Latest news with #GJEPC
Time of India
4 days ago
- Business
- Time of India
Jewellery exports hand carriage debut from Kol airport
1 2 Kolkata: This week, Kolkata airport conducted two hand-carriage exports of gems and jewellery from the city to Italy and Dubai. While the second consignment was dispatched to Dubai on Wednesday night through the hand luggage of a representative from M Sashi Badalia & Sons Pvt Ltd, the first consignment was hand-carried in a personal baggage on Monday by Senco Gold MD and CEO Suvankar Sen to Milan for an exhibition. "With clearance timelines now down to just two days, hand-carriage has become an efficient and reliable export option. It's helping us meet tighter delivery schedules, keep our clients happier, and even cater to urgent or last-minute shipment. We will look at this model for other international markets as well," said Golubhai Badalia, M Sashi Badalia & sons director and founder. The export was accomplished through coordinated efforts of Customs authorities, Gems and Jewellery Export Promotion Council (GJEPC), AAI Cargo Logistics and Allied Services Company, and BVC Logistics. The initiative was supported by Shivaji H Dange, principal commissioner of customs, Kolkata, and Pankaj Parekh, regional chairman (eastern region), GJEPC. Sen said: "We hope that 10% of exports from Kolkata will happen through hand-baggage avenue. It will boost jewellery export from the city in a big way." Among the major exporters of gems and jewellery in the city are Hasmukh Parekh Jewellers, Modern Impex, and Senco. Gems and jewellery export from Bengal stands at around Rs 12,000 crore — one of the highest in the country.
Time of India
4 days ago
- Business
- Time of India
Stakeholders to set aside 1% to boost natural diamonds
Surat: In a landmark move to boost the appeal of natural diamonds across the globe, top natural diamond mining, manufacturing and marketing players signed the Luanda Accord on Wednesday, in Luanda, the capital of Angola. Tired of too many ads? go ad free now Stakeholders jointly agreed to contribute the equivalent of 1% of annual revenues from rough diamond sales to a collective marketing initiative. Under pressure due to conflicts between countries, slowing economies and shifting consumer preferences towards lab-grown diamonds, the natural diamond trade is taking various measures to stabilize the market. After a significant drop in the global diamond business, industry leaders are joining hands to secure the industry's interests. This is a significant development for Surat and India. Eight lakh people are employed in the diamond manufacturing industry in the city, while seven lakh more work in the gems and jewellery sector in other cities of the country. The agreement was signed by the governments of Angola, Botswana, the Democratic Republic of Congo, Namibia, South Africa, officials of India's Gem and Jewellery Export Promotion Council, Antwerp World Diamond Centre (AWDC), Dubai Multi Commodities Centre and De Beers Group. The 1% contribution will be channelled through the Natural Diamond Council (NDC), which will take the lead in designing and executing a global generic marketing strategy aimed at enhancing consumer awareness and demand for natural diamonds. "Implementation details, including the mechanisms for making these contributions, will be finalized after legal review. Each participating govt will work in coordination with industry representatives to establish suitable arrangements for contributions in their respective jurisdictions," said an official present at the meeting. Tired of too many ads? go ad free now The agreement included that, to ensure transparency and alignment with contributor interests, the governance structure of the NDC will undergo a review. Annual assessments of both financial contributions and the impact of marketing campaigns will be conducted by NDC members. "The Luanda Accord marks a fundamental shift in the way our industry comes together to protect and promote the future of natural diamonds. As the world's largest diamond manufacturing centre, India is proud to stand shoulder to shoulder with African producer nations and global partners," said Shaunak Parikh, vice-chairman, GJEPC. "A unified global marketing push is no longer optional — it's essential. GJEPC remains deeply committed to this shared vision and is ready to contribute actively to the next chapter of sustainable growth for our industry," Parikh added. "The signing of the Luanda Accord marks a historic moment of unity in our industry. After a year of collaboration with African diamond-producing nations and global partners like the GJEPC and DMCC, we've committed to collectively fund and promote natural diamonds. This is a powerful step toward a stronger, more sustainable future for our industry — and I'm proud of the leadership role the AWDC played in making it happen," said Ravi Bhansali, vice-president, AWDC.
