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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
GOLD DEMAND TRENDS Q1 2017 WORLD SILVER SURVEY 2017 GST AT 3% FOR JEWELLERY 5% FOR MAKING CHARGES
GMS AN OVERVIEW
OF SCHEME
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From the Publisher
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othing is stagnant in this world and Govt policies are the best example for this. Recent amendments, announcements, implementations did not only bring solace to jewellers but brought in a positive outlook for the industry. GST… The 3-letters buzzing around in the jewellery industry for quite some time finally made its grand rate entry with 3 per cent on jewellery, bringing relief to the jewellery industry. Though every state had different GST rate to suggest, the Govt made a smart decision with 3% announcement taking the jewellery flocks into confidence. A Bravo move by the Govt…must say…. Another step by the Govt that cheered up the industry was reduction in GST on making charge from 18% to 5%. The eleventh-hour amendment in the finance bill at the Kerala Legislative Assembly on withdrawal of purchase tax on jewellery was another commendable act from the Kerala Govt.Gold Monetisation Scheme or popularly known as GMS is a wonderful initiative but is it a success? This issue our cover story will give you an overview of the scheme performance in our country. Luxury lies in each detail and watches reflect of personal style. Whilst some great timepieces can be start at lower price points, a greater understanding of luxury watches will inform your own aesthetic. Our watch segment which flaunts the top expensive watches this issue are the key examples of globally much-admired brands that have been popular for look and functionality alike.
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Managing Director & Publisher VIVEK KABRA Executive Editor PHANI GIRISH Managing Editor DIVYA VIJAYAN Consulting Editor SUCHITHRA PILLAI Creative Director ROOPESH MAVICHERY Content Creation & Design PENITUP.COM ADVISORY BOARD RAJENDRA JAIN Swarovski Gemstones Business VISHAL GANDHI Tiara Fashion Jewellery Director ASHIKA KABRA Business Developement & Tie-ups +91 98190 66366
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Printed at : JAYANT PRINTERY LLP 352/354, Muralidhar Temple Compound, Near Thakurdwar PO, J.S.S Road, Mumbai - 400002
Visit us at Booth No 6X103 (Hall 6)
IN THIS ISSUE VOL 2 ISSUE 2
FACE 2 FACE MAKING MEMORIES WITH IBJA’S GOLDEN MEMORY BOX
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ANALYSIS TWO SIDES OF A COIN CALLED GOLD GST
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CENTRE STAGE LATEST COLLECTIONS
PURCHASE TAX
MANAGEMENT SIX COMPONENTS OF A GREAT CORPORATE CULTURE
PROFILE PURE PLATINUM
MARK YOUR DATE
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AN OVERVIEW OF GOLD MONETISATION SCHEME PERFORMANCE IN INDIA
SPECIAL REPORT GOLD DEMAND TRENDS Q1 2017
STORE DESIGN FIRESQ JEWELLERY BOUTIQUE BY GLAMSHOPS, BUCHAREST – ROMANIA
SURVEY WORLD SILVER SURVEY
74 WATCHES THE EXTRAVAGANTS: MOST EXPENSIVE WATCHES OF 2017
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COVER STORY
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76 EXHIBITIONS LIST
TBZ | MALABAR | IGI GJEPC | GJSCI GSI | GJF |
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VISION
EVENTFUL
42 50
SPECIAL REPORT
COVER PICTURE COURTESY: SHRINGAR HOUSE OF MANGALSUTRA
I N T HI S I SS U E
SOCIAL MEDIA TRACKER A MONTHLY TRACKING OF SM PRESENCE OF LEADING JEWELLERY BRANDS IN INDIA.
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Making Memories with IBJA Gold’s Golden Memory Box When was the last time you indulged in buying a Gold coin? Perhaps on Dhanteras, Akshaya Tritiya or an auspicious festival! I recently visited the IBJA Gold store in Bandra, Mumbai’s designer jewellery hub and got a chance to browse through a variety of more than 500 ready designs in gold and silver coins. Yes, I kid you not, they offer customized gold and silver coins for gifting right from the moment a child is born, to birthday, anniversary, festival, occasion, religious and so on. You name it, and they have it. In an interesting conversation with Deepak Tulsian, Business Head, IBJA Gold he talks about their recently launched Golden Memory Box. What kind of categories does IBJA Gold offer in gold coins? In Gold and Silver coins, we offer more than 500 ready designs across categories like Alphabets, Numeric, Zodiac Signs, Devotion, Pride of India, and Occasions such as Wedding, Anniversary, Birthday, Housewarming, and Farewell. They also offer customization services for customers who want to etch their special messages or images in gold or silver. What’s inside this quirky box? Over a period of time we have received feedback and enquiry from many customers saying that they do not want to simply gift a gold coin but would like to express their special moments, occasions or dates in a unique way when they gifted a gold coin. Considering this and keeping in mind that we need to make this special, we designed our coins in a way where the coins can have photographs imprinted or messages engraved or something that gives a personal touch when the consumer purchases or gifts it. 16
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How many coins can fit in a box? We can customize a box with one coin in it up to 10 coins or more depending on individual requirement. What’s special about this box? Is it different than any other jewellery-gifting box? Yes it is different from a jewellery box that we usually use for gifting. The outer covering has been crafted in leather. The inside has a soft velvet cushioning customized to the size and shape of the coin bought by the customer that’s keeps it intact and secure. We have also inserted a media slot with a display screen that’s visible when the box is opened. It allows the customer to play music, images of their loved ones or record personalized messages, which could be played with an on/off button. What’s unique about this box is that its not just another
India International Jewellery Show Bombay Exhibition Centre 27th - 31st July
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gifting box but also makes a great possession captured with memorable moments that could be played over and over again making the experience and purchase ever-lasting. What denominations and karatge are these coins available in? Gold coins with images are available in denomination of 5gms and above. We have recently customized a 100 gms coin for a customer. The coins have 995 purity which is considered as 24kt in India. If a customer has a budget constraint or chooses to purchase in an alternate metal than Gold, we offer and could customize these in Silver as well. Recently, a customer had ordered customized coins from us along with a box that was presented to our President of India, Honorable Shri Pranab Mukherjee. Another coin was customized and gifted recently to the cricket legend Sachin Tendulkar by one of his close family member for his birthday and on the release of his biopic, Sachin: A Billion Dreams. Is the coin certified? Yes the coins come with a certificate of authenticity that mentions the purity and grammage (weight).
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How can one order a coin and this box? Customers can visit our flagship store in Bandra and browse through an array of 500 designs or more before they place an order. Alternatively they can approach us directly via email, call or could also place an order via our website www.ibjagold.com We have an in-house team that helps the customers to compile their video or images in the Golden Memory Box. We have had customers in the past who have shared images via what’s app. Hence it works best for somebody living in metros
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other than Mumbai, especially two tier or three tier cities or towns as they could easily connect with us through a call, email, weblink or what’s app message and place their order. Other than retailing these we also take orders for corporates as these make great corporate gifts. How many days does it take to customize this? For a coin with images we need approx. 10 working days and for a coin with text or engraving will take up to 7 working days depending on the intricacy of the work to be done. We offer the facility of shipping this to the customer’s doorstep. What are the products offered by IBJA Gold? Other than the coins with image imprints, we customize coins for weddings, festivals and occasions with personalized messages. Similarly it can also be made to order for the birth of a child, thread ceremony, birthday, anniversary etc.
Waheguru etc can be manufactured. Numerology or symbolic numbers like 786 are available. We offer designs and specialized gold cut-out patterns of god, goddess across Hindu, Muslim, Sikh, Buddhist, Jainism etc Any and almost every design one could think of, can be designed and manufactured with us. I recall one customer wanted to inscribe a message to propose his girlfriend, so one side of the coin we inscribed the message he wanted to convey and on the other side we had their image. We have ready heart shaped coins for Valentines Day. To promote Skill India and Make In India we have designed the outline of the map of India in gold. It has a packaging designed especially for the shape of the Indian map and can make a great gift to be given to any foreign national visiting the country.
Prernaa Makhariaa Jewelry Design, AJP, Graduate Diamonds - GIA Jewelry Manufacturing - SNDT
Also devotional and religious coins are a big category that works well for us. So right from coins with temples, masjids, gurudwara etc or inscribed messages with an Om, Allah, 20
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Diploma in Gemology, Diamonds - GII www.styleprer.com
EVENTFUL
IGI hosts its 7th National BuyerSeller Knowledge Meet in Goa Director, IGI, India. “The four days of the D-show generates the potential for forming long-term business relationships that go beyond a single sale transaction.”
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he International Gemological Institute (IGI) hosted its 7th National Buyer-Seller Knowledge Meet, which brought together India’s finest jewellery craftsmen and valued jewellers under one roof at the Goa Marriott Resort & Spa, Panaji. Over the years, the event
has enabled more than 2,000 meetings between participating manufacturers and buyers. “This was the D-show’s 7th year and it has blossomed into a true networking platform for the diamond and jewelry trade,” said Tehmasp Printer, Managing
The show’s one-to-one closed door meetings format is the unique selling proposition of the event that enables the manufacturers and retailers to showcase their exquisite designs and close deals. The D-show allows decision makers from both sides to connect on a platform to achieve common business goals. IGI designated Nita Mukhopadhyay, General Manager, Senco Gold as the “Leading Lady of the Diamond World” for her achievements in the gem and jewellery industry at the gala event.
