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As <keyword id="23288581" type="General" weightage="100" keywordseo="Dhanteras" source="keywords">Dhanteras</keyword> shopping kicks off, <keyword id="20402496" type="General" weightage="20" keywordseo="jewellery-sales" source="keywords">jewellery sales</keyword> have begun on a slower-than-anticipated note, likely due to both elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> and weekday timing, which has kept morning footfalls modest, a PTI report says. Jewellers are hopeful for increased customer flow starting this afternoon, with peak shopping expected after 2 p.m. <keyword id="20036537" type="General" weightage="20" keywordseo="Saiyam-Mehra" source="keywords">Saiyam Mehra</keyword>, chairman of the <keyword id="21612311" type="General" weightage="20" keywordseo="All-India-Gem-and-Jewellery-Domestic-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Gem and Jewellery Domestic Council" meta.hostid="261" meta.entityid="All India Gem and Jewellery Domestic Council">All India Gem and Jewellery Domestic Council</keyword>, said that while high gold prices (around ₹81,100 per 10 grams) are expected to curb volume somewhat, they hope to match last year’s numbers in terms of value. Mehra anticipates sales volume may be similar to or slightly lower than last year’s 20 tonnes due to the sustained high prices. Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," he told PTI. <keyword id="20398993" type="General" weightage="20" keywordseo="Saurabh-Gadgil" source="keywords">Saurabh Gadgil</keyword>, Chairman of PN Gadgil Jewellers, added that Dhanteras festivities extending into Wednesday offer a broader business window, with customer bookings showing promise despite possible dips in quantity sold. The extra shopping time could offset some of the price impact, particularly for buyers seeking smaller gold pieces or silver, which has remained steady at ₹99,500 per kg. Senco Gold and Diamonds MD Suvankar Sen noted positive weekend turnout, expecting the crowd to grow through the afternoon and into late evening. The industry anticipates late-night demand will hold strong, especially among buyers seeking traditional purchases on this auspicious day for jewellery investments. This extended buying period provides customers with more options, as jewellers focus on flexibility to accommodate high-value purchases amid record gold prices. (with PTI inputs)

Dhanteras 2024: Jewellers report slower than expected sales due to rising gold prices

The overall <keyword id="20150666" type="General" weightage="20" keywordseo="gem" source="keywords">gem</keyword> and <keyword id="20243747" type="General" weightage="20" keywordseo="jewellery-exports" source="keywords">jewellery exports</keyword> witnessed a 21.93 per cent year-on-year <keyword id="19959767" type="General" weightage="20" keywordseo="decline" source="keywords">decline</keyword> in July to $1.67 billion (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (<keyword id="19995719" type="General" weightage="20" keywordseo="GJEPC" source="keywords">GJEPC</keyword>) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> in the category in July 2023 stood at Rs $ 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to $907.67 million from $1.17 billion in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to $530.38 million compared to $603.12 million in the same period of last year. Meanwhile, the apex trade body said during the recent six-day India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about $12 billion (approximately Rs 1 lakh crore) was generated. IIJS Premiere 2024 attracted over 50,000 buyers and international delegations from over 13 countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, and Uzbekistan. "IIJS Premiere 2024 was a tremendous success, generating over $12 billion in business for our exhibitors. The business was mainly dominated by gold jewellery following weakness in prices of the yellow metal," Shah said. The show featured an array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z, he said. "IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Gem, jewellery exports drop 21.9% to $1.67 billion in July

<ul><li>The global market for lab grown diamonds (<keyword id="10733616" type="General" weightage="80" keywordseo="lgd" source="Orion">LGD</keyword>) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025.</li><li>Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks.</li><li>The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry.</li></ul>Chennai, The global market for lab grown diamonds (LGD) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025 and exceed $15 billion by 2023 from the $1 billion in 2020. Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks as they can be used in extreme environments due to their potential to operate at higher speeds while using less power than silicon-based chips. The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry. As the government figures, exports of cut and polished (worked) LGD from India has been growing at fast clip. During FY21 the exports were $637.97 million and shot up to $1,348.24 million in FY22. This fiscal -- FY23 -- the exports of LGD between April-December stood at $1,387.33 million. Presenting the Budget 2023-24 in the Parliament recently, Indian Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, said: "The LGD is a technology and innovation-driven emerging sector with high employment potential." "These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," she added. As per a recommendation made by the <keyword id="113018" type="General" weightage="50" keywordseo="department-of-commerce" source="Orion">Department of Commerce</keyword>, the research grant of Rs 242 crore over a period of five years to <keyword id="55119" type="General" weightage="50" keywordseo="indian-institute-of-technology" source="Orion">Indian Institute of Technology</keyword>, Madras (IIT-M) has been approved. It is proposed to establish an India Centre for lab grown diamond (InCent-LGD) at IIT-M with the estimated cost of Rs 242.96 crore over five years. The aim of this project is to provide, in mission mode, technical assistance to the industries, and entrepreneurs in the country, in promoting indigenous manufacturing of both chemical vapour deposition (CVD) and high pressure and high temperature (HPHT) systems along with the recipes for expanding the LGD business at the upstream end. Research efforts would make the technology available for start-ups at affