Forevermark Diamond Grading Report Launched
According to a press release, diamond brand Forevermark has introduced its Forevermark Diamond Grading Report to further enhance and complement its promise of quality and integrity. Rarer than Rare, less than one percent of the world's diamonds are eligible to become a Forevermark diamond and be inscribed with the Forevermark icon and a unique identification number. Invisible to the naked eye, the inscription can be seen with a special Forevermark viewer. It proves that the diamond has met the Forevermark standards of quality and integrity.
To complement this promise, Authorised Forevermark Jewellers are now able to provide a Forevermark Diamond Grading Report which reveals the secrets of your diamond's alluring and unique characteristics. It is an accurate blueprint of the qualities (Cut, Colour, Clarity and Caratage) that make each and every Forevermark diamond one of a kind.
The Forevermark Diamond Grading Report also features the unique identification number inscribed on the diamond and a specifically designed security hologram, providing reassurance that the Forevermark Diamond Grading Report is valid and genuine.
Forevermark is a diamond brand which comes from the De Beers family of companies. Forevermark diamonds are carefully selected and come from sources committed to the highest standards; are beautifully crafted by a select group of diamantaires; and are exclusively available in select jewellers.
To complement this promise, Authorised Forevermark Jewellers are now able to provide a Forevermark Diamond Grading Report which reveals the secrets of your diamond's alluring and unique characteristics. It is an accurate blueprint of the qualities (Cut, Colour, Clarity and Caratage) that make each and every Forevermark diamond one of a kind.
The Forevermark Diamond Grading Report also features the unique identification number inscribed on the diamond and a specifically designed security hologram, providing reassurance that the Forevermark Diamond Grading Report is valid and genuine.
Forevermark is a diamond brand which comes from the De Beers family of companies. Forevermark diamonds are carefully selected and come from sources committed to the highest standards; are beautifully crafted by a select group of diamantaires; and are exclusively available in select jewellers.
Tax Exemption on G&J Export Profits
With a view to ease the pressure on the beleaguered gems and jewellery sector, especially the diamond industry, representatives of Gems and Jewellery Export Council (GJEPC) has urged the finance ministry to make profits from exports of the industry tax-free for the last two years.
Union finance minister Pranab Mukherjee met industry representatives to seek pre-budget suggestions from the industry. "We have sought a tax exemption on the export profits for two years on gems and jewellery industry", said Vasant Mehta, chairman, GJEPC.
Availability of finance is yet another problem the sector in general and diamond industry in particular is facing. "We informed the finance minister the diamond industry is facing tough times due to recession. Around 400,000 workers have already lost their jobs. The industry needs finance to survive. As a result, we have demanded dollar finance for the two years," said Chandrakant Sanghvi, regional convener, GJEPC.
Presently, industry players are charged 5 percent to 6 percent on finance from the international market, while in rupee terms the interest works out to 9 percent. "We want the government to provide the industry international parity in interest rates. In dollar terms, we think the rate should be 3.50 percent to 4 percent, while in rupee terms it should fall to 6 percent from 9 percent", Mehta added.
Other suggestions made by representatives of the industry include a 1 percent turnover tax when the industry is back on track and extension of interest subvention for another two years.
Union finance minister Pranab Mukherjee met industry representatives to seek pre-budget suggestions from the industry. "We have sought a tax exemption on the export profits for two years on gems and jewellery industry", said Vasant Mehta, chairman, GJEPC.
Availability of finance is yet another problem the sector in general and diamond industry in particular is facing. "We informed the finance minister the diamond industry is facing tough times due to recession. Around 400,000 workers have already lost their jobs. The industry needs finance to survive. As a result, we have demanded dollar finance for the two years," said Chandrakant Sanghvi, regional convener, GJEPC.
Presently, industry players are charged 5 percent to 6 percent on finance from the international market, while in rupee terms the interest works out to 9 percent. "We want the government to provide the industry international parity in interest rates. In dollar terms, we think the rate should be 3.50 percent to 4 percent, while in rupee terms it should fall to 6 percent from 9 percent", Mehta added.
