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GJEPC UNCUT 2020: WEBINAR COCKTAIL RINGS INSPIRED BY RUSSIAN ARCHITECTURE

FM CLARIFIES EL NOT APPLICABLE ON E-TRADE OF ROUGH DIAMONDS ISRAELI JEWELLERS DESIGN DIAMOND FACE MASK WORTH 11 CRORE

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Gold’s rally to give way to biggest jeweler share sale in India

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old’s record-setting rally is set to give wings to the largest initial share sale by an Indian jeweler, helping it overcome tumbling demand in the second-biggest consuming nation.

Kalyan Jewellers India Ltd. said Monday it plans to raise as much as 17.5 billion rupees ($235 million) through a public listing as it banks on the long-term appeal of gold, a staple of Indian weddings and a popular investment option in the country.

The plan comes as gold purchases by Indians this year are forecast to plunge to a record low with the coronavirus pandemic hurting the economy and pushing prices to all-time highs. Still, the Warburg Pincus LLC-backed jeweler is likely to benet from the nearly 30% jump in gold prices this year.

“While there are issues with demand, which may probably take a year or year-and-a-half to recover, at the end of the day the IPO will sail through because there is demand for an instrument or company which is a jewelry company,” according to Chirag Sheth, a consultant at Metals Focus Ltd. “At this moment, you really don’t have many big jewelry players in India and investors don’t have too many options to put their money in except couple of companies.”

The market share of organized jewelers is less than third of the country’s retail sector, while standalone, smaller stores make for the rest, according to Kalyan Jewellers. Started in 1993 by T.S. Kalyanaraman in Kerala, Kalyan has 107 stores in India and 30 showrooms in the Middle East. It competes with Titan Co., Tribhovandas Bhimji Zaveri Ltd. and PC Jeweller Ltd., which are the biggest listed jewelry companies in India currently.

“The share sale could see a lot of interest as physical gold and silver continue to appeal to investors,” said Abhimanyu Sofat, head of research at IIFL Securities Ltd. “There is also a huge divergence in the valuation among listed companies in this space, which provides Kalyan Jewellers an opportunity to acquire a sweet spot in the middle with its large retail presence and brand popularity.”

REGD.NO. MAHENG/2003/12324 Copyrights C.A. Publication does not take any responsibility for unsolicited material. The editor do their best to verify and give accurate information published, but do not take responsibility for the information. The contents of this publication are believed to be correct at the time of going to the press. We do not accept responsibility for error in the information given.

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CONTENT

WHAT’S INSIDE VOL: 20 / ISSUE: 1 | SEPT-OCT’2020 FM claries EL not applicable on e-trade of rough diamonds #18 GJEPC UNCUT 2020: Cover Courtesy

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Israeli Jewellers design Diamond Face Mask worth 11 Crore #51

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Kalyan Jewellers Files Papers For Rs.1,750 Cr IPO

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WGC Launches Retail Gold Investment Principles

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LEAD NEWS

FM clarifies EL not applicable on e-trade of rough diamonds GJEPC representation meets Finance Minister to raise concerns about Equalisation Levy (EL) on diamond trade

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mt. Nirmala Sitharaman, Hon’ble Minister of Finance, Govt of India today in a representation meeting held with The Gems and Jewellery Export Promotion Council of India (GJEPC), claried that the e-trade of rough diamonds does not attract 2 percent Equalisation Levy and assured the representation that a clarication will be done on this soon.

The Gem and Jewellery Export Promotion Council of India (GJEPC), the designated apex body by government of India for the promotion of gems and jewellery, met Finance Minister Smt. Nirmala Sitharaman, today in the Capital City New Delhi. A delegation led by Chairman, GJEPC Mr. Colin Shah represented the implications arising on the diamond segment due to expansion of Scope of Equalisation Levy (EL).

Equalisation Levy was introduced and amended in the Finance Act 2020. A 2 percent Equalisation Levy has been effective from April 1, 2020 in the scal year and is applicable on the consideration received/receivable by an ecommerce operator from the following transactions (ecommerce supply or services): l Online sale of goods owned by

the e-commerce operator; or l Online provision of services

provided by the e-commerce; or l Online sale of goods or

provision of services or both, facilitated by the e-commerce operator; or l Any combination of the above-

mentioned activities

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l During the meeting GJEPC

representation urged the Hon’ble Minister to issue appropriate amendment/ clarication, to ensure that the diamond sector is not burdened with the EL, even where the rough diamonds are procured through auctions over a digital platform.

Hon’ble Minister claried that the legislative intent for introduction of the EL was to only tax the digital economy utilizing the ecommerce means to reach end consumers and should not be applicable on B2B transactions like procurement of rough diamonds through digital platform for business purposes.

Hon’ble Minister assured to look into the matter positively and discuss the provisions and its interpretation with concerned ofcials.

Colin Shah, Chairman, The Gem and Jewellery Export Promotion Council, said, “Due to the application of 2 percent EL

effective from this scal year, it will now apply on all overseas ecommerce transactions completed with Indian tax residents or those who purchase using an Indian IP address. This means, the procurement of rough diamonds from global miners and traders, through the e-auction process will attract additional 2 percent due to application of EL. While the EL is structured as a levy on the foreign entity, the global miners and traders are likely to revise the pricing structure to account for the EL. Leading global diamond miners have asked GJEPC for clarication of this additional 2 percent EL on the procurement of diamonds. This is leading further tax burden to the already severely hit Indian gems and jewellery exports industry. With the COVID-19 pandemic, for business continuity the entire transactions and business trade is happening online or by e-commerce platforms, with the advent of EL, India would lose its global competitive edge.” www.jni.co.in

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LEAD NEWS

GJEPC UNCUT 2020: Webinar on ‘The Diamond Industry Recovery Options & Way Forward’: All Stakeholders To Take Responsible Demand-Driven Decisions The GJEPC held a webinar on the ‘Diamond Industry’s Recovery Options & Way Forward’ featuring De Beers’ Paul Rowley, Alrosa’s Evgeny Agureev, Commerce Ministry Economic Adviser Rupa Dutta, and GJEPC Diamond Panel Convener Sanjay Shah at 4:00 pm (IST) on 17th August. The session was moderated by GJEPC Chairman Colin Shah.

Key takeaways: The diamond industry has responded very well across the pipeline amidst the crisis.

Markets are opening up and demand is picking up a little and the actual market is in a much better position, thus allowing all to breathe a little easier, and operate into a new normal. n

Alrosa and De Beers allowed customers to defer buying and avoid excessive stocking, thus giving maximum exibility to customers as a responsible approach. Miners supported the midstream and took a responsible approach by making only demanddriven decisions; this provided condence to the midstream. n

The outlook for 2020 depends on a number of factors that are external to the industry and could possibly delay market recovery.

The midstream will greatly restock in 2021, provided end consumer demand continues to recover. However, one should expect the midstream to consolidate with smaller players leaving the market. n

Retailers will have to start to restock by the year end, although the magnitude will not be sizeable -- only at 2019 levels. Retail n

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demand for diamond jewellery is down by 25% and market participants think demand for luxury goods will return by 2023.

The growth of online platforms will be the trend in our industry. n

The Indian industry has seen improvement in demand for certain types of inventory, and there are shortages in some select categories. Still, a good part of the inventory is not moving. The trade should be cautious and take steps to reduce inventory further. n

China may see a 20% uptick in retail demand and B2B sales could pick up from September to January, but the Christmas wholesale business will be down by 30-40%. In the future, demand will be driven by decisions that are win-win for all stakeholders. n

As all diamond and jewellery activity came to a grinding halt in March, Indian industry leaders came to a general understanding to safeguard the value of our collective inventory worth approximately $6-7 billion.

Manufacturing should be a reection of true consumer demand and the industry has the maturity to operate its own demand-supply mechanism. n

n

The Indian industry

acknowledges the full exibility that De Beers and Alrosa offered to their clients.

This served the collective good of the pipeline, helped India clear some inventory, improved cash positions, gave retailers a sign that diamond prices would hold, and kept diamond prices from going into free fall. n

There is no guarantee that a rough price reduction will bring margins to the midstream as the world is complicated and not as linear as before, and demand will be specic and sporadic. n

Direct sales of rough from the two Indian Special Notied Zones will be a game-changer for the industry, especially for the MSMEs - although the industry and government have yet to resolve the issue of the turnover tax rate. n

n Even though the pandemic has cut everyone off physically from each other, it has only intensied the bonds between loved ones. Once the world emerges from this unusual crisis, there will be renewed focus on personal relationships - and diamonds will once again play a crucial role not only as the ultimate expression of love, but a celebration of life itself!

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LEAD NEWS

Indian Government Launches Online Registration For Jewellers & Hallmarking Centres

T

he Union Minister for Consumer Affairs, Food & Public Distribution Shri.

Ram Vilas Paswan, on 21st August virtually launched the online system of Registration and Renewal of Jewellers and online system of Recognition and Renewal of the Assaying and Hallmarking (A&H) Centres.

This online system can be accessed through the Bureau of Indian Standards web portal www.manakonline.in. While launching the online system, Shri. Paswan said that as it was difcult to handle the large number of proposals received for registration manually, these online modules will bring about ease of doing business for both jewellers and entrepreneurs, who have established A&H Centres or wish to do so. Hallmarking of precious metals will be mandatory from 1st June, 2021.

