DIGITAL - Art of Jewellery

INDIA’S No.1 JEWELLERY MAGAZINE

MAY 2020 | VOL 19 ISSUE 5 INDIA ` 250 | US$15

DPA to Rebrand

Digital

Exclusive Interviews: Bruce Cleaver Chandu Siroya Yogesh Mudras

for Jewellery IndustryTransformation

Safety“Top Priority” as business reopen

Contributions continue to pour as Jewellers fight coronavirus

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Sumesh WadheraPublisher & Editor-in-chief

Finally, jewellers opened shops in few states after relaxation

in lockdown. Bangalore was the first city to open jewellery

stores. As people were not able to buy gold on Akshaya Tritiya this

year, they did good purchase on the very first day stores reopened

post lockdown. Jewellers received very positive response from

the customers and in the first two weeks 30 to 40 per cent of sales

were registered. Irrespective of metro cities, suburbs or two-tier

cities, Jewellers feel that if everything goes on well now onward,

we can expect market to pick up during Navratri and Diwali. Our

cover story will give you a live picture of industry across nation.

The Pandemic has brought about a definite change in the retail

outlook of the country. Leveraging digital platforms has become

an effective tool for boosting business for jewelry retailers in

post COVID era. AOJ in this edition brings insights into the huge

scope digitalization provides in leveraging your jewellery business.

We also have a special interview with Bruce Cleaver, CEO, De Beers;

Chandu Siroya, Vice Chairman, Dubai Gold & Jewellery

Group & Managing Director, Siroya Jewellers and Yogesh

Mundra, Managing Director, Informa Markets, India to know

their view on current business scenario and way forward.

The Diamond Producers Association is planning to make

radical changes in terms of its branding and marketing. It is

said that the association has initiated steps to rebrand itself

and will not be using the tagline ‘Real is rare’. A report.

COVID-19 is a pandemic that has affected every industry across

the world including the Gem and Jewellery industry. Amidst these

uncertain circumstances, it is relieving to see many jewellers coming

forward to help needy. This shows their commitment towards

the society and their workers. We have a special report on this.

Until next time, stay home, stay safe, keep reading!!

ED

ITO

RIA

L

ThE ArT of JEWEllEry | Vol 19 ISSuE 5 | mAy 20208

MADELOCALLY

APPRECIATEDGLOBALLY

V O C A L F O R L O C A L

MADELOCALLY

APPRECIATEDGLOBALLY

V O C A L F O R L O C A L

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12The ArT of Jewellery

Vol 19 Issue 5 | may 2020

Your voice

We invite readers to share their views and opinions on any aspect of the gem & jewellery sector. Comments on 'The art of Jewellery'

magazine and suggestions for improvements are equally welcome. letters should carry the writer's name, address and contact number.

Dear reaDers! send us your views, opinions, suggestions to: The editor - The art of Jewellery,

aoJ media Pvt. ltd. , Regd office: aoJ House, No. 2818, 6th Cross, 19th main, Hal 2nd stage,

Bangalore - 560 008

email to: [email protected]

Dear Subscriber, Inform us about your change of address at:

[email protected]

IBJA Maharashtra Board would personally like to thank our National President Prithviraj Kothari and our National Secretary Surendra Mehta for their outstanding achievement in bringing permission from police authorities and state administration during corona lockdown period allowing jewellers to check safety and security of their shop/offices.

Haresh Kewalramani, State President, IBJA Maharashtra

The gem and jewellery sector across the country will be heavily impacted due to its

fragmented units, makeup of small, highly interconnected businesses. G&J sector scale of domestic business, and significant exports, the repercussions of the national restrictive measures on the sector, are going to have a significant effect on the whole supply chain and the pillars to use to build the post-crisis renaissance. Therefore, we request for supportive measures post lockdown, some urgent step the G&J sector needs is a significant government plan of supportive investments, firstly the smallest units onwards and extraordinary measures, to support liquidity and credit until the manufacturing and

distributive chains will be back to full capacity.

Rakesh Kumar, Chairman, India Jewellers Forum

Technology and digital media will drive our new world post Covid-19 era. This Covid-19 has taken its roots in our country and we have to learn to live with it. We have to fight with this virus ourselves by changing our lifestyle and strengthening our immunity. For how long shall government guard every citizen for 24 hours and 365 days? You and your family’s future are in your hands.

Rajendra Jain, Managing Director, Swarovski India



Your voice

Log on to fb.com/aojmagazine to get latest updates & news. You can also share your comments.

Rakesh Kumar, Chairman, India Jewellers Forum

It’s a great magazine devoted

to the finest handcrafted art

jewellery and the creative

masters of this wearable craft.

It also focuses on the edgy,

provocative world of innovative

jewellery and metal craft. The

editions are definitely full

of compelling, well-written

articles and lots of eye candy.

Anand Shah,

Owner, Anand Shah Jewels

Thank you, Team Aoj for

keeping us connected during

this lockdown. AOJ is the best

magazine as it shares regular

live updates about gem and

jewellery sector and shows like

talk of the day. It has motivated

us with positive thoughts and

ideas. May God give more

strength to you .Stay safe,

maintain social distance and

stay healthy.

Ritesh Nahar,

Managing Director, Nahar

Diamond

The Art of Jewellery Magazine

is always a good read for

everyone in jewellery industry.

The insights about the industry

at large covering all aspects like

business scenario, latest news

and innovations,successful

brands, market trends

and designs and various

amendments across India is

very informative”.

Sunil Nayak,

CEO, Reliance Jewels

Zoom meetings organised

by different federations and

forums have kept us busy and

updated , specially meeting

about karigars moderated by

AOJ was great initiative. In that

meeting GJC chairman gave

all their insight for the uplift

of Karigars who are job less in

current lockdown.

Arun Jain,

CEO, Anmolswarn India

Pvt Ltd

AOJ is your go to for the

industry news, developments

and trends. It’s credible,

insightful and enjoyable.

Sweta Saraf,

Sweta S Fine Jewelry

Aristrocratic

www.mehtagold.comBangalore Chennai Mumbai

CraftsmanshipAge-Old

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Mumbai Branch : A 301, 3rd Floor, Glitz Mall, Vittalwadi, Mumbai- 400 002. Phone : + 91 22 2244 5504, Mob : + 91 9769 343344.

16THE ART OF JEWELLERY

VOL 19 ISSUE 5 | MAY 2020

/aojmagazine

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@artofjewellery

Bangalore gets its glitter back; Jewellery outlets witness better than expected response post 40-day lockdown

#AOJMedia: Bruce Cleaver, CEO of De Beers Group shares interesting insights during AOJ Talk of the Day Show

Senco Gold and Diamonds reopens stores following proper safety measures suggested by the Government 464

Titan’s jewellery-arm Tanishq to reopen its stores with ‘gold standard’ safety

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Brighten up your Iftar adorning your traditional best…Pull out your favourite piece of jewellery and wear your biggest smile. Though afar, let’s bring everyone together through prayer, rituals and treasured traditions from the safety of our homes.

Should you invest in Gold amid the COVID-19 lockdown? As the uncertainties continue to loom, we bring you the answers to your Gold purchase queries straight from the Gold Gurus!Speaker with three sound wavesTune in to our Instagram handle: pngjewellers.#InstagramLive #PNGJewellers #Goldinvestments #IBJA

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Diamonds

Publisher & Editor-in-chief Sumesh Wadhera

Editor Shashi Wadhera

Associate Editor Bina Thakur

Assistant Editors Kshitija Kolhapure Anjali Menon

Sr. Graphic Designers Ranganatha T J Jyothish P P

Web Designer S Rohit

BUSINESS AND OPERATIONS

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www.artofjewellery.comEmail: [email protected]

INDIA’S No.1 JEWELLERY MAGAZINE

MAY 2020 | VOL 19 ISSUE 5 INDIA ` 250 | US$15

DPA to Rebrand

Digital

Exclusive Interviews: Bruce Cleaver Chandu Siroya Yogesh Mudras

for Jewellery IndustryTransformation

Safety“Top Priority” as business reopen

Contributions continue to pour as Jewellers fight coronavirus

CONTENTSTHE ART OF JEWELLERY


18PAGE

Winner IBJA Award 2014

& 15 Best Jewellery & Bullion Magazine

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Best Jewellery Magazine & Emerging Online Jewellery Portal

WinnerABCI Excellence

Award 2017 English Magazine

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From Editor’s Desk

Your Voice

AOJ Social

Point of View

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Guest ArticleAhammed M P

Dr. Vinod Hayagriv

InterviewBruce Cleaver

Chandu Siroya

Yogesh Mudras

Owned and Published by AOJ Media Pvt. Ltd. 'AOJ House', No. 2818, 19th Main, Off HAL Airport Road, Bangalore - 8 and Printed at Sadguru Screens, Rajaji Nagar, Industrial Town, Bengaluru. www.sadguruscreens.com All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form without prior consent. Registered with the registrar of newspapers for India under No. KARENG/2002/6284AOJ Media is a Registered Trade Mark (R) with Govt of India . Number 2477273 dated 13/02/2013.

COVID-19: Jewellers start opening stores, witness better than expected response post lockdown

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#86/16, 1st Floor, Devikrupa Building, Avenue Road Cross, CT Street,Bangalore - 56002, Karnataka, India. Tel : +91 804201 7149E-mail : [email protected] Web : mayandiamonds.com

#86/16, 1st Floor, Devikrupa Building, Avenue Road Cross, CT Street,Bangalore - 56002, Karnataka, India. Tel : +91 804201 7149E-mail : [email protected] Web : mayandiamonds.com

DIAMOND SECTION

DT News97 Exports restart at Bharat Diamond Bourse

Eight Surat cutting units return to work

Young Diamantaires Group launches its website

Jewellery exporters seek permission to start diamond bourse, SEZ in Mumbai

News BriefsRBI gold reserves up 40.4 tonnes in 2019-20, more than half of total holdings held overseas

Virus, high gold prices dent India’s Q1 jewellery demand by 41%: WGC

Gems, jewellery exports falls 38.8 pc in Mar; down 8.9 pc in FY20

Special ReportDPA to Rebrand

Retailers see ‘Lowest Platinum Rates’ as Golden Opportunity

WGC releases ‘Retail Gold Insights: India Jewellery’

Safety Measures Become a Priority

Contributions Continue to Pour As Jewellers Fight Coronavirus

A Digital Transformation for Jewellery Industry

Lockdown: Taking huge toll on employment in the jewellery sector

Race Against Covid-19: Rescheduling Jewellery Exhibitions

Special Report‘Bharat Diamond Week – DIGITAL’ a not to be missed online event

Mother Nature inspires me to be a better mother: Lisa Ray

Jewellers rolled out innovative campaigns to express gratitude towards ‘Mothers’

Pathshala, Empowering Jewellery Workforce

NSE Launches ‘Gold Options’ in commodity derivatives segment

Princess Collection from Raniwala 1881

Dubai’s iconic Gold Souk reopens its doors to customers

Post Covid-19 Lockdown: Impact on China Jewellery Industry

Guest ArticleHow to derive maximum spiritual benefit from gold chains? Dr. Athavale

Tax Guru

Facts & Data

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Elegantly Handcrafted Jewellery

A timeless collection

The ArT of Jewellery

Vol 19 Issue 5 | may 2020point of view22

“Saying this for the first time in my

career, must have some money in Gold

because the times are uncertain.”

Vallabh BhansaliCo- Founder and Chairman, Enam Group

“ We are getting donations from our member jewellers for giving financial support to small-time goldsmiths working individually or in small groups to earn their living. Each one of them will be given Rs1,500 as immediate relief. Around 25,000 goldsmiths will be given cash relief in the first phase. There are about 2,200 GJC members across the country and each one has been asked to make their contribution for the karigars.”

Anantha PadmanabanChairman, GJC

“The performance numbers reflect the weak demand for jewellery across the globe and the outbreak of Covid pandemic has cast further gloom. Given the potential, the industry needs urgent government attention and special package to handhold exporters in difficult time besides reviving sentiments.”

Colin ShahVice Chairman, GJEPC

“Gold jewellery sales are going to see a dynamic change once the lockdown ends. Sales are going to come back, with gold being the preferred choice of asset handed over at a wedding. But, it will take several years to bring back jewellery sales to pre-Covid levels.”

P R SomasundaramManaging Director India, WGC

“Surat, India’s polishing hub, began exporting on April 29 after the government allowed manufacturing and shipments to recommence. Those initial parcels were Hong Kong-bound, but India’s next batches of exports are likely to reach a broader range of destinations as trade routes reopen.”

Anoop MehtaPresident, BDB

“Gold holding remains the last hope for survival. We, therefore, see at least a 50 per cent increase in sales of scrap jewellery, especially in Bihar, Utter Pradesh, and West Bengal. Since jewellery stores have started to open in green zones, we see at least a third of annual gold sales to happen in the next three months.”

Surendra MehtaNational secretary, IBJA


Vol 19 Issue 5 | may 2020point of view24

“We are honored to have Lisa Ray supporting us in our endeavour to celebrate the most precious relationship of mother and child. While a mother creates the miracle of life, mother nature creates miraculous diamonds which she nurtures deep within herself. Mother’s Day is the perfect occasion to bring this thought to life.”

Richa SinghManaging Director–India, DPA

“Yes, with the price of gold rise to

historic highs in India, we have been

seeing instances of customers choosing

to redeem their pledges in order to sell

the jewellery as scrap and take advantage

of these unprecedented prices.”

V P NandakumarMD & CEO, Manappuram Finance

“We will have to strengthen our supplier sources and stand with karigars and customers. Consumers preference for diamond as an asset class with full of romance and love won’t change. This is the opportunity to connect with consumers as silence will be the biggest mistake.”

Sachin JainPresident, Forevermark India

“The Jewellery industry remains hopeful to bounce back to previous consumption levels after the pandemic ends. This is the perfect time for us to prepare for the future by identifying gaps and turning our weaknesses into our strengths. We have to be fully equipped to assure our clients that not only we have the best quality product but also special care has been taken to sanitise the product, staff and the entire environment. Right from the point of manufacturing to sale – the product is free from any kind of infections.”

Renu SharmaDirector, Rajwarah Jewellers Pvt

“We are not expecting a significant amount of buyback post lockdown. The larger group of people buys gold with the intent of prosperity, securing future and as a rewarding investment and they may not look at selling it in a situation like this. Also, the promising rise in gold prices now and future as per industry experts, there are higher chances for people to hold on to their gold and invest in it more. However, there might be a smaller group of people who might go ahead for this to tackle the current liquidity issues.”

Sunil NayakCEO, Reliance Jewels

“The Gold Standard on safety and hygiene has been designed to keep customers and employees safe throughout the time they spend at the store. A lot of detailing has gone into processes, checks and training of our employees. We are reopening our stores in a phased manner because each store has to pass an eligibility test prior to commencing operations. This is to ensure each store is 100% prepared to manage the store, staff and customers.”

Ajoy ChawlaCEO, Jewellery Division at Titan Company Ltd

No 68, Poorna Venket Rao (PVR) Road, Bangalore-560053.

Tel: 080 41156527, Email: [email protected]

T h i s w e d d i n g s e a s o n ,

b e t h e s h i m m e r o f at t r ac t i o n






















Vol 19 Issue 5 | may 2020Cover story26

COVID-19: Jewellers start opening stores, witness better than

expected response post lockdown

Anantha PadmanabhanManaging Director, NAC Jewellers

Sachin JainPresident, Forever Mark, India

Finally, jewellers have opened shops in few states after relaxation in lockdown. Good turnout of customers was witnessed on the first opening day. Hard hit by the Coronavirus, jewellers feared that it will take long time for the customers to come to shop and buy jewellery. On the contrary, as soon as the government relaxed the lockdown on May 4 and the jewellery stores reopened, it was nothing less than a surprise to see a few of them actually turning up and making the purchases. Even though no big-ticket purchases were made, it was indeed a glimmer of hope. AOJ’s Bina Thakur reports.

"Jewellers have opened shops in few states after taking permission from local authorities. These retailers are

doing 20-25 per cent business as people are coming to buy wedding related jewellery as gold prices are going up and also those who had

bought gold online during Akshaya Tritiya are also coming to redeem their purchases. From Navarathri

onwards business will peak if there is no 2nd wave. Let’s hope for the best."

“Gold jewellery sales are going to see a dynamic

change once the lockdown ends. Sales are going to come

back, with gold being the preferred choice of asset

handed over at a wedding. But, it will take several years to bring back jewellery sales

to pre-Covid levels.”

“No one can put an exact timeframe; however, I believe

we will be back on track by Q4 - October, at the commencement of the festive season. Currently

we are in the impact stage which we are working towards

sustenance. By the second half of the year, we will be in a stage of revival and slowly move towards

recovering business."

Somasundaram P RManaging director, World Gold Council (India)

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"Jewellery shops in Kerala opened last week after nearly two months of lockdown. We have seen a good

business in southern part of the state as our Trivandrum store is doing almost 80% of the regular

business. We are expecting normal demand across the state once all the transportation restrictions are lifted.

“We have experienced 40 to 50 per cent of sales on the first few day post lockdown. This is very encouraging

for us, as we were expecting not more than 10 per sent sales initial days. As movement is very thin here in

Bangalore, people are allowed to come out only from 7 AM to 7 PM only,

in spite of these obstacles this is very encouraging sign for industry.”

B Govindan Chairman, Bhima Jewellery

Dr. C. Vinod HayagrivMD & Director, C. Krishniah Chetty

Group of Jewellers

“We are very happy to open our showrooms and serve our customers.

Besides a safe and sanitize in store environment, we have ensured and enhanced shopping experiences for

our customers in terms of video calling facility and home delivery.”

Pratap KamathManaging Director, Abaran Timeless Jewellery

After getting some relaxation in lockdown from central government, Bangalore was one of the first city to open jewellery stores. As people were not able to buy gold on Akshaya Tritiya this year, they did good purchase on the very first day stores reopened post lockdown. Other states of Southern India also followed after taking permission from the local government and following proper guidelines. Jewellers received very positive response from the customers and in the first two weeks 30 to 40 per cent of sales were registered.

On the other hand, Northern, Western and Eastern part of India are still closed. Hard hit by Coronavirus, Mumbai is totally close yet. In Kolkata, some big brands are opening their stores. In Delhi, as the government has given permission to open stores on odd, even days some jewellers have opened the stores but have not received good response. Vijay Khanna from Khanna Jewellers said, “We have not opened our stores as government has given

permission to open stores on odd, even days, most of the customers would be confused with this guideline, so we have decided to keep our stores closed.” He further said that “we are waiting for 31st May, after that we will take decision.”

Most of jewellers we spoke to were very optimistic about Diwali and Dhanteras sales. Irrespective of metro cities, suburbs or two-tier cities, Jewellers feel that if everything goes on well now onward, we can expect market to pick up during Navratri and Diwali.

Heavy scrap arrival, or sale of old gold for cash, hasn’t happened despite record high gold prices and the impression among jewellers that Covid-induced economic distress would result in huge scrap supply at their showrooms once lockdown restrictions were eased gradually . The reason, points out a gold market analyst, is the presence of gold loan companies for the hard-pressed .

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“The sales have been not like the one jewellers register on a normal day but yes, the fact that the customers showed up was enough to keep the morale high and remain hopeful in

the future.” We can expect market to pick up during Navratri and Diwali, if everything goes on well now onward.