TBZ’s new Vashi showroom flaunts bridal jewellery crafted in vilandi and jadau
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ribhovandas Bhimji Zaveri (TBZ- The Original), India’s trusted jewellery retailer relocated its Vashi store in the same vicinity near Nirman Premises Co-op, Sector 17, Vashi. The showroom is spread across an area of 2,984 sqft with two levels showcasing an array of Gold and Diamond jewellery. The inauguration started on a spiritual note with lighting of the lamp by. Jacintha G Searrao and Gasper Searrao. Speaking on the occasion, Chairman and managing director, Shrikant Zaveri said, “TBZ -The Original has a legacy of creating jewellery that are truly timeless. Our Vashi customers have always
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believed in our brand and with our newly relocated store we will continue to provide our extensive design range in diamonds and gold jewellery”. The new Vashi store brings its consumers a variety of bridal jewellery in traditional and contemporary designs exclusively crafted in vilandi and jadau. In addition to bridal jewellery, the store will offer collection of ingeniously designed versatile light weight
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jewellery in diamond, precious stones and gold that can be worn at various occasions. The beautiful range of light weight designs include classic rings, delicate bracelets, bangles and elegant pendants which can be styled on a daily basis. The store also showcases a special line of Temple Jewellery comprising of necklaces and earrings encrusted with an idol of God mirroring the key elements of Indian heritage and devotion.
EVENTFUL
SRDC holds its 1st Convocation Ceremony in Mumbai
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RDC, a premiere practical training institution for Gem & Jewellery related courses celebrated the 1st Convocation ceremony for the quarter January to March 2017. Diamond Grading, Gemology and Jewellery designing and Chinese Language students awarded the credentials. The grand event was held for the first time ever at India Bullion and Jewellery Association (IBJA) on 24th April 2017. In this event, about 45 SRDC passing out students received the University of Mumbai Certificates and SRDC Certificate and Diploma awards. The chief guest of the event was Mukesh Mehta, President India Bullion and Jewellery Association (IBJA) and the honourable guest was Arun Morya, Co-ordinator K. P. B. Hinduja College. The event was started by the welcome speech by Kejal Jobanputra, Representative SRDC and was followed by an inspirational speech by Chief Guest, Mukesh Mehta.
SRDC launched SRDC Catalog 2017-18 with the esteem presence of IBJA Members, SRDC Students and industry guests.
Walking in the same direction of Prime Minister Narendra Modi’s dream about DIGITAL INDIA, SRDC also started contributing towards digitalisation of the SRDC Gem & Diamond Education. SRDC inaugurated E-courses for all the SRDC Programs at the same event by Chief Guest Shri. Mukesh Mehta and invited guests from the industry.
Students awarded Certificates and Diplomas in different field of their learning programs such as Diamond Graduate (DG), Gemology Graduate (GG), Masters In Gemology (MIG), also Certificate program from University of Mumbai students will be awarded University certificates for Gems Junior, Jewellery Designing Level 1, Polished Diamond Grading and Corporate Chinese Course (Mandarin Language Course). More than 45 students were awarded for the completion of their respective courses. 3 Students are graduating from most famous and comprehensive course “Graduate Gemology (GG)” and 5 Students are graduating from the business program “Diamond Graduate (DG)”.
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Unveiling SRDC Catalogue 2017-18 with Mukesh Mehta, Surendra Mehta, Rahul Desai, SRDC Students and industry guests.
Lavalier Personal Jewelry Insurance announces affinity partnership with GSI “This is great news for our customers”, said Debbie Azar, GSI’s Co-Founder. “We are extremely pleased to be able to offer this added value to our customers and to be associated with a premier insurance company like Lavalier/ Berkley.” Consumers can obtain instant, online insurance quotes at Lavalier.com by entering just their ZIP code, value of item to be insured and their choice of deductible. The GSI discount is applied when they upload the grading report.
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avalier Personal Jewelry Insurance and Gemological Science International (GSI) announced an affinity partnership today. Lavalier is now offering a 10% premium discount when consumers submit a grading report from GSI for jewelry they insure at Lavalier. com. Berkley Asset Protection has an A.M. Best rating of A+ and a Financial Size XV which reflects a strong foundation. GSI and Berkley
were both formed in the 21st century and are both customer centric organizations. “Reliable, accurate jewelry descriptions and values, such as those from GSI, are indispensable for consumers to obtain appropriate insurance for their treasured jewelry pieces,” explained Joseph Dowd, president of Berkley Asset Protection. “Too often, consumers receive documents with inflated values or vague descriptions that make it
difficult to replace or repair with like kind and quality in a claim situation. GSI provides independent, thirdparty documentation that consumers can rely on.” The Lavalier policy is “all risk,” covering everything unless expressly excluded. The worldwide coverage includes loss, damage, theft and mysterious disappearance/ unexplained loss, newly purchased jewelry and jewelry in transit for inspection, repair or sale.
GJF successfully organises PMI, Regional Networking Meet in Delhi
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ll India Gems and Jewellery Trade Federation (GJF) organised the 6th show of the 3rd edition of the Preferred Manufacturer Of India (PMI) Regional Networking Meet at a glittering ceremony from 17th May to 19th May, 2017 at The Leela Ambience & Convention Hotel Delhi. This was the first major event for jewellers
in the national capital post demonitisation of high value currencies and also after the formation of the new Board of Directors (COA) of GJF. The event was innaugrated by Shri Manoj Dwivedi, Jt. Secretary, Ministry of Commerce & Industry – Department of Commerce. The platform enabled businesses to focus on increasing profitability by offering them a competitive advantage, save time as well as reduce marketing and promotional costs. The PMI participants comprise the country’s leading manufacturers of Gold, Diamond, and Studded Jewellery and are renowned for the quality and range of products as well as innovation and exclusive designs. This programme helps thousands of jewelers, artisans and jewellery manufacturers in Delhi and NCR region which has a history of creating unique jewellery designs & making. The first day of Gala nite had rib tickling stand-up comedy by India’s award winning comedian Amit Tandon, followed by dance act by Banjara Group. The second gala nite had a special performance by singer Suryaveer Singh, which kept the dance floor busy. Over 200 promiment retailers had visited the PMI Delhi. VOL 2 ISSUE 2 | JEWELBUZZ
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EVENTFUL
2nd India SAARC – Middle East Buyer Seller Meet (BSM) 2017 Held at Delhi
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he 2nd India SAARC – Middle East Buyer Seller Meet (BSM) 2017 organised at New Delhi by The Gem & Jewellery Export Promotion Council with the support of Ministry of Commerce & Industry, Govt. of India has attracted 70 international buyers from key markets in the targeted regions. The BSM was inaugurated on May 14, 2017, by Manoj Kumar Dwivedi, Joint Secretary, Department of Commerce, Ministry of Commerce & Industry and Anil Sankhwal, Regional Chairman, Northern Region, GJEPC. India’s gem & jewellery exports to the Middle East in 2016-17 stood at US$ 14 billion, whereas exports to SAARC countries were US$ 19.38 million. Both regions have immense trade potential due to similar preferences and tastes in jewellery. The exhibitors offered a wide range of exquisite jewellery consisting of diamond and coloured gemstone studded jewellery as well as plain gold jewellery.
Anil Sankhwal, Regional Chairman, Northern Region, GJEPC said, “The objective of this BSM cum mini exhibition is to invite key business decision makers and arrange one-to-one meetings with the prominent Indian jewellery manufacturers from India, to develop new trust and understanding at a cultural, business & professional level and to explore future business opportunities that may occur as a result of these meetings.”
GJSCI conducts 4th edition of Jewel Talks at GIA Mumbai
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ems and Jewellery Skill Council of India (GJSCI) conducted its 4th edition of ‘Jewel Talks’, a monthly interactive platform between both industry experts and aspirants pursuing career in the gems & jewellery industry. The once-a-month program was held at GIA, Mumbai for which the spokesperson was Hetal Vakil, Founder, Vakil’s Institute of Jewellery Design, Binit Bhatt, CEO, GJSCI. The
event was attended by members of Women Jewellers Association (WJA) and GIA Students.The event commenced with a warm welcome followed by industry experts speaking on key issues of gems & jewellery industry where Hetal Vakil spoke on the topic ‘Luxury Selling – Next Level’ and Binit Bhatt enlightened the audience on ‘emotional intelligence’. “Jewel Talks is an integral path for GJSCI that leads towards our ultimate goal of a well-organized Gems & Jewellery Industry. Through this, we are welcoming the young talent to come and explore this sector through the unparalleled experience of industry experts. This will encourage the youth to choose gems & jewellery as a career and in-turn carve a better future to the industry,” Premkumar Kothari, Chairman, GJSCI.
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EVENTFUL
GJF conducts ‘Labham’ in Mumbai
Nitin Khandelwal, Chairman, All India Gems & Jewellery Trade Federation (GJF), said, “We, at GJF, have identified the needs of a large section of jewellers to understand the technicality of various compliance procedures with complex practices of doing business and we have designed the programme for the benefits of the jewellers. This day-long educational programme at various jewellery clusters of the country would empower the business community to manage their jewellery businesses more effectively in respect of improved governance and ease of operations. ”
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ll India Gems and Jewellery Trade Federation (GJF), the apex trade body of gems & jewellery, conducted an educational programme – “Labham”, sponsored by GIA, the World’s Foremost Authority in Gemology, on 12th May 2017 in Mumbai. Labham which is an interactive and intensive one-day educational seminar on compliance, risk management and best business practices in the gems & jewellery industry received good response in Mumbai (in Zaveri Bazaar). Approximately 100 jewellers attended the session which was conducted by renowned Chartered Accountant and subject matter expert Avinash Ravani.
Sri Lankan delegation visits Jaipur; meets with GJEPC representatives
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delegation from Sri Lanka, on a visit to the coloured gemstone capital of India, had an interaction with members of The Gem & Jewellery Export Promotion Council’s (GJEPC) regional committee, Jaipur; and members of the Coloured Gemstone Panel Committee of the GJEPC. Sri Lankan delegates informed GJEPC members about a show being organised in Colombo. They extended a cordial invitation for jewellery manufacturers to participate in the show. On its part, the GJEPC told the team from Sri Lanka about plans for a show of rough coloured gemstones slated to be 28
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held in Jaipur in the month of August. GJEPC requested the delegates to suggest names of mining companies from Sri Lanka which would be interested in participating in the show. The GJEPC also raised the issue of export restrictions on rough from Sri Lanka, opining that the restrictions should be lifted. While noting the view, the delegates added that they are also urging their government to reduce import duty on gold jewellery which is at 27% at present. The meeting ended on a positive note for strengthened interaction between the coloured gemstones sectors of the two countries.
