From the Desk of Editor
In the last financial year, gold market has gone through a troublesome time. The unfair trade norms imposed by the Government made the lives of jewellers and manufacturers miserable. With three duty hikes last year to a record 10% and onerous restrictions tying purchases to exports, official arrivals shrank almost 90 percent in the six months to November, helping China displace India as the world’s top gold buyer.
Besides the norms, election is also affecting the gold market negatively. With the election code of conduct in place, the Election Commission has implemented various regulatory steps to combat black money and illegal money power. Due to same, the jewellers are unable to benefit despite of sharp fall in gold prices in the very beginning of the financial year 2014-15. Several jewellers are reported to have stopped business till the elections are over.
Low demand for gold is expected to continue till mid-May, the time when election process comes to an end in the country. Post the announcement of election results, the gems and jewellery experts expect the Government to relax the curbs that have had impacted the industry.
It might had been a dull year for gold, but for Jewel Trendz, financial year 2013-14 was very eventful. Not only did we organise some of the most prestigious events like IBJA Cricket League 2014 for India’s prime trade body India Bullion and Jewellers Association but also delivered successful second edition of Jewel Trendz Gems and Jewellery show in Mumbai.
The new financial year that looks promising begun with the inauguration of our new posh office at the Glitz Mall, Zaveri Bazaar. With the new office, we aim to improve and begin with some new services for the gems and jewellery industry. At Jewel Trendz, it has been our mission to enhance the business of industry patrons. In the upcoming year, I would like to ensure our patrons that we will put our best foot forward to keep everyone happy.