With the Govt.’s decision to roll back PMLA and festive season
around, the Indian jewellery manufacturing and retail industry
is looking forward to this year’s Diwali sales season with great hope.
The October issue brings you the latest developments in the Gem and
Jewellery sector. Our special feature brings you a minute to minute
coverage of the government’s roll back of PMLA. On Aug 23rd a
notification classified dealers in precious metals, precious stones
and other high value goods as persons carrying on designated business
and professions under the Prevention of Money Laundering Act
(PMLA), 2002. GJF played a very significant role in this matter and after
considering various aspects of the issue, the Government decided to
call off the notification. A separate notification after due consideration
of points raised and wider stakeholder consultation in this regard shall
be issued separately.

3rd Edition of Bengaluru Gold Festival concludes on a highly successful note.

Digital draws for 1 Kilo gold bumper first prize along with 600 grams of gold and 15 kilos of silver prizes were picked up at the glittering event held on 17th November 2024 at Hotel Four seasons, Bengaluru. 

19th October 2024, Bengaluru: The 45 days Bengaluru Gold Festival organized by the Jewellers’ Association Bengaluru (JAB) concluded on highly successful note and with over 100 leading jewellers participated in this one-of-a-kind jewellery promotion event. There were close to 3 kilos of gold and 100 kilos of silver prizes allocated during this 45 day festival including weekly lucky draw and assured prizes.

The Mega Bumper Draw was held on 17th November at Hotel Four Seasons Bengaluru. Popular Kannada Actress and Brand Ambassador of Bengaluru Gold Festival Rachita Ram was the chief guest for the bumper draw event and Dr TA Sharavana, MLC and Dy Floor Leader JDS, Govt of Karnataka was the guest of honour. Dr Chetan Kumar Mehta, President-Jewellers Association Bengaluru (JAB) and Suresh Kumar Ganna, Chairman, Bengaluru Gold Festival were also present during this event.

Speaking on this occasion Dr Chetan Kumar Mehta, President, Jewellers Association Bengaluru (JAB) said, “BGF 3 has received overwhelming response from the participants and consumers. In-spite of high gold prices we have received a huge success. We thank all our participants and sponsors for the valuable support.”

The event was organised by Jewellers Association Bengaluru (JAB); Co-Sponsored by Jewels of India; Official Logistic Partner Sequel; Technology Partner Saleswizz; and Trade Media Partner The Art of Jewellery Magazine.

With the ongoing festivals like Diwali and Dhanteras gold and silver prices have reached unprecedented highs across India. Families traditionally buy gold during this festive season, both as an investment and for gifting, and this year is no exception. Today the gold prices in India continue to rise and the surge in demand, combined with global market conditions, has driven gold prices to new levels. The price of 24K gold is Rs 80,000 whereas the silver prices in India have also seen a sharp increase, with the current price of 1 kg of silver at Rs 1,01,100.

Discover the Glittering World of Gold at the 3rd edition Bengaluru Gold Festival. 
 
The wait is over ! The Bengaluru Gold Festival, organized by the Jewellers’ Association® Bengaluru (JAB), is back for its grand 3rd edition, and it's bigger and better than ever before!

Get ready to immerse yourself in the magnificence of gold at the Bengaluru Gold Festival. This year, the festival promises to be even more extravagant and captivating. Experience the magic of gold shopping in Namma Bengaluru and parts of Karnataka with a touch of glamour and tradition.

Here is what you can look forward to at the Bengaluru Gold Festival:

* Attractive Lucky Draw Prizes: Stand a chance to win exciting prizes by participating in our lucky draw at the festival. Your visit could bring you unexpected treasures!

➢ 3.5 kgs of gold waiting to be won!
➢ 100 kgs of silver in exciting giveaways!
➢ Bumper prize: 1 kg of gold for the grand winner!

* Visit the participating jewellers, get your coupon now, and stand a chance to win exciting prizes!
* Enjoy convenient shopping with digital coupons for a smooth experience!
* Plethora of Jewellery Collections: Explore an exquisite range of jewellery collections featuring beautiful designs from various cities. Whether you are a connoisseur of traditional pieces or modern designs, you will find something that suits your style.

Following the resounding success of its first two editions, the Bengaluru Gold Festival, organized by the Jewellers’ Association® Bengaluru (JAB), is back with even more grandeur.

