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I N D I A’ S P R E M I U M M AG A Z I N E O N T H E B U S I N E S S O F J E W E L L E RY

SILVER LINING INVESTMENT OPTIONS IN SILVER

PURCHASE TAX TO BE ROLLED BACK

MAJOR RELIEF FOR KERALA JEWELLERS

AKSHAYA TRITIYA

LIVES UP TO ITS EXPECTATIONS

THE

CHAIRMAN’S CLUB JOURNEY OF GJF - PART II

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From the Publisher

E

xpect for few markets, Akshaya Tritiya, India’s gold buying festival brought cheers to jewellers in the country as customers thronged retail outlets. The 30% - 40% increase in sales compared to last year brought positivity to the industry. JB spoke to few jewellers to find out the ground reality on jewellery sales. Our report gives you an insight of Akshaya Tritiya, sales.

The second part of our II part series- Journey of GJF, takes you to the yesteryear moments of GJF as narrated by the past chairmen themselves. These visionary leaders share their experiences and expedition exclusively with Jewel Buzz. A must read…

It was a significant victory for the Kerala Jewellers who actively fought unitedly for the purchase tax roll back and now we are expecting a positive outcome with the Kerala Govt implementing the roll back soon. The retrospective collection of 5% purchase tax imposed by the then United Democratic Front (UDF) government in 2013-14 had the jewellers hard with the tax authority serving notices for a total amount of Rs2,600 crore.

Today, silver is considered a secure and affordable investment and has earned a place in the portfolios of many investors. Our special report on silver investment will give you a comprehensive report on silver as a precious commodity.

VOL 2 ISSUE 1 RNI : MAHENG / 2016 / 66630

Publisher VIVEK KABRA Editor ASHIKA KABRA Content Creation & Design PENITUP.COM PHANI GIRISH ROOPESH MAVICHERY SUCHITHRA PILLAI ADVISORY BOARD RAJENDRA JAIN Swarovski Gemstones Business VISHAL GANDHI Tiara Fashion Jewellery Business Developement & Tie-ups +91 98190 66366

vivek@jewelbuzz.in

Sales & Subscription VINOD BHAMARE +91 98695 40919 sales@jewelbuzz.in Supported by

And reports on GJF’s PMI Kolkata and other popular features this issue give a brush up on the latest happening in the industry.

AM MEDIA HOUSE

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I N T HI S I SS U E

VOL 2 ISSUE 1 | PRICE : Rs. 200

RNI : MAHENG/2016/66630 | SUBSCRIBER COPY NOT FOR SALE

INVESTMENT OPTIONS IN SILVER

PURCHASE TAX TO BE ROLLED BACK

MAJOR RELIEF FOR KERALA JEWELLERS

AKSHAYA TRITIYA

LIVES UP TO ITS EXPECTATIONS

VOL 2 ISSUE 1

THE

CHAIRMAN’S CLUB JOURNEY OF GJF - PART II

EVENTFUL SWAROVSKI | CHANDUKAKA SARAF

COVER PICTURE COURTESY:

IN THIS ISSUE

SILVER LINING

AZVA

I N D I A’ S P R E M I U M M AG A Z I N E O N T H E B U S I N E S S O F J E W E L L E RY

12 16

BEHIND THE SCENE AMRAPALI JEWELS JUSTIFIES THE SCRIPT OF BAAHUBALI 2

CENTRE STAGE LATEST COLLECTIONS

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AKSHAYA TRITIYA LIVES UP TO ITS EXPECTATIONS

STORE LIGHTING

PURCHASE TAX TO BE ROLLED BACK

MARK YOUR DATES

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THE GLOBAL TRENDSETTING SHOW

SPECIAL REPORT SILVER LINING

60 56

EXHIBITIONS LIST

BASELWORLD

52 54

SPECIAL REPORT

THE JOURNEY OF GJF PART 2

42 46

STORE DESIGN

COVER STORY

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SOCIAL MEDIA TRACKER A MONTHLY TRACKING OF SM PRESENCE OF LEADING JEWELLERY BRANDS IN INDIA.

EVENTFUL

Swarovski Gemstones announces exclusive association with Divinus Creations

S

warovski Gemstones announced their exclusive association with Divinus Creations at Taj Bengal, Kolkata. The announcement was made by Rajendra Jain, Managing Director and Vivek Gurung, Sales Head, Swarovski Gemstones, India with grand unveiling of the First Look of Divinus Creations by the glamorous and beautiful Bengali actress Swastika Mukherjee, Shweta Narsaria, Founder Creator of Divinus Creation amongst others. Divinus creation comprises of three collections: Earrings, Bangles & Necklace & Rings.

Speaking on the occasion, Rajendra Jain said, “We are glad to announce our new partnership with Divinus Creation in Kolkata. At Divinus Creations, one will find the finest collection our jewellery which is created with a special combination of sterling silver and alloys that make it resistant to any kind of damage. We believe in innovation and bringing out the true shine of a real jewel – which makes us Swarovski Gemstones! Our mantra is to make our products premium in their quality with less breakage & most efficient.

We hope that with Divinus Creations, we are able to create designs that the people of Kolkata has never experienced before.”

Chandukaka Saraf & Sons opens its 14th Showroom in Baramati, Pune

F

ormer Defense & Agriculture Minister Padma-Vibhushan Hon’ble Sharad Pawar & his wife Pratibha Pawar inaugurated World Class Gems & Jewellery Showroom Chandukaka Saraf & Sons Pvt Ltd in Baramati. . The program was graced by the benign presence of the Chairman of the All India Gems & Jewellery Trade Federation Nitin Khandelwal.

The program proved historic in many respects as the Chairman & Managing Director of the Company Kishorkumar Shah,. Atulkumar Shah & the budding Director Siddharth Shah, commemorating the Golden Jubilee of Pawar’s parliamentary career, gratefully conferred on him “The Scroll of Honour” at the hands of Kusumbai Jindatta Shah which also reflected the years old families ties.

Dignitaries from various organisations including Vishwas Devkate, President of the Pune Zilla Parishad, Hon’ble Mayor of the City of Baramati Poornima Tawre, Speaker Sanjay Bhosle and the fellow businessmen were also seen present on the occasion.

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BE HI N D T H E S C E N E

Amrapali designs jewellery for Baahubali

he magnum opus Baahubali 2: The Conclusion has created waves as much for its story line as for its extravagant sets.

Considering that the project is one of the most expensive films ever made in Indian cinema, it’s only legit that not just its sets but costumes, jewellery and other detailing add to its magnificence.

“In every frame, the jewellery was modified to maintain the essence of every character yet be visually impactful,” said Rajesh Ajmera, Co-founder of Amrapali Jewels.

When it comes to perfection & excellence in jewellery art, Amrapali has justified the script of Bahubali unimaginably. Amrapali, the official jewellery designer for the second film in Baahubali franchise, completed this mammoth task in a short span of time and sent approximately 1500 pieces to the film’s team. Earrings from traditional jhumkas to danglings, heavy necklaces, nose rings, bangles, rings, armlets and conventional maang-tikkas - all pieces have been specifically designed in tandem with the maker’s vision.

The jewellery is carved out of silver metal with gold plating in accordance with the characters’ detailing and promises to lend credibility and elevate the visual journey for viewers.

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Source : Amrapali designs jewellery for Bahubali

T

C E N T RE STAGE

AN ‘ARTE AFFAIR’ Sonal’s Bijoux, the name synonymous with fine jewellery presents its exclusive range of “Arte Affair” collection for its patrons. Crafted with precious gemstones, white gold and rose gold, the collection, offers combination of coloured gemstones and diamonds creates magic representing the images of nature.

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C E N T RE STAGE

HUES OF GREEN FROM AURELLE Aurelle by Leshna Shah introduces collection in emeralds inspired by hues of green and the radiance of spring-summer sapphire skies.

Encased in 18K white gold, the collection exudes warm and vitality of nature reected by precious stones like black diamonds, emerald beads, white diamonds and champagne diamonds.

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COV ER STO RY

FOREWORD I t was in 2005, we felt the industry need to have a national body to bring the industry together and represent the trade.

Prominent leaders of the trade came together and formed All India Gems and Jewellery Trade Federation (GJF). The founder members underlined that GJF’s approach towards the industry and jewellers should be with a high level of integrity and protection, promotion, and progress as its core values.

Today, GJF stands tall as a national body representing the voice of the industry. This was not possible without the immense contributions of founder members and people who led the GJF.

NITIN KHANDELWAL Chiarman, GJF

“Leadership is the capacity to translate vision into reality…” and this suits every leader who served GJF at the helm. It is the unity, integrity, and strength of its members and leaders that has made the federation an integral part of the jewellery industry. It has always been a moment of pride to be associated with the great visionaries who led GJF for the betterment of the trade.

GJF has worked to help the industry to grow with its initiatives and programmes. Be it events like Lucky Lakshmi, Labham and PMI or creating awareness through educational seminars etc, the federation always played a crucial role in providing right path to the trade and the Chairmen have shown exceptional leadership traits leading from front.

