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Gems, jewellery exports fall by 12.29% in August on decline in manufacturing, liquidity crunch: GJEPC

Author: unknown - Published 13-09-2019 14:55
The overall gems and jewellery exports declined by 12.29 percent in August to Rs 20,242.20 crore due to decline in manufacturing following liquidity crunch in the market. The exports during August 2018 stood at Rs 23,077.26 crore, according to data given by Gem Jewellery Export Promotion Council (GJEPC).

Rapaport Weekly Market Comment

Author: unknown - Published 12-09-2019 14:01
Low expectations for next week’s Hong Kong show, with fewer suppliers and buyers attending due to ongoing demonstrations. Dealers hoping polished trading will improve as US holiday season approaches. Rapaport calls for $1B industry-wide marketing campaign for engagement rings, including $500M matching funds from mining companies. Signet 2Q bridal sales -4% to $560M, Tiffany engagement jewelry -3% to $277M. CIBJO urges jewelers to focus on environmentally conscious, gender-neutral Gen Z-ers (ages 15 to 25). Midstream inventory declined due to reduced manufacturing. Alrosa Aug. rough sales -36% to $180M. Rapaport announces first Estate Jewelry Auction, Nov. 3-7, in New York.

Zimbabwe holds diamond auction for 316 000 carats

Author: Godfrey Marawanyika - Published 11-09-2019 14:57
Zimbabwe’s state-owned Minerals Marketing Corporation opened a 316 000 carat diamond auction, which will close at the end of the week, an official said.

India US Gems and Jewellery Buyer Seller Meet begins

Author: unknown - Published 10-09-2019 14:47
The India - USA Gems and Jewellery Buyer Seller Meet, organized by GJEPC at Renaissance Mumbai Convention Centre Hotel will commence from 10th September to 12th September. The event was inaugurated by GJEPC Vice Chairman Colin Shah, Executive Director Sabyasachi Ray, US coordinators Holly Granofsky and Nancy Robey and Australian coordinator Jeremy Keight.

Rio Tinto Unveils Array of Rare Argyle Pinks

Author: unknown - Published 09-09-2019 14:58
Rio Tinto has launched a collection of rare pink diamonds from its Argyle mine, which has been specially curated to showcase the full color palette of the deposit’s stones.

Surat’s diamond industry loses glitter as slowdown deepens

Author: Mahesh Langa - Published 06-09-2019 13:49
As the economic slowdown is deepening across sectors, India’s diamond hub in Surat is facing its worst crisis since 2008. The industry has seen more than 15,000 people being laid off in the past few weeks as the labour intensive sector is losing sheen owing to multiple factors, including the escalating trade war between China and the U.S., liquidity crisis at home and issues related to the Goods and Services Tax.

Gold prices today down ₹1,000 from highs, silver rates tumble

Author: unknown - Published 06-09-2019 13:34
Gold and silver prices in India continued their slide today, tracking similar global trend. On MCX, October gold futures prices were down 1% today to ₹38,527 per 10 grams, off over ₹1,000 from all-time highs of ₹39,885 hit earlier this week. Silver prices saw a sharper fall, with futures on MCX sliding 3% to ₹48,065 per kg, down nearly ₹3,500 from recent high of ₹51,489. Improved risk sentiment across the globe and a pullback by the rupee from recent lows put pressure on gold prices.

Rapaport Weekly Market Comment

Author: unknown - Published 05-09-2019 13:48
Concerns about Hong Kong show remain as protests continue despite withdrawal of extradition bill that sparked them. Luxury jewelers developing China strategy to focus on high-end consumers, who are spending more at home. Weak Chinese wholesale demand weighing on diamond market, with 1 ct. RAPI -0.4% in August. US jewelers considering buying opportunities but delaying holiday stock orders. Signet Jewelers 2Q sales -4% to $1.4B, net loss of $44M vs. $31M loss last year. Polished inventory levels reduced, but still higher than previous years. Manufacturing profit margins tight despite limited rough supply. Rough prices must come down to enable better 2020.
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