The Art of Jewellery_June Edition 2020

INDIA’S No.1 JEWELLERY MAGAZINE JUNE 2020 | VOL 19 ISSUE 6 INDIA ` 250 | US$15 Jewellery SCounrsuvmeeyr by Preeta Agarwal New Team takes charge at GJEPC Exclusive Interviews: David Kellie CEO, NDC Sriram Natarajan MD, GIA India NSE rGeocledrievosepptgoionoonsdes Business scenario post-lockdown

TECHNOLOGY TECHNOLOGY Safeguard the GRADING SiibbtDtDnnIIOiiOeerossronnttannuutteerrcdcyyeeeeccddeeuussfssaauuoonneehhgtgtttiiaauurrBBrrnnttnnddbnnguuhhrrsssstteeiitteeeeddiiittioommeuttaaeellrrmmssyyyyeeddeeyyllaettccssooeeiiuurrttccrroottsssseennggSSsssd@@llwwssccaaffttgcctteeyyGGoossrrnniittaatyyreerrttiinnhohhttooccffvvoorrnneessrreeeoouiiaaoo,,nnuuddnnccssuupnnmmrree..ppssse..rvices.com GConRsisAtenDtlyIgNradGing only debeersgroupservices.com upnCugpnssaarrroooaiinnttuunppdggrrsirraainiisDDeellgtettaaeeaa@nnnrrtBBdyyddlyeeeiiuunneebgnnssrrerssttattrrrreuueedGGrmmaasingrrtteeooeegrnnuuoddttppouss’’..ddpnssiilsyaaemmrvooicnneddsss.com grading@debeersgroupservices.com MELEE TESTING SERVICE EDUCATION MOurEhiLgEhlyEskiTlleEdSstaTffINcanGscreSenEpRarVcelIsCofEmelee EExDpanUd CyoAur kTnIoOwleNdge with fOttftehhrrooeesummtmmirnhg00iiinn@g..00hccd00lllyeee11baa33sekrrcclliyyelttlrettllsooaadgbbr00soeet..au22llllpeef00fddsccce,,ttarttvaaaanicnnmmseddcppsree.rreceerreo--ttppuunmrrrroonnpooaffrcbbeaalsggsso..f melee eeEeCtCtooxxxdoopppaauuueeacddrrssarrnvvtteessdtaaissonnffrrynaaccooo@eettmmuddaadrllDDellkddbllneeiieeaaoevvBBmmweeeeerlloolssseee::gnnrrdddssrffooogGGuuuggennprrrraawddooindduuaaistiippttthnniiioot..ggunnt..e.com testing@debeersgroupservices.com education@debeersgroupinstitute.com SET DIAMOND SSEETRVDIICAEMOND DSiaEmRonVd IteCstinEg of set testaainnnjjgeeDdd@wwiassdeeiimzzllelleeeeobssrrneyy,,deDDaartscc––egrrsMMoortoissnussgccpooaasolllleoollfrssuuvshhrreissaac..teppsee.cssom testing@debeersgroupservices.com De Beers Group Industry Services To find out more visit D20e BCeaerrltsoGn rHoouupseInTdeurrsatrcye Services debeersgroupservices.com 2LLTooe0lnndd+Coo4ann4rlSSto2WWn0 H117YYo8u555s8eAANNT7e8,,rr8UUa7cKKe ddToeebbfieeneedrrssoggurrtoouumpposinreesrtvivtiuicsetiets..ccoomm Tel +44 20 7858 7887 FdoelbloewersugsronupIninsstatigturtaem.co, mLinkedIn and WeChat Follow us on Instagram, LinkedIn and WeChat



INENNODVUARTIAONNCE PASSION It’s integral to us

At Chain-n-Chains, our world revolves around core values of Superior Performance. It is in our nature. Our purpose of being. The products we design are form of art, confirming to highest quality standards and backed by decades of solid competence and principles. Because we believe, dedication with discipline is what makes a performance complete. ® experience the difference 167/171, 1st floor, Gambhir Bhavan, Zaveri Bazar, Mumbai 400 002, India. Tel.: +91-22-2342 0555, 2342 4555 • Telefax: +91-22-2341 0555 E-mail: info@c-n-c.in • Web site: www.c-n-c.in





An exclusive PAN India survey was conducted on EDITORIAL ‘Jewellery Consumer Preferences post COVID-19 lockdown’. The survey was channeled in collaboration with 11 leading jewellery retailers from across India along with renowned company Unimrkt Research Pvt. Ltd as the research partner. The aim of the survey was to ‘understand the needs of a jewellery consumer during & post these tough times and help create a safe & seamless jewellery shopping experience.’ The result is optimistic for the jewellery industry. We bring you the detail analysis of the survey. The new Committee of Administration of GJEPC for the term 2020-22 has been announced recently. Colin Shah, the previous Vice Chairman has assumed the role of Chairman for the new term and Vipul P. Shah, a former GJEPC Chairman, has taken over the position of Vice Chairman. Jewellery businesses across the country have sought extension by a year to January 2022 from the government for mandatory hallmarking, due to loss of sales amid the coronavirus pandemic. The government made gold hallmarking mandatory in January 2020, with a year’s period for implementation. From January 15, 2021, jewellers will only be allowed to retail gold that has been hallmarked at 14, 18, and 22 karat levels of purity. With the Covid-19 crisis and subsequent lockdowns hitting the jewellery sector hard, jewellers have urged the government to push this date by a year. A report. Gold Metal Loan (GML) is a mechanism under which a jewellery manufacturer borrows gold metal instead of rupees and settles the GML with the sale proceeds obtained. Several trade bodies have recommended some amendment to the existing GML so that it could be a win situation for all the parties attached to it. In our special story we have discussed all the points which can make it a robust financial product. Apart from this, stay tuned with our print and digital edition of June issue for more updates on jewellery industry. Until next time stay home, stay safe, keep reading!! Sumesh Wadhera Publisher & Editor-in-chief 8 The Art of Jewellery | Vol 19 Issue 6 | june 2020





kiranraj1111@gmail.com retimounting@gmail.com raj.ethnicgold@gmail.com +91 98216 80168 +91 82912 79021 +91 97022 22999 +91 98694 45693 +91 82912 79022 +91 99307 96231 +91 82912 79024 +91 99306 07475 www.rajjewellers.co.in | Mumbai (India) | Export Enquiry Solicited