Similarly, these visionaries made sure GJF stood strongly with the trade whenever the industry was passing through tough times whether it was dark shadow of excise duty, mandatory PAN, gold import rule of 80:20 policies. Every GJF chief stood strong and faced the challenges with their expertise, passion and determination constantly working towards finding solutions and encouraging the trade.

We thought it is very important to recollect and relive times of our great leaders who gave their valuable time, experience, knowledge to the federation and served towards the growth and expansion of the jewellery fraternity not only during their term but throughout their instrumental journey, ensuring GJF strives towards the benefit of the industry.

In this second part of The Journey of GJF, Jewel Buzz takes you to the expedition to the chairmen’s club.

THE JOURNEY OF GJF PART-2

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C HAIRM A N’S CLUB 2005 2007

2009 2011

CHAIRMAN, GJF

CHAIRMAN, GJF

2007 2009 CHAIRMAN, GJF

L

eadership is not the sole sphere of the individual, but it is often formed by those who advise, support, encourage, and come alongside a leader. It is within this network of relationships or of a like-minded community that the great movements of change occur. Leaders help to shape and to sustain a transforming vision over time and bring it to reality.

Often there is a deep requirement of knowing and even a desire for past example leaders who have exercised transformational moral leadership and have reformed their times to develop the jewellery industry, bringing the jewellers together, to encourage and support them during difficult phase. The present GJF chairman Nitin Khandelwal too believes in leadership strength and walking along with the leaders of the GJF with their experience and ocean of knowledge will help the industry grow better.

Jewel Buzz takes the pride to bring together and honour the leaders of the GJF who have played vital role in the creation and growth of the federation. These are the individuals who by superior and often unique personal qualities have strengthened many others to shape or transform during their times. Sometimes their influence comes from unique visions and inspiring ideas that capture the imagination of large numbers of people.

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2015 2017 CHAIRMAN, GJF

2013 2015 CHAIRMAN, GJF

2011 2013 CHAIRMAN, GJF

THE JOURNEY OF GJF PART-2

Industry connoisseurs like Shrikant Zaveri, Ashok Minawala, Dr Vinod Hayagriv, Bachhraj Bamalwa, Haresh Soni, GV Sreedhar who held the helm of GJF and have taken the industry forward with their vision, valuable contributions, and hard work.

Every chairman was unique in his own gem of a way, but their focus of serving the Indian jewellery industry remained similar. They played the critical role particularly in shaping the industry for the beneďŹ t of the jewellery industry and fraternity We take you to the world of past chairmen who led GJF and their times. Every chairperson during their reign have survived against odds in past, withstanding the business, corporate, and economic pressures to thrive as the best serving, protecting, promoting and in the advancement of the industry. Not only have they led the federation with power, but also with extraordinary leadership skills, proving the expertise they inhibit within themselves. Most importantly, the pursuit for success as an industry leader, they have continuously managed to hit the pavilion with a thriving success.

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SHRIKANT ZAVERI

2005 2007 CHAIRMAN, GJF

pioneering the formation Shrikant Zaveri is a man with midas touch is the chairman of TBZ Original. The first chairman of GJF, paved way for the formation of federation. His dedication and hard work always remained the driving force of his family business. His great vision, tradition of innovations, along with better and fair business practices brings great value and insight not to TBZ but to the jewellery fraternity. A simple man, Zaveri believes in aspiring for great things in business and chasing his dreams.

GJF is your brainchild, can you tell us about the making of federation?

In 2005, the govt had imposed excise duty and this came as a terror to the jewellery industry. It was then that I felt the need set up a common platform for the jewellers to voice their opinion and distress. It was a crucial time for the industry and we had no time to waste.

I discussed the plan with the primary jewellers and together we decided to form a federation that will help us to reach out to the govt. It was not just the excise issue that led to the formation of GJF but we felt it was necessary to have strong platform that will represent the jewellery trade. It was not an easy task though but with the effort of the core members, their selfless nature and an urge to give back to the industry gave birth to the GJF.

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karigars, jewellers etc. it has come up with various scheme for the betterment of the business with valuable initiative and programmes. Whether it is PMI, or Labham to name a few, every programme has excelled in its own unique way. To me it is always ‘Lucky Lakshmi’ which was launched in the initial years of GJF close to me as it was not just a promotional activity that kicked of well, but it built trust and confidence among the jewellers bringing closer to the federations.

You were the first chairman of the federation, what was the experience?

Yes, GJF was set up in 2005 and I chaired the federation for the first two years which was very challenging. It was not an easy task as it was in the natal stage, we had to begin everything from the scratch. From promotion to finance to sponsors to talking the jewellers, coordinating with the govt officials, everything was a hectic task. We had to streamline the entire process and it was not possible for me to face the challenges without the support and the guidance of

GJF is the result of efforts its core members, past and present chairmen, associations and jewellers across India and it has a long way ahead. The GJF is a dignified organisation made for the welfare of the jewellery fraternity. It is a nodal point of reference for the entire jewellery industry. GJF brings together the retailers, manufacturers, wholesalers, and exporters across the country for a joint interest.

It is an important link that will help the industry to shape and encourage the industry’s future.

the core members. I am honoured that I spearheaded the federation during its preliminary years.

Which GJF initiative is closest to your heart?

From its inception till today, GJF has experienced a excessive success reaching greater heights. Today it plays vital and various roles in the developments of the trade,

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ASHOK MINAWALA

2007 2009 CHAIRMAN, GJF

Leadership blends with innovation Ashok Minawala, partner of the illustrious firm Danabhai Jewellers in Mumbai since 1931 who entered into family business in the year 1974, is one of the influential players in the jewellery business today. Born with the creative talents, his art of designing and sketching adds beauty to every jewellery piece he has launched.

It was the scientific aspect of blending gems in the jewellery, that fascinated him more rather than anything. The initial years taught him the dynamics of the business, learned the process, art of buying and selling, business interactions with traders. Also the founder member of GJF, Mr Minawala has played an important role in transforming the jewellery industry with his wide experience, exceptional business knowledge and dedication to serve the industry.

You are one of the founder members of GJF, can you share your association with GJF? In the year 2005, the Govt imposed excise duty on premium branded jewellery creating roadblocks in the path of the emergence. During those days I was a member of Mumbai Gold Club (a jewellers club) and was actively involved with industry promotions.

When the excise duty was implemented, a few prominent jewellers invited me to discuss the effects of the excise on the industry. As we did not have a good contacts in Delhi with the Govt then, we decided to approach Sanjay Kothari (then Chairman of GJEPC) and requested him to convey our concerns and express our distress to the Govt.

The Govt instead refused to hear him stating that as it’s a domestic related matter, only a dedicated domestic national body can represent it and this how we decided to form a national body for jewellery trade. We realised overtime that starting and sustaining a non-profit are not easy tasks. As

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the aim of taking all the associations along, GJF continues to march towards the path of growth.

My chairmanship came two years later after the formation of the GJF but my efforts to build the trade and involvement was from the beginning which included structuring the organization along with the strategic planning of financial matters, promotional activities. the industry was going through a crisis and it was at high

Which programme or initiative is closest to you?

priority for GJF to address the concerns and o make sure our voice could reach the Govt.

Any programme that benefits the artisans and goldsmiths are the best initiatives and to do this we

How did GJF come into existence?

have to make changes in programs from the grass root level. Only when the foundation is strong the

It was the excise crisis that brought about the birth of

building can the organization sustain and survive.

GJF. It was formed first by a few jewellers who pooled in

Every GJF initiative is unique exceptional in its

their money and time. It required hard work and careful

own way as GJF culture is never to copy but to do

planning in terms of investment, sponsoring, creating

different things differently. While Lucky Lakshmi was

articles. However, when people join together for a

a promotional activity for the retailers, we made

common goal, they realize they can achieve far more

sure consumption increased and finally it benefited

collectively than by working alone. We identified the

the manufacturers.

core leaders and together we raised All India Gems and Jewellery Trade Federation as the national apex body to

GJF is a very democratic industry federation with

serve the gems & jewellery industry.

strong principles and working experience, that has come together with purpose of serving the

In 2006, Lucky Lakshmi - a retail oriented national

jewellers and the jewellery industry and it has

promotional initiative conducted across 200 cities with

a very promising journey ahead for managing

2000 jewellers participating was launched. The initiative

various aspects of fair trade practices and efficient

was a huge success generating nearly 10 to 11 crore of

organization of business for the gems and

business and earning for GJF a good Rs 1.75 crores. With

jewellery industry.

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DR. C VINOD HAYAGRIV

2009 2011 CHAIRMAN, GJF

Good things of the past for the future Dr. C Vinod Hayagriv, who Chaired the Federation (2009-2011) is a personality that needs no introduction. The doyenne of jewellery industry, he is widely known for his business wits, aesthetic creations, and high ethical standards. Dr Vinod who is also the Managing Director & Director of C Krishniah Chetty Group of Jewellers (CKC)- a prestigious jewellery brand with over 145 years of legacy.

