Solitaire International - August 2019
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August 2019 issue Digital Access. 
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In this issue
The Great Disruption The sudden and unexpected hike of 2.5% in the gold import duty to 12.5% has caught the industry by surprise. Following the announcement, a wave of disappointment swept through an already beleaguered industry, which is beset with challenges. Gold analyst Sanjiv Arole pens this month’s Cover Story which examines the repercussions of the hike in depth. He notes that the high incidence of import duty as well as GST renders the domestic market uncompetitive to boost exports or even be innovative in its products. The industry had some reason to cheer as the Finance Ministry declared that the Integrated Goods and Services Tax (IGST) will not be levied on gems and jewellery taken out of India for exhibition purposes or on consignment basis. This was the result of several representations made by the GJEPC in this regard to the Finance Ministry, Department of Revenue, and the Central Board of Indirect Taxes & Customs. Moreover, India became one of the first countries to adopt distinct HS Codes for rough and polished lab-grown diamonds, which will undoubtedly strengthen the Council’s efforts to maintain the integrity of the natural diamond pipeline, while enhancing transparency and disclosure throughout the synthetic diamond pipeline. In an exclusive interview, DPA CEO Jean-Marc Lieberherr shares details about the recently published Trucost study, which, for the first time ever, quantifies the diamond industry’s socio-economic benefits at $16 billion. Turn to Global Eye to read more about it.
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Digital Only
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.