Other suggestions made by representatives of the industry include a 1 percent turnover tax when the industry is back on track and extension of interest subvention for another two years.
Gujarat Bourse to Put Jewellery Park SEZ on Fast Track
SURAT: Hoping the current economic downturn [will] end by June 2010, Gujarat Hira Bourse (GHB) has decided to speed up work on its state-of-the-art gems and jewellery park SEZ project at Ichhapore.
GHB aims to complete at least the basic infrastructure facilities like street lights, road network, water supply, storm-drainage network etc. by the end of 2009. The INR 4,000 crore ($847.2 million) park will spread over 1 million square meters.
"Value addition is the key to success for any industry. Same applies to [the] diamond industry in Surat, which is the world leader in diamond processing but has no contribution in the jewellery sector. The upcoming jewellery park would boost the jewellery industry in the city by giving much needed impetus to the domestic and international sales," said Chandrakant Sanghavi, president, GHB.
According to Sanghavi, the park will be of world-class standards. It will change the face of Surat's jewellery industry. Jewellery manufactured in India is much cheaper [and that] would attract several buyers.
Sources said, though the foundation stone was laid on December 19, 2004 by Chief Minister Narendra Modi, the issues pertaining to land acquisition, environment and farmers' protest delayed the project until 2008.
Following the delay and recession, over 140 members out of the total 340 backed out of the project. On Sunday, GHB office-bearers organised a site visit for the members who have booked slots at the SEZ.
Navin Mehta, chairman of Mumbai-based D Navinchandra, said "Jewellery manufacturers in Mumbai are keen to set up their units in Surat jewellery park as the land available here is cheaper and Gujarat is one of the emerging jewellery markets in the country. I hope to start my unit by next year."
While, Govind Dholakia, chairman, Shree Ramkrishna Exports, said "The industry realises that through value addition alone it can fight recession."
GHB aims to complete at least the basic infrastructure facilities like street lights, road network, water supply, storm-drainage network etc. by the end of 2009. The INR 4,000 crore ($847.2 million) park will spread over 1 million square meters.
"Value addition is the key to success for any industry. Same applies to [the] diamond industry in Surat, which is the world leader in diamond processing but has no contribution in the jewellery sector. The upcoming jewellery park would boost the jewellery industry in the city by giving much needed impetus to the domestic and international sales," said Chandrakant Sanghavi, president, GHB.
According to Sanghavi, the park will be of world-class standards. It will change the face of Surat's jewellery industry. Jewellery manufactured in India is much cheaper [and that] would attract several buyers.
Sources said, though the foundation stone was laid on December 19, 2004 by Chief Minister Narendra Modi, the issues pertaining to land acquisition, environment and farmers' protest delayed the project until 2008.
Following the delay and recession, over 140 members out of the total 340 backed out of the project. On Sunday, GHB office-bearers organised a site visit for the members who have booked slots at the SEZ.
Navin Mehta, chairman of Mumbai-based D Navinchandra, said "Jewellery manufacturers in Mumbai are keen to set up their units in Surat jewellery park as the land available here is cheaper and Gujarat is one of the emerging jewellery markets in the country. I hope to start my unit by next year."
While, Govind Dholakia, chairman, Shree Ramkrishna Exports, said "The industry realises that through value addition alone it can fight recession."
The Israeli Diamond Industry is Launched in Social Media
The Israeli Diamond Industry today launched Stage 4 of its strategic marketing program “Together Works”, at a press conference organized by the Israel Diamond Institute Group of Companies (IDI) at the JCK Las Vegas trade show. Stage 4 of this unfolding B2B program makes use of the most advanced tools available on the web today to spread the message of diamonds -- in every social media platform from YouTube, Facebook and Twitter to blogs and Linkedin.
The centerpiece of this social media marketing campaign is the launch of the Israeli Diamond Industry YouTube channel http://www.youtube.com/profile?user=israelidiamond. This is the first ever diamond center channel and seeks to revolutionize the diamond industry’s presence on YouTube. As on-line trade and marketing evolves at a breathtaking pace, the YouTube platform will enable buyers to virtually meet new suppliers, and provides an all important ‘meet and greet’ that is such an intrinsic part of the diamond business.