The first edition captivated both industry experts and jewellery enthusiasts, transforming the vibrant city of Bengaluru into a dazzling celebration of opulence, craftsmanship, and exquisite design. With renowned jewellery brands and artisans showcasing their masterpieces, it was a glittering success that set a high benchmark for future editions.

The second edition took the festival to new heights with enhanced features and grand prizes, further solidifying its reputation as a landmark event in Bengaluru’s calendar. The city buzzed with excitement as the festival returned with an even more immersive experience, boosting retail jewellery sales and delighting participants with attractive lucky draw prizes.

Dr Chetan Kumar Mehta , President Jewellers Association Bengaluru (JAB ) said “We are excited to  launch the third edition of Bengaluru Gold Festival spanning over 45 days , covering the festivals like Navrathri, Dussehra and Diwali. The team JAB is committed to make this and spectacular event.”


Now, as we prepare to unveil the third edition, we are thrilled to announce significant improvements that promise an enhanced experience for all participants:
Environmental Friendly Approach: The festival has eliminated physical coupons, fully digitalizing the process from registration to coupon issuance and draws.
Enhanced Transparency: We ensure full transparency at every stage, promoting trust and credibility.

Gold Demand Trends 
Q2 2024

Gold demand firm, record prices prevail. 

Gold reached record highs in the second quarter, driven by a combination of strong OTC investment, continued central bank buying and an upturn in Western ETF inflows later in the quarter. Conversely, the high price environment took its toll on jewellery consumption.

Key Highlights: 

Central bank net buying reached a record H1 total of 483t. Demand slowed in the Q2 from the previous quarter but held above longer-term levels. Gold’s role as a hedge and portfolio diversifier remain key considerations for central banks.
 
Global gold ETFs saw minor outflows in Q2 (-7t). Combined May and June inflows of 26t largely offset April’s 33t outflow. Holdings in Asian-listed funds continued to grow and Western-listed funds saw a revival in inflows during the quarter.
 
Global bar and coin investment dropped 5% y/y to 261t. Continued strong demand across Asia was offset by a sharp decline in net demand in Western markets, where profit-taking and liquidation has surged in recent quarters.
 
Record prices hit gold jewellery volumes. Global demand for gold jewellery was 19% lower y/y at 391t. China recorded the largest decline as the high price environment combined with a weaker domestic economic picture.
 
Total Q2 gold supply rose 4% y/y; mine production increased 2% to a H1 record. Recycling also increased y/y in response to higher

IBJA elects its new  board for 2024-29 with Prithviraj Kothari as National President and Aksha Mohit Kamboj as National Vice President.

The Indian Bullion and Jewellers Association (IBJA) has elected its new governing board for 2024-29 with Prithviraj Kothari of Riddi Siddhi Bullion Ltd as the national president. 

Aksha Mohit Kamboj, Executive Chairman of Aspect Global Ventures Pvt Ltd, has been elected as  the national vice-president of the association, while Surendra Mehta C.A., will be the national secretary.

Aksha Kamboj is the first and the only woman appointed to such a prestigious post in the gold and jewellery sector.

Jewellery sparkles on Akshay Tritiya, despite price hike

Jewellery sparkles on Akshay Tritiya, despite price hike The jewellers kept their fingers crossed with the thought that the sharp rise in gold prices in the past couple of weeks might keep the buyers at bay but surprisingly rising gold prices did not deter buyers from buying on strong investment demand, but gradually prices are weakening as fundamentals are turning bearish. FED has indicated that it will keep interest rates higher for a longer period of time, as inflation has turned sticky and is still above the 2% target.

The market is expecting only two rate cuts this year in September and December, which is a tailwind for gold prices. It seems Gold prices have topped out in the short-term and could retrace back to Rs 70000 unless there is some new geopolitical tension emerging.”

This year’s Akshay Tritiya started on a positive note says Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers. “There has been a steady increase in footfalls since morning. High gold prices have not been a deterrent similar to what we experienced during Gudi Padwa. Sales numbers are looking strong for the first half but today being a working day we expect the footfalls and corresponding sales to increase further in the later part of the day. People are also coming in to pick up their pre-ordered purchases.” He add, “Demand for heavy jewellery, bullion and coins remains strong. Diamond jewellery is surprisingly doing very well too! Overall this year’s Akshay Tritiya sales will be in line with industry expectations.”