In an exclusive interview with Jewel Buzz, he talks about his eventful journey of 38 years understanding, respecting and challenging the complex eco-system of rules, laws & compliances. As a chairman of GJF he has left no stone unturned to serve the industry in a healthy and transparent way.

Can you share with us your association with GJF? GJF was a welcome breather for me. The association began with a surprise in-absentia election to be the Chairman. Quite unexpectedly, I must say it is one of the most vibrant trade organisations in the World with an amalgam of people from various mindsets. That’s what made the excitement, and still does to this day. The learnings are extensive, eye-opening, and of course we made the best of friends from across the country. It’s friendship ties are stronger than any other social or trade body members which strengthens the trade body. As I have travelled extensively and hence possess an in-depth knowledge of how the jewellery businesses functions worldwide, has helped me to understand the industry better. I strongly believe in the “strength within”.

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common of any growing organisation, the initiatives have been very well received. The successive Chairmen and governing boards as well as the current chairman are continuing the path breaking initiatives and taking it further.

GJF is fortunate to have a focussed team living up to the objectives of the jewellery Industry in the Which initiative is close to your heart?

years to come. It is a multi-pronged approach reinforcing the GJF as an organization, include

In the year 2010, we launched ‘Vinaya’- an educational

multitude of members across very parts of India,

programme which according to me was one platform

creating awareness and educating , building a

that really opened the eyes of the eco-system I spoke of

code of conduct , make governmental participation

earlier in this article. GJF have been conducting various

in the industry and more. GJF represents the

workshops and seminars and this time were keen to

entire country’s retailers, manufacturers, miners,

have an event which would really impact the Indian gems

wholesalers, gemstones and diamond cutters, trade

and jewellery industry. This summit has been created

media and bullion traders promising numerous

with a specific purpose- to professionalize and educate

friendly measures in the future.”

the Industry. Vinaya which is now re-christened and is practiced as Labham.

What is GJF from industry point of view?

GJF is a singular, nodal, full representation body of true Indian Jewellery. It would play a singular role of improving manufacturing, retailing, & will be able to change positively the mindset of the consumer. Trials & tribulations are

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BACHHRAJ BAMALWA

2011 2013 CHAIRMAN, GJF

a vision to serve the smallest jeweller Bachhraj Bamalwa, Founder Partner of Nemichand Bamalwa & Sons, Kolkata, who started his career in the 70’s is a distinguished personality known for his outstanding contribution to gems & jewellery sector. Bamalwa who is also the founder member of the GJF chaired the association from 2011-2013. He joined the family business at the young age of 10 and from then on there was no looking back. Under the guidance of his father Nemichand Bamlawa, Bachhraj learnt the ethics of jewellery business and in the year 1987 along with his brothers launched the brand ‘Nemichand Bamalwa and Sons. In an exclusive interview with JewelBuzz, he shares his experience and journey with GJF.

You are one of the founder members of GJF, can you share with us the origin of GJF In the year 2005, the govt imposed excise duty on branded jewellery and this shook the jewellery industry. Though there were many jewellery associations, we wanted an association on national level could interact with the govt directly on this issue and that how the idea of setting up GJF was born. Fortunately, very soon the govt issued clarification on excise cap on branded jewellery which cleared the confusion. Along with few established and experienced jewellers like Shrikant Zaveri, Ashok Minawala among others we echoed the thoughts of serving the industry and giving back to it and in order to do that it was important to established a national trade body and that how All India Gems and Jewellery Trade Federation (GJF) came into existence in 2005.

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We need to bridge the gap with the govt and the industry working together by consulting and taking the industry into confidence before framing a policy, so that when the implementation happens all are benefited. Excise duty was one such hurdle that impacted the trade. We decided to come together, GJF members and non-members and met several MPs of different parties in Delhi and presented a memorandum and requested them to convey our voice in the parliament. It was for the first time in the history of politics that the MP’s of different parties unanimously stood for our demands and our voice was heard.

Tell us about the GJF initiative which is close to your heart ‘Lucky Lakshmi’ without any doubt. It was a jewellery shopping festival which was one of the largest organized jewellery promotions worldwide with 2000 jewellers. It was one the greatest achievements of GJF. Jointly supported by the Diamond Trading Corporation (DTC) and the World Gold Council (WGC).

The festival which was kick started by Union Minister Tell us about your chairmanship and what is the first thing that you focused after taking over the reins of the GJF? My association with GJF is from its inception and it was formed with an aim to give back to the industry. I was honoured when I was bestowed with position to lead the association in the year 2013 and I started with a vision to reach and serve the smallest jeweller in the smallest village across India. I focused on skill development for the artisans and employees. During my term, the industry was

of Commerce and Industry Kamal Nath in Mumbai was received well and was gradually introduces in others states too. But due to some reasons we had to discontinue the promotional event. Now once the GST is implemented, GJF plans to reintroduce Lucky Lakshmi.

GJF is an apex body that believes in supporting and progression of the jewellers and jewellery trade. We believe in transparency and educating the same to all the jewellers across India.

going through a tough phase as the jewellery industry was imposed with excise duty on gold. We were not against the rule but it was the implementation that created havoc in the industry.

How did you take the grip of the excise duty policy?

It was a difficult situation for the industry as such policies create imbalance in the trade. We are not against the government norms but the Govt should understand the jewellery trade well before imposing any taxation.

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HARESH SONI

2013 2015 CHAIRMAN, GJF

Unveiling the tricks of time Haresh Soni, can be best described as ‘a man with a creative mind and innovative ideas. From his childhood days, he was into sketching and painting and this talent was later transformed in to business. A student of Fine Arts, it was his love and passion for designing and creating artistic jewellery took him to path of success with a sense of joy, gratification and accomplishment”. CEO at Premji Valji Jewellers, always believed in the notion of giving back to the industry.

Soni who is one of the founder members of the federation, chaired GJF for the term 2013-15. He served in numerous ways dedicating his efforts for progress, promotion, and protection of the industry.

Can you tell us about your connection with GJF ?

Can you tell us about your connection with GJF ?

In 2005, when excise duty hit the industry, we felt the need to set up a national body representing the industry and its issues. GJF plays pivotal role in encouraging best practice, serving the jewellers to become more competitive and expressing effective public policy and delivery. It acts as a co-ordinated voice of trade when talking to Government, and great value in terms of quickly broadcasting messages about Government policy to its members.

Productive engagement between associations and Government is very important for the policy making process and GJF plays its part well.

Can you tell us about term?

One of the biggest challenges during my time was 80:20 gold norm to control the country’s widening

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current account deficit (CAD). The rule created turbulence in the industry. It was the biggest impediment for smooth operations of imports and development of premiums on gold as the export relation to imports has no relevance and had built a big parallel economy. Serval meetings and memorandum were handed over to govt expressing the distress. Finally in 2014 the govt scrapped 80:20 and it was

proactive policies, working for the welfare of the

the not possible without team work and effort.

karigars, and developing a long-term strategic plan which integrates practical solutions and greater

Which is initiative is closest to your heart?

transparency in trade. Today GJF is a has come so far and it has long way to go and plays an

The PMI programme is GJF’s exclusive B2B marketing

significant role in the development process of the

platform with high -level benefit for the Manufacturers &

jewellery industry.

Wholesalers is one of the best initiative that is very close to my heart. Similary, Labham- an educational programme also adds value to GJF’s initiatives.

GJF has an extensive knowledge of the industry itself and are bests on sector thinking, standard setting, building

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COV ER STO RY

G V SREEDHAR

2015 2017 CHAIRMAN, GJF

leading through tough times Hailing from a small town of Andhra Pradesh, G V Sreedhar joined the family business set up by his father (G.Venkatarathnam Chetty) at the age of 14 and from there on there was no looking back. After shifting his base to Bangalore, realising his dream to expand the business, in the year 1980 Sree Rama Jewels came into existence.

Understanding business ethics was just not enough, instead he realised to reach the heights it was necessary to come out of the traditional ways.

He

focused

along

with

business

ethics, also on designs and customer servicing and today, he and his brand are at the peak of success.

A

s one of the eminent members of the trade in Bangalore, he has served various positions.

He expresses a great desire for the business with intense acumen. He believes building up the relationship and humanitarian approach towards the kaarigar issues that distress the industry, encouraging talent, and creating better working environment for its workforce.

Can you tell us about your association with GJF? I have been associated with jewellers association of Bangalore for nearly 15 years taking up various roles and my connection with GJF is from its inception. It was in 2005, when excise duty was implemented I was very active with the industry experts about the issue and was often part of the discussion on how to take it ahead. Once the trade body was formed I have been actively participating in its numerous initiatives and programmes aimed at uplifting the domestic gem and jewellery industry.

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COV ER STO RY

GJF is one of the most respected trade bodies and has attained excessive command and admiration. I share my vision with the veteran leaders of the GJF and believe that the industry must remain united. It is the strength of the team and the collective efforts that has helped GJF to achieve greater prominence and growth for the industry sector.