Time of India
4 days ago
- Business
- Time of India
Surat industry calls Antwerp's 5-euro LGDs a ‘desperate move'
Surat: As the global natural diamond trade has begun to show signs of stability and trade bodies worldwide are putting extra efforts into pushing it through to recovery, competition between natural and lab-grown diamonds has heated up in Antwerp, the world's diamond trading hub. The leading diamond trade body, Antwerp World Diamond Centre (AWDC), which represents 1,470 Belgian diamond companies, last week launched a campaign, 'We Protect A Legacy'. Through this campaign, AWDC emphasizes Antwerp's role as the world's trading centre for natural diamonds and aims to raise public awareness about the differences between natural and synthetic diamonds. The campaign was launched in Antwerp's Stadsfeestzaal with a striking public stunt in which passersby could go to a gumball machine and get a synthetic diamond for five euros. "This symbolic act highlights the stark contrast in value between synthetic and natural diamonds," a statement from AWDC said. Meanwhile, Indian gems and jewellery trade leaders called this a desperate attempt, saying both products are equally important to the jewellery industry. "With a rich history of 580 years, the natural diamond trade is deeply embedded in the DNA of Antwerp. The campaign explicitly reinforces the city's role as a natural diamond hub — particularly in response to the growing popularity of synthetic diamonds and increasing consumer confusion about the difference," the AWDC said. "We're claiming this position openly and with full conviction," says Isidore Mörsel, president of AWDC. "Natural diamonds have been at the core of our existence for centuries. In the past five years, synthetic diamonds represented a negligible 0.6% of our total trade value. Moreover, Belgium is the first country in the world to protect consumers through a royal decree. Since 2023, jewellers are legally required to disclose whether a diamond is natural or synthetic before a purchase takes place." Former chairman of the Gem and Jewellery Export Promotion Council (GJEPC), Vipul Shah, said, "Natural and LGDs both have their dedicated markets, and both are going to survive. They are not in competition but complement each other." Shah is a leading natural diamond manufacturer and calls both products important for Indian gem and jewellery manufacturers. "The gumball machine was put in a public place where people, out of curiosity, went to check. There were posters informing people about LGDs and natural diamonds," said a diamond businessman who visited the spot. Smit Patel, convener of the LGD committee in GJEPC, said, "The move to demote LGD in an attempt to promote natural diamond is out of desperation. LGDs have a different consumer class and as a manufacturer, it is a product that generates employment and business here." LGD traders from Diamond City are busy fulfilling orders from all over the world. "LGDs are becoming popular fast all over the world and have huge demand. LGDs are equally important for our diamond manufacturing industries, and we are focusing on giving the best products to the world," said Haresh Narola, vice-president of the Surat LGD Association.
&w=3840&q=100)
Business Standard
6 days ago
- Business
- Business Standard
Gems, jewellery exports down 15.81% to $2,263 million in May: GJEPC
The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data Press Trust of India Mumbai The overall gems and jewellery exports declined 15.81 per cent to $ 2,263.42 million (Rs 19,260.81 crore) in May compared to the same period of the previous year following tariff announcement by the US, GJEPC said on Tuesday. The industry exports stood at $ 2,688.38 million (Rs 22,414.02 crore) during the same period of 2024, according to Gems and Jewellery Export Promotion Council (GJEPC) data. Exports of cut and polished diamonds declined 35.49 per cent in May to $ 949.70 million (Rs 8,089.81 crore) compared to $ 1,472.08 million (Rs 12,272.03 crores) for the same period of previous year. Meanwhile, exports of polished lab-grown diamonds in May declined 32.76 per cent to $ 80.90 million (Rs 689.71 crore) from $ 120.32 million (Rs 1,003.06 crore) for the previous year. However, gold jewellery exports went up 17.24 per cent to $ 997.50 million (Rs 8,482.61 crore) as compared to $ 850.81 million (Rs 7,094.52 crore) for the same period of previous year. Gross exports of silver jewellery during April-May declined 17.59 per cent to $ 150.08 million (Rs 1,281.92 crore) against $ 182.11 million (Rs 1,518.69 crore) in the same period of previous year. Overall exports of coloured gemstones during April-May showed a decline of 1.13 per cent to $ 62.51 million (Rs 533.08 crore) against $ 63.22 million (Rs 527.36 crore) in the same period last year. "The overall exports continue to decline and in May the dip was 15.81 per cent mainly due to the tariffs announcement by the US. However, gold jewellery exports have gone up due to the continuing geopolitical tensions in the Middle East, which has increased the demand for the precious metal as a safe haven," GJEPC Chairman Kirit Bhansali told PTI.