To date IDI has uploaded 38 unique videos each featuring a different Israeli diamond company. IDI produced these image films for YouTube as a service for Israeli diamond companies while introducing them to new and out-of-the-box forms of marketing. This complex project was filmed and edited by a leading film production agency in Israel. The next round of filming is set to take place in the IsraelDiamondCenter in June 2009 with a long list of companies waiting to embrace this new marketing challenge.
At the press conference IDI also spoke of the development of The Israeli Diamond Industry blog http://blog.israelidiamond.co.il/ which was launched at BaselWorld and has achieved a wide international following. In addition, the trade media was introduced to the new industry face on: Facebook http://www.facebook.com/pages/Ramat-Gan-Israel/Israeli-Diamond-Institute/67240223724 , Twitterhttp://twitter.com/isdiam and the professional network.Linkedinhttp://www.linkedin.com/in/israelidiamond. These features can also be accessed viaIDI’s flagship portal in English, Chinese, Russian and Hebrew www.israelidiamond.co.il
Avi Paz, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses, said “As a global industry we need to be proactive in promoting our product, which is what we are doing through the generic marketing campaign scheduled to launch in 2010. This marketing campaign is a result of the cooperation between mining companies, jewelry brands, WFDB and IDMA.,” he said. “We cannot overemphasize the importance of ‘working together’. I’m pleased that in Israel we decided to focus all the IDI resources on marketing and that our campaign ‘Together Works’ is a successful move.”
IDI Managing Director Eli Avidar said that social media marketing is an essential piece of all marketing campaigns today. “It was clear to us when we planned ‘Together Works’ that we would use all tools available to promote The Israeli Diamond Industry. The social media are growing exponentially and their potential is unlimited. We want to create an online community where the industry can come together and share ideas as well as communicate directly with Ramat Gan,” he said.
Alissa Goren, IDI Chief Marketing Officer, introduced the project by illustrating with statistics the audience reach IDI’s expanded online presence can target: “The fact is that in February this year YouTube reached 100 million viewers, and in terms of general online video watching in January 2009 Internet users viewed 14.8 billion videos online. We are seeing a trend on Facebook over the past 6 months that its largest growth has been among 35 – 44 year olds, with women over 55 the fastest growing segment. Blogs now touch tens of millions around the world. And over 40 % of Twitter’s audience is working adults aged 35–49. We need to harness the tremendous power of Web 2.0 to the benefit of our industry,” she said.
Earlier stages of “Together Works”, which reaches out to the international B2B diamond buying community, saw the launch of a print and online advertising campaign in leading trade publications and websites. Moreover, in the United States, IDI introduced a 24/7 toll-free number, 1-888-42-WORKS, for ongoing and new clients to reach out with their immediate diamond needs. These are uploaded in real time to IDI’s portal site and all Israeli diamond companies receive text messages informing them of the new demand. IDI also launched “CALL ASIA”, a unique call center that initiates direct contact with a massive network of Asian diamond buyers every week to ask for their specific diamond needs. Here too the information is instantly uploaded on to the IDI portal and Israeli diamond suppliers are notified by text message.
As a further benefit to diamond partners in the United States, IDI has launched a new seasonal magazine, Reflections – Diamonds. Fashion. Trends. Clearly. Reflections focuses on the latest in styles, trends, and celebrity jewelry. It is distributed free of charge as a handout for customers to over 10,000 retailers in the United States. Reflections can also be accessed online through IDI’s portal site at http://www.israelidiamond.co.il/reflections.html?lang=en where extra print copies can also be ordered.
The centerpiece of this social media marketing campaign is the launch of the Israeli Diamond Industry YouTube channel http://www.youtube.com/profile?user=israelidiamond. This is the first ever diamond center channel and seeks to revolutionize the diamond industry’s presence on YouTube. As on-line trade and marketing evolves at a breathtaking pace, the YouTube platform will enable buyers to virtually meet new suppliers, and provides an all important ‘meet and greet’ that is such an intrinsic part of the diamond business.