“We are very optimistic about the market. Post lockdown we have

witnessed 25% of sales, which is very encouraging. Contrary to expectation, not even single customers have come

to sell or exchange gold. Whoever turned to the shop, went with big-

ticket purchase only.”

O.V. DiwakarJoint Secretary, KJF

Jayantilal ChallaniManaging Director, Challani Jewellery Mart

“Gold is doing well post lockdown but people are not interested in buying

diamond in this tough time. Because of wedding season, in the initial

two weeks, 50 per cent of sales were registered but now it has decreased.

We are waiting for Diwali and Dhanterus. I believe market will pick

during that time.”

Ritesh NaharManaging Director, Nahar Diamond

As the fourth phase of COVID-19 lockdown continues, the jewellery shops in Uttar Pradesh's capital Lucknow reopened after being closed for about two months.

Now that the shops have opened, jewellers of Sarafa Bazaar, Lucknow are finding it difficult to sell gold due to the increase in gold prices.

"It's good that the shops have reopened but our business is down. We have faced a lot of problems due to the lockdown, the workers have suffered the most, and if the situation continues, things would worsen," said a shop owner in Sarafa Bazaar, Lucknow.

"Our shops remained shut on Akshaya Tritiya, and the wedding season has also passed. How will our items be sold if no functions are held? The prices of gold have increased, and that too is a reason for low business, and even if customers are coming, they are taking very few items," he added.

The shop owner further said that it was the first time the market was closed for this long,

and he hopes for things to get better.

"There is a wedding in our family, and for that I have come to purchase jewellery, as we got to know that markets have reopened. I came here alone in order to maintain social distancing. Even though the prices of gold have increased, I will make the purchase," said one of the locals.

Most retail businesses reopen in Tamil Nadu after 47 days . However, big showrooms like textiles and jewellery with centralised air conditioning are not allowed. Smaller cloth and jewellery outlets in rural areas are permitted to function.

Reports coming from Kerala suggested that with the easing of lockdown, jewelleries were allowed to function in the state. As the shops opened after two months, heavy rush was experienced everywhere.The expectation that gold price may go up again has drawn people to jewelleries amid the lockdown, opined leading jewellers.



"I personally feel that the upcoming wedding season shall be good, as people want to celebrate not only the festival or wedding, but also the victory over corona virus. We shall succeed in our battle against COVID-19 within a short period of time. The festival period is a few months away and I am confident that this season will be one of celebrations for all of us, including business owners of all industries."

“We have started operating at selected stores in four states after getting approvals from local government authorities. To ensure safe hygienic shopping experience for our customers and for the well-being of our employees, we will be following all suggested safety measures,”

Ajay MehraManaging Director, Mehra Sons & Jewellers Suvankar Sen

Senco Gold and Diamonds Executive Director


VOL 19 ISSUE 5 | MAY 2020GUEST ARTICLE

Jewellery retail needs express bailout package to survive

A little more than a month ago, organised jewellery retailers were hoping for a

turnaround in business leading to better sales and revenue growth during the months ahead. The industry was pinning its hopes on a bump in retail demand, especially from the hinterland, driven by brisk sales during the wedding season and festive buying by households upending its future and fortune. However, the outbreak of the Covid-19 pandemic and the subsequent nation-wide shutdown dashed these hopes. Retail sales of jewellery collapsed as gold retailers downed shutters across the country to comply with the lockdown norms.

The shutdown came as a tipping point for the gold retailers who were already struggling to keep head above water as sky-high prices and shrinking demand were crimping sales. The abnormal and elevated import duty and tax structure still remain as an albatross around the neck of the drowning industry. Needless to say, after the Covid-19 outbreak and the subsequent nation-wide lockdown organised

jewellery retailers landed in a rock and a hard space situation with zero sales due to cancelled weddings and postponed festive occasion buying and rising operational overheads.

Since the jewellery retail industry is one of the largest contributors to the governments’ tax revenue – both Centre and State governments – and employs a large number of workers, it is only natural for the industry to solicit a little help from the government to tide over the crisis. In the industry’s reckoning, it is feasible for the government to provide the much needed tax relief by rationalising import duty structure and GST rates on the final jewellery. This will shrink the operating cost of the business substantially.

Further, the industry is staring at an impending liquidity collapse following zero net sales and negative cash flows. Therefore, the Reserve Bank of India (RBI) may relax lending norms to the segment on the lines of Covid-19 regulatory package extended to certain sections of the business to keep liquidity flowing to the segment. This is necessary for

the industry to pay its workers wages and salaries without default as well as meeting necessary overheads. Rescheduling the payment of loans – both term loans and working capital loans - along with interest for at least 90 days is equally important for the industry to remain solvent.

RBI should also take a relook at the classification norms of loans to the gold retail segment to keep them as standard assets. The inter-play of these measures will avert an impending liquidity collapse facing the industry and keep the business as a going concern till normalcy and sanity return to the market.

RBI should also take a relook at the classification norms of loans to the gold retail segment to keep them as standard assets.

In the industry’s reckoning, it is feasible for the government to provide the much needed tax relief by rationalising import duty structure and GST rates on the final jewellery. This will shrink the operating cost of the business substantially.

Ahammed MPChairman, Malabar Gold & Diamonds

Courtesy : Economic Times


Vol 19 Issue 4 | may 2020guest article

Gold has been a store of value for thousands of years since the

start of human race. It was then a medium of exchange in barter deals and today it is gold banking by central banks. Thus, it has remained the favourite investment option across cultures, communities and countries and through the ages. Economic Pundits affirm that Gold will be around for a long time to come.

It is during a crisis situation like now that gold proved to be the ultimate safe haven for investors looking to protect their wealth. Whenever it has been beaten down by the commodity traders, it has mostly bounced back after a short lull, and often with a vengeance. After the Global Financial Crisis of 2008-09 that continues to have an impact on the global economy gold has proved its worth. Large quantities of investment globally, from retail and large investors have moved their investments to gold.

From a peak of $412 per ounce for gold, in 1996, in August 1999, gold fell to a low of $251.70 on worries about central banks reducing their gold reserves and mini-companies selling gold in the forward markets to protect against the falling prices.Till about 2004, it rose slowly, and then started rising steeply from

2006. From mid-2007 when gold was $558 per ounce, it began to rise. In 2008, it hit $958 per ounce. It went on to touch hit $1,818 in August 2011 as debt crisis hit Europe. Then on, it started falling steadily as people began to to have faith in other asset classes, and it

was $1,061 an ounce in December, 2015. Since the pandemic took hold, investors have been switching to gold as a safe haven and now it is over $1,681 an ounce. Since 2000, gold has risen 484%. And, that places gold right at the top of assets people want to invest in.

Yet again, the current pandemic wrought about by the Coronavirus or COVID-19 has had a debilitating effect on the global economy, depressing all asset classes, but the yellow metal has come out shining proving beyond doubt that gold is indeed the ultimate asset. It has risen, rather skyrocketed, while almost all other asset classes have lost value due to poor demand as industrial units sputtered as the virus continues with its dance of death.

This, at a time when crude oil was beaten down by a price war and even began to be priced in the negative with the Texas crude even hitting a negative $ 40 dollars to a barrel, gold has eternally been seen as a ‘safe haven, and it has once again proved that it is indeed the king of the investment.

Whenever any government has made any attempt to stimulate growth, gold mostly leads the growth in demand for assets.

Whenever any government has made any attempt to stimulate growth, gold mostly leads the growth in demand for assets. Now, with governments across the world set to announce packages to kickstart economies and try to shift them into high gear, gold will be around to share its sheen. Gold will benefit from the widespread stimulus measures as it is often seen as a hedge against inflation and currency depreciation/ devaluation. Thus, investors and consumers will display their appetite for gold as the preferred asset class.


Vol 19 Issue 4 | may 2020guest article

Now, with governments across the world set to announce packages to kickstart economies and try to shift them into high gear, gold will be around to share its sheen. Gold will benefit from the widespread stimulus measures as it is often seen as a hedge against inflation and currency depreciation/ devaluation. Thus, investors and consumers will display their appetite for gold as the preferred asset class.

Interest in Jewellery

So investment in gold has seen many avatars. Gold is not only a favourite of investors but also those who love wearing gold jewellery that is handed down through generations. People have found various ways of investing and facilitating investments in gold. Many convenient ways of buying gold have been devised. Gold ETF is one such.

Now, while blocks of gold remain in the coffers of the public, jewellers need to contribute to value-added consumption to increase the GDP. Now we see jewellers are increasingly beginning to lean towards offering similar or better benefits than ETF through introduction of Accumulation or saving schemes. However, these schemes do not allow return of monies to the buyer or one who pays monies to the jeweller.

With volatile gold prices, and with restrictions on movement due to COVID19, one such as Paper GoldTM holds an advantage to the retail consumer This includes building a jewelllery wardrobe or withdrawing from the booking of 22 Kt gold by paying fixed sums to a retail trader and at the end of

a set period, the customer has the option to buy gold or diamond jewellery for the sum paid or cancel the booking and withdraw from the booking of such Paper GoldTM.

Investing in Paper GoldTM

Investing in Paper GoldTM meets all the criteria, more importantly it helps one to own the gold without physically having possession but convertible to jewellery or taking the money back at prevailing rates and with a buying selling price difference. It gives one peace of mind as they are saved from the risk and tension of mandatorily buying jewellery as canceling the booking is an option.

Recent news reports have guesstimated that gold would

hit INR 50,000 from the current levels by the year-end, while some commodity experts predict gold touching INR 80,000 by the end of 2021. It is also being reported that gold will crash. Hence, while nothing is certain, one established view is that gold has withstood all calamities with Sterling results in the long run. Paper-GoldTM seems to be a hedge against the rising or falling price of gold.

While universally gold is seen as a stable investment that has been beating all odds, in India, gold is considered a means by which one can secure one’s future (more than just investment, but a thing of beauty, or need of show of wealth, or plain custom). It’s also demonstrated as a stable store of value. In India, particularly, when the need arises, the gold may be sold or pawned for money as is expected. When not an investment option, wear gold as jewellery.

Through the most testing times such as depressions, recessions, wars, and most recently pandemics, gold has stood like the proverbial ‘Rock of Gibraltar’

Paper GoldTM is trademark initiative of C Krishniah Chetty Group of Jewellers

Dr Vinod Hayagriv MD & Director,

C Krishniah Chetty Group of Jewellers

Authored by:

While universally gold is seen as a stable investment that has been beating all odds, in India, gold is considered a means by which one can secure one’s future (more than just investment, but a thing of beauty, or need of show of wealth, or plain custom). It’s also demonstrated as a stable store of value. In India, particularly, when the need arises, the gold may be sold or pawned for money as is expected. When not an investment option, wear gold as jewellery.

#24 5TH CROSS GANDHINAGAR BANGALORE 09 contact: 080 22373051/52

Website: www.vijaygems.in

We Are Now Open

All employees wear face mask and use hand Sanitizer

Every tool and machineryis sanitized frequently

All Jewels and Gems aresanitized aaer nishing

Mandatory use of gloves andmask during packaging and shipping

We ensure 100% Safe, Sanitized and Sparkling Jewellery

We ensure 100% Safe, Sanitized and Sparkling Jewellery

THE ART OF JEWELLERY

VOL 19 ISSUE 5 | MAY 202040 INTERVIEW

AOJ: Covid-19 is one of the biggest and unprecedented challenges in our lifetime in terms of health and economy, give us a 360 degree view of its impact on the Diamond Jewellery industry. What do you see?

BRUCE CLEAVER: Clearly, this is a serious health and economic crisis that the world is facing and the diamond jewellery industry is right in the middle of it like most industries. For us at De Beers, the first and foremost important thing is keeping our people safe. So, our first response to this has been very significant, making sure that our people are safe wherever might be. Now, the 4 main mining operations of De Beers are in Botswana, Namibia, South Africa and Canada. So we have

got huge amount of work there and we are working with the communities to keep the workforce safe. To keep them safe, we have tremendous screening protocols, testing protocols etc. We are also helping the governments around the world to step up their contribution to this. We have made significant donations, also sourced significant amount of highly specialized medical equipment for our governments to help with the testing etc.

Covid-19 has an impact on all parts of the diamond value chain - what we call the upstream - mining and the midstream -rough trading, cutting & polishing and the diamond jewellery retail will have a big impact. Most of the western jewellery markets are

In the “AOJ TALK of the Day” Show, Sumesh Wadhera, Chief Editor, The Art of Jewellery spoke to Bruce Cleaver, CEO of De Beers Group to discuss on the impact of Covid-19 on the Diamond industry and the way forward. Bruce Cleaver shared various insights with regard to diamond industry and the initiatives taken by De Beers to manage the Covid-19 crisis. We at AOJ would like to share this interesting Q&A session with our readers.

CEO, De Beers Group



“While we understand that the current time is difficult and we need to assist everyone in the

diamond industry, it is not right to tinker the supply chain.”


VOL 19 ISSUE 5 | MAY 202041INTERVIEW

closed. However, there are some good signs of coming back in the market as well. In India as you know, there is a good sign especially in Bangalore but some places are still closed. So, this is a significant event and it is going to have an impact on all of us.

AOJ: De Beers has a large presence worldwide in terms of its mines, marketing offices and trading partners, definitely you will be in touch with your trading partners...what kind of feedback are you getting from them on the impact on their business, how soon the business will resume back and when can we see the demand coming back?

BRUCE CLEAVER: It’s a great question. Obviously all of us spend a great deal of time on talking to customers and listening to them, many of them are based in India. We have always had face-to-face interactions with our customers’ online and looking forward to that. So, we talk to them a great deal.

De Beers has responded to the crisis as we always do, by trying to do the best we can to ensure that we are a part in easing the pain across the value chain. For example, we have reduced the public production guidance. The number of carats produced in the De Beers Group has gone down compared to what we used to produce before the crisis. So, clearly we are producing in accordance with the demand.

Also, we have been very flexible with our customers. We have allowed whatever flexibility they need to

help them through this crisis.

Demand as we can see, there are good signs already… China Diamond industry has started operations and is doing very well. Also as per our previous research, post-recession always presents a positive future for diamonds. Even in other parts of the world, operations have started so there is certainly a glimmer of hope here and we have to see how to emerge and come back strongly.

AOJ: Tell us about the Covid-19 relief work and the CSR activities…

BRUCE CLEAVER: For us, CSR is not like it might have been 20 or 30 years ago…which was something people did because it was nice to do or as a side to their business. But it is not how we look at it. We feel that CSR is really our business because when you operate in a community, it is important to be a part of it. If we are not partners of that community, there is no future.

And of course as we know, people who buy branded products or branded jewellery for example really only buy them if the brands reflects the same social values that people are

concerned with. So, for De Beers CSR is much beyond the traditional CSR, it is our core business.

The most important part of our response was to how we can help the people who work for us, the people who work in our communities and the host governments who welcome us - South Africa, Botswana and Namibia in particular, to make their people as safe as possible. So, we have made considerable amount of donations to mining communities we operate. We have done as much as we can in kind rather than in cash so that we can provide highly specialized medical equipment, we have provided sophisticated testing machines, helped in setting up labs and training people, so we focused a great deal on this kind of work.

Also, we are focusing to help people as the gender based violence has increased during the lockdown period. We are closely working with the UN officials and NGOs to extent support for abused women so as to help the law & enforcement which has many other things to take care amidst this crisis.

AOJ: Give us some insights about your mines, have they already started their operations or are they shut…please tell us about the mining operations globally…

BRUCE CLEAVER: Mines are very complex and include large operations and multiple parts so careful planning is needed to run the mines optimally. When the coronavirus issue started and the governments we work with ordered shut down, we immediately

At De Beers, the first and foremost important thing is keeping our people safe



closed the mines. The objective of closing the mines was to understand and work on the best safety protocols that we can put in place after reopening the mines. Most of the De Beers mines have opened but they are not operating at the level they used to do before the crisis. As I had indicated earlier, in response to the covid-19 crisis and in accordance with the demand we have reduced the production guidance and are having less staff so as to maintain safety measures and social distancing.

AOJ: Diamond trade bodies in India like GJEPC has appealed to its members not to import fresh rough diamonds for next 30 days in order to keep the falling diamond prices in check. Since India is big market for you, what are your views to such an appeal?

BRUCE CLEAVER: GJEPC is a major player in the Gem & Jewellery industry. We always have good relationship with them and we engage in dialogues. We recognize the issues with the diamond industry but we think it is too dangerous to tinker with the global supply chain particularly in areas where there is demand.

While we understand that the current time is difficult and we need to assist everyone in the diamond industry, it is not right to tinker the supply chain. We are doing our bit to help as we are providing 100% flexibility to our customers and we are not forcing anyone for purchase if there is no demand. We all need to work together and support the global supply chain.

AOJ: The major apprehension here is the drop in diamond prices, do you see the diamond prices going down and affecting the diamond industry?

BRUCE CLEAVER: We don’t ever forecast diamond prices and we don’t give out our future view of diamond prices. What we can say is that we have done our bit to give people flexibility, taken out a lot from the production for this year.

When people come out of a health crisis, they will focus on things that really matter especially the relationships will matter more which is good for the diamond industry. We do see a positive future for diamonds.

AOJ: Tell us about your consumer insights…we know that there is a pent-up demand in China, Also in India jewellers are expecting to make a comeback due to the large number of weddings and Diwali...so what are your plans for the Indian

market in terms of marketing…what are the insights you gather about consumers coming and buying diamonds post lockdown…

BRUCE CLEAVER: It is really important that we take the learnings from this period and tailor our marketing to know exactly who the buying consumers will be in the second half of the year and what their buying patterns will be. US is a big market, we are also closely following the markets in India and China.

As per all the data we have, while coming out of recessions, the diamond industry has always responded very well and quickly. So there is no reason to think that now it will be any different.

I think the marketing team will be working around personal relationships as it will matter more to people at this time. Both in India and China, there can be a scenario where two wedding seasons have been compressed to one so that obviously is a very big opportunity.

AOJ: What is your message for the Indian Jewellery Industry…

BRUCE CLEAVER: Provided we all get through this period safely and with the business in reasonable shape, and provided we work together, I think there is an exciting future for diamonds. It is a period where we need to be organized and get ready to meet the demands so that there are much happier times in the future.

It is really important that we take the learnings from this period and tailor our marketing to know exactly who the buying consumers will be in the second half of the year and what their buying patterns will be.



Most of the jewellery shops in Dubai are open now. Lockdown restrictions have been lifted, how is the response after the lockdown and how is Dubai market doing?Chandu Siroya: Dubai Al Ras area, which is the place where the gold Souk is located, was actually one of the most severely hit during the COVID crisis. There was a complete long down meaning almost a curfew and nobody was allowed to leave their houses also. But government was very helpful at that time. They gave us limited access. 20 companies were allowed to visit offices; we were allowed access to our offices under police supervision. So, people could pay their margin calls and they did not suffer too much because otherwise the banks would have fixed their position if they could not do that margin cost. For last few weeks we are open gradually picking the trade. Initially we had 50 shops opened, then it reached a hundred. It reached 150. And today, almost all the shops are open.