JEWELLERY : AZVA
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Two sides of a coin called Gold GST T
Govt fixes GST rates at 3% on gold
he govt on June 3rd ,2017 announced GST rate of 3% on gold giving relief to the jewellery industry well at least for majority of them. There are mixed reactions based on various factors. Built on several media reports and views from the jewellery experts, Jewel Buzz compiles a detailed report on GST.
The opening side - Jewellery industry welcomes 3 per cent GST rate on gold The gems and jewellery industry welcomed the Centre’s decision to keep the goods and services tax rates (GST) for gold at 3 per cent which will be implemented from July 1st, 2017 and is almost in the same range being levied by most of the states at present. The rate of tax is lower than the lowest slab of 5% under
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the new GST regime to be implemented from July 1, and is closer to the current tax incidence of about 2%. “There was extensive debate on gold, and between 2% and 5%, there was almost a vertical division. A consensus has been reached at 3%,” Arun Jaiteley said. This will have a positive impact on the sector and encourage it to be more streamlined. Consumers and jewellers will take the first few months to adapt to the new rule but once that phase ends, the market will stabilise. World Gold Council Managing Director, India, Somasundaram PR had said GST is the biggest indirect tax reform in India and is intended to bring transparency, increase tax compliance and improve transaction traceability. This is an encouraging step in the current context to stabilise the industry and address
the concerns of the millions employed in the industry,” he added. Kerala-based Kalyan Jewellers Director Rajesh Kalyanraman said the industry welcomes the 3 per cent GST, however, 2 per cent would have been better. Currently, the industry pays taxes around 2-2.5 per cent so 3 per cent is almost as good as no impact by the taxes, WHP Jewellers Director Aditya Pethe said. “Majority of the gems and jewellery sector is unorganised and a lot of players are in the rural regions too. With this taxation, many unorganised players will be encouraged to enter the organised trade. Overall, the bill does not seem to have an inflammatory impact as most of the rates are revolving around the current tax brackets,” he added.
The Flip side - Challenge for unorganised sector Decision to impose a 3 per cent GST on gold will not only make jewellery costlier but also lead to a higher incidence of illegal gold trade, industry experts have said. They also said bringing the unorganised gold sector into the GST ambit will be a challenge. “With GST, the total duty has become very high and the customs duty maybe revisited,” said Ajay Sahai, director general at Federation of Indian Export Organisations. “The duty could be one of the highest among major gold consuming countries, which could lead to high incidence of smuggling.” India, China and West Asia are the world’s leading gold jewellery markets. The challenge is at the manufacturing end because 90 per cent of gold jewellery making is in the unorganised MSME sector. Getting this 90 per cent base in the GST structure is a challenge,” added Sanjeev Agarwal, CEO at Gitanjali Export Corporation and is also the chairman of Ficci’s gems & jewellery committee. On the retail front, almost 30 per cent of the jewellery sector is organised.
“We welcome the Government’s move of keeping GST rate of 3% on gold and jewellery and this is in line with our representations and recommendations. With respect to 0.25% GST on rough diamonds, Council feels that taxing diamonds is a retrograde step and not in sync with equivalence policy. Diamonds are key raw materials for gem and jewellery exports business. It is difficult for gems & jewellery exporters to pay tax of 0.25% and then initiate process for refunds, etc. We request the Government to reconsider its decision of taxing rough diamond imports under GST, owing to such severe repercussions.” ~ Praveenshankar Pandya, Chairman, GJEPC “After the representation of IBJA, Govt has reduced GST rate on jewellery making charges from 18% to 5%.” ~Mukesh Mehta, President, IBJA “We welcome the Centre’s decision to keep the GST rates for gold at 3 per cent. The Govt rightly kept the overall tax burden low in the industry, keeping in mind the unique characteristics of the gems and jewellery sector, the ‘kaarigars’ and small jewellers. In fact, this move will encourage the industry to become more organised and transparent.” Nitin Khandelwal, Chairman, GJF
“It is a win -win situation. We had requested govt to keep the same tax structure of duty, VAT and excise and that is why GST rate of 3% has been fixed.” ~ Surendra Mehta, National Secretary, IBJA “It is good for the industry. This clearly indicates that the govt is monitoring and listening to the jewellery industry keenly. Even though the rates and the slab were fixed, the govt has taken additional care and looked into the sector closely by announcing 3%. It is very good move and we thank the Govt for their support.” ~G V Sreedhar, Immediate Past Chairman, GJF “We welcome the move. The GST rate of 3% will benefit the jewellery industry and the consumer. It is a commendable move from the Govt’s side.” ~Dr. B Govindan, Chairman, Bhima Jewellers, & State President, AKGSMA “We appreciate the GST rate of 3%. Earlier Kerala was paying 5% and with GST at this rate it is definitely a positive development for the Kerala industry.” ~ Adv.Abdul Nazar, Co Ordinator, Kerala Jewellers Co Ordination Committee. “It is a laudable move , though we expected it be at 2%. But overall it’s a move for the entire jewellery industry.’ ~ Surendran Koduvalli, State Gen. Secretary, AKGSMA
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“Various media reports convey that 3% GST rate for jewellery is good move and jewellers across country are happy about it. But I really don’t understand the logic behind it as there is nothing to be pleased about this announcement. In the last five decades, this is one of the highest tax raise in the gem and jewellery sector. Earlier it was 1 % VAT and 1 % central excise where 70% of jewellers did not fall under the excise category, now bringing the these jewellers into the GST ambit will be a challenge and people fail to understand. Earlier those who were not under excise tax, will be now paying 3 times more. We are yet to get clarity on the GST on making charges. This GST rate will also put additional burden on manufacturing jewellers and it will be a huge setback for them, which will directly affect Modi’s ‘Make In India’ programme. I hope we get an opportunity to convey the issues to the Govt and request them to rethink on the GST rates.” ~ Bachchraj Bamalwa, Founder Partner, Nemichand Bamalwa and Sons “GST at 3% is definitely a welcome move, but the govt should take restrictive measures to curb grey market and encourage transparency. If across country 3% GST is followed then it is going to be a success, keeping the consumers happy too.” ~ Asher O, MD (India operation), Malabar Gold and Diamonds
Opens room for cheap import of gold jewellery from FTA countries Goods and services tax (GST) of 3 per cent on gold will open a window for cheap jewellery imports from Indonesia and South Korea from July 1. Now, a 12.5 per cent countervailing duty is charged on imports of such jewellery from countries with which India has free trade agreements (FTAs). As excise duty of 12.5 per cent will be replaced with 3 per cent GST from July, the countervailing duty would also come down. There would be no import duty on such goods from FTA nations. According to a veteran bullion market player, “Instead of a normal duty of 15 per cent on import of gold jewellery, imposing a 3 per cent tax will make it lucrative for importers to flood the Indian market with cheap jewellery.” However, GST of 3 per cent on gold has again opened a window of low import duty of jewellery from Indonesia and South Korea. Sudheesh Nambiath, lead analyst, South Asia, at GFMS Thomson Reuters, said: “To stop such imports, a cess on imports equivalent to basic Customs duty may be helpful.”
GST rate on jewellery-making charges reduced to 5% from 18%
“GST for the gold jewellery has been fixed at 3 per cent and it is positive for the trade. This will help the jewellery trade to be more tax compliant and organised.” ~ Princeon Jose, Chairman and MD, Prince Jewellery “According to me, the govt has made a smart move by keeping the GST rate as 3%. The govt does not want to antagonised the industry and but at the same time they want keep the flocks together. Every state was demanding different rates and we (GJF) were betting on 1.25%, but the govt kept everybody happy with this announcement, keeping even the consumers happy. It is a solution where everyone benefits from govt to industry and the consumers.” ~N Anantha Padmanabhan, Managing Director, NAC Jewellers
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Jewellery-making charges will attract an indirect tax of 5 percent, revised down from the earlier 18 percent under the Goods and Services Tax. This has come as a huge relief to jewellery and gold buyers, who are charged 10-12 percent making charges on the cost of gold. Besides reducing the tax outgo for buyers, this move is expected to bring in transparency in pricing. This move follows a repeated clamour among various bodies like All India Gem & Jewellery Federation, the India Bullion & Jewellers Association (IBJA), and other trade representatives, to reduce jewellery making charges.
WWW.PENITUP.COM
Worshiped for its Art
info@hpjewellers.co
COV ER STO RY
Gold has always been an integral part of the socioeconomic ethos of the Indian household.
As a commodity, it has always carried with it the tendency of invoking a sense of cultural and sentimental attachment, making its consumption and investment in India very different from that of other countries. The consumption of gold has always been greatly intertwined with the Indian household’s financial planning goals. Bought as bullion or as jewellery, for either personal consumption or as investment or as even a gift, gold invariably exists in every household’s financial portfolio. Gold as an asset plays a very important role in an investor’s portfolio as it not only provides stability for returns but also gives an opportunity to maximize the wealth of the investor Investors generally buy gold as a way of diversifying risk. Price of gold is determined by the market force of demand and supply. Central bank keeps some portions of their securities in the form of gold. India has a long and special relationship with gold. From weddings to religious
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festivals, gold jewellery has a strong cultural relevance and its role in traditional Indian life dates back for centuries.
jewellery and hence will not part with it; (d) if given a choice between cash or gold, Indian people will opt for gold.