The Art of Jewellery 12 Vol 19 Issue 6 | june 2020 Your voice Dear Readers! Send us your views, opinions, suggestions to: The Editor - The Art of Jewellery, We invite readers to share their views and opinions on any aspect of the gem & jewellery sector. Comments on 'The Art of Jewellery' AOJ Media Pvt. Ltd. , Regd Office: AOJ House, No. 2818, 6th Cross, 19th Main, HAL 2nd Stage, magazine and suggestions for improvements are equally welcome. Bangalore - 560 008 Letters should carry the writer's name, address and contact number. Email to: editor@aojmedia.com The Art of Jewellery is pioneer One of the best magazines as we witnessed “The Art of of gems and jewellery sector on jewellery. Their array of Jewellery” and other Jewellery and contains enormous detail designers and brands always leads came forward to help the and event of our industry. The help the clients and individuals Industry Karigars workers. content and Print of AOJ is understand the ongoing trends All India’s Gems and Jewellery excellent and I wish you all and market better. Industry should stay strong, the success in all your future united and continue showing endeavours. Abhineet Boochra support to each other and Director, Sangeeta Boochra & overcome this tough situation Prithviraj Kothari Silver Centrre together. National President, IBJA With AOJ we can rest assured The challenge for the Gems Sushil Mondal that we are getting the latest and Jewellery Industry President, Karnataka Bengali insight on jewellery trends and might continue even after Swarna Shilpi Association development in the industry. situation stabilises. Due to It never fails at providing the Covid-19 outbreak there is Congratulations to Mr. Sumesh most appropriate information a hit in consumer demands Wadhera and his entire AOJ regarding the industry. Their and affected India’s gem team for constantly providing research team always surprises and jewellery exports. The us with the latest trends in us with their various topics. Proverb: “Unity is Strength” jewellery designs and the Dear Subscriber, Inform us about your change of address at: subscribe@aojmedia.com



The Art of Jewellery 14 Vol 19 Issue 6 | june 2020 Your voice jewellery industry updates. We need Magazines like students, customers and also The best part about AOJ is I The Art of Jewellery for our for common people who wants get to read short and clear to jewellery industry as it keeps us to keep themselves updated the point about the topic. And upto date with trends, launches about the on going market will say AOJ has become the and insights into the retail trends in Jewellery Sector. best platform to fill the gap jewellery industry. Today’s between the retailers and the business need information to Nisha manufacturers/wholesaler. make good decision making. Institute Head, Solitaire AOJ provides the industry with Diamond Institute, India Viren Chokshi adequate information and the Director, D Khushalbhai right plaform for retailers AOJ has been an excellent Jewellers, Surat like us. source of authentic news related to the industry, and Gem and jewellery is a vibrant Wishing them all the best for an enlightenment of what the sector in many ways. We are the future and keep sharing industry experts feel. It is also most peace loving community. great information like always. helpful in getting valuable We need global platforms to insight of the market and the showcase our art and craft. The Indranil Roy latest trends. Art of Jeweller yhas played a Director, M P Jewellers major role in integrating and Praveen Jain networking the verticals of the The Art of Jewellery is one such Founder CEO industry. All the best to AOJ platform wherein you would Poonam jewels, Bangalore team. find updates for all major groups like business persons, Ajay Kala professional, designers, Joint Secretary, JJS Log on to fb.com/aojmagazine to get latest updates & news. You can also share your comments.



THE ART OF JEWELLERY 16 VOL 19 ISSUE 6 | JUNE 2020 /aojmagazine MOST CLICKED ON MOST SEEN ON FACEBOOK FACEBOOK GSI discovers 250 kg gold reserves near Jamshedpur World’s biggest Jewellers want more GJC rolls out initiative to 393 jewellery firm moves gold purity standards, enable small enterprises 216 to recycled gold, silver seek extension of connect with customers hallmarking deadline 501 496 @artofjewellery Beautiful gets a new synonym - Bridal Jewellery from Senco Gold & Diamonds. The Great Indian Vivaha Collection. Your wedding is special to you and you are special to us. So, start your wedding jewellery shopping Visit us at: http://bit.do/thegreatindianvivahacollection without the worry of Gold price rise! Book your Gold jewellery through our Pure Price Offer at our nearest store or online. #PurePriceOffer #PNGJewellers