The Union Minister for Consumer Affairs, Food and Public Distribution, Shri. Ram Vilas Paswan (centre) virtually launched the online system of registration and renewal of jewellers and recognition and renewal of the Assaying and Hallmarking Centres, in New Delhi on 21st August, 2020. with The Secretary, Department of Consumer Affairs, Smt. Leena Nandan (right) and the DG, BIS, Shri. Pramod Kumar Tiwari.

While brieng the media about the scheme, Shri. Paswan said that the best thing about the online system is that there will be no human interface in processing the applications. Now, jewellers can apply online and submit required documents and fees for obtaining a licence through this online portal. Explaining about the online process, he said that the moment a jeweller submits the application with the requisite fees, he will be granted registration. A mail and SMS alert will go to jeweller, informing the Registration Number, for downloading and printing the Certicate of Registration.

artefacts becoming mandatory, the number of jewellers coming forward for registration is expected to reach 5 lakh from the present 31,000. He said that the number of jewellery and artefacts to be hallmarked will also see a big jump from the present 5 crore to 10 crore. This will necessitate an increase in the number of A&H Centres. At present, there are 921 centres, located in 234 districts in the country. He informed that the BIS is working on operationalising the A&H centres in the remaining 480 districts by June, 2021. Shri.

Paswan informed that the BIS Hallmark will be issued for three categories only 14 karat (14K585), 18 karat (18K750), and 22 karat (22K916) with the A&H Centre’s identication mark/number and jewellers identication mark/number.

Shri. Paswan said that with the hallmarking of gold jewellery and

He said that the online system will ensure that applications to

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start a new centre or renew the existing license can be submitted online. The entire process of recognition, which involves audit of the Centres, submission of audit report, and grant of recognition or renewal, has been automated. Not only will the applicant have all the information available with him/her, but it will also be possible to do real-time basis monitoring of the processing of applications.

In his address, Shri. Paswan made special mention of the fact that the online system of audit will facilitate expeditious disposal of complaints regarding malpractices in the hallmarking of jewellery items. He said that BIS was also working on the module to automate the workow of the Assaying and Hallmarking Centres, which is expected to be ready by December, 2020.

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LEAD NEWS

GJEPC to organise first-ever Buyer Seller Meet in virtual format

T

he Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for the promotion of gems and jewellery, will be hosting their buyer and seller meet for the rst time in a virtual format, amidst the ongoing COVID-19 pandemic.

The virtual format of this unique buyers and sellers meet will give an opportunity for Indian domestic jewellery manufacturers to showcase diamond collections to global buyers and sellers on a virtual format and hence will help to continue the momentum of gems and jewellery trade. The Virtual Buyer and Seller Meet will be held on 27th and 28th, August 2020.

Commenting about this unique rst of its kind virtual format of the BSM meet, Colin Shah, Chairman, GJEPC, says, “The demand for gems and jewellery is slowly recovering in markets like the USA, China and other parts of the world. We need to make sure that we reach out to these buyers and meet their requirements. This is the time to explore the digital world, and make the best use of it to showcase our products through virtual medium and

“The demand for gems and jewellery is slowly recovering in markets like the USA, China and other parts of the world. We need to make sure that we reach out to these buyers and meet their requirements. This is the time to explore the digital world, and make the best use of it to showcase our products through virtual medium and help buyers make informed decisions. help buyers make informed decisions. The Council always believes in leading the way, and has thus planned to hold a VBSM for loose diamonds on 27th28th August, 2020. We have plans to follow it up with VBSMs for coloured gemstones, costume jewellery, diamond-studded jewellery, gold-studded jewellery, platinum jewellery, etc. I am hopeful that with the support of the exhibitors and buyers, the VBSM initiative will be a successful one.”

Vipul Shah, Vice Chairman, GJEPC, said, “GJEPC will be organising a host of VBSMs at a very crucial time of the year. We are likely to see demand for gems and jewellery increase from August, owing to

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JNI-SEPT-OCT’2020

Some of the salient features of this Virtual Buyer Seller Meet are: n

Cloud storage for secure online trading;

n

Buyer-seller matching

n

Optimal choice for buyers and sellers to choose gamut of options showcased by the exhibitors

n

Life-like experience simulation

n

Since the format is virtual, no physical contact and conduct business from home or ofce

n

Watertight parameters for trustworthiness

n

Enhance networking opportunity

n

GJEPC will assist in creating product catalogues or directories of high-resolution images for exhibitors on the Council’s VBSM website

n

Buyers will be able to search specic product types to nd the exact merchandise they need

n

The GJEPC website will make it easy for the buyer to view online product directory, even during live video meetings

n

For the live one-on-one meetings between the buyer and seller, GJEPC will provide high-end cameras for product viewing during the interaction from the exhibitor’s ofce

n

Up to 20 product images will be included in a VBSM package, which will be created and uploaded by GJEPC

the upcoming Holiday season in the Western counties. The VBSM will be a platform that will give our exhibitors in India as well as buyers from across the world an opportunity to interact and make decisions in a similar way as they used to do at a physical show.” www.jni.co.in

LEAD NEWS GJEPC will manage, schedule and run video meetings directly through the GJEPC VBSM website platform, as per the scheduled dates and time. After the online matching of buyer and seller products, each meeting schedule between buyer and seller will be arranged for approximately 45 minutes; and in a day only 3 to 4 meetings will be planned between the buyer and seller. Meeting IDs will be created for each exhibitor, which will be shared with the buyer, to meet online at a scheduled time and discuss their business.

GJEPC has engaged professional industry coordinators around the world who would assist us in registering the potential buyers from respective regions for the Virtual BSM. The participation fees for exhibitors, too, are as low as Rs.52,000 ($694) vis-a-vis costs involved in physical trade events of this nature. Besides the

“GJEPC will be organising a host of VBSMs at a very crucial time of the year. We are likely to see demand for gems and jewellery increase from August, owing to the upcoming Holiday season in the Western counties. The VBSM will be a platform that will give our exhibitors in India as well as buyers from across the world an opportunity to interact and make decisions in a similar way as they used to do at a physical show.” lower cost of participation, there is a huge advantage of showcasing one’s products online in a much better way and networking in a secure manner and reaching the target audience around the world instantly, thus making interactions easy.

FM constitutes a special group to resolve Gem & Jewellery issues

I

n a virtual review meeting held between the Finance Ministry and the GJEPC on 18th August, the Hon’ble Finance Minister Smt. Nirmala Sitharaman called for the formation of a Special Group, including Customs and banking ofcials, to resolve all issues related to the gem and jewellery sector. The Finance Minister added that if the gem and jewellery industry does not get a satisfactory reply from the Special Group, the matter may be agged to the FM. The Meeting was attended by Ms Nirmala Sitharaman, Hon’ble Finance Minister; Mr Sandeep Bhatnagar, Member Customs; Mr G D Lohani, JS TRU; Mr Colin Shah, Chairman, GJEPC; Mr Vipul Shah, Vice Chairman, GJEPC; Mr Sabyasachi Ray, Executive Director, GJEPC. Expressing gratitude to the Finance Minister for the review meeting, Colin Shah, Chairman, GJEPC said, “The exports of gem and jewellery sector is witnessing some signs of recovery . We are hopeful that market will recover soon as exports to USA, Europe and China have commenced. We are thankful to Hon’ble Finance Minister for the special group

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examination and in the upcoming budget there will be some provision in the Finance Act. Transfer Pricing Committee is examining the issue and will come up with some solution.

formation under Member customs.

This would help address the sectoral concerns and resolve trade related bottlenecks. It’s an important step towards attaining ease of doing business”.

The various issues represented by GJPEC during the last meeting included, Direct sale of rough in the SNZ, Mumbai by miners; Reduction of polished import duty from 7.5% to 2.5%; Clarication on Online Equalisation Levy for B2B International Diamond Auctions; Reverse Job work in SEZ; GST issues, etc.

With regards to Direct sale of rough in the Special Notied Zone in Mumbai by miners, the ofcials informed that the issue is under

Colin Shah said, “Reverse Job work in SEZ is not allowed currently. The ofcials have assured that discussions are on between DoC and Dept of Revenue. A nal view on this will be taken, as the Ministry is looking at a larger framework and assessing the Baba Kalyani report".

On clarication on Online Equalisation Levy for B2B International Diamond Auctions, JS TRU mentioned that EL applies to all the sales made through online platform, and at this point it is applicable to B2B transactions as well. The online transactions fall under the ambit of EL. With regards to RMS, Colin Shah pointed out that the goods less than US$ 50000 may not go for valuation and also goods coming for certications may be exempted from valuation.

JNI-SEPT-OCT’2020

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TRADE NEWS

NCAER Presents Findings of Pan India Cluster Mapping Survey Commissioned by GJEPC

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he National Council of Applied Economic Research (NCAER) recently submitted its ndings of a Cluster Mapping survey commissioned by the GJEPC two years ago. The key objectives of the study initiated in August 2018 were: to identify gem and jewellery sectors across India; map skills/technology; analyse gaps in skill/technology; and assess the contribution of the gem and jewellery sector in India's economy.

On 13th August, NCAER presented the ndings via a video conference meeting chaired by Smt. Rupa Dutta, Economic Advisor, Ministry of Commerce & Industry, Government of India.