IIJS Tritiya hailed as the ‘Gateway to Global Gem & Jewellery Exports’, concludes on a positive note

IIJS Tritiya was hailed as the gateway for ‘Gateway to Global gem & jewellery Exports’ by the distinguished dignitaries during the inauguration. The inaugural was graced by Dr. Selvakumar, IAS, Principal Secretary, Industries and Commerce, Govt. of Karnataka; Dr. B Govindan, Chairman, Bhima Jewellery; Vinod Hayagriv, MD & Director, C. Krishniah Chetty Group; Vipul Shah, Chairman, GJEPC; Dr. Chetan Kumar Mehta, President, Jewellers Association Bengaluru; Kirit Bhansali, Vice Chairman, GJEPC; Nirav Bhansali, Convener-National Exhibitions, GJEPC and Member of Committee of Administration (COA), GJEPC; and Sabyasachi Ray; ED, GJEPC.

At IIJS Tritya, India’s apex trade body, The Gem & Jewellery Export Promotion Council (GJEPC) unveiled “Brilliant Bharat” theme for the next six India International Jewellery Shows (IIJS). IIJS shows help Indian exporters attract international buyers and sourcing consultants to the best global branded retailers.

IIJS Tritiya An Exceptional Platform in South India, Second Edition To Be Held From  5th To 8th April 2024 at BIEC, Bangalore.

IIJS Tritiya, the third exhibition under the IIJS banner, stands out as an exceptional platform in South India that brings together renowned jewellery manufacturers, retailers, wholesalers, and industry professionals under one roof. It showcases an extensive range of gold jewellery collections that reflect the rich heritage and craftsmanship of India’s jewellery industry.

IIJS Tritiya goes beyond being a mere exhibition; it creates an environment that fosters networking, collaboration, and knowledge exchange within the Indian jewellery industry. The event facilitates interactions between manufacturers, retailers, and industry experts, allowing them to forge meaningful connections, discover new business opportunities, and stay updated on the latest market trends. 

Concurrent show - India Gem & Jewellery Machinery Expo (IGJME) Tritiya, Bengaluru 2024.

Championing Talent: GJEPC’s Artisan Jewellery Design Awards celebrate & honour design & craftsmanship

The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding OTC) fell to 4,448t in 2023, down just 5% from a notably strong 2022. When factoring in demand from the OTC markets and other sources, total demand climbed to a new annual record at 4,899t. Investment from this more opaque source of demand supported 2023’s highest annual average gold price on record.  

The central bank buying streak continued on from 2022 at a blistering rate. Demand reached 1,037t last year, making it the second highest on record, down just 45t on the previous year. In contrast to robust OTC and central bank demand, ETF outflows continued in 2023, losing 244t in a third consecutive year of decline, with outflows in Europe dominating the picture.   

Diamond sales were sluggish in January amid limited restocking following the holiday season. Prices of rounds continued to increase as select categories were in short supply following India’s two-month freeze on rough imports, which ended December 15. This trend will likely continue until inventories become too large. However, buyers were reluctant to close deals at these prices. US dealers mostly bought for immediate demand and not for inventory. Sales in mainland China remained slow.

Gem & Jewellery industry will play a key role in making Maharashtra USD 1 trillion economy:  Dr. Devendra Fadnavis Dy. Chief Minister, Maharashtra during inauguration of IIJS Signature

Recently Prime Minister, Narendra Modi inaugurated the commencement of the Bharat Ratnam Mega CFC at the SEEPZ SEZ in Mumbai in virtual mode. Bharat Ratnam Mega CFC is a Socio-economic project promoted by the Ministry of Commerce and Industry, GJEPC India and SEEPZ SEZ authority to drive exports from the country. This project aims at creating a world-class infrastructure for promoting the inherent skills of the gems & jewellery manufacturing industry. The Mega Common Facilitation Centre provides a supportive and collaborative environment for entrepreneurs, MSMEs and small businesses to grow and thrive.

On the other hand, in a historic moment the Gem & Jewellery Export Promotion Council (GJEPC) and the Government of Maharashtra marked a significant milestone with the official signing of a Memorandum of Understanding (MoU) during the World Economic Forum 2024. The agreement paves the way for the development of India’s first and largest Jewellery Park in Navi Mumbai.