AOJ: coming to the impact of the Coronavirus and also the various activities the government of Dubai has taken, please share if any CSR activity has been done by jewellers in Dubai and your members of jewellery group.Chandu Siroya: The first and foremost is, we have requested all our members not to fire any staff. So, the number of job losses are still limited and that is as of today. But if the markets do not improve, it might change. Golden jewellery group, as such, has not done any CSR activities as yet because a lot of CSR activities are being done by the government themselves.

The other thing which has been done is a lot of temporary places have been made for COVID -19 victims and those who are tested positive and are symptomatic are kept in isolation.

Some of our group members have done furnished their entire buildings for the current time. And they have participated in a very big way. And the next thing which we are

looking forward is going to be the repatriation. You might have read that over 350,000 Indians have asked for repatriation. There is an equal number of Pakistanis and Bangladeshis who might be wanting to go back home. So, whatever budgets are available, we are trying that people can go back to their home countries and if they don’t have the funds then it will be provided by some of our groups, hopefully.

AOJ: When it comes to the jewellery industry, India, UAE and Dubai work very closely, we have lots of small and big jewellery manufacturers from India, who export their goods to Dubai. Naturally they’ll be affected. So, what is your message from Dubai to the Indian exporters, who deal with Dubai market?Chandu Siroya: I believe the Dubai is probably one of largest

Chandu Siroya is Vice Chairman of Dubai Gold & Jewellery Group and Managing Director, Siroya Jewellers, Dubai. In an exclusive interview with Sumesh Wadhera, Managing Director and Chief Editor, The Art of Jewellery, he shares his view on the current business scenario in UAE and the way forward.

Gold has proved itself that in times of difficulty it helps

Chandu SiroyaVice Chairman of Dubai Gold & Jewellery Group and Managing

Director, Siroya Jewellers, Dubai.



destinations for Indian made jewellery because from here we distribute to the world at large. We have a very strong trading partnership between India and the UAE when it comes to jewellery and specifically gold bars, gold bullion going into India. At this point of time, we all have to be a little patient. Jewellery is a very discretionary purchase and it is a last purchase. People are not confident about their jobs and income so it is going to take a little longer than other businesses for jewelry business to establish and to regain its position as it was in the past. I would request everybody is to be a little patient. We have to be patient for two reasons. One is our business is a very special business. See, we are in the business of adornment and we cannot be in a rush. We have to give the customers their time to settle down all their things and they will come back to us. The major advantage which we have is we offer them a product which makes them

happy and at the same time they save money.

Do not let your workers go away because they are your actual strength. Although today it is very challenging to pay to the worker sitting at home. But if we don’t take care of them in these challenging times, if he might lose that workforce, and that is one thing which we can’t afford because jewellery is an art. It’s the, the worker who works is actually an artist. And once he goes and starts doing farming or some other things,

he may not come back to our line. So, let us try to take care of them. Maybe we pay them a little less than what we used to pay and I’m sure they will understand so that they can sustain right now the idea should be to sustain.

AOJ: My next question is regarding the gold prices, like gold has a dream run this year, which is already appreciated by more than 20 to 25% in this calendar year. And if you look at from last Akshaya Tritiya to this Akshaya Tritiya in India, prices were up more than 45%. You have been in business for a very long time. What is your take on the gold prices internationally for next 12 months?Chandu Siroya: Gold has proved itself that in times of difficulty it helps. People come to buy gold whenever there is uncertainty all around. And right now, also we are seeing the same thing. There are some analysts who believe that gold

People come to buy gold whenever

there is uncertainty all around. And right now,

also we are seeing the same thing



will go much higher. Some believe it is going to go much higher. My personal opinion, I believe gold is going to be at its present level between 1600 to 1700, 1800 for the next one year. This is a comfortable price for the customers. They have accepted this even for the producers, they are happy with this price. Uh, we have to wait and watch how the other factors like the dollar, the interest rates, how these all play out. Uh, once the log downs are, uh, um, are removed in most of the places because today also a large portion of the world is still under lockdown conditions or under regulated conditions.

AOJ: Finally, we would like to know your journey as an entrepreneur in Dubai. You set up this huge gold business, ‘Shiroya Jewellers’ which is globally well-known brand today. Tell us your journey in Dubai and how you build this successful business.Chandu Siroya: Actually ours is a joint family business and my father, uncles all are part of this business. It’s been a long journey. My father came to UAE in 1975 and since that time we were in the jewellery business in UAE. Before that my grandfather was in the jewellery business in Mumbai. We all come from Mumbai, but originally, we are from Rajasthan. my father came here, he started jewellery, he started construction. There were various companies and then we had a fallout with our partners. So, we had to separate. And then in 1991, I started this company. And by the grace of God, by the strength of the core

team, which we have is unparalleled. I don’t think anywhere in the, I can find a team like this.

I would like to share here that in 30 years of our existence, I have had only three staff leaving the job. Everybody else is still with us. So, I believe in long term partnership. And that is the key to our success.

AOJ: What is the scale of your business? You deal with most of the countries in the world in terms of either you’re selling to them or you’re sourcing from them.Chandu Siroya: By the grace of God, we have done well. we supply to almost 30 countries and we buy it from about 12. We have been the recipient of the highest importer of Indian Jewellery Award for 12 times in the last 14 years. I think we have done well for ourselves and I hope this will continue and I

hope the Indian artesian will make jewellery which we can present to the world and sell to them. One last thing I would like to say, I believe gold is something which is always going to be there and it will always stay. When I say gold, I don’t mean only gold as in pure gold. I mean jewellery and jewellery also includes diamonds, colored stones, everything. So, you see as long as we go on producing classic pieces, there is always going to be a demand. We have to change our view; we have to adopt a little bit of technology and the lighter, more appealing to the young classes. Our major focus should be on the millennials because these millennials now are all going to be our major customers and we have to design jewellery which will appeal to them. And once we are successful in that, I’m sure this is going to be there for the next one at 500,000 years.

I believe gold is something which is always going to be there and it will always stay. When I say

gold, I don’t mean only gold as in pure gold. I mean jewellery and jewellery

also includes diamonds, colored stones, everything. So, you see as long as we go on producing classic pieces, there is always going to be a demand. We have to change our view; we have to adopt a little bit of technology

and more appealing to the young classes.



“Hybrid model of business going to continue in future where physical and digital will merge into each other because post Covid-19 people may not freely travel so that’s why we have to prioratise digital platforms.”Yogesh Mudras

Managing Director, Informa Markets, India

Exhibitions play a role of catalyst in the country’s economy but this year due to pandemic cancellation of various jewellery exhibitions has hit hard on the exhibition sector. However, the sector is planning to deal this situation by holding digital exhibitions until everything normalises. Stating that ‘Digital is big way we are investing ourselves in’, Yogesh Mudras, Managing Director, Informa Markets in India (Formerly UBM India) talks exclusively with Sumesh Wadhera, Editor-in-Chief, Art of Jewellery on the impact of Covid 19 on Exhibition Industry and how industry is getting acquainted with the digital exhibtions.

AOJ: Covid-19 has made an unprecedented impact on various industries and specifically jewellery exhibition industry also not been immune to this crisis. We have seen many jewellery exhibitions getting postponed or cancelled in past few months. What are your views?

Yogesh Mudras: About 150 odd exhibitions in India either have been cancelled or postponed which has badly affected the exhibition industry, but we as an industry are trying to adopt new norms of social distancing as exhibitions are all about

congregating people together and doing business. Particularly, events from March-June 2020 are much impacted and many of them have got cancelled and some got postponed. For example, we recently announced our show ‘Hyderabad Jewellery

Fair’ which was suppose to take place in the month of May but it has been postponed to the 4th quarter (October) of this(2020) calendar year. This will give us more time to come back to normality and also get confidence of the market place.



What we are reading now is, we might have freights taking up probably once the lockdown 4.0 is announced in Mumbai-Delhi and may be other sectors might open up as well. Definitely one-by-one it will evolve over the speed of time and at the same time we all have to adopt to this normal way of doing business. Also digital events which is talk of the town today and as Informa Markets we have adopted it in a big way in the past couple of months.

AOJ: When do you see India with physical exhibitions back in action?

Yogesh Mudras: We promote physical interface and its always good to have interensic raport face-to-face, but digital is a big way we are investing ourselves in. So we are planning to do more digital events and we have launched more than 30 event for which clients are responding.

Hybrid model of business is also going to continue in future where physical and digital will merge into each other because post Covid-19 people may not freely travel so that’s why we have to prioratise digital platforms.

We will defintely adopt this new system of social distancing, sanitisation, there will be new registration processes and due to social distancing there will be bigger isles as well, we may also have different set of hours for visitors and much more as an when the exhibiton starts. So its

going to be a whole new world.

We are planning to start the exhibitions in the begining of September as it will be fair time. Globally countries like China, Hong Kong, Korea Germany have have already opened exhibition following social distancing norms. So, slowly the world is opening and China, Korea, Hong Kong are the first countries dealt with Covid crisis in a very positive manner. In India we can see the industry opening in the next couple of months.

AOJ: In jewellery exhibition portfolio you have two big show one is Hong Kong and one is Istanbul show. Could you brief on when those shows are likely to happen?

Yogesh Mudras: In Hong Kong we have two shows one is in June and the other one is in September. The show that was suppose to take place in June is postponed to 26-29th November 2020 and the September show is scheduled to happen in the same month and the work is happening at its peak. Istanbul show is the 2nd most prefered show, but this year we

are not holding the show as we have postponed to it 25 to 28th March 2021. Its a fantastic show and I hope that it will come back stronger in the times ahead.

AOJ: Jewellery industry plays role of a catalyst in the the economy both in the B2B and B2C space. Have you as an industry approached the government? Are we expecting any incentives for exhibition industry?

Yogesh Mudras: We have worked a lot in the past couple of months because in most of our industries there are MNCs and many of them are MSMEs so we are in coordination with Commerce Ministry to whom we have proposed 10 per cent in Exhibition in India Fund, we have requested tax reductions as well. Apart, we have prepared SOP if we get an opportuniy to start the exhibition soon so what sort of SOP as an industry want to work on.

Our Finance Minister recently announce the package which we had proposed to the Commerce Ministry, and its been heard.

News Briefs NatioNalThe ArT of Jewellery

Vol 19 Issue 5 | May 2020

RBI gold reserves up 40.4 tonnes in 2019-20, more than half of total holdings held overseas

The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of gold reserves rose

to $30.57 billion (around Rs 2,32,000 crore) by March 2020 from $23.07 billion in March 2019.The Reserve Bank of India (RBI) bought 40.45 tonnes of gold in financial year 2019-20, taking its total holdings of the yellow metal to 653.01 tonnes. The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of gold reserves rose to $30.57 billion (around Rs 2,32,000 crore) by March 2020 from $23.07 billion in March 2019.

As much as 360.71 tonnes of gold was held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining gold is held domestically, the RBI said in its ‘Report on Management of Foreign Exchange Reserves’.

Virus, high gold prices dent India’s Q1 jewellery demand by 41%: WGC

India’s net Bullion imports contracted 56% year- on -year to 78.4 tonnes in the March quarter of the current year .Jewellery demand in the world’s second largest consumer

slumped 41% to 73.9 tonnes , thanks to a 25% jump in quarterly average price to Rs 36,874 per 10 gm (ex import duty and GST) and the fallout from Covid 19, the WGC latest global demand trends report shows.

This Quarterly net Bullion import figure is the lowest over the past 32 quarters that WGC has provided data for .Scrap or sale of old increased 16% to 18.5 tonnes . while investment demand fell 17% to 28.1 tonnes.Overall, consumer demand for the metal slipped 36% year on year to 101.9 tonnes in the March quarter.

Central banks continued to amass gold, although we expect net buying to slow sharply. Amid heightened volatility and uncertainty, global gold reserves grew by 145t in Q1.

Govt stares at high payouts as gold prices double over the last year

The sharp rise in the prices of gold —which almost doubled over the past one year —has been the only good news for investors at a time when both equities and

debt returns have been under pressure. However, the Union government could be starting at significant payouts in the second half of the year, an additional Rs 1,000 crore, if investors rush to redeem their holdings.

In November 2015, the government had launched Sovereign Gold Bonds (SGBs), with much fanfare, to attract money from gold investors. The basic idea was to reduce gold imports as it leads to unproductive foreign exchange outflows.

While these bonds will mature fully in eight years, investors are allowed to redeem after five years on the coupon date. From November 2020, these bonds will become eligible for redemption.The government launched three issues in FY16. In all these three tranches, it raised Rs 1,321.2 crore by selling 4,835 kg or 4.835 tonnes of gold bonds.

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B J E W E L L E D2020

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News Briefs NatioNal The ArT of Jewellery


Gems, jewellery exports falls 38.8 pc in Mar; down 8.9 pc in FY20

Existing investors must book partial profits in gold to cut portfolio risks

Mumbai, May 17 (PTI) Gems and jewellery exports in March declined 38.81 per cent to Rs 13,744.60 crore compared due to weak demand in importing countries

following economic slowdown and the COVID-19 pandemic.The overall exports stood at Rs 22,463.17 crore during March 2019, according to data from the Gem and Jewellery Export Promotion Council (GJEPC).The total gems and jewellery exports during 2019-20, witnessed 8.91 per cent at Rs 2,51,096.30 crore compared to Rs 2,75,671.80 crore in 2018-19.“The performance numbers reflect the weak demand for gems and jewellery across the globe and the COVID-19 pandemic has cast further gloom,” GJEPC Vice-Chairman Colin Shah told PTI here.Given the potential, the industry needs urgent government attention and a special package to handhold exporters in these difficult times besides reviving sentiments, he added.Meanwhile, the exports of cut and polished diamonds (CPD) in March dipped by 45 per cent in March to Rs 7,100.75 crore compared to Rs 12,910.44 crore in the corresponding month of 2019.

Gold exchange-traded funds (ETFs) have given investors an average return of 48.7 per cent over the past year. Investors who have become overweight on the yellow

metal (vis-à-vis their original allocation of 10 or 15 per cent of their portfolio) should book partial profits from time to time and bring their allocation back to the original level. If they allow themselves to become heavily overweight on the yellow metal, it will increase their portfolio risk. Whenever the bull-run in gold ends, their portfolio could take a beating. Most experts today are of the view that the rally in gold is likely to continue. “World gross domestic product growth, according to the International Monetary Fund, will fall to minus 3 per cent, and it may not rebound quickly,” says Chirag Mehta, senior fund manager-alternative investments, Quantum Mutual Fund.Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Moreover, central banks have cut interest rates and may reduce them even further in future.

Higher risk, uncertainty to support gold investment demand in 2020: WGC

Higher risk and uncertainty combined with lower opportunity cost will likely be supportive of gold investment demand in 2020, World Gold Council (WGC) said

on Thursday.“This could offset the negative effect of lower consumer demand on gold performance as economic activity contracts,” miners’ lobby group said adding that gold’s behaviour thereafter may depend on the speed of the recovery and the duration of monetary policy and fiscal stimuli.In the international market, gold has risen over 12 per cent so far this year as global central banks unleashed a wave of stimulus to limit economic damage. Gold, as an asset class, benefits from widespread stimulus measures because it is considered a hedge against inflation and currency debasement.In a report on Thursday, WGC analysed the potential performance of gold across four hypothetical scenarios --swift recovery, US corporate crisis, emerging markets downturn and deep recession.

52

News Briefs NatioNalThe ArT of Jewellery


Gold loan firms see opportunity to lend as banks turn risk averse

Gold loan firms see opportunity to lend as banks turn risk averse

Gold loan companies (GLCs) are eyeing a golden opportunity to step up lending in FY21 in the backdrop of surge in the price of the yellow metal, banks turning risk

averse and small and mid-size non-banking finance companies grappling with liquidity issues, amid outbreak of the corona virus pandemic.George Alexander Muthoot, Managing Director, Muthoot Finance Ltd, observed that while the Government is trying to put more purchasing power in the hands of people, it is doing so through banks, which have turned risk averse. Hence, gold loans will see a pick up.

“Once the lockdown is lifted, there will be good demand for gold loans in the next two-three quarters,” he said.Muthoot sees a 15 per cent growth in assets under management (AUM) in FY21.VP Nandakumar, MD and CEO, Manappuram Finance Ltd, expects gold loan growth to remain fairly strong, say, about 10 percent or so.

India’s gold imports contracted for the fifth consecutive month in a row, falling by about 100 per cent to USD 2.83 million in April due to the lockdowns imposed

globally on account of coronavrius outbreak.The import of the yellow metal stood at USD 3.97 billion in April 2019, according to the commerce ministry’s data.The decline in gold imports has helped in narrowing the country’s trade deficit to USD 6.8 billion during the last month as against USD 15.33 billion a year ago. Gold imports have been recording negative growth since December last year. India is the largest importer of gold, which mainly caters to the demand of jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.. Gold imports fell 14.23 per cent to USD 28.2 billion during 2019-20 as against USD 32.91 billion in 2018-19.

Canara Bank launches Special Gold Loan Business Vertical

Canara Bank has identified the emerging financial needs of customers and the need to support their livelihood in view of the current challenges and uncertainties. In

order to address these needs and to provide hassle free credit, the Bank has launched a Special Business Vertical dedicated for Gold Loans.

The loans will help the customers with the much needed liquidity to revive their business activities and to bring back normalcy to their lives. With this objective, the Bank has also launched a special Gold Loan campaign till 30th June 2020 with an interest rate as low as 7.85% per annum.The credit can be utilized for different purposes, such as expenses for agriculture and allied activities, business needs , health emergencies, personal needs etc among numerous other requirements. The loan facility can be availed from all designated branches pan India.

53

international The ArT of Jewellery

Vol 19 Issue 5 | May 2020News Briefs

Gold demand tepid in most Asian centres

Physical gold demand was tepid in most Asian centres this week with retail buying yet to see any significant recovery even as top hubs India and China

eased some coronavirus-driven restrictions.

Dealers in China sold gold at discounts of $28-$40 an ounce versus benchmark spot prices, widening from last week’s $30 discounts, with some purchases coming only from the investment side.

“After a small gold rush that saw people buying physical bars during the 1 May labour holiday, demand has softened down,” said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS.

The export of gold from Russia in March increased 4 times year-on-year to almost 12 tons

Russia, according to preliminary estimates, in March 2020 exported 11.8 tons of gold at $592 million, follows from the data of the FCS. This, in physical and

in value terms is about 4 times more than in March last year and 31 per cent in February.

In just the 1st quarter, the export of gold from Russia was 30.2 tons for $1.5bn, compared with the same period last year it has grown five times in real terms and 6 times in monetary terms.

In 2019, Russia increased its gold exports by seven times in real terms, to 124,1 tons. This is 36 per cent of the refined in the country for a year of gold.

Tiffany & Co. has re-opened the doors to its Australian boutiques

Making the executive decision to close stores worldwide effective immediately on March 18, Tiffany & Co. is one such company that acted in line with global

health advice and adapted its business accordingly.

However, with the curve of Covid-19 ever flattening in Australia, and government advice seeing the reopening of physical stores as safe, the luxury jeweller is once again ready to welcome us all into its stores. Moving forward with strength, love and optimism, Tiffany stores across the country—its airport boutiques excluded—will once again offer many of its services, slightly adapted to ensure the wellbeing of employees and clients.

54

internationalThe ArT of Jewellery

Vol 19 Issue 5 | May 2020News Briefs

GIA reopens five laboratories

As GIA continues to closely monitor the COVID-19 pandemic, the Institute has reopened laboratories in Antwerp, Carlsbad, Gaborone, Johannesburg and Tokyo

with modified schedules and limited capacity.

