Solitaire International - May 2016
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The much-awaited Bureau of Indian Standards Bill for making hallmarking mandatory has been finally approved by both houses of Parliament. It still requires presidential clearance before it becomes law. While compulsory hallmarking will make business transactions more transparent with the consumer being the ultimate beneficiary, bullion analyst Sanjiv Arole does a reality check on whether the initiative can be successfully implemented by the inadequate number of hallmarking centres spread across the country. Turn to the Cover Story for a detailed analysis.Gem and jewellery net exports from India in the previous fiscal year dipped by 11.7% to $31.9 billion mainly due to weak international demand and high rough diamond prices. Export declines were witnessed across cut and polished diamonds (-13.66% to $19.9 billion), gold jewellery (-13% to $8.6 billion), and coloured gemstones (-4% to $433 million). The only silver lining was silver jewellery exports, which rose 44% to $2.9 billion. Vicenzaoro Dubai (VOD) is soon becoming the sourcing hub for high-end designer jewellery for the Middle Eastern market and the nearby countries. At VOD’s second edition held in April this year, exhibitors were happy with queries received from buyers. The participants were confident that the show will become a force to reckon with in the years to come. Lastly, Forevermark CEO Stephen Lussier and Forevermark India president Sachin Jain talk to Solitaire about the challenges and opportunities in growing the brand in its third-biggest market.
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