Publisher & Editor-in-chief INDIA’S No.1 JEWELLERY MAGAZINE PAGE CONTENTS Sumesh Wadhera Editor JUNE 2020 | VOL 19 ISSUE 6 18 Shashi Wadhera INDIA ` 250 | US$15 THE ART OF JEWELLERY VOL 19 ISSUE 6 | JUNE 2020 Associate Editor Jewellery Cover Picture Courtesy: Amrapali Jewels Bina Thakur sCounrsuvmeeyr Assistant Editors by Preeta Agarwal Kshitija Kolhapure Anjali Menon New Team takes charge at Sr. Graphic Designers Ranganatha T J GJEPC Jyothish P P exclusive Interviews: Web Designer S Rohit David Kellie BUSINESS AND OPERATIONS CeO, NDC SALES & MARKETING Vinod Kaul - Vice President Sriram Natarajan Sanjay Kumar - Vice President Bhupal Kamalakar Potdar - mD, GIa India Vice President, West SUBSCRIPTION & CIRCULATION NSE Bangalore Vijo M Jose rGeocledrievosepptgoionoonsdes Presilla Jayashelan Rekha R Business Mumbai Amit Mishra scenario post-lockdown Shambhavi Naik Print & Production 28 | Cover Story Venkatesh Prakash C G Accounts & Finance Bling It OnPAN India Jewellery Consumer Survey Hareesh T G brings optimistic response for industry AOJ MEDIA PVT. LTD. 8| From Editor’s Desk 40| News Briefs Regd. Office : AOJ House, No. 2818, 6th Cross, 19th Main, HAL 2nd Stage, 12| Your Voice Jewellers want more gold purity Bangalore - 8 Ph: +91-80-25201687, 88, 16| AOJ Social standards, seek extension of hallmarking deadline Mumbai : A-405, 4th, Floor, Ramji House Indians pawn gold for Jambulwadi, Kalbadevi Road, loans as borrowing from Mumbai – 400002 banks becomes tougher Ph: +91-22-22037636/39 Jaipur : No. 76, 3rd Floor, Gold Souk Near Jhawar Circle, Jagat Pura Road, Jaipur - 302 012 Ph: +91-141-2725205 www.artofjewellery.com Email: info@aojmedia.com 22| Point of View Interview Winner Winner Winner 52| David Kellie ABCI Excellence IBJA Award 2014 GJTCI Award 2013 & 15 58| Sriram Natarajan & 15 Best Jewellery Award 2017 & Bullion Magazine Best Jewellery English Magazine Magazine & Emerging Online Jewellery Portal AN ISO 9001:2008 OwnedandPublishedbyAOJMediaPvt.Ltd.'AOJHouse',No.2818,19thMain,OffHALAirportRoad,Bangalore-8 andPrintedatSadguru Screens,RajajiNagar,IndustrialTown,Bengaluru. www.sadguruscreens.com Allrightsreserved.Nopartofthispublicationmaybereproduced, CERTIFIED COMPANY storedortransmittedinanyformwithoutpriorconsent.RegisteredwiththeregistrarofnewspapersforIndiaunderNo.KARENG/2002/6284 AOJ Media is a Registered Trade Mark (R) with Govt of India . Number 2477273 dated 13/02/2013.



Interview Special Report 60| Ravi Varanasi 76| GJEPC COA 78| Election Results Declared Launch 79| C. Krishniah Chetty Group of Jewellers will stop Chinese Pearls from their offerings 62| Muliya Jewels launches live 80| Forevermark Diamonds stand by its shopping from home commitment to protect the environment and wildlife this Environment Day 63| Titan’s luxury jewellery brand How Jewellery designers are Zoya forays into South India, opens making the most of lockdown new boutique in Bangalore Guest Article Special Report 85| India Good Delivery (IGD) Rules For 64| The Kundan of Bikaner 86| Gold Bar by C A Surendra Mehta 67| Diamonds Embark on a Journey of Luxury Factors that decide the spiritual positivity of a mangalsutra by Dr. Athavale with the Natural Diamond Council 90| Tax Guru 68| Certain amendments will make Gold Metal Loan a robust financial product 92| Facts & Data 70| Key Diamond Trading Hubs Begins to Recover Government Seeks Suggestions from the 72| Gem & Jewellery Industry to Boost Manufacturing and Exports 73| Jewellers urge extension of grace period of mandatory hallmarking of gold jewellery 74| Jewellery Market Scenario Post Lockdown SECTION DT News Melania Trump 96DIAMOND upgrades her diamond engagement ring for a 25-carat rock Chow Tai Fook Joins WFDB Board Rapaport’s ‘State of the Diamond Industry’ address Rough sales may fall up to 40% this year



22 point of view The Art of Jewellery Vol 19 Issue 6 | june 2020 “We shall earnestly urge the Centre to extend the deadline to do away with jewellery without hallmarking for another six months till July 2021.” Shaankar Sen Vice Chairman, GJC “Business normalcy is at least “As banks could exhibit greater risk six to 12 months away. The more aversion in the current context, time we lose, the worse impact we gold loans would be a convenient will have.The future is going to be route for many customers to raise digital. We all need to go digital.” liquidity and working capital.” Anantha Padmanaban P R Somasundaram Chairman, GJC Managing Director India, WGC “Our endeavour is to create the natural diamond dream in India by being both emotionally and culturally relevant. In India each piece of jewellery we buy has strong meaning and emotions attached to it. Through our marketing initiatives we want to reinforce the legacy and heritage of natural diamonds, by inspiring and educating consumers about the wonders of these glorious jewels and the integrity of the diamond industry, and we will achieve this with a digital first strategy.” Richa Singh Managing Director, India “With this step, the BSE wishes to “From last two days, diamond merchants highlight its commitment and priority are gathering at the Varachha diamond towards development of the Indian market and the social distancing norms bullion market. By conforming to its have gone for a toss. Part of Varachha own good delivery standard, India is still under containment and we don’t could emerge as a price-setter, instead want the virus to spread further. Only the of a price-taker in bullion trade.” diamond offices must operate with less than 50% workforce. For trading purpose, Sameer Patil diamond merchants should make optimum use of social media to connect Chief Business Officer, BSE with the traders and manufacturers.” Babu Kathiriya President, SDA

AAcchhaallBBhhaawwaann,,DD--114499--AA,,SSaavvititrriiPPaatthh,,BBaappuuNNaaggaarr,,JJaaipipuurr--330022001155 00114411--44001122559966||++991199111166665533222222||ooffficicee@@aacchhaaljlejewweelsls..ccoomm HHyyddeerraabbaadd||CChheennnnaaii||BBeennggaalulurruu||MMuummbbaaii