The GIA laboratories in Johannesburg and Tokyo opened on May 7. Visitors must make an appointment to visit the Johannesburg laboratory and the Tokyo location will accept and return items by transport only. GIA Antwerp opened on May 11, also by appointment only. GIA Gaborone also opened on May 11. The laboratory in Carlsbad opened on May 18 and will only accept submissions via shipment.

The GIA Bangkok, Hong Kong and Ramat Gan laboratories remain open.

JNA Awards 2020 Ceremony to be held at Rosewood Hong Kong in September this year

Now, on its ninth edition, the prestigious JNA Awards will hold its Award Ceremony and Gala Dinner at Rosewood Hong Kong on 14 September 2020.

Launched only last year, Rosewood is a new five-star luxury venue overlooking the Victoria Harbour in the heart of the city.

The JNA Awards, which has been organised by Informa Markets since 2012, is one of the most renowned awards programmes in the international jewellery and gemstone trade. It is dedicated to promoting and encouraging best practices, innovation and excellence; and aims to bring sustainable advancement to the industry on a global scale.

Chopard sources gold from Colombian artisanal miners

In conjunction with the Swiss Better Gold Association (SBGA), the luxury jewellery and watch maison has begun sourcing gold from the Barequeros in El Choco, Colombia.

El Chocó is Colombia’s second-largest gold producing region but also one of the country’s poorest. The Barequeros are artisanal gold miners of whom 46% are women. They use local traditional alluvial mining techniques with hand equipment such as sluices and panning. Their methods use no mercury, thus protecting the region’s biodiversity which is among the most unique in the world.

To be legally registered, the Barequeros need to obtain a special permit that allows them to produce manually and sell up 420 grams of gold per year.

55

DPA to Rebrand, The Tagline “Real Is Rare” Will Change

The Diamond Producers Association (DPA) is planning to

make radical changes in terms of its branding and marketing. It is said that the association has initiated steps to rebrand itself and will not be using the tagline “Real Is Rare” in future.

Speaking about the new development,

David Kellie, the DPA’s new CEO stated, “Starting from June 1, the marketing group will unveil a fresh identity and launch new consumer and trade websites and social-media campaigns. Everything that you’re more familiar with around the DPA is going to be relaunched and rebranded. At the core is a new site to replace Realisadiamond.com, which will go live June 1, offering information on diamonds and transforming the DPA into a publisher of content. It will also be ‘hyperactive’ on social media over the summer.

One-Stop Destination for Knowledge on Natural DiamondsElaborating on this initiative, David Kellie said, “It’s our objective to be the number-one destination globally for consumers coming into websites looking for information, inspiration and education around the world of natural diamonds. The consumer

that we’re speaking to is younger and currently buying jewellery. We need to attract a younger audience and speak to them in a language that is different from what they’re currently being spoken to.”

Kellie stressed the fact that the new-look DPA is not aiming to attack the lab-grown sector but then it would definitely continue to work to ensure the “integrity” of the diamond industry. The new campaigns will focus on the mid-income segment of the market, supporting businesses such as local and independent jewelers and those located inside malls. He also said that the Cartiers and Bulgaris of this world do a wonderful job at the very high

end but the audience DPA will be speaking to is much more of a mid-tier audience.

DPA Relaunch via WebinarThe DPA relaunch in the US and Europe is scheduled to take place on June 1 via a webinar, followed by Asia on July 1. The organization will focus on developing the websites and its social-media presence through August, and will then bring out a holiday campaign from September which will be targeting a largely younger audience.

The DPA was established in 2015 with the aim to develop category marketing on behalf of the diamond industry. Funded by seven of the largest mining companies, notably De Beers and Alrosa, the DPA’s campaign has until now centered on the “Real Is Rare, Real Is a Diamond” concept, promoting the idea that natural diamonds capture the real emotions between couples.

Right now, everyone is excited to know about the rebranding of DPA as it can create a breakthrough in the industry. The diamond jewellery industry and its major stakeholders are eagerly waiting to witness the campaigns, as it is expected that these can reach large customers and create a positive future for diamonds.

56 SPECIAL REPORT THE ART OF JEWELLERY


Platinum prices tends to be as much as double the gold prices but for some time now

the platinum prices have been fallen down. The 23rd edition of Platinum Quarterly report commissioned by World Platinum Investment Council (WPIC) published on 18th May 2020 says, “While the COVID-19 pandemic has had a major negative effect on the platinum market including price, demand and supply - the results for Q1 2020 show the net effect is less than feared, and the outlook for 2020 is better than expected.”

It also says that the platinum price fell together with that of most equities and metals during March; suffering falls of between 10 per cent and 35 per cent. Platinum demand in China reduced early in the quarter. However, a smelting process failure in South Africa, unrelated to the pandemic, as well as mine closures to reduce the spread of the virus significantly reduced quarterly platinum supply.

Total demand in Q1 2020 declined by 5 per cent (-94 koz) to 1,649 koz from the previous quarter. Meanwhile, total supply decreased by 19 per cent (-410 koz) to 1,773 koz from Q4 2019. This resulted in a surplus of 124 koz for Q1 2020.

WPIC now forecasts that 2020 will have a surplus of 247 koz, which is only 128 koz higher than its previous forecast despite the impacts of COVID-19. Demand in 2020 is expected to be 18% lower than in 2019 mainly on weak automotive and jewellery sales and lower investment demand. Supply is forecast to be down 13 per cent, year-on-year, on the material impact of the smelting outage and pandemic related mine stoppages.

Current platinum price is ‘Life Time Opportunity’“Platinum is a differentiated metal and our consumer picks platinum for its inherent unique qualities. It is rare and our audience appreciates that says,Vaishali Banerjee, Managing Director, PGI India.

She adds, “The consumer today has a variety of options to choose from, they

are very aware and have a discerning choice. The intrinsic value of the metal and its rarity make it extremely valuable to this consumer. It is one of the biggest reasons why platinum is a strong consideration for them.The current price of platinum is a real opportunity for our consumers. The inherent quality and value of platinum is not diminished, just the price is lower. Making it an irresistible value proposition for all buyers.”

Retailers see ‘Lowest Platinum Rates’ as Golden Opportunity’


VOL 19 ISSUE 5 | MAY 2020SPECIAL REPORTTHE ART OF JEWELLERY

VOL 19 ISSUE 5 | MAY 202057SPECIAL REPORT

As per Pramod Mehta, Director, Shineshilpi Jewellers Pvt Ltd whenever there is correction whether

in gold, silver or platinum it gives an opportunity to the customers to invest as the one who invest in any

metals gets good return only. So, this is the best rate of platinum and it can jump at any point of time. These corrections that have come is the best time for people to take the opportunity and invest in platinum.

He suggests, “Jewellers who have been plannig to invest in platinum they should invest as this is the right time and opportunity to do so.”

He adds, “So far, platinum has achieved an unbelievable growth in the past couple of years. In todays date there are 60 to 65 per cent youth in India and there is no better product than platinum to attract young generation.”

Vaibhav Saraf, Director, Aisshpra Gems and Jewels informs, “We feel it is a temporary run and the rates will go high once the demand increases. The demand for the metal is increasing in small towns as well. It is a perfect time to increase awareness about platinum jewellery beyond just urban cities.”

D Khushalbhai Jewellers from Surat is dealing in platinum jewellery since 2002 and in this journey it has seen continuous double digit growth in

the demand of platinum jewellery. Describing how platinum low rates are an opportunity Viren Chokshi, Director, D Khushalbhai Jewellers says, “Platinum lowest rates that we see right now is one of a life time opportunity. This rates we might not be able to see again in future. What I feel right now is the spring is full compressed to the maximum level and now platinum is on the urge to break its down trend and there will be a big jump we will see in the coming days. So it’s a great opportunity right now for all the jewellers who are planning to stock the platinum jewellery in this lowest rates. Another opportunity here is the gold prices are at its peak right now and platinum are at its lowest

bottom so naturally it’s a right time that customer will switch towards platinum buying.”

“Platinum and gold fused products have been doing well in our markets in East India for the last year or so,” notes Indranil Roy, Director, M P Jewellers. He states, “Now that gold has appreciated many fold platinum only products will have better value in perception. On same price points platinum goods will look more valuable to the end consumer and the fact that platinum is marketed as a premium metal it clearly has an edge for value seeking gift buying Millenianls or first time millenial purchasers.”

How current pandemic would impact platinum?”The Covid-19 situation has caused unprecedented challenges in India as well as globally. When it comes to consumer sentiment, of course it’s been impacted – our consumer, however, being younger, is more optimistic and resilient,” states Vaishali. Research suggests that home quarantine hasn’t wiped out their spirit, with many of them using this time productively to up skill, experiment, and stay connected despite the distance. This downtime has also provided the opportunity for self-introspection and many have turned out grateful for what they have.

She adds, “When it comes to spending, there will be a short term impact. And, that will be across all discretionary categories. However, we believe that in the medium to long term, spending will be more deliberate but not unnecessarily curtailed. Consumers will opt for a “less is more” approach and will lean towards meaningful brands for positive reinforcement as they reclaim their life. They will seek to celebrate meaningful relationships and milestones achieved as they make a transition. The platinum brands are perfectly poised to fit into this space. We have always stood for a celebration and reaffirmation of love, life and relationships. Our brand track supports this intent - platinum today is desired as a symbol of love, it is used to celebrate milestones and is the choice of today’s generation.”



Connecting with MillenialsPramod suggests that, it is need of the hour to introduce platinum in the stores and it should be promoted through various mediums.The best way in which it can be done is holding exhibitions for platinum jewellery as well as there should be prime locations for platinum jewellery in stores.

Platinum is such a product that it attracts the young people as it has all modern and etraordinary designs. So its very important to target the right people especially young generation as platinum is a good conectivity for young people.

In addition, PGI supports a lot in marketing promotions and provides best platform for retailers.

Promoting platinum through various platforms Targeting millennials and Gen Z towards products like platinum ring or earrings as they are early adopters.

Joseph suggests that there is a need to keep digital channels active with new collections also to make investments in omni channels, embrace digital, make data driven decisions and personalise

communications

One must find ways to keep engagement without too much flexing. Themed days in instagram for example. Say hashtags which command engagement #tbt or throwbackthursdays for example.

Online presence is a key Consumers are spending a lot of time online especially during the lockdown. For the last 60 plus days of our lives we are spending a lot of time online, comments Indranil. He suggests, “Being relevant to the online population will be key going ahead for the next few more months for certain travel restrictions(corona restrictions). Platinum Guild has been present in the online and maybe now is the time to be active a little more considering how much time we all are spending online.”

Hygienic atmoshphere for customers in shops Viren points out that, in this (covid) situation the first strategy to boost sales is to create the hygienic atmosphere for staff and customers as well so that the customers will feel safe and will be happy to shop.

He adds, “We have made all the

sales after services free like lifetime repair free, lifetime polishing free for the jewellery purchased from D Khushalbhai in 2020.

The company is updating its website to a total e-commerce site and will be launching it very soon in a month time to boost its online sales. Also have started video shopping facilities for all of its scustomers.

Pre and post purchase services to spur sales As per Dipu providing the best offers to the customers along with exclusive designs and pre and post purchase services will definitely help boost the sales and also help in earning loyal customers for the brand.

Designing of unique platinum jewelleryTo boost the sales Vaibhav suggests that retailers can work in designing of unique platinum jewellery for purchases. Platinum is often encased with diamond jewellery which is a popular choice amongst the consumers especially our younger clients. He states, “We expect the platinum category to grow in the coming years.”

Joseph Prince, Director, Prince Jewellery observes that while platinum scores over gold in these times with prices looking attractive it will take couple of weeks to see any effect

on sales. Once we see 'acceptance' and confidence trickles in we should see customers take to buying for occasions which has been postponed

As retailers we want to offer our customers with the best jewellery and offers during these times. Hence, we have come up with various offers that will not only benefit the

buyer but also create sales opportunities for us as retailers, says Dipu Mehta, Managing Director, ORRA.

How one can boost Platinum sales?



WGC releases ‘Retail Gold Insights: India Jewellery’ report

Survey highlights that 60% of Indian women own gold jewellery and 37% of Indian women have not bought gold jewellery

in the past but are open to buying it in the future.

The World Gold Council’s ‘Retail Gold Insights: India Jewellery’ report highlights that 37% of Indian women have never bought gold jewellery in the past but would consider buying it in the future, presenting a significant potential audience for retail jewellers to capture. 60% of Indian women already own gold jewellery.

Main key findings from the report are as follows;Indian women are major buyers of gold jewellery: Gold jewellery is the second most popular item they own when compared against a range of other fashion and lifestyle products. 60% of women own gold jewellery – second only to designer clothes/sarees. And 40% had bought gold jewellery in the preceding 12-month period, eclipsing purchases of diamond or platinum jewellery.

Nevertheless, the gold industry has an opportunity to reach a significant new audience: 37% of Indian women are potential buyers, representing a sizable new target audience for the gold jewellery industry. 44% of rural respondents fell into this category, compared with 30% of urban respondents.

Rural and urban consumers share positive attitudes towards gold but for different reasons: Urban

women tend to focus on the sense of security that gold brings, highlighting its role as a display of wealth as well as a store of value. Rural Indian women place greater emphasis on gold’s widespread acceptability and its aspirational qualities, viewing it as a means of commanding respect.

Younger women need specific engagement: although many young women are active gold jewellery consumers (33% of Indian women aged 18-24 bought gold jewellery in the 12 months preceding the survey) their future purchase intent is low, particularly in the urban cohort. They are less emotionally connected to gold jewellery and this represents a potential future threat.

Somasundaram PR, Managing Director, WGC India commented, “India’s jewellery market is world-

leading in the skills of its artisans, who craft the most elaborate and decorative pieces that adorn the nation’s

women. But the industry needs to be alert to the changing times. This research shows us that consumer tastes are evolving, and there is a risk of gold jewellery losing its connection with younger audiences as other brands vie for the attention of the millennial generation.”



After around 40 days of lockdown due to Covid-19, the government of India partially lifted the restrictions for the Gem & Jewellery industry

in some parts of the country. Stores and offices were allowed to function with limited staff so as to practice social distancing along with various safety measures.

Despite the measures taken by government, Covid-19 is spreading and it is believed that until the vaccine is developed we may have to adapt to a new normal. That is, we have to adhere to the safety guidelines such as wearing masks and using sanitizers. In such a crucial scenario, especially when the jewellery sale is expected to increase due to the pent-up consumer demand, the jewellers are doing everything possible to ensure the safety of their customers and employees. Therefore, safety has become a priority for everyone. Let’s take a look at the precautionary measures and campaigns initiated by the jewellers.

Campaigns Focusing on the Importance of Safety Measures

Tanishq Introduces “Gold Standard” Safety E-Book for CustomersTanishq has introduced a “Gold Standard” safety e-book that reiterates company’s commitment to safety and well-being of customers and its employees at the store. It briefs about all the staff and customer touch points, listing numerous safety measures, including contactless shopping and strict social distancing at all times. The staffs at Tanishq store have also been given 3 training sessions and are certified to serve the customers, maintain social distancing norms and assist them in contactless shopping.

Sharing his views, Ajoy Chawla, CEO, Jewellery Division at Titan Company Limited said, “Jewellery buying is a moment of joy for a customer and we want to be part of that moment in a safe, hygienic, reassuring yet welcoming

manner. The Gold Standard on safety and hygiene has been designed to keep customers and employees safe throughout the time they spend at the store. A lot of detailing has gone into processes, checks and training of

While Jewellery Industry Gears Up For a Comeback, Safety Measures Become a Priority



our employees. We are reopening our stores in a phased manner because each store has to pass an eligibility test prior to commencing operations. This is to ensure each store is 100% prepared to manage the store, staff and customers.”

Strict Safety Measures at Kalyan Jewellers Showrooms Kalyan Jewellers has followed the highest level of safety and precautionary measures across operational showrooms, to safeguard the health and safety of both customers and staff alike. These measures include mandatory use of hand sanitizers at both entry and exit points, providing masks and gloves to all staff members as well as customers, temperature check via hand-held scanners at entry points and regular deep cleaning and sanitization across showrooms at multiple times through the day, especially disinfecting common areas like counter tops, doors, etc. within the showroom. All functional showrooms strictly adhere to Covid-19 guidelines issued by the company.

Senco Gold & Diamonds Ensures the Delivery of Sanitized JewelleryThe company has said that it will ensure the delivery of sterilized and sanitized jewellery to customers. It is also promoting its e-commerce platform for shopping and is suggesting customers to do first round of selection with the help of e-catalog, prior to visiting the store.

Safe Jewellery Shopping at Malabar Gold & DiamondsMalabar Gold and Diamonds has reopened its stores in a phased manner by following various safety measures.

As stated in a press release from Malabar Gold & Diamonds, “As the global pandemic has raised health concerns, and also to have a safe shopping environment, we are ensuring that all our showrooms are fumigated before the store operations, important surfaces are sanitized at every touch point on daily basis, all our staff members including the security will be wearing gloves, masks and sanitizing their hands at frequent intervals. Routine Thermal checks are followed for every team member in the store. Screening of customers at the entry point by ensuring they are masked, Temperature checks for normal response and also by noting the address of every customer to avoid entry of customers from containment zone. As per Government instructions, social distancing is followed inside the store by customers being seated at safe distance from others. Waiting area will also hold social distancing in place by alternative seating arrangements. Social distancing markers are placed around the stores at visible locations. Sales team will sanitized the counters before and after they attend to every customer transaction. At the billing, in case of card payments, the cashier will sanitize the cards and machine before and after use followed by safe delivery of the jewellery. Customer safety will be our utmost priority.”

Adhering to Safety Measures is Key for a Good Future All jewellers are taking the required efforts to keep their stores and offices safe as these little efforts can help them in the long run. It will not only ensure the safety of their employees and customers, it will also help them get back to normalcy and continue the business operations, probably even manage to make up for the losses due to lockdown. So, adhering to safety measures will be crucial in the days to come.



Contributions Continue to Pour As Jewellers Fight Coronavirus

Covid-19 is a Pandemic that has affected every industry across the world including the Gem & Jewellery industry. Amidst these uncertain

circumstances, it is relieving to see many jewellers coming forward to help the needy. This shows their commitment towards the society and their workers, such efforts bring in a lot of positivity and the hope to come out of this difficult crisis. We at AOJ are happy to bring this story about some of the covid-19 relief efforts taken by the Gem & Jewellery industry.

NAC Jewellers take Extensive Initiatives in this Fight against Covid-19 NAC Jewellers has taken major initiatives to help the needy rise above the difficult circumstances. They have contributed 50 Lakhs to a service organization - Anandham Foundation which works to support the poor and underprivileged people. The contribution also included 25 Lakhs

to the Tamil Nadu CM’s Relief Fund, 7.5 Lakhs to the GJC for helping karigars, 1.47 Lakhs to Sughadharam for building contactless wash basins across Chennai. NAC Jewellers

has also distributed masks and ration kits through the Chennai Police, ECOMWEL, Red Cross and other NGOs.

