The Week On JEWEL MARKET |vol.4 issue 2 |12 JAN 2023|

The week on

JEWEL MARKET

Plain Gold Jewellery Exports witness Strong Growth Post India-UAE CEPA

• Gross Exports of gems & jewellery witnessed a growth of 6.28% to Rs 227534.50 crores in AprilDec 2022

• Plain Gold Jewellery grew 20.98% to Rs 24242.91 crores in 9MFY23

compared to Rs1,953.46 crores (US$ 259.05 million) for the same period last year.

FTAs with UAE and recently with Australia is working in favour of gem & jewellery exports from India. Post the India-UAE CEPA, India’s Plain Gold Jewellery exports for the period April – December 2022 (9MFY2023), grew 20.98% to Rs 24242.91 crores. For December 2022, the total gross export of Plain Gold Jewellery grew 21.31% to Rs 2,369.74 crores (10.97% in dollar terms to US$ 287.46 million) as

For the cumulative fiscal year-to-date period of April – December 2022, the overall gross exports of gems & jewellery witnessed a growth of 6.28% to ₹227,534.50 crores (declined 0.73% in dollar terms to US$ 28,608.22 million) as compared to ₹214,087.94 crores (US$ 28,819.88 million) for the same period last year.

In December 2022, the overall gem & jewellery exports witnessed a decline of 11.25% to ₹19,432.88 crores (declined 18.90% in dollar terms to $2,356.70 million) as compared to ₹21,896.46 crores (US$ 2,905.79 million) for the same period last year.

Mr. Vipul Shah, Chairman, GJEPC, said,

“The overall exports of gem & jewellery during April-December 2022 show positive trend but December export figures reflect the global headwinds faced by the gem & jewellery industry in terms of inflation and talk of downturn in USA. However, it is to the credit and enterprise of the Indian gem & jewellery exporters that they have been able to perform even in this challenging scenario. The commissioning of IndiaUAE CEPA has resulted in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets such as the U.S. and Hong Kong. Overall exports for 9MFY23 (April to December) show positive growth of 6.28% in rupee terms. Plain gold jewellery exports have witnessed positive double digit exports growth of around 21% in both December 2022 as well as the 9MFY23 period.”

JEWEL MARKET The week on

QUOTES OF THE WEEK

20,000 jobs lost in Surat as diamond demand fades

“The overall exports of gem & jewellery during April-December 2022 show positive trend but December export figures reflect the global headwinds faced by the gem & jewellery industry in terms of inflation and talk of downturn in USA. However, it is to the credit and enterprise of the Indian gem & jewellery exporters that they have been able to perform even in this challenging scenario. The commissioning of IndiaUAE CEPA has resulted in exponential growth in exports of plain gold jewellery to make up for the gap in exports to key markets such as the U.S. and Hong Kong. Overall exports for 9MFY23 (April to December) show positive growth of 6.28% in rupee terms. Plain gold jewellery exports have witnessed positive double digit exports growth of around 21% in both December 2022 as well as the 9MFY23 period.”

Plummeting demand for reduce and polished diamonds in the West and China has pushed some 20,000 staff out of labor in the final one month in Surat, the place 80% of the diamonds offered globally are polished.

Surat, the principle centre of India’s diamond business, provides employment to some 800,000 staff in its 4,000-odd reducing and sharpening items. But work has been drying up, forcing the items to work at 60-70% capability, mentioned Damji Mavani, secretary of Surat Diamond Association (SDA). It additionally means fewer staff are wanted.

“Fear is looming large in the diamond city of Surat whether the recession of 2008 will be repeated this year too,” mentioned Bhavesh Tank, vice chairman of Diamond Workers Union, Gujarat. “Orders are fewer and so the workload is less. Therefore, the units are reducing workforce. Some units are cutting down work days so that they do not have to pay the workers on days when they are not working.”

According to Tank, almost 20,000 diamond staff in Surat have lost jobs in the final one month.