What were the challenges faced during your term?

My term as chairman was one of the most interesting and a tough one. There were both internal and external challenges which were taken care with the support from the team. It was in 2015 I took over the position and the first encounter was with the mandatory PAN creating

GJF, with the approval of MSME Ministry has developed

disparity in the trade. This was followed by hallmarking,

the JID which allows concerned authorities to validate the

which we always welcomed but our concern was

carrier as a genuine and bonafide member of the industry.

only that of lack of infrastructure and few hallmarking

GJF’s mission is to support and promote the progress and

centres available to implement this. When we were

prosperity of all the members in the gems and jewellery

gradually overcoming these issues, the Government

industry across India paving way for stimulating growth and

imposed excise duty, which bombarded the industry.

encouragement of the jewellery trade.

We urged the Government to withdraw the proposal.

We met several govt officials in this regard and had a

How was the support from the team, industry

meeting with the Prime Minister and submitted our

and the govt?

representation, highlighting the plight of the industry following imposition of the excise duty. This also led to

It was not possible for me alone to do what I have done

the nationwide strike, shutting down the jewellery

without the support of COA and entire GJF team. I also

stores for 21 days.

would like to specially mention about Jitendra K Bhindi, MD, Bhindi Jewellers who stood like a pillar during these

Those were the tough days and sleepless nights but

tough times. And the support from the government was

we stayed united and that made me strong to face

excellent. We had marathon meetings with the government

the hurdles. It was during my term for the first-time

and they patiently heard us, answered us and supported

democratic elections were held.

us. I would like to specially thank Shri Amit Shah, President, BJP and Shri Piyush Goyal, Union Minister for their support

I shared dais with the honourable Prime Minister which

during these times.

was one of the best memories I treasured. GJF has given me the strength, wisdom, support and strength to

Your tenure was indeed a tough journey with most of

withstand any challenges and move ahead valiantly and

your time devoted to the trade. How was the support

serve the industry.

from your family?

Which is the best GJF initiative according to you?

Yes, it was a tough and crucial period. I had to dedicate my time and energy for the job on hand. I was lucky to

Jewellers Identity Card (JID), is my favourite initiative

receive tremendous support from my family and I cannot

though I like all the GJF initiatives and programmes.

thank them enough, especially my wife and daughters and

To restrict the hardships encountered by jewellers

brother in law who always stood by me and gave me the

during the movement of gem and jewellery parcels,

strength to march ahead and face the challenges.

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SP E C I A L R E P O R T

AKSHAYA TRITIYA Lives up to its expectations 30%-40% increase in sales

The month of April cheered the Jewellers with gold sales glittering this Akshaya Tritiya. It is said to be the best they have had since 2013, with demand rising 30 per cent as compared to last year in volume terms.

T

he number of customers was 50-60 per cent higher, due to a greater preference for lower-price jewellery, in the range of Rs 30,000-50,000.

Buyers flocked to jewellery stores shrugging off an uptick in price to give merchants a good start to the Hindu festival. Although prices had inched up by 0.69% during trade, jewellers witnessed good demand, with customers preferring organised jewellers over the unorganised ones.

“The sentiment is positive in the market and the woes of demonetisation are over, which has boosted sales. Gold price has remained stable for the last few weeks, which has sent strong signals to buyers. Various trade offers and promotions point towards increasing momentum, though challenges remain regarding the transition to GST (the coming national goods and services tax) in the next quarter.”

Somasundaram PR, Managing Director, WGC “We witnessed good demand this Akshaya Tritiya with 30 per cent higher buying than last year. Footfall was quite huge with people buying small-ticket jewellery.”

Asher O, Head- India operations, Malabar Group “There was 10-15% growth in revenues during this Akshaya Tritiya compared to last year, based on present trend of purchases. This has been driven by positive consumer sentiments and demand recovery . A buoyant stock market supported by global fundamentals has also resulted in increased deployment to jewellery.”

T S Kalyanaraman, CMD, Kalyan Jewellers “Gold imports in April this year have topped 70 tonnes, the highest since 2013.

Demand for gold is high, which is why the surge in imports this Akshaya Tritiya, I don’t think the day’s far when the government would have to think how to manage gold imports.“ Rajesh Khosla, Managing Director, MMTC-Pamp 42

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SP E C I A L R E P O R T

Pre Akshaya Tritiya Expectations

Post Akshaya Tritiya Expectations

“There is been lot of pent-up demand and due to sentiments of Akshaya Tritiya, consumers who have not purchased in last two months will make their purchases in coming two days. Jewellery sales are relatively going to be positive this year and we expect an increase of 15% to 20 % compared to last year.”

“We have received good footfall since morning witnessing good demand for light weight jewellery. Even gold coins are moving in good numbers. Compared to last year 1st day of Akshya Tritiya there has been increase sale by 20%25% . Since day two of this auspicious day is weekend, we are expecting very good sale. The gold price has been steady, therefore pushing the sales further.”

Suraj Shantha Kumar, Director, Business Strategy, Kirtilals “This year we are expecting good sales for Akshaya Tritiya which begins from tomorrow. Competitive gold price is also one of the reasons for the consumers to make their purchases and boost the demand. We have received advance bookings in good numbers and we are expecting 20%-30% increase in jewellery sales on Akshaya Tritiya compared to last year.”

Dr. B Govindan, Chairman, Bhima Jewellers & State President- AKGSMA We are expecting good sales this Akshaya Tritiya as there is pent up demand post Demonetization & the money squeeze of Demonetization has also come to an end.

This year, Akshaya Tritiya coincides with our annual Anniversary Sale period in April and as a brand, we are expecting a rise of 25-30% increase in sales.”

Ishu Datwani, Founder, Anmol We are hoping an enthusiastic response for Akshay Tritiya too with an increase in footfall by 10 – 15%. There has been a shift in the consumer’s mentality where they no longer restrict jewellery to just an investment option but identify it as an item of luxury. People are opting more for light weight jewellery, diamonds and silver jewellery and bullion sales is relatively low.”

Aditya Pethe, Director, WHP Jewellers The impact of Demonetization has started fading and business has resumed back to being normal. We are hoping for a good gold run this year on Akshaya Tritiya.

Since it is coming on a Friday, we are expecting the festive spirit to continue right upto Monday and are hoping for a 10 -15% rise in footfalls.”

Samir Sagar, Director, Manubhai Jewellers

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B Girirajan, Chairman, Bhima Jewellers “Compared to previous year the Akshaya Tritiya sales are very good. The footfalls are extremely good and the demand for light weight jewellery is in the limelight. In terms of quantity, the movement of gold is commendable. One more day to go and we are looking forward to good business on the second day too. The crowd speaks for itself and this confirms this the negative impact of demonetisation which had muted the industry for sometime is no more a matter of concern for the gold buyers.”

Dr. B Govindan, Chairman, Bhima Jewellers & State President- AKGSMA “Due to peak summer the footfall in the morning was less and the crowd starting coming in from 5 pm onwards.

With gold price in our favour, it is positive Akshaya Tritiya. Compared to last year the diamond sales have increased by 10% to 15% and the gold may be by 12%.

From today evening to tomorrow first half, we expect bulk footfall. Gold coins are gaining momentum. Since today it is an auspicious day, consumers who have planned for future buy have also made their purchases today.”

Suraj Shantha Kumar, Director, Business Strategy, Kirtilals “This year the sales were good we witnessed nearly 15% increase compared to last year. It was light weight jewellery and coins that gained momentum” Babu Philip, Director Josco Group

Presenting India’s First Ever Wholesale & Export Studio

KO L KATA NOTHING LESS THAN PERFECT

info@hpjewellers.co

BASELWO R L D

B A S E LW O R L D

The global trendsetting show

B

aselworld celebrated its 100th anniversary with the creme de la creme of the entire industry who united once again to take the pulse of the market, marvel at the new collections and witness the start of a new trendsetting cycle.

Baselworld 2017 was the focal point for more than 106’00 buyers (-4% vs 2016) from over 100 countries. With the world’s best-known and most celebrated brands from every sector revealing their newest collections, Baselworld 2017 lived up to its reputation as the hub of the global industry.

Attendees benefited from the unique opportunity to feel the mood of the market, discover those new trendsetting collections that will prevail for the following 12 months, and equally importantly, to capitalise on the enormous business opportunities that are available at Baselworld.

Passion, precision, and perfection presided once again as the world’s best brands showcased their innovations and newest collections for all the world to discover.

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Eric Bertrand, President of the Baselworld Exhibitors’ Committee, underlined the significance of Baselworld for the watch and jewellery industry. “In the last week, we have experienced the value of this show for the entire industry especially in difficult times, which makes the show’s role as the global platform even more compelling at a time when all players are looking for secure values and stability. We know from experience, our new collections and creations will be all the talk in the coming 12 months thanks especially to the immense press coverage of the show and the global interest we have observed. “ Franpis Thiébaud, President of the Swiss Exhibitors’ Committee, concurred and was full of praise for this anniversary of Baselworld. For him, taking a show from a small event with just 29 brands in 1917, and transforming it into the unparalleled global leader is “thanks to Baselworld being the only show that fully reflects the excellence of the industry by uniting everyone, representing every sector and putting each and every player on a pedestal to present themselves in the best light.”