Malabar Gold & Diamonds Contributes 1 Crore towards PM CARES Fund Malabar Gold and Diamonds has extended its helping hand by contributing towards PM Cares Fund to fight against Covid-19. On behalf of Malabar Group Chairman M.P. Ahammed, North Zonal Head N.K. Jishad is seen handing over a cheque of 1 Crore to V. Muraleedharan, Union Minister of External and Parliamentary Affairs recently.

Earlier, the company had also provided 2 Crore to Kerala CM’s Relief fund and 1 Crore to Telangana CM’s Relief fund respectively.



GJNRF Covid-19 Relief InitiativesDuring the AOJ Talk of the day show, Sanjay Kothari, Chairman of the Gem & Jewellery National Relief Foundation (GJNRF) had stated, “GJNRF had been in existence since last 20 years, we had formed it during Kargil war. Ever since, whether it is an earthquake, flood or any natural calamities faced by the

country, we have been supporting people through this organization to a great extent. With regard to Covid-19 relief efforts, we have been providing ration kits to migrant workers and families, masks, sanitizers to policemen and PPE kits to medical staff in hospitals.”

GJNRF has taken several initiatives to support the covid-19 relief efforts:

• GJNRF has provided approximately 70000 meals to the needy especially the migrant karigars

• Provided 12000 masks and sanitizers to policemen in various police stations in Mumbai

• Provided masks, sanitizers and PPEs for staff at Mumbai Hospitals

• Ration kits distributed to diamond industry workers at Palanpur, Botad, Surendranagar, Dahisar, Surat, Visnagar which will give relief to approximately 1,00,000 people for few weeks

• Distribution of ration kits/food to migrants at Pen town in Raighad district

• Distribution of food on trains/ buses carrying migrant workers catering to 30,000 people

• Provided 8 dialysis machines to hospitals in Mumbai

• Provided 960 covid testing kits to hospitals

• Provided 20,000 PPE kits including masks, gloves and goggles to various front line warriors at hospitals in Maharashtra

Sharing his views, MP Ahammad, Chairman, Malabar Gold & Diamonds said, “The impact of the pandemic on the country and the world as a whole is unprecedented. We stand by the people and the governments in this time of crisis. This humble contribution to the PM Cares Fund is aimed at supporting the nationwide fight against the pandemic.”

Lalita Jewellery Contributes 1 Crore to Andhra Pradhesh and Telangana CM’s Relief FundLalitha Jewellery contributed 1 Crore to the Andhra

Pradesh CM’s relief fund to support the relief efforts to combat Covid-19. Lalitha Jewelers CMD, Kirman Kumar met the Chief Minister YS Jagan Mohan Reddy at the office in Tadepalli and handed over a cheque of 1 Crore.

Covid-19 Relief Efforts Provides the Much Needed Optimism Many jewellers and trade bodies in the Gem & Jewellery industry are doing their best to help and support people in these challenging times. We have tried to cover these inspiriting initiatives as much as possible. The relief efforts definitely provide the much needed optimism and prepare people to come out of this crisis.



Jewellers Fight Corona (JFC) team has started distribution channel in association and support of kalidas Sinha of Bengali Sangh and Sanjay Vedakji,

JFC Karigar Relief Camp. All the camps are equiped with thermal testing machines, mask, gloves and sanitising equipment spray tanks and chemicals.

As of now approximtely four lakh meals has been distributed and the team also proposed permanent medicalfacility for artisans.

The team has also taken the sanitisation of Zaveri Bazaar on a serious note by providing spraying devices with complementary chemicals regularly.

Other than that, out of collected fund 70 per cent fund will be utilised for karigar survival and business rehabilitation for which separate account IBJA Jewellers Covid-19 Relief fund will be created.

In addition, PPE Kits for all volunteers including police and BMC has been distributed and till now 61 lakh to CM Relief Fund and 11 lakh to Mumbai Police Welfare Fund contribute have been contributed.

Commenting on the help provide to karigars Prithviraj Kothari, National President, IBJA said, “We (Jewellers) started receiving call for help from karigars from Zaver Bazaar Mumbai. Without wasting time all jewellers had meeting and decided to raise funds

for them. The team took immediate charge and provided food packages and monetory benefits to the karigars. Also sanitising buildings in and out at Zaveri Bazaar with the help of BMC has been done regularly. We have (SOP) guidelines on how to open shops post lockdown, Arogya Setu App is compulsory. Also we have provided medial kit to all the jewellers containing thermal mask, sanitiser, mask etc.”

“For the past past one-and-a-half two months we have been providing food packages to the karigars. We have also given PPE kits, ventilators as medical help to the police and BMC, said Vasantraj Birawat, MD, Chain N Chains Jewels Ltd.

“Karigar Survival is the key for prosperous future of jewellery business which is achieved through collective efforts from jewellery and allied industry had won hearts of karigar with timely help during lockdown. Now we all are collectively working on karigar and business safe and secured rehabilitation as a role model for industry in the busiest jewellery capital of India Z averi Bazaar,” said Mahendra Jain, Core Commitee Member, JFC and MD, Mukti Gold & Diamonds.

Sourcing of food grains, vegetables for our Karigar Relife Camps was a difficult task due to lockdown and transport issues. We had to source more than 150 tons of food grains from diffrent vendors from Vashi /Panvel to save cost and also get best quality, said Vishal Jain Director Shah Vanaji Kesaji & Co.

“Security is a main concern at Zaveri Bazaar, we have proposed to set up post lockdown the installation of new cameras with strong control room which can be monitored 24/7 which will be done with the help of police and concerned government authorities.

During lockdown we had started 32 cameras but they are not enough for market so we need to put big network of camera on Zaveri Bazaar,”said Mansukh Kothari, Core Committee Member, JFC and Dierctor Vasupati Jewellers.

‘Jewellers Fight Corona’ team help karigars in Zaveri Bazaar Mumbai

In Zaveri Bazar in the radius of just one km there are more than 5,500 Jewellery manufacturers, wholesalers and retailers and there are more than one lakh karigers working in and around zaveri bazar. All the 5 - 6 Jewellery Associations of Zaveri Bazar have come together under the banner of IBJA to form a platform called Jewellers Fight Corona ( JFC ).


Vol 19 Issue 5 | may 2020Special report

The jewellery segment which contributes 7 percent to the country's GDP is caught in a

cauldron of uncertainities. Jewellery retailers and manufacturers have serious concerns since the global Pandemic covid 19 had brought about a definite change in the retail outlook of the country.

To make one's business presence felt social media and online platforms matters a lot. Among Jewellers there is a sense of nervousness. Jewellers are unsure as to how to protect their business further during unprecedented times as these. A few retailers and manufacturers have had their employees and karigars paid on leave. Some manufacturers have created conducive possibilities for Karigars to work from home. In a few cases layoffs have happened.

Amidst all these uncertainties Digitalization is seen as a key to navigate owning a jewellery business.

In India it would be a seamless transition for brands like Tanshiq. Online Jewellery Stores like Caratlane, Bluestone would gain a further strong foothold since it

operates out of a digital space.

AOJ brings insights into the huge scope digitalization provides in leveraging Jewellery business.

Advantage - Digitalization:For jewellers all set to unleash the digital space here are a long line

Every Jeweller's Concern1. How to navigate owning

a jewellery business in times as this .

2. What are the best retail practices during covid 19.

3. What should retailers do with their employees.

4. How do they handle their bills.

5. Is it safe to run and be inside a standalone retail store when the place is shut down.

6. What are the pros and cons in running the store from home.

7. How to source products, Conduct business transactions,

8. How to engage in product creation.

9. Supply Demand crisis

10. Logistics and deliverables.

11. What are the possibilities, insights, opportunities to create safe, sound and successful trading platforms and sustain the jewellery trade across all verticals in times as this.

12. How to tap into tangible buyers.

13. Are stand alone jewellery shop owners safe to run a business without employees around.

Aoj in this special edition brings insights into the huge scope digitalization provides in leveraging your jewellery business.

A Digital Transformation for Jewellery Industry

COVID 19 crisis has catapulted one of the worst hit recessions in the history of mankind. Health and economy of all countries are thrown out of balance.The whole world has moved into a blackhole

of uncertainities.The scale in which the pandemic has impacted is unimaginably huge.




VOL 19 ISSUE 5 | MAY 202066 SPECIAL REPORT

of possibilities that could turn promising.

1. From a single centralized location all local and global jewellery businesses can be operated and efficiently managed.

2. Digitalization reduces concerns of storing and managing large inventory.

3. The communication between clients and vendors become smooth and easy.

DIGITALIZATION: The Unfolding Of Unlimited Business Potential Digitalization helps to tap into both domestic and global markets at the same time which means buying and selling of inventory can be both domestic and international markets .

It allows retailers to gauge the pulse of their products in the international markets as well.

The Digital Channels to Revolutionize Jewellery Business. Following are the online channels that have aided in converting millions of views and likes and

contacts into foot falls.

1. A sound website with an interactive web design.

2. Social Media Platforms - Facebook, Instagram, Twitter Whatsapp, Blogposts etc.

3. E- Retail Platforms and cloud solutions

4. Mobile apps to Facilitate effortless jewellery trading.

Web Solutions provide a competitive

edge in increasing presence of jewellers in the online market.

Virtual Exhibitions Most of the round the year annual jewellery events where serious business takes place can still be accessed through VIRTUAL EXHIBITION PLATFORMS.

VIRTUAL exhibitions enable jewellery businesses to INNOVATE, TRADE AND GROW.

VIRTUAL EXHIBITIONS like manual exhibitions connect Buyers and sellers, decision makers, product creators, researchers .It provides a Virtual Platform for all resources to come together to transact business, Idea Exchange, Explore Product and Design Trends, Understand the changing needs of buyers and create tangible platforms for focused business.

There are many trustworthy years round online trading platforms where jewellery companies can log on to showcase their business,



product range, conduct Virtual transactions and meetings between buyers and sellers, conduct discussions, Webinars, generate valuable leads, access data and digital content that supports the flow of knowledge and transaction in Markets .

A good digital marketing strategy is one that empowers your brand, but a great digital marketing strategy is one that empowers your consumer. This saying is particularly true if you belong to the jewellery industry – where the customer is queen! Today, digital marketing for jewellery brands is no longer an option – it is a necessity to drive store visits, increase brand awareness and elevate the image of your brand. Read on for fool-proof digital marketing tips to mark your territory in the online space.

Building Your Brand ImageBuilding a household brand name is every marketer’s prime objective

and the first step to that is by

creating a strong online presence.

Jewellery brands need to focus on

the following digital marketing

techniques that double up as a

powerful foundation for future digital strategies:

A Great Website Whether you have an online store or a showroom, a great website is key to attract more customers and significantly increase your revenue. Opt for a crisp and clean design that helps tell your brand story. Apart from being aesthetically appealing, great design also provides unmatched user experience, creating a seamless transition from an inquisitive lead to a loyal consumer. However, a remarkable design needs to be backed up with great content that keeps your audience engaged. You also need multiple web pages on the homepage that provide in-depth information about your brand and landing pages that behave as e-commerce portals that highlight a particular line of products.

an online boutique that specializes in authentic hand-crafted jewellery has a clean layout and enticing

In today’s digital age, almost every process – right from buying a bracelet that matches your attire to deciding which type of jewellery should be worn for various occasions – begins with a simple Google search. Ensure your brand appears on the first page of the World’s most-used search engine



images for a pleasant user experience. The product is described in a clear-cut manner with no distractions and a relevant CTA.

Search Engine OptimizationIn today’s digital age, almost every process – right from buying a bracelet that matches your attire to deciding which type of jewellery should be worn for various occasions – begins with a simple Google search. Ensure your brand appears on the first page of the World’s most-used search engine by creating an ultimate SEO checklist accompanied by various link-building techniques and SEO plugins for WordPress. A detailed keyword research and competitor analysis to know what your target audience is searching for is a good way to understand what type of content works.

Engaging ContentThe one thing that the Internet is known for is tons of valuable

information that helps you make an informed decision – and blogging is one of the most effective digital marketing techniques to deliver that. Websites that feature a blog page have 434% more indexed pages on Google which means

they are recognised and ranked easily, increasing the probability of appearing on the first page. Jewellery brands need to leverage the reach of informative blogs and go the extra mile with creative infographics, embedded videos and intriguing images that keep viewers hooked. The blogs can cover all aspects of buying jewellery – from tips to keep in mind while choosing a diamond to bridal jewellery looks for the contemporary bride.

Social Media Everyone who is anyone is on social media! Reach the very palm of your target audience with a strong social media presence that draws them towards your brand. Facebook, Instagram, YouTube and Pinterest are great digital marketing platforms to increase the exposure of your jewellery brand. Opt for innovative social media campaigns to create awareness about your brand, promote your products and engage with your followers.

The one thing that the Internet is known for is tons of valuable information that helps you make an informed decision – and blogging is one of the most effective digital marketing techniques to deliver that.

Websites that feature a blog page have 434% more indexed pages on Google

Web Courtesy: https://www.socialbeat.in/blog/digital-marketing-for-jewellery-a-complete-guide/



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online presence or digital visibility. Vamatores, with its team of experienced professionals provides the much required e-commerce solution in a fast-paced manner. It has made it possible for a brand to become e-commerce ready within 24 hours.

Especially in these challenging times of the Pandemic Covid-19, it is important for jewellers to connect with their customers. Vamastores can enable the brands to create better digital visibility and help them reach more customers.

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It is loaded with features necessary to build your eCommerce store in rapid time.

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VOL 19 ISSUE 5 | MAY 2020SPECIAL FEATURE

Lockdown: Taking huge toll on employment in the jewellery sectorIt is unpredictable when the lockdown will be lifted and when the jewellery industry workforce will return to work again as lakhs of workers depending on gem and jewellery sector pan India have been shattered and left to their hometowns due to loss of jobs for reason being temporary shutdown of units and shops due to Covid-19 pandemic, therefore creating a huge toll on employment in the jewellery sector. Meanwhile the industry is extending its support towards workers with food and monetory benefits but till how long will it continue is a questions. On this note, this special report will describe on how lockdown is taking huge toll on the employment in the jewellery sector and also the experts suggestions on retaining the workforce.

Workforce returning home townGem and jewellery sector employes more than 65 lakh workers as per the official estimate of government. “However, we feel that nearly 1.15 crore worker are deployed with gems and

jewellery sector. There is additional supporting staff which will be another 60 lakhs,” says Surendra Mehta, National Secretary, IBJA.

Giving reasons on how lockdown is taking huge toll on emplyment he says, “Due to outbreak of pandemics, this sector is suffering most due to its luxurious in nature . Most of labourers are from West Bengal and have already migrated due to fear of covid from jewellery cities like Mumbai and Gujarat to their hometown due to fear which has actually resulted in loss of employment.”

Further he predicts that due to slow demand, during and after lockdown many will not return to congested cities like Mumbai due to social distancing requirement. Even the employers would remove their workforce as the jewellery business outlook for the next one year is no longer promising post covid-19. This

will also take big hit in GDP. In our opinion, loss of employment in respect of labourers and other supporting staff could be to the tune of atleast 80 lakhs.

There are about 50 lakh artisans from rural Bengal from district like West Midnapore, East Midnapore, Hooghly, Howrah, North 24 Parganas,



South 24 Parganas, Burdwan, Nadia and other and approximately 25 lakhs jewellery artisans who belong to Bengal

working in different cities like Rajkot, Ahmedabad, Bangalore, Mumbai, Delhi, Hyderabad, Chennai were stranded in these cities without food, money and proper hygienic facilities who were craving to return to their hometowns, informs SS Alam, Managing Director, Aurum Jewels Ltd.

He adds, “Unfortunately no travel arrangements were made to get those Bengali artisans back to the city so on 9th of May 2020 I had words with the government of West Bengal and urged them to release buss passes which was taken into consideration and from then onwards people who were stuck in other cities started retuning back to West Bengal and by now 80 per cent of people have returned to West Bengal.”

The artisans earn 15,000 per month out of which 70 per cent of that income they use to send it to their families in their home town but now due to lockdown their income has stopped. “These people who have returned home will work in their farms to earn bread and butter and unless the covid issue is not sorted out completely these artisans will not return to the main cities where they use to work. It will be difficult to bring back the artisans,” says Alam.

“It is unfortunate that the trade body did not work and they did not support. I think its their failure that they did not handle the situation in

appropriate manner which will impact largely in the times ahead for the jewellery sector,” he comments.

“Most of the karigars who were working in the workshops have gone back to their native places and few of them work on their own and for them it’s very difficult to come

back,” informs Anantha Padmanaban, Chairman, GJC.

Concerned about loosing skilled labours Anantha suggests, “Trade bodies and leading jewellers have to take care of them when they come back with initial funding. Karigars working with manufacturers have returned to their hometown and we need to call them back to resume work otherwise we will loose skilled labours and they will not be available in future.”

We from the sector hardly resist our concerns when it requires to hit with

workforce. There is hardly any toll on existing permanent employees in the sector,” comments Ashok Bengani, President, Calcutta

Gem and Jewllers Welfare Association. He says, “In the business we deal in 50 per cent depends on our workforce and to get a loyal employee in the organisation is again a marathon job for the jeweller to select and train a staff member to be honest and loyalists for the organisation took years.”

He informs, “Jewellers who have their own setup for production of jewellery for their own business activities preferably their in-house training session for selection of staff members who are become the permanent employees of the organisation and gets quite handsome salaries for their loyal services.”

As per Ashok jewellers manufacture jewellery from free lancer artisan as well, they may face toll on their services, since the sector takes good time to come back for its original movement as before the Covid-19 pandemic. No new job order may leads to cut jobs for many artisan insists them to go back their hometown. Close to 2-3 lakhs artisan will go back to their hometown from different part of India. These migrant artisans need to be looked after for their livelihood is a serious concern for the sector.

Ashok who is also President of Ankurhati Gem and Jewelery Manufactures Welfare Association suggests, “It’s time for government to

It’s time for government to protect their(artisans) skill by giving them a small ticket loans for their self help fund to become an entrepreneurs

Ashok BenganiPresident, Calcutta Gem and Jewllers Welfare Association



protect their(artisans) skill by giving them a small ticket loans for their self help fund to become an entrepreneurs. This will serve government’s loud slogans at large skilled India and Make-in-India.”

“It’s pity that an artisan who works on expensive diamonds, gold or jewellery is starving,” states Mehul Shah, Vice

President, Bharat Diamond Bourse.

He adds, “Every nearby are the cases of covid, all live in close community and condition of workers is also unhealthy. A lot of negative publicity has brought the psychological pressure from the family sitting in the villages to call their bread earners home from mumbai there is a huge feel of insecurity, fear and panic to leave for native place at earliest. Presently most of migrant workers have left

mumbai and this will severely hit the production.”

Concerns about the virus have seen the local gem and jewellery sector come to a halt with virtually no footfall in stores and many jewellers

shutting shops located in malls and shopping complexes. Mumbai’s Zaveri Bazaar, the largest bullion market in the country, was also closed and that could cut demand by as much as 40 per cent in the coming weeks, informs Sushil Mondal,President, Karnataka Bengali Swarna Shilpi Association.

He adds, “The trade body along with the Gem & Jewellery Export Promotion Council are exploring ways to help the thousands of small workers employed in the industry who earn daily or weekly wages as many of them would lose jobs if the current situation is prolonged. The industry is seeking an extension for repayment of loans and a reduction in the import tax on gold to 4 per cent from the current 12.5 per cent to help jewellers, the trade group said.”