24 point of view The Art of Jewellery Vol 19 Issue 6 | june 2020 “There will be a dip in our UAE sales “It’s time for brands to be salient, but “Going forward as the jewellery because of the closures, but nothing not silent. All through the lockdown, we markets are reopening slow and too drastic, I hope. Fact is we will be were communicating with customers. gradually in various parts of the better served by retaining just one Our theme on communication was country but due to the shortage of store in locations where we had two or real golden moments, like appreciating karigars the supply of new jewellery is even three.Because there is such low relationships, appreciating your home affected and kickstarting of jewellery consumer demand for gold jewellery and what you have despite being locked manufacturing process is hampered.” right now, it’s better not to re-open up. It’s important to be responsible, to some stores – that way retailers be empathetic and spread positivity.” SS Alam will end up with less expenses.” Arun Narayan MD Aurum Jewels and Chief Coordinate Joy Alukkas Bengali Karigar Welfare Association AVP Marketing & Retail, Tanishq Chairman and Managing Director, Joy Alukkas Jewellery “We tend to focus on threats rather than opportunities. There is undoubtedly opportunity to double the size of our business and still be underperforming versus the luxury industry. My focus is on the opportunity, which is to compete in the luxury market against anything that is discretionary expenditure.” David Kellie CEO, Natural Diamond Council “Creating a special connection with “The COVID-19 crisis and associated the customer can help diamond sellers lockdowns have caused people all around during the era of online commerce. the world to re-evaluate aspects of what’s The key to your success is customer important in their lives and have reinforced acquisition and development.” the value of personal relationships. While consumer confidence and spending have Martin Rapaport been significantly impacted in the US, this research highlights that diamonds Chairman, Rapaport Group will nonetheless have a unique role to play in people’s lives in a post-lockdown world as they seek to celebrate their most meaningful relationships.” Bruce Cleaver CEO, De Beers Group

Age-Old AriCstrraoftcsrmatainschip www.mehtagold.com MEHTA GOLD PVT. LTD. Bangalore Chennai Mumbai 4th Floor Mehta Tower, Sherkhan Lane, 969 Dharmaraya Temple Road, Nagratpet, Bangalore - 560002. Phone : 080-4166 3898, E mail : info@mehtagold.com Chennai Branch : No.26/7, 2nd Floor, Mangesh Street, T. Nagar, Chennai-600 017. Phone : +91 44 2434 2900, Mob : + 91 90083 01518. Mumbai Branch : A 301, 3rd Floor, Glitz Mall, Vittalwadi, Mumbai- 400 002. Phone : + 91 22 2244 5504, Mob : + 91 9769 343344.

LAB GROWN CVD DIAMONDS LAB GROWN CVD DIAMONDS LLaabb ggrroowwnn CCVVDD DDiiaammoonndd JJeewweelllleerryy SSEELLFF RREELLIIAANNTT.. SSWWAADDEESSHHII.. SSUUSSTTAAIINNAABBLLEE.. #Vocalforlocal #AatmanirbharBharatTTTooo jjjoooiiinnn hhhaaannndddsss,,,##cccVVooonnnootttccaaaaaccctttllffuuuoosssrr:::lloowwwccwwwaawwwll ...##llliiimmmAAaaeeelllttiiigggmmhhhtttaadddnniiiaaaiimmmrrbbooohhnnnaadddrrsssBB...ccchhoooaammmrraa||| +++tt999111 999999222000333111666666666111

HHOOWWKKKNNNTTOOOOOCCCKKKGGIIINNNEEGGGTTOOONNNMMYYYIIOOOLLUUULLRRREEDDDNNOOOOOONNRRRII???AALLSS HHEERREE''SS AA SSTTEEPP BBYY SSTTEEPP GGUUIIDDEE HimIiImIitttfff'''oosssyyyErroooccceeRuuuooooommmEaaaffsssmmmtt'eekkkSooonntttnnnhhhtthhAeeetttoooaammmnnhhhSwwweeennhhhaaaTaaaarrrttEuutttlllrrPaaaiiiaasssbbbllttthhhddB---eeeiigggaaYiiirrrrrrmmooocccooShhhwwwnnoooTddnnniiisscccE..eeedddPoooiiifffaaadddGmmmiiiaaaUooommmnnnoooInnnDddddddssssssE,,, WWWhhhaaattt iiisss cccaaauuusssiiinnnggg ttthhhiiisss ssshhhiiifffttt???more often than natural diamonds. TTHHEE PPUURREESSTT DDIIAAMMOONNDDSS taLLLttaThhhrraaarrrHeebbboooE---mmuuuggggggaarrrPhhhoooddUwwweeCCCRnnnwwhhhEeeeiidddttmmmSiiihhaaaiiiTmmmcccccaaaaaDooorrlllnnnbbIVVVAdddooaaasssnnMpppppp&&ooorrrOuuuoooNaarrrcccrreeeDDDDeesssSeeessseeepppdddooosssiiitttiiiooonnn carbon%drr%d%r&iieeeaaaaaammrllleoonnddss with EEAASSYYOONN TTHHEE PPOOCCKKEETT are made AAEllAllooSwwYss ccOooNnnssTuummHeeErrssPttOooCKET Type Allowsaacttosssnllaaaseeuvvvaameeessertts to Type 55atlea%%st IIIIaa100Type % IIa100aaLLLlliiissmmmooeeeKKllliiigggoohhhhhttt--iiCCC--nnVVVooDDDoorrdddlliiiiiaaakkmmmee oooppnnnuuddddrreesssiaaaaqqrrruumeeeaalloiittnyy..ds tmTmmTtThhhhhoooaaiiirrrnnssseeelllooeeeooonntttnnnsssppllltttooiiihhhfffsseeeeeessmmmeeeeessxxxsssssppppppiieeeooeeerrrnnnnniiisseeeddd..nnnccceeesss also Koh-i-noor like pure quality. than on possessions. TTHHEE SSOOUURRCCEE IISS KKNNOOWWNN dWdWWTiiaaeeeHmmcccEaaaooSnnnnnddOssseeeiiUnneeeRddaaauuCnnnssEttaaarrlllyyaaaI,,SrrraammmssKiiinnnaaNgggssOuusssWhhhrrvviiifffeeNtttyyiiinnniinnttthhhUUeeeSS sshhoowwss tthhaatt 77 %%%todoothhvvvieaeeeeiimrrrrronnnssnaaaoodtttuuuuurrirrrccnaaaeedllluwwdddsiiiaataaarssmmmplpdplddlmmmykkaaarrriii,oooiiiaaannlllabbbeeennnoommmslllfffddd---wweeeassseeeooogggnnnnnrrrbbbnnnsrrrunnneeeooodddcccriiiwwwsssvaaaaaaeuuulllnnnysssssseeein US shows that LLiimmeelliigghhtt DDiiaammoonnddss iiss tthhee cchhooiitccheeeiroosoffurttchheeewanns keenwwownggeenneerraattiioonn!! REDEFINING BRILLIANCE Limelight Diamonds is the choice of the new generation!REDEFINING BRILLIANCE TTcTcooooonnbbbttaaeeecccccttooommmuusseeeooooonnuuu++rrr rrr99eee11tttaaa99iii99lll22ppp00aaa33rrr11tttnnn66eee66rrr66ooo11rrr ffoorr aannyy qquueerriieess,, H A N D C RRE DAE FFI N TI N EG DB R I L LDI A NI CAE M O N D S for any queries, HANDCRAFTED DIAMONDS HANDCRAFTED DIAMONDS contact us on +91 9920316661

28 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 Bling It OnPAN India Jewellery Consumer Survey brings optimistic response for industry An exclusive PAN India survey Preeta Agarwal was conducted on ‘Jewellery Consumer Preferences post \"I felt there was a need for COVID-19 lockdown’. The survey answers on buying preferences was channeled in collaboration with post lockdown. And what 11 leading jewellery retailers from better too ask the consumers across India along with renowned themselves. With the help of company Unimrkt Research Pvt. Ltd the 11 jewellery partners and as the research partner. End consumer Unimrkt Research, we have database of the 11 partnering jewellers been able to put together was used to conduct the survey online, a very insightful report. If via a set of 22 questions that were studied carefully and applied focused on: to businesses, this data can prove to be very fruitful for • The consumer mindset for many jewellers. I wish the jewellery shopping post lockdown best of luck to everyone.” • Consumer acceptance of digital interface • General jewellery needs currently The aim of the survey was to ‘understand the needs of a jewellery consumer during & post these tough times and help create a safe & seamless jewellery shopping experience.’ The survey ran digitally for over two weeks and the team managed to successfully collect 4000+ valid responses from over 100+ cities across India. The survey was conducted by Jewellery specialist, Preeta Agarwal.



30 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 61% Of the female population (PAN India) between the age group of 20 – 40 years takes independent financial decisions. They are both a consumer as well as a customer. 60% On an average, 60%+ population of India wishes to buy everyday wear jewellery (rings/ earrings/ pendants) as their first purchase post lockdown.



32 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 30% Of Indians wish to buy jewellery immediately or within a few weeks. So let's make most of this demand. 55% 42% Of the total population who will buy jewellery post lockdown, 55% will be buying for 'Self' and 42% for 'Self Pampering'!

An Inspring Webinar Session Topic: The Art of Spiritual Leadership in Business: How to Lead with Spiritual Purpose, Values, and Creativity Date: 3rd July 2020 Time: 7.00 PM Pujya Shri Shri. Govind Dholakia Gnanvatsal Swami ji Founder and Chairman (BAPS Swaminarayan Sanstha) Shree Ramkrishna Exports Supported by: Moderated by: Organised by: Shri. Ratan Chand Mayan Diamonds, Bangalore ZOOM Metting ID: 871 1528 8850 Password: K12345 and Facebook live MAYAN DIAMONDS # 86/ 16 , Ist Floor, Devikrupa Building , Avenue Road Cross , CT Street , Bangalore-56002, Karnatka , Tel : +91 804201 7149 E-mail : mayandiamonds1@gmail.com web : mayandiamonds.com Manufracturers & Wholesaler of Close Setting Open Setting Diamond Jewellery.

34 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 14% 31% 55% 55% of the population would prefer shopping at a retail showroom post lockdown, while 31% would prefer e-commerce and 14% opted for try-at-home. Audience perception towards online shopping has increased by 17% (from 16% to now 33%) from pre-COVID to post lockdown, as per PAN India data. 35 Post Covid 33% 30 25 20 15 Pre Covid 17% 10 5



36 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 57% Around 57% population is happy & eager to see latest collection on social media – Instagram, Facebook & Whatsapp. And, 50% of the population either follows the brands on social media, lifestyle & jewellery bloggers. population is ready to try or buy through a virtual-try-on app.

