterns, the amalgamation of jewellery and art is becoming an ultimate trend. Let’s take a look at the jewellery designers and brands featuring these shapes and forms: Inspired by the royal city of Udaipur, Tanishq’s Virasat collection celebrates the city’s rich culture and heritage. The range offers unique designs inuenced by royal architecture like jharokhas, grand archways, interiors and even domes of the palaces.

58-JNI-JULU-AUG’2020

Inspired by the architecture and geometry patterns, Abhishek Rastogi, Head of Design, Jewellery Division, Titan Company Limited describes one of the pieces from the collection, “This ethno contemporary necklace has been carefully designed, encapsulating the highly detailed jharokhas of the grand City Palace. The intricate geometric lattices have been re-imagined in gold using the lasercut technique and further enhanced by the interesting use of square-shaped kundan to highlight the bordering pillars.

Unique artisanal stained glass- key to the Udaipur architecture, has been translated using the innovative cloisonné enamel technique in the seagreen shade.” www.jni.co.in

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www.jni.co.in

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JNI-JULU-AUG’2020-61

SHOW TIME

‘Jewellery & Gem Virtual Exhibition’ India’s rst B2B Online Jewellery Exhibition announces by Informa Markets association with Jewellery NET wedding season which is considered to be the best time for buying.

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nforma Markets in India (formerly UBM India), India’s leading B2B exhibition organizer in association with Jewellery NET, a B2B online community that brings together professional buyers & sellers in a comprehensive digital platform powered by the Jewellery group of Informa Markets announces the debut of ‘Jewellery & Gem Virtual Exhibition’ slated for 19-20th August 2020.

Stringent safety measures such as travel restrictions, and social distancing due to the ongoing pandemic has impacted the physical format of the exhibitions industry. To keep the momentum going, the ‘Jewellery & Gem Virtual Exhibition’ has been carefully crafted to consistently meet the needs of the Gems and Jewellery industry, enable professionals to sustain their critical business conversations and provide them with feasible solutions.

Supported by The Bullion & Jewellers Association, Maliwara Jewellers Association, Delhi and Meerut Bullion Traders Association, the Jewellery & Gem Virtual Exhibition will bring together renowned brands, consultants, business experts and key Government ofcials pertaining to the Gems and Jewellery fraternity under a common virtual platform. The visitor prole will include Jewellery wholesalers, retailers, importers & exporters, Jewellery manufacturers, Diamond, Gemstone, Pearl suppliers & traders, precious metal and 62-JNI-JULU-AUG’2020

Jewellery mounting traders and suppliers, and representatives from trade and governmental organisations, all congregating under one roof to meet, connect, network and grow their business.

The virtual show will also see participation from Indian States such as Maharashtra, Delhi, Gujarat, Tamil Nadu, Telangana, Uttar Pradesh, Jammu & Kashmir, Karnataka, West Bengal amongst others The expo seeks to be an unmatched platform for virtually sourcing, conducting business, exchanging knowledge and global market trends and most importantly, boosting the morale of a sector in times like these.

Moreover, it will feature pavilions dedicated to Gold, Diamond, Silver, Gemstones, Machinery and allied. It will be studded with a number of world-class features such as a Designer Gallery, showcase of 50,000 + Designs, Buyer – Seller Video Meets, Digital Showrooms, Product Launches, Knowledge Series to name a few. The virtual expo has been scheduled strategically before the main festive and pre-

Speaking on the debut of ‘Jewellery & Gem Virtual Exhibition’, Mr. Yogesh Mudras, Managing Director, Informa Markets in India said, ” We are thrilled to announce our rst virtual approach in the Gems and Jewellery space in the form of an exhibition for the industry. The show will be a leading-edge webbased platform that will ensure a grand display of luxury, variety of jewellery, insights, markets trends and networking

opportunities all congured through the touch of a ngertip.

Although the gems and jewellery industry is slowly swarming towards normalcy post the rst phase of unlock, consumer behaviour has changed drastically. This has forced the jewellery retailer community to transform themselves according to needs of their newly evolved customers. The Jewellery and Gem Virtual Exhibition is an www.jni.co.in

SHOW TIME effort to cater to these market changes and to offer an organised structure to conduct trade in the midst of crisis, setting an unparalleled standard for our buyer community, by giving them condence, variety, authenticity and transparency through this expo.”

