JEWELLERY
Titan launches jewellery brand Tanishq in Bangladesh
Titan Company announced its expansion into Bangladesh by launching its jewellery brand Tanishq through a joint venture with Rhythm Group. This initiative, aimed at bolstering its international presence, will begin with the establishment of a manufacturing facility in Narayanganj. Titan already operates 17 Tanishq stores across various international markets including the UAE, US, Qatar, Singapore, and Oman.
Jewellery and fashion retailers hope for demand boost during festive, wedding season
Fashion and jewellery retailers are optimistic about increased demand during festivals and the wedding season in the latter half of the year. A good monsoon is expected to boost consumption among those in the agrarian sector. The mass segment suffering due to cautious spending behaviors. Retailers are concerned about flat demand growth and are closely monitoring the upcoming Union Budget for industry implications.
Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4 pc in Budget
Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperation agreement".
IBJA appoints Aksha Mohit Kamboj as Vice President
Aksha Mohit Kamboj is the Executive Chairman of Aspect Global Ventures Pvt Ltd and is also the co-owner of Cricket ISPL team Tiigers of Kolkata. She is the first and the only woman appointed to such a prestigious post in the gold and jewellery sector.
Import curbs on certain types of studded gold jewellery not applicable for SEZ units: DGFT
The government clarified that import curbs on certain studded gold jewellery do not apply to units in special economic zones (SEZs), exempting them from restrictions. The decision is aimed at discouraging inbound shipments from countries like Indonesia and Tanzania. A policy circular by the directorate general of foreign trade (DGFT) plays a significant role in the country's export activities and contributed over one-third of total outbound shipments in the previous fiscal year.
Titan lines up aggressive expansion plans for Tanishq, Taneira, other brands this year, says MD
Venkataraman was talking to reporters after unveiling one of the company's Helios watch stores along with the 59th jewellery store Tanishq and the 7th Taniera store at Pondy Bazaar, in Chennai. Taniera offers the best of Indian sarees under one roof. It offers handcrafted sarees along with a range of ready to wear blouses, kurtas, short tops among others, the press release said. The launch of the new brand outlets today marks a significant milestone in Titan's ongoing commitment towards aggressive retail expansion in FY24-25, particularly in Tier I, II and III geographies.
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Jewellery business shift to organised market: What's the way to do it?
The jewellery sector in India is experiencing a shift towards formalisation, with the organised market growing rapidly. Players need to focus on inventory management and customer experiences for success. Top retailers are expanding into new geographies, with a franchise model proving successful. Market trends indicate a significant move towards branded jewellery purchases.
Elevated gold prices to restrain jewellery consumption growth to 6-8% in FY25: ICRA
ICRA forecasts a slowdown in India's jewellery consumption growth to 6-8% in FY2025, down from 18% in FY2024, citing elevated gold prices dampening consumer sentiment. Volume is expected to contract after marginal growth in previous years. Despite stable gold prices post-April 2023, a 14% rise in FY2024 boosted revenues amid muted volumes. Operating margins are projected at 7-8% amidst rising competition, with retailers expanding cautiously amid subdued consumer demand.
Gems, jewellery exports fall 5% to Rs 20,713.37 crore in May: GJEPC
However, the total export of gold jewellery saw 13.1 per cent growth at Rs 5,507.71 crore in May 2024 as compared to Rs 4,807.71 crore in the same period a year ago.
Rising gold prices drive Indian consumers towards lab-grown diamonds
The recent rise in gold prices has shifted consumer interest towards lab-grown diamond (LGD) studded jewellery due to its affordability. Major metropolitan areas are witnessing a surge in demand, with growth rates exceeding 15%, particularly in tech-populated cities like Pune. Consumers appreciate the value proposition of LGD jewellery, which offers more gold proportion within the same budget compared to natural diamonds.
India restricts certain studded gold jewellery imports
In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will require a government permit.
Kalyan Jewellers to acquire balance 15% stake in Candere
Kalyan Jewellers India signed a definitive agreement to acquire the remaining 15% stake in Candere from Rupesh Jain, founder of www.candere.com, for Rs. 42 crore. This move will make Candere a wholly owned subsidiary of Kalyan Jewellers, transitioning from e-commerce to omni-channel commerce.
No more fretting over rising gold prices or purity of gold: Bring home stunning designs with the Tanishq Exchange Programme at 100% exchange value
Tanishq offers a Gold Exchange Programme where consumers can exchange their old gold jewellery for contemporary Tanishq pieces, providing value and updated designs.
Jewellery exports: DGFT puts on hold on changes in maximum permissible wastage norms for gold, platinum, & silver content
DGFT has put on hold changes in wastage norms for gold, platinum, and silver content in jewellery exports following GJEPC's request for a balanced approach to minimize disruption and consider the impact on MSMEs.
India tightens permissible wastage norms for jewellery export
India has revised the permissible wastage amount for gold, platinum, and silver content in various categories of exports of jewellery items. The Directorate General of Foreign Trade (DGFT) amended the percentage of wastage by weight in plain jewellery to 0.5% for gold and platinum, and studded jewellery to 0.75%.
Gold demand expected to primarily revolve around festive period: Kavita Chacko, WGC
After a generally weak March and April, gold demand was resurgent ahead of and around the Akshaya Tritiya festival on 10 May. Considered one of the two most important days for buying gold traditionally, anecdotal evidence suggests that demand exceeded expectations, with strong activity observed in both urban and rural areas; some industry participants even hinting at record buying in value terms.
Organised jewellery retailers likely to witness 17-19 pc revenue growth in FY25: Report
The report further stated that the working capital requirements of retailers might increase due to higher inventory levels resulting from the substantial rise in gold prices and new store additions. However, credit profiles should remain stable, it added.
India's gold imports seen falling as record price prompts jewellery swaps
India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.
Organised gold jewellery retailers to achieve strong revenue growth in FY25: CRISIL
A CRISIL Ratings report forecasts 17-19% annual revenue growth for organised gold jewellery retailers in fiscal 2025, driven by higher gold prices. Retailers plan marketing efforts to counter demand moderation. Operating profitability may slightly decrease due to increased inventory. Organised retailers will continue gaining market share, with stable credit profiles despite rising working capital debt.
Gold trade urges introduction of hallmarking for 9-Carat gold amid record prices
The gold trade has called for hallmarking and HUID numbers to be introduced for 9-carat gold amid record-high prices of both gold and silver, making them unaffordable for many. Silver reached ₹92,444 per kg and gold approached ₹75,000 per 10 gm in Mumbai's Zaveri Bazaar. Officials from the India Bullion & Jewellers Association (IBJA) met with BIS executives to discuss the matter. IBJA emphasized that allowing hallmarking for 9-carat gold could enable consumers to purchase heavier jewellery within their budgets.
Plain gold jewellery exports increases as overall gems and jewellery exports decline 11.3% in April 2024
The export of plain gold jewellery increased by 27.45% to USD 342.27 million in April 2024. Studded jewellery exports are positive, but cut & polished diamond exports declined. Anticipated growth in diamond and silver jewellery exports is expected post FTAs with UAE, Australia, and EFTA.
Lightbox Jewelry permanently reduces prices for lab-grown diamonds, starting at $500 per carat
De Beers Group's lab-grown diamond jewellery brand, Lightbox Jewelry, has announced a price reduction to $500 per carat for its Standard range of lab-grown diamonds. The move follows months of research and testing. The brand now offers three linear price points: $500 per carat for IJ colour stones, $600 per carat for GH colour stones, and $900 per carat for the highest quality DEF colour stones. All stones have a guaranteed minimum'very good' cut and VS clarity, with DEF stones featuring 'excellent' cut.
Akshay Tritiya: Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers report strong sales
Jewellers from South India such as Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers saw strong demand during this year's Akshay Tritiya. Malabar Gold and Diamonds reported a 39% increase in sales, totaling Rs. 1361 crore. Kalyan Jewellers also noted robust revenue growth, with Bhima Gold experiencing over 50% sales growth compared to last year.
Akshaya Tritiya buyers see the bright side; Q-comm coin deliveries see a hit
Industry executives in Kolkata predict a 20% year-on-year increase in Akshaya Tritiya sales value due to higher gold prices. Lightweight jewellery, including gold and silver coins, accounted for the bulk of demand, with gold trading at ₹72,633 per 10 gm on the auspicious day. Quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart also contributed to the surge in demand, delivering gold and silver coins within 10 minutes.
High gold prices unable to dampen consumer sentiment during Akshaya Tritiya
On Friday, gold prices were ruling at over Rs 71,000 per 10 grams as against about Rs 60,000 in April last year, registering an increase of 15-17 per cent. World Gold Council Regional CEO Sachin Jain said there was little growth in jewellery demand during the January-March period while April was also a very quiet month.
Gold prices soften ahead of Akshaya Tritiya, boosting jewellers' expectations
Jewellers anticipate rising Akshaya Tritiya sales with lower gold prices. Demand increasing for everyday diamond jewellery and solitaires. Shift in consumer buying pattern towards high quality solitaire diamonds. Silver price growth surpassing gold as dependable asset classes.
Indian diamond jewellery market to grow to US$ 17 bn by 2031
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
World gold demand surges in Q1 2024, hits record high amid central bank buying and OTC investment boom
The World Gold Council's Q1 2024 Gold Demand Trends report reveals a 3% increase in global gold demand to 1,238 tonnes, driven by healthy investment from the OTC market and persistent central bank buying. Gold price hit a record quarterly average of US$2,070/oz. Central banks added 290 tonnes to official holdings, highlighting gold's importance in reserve portfolios.
Indian jewellery bigwigs spread their wings in the US betting on the diaspora
Prominent Indian jewellery brands are expanding in the US despite challenging economic and geopolitical conditions. Luxury brands are capitalizing on the growing market and significant purchases by affluent members of the Indian diaspora. Tanishq, Kalyan Jewellers, and Vummidi Bangaru Jewellers are among those expanding their presence, with Tanishq leading aggressive expansion plans.
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