992255 FFoorrDDeeaalelerrsshhipipCCoonnttaacctt MMoommeennttss992255SSilivlveerrInInddiaiaLLLLPP MMoommeennttssGGooldld ##3300, ,11ssttMMaainin, ,JaJayyaalalakksshhmmipipuuraramm, ,MMyyssuururu, ,KKaarnrnaatatakkaa, ,InInddiaia--557700001122. . ++991188112233444411992255 GGoolldd

38 Cover Story The Art of Jewellery Vol 19 Issue 6 | june 2020 CONCERNS 27% Of Indian population says they do not have any jewellery requirements right now! 42% Of the population across India does not feel safe to venture out for jewellery shopping, for a few months. Jewellery Retail Partners for this Survey 1. Khurana Jewellery House 6. BR Designs Amritsar Surat 2. Sunita Shekhawat 7. Aria by Kollatt Delhi/ Jaipur Kochi 3. Birdhichand Ghanshyamdas 8. Farah Khan Fine Jewellery Delhi/ Jaipur Mumbai 4. Punjabi Saraf Jewellers 9. Abaran Jewellers Indore Bengaluru 5. Sawansukha Jewellers 10. Sanjay Gupta Tibarulmals Kolkata Hyderabad 11. Vummidi Bangaru Jewellers Chennai

Preciosa´s Alpha Round Brilliant-cut cubic zirconia is the premium choice for fine jewelry makers. AUTHORIZED PARTNER KRISHNA GEMS Shop No. A - 80/82, Dhanji Street, Ground Floor, MUMBAI - 400003 T : 61837025 / 23411179 / M : 9833101179 / 7738746319 E : krishnagems17@gmail.com / I.COM - 7025 CONTACT: JAYANT MEHTA

40 News Briefs National The Art of Jewellery Vol 19 Issue 6 | june 2020 NSE, BSE to launch gold options on spot prices Leading stock exchanges NSE and BSE, for the first time ever, will launch options contract on spot gold prices from June 8. Currently, the leading commodity derivatives exchange MCX provides gold options trading which devolve on underlying futures contract. Ravi Varanasi, Chief Business Development Officer, NSE told that the product will be attractive for jewellers and bullion traders as they will be able to hedge risk at bare minimal cost and avail delivery on expiry of the contract. Though the underlying market is closed due to Covid, the government exchange expects to attract some învestment demand including that of exchange traded fund before the industry bounces back to normal. NSE has introduced market making in the gold options to provide liquidity in the initial days. The exchange has also received approval for launching silver options but will focus on gold options before taking up silver launch, said Varanasi. Jewellers want more gold purity standards, seek extension of hallmarking deadline Three standards for hallmarked gold jewellery are not enough for a country like India as it will create problem in some markets where different benchmarks are followed to ensure purity of the yellow metal, jewellers said. In view of the disruption in the wake of the COVID-19 crisis, they also urged the government to extend the next year’s deadline for mandatory hallmarking. The Centre, in November last year, had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. The government had given jewellers more than a year to shift to hallmarking and register themselves with the Bureau of Indian Standards (BIS), and they would be allowed to sell only hallmarked jewellery and artefacts made of 14, 18 and 22 -carat gold. Any violation would attract penalty and imprisonment. Indians pawn gold for loans as borrowing from banks becomes tougher Many Indians are using gold to secure loans, bankers and industry experts say, as banks are otherwise increasingly unwilling to lend during the coronavirus pandemic due to fear of the loan souring. “State-run banks were seeking lots of documents for crop loans and furnishing them all wasn’t possible quickly,” said Patil, whose farm is in Sangli district, nearly 400 km (250 miles) from Mumbai.“So I decided to pawn jewellery. I got a loan from a local co-operative bank in just an hour.” Using gold as security is not unusual in India, but gold-backed loans are becoming more popular with banks, which tend to consider them safer than other unsecured borrowing.India’s economy is expected to contract this financial year as the pandemic ravages activity worldwide, and there are growing concerns that people will struggle to repay riskier business and personal loans.



42 News Briefs National The Art of Jewellery Vol 19 Issue 6 | june 2020 Banking credit to Indian Jewellery Industry down by 18% Lending to India’s gem and jewelry industry fell 18% during the past two fiscal years as the 2018 Nirav Modi banking scandal continued to fuel caution among banks, according to credit agency CARE Ratings. Outstanding credit to the sector declined 1% to INR 721 billion ($9.54 billion) during the fiscal year ending March 31, 2019, from INR 727 billion ($9.63 billion) on March 30, 2018. It then slumped 17% to INR 595 billion ($7.88 billion) as of March 27, 2020, the Mumbai-based ratings group said in a report last week. “The gems and jewelry industry is facing increasing pressures on borrowings due to cautious and reduced bank lending, which is much more evident with unorganized and small-scale players,” CARE noted in its June 1 update. “After a financial scam broke out in January 2018, bank lending to this industry is on a consistent decline.” GSI discovers 250 kg gold reserves near Jamshedpur Geological Survey of India (GSI) on Saturday announced it has discovered nearly 250 kg of gold reserves beneath the earth in Bhitar Dari village in Jharkhand’s East Singhbhum district. The village is about 20 km. south of the steel township of Jamshedpur.A final report on this has been submitted to the Government of Jharkhand on the June 3 2020, GSI said in an official statement. “This has paved the way for auctioning of gold mines of this area, which would be carried out soon,” the statement added.The report states that the mining stretch of Bhitar Dari-Hakegora areas has a mineable gold resource of nearly 250kg. The resource bearing report was handed over by Janardan Prasad, Deputy Director General, GSI SU: Jharkhandto Aboobacker Siddique P, Secretary (Mines), Govt. of Jharkhand.A team led by Pankaj Kumar, Director carried out the survey, mapping and sampling in Bhitar Dari since 2013-14 while senior geologists Abhishek Das and Nandu Khalkho carried out the drilling process in the year 2017-18 & 2018-19. Fall in bank credit may delay jewellery sector recovery The consistent fall in bank credit to the gem and jewellery industry may exert further pressure and delay the recovery of the sector which is already reeling under unprecedented drop in demand after the Covid pandemic outbreak. The stress due to the lack of bank lending to the gems and jewellery industry is much more evident with unorganised and small-scale players. Since the financial scam broke out in January 2018, bank lending to this industry is on a consistent decline.As on March 2018, outstanding credit to this industry stood at ₹72,700 crore, which declined by ₹600 crore in FY19. Credit growth further witnessed a sharp fall of ₹12,500 crore in FY20. The outstanding credit to this industry stood at ₹59,600 crore as of this March-end. Such cautious bank lending can create further stress on liquidity.