The meeting was attended by Mr. Colin Shah, Chairman, GJEPC; Mr. Vipul Shah, Vice Chairman, GJEPC; Mr. Sabyasachi Ray, ED, GJEPC; Mr. Srinivasan, Mr. Manish Jiwani, Ms. Rashmi Arora and the research team of NCAER, including Mr. K.A. Siddiqui, Senior Fellow; Mr. P.K. Ghosh, Fellow; Dr. S. Bhide, Senior Advisor, Research; Dr. Poonam Munjal, Senior Fellow; Dr. Shayequa Z. Ali, Associate Fellow; Mr. Asrar Aslam, Senior Research Analyst; and Dr. B.B. Singh, Senior Consultant.

In addition to the objectives, the NCAER team gave a presentation on the study's scope, methodology and data sources.

The project involved: n

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Primary survey for 6,743 units across India for different segments of the gem and jewellery sector

JNI-SEPT-OCT’2020

n

Analysis of Available Surveys – Labour Bureau, NSSO, Enterprise Survey, National Accounts Statistics, CSO

n

More than 200 industry experts were consulted at every stage of the project.

The parameters of the key ndings were: Cluster mapping - geographical concentration of gem and jewellery units/workers across the country Unit mapping - total number of units in the major segments (type and size of enterprise) Manpower mapping - number of persons employed by gender, educational and technical qualications, gem and jewellery-specic training certicates, training received (both formal and informal); and the job role-wise number of years of experience.

Skills gap analysis - by job role and segment; observed competencies vis-à-vis the required competencies; number of additional skilled workers required Technology gap analysis process-wise existing technology vis-à-vis the need for advanced technology and decision to upgrade technology This study has mapped gem and jewellery clusters and identied potential clusters, which would be developed through the establishment of Common Facility Centres (CFCs), technology upgradation, and assistance.

The Policy Recommendations of the study were presented to Smt. Rupa Dutta, who appreciated the project and emphasised its importance for the future growth of the gems and jewellery sector in India. www.jni.co.in

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TRADE NEWS

US-China Trade War: India Sees Bright Future for GJ Exports

W

ith the USA revoking the preferential trade status of Hong Kong earlier this month, India sees brighter future for its gems and jewellery s, a senior jewellery export council ofcial said on Friday.

Gems and Jewellery Export Promotion Council (GJEPC) ofcials said with China imposing the national security law on Hong Kong, the USA has given indication of raising duty on goods from there to 7.5 per cent from 3.3 per cent.

Without going into the nuances of the US move, I feel it will possibly create opportunities for India in gems and jewellery trade,” GJEPC chairman Colin Shah told PTI. For USA, Hong Kong and China are the fourth largest destinations for importing gems and jewellery after India, France and Italy.

Hong Kong and China exported gem and jewellery worth USD 980.85 million and USD 2622.19 million respectively to the US in 2019. “The ending of the preferential treaty as per the new order with HK would open new business avenues for India. The manufacturing business has the potential to witness a shift to India from China,” Shah said.

“India possesses the natural benet of ready availability of raw material, manpower and skill sets, a sector with 5 million workforce … It (end of preferential trade status for Hong Kong) is an opportunity to take aquantum leap to become the global leader and a trading hub in the gems and jewellery,” Shah said.

However, the mathematics of benet for gems and jewellery trade for India may not be as simple as Hong Kong and China

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JNI-SEPT-OCT’2020

For USA, Hong Kong and China are the fourth largest destinations for importing gems and jewellery after India, France and Italy the US. Many diamond and jewellery companies of India have their ofces in Hong Kong and the US move is likely to impact their businesses too.

are also important destinations and nearly 27 per cent of exports are directed to that market which contains diamonds and gemstones which are used as raw materials for studded jewellery exports to

According to GJEPC, India has exported gem and jewellery worth USD 10.48 billion in 2018-19 and USD 9.17 billion in 2019-20 to the USA, which is 26 per cent of overall gems and jewellery exports from India. Thus US shares a larger pie for the gems and jewellery consumption from India.

WFDB’s Yoram Dvash Welcomes Peace Pact between Diamond Capitals Israel & UAE

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oram Dvash, Acting President of the World Federation of Diamond Bourses (WFDB) and President of the Israel Diamond Exchange, praised the governments of Israel and the United Arab Emirates (UAE) for the historic agreement that was announced on 13th August to normalise relations between the two important countries in the Middle East.

Dvash congratulated all the parties involved in bringing about this important strategic agreement, including Prime Minister Netanyahu, Crown Prince Mohammed bin Zayed and the President of the United States Donald Trump.

“The UAE is an important member of the global diamond industry and Dubai is one of the world’s largest diamond capitals. I have had the privilege of visiting Dubai for WFDB meetings and of hosting the Chairman of the Dubai Diamond Exchange Ahmed Bin Sulayem in Israel. This agreement will open up a huge horizon for economic cooperation between the two countries. It is an important message of peace for the citizens of Israel and the UAE, as well as the entire Middle East,” said Dvash.

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TRADE NEWS

Tanishq Ramps Up with ‘Gold Standard’ Safety Measures 2.0

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anishq, one of India’s leading jewellery brands from the house of Tata, has introduced new safety features adding to the existing set of hygiene norms announced earlier. The company will use UVC Chambers, Pulse Oximeter and Face Shields at the stores at a time when the Covid-19 cases are on the rise.

footwear sanitizing mats, temperature checks through thermal guns and encouraging digital payment options for contactless billing. Apart from maintaining social distancing, all staff members are trained to serve the customers in a safe environment by wearing relevant safety equipment while addressing all the customers at the store.

Tanishq is committed to ensuring safety across all customer and employee touch-points with its Gold Standard’ safety e-book that reiterates company’s commitment to safety and well-being of customers and its employees at the store. Tanishq has come up with a host of safety measures starting from the entrance with

The brand is making use of technologically advanced UVC chambers for jewellery sanitisation post each trial along with sanitising jewellery using steam cleaner, sanitisers and ultrasonic beams. The smaller UVC chambers are also being used to sanitize customer belongings like keys, wallet and

Mr. Arun Narayan credit cards, etc. The brand is also encouraging customers to check their oxygen saturation levels for personal safety in select cities.

Speaking about the additional safety measures at the stores, Mr. Arun Narayan, AVP Category, Marketing & Retail, Tanishq, Titan Company Limited, said, “Our safety measures have received the highest rating in our rolling NPS survey with 28% customers rating it the best!

However, in the last one month #customers have chosen to buy jewellery through video calls and we are very happy to serve the best experience both in store as well as at home.”

SRK House is now LEED Platinum Certified rating by US Green Building Council (USGBC). The company said this is the highest possible rating for a sustainable and environment-friendly building.

S

hree Ramkrishna Exports Pvt. Ltd. (SRK), a leading diamond company, said its 2,25,000-sq-ft diamond crafting facility SRK House has been awarded the LEED (Leadership in Energy and Environmental Design) certication with a Platinum

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The LEED rating system, developed by the USGBC, is the foremost certication for commercial buildings, homes and communities that are designed, constructed, and operated for improved environmental and human health performance.

Both of SRK’s diamond crafting facilities are now certied green buildings. The company’s other unit SRK Empire, became a Platinum-rated green building in

2018. SRK House implements sustainability practices like improving energy and water performance on a continual basis, promoting a healthier workplace for occupants, improving waste management performance and optimising renewable energy sources such as daylight harvesting, natural ventilation, etc.

“We are proud to see our facility recognised with the prestigious LEED certication and are thankful to our respective partners who helped make this possible,” an SRK spokesperson said.

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MARKET VIEW

WGC Launches Retail Gold Investment Principles

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he World Gold Council (WGC), the market development organisation for the gold industry, launched its new Retail Gold Investment Principles (RGIPs) on 5th August. These Principles are designed to set the bar for product providers across the global retail gold market and further encourage retail investors to place their trust in gold.

The RGIPs will provide high-level, best practice principles for providers of all kinds of retail gold investment products and, through their adoption, ensure the highest levels of fairness, transparency and integrity are instilled across the market. It is envisaged that the adoption of best practices will lead to greater trust, beneting customers and product providers alike, creating value and driving demand across the industry.

As part of the drafting process for the Principles, the WGC ran an open consultation to seek input from product providers across the industry. Experts from over 15 countries spanning all sectors of the retail gold investment market provided valuable feedback on both the structure and terminology of the RGIPs. To support the retail investor and provide them with knowledge and understanding of a gold investment, the WGC is publishing an updated set of investor guidance, namely, the Retail Gold Investment Investor Guidance. This has been broadened to further educate investors on the range of investment models for retail gold products and includes a summary of the RGIPs and what these should mean from an investor’s perspective. It also alerts investors to the presence of scams and fraudulent behaviours in the market and how best to identify

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time over the past year to engage with a wide range of industry stakeholders representing different global regions and a diverse range of business models to understand how we can best support the retail gold investment industry. Our common objective is simple; make certain that investors, especially those considering gold for the rst time, have absolute trust in the products they are offered and the providers with whom they chose to transact.

and guard against them.

David Tait, CEO, World Gold Council, said: “We have taken

“Through this industry engagement it was clear to us that the market would benet from a globally aligned set of best practices in order to ensure an effective, efcient and trusted market overall, and we believe the Principles do just that.”

Forevermark Launches in New Zealand

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he De Beers Group diamond brand, Forevermark, has announced that it will launch in three stores in New Zealand.

Partnering with Partridge Jewellers and focusing on the highend Black Label Collection, Forevermark jewellery will be available in Partridge Jewellers in Auckland, Wellington and Christchurch.