The US is the largest marketplace for reduce and polished diamonds, adopted by China.

India’s diamond exports started slowing in November final yr. According to

5.43% from the year-ago interval.

Another cause is the dropping worth of the polished items. While the value of tough diamonds continues to be excessive, that of the polished ones have softened attributable to low demand, which is impacting the margins of diamantaires and forcing them to scale back workforce.

Mavani of SDA mentioned the employees who’ve lost their jobs will discover work in different areas. “There is a 30% vacancy in most of the factories,” he mentioned.

However, there’s an air of uncertainty in Surat as a result of concern of recession in the US, Europe and China. “We do not know when the situation will improve. It may take one year for a robust uptick in demand from overseas markets,” the SDA secretary mentioned.

“With the pandemic in China making a comeback and there are no signs of respite from the war between Russia and Ukraine, inflation soaring in some parts of the world, we are out there for some tough times,” mentioned Vipul Shah, chairman, GJEPC. “The last quarter of this fiscal year is very crucial as it demands strong growth to achieve this year’s target of $45.7 billion.”

Mr. Vipul Shah, Chairman, GJEPC

knowledge from the Gem & Jewellery Export Promotion Council (GJEPC), total gross exports of reduce and polished diamonds in the April to November interval of FY23 declined by

The week on

JEWEL MARKET

GJ industry seeks abolition of import duty on raw material for lab-grown diamonds in budget

Gem and jewellery exporters on Sunday urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget. The industry also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones.

Seeking a kind of “diamond package” in the forthcoming Budget, the industry said in light of the high inflation and economic crisis in the US and Europe and frequent lockdowns in China, the exports of diamonds and jobs in Surat have been impacted.

The conventional source of rough diamonds across the world faces threats of deposit depletion, which also contribute to the exponential increase in the cost of extraction. Industries have thus found lab-grown diamonds to be a profitable

alternative.

“It is estimated that by 2025, global gems and Jewellery exports will see LGD contribute 10 per cent, thereby possessing the potential to propel economic growth.

There will be a substantial decrease in the dependence on imports, which will assist in reducing foreign exchange remittances.

“Employment opportunities shall too, increase and ancillary areas as well shall see the creation of employment opportunities, if the duty on seeds is abolished,” founder and Managing Director of Kama Jewelry Colin Shah said. He is also the former chairman of the gem and jewellery export promotion council.

About jewellery repair policy, Shah said that countries like UAE, Hong Kong and

Turkey are major competitors of India as they have a simple policy of re-importing jewellery for repair and sending it abroad.

“India undoubtedly has the potential to be the global repair capital in gems and jewellery. Large exporters shall find it easy to open their service centres here for the import and re-export of jewellery exported by them abroad on an outright basis. This will create jobs, transfer technology and increase exports from India,” he added.

Augmont unveils Gold SIP offer for small denominations

Augmont - Gold For All, a gold refinery and bullion company, launched a new limited-time SIP offer till 31st January 2023. Customers can invest Rs 2023 in Gold SIPs for six months and be rewarded with Digi Gold worth Rs 230.

The 24K 999 pure gold offered through the SIP has the quality assurance of being BIS/NABL hallmarked gold as per international standards. Augmont keeps the gold secured in Sequel Vaults, monitored by SEBI-registered IDBI trusteeship. Investors can take insured physical delivery of their accumulated gold anytime, anywhere in India.

Ketan Kothari, Director, Augmont - Gold For All, said, “Our Gold SIPs encourage customers to invest in small denominations at periodic intervals. Since the transactions are online, you save the expenses of making charges, sellers and storage fees levied in case you wish to buy gold the traditional way. Each portion of gold bought by you online through the Augmont Gold For All portal is backed by physical gold, which can be easily sold back online at a market-linked gold rate.”

“Stay informed and stay connected with us.”

The week on

JEWEL MARKET

Dubai Jewellery Group gives 11 kilos of gold to 44 winners, 14 kilos up for grabs till 29 January 2023

Dubai Jewellery Group (DJG), the largest trade body for the jewellery industry, announced the winners of the first 11 draws of its phenomenal Dubai Shopping Festival (DSF) Live the Glitter campaign. So far, 44 lucky winners have walked away with quarter kilo of gold each and shoppers still have a chance to jump on the winning bandwagon by shopping at any of the 245 participating outlets under the DJG label. All they need to do is spend AED 500 or more on jewellery to enter DJG’s raffle and win a quarter kilo of gold each. Staying true to the holiday spirit and building on DSF’s time-honoured legacy, DJG is committed to delivering a fulfilling and fun experience for all its patrons and giving them a chance to win big till 29 January 2023.

‘Sky Is Pink‘ Priyanka Chopra chose to follow the ‘Barbiecore’ style trend at Dubai Event

For makeup, the actor chose to keep it classy with a nude lipstick shade, dark eyes with oodles of mascara and a hint of pink on her cheeks.

Priyanka Chopra has long been associated with fashion and luxury jewellery brand Bulgari, having worn its timeless accessories on many occasions. The actor, who is one of the ambassadors for the Italian label, recently attended a jewellery event in Dubai. She had earlier shared many pictures of chilling and relaxing with her friends on a yacht in the United Arab Emirates city.

For the event, whose pictures the actor shared on Instagram in the form of a carousel, Priyanka made heads turn in a super glamorous look. The ‘Sky Is Pink‘ star chose to follow the ‘Barbiecore’ style trend, turning up in a bright pink body-fitting gown that accentuated her figure.

The fishtail gown featured a long train, plunging neckline and halter neck with subtle sequin embellishments. Priyanka accessorised with a statement Bulgari necklace and matching earrings, which featured diamonds and other stones.

Melorra steps into Men’s jewellery

Melorra has expanded its product portfolio and stepped into men’s jewellery. The direct-to-customer jewellery brand has launched a range of everyday diamond and gold designs in its e-commerce store and in its brick-and-mortar outlets.

Melorra’s maiden men’s jewellery line features 14, 18, and 22-carat designs, some studded with diamonds and others left plain for a modern effect, the brand announced in a press release on January 10. Jewellery in the collection retails from Rs 6,000 upwards

and products include rings, bracelets, pendants, stud earrings, and chains among others.

“This new collection marks our expansion into the men’s jewellery segment and is among the many milestones we have achieved since our inception,” said Melorra’s founder and CEO Saroja Yeramilli in a press release. “The jewellery is styled keeping the contemporary wardrobe in mind and is ideal for everyday wear. We are looking forward to helping our male customers find the right piece of jewellery that best suits their style, personality, and preferences.”

WTJS - Wedding Treasure Jewellery Show taking place on 14th & 15th March 2023

Dear Jewellers,

We are pleased to invite you to participate in the WTJS (Wedding Treasure Jewellery Show) a premier event for the jewellery industry. The exhibition will take place at THE ASHOK HOTEL, NEW DELHI on 14TH & 15TH March, 2023.

As one of the leading companies in the industry, we believe that your presence at the exhibition would greatly enhance the experience for all attendees. The exhibition will bring together a diverse range of exhibitors, including manufacturers, suppliers, and designers, creating a unique opportunity for you to showcase your products and connect with potential customers and partners.

In addition to the opportunity to exhibit your products, we also offer a variety of sponsorship and advertising opportunities, which can help increase your visibility and reach among attendees.

If you are interested in participating in the exhibition, please let us know as soon as possible. We will be happy to provide you with more information and answer any questions you may have. We look forward to seeing you at the WTJS.