44 News Briefs National The Art of Jewellery Vol 19 Issue 6 | june 2020 Titan expects profit hit from India lockdown Titan Company anticipates a negative impact on its profit in the first half of the year amid “very marginal” sales due to the coronavirus-related lockdown in India.Government measures forced the jeweler to shut all its stores and manufacturing facilities from March 17 until the first week of May, when the restrictions were gradually eased. The shutdown hit operations “substantially,” Titan warned last week. During the period, the company was only able to sell through e-commerce, which accounts for just 2% of total revenue, it noted.A large portion of the company’s sales occur in April, with the Akshaya Tritiya holiday considered a very auspicious day for buying gold jewellery. This year, it lost almost all sales from the April 26 event. The company also noted a shortfall from wedding-season purchasing, which is generally strong in April and May, as nuptials during those months were postponed, Titan said. The jeweler delayed the launch of two of its collections until most of its stores fully reopen, it added. Gold ETFs attract Rs 815 cr inflows in May on investors’ safe haven appeal Gold exchange traded funds saw net inflows of Rs 815 crore in May as investors preferred safe haven options amid stock market volatility and the coronavirus crisis. The category has been one of the better performing asset classes since last year. Since August 2019, gold ETF segment has received net inflows of Rs 3,299 crore. According to latest data available with the Association of Mutual Funds in India (Amfi), a net sum of Rs 815 crore was pumped into gold-linked ETFs in May, much higher than the net Rs 731 crore infused in April. However, the category had seen a net outflow of Rs 195 crore in March. Prior to this, gold ETFs had seen hefty inflows of Rs 1,483 crore in February and Rs 202 crore in January. India’s gold imports fall 99% for a second month on Covid-19 lockdown Gold imports by India slumped by about 99 per cent for a second straight month in May, disrupted by lockdown. Inbound shipments fell to 1.3 tonnes last month from 105.8 tonnes a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That comes after shipments plunged to 60 kg in April, the lowest monthly imports in at least a decade. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to two calls to his mobile phone during office hours.India has slowly started easing a lockdown that has grounded airlines and battered the economy since it was imposed on March 25. Still, jewellers aren’t optimistic of demand picking up before September at the earliest as financial stress remains elevated and local gold prices hover near record highs.



46 News Briefs interNational The Art of Jewellery Vol 19 Issue 6 | june 2020 Gold retailers in UAE delay re-opening stores as they await rent relief Joyalukkas, is closing its “weak performing” outlets, while Malabar Gold & Diamonds, with more than 100 outlets in the GCC states, has decided to delay opening all stores until there is clarity on rent reductions from its landlords. The gold trade has been the worst hit by the virus outbreak, as most residents stopped spending on anything other than essentials, while tourists too have been absent after the suspension of flight services. The initial plan is for Joyalukkas to exit seven of its 24 stores in the UAE, and repeat the process in the other Gulf states. The UAE contributes the highest share of the retailer’s revenues, at 40 per cent. Flagship stores in prime locations command rents of Dh800,000-Dh 1 million. World’s biggest jewellery firm moves to recycled gold, silver Pandora A/S, which makes more pieces of jewellery than any other company in the world, will stop relying on newly mined gold and silver and instead use only recycled precious metals. The new policy, which takes effect in 2025, will help the Copenhagen-based company beef up its climate credentials and make it a more appealing target for investors eager to fill their portfolios with assets that meet environmental, social and governance goals.Shares in Pandora jumped about 5% when trading started in the Danish capital, bringing gains in its market value this year to about 20%. The main Copenhagen benchmark index fell about 0.1% on Tuesday. A spokesman for Pandora said the change in policy won’t have any material impact on costs. Chief Executive Officer Alexander Lacik said the new approach won’t drag down the quality of the jewellery produced. “Metals mined centuries ago are just as good as new,” he said in a statement. Hummingbird Resources joins the World Gold Council The World Gold Council, the market development organisation for the gold industry, has welcomed Hummingbird Resources to its Board of Members. As part of joining the World Gold Council, the company has agreed to adopt and adhere to the Responsible Gold Mining Principles.Hummingbird Resources engages in the exploration, evaluation and development of mineral properties in West Africa with a primary focus on gold. Founded in 2005, Hummingbird listed on the London Stock Exchange in 2010. The company currently has two operations, Yanfolila, a high grade, producing mine in south west Mali; and Dugbe, a large undeveloped gold deposit in Liberia. Kelvin Dushnisky, Chair of the World Gold Council, commented: “I am delighted to welcome Hummingbird Resources to the World Gold Council. Hummingbird Resources brings with them a wealth of experience and plays an important role in the production and exploration of gold across West Africa. We look forward to their participation.”