India’s Gold Market Reform and Growth

Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse, the world’s largest and modern centre for international diamond and jewellery business. Modi inaugurated Surat Diamond Bourse shortly after inaugurating a new integrated terminal building at the Surat airport, which is equipped to handle 1,200 domestic passengers and 600 international passengers during peak hours and has a provision for further increasing the peak hour capacity to 3,000 passengers with the annual handling capacity increasing to 55 lakh passengers.

GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions. As a result, the eligible exhibitors can now avail themselves of a grant of  `1.50 lakh each, which will help them cover costs and enhance their visibility and competitiveness in the global market.

Jewellery Sales Soars by 20% this Diwali - Dhanteras

Maharashtra Minister of Industry Uday Samant during his visit to GJEPC and Bharat Diamond Bourse announced that the State has taken a decision to allocate additional land adjacent to the Park for India Jewellery Park workers’ residence. India’s first-ever Jewellery Park in MHAPE (Navi Mumbai), spread over 21 acres is expected to create one lakh new jobs. 

The World Gold Council’s Q3 Gold Demand Trends report reveals that support for the asset continues as central bank buying maintains a historic pace, bringing quarterly gold demand (excluding OTC) to 1,147t, 8% ahead of its five-year average. According to the World Gold Council’s data series, central banks saw the third strongest quarter of net buying, reaching 337t. Although shy of breaking the Q3 2022 record, year-to-date demand has reached 800t, a new record for our data series. This strong buying streak from central banks is expected to stay on course for the remainder of the year, indicating a robust annual total again in 2023.

GJS diwali edition concludes successfully

The Gem & Jewellery Export Promotion Council (GJEPC) welcomed a high-level G7 delegation that came to India from 27th to 29th September 2023. The delegation comprised members from the U.S. State Department, U.S. Department of Treasury, European Commission, Prime Minister’s office of Belgium, Foreign Trade Department of Belgium, and the Japan Embassy in India. 

The delegation visited Mumbai and Surat to learn more about the Indian gem and jewellery industry to explore ways of helping it meet G7 sanctions requirements with minimal or no disruption to the sector.

The G7 delegation met and Indian trade members, represented by GJEPC and the Bharat Diamond Bourse (BDB). The G7 delegation expressed their intent to gain insights into the industry’s ground realities and identify potential approaches to sanctions compliance and implementation. In response, GJEPC reaffirmed its commitment to facilitating cooperation to address the G7’s concerns with regards to industry compliance.

GJS - The Diwali Edition Ideal destination for sourcing before the festive season.

GJS - INDIA GEM & JEWELLERY SHOW 2022 is the one of the largest trade show and exhibition for the jewellery and gems industry. GJS - INDIA GEM & JEWELLERY SHOW 2022 will be held from 03- 06 April 2022 at JIO World Convention Centre - JWCC Mumbai, India.

To further jewellery promotion in India, GJC proudly presents it’s 1st B2B Jewellery Expo (GJS - INDIA GEM & JEWELLERY SHOW 2022) in Mumbai. GJS 2022 will comprise the top of the line manufacturers/wholesalers of Gems & Jewellery as well as dealers from all over the industry. 

GJS 2022 will assemble the best retailers, wholesalers, manufacturers, traders, and delegates from across India. GJS 2022 (INDIA GEM & JEWELLERY SHOW 2022) endeavors to be the ultimate sourcing platform for doing business and a must-attend for every jeweler interested in the Indian market. GJS 2022 will include the participation of a large number of exhibitors from India.

GJEPC’s IIJS Premiere 2023 held at two venues simultaneously,  generates  highest-ever business of over  Rs. 70,000 crore: A resounding Success!

GJEPC’s IIJS Premiere 2023 held at two venues simultaneously, generates highest-ever business of over Rs. 70,000 crore. IIJS Premiere 2023 continues to impress with its remarkable statistics and impressive offerings, bringing together the world’s gems and jewellery industry in a dazzling extravaganza that showcases the very best in craftsmanship, innovation, and global connections.

The World Gold Council’s latest Gold Demand Trends report reveals that gold benefited from record central bank buying in the first half of the year and was supported by healthy investment markets and resilient jewellery demand. Gold demand (excluding OTC) dropped by 2% y/y to 921t during Q2, although total demand (inclusive of OTC) was up 7% y/y, pointing to a solid gold market globally.  

Second quarter central bank demand was down y/y to 103t, primarily driven by net sales in Turkey due to country-specific political and economic circumstances. However, central banks bought a first half record amount of 387t, and quarterly demand is in line with the longer-term positive trend – indicating that official sector buying should remain strong throughout the year.  

IIJS Premiere 2023 : Get Ready to Experiaence an Upgraded Version

Experience IIJS Premiere 2023, the world’s second largest show, at the prestigious Jio World Convention Centre (JWCC) in Mumbai, where international visitors will be spellbound, along with the Bombay Exhibition Centre (BEC) as a vibrant haven. Brace yourself for a double dose of excitement, featuring a staggering 1850+ exhibitors, an astonishing 3250 stalls, and an anticipated attendance of over 35,000 trade visitors from 800+ cities in India and a whopping 80+ countries.

The JWCC venue, located next to Bharat Diamond Bourse, the world’s largest diamond repository, showcases specialised product sections dedicated to Loose Stones (Diamonds) and Lab-Grown Diamonds (both Loose and in Jewellery). In addition, it offers sections dedicated to Diamond, Gemstone, and other Studded Jewellery, as well as Gold and Gold CZ Studded Jewellery. The venue also features laboratories and educational facilities for diamond and loose stone studded, along with participation from international companies.

IBJA’s Silver Show of India (SSI) exceeds expectations; achieves commendable success

After two successful edition in Banglore, the largest ever silver exhibition “Silver Show of India (SSI)” 3rd edition held in Mumbai BKC at JIO Convention Centre, from 8th June till 11th June, 2023, which showcased exquisite artistry and timeless elegance in the world of silver craftsmanship.
  
The inauguration was graced by Chief Guest Mangal Prabhat Lodha, Ministry of Tourism, Skill Development and Entrepreneurship and Women and Child Development, GoI; Guest of Honours Mangesh Kudalkar, Member of Legislative Assembly Mahrashtra; Dr T A Sharavana, MLC Karnataka Govt, Deputy Floor Leader - Legislative Council and Chairman Shree Sai Gold Palace; Prithviraj Kothari, National President, IBJA; Dr Chetan Kumar Mehta, National Vice President, IBJA; Surendra Mehta, National Secretary, IBJA.

Union Minister Piyush Goyal felicitates top exporters at the 49th India Gem & Jewellery Awards (IGJA)

The Gem and Jewellery Export Promotion Council (GJEPC) organised the 49th edition of the India Gem and Jewellery Awards (IGJA) in Mumbai. Chief Guest Piyush Goyal Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Government of India, felicitated 27 top Gem and Jewellery exporters during the award ceremony. Welcoming all the dignitaries, Vipul Shah, Chairman, GJEPC, congratulated Union Minister Piyush Goyal for the monumental achievement of $770 billion in aggregate exports combining both merchandise and services from India for the financial year 2022-23.

In a grand event held in Mumbai, the Gem and Jewellery Export Promotion Council of India (GJEPC) unveiled the winners of the highly anticipated 6th edition of Artisan Awards 2023, the country’s esteemed jewellery design competition. This prestigious event, organized by GJEPC, showcased the exceptional talent and creativity of jewellery designers from across the nation and around the world.

Consumers showed up to the shops and purchased jewellery despite hiked jewellery prices during Akshaya Tritiya

Akshaya Tritiya is considered an auspicious occasion to buy gold as it is believed to bring prosperity and good luck. However, this year, during this season the jewellers were assuming that sales of the jewellery will not be as expected since the gold prices hover above Rs 60,000 per 10 gram; but unexpectedly it turned out to be good one as on the day of Akshaya Tritiya despite heavy gold prices consumers showed up to the shops and purchased jewellery. Additionaly, with the rising gold prices the demand for the light-weight jewellery was anticipated. 

3rd Edition of “India Gem and Jewellery Show (GJS)” concludes with commendable business of 60 to 80 tons even with increased Gold Price. More than 15,000 domestic and International buyers contributed the success of GJS with the business of 60 to 80 tons in this show.

The India International Jewellery Show - IIJS Tritiya, which recently concluded, saw the participation of over 800 exhibitors and showcased more than 1,500 stalls. The GJEPC aims to further raise India’s overall gem and jewellery exports from USD 40 billion to USD 75 billion by 2030.

