Ache din aa agye…the gems and jewellery industry echoes as the sector is hopeful of some significant changes and better days. Earlier jewellers had openly supported PM candidate Narendra Modi, now that he has won, India’s gems and jewellery sector is hopeful that ascent of Modi will bring in cheer back to the industry.
Indian gems and jewellery industry was suffering due to policy hurdles introduced by the government in 2013. The 10 per cent export duty; 80:20 rule have hampered the business. There is a lot of positivity within the industry that makes the sector believe that the new government will fulfill the promises made to them before elections.
Gold prices dipped below `26,000 per 10 gms on the future market on June 9 to touch a low of `25,811 for the August contract. The yellow metal traded at `25,909 per 10 gms on MCX midday after climbing down from an intraday high of `25,930. In fact, in coming weeks gold is expected to fall further to `24,000.
A recent report by the GFMS team at Thomson Reuters said that gold prices are likely to keep falling through 2015 after a second annual decline this year as US monetary policy normalises and investors switch to higher-yielding assets. Physical demand, which hit record levels last year after prices plummeted in the second quarter, is expected to remain firm but will not be enough to offset a continued decline in Western investment. Bullion experts points out number of factors for the declining gold prices.
India’s platinum jewellery market is likely to grow by 35% in 2014, according to Platinum Guild International (PGI). The rapidly changing consumer preference is one of the key reasons for growth of platinum.
PGI’s Retail Trade Barometer, the first platinum jewellery market research in retail sales predicted that platinum jewellery market in India is likely to rise by 35 per cent in 2014. The reason given is rapidly changing consumer preferences, especially from the bridal segment, earlier confined to gold and diamonds.
Luxury brand consultant, Nisha JamVwal joined Zoya Business Head Arif Padiath last evening to launch their exquisite store at Linking Road, Khar. The store is Zoya’s second store in the city of Mumbai. Coupled with this celebration they also launched the stunning new summer collection, Fire, along with a viewing of Zoya’s first television commercial.
Mumbai’s glitterati attended the grand launch including actor Gulshan Grover, Chetan Hansraj, Ranjeet, Tanuj Virwani, Rajiv Paul, actress Rutcha Gujarati, Vidya Malavade, Kanchi Kaul, Zoya Afroz, Alicia Raut and former Miss world Sobhita Dhulipala. Veterans of the corporate world Prahlad Kakkar, Anil Thadani, Dr. Reshma Pai Dillon were spotted enjoying the evening with some champagne.
Swarovski’s distinguished history of innovation and precision cutting of jewelry stones, dating back to the company’s foundation in 1895, has been extended far beyond the company’s original crystal business. Starting in 1965, Swarovski has offered a unique and balanced selection of genuine gemstones and created stones made from the purest raw materials and crafted to satisfy the strictest standards for color, quality, size and shape. Bearing all the Swarovski hallmarks of perfection, brilliance and ingenuity, Swarovski Genuine Gemstones and Created Stones invite designers of fine and bridge jewellery and watches to unleash their creativity and capture their visions in beautiful gems.