To date IDI has uploaded 38 unique videos each featuring a different Israeli diamond company. IDI produced these image films for YouTube as a service for Israeli diamond companies while introducing them to new and out-of-the-box forms of marketing. This complex project was filmed and edited by a leading film production agency in Israel. The next round of filming is set to take place in the IsraelDiamondCenter in June 2009 with a long list of companies waiting to embrace this new marketing challenge.
At the press conference IDI also spoke of the development of The Israeli Diamond Industry blog http://blog.israelidiamond.co.il/ which was launched at BaselWorld and has achieved a wide international following. In addition, the trade media was introduced to the new industry face on: Facebook http://www.facebook.com/pages/Ramat-Gan-Israel/Israeli-Diamond-Institute/67240223724 , Twitterhttp://twitter.com/isdiam and the professional network.Linkedinhttp://www.linkedin.com/in/israelidiamond. These features can also be accessed viaIDI’s flagship portal in English, Chinese, Russian and Hebrew www.israelidiamond.co.il
Avi Paz, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses, said “As a global industry we need to be proactive in promoting our product, which is what we are doing through the generic marketing campaign scheduled to launch in 2010. This marketing campaign is a result of the cooperation between mining companies, jewelry brands, WFDB and IDMA.,” he said. “We cannot overemphasize the importance of ‘working together’. I’m pleased that in Israel we decided to focus all the IDI resources on marketing and that our campaign ‘Together Works’ is a successful move.”
IDI Managing Director Eli Avidar said that social media marketing is an essential piece of all marketing campaigns today. “It was clear to us when we planned ‘Together Works’ that we would use all tools available to promote The Israeli Diamond Industry. The social media are growing exponentially and their potential is unlimited. We want to create an online community where the industry can come together and share ideas as well as communicate directly with Ramat Gan,” he said.
Alissa Goren, IDI Chief Marketing Officer, introduced the project by illustrating with statistics the audience reach IDI’s expanded online presence can target: “The fact is that in February this year YouTube reached 100 million viewers, and in terms of general online video watching in January 2009 Internet users viewed 14.8 billion videos online. We are seeing a trend on Facebook over the past 6 months that its largest growth has been among 35 – 44 year olds, with women over 55 the fastest growing segment. Blogs now touch tens of millions around the world. And over 40 % of Twitter’s audience is working adults aged 35–49. We need to harness the tremendous power of Web 2.0 to the benefit of our industry,” she said.
Earlier stages of “Together Works”, which reaches out to the international B2B diamond buying community, saw the launch of a print and online advertising campaign in leading trade publications and websites. Moreover, in the United States, IDI introduced a 24/7 toll-free number, 1-888-42-WORKS, for ongoing and new clients to reach out with their immediate diamond needs. These are uploaded in real time to IDI’s portal site and all Israeli diamond companies receive text messages informing them of the new demand. IDI also launched “CALL ASIA”, a unique call center that initiates direct contact with a massive network of Asian diamond buyers every week to ask for their specific diamond needs. Here too the information is instantly uploaded on to the IDI portal and Israeli diamond suppliers are notified by text message.
Ministry Proposes $5-b Fund to Boost Resources for Export Credit
The Commerce Ministry has proposed a $5-billion trade finance facility to augment resources for the export sector. This facility may roll out within the first 100 days of the new UPA Government.
Highly placed sources in the Commerce Ministry said that a fund may be created by the Reserve Bank of India for ensuring increased and timely flow of export credit.
“It is at a proposal stage. The idea is to create a fund that commercial banks could dip into for augmenting their trade finance activities,” sources said.
The SME sector, which is the backbone of Indian exports, has been plagued by demand slowdown and is reeling under liquidity pressures due to the global financial meltdown.
The common complaint among export fraternity is that banks are shying away from providing export credit and prefer parking their funds in RBI’s reverse repo window, albeit at lower returns for their funds.
The country’s merchandise exports had recorded a decline for six months in a row up to March 2009. The same trend is expected to continue even for April (official data to be released on June 1).
