CRISIL maintains fair value of Rs 510 to Gitanjali Gems

Author: Unnamed Reporter - Published 03-10-2012 15:36
CRISIL Research has come out with its report on Gitanjali Gems . According to the research firm, EBITDA margin is expected to remain at the current levels in FY13 despite higher contribution from the jewellery business on account of higher gold and diamond prices.

Gitanjali Gems Ltd’s (Gitanjali’s) Q1FY13 consolidated revenues were higher than CRISIL Research’s expectations while operating profitability was in line. Diamond processing and jewellery businesses recorded 30% y-o-y growth; the share of jewellery increased to 54% from 52% in Q1FY12. EBITDA margin contracted by 126 bps y-o-y to 6.5% on account of the rise in share of gold jewellery in the overall jewellery business. Though we are positive about the prospects of branded jewellery retailing in India and Gitanjali’s track record of successful retail expansion, the working capital-intensive diamond processing business, heightened risk environment in the global economy and high gold prices are monitorables. We maintain the fundamental grade of 3/5.

Blinging up smiles with a glint of diamond

Author: Shariq Majeed - Published 03-10-2012 15:07
Dental jewellery is becoming a fad among young Ludhianvis who are getting their teeth capped with synthetic diamonds to jazz up their smile with a twinkle.

Says Dr Vivek Saggar, an orthodontist, who runs a clinic said, "We receive at least ten young men and women who inquire about dental jewellery procedures.

Surat eyes place in GJEPC

Author: Melvyn Thomas - Published 03-10-2012 15:04
There couldn't be a bigger irony than this. Despite Surat being the world's biggest diamond cutting and polishing centre, it never had any representation in the Gems and Jewellery Export Promotion Council (GJEPC), ever since this apex body of the industry was set up in 1966. However, things are set to change now. For the first time, two diamantaires from the city are contesting the election for the diamond panel of GJEPC. The panel is the main decision making body of the Mumbai-based GJEPC

Surat candidates trounced in Gems and Jewellery Export Promotion Council's elections

Author: Unnamed Reporter - Published 03-10-2012 14:58
Two diamantaires from Surat - Dinesh Navadia and Pravin Nanavaty - who were contesting the Gems and Jewellery Export Promotion Council (GJEPC) polls for the first time, were defeated by their Mumbai counterparts.

Navadia, who is the president of Surat Diamond Association (SDA), and Nanavaty were contesting for the diamond panel, the key body in GJEPC, which is responsible for taking policy decisions related to import-export of diamonds, introducing new schemes and policies for the industry.

Surat ignored in Rs 1,200cr Gems and Jewellery Export Promotion Council plan

Author: Melvyn Thomas - Published 03-10-2012 14:25
The Gems and Jewellery Export Promotion Council (GJEPC) has chalked out project proposals worth Rs 1,200 crore in the 12th Five Year plan. Strangely, it just chose to ignore the world's biggest diamond cutting and polishing centre in Surat.

GJEPC has proposed a jewellery park and convention centre at the cost of Rs 900 crore in Mumbai, a coloured gem stone bourse in Jaipur at the cost of Rs 200 crore, a Rs 9.25 crore worth of jewellery training centre in Kolkata and Rs 40 crore worth of common facility centre (CFC) in 13 diamond centres in Gujarat.

Indian gem set for auction high

Author: Unnamed Reporter - Published 02-10-2012 11:51
A 76-carat diamond billed as one of the most famous in the world is expected to fetch above US$15 million when it hits the auction block in November, Christie's said.
The gem, which according to Christie's said was the finest and largest perfect Golconda diamond at auction, is perfect in color and internally flawless, Reuters reports.
“The legendary Golconda mines in India produced some of the world's most famous diamonds, including the Dresden green, the blue Hope, and the Koh-i-Noor (in the Royal Collection at the Tower of London),’’ Rahul Kadakia, head of jewelry for Christie's Americas and Switzerland, said.

India Jewelers Thrilled With Renewed Demand For Diamonds

Author: Unnamed Reporter - Published 02-10-2012 11:26
Jewelers in India said they are the main beneficiaries of a recent resurgence in demand for diamonds.

Dealers in the country’s main diamond trading center of Surat say that they have been inundated with new orders submitted by importers from the United States, Europe, China, and United Arab Emirates.

The diamond jewelry industry is counting on September to be an improved month after a summer that saw a slowdown due to a decline in demand.

Despite the recent surge, officials with the Gem and Jewelry Export Promotion Council say that they expect exports to fall short by 15 to 20 percent compared to fiscal year 2012.

Titan in Diamond Jewelry Push to Protect Profit: Corporate India

Author: Malavika Sharma and Harsha Subramaniam - Published 01-10-2012 22:07
Titan Industries Ltd. (TTAN), India’s largest maker of branded jewelry by market value, plans to expand sales of diamond adornments to shield profit margins as the rising cost of gold crimps demand for the precious metal.

Diamond industry of Surat witnesses sudden spurt in demand

Author: SUTANUKA GHOSAL & MADHVI SALLY - Published 03-09-2012 12:02
After a lull of almost two months, the diamond industry of Surat is witnessing a sudden spurt in demand. Importers from the US, UAE, China and Europe have started placing orders with the Indian diamond trade. The industry hopes that September will be a better month. But Gem and Jewellery Export Promotion Council (GJEPC) feels that even though there is a positive swing, diamond exports in the current fiscal will be less by 15-20 per cent compared to FY12.
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