The launch brings the total number of countries where Forevermark is available to 35.

Forevermark CEO, Nancy Liu, said: “This is an exciting moment in the Forevermark story. Partnering with one of New Zealand's oldest and most respected family jewellery chains to bring Forevermark's brand promise of diamonds that are beautiful, rare and responsibly sourced to New Zealand.” www.jni.co.in

INDUSTRY AROUND

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orevermark, the diamond brand from De Beers Group, is hosting the ninth edition of its annual Forevermark Forum on a virtual platform, starting today 18th August, 2020, at https://forevermarkforum.com Forevermark will use the threeday virtual Forum to equip its authorised partners, jewellers, diamantaires and manufacturers from across the globe with the newest retail innovations, latest technologies and consumer insights amid the ongoing pandemic. Forevermark said these efforts are aimed at paving the way for a more meaningful world that prioritises the current consumer’s sentiment and embraces conscious luxury.

Stephen Lussier, Forevermark Chairman and Executive VicePresident, Consumer and Brands,

Forevermark Inaugurates

Its First Virtual Forum in India the latest consumer insights and our unique brand strengths as we prepare for the re-emergence of strong demand as lockdowns ease and retail environments reopen.

In India in particular, we have seen phenomenal success over the past few years, and we look forward to a strong return to growth in 2021.”

De Beers Group, said, “I welcome all our partners to Forevermark’s rst virtual Forum in India, a feat of true innovation and creativity. The Forum’s theme, Meaningful Tomorrows, is particularly relevant in the current environment, where the pandemic has reinforced the importance of our personal relationships and the role diamonds can play as we all look forward to a brighter tomorrow.”

Speaking about the brand and its growth in India, Nancy Liu, CEO, Forevermark, said, “We all recognise that it has been an incredibly challenging start to the year. Forevermark is responding to these challenges by drawing on

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Among the key trends for 2020 highlighted at the Forum are the jewellery trends for the year that are futuristic yet sustainable.

Forevermark has displayed over 1,700 designs with four key moods: Urban Nature, Open Mind, La Suerte and Royal 2.0.

Attendees at the Forum are taken through the successful consumer campaigns, namely The Forevermark Tribute collection, with the premise that seasons change but a diamond is forever, a symbol of continued success; Forevermark Icon Collection, a new trademark collection to be launched later this year; and the Forevermark Traditional Setting collection inspired by South India’s rich heritage.

The Forum also highlights some of Forevermark’s popular retail programmes, including Exceptionals, a selection of some of the most exquisite diamonds at least 3 carats and above; the Red Carpet collection that sees celebrities radiate in pieces showcasing India’s nest craftsmanship on international platforms like the Academy Awards, Screen Actors Guild Awards and Golden Globes, with the exquisite 2020 collection on display at the Forum; and the Circle of Trust, a radiant collection of diamond bangles.

The special Knowledge Series at the Forum is designed to bring experienced and intellectual minds together for discussions that foster inspiration, are ideafocused, and provoke meaningful conversations. Eminent speakers at the series this year are Randi Zuckerberg, Founder & CEO at Zuckerberg Media, Deep Kalra, Founder, MakeMyTrip and Sonam Wangchuk, engineer, innovator and education reformist. www.jni.co.in

INDUSTRY AROUND

PGI Global Survey Shows Strong Willingness to Spend on Jewellery in India & China Post Covid

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latinum Guild International (PGI) conducted a ash survey among 1,000 jewellery purchasers in late April and May to study Covid-19’s impact on consumers’ minds and wallets in the four key platinum jewellery markets: China, India, Japan and the United States.

Consumers in the US, China and India are willing to spend more on at least one luxury item during the pandemic, except for Japan.

This is especially prominent in China, where there are 10 luxury categories, consumers are willing to spend more or the same during the crisis, much more than the other markets.

In China, the jewellery category ranks rst among all 19 luxury items, followed closely by clothing/fashion and PC, tablets and smartphones.

In India, jewellery also ranks high at second on the index, after clothing and equal to PC, tablets and smartphones. The strong willingness to spend on precious jewellery is proof of the integral role it plays in the Chinese and Indian culture. For most consumers, precious jewellery has a store of value and serves as a marker of social and personal milestones in life.

Given its real value as well as the emotional connection consumers place on ne jewellery pieces, especially at a time when they are re-evaluating their personal lives in a positive way and want to show appreciation for loved ones,

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this category has the potential to become a net winner in luxury spending during and after the Covid-19 crisis period.

Looking at the reasons why consumers are willing to spend more after the Covid-19 crisis, the survey shows a higher willingness by consumers to purchase precious jewellery for themselves and as a gift for loved ones after the pandemic. Chinese represent the most promising market for near-term jewellery sales. Over 80% of respondents in China

intend to purchase jewellery both for themselves and as gifts after Covid-19, much higher than the levels in the other three markets, slightly higher on spending for themselves. In India, 69% of consumers surveyed are willing to purchase precious jewellery for themselves post Covid-19, considerably higher than purchasing for gifting (59%). In the US and Japan, meanwhile, consumers appear more willing to spend on precious jewellery as a gift post-crisis than for themselves.

Silver jumps above $28 per ounce, up 140% from 2020 low

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ilver continues its remarkable price performance this year.

From an intra-day low of $11.64 on 18th March, the silver price has since rallied over 140%, and is at a level not seen since 2013, states The Silver Institute, a silver promotion body.

The silver price hike has been fuelled by its inherent safe-haven status, fears of ination, remarkably low interest rates and continued liquidity boosts by central banks, the Institute said.

The jump in price reects renewed interest by both retail and institutional investors in silver as an investment vehicle.

Highlights of silver’s 2020 price performance include: n

The silver price rallied 34%

in July, outpacing every major global nancial asset. July represented one of the best months for silver on record, and its highest monthly gain since 1979 Global silver-backed exchange-traded products have posted all-time highs in 2020, currently standing at 1.25 billion ounces, having increased by 296 million ounces since January 1 as of 8th August n

Silver bullion coin demand is robust, up over 60% to-date this year n

The gold:silver ratio - the quantity of silver ounces needed to buy an ounce of gold –peaked at 127:1 on March 18 and now stands at 72:1, a decrease of 43%. n

www.jni.co.in

INDUSTRY AROUND

De Beers Jewellers Picks Céline Assimon As New CEO

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e Beers Group announced that Céline Assimon will succeed François Delage as Chief Executive Ofcer of De Beers Jewellers. After a decade at the helm of De Beers Jewellers, François will step down as CEO at the end of September, with Céline joining the business on 1st September, 2020, to ensure a seamless transition of leadership.

Céline has a strong track record as a creative and inspirational leader with extensive global experience across marketing, sales and merchandising in the high-end jewellery and luxury sector. As worldwide head of high jewellery and high watchmaking sales at Louis Vuitton, and later on with Piaget as their high jewellery and exceptional pieces director, Céline

www.jni.co.in

has successfully led the commercial development of these brands’ global footprints, with a focus on the most discerning clients. Céline was most recently CEO at luxury brand de Grisogono. Stephen Lussier, Chairman of De Beers Jewellers and Executive Vice President, Consumer & Brands at De Beers Group, said: “I’m really looking forward to Céline joining the business and leading it into its next phase of growth. As consumers increasingly seek out high quality and distinctive jewellery from leading luxury brands there is a great opportunity ahead, and Céline’s creative vision and outstanding expertise make her the ideal choice to help us capture it. “I’d also like to thank François for his

decade of service to De Beers Group and his contribution to our success over the years. As CEO rstly of Forevermark, and then of De Beers Jewellers, François has been a passionate leader with a love of diamonds and an uncompromising commitment to the beauty that distinguishes De Beers Group’s diamonds from those of other brands.” Céline Assimon said: “I am incredibly honoured to join De Beers Group and excited to begin writing the next chapter in De Beers Jewellers’ story.”

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INDUSTRY AROUND

GJEPC Meets Global Partners for Enhancing Market Reach

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he GJEPC organised a meeting with its Global Partners on 12th August 2020 to have discussion widening India’s global market reach when it comes to exports of gems and jewellery. Among the 19 participants were the Council’s coordinators for key global markets including USA, Europe, Russia, CIS Middle East, Oceania, Japan and the UK. The meeting was focused on Showcasing Advantage India w.r.t Indian Gem and Jewellery Sector as intricate craftsmanship, creativity, range in jewellery products and sharing the expectations from the global partners in achieving the goal of the Council for the overall gem and jewellery sector.

Three ways shared with the coordinators were to a) Enhance Presence in the Existing Export Markets - USA, UAE, H.K ; b) Deeply Penetrate in Potential Export Markets like UK, Switzerland, France, Italy, Japan etc. and c) Attract the Overseas Investors to India’s SEZ/FTZ as these Zones in India are truly characterised with world class infrastructure, uninterrupted supply of utility services, simplied customs procedures and skilled labour among others.

Colin Shah, Chairman, GJEPC said, “Special economic zones (SEZs) account for 30% of India’s total exports of gem and jewellery products and due to their largescale capacity, they can cater to the needs of the different markets.”

Convener of the SEZ SubCommittee, Suvankar Sen conveying the message of Vasudhaiva Kutumbakam (meaning, the world is one family) noted, “India is prepared to ramp up services to global partners through exploring business/trade

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“Special economic zones (SEZs) account for 30% of India’s total exports of gem and jewellery products and due to their large-scale capacity, they can cater to the needs of the different markets.” opportunities in different parts of the world.