India’s merchandise exports grew 3.4 per cent in dollar terms to $168.7 billion during 2008-09, a tad short of the scaled down target of $170 billion.
According to industry estimates, export credit from the banks (excluding the foreign banks) declined 17 per cent during September-March 2008-09 as compared with the same period in the previous fiscal. Even as a proportion to total non-food credit, export credit has been at low single digit (about 5.2 per cent at end March 2009).
The quantum jump in housing loans as well as auto loans in the domestic market in the recent years has also dented bankers’ interest in the export sector.
On their part, bankers contend that the policy makers should tackle the demand issue and that exports are being affected by the recession in developed markets.
Govt measures
The Government had over the last one year announced a number of measures to tackle the exporters’ woes.
These include provision of pre-shipment and post-shipment credit at competitive rates, extension of duty neutralisation scheme and also a committee to look into the procedural problems faced by exporters.
In the interim budget 2009, interest subvention of 2 per cent on pre-shipment and post-shipment export credit was extended by six more months from March 31 to September 30, 2009.
The sectors that got this benefit were textiles, carpets, leather, gem and jewellery and marine products.
Highly placed sources in the Commerce Ministry said that a fund may be created by the Reserve Bank of India for ensuring increased and timely flow of export credit.
“It is at a proposal stage. The idea is to create a fund that commercial banks could dip into for augmenting their trade finance activities,” sources said.
The SME sector, which is the backbone of Indian exports, has been plagued by demand slowdown and is reeling under liquidity pressures due to the global financial meltdown.
The common complaint among export fraternity is that banks are shying away from providing export credit and prefer parking their funds in RBI’s reverse repo window, albeit at lower returns for their funds.
The country’s merchandise exports had recorded a decline for six months in a row up to March 2009. The same trend is expected to continue even for April (official data to be released on June 1).
India’s merchandise exports grew 3.4 per cent in dollar terms to $168.7 billion during 2008-09, a tad short of the scaled down target of $170 billion.
According to industry estimates, export credit from the banks (excluding the foreign banks) declined 17 per cent during September-March 2008-09 as compared with the same period in the previous fiscal. Even as a proportion to total non-food credit, export credit has been at low single digit (about 5.2 per cent at end March 2009).
The quantum jump in housing loans as well as auto loans in the domestic market in the recent years has also dented bankers’ interest in the export sector.
On their part, bankers contend that the policy makers should tackle the demand issue and that exports are being affected by the recession in developed markets.
Govt measures
The Government had over the last one year announced a number of measures to tackle the exporters’ woes.
These include provision of pre-shipment and post-shipment credit at competitive rates, extension of duty neutralisation scheme and also a committee to look into the procedural problems faced by exporters.
In the interim budget 2009, interest subvention of 2 per cent on pre-shipment and post-shipment export credit was extended by six more months from March 31 to September 30, 2009.
The sectors that got this benefit were textiles, carpets, leather, gem and jewellery and marine products.
Diamond Exporters Looking at Domestic Market to Boost Biz
With the dip in gem and jewellery exports following the global recession, the exporters might take a closer look at the domestic market to boost business.
Diamond exports, which were growing at about 5-6 per cent for the last few years, dropped by about 7-8 per cent to $13.02 billion in 2008-09 from $14.2 billion in 2007-08.
Diamonds account for almost 75 per cent of the total gem and jewellery basket and its consumption in domestic market has been growing at over 100 per cent in the last five years, according to Mr Vasant Mehta, Chairman, Gem and Jewellery Export Promotion Council.
“We do not expect the exports to pick up if there is no turnaround in recession by August-September. However, in 2010-2011, the situation should improve and diamond exports can grow by 5 per cent again,” Mr Mehta observed.
Talking about the growth of diamond consumption in domestic market, Mr Mehta said, “Even till few years back people in our country preferred gold over diamond as it could be traded easily. But over the last five years we have witnessed demand for diamond growing fast.”
