Page 4 - Jewellery

Sky Gold Q3 results: Net profit soars 41% to Rs 6 cr, income at Rs 460 cr

Jewellery firm Sky Gold Ltd has posted a 41 per cent increase in its consolidated net profit to Rs 8.93 crore for the quarter ended December 2023. Its net profit stood at Rs 6.34 crore in the year-ago period. Total income also rose to Rs 460.90 crore in the third quarter of the current fiscal from Rs 267.56 crore in the corresponding period of the previous year, the company said in a statement on Monday. Established in 2008, the Mumbai-based company is engaged in the business of designing, manufacturing and marketing of gold jewellery. It works on a B2B model with leading jewellery retailers and large wholesalers.

'Robust branding strategy crucial to make India as top jewellery supplier'

The Directorate General of Foreign Trade (DGFT) on Wednesday pitched for formulating a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery. "India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. "Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tonnes, there's a pressing need for streamlining exports," DGFT Director General Santosh Kumar Sarangi said. He was speaking at the 4th edition of the 2-day 'India Gold & Jewellery Summit' that concluded on Wednesday. "Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery," he said. According to him, the potential of e-commerce in cross ..

Gem, jewellery exports slip 8.14% to Rs 18,281 crore in December: GJEPC

The overall gems and jewellery exports fell 8.14 per cent year-on-year in December to Rs 18,281.49 crore (USD 2,195.23 million), according to data released by the Gem Jewellery Export Promotion Council (GJEPC). The total exports stood at Rs 19,901.55 crore (USD 2,413.46 million) in the corresponding month of 2022, GJEPC said in a statement. "Sluggish demand across key export markets, geo-political scenario, and India and the USA, among 60 countries, going for elections this year, impacted the exports," GJEPC chairman Vipul Shah told PTI. Meanwhile, the overall exports of cut and diamonds dipped by 31.42 per cent to Rs 7,182.53 crores (USD 862.48 million) in December compared to Rs 10,472.93 crore (USD 1,270.36 million) for the same period of the previous year. However, the gold jewellery exports in December grew by 47.32 per cent to Rs 7,508.05 crore (USD 901.52 million) compared to Rs 5,096.25 crore (USD 618.27 million) for the same period of the previous year.

Sovereign gold bonds shine in FY24 as high returns attract investors

The reason for the good response in FY21 and FY22 was because of the lockdown and as the jewellery stores were not open while SGB buying was possible through net banking

After CLSA, Goldman eyes 'affluent India' play and identifies key themes

Identifies key themes like leisure, jewellery, out-of-home food, healthcare and premium brands as growth areas

Keen to expand ECGC cover, form committee to boost jewellery export: Goyal

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector. "We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased. "If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show. The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start

Market share gains, margins and store network expansion to support Titan

Valuations may continue to trade at a premium

SGB scheme: Final redemption price for 1st tranche set at Rs 6,132 a unit

The interest on the Gold Bonds commences from the date of its issue, which has a fixed rate of interest at 2.75 per cent per annum on the amount of initial investment

Market share gains, margins and store network expansion to support Titan

The company delivered a better than expected performance in Q2FY24 on the back of healthy revenue growth and expansion in operating profit margins

Kalyan Jewellers Q2 results: Consolidated PAT up 27.33% at Rs 134.87 crore

Jewellery retailer Kalyan Jewellers on Tuesday reported a 27.33 per cent on-year growth in consolidated profit after tax (PAT) during the quarter ended September 30, at Rs 134.87 crore. The company's PAT stood at Rs 105.92 crore in the corresponding period of the previous financial year, the jewellery retailer said in a regulatory filing. Revenue from operations of the company grew by 27.11 per cent during the quarter under review at Rs 4,414.53 crore, compared to Rs 3,472.91 crores in the same period of the previous fiscal. Total revenue from the company's Middle East operations during the second quarter FY24 was at Rs 629 crore, as against Rs 601 crore in the same period of the previous financial year, a growth of 5 per cent. The Middle East operations recorded PAT of Rs 12 crore for the quarter, compared to Rs 14 crore for the corresponding period in the previous year, a dip of 14.28 per cent. The e-commerce division of the company, Candere, recorded a revenue of Rs 31 crore in

Tanishq opens jewellery boutique in Singapore, plans 50 stores globally

Tanishq, a jewellery brand from the Tata Group, plans to have 50 boutiques globally over the long term, said Kuruvilla Markose, the CEO of Titan Company which manages the brand business, as it opened a boutique here on Saturday. Currently, Titan has 13 boutiques in the international market and is constantly scouting for new sites to serve some 32 million global Indian diasporas, he said. Long-term plan is to have 50 boutiques globally, and the company is planning such retail outlets in the United Kingdom, Australia and Malaysia, Markose said at the inauguration of the brand's first boutique in Singapore. Indian High Commissioner to Singapore Dr. Shilpak Ambule inaugurated the boutique in Singapore's Little India precinct, welcoming one of the renowned brands which will be entering the South East Asian markets through the city-state. As a true Tata brand, it lives the values of giving back, by protecting and promoting the ageless craftsmanship of Indian jewellery making, said K V Ra