All India Gem and Jewellery Domestic Council, is looking forward to the 3rd edition of GJS - India Gem and Jewellery Show scheduled from 7th to 10th April 2023 at Bombay Exhibition Centre (NESCO), Mumbai. GJS will comprise the top-of-the-line manufacturers/wholesalers of Gems and Jewellery retailers and stockists as well as dealers from all over the industry.

The inaugural edition of IIJS Tritiya to take place in Bengaluru from 17th to 20th March 2023.

Jewellery industry shared mixed reactions to Union Budget 2023. While most of the players applauded the well-balanced Budget but the major demand of the sector to reduce the import duty on gold was not addressed by Finance Minister. The reduction in gold duty in this Budget was a big expectation, which has severely hampered the industry and has encouraged smuggling and grey market.  The Budget boosted the prospects for lab grown diamonds and signalled possibilities that the industry could ride on this growth opportunity.

With IIJS Tritiya, the gold drive is on the roll despite the volatile gold prices . All eyes are on the upcoming wedding season to prove the much needed flip to the demand . 

The Tanishq benchmark of sales and figures has reflected a buoyant buying sentiment for the year.

Union Budget 2023-24: GJEPC seeks jewellery repair policy to make India a global outsourcing service centre and hub

For the Union Budget 2023-24, GJEPC has recommended a series of suggestions across verticals of gem and jewellery (G&J), which would help in propelling the exports from the sector and achieve the goal of USD 55 billion in G&J exports by 2025. GJEPC has sought reduction in Import Duty on gold, silver and platinum to 4% as a prime recommendation in their wishlist to the Government of India. GJEPC believes that this import duty is draining off the capital from the exporters and is the generator of economic malpractices of all kind.

As The Art of Jewellery celebrates its 22nd Anniversary, a look back at our major milestones reveals the determination which we have been offering cutting edge information,news and analysis to this amazing and ever growing jewellery industry. Most importantly, we say thank you to all our readers and advertisers who have remained our constant source of support.

IIJS Signature is India’s top-of-the-line jewellery show by the GJEPC.

This time, IIJS Signature will be as large as the IIJS Premiere, which is usually held in August each year. Given the bigger format of the show, Signature has been extended to 5 days instead of 4, so that visitors and exhibitors are not hard-pressed for time to cover the entire show floor. IIJS Signature will accommodate more than 1300 exhibitors spread over 2400+ booths.

Speaking about the new and improved aspects of IIJS Signature 2023, Mr. Nirav Bhansali, Convener, National Exhibitions, GJEPC said, “IIJS Signature is perfectly timed to replenish inventory for the upcoming jewellery-driving festivals.”

IIJS Signature team travels across the world, inviting buyers for the upcoming show 

India’s robust gem and jewellery export performance in the first six months of the financial year 2022-23 has helped to maintain growth for the period April to October 2022, despite a sharp dip in exports in the month of October 2022. The decline in exports in the month of October or November is a seasonal trend consistent with previous years as manufacturing activities are either limited or units are closed because of the Diwali season. Traditionally, a spike in exports is seen once again post the Diwali holiday period. 

The World Gold Council’s latest Gold Demand Trends report reveals that gold demand (excluding OTC) in the third quarter of 2022 hit 1,181 tonnes, up 28% year-on-year. Strong demand pushed the year-to-date total to its pre-COVID levels. Gold demand was bolstered by consumers and central banks, although there was a notable contraction in investment demand.

India Jewellery Retail Market Moving Towards Robust, Organised Eco-System; Chain Store Share Rises To 35%: WGC Report

The World Gold Council launched a report titled ‘Jewellery market structure’, as part of a series of in-depth analysis on the Indian gold market. The report highlights a notable shift in India’s gold jewellery market over the past few years, catalysed by changes in consumer behaviour and government regulations. While small independent retailers still dominate the landscape, the market share of chain stores (national and regional) has increased steadily over the last decade. In contrast to the retail jewellery trade, changes at the manufacturing level have been relatively slower but as the market continues to develop, organised retail and manufacturing operations are well-poised to see their market share grow.

For the cumulative period of April – September 2022, the overall gross exports of gem & jewellery witnessed a growth of 12.82% to Rs.  161545.06 crores (6.31% in dollar terms to US$ 20580.11 million) as compared to Rs. 143187.15 crores (US$ 19359.01 million) for the same period last year. With this the gem & jewellery sector has managed to achieve 45% of the total export target of USD 45.7 billion for the year 2022-23.

