Page 5 - Jewellery

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

International jewellery exhibition generates over Rs 70,000 cr business

The Gem and Jewellery Export Promotion Council on Thursday said it generated business worth over Rs 70,000 crore during the six-day IIJS Premiere 2023, which ended on August 8. The 39th edition of India International Jewellery Show (IIJS) Premiere 2023 saw over 50,000 visitors across two venues of Jio World Convention Centre and Bombay Exhibition Centre with 2,100 foreign delegations, Gem and Jewellery Export Promotion Council (GJEPC) said in a statement. The paperless and fully digital IIJS Premiere had 3,250 stalls and 1,850 exhibitors, across the two venues. The event witnessed more than 2,100 visitors from over 65 countries, including the US, the UK, the UAE, Australia, Canada, New Zealand, Fiji, Saudi Arabia, Qatar, Iran, Muscat, Italy, Bangladesh, Bahrain, Kuwait, Germany, Turkey, Singapore, Thailand, Vietnam, Cambodia, and Sri Lanka. "IIJS Premiere 2023 is estimated to have seen business worth Rs 70,000 crore being generated for the trade, which is far beyond anyone's wildes

Kalyan Jewellers jumps 5% to hit record high on solid Q1 results

So far this calendar year, the stock of this Kerala-based company surged 49 per cent, as against an 8 per cent rise in the S&P BSE Sensex

Art, watches & luxury handbags to see the highest interest from ultra-rich

According to a report by Knight Frank, 53 per cent of ultra-high-net-worth Indians are likely to purchase these three items in the current year

From A Lead Jewellery Designer To The Founder Of An Exquisite Luxury Brand, Blencci

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Gold price falls Rs 160 to Rs 59,950; silver slumps Rs 2,300 to Rs 75,000

The price of 22-carat gold also fell Rs 150 with the yellow metal selling at Rs 54,950

Gold demand in India this year could fall 10% to hit 3-year low: WGC

In the June quarter, scrap supplies jumped 61% from a year ago to 37.6 metric tons, the highest in nearly 3 years, the data showed

Anayah Jewellery: From Rising Star to Cult Favourite, Dominating Bollywood and Fashion World

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Centre imposes import restrictions on certain gold jewellery, articles

The government on Wednesday imposed import restrictions on certain gold jewellery and articles, a move which would help cut import of non-essential items. Now an importer would need a permission of licence from the government for importing these gold products. However, the directorate general of foreign trade (DGFT) said that the restrictions will not be there for imports under the India-UAE free trade agreement. In a notification, the DGFT said that the import policy of these products "has been amended from free to restricted with immediate effect". Imports of pearls, precious and semi-precious stones dipped by 25.36 per cent to about USD 4 billion during April-May this fiscal. Gold imports too contracted by about 40 per cent to USD 4.7 billion in the same period. Overall merchandise imports during April-May this fiscal declined 10.24 per cent to USD 107 billion. The merchandise trade deficit for April-May 2023 stood at USD 37.26 billion against USD 40.48 billion during April-May

GIVA raises Rs 200 cr from investors, including Premji Invest to expand biz

GIVA Jewellery has raised Rs 200 crore from investors, including Premji Invest to expand its business. The Bengaluru-based company, which mainly deals in fine silver jewellery, has raised this amount in Series B funding led by Premji Invest. The round also saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners, GIVA said in a statement. This will help the company innovate further and expand its product categories and offerings. "This investment will empower GIVA to expand its omnichannel presence with more offline stores and consolidate its position as the go-to platform for minimalistic jewellery and affordable gifting options," the statement said. Founded in 2019, GIVA deals in authentic 925 fine silver jewellery and recently made a foray into 14K and 18K gold and lab-grown diamond jewellery. Premji Invest primarily supports philanthropic initiatives of Azim Premji Foundation.