Page 6 - Jewellery

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.

Senco Gold's Rs 405 cr-IPO to open for public subscription on July 4

The Rs 405 crore-initial share sale of jewellery retail player Senco Gold Ltd will open for public subscription on July 4. The initial share sale will conclude on July 6 and the bidding for anchor investors will open on July 3, according to the Red Herring Prospectus (RHP). Senco Gold's Initial Public Offer (IPO) comprises of a fresh issue of equity shares aggregating up to Rs 270 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 135 crore by selling shareholder - SAIF Partners India IV Ltd. At present, SAIF Partners has 19.23 per cent stake in the jewellery retail chain. The company proposes to use Rs 196 crore of net proceeds from the fresh issue towards funding working capital requirements and the remaining for general corporate purposes. The Kolkata-based firm has 127 showrooms -- 70 company operated and 57 franchisee -- in 89 cities and towns across 13 states in India. Some of its franchisee showrooms are located in areas other than metros and Tier-I, provi

GJEPC welcomes CBIC's step to simplify policy on jewellery e-commerce

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday lauded the government's decision to simplify the policy on jewellery e-commerce by allowing its exports through courier and said the move will benefit the industry. "We are pleased to see the government's acceptance of our recommendations to simplify the policy on jewellery e-commerce. The recent notification and circular issued by CBIC reflect their responsiveness to industry needs and will benefit the exporters," GJEPC chairman Vipul Shah said in a statement. The reduction in documentation requirements and simplified shipping bill details will make the export process more efficient and contribute to the growth of e-commerce exports in the gem and jewellery sector, Shah added. The Central Board of Indirect Taxes and Customs (CBIC), on June 15, issued a notification and circular for further simplification of the exports of jewellery through courier mode for such exporters who do not wish to re-import. The new guidelin

Revenue of organised gold jewellers to rise 16-18% in FY24: Report

Sustained high gold prices are likely to hike revenues of organised gold jewellery retailers by 16-18 per cent this fiscal, a report said on Thursday. However, volume growth will remain modest due to elevated prices this fiscal. This comes after a stellar compound annual growth rate (CAGR) of 35 per cent logged during FY22 and FY23, mainly due to strong volume growth, driven by pent-up demand and increased consumer spending. Average realisations during the previous two fiscals increased at a CAGR of 5 per cent, Crisil Ratings said in a report. "We expect a low single-digit volume growth for the organised players during FY24, given elevated gold prices. That said, organised players will continue to see modest market share gain, compared with unorganised players. While revenue will grow by 16-18 per cent on sustained high gold prices," Crisil Ratings Senior Director Anuj Sethi said. The organised sector accounts for slightly more than a third of the market, with the unorganised secto

People buying fuel, jewellery, grocery to offload Rs 2,000 notes: Survey

Fuel, jewellery and daily groceries are the top three preferred items for people to offload their Rs 2,000 currency notes post the RBI's announcement of withdrawing the currency note from circulation, revealed a new survey. The pan-India survey, conducted by location-based social network Public App, also found out that a whopping 55 per cent of people are planning to deposit their currency notes at the bank, while 23 per cent and 22 per cent are planning to spend them and get them exchanged, respectively. The Reserve Bank of India (RBI) on May 19 made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. In about two weeks, almost half of the Rs 2,000 currency notes in circulation, worth around Rs 1.8 lakh crore, came back to the banking system, the RBI informed recently. The poll results, shedding light on the citizens' perspective and providing ...

Aditya Birla Group to enter jewellery retail business; to invest Rs 5k cr

Leading business conglomerate Aditya Birla Group on Tuesday said it is foraying into the branded jewellery retail business with an investment of Rs 5,000 crore. The new venture, Novel Jewels, will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands, a statement from Aditya Birla Group said. This foray is a strategic portfolio choice that allows to tap into new growth engines and expand presence in the vibrant Indian consumer landscape, Aditya Birla Group Chairman Kumar Mangalam Birla said. "With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery. This venture will capitalise on Aditya Birla Group's deep expertise in lifestyle retail and nuanced understanding of consumer preferences," he added. The company aims to tap the growing demand for design-led, bespoke, and high-quality jewellery in the country. With this, Aditya Birla Group will compete with t

Aditya Birla Group to launch branded jewellery retail business in India

The company will invest Rs 5,000 crore to set up large-format exclusive jewellery retail stores with in-house jewellery brands across the country

Organised jewellery may witness 12-15% growth in revenue in FY24: Report

The organised jewellery retailers are expected to clock 12-15 per cent revenue growth in 2023-24, mainly aided by expansions planned by a majority of large players, a report said on Tuesday. Organised jewellers are expected to record revenue growth of 12-15 per cent in FY24 despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10 per cent YoY, Icra said in a report. Icra expects industry growth to moderate to 8-10 per cent YoY (in value terms) in FY24 with volume growth likely to remain constrained by expected volatility in gold prices amidst global macro-economic uncertainties and evolving domestic inflation. Nonetheless, the strong cultural affinity of Indians to gold is likely to support festive and wedding demand for gold jewellery, it added. Most jewellery retailers are estimated to have recorded revenue growth in excess of 15 per cent YoY on Akshaya Tritiya 2023. The aggressive retail expansion by most players during FY23 along

Akshaya Tritiya: Lightweight jewellery big hit as gold turns costlier

Some jewellers said last year's demand was "exceptional", following a near washout in the pandemic-affected years of 2020 and 2021

India Gem and Jewellery show concludes; reports biz of 80 tonnes of gold

The India Gem and Jewellery Show (GJS) reported a business of over 80 tonnes of gold during the three-day-long event, All India Gem and Jewellery Domestic Council (GJC) said on Monday. The third edition of GJS, which began on April 7, concluded on Monday. "The show of this magnitude even with high priced gold is very encouraging. We are delighted with the response of 15,000 national and international buyers participating in the show and we did more than 80 tonnes business. It is a testament to the resilience of the jewellery industry in India," GJC chairman Saiyam Mehra said in a statement. Retailers, wholesalers, manufacturers, traders and delegates from across India participated in the event.

Bling Wali Holi with MK JEWELS

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Centre planning hallmarking of gold bullion mandatory, says BIS

BIS also plans to bring gold bullion under mandatory hallmarking. Draft guidelines have already been prepared

Jaipur to host mega jewellery show with over 900 stalls from Dec 23-26

A large number of tour operators have dovetailed their itinerary with this event

Seeking purity and class: The golden rules of buying platinum jewellery

Rarity and durability make the true white metal appealing to people searching for understated class

India logs Dhanteras gold rush, jewellery sees 595% jump in orders: Report

India Witnesses the Dhanteras Gold Rush, Jewelry Sees a 595 percent Increase in Orders During the Diwali Season: Razorpay Festive Report

TMSEp284: Inflation, Utkrishta Kumar, jewellery stocks, market capitulation

Is the worst of inflation behind us? How Meesho cashed in on the festival season? Should you buy stocks of jewellery retailers this Dhanteras? What is market capitulation? Answers here