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GOVT RESTRICTS IMPORTS OF SOME GOLD JEWELLERY, ARTICLES

(ICE) – ROMA, 13 LUG – The government on Wednesday imposed restrictions on imports of certain gold jewellery and articles. In a notification, the directorate general of foreign trade (DGFT) amended the import policy for unstudded jewellery made of gold, and other articles made of gold to “restricted” from “free”.

Restrictions mean that a license will be required from the government to import these goods though no such permission is required for imports under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) tariff rate quota.

“However, import under a valid India-UAE CEPA TRQ shall be permitted freely without any import license,” the DGFT said.

Industry sources said that the restrictions have been imposed in light of a rise in imports from Indonesia under the India-ASEAN free trade agreement wherein some articles of gold were coming duty free and being melted in India to make jewellery.

In April-May FY24, India imported $112.09 million of these products of which $76.28 million came from Indonesia.

Gold imports attract 15% duty.

Imports of pearls, precious and semi-precious stones dipped 25.36% to about $4 billion during April-May this fiscal. Gold imports contracted around 40% to $4.7 billion in the same period.

Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-imposes-import-restrictions-on-certain-gold-jewellery-articles/articleshow/101706028.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
(ICE MUMBAI)

ONE-STOP EVENT LICENSING TRIAL STARTING LATE JULY 2023

(ICE) – ROMA, 13 LUG – The Indonesian government is set to test a one-stop event licensing system by the end of July 2023, with trials taking place in Jakarta, Surabaya, Bali, Medan, Bandung, and Banyuwangi. The system aims to reduce the administrative process for event permits and improve the capitalization of events. The system is being developed by a consortium of Perum Peruri, Telkom, and Bank Mandiri and is expected to be used for trials by the end of July 2023. The government’s discourse on developing such a system stems from industry players’ complaints about the complexity of the permit processing process. The one-door licensing system will allow industry players to upload administrative documents online on one platform, and the payment method will be packaged in a non-cash manner.

The capitalization of around 3,000 events is expected to reach IDR 350 trillion. The General Chairperson of the Association of Indonesian Exhibition Companies, Hosea Andreas Runkat, believes that the system is beneficial for promoters because they can manage permits in one place and control and oversee the implementation of events that are not feasible. However, he doubts the system’s ability to overcome problems in the field. The government’s efforts to provide a one-stop event licensing system should be appreciated, but the supervision of field practices during preparation and the day of the event should be criticized. The government’s capacity to run the one-door event licensing system is also being questioned as the gap between the upper and lower classes widens.

Link di fonte: https://www.kompas.id/baca/ekonomi/2023/07/12/uji-coba-perizinan-acara-satu-pintu-mulai-akhir-juli-2023 (ICE GIACARTA)

GEMS AND JEWELLERY EXPORTS UP 4.78% IN MAY

(ICE) – ROMA, 10 LUG – According to Sumed Prasongpongchai, director of the National Gem and Jewelry Research and Development Institute (GIT), a public organisation under the Commerce Ministry, globally, jewellery export markets have shown both increases and decreases, with Hong Kong up by 143.29%, Japan by 5.40%, Italy by 49.16%, the United Arab Emirates by 44.58%, and Singapore by 91.36%. The US market fell by 6.70%, Germany by 17.06%, the UK by 18.82%, and Switzerland by 7.67%, with India experiencing the largest decrease of 68.79%. Broken down by segments, gold jewellery exports increased by 33.95%, platinum jewelry by 34.48%, gemstones by 25.86%, cut/polished hard gemstones by 80.83%, cut/polished soft gemstones by 140.45%, and raw diamonds by 39.26%. However, silver accessories decreased by 18.65%, cut/polished diamonds by 35.49% and costume jewellery by 14.93%. Sumed added that the export trend is still influenced by the overall global economic slowdown, particularly in the US, the Eurozone, China and Japan. (ICE BANGKOK)

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RARE RUBY FROM MOZAMBIQUE SELLS FOR RECORD $35M

(ICE) – ROMA, 9 GIU – The biggest ruby ever to come to auction has been sold in New York for a record sum of just under $35m (£28m).

