Jewellers turn to diamonds, NRIs to beat policy woes

July 5, 2013

Diamond-merchants

Mumbai, Jul 5: Jewellers in India are banking on a growing appetite for diamonds in the country and resilient demand for gold among its non-residents to offset a slowdown caused by a government clampdown on imports of the precious metal.

Leading jewellers such as Titan Industries and Gitanjali Gems are aggressively promoting diamond jewellery, which uses less gold, and opening more stores in cities such as Singapore and Dubai in an effort to spur sales.

The moves could help create alternative demand sources for the battered yellow metal in the medium term and help somewhat cushion price declines.

"We are moving to diamond jewellery more aggressively, introducing lower-carat jewellery and also pushing silver jewellery," Mehul Choksi, chairman and managing director of Gitanjali Gems, told Reuters.

Gold forms an essential part of a bride's trousseau in India, the world's top consumer of the metal, where it is also considered auspicious for religious rituals. But its imports have contributed to a burgeoning current account deficit.

As a result, India has since May raised gold import duties and tightened credit availability for importers of the precious metal.

After data showed Indians imported a record 162 tonnes of gold in May, jewellers joined a government campaign to cut gold buying.

That, and a weakening rupee, are inflicting pain on jewellers, which they are now seeking to lessen by focusing on new areas.

"Jewellers are thinking of introducing 14-carat jewellery. Low-carat jewellery will help us to control imports as well," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation, which groups more than 40,000 members.

Jewellers mix metals like silver and copper to reduce the purity of the yellow metal. Diamond jewellery uses 20-25 percent less gold compared to a normal 22-carat jewellery piece, according to Choksi of Gitanjali Gems.

Diamond jewellery sales are increasing, said Kamal Gupta, director at PP Jewellers in New Delhi, adding rising income of the lower middle-class pushes a switch from gold to diamond.

Demand for the lower-carat jewellery is seen coming mainly from younger consumers, who unlike earlier generations, are not fastidious about buying a 22-carat gold necklace.

Following the government's measures, gold imports by the world's top metal importer in June may be just 37-40 tonnes against a monthly average of 70 tonnes, according to the trade federation's Soni. And imports in July-December may decline by 20-25 percent compared to the first half of this year, he said.

Anticipating further restrictions at home, some jewellers plan to increase their overseas presence to boost sales, especially to non-resident Indians.

"For those who are in the jewellery business, Middle East countries are very attractive now," said Gupta from PP Jewellers. The company is currently "working on" opening stores in Dubai and Singapore, according to Gupta.

Gitanjali plans to open more stores overseas in the United States, Middle East, China and Japan, and expects to increase sales by 50 percent from its international operations over the next 18 months.

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News Network
June 29,2020

New Delhi, Jun 29: Delhi Chief Minister Arvind Kejriwal on Monday paid tribute to the senior doctor of city government-run LNJP Hospital who died battling COVID-19, saying the society has "lost a very valuable fighter".

The 52-year-old doctor served in the front line of the war against the pandemic at the government facility, and died of novel coronavirus infection in an ICU of a private hospital on Sunday.

"Dr Aseem Gupta, a senior doctor of LNJP Hospital succumbed to Covid yday. He was known for going out of his way to serve his patients. We have lost a very valuable fighter. Delhi salutes his spirit and sacrifice...," Kejriwal tweeted.

The chief minister also said in his tweet that he has spoken to Dr Gupta''s wife and "offered my condolences and support".

LNJP Hospital is a dedicated COVID-19 facility under the Delhi government. It recently completed 100 days of being declared a coronavirus facility.

"LNJP Hospital has displayed great fortitude in the face of acute challenges. It''s recovery rate is going up, death rate is reducing, ICU capacity is being ramped up - the hospital is saving so many lives," the chief minister said.

A condolence meeting to pay respect to Dr Gupta has been scheduled at 1 pm in the office of the Medical Director of the hospital, a senior official said.

The doctor, a consultant anaesthesiologist died at the Max hospital, Saket in south Delhi, a private dedicated COVID-19 facility.

"He was a front line anaesthesia specialist who contracted COVID-19 infection while on duty. He tested positive on June 6, when he had mild symptoms and was shifted to a quarantine facility. His symptoms aggravated on June 7 and he was admitted in the Intensive Care Unit of the LNJP Hospital," the LNJP Hospital said in a statement on Sunday.