Mega Inauguration of 4th Edition of South Jewellery Show  - SJS 2022

A grand inauguration was held at Tripura Vasini Palace Grounds, Bengaluru today. The Chief Guest at the mega ceremony was Murugesh R Nirani Minister of Large & Small Scale Industries. Guest of Honours were Prithviraj Kothari National President – IBJA and T. A. Sharavana, MLC – Government of Karnataka . The B2B show is organised by GES India Inc and powered by Jewellers Association Bengaluru (JAB)

GJEPC, recently elected its new Board of Committee of Administration (COA) members for the tenure of 2022 to 2024. Vipul Shah is the new Chairman and Kirit Bhansali is new Vice Chairman.

IIJS Premiere 2022 creates history  records 50,000 visitors; expected to generate business worth Rs. 50,000 crore

The Gem and Jewllery Export Promotion Council’s flagship show IIJS Premiere held from 4th to 8th August in Mumbai saw a record number of visitors which will generate business worth Rs. 50000 crore to exhibitors in the coming 4 – 6 months. 

A wave of pride and patriotism spread across the aisles of IIJS Premiere 2022. Joining the mass movement of “Har Ghar Tiranga”, under the initiative of Honorable Prime Minister’s Azadi Ka Amrit Mahotsav campaign, to celebrate the 75th year of India’s Independence, the Council and all the 1790 exhibiting companies displayed the National Flag at every booth and aisle at the show.

Get ready to experience the most coveted gem and jewellery show of the year: IIJS Premiere 2022

IIJS Premiere 2022, the most coveted show of the year, is all set to welcome buyers and visitors from across India and different parts of the world from 4th to 8th August 2022 at Bombay Exhibition Centre, Goregaon, Mumbai. This 38th edition of IIJS Premiere will witness more than 1700 exhibitors, showcasing a range of products including Gold and Gold CZ Studded Jewellery; Diamond, Gemstone and Other Studded Jewellery; Loose stones, CVD; Silver Jewellery, Artefacts and Gifting Items; Laboratories and Education; and Machinery and Allied, etc. 

GST Council, in its 47th meeting held on 28th and  29th June 2022, has come up with revisions in GST rates for a series of products. With regards cut & polished diamonds, the GST has been increased from 0.25% to 1.5% (effective 18th July 2022), which the diamond sector has welcomed as it resolves their issue of ITC accumulation being faced on account of inverted duty under GST Regime.

The Natural Diamond Council Launches The Second Edition Of Their Jewellery Trend Report

The Natural Diamond Council and United Arab Emirates launched the second edition of the jewellery trend report offering insights and predictions on the natural diamond jewellery that is set to make statements in 2022. NDC dedicated towards increasing transparency and upholding the integrity of the modern natural diamond industry, announced a collaboration with Malabar Gold & Diamonds, Jawhara Jewellery, and La Marquise Jewellery – three of the leading jewellers in UAE to advocate the ‘Natural Diamond Dream.’

India’s rough imports rose 14% to $1.43 billion in May as the country sought to offset the decline in Russian rough supply. Polished exports grew 4% year-on-year to $2.09 billion, according to the data from Gem and Jewellery Export Promotion Council. Both measures had declined in April. The government is targeting 17% growth in all gem and jewellery exports in the current fiscal year that ends March 31,2023.

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August 2023

The Art of Jewellery Magazine - August 2023

The Art of Jewellery is India's No. 1 business magazine on the jewellery trade and industry. A one-stop source of cutting-edge information for the Gems and Jewellery sector, it is reputed for its focused content, high editorial standards, creative design, rich imagery and state-of-the-art printing.

Now in 14th year of publishing, it has won many awards and rich accolades for its contribution to the jewellery industry and trade. It is widely recognized by readers, advertisers, and the jewellery community as a premier magazine in the industry. It reaches quality jewellery retailers in India and overseas and has an extended reach during exhibitions and trade fairs.

The Art of Jewellery has a tremendous web and digital presence and is a pioneer in providing daily news updates on national and international happenings. AOJ Daily – E news capsule reaches more than 80,000 industry players on daily basis.

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The Art of Jewellery Magazine - June 2019

The Art of Jewellery Magazine - June 2019

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