Regarding the outcome of this year’s show, Thiébaud said that: “Although it has been a challenging year, Baselworld 2017 dispelled any concerns about the market as the event has fuelled a renewed spirit of creativity and innovation. The show confirmed that the innovation and passion that epitomise our industry, continue to hold centre stage.

For Jean-Claude Biver, President of the LVMH Watch Division , CEO TAG Heuer and CEO Zenith, “Baselworld is not just a show of the best Swiss watch brands, but more importantly the showcase of the entire Swiss and international industry.

During eight days, people do not only enter into the heart of the industry, but also feel the pulse of it, getting a vision of the future. “ This sentiment was shared by Frédéric Grangié, President of CHANEL Watches and Fine Jewelry , who concurred saying: “Baselworld is essential to the watch industry, it enables us year on year to display our creativity and know-how to the most important opinion leaders, journalists and watch retailers.”

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BASELWO R L D

ESSENTIAL ANNUAL EVENT FOR EMINENT INTERNATIONAL RETAILERS Baselworld is an essential date in the calendars of internationally renowned retailers and buyers because it offers them the opportunity to discover and explore the innovations, creations and new collections that are unveiled here.

What makes Baselworld additionally indispensable is the show’s renown as a market mood and trend barometer.

Willie Hamilton, Chief Executive of the Company of Master Jewellers, UK, clearly states that “Baselworld is the most important show of the year for anyone who is serious about buying and selling timepieces. For the UK independent retailer it is not only a chance to see and buy the latest watch trends, view new jewellery brands and buy precious gemstones, but it offers a chance to network with the most important players in our industry and catch up with our peers both in the UK and across the globe.”

“Nowhere else in the world does so much expertise and know-how come together as at Baselworld,” said KimEva Wempe, Managing Director Juwelier Wempe, Gerhard D. Wempe KG, Germany. She added that: “It’s important for us to have the greatest possible number of our employees here.”

Greg Simonian, President, Westime,

USA, is of the opinion that “Baselworld is truly unique, it’s the only chance I have every year to see virtually everyone from the industry.”

“I attend for the innovations that are introduced, but also to participate in the single most important gathering of the world’s watch community,” says long-term attendee Michael Tay, Group Managing Director of leading luxury watch retail group, The Hour Glass Ltd., Singapore, who is convinced that “the opportunities for weeklong engagement, exchange and learning are second to none.

A LIVE SOURCE OF INSPIRATION FOR THE WORLD I S PRESS An impressive number of accredited journalists and those following from afar are a clear indicator of the immense interest generated by the show internationally. News of the novelties and latest collections from Baselworld are relayed instantly to every corner of the planet creating a singular global impact with repercussions that last for a whole year.

More than 4,400 representatives of the press from print, television, radio and digital from over 70 countries attended the show underlining the unmissable character of Baselworld.

Paying further tribute to the global reach and significance of this show, an overwhelming 86,000! (vs 11,000

in 2016) viewers around the world followed the Baselworld 2017 press conference in real time.

BASELWORLD 2017 - THE PEDESTAL FOR THE GLOBAL INDUSTRY Baselworld 2017 was once more the global point of convergence where the leading players in the watch and jewellery industry shone in the spotlight for a full eight days.

Reflecting on the show that has such a rich and illustrious history, Sylvie Ritter, Managing Director of Baselworld, said: “Baselworld once again gave the sector a positive impulse by putting it on a pedestal to shine.

The passion behind the innovative spirit that distinguishes the industry has been reaffirmed which will undoubtedly drive them forward with renewed vitality.”

OUTLOOK FOR 2018 Commenting on the outcome of this year’s show, Sylvie Ritter, Managing Director of Baselworld, said that the industry is currently going through a challenging phase, which particularly affects smaller companies.

Listening to our exhibitors and in agreement with the members of the different Committees, we have decided to reduce the duration of the show and adjust the prices accordingly.

B A S ELWOR L D 2 01 8 W I L L BE H E L D F RO M T HU RSDAY 2 2 TO T U ESDAY 27 MA RCH 2 01 8, W I T H T HE T R A D I T I O N A L PRESS DAY O N WED NESDAY, MA RCH 21 .

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BASELWO R L D

Showstoppers of BaselWorld 2017 E D I TO R ’ S P I C K

ROLEX SEA-DWELLER Yet another anniversary beauty. But even though it’s been 50 years since the first Sea-Dweller launched, this is no Limited Edition, and Rolex isn’t interested in making the Sea-Dweller a rehash of the original. Rolex upped the depth rating to a whopping 4,000 feet and increased the case size to 43mm, making it the biggest SeaDweller to date. Diehard Rolex fans might also find the addition of the “cyclops” date magnifier (yet another first for the model) controversial, but it’s definitely a handsome touch.

TAG HEUER AUTAVIA What makes the Autavia different from other vintage reissues this year?

It’s the only watch for enthusiasts, chosen by enthusiasts. Letting Heuer fans vote on which reference would make a comeback was an inspired move, and the payoff confirmed it. The reverse-panda dial scheme and black rotating bezel are sharp. Though vintage purists might scoff at the larger, thicker case size, inside ticks TAG’s latest movement: the Heuer 02, an in-house automatic chronograph with a 75-hour power reserve, a column wheel and a vertical clutch.

ZENITH DEFY EL PRIMERO 21 When Jean-Claude Biver took over as acting CEO the Defy was a priority; it only took only six months to bring to production. That’s astounding, but so is the watch itself: it’s built on the old Primero platform but has a second escapement running at a frequency of 360,000 bph, ten times faster than the standard escapement that’s running the time function. For a movement that’s remained largely unchanged since it was unveiled in 1969, this is a good indicator that Zenith’s new management is willing to push boundaries.

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BREITLING NAVITIMER RATTRAPANTE Using its stalwart Navitimer as a vehicle, Breitling has launched its first-ever in-house rattrapante chronograph movement, making it one of just a very small number of watchmakers to offer up the rare complication. Not only that, it’s $11,090 — which, though pricy, is a fairly incredible price given the movement’s complexity and in-house status.

SPEEDMASTER RACING MASTER CHRONOMETER The Speedmaster Racing Master Chronometer by Omega features an “alternating” minute-track on the dial, harking back to a 1968 design, which provided better readability The 44.25mm watch comes in two combinations, a black dial and steel case or a blue dial with Sedna Gold casing. This model features a sporty black perforated leather strap.

THE LOVING BUTTERFLY AUTOMATION The 43mm Loving Butterfly Automation watch by Jaquet Droz features a mechanical movement between the butterfly’s wings and the wheels of a chariot. Only 28 limited edition pieces of each of the white or red gold versions are available for sale. The sticker price was for $126,000 (£101,000), according to Watch Collecting Lifestyle.

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STORE D E S I GN

STORE DESIGN A CRITICAL ELEMENT IN JEWELLERY RETAILING, RETAIL STORE DESIGN DIRECTLY IMPACTS THE JEWELLERY SHOPPING EXPERIENCE AND THUS SALES. JEWELBUZZ PRESENTS BEST DESIGNED STORES ACROSS THE WORLD AND LATEST TRENDS IN STORE DESIGN EVERY MONTH.

I

nternational Studio jewelry retail had a unique opportunity to develop design of the shop for jewelry house “Hrizos” in the center of St. Petersburg, in the famous trade palace – the trading house “Passage”.

Trading houses of this kind impose special requirements to design of shops. All outlets shall be a part of a single whole, not be beaten out from the general atmosphere, they shall be cozy and have the arranged functioning external showcases.

Masters of the jewelry house “Hrizos” create outstanding jewelry which differs not only unique design, but also magnificent quality.

Various jewelry of the “Hrizos” company, differing in unusually careful study of details and experiments with unique alloys, get a

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response in the hearts of a great number of buyers. Not casually the business card of the company became wedding rings — the most significant jewelry, which shall reflect the unique feeling uniting loving hearts.

HRIZOS STORE BY GOLDINNI, ST. PETERSBURG – RUSSIA

In basis of store design was laid the concept of small cozy jewelry salon where in a beautiful situation it is possible to choose the jewelry for the soul. The ceiling has been saved, the color of the walls was chosen deep blue, it is also a corporate color of “Hryzos”, the interior has been complemented by handmade stained glass.

For giving a cosiness it was offered quartz-vinyl covering of a dark wood color. The trading equipment of white color with internal illumination harmoniously fitted into an interior. The entrance group is framed by the illuminated signboard and trading equipment with sliding showcases-cubes.

The lower part – perforation which will change from a season by a season, thereby to be displayed seasonality in design.