New markets
The Council, Mr Mehta said, was looking at venturing into new markets such as China, the CIS countries and West Asia to offset the slowdown in demand from the US.
Gem and jewellery exports to the US, which accounted for 25 per cent in 2007-08, fell to 20 per cent in 2008-09 and the highest importer was the UAE at 31 per cent (21 per cent in 2007-08), he pointed out.
Diamond exports, which were growing at about 5-6 per cent for the last few years, dropped by about 7-8 per cent to $13.02 billion in 2008-09 from $14.2 billion in 2007-08.
Diamonds account for almost 75 per cent of the total gem and jewellery basket and its consumption in domestic market has been growing at over 100 per cent in the last five years, according to Mr Vasant Mehta, Chairman, Gem and Jewellery Export Promotion Council.
“We do not expect the exports to pick up if there is no turnaround in recession by August-September. However, in 2010-2011, the situation should improve and diamond exports can grow by 5 per cent again,” Mr Mehta observed.
Talking about the growth of diamond consumption in domestic market, Mr Mehta said, “Even till few years back people in our country preferred gold over diamond as it could be traded easily. But over the last five years we have witnessed demand for diamond growing fast.”
New markets
The Council, Mr Mehta said, was looking at venturing into new markets such as China, the CIS countries and West Asia to offset the slowdown in demand from the US.
Gem and jewellery exports to the US, which accounted for 25 per cent in 2007-08, fell to 20 per cent in 2008-09 and the highest importer was the UAE at 31 per cent (21 per cent in 2007-08), he pointed out.
Jewellery Federation Eyes 50% Sales Growth by 2013
The All India Gem and Jewellery Trade Federation is targeting for 2013 a 50 per cent growth in the retail turnover of the domestic jewellery industry, which is currently worth Rs 1,12,000 crore.
Mr Vinod Hayagriv, Chairman of the Federation, said, “We plan to achieve this by building consumer confidence through the development of uniform gold pricing across cities and States, by joint promotion programmes and joint advertising campaigns together with Gem and Jewellery Export Promotion Council, Rio Tinto (a multinational mining and exploration company), the World Gold Council, and others. We need all these agencies to actually work together — it is in everyone’s interest to grow the industry.” The marketing budget for the promotions planned this year by manufacturers and retailers in the industry will be around Rs 30 crore.
The gem and jewellery industry, which has been affected by the global slowdown, is hoping for a fruitful year ahead. The current situation is good with higher footfalls and less “recession fears,” said Mr Hayagriv, who took over recently as chairman of the Federation for 2009-2011. The industry, which has seen an impact of 20-30 per cent,
Mr Vinod Hayagriv, Chairman of the Federation, said, “We plan to achieve this by building consumer confidence through the development of uniform gold pricing across cities and States, by joint promotion programmes and joint advertising campaigns together with Gem and Jewellery Export Promotion Council, Rio Tinto (a multinational mining and exploration company), the World Gold Council, and others. We need all these agencies to actually work together — it is in everyone’s interest to grow the industry.” The marketing budget for the promotions planned this year by manufacturers and retailers in the industry will be around Rs 30 crore.
The gem and jewellery industry, which has been affected by the global slowdown, is hoping for a fruitful year ahead. The current situation is good with higher footfalls and less “recession fears,” said Mr Hayagriv, who took over recently as chairman of the Federation for 2009-2011. The industry, which has seen an impact of 20-30 per cent,
Hallmarking Of Gold Jewellery Looks Difficult
According to The Hindu Business Line, it is difficult to make the hallmarking of gold jewellery mandatory across the country due to insufficient number of certification centres and lack of infrastructure, according to Mr M.K. Roy, Deputy Director General, Bureau of Indian Standards (BIS), Eastern Regional Office.
The proposal, earlier mooted for implementation in January 2008, is currently pending with the Ministry of Consumer Affairs."If at all, the hallmarking for gold jewellery can be compulsorily implemented in the metros only, initially," he said during a meeting entitled 'Quality Assurance through Standardisation' organised by the Bengal National Chamber of Commerce and Industry.
