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GIT Urges Consumers to Buy Certified Diamonds from Renowned Labs

Bangkok, 31 July 2018: The Gem and Jewelry Institute of Thailand (Public Organization) or GIT advises consumers to only purchase diamond and diamond jewelry with certification from leading laboratories after CIBJO, the World Jewellery Confederation, remarked at its 2017 annual congress that increasing amount of synthetic diamonds are being circulated in the market.

Ms Duangkamol Jiambutr, the director of GIT revealed that due to the high popularity of diamond among consumers and its high price point, other diamond simulants including natural gems such as colorless zircon and colorless sapphire as well as synthetic diamond are being used as diamond substitutes.

Moreover, the production of lab-grown diamond is currently increasing while rapid development of advanced technology has greatly reduced the production cost of synthetic diamonds. Hence, higher amounts of synthetic diamonds are sold in the market, which benefit the consumers as they will have greater choices. However, consumers must recognize whether they are purchasing natural diamonds, synthetic diamonds or diamond simulants.

“Although there is a mix between natural diamonds and lab-grown diamonds, especially melee diamonds which are sold in big lots, consumers should not worry excessively because the authenticity of diamonds can be tested and identified by renowned laboratories,” Ms. Jiambutr said.

GIT, as a national gem and jewelry institute under the supervision of the Ministry of Commerce with world-class standard gem laboratory is capable of accurately screening out synthetic diamonds from natural ones.

“Gem and jewelry that are verified by GIT can increase confidence for jewelers while assuring consumers that they will receive high quality jewelry products. This will enhance the competitiveness of Thailand’s gem and jewelry industry in the global market,” Ms. Jiembutr added.

Meanwhile, GIT has carried out the Buy With Confidence (BWC) program to boost confidence for consumers and tourists who buy gem and jewelry in Thailand. GIT has granted BWC symbol to participating shops and companies selling good quality jewelry products which received GIT certification.

“For buyers looking to purchase quality gem and jewelry products, they will be more at ease to discover the BWC sticker displaying in front of shops qualified for this program and purchase specific pieces of jewelry which has the BWC tag. Now, more than 100 shops across Thailand have participated in this program and more than 500 participating shops are expected by the end of this year,” Ms. Jiembutr said.

Everledger announces deal with HK Group to track My Diamond Story diamonds

London, Thursday, 31 May 2018: Everledger and Hari Krishna Group (HK Group) have marked a new milestone with digital provenance tracking for diamonds to secure and trace the diamond provenance of Hari Krishna’s flagship private label brand, My Diamond Story, using blockchain technology. My Diamond Story is manufactured and distributed by the HK Group’s H.K. Designs – knowing for pioneering innovations and cutting-edge designs.

With this new development, Everledger, a global emerging technology enterprise, and the HK Group, one of the world’s largest diamond manufacturers and exporters, will see diamonds destined for its My Diamond Story range, cryptographically-certified and the information stored securely at every step of the process on Everledger’s blockchain-based platform.

As part of My Diamond Story, consumers will receive the Diamond Birth Certificate that chronologically captures six key stages within the diamonds transformation from rough to the finished jewellery item: My Rough Diamond, My Diamond Mapping, My Diamond Cutting and Polishing, My Diamond Grading, My Diamond Ring Design and My Diamond Hand Setting.

Everledger Founder & CEO Leanne Kemp said, “Our engineering teams are focused on providing blockchain, smart contracts and digital tooling to industry, enabling the technology to be consumed within business processes across all segment of the trade pipeline. We provide robust chains with security at scale.”

“We are delighted to be working with the HK Group, one of the world’s largest and most highly regarded diamond manufacturers within the industry, to bring the benefits of blockchain technology at scale. By engaging with stakeholders along the diamond supply chain, from miners, dealers, manufacturers to retailers, consumers can immerse themselves in the lifetime journey of their diamond.”

This announcement follows the HK Group’s recent initiative to incorporate blockchain into its updated mobile app for diamond buyers built on three primary objectives – simplicity, speed and security. The ethos of this Diamond Buying mobile application is to provide assurance for the authenticity of each and every diamond.