Giving confidence and assurance to the workforce is the need of the hour The major reason why the gem and jewellery industry has been among the worst impacted is due to the shutdown of physical retail stores all over the country. However, over the last few weeks, there has been a surge in hope after the government has announced a list of relaxations. The pandemic has forced us to think differently in order to survive and that can be a good

thing.

Sushil suggest few ideas that one can implemented to retain employees is by building social media presence by empathy, collaboration and online events, providing new employment opportunities by going digital and realising the importance of sanitisation in the future.

The industries and the factory owners has to be more responsible towards their employees and workers, believes Mehul. He adds, “They need to take care for their employees and the workers on the long-term basis about their health, their living and their security and also with government we all have to work together that no unjustice is done with the people who are the part of our industries.”

Anantha believes that there is need to give assurance and confidence to employees. He suggest, “We need to invest in them temporarily. In this crisis situation, we need to extend our support by taking care of them for 3-4 months at least and accordingly we can hope for business to start in a big way. We need to give assurance and confidence to our employees that short comings for the coming months would be taken care proactively.”

“It’s very difficult even for jewellers to retain its workforce where jewellery industry outlook itself is very bad, states Surendra. “It’s difficult to retain people with full payout. Also it’s difficult to ask them to stay back with only food being served and no pay. This is all unprecedent and no measures will help them stay back even with food and other small monetary benefit,” he adds.

We need to invest in them temporarily. In this crisis situation, we need to extend our support by taking care of them for 3-4 months at least and accordingly we can hope for business to start in a big way.

Anantha PadmanabanChairman, GJC.



India Gems and Jewellery Show (GJS) 2020 scheduled to be held in June is cancelled, new dates to be announced soon India Gems and Jewellery Show (GJS) which was scheduled from 25th to 29th June 2020 has been cancelled and the new dates are to be announced soon. This event is conceptualised by All India Gem and

Jewellery Domestic Council (GJC) to provide a conducive business environment to the gems and jewellery industry and also to create a business platform and opportunity for all.

The critical circumstances where the ongoing situation have completely paralysed planning and co-ordination activities for GJS. Therefore, the GJC team has been compelled to forsake all its activities concerning GJS leading up to the event scheduled in June 2020. This has therefore resulted in a dead end and it has now become impossible to organise and execute a successful exhibition.

As stated by GJC, “Given that the present circumstances are beyond control and the pandemic has created uncertainity for the coming months also NESCO (Bombay Exhibition Centre) is been used as quarantine zone and will take weeks to make it available for exhibitions

again. GJC is compelled to cancel the June edition of the show and are looking to reschedule the event. As a responsible Domestic Council, GJC is exploring all options it assures that industry’s interest will always be kept on its top priority.”

JAS Jewellery Showto be organised from October 2-5 this year; traders show huge excitement In the wake of worldwide pandemic Covid 19, many events scheduled from March to July including the Gems and Jewellery shows have

In the wake of worldwide pandemic Covid-19 jewellery exhibitions scheduled this year have been postponed or cancelled as there is no idea when things will streamline and get back to normal. However, the jewellery industry believes that the situation is expected to improve during September-October 2020 which is right time to hold exhibitions. Meanwhile, the industry is working on every possible way to prioratise holding exhibitions, simultaniusly the industry is also discussing on the precautionary measures needs to be taken once the exhibitions starts. On this note, to give latest information on jewellery exhibitions, this special report will describe current status on major jewellery event in India/International and ongoing preparations.

As a responsible Domestic Council, GJC is exploring all options it assures that industry’s interest will always be kept on its top priority.

Race Against Covid-19: Rescheduling Jewellery Exhibitions



either been postponed or have been rescheduled. In the same series, Jewellers Association have decided to organise JewellersAssociation Show (JAS-20) from October 2-5 2020 which was earlier scheduled to be held in April 2020.

Soon after the announcement of the new dates for JAS 20 was made there was a wave of excitement amongst the exhibitors. On the first day after the announcement, 350 exhibiters gave their consent for stall booking while welcoming the decision of date change.

The exhibitors gave their consent for booking 350 stalls amid the ongoing lockdown conditions which show their zeal and excitement. New traders are also showing keen interest in stall booking and are collecting detailed information of the show due to which the number of

stall bookings is expected to touch more than five hundred soon.

JAS convenor Ramsharam Gupta said, “The target to book 500 booths has been set in for JAS-20 and to attain this target, e-mails are being sent to traders in India and abroad. Also, they are been called to share detailed information on the event.”

The Delhi Jewellery and Gems Fair to take place in September 2020The 9th edition of The Delhi Jewellery and Gems Fair organised by the Informa Markets in India ( formerly UBM India ) is set to take place in September 2020 in New Delhi.

Informing about the Delhi Jewellery and Gems Fair Exhibition Yogesh Mudras, Managing Director, Informa

Markets, India said, “We continue to hold the dates of September for doing the Delhi show only Hyderabad Jewellery Show has been postponed to October. We have considered view after discussion with with various government and stakeholders and associations saying that September has to be the right time. In future if any changes it will

be updated but as of now we are holding September dates.”

For the Jaipur Jewellery Show popularly known as ‘December Show’ the dates will remain the sameToday everyone is facing the challenge caused due to Covid-19 and it's a tough time ahead for all. In case of Jaipur Jewellery Show, also popularly known as The December Show, the dates remain same as announced earlier that is 19th to 22nd Dec,2020 at JECC, Jaipur.

Further informing about the show Rajeev Massey, Chief Operating Officer, Jaipur Jewellery Show said,

We continue to hold the dates of September for doing the Delhi show only Hyderabad Jewellery Show has been postponed to October. We have considered view after discussion with with various government and stakeholders and associations saying that September has to be the right time.

Yogesh Mudras,Managing Director, Informa Markets, India

We have already received intent form from most of our existing exhibitors (participants of JJS2019) and the preparations are on track while we are watchful of the situation around, as well.

Rajeev Massey, Chief Operating Officer, Jaipur Jewellery Show



“In regards to the promotion of the show, we are already using the digital platform along with all other available mediums. Online Intent form for booking a booth for JJS2020 is available at our website www.jaipurjewelleryshow.org.”

He adds, “We have already received intent form from most of our existing exhibitors (participants of JJS2019) and the preparations are on track while we are watchful of the situation around, as well.”

Simultaneously, JJS as a responsible organisation, is contributing towards Covid-19 both at the trade and the social level through various awareness campaigns.

Vincenzaoro has been given green light to take place September 5-9th 2020As the Italian Exhibition Group forges ahead with plans for the September 2020 edition of Vincenzaoro, detailed guidelines have been release on how the jewellery fair can take place, whilst adhering to government

rules on health and safety.

As Italy has started to ease its restrictions, Vincenzaoro has been given green light to take place September 5-9th 2020, with show

organisers vowing to put the safety of visitors and exhibitors first and foremost.

In order to install confidence in those wanting to exhibit and attend the international jewellery show, the Italian Exhibition Group has released detailed guidelines in a document entitled #SafeBusiness.

There is no more Baselworld The April 2020 edition of Baselworld was canceled earlier this year, due to the spread of COVID-19 and On May 7th, Baselworld cancelled its planned January 2021 edition, after a group of major watch companies,

including Rolex and Patek Philippe, announced they would no longer participate in the century-old fair but instead organise a rival event in Geneva in April, beginning next year. While Baselworld’s owner, MCH Group, has not made any decisions about the fair’s future plans, it has decided to change the name of the 100-year-old fair.

“It is clear that a new format cannot run under the name Baselworld,” said MCH Group spokesperson Christian Jecker. “After the departure of the big watch brands, it will certainly

no longer be Baselworld as we have

known it. Everything else including the name is now being clarified.”

It is also considering moving from its traditional home of Basel, Switzerland.

“There is no decision that a new platform will move,” Jecker said. “We will have more information in summer, when the concept and things [such] as date and location will have been analysed and decided.”

“Although the concept, date and location of a potential new platform still remain to be determined, the location of Lausanne can be ruled out from the current perspective,” the company said a statement.

It is clear that a new format cannot run under the name Baselworld. After the departure of the big watch brands, it will certainly no longer be Baselworld as we have known it. Everything else including the name is now being clarified.

Christian JeckerSpokesperson, MCH Group



‘Bharat Diamond Week – DIGITAL’ a not to be missed online event

Show to support large number of buyers to get back into business by offering a much wider variety of products and increased number of

exhibitors through the Bharat Diamond Week (BDW)–Digital Platform.

The organising committee of BDW, world’s foremost ‘only diamond show’ decided

that the BDW will go Digital. The decision was taken by the committee over an online meeting. The BDW in its 4th edition was slated to be organised during the first week of August 2020. Looking at the unprecedented events that are transpiring the world over due to the dreaded COVID 19, it was decided by the committee to go digital. Keeping in mind the status of various gem and jewellery economies that are more or less in a lock down stage without knowing a logical ending to this COVID phenomenon, the committee felt the need for making diamonds available to the buyers once the industry get back into business, and what better way of servicing them than a ‘DIGITAL MEDIUM’. BDB cares about the health of buyers and in present senerio it may not be advised to travel, therefore BDB commitee decided to cancel the physical show that was to be held in August between the 5th to 7th this year, and transform the same into a digital

medium was taken in the meeting.

BDW organisers felt that, BDW should rise to the occasion keeping

in mind the thousands of buyers spread across who would go jobless without the availability of raw materials. ‘Digital platform would definitely give all those buyers an avenue to buy and go on with their respective business’ opined Anoop Mehta, President, BDB.

While the dates of the transformed show into a digital platform is yet to be announced, it is imperative that the ‘Bharat Diamond Week–Digital’ will make a difference to huge number of buyers worldwide. Bharat Diamond Week–Digital will be built on a secured platform with critical and important features that has never been seen before. This securitised digital platform will enable buyers and sellers to have a ‘close to realistic’ feel regarding all the products showcased. Buyers and sellers will have an unmatched meeting environment, discussion board and many other features including logistic recommendations. All this and more will make the ‘Bharat Diamond Week–Digital’a not to be missed online event.

Digital platform would definitely give all those buyers an avenue to buy and go on with their respective business.

Anoop MehtaPresident Bharat Diamond Bourse



The Diamond Producers Association, a global alliance

of the 8 largest diamond mining companies, associated with actor-author Lisa Ray this Mother’s Day to bring forth the wonderful journey of motherhood and the lessons we can imbibe from Mother Nature.

Mother’s Day is a celebration of motherhood, and that can be in various forms. Lisa has penned a letter of appreciation for mother nature, who has inspired her survive the toughest challenges life threw at her, and taught her to emerge stronger no matter what obstacles she faced, just like natural diamonds emerge from the womb of mother earth. We are shaped by our mothers and molded by life experiences, and we pass down this knowledge to our children. Lisa’s attempt through this letter is to share her personal learnings from nature with her children. Along with this

she is lending her voice to a poem celebrating the resilience which is common to mothers and to nature who both create diamonds and miracles.

Sharing her thoughts, Richa Singh, Managing Director – India, Diamond Producers Association said, “We are honored to have Lisa Ray supporting us in our endeavour to celebrate the most precious relationship of mother and child. While a mother creates the miracle of life, mother nature creates miraculous diamonds which she nurtures deep within herself. Today we would like to celebrate both these incredible journeys as they bring us joy, hope and teach us about the importance of resilience and inner strength. Mother’s Day is the perfect occasion to bring this thought to life.”

Lisa Ray, Actress said, “At a very young age, my mother instilled

in me a deep love and sense of appreciation for all the creations of Mother Nature. Today, when I am a mother myself, I want to pass on this knowledge and gratitude towards nature’s multiple bounties to my children as well. This has been an extremely rewarding experience, and something that resonated with my personal life. I love the message we are trying to convey, as I get to give back in a small way to Mother Nature and celebrate the miracles she creates, like billion-year old diamonds, by being her voice. This Mother’s Day let’s recognise the art of love, creation and resilience displayed by all Mothers - including Mother Nature - everywhere. We are each singular creations, as unique as natural diamonds, loved and cherished equally.”

To know more, follow @realisadiamond.in on Instagram and visit www.realisadiamond.in

Mother Nature inspires me to be a better mother: Lisa Ray

78 SPECIAL THE ART OF JEWELLERY

VOL 19 ISSUE 5 | MAY 2020REPORT

Jewellers rolled out innovative campaigns to express gratitude

towards ‘Mothers’Celebrating any festival and special days during this time of lockdown is next to impossible, however

jewellers made it sure that Mother’s Day can’t go without celebration. Amid lockdown several jewellers from the industry rolled out beautiful and innovative campaigns /digital films, new collections on Mother’s Day

for people to express love, gratitude and tribute towards their mothers. This special report will describe about innovative campaings done to express gratitude towards mothers.

‘Maa Tune Sone Ka Dil Paaya’This Mother’s Day, Kalyan Jewellers celebrated the eternal bond of love that a mother shares with her children with its all new digital campaign. As part of the campaign, the jewellery brand launched a digital ad film, which set you

on a nostalgic journey into your childhood. The digital film has Amitabh Bachchan reciting the poem ‘Maa Tune Sone Ka Dil Paaya’ – thus paying tribute to all mothers. The video rendition of the poetic tribute features ‘Maa and Me’ images, these photographs were sourced via social media participation.

From the hundreds

of crowdsourced images, the brand handpicked some of the best moments captured on camera to be part of the campaign video.

Speaking about this campaign Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said, “Our mothers have always stood by us and

In times like these, it is important that one holds on to the good and beautiful moments and takes the nostalgic trip down memory lane. Our Mother’s Day campaign has sought to follow this approach and use the evergreen voice of Amitabh Bachchan juxtaposed with real photos.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers

Celebrity Influencer Shweta Bachchan Nanda's Ma & Me moment on Kalyan Jewellers' Instagram Page

Brand Ambassador Katrina Kaif 's Ma & Me moment on Kalyan

Jewellers' Instagram Page



been our biggest support system. This year while some of us are lucky enough to celebrate Mother’s Day at home, there are several who are celebrating it from afar. In times like these, it is important that one holds on to the good and beautiful moments and takes the nostalgic trip down memory lane. Our Mother’s Day campaign has sought to follow this approach and use the evergreen voice of Amitabh Bachchan juxtaposed with real photos.”

‘Senco Pyari Maa’To celebrate the spirit of Mother’s Day, Senco Gold and Diamonds, has rolled out an innovative campaign – Senco Pyari Maa for netizens across the country to express love

and gratitude towards their mother.

Speaking on this initiative, Suvankar Sen, Executive Director, Senco Gold and Diamonds said, “This Mother’s Day when most of us are under lockdown, it is easy for us to forget about a special day like this. We wanted to encourage children of all ages to bond with their mothers on this day and at the same time bring in a fun element to it. There are exciting gifts on offer too and we are sure our audience will like this initiative.”

On Mother’s Day, Senco Gold and Diamonds’ customers took the opportunity to book jewellery online and avail of attractive discounts on booking.

Once the lockdown is lifted, customers can either opt to go to the store to pick up their jewellery or get their purchase delivered to their doorstep . Customers will get Rs 150 per gram of 22K gold booked, also 25 per cent discount on making charge of diamond and platinum jewellery.

Capsule collection for Mother's DayThis Mother's Day Reliance Jewels introduces a stylish diamond capsule collection with elegantly crafted Pendants, Earrings and Wrist wear. The collection is crafted in 18kt gold and studded with diamonds. The price ranges from approximately 20k-60k.

This Mother’s Day when most of us are under lockdown, it is easy for us to forget about a special day like this. We wanted to encourage children of all ages to bond with their mothers on this day and at the same time bring in a fun element to it.

Suvankar SenExecutive Director, Senco Gold and Diamonds



Jewellery was the top gift US moms received this Mother’s Day, with most consumers purchasing online due to store closures, according to a survey by

MVI Marketing.

Some 57 per cent of husbands who bought their wives a Mother’s Day gift purchased jewellery, while 13 per cent gave their partners a watch. Meanwhile, 31 per cent of daughters and 47 per cent of sons bought their mothers jewellery for the holiday.

Other popular gifts among respondents included gift cards, perfume, edible treats and something for the house. In total, 87per cent of husbands bought their wives a gift of some sort.

Consumers predominantly made online purchases due

to coronavirus-related lockdowns in most states. Chain jewellery stores such as Tiffany & Co., Zales, Kay and Helzberg Diamonds were the most popular, chosen by 48 per cent of those surveyed, while 36 per cent bought from an internet-only retailer, such as Amazon, Etsy or Blue Nile. Locally owned fine-jewelry stores clocked up 26 per cent of the market share, the survey found, while department stores also accounted for 26 per cent of sales.

Nearly half of family members who purchased jewellery

chose yellow-gold pieces, higher than the 33 per cent who picked white gold. Some 31 per cent of respondents went for diamond jewellery. On average, consumers spent $450 on their Mother’s Day jewellery purchases.

As for moms who received something other than jewellery, 28 per cent said they may have liked jewellery instead, but they had received it before, while 27 per cent said they already had enough jewellery. Just over one-fifth of mothers noted they would have liked jewellery, but their family didn’t have the budget for it this year.

Meanwhile, the largest portion of gift-givers who did not give jewellery said they didn’t choose it as a gift because they had either given it before, or the recipient already had enough. MVI completed the survey on May 11, questioning 405 American jewellery consumers with a median age of 37 and a household income between $50,000 and $150,000.

Nearly half of family members who purchased jewellery chose yellow-gold pieces, higher than the 33 per cent who picked white gold. Some 31 per cent of respondents went for diamond jewellery. On average, consumers spent $450 on their Mother’s Day jewellery purchases.

In US, Jewellery most purchased Mother’ day gift - MVI




Vol 19 Issue 5 | may 2020Special RepORT

Pathshala Empowering Jewellery Workforce

Sumit Kamalia, Owner, UMA Ornaments “Workforce training is extremely important for the growth

of any company, therefore Pathshala was initiated with the sole intention of training the jewellery workforce for the collective growth of the industry.”

Kranti Nagvekar, Managing Director, KNC Services “Pathshala

is an initiative to train develop, nurture and empower your team and let them take charge for the store as we say, "Nayi Shurvaat Nayi Udaan."

Manoj Jha, Founder and CEO, Kamakhya Jewels “Pathshala is a unique digital

learning platform to empower the retail workforce of small and medium jewellers across the country. Our prime objective is to build a strong bottom line for the entire jewellery retail industry.”


Vol 19 Issue 5 | MAY 2020 83Special RepORT

NSE launches 'Gold Options' in commodity derivatives segment

Ravi Varanasi, Chief Business Development Officer, NSE

Indian Bullion Jewellers Association Ltd.

We are glad to launch our

National Membership Committee


Vol 19 Issue 5 | MAY 2020Special RepORT

The beautifully crafted “Princess Collection” from Raniwala

1881(Jaipur) is a perfect choice for bridal jewellery. It is eclectic, modern, yet deeply rooted in tradition and is ideal for the millennial bride.

The Princess collection is handcrafted for the urban bride who is distinctive and has a unique sense of style. It can help a bride exude poise in her fabulously curated, self-styled look. The bride can be a millennial icon, who embodies the elegance of an urban royal, but with inimitable panache.