Currently there are only 138 BIS-recognised assaying and hallmarking centres in the country. "The problem is that the certification centres are not spread across the remote areas," Mr Roy said.
"There was a proposal to make hallmarking mandatory for gold and silver jewellery from January 2008, but notification was not issued by the government due to lack of infrastructure." He, however, could not give any timeframe for it to be implemented, but expressed hope that the new government would introduce it.
There are 7,000 odd certified hallmarking jewellers in the country, Roy said.
The proposal, earlier mooted for implementation in January 2008, is currently pending with the Ministry of Consumer Affairs."If at all, the hallmarking for gold jewellery can be compulsorily implemented in the metros only, initially," he said during a meeting entitled 'Quality Assurance through Standardisation' organised by the Bengal National Chamber of Commerce and Industry.
Currently there are only 138 BIS-recognised assaying and hallmarking centres in the country. "The problem is that the certification centres are not spread across the remote areas," Mr Roy said.
"There was a proposal to make hallmarking mandatory for gold and silver jewellery from January 2008, but notification was not issued by the government due to lack of infrastructure." He, however, could not give any timeframe for it to be implemented, but expressed hope that the new government would introduce it.
There are 7,000 odd certified hallmarking jewellers in the country, Roy said.
Jaipur Jewellery Industry Starts Bringing In Sparkle
After a gap of sluggishness due to global meltdown, the gems and jewellery business in Jaipur is slowly picking up.
Of late, the demand has picked up not only across the world but also within the country. "By the end of this year, the trade will normalize. We are expecting that by end of this financial year as compared to last year, we might do well or remain at the same level," said Rajiv Jain, vice chairman, Gems and Jewellery Export Promotion Council (GJEPC).
He also adds that the exports stood around 21 billion dollars last year.
Meanwhile, Jaipur jewellery industry is also eyeing the domestic market as they believe it has huge potential. They are also focussing on the diamond promotion in the domestic market. They have already held workshops in Mumbai and Kolkata and will further conduct in Delhi.
Of late, the demand has picked up not only across the world but also within the country. "By the end of this year, the trade will normalize. We are expecting that by end of this financial year as compared to last year, we might do well or remain at the same level," said Rajiv Jain, vice chairman, Gems and Jewellery Export Promotion Council (GJEPC).
He also adds that the exports stood around 21 billion dollars last year.
Meanwhile, Jaipur jewellery industry is also eyeing the domestic market as they believe it has huge potential. They are also focussing on the diamond promotion in the domestic market. They have already held workshops in Mumbai and Kolkata and will further conduct in Delhi.
Alrosa Rough Diamond Sales Tumble 92.6% in First Quarter
Russian diamond mining firm Alrosa ended the first quarter with a net loss of 13.43 billion rubles ($432.52 million) as rough and polished diamond sales were slashed to just 4.87 billion rubles ($156.80 million), according to an earnings report. The sharp fall may indicate that Alrosa is not making any significant sales to Gokhran, the state repository.
The sales decline represents a 92.6 percent drop in rough diamond sales and a 76.7 percent fall in cut diamond sales compared to the first quarter of 2008.
Operating losses totaled 2.819 billion rubles ($90.76 million).
At the onset of the economic crisis, Alrosa announced that it would not curb production. Instead of selling the mined goods to traders and manufacturers, it moved to sell the rough diamonds to the state repository.
However, the low sales levels may indicate that Alrosa is not making any significant sales to Gokhran. Therefore, Alrosa has in fact cut back on production or is accumulating very high levels of rough diamond inventory.
The sales decline represents a 92.6 percent drop in rough diamond sales and a 76.7 percent fall in cut diamond sales compared to the first quarter of 2008.
Operating losses totaled 2.819 billion rubles ($90.76 million).
At the onset of the economic crisis, Alrosa announced that it would not curb production. Instead of selling the mined goods to traders and manufacturers, it moved to sell the rough diamonds to the state repository.
However, the low sales levels may indicate that Alrosa is not making any significant sales to Gokhran. Therefore, Alrosa has in fact cut back on production or is accumulating very high levels of rough diamond inventory.
