Solitaire International - April 2018
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April 2018 issue Digital Access. 
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What Next? In the wake of the Nirav Modi-Mehul Choksi scandal, almost overnight the reputation of the Indian gem and jewellery industry was dealt a huge blow. The incident also triggered queries about the murkier side of the business. For weeks on end, questions were raised by almost every news channel and newspaper about malpractices such as round-tripping, gold smuggling, etc. by a few rogue operators. Given the magnitude of the fraud, things will never be the same again—from the government’s perspective, the banking sector’s perspective, and the consumer’s perspective. The industry has some soul-searching to do. Solitaire invited diamond industry advisor Pranay Narvekar to show the way forward and discuss in detail the long-term impact of the financial fraud on the industry. Read the Cover Story for Pranay’s in-depth views on the need for greater self-regulation, tightening of lending norms, adhering to a code of ethics and more. Our special correspondent Cynthia Unninayar visited the twin Hong Kong gem and jewellery shows, which attracted an all-time high of 87,000-plus buyers and a record 4,550 exhibitors from 52 countries and regions. Turn to Trade Fair for the full show report. The third Common Facility Centre of the Gem & Jewellery Export Promotion Council (GJEPC) was inaugurated by Suresh Prabhu, the union minister of commerce & industry, in Amreli, Gujarat last month. This facility, which aligns with Prime Minister Narendra Modi’s ‘Skill India’ and ‘Make in India’ initiatives, will help in the technological and social transformation of workers and small manufacturers engaged in diamond cutting and polishing activities.
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De Beers Diamond Jewellers Revamps Harrods Store
De Beers is proud to continue its legacy as the ‘Home Of Diamonds Since 1888’ with a refined new store in the Fine Jewellery Room at Harrods.
JJS Gears Up For December Show
The Jaipur Jewellery Show (JJS), the country’s largest combined business-to-business (B2B) and business-to consumer (B2C) jewellery show, will be held from December 22nd to 25th at the Jaipur Exhibition and Convention Centre (JECC) in Sitapura.
HK's 4,455+ Employees Take Part On International Yoga Day
Hari Krishna Group organised a yoga programme on 21st June 2017, International Yoga Day in its factory premises in Surat, and sales offices at BKC and SEEPZ, Mumbai.
GJEPC To Set Up IIGJ Centre In Udupi
The Gem & Jewellery Export Promotion Council (GJEPC) laid the foundation stone for a premier gem and jewellery training institute in Udupi, Karnataka, on June 16th.
US Diamond Jewellery Demand Reaches $41 Bn
Total diamond jewellery demand from US consumers increased 4.4% in 2016 to exceed $40 billion for the first time, according to industry insight data published by De Beers.
Business In The GST Era
Bullion analyst Sanjiv Arole evaluates the pros and cons of the recently implemented Goods & Services Tax (GST).
Signet Jewelers Appoints Virginia C. Drosos As CEO
Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, appointed Virginia “Gina” C. Drosos, who has served as a independent director of the company’s board since 2012, as the new chief executive officer of Signet, effective August 1st 2017.
GJEPC Opens Common Facility Centre In Palanpur
The Gem & Jewellery Export Promotion Council (GJEPC) said the second Common Facility Centre (CFC) was inaugurated in Palanpur by Nirmala Sitharaman, minister of state (independent charge) for commerce & industry, and Haribhai Chaudhary, minister of state for Micro, Small & Medium Enterprises (MSME), on July 10th.
Jewellers For Hope Raises ₹1 Crore For Three NGOS
The GJEPC hosted a by-invitation-only charity dinner, Jewellers for Hope, on the sidelines of the show to raise funds for a noble cause.
Small Is Big
Lightweight jewellery demand has grown 20% in the last year. Self-purchases, gifting and work wear drive the demand. Solitaire International interviewed retailers and designers to check out what’s hot in this category.