Princess collection features a wide variety of designs ranging from the enticing chokers, layered neckpieces, the chandelier earrings, cocktail rings, bewitching bangles, alluring

Princess collection from raniwala 1881 (JaiPUr)elegant and exquisite Handcrafted Jewellery

for the millennial Bride

hathphools which perfectly complement the modern bride who strides into a party and turns heads. Handcrafted in 18K gold, Princess collection is set in intricate jadau and open

setting technique, exudes contemporary luxury with the centuries-old grandeur of Rajasthani tradition.

Dubai’s iconic Gold Souk reopens its doors to customers

Precautionary measures in place to safeguard health and safety of customers.

With Dubai gradually rolling out measured steps to resume

economic activities across sectors following the success of its robust response to the Covid-19 crisis, the emirate’s iconic Gold Souk has started welcoming visitors to its jewellery stores.

The reopening of the popular tourist destination on 26 April follows the easing of restrictions on movement in Naif and Al Ras and the announcement by the Dubai Gold & amp; Jewellery Group (DGJG), the trade body for the gold and diamond jewellery sector, that market operations with resume with observance of the highest safety measures.

Precautionary MeasuresDubai authorities have left no stone unturned in ensuring the safety of customers and staff in retail outlets. Stores in the Gold Souq will follow reduced hours from 11.00 am to 9.00 pm and wholesale offices from 10.00 am to 5.00 pm. An occupancy ceiling of 30 per cent of capacity will be maintained for customers and employees as per safety guidelines. Precautionary measures observed by outlets include physical distancing within stores, provision of sanitisers, face masks and gloves to staff and customers and sanitisation of jewellery.

Tawhid Abdulla, Chairman, Dubai Gold & Jewellery Group said, “By reopening the Deira Gold souk with a strong focus on safe practices, the UAE leadership has once again shown that we can maintain our resilience amidst crises of any magnitude.”

He added, “It is a commendable step towards safely reopening the economy and as an industry we are all geared to meet the Government’s expectations and consumer confidence. It is our collective effort that has resulted in successfully implementing the retail protocol mandated by Dubai Economy in a manner that is both safe and effective, as we prepare to work towards 100 per cent capacity in the coming months.”

To ensure the safety and wellbeing of customers, prior to opening, the Deira Gold Souk and its stores underwent a complete and extensive sterilisation programme under the strict guidelines of the Department of Economic Development (DED).

Tawhid AbdullaChairman, Dubai Gold & Jewellery Group



The gold sector is a crucial component for Dubai’s economy so it is important to get back and gain business. Last year, Dubai had welcomed more than 16 million tourists. So, this year it was expected that there will be around 20 million tourists and an opportunity to do more business but unfortunately the Pandemic changed the scenario completely.

The gold souk area is shining again with the varied and beautiful jewellery items on display for the customers. Sharing his views about

the reopening of gold souk, Chandu Siroya, Vice Chairman, Dubai Gold & Jewellery Group and Managing Director, Siroya Jewellers, Dubai said, “During the lockdown due to Covid-19, we received very good support from Dubai police and the government. They did a fantastic job, the residents in the gold souk area were provided food and necessary items. Also, we were allowed to access our offices on selective basis with few people, in order to address urgent business needs and bank operations etc. Now, the lockdown has been removed and the business is slowly coming back to normal. The gold souk area has been sanitized very well and it is safe. All the

jewellers here have been trained to take care of the customers, face masks are provided and there are compulsory hygiene guidelines in place to ensure safety. We are also planning to fix a sanitized tunnel to enter the gold souk.”

The reopening of Gold Souk is a major relief for the entrepreneurs as it is one of world’s biggest gold markets and all the jewellers are taking the required efforts to ensure safety and bring back the normalcy, they are optimistic and expecting more customers to come.

Chandu SiroyaVice Chairman, Dubai Gold and Jewellery

Group & Managing Director, Siroya Jewellers



Jewellery retailers at Dubai’s Gold Souq are calling on their landlords to offer a six-month waiver on rents - until tourist

shoppers return in strength to the centre of UAE’s gold trade.

And for next year, these landlords should consider up to a 50 per cent reduction on rents.

Retailers say it’s the bare minimum requirement to ensure they survive

through this crisis.

“There are no incoming flights as yet – and even after flights do start, we do not expect to see many tourists coming,” said Anil Dhanak, Managing Director at Kanz Jewels. “Our sale to tourists from the Gold Souq store was at 93 per cent last year.”

“This figure is based on the numbers who bought from our store and then claimed VAT (value added tax) refunds at the airport. Other retailers at the Gold Souq too would have more or less similar numbers – that location is a must-see for a majority of visitors to Dubai and it will return to being that.

“But it will take time for that to happen – and we will need some support from landlords to see us through this period.

“We certainly do not expect to make sufficient revenues with the remaining 7 per cent of local buyers as they will look to any jewellery purchase as a last preference and only after all their essential needs are fulfilled.”

Rent at Gold Souk for a single-shutter store of 300-400 sq. ft. currently starts from about Dh500,000 annually. Retailers typically operate multiple locations within the Souq, and until four or five years ago, they would also have to shell out millions of dirhams as “key money” for access to an outlet.

According to market sources, the Dubai Gold & Jewellery Group, which represents more than 400 members, has been trying to work out some rent relief packages.

“The Group has approached the government departments and most malls - but individual landlords at the Gold Souq are not being approached,” said Dhanak. “I have approached a few landlords in an individual capacity over the phone.

Dubai's Gold Souq retailers want six-month rent waiver

They say six-month waiver is only way businesses can survive until tourists return.

Anil DhanakManaging Director, Kanz Jewels

Courtesy: Gulf News




Vol 19 Issue 5 | MAY 2020Special RepORT

When most of the world was going into coronavirus

lockdown, China was slowly emerging from it. The Chinese government began to lift all the lockdown restrictions imposed across the country when the covid-19 cases began to decline. Currently, China jewellery industry is recovering steadily as the spread of Covid-19 has been contained and the situation in China is well under control.

Revenge Spending

Post lockdown, China retailers received an overwhelming response from customers. In fact, this sudden increase in sales has created a new retail term “Revenge Spending”. It refers to overindulgence in shopping by consumers at their favourite outlets as they missed it due to the lockdown. Long queues, fuelled by revenge spending sprees were seen outside outlets of popular brands in Chinese cities.

Speaking about the jewellery sales, Kent Wong, Managing Director of Chow Tai Fook, China’s largest jeweller, said, “80%–90% of CTF’s

points of sale are currently open. We are happy that consumers are still interested in jewellery, even if their current preference runs toward lower-price-point items. I think in three or four months, we will be back to normal. The present data is better than what we had expected.”

Promoting Jewellery Shopping Online

As per the Gems and Jewellery Trade Association of China (GAC), online shopping of jewellery is expected to become the latest trend. Since consumer incomes have declined, low- to mid-priced jewellery pieces are expected to become most sought-after and that will further boost the online sales. To make the best use of this trend, many jewellery industry players are developing their digitial initiatives.

Bi Lijun, Vice President and Secretary General of GAC said, “Some jewellery companies started promoting their products

through live streaming during the quarantine, accelerating a positive transformation in the industry. Live stream lectures are making waves in China as users find them enjoyable and engaging. This will be the new trend for the industry after Covid-19. Apart from the online jewellery platform, we also launched a series of live streams

and courses to help jewellers make the most of e-commerce.”

Hong Kong retailer Chow Tai Fook Jewellery Group Ltd (CTF) is harnessing the power of social media and online shopping to drive

business amid the Covid-19 crisis. Bobby Liu, Executive Director of Chow Tai Fook said, “Chow Tai Fook Jewellery Group is maximizing the use of its new tailor-made O2O sales channel, Cloudsales365, which allows employees to continuously promote and sell goods through social media.”

By using live streaming and e-shopping platforms, small and medium-sized online jewellery shops managed to make good sales, jewellery pieces of crystal, pearl, amber and jade were most sought-after. In the days to come, it is also expected that online exhibitions, conferences and trading platforms will be adopted and preferred as a result of pandemic induced restrictions.

Post Covid-19 LoCkdown: imPaCt on China JeweLLery industry



How to derive maximum spiritual benefit from gold chains?

A chain worn around the neck is one of the most versatile pieces of jewellery. It is very popular with both men and women. While buying a chain, most of us consider its aesthetic and monetary value. However, another consideration is also called for – that a chain emits subtle (that which is beyond the comprehension of the five senses, mind and intellect) vibrations. These vibrations affect us at a deep level.

The true measure and analysis of what happens in the subtle dimension can only be through the medium of the sixth sense. At the Maharshi Adhyatma Vishwavidyalay (Maharshi Spiritual University), we have seekers in our spiritual research team who can perceive subtle vibrations emitted by an object or individual. The readings are then confirmed or corrected by H.H. (Dr.) Athavale, to get the accurate values. In this article, we will explain some of the factors that contribute to the spiritual positivity or negativity in a chain based on spiritual research. The factors given below are applicable to both men and women.

1. Design of chains worn around the neckNowadays, chains are available in a variety of designs. Most look attractive to the eye. However, the subtle vibrations emitting from each vary. Depending on whether these vibrations are positive or negative, they have a corresponding effect on the wearer. Most of us may not perceive the subtle effect of the chain on us due to lack of ability to perceive the subtle dimension. This ability comes with regular spiritual practice. However, irrespective of whether we perceive the effect or not, the effect does take place.

To give our readers an idea of the kind of vibrations emitted by various designs and how they affect us, we conducted an experiment using advanced sixth sense. We checked the internet for the 10 most popular chain designs worldwide. We then asked our seeker with advanced sixth sense, Miss Madhura Bhosale, to study these designs. Based on this study, we have given the proportion of the subtle Sattva, Raja or Tama component along with the name and image of each chain design and below each image of the design we have given how the chain affects the wearer. We have arranged the chains in the descending order of spiritual positivity, that is, the most spiritually positive (Note) is the first on the list.

Note : There are a variety of subtle positive vibrations. In the ascending order of positivity they are – Divine Energy (Shakti), spiritual emotion (Bhav), Divine consciousness (Chaitanya), Bliss (Anand) and Serenity (Peace).

1 A. Gourmette chain : 12 % Sattva

Experience of Bhav, Chaitanya and Anand

1 B. Ball or bead chain : 10 % Sattva

Experience of Anand

1 C. Curb chain : 9 % Sattva

Experience of Bhav

1 D. Box chain : 8 % Sattva

Experience of lower level Shakti and Anand

1 E. Cable chain : 6 % Sattva

Experience of lower level Shakti

1 F. Snake chain : 20 % Raja-Tama

Experience of distress and repulsive touch to the body

1 G. Rope chain : 20 % Raja-Tama

Experience of being tied up tightly

1 H. Singapore chain : 30 % Raja-Tama

Experience of distressing energy and nausea

1 I. Puffed mariner chain : 30 % Raja-Tama

Experience of body being tied up and pain in the subtle

1 J. Solid flat mariner chain : 31 % Raja-Tama

Experience of heaviness of head and pressure on the chest



1 K. Spiga or wheat chain : 31 % Raja-Tama

Experience of pain in the subtle and feeling of body being tied up

2. Length of the chain worn around the neckThe ideal length of a chain ranges from 2.5 cms below the Throat-chakra (Vishuddha-chakra) till the Heart-chakra (Anahat-chakra). For children below 10 years of age, chain worn 1 inch below the Vishuddha chakra is most beneficial. Wearing a chain below the Anahat-chakra is not beneficial for anybody.

3. Thickness of the chain worn around the neckA thick gold chain with sattvik design attracts Shakti. Raja-Tama predominant individuals are extroverted by nature. That is why, they like thick chains. As an individual’s sattvikta increases, his attitude starts becoming introverted and consequently his liking changes to wearing a chain which is finer. A sattvik individual is easily able to imbibe even the subtle principle through the fine chain. Thus, initially wearing a chain with medium thickness is spiritually beneficial for an individual. As the spiritual level increases, one feels like wearing a chain which is finer.

4. Number of chains worn around the neckSometimes, people wear more than 1 chain around their neck. Wearing a single chain is most sattvik. Wearing more than one chain progressively reduces the spiritual benefit. However, we can wear maximum up to 5 chains. Wearing more than that deprives the wearer of any spiritual benefit.

5. Man-made and machine-made chainAs a machine is inanimate, it has less sattvikta and Chaitanya compared with a man-made chain. When man makes any piece of jewellery, the sattvikta in him is transferred to it. That is why, man-made chains are more sattvik than the machine-made ones. However, in the present times most people across the world are Raja-Tama predominant. Hence, jewellery made by them can have distressing vibrations. That is why, irrespective of whether the chain is man-made or machine-made, it is advisable to keep it in the sun for 2-3

minutes a day to destroy the distressing vibrations in it. Then we can wear the chain after rubbing a pinch of camphor powder or Holy ash (Vibhuti) on it.

6. Wearing a chain with or without a pendant around the neck

6 A. Chain without pendant : By wearing a gold chain with Sattva predominant (Sattvik) design without a pendant around the neck, Divine consciousness (Chaitanya) enriched with Absolute Fire Principle (Tej-tattva) is attracted and emitted into the environment. Due to this, the Raja-Tama particles in the environment surrounding the person wearing the gold chain get destroyed. For details, please refer to the subtle picture of a gold chain in the May 2019 issue of this magazine. Wearing a chain without a pendant helps keep the person introverted.

6 B. Chain with pendant : A pendant is made of different shapes with a design or a picture on it. The pendant emits sattvik or asattvik vibrations depending on its design. If, for example, a pendant has a skull picture, then the the wearer may experience physical, mental, intellectual or spiritual distress. That is why, it is important to select a pendant of a sattvik design. Wearing a chain with a pendant leads to extroversion in the wearer.

7. Effect of wearing a gold chain as an ankletIn India, traditionally gold jewellery is worn above the waist and silver jewellery around the waist and feet. There is a specific spiritual science underlying this tradition.

7A. Why gold jewellery is to be worn above the waist : Gold augments the Absolute Cosmic Fire Principle (Tejtattva) and it is utilised to protect from the subtle negative energies working in higher regions (Note 1) above the ground. Hence, jewellery worn around the middle and upper part of the body is made of gold. The chakras beginning from Navel-chakra (Manipur-chakra) upwards have greater capacity to imbibe positive energy. Hence, in the regions from Manipur-chakra and above, gold jewellery which transmits Tejtattva is worn. Gold repels the attack of strong negative energies present in the respective layer.

Note 1 - Higher regions are 8-10 feet above the ground, medium region is 5-6 feet above the ground and lower region is 2-3 feet above and close to the ground.

7 B. Why silver jewellery is to be worn around the waist and feet : Generally, jewellery worn by women from waist downwards is made of silver. Silver has greater ability to imbibe Raja predominant waves. Hence, it is used in jewellery around the waist and feet in order to protect from the Absolute Cosmic Earth Principle (Pruthvitattva) and Absolute



Cosmic Water Principle (Apatattva) predominant waves emitted by hell region (Patal).

7 C. A pilot UAS experiment to study effect of gold chain worn around the ankle: Nowadays, there is an increasing trend of wearing gold anklets. We conducted a pilot study using a modern scientific equipment, the Universal Aura scanner (UAS), to study the effect of wearing a gold chain around the ankle. Please refer to our article in the September 2019 issue of this magazine for details on the UAS machine and how to interpret its readings.

7 C 1. Methodology of the experiment: We did this UAS experiment on 2 young lady subjects. One was affected by subtle negative energies and the other was not. We took baseline readings of both subjects when they reported for the experiment. Then we asked the subject without distress to wear the gold chain used in the experiment around her neck for 20 minutes.

During this 20 minutes period, she was asked to just relax, not to do any physical or spiritual activity like praying, chanting, etc. After 20 minutes of wearing the gold chain, we recorded her UAS readings. This gave us an idea of the subtle effect of wearing the gold chain around her neck. Then we asked her to remove the gold chain and again to just relax. After 20 minutes we again took her UAS readings and found that these readings were near her baseline readings. This showed that the effect of wearing the gold chain had worn off. If the reading was not like her baseline reading, we would have waited a further period of time, till she came down to her baseline reading. Since she had already reached the baseline reading, we asked her to wear the same gold chain (worn earlier around her neck) around her right ankle.

We again asked her to wait for a period of 20 minutes without any physical or spiritual activity. Then we took her UAS readings.

We repeated the same procedure with the same gold chain on the other subject who was affected by subtle negative energies. The table given ahead shows the readings of both the subjects. All the readings are in meters.

7 C 2. UAS readings of subject without distressThe above table shows that after wearing the gold chain around the neck, the positive energy and measured aura of the subject increased. In contrast, both decreased after

wearing the gold chain around the ankle.

7 C 3. UAS readings of subject with distress

The above table shows that after wearing the gold chain around the neck, both types of subtle negative energies decreased, whereas the positive energy and measured aura of the subject increased. In contrast, both the types of subtle negative energies increased, whereas both the positive energy and the measured aura decreased after wearing the gold chain around the ankle.

Thus, the above pilot study corroborated the advice of our Scriptures, that gold jewellery be worn above the waist.

Our next article will be on mangalsutras.

His Holiness Dr. AthavaleFounder, Maharshi Adhyatma Vishwavidyalay (Maharshi Spiritual University)

Dr. (Mrs.) Nandini SamantMaharshi Adhyatma Vishwavidyalay research team member, Goa.

For more info, contact : 9561574972 | Email : [email protected]

Maharshi Adhyatma Vishwavidyalaya one of its kind university

Objective: To explain the importance of Spirituality to society by using modern scientific equipment

Research team: 38 years of experience in spiritual research

Scope: 1. Research on over 2,250 topics on Hindu achars, religious rituals, astrology, art, Divine objects, etc.

2. Invaluable research on spiritual healing remedies

Research papers: 1. 63 research papers presented in 15 National and 48 International Scientific Conferences from October 2016 to April 2020

2. ‘Best Paper’ Awards in 4 International Conferences

Wearing chain around neck

Wearing chain around ankle

Before After Before After

IR negative energy - - - -

UV negative energy - - - -

Positive energy 2.93 4.61 2.97 2.46

Measured aura 5.18 5.91 5.22 4.38

Wearing chain around neck

Wearing chain around ankle

Before After Before AfterIR negative energy 4.31 2.77 4.41 4.63

UV negative energy 3.42 0.91 3.26 3.48

Positive energy 1.18 2.92 1.32 1.18

Measured aura 5.27 5.4 5.37 5.3

A

We are a Private limited company engaged in the trading and manufacturing of Gold Jewellery. Most of our business operations are foreign

sourced and requires payment to the service providers on which withholding taxes are duly deducted by us. Whether the Multilateral Instrument (MLI) would have any effect on such payments to the foreign service providers.

With respect to withholding taxes, MLI has become effective

from 1 April 2020 for India. In case of application of MLI, tax

treaties should not be replaced by MLI but rather should be

read alongside existing treaty provisions and it would modify

the application of such treaties. However, it is pertinent to

note that MLI would modify only such specific tax treaties

that are notified as Covered Tax Agreements by both the

Parties to the treaty. For instance, MLI would not apply to the

India-Mauritius or India-China treaty as either of the said

Countries have not covered the other treaty as a Covered

Tax Agreement. Also, application of MLI would differ for

different tax treaties and every treaty needs to be specifically

analysed. Thus, the determination of withholding tax rates

for payment of foreign sourced vendors made w.e.f. FY 20-21

should be analysed after taking the MLI into consideration

the respective tax treaty.