Design: Goldinni

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SP E C I A L R E P O R T

Silver Lining Silver has been considered a precious element for 6000 years. It was first used as a currency in 700 B.C. and has had a role as a trading metal in nearly every ancient and modern culture. From the drachma of the ancient Greeks, which contained an eighth of an ounce of silver to the Roman denarius and the British pound sterling, which designated a specific weight amount of the element, silver has long held a special place as a store of value.

T

oday, its intrinsic value persists. It is considered a secure and affordable investment and has earned a place in the portfolios of many different types of investors for that reason. For example, Individual Retirement Account (IRA) participants may choose to include silver bullion coins and bars in their portfolio, provided that they are of a fineness of at least 99.9% silver.

Relatively insulated from the volatility of the markets, silver’s value has been proven as a precious metal and time-tested commodity.

No one can predict the future but many financial planners still suggest including silver among the investments of their clients

Investment Options

After you and your financial advisor have decided that buying silver is a good strategy for your portfolio, you should choose the silver investment vehicle that is in accord with your own preferences and investment philosophy.

Financial Planning

For investors, silver is an attractive investment because it diversifies investment assets, has shown competitive growth in recent years, and preserves wealth against the ravages of inflation.

Also, because it has an inherent value that is immutable and permanent, it provides a stability that stocks and other funds cannot deliver. Accordingly, many experts suggest that investors should include it among their investment assets.

When you compare silver prices to dollar values, an even more compelling picture emerges. Take, for example, the years between 1971 and 1981, in which the U.S. dollar lost more than half of its value while silver prices rose nearly five times.

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As with any investment, you should judge the merits of your silver investments as they relate to your investment needs. To help you, we have included the following digest of some of the advantages and disadvantages of particular silver investments.

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AAA

bRILLIANcE bRILLIANcE bRILLIANcE PURE PUREbRILLIANcE bRILLIANcESwAROVSkI SwAROVSkIZIRcONIA ZIRcONIA PURE bRILLIANcE SwAROVSkI ZIRcONIA ASASbRILLIANT bRILLIANTASASA ADIAmOND DIAmOND AS bRILLIANT AS A DIAmOND LASER LASERENGRAVING ENGRAVINGGUARANTEES GUARANTEES LASER ENGRAVING GUARANTEES UNIQUE UNIQUE QUALITY QUALITYAND AND ORIGIN ORIGIN UNIQUE QUALITY AND ORIGIN

Authorized Authorized distributors distributors forfor indiA: indiA: Authorized distributors for indiA: sign sign internAtionAl internAtionAl rAmnArAin rAmnArAin & co. & co. mumbAi: mumbAi: T +T 9122 + 9122 3245 3245 3596 3596 / F/ +F 9122 + 9122 2345 2345 3596 3596 / SIGN.mUmbAI@GmAIL.cOm / SIGN.mUmbAI@GmAIL.cOm JAipur: JAipur:T + 91141 + 91141 2573 2573 500 500 / F/ +F 91141 + 91141 2574 2574 500 500 / JAIPUR@RAmNARAIN.cOm / JAIPUR@RAmNARAIN.cOm sign internAtionAl rAmnArAin &T co. chennAi: chennAi: T 9122 +T 9144 + 9144 2538 2538 2286 2286 9144 + 9144 3255 3255 0063 0063 SIGN.chENNAI@GmAIL.cOm / SIGN.chENNAI@GmAIL.cOm mumbAi: TT ++ 2345 6700 / F/ /F+F+ 9122 2342 5421 / mUmbAI@RAmNARAIN.cOm mumbAi: T 9122 + 9122 2345 6700 + 91141 9122 2342 5421 // mUmbAI@RAmNARAIN.cOm mumbAi: T+ 3245 3596 / FF ++F9122 2345 3596 / SIGN.mUmbAI@GmAIL.cOm JAipur: 91141 2573 500 2574 500 JAIPUR@RAmNARAIN.cOm trichy: 2702 361 / /FF/+F+91431 2701 228 / /SURESh@RAmNARAIN.cOm trichy:TT ++T 91431 + 91431 2702 361 +9122 91431 2701 228 / SURESh@RAmNARAIN.cOm chennAi: T + 9144 2538 2286 F + 9144 3255 0063 / SIGN.chENNAI@GmAIL.cOm mumbAi: 9122 2345 6700 2342 5421 mUmbAI@RAmNARAIN.cOm trichy: T +/ 91431 2702 361 / JN./ANDhERI F+ 91431 2701 228 // mUmbAI-400 SURESh@RAmNARAIN.cOm SIGNITY SIGNITY INDIA INDIA PVT. PVT. LTD. LTD. / 302 / 302 & 303, & 303, b -bwING - wING / SAGAR / SAGAR TEch TEch PLAZA PLAZA / ANDhERI-kURLA / ANDhERI-kURLA ROAD ROAD SAkI / SAkI NAkA NAkA mAIN mAIN JN./ANDhERI (EAST) 072 / INDIA / / (EAST) / mUmbAI-400 072 / INDIA T +91 22 2851 6876 F +91 22&22 2851 1675 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com T +91 22 2851 6876 F +91 2851 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com OCTOBER 2016 | JEWELBUZZ SIGNITY INDIA PVT. LTD. / 302 303, b -1675 wING / SAGAR TEch PLAZA / ANDhERI-kURLA ROAD / SAkI NAkA mAIN JN./ANDhERI (EAST) / mUmbAI-400 51072 / INDIA / T +91 22 2851 6876 F +91 22 2851 1675 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com

SP E C I A L R E P O R T

Exchange Traded Funds (ETFs) Advantages: For investors who seek exposure to the physical silver market, but have no desire to possess the metal or pay direct insurance, assay, and storage costs, ETFs offer an alternative. They have major exchange listings and trade like equities. Investors can buy shares in a trust that owns the silver bullion.

Disadvantages: Because the ETFs are created to reflect the price of the silver, the market price can be as unpredictable as the price of silver on any given trading day.

Disadvantages: May require greater investment than small physical bullion purchases…Requires knowledge of equity market.

Silver Bullion Coins Advantages: Small and easy to store…Easy to transport…Internationally negotiable…Prices quoted widely.

Disadvantages: Must be stored securely…Yields no interest…Premium over bullion bar prices.

Silver Bullion Bars of Approved Refiners Advantages: Usually the least expensive Convertible into cash…Internationally negotiable…Price is widely quoted.

Disadvantages: Must be stored securely…Possible need for assay at time of sale…Yields no interest.

Silver Mining Stocks Advantages: Usually the least expensive Convertible into cash…Internationally negotiable…Price is widely quoted.

Disadvantages: Must be stored securely…Possible need for assay at time of sale…Yields no interest Silver Mutual Funds Advantages: Many mutual funds offer investment programs in silver and precious metals…Diversified holdings among dozens of companies.

56

JEWELBUZZ | VOL 2 ISSUE 1

Silver Medallions Advantages: Prices can range from least expensive to most expensive…Small and easy to store…Easy to transport.

Disadvantages: Similar to coins, but not always easily convertible to cash unless they bear the mark of a reputable refiner.

Export Enquiries Solicited +91 9869445693 | 9821680168

kiranjain1111@yahoo.com

www.rajjewellers.co.in

SP E C I A L R E P O R T

Silver Certificates or Storage Accounts Advantages: High liquidity…But at competitive prices…No storage risk…No sales tax…Prices widely quoted…Invest by dollar amount.

Disadvantages: Several days’ delay in delivery of silver…Silver not in physical possession of owner.

Silver Accumulation Plans Advantages: Invest as little as $100…Discounted commission rates…Highly liquid…No sales tax…Offers dollar cost averaging…No storage fees.

Disadvantages: Silver not in physical possession of owner although some firms will deliver the metal if requested.

Silver Futures Contracts Advantages: Speculative appeal…Leverage reduces capital tie-up…Liquidity…Contracts widely quoted…No storage risk.

Disadvantages: Many trading limitations…High risk factors…Unlimited loss potential…Requires market expertise.

Silver Options Advantages: Speculative appeal…Leverage reduces capital tie-up…No storage risk…clearly defined risk.

Disadvantages: Trading limitations…Highest risk…

Less negotiable and less liquid…Investor must be willing to sustain the loss of their entire investment in a commodity option…High degree of knowledge required.

Precious Metal Status Although silver is scarce compared to many other 58

JEWELBUZZ | VOL 2 ISSUE 1

elements and resources, it is the most plentiful and least expensive of those elements that have earned precious metal status.

Precious metals are valued for their beauty and relative scarcity in the Earth’s crust. Other unique qualities include their malleability, high resistance to corrosion, reflectiveness and conductivity.

Socially, these precious metals have long signified status and wealth. Silver has been associated with romance and legends, religion and culture. For as long as history has be recorded, adventurers have scoured the remote corners of the world in search of this luminous white metal. In Peru, for example, the Incas called it “the tears of the moon” while the Chinese believed that a silver locket hung around a child’s neck would ward off evil spirits.

Today, it continues to be revered for its fineness and beauty.

