Representative image CK Venkataraman, MD, Titan Company, says the profits took a big dip in Q2 and substantially on account of the losses that they had called out in their last quarterly call relating to the customs duty drop. When Titan imports gold through gold on lease, the customs duty part of that price of…
Kolkata: Surat’s diamond industry has declared a month-long closure till November 30 this year, instead of the usual 15 days around Diwali, amid tepid demand for natural diamonds from the US and China, its two biggest customers. The largest diamond hub of the country, Surat has about 5,000 diamond-cutting and polishing units, employing nearly 800,000…
New Delhi: Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to formulate stringent regulations mandating traders to clearly disclose whether a diamond is natural or lab-grown while marketing to prevent ambiguity. In a communication to the Department of Consumer Affairs, the council has said that ensuring transparency and implementing clear and standardised…
Representative image Jewellery brand Giva on Monday announced the closure of its extended series B funding round raising Rs 225 crore led by Premji Invest with new investors Epiq Capital, Edelweiss Discover Fund, and the company’s top management joining the round. The round consisted of 35% primary investment and 65% secondary transaction, enabling a partial…
Representative image Shares of Tata Group company Trent rallied 7.3% to its new all-time high of Rs 7,998 on the BSE today after launching its new lab-grown diamond (LGD) brand ‘Pome’ in Westside stores. Currently, the brand has been launched in select Westside stores in Mumbai, Bengaluru, Hyderabad and Gurgaon). This seems like a pilot…
Representative image A steep, narrow, barely lit staircase leads to Vinubhai Parmar’s rooftop room in Surat. Inside, folding beds and scattered kitchenware hint at a life in distress. His teenage sons, Shivam and Dhruv, sit cross-legged on the floor, doing their homework. At 18, Shivam has come to terms with the upheaval at home after…
Jewellery retailer Senco Gold Ltd is expecting 12 per cent jump in revenue this festive season as compared to the last festive season, Suvankar Sen, MD and CEO, Senco Gold Ltd told ETRetail. As compared to the last festive year, gold prices have jumped almost 18 per cent, so this festive season, it is also…
Representative image Mumbai: The diamond industry is in facing major headwinds, going by a CRISIL report. Diamantaires are bracing for a decadal-low in revenues as demand slumps. Flattish margins, declining working capital requirements, and controlled debt are expected to aid credit profiles. India’s natural diamond polishing industry is set to see revenues plummet 25-27% on-year…
Significant fall in prices, eroding consumer interest and competition with imports are some of the major challenges being faced by the domestic lab-grown diamond industry, think tank GTRI said on Sunday. It also said that while India faces the issue of production overcapacity, it continues to import lab-grown diamonds in large amounts and this issue…
The lab-grown diamond market has seen a significant drop in prices, from $300 a carat in July 2022 to $78 a carat recently. Natural diamonds experienced a 25-30% price drop too. Factors like rising gold prices, a downturn in the US economy, and changes in Chinese buying patterns have impacted the diamond industry negatively, reported…