He was shifted to Max Hospital, Saket on June 8 on his request, it said.

The doctor was battling the disease for the last two weeks at Max Hospital, where he succumbed to the illness on Sunday, the statement said.

He was Specialist, Grade I, in the Department of Anaesthesia at the LNJP Hospital, the statement said.

Several hundreds of healthcare workers have been infected with COVID-19 till date in Delhi.

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News Network
April 20,2020

Mumbai, Apr 20: At least 53 media persons from Mumbai have tested positive for coronavirus, a city civic official said on Monday.

During a special camp organised at the Azad Maidan here on April 16 and 17 for COVID-19 testing of scribes, the Brihanmumbai Municipal Corporation (BMC) collected swab samples of 171 mediapersons, including electronic and print media journalists, photographers and cameramen.

“Out of the 171 mediapersons, 53 tested positive for coronavirus,” BMC spokesperson Vijay Khabale said, adding that most of those who tested positive are asymptomatic at present.

All the mediapersons found infected with coronavirus will be kept in isolation and a process was underway to find out suitable places to the purpose, he said.

Efforts were also on to trace their high and low risk contacts.

Till Sunday, Mumbai recorded 2,724 coronavirus cases and 132 deaths due to the disease.

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News Network
February 26,2020

Mumbai, Feb 26: Observing that the violence in Delhi is akin to a "horror film" depicting the grim reality of the 1984 anti-Sikh riots, the Shiv Sena on Wednesday said the "bloodbath" has brought disrepute to the national capital like never before while US President Donald Trump was in India with the "message of love".

The editorial in party mouthpiece 'Saamana' lamented that Trump was welcomed in Delhi while there was bloodbath on the streets.

It further said that the violence could potentially spread the message that the Central government has failed to maintain the law and order situation in Delhi.

"Violence has erupted in Delhi. People are on the streets equipped with canes, swords, revolvers, blood is being spilled on the roads. Some horror film-like situation is being witnessed in Delhi, which depicts the grim reality of the 1984 riots," the Sena said.

It further said the BJP was still blaming the Congress for the deaths of hundreds of Sikhs in the violence that was erupted after assassination of then Prime Minister Indira Gandhi.

It needs to be unravelled who is responsible for the current riots in Delhi, the Sena said while referring to the "language of threats and warning used by some BJP leaders".

"The national capital was burning at a time when Prime Minister Narendra Modi and visiting US President Trump were holding talks.

"It does not augur well that Trump was welcomed in Delhi with the horror film of violence, bloodbath on the streets, screams of people, and tear gases. Trump saheb came to Delhi with a message of love, but what unfolded before him? 'Namaste' in Ahmedabad and violence in Delhi. Never before Delhi was defamed like this," the editorial said.

Trump had begun his February 24-25 India visit from Ahmedabad in Gujarat.

Seventeen people have died so far and over hundred were injured in the violence that has gripped several parts of north east Delhi over the Citizenship Amendment Act (CAA) since Sunday.

Attacking the Central government over reports that the violence was timed with Trump's visit, Sena said, "the Union Home Ministry has alleged that a conspiracy was hatched to defame India internationally by triggering the violence during Trump's visit to the national capital.

"The Home Ministry not knowing about the conspiracy behind the violence over the CAA is detrimental to national security. There is no problem in controlling the riots with the same courage with which Article 370 and 35A were scrapped," the editorial said.

It further said the anti-CAA protest at Shaheen Bagh in Delhi was yet to be called off yet despite the Supreme Court appointing mediators.

"It is being said that the violence sparked off after some BJP leaders talked the language of threats and warning. So, did someone want the peaceful agitation (at Shaheen Bagh) to acquire the present form of riots? (They) could have waited for at least Trump to leave the country," the Sena said.

The Uddhav Thackeray-led party also questioned the timing of the riots, which are occurring days after the results of the Delhi assembly polls.

"It is mysterious that the violence broke out days after the BJP lost the Delhi assembly elections. The BJP lost and now this is the condition of Delhi," the Sena said.

The Uddhav Thackeray-led party, a former ally of the BJP, now shares power in Maharashtra with the NCP and the Congress.

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