A Final Word on Silver Investment When investing in silver – or making any investment, for that matter – you should always consult with well known, reputable brokers, bankers, financial advisors or dealers. Prior to making any investment, you should make sure the seller is capable of delivering exactly what it is selling, and is providing you with the conditions under which it stands ready to buy back your silver.

The Silver Institute does not provide advice as to the buying and selling of silver or the advisability of trading in commodities, nor the tax consequences of any investment or trade in silver. The Silver Institute recommends that any prospective investors first check with their finance or tax advisor to determine which investment, if any, is the right option for their portfolio.

Source : The Silver Institute

www.jewelbuzz.in

This IIJS season,

help your brand

go places India International Jewellery Show (IIJS), one of important jewellery exhibitions in the world attracts exhibitors and visitors across the globe giving once in a year opportunity to reach out to buyers from India and across the world. For IIJS 2017, we are bringing out a special coverage on jewellery at the display, expectations of buyers and must see exhibitors list.

This special feature provides an excellent prospect for the jewellery brands to reach out to the potential buyers across the globe even before they enter the exhibition. The issue will be circulated in print and digital formats to the readers across India and to the verified 30000 retailers who visit IIJS regularly.

Advertising Tariff per insertion Full Page Ad in JewelBuzz Full Page Ad in IBJA Times Combo for IIJS

Rs 20,000/Rs 20,000/Rs 30,000/-

For other advertising opportunities in this special feature, please contact: +91 98190 66366 | vivek@jewelbuzz.in

SP E C I A L R E P O R T

Purchase Tax to be rolled back, major relief for Kerala jewellers

T

he Kerala jewellers breathe some relief the Kerala Finance Minister T.M Thomas Isaac personally assuring the jewellers that he would amend the section 8 (f) of the Kerala VAT Act. The last eight to nine months was the one of the toughest times for the Kerala jewellers with purchase tax hovering over the industry. The retrospective collection of 5% purchase tax imposed by the then United Democratic Front (UDF) government in 201314 pinched them hard with the tax authority serving notices to various jewellers in Kerala for a total amount of Rs2,600 crore.

The jewellers could take no more and decided to raise voice. The Kerala Jewellers Association Coordination Committee led by industry leaders like Dr B Govindan, M. P. Ahammed, P C Natesan, Shaji Chirayath, Justin Palathra, K Surendran, Adv S. Abdul Nazar amongst others protested and staged a dharna in front of secretariat in Trivandrum. On 5th April the jewellers pulled the shutters down as the part of the agitation. This was followed by a meeting with the finance minister of Kerala and he assured that in the upcoming The Kerala Legislative Assembly meet, the financial bill will be amended and the purchase tax will be rolled back. The FM also said that until GST is implemented necessary steps will be taken with regard to the compound tax.

How and when purchase tax was imposed?

“The previous government, which introduced the tax, had not levied it since there was no consensus on finalising a method to collect the tax. It is said that the government had “inadvertently” included this tax in the financial Bills presented by the UDF’s finance minister K M Mani in the FY 201314.The purchase of gold, silver and platinum in any form attracts a 5% VAT (value-added tax) in Kerala. Exchange of old jewellery too is treated as sale under the state’s VAT policy.

Impact of purchase tax on Customers Since customers or individuals are not registered sellers, the onus is on the jewellery firm to collect it from customers and pay it to the government. Kerala’s sales tax revenue to the state from gold sales is about Rs 480 crore per year, compared to about Rs 100 crore each in Karnataka and Tamil Nadu.

“ I had 15 minutes of fruitful conversation with the Kerala finance minister Isaac Thomas and explained about the issues affecting the industry with the burden of purchase tax. As Kerala accommodates largest manufacturers, largest consumers generating one of the largest employment, it is unjustified to impose purchase tax. He has understood the jewellers plight and has agreed to take necessary actin to withdraw the purchase tax.” ~ G V Sreedhar, Immediate Past Chairman, GJF

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JEWELBUZZ | VOL 2 ISSUE 1

“The UDF Govt during their term 2013-14 introduced purchase tax on gold which came about from an error in the appropriate provisions placing a heavy burden on jewellers.

Despite several discussions and handing over memorandum to govt, the purchase tax was not withdrawn. Govt failing to accept our demand we decided to start indefinite sathyagraha in front of Secretariat as imposing purchase tax on gold was illegal putting the jewellers in immense trouble. Our protest, and dharna bore results, our voice was heard and Kerala finance minister call us for the meeting and assured us that in the upcoming legislative assembly, the issue will be discussed and necessary action will be taken.

We are fruitful about the meeting and the govt understood the seriousness of the matter and agreed to roll back the purchase tax. This move will bring relaxation to the jewellers and also ease the burden. We are waiting for the official announcement on withdrawal of purchase tax from the Govt.”

Dr B Govindan, Chairman, Bhima Jewellers & State President AKGSMA

“We agitated against the retrospective collection of a 5% purchase tax that was introduced by the UDF government in 2013-14. It was inadvertently included in the finance bill by then Finance Minister K M Mani.

Though we made several representations and handed over memorandum to govt but things were still standstill.

Things went worst when the tax authority served notices to various jewellers in Kerala for a total amount of Rs2,600 crore. We decided to take the matter in our hands and staged dharna and protested the purchased tax and demanded roll back. This was also followed by a jewellery store shutters down. Finally our voice was heard and in a meeting with the Kerala FM, he assured that our demands will be met and in the next assembly the bill will be amended. We also met Issac Thomas yesterday ( April 26th, 2017) to on the same issue and he reassured saying “ I have articulated on the purchase tax roll back in a public forum and it will be taken care in the next legislative assembly.” We are hopeful that we will get justice in this regard with assurance.”

B Girirajan, Chairman, Bhima Jewellers “The tax was introduced during the previous UDF Government by slipup which led to heavy burden on gold buyers and sellers. We had given several representations highlighting the challenges faced by the industry on this issue have been made to the government. Finally, the Finance Minister Issac Thomas understood and has assured us that in the upcoming assemble, the issue will be discussed and the purchase tax will be rolled back.”

Babu Philip, Director, Josco Group

“Followed by the Dharna and protest by the Kerala jewellers, Finance Minister Dr. Issac Thomas has assured us that in the legislative assembly, the issue will be discussed and necessary action will be taken to withdraw on Purchase tax and we are positive about the outcome.”

Adv. S. Abdul Nazar, Co-Ordinator, Kerala Jewellers Association Co ordination Committee VOL 2 ISSUE 1 | JEWELBUZZ

61

SM I N D EX

A MONTHLY INDEX TRACKING THE SOCIAL MEDIA PRESENCE OF LEADING JEWELLERY BRANDS IN INDIA.

Name of the Brand/Retailer

FaceBook

Instagram

Twitter

Youtube

Pinterest

Total Followers

Amrapali Jewels

224152

6006

1094

19

235229

466500

Being Human Jewellery

151568

5876

nil

2430

24502

184376

Farahkhan Fine Jewellery

86828

772

558

160

27641

115959

GRT Jewellers

978701

3642

351

3590

9249

995533

Hazoorilal Jewellers

160949

344

864

nil

32904

195061

Jaipur Gems

293779

838

255

nil

27767

322639

Joyalukkas

1020861

1088

60

897

14043

1036949

Kalyan Jewellers

561356

8610

373

nil

17

570356

Khanna Jewellers

94348

165

nil

nil

18512

113025

Kirtilals

109011

3105

167

74

2716

115073

Mahesh Notandas Fine Jewellery

195400

600

315

nil

4074

200389

Malabar Gold and Diamonds

964671

3410

413

3519

41687

1013700

Manubhai Jewellers

125937

1206

nil

253

69165

196561

Mehrasons Jewellers

65430

62

39

46

149

65726

Minawala Jewellers

232902

470

25

6

3958

237361

NAC Jewellers

81390

1207

nil

1158

1121

84876

Nirav Modi

119273

1667

nil

nil

47201

48868

OM Jewellers

239669

33

nil

nil

1929

241631

1559294

4922

675

361

23207

1588459

PNG Jewellers

758129

1644

239

316

4569

764897

Prince Jewellery

242202

237

146

270

548

243403

Reliance Jewels

340170

128

14

11

1148

341471

1,065422

21296

1370

13237

111265

147168

316911

3076

1041

2450

26084

349562

PC Jeweller

Tanishq TBZ original

Disclaimer : The above list is an indication of social media presence of top brands based on data collected. JewelBuzz does not take responsibility of any errors unintentionally occurred. Retailers and Brands can send their social media details to be featured in the list. JewelBuzz reserves the right to add or delete any name from the list.

62

JEWELBUZZ | VOL 2 ISSUE 1

THIS IIJS, MAKE THE WORLD YOUR STAGE India International Jewellery Show (IIJS), one of the most important jewellery exhibitions, attracts exhibitors and visitors from across the globe giving a once-a-year opportunity to reach out to buyers from India and the rest of the world. This IIJS 2017, three of the top B2B magazines come together to offer a unique opportunity for exhibitors at IIJS 2017 to reach out to buyers from around the world and create an impact.