HK Group Managing Director Ghanshyam Dholakia said, “We recognise the industry need for transparency and increased confidence in provenance and have committed to many initiatives to ensure that we can continue to offer a quality product and service to our consumers.”

“Utilising Everledger’s long-standing diamond blockchain platform can help us to further strengthen our product offering to the industry and especially the end consumer. We are confident that this major innovative step will be a boost to our jewellery business, H.K Designs.”

With consumers increasingly seeking the story behind their gem, Everledger’s platform will provide them with the transparency and traceability that they are looking for. Other exciting features available as part of My Diamond Story includes smart ring boxes with built in LCD screen, that allows for personal media such as pictures, videos and music for the special occasion. Consumers are able to interact with the Diamond Story alongside the configuration of their own personal digital vault feature, available on smartphones, tablets and other mobile devices. 

GJEPC expects De Beers will drive product categorisation and differentiation between Synthetics and Natural Diamonds with launch of its Lightbox Brand

MAY 30, 2018, MUMBAI: Through a communication addressed to GJEPC, De-Beers informed it’s foray  into synthetic diamond business with the launch of a new line of fashion jewellery in September, 2018. Simultaneously on Tuesday, De Beers through a press statement introduced Lightbox, a label selling fashion jewellery at lower prices than existing lab grown diamond offerings

GJEPC expects that with the introduction of branded, synthetic diamonds De Beers will drive clear differentiation and categorisation in the Diamond product category amongst the consumers. Customers and owners of real diamonds across the world will be able to differentiate the synthetic diamonds from the Naturals. Synthetic or laboratory grown diamonds are a completely different product and can’t be compared to natural diamonds which derive their value from being natural, being precious, and being rare. A natural diamond stands for the most precious emotions and is a luxury product with a timeless appeal. It is expected that this will also position the Real Natural Diamonds as Unique, Premium and Luxury.

Synthetic or Lab grown diamonds are not new with De Beers. This technology has existed with De Beers through their subsidiary Element Six. They  have been conducting research on and producing synthetic diamonds for the past 40+ years.

Introduction of the Lab created Diamond jewellery by Lightbox will position synthetics appropriately  – “non-precious accessories”, which is a small  and distinct market. Branded synthetic diamonds have been used in non precious jewellery by brands such as Swarovski and are sold as a non-precious fashion product.

The Indian Diamond industry believes will have no impact on the demand, appeal and value of natural diamonds. The strength of the Indian industry has been built on the natural diamond industry. 90% of the world’s diamonds are polished in India and substantial value of precious jewellery is manufactured in India. Today we are the key hub in the diamond industry. This is a very strong and vibrant industry with very large players with deep capabilities and a global presence. We enjoy the confidence of the topmost jewellery retailers across the world who come to India to source diamonds and jewellery.

Synthetic diamonds have been around for a long time and they have had no impact on the industry. Presently production of Synthetics is estimated to be only 2% of natural diamonds.

The industry has also been very proactive in preventing any risk of illicit mixing of synthetics with natural diamonds and players in the industry have protocols and processes in place to prevent any such risk. Our customers are aware of the measures Indian Diamond trade has  undertaken to ensure customer and consumer confidence. The industry is on a very sound platform to capitalise on the growing disposable income across the world.

Indian industry has always stressed on the need to do generic promotion of diamonds. The industry believes that diamond mining companies need to invest more money into promotion of diamonds, and expects that De Beers, Alrosa, Rio Tinto and other miners will continue to put more resources into marketing this unique and rare product.

STATEMENT ATTRIBUTED TO GEM & JEWELLERY EXPORT PROMOTION COUNCIL,INDIA

GJEPC organises 3rd edition of India SAARC- Middle East Buyer Seller Meet at Hyderabad

  • 92 international buyers visiting from 15 countries
  • 50 exhibitors from various cities in India  showcased their capabilities in manufacturing state of the art plain or studded jewellery 

Hyderabad, April 30, 2018: In an effort to develop new trust and understanding at a cultural, business & professional level and to explore future business opportunities, GJEPC organised the 3rd edition of India SAARC- Middle East Buyer-Seller Meet from 29th April – 1st May, 2018 at Hotel Novotel, HICC, Hyderabad. The product profile for the BSM is Plain Gold & Diamond Studded/Precious studded jewellery.