Jaipur's lac bangle industry shines on demand, worth Rs 75-80 crore

The 250-year-old lac bangle industry is primarily unorganised; hence, no official data is available on its market size

47% Indians to spend over Rs 10,000 in upcoming festive season: Report

Customer sentiment is significantly higher than last year when 19% of Indians said they would spend over Rs 10,000

Solitaire sheen: Sales of solitaire diamonds rise in post Covid-19 era

Since the economic slowdown in developed markets has dented demand, diamond prices have decreased by about 35 per cent in the past year and a half

Mufti brand owner Credo and RBZ Jewellers get Sebi's approval for IPOs

Credo Brands Marketing Ltd, which owns denim brand Mufti, and B2B and retail jewellery firm RBZ Jewellers Ltd have received approval from capital markets regulator Sebi to mobilise funds through initial public offerings (IPOs). RBZ Jewellers and Credo Brands, which filed draft papers with Sebi during June and July, obtained observations on September 28 and October 6, respectively, data with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi's parlance, its observation means its go-ahead to float the public issue. Going by the draft papers, Credo Brands' maiden public issue is entirely an offer for sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders. At present, promoters and promoter group members together hold over 67 per cent stake in Credo Brands Marketing. Bennett Coleman & Co, which made an investment of over Rs 9 crore for 9.72 per cent ownership, holds a 12.36 per cent stake in the company. Credo Brands Marketing is .

Titan posts 20% Q2 revenue growth, Jewellery biz reports 19% revenue growth

Leading jewellery and watchmaker Titan on Friday reported a 20 per cent growth in standalone revenue for the second quarter ended September 30, 2023. During the period, it added 81 stores across verticals, taking the group's retail presence to 2,859 outlets, according to a quarterly update by Titan. Its jewellery division reported a revenue growth of 19 per cent. Building on the positive first quarter momentum, domestic consumer sales (secondary) exhibited strong year-on-year growth and were led by double-digit increase in buyers and ticket sizes. Moreover, as part of its global expansion, its jewellery brand Tanishq expanded its Gulf Cooperation Council (GCC) presence by entering Qatar and adding two new boutiques in Doha. The Jewellery Division added 39 stores, taking the total count to 598. The Watches & Wearables (W&W) Division's domestic business grew 32 per cent. This comprises 22 per cent growth in the Analog watches and over two-fold growth in Wearables. "The Wearables

Delhi jewellery burglary: 2 held in Punjab, 18.5 kg ornaments recovered

The Chhattisgarh Police has arrested two people in connection with a Rs 20-crore burglary from a jewellery store in New Delhi earlier this week and recovered around 18.5 kg of gold and diamond ornaments from them, a senior official said on Friday. A joint team of officials from the anti-crime and cyber unit and the Civil Line police station in Bilaspur district carried out the operation while probing a series of thefts in Bilaspur city, Superintendent of Police Santosh Singh told PTI. Those arrested have been identified as Lokesh Srivas (32), who is allegedly involved in several thefts in Bilaspur, and Shiva Chandravanshi (23), he said. The value of gold and diamond ornaments recovered from Srivas is estimated at Rs 12 crore but the exact value was yet to be ascertained, he added. Acting on a tip-off about Srivas being present in Kawardha town of Chhattisgarh's Kabirdham district, the team conducted a raid there on Wednesday and arrested Chandravanshi along with ornaments worth Rs

Delhi jewellery heist: Several teams formed to crack case, say police

Several teams have been formed to probe the heist at a jewellery shop in south Delhi, a senior police official said on Wednesday. At least three unidentified people broke into the showroom in Bhogal area after drilling a hole in a strong room and decamped with gold ornaments worth over Rs 20 crore on Tuesday, in one of the biggest burglaries reported in the national capital. "We are holding meetings of the teams and have directed them to investigate the matter thoroughly. The teams will work under the guidance of senior police officials. We are also scanning all the CCTV camera footage for important leads," said the senior Delhi Police official. "The teams are probing every angle and the culprits will be arrested soon," the official added. The incident is expected to have occurred between Sunday night and Monday, police said, adding the shop, Umrao Singh Jewellers, remains closed on Monday. The shop had several CCTV cameras but they were damaged around midnight on Sunday, police .

Manoj Vaibhav's IPO subscribed nearly 58% on the second day of offer

The initial public offer of Manoj Vaibhav Gems N Jewellers was subscribed 58 per cent on day two of bidding on Monday. The initial share sale received bids for 53,05,203 shares against 91,20,664 shares on offer, as per NSE data. The retail individual investors (RIIs) part received 73 per cent subscriptions while the category for non-institutional investors subscribed 57 per cent. The quota for qualified institutional buyers (QIBs) was subscribed 33 per cent. The IPO has a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 equity shares. The price range for the offer is Rs 204-215 per share. The company mopped up Rs 81.05 crore from anchor investors on Thursday. The company, a regional jewellery brand in South India, has a presence in Andhra Pradesh and Telangana, with 13 showrooms across eight towns and two cities. The funds raised will be utilised for opening eight new showrooms, inventory for these new stores and general corporate purposes. Bajaj Capit

Silver remains unchanged, gold falls by Rs 50, trading at Rs 59,400/10g

The price of 22-carat gold fell by Rs 50, with the yellow metal selling at Rs 54,450