However, gold is not just viewed as an adornment. For many people, gold is equally viewed as a safe, secure investment; a unique way to preserve their wealth. In India, gold has, through generations, remained an obvious and natural choice of saving of all households. Gold has never been an easy product around which policy could be formulated. Policies around gold (and to some extent business plans and financial innovations related to gold) have all largely been based on a couple of assumptions; a) Demand for gold in India will never wane; (b) People in India will not part with their gold easily; (c) Women are sentimentally attached to their
At various points of Indian history, one or all of these assumptions have been true. Gold makes a valuable contribution to Indian economic growth as well. It is estimated that at least 2.5 million people are employed by the gold industry and, according to consultancy PricewaterhouseCoopers, gold boosts economic output in India by at least $30 billion per annum. Gold also plays a central role in the Indian gems and jewellery export market, one of the fastest growing industries in the country and a leading foreign exchange earner. In fiscal year 2013, gems and jewellery constituted 15 per cent of India’s total exports and the value of gold items alone was more than $18 billion. Yet, in some quarters, gold is viewed as an idle asset and a key factor behind the current account deficit. VOL 2 ISSUE 2 | JEWELBUZZ
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COV ER STO RY
Acting on this belief, the previous government implemented policy measures aimed at stemming the flow of official imports of gold. In fiscal year 2013, gems and jewellery constituted 15 per cent of India’s total exports and the value of gold items alone was more than $18 billion. Yet, in some quarters, gold is viewed as an idle asset and a key factor behind the current account deficit. Acting on this belief, the previous government implemented policy measures aimed at stemming the flow of official imports of gold. However, these measures have had unintended consequences, encouraging smuggling, an activity that was much reduced when the Indian gold market liberalised in the late 1990 In the last few years, gold imports have been rising significantly.
India accounts for more than a quarter of global gold imports despite being the contributor of less than 2 per cent in the global trade. India is the largest consumers of gold in the world, accounting for around 26% in the year 2015. However, these measures have had unintended consequences, encouraging smuggling, an activity that was much reduced when the Indian gold market liberalised in the late 1990 In the last few years, gold imports have been rising significantly. India accounts for more than a quarter of global gold imports despite being the contributor of less than 2 per cent in the global trade. India is the largest consumers of gold in the world, accounting for around 26% in the year 2015.
What is gold monetisation scheme? Launched to curb India’s massive gold imports, which contributes significantly to India’s trade deficit, the scheme allows a bank’s customers to deposit their idle gold holdings for a fixed period of time in return for an interest in the range of 2.25% to 2.50%, and redeem it on maturity either in the form of gold or its rupee-equivalent amount.
Scheme Guidelines The scheme is meant to mobilize gold held by domestic households and institutions. Gold collected through the scheme will be made available to jewellers for manufacturing of new jewellery and other items. The scheme will initially be launched at a few places because the government will have to first set-up infrastructure for facilitating easy and secure handling of gold. Gold collected from consumers will first be cleaned and measured at test centres; it would then be melted to test for purity. After the tests, consumers can either deposit the gold for a fee or take it back after paying a nominal fee. The minimum quantity of gold that a customer can bring is proposed to be set at 30 grams. Those willing to deposit the gold will be given a certificate mentioning the amount and purity of the deposited gold. Banks will open a ‘Gold Savings Account’ on the basis of such certificates. Consumers will be paid interest on their gold savings account after 30/60 days of account opening. The amount of interest rate to be given is proposed to be left to the banks to decide.
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Both principal and interest will be paid to the depositors of gold, will be ‘valued’ in gold. For example if a customer deposits 100 gms of gold and gets 1 per cent interest, then, on maturity he has a credit of 101 gms. The customer will have the option of redemption either in cash or in gold, which will have to be exercised in the beginning itself (that is, at the time of making the deposit). The tenure of the deposit will be minimum 1 year and in multiples of one year. Like a fixed deposit, breaking of locking period will be allowed. Gold savings account will be exempt from capital gains tax, wealth tax and income tax.
The objectives of the Gold Monetization scheme are:
Role of Financial Institutions
To mobilize the gold held by households and institutions in the country.
The financial institutions play a key role in this scheme to make the yellow metal to uplift the Indian economy.
To provide a boost to the Gems and jewellery industry in the country, which contributes in employment creation, earns foreign exchange through exports.
Majority of physical gold holding by temples, charitable trusts, individuals etc can be pulled in to the investment platform through this Gold Monetization scheme. The foremost players of this scheme are banks, jewellers and individuals.
To be able to reduce reliance on import of gold over time to meet the domestic demand; in turn reducing the country’s need for foreign exchange reserves.
3
You will now get an interest on amount of gold
4
STEP
2
Deposit certificate in bank, get gold saving account
STEP
STEP
1
STEP
Get your jewellery tested at any of the 355 Bureau of Indian Standards (BIS)-certified hallmark centres to find out the amount of gold and purity.
Ornaments will be cleaned and gemstones (if embedded) returned. Jewellery will then be melted and converted to bars or coins. You take it back or take a certificate.
When you wish to retrieve the gold, you can take a certificate mentioning the amount of gold in your account to a jeweller and get the gold in the form of bar.
5
STEP
WORKING PROCEDURE
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•
There are five stakeholders i.e. customers, jewellers, government, banks/mints, non-banking financial institutions/ Financial Institutions. The customers (households, temples and trusts) will get assured value, proper cartage, transparency in transaction besides the options of having cash/deposit/bonds / coins.
Jewellers have the benefit of getting gold without import besides assured cartage, appropriate pricing without exchange rate fluctuations and lower inventory.
For a gold mobilization scheme to be successful three important considerations must be kept in focus: •
Valuation: Establishing the purity of the gold in a transparent and efficient manner within a defined time frame is essential.
•
Storage and Distribution: Well-developed logistics to prevent fraud, tampering, and enable inventory tracking.
•
End-to-end customized enterprise resource planning (ERP) software.
For a gold mobilization scheme to be successful three important considerations must be kept in focus: •
Valuation: Establishing the purity of the gold in a transparent and efficient manner within a defined time frame is essential.
•
Storage and Distribution: Well-developed logistics to prevent fraud, tampering, and enable inventory tracking.
•
End-to-end customized enterprise resource planning (ERP) software.
SOVEREIGN GOLD BONDS
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•
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold aimed at bringing down gold imports and providing an alternative to physical gold.
•
Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The bond is issued by the Reserve Bank of India on behalf of the Central Government.
C E N T RE STAGE
CHAMPAGNE DIAMONDS COLLECTION FROM AURELLE BY LESHNA SHAH Aurelle by Leshna Shah’s latest range of jewellery couture reflects the subtle sparkle of Summer rain with nature’s hues as the strings of raindrops connects heaven and earth. The collection connects rustic aestheticism with the unconventional designs connoting modernism. Complementing the play of the sun and the rain, the collection of ‘Champagne diamonds’ are elegantly encased in 18k yellow and white gold. Saluting the warmth of the sun and the comfort of raindrops, each design is meticulously crafted to infuse feminine essence along with wild expressions. There is a semblance of unparalleled beauty in the alternative combinations of stones and precious metal in innovative patterns.
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C E N T RE STAGE
AFFORDABLE DIAMONDS FROM VISHAL JEWELS Vishal Jewels has brought a unique and exciting new range of Royal Handcrafted Diamond Jewellery for everyone. The entire collection is Youth centric that has been hand crafted by their artisans. Vishal Jewels have brought an exciting range of Diamond Jewellery starting from just 15 Thousand (INR) and includes rings, earrings and pendants and sets all under Rs1 lakh.
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C E N T RE STAGE
ANMOL’S ASOKA COLLECTION ANMOL captures the mysticism of Indian mythology in their latest temple jewellery collection – the eternal ‘Asoka Collection’. Crafted with intricate excellence, each piece narrates the eternal saga of Indian Folklore. The exquisite ‘Asoka Collection’comprises of Statement Necklaces, Bangles and Earrings rooting their originality to the Indian Mythology. The collection has been curated in the richness of 22 K yellow gold with hand carved motifs of Gods & Goddesses interspersed with floral & animal motifs like peacocks & elephants. The soulful designs of this collection draw inspiration from the heritage carvings of Indian temples.
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C E N T RE STAGE
BEAT THE HEAT WITH OCEANIC BAUBLES BY IZAARA The collection comprises of sleek majestic Rings, Earrings, Dangling’s and Pendant with dominating mosaic designs that reflects the colors and the ripples of these beautiful waters. Just like every Izaara Jewel, the range is expressive but not expensive and is carved in skin safe alloy. What makes the collection more unique is that each piece brings with it Paua Shells from the coast of New Zealand. The naturally colorful mosaics & gorgeous hues the shell creates make it an ideal summer companion of the uber indian girl. The Paua Shell Jewellery can be donned at the sundown party at a beach or after work hour’s party or just a Sunday brunch with your girls. The entire range is a serene of classic pieces of Jewellery that will give an idyllic surroundings.
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SP E C I A L R E P O R T
Gold Demand Trends Q1 2017
G
old imports by India, the world’s biggest market after China, jumped to the highest level since 2014 in the first three months of the year, spurred by jewellers restocking for weddings and improving cash flow in the financial system.
Higher gold prices stifled jewellery demand
Indian recovery offset broad global weakness to support Q1 gold jewellery demand at 480.9t • Although marginally firmer y-o-y, jewellery demand remains soft: Q1 2016’s 474.4t was a seven-year low • The rising gold price was negative for demand, although one or two sharp pullbacks in gold were used as buying opportunities in some markets • The steady state of global demand concealed a more varied country-level picture. Gains were concentrated in India, Iran and the US, just outweighing modest losses elsewhere
Tonnes
50
Q1’16
Q1’17
YoY
World total
474.4
480.9
1%
India
79.8
92.3
16%
China
179.2
176.5
-2%
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Gold jewellery demand was broadly steady, but remains weak in the longer-term context. Demand was 18% below the 587.7t five-year quarterly average. The 9% rise in the US$ price between end-December and end-March restrained demand, although US dollar weakness meant that consumers in many markets were protected to some degree. Gold denominated in local currencies in most key consumer markets gained between 3% and 7%, although Turkey was a notable exception. The sector remains heavily influenced by India and China, which together account for over half of the market (56% in Q1).