He further added, global exports of gems and jewellery account for $628.59 billion and India has a 5.8% share and is the 5th largest exporter of gem and jewellery products.” Highlighting India’s possible advantages in the post-

Covid world, Sen added that half of India’s export potential of $70 billion is still untapped and could be realised through global trade and investment partnerships.

Members of the meeting pointed out that India could now regain lost ground since its exclusion from the US Generalized System of Preferences (GSP). After the withdrawal of US GSP, Indian exports of gems and jewellery to the USA have gone down by $800 million over the past decade.

The business that had shifted to China may nally return to India as the duty rates pertaining to several gem and jewellery products prevailing in the US for China (18.3-28.5%) are relatively higher than for India (5% 13.50%).

WGC Adds Calibre Mining as 27th Member

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he World Gold Council (WGC), the market development organisation for the gold industry, has welcomed Calibre Mining to its board of members, taking the total count to 27.

Calibre Mining is a multi-asset gold producer which operates the El Limon and La Libertad gold mines in Nicaragua. These mines, along with the Pavon gold project and other mineral concessions in Nicaragua, were acquired from B2Gold in October 2019 as the company transitioned from an explorer to a junior producer. Calibre is focused on sustainable operating performance and a disciplined, accretive approach to growth.

David Tait, chief executive of the WGC, commented: “Calibre Mining plays an important role in the production and exploration of gold in Nicaragua with a focus on sustainable operating practices. I look forward to working with them.”

Russell Ball, Chief Executive of Calibre Mining, noted: “We are aligned with the organisation’s belief in supporting global standards to reinforce trust and transparency in the gold sector. We look forward to participating in initiatives such as the Responsible Gold Mining Principles and working with the Council’s members towards our shared goals.” www.jni.co.in

SHORT NEWS

Alrosa Reveals Largest Ever 236 Carats Natural Colour Diamond

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lmazy Anabara (Diamonds of Anabar), a part of Alrosa Group, found a 236-carat rough diamond of intense yellow-brown colour. The diamond was extracted from the Ebelyakh mine in Yakutia, Russia. This is the largest natural colour rough diamond ever found in Russia.

The diamond’s dimensions are 47x24x22 mm, and, according to preliminary estimates, it is 120-230 million years old.

“Such a large natural colour rough diamond is a unique discovery. Now, the stone is at Alrosa’s United Selling Organization being studied and evaluated by our specialists. After that, we will decide whether to give it to our manufacturers for cutting or sell it as a rough. Of course, cutters in any country will be interested in such a diamond, as it has the potential to give several high quality polished diamonds,” said Pavel Vinikhin, head of Diamonds of Alrosa cutting and polishing division.

High Quality 442-carat Diamond found at Letšeng Mine

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em Diamonds Limited found a high quality 442-carat Type II diamond from the Letšeng mine in Lesotho, the highest dollar-per-carat kimberlite diamond mine in the world. Clifford Elphick, CEO of Gem Diamonds, commented, “The recovery of this remarkable 442carat diamond, one of the world’s largest gem quality diamonds to be recovered this year, is further conrmation of the calibre of the Letšeng mine and its ability to consistently produce large, high quality diamonds. It is also a tting testament to the dedication of the employees in the group to have recovered such an extraordinary diamond, whilst at the same time maintaining strict adherence to health and safety precautions during the global Covid pandemic. “A portion of the proceeds from the sale of this diamond will be used to fund a special community project, as agreed with our partners, the Government of Lesotho.”

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SHORT NEWS

Kerala FM Thomas Isaac bats for GST e-invoicing in jewellery trade

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high level group of ministers will discuss GST e-invoicing for gold jewellers whose turnover is below Rs 500 crore to curb fake invoicing and revenue loss. From October this year, businesses whose turnover is Rs 500 crore or above will generate all invoices on a centralised government portal.

“We will discuss lowering the einvoice threshold for the gold and jewellery trade at our next meeting,” Thomas Isaac, Kerala FM who is part of the GoM set up for the gems and jewellery trade, told ET. The other members are the FMs of Gujarat, Punjab and Bihar. The GoM is slated to meet next month.

Isaac said that state

governments should be able to track all the transactions done by gems and jewellery trade to plug any loopholes resulting in revenue loss.

“Once a nodal team of ofcers examines all the modalities we will put forth the proposal to the GST Council,” he added.

movement is not applicable to the trade on security grounds.

Other proposals discussed at last week’s meeting were intrastate e-way bill for gold and 3% GST on purchase of old gold under the reverse charge mechanism (from an unregistered dealer).

Currently e-way bill for interstate or intrastate

India imported a total 14.1 tonnes of bullion in the June quarter, down 95% from the year -ago quarter, said the World Gold Council. Gross bullion imports were 827.4 tonnes in 2019 and 871.7 tonnes a year before.

Kalyan Jewellers Files Papers For Rs.1,750 Crore IPO

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he leading jewellery group would be issuing fresh equity aggregating up to Rs 1,000 crore and an Offer for Sale (OFS) worth Rs.750 crore, according to the Draft Red Herring Prospectus (DRHP).

Kalyan Jewellers India on 24th August led draft papers with SEBI for an initial public offering

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worth Rs.1,750 crore. The leading jewellery group would be issuing fresh equity aggregating up to Rs.1,000 crore and an Offer for Sale (OFS) worth Rs.750 crore, according to the Draft Red Herring Prospectus (DRHP). The proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose. Kalyan Jewellers Promoter, Chairman and Managing Director, T.S. Kalyanaraman would be ofoading shares worth up to Rs.250 crore, while Highdell Investment Ltd. would sell up to Rs.500 crore-worth shares through the OFS route. At the end of June this year, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the

Middle East. Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products. "... in the long term, we expect the impact of the Covid-19 pandemic to further accelerate the shift of the jewellery market from unorganised players to organised chains such as us, given the conviction consumers are likely to have in the store experience and safety protocols businesses like ours can offer.

"We also expect the negative impact of the pandemic to be disproportionately higher for some of our competitors, particularly the smaller jewellers and those operating in the unorganised market," the DRHP stated. www.jni.co.in

AWARD-N-HONOUR

GJEPC’s Regional Chairman Jaipur Inaugurates Jewellery Design Competition unveiled the jewellery design competition poster.

The competition is organised by Jaipur-based jewellery manufacturer Vaibhav Global Ltd. Mr. Aswini The Draw A Design competition poster being unveiled by Shri.

Agarwal (General Nirmal Bardiya (second from right) at the GJEPC’s Jaipur Manager regional office.

Operations) and Mr. Ashvini Nozal hri. Nirmal Kumar (AGM - HR) from Vaibhav Global Bardiya, GJEPC’s Ltd. attended the event.

Regional Chairman, It is a pan-India jewellery along with other CoA designing competition themed members, Regional Committee “Draw A Design”. The contest is and CGS Panel Committee,

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open to all budding and professional designs, students, graduates from jewellery design disciplines. Entry to the competition is free with no charges.

The top three winners for each of the four categories - Galaxy of Sparkles, Luxurious Dazzles, Artistic Expressions, and Colorful Bubbles - will each get cash prizes of Rs.1 lakh, Rs.51,000 and Rs.21,000, respectively.

Vaibhav Global Limited was the winner in the silver jewellery export category at GJEPC’s India Gem & Jewellery Awards 2018.

HK Jewellery Design Competition Winners Announced

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he results of the 21st Hong Kong Jewellery Design Competition have been announced, with designer Lee Wing-yan, sponsored

by Luk Fook Holdings (International) Limited, taking the top prize with her entry “Freedom and Bondage”. The main design element of her earrings is a group of ying doves breaking free from their tethers to reclaim their freedom. Ms. Lee took the Best of Show Award & Craftsmanship and Technology Award in the Open Group in recognition of her excellence in jewellery design and craftsmanship. The theme for this year’s Jewellery Design Competition was “Relative’ Compatible”.

Another Best of Show Award winner in the Open Group was designer Tang Yuk-ying, sponsored by C.S.S. Jewellery Co. Limited, who created “The Harmony of Sea and Land” using blue and yellow ribbons to represent the symbiosis between www.jni.co.in

the ocean and land. Her creative and delicate bracelet expresses how having an open mind and loving heart allows people to live in harmony. Designer Chareine Lee, sponsored by Charente Fine Jewelry, also won a Best of Show Award in the Open Group with her entry “Eternity”. Her meticulous pendant shaped as a set of unique gears represents the “eternity of time”.

The Hong Kong Jewellery Design Competition is jointly organised by the Hong Kong Trade Development Council (HKTDC), Hong Kong Jewellers’ &

Goldsmiths’ Association, Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong Jewelry Manufacturers’ Association and the Diamond Federation of Hong Kong, China.

The latest edition of the competition received around 160 entries. After screening by a panel of seven judges, the winning entries in the Open and Student groups were announced.

The 22nd Hong Kong Jewellery Design Competition, with the theme “LightÿShadow”, is now open for application.

JNI-SEPT-OCT’2020

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After this pandemic we Chandan Agencies are happy to welcome our all valued patrons to explore world of best jewellery designs books, catalogues, gemology and coffee table books in our showroom.