Please Feel free to connect for any information +91-7291928883

Jewellery News INdIa

The week on

JEWEL MARKET

Create Fashion Statement through the Vougish Jewellery

Party season calls for the most lavish festive attire, and no outfit would be complete without some statement jewellery - the more sparkle, the better! December marks the beginning of party season and no attire would be complete without sparkling jewellery to match. So, whether you’ve got a winter birthday approaching, or you’re looking to treat yourself to something special for all the festive events in your social calendar, ‘Indian Gem & Jewellery Creation’ has all the high-shine styles to see you to the dance floor. Having said that, Jewellery not only is a great investment that you can give to your precious person, but it also indicates a deeper significance. Well-chosen gifts that come from a thoughtful place are indicative of one’s feelings for the other person - as is the symbolism engraved in the jewellery.

Keeping this essence in mind, Indian Gem & Jewellery Creation introduces a new collection,‘Lavanya’ a range of stunning jewels that will elevate one’s celebrations.

Jewellery has become an extension of oneself- millennial these days prefer Modern and creative designs. The amalgamation boosts of exquisite jewellery, which is modern with a contemporary twist. The statement diamond earrings are surely a big head turner. The jewellery embedded with colourful gemstones from Indian Gem & Jewellery Creation is attracting the attention of patrons this season and with good reason because they add grace to any ensemble. The elegant statement Earrings, exquisite Rings, elegant Neckpieces and classic bracelets are a must have to elevate the joy of celebrations and act as a perfect gift item for your loved ones too.

Adorn yourself like a Queen and share your love for jewellery with our great collection this season.

“Stay informed and stay connected with us.”

JEWEL MARKET The

Exclusive Umbrella Collection Studded with Golay Buchel Zirconia launched at IIJS Signature 2023 by AMY Jewellery Designers

Golay Buchel Zirconia studded with AMY Jewellery Designer’s “Umbrella” Jewellery Collection, along with 80 other jewellery collections was displayed at IIJS Signature 2023.

as its Manufacturer Brand Associate. The new manufacturer brand associate received 600+ visitor buyers at the booth to view the exclusive collection along with 80 other jewellery collections at the stall. The brand unveiled an Exclusive “Umbrella Collection” of earrings & pendants. The unveiling of the collection took place at 3.00 pm on 5th January 2023 at the Bombay Exhibition Centre.

Mr. Sachu Russak (CMD) - Chairman & Managing Director- AMY Jewellery Designers along with Mr. Balachandar Rangarajan- General Manager, Operations AMY Jewellery Designers & the Super Stockist of Golay Buchel, India - Mr. Naman Gupta from Rajendra Jewellers, Hyderabad, along with other dignitaries of the industry including B2B media & others at IIJS Signature 2023.

Mumbai, January 11, 2023 – Golay Buchel Trading Company a Leading Importer of Zirconia in India, witnessed its supreme presence at the 5 days long event from 5th – 9th January 2023 at Bombay Exhibition Centre- Mumbai. Venue- Bombay Exhibition Centre, Mumbai.

With its unique existence in the industry ever since 1887, Golay Buchel has always aimed to offer a unique and understandable global fashion vision henceforth this vision is in extended hands of craftsmanship that is AMY Jewellery Designers, a reputed jewellery manufacturer from Cochin, Kerala.

Golay Buchel Congratulates & Welcomes AMY Jewellery Designers into the family

Umbrella Collection was unveiled by Mr. Prithviraj Kothari (RSBL), National President IBJA, Dr. Chetan Kumar Mehta, National Vice President IBJA, Mr. Surendra Mehta, Secretary IBJA along with many other stalwarts from the industry.

At the event present were, Mr. Jeevan Jain- Director & Mr. Nitesh SanghviCEO- Director, Golay Buchel (India),

Exclusive Umbrella Collection by AMY Jewellery Designers is just the beginning of a long business relationship. The year 2023 started off on an exciting note & we hope this addition to our family along with many other business associations make Golay Buchel an evolutionary Zirconia brand. Clients that visited to stall are happy and shared their excitement on the comeback of Golay Buchel to India. The collection revealed by AMY jewellery Designers, with special appreciation given by clients that GB is as brilliant as Diamond.