We are a Listed Corporate engaged in the business of trading of gold and silver jewellery. We have other entities in different parts of the

World and transactions often take place between such entities based in different countries. However, the current pandemic situation has resulted in major shift in the inter group financing arrangements. In view of the same, how do we continue to maintain the Transfer Pricing (TP) documentation? Documenting and maintaining TP policies and substantiating

the Arms Length Prices in the current pandemic environment

would result in number of difficulties, depending on the

particular market or transaction concerned. Thus, one needs

to consider the following while maintaining documentation:

• ‘Substance over form’ approach should be considered

over the traditional approach of maintaining documents.

• Contemporaneous documentation (e.g., email

correspondence, board minutes, presentations, memos,

reports, government guidelines policies, etc.) needs to

on Taxes & Related Issues

taXGURU92THe ArT of JeWeLLery

VoL 19 Issue 5 | MAy 2020

FAQsDr. suresh surana, founder, rsM Astute Consulting Group, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers. readers are encouraged to send in their questions and receive clarifications through this column.


Vol 19 Issue 5 | mAy 2020

be maintained in order to substantiate the change in TP Policies, intra group supply chains and other TP matters.

• Re-define the economic characterisation of entities incaseofchangeintheFunctionsAssetsandRisks(‘FAR’)analysis.

• A detailed industry analysis can be carried out andappropriately provide for the impact of COVID 19 onkeybusinessdrivers,supplyanddemandshortage,timespanofimpact,etc.

• LocalfilesofeachjurisdictionshallalsoberealignedwithGroupMaster File and Country by Country Reporting(CbCR)toensuresynchronisedinformation.

• Documentation to substantiate the unquantifiableadjustmentsuchadjustmentstoaccountfordifferencesin idle capacity or extraordinary expenses shall be maintained.

• Revisitthefinancialdataofthecomparablesasandwhentheymaybeavailable and if possible carryout a singleyear analysis as opposed to a multiple year analysis to analysetheimpactofCOVID19onthecomparables.

We are a Partnership engaged in the business of manufacturing of Gold and Jewellery. With the introduction of new concessional tax regime,

we are concerned about the withholding tax deduction procedure for our employees and to guide them on the beneficial option in the current COVID-19 situation. Kindly advise us on the same. AsperarecentCBDTCircular,everyemployeewhowishes

tooptfortheconcessionaltaxregimewouldberequiredto

notify their employers about the same for every previous

year. Thus, the employees would be required to ascertain

their potential income for the entire year and accordingly

intimate their choice to their respective employers. Such

intimationshouldbemadeatthebeginningofthefinancial

period itself to facilitate smooth transition ofwithholding

procedure.

The said intimation made to the employer by the employee

cannot be altered during the course of the year.However,

theemployeehastheflexibilitytochangetheoptionwhile

filing his return of income for the year. Thus, taking into

account thepandemicsituationandthepossibilityofpay-

cuts,itwouldbebeneficialfortheemployeestooptforthe

concessional new tax regime. However, employees with

highincomeshouldrathermakesuchchoicebasedontheir

investmentplan,liquidityrequirementandriskappetite.

We are an Indian listed entity engaged in the trading

and manufacturing of Gems & Jewellery. We have a group company structure as a result of which, we receive dividend from our foreign

holding company for our stake in the said company. Are we eligible for any deduction for such dividend received from a foreign company?its?The Finance Act of 2020 inserted a new Section 80M inthe Income Tax Act, 1961which provides for deduction ofdividend received by the domestic company from anotherdomesticcompanyoraforeigncompanyorabusinesstrust.

However, it is pertinent to note that such deduction shallnotexceed theamountofdividenddistributedby thefirstmentioneddomesticcompanyonorbeforetheduedate.Forthispurpose, ‘duedate’meansthedateonemonthpriortotheduedateoffilingthereturnofincome.

Thus, such dividend received by the entity from foreigncompanywouldbeeligibletobeclaimedasadeductionu/s80MoftheAct.

I have a sole proprietary concern and the business constitutes of trading of gold ornaments. I have few cases pending with different forums which are eligible for settlement under Vivad

Se Vishwas Scheme. If I wish to opt for the Scheme for only one particular year, what would be the effect of such settlement on cases with similar issued pending for other years?

Opting for settlement under the Scheme for a particularyearwouldnotamounttoconcedingthetaxpositionbytheapplicant.Also,itwouldnotbelawfulfortheRevenueortheapplicanttoconcludethateitherofthemhasacquiescedinthe decision on the disputed issue by settling the dispute. Hence, only the issues covered in thedeclarationmadebytheapplicantaresettledinthedisputewithoutanyprejudicetosameorsimilarissuespendinginothercasesorforotherassessment years.

Dr. Suresh Surana is a practicing Chartered Accountant and specialises in International Taxation

and Corporate Advisory services to multinational corporations besides Indian corporate houses.

He can be contacted on: [email protected]

Courtesy: RSM Astute Group (www.astuteconsulting.com)

Kindly email your queries to [email protected]

taXGURU

advertorial9494The ArT of Jewellery

Vol 19 Issue 5 | may 2020advertorialadvertorial9494 advertorial

Emerald

About EmeraldEmerald’s green is unique among gemstones.

The most desirable colours are bluish green to pure

green with strong to vivid colour saturation and medium

to medium-dark tone. The relative strength of an

emerald’s hue, tone and saturation are the principal

determinants of value.

Emeralds are known to generally have more growth

characteristics than most other gemstones, and these

inclusions are often referred to as “jardin,” from the

French term, meaning garden. Peering through a

microscope, such scenes are indeed reminiscent of

a lush green garden. Eye-clean stones are very rare.

The most prized emeralds are highly transparent with

even colour distribution and no eye-visible colour zoning.

TreatmentsSurface-reaching fractures or fissures in emeralds

are often filled with oils, or oil-like substances,

that can make the fissures appear less noticeable.

The treatment increases the transparency of the

gem. Since oil treatments can leak or oxidize over

time, more stable fillers like paraffins and resins are

sometimes used.

Emerald Sources and Production Colombia, Brazil and Zambia supply the majority of

emeralds. Colombia has been the source of the finest

emeralds for more than 500 years. Muzo, Chivor and

Coscuez are three of its noteworthy mining sites.

Jaipur is one of the world’s largest cutting centers for

emerald. Indian appreciation for emeralds is ancient,

as the Mughal rulers coveted the vivid green colours.

India became one of the principal destinations for the

gems following their discovery in Colombia by the

Spanish conquistadors.

To learn more about emeralds and other popular

gemstones visit GIA.edu/gem-encyclopedia

This article is provided by GIA (Gemological Institute of America).

GIA.edu

Images Courtesy of: Necklace, Private Collector; Emerald Crystal, Ismael Daoud

©2018 GIA. GIA® is a registered trademark of Gemological Institute of America, Inc.

Learn More About GIA Education Programmes and Laboratory Services in India

GIAindia.in Email: [email protected] Email: [email protected]

Once prized by Inca kings, pharaohs, Spanish

conquistadors and the Mughal rulers, emerald remains

coveted by enthusiasts around the world. Emerald is

the strong bluish green to green variety of beryl. Trace

elements that cause emerald’s colour are chromium

and sometimes vanadium.

Emerald’s name comes from the ancient Greek word

for green (smargdos). Pliny the Elder (AD 23–79),

author, philosopher and naturalist of ancient Rome,

described the gem in his book, Natural History, as “…

nothing greens greener.” He also noted that its beneficial

properties were ideal for lapidaries, who “have no

better method of restoring their eyes than by looking

at the emerald, its soft, green colour … removing their

weariness and lassitude.”

The ancients believed that emerald was imbued with

magical powers: it offered protection against evil spells,

and was a cure for cholera and malaria. Wearing an

emerald had other virtues - it exposed lovers who made

false promises and endowed speakers with eloquence.

Cleopatra was reputed to have a passion for emerald

and used emeralds from the historic Egyptian mines

in her royal adornments. The Spanish settlers in

South America traded emeralds, and appreciated their

beauty. Their admiration for it sparkles in the legendary

Crown of the Andes, which was assembled and kept

in Popayán, Colombia in the mid-1600s. It has 442

emeralds, including a 24 carat emerald purportedly

confiscated from the Inca emperor Atahuallpa.

Emerald





















sometimes used.














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95advertorialThe ArT of Jewellery

Vol 19 Issue 5 | may 202095advertorial 95advertorial

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96 FACTS & DATA THE ART OF JEWELLERY


How The Brand Got Its Name? Hans Wilsdorf wanted his watches to bear a name that was short, easy to say and remember in any language, and which looked good on watch movements and dials.

In his own words, Hans Wilsdorf had stated, “I tried combining the letters of the alphabet in every possible way. This gave me some hundred names, but none of them felt quite right. One morning, while riding on the upper deck of a horse-drawn omnibus along Cheapside in the City of London, a genie whispered ‘Rolex’ in my ear.”

The history of Rolex is inextricably linked to the visionary spirit of Hans Wilsdorf, its founder. In 1905, at the age of 24, Hans Wilsdorf founded a company in London specializing in the distribution of timepieces. He began to dream of a watch worn on the wrist. Wristwatches were not very precise at the time, but Hans Wilsdorf foresaw

that they could become not only elegant, but also reliable.

To convince the public of the reliability of his resolutely innovative timepieces, he equipped them with small, very precise movements manufactured by a Swiss watchmaking company in Bienne.

Origin of the Famous Luxury Watch Brand “ROLEX”

First Wristwatch to Receive the Swiss Certificate of Chronometric Precision

Rolex first concentrated on the quality of the movements. The relentless quest for chronometric precision rapidly led to success. In 1910, a Rolex watch was the first wristwatch in the world to receive the Swiss Certificate of Chronometric Precision, granted by the Official Watch Rating Centre in Bienne.


Vol 19 Issue 5 | may 2020NEWSdiamoNdtalk

Mumbai has dispatched its first diamond exports since

India’s lockdown started, after the state government allowed limited activities to resume at the city’s Bharat Diamond Bourse (BDB).

The first shipments took place on Tuesday, with 80% to 85% of the goods destined for Hong Kong, BDB president Anoop Mehta told. The rest went to Dubai, Antwerp, the US and Thailand, he noted.The BDB is the heart of Mumbai’s diamond trade, as all exports must go through the Precious Cargo Customs Clearance Centre (PCCCC) located within the bourse complex. On Monday, the Maharashtra state government

allowed members of the exchange to

enter the site to manage shipments,

enabling them to trim a backlog of

orders resulting from coronavirus-

related restrictions.Companies must

limit their workforces to 10% of

capacity and enforce social distancing,

and may only remain in the bourse for

the time it takes to fulfill their existing

export commitments.

IN BRIEF

Eight Surat cutting units return to work

Exports restart at Bharat Diamond Bourse

Young Diamantaires Group launches its website

The World Federation of Diamond Bourses (WFDB)

has announced that the Young Diamantaires (YDs) have launched their website at www.ydts.org, which will serve as a platform to boost interaction and discussion and help younger members grow their business.

The website is part of the WFDB efforts that began four years ago to bring together young members of the diamond community all over the world to create a platform through which they can express their thoughts, opinions and views in a safe and constructive manner.

“The diamond industry over its long history has been shaped and nurtured by many different generations of diamantaires,” said Yoram Dvash, Acting President, WFDB. “We are happy to see the younger members of our industry actively engaging in discussions regarding critical issues and exploring how they can build on the rich legacy of this industry.”

The website itself was physically built by the members for the members. It is in its first iteration and there are plans to expand its functionality, the WFDB said.

Eight production units in Surat, the country’s diamond-cutting

hub, have begun operations at the city’s Special Economic Zone, GJEPC reported. Ten shipments of diamonds were exported from the Surat Hira Bourse to Hong Kong last Wednesday, the GJEPC continued.

The first shipment comprised diamonds worth INR 2 billion ($26.4 million) belonging to Mumbai-based manufacturer Shree Ramkrishna Exports. A second package of polished goods valued at INR 3 billion ($39.6 million) went from Surat to Hong Kong via Mumbai.

Meanwhile, “a few” units in Jaipur,

a city known for gemstone cutting, have also recommenced production and exports, the council said. Exports from businesses in Mumbai are set to start this week, added GJEPC vice chairman Colin Shah.

The factories in question are “observing all safeguards and other prescribed norms,” the GJEPC added.

97

CreatingRelationships

www.RapNet.com/working-together



Gems and jewellery exporters have urged the government

to grant them permission to start factories in the Santacruz Electronic Export Processing Zone (SEEPZ) and to set up the Bharat Diamond Bourse (BDB) in Mumbai, the backbone of India’s $40 billion jewellery exports.

The Union Ministry of Home Affairs (MHA), in its revised guidelines for implementation of lockdown 3.0 for three weeks starting on May 4, had allowed private companies to start operations with 33 per cent manpower (barring containment zones). This was subject to the condition that they maintained social distancing and frequently sanitised the factory premises, equipment and workers.

Jewellery manufacturers are awaiting

relaxation in lockdown norms in

Maharashtra, especially in Mumbai,

to commence operations in SEEPZ

and BDB and start shipments to meet

export obligations. GJEPC estimates

that around 30 per cent of India's

annual exports are still waiting to be

executed.

IN BRIEF

Rapaport is launching a new podcast dedicated to estate jewels

as the sector gains popularity among consumers.

Hosting the biweekly Jewelry Connoisseur Podcast is Editor in Chief Sonia Esther Soltani, with guests including estate dealers, historians, and best-selling authors. They will cover subjects ranging from eras such as Art Deco and Victorian to specific designers whose creations are considered highly collectible.

“Rapaport as a brand is very much identified with diamonds, in particular diamond pricing, but we also produce a lot of jewelry content in print and online,” says Rapaport Publisher John Costello. “I wanted to bring this knowledge and expertise to the next level, to the podcast arena.”

The timing is apt for a new podcast on estate jewelry, continues Costello, as this is a period “when people are looking for originality and provenance.” The coronavirus lockdown and the resulting economic crisis will also impact this sector, he notes, since more estate jewels are coming to the market from people looking to liquidate assets.

Diamond market reflects uncertain outlook: Rapaport

Diamond trading was restricted in April due to the coronavirus

pandemic and global lockdowns.

Sentiment was weak, with dealers

frustrated by the inability to resume

business. The industry was focused on

the Far East as China and Hong Kong

started to open, while the outlook for

the US remained uncertain.

The RapNet Diamond Index (RAPI™)

for 1-carat diamonds was basically

flat for the month due to the low

volume of trade. The index was down

8.5% since the beginning of the year.

The diamond industry is trying to limit supply to support the market, with Indian manufacturers considering a one-month voluntary suspension of rough imports beginning May 15. Miners have paused operations or reduced production. Some mines have been placed on care and maintenance and are unlikely to resume operations at current low prices. Mid-tier miners are under pressure and unlikely to generate the cash required for their

debt payments.

Rapaport Introduces Jewellery Connoisseur Podcast

Jewellery exporters seek permission to start diamond bourse, SEZ in Mumbai

100



Rough diamond Market faces its toughest year yet

As the diamond market considers its options during the industry-

wide lockdown, manufacturers in India are planning a freeze on rough imports. The move has precedent. Back in 2008, as financial markets collapsed, India imposed a one-month moratorium on rough buying. Ultimately, it helped the local trade realign inventory and gain market share while other manufacturing and

trading centers tried to continue with business as usual.

In a letter signed by various Indian trade bodies, GJEPC has called on all members to curtail rough imports for at least 30 days beginning on May 15. That would send a message to the banks that the industry was being careful not to raise its debt levels, and would also ease the financial strain placed on companies.All of this would lead to a “faster restoration of normalcy,” the letter read. With no rough coming in, manufacturers can focus on depleting existing inflated polished inventory, particularly since demand from China and Hong Kong is slowly starting to resurface.

IN BRIEFA Cartier “Tutti Frutti” Bracelet breaks online record at $1.3M

Sotheby’s sold a 1930s-era “Tutti Frutti” bracelet by Cartier in an

online auction earlier this week for US$1.34 million—the highest price achieved during an online auction for any jewel at any auction house. Featuring colored sapphires, emeralds, and rubies carved with leaves and flowers in addition to “old European” and single-cut diamonds, and accented with black onyx and black enamel, the seven-inch bracelet is a classic example of a popular Art Deco style made famous by

Cartier, the French jewelry house. “There’s just this hunger for something great, and there are very few places that can provide that right now,” says Catharine Becket Sotheby’s New York head of its “magnificent jewels” auctions. The piece originally was to be featured in Sotheby’s April live auction of magnificent jewels with an estimated price range between US$600,000 and US$800,000, the same level Sotheby’s offered the piece for online, Becket says.

De Beers launches online rough-sales platform

De Beers has launched an e-commerce site that enables

customers to buy the rough

diamonds they want, when they

want them, creating an opportunity

for sales during the weak market.

An initiative of De Beers’ auctions

unit, the new Buy platform gives

registered buyers an extra way of

purchasing rough in addition to

the company’s existing limited-time

auctions, the miner said Thursday.

Customers will be able to buy rough

diamonds immediately and at any

time of the day, with the available

goods ranging from very high-end

to low-end items. Prices will be

visible to customers at the point of

purchase, the company added.“We

are especially pleased to introduce

this additional flexibility for our

registered buyers in light of the

current COVID-19 situation,” noted

Alastair Bickerstaff, head of product

development and sales at De Beers’

auctions division.

101

102 Advertisement indeXThe ArT of Jewellery


Advertiser Page No. Advertiser Page No.

AMY Jewellery Designers, Cochin .......................................................... 11

Achal Jewels, Jaipur ........................................................................13

B Jewelled, Mumbai...............................................................50 & 51

Chain N Chains, Mumbai ........................................................4 & 5

De Beers Group, London .......................... (Inside Front Cover) 2

Durja Jewels, Jaipur ........................................................................23

Gemmological Institute of India, Mumbai........................................27

GIA EUU), Mumbai ......................................................................37

Jewel Goldi, Mumbai ....................................................................... 7

Jewellery & Gem, Delhi .................................................................43

Laxmi Diamonds, Bangalore .......................................................... 9

Limelight, Mumbai .........................................................................17

Manyata Jewellers, Bangalore ......................................................... 6

Mathushree Gold, Bangalore ........................................................25

Mayan Diamonds, Bangalore ........................................................19

MCX, Mumbai ..............................................................................103

Mehta Gold Pvt Ltd, Bangalore ....................................................15

Moments 925 Silver India LLP, Mysuru ......................................29

Nahar Diamond, Bangalore ..........................................................21

NM Karel & Sons, New Delhi .......................................................33

Platinum Guild International, Mumbai ......................................03

Raj Jewellers, Mumbai ..................................................................10

Rapnet, Mumbai ....................................................................98 & 99

S. K. Jewels, Bengaluru ..................................................................31

Sri Rishabh Jewellers, Mumbai .......................................................... 35

Unique Chains Pvt Ltd., Mumbai........................(Back cover) 104

Vijay Gems, Bangalore ...................................................................39

Disclaimer: This advertisements Index is aimed at helping readers locate the advertisements easily and not part of advertising contract. This should not be read as ranking or any other kind of prioritising. No allowance will be made for errors of spellings or other mistakes, even though proper care has been taken.

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