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NEW LAUNCH

Brilliant Earth x Alrosa’s Diamonds That Care launch Responsible Jewellery Line

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rilliant Earth, the leading global retailer of responsibly sourced ne jewellery, announced a partnership with Diamonds That Care, the social initiative and a namesake brand of Alrosa, the world’s leading diamond producer.

Brilliant Earth and Diamonds That Care unveiled a responsible limited-edition jewellery collection beneting people in need through donations to Feeding America’s Covid-19 Response Fund.

can feel good about wearing. This partnership reinforces that ethos and provides another opportunity to give back to those in need,” says Beth Gerstein, CEO and co-founder of Brilliant Earth.

The Diamonds That Care collection exclusively available to Brilliant Earth customers includes nine designs, all handcrafted from recycled gold, featuring natural diamonds of brown hues, ethically mined in Yakutia. Ten percent of the sales from each piece will go to Feeding America’s Covid-19 Response Fund, the nation’s largest domestic hunger-relief organisation. Every collection piece has “I Care” engraving, symbolising the generosity behind design.

Diamonds That Care started as a social responsibility initiative of Alrosa aimed at giving back to society.

Through the initiative, a number of hospitals, schools, sports and cultural centres were constructed in remote towns of Yakutia.

products and projects that care for communities. We believe every natural diamond should be more than just part of a jewellery piece but a helping hand for those who need support. People have become much more responsible than before, and now the diamond is another way to show responsibility,” says Sergey Ivanov, Alrosa CEO. The Brilliant Earth x Diamonds That Care exclusive collection is available on BrilliantEarth.com from July 28th through December 2020. The estimated price range for the jewellery is $790 to $2,190.

“Diamonds That Care is more than a brand name, it is a line of thought, a calling to the luxury industry to cultivate more

“Brilliant Earth was founded on a commitment to social and environmental responsibility, and we strive to make jewellery you

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www.jni.co.in

NEW LAUNCH

DP Jewellers opens boutique showroom in Ujjain

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ne of the largest jewellery brands, DP Jewellers opened a new showroom in Ujjain amidst the pandemic yesterday on the occassion of Janmashtami. The brand has been catering to the jewellery needs of Ujjain for decades and it was about time that the town had a branch of its own. The store was initially said to open in March, however, due to the pandemic the launch was delayed. “Ujjain is a cultural epicenter and is auspicious as it is home to the Mahakaleshwar Jyotirling. We have always been overwhelmed with response we have received from Ujjain. We share a good brand loyalty and customer base in this region. These were the reasons we thought of opening in Ujjain,” said Amit Bandi, CEO, DP Jewellers.

Unlike other stores of DP Jewellers in Indore, Bhopal and Udaipur, which are massive in size, this store located in Madhav Nagar area, opposite police lines is cosy, spread across 2,500 sq-ft with two oors. The store will have a mixed bag of inventory from gold, to polki bridal sets, silver as well as diamonds, along with Forevermark range of diamond jewellery. “The customers here have a taste that is diverse. So the inventory we have is also diverse, from good old gold pieces to jewellery that is native to MP as well as contemporary pieces in diamonds.”

The brand loyalty is there, we

have great DP loyalty, for us business has never been low, despite the fact that response for other stores in the city could be less - Amit Bandi, CEO The showroom was inaugurated

by Chandmal Chordia with the presence of Ratatanlal Kataria, Madanlal Kataria, Kantubhai Kataria, Anil Kataria, Vikas Kataria and Puneet Pirodia.

ANMOL introduces another era of design with The Royal Elephant Edition meticulously translated into breathtaking statement designs making them elegant heirloom pieces.

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elebrated for Luxury & Elegance, ANMOL introduces another era of design with The Royal Elephant Edition, a collection that is reminiscent of India’s heritage and culture, where the ornate motif of the regal Elephant is

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The Royal Elephant Edition is a tribute to the magnicence of Lord Ganesha. This classic and timeless collection is handcrafted in 18 K yellow gold and rose gold and every marvellous piece is embellished with Diamonds, Emeralds, Sapphires, Amethyst, rosecut diamonds and fancy coloured diamonds.

Each piece is curated keeping in mind the ‘Anmol’ Indian woman who identies with her traditional roots but also carries a global spirit. The pieces are designed to match the diverse moods and make an ever-lasting impression. The Royal Elephant Edition is ideal statement piece for glorious Indian celebrations. www.jni.co.in

TREND NOW

Israeli Jewellers design Diamond Face Mask worth 11 Crore

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he 18-karat white gold mask will be decorated with 3,600 white and black diamonds and tted with toprated N99 lters at the request of the anonymous buyer.

Worried about face masks dampening your look as you step

But who commissioned such an expensive mask? Levy declined to identify the buyer, but said he was a Chinese businessman living in the United States.

The glitzed-up face mask may lend some pizzazz to the protective gear now mandatory in public spaces in many countries.

But at 270 grams (over half a pound) - nearly 100 times that of a typical surgical mask - it is not likely to be a practical

out to shop for essentials? No worries. You can add some glitz to your pandemic look with a blingy, diamond face mask from Israel.

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n Indian man said he paid about US$4,000 for a bespoke gold face mask to protect him from the coronavirus raging in the country.

The 18-karat white gold mask will be decorated with 3,600 white and black diamonds and tted with top-rated N99 lters at the request of the buyer, said designer Isaac Levy.

“It is a thin mask and has tiny pores that is helping me to breathe,” “I am not sure if it will be effective to protect me from a coronavirus infection but I am taking other precautions,” he added.

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In an interview at his factory near Jerusalem, Levy showed off several pieces of the mask, covered in diamonds. One gold plate had a hole for the lter.

“Money maybe doesn’t buy everything, but if it can buy a very expensive COVID-19 mask and the guy wants to wear it and walk around and get the attention, he should be happy with that,” Levy said.

Indian businessman wears US$4,000 custom gold mask for protection

After some Indians went viral for wearing masks made of gold that cost lakhs of rupees, an Israeli jewelry company has revealed that it is working on what it says will be the world’s most expensive coronavirus mask, a gold, diamond-encrusted face covering with a price tag of $1.5 million.

That’s Rs 11 crore, in case you wondered.

Levy, owner of the Yvel Company, said the buyer had two other demands: that it be completed by the end of the year, and that it would be the priciest in the world.

That last condition, he said, “was the easiest to fulll.”

accessory to wear.

The precious metal covering weighs 60 grm (two ounces) and took craftsmen eight days to make, said businessman Shankar Kurhade, from the western city of Pune.

When going out, the 49-year-old said he likes to adorn himself with gold jewellery weighing a kilogram, including a bracelet, necklace and rings on each nger of his right hand.

Kurhade -whose company makes industrial sheds - said he got the idea for the gold face mask after seeing a media report about a man wearing one made from silver. People are asking him for seles, “They are awestruck when they see wearing the gold mask in markets.”

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TERND NOW

Mask chain is the new haute accessory that you need to invest in

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t’s safe to say that COVID-19 has updated the fashion trends wheel in an unprecedented way. It is all about keeping it safe while ensuring that one does not compromise on style. Labels, big and small, the world over have rolled out their rendition of safety masks, and while they tend to become an inseparable part of everyone’s updated wardrobe, so have the quirky chains that hold these masks. Welcome the face mask chains, the hautest accessories to invest in.

Where you put your mask during its downtime is actually quite a vital thing to think about. If you place it onto a contaminated surface, you run the risk of picking up bacteria - or worse, a dreaded virus. Indian brand Tann-

ed known for its exquisitely crafted leather accessories is also rolling out some chains for face masks. Their renditions are made in leather, metal, and ceramics; think thick chains attached to your face masks elevating your day look.

Thereby, a safe mask storage box or bag is a good thing to carry with you. Or - lightbulb moment a mask chain or strap to safely let your mask dangle from your neck

when not in use. Genius.

Often merely recycled from glasses or sunglass chains, we’re really loving the rising mask chain trend of the minute. Here, we’ve put together a few spots where you can easily order them online. If you’re one for trends and always want to be ahead of them, here’s your calling. See you (safely and securely) out there.

Swarovski ‘sparks’ new social media campaign and calls for customers to get involved look back and reect on those small moments of joy and happiness; a ower in full bloom, a sunset, a new hobby successfully learnt, running a 5k…Whatever it may be that has encouraged sparks of happiness within these moments, Swarovski want[s] to encourage followers to share and come together as one community.”

S

warovski has launched a new social media campaign, in which it is asking customers to share photos of what has kept them happy during lockdown.

The company wrote: “Swarovski’s community will be encouraged to

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upload images of what has been ‘sparking delight’ for them during the past months across social media using the [hashtag] #MySparkDelight.”

It continued: “During these difcult times, it’s important we

Swarovski also recently announced the opening of its rst Crystal Studio store in the UK, on London’s Oxford Street.

The Crystal Studio concept was unveiled last year as part of the brand’s 125th anniversary celebrations, and also boasts locations in Paris, Beijing, Tokyo, LA and Shanghai. www.jni.co.in

DESIGNER CRAFT

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hennai may be known as the land of temple and gold jewellery, but that’s not the road Ritika Ravi, who grew up there, decided to go down. Always passionate about jewellery, what appealed to the young designer was the idea of fresh, beautiful, and lightweight designs that were easy and wearable - a big step away from the traditional aesthetic ruling the local market.

Ritika Ravi of IVAR on creating millennial-forward, versatile jewellery pieces them in a safe. So, I wanted to do something fresh. If it’s easy and attractive, it’s more wearable.”