The stone, a whopping 55.22 carats, was discovered last year in a mine in Mozambique.

Uncut it was 101 carats. It has been called the “Estrela de Fura” meaning “Star of Fura” in Portuguese. The name refers to the company that mined the stone.

Polished rubies of more than five carats are extremely rare.

Sotheby’s, who auctioned the gem, described it as a “once-in-a-lifetime” jewel.

The same auction also saw a record sum achieved for a pink diamond.

The 10.5 carat gem from Botswana – described as a fancy purplish-pink stone – sold for just under $35m (ICE MAPUTO)

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SENCO BECOMES FIRST QUALIFIED JEWELLER FROM EAST INDIA TO IMPORT GOLD ON INDIA – International Bullion Exchange

(ICE) – ROMA, 31 MAG – Senco Gold & Diamonds on Tuesday announced that it has become the first qualified jeweller from East India to import gold on India International Bullion Exchange (IIBX) post ICEGATE integration.

Senco Gold & Diamonds, which was notified as a Qualified Jeweller (QJ) by the IFSCA (International Financial Services Centres Authority) in March 2023, is permitted to purchase Bullion Depository Receipt (BDR) on IIBX for import of gold and completed its first trade successfully where the BDR got settled within 30 minutes. With this Senco also became the first company from East to trade Gold Mini 999 100 grams (gold bars of 999 purity) contract post ICEGATE implementation.

India’s first International Bullion Exchange (IIBX) was launched in the GIFT city (Gujarat International Finance Tec-City) in July 2022 to act as the Gateway for Bullion Imports into India, with an aim to channelize through the exchange, all the bullion imports for domestic consumption.

Indian Customs Electronic Data Interchange Gateway (ICEGATE), the national portal of Indian Customs, an interface between the trade users and Customs Department and which acts as a hub for exchanging information with external trading partners involved in international trading was integrated with IIBX on May 10, 2023 thereby opening up the processes for exporters of jewellery to take advantage of competitive rates when importing gold through IIBX.

Mr. Suvankar Sen, MD & CEO, Senco Gold & Diamonds, said, “The launch of IIBX was indeed an important reform which allowed qualified jewellers to import gold. Being one of the first companies to trade on the platform post ICEGATE implementation is an important milestone for us at Senco as we believe in staying ahead of the curve and importing gold through the platform gives us the advantage of price discovery and assurance of quality.”

Read more at:
https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/senco-becomes-first-qualified-jeweller-from-east-india-to-import-gold-on-india-international-bullion-exchange/articleshow/100620087.cms (ICE MUMBAI)

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ORGANISED JEWELLERY LIKELY TO WITNESS 12-15 PC GROWTH IN REVENUE IN FINANCIAL Year(FY)23-24

(ICE) – ROMA, 26 MAG – The organised jewellery retailers are expected to clock 12-15 per cent revenue growth in 2023-24, mainly aided by expansions planned by a majority of large players. Organised jewellers are expected to record revenue growth of 12-15 per cent in FY 2023-24 despite a high base and evolving macro-economic environment, against the expected industry growth of 8-10 per cent YoY. Sector specialist expects industry growth to moderate 8-10 per cent YoY (in value terms) in FY23-24 with volume growth likely to remain constrained by expected volatility in gold prices amidst global macro-economic uncertainties and evolving domestic inflation. Nonetheless, the strong cultural affinity of Indians to gold is likely to support festive and wedding demand for gold jewellery. (ICE NEW DELHI)

GUCCI INAUGURA UN NUOVO NEGOZIO DEDICATO ALLA SOSTENIBILITÀ, CON ARTICOLI
IN EDIZIONE LIMITATA DELLA COLLEZIONE VAULT

(ICE) – ROMA, 23 MAG – Il 17 maggio Gucci ha inaugurato un nuovo negozio di circa 80 mq specializzato in articoli sostenibili nell’area “Green Age” all’8° piano del GG.MM. Hankyu Umeda di Osaka. “Green Age” è un piano basato sul concetto di “simbiosi tra uomo e natura”, dove oltre 40 marchi offrono prodotti e servizi attenti alla sostenibilità.