48 News Briefs interNational The Art of Jewellery Vol 19 Issue 6 | june 2020 Hong Kong retail sales hit all-time low Sales of jewellery and other luxury items in Hong Kong plunged to their lowest level on record in April, as business remained challenging even as the pandemic threat cleared locally.Revenue from jewellery, watches, clocks and other valuable gifts dropped 77% year on year to HKD 1.36 billion ($176 million) for the month, as tourism remained at a near standstill and consumer sentiment was weak. Sales in all retail categories slid 36% to HKD 24.12 billion ($3.11 billion), Hong Kong’s Census and Statistics Department reported.The figure for jewellery was the lowest for a single month since the bureau began recording data in 2004. In February, the government imposed a two-week quarantine on tourists visiting from the mainland — an important source of luxury sales — which has deterred many visitors.Revenue from jewellery, watches, clocks and other valuable gifts slumped 66% to HKD 9.49 billion ($1.22 billion) for the first four months of the year. Sales in all retail categories dropped 35% to HKD 107.55 billion ($13.88 billion) for the January-to-April period. U.S. imports record amount of gold from Switzerland Swiss exports of gold to the United States leapt to 111.7 tonnes in April — by far the biggest monthly total on record — while shipments to other destinations dwindled, customs data showed. The global gold market has been turned on its head by the novel coronavirus, with demand in China and India collapsing due to lockdowns while in the West investors rushed to buy bullion as a safe asset to weather a period of financial turmoil. High prices on CME Group’s Comex exchange spurred shipments to New York. Switzerland exported a total of 131.8 tonnes of gold in April, up from 96.2 tonnes in March but slightly lower than in April 2019. Switzerland meanwhile shipped 500 kgs (0.5 tonnes) of gold to India, 1 kg to Hong Kong and no gold at all to China in April. Each of these destinations usually receive tens of tonnes of metal from Switzerland each month. Protests lead to looting of US jewellery stores Many US jewellers are coping with stolen property and the destruction of their premises following major looting sprees amid protests over the death of George Floyd. “It was like a war zone,” said Mark Clodius, owner of Clodius & Co. Jewelers in Rockford, Illinois, whose store was hit. “This has nothing to do with the protest. It was entirely for ill-gotten gain.” Clodius, who hadn’t yet had a chance to open his store following the Covid-19 shutdown, believes criminal gangs used the protests over the death of Floyd — a 46-year old African-American man killed while in police custody — as a cover for the robberies.“These were planned attacks,” he noted. “A riot or disturbance was made downtown at the police station, and then many vehicles, we’re talking about dozens and dozens of vehicles, went out and simultaneously hit every jewelry store in our city, miles away from where the protests were happening.”

Gemstone Identication A Project of Diamond Grading Diamond Studded Jewellery Grading R Geographical Origin Determination Identication of Synthetic Diamond PIONEERS.LEADERS.INNOVATORS. Diploma in Gemmology How to choose the Diploma in Diamond Grading right gems for your Short term Courses in creations ! Gemmology & Diamond- Grading LEARN WITH GII Jewellery Business- Management Course To read important information about rare and famous gemstones Visit our website www.giionline.com GII wishes safety to everyone LABORATORY SERVICES & EDUCATION CENTER Contact us @ 501/502,Mehta Bhavan,5th Floor, marketing@giionline.com Raja Ram Mohan Roy Marg, New Charniroad, Opposite Charni Road Station (East). Mumbai 400004. Ph.022 23889232 Visit us DIAMOND DETECTION RESOURCE CENTER G East Tower, 4,5&6, Bharat Diamond Bourse, www.giionline.com Bandra Kurla Complex, Bandra East, Mumbai-400051, R & D and Service Center T2-WC-B1 near Central Bank of India, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra East Mumbai 400051.

50 News Briefs interNational The Art of Jewellery Vol 19 Issue 6 | june 2020 Swiss Watch exports down 81% in April Swiss watch exports plunged in April as coronavirus lockdowns brought the entire supply chain to a near halt.“Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse,” the Federation of the Swiss Watch Industry reported.Shipments slid 81% to CHF 328.8 million ($339.1 million) for the month, with nearly all markets declining significantly. Orders from Hong Kong plummeted 83% to CHF 42.2 million ($43.5 million), while supply to the US dropped 86% to CHF 27.9 million ($28.8 million). Exports to Japan fell 86% to CHF 19.5 million ($20.1 million).The decline in China was more mild, slipping 16% to CHF 110.3 million ($113.7 million), and accounting for one-third of total Swiss watch exports in April, as the economy began to recover. However that compares with an increase of 11% to CHF 155.9 million ($160.6 million) in March. In February, shipments to China fell 52% due to the coronavirus. First U.S. Gold Coin may fetch $15 million in private sale One of the world’s most coveted coins is coming to the market. The Brasher Doubloon, the first gold coin struck in the U.S., is being offered privately at a $15 million asking price, according to numismatic adviser Jeff Sherid. His firm, Los Angeles-based PCAG Inc., is marketing the coin on behalf of a collector he would only identify as a former Wall Street executive.The doubloon is dated 1787 -- 11 years after the Declaration of Independence was signed, the same year the Constitution was written and five years before the federal mint opened in Philadelphia. Metalsmith Ephraim Brasher, George Washington’s next-door neighbor on New York’s Cherry Street, privately minted a small batch of the coins and punched this unique version with his hallmark “EB” on the eagle’s breast. The soon-to-be president almost certainly handled it, according to longtime numismatist John Albanese, founder of Certified Acceptance Corp., a coin-grade verification service. Malabar Gold & Diamonds repatriates staff on special flights to India Malabar Gold & Diamonds has chartered a special flight operated by Air Arabia from Sharjah to Calicut, Kerala on June 4, carrying at least 171 staff and their families, including 25 children.The initiative was part of the group’s plan to repatriate around 500 team members and their families to Kerala, Tamil Nadu, Maharashtra and West Bengal, the company said in a statement sent to Gulf News on Friday. The organisation noted it will charter five to six more flights.‘We gave priority to the elderly team members with pre-existing health concerns, team members with family and those who have been terminated or have opted for extended leave to be with their families in India on these chartered flights,” said Abdul Salam KP, Group Executive Director of Malabar GroupShamlal Ahamed, managing director - International Operations of Malabar Gold & Diamonds, added: “We wanted to provide a safe and speedy passage, made possible with the support we received from the Indian Consulate in Dubai, to our team members and their families during these difficult circumstances.