Possibly one of the reasons the designs are stocked at the agship store at the St. Regis Maldives Vommuli Resort; at an ‘IVAR Corner’ at the North Island Resort in Seychelles; and at jewellery wholesaler Torroni in Geneva.

important to stay relevant in India. “I’m a big supporter of #MakeInIndia. From the start, I chose India for manufacturing because it has so much to offer. My aesthetic and brand story taps into traditional techniques with a contemporary outlook.” Ravi believes in the handcrafted appeal of her jewellery, brought to life by craftsmen.

featuring traditional craftsmanship involving enamel, gold, polki, and sapphires. The bracelets, rings, necklaces and earrings are millennial-forward, chic pieces, something the 26-yearold calls a sophisticated yet laidback style.

Currently, two collections old, Ivar’s new 10.18 collection is made largely of polki and sapphires set in gold.

The rst collection, Troubadour, featured enamel and gold. “I love playing around with various mediums. While the 10.18 collection is more classic, Troubadour is whimsical and playful,” says Ravi. Both lines, however, are inspired by the sand, sea, and organic shapes of the Maldives, one of her favourite holiday spots.

“They’ve learnt this craft from their families over generations, so each piece is as unique to them as it is to the wearer. I want to take this sense of heritage and open up a sort of gateway to modern luxury.” Ravi plans to launch a new collection soon and hopes to be able to travel again. She’s looking forward to hosting trunk shows and pop-ups in Europe and the Middle East.

“In India, jewellery is, very often, considered an investment. We buy these stunning pieces and keep

Given the current pandemic, she agrees that now, more than ever, it’s

As a result, two years ago the London College of Fashion graduate launched her brand IVAR, in which she has managed to create contemporary designs

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THEME INVENT

Gemfields brings elephant lovers and jewellery aficionados together

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f you know your jewellery well, Gemelds is a name that resonates with quality and responsibly-sourced coloured gemstones. Their latest collaboration with Space for Giants, an international conservation charity that protects Africa’s elephants, is meant for all jewellery lovers who want to invest in evergreen and versatile pieces.

Gemelds and Space for Giants have unveiled Walk for Giants, a fundraising and awarenessbuilding campaign for African wildlife conservation. The campaign kicked off with the release of two exclusive capsule collections: A 44piece collection from Gemelds, and a series of 15 sustainable collections from the luxury fashion retailer NET-A-PORTER.

The campaign comes at a time when the travel and tourism industry has suffered an unprecedented setback. As a result, the wild and natural habitats around the globe are more vulnerable. All proceeds from these capsule collections will bring critical support to protect Africa’s elephants and their natural habitat. The campaign was shot by Francesco Carrozzini, with creative direction by Riccardo Ruini, featuring models Arizona Muse and Selena Forrest at Enasoit Game Sanctuary in Laikipia, Kenya.

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The Gemelds x Space for Giants collection brings together jewellery designers from the world over on one platform. You can buy exquisite earrings, neckpieces, and even a wristwatch created by the likes of 12 brand partners, including AYA, Backes & Strauss, Bina Goenka, Fabergé, Fehmida Lakhany, London-based Francis de Lara, GFG Jewelry by Nilufer, Margery Hirschey, Sandy Leong, VAK Fine Jewels, Valani Atelier, and Zoe & Morgan. You can expect edgy intergalactic designs carved in recycled 18k white and yellow gold studded with gemstones.

“Today, more emerald- and ruby-derived value than ever accrue to our host countries in Mozambique and Zambia. Africa’s natural resources, whether in the form of minerals or biodiversity, must play a greater role in supporting local communities and championing vast

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THEME INVENT conservation spaces,” said Sean Gilbertson, CEO of Gemelds while giving an insight into the collection. “We need everyone to walk the talk for these giant causes, and we are honoured to support the energetic team at Space for Giants in their intrepid cause.”

“Nature-based businesses bring jobs, buy from local suppliers, pay taxes, and build national economies. But the natural assets these enterprises rely on - including Africa’s last populations of megafauna - are under grave risk.”

Fabergé’s

For those on a lookout for jewellery created by global brands, there are NET-A-PORTER’s functional and sustainable capsule collections. It includes renowned brands such as British heritage brand Burberry, 3.1 Phillip Lim, Brunello Cucinelli, Chantecaille and Ole Lynggaard Copenhagen in collaboration with Gemelds. The collaboration also includes emerging designers such as accessories label Hereu, Fisch, and Bassike.

Celestial Inspirations

F

abergeì draws inspiration from the celestial world for its new Hilal Crescent Collection.

The festival-ready line up of jewels include a pendant, earrings and ring. The capsule collection owes its name to the Arabic term for ‘crescent moon.’

Referencing spirituality and symbolism, the design handcrafted in 18k yellow gold features a crescent moon and a star, holding ethereal allure rooted in faith and culture.

According to Fabergeì, the crescent moon remains prominent in Islamic iconography - as a source of spiritual guidance and symbolising everything from hope and the passage of time, to fertility, birth. and womanhood.

The capsule line features the brand’s iconic decorative uting; each crescent moon is picked out by a line of diamond paveì with a sparkling emerald star nestling on the moon. The tiny gold star is set with a Gemelds Zambian emerald, which is responsibly sourced from the Kagem mine in Zambia.

The Hilal pieces are additions to Fabergeì’s earlier Crescent Collection, which was inspired by the story of a mysterious former French secret service ofcer, Charles Antoine Roger Luzarche d’Azay. He gave his collection of 18 exquisite Fabergé cigarette cases to the Musée des Arts Décoratifs in Paris.

Fabergé is said to have been inspired by his devotion www.jni.co.in

and by the enigmatic symbols that decorate the cases, including crescent moons and a golden map of the Nile with coloured gems marking cities along its course.

Thus, the Crescent Collection was born.

The Hilal Crescent line will be available from July 30, 2020 at the brand’s boutiques in Harrods London and The Dubai Mall and online at faberge.com

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TREND NOW

Vendorafa looks to ride the AW20 wave into bumper 2021

V

endorafa has announced its autumn and winter 2020 collections ahead of what looks set to be a big 2021 for the company.

The brand’s AW20 collections are centred around the themes of beach and desert.

The 18-carat gold ‘Pebbles’ collection includes Vendorafa’s trademark engraving and embossing, accentuating the vibrantly coloured stones used.

Meanwhile, the ‘Dunes’ line takes inspiration from sand dunes, incorporating “imperfect shapes” into the pieces.

Additionally, the ‘Onda’ collection is inspired by the waves of the sea, while the ‘Anaconda Black’ range pays homage to the snake of the same name.

The releases come ahead of what Vendorafa hopes will be a bumper 2020, as the threegeneration family business celebrates its 70th birthday.

Before that, however, the brand will be exhibiting at the upcoming September Vicenzaoro VOICE event.

Reliance Jewels Launches ‘Aabhar’ Collection to Celebrate its 13th Anniversary

ray of hope and positivity for new beginnings.

This year’s collection consists of 54 unique designs of handcrafted gold and diamond earrings including an eclectic mix of danglers, fringes, top & drops, chandeliers, jhumkis, studs, needles, and chandbali starting from 3 grams to 15 grams.

R

eliance Jewels has launched another leg to its already ongoing an exclusive jewellery collection, “Aabhar”, to celebrate its 13th anniversary in the Indian market. With the launch of this collection, Reliance Jewels extends their gratitude to the customers who have been associated with the brand. This year’s new collection is inspired by the lanterns, which symbolizes a

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The thought for this collection revolves around the theme of #WeOweYou. Conceptualized by Scarecrow M&C Saatchi, the idea behind the campaign is to express unconditional gesture towards the customers who’ve put their faith and trust in the brand all these years. Through “Aabhar” collection and the”#WeOweYou” campaign, Reliance Jewels continues the tradition of celebrating the brand’s anniversary.

www.jni.co.in

INSPIRATION

Flower Power: Jewellery inspired by nature

F

lowers have been an inspiration for jewellery designers for ages now. The curves, layers, petals and the enchanting colours of owers make for a signicant theme in jewellery designing. “Connecting to nature through our indulgence has a very calming and serene effect. No lifestyle category can elude itself from a getting inspired from nature around and jewellery is one such category that has always come alive through oral inspirations.

However, it is creatively quite challenging to pick up a oral theme which has universally been discovered and rediscovered by designers across eras and still make it relevant and create something unique,” says Abhishek Rastogi, Head of Design, Jewellery Division, Titan Company Limited.

Every year, oral motifs and designs continue to charm everyone and rule the world of trends, season after season! Imitating nature, jewellery has become a way to reect the oral world’s beauty.

Here’s a look at how designers are celebrating the natural motifs with their crafts:

Bangalore-based jewellery designer, Pallavi Foley loves to tell a story through her designs.

Nature being a driving force for her collection, Pallavi has worked with various crafts to incorporate the beauty of owers.One such piece is this oral ring, which she describes as a modern take on polki jewellery. The designer has used uncut diamond with abstract owers around polki with the ush diamond setting.

“I research the ower for months and understand all its connections and links, to history, the city, nature etc. The research helps me to give a very unique angle to study and present the jewel.

When I do oral designs, as every petal is unique and often bends differently, we work on a threedimensional model. It is made on the computer and then its either made by hand completely or blended with a few innovative technologies to achieve the desired result,” says Pallavi.