GJEPC Chairman, Pramod Agrawal said, “GJEPC has always endeavoured to promote trade from India to showcase their best potential in the category they represent, be it Diamonds, Gemstones or Jewellery.  India SAARC Middle East BSM is one such initiative in that direction where we have invited potential international buyers from across the world. GJEPC has constantly promoted the Indian gems and jewellery worldwide through its several initiatives, and today it is a dynamic US Dollar 42 billion industry. We have always created an ecosystem favorable for the growth of this industry as per the changing business scenario.”

A total of 50 exhibitors from various cities in India such as Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Rajkot, Surat are participating at the BSM.

GJEPC Vice-Chairman Colin Shah said, “India has today, mastered the art of Diamond processing and Jewellery Making over generations, nurturing the skill through ages, making it a shining example of “Make in India”. Plain and studded Jewellery Exports from India has been on a growth path for over the last decade with total exports recorded at USD 9 billion in the last fiscal, witnessing a growth of 11%. GJEPC is the apex body of trade in India and represents many verticals such as Diamonds, Gold Jewellery, Silver Jewellery, Coloured Gemstones, Pearls, Synthetic Stones, Costume and Fashion Jewellery. The association is committed to promote exports across all verticals.”

The India SAARC- Middle East BSM is a mix of a Buyer Seller Meet (BSM) and an open exhibition. Pre- fixed One- 2- One meeting of approximately 30 minutes is scheduled between the buyer and seller on the first 2 days and open exhibition on the 3rd day of the event. 92 international buyers is attending from 15 countries such as Algeria, Bahrain, Bangladesh, Iran, Jordan, KSA, Kuwait, Lebanon, Malaysia, Oman, Singapore, Sri Lanka, UAE, UK & USA.

GJEPC Refutes Reports on Discontinuation of Supply of Duty Free Gold by Nominated Agencies to Exporters

16th May, Mumbai: Recently DGFT had released Public Notice No.06/2015-2020 dated 10th May, 2018 wherein it has been clarified that the Export Obligation period of 120 days under Advance Authorisation Scheme for Precious Metals Gold/Silver/Platinum pertains strictly for Gems and Jewellery Sector.

Precious Metals Gold/Silver/Platinum had also been used for making other industrial uses and also in pharmaceutical industry.

This 120 days export obligation period under Advance Authorisation Scheme is strictly for manufacturing precious metal plain and studded jewellery.

However, Immediately post release of the said DGFT Public Notice, news report on discontinuation of supply of duty free gold by nominated agencies to export community started surfacing Media.

“These reports have no basis and the Council has clarified the same from the Office of Director General of Foreign Trade, New Delhi which has also refuted the news and their office has not issued any circular/public notice for discontinuation of duty free supply of gold to exporters.” Commented Mr. Pramod Agrawal, Chairman, GJEPC.

The normal period of 90 days for duty free import of precious metals and export of jewellery remains the same for DTA units as laid down in Foreign Trade Policy

Diamond and Jewellery financing 2018: GJEPC and Banks come together to deliberate on Mitigating Risks effectively

“Active participation of Banks, ECGC and others will help development of Gems and Jewellery sector”: Mr Suresh Prabhu, Hon’ble Minister for Commerce & Industry and Civil Aviation

 “Innovative financial instruments and risk coverage must be provided to all genuine businesses in Gems and Jewellery sector” Mr Suresh Prabhu, Hon’ble Minister for Commerce & Industry and Civil Aviation

 “GJEPC releases White paper to mitigate risks for financing the labour intensive and proven industry” Mr Suresh Prabhu, Hon’ble Minister for Commerce & Industry and Civil Aviation

 “It is important for banking sector to support Gems and jewellery industry as it is an important part of GDP” Commerce Secretary Smt Rita Teaotia

 Mumbai, 11th May 2018: Hon’ble Minister for Commerce and Industry and Civil Aviation, Mr Suresh Prabhu today unveiled a white paper drafted by GJEPC at the one-day seminar titled “Diamond and Jewellery Financing 2018: Mitigating risks effectively.” The event organized by the Gems and Jewellery industry to find ways to reduce risks and infuse confidence into financiers, attended by leading banks and financial institutions including the SBI, Central Bank of India, IndusInd Bank, ECGC etc. also witnessed a huge turn out from the major industry players.

