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EBAY EXPANDS AUTHENTICATION TO JEWELRY WITH GIA PARTNERSHIP
(ICE) – ROMA, 21 LUG – Ebay in 2020 introduced the authentication service for its products including watches, sneakers, bags and stickers and today it is also expanding it to its high jewelry offerings by collaborating with the Gemological Institute of America. The authenticity evaluation will be for all jewels sold for $ 500 or more, including those of the big names. The experts will authenticate the metal rest, the purity, and the quality of the precious stones.
Tirath Kamdar, eBay’s general manager of luxury, said that jewelry is a category that has grown in recent years, and this shows how consumer demand is increasing. In 2021, eight pieces of jewelry were purchased every minute on eBay, the company said, for a total of 4.2 million items.
Ebay says herringbone-style bracelets sales have increased by 48% year-on-year and necklace sales are up 26%. When a buyer purchases jewelry with an “Authenticity Guaranteed” badge, that item is sent to GIA for multi-point inspection. Once the evaluation has been made, it is sent to the customer with a unique authentication card with a QR code and so by scanning this code the customer can have all the documentation relating to the authentication process. If an item cannot be verified or is inconsistent with the listing description, it is returned to the seller and a full refund is issued to the buyer. In case the buyer returns the item, it will first be inspected by GIA experts before being sent back to the seller. Authentication has always been crucial for jewelry.
Since launching the authenticity guarantee service, Ebay has authenticated more than two million items and expects to exceed five million in the next two years. (ICE HOUSTON)
HIGHER CUSTOMS DUTY TO HIT GOLD JEWELLERY DEMAND THIS FISCAL: REPORT.
(ICE) – ROMA, 21 LUG – India’s gold jewellery demand is likely to fall by 5 per cent to 550 tonnes this fiscal, mainly due to the hike in customs duty, according to a report. Rating agency Crisil NSE 1.64 % on Wednesday said the hike in customs duty on gold by 5 per cent to 12.5 per cent on June 30 is likely to result in flat revenue growth for gold jewellery retailers in the current financial year compared to the exceptional demand witnessed in the year-ago period.
Retailers will have to pass on the hike to customers, which will curtail demand and wean away discretionary buyers, it added.
According to the report, the customs duty hike is likely to lead to higher gold prices for end consumers and may curtail demand in terms of volume, which is likely to fall by 5 per cent this fiscal to 550 tonnes. In the year-ago period, the same stood at 580 tonnes.
After the pandemic-led disruptions abated in the first quarter of last fiscal, pent-up demand and an import duty cut of 5 per cent in February 2021, had triggered a sharp rebound in sales, which continued into the first quarter of this fiscal.
Though higher gold prices will compensate for the volume loss and ensure the industry’s revenue remains flat compared to last year, operating margins would be impacted, the report said.
“With gold prices increasing due to the import duty hike, gold jewellery retailers will have to adopt innovative sales methods and launch promotional schemes to push sales.
“Inventory mix will see a shift towards lower-grammage ornaments to make products more affordable, while discounts could be offered on making charges. This will shave off operating margins by 50 basis points to 6.4-6.8 per cent this fiscal,” Crisil Ratings Director Rahul Guha said.
Typically, as the festive season approaches, stores stock up on products and in the current fiscal ending March 2023, addition of new showrooms is expected to rise 10-12 per cent.
Together, this will increase retailers’ working capital requirement by Rs 3,000-3,200 crore through the fiscal, which would mark a 35-40 per cent surge over the year-ago period, the report said.
“Gold jewellery retailers had reduced their leverage by limiting new store additions amid cautious funding stance by banks… credit profiles will still be stable,” Crisil Ratings Director Himank Sharma said.
Read more at:
https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/higher-customs-duty-to-hit-gold-jewellery-demand-this-fiscal-report-/articleshow/93004661.cms (ICE MUMBAI)
LA PRODUZIONE DI ORO DI GCM MINING CORP IN COLOMBIA È CRESCIUTA NEL SECONDO TRIMESTRE DELL’ANNO
(ICE) – ROMA, 19 LUG – La compagnia mineraria multinazionale canadese GCM Mining Corp. (prima Gran Colombia Gold) ha annunciato che ha prodotto un totale di 16.370 once d’oro a giugno u.s, raggiungendo nel secondo trimestre dell’anno in corso un volume di 53.198 once, superiore rispetto alle 52.198 once acquisite nello stesso periodo dell’anno scorso, nei progetti auriferi che sta sviluppando nelle miniere sotterranee ubicate nella località di Segovia, nel distretto di Antioquia.
Relativamente ai primi sei mesi dell’anno, il quantitativo di oro prodotto dalla società nelle attività estrattive delle miniere di Segovia è stato pari a 103.149 once, in crescita rispetto alle 101.256 once riportate nel medesimo periodo del 2021, mentre la produzione complessiva di oro degli ultimi 12 mesi 2022 è stata pari a 208.282 once, evidenziando un aumento di circa l’1% rispetto allo scorso anno.
Va fatto presente, inoltre, che nel secondo trimestre del 2022, la società ha anche prodotto 85.741 once d’argento, in aumento rispetto alle 54.573 once dell’anno precedente, nonché circa 294.000 libbre di zinco e 345.000 libbre di piombo. (ICE BOGOTÀ)
SEASONAL BUYING FOCUS OF JIS FALL
(ICE) – ROMA, 19 LUG – The Jewelers International Showcase (JIS) will be held at the Miami Beach Convention Center in Florida from 30 September to 3 October. In the past, called “JIS October”, the event was organized to allow retailers to stock up before pre-Christmas sales, as well as discover the latest curtains and new collections or products. More than 500 national and international exhibitors will be representing the entire category of jewelry.
Sara McDonough, director of the JIS show, says she is happy to welcome buyers from North and South America, the Caribbean and other countries to shop from suppliers around the world. Buyers seek immediate delivery of purchases directly to the show, allowing for instant stock and resale in stores or placing orders for future shipments before the holiday season. (ICE HOUSTON)
15-CARAT BLUE DIAMOND NABS US$57.5 MILLION AT AUCTION
(ICE) – ROMA, 19 LUG – At Sotheby’s Hong Kong Luxury Week, De Beers Blue ‘, a 15.10-carat fancy vivid blue diamond was sold for $ 57.5 million. It was truly a bidding war in contention and in the end the winner was left anonymous and represented by Wenhao Yu, president of Sotheby’s Asia jewelry and watches.
Yu asserts that the diamond is truly unique and that the color is simply amazing. The stone, which was cut from a 39-carat crude found in South Africa and sold to De Beers in 2021 for $ 40 million, had a pre-show estimate of $ 48 million.
Patti Wong, president of Sotheby’s Asia, says that De Beers Blue with its powerful vivid color and incredibly beautiful cut, a one-of-a-kind stone, is simply the largest blue diamond of its size.
Bruce Cleaver, CEO of the De Beers group, adds that, given the extraordinary result, he is proud of the collaboration with Sotheby’s. (ICE HOUSTON)