According to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
India: A Global Gem and Jewelry Capital in the Making
An undisputed leader in diamond processing and silver jewelry, India aspires to replicate this success and become "Jeweler to the World."
Driving the export-led growth is Colin Shah, Chairman of Gem & Jewelry Export Promotion Council (GJEPC) and his team. "I am confident that the sector will be able to achieve its target of $40 billion exports in this financial year,” said Mr. Shah in an interview with me.
- Mega Common Facility Centre (CFC) with an investment of INR 700 million at the Santacruz Electronic Export Processing Zone (SEEPZ) Special Economic Zone (SEZ) in Mumbai: A Common Facility Centre pools together high-end, capital-intensive, state-of-the-art machinery and equipment. These can be used by small and medium sized manufacturing units by paying reasonable charges and reduce production costs. The mega CFC will serve as a platform for technology transfer and re-skilling of the existing artisans by providing them training on various aspects pertaining to manufacturing studded jewelry.
- Rejuvenation & redevelopment of SEEPZ at an investment of INR 2 billion: SEEPZ, spread over 111 acres of land is one of the largest and oldest export processing zones. There are over 150 jewelry units employing a workforce of 50,000 people, making it the single largest cluster in the country and perhaps in the world. SEEPZ SEZ has a well-connected network of central roads, business facilitation center, central warehouse, foreign post office, off-shore banking unit, authorized dealer of foreign exchange, convention center, in-house custom clearance facility and uninterrupted power supply. “Currently the SEEPZ contributes around $3 billion to our total G&J exports annually, but with better infrastructure and technology, it has the potential to contribute $10 billion,” said Mr. Shah.
- India Jewelry Park Mumbai (IJPM): Mumbai has the Bharat Diamond Bourse (BDB) with 3,000 offices, SEEPZ with 200 factories, and the industrial estate in Andheri, which has another 300 factories. The industry needed a special park to consolidate all the units spread across areas like Zaveri Bazaar and Parel into a world-class infrastructure like the BDB. The IJPM is benchmarked against similar Jewelry Parks in countries like China, Turkey, Italy, Thailand, and is expected to attract investments to the tune of over $2.7 billion. Spread over 21.3 acres, the project is scheduled to be completed in 30 months. It will house more than 2,000 manufacturing units and offices and provide low-cost residential facilities for workers. It will also have training and up-skilling facilities for artisans.
- Surat Diamond Bourse (SDB): In 2022, India will get its second diamond exchange, the SDB. With an area measuring 6.6 million sq. ft., it will be larger than the world’s largest office building, the Pentagon. The $336.2 million project will prove to be a game changer for the Indian diamond industry. SDB is a part of Diamond Research & Mercantile (DREAM) smart city spread over 35.54 acres of land situated very close to the Surat airport. All of the 4,200 offices were sold before construction started in 2018.
- E-Commerce: The government has been quick to realize the potential of e-commerce and has proposed to implement a simplified regulatory framework by June 2022 to facilitate gem and jewelry exports through the e-commerce route, ensuring that jewelers from every district in the country are able to ship their products overseas in a fast and economical manner. This is the need of the hour, as the e-commerce sales of jewelry are growing exponentially in the U.S. and other consuming markets. The broad basing of the exports through this measure have the potential to grow to $100 billion in the next 5 years.
- JIO World Centre: On March 4, 2022, doors opened for the first-of-a-kind global destination that has a state-of-the-art convention facility. Owned by India’s largest company, Reliance Industries Ltd; JIO World Centre is located in the Bandra Kurla Complex (BKC) and is walking distance from the world’s largest bourse, BDB. GJS, India Gem & Jewelry Show, a grand B2B expo, will be the first jewelry show to be organized at this venue from April 3-6, 2022.
Said to be the largest pink diamond found in hundreds of years, “The Lulo Rose” was sold for an undisclosed sum.
A princess’s tiara fell within its pre-sale estimate while an Art Deco bracelet from a queen doubled it.
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The auction house is not offering any details on why the fancy vivid pink stone was pulled from its upcoming “Magnificent Jewels” sale.
In the spirit of an advent calendar, “Gems to Help Ukraine” will sell a stone a day through Dec. 24 on the Nomad’s Instagram account.
The secure mark combines an overt mark with a covert data set to provide assurance on a gem.
Plus, what a potential rail strike would mean for retailers.
It will provide a place for select luxury watch retailers to sell their stock.
Liqhobong has been in a care-and-maintenance period since the start of the pandemic.
The strategic acquisition will bolster the luxury titan’s production capacity in its watch and jewelry division.
The new brand, Metal Alchemist, focuses on unisex, classic jewelry designs.
The 2022 edition of the retailer’s annual publication pays homage to the coffee farms and shops of Puerto Rico.
The partnership brings Claire’s jewelry and accessories to 20 Macy’s locations in time for the holiday season.
Starring CEO Sabina Belli and other celebrities, the videos emphasize the importance of supporting women who have experienced abuse.
Kalisher started out manufacturing watch bands and later got into publishing, authoring two books and serving as publisher of Chronos.
Scheduled for Feb. 1, the event will feature six gemological education presentations and three hands-on sessions.
The jewelry cleaner manufacturer jumped up to No. 3066 on the Inc. 5000 list.
The Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.