I N T E R N AT I O N A L J E W E L L E R Y M A G A Z I N E

India’s premium magazine in the jewellery business

The most read B2B magazine in the Middle East Gulf countries and Turkey

Global online trade magazine

Advertisement Tariff $ 1750 $ 1500 $ 2000 $ 5250 $ 2625

W W W.P E N IT UP.COM

Full Page Ad in GBM Full Page Ad in JB Banner ad in JO (for 3months) Total Special Package for IIJS

Contact us for customised brand promotion solutions, advertorials, mailers, and advertisements to give your brand the best the world has to offer.

INDIA +91 98190 66366 vivek@jewelbuzz.in

TURKEY & MIDDLE EAST +90 5324 510541 taner.acar@goldbookmagazine.com

UK & EUROPE +44 79905 68064 davidbrough2@btinternet.com

E X HI BI T I O N S - I N DI A

KJ National Gems & Jewellery Exhibition

Hyderabad Jewellery Pearl & Gem Fair

India International Jewellery Show 2017

28-30 May 2017

9 - 11 June 2017

27 - 31 July 2017

Golden Blossom

HICC Novotel, Hyderabad

Bombay Exhibition Centre

UBM India Pvt. Ltd

Gem & Jewellery Export Promotion Council

Associations of Lucknow ashokkumar4verma @gmail.com +91-79922 94572

pankaj.shende@ubm.com +91-22-61727272

iijs.org/index.php iijs@gjepcindia.com +91-22-2654 4600

India International Gold Convention

India International Fashion Jewellery Show 2017

11th Jewellers Association Show

11 - 13 August 2017

11 - 14 August 2017

1 - 4 September 2017

Grand Hyatt, Goa.

Bombay Exhibition Centre

JECC, Sitapura, Jaipur

Foretell Business Solutions Private Limited

India International Fashion Jewellery & Accessories Show

Jewellers Association

www.goldconvention.in

www.iifjs.com/iifjas-mumbai

register@goldconvention.in

sales@radiaantexpo.com

Mob.: 7992294572, 7033586581

operation with :-

hyderabad.jewelleryfair.in

LUCKNOW SARRAFA ASSOCIATIONS.

GORAKHPUR SARRAFA

ASSOCIATIONS. +91-93437 34140

AGRA & MATHURA KHWAJA AGRO & STORAGE SARRAFA ASSOCIATIONS. PVT. LTD., SIWAN SHAHJAHANPUR SARRAFA ASSOCIATIONS.

jasjaipur.com info@jasjaipur.com +91-141-2563829

+91-22-6464 5500-07

BAREILY SARRAFA ASSOCIATIONS.

mÙkj izns'k Lo.kZdkj la?k] okjk.klh

COUTURE INDIA

Delhi Jewellery & Gem Fair

Jaipur Jewellery Show

9 - 11 September 2017

9 - 11 September 2017

22 - 25 December 2017

Hotel Taj Palace, New Delhi

Pragati Maidan, New Delhi

Gem & Jewellery Information Centre/ Indian Jeweller Magazine

UBM India Pvt. Ltd

Jaipur Exhibition & Convention Center(JECC)

coutureindia.show coutureindia@indianjeweller.in +91-22-2675 6066

64

JEWELBUZZ | VOL 2 ISSUE 1

delhi.jewelleryfair.in marketing.jewellery@ubm.com +91-22-6172 7182

JJS Committee jaipurjewelleryshow.org info@jaipurjewelleryshow.org +91-141 272 5647

Mob.: 7992294572, 7033586581

In cooperation with :-

LUCKNOW SARRAFA ASSOCIATIONS.

GORAKHPUR SARRAFA ASSOCIATIONS.

AGRA & MATHURA KHWAJA AGRO & STORAGE SARRAFA ASSOCIATIONS. PVT. LTD., SIWAN SHAHJAHANPUR SARRAFA ASSOCIATIONS.

BAREILY SARRAFA ASSOCIATIONS.

mÙkj izns'k Lo.kZdkj la?k] okjk.klh

EXHIBITIONS - GLOBAL

International Jewellery & Watch Show

LAS VEGAS Gem & Jewelry Show

2 - 6 May 2017

29 May - 1 June 2017

Abu Dhabi National Exhibition Centre

The Mirage Hotel and Casino

Mandalay Bay Resort & Casino Las Vegas, NV

G.L.D.A., Inc. Headquarters

Reed Exhibitions

Reed Exhibitions www.jws.ae info@jws.ae

JCK LAS VEGAS 5 - 8 June 2017

www.glda.com

reedexpo.com

info@glda.com

inquiry@reedexpo.com

+1 203 840 4800

+1 203 840 4800

+971 2 491 7615

VicenzaOro 23 - 27 Sept 2017 Viale della Oreficeria FIERA DI VICENZA vicenzaoro.com

Singapore Jewellery & Gem Fair

International Jewellery London (IJL)

27 - 30 October 2017

3 - 5 September 2017

Marina Bay Sands, Singapore, Singapore

Olympia London

UBM Exhibition Singapore Pte Ltd

info@vicenzaoro.com

singaporejewellerygemfair.com

+39 0444 969111

clara.leong@ubm.com +65 6592 0888

jewellerylondon.com ijl.helpline@reedexpo.co.uk +44 (0) 20 8271 2144

VicenzaOro - Dubai

Jewellery Arabia

15-18 November 2017

21-25 November 2017

Dubai World Trade Centre

Baharain International Exhibition & Convention Centre

Tokyo Big Sight, Japan

Arabian Exhibition Management Fawzi Al Shehabi

IJT Show Management, Reed Exhibitions Japan Ltd.

DV Global Link LLC dubai.vicenzaoro.com exhibitor@vicenzaorodubai.com +971 (4) 308 6431

66

Reed Exhibitions

JEWELBUZZ | VOL 2 ISSUE 1

International Jewellery Tokyo 24-27 January 2018

jewelleryarabia.com

www.ijt.jp/en

benedetta.galletti@arezzofiere.it

ijt-eng@reedexpo.co.jp

+65 6592 0888

+81-3-3349-850

WWW.PENITUP.COM

Trendsetter of a Tradition

S. K. JEWELLERS

68/72 , GANPAT BHAVAN, 1ST FLOOR, SHOP NO.104, DHANJI STREET, MUMBAI - 400 003.

TEL NO. 022 - 23411486, 23465694 www.skjewellers.com sanjayskjeweller@gmail.com

AD INDEX

ADVERTISEMENT’S INDEX Sl No

Name of the Advertiser

City

Page No

1

Aarya 24KT

Mumbai

19

2

Alankar International Pvt. Ltd

Mumbai

9

3

Divine Solitaires

Mumbai

69

4

Do - It Impex Pvt. Ltd.

Mumbai

70

5

Emerald Jewel Industry India Ltd

Coimbatore

6

Euro Cubic Creations Pvt. Ltd.

Mumbai

Cover Gate Fold

7

Hasmukh Parekh Jewellers

Kolkata

45

8

India Bullion & Jewellery Association

Mumbai

24

9

KJ National Gems & Jewellery Exhibition

Lucknow

65

10

Mark Bangles

Mumbai

49

11

Mukti Gold & Diamond

Mumbai

23

12

Pure Platinum Jewellery Pvt. Ltd.

Mumbai

21

13

Raj Jewellers

Mumbai

57

14

RM Jewellery

Bangalore

15

Royal Chains Pvt. Ltd.

Mumbai

43

16

RSBL Spot

Mumbai

41

17

S. K Seth Jewellers

Mumbai

13

18

S. K. Jewellers

Mumbai

67

19

Shilpa Lifestyle

Rajkot

39

20

Shilpi Jewellers

Mumbai

15

21

Shringar House of Mangalsutra

Mumbai

3

22

Silver Emporium Pvt. Ltd.

Mumbai

47

23

Solanki Jewellers

Mumbai

17

24

Swarovski Gemstones Business

Mumbai

55 & 72

25

Tiara Fashion Jewellery

Mumbai

2 & 71

26

Trident Corporation

Mumbai

10 & 11

4&5

6&7

Disclaimer : The above list is not an indication of ranking or any other preference and not part of the agreement.

JewelBuzz does not take responsibility of any errors unintentionally occurred.

68

JEWELBUZZ | VOL 2 ISSUE 1

Because the brightest is the best Available at 124 premium jewellers in 69 cities across India For Trade Enquires, Contact : (022) 66264880 / 08108441129 / 9967889989.

To track current diamonds prices, download the Divine Solitaires App.

K ARLIE KLOSS

Brilliant Precision

BORN FROM A TRADITION OF

MASTER CRAFTSMANSHIP

VISIT SWAROVSKI-GEMSTONES.COM

SIGNIT Y INDIA PV T. LTD. SWAROVSKI GEMSTONES BUSINESS SIGNIT YINDIA .OFFICE@SWAROVSKI.COM T +91 22 2851 6876