INDIA
India’s economy is slowly recovering from 2016’s shock demonetisation
Indian jewellery demand jumped 16% from last year’s exceptionally low level as market conditions improved after a very tough 2016. Pent-up demand from the closing weeks of 2016 was gradually released as liquidity improved. But Q1 was still weak at 92.3t - only the third quarter this decade in which demand has fallen below 100t. And the industry remains uneasy, awaiting clarity on whether the forthcoming Goods & Service Tax (GST) will result in a higher tax burden for the end-user. The gold price held mixed fortunes for Indian jewellery consumers during Q1: rupee strength meant the domestic price rose by 3%, compared with a 9% rise in the LBMA price. The local price rose steeply in the opening weeks of 2017 before a sharp appreciation of the rupee in February and March. The pullback in the price during March was well-timed to coincide with planned purchases of gold ahead of the Q2 wedding season and the Akshaya Tritiya festival at the end of April. The RBI continued to remonetise India’s economy, thereby easing pressure on cash-strapped consumers. By the end of March, 85% of the value of currency removed from circulation under demonetisation had been returned.1 The RBI also gradually eased temporary restrictions on the amount of money that could be withdrawn from bank accounts, aiding cash-dependent rural demand in particular. Although the effects of the policy lingered, rural spending partially recovered as cash was injected back into the system. This is evidenced by motorcycle sales, which recuperated from the December lows.
Field research shows cashless transactions gathered momentum, reflecting relative outperformance of organised retailers. The government’s push for transparency in India’s economy began to take effect in the gold market, with a gradual shift towards electronic transactions. Although cash remains vital within the rural economy, consumers are gradually adopting cashless payment methods. This has helped bolster the performance of organised retailers, such as national chain Tanishq, which reported a ‘quite significant’ recovery in Q1 demand. The outlook for India’s gold demand is robust, but GST remains a cause of concern. The combination of the wedding season, Akshaya Tritiya festival (falling on 28/29 April) and continued remonetisation of India’s economy should support gold jewellery demand. However, the market is wary of the forthcoming decision on GST and this will likely weigh on demand until the government’s final decision, due for implementation in early July. VOL 2 ISSUE 2 | JEWELBUZZ
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SP E C I A L R E P O R T
CHINA In China, demand for gold jewellery softened slightly, down 2% y-o-y as the seasonal uplift broadly cancelled out the impact of higher gold prices. Demand in the first quarter was 176.5t, compared with 179.2t in Q1 2016 and 5% below the five-year quarterly average of 186.4t. Demand was strong at the start of the year. The Lunar New Year fell relatively early (late January, compared with February in recent years), meaning traditional Chinese New Year purchases were concentrated in January. This seasonal demand was boosted by 2017 having a double spring and a leap month, making it an auspicious year for weddings.2 Once the festivities were over, demand dropped off as usual – an effect that was more pronounced due to the backdrop of rising gold prices. China’s gold jewellery industry is resourceful in combating subdued consumer demand. Gold jewellery demand has been negatively affected by the slowing economic environment as well as by changing consumer tastes. Our consumer research has shown that younger Chinese consumers want to spend their money on experiences rather than material goods.3 This is backed 52
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up by research from Agility Research & Strategy which shows that the top three priorities for affluent Asian millennials are ‘health, travel and spending time with the family’4. But they are also keenly aware of new trends and enjoy expressing themselves in ways that differ from tradition. Gold jewellery manufacturers and retailers are willing and able to tap into these trends, responding with innovation. The 18k sector continues to grow. Manufacturers have responded by offering a wider array of designs, more intricate and modern than ‘traditional’ 24k jewellery. A new 22k segment has been introduced to cater for demand for new, innovative and trend-setting pieces. Some retailers increasingly specialise in bridal jewellery, targeting demand from that all-important sector. And some have chosen to innovate in terms of services: Decent group, for example, has recently introduced a new after-sales service, offering customers a no-cost exchange option on jewellery from its bridal range. So, although demand in China faces headwinds from the economy and the changing tastes of its consumers, the industry is keen and determined to adapt – an attitude that should help stem any weakness.
SP E C I A L R E P O R T
OTHER ASIA Jewellery demand within the smaller Asian markets was hit by the rising gold price, as well as rising political tensions in the region. In the face of rising gold prices, Japanese jewellery demand fell 9% year-on-year to 3.2t . A drop in Chinese tourist numbers was also a reported factor. In Thailand, sluggish economic growth contributed to a 5% decline in Q1 jewellery demand, falling to 3.1t from 3.2t in Q1 2016. The government responded with several measures designed to boost the domestic industry. These included waiving tariffs on raw material imports used in jewellery production, and making low-interest loans available for small- and medium-sized businesses to upgrade machinery.
Middle East & Turkey After the usual Q4 uplift, demand in Turkey sank to a fouryear low of 7.7t. Continued currency weakness in Turkey meant that the price of gold in lira rose more than in any other currency during Q1 (+12%), undermining jewellery demand. The fragile economic and political conditions that have beset Turkey over recent years were again a key factor behind the weak Q1 number. The mid-April referendum on changing Turkey’s constitution from a parliamentary to a presidential republic weighed on demand for the sector. And the outlook for the market is weak as the local price remains prohibitively high for many at a time of deteriorating economic indicators.
Demand across the rest of the region remained weak in the face of low oil prices and subdued tourist numbers, the impact of which was exaggerated by rising gold prices. Although the UAE has imposed a 5% import duty, demand in that market was relatively robust as consumers rushed to buy before the full effect of the tax fed through to end-user prices.
The West Growth in US jewellery demand resumed, leading to the strongest Q1 since 2010. A post-election lift in US consumer sentiment buoyed jewellery demand in the first quarter: it rose 3% to 22.9t. Plain yellow gold was more popular in the US than in European markets. High-end and online retailers performed strongly. The online segment is also gaining strength, particularly with continued growth in ‘clicks and mortar’ retailing – the overlap between the virtual and physical retail environments. European jewellery demand was again dragged down by weakness in France and the UK; the rest of the region was stable. Demand fell 6% y-o-y in France on preelection uncertainty and the rise in terrorist activity which has impacted tourism. Structural factors are also at work in this market, with branded silver making continued inroads into market share.
Q1 jewellery demand was weak compared with its long term average
Demand in the Middle East – virtually unchanged at 54.6t – followed a familiar pattern: growth in Iran contrasted with weakness elsewhere. Jewellery demand in Iran jumped 27% y-o-y to a four-year high of 12.9t, helped by an improving economy. The sector was also boosted by investment-driven purchases, due to a lack of supply of gold coins from the central bank.
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SP E C I A L R E P O R T
Kerala Govt repeals purchase tax on gold, Big relief to jewellers The Kerala Assembly passed the financial bill 2017-18 stating withdrawal of 5 per cent purchase tax on gold bringing relief to the jewellers of Kerala. The decision did not only bring cheers to the jewellers but they were also free from the burden of Rs 2,600 crore arrears notice the govt had served.
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“We are happy that the Kerala government rolled back purchase tax on jewellery. The official statement was announced today at the Assembly. It has truly come as a blessing to the entire Kerala jewellery industry.”
“The announcement is a great relief for the Kerala Jewellers. We have been on a legal warpath for the last six months to withdraw the tax levied which placed a heavy burden on Jewellers.”
Dr. B Govindan Chairman, Bhima Jewellers State President, AKGSMA
B. Girirajan Chairman Bhima Group
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SP E C I A L R E P O R T
“Withdrawal of purchase tax is a big relief. We thank the Finance Minister, Members of Legislative Assembly, both Ruling and Opposition parties, Media, GJF and the members of jewellery fraternity of Kerala.”
“The Government of Kerala has understood the implications of purchase tax on jewellers and has withdrawn. We thank Kerala Govt for this positive step which will support the Kerala jewellers.”
Adv. S. Abdul Nazar Co-ordinator, Kerala Jewellers Association Co-ordination Committee
K. Surendran Koduvalli State Gen. Sectratary, AKGSMA
“This is a landmark judgement for the entire country. The finance minister of Kerala has looked into the matter and formed the subject committee which has unanimously rejected the purchase tax. This is a very good move and shows the faith, the government has on the industry. The trade has stood together and worked unitedly for the withdrawal. We are confident that Kerala FM will extend the same support to the trade for GST as well. Reality and efforts never go in vain.” GV Sreedhar, Immediate Past Chairman, GJF
“It was a commendable move bringing relief to the Jewellers. Purchase tax was a nightmare for the industry.” Babu Philip, Director, Josco Group
A retrospection Gold business in Kerala is on the warpath over the ruling LDF government’s drive to collect 5% purchase tax, with retrospective effect from 2013-2014. The purchase tax on gold was introduced by the previous UDF government. The state taxes department has served notices on the jewellers to the tune of Rs 2,600 crore. The Kerala Jewellers Association Coordination Committee led by industry leaders like B.Girirajan, Dr B Govindan, M. P. Ahammed, P C Natesan, Shaji Chirayath , Justin Palathra, K Surendran, 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 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 2013-14.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.