Il nuovo negozio si concentra su articoli realizzati con materiali e metodi di produzione sostenibili. Tra essi le sneakers realizzate in “Demetra”, un nuovo materiale sostenibile proposto da Gucci, i capi creati con il filo di nylon riciclato ECONYL® e gli orologi Gucci Dive prodotti con materiali bio-based. Inoltre, il negozio è l’unico in Giappone ad offrire gli articoli di Gucci “Continuum”, un nuovo progetto del concept store online “Vault” del brand, in base al quale designer e artisti riciclano i materiali presenti nell’archivio Gucci trasformandoli in nuovi pezzi. (ICE TOKYO)

FRESH SANCTIONS ON RUSSIAN DIAMONDS PUT 1 MILLION JOBS AT RISK

(ICE) – ROMA, 23 MAG – Employment of one million diamond workers in Surat hangs in the balance as G7 countries have put fresh sanctions on diamonds mined in Russia.

Indian diamond trade cuts and polishes 9 out of 10 diamonds available in the world and imports Russian diamonds from Alrosa, which accounts for 30% of global rough diamond output.

“If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers,” said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC).

G7 countries are imposing fresh sanctions against Russia to try to further hinder its war effort in Ukraine.

In the process, however, diamond workers in Surat have started to suffer due to non-availability of rough diamonds from Russia coupled with a fall in demand amid a global economic slowdown and rising fears of a global recession largely due to the ongoing war.

“The demand is less now, so the industry is being able to handle the situation despite rough diamond supply being less,” Shah said. “The problem will arise when the demand increases.”

Traceability Challenge As there is no definite method to identify from where a particular piece of diamond originated, G7 is looking to deploy traceability techniques to identify the origin and reduce movement of Russian diamonds in world markets.

“In order to reduce the revenues that Russia extracts from the export of diamonds, we will continue to work closely together to restrict trade in and use of diamonds mined, processed or produced in Russia and engage with key partners with the aim of ensuring effective implementation of future coordinated restrictive measures, including through tracing technologies,” the grouping said in a statement.

Shah of GJEPC said at present, “there is no such technology” to trace the origin of diamonds. “What we have now is the Kimberley Process certification,” he said.

Kimberley Process is a multilateral trade regime established in 2003 with the goal of preventing the flow of conflict diamonds. The core of this regime is the Kimberley Process Certification Scheme (KPCS) under which states implement safeguards on shipments of rough diamonds and certify them as “conflict-free”.

Read more at: https://economictimes.indiatimes.com//industry/cons-products/fashion-/-cosmetics-/-jewellery/fresh-sanctions-on-russian-diamonds-put-1-million-jobs-at-risk/articleshow/100428266.cms (ICE MUMBAI)

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IL NEGOZIO ISETAN SHINJUKU REGISTRA VENDITE RECORD: a fare da traino gli orologi e i prodotti dei marchi di lusso

(ICE) – ROMA, 17 MAG – Nell’anno fiscale 2022 (conclusosi il 31 marzo), il fatturato del grande magazzino Isetan Shinjuku di Tokyo ha raggiunto la cifra record di 327,6 miliardi di Yen (2,22 miliardi di Euro). È la prima volta dal 1991 che le vendite superano i 300 miliardi di Yen (2,04 miliardi di Euro).

Rispetto all’anno precedente, il fatturato e’ cresciuto del 16,5% mentre l’utile operativo si è quintuplicato. Anche l’utile netto è stato circa 2,6 volte superiore rispetto al 2021.

