Jewelry

VAT On Jewelry In UAE And GST in India To Be Major Panel Debate at Dubai Conference

An an in-depth discussion on “The introduction of Goods and Services Tax (GST) on wholesale diamond trading” will be held at the Dubai Diamond Exchange (DDE) on October 17 as part of Day 2 of the Dubai Diamond Conference.

The moderators will be DDE Chairman Peter Meeus and former De Beers executive Tim Dabson. The subject has caused widespread industry debate in India and the UAE.

VICENZAORO September Show Sees Large Rise In Buyer/Visitor Numbers

The VICENZAORO September show posted a 23 percent increase on the year in buyers to 14,385 from 115 countries, and an attendance of 23,176 people, a rise of 20 percent.

The five-day event is organized by the Italian Exhibition Group (IEG), a company formed by the integration between Rimini Fiera and Fiera di Vicenza.

CIBJO European Jewellery Guild Created to Represent The European Jewelry Trade

The CIBJO European Jewellery Guild, a new body of leading European associations, has been established as part of the World Jewellery Confederation to represent the interests of Europe-based players in the jewelry and gemstone industries.

It will also represent them in contacts with officials, departments and agencies of the European Commission, European Parliament and European Council.

Pandora Opening First Concept Store In India

Pandora's new concept store in the 'Mall of India', in the Noida area of Delhi, is the first of around 50 concept stores to be opened in India over three years.

The official opening of the first Pandora concept store in India took place on April 19.

DPA Launches Diamond Movies Aimed at Millennial Buyers

The Diamond Producers Association, an organization of the world's leading diamond miners, has launched two movies as part of its campaign to attract millennial buyers.

The movies are part of the 'Real Is Rare' brand campaign which followed more than six months of research which featured interviews with young people aged around 18 to 35 in the United States.

The films aim to give an intimate view into two relationships which are non-traditional and where the characters are searching for meaningful long-term relationships, the DPA said.

Online Giant Blue Nile Sees Falls in Sales and Profits in Fiscal Q1

Internet  diamond and jewelry seller Blue Nile posted a small fall in sales of 3.2% in its first fiscal quarter due to a decline in engagement ring sales and a “challenging environment” overall.

It posted revenues down to $103.1 million, on the back U.S. sales of engagement jewelry dropping 7%.

Blue Nile's profits plunged 9% to $1.1 million, but was more upbeat about its second quarter when it expects sales of $114 million to $117 million which would be a 3% rise on last year.

Luxury Jeweler De Grisogono Buys Rights to 404-Carat Rough Diamond

Swiss jeweler De Grisogono SA has acquired the rights to market a 404-carat rough diamond which it bought from Dubai trader Nemesis International DMCC.

The giant diamond was discovered by Lucapa Diamond Co at its Lulo mine in Angola. Nickolas Polak, a director of Nemesis International, declined to disclose a price, but in February Lucapa said it sold the 404-carat diamond for $22.5 million, Bloomberg reported.

Indian Central Bank Agrees Credit Extension Fore More Than 180 Days

The Reserve Bank of India (RBI) has agreed that banks in the authorized dealer categories can extend their credit periods beyond 180 days with immediate effect, according to a report on the Gem and Jewelry Promotion Export Council (GJEPC) web site.

"The decision has been taken in consultation with the government of India 'to ease the operational difficulties faced by the importers'."

The central bank is requesting that several conditions be observed, however, to ensure the expanded credit period is  genuine.

Blue Nile Opening Fourth 'Webroom' in Oregon

Online diamond and jewelry retailer Blue Nile is opening another bricks-and-mortar location as it seeks to unite Internet sales with a brick-and-mortar presence.

The new 'Webroom' will be opened this summer at the Washington Square Mall in Portland, Oregon.

Earlier this month, Blue Nile announced its third such online/offline hybrid retail model would be opened near Washington D.C. following two such stores being opened in New York.

Report - India’s Luxury Jewelry Market Continuing to Grow

The Indian luxury market, including high-end jewelry grew by 25% last year, reaching $15 billion, and recent studies in the country provide encouraging news for the future of the Indian luxury market which has seen many global players enter it in recent years despite an economic slowdown.

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