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Visit us at Booth No 6T031& 33 6S032 & 34
102, Motiwala Building, Shop No. 2, Ground Floor, Dhanji Street, Mumbai - 400 003. Tel: +91-22-2344 2176, +91-22-2344 2177
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. Stylish and minimalist interior for Firesq jewelry store in Bucharest. The purple color inside Firesq store is a brand identity and we chose to highlight this color creating a contrast with some stone wall coverings on the side and floor. Custom made jewelry displays with special 4500k jewelry lights inside. We have transformed a straight and dull ceiling into an attractive piece of the boutique by using Barrisol stretch ceiling on a curved form. Design: Glamshops
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FIRESQ JEWELLERY BOUTIQUE BY GLAMSHOPS, BUCHAREST – ROMANIA
VOL 2 ISSUE 2 | JEWELBUZZ
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M A N AG EME N T
Six Components of a Great Corporate Culture The benefits of a strong corporate culture are both intuitive and supported by social science. According to James L. Heskett, culture “can account for 20-30% of the differential in corporate performance when compared with ‘culturally unremarkable’ competitors.” And HBR writers have offered advice on navigating different geographic cultures, selecting jobs based on culture, changing cultures, and offering feedback across cultures, among other topics.
B
ut what makes a culture? Each culture is unique and myriad factors go into creating one, but I’ve observed at least six common components of great cultures. Isolating those elements can be the first step to building a differentiated culture and a lasting organization.
VISION
VISION: A great culture starts with a vision or mission statement. These simple turns of phrase guide a company’s values and provide it with purpose. That purpose, in turn, orients every decision employees make. When they are deeply authentic and prominently displayed, good vision statements can even help orient customers, suppliers, and other stakeholders. Nonprofits often excel at having compelling, simple vision statements. The Alzheimer’s Association, for example, is dedicated to “a world without Alzheimer’s.” And Oxfam envisions “a just world without poverty.” A vision statement is a simple but foundational element of culture. VALUES: A company’s values are the core of its culture. While a vision articulates a company’s purpose, values offer a set of guidelines on the behaviors and mindsets needed to achieve that vision. McKinsey & Company, for example, has a clearly articulated set of values that are prominently communicated to all employees and involve the way 64
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VALUES
that firm vows to serve clients, treat colleagues, and uphold professional standards. Google’s values might be best articulated by their famous phrase, “Don’t be evil.” But they are also enshrined in their “ten things we know to be true.” And while many companies find their values revolve around a few simple topics (employees, clients, professionalism, etc.), the originality of those values is less important than their authenticity.
PRACTICES
PRACTICES: Of course, values are of little importance unless they are enshrined in a company’s practices. If an organization professes, “people are our greatest asset,” it should also be ready to invest in people in visible ways. Wegman’s, for example, heralds values like “caring” and “respect,” promising prospects “a job [they’ll] love.” And it follows through in its company practices, ranked by Fortune as the fifth
Visit us at Booth No 5Q023 & 24 5Q025 & 26
Jaipur Factory
The World of Silver aims to educate the people of India on everything they need to know about their Silver purchase. The World of Silver aims to maximize the industry's growth by monitoring and encouraging Silver consumption. Currently, only a handful of people with a specialized knowledge or interest understand silver's asset value. https://www.facebook.com/worldofsilver
Manufactured World's First Motorcycle Made of Silver in 2013. Rolls Royce featured Silver Emporium in their Coffee Table Book in 2013. In 2013 & 2015 India Bullion and Jeweller's Association (IBJA) awarded Silver Emporium as the 'Best Silver Manufacturer' in the Industry. In 2014 & 2015 Gem and Jewellery Trade Council of India (GJTCI) Awarded Silver Emporium as the 'Best Silver Manufacturer' in India.
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M A N AG EME N T
best company to work for. Similarly, if an organization values “flat” hierarchy, it must encourage more junior team members to dissent in discussions without fear or negative repercussions. And whatever an organization’s values, they must be reinforced in review criteria and promotion policies, and baked into the operating principles of daily life in the firm.
PEOPLE
PEOPLE: No company can build a coherent culture without people who either share its core values or possess the willingness and ability to embrace those values. That’s why the greatest firms in the world also have some of the most stringent recruiting policies. According to Charles Ellis, as noted in a recent review of his book What it Takes: Seven Secrets of Success from the World’s Greatest Professional Firms, the best firms are “fanatical about recruiting new employees who are not just the most talented but also the best suited to a particular corporate culture.” Ellis highlights that those firms often have 8-20 people interview each candidate. And as an added benefit, Steven Hunt notes at Monster.com that one study found applicants who were a cultural fit would accept a 7% lower salary, and departments with cultural alignment had 30% less turnover. People stick with cultures they like, and bringing on the right “culture carriers” reinforces the culture an organization already has.
NARRATIVE
NARRATIVE: Marshall Ganz was once a key part of Caesar Chavez’s United Farm Workers movement and helped structure the organizing platform for Barack Obama’s 2008 presidential campaign. Now
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a professor at Harvard, one of Ganz’s core areas of research and teaching is the power of narrative. Any organization has a unique history — a unique story. And the ability to unearth that history and craft it into a narrative is a core element of culture creation. The elements of that narrative can be formal — like Coca-Cola, which dedicated an enormous resource to celebrating its heritage and even has a World of Coke museum in Atlanta — or informal, like those stories about how Steve Jobs’ early fascination with calligraphy shaped the aesthetically oriented culture at Apple. But they are more powerful when identified, shaped, and retold as a part of a firm’s ongoing culture.
PLACE
PLACE: Why does Pixar have a huge open atrium engineering an environment where firm members run into each other throughout the day and interact in informal, unplanned ways? Why does Mayor Michael Bloomberg prefer his staff sit in a “bullpen” environment, rather than one of separate offices with soundproof doors? And why do tech firms cluster in Silicon Valley and financial firms cluster in London and New York? There are obviously numerous answers to each of these questions, but one clear answer is that place shapes culture. Open architecture is more conducive to certain office behaviors, like collaboration. Certain cities and countries have local cultures that may reinforce or contradict the culture a firm is trying to create. Place — whether geography, architecture, or aesthetic design — impacts the values and behaviors of people in a workplace. There are other factors that influence culture. But these six components can provide a firm foundation for shaping a new organization’s culture. And identifying and understanding them more fully in an existing organization can be the first step to revitalizing or reshaping culture in a company looking for change.
Source : Harvard Business Review
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SURV E Y
World Silver Survey 2017 Jewellery and Silverware
G
lobal silver jewellery fabrication in 2016 declined by 9% to 207 Moz (6,438 t). The fall followed three consecutive annual increases that produced a new record set each year. The drop-in demand last year saw fabrication volumes give up these gains, retreating to levels not seen since 2012. The biggest falls were in price sensitive markets, with both China and India recording double-digit declines as higher silver prices, a build-up of stocks, and in the case of India the introduction of an excise duty on gold which had a spill over effect, all dragging consumption rates lower. Thailand was weaker last year due to a drop-in export, while Indonesia and Vietnam moved against trend to register healthy gains. Demand in the
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industrialized world also suffered with offtake in North America slipping 2% year-on-year, with healthy U.S. demand dragged lower by falls in Mexico and Canada. Indian jewellery fabrication declined last year by 14% year on-year to 62.1 Moz (1,930 t), the lowest in three years and ending four years of consecutive growth. The decline was primarily a result of the cascading effect following the implementation of excise duty on gold jewellery; the impact was seen across the entire gem and jewellery sector. Retail consumption declined by 13%, attributed to drought in 2015 which had curtailed consumption expenditure to a greater extent. While there was hope for a revival in
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more strongly than ever and this is largely attributed to the popularity of online stores. The designs, which until early this decade were confined to rural India and tribal populations is now considered trendy and ‘cool’ by the E Y designs specifically have become a trend urban SURV class. Tribal with casual wearers and these are primarily heavy pieces but with purity at just 70% or less.