Le performance dei grandi magazzini sono tornate in positivo soprattutto grazie all’aumento delle occasioni di shopping derivate dall’attenuarsi delle restrizioni legate alla pandemia.
Toshiyuki Hosoya, Presidente/CEO di Isetan Mitsukoshi Holdings Ltd., prevede che i consumi di fascia alta continueranno ad essere forti e ha reso noto che in futuro il negozio di Shinjuku amplierà l’offerta di alcuni dei suoi prodotti, tra i quali gioielli e orologi. (ICE TOKYO)

LVMH ANNUNCIA L’ACQUISIZIONE DEL GRUPPO DI GIOIELLERIA PLATINUM INVEST

(ICE) – ROMA, 16 MAG – Il numero uno mondiale del lusso LVMH ha annunciato di aver acquisito una quota di maggioranza del gruppo Platinum Invest, che comprende le società Orest e Abysse, “principali produttori di gioielli con sede in Francia”, secondo un comunicato stampa. LVMH ha siglato l’accordo con Andera Partners, Bpifrance e altri azionisti.
Questo accordo consentirà al gioielliere Tiffany, di proprietà di LVMH, “di rafforzare le sue capacità produttive in Francia e di sostenere la sua forte crescita nell’alta gioielleria”, specifica il gruppo.
LVMH comunica solo raramente i risultati dei suoi marchi, ma durante la presentazione annuale dei risultati del gruppo, il CEO Bernard Arnault ha sottolineato che “Tiffany avrebbe superato per la prima volta il miliardo di dollari di reddito operativo corrente”.
Il gruppo Orest è stato fondato nel 1963 in Alsazia a Erstein (Basso Reno). Ideatore e produttore di gioielleria entry-level e di fascia media, si è progressivamente sviluppato diventando uno dei player principali della produzione di gioielleria in Europa, soprattutto come fornitore delle maison del lusso. Realizza anche i propri gioielli (anelli, collane, braccialetti) ed è il leader delle fedi nuziali in Francia.
Nel 2018 gli investitori Andera Partners e Bpifrance hanno acquisito una quota di maggioranza di questa PMI, che all’epoca raggiungeva un fatturato di 50 milioni di euro, e l’hanno integrata nella holding appena creata Platinum Invest. Questa operazione ha dato un forte impulso alla crescita di Orest, che da allora cresce di oltre il 25% ogni anno.
Platinum Invest si è poi rafforzata nel 2022 acquisendo Abysse, produttore di gioielli fondato nel 1982, “leader francese nel mercato della progettazione e produzione di pezzi di alta gioielleria”. L’azienda, riconosciuta per la sua artigianalità, opera sia nel segmento dell’altissima gioielleria, con l’ideazione e produzione di pezzi unici, che dell’alta gioielleria ripetitiva. Con questa acquisizione, il giro d’affari di Orest ha raggiunto quasi 140 milioni di euro.
Oggi, Platinum Invest dispone di una rete di cinque laboratori in Francia e impiega quasi 800 artigiani e collaboratori.
“Oltre a Tiffany & Co., i laboratori continueranno a sviluppare prodotti per i propri clienti esistenti, così come per altre maison di gioielleria del gruppo LVMH», si precisa, mentre la scuola di formazione sviluppata da Orest e poi dal gruppo Platinum Invest beneficerà dell’avvicinamento con l’Institut des métiers d’excellence di LVMH.
La finalizzazione dell’acquisizione, subordinata all’ottenimento delle consuete autorizzazioni regolamentari, dovrebbe avvenire entro la fine dell’estate 2023. L’operazione arriva in un momento in cui la divisione orologi & gioielli di LVMH ha recentemente ceduto il marchio di gioielleria Vendorafa Lombardi al gioielliere italiano Gismondi 1754. (ICE PARIGI)