Time of India
6 days ago
- Business
- Time of India
Gems, jewellery exports down 15.81 pc to USD 2,263 mn in May: GJEPC
India's gems and jewellery sector faces a downturn in May 2025. Exports and imports witness a decline. This is due to global economic uncertainties and geopolitical issues. Cut and polished diamonds and lab-grown diamonds also see a drop. Gold jewellery exports buck the trend with positive growth. Industry experts hope for improved sentiments following US-China trade talks. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The overall gross exports of gems and jewellery in May 2025 stood at USD 2263.42 million (Rs. 19260.81 crores), showing a decline of 15.81% compared to USD 2688.38 million (Rs. 22414.02 crores) for the same period last year, according to figures released by the Gem & Jewellery Export Promotion Council ( GJEPC ).On the other hand, the overall imports of gems and jewellery for May 2025 stood at USD 1689.61 million (Rs. 14393.12 crores), showing a decline of 12.96% as compared to USD 1941.29 million (Rs. 16184.80 crores) for the same period last year. This can be attributed to the economic uncertainties surrounding the tariffs levied by Trump as well as the continuation of geopolitical tensions which has been pushing the demand overall gross export of cut and polished diamonds declined by 35.49% in May 2025, standing at USD 949.70 million (Rs. 8089.81 crores) compared to USD 1472.08 million (Rs. 12272.03 crores) for the corresponding period last year. This is due to the slowdown in demand for this product category in major consumer markets like the USA and the growing affirmation of consumers towards a more sustainable and cost-effective category like lab-grown diamonds is another reason which is impacting the demand for natural the overall gross imports of cut & polished diamonds saw a decline of 38.76% in May 2025, which stood at USD 84.80 million (Rs. 722.74 crores) when compared to USD 138.47 million (Rs. 1154.4 crores) for the same period last imports of rough diamonds stood at USD 2262.21 million (Rs 19311.73 crores) in May 2025, showing a decline of 5.46% as compared to USD 2392.87 million (Rs. 19949.36 crores) for the same period last year. This can be attributed to weaker demand from key markets like the US and China. Moreover, falling prices coupled with oversupply is another factor leading to a decline in imports as traders look forward to clearing the existing inventories during such provisional gross export of polished Lab Grown Diamonds during May 2025 stood at USD 80.90 million (in Rs. 689.71 crores), showing a decline of 32.76% as compared to USD 120.32 million (Rs. 1003.06 crores) for the previous year. This is due to the subdued demand in the overseas markets, primarily the US and China, resulting in overall weakened demand as both these countries are key export destinations for total gross export of gold jewellery in May 2025 stood at USD 997.50 million (Rs. 8482.61 crores), showing a growth of 17.24% as compared to USD 850.81 million (Rs. 7094.52 crores) for the same period of last year. This can be attributed to the evolution of gold becoming more than just an investment asset but also a daily-delight jewellery which is increasingly being preferred by buyers across the gross export of coloured gemstones in May 2025 stood at USD 62.51 million (Rs. 533.08 crores), witnessing a marginal decline of 1.13% compared to USD 63.22 million (Rs. 527.36 crores) for the same period last year. Being a niche product category, the consumption tends to oscillate as per the demand. Nevertheless, this product category remains immune to any macro factors and can bounce back on the same, Mr. Colin Shah, MD, Kama Jewelry said, 'The consistent decline of exports rolling over in May 2025 can be attributed to the uncertainties that followed the tariffs announcement by Donald Trump. This cast a shadowing effect on the domestic market, which is still navigating with the knee-jerk reaction that followed post-Trump's tariff wave. To add to this, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine continue to disrupt the demand-supply dynamics, adding further woes to the already ailing sector. However, the peaceful trade talks between the US and China bring in some relief, which is expected to lift the sector's sentiments.'