The Gems and Jewellery sector is one of the champion sectors identied by the Government of India to provide hand holding for investors with a focus on improving India’s manufacturing capabilities. With Covid-19 being the single biggest factor altering and impacting the demand of Jewellery, the global Jewellery has hit its lowest in Q1 2020, dropping by 39%, according to the recent World Gold Council report.

For India, the demand dipped by 41% to an eleven-year low while local gold prices continued its upward trajectory in Q1 2020 surpassing previous historical highs. However, the Gems and Jewellery industry is crawling towards normalcy gradually and has witnessed some green shoots of recovery by 20-25% sales since unlock 1.0. While there is still uncertainty, with Indians, there is both an emotional and a rational intent to purchase Gold as it is a safe haven for investment. It is beyond just an embellishment and is considered as a symbol of security.

The virtual expo will be holding insightful seminars by Industry experts to discuss measures & precautions taken by the industry

to re-open during Covid , role of digital marketing in the Jewellery sector, Importance of hallmarking in Jewellery etc. The conference seminar has an interesting line of key representatives from the Bureau of Indian Standards, Jewellery Machinery Association, GIA to name a few.

The list of exhibitors this year include VK Jewels, SMR, Tanvi Gold Cast, Swarnshilp, JKS amongst others. As a kickoff, the Jewellery portfolio at Informa Markets in India that include shows like HJF and DJGF held a series of successful webinars that discussed Managing the Crisis, Mitigating the Impact with survival & revival strategy and North India’s Gem & Jewellery Industry: Charting a path from Challenges to Solutions.

Voice Vicenza, Over 300 Exhibitors At The Expo With Damiani, Roberto Coin, Crivelli, Fope And Unoaerre:

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rom high jewellery to fashion jewellery to watches, from gems to packaging and technology. More than 300 companies have decided to exhibit at VOICE Vicenzaoro International Community Event, the innovative format that Italian Exhibition Group is organizing to take place, live at the Expo Centre in Vicenza from 12th to 14th September 2020 and which will be the rst opportunity for the gold and jewellery industry to reunite and launch business and export activities since the www.jni.co.in

standstill enforced by the pandemic.

A new layout to order to attend the show in total safety, planned under the banner of the #safebusiness protocol dened

by IEG in line with the trade show community.

The exhibition area at VOICE will be accompanied by conferences, training and business matching.

The sector’s key players that have decided to join the industry’s “voice” by choosing VOICE as the

The Gold-jewellery Sector Re-starts From Italian Exhibition Group From 12th to 14th September, many excellences from the entire supply chain, all the Italian districts and from abroad at Vicenza Expo Centre. New products to discover, live and in total safety.

And a content platform, conferences, training and business matching to relaunch the industry on a global scale.

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SHOW TIME international visibility event after seven months of lockdown, include Damiani together with Crivelli, Leo Pizzo, Mirco Visconti from the high jewellery district of Valenza Po’. And again, many excellences from the districts of Vicenza, with Fope, Roberto Coin, Pesavento, Karizia, Chrysos, Ronco, Chiampesan, Riccardo Orsato, Alessi Domenico, Silvex, Daveri Vicenza and from the district of Arezzo names like Unoaerre, Giordini, Richline, Fratelli Chini, Quadrifoglio, Amen. From the Campania region Aucella, Bruno Mazza, Coscia, De Simone, Idea Coral, Mattia Mazza will bring to VOICE the art of corals and cameos. And Enzo Liverino will also return to Vicenza to

strengthen the VOICE touch the products in Vicenza in a Community. From the particular outtted contest with rest of Italy there will an elegant and essential be brands such as look&feel. Due to their sheer size, Annamaria Cammilli, the large Expo Centre areas, Rosato, Pianegonda, while rigorously arranged to Brosway, Rue des conform to the health regulations, Milles, not to mention will allow for uid access and high-level foreign maximum usability of the spaces exhibitors like the thus avoiding lengthy waiting Spanish company times. Moreover, VOICE will also Damaso transmit its Martinez. content in The watch worldwide segment will see Swiss streaming– www.vicenzaoro.com/it/voice producers Corum and especially for those Victorinox as well as areas that are still the German brand not able to travel Junghans. The to Italy - on its complete list will be website and its available shortly on YouTube, https://www.vicenzaoro Facebook and .com/it/voice.