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Million Ounces
Million Ounces
72
Constant 2016 Baht/oz
payals (leg chains/anklets) bought for daily wear which For most Thai jewelryless fabricators (excluding Pandora) was otherwise than 40% in 2015. the first half of 2016 was weak with export demand well business. Forcing an excise duty on gold jewellery that down on the previous year with demand only picking up Thailand’s silver jewelry fabrication retreated 6% last Jewellery consumption volumes are largely driven by led to a slow down across all categories, with even with any vigor in the final quarter of the year. According year to an estimated 23.0 Moz (715 t). The modest decline leg chains for cultural reasons, which have created a silver having to accept its share in absorbing the stress to our industry contacts, pre-Christmas orders were followed a healthy 13% increase in 2015 but unfortunately base load demand. The weight per piece can vary from as cash generated through jewellery sales was being surprisingly robust, especially in the United States, which these gains could not be sustained with certain segments 30 grams to 100 grams and given that it is subject to diversified to other business or invested in physical for much of the year had been underwhelming. Sales to of the industry under severe pressure to survive in a wear and tear, these are normally exchanged each assets in India or abroad instead of replenishing with online and television promotional platforms also gathered market that is rapidly evolving. Technology advancements, year against new months jewellery or a fresh piece is bought, fresh stock. Thus, retailers who had built up inventory momentum in the final of 2016, offsetting earlier competition from China and other South East Asian depending on the income levels. That said, for a new in 2015 at lower prices were not replenishing the it isAND largely a purchase of a fresh piece. The INDIAN JEWELRY AND SILVERWARE FABRICATION THAI born JEWELRY SILVERWARE FABRICATION consumption of value added products increases with age 40as it would involve more intricate design 80 55 and 100 Real Silver Price Jewelry Real Silver Price Silverware labour. In our various trips and visits to production 50 Silverware Jewelry 80 centers, we noticed that silver jewellery designs of late 45 30 60 have caught up with the younger urban population 40 60 more strongly than ever and this is largely35attributed 40 to 20 the popularity of online stores. The designs, which 30 40 until early this decade were confined to rural India 25 and10 tribal populations is now considered 20 trendy and 20 20 ‘cool’ by the urban class. Tribal designs specifi cally 15 have become a trend with casual wearers and these 0 0 0 10 2007 2009 2011 2013 2015 2007 2009 2011 2013 2015 are primarily heavy pieces but with purity at just 70% Source: GFMS, Thomson Reuters Source: GFMS, Thomson Reuters or less. Constant 2016 Rupee/kg (thousands)
JEWELRY & SILVERWARE
demand during thetofourth quarter following a normal Also was interesting note the migration to earrings like monsoon in 2016, retail consumption failed work. to take juhumkas (drops), which require a lot of intricate Theoff as demonetization delayed payments to farmers and safety consideration while wearing gold jewelry, in addition to its price, has seen a strong lift in sales the of silver postponed their purchases towards firstwedding quarter jewelry sets, which are electroplated with 24-carat gold. of 2017. This jewelry is generally priced at one-tenth the price of a similar 22-carat goldlast jewelry. have indicated One ofset theofkey themes year Retailers was destocking by that consumers often purchase the item, wear it for three retailers. From jewellery retailers to manufacturers, occasions, and then different design. gold has been theirexchange primaryagainst meansaof funding the
the wayside or continue to see their businesses under stress due to a shrinking market share, the very top end of the market is doing well. In the last few years the Thai market has been supported by the rapid expansion of Danish company Pandora which fabricates the bulk of its product range in Thailand, is easily the largest consumer of silver in the country and now accounts for a significant proportion of the export trade. Pandora has expanded its production stock in 2016and andrecently as a result fabrication demand was facility in Bangkok opened a new state-of-thealso reduced. This evident during our art factory in Lamphun in was the north of Thailand that visits could and discussions wholesalers who were Pandora’s sitting on high potentially doublewith its output by the end of 2019. growth last year,levels as well as fabricators a handful of with otherunderutilized branded inventory and producers, masks the true state the remaining capacity. Additionally, theofincrease in themarket average price with also heavyled losses dragging the country’s total fabrication to the exchange of old jewellery for new; this volumes for 2016. 60 to 65% of the total sales of was lower approximately
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SURV E Y
Also was interesting to note the migration to earrings like juhumkas (drops), which require a lot of intricate work. The safety consideration while wearing gold jewellery, in addition to its price, has seen a strong lift in sales of silver wedding jewellery sets, which are electroplated with 24-carat gold. This jewellery is generally priced at one-tenth the price of a similar set of 22-carat gold jewellery. Retailers have indicated that consumers often purchase the item, wear it for three occasions, and then exchange against a different design.
Silverware Following three consecutive annual increases global silverware fabrication declined 17% in 2016 to an estimated 52.1 Moz (1,621 t), retreating to levels last seen in 2012. Higher silver prices accounted for the bulk of the fall, most notably in price sensitive markets where weaker domestic currencies accentuated the 9.3% rise in the dollar price. The largest falls were seen in Asia with India and China both recording an acute decline. In the former, higher prices were the chief architect for the fall while the continued anticorruption crackdown on gifting and the weaker economy accounted for the material falls in China. Elsewhere, North American demand was an outlier, rising to a six-year-high on the back of stronger exports and improved economic environment. Indian silverware fabrication declined by 21% to 32.6 Moz (1,015 t), falling to the lowest level in three years. This is primarily attributed to inventory building at the wholesale and retail level in 2015 at the lower prices and reduced restocking by gold jewellery retailers who also sold silverware.
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The exclusive silverware retailers were less affected from the normal course of business, to the extent that they are more bullish about growth in the silverware market. Indeed, some of these retailers are considering expanding stores across major metropolitan regions, spotting a growth opportunity by retailing exclusively. This should eventually increase the tonnage sold per store. While it was subdued through most part of the year, retail consumption sentiment improved towards the last quarter following stronger wedding season demand. Demonetization was in fact a blessing in disguise for the industry as consumers considered the purchase of silver articles with hard currency that were demonetized. With silver prices at a premium of 50% over the landed price on the 8th and 9th November, it was a steal for retailers accepting cash. Taking a look at the purity front, there is a gradual shift developed towards products of higher purity of over 90% with more complex designs. That said, we are noticing some voluntary efforts by fabricators to hallmark their products but according to the Bureau of Indian Standards, hallmarking standards are still officially left to the discretion of manufacturers.
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P RO F I L E
Creating value through excellence at every step Having over 20 years of experience in the industry, Pure Platinum has come a long way from being a trading firm to becoming one of the few manufacturing firms focused only in the Platinum Jewellery Sector. Tell us about Pure Platinum and how did it start? What is the reason to choose Platinum as the prime metal for your brand? Jewellery shares a profound relationship with Nature. From wild flowers to birds and Universe, designers have always been entrenched with the inspiration Nature throws at them. In the Year 2008, we presented a unique collection with Emotions of Platinum Bands at a jewellery exhibition (IIJS) with an emotion an expression of feeling for which we got ecstatic response. As the business grew along with the overall demand we decided to become focussed Platinum Jewellery Trader. Initially a trading firm, which later ventured into manufacturing, how did the transformation happen? Pure Platinum is a Platinum Jewellery manufacturer & wholesaler of rare prestige and enterprise. It is based in Mumbai. Pure Platinum is synonymous to imagination, inspiration and innovation from day one. More than two decades, the company has gained special mastery in Jewellery Manufacturing, Designing and Wholesaling. In the year 2014, we set up our own manufacturing unit at Govandi (Mumbai). It houses more than 100 workers and contributes more than 50,000 pieces annually to the world’s creation of beautiful Platinum and studded jewellery
Vijay Pokharna Director
We reach our customers (retailers) across the various cities. It has carved a niche for itself in the Indian jewellery market. After Indian Market, it is also into exports to UAE and Srilanka simultaneously adding more designs to our portfolio and increasing the variety. Talk to us about your business growth and expansion plans. Our Growth plans include setting up strategic partners across India to better service our clients and increase the reach PAN India. Tell us about your manufacturing units in terms of employee strength, and organisational structure In the Year 2016, to cater to the increasing demand of our product we set up a bigger manufacturing unit at MIDC, Andheri East, Mumbai with about 100 Workforce. We have also set up a separate Corporate
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office at Andheri East, Mumbai for better service and increasing our marketing strength for our clients. Currently, we have two distributors Dishaa Gold and Platinum & M. Nikhil & Co. operating from Mumbai and Surat respectively and now we are ready for PAN India operations in Distributor, Shop-In-Shops and Franchisee models. Now we are focussed on providing a shopping experience that enables our customers to extract exquisite emotions out of their every purchase and fulfil their aspirations. We are offering one stop solution in Platinum Jewellery where in consumers will get Nose Pins to Necklaces & Cufflinks to Belt Buckles. Tell us in detail about your products and its uniqueness Currently we have more about 6000 designs covering varieties from Nose Pin, Rings, Earrings, Pendants, Pendent Sets, Bands, Chains, Bracelets, Bangles, Kadas, Necklaces, Cufflinks, Spectacles, Brooch, Buttons, Belt Buckles and many more. We try to cover every trend and need in the market be it in Gem stones, Diamond Studded Jewellery and Plain Platinum Jewellery. The jewelleries have been designed keeping in mind about men and women of today’s generation. The designs styles are modern and contemporary, targeting the age 16 yrs – 50 yrs. In this era of internet where lakhs of designs are available at finger tips it is difficult to keep each of those designs available at all times; hence we on our service part develop any design
provided by the customer for Platinum Jewellery with customization. This is what separates us from the market as we take up every challenge in Platinum Jewellery; be it repairing or new product or variety. Ina country like India, where gold plays a vital role, how are you capturing the Indian market? Yes, we do agree that in India Gold has played a Pivotal role due to its investment value. But in today’s times Platinum Jewellery has its own place in the industry due to the weight of sentimental value that it carries along with it. Platinum Jewellery sale in India is pegged to grow at 24% over previous year which is significantly more than the growth in Gold Jewellery Sales for the same period. All product of Platinum Jewellery is certified. There is a symbol or mark that has to be displayed on a piece of jewellery to indicate that it is certificate of authentically Platinum. What is your marketing mantra? The marketing mantra that we follow is the same from the beginning that is Awareness and Transparency. Awareness regarding Platinum jewellery for end consumers and transparency in the working and technical details of Platinum as Metal for retailers. Many retailers even today in India don’t know of Platinum as a metal or its rates. We believe these two simultaneously will increase the demand and in turn increase the sales of Platinum Jewellery. What is your vision ahead? To revolutionize the jewellery trade, by Creating Value through Excellence at each step.
VOL 2 ISSUE 2 | JEWELBUZZ
75
WATC HE S
The extravagants:
Most expensive watches of 2017 JACOB & CO. ASTRONOMIA CLARITY BAGUETTE – $840,000 The Astronomia Clarity gets its name in part of the its crystal dome. The sapphire coated clear bubble allows one to see its elegant inner workings – a blue diamond with two facets opposite a lacquered magnesium model of the earth on triple axis tourbillon. The precious stones rotate along with the tiny dial on the other side of the axis. The 50 mm diameter watch is encased either in white or rose gold with a touch of diamonds.
PATEK PHILIPPE SKY MOON TOURBILLON – $1.6 MILLION Patek calls the Sky Moon Tourbillon a “sculpture for the wrist”, and it’s no secret why. The watch has so many complications that it has two sapphire crystal faces. It has 686 movement components behind the action of the timepiece and the star chart on its two panels.
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JEWELBUZZ | VOL 2 ISSUE 2
HUBLOT BLACK CAVIAR BANG – $1 MILLION Hublot Black Caviar Bang is nonetheless a head-turner. Encased in 501 baguette-cut diamonds and 18 carat white gold, the watch almost looks to be floating in a cage of luxury gemstones. The design has become so popular that a cheaper consumer version of it has been released for $9,000.
LOUIS MOINET METEORIS – $4.6 MILLION Meteoris is partially constructed out of a real meteorite. The tiny meteor looks like a small gemstone, showcased in the watch’s dial. The Tourbillon movement is housed in a case of rose gold with a sapphire crystal window. Due to the exclusive material, only 12 of these watches have ever been made.