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57

INSPIRATION Inspired by many owers for her designs, one of her favourites has been the Indian rose. Taken inspiration from rose paintings in palaces of Bikaner, Pallavi has combined this oral motif with minakari work, giving it colourful take.

Combing gold with colourful gemstones, Tanishq’s Aarambh collection showcases a fresh take on oral designs. The latest line features colourful briolette diamonds, intricately carved gemstones with ombre settings and colourful sapphires.

For centuries, owers have been an integral part of weddings. In olden days, before the arrival of jewellery, brides adorned themselves with fresh owers and it’s no surprise that oral-themed ne jewellery is a big hit among brides these days.

“Floral jewellery has been a quintessential choice for brides who wish to experiment with their look and add a twist to the traditional ensemble,” comments Leshna Shah, Founder & Chief Creative Director, Irasva.

“From time immemorial, owers have been used to express love and friendship. At Gehna, colours in nature are matched by coloured gemstones and a ‘language of owers’ spell out special messages. This is popular because owers can be worn by every age and style. The most delicate versions of oral jewellery are those that showcase the simplest of ower designs that are classic in their presentation.

Like our three-dimensional “mogra” necklace and earrings. Simple yet statement-making. These delicate owers give us the scope to make a single ower pendant to statement designs with clusters of mogras that tumble from the ear or wrap around the wrist,” explains Sunil Datwani of Gehna Jewellers.

Celebrating the beauty of nature, Forevermark Trend Report for 2020 features ‘Urban Nature’ as one of the key themes for Spring Summer collection. the collection combines the shapes and silhouettes of many urban objects like architecture with botanical forms like leaves, owers and tendrils.

“Nature has always been a great source of inspiration for creativity and at Forevermark. With many of us now living in urban environments, jewellery that suggests a harmonious connection to the natural world speaks to our hope for a positive future.

Botanical forms such as owers, leaves, and tendrils combine with sculptural outlines, dramatic planes, and abstract symmetries to create a striking new design language,” explains Federica Imperiali, Head of New Product Development, Forevermark.

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www.jni.co.in

INSPIRATION

Cocktail Rings inspired by Russian architecture

B

ritish jewellery designer Annoushka Ducas collaborates with Chinese jeweller Austy Lee on cocktail rings inspired by Russian architecture - onion domed churches and their bright, cheerful colours that pop across the skyline. The sculptural rings, launched as part of her brand’s 10th anniversary, reference the personalities of Moscow, Kazan, Sochi, and St. Petersburg, while also being a nod to her iconic Touch Wood collection that uses ebony elements.

The electric hues on the architectural rings make a striking statement with the use of bright stones like tsavorites, blue sapphires, amethyst, and onyx.

Annoushka sourced the golden pearls for the rings directly from the shermen in Ilo Ilo in the Philippines, which is a place “very close” to her heart.

“I have always loved statement jewellery where there is no compromise. Austy’s jewellery is the perfect example of that: Exquisitely crafted and

beautifully detailed, it is wearable sculpture, rich in colour and complexity,” says Annoushka, who met the designer completely by chance in Hong Kong. “I stumbled across his treasure trove of a

studio and was entranced by his enthusiasm and beguiling collection,” she recalls. Austy’s technical air is highlighted through the use of faceted pearls, hand-cut lapis and a movable central spire in the Kazan ring that detaches to reveal two separate rings. These rings are sold in handmade lapis lazuli boxes.

Beauty icons from the Watch World

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ehind every great tale comes great craftsmanship, making these timepieces more than just pretty accessories.

Piaget’s Limelight Gala is among the maison’s iconic timepieces, having been worn by style icons from Jackie Kennedy to Elizabeth Taylor, from A-list heart throb Cary Grant to the multitalented Sammy Davis Jr. It wasn’t every day that a luxury brand would be rendered as an icon for old Hollywood glamor, where even eccentric artists such as Salvador

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Dali and Andy Warhol were enamored with Piaget.

Much was attributed to the audacious style of Piaget’s early timepieces that sported ornamental stone in their dials. The design lent not only color but also injected new material that set the watches apart from the rest. The bracelets were thin and the design was minimal, and soon after, Piaget’s association with “beautiful people”

became the haute ideal.

The Limelight Gala has been transformed and reinterpreted with many different styles, so much so that Jackie Kennedy embodied a design as her own, specically the 18k yellow gold timepiece with a jade dial and diamond- and tourmaline-set bezel.

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HI-TECH-GALLERY

Marina B. Onyx rings

Marina B. Interchangeable Crisilla necklace

Marina B. Lliada Blue Topaz, Diamond, and Opal earrings Sotheby’s Padlock bracelet

Marina B. Salvia Cuff

VAK-x-Gemelds Ring

Tiffany-x-Elsa Peretti Bone Cuff in gold

Chopard x 007 Happy Hearts Golden Pendants

Bina Goenka-x-Gemelds Pearl and Mozambican Ruby earrings

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Mathon Paris-x-Emiline Piot Quetzalcóatl Earrings

Spinelli Kilcollin-xHoorsenbuhs Ring

www.jni.co.in

HI-TECH-GALLERY

Sabrina 18-kt Gold Diamond Ear Cuff

Chiara Earring

A New EERA in Playful Design

Daniela Villegas-x-Muzo Ceres Earrings

Noor Fares-x-Muzo Emerald Lotus ring

Dilys’ Diamond Bracelet in 18K White Gold

Anna Shefeld Flat Band

Samantha Tea Circle Earring

Nam Cho Earrings

MATEO Rainbow Earrings

Andrea Fohrman Rainbow Necklace Brent Neale Link Bracelet

www.jni.co.in

JNI-SEPT-OCT’2020

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HI-TECH-GALLERY

Evil Eye Fireworks ring Eternity Ring with Pastel Gemstones

Inlay ring

Evil Eye Fireworks earrings La Chambre d’Ambre necklace

La Chambre d’Ambre Girandole earrings

Nikos Koulis earrings;

La Chambre d’Ambre ring

Ralph Masri Rose Gold and Pink Sapphire Triangle earrings

Hannah Martin Emerald Hexagon earrings

Ming Lampson Amethyst earrings Nikos Koulis earrings;

Mike Joseph Jewellery Ring and Earrings

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www.jni.co.in

HI-TECH-GALLERY

ROBERTO COIN Rock & Diamonds

ROBERTO COIN Art Deco

VENDORAFA LOMBARDI Flora Amethyst ring

ROBERTO COIN Pois Moi

VENDORAFA LOMBARDI Flora Pink Sapphires ring

ROBERTO COIN Sauvage Privé

VENDORAFA LOMBARDI Flora Emerald Ring

VENDORAFA LOMBARDI Flora Rings

ROBERTO COIN Princess Flower

ROBERTO COIN Pois Moi ROBERTO COIN Art Deco

ROBERTO COIN Princess Flower Collection

DAMIANI D.Side Bracelet in Yellow gold, Malachite and Diamonds

ROBERTO COIN Rock & Diamonds

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V-ORO 2020

IEG: at VOICE the future jewellery trends in the new The Jewellery Trendbook 2022+

by Trendvision

M

onday, 14th September, live in Vicenza on Italian Exhibition Group’s trade show stage and online on the website and the VOICE Facebook and YouTube proles, the presentation of the 19th edition of the book that reveals all the sector’s trends. www.vicenzaoro.com/it/voice Vicenza, 28th August 2020 – Exclusively at VOICE Vicenzaoro International Community Event (12-14 September 2020, at Vicenza Expo Centre) the launching of the 19th “The Jewellery Trendbook 2022+”, the international jewellery market’s authentic bible

that reports on emerging phenomena and consumption evolution over the coming 18 months.

Trendvision Jewellery + Forecasting, the rst independent Observatory created by Italian Exhibition Group (IEG) that specializes in jewellery forecasting, presents the muchawaited volume during the live

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event TV TALK – PREDICTIONS @ VOICE – A Forecasting Event | Presenting Seasons 2022, the seminar scheduled for Monday, 14th September at 2.30 pm, organized into three sessions: Emerging Phenomena, Jewellery Panorama

and Forecast 2022.

On The Stage of Voice, the interactive stage set up in the heart of Hall 7, the event’s presenters and moderators during the talk-show, Paola De Luca, Founder and Creative Director of Trendvision Jewellery + Forecasting, and David Brough, Founder and Editor in Chief of Jewellery Outlook, will be

exploring the sector’s future scenarios with Akash Das, Professor at ISDI, Mumbai School of Fashion Design and Researcher for The Futurist Ltd.; Ash Allibhai, Trend Forecaster and Fashion Director at Asbo Magazine; Smitha Sadandan, Journalist and Jewellery Editor; Thomas Lazzarini, Stylist and Personal Shopper for Farfetch.

The programme will also see interventions from Paige Novick, Founder and Creative Director of the homonymous company, and jewellery designer Lydia Courteille; Satta Matturi, Founder and Creative Director at Satta Matturi Fine Jewellery; Roshni and Rahul Jhavery from Studio Renn; Lauren Kulchinsky Levison, Vice President, Chief Style Ofcer and Curator for Mayfair Rocks in New York; Narendra Kumar, Creative Director at Amazon Fashion India, Fashion Designer and Filmmaker; Adrien Roberts, International Director of Education for the Italian Fashion School - Accademia di Costume e Moda,.

The event will also be transmitted in streaming on the website and on the Show’s YouTube and Facebook proles. www.jni.co.in

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