Instagram channels, thus taking its A truly great system initiative, exhibitors’ collections and accessible to all Italian and innovations to the international foreign B2B traders and buyers markets. who will be able to physically

Thailand and India Cooperate to Revive Gems & Jewelry Industry

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he Department of International Trade Promotion (DITP) organized a webinar to discuss the potential business opportunity between India’s and Thailand’s jewelry industry in post COVID-19, as well as to promote the new version of Bangkok Gems & Jewelry Fair (BGJF).

Entitled ‘Managing the Crisis, Mitigating the Impact with Survival & Revival Strategy for Jewelry Industry Related Post COVID-19’, the webinar attracted leading players in the gems and jewelry sector from both Thailand and India. The purpose of the webinar was to discover ways to promote cooperation between the two Asian countries.

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Jittima Nakamano, the Director of the Thai Trade Centre in Chennai, said, “The COVID-19 outbreak has impacted the gems and jewellery industry around the world, due to the lockdown, social distancing, and no demand for gems and jewellery. From January to April 2020, the export value of Thailand’s gems and jewelry products (excluded unwroughtgold) declined by 25.31% to US$1.77 billion, compared with the same period the previous year.” However, Ms Nakamano was condent that with no COVID-19 cases currently in Thailand, the country’s gems and jewelry industry would bounce back stronger than ever.

“With the support of the Thai Government, we are aggressively

Ø Thai-Indian gems

and jewelry webinar highlight the need for further cooperation between the two nations. Ø Thai gems and

jewelry industry bouncing back after COVID-19. Ø Transforming

preparations in hand for the new version of Bangkok Gems & Jewelry Fair (BGJF). www.jni.co.in

SHOW TIME comprehensive online jewellery trade fair in ASEAN. Adopting the theme, Thailand’s Magic Hands, the BGJF will highlight the skills of Thailand’s master gems and jewellery craftspeople, with a specic focus on coloured gemstones, precious and semiprecious stones, as well as silver jewelry.

pushing export activities to India, Japan, the US and the Middle East,” she said, adding that the DITP had remained at the forefront of the country’s efforts to support its gems and jewellery industry, especially its exports.

Due to current global climate the DITP was currently focusing on transforming the event into a new version. “Because of COVID19, we have to adjust ourselves and use online platforms to promote Thailand’s gems and jewelry industry,” Ms Nakamano said.

The DITP had also instigated programmes to support many SMEs and MSMEs within the industry.

“We have marketing programmes and several training programmes to make Thailand a regional hub in the sector,” Ms Nakamano said.

Thailand was all set to go ahead with the new version of Bangkok Gems & Jewelry Fair (BGJF) 2020. Embracing the New Normal era, this upcoming BGJF is set to become the new BGJF like never before. BGJF will represent the most www.jni.co.in

Regarding bilateral trade relations between India and Thailand, Ms. Nakamano felt that there was much scope for further cooperation between the two countries.

Sanjay Kothari, Ex-Chairman of the Gem and Jewellery Export Promotion Council of India (GJEPC) and Chairman of the Gem and Jewellery Skill Council of India (GJSCI) said the size of the gems and jewellery exports in India had contracted because of the ongoing global situation to US$18-20 billion. The country’s domestic gems and jewellery market was also currently valued at US$20 billion. He highlighted the benets of the India Jewellery Excellence Symposium (IJES) initiative, and suggested that Thailand should join it.

invest in diamonds.

Phuket Khunaprapakorn, Managing Director of Gemburi, praised the Thai government for supporting the country’s gems and jewelry industry throughout the current situation by providing soft loans, technical facilities and worker support. He added that the Chanthaburi gems market was the rst to reopen in the post-COVID-19 world. Now the market has returned to 80% of its precoronavirus levels and was looking forward to shipping gems to India.

Mithun Sancheti, CEO of Caratlane, said that consumers were increasingly buying jewelry online, and that the main aim now was to reach the right consumer.

In conclusion all speakers agreed that both India and Thailand could transform the current global trade scenario through working more closely together.

BGJF is one of the most acclaimed trade shows in the world, featuring 360° precious jewellery business opportunities.

Mehul Shah, Vice President of the Bharat Diamond Bourse, discussed the stability of the Bharat Diamond Bourse (BDB). He also stated that the World Federation of Diamond Bourses (WFDB) was the world’s largest diamond body with 30 members all over the world. Due to the lockdown in India, diamond manufacturing had halted in the last couple of months, making this a good time to JNI-JULU-AUG’2020-65