BREGUET GRANDE COMPLICATION MARIE ANTOINETTE $30 MILLION The Grande Complication was the most advanced watch of its time. It had all the possible complications implemented in its design at the time. Rare materials were used extensively. The complications of the watch are housued in a single window, and every single one is functional.
JACOB & CO. BILLIONAIRE WATCH – $18.2 MILLION The baguette-cut diamonds scream “billionaire”. The watch is large and heavy, not only due to the sheer weight of its diamonds but also because it is designed for a large wrist. The tourbillon timepiece is surrounded by a housing of diamond and white gold with a clear sapphire crystal window.
VOL 2 ISSUE 2 | JEWELBUZZ
77
E X HI BI T I O N S - I N DI A
Jewel Trendz Gems and Jewellery Show
India International Jewellery Show 2017
India International Gold Convention
24 -30, July 2017
27 - 31 July 2017
11 - 13 August 2017
Hotel Sahara Star, Mumbai
Bombay Exhibition Centre
Grand Hyatt, Goa.
Jewel Trendz Pvt. Ltd.
Gem & Jewellery Export Promotion Council
Foretell Business Solutions Private Limited
jeweltrendz.in info@jeweltrendz.in +91-22-2241 9000
iijs.org/index.php
www.goldconvention.in
iijs@gjepcindia.com
register@goldconvention.in
+91-22-2654 4600
+91-93437 34140
India International Fashion Jewellery Show 2017
11th Jewellers Association Show
11 - 14 August 2017
1 - 4 September 2017
Bombay Exhibition Centre
JECC, Sitapura, Jaipur
India International Fashion Jewellery & Accessories Show
Jewellers Association
www.iifjs.com/iifjas-mumbai sales@radiaantexpo.com
jasjaipur.com
Jewellery Wonder 16th- 17th Sept, 2017 Pragati Maidan, Delhi Jewellery Market jewellerywonder.net
info@jasjaipur.com
jmsales@jewellerymkt.com; jewellerymkt@gmail.com
+91-141-2563829
+91-99710 88668
+91-22-6464 5500-07
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
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JEWELBUZZ | VOL 2 ISSUE 2
delhi.jewelleryfair.in marketing.jewellery@ubm.com +91-22-6172 7182
JJS Committee jaipurjewelleryshow.org info@jaipurjewelleryshow.org +91-141 272 5647
EXHIBITIONS - GLOBAL
14th Edition of Jovella 3 - 4 July, 2017 David Intercontinental Hotel, Tel Aviv, Israel Stier Group www.stier-group.co.il
6 - 7 July, 2017 Marina Bay Sands Expo and Convention Centre, Singapore CEMS
The 60th Bangkok Gems & Jewelry Fair 6 - 8 Sept, 2017 Challenger Hall 1-3, IMPACT Muang Thong Thani, Bangkok Department of International Trade Promotion (DITP) www.bkkgems.com
expo@stier-group.com
www.sije.com.sg
+972-3-5626090
sije@cems.com.sg
bkkgems@ditp.go.th
+91 114279 5000
+66 (0) 2507 8392, 8393
International Jewellery London (IJL)
VicenzaOro
3 - 5 Sept 2017
23 - 27 Sept 2017
Olympia London
Viale della Oreficeria
Reed Exhibitions
FIERA DI VICENZA
Singapore Jewellery & Gem Fair 27 - 30 October 2017 Marina Bay Sands, Singapore, Singapore UBM Exhibition Singapore Pte Ltd
jewellerylondon.com
vicenzaoro.com
ijl.helpline@reedexpo.co.uk
info@vicenzaoro.com
singaporejewellerygemfair.com
+44 (0) 20 8271 2144
+39 0444 969111
clara.leong@ubm.com +65 6592 0888
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
80
Singapore International Jewellery Expo
JEWELBUZZ | VOL 2 ISSUE 2
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
JewelBuzz Debuts in
2017 IIJS is a once in a year occasion where entire jewellery industry comes together to meet, greet, and to generate business opportunities. JewelBuzz is happy to announce its debuting at IIJS this year. We will be very glad to meet you, greet you and yes do business with you and stay connected!
let’s meet at IIJS! BOOTH AL070, ALLIED
(CONNECTING WALKWAY BETWEEN HALL 1 & 5)
AM MEDIA HOUSE
CORPORATE OFFICE : 2/69, SAHYOG BUILDING, SV ROAD, OPP. LOHANA SAMAJ WADI, KANDIVALI (W), MUMBAI - 067. M: +91 98190 66366 | VIVEK@JEWELBUZZ.IN
SM I N D EX
A MONTHLY INDEX TRACKING THE SOCIAL MEDIA PRESENCE OF LEADING JEWELLERY BRANDS IN INDIA.
Name of the Brand/Retailer
Youtube
Total Followers
Amrapali Jewels
2,25,668
244791
6114
49
1118
4,77,740
Being Human Jewellery
163744
26593
6065
nil
nil
1,96,402
Farahkhan Fine Jewellery
86928
241374
777
170
584
3,29,833
GRT Jewellers
978008
9475
3645
3810
383
9,95,321
Hazoorilal Jewellers
161053
35469
364
nil
191
1,97,077
Jaipur Gems
308678
28824
842
nil
263
3,38,607
Joyalukkas
1026914
14,000
676
956
122
10,42,668
Kalyan Jewellers
586806
292
8768
nil
386
5,96,252
Khanna Jewellers
101321
20037
168
nil
839
1,22,365
Kirtilals
108818
2741
3104
75
271
1,15,009
Mahesh Notandas Fine Jewellery
194786
8703
63
nil
149
2,03,701
Malabar Gold and Diamonds
985827
46088
3484
3621
425
10,39,445
Manubhai Jewellers
145333
75741
1233
270
670
2,23,247
Mehrasons Jewellers
65388
149
64
nil
39
65,640
Minawala Jewellers
232688
4468
482
6
27
2,37,671
NAC Jewellers
81559
1209
1222
1240
9
85,239
Nirav Modi
124451
53059
1734
nil
2078
1,81,322
OM Jewellers
258250
2047
35
nil
nil
2,60,332
16,28,190
25681
5042
366
678
16,59,957
PNG Jewellers
757043
5235
1660
328
220
7,64,486
Prince Jewellery
251822
1164
242
278
149
2,53,655
Reliance Jewels
352444
1213
128
12
15
3,53,812
10,89,195
123109
21770
14042
1441
12,49,557
317590
28579
3106
2513
1066
3,52,854
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.
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Visit us at Booth No 5P035 I & II 5P036
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
WWW.PENITUP.COM
Trendsetter of a Tradition
AD INDEX
ADVERTISEMENT’S INDEX Sl No
Name of the Advertiser
City
Page No
1
Aarya 24KT
Mumbai
34 & 35
2
Aczet Pvt. Ltd. (Citizen Scale (I) Pvt. Ltd
Mumbai
79
3
Alankar International Pvt. Ltd
Mumbai
13
4
BVC Logistics
Mumbai
73
5
Bhindi Manufacturer
Rajkot
41
6
Choksi Vachhraj Makanji & Co.
Junagadh
8&9
7
Dassani Brothers
Mumbai
2
8
Divine Solitaires
Mumbai
85
9
Do - It Impex Pvt. Ltd.
Mumbai
86
10
Emerald Jewel Industry India Ltd
Coimbatore
11
Euro Cubic Creations Pvt. Ltd.
Mumbai
Cover Gate Fold
12
Hasmukh Parekh Jewellers
Kolkata
33
13
IBJA Gold
Mumbai
27
14
India International Gold Convention
Goa
67
15
India Internation Jewellery Show
Mumbai
23
16
Kanakratna Exim Pvt. Ltd.
Mumbai
45
17
Mark Bangles
Mumbai
59
18
Mark CZ Jewellery
Mumbai
71
19
Mukti Gold & Diamond
Mumbai
69
20
Palak Jewellers
Mumbai
53
21
Pure Platinum Jewellery Pvt. Ltd.
Mumbai
29
22
Raj Jewellers
Mumbai
57
23
RM Jewellery
Bangalore
24
RSBL Spot
Mumbai
49
25
Saaz Jewels
Mumbai
17
26
Sangam Gems & Jewels LLP
Mumbai
47
27
S K Seth Co.
Mumbai
87
28
S. K Seth Jewellers
Mumbai
15
29
S. K. Jewellers
Mumbai
83
30
Shilpa Lifestyle
Rajkot
43
31
Shilpi Jewellers Pvt. Ltd
Mumbai
19
32
Shringar House of Mangalsutra
Mumbai
3
33
Silver Emporium Pvt. Ltd.
Mumbai
65
34
Solanki Jewellers
Mumbai
21
35
Swarovski Gemstones Business
Mumbai
55 & 88
36
Tiara Fashion Jewellery
Mumbai
60 & 61
37
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.
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Available at 130 premium jewellers in 86 cities across India
For Trade Enquires, Contact : (022) 66264880 / 08108441129 / 9967889989. To track current diamonds prices, download the Divine Solitaires App.
Visit us at IIJS 2017 Stall No : 1D007 & 1D009 Date : 27th July - 31st July 2017 Venue : Bombay Exhibition Centre
The brightest is the best
KARLIE KLOSS
Brilliant Precision
BORN FROM A TRADITION OF
MASTER CRAFTSMANSHIP
VISIT SWAROVSKI-GEMSTONES.COM
IIJS 2017
SIGNITYINDIAOFFICE@SWAROVSKI.COM
SWAROVSKI GEMSTONES, +91 (22) 2851 6876,
BOOTH NO. OB–008 I & II, 009 I & II, 012 I & II AND 014 I & II
HALL NO. 5, OPEN BAY