Speaking on the occasion the Minister said “With 3 million new jobs on the anvil, the banks should not hesitate to fund the industry efforts which are bonafide, transparent and above board. Also considering the fact that the sector is on a growth spiral and in view of the potential the industry has in future, the banks should further step up lending efforts to legitimate players fuelling the trade.”

Commenting on the GJEPC the industry’s efforts to publish the white paper he stated “I am happy that such a white paper on Diamond and Jewellery financing has been brought by the council. I hope the active participation of Banks ECGC and other stakeholders will help in strategizing for the development of the Gems and Jewellery industry that has a proven track record of being labour intensive, continuous job creation and economic development”.

The minister also added that “we will never encourage wrong doers in the industry but will ask our financial system to support all genuine players in the gems and Jewellery sector. This is essential to help the industry realise the full potential.

Representing the industry resolve to find solution and build confidence of the financing community Mr Pramod Agarwal, Chairman GJEPC said “The point is, it has taken decades of hard work and commitment to develop this industry in India. And we wish to take this industry to new heights in the future and contribute to the country’s economic growth and generate employment. We, as an industry, promise to address the issues to the satisfaction of the banks. In fact this is the only industry in India who has created arbitration mediums with the banks and parties in case of NPA to achieve recoveries”.

Listing the achievements and scope of the Industry Mr Agarwal added “I feel very proud to say that we are the most respected and renowned for diamond and studded jewellery in the international market”.

GJEPC has set up Gem & Jewellery Institute at Mumbai, Delhi Jaipur, Surat, Varanasi and Udupi, offering variety of courses for providing trained manpower to the industry and strengthening the manufacturing in India.

The industry is strengthening our manufacturing base with the help of Ministry of Commerce & Industry by setting up 13 Common Facility Centers (CFCs) in different gems & jewellery clusters pan India. Cluster mapping is also being undertaken by GJEPC and will help small exporters, (kaarigars) who are the backbone of our industry but cannot really afford to buy costly machines. We have also initiated on- site training programmes in the tribal pockets of Ratnagiri and Sindhu Durg.

Commerce Secretary Ms Rita Teaotia welcomed the initiatives of the council such as MYKYC saying “this initiative will improve confidence and boost lending to the sector and as well ensure better sharing of information and transparency and growth of this SME sector. It is important for banking sector to support gems and jewellery industry as it forms an integral part of the country’s GDP.”

Vice Chairman of GJEPC Mr Colin Shah reminded the members that “at current level of 5 million jobs being provided by the industry, it is the amongst the largest employment generators contributing 10 billion dollars to BOP, with a potential to add tremendously” Having been at the helm of drafting the white paper Mr Shah feels that the joint efforts of key financiers and industry has been able to address many risk factors and MYKYC will be a single largest contributor in increasing transparency and addressing relevant risks.”

The summit was also attended by Mr Sanju Kothari, Convener BITC, GJEPC, Mr Paul Rowley Executive Vice President, De Beers, Shri Dinesh Kumar Khara, Managing Director, SBI, Mr. Manoj Dwivedi Joint Secretary Ministry of Commerce and Industry and others. The session also saw an engrossing panel discussion amongst Mr PN Prasad Deputy, MD, SBI, Biju Patnaik, Executive VP and Head, Diamond and Jewellery division IndudInd Bank, Mr George Abraham, GM Specialized Industries Group Emirates, NBD Dubai, Mr K K Taneja Field GM Central Bank of India, Mr M Senthilnathan, ED, ECGC, and Mr Manoj Dwivedi Joint Secretary Ministry of Commerce and Industry.

OROAREZZO: the theme of the 2018 PREMIERE contest is the bracelet.

Arezzo, 5th-8th May 2018 – OROAREZZO, the Italian jewellery Show organized by IEG, Italian Exhibition Group, has defined the theme of the 2018 PREMIERE contest, the competition that spotlights the season’s latest ideas, designs and fashions trends; the most eagerly awaited event of the 4 Arezzo days which this year has reached its 28th edition.

The theme is the bracelet, unquestionably the item of jewellery most appreciated by women and the jewel with which the companies’ design offices will be putting themselves to the test in order to represent “love” through the preciousness and beauty of its shapes and materials. In fact, the title of this edition is “The power of Love”. Slave bracelets, bands, chains, double or triple elements that cover the arm, jewellery full of contradictions, just like the moment we are experiencing.

Faced with a fashion without rules, almost as if trying to “dress wrongly”, the participants are required to present an item that interprets the so-called new “fashion anarchy” trend. Metals and seductive avant-garde materials with their lightness and chromatic contrasts, used in an increasingly more liberal and innovative manner, are just one part of the universe of possibilities at the artists’ disposal.

In particular, a special thought this year will be directed at iron. The strength of iron, the brute force of Vulcan, “the blacksmith of the Gods”, that becomes refined and current if combined with gold. Iron has always been present in jewellery. The Egyptians included it in their precious items and it can also be found in Etruscan and classic jewellery right up through the Victorian age to the work of contemporary artists.

Starting from this observation of the history of jewellery, the contest will therefore award new items that go beyond fashion, those that best interpret the hardness and simplicity of iron and the nobility and elegance of gold and become one with the personality of the person wearing them.

The Jury that will be examining and assessing the creations will be headed by Beppe Angiolini, Art Director of OROAREZZO and Honorary President of the National Chamber of Fashion Buyers. The panel will comprise experts from the fashion, jewellery, press and communication sectors. The items selected will be on display throughout the Show in a special, purpose-built installation
located in the central aisle of the Exhibition Centre for every visitor to admire.

ITALIAN EXHIBITION GROUP SPA: FOCUS ON

Italian Exhibition Group Spa is a new events company officially founded on 1st November 2016. The group -which is presided over by Lorenzo Cagnoni, with Matteo Marzotto as executive vice president and Corrado Facco as managing director – closed 2017 with a consolidated turnover of 130.7 million Euros, a EBITDA of 23.2 million and a consolidated net profit of 9.1 million. It is currently Italy’s largest trade show organizer with 59 products in its portfolio (including the Food & Beverage, Green, Technology, Entertainment, Tourism, Transport, Wellness, Jewellery and Fashion, Lifestyle & Innovation sectors). It also holds first place in terms of gross operating revenue and boasts a total 280 events and congresses. The Group’s priority is to promote the internationalisation of these sectors and help them fly the flag for beautiful and well-made products around the world. The group already has a solid base in the international market, with a joint venture in the United Arab Emirates, notable presence in USA, China, India and South America. IEG is also the leading Italian company in the conference and congress sector. In 2017, IEG attracted a total of 15.649 exhibitors and 2.648.675 visitors, at its Rimini and Vicenza-based exhibition and congress facilities. www.iegexpo.it

CME, DGCX, LME AND BORSA ISTANBUL DISCUSSS ROLE AND FUTURE OF GLOBAL EXCHANGES AT DMCC’S DUBAI PRECIOUS METALS CONFERENCE

9th April, 2018: At the DMCC hosted Dubai Precious Metals Conference, four of the world’s foremost Exchanges gathered for the first time in Dubai to discuss ‘The Role and Future of Global Exchanges’.

The DMCC subsidiary, DGCX together with invited guests; CME, LME and Boursa Instanbul discussed their views on the role of their respective exchanges on the markets going forward, in a panel sponsored by the Gold trading powerhouse INTL FC Stone and moderated by Somasandrum PR of the World Gold Council.

Numerous topics were discussed, with the overall opinion that co-operation within the sector was key. Les Male, Chief Executive Officer, DGCX, said: “Our main aim is to extend the work of exchanges to work together throughout Asia. Traders are looking for efficiency so that they can work across many exchanges and a have unified clearing house. We want greater cooperation and alliances to give traders added value. More can be done to achieve this and we would like to spearhead it.”

His view was echoed by the panelists, Alex Shaw, Yang Lu, Hakan Aytekin and Jiao Jinpu. Further discussions on the nature of change that global futures markets have undertaken and continue to undertake included such topics as Electronic Trading, Price Discovery, Visibility, Growth and the evolution of the Spot-to-Futures markets.

There was also the acknowledgement from the panelists that regulation has played, and will continue to play a large part in the future evolution of exchanges. Alex Shaw, Head of Market Development – Precious Metals, London Metals Exchange, said:

There has been extreme pressure on the LME due to regulatory change. That has changed the way of doing business. In this new era of a highly regulated gold market and interconnection between markets, we had banks coming to us for being able to provide the trading of spot and futures positions within the existing Infrastructure.

Price discovery has become a hot topic. But are they discreet and justify the prices provided by different regional markets, or are we so interconnected that the same prices run through to all the exchanges. I believe that all regional markets can all have their own price and justify having their own price. There is a profound change in trading. Price discovery and centres of trading exist for historical reasons. Will they stay relevant? Although we see a big increase in the scale of trading in Asian markets, I see LME still retaining a key role in trading and price discovery. There are more opportunities for the LME to consolidate.”

Over the last twenty years trading exchanges have become increasingly reliant on Electronic Trading as trading floors have been closed enabling greater anonymity when trading, whilst the tightening of regulatory oversight as well as the introduction of low latency solutions has helped to drive volumes and increase price discovery amongst international and regional exchanges.

Yang Lu, Director, Metals Products, CME, based in London, said: “Electronic trading provides convenience and price discovery wherever you are. We are definitely not losing out, but rather riding on the momentum of trade moving from West to East. We are already this year seeing further strong growth and this is coming from Asian clients and EMEA countries. At CME, electronic trading is open 24 hrs a day and people can trade anywhere at any time. There is certainly a change in the market that we can feel.”

Another key take away was benchmarking. Global benchmarks are often created through access, volume traded and longevity. Further to this as an exchanges position within its own country and wider region adds additional weight to the way markets view benchmarks. Emphasising this, and with a further compliment to co-operation Jiao Jinpu, Chairman, Shanghai Gold Exchange added in an earlier keynote:

Opening up the Shanghai Gold Exchange and innovation are the main issues that we are promoting. We want to open the Chinese market to the global market in order to increase business and to promote the SGE gold benchmark market. We launched a new contract with the Dubai Gold & Commodities Exchange last year and we are very happy with the success of it. This is an example of the kind of cooperation that we are searching for in finding and working with new partners.”

After the panel discussion, it was clear the audience attention was peaked with each of the panelists being in demand to answer questions on the various points raised.

DOHA JEWELLERY AND WATCH EXHIBITION…

Hosting over 400 companies from 10 countries, this 15th luxury event lasted for 6 days. The fair which offer a direct sale for the latest users was held on an area of 25.000 m2 at Doha Exhibition and Conference Centre between 21 and 26 February 2018.

The fair is going on under the leadership of 5 main distributor companies which dominate the jewellery sector of Qatar. Each of the groups such as Al Fardan Jewellery Company, the Ali Bin Ali Group, Al Majed Jewellery, Amiri Gems and Fifty One East hosts not only international houses full of big names like Cartier, Dior, Van Cleef & Arpels or Chanel, Yoko London but also independent local and regional jewellers .

We have observed the participation of 30 companies in total in Qatar beyond the main five players. At the booths of these companies, there was a fine mixture of both emerging and world-wide talented designer jewellers and watch companies

Like British jewellers Sarah Ho and Rodney Rayner and VAK from India and Santosh Jewellers, Nikos Koulis from Greece, Renee Jewellery from Dubai, Mahallati and Sirus Tanya from Thailand, Zela, Divin, Kafkas, Mehmet Cümbüş, Molu, Robi, Terzıhan, Suulın, Yılmaz and Ülseven Fıne Jewellery from Turkey, David Webb and Suzanne Kalan from NY and tens of representatives from France and Italy were in this event.

The increase in the number of local participant companies compared to the previous years and the density of the international companies seem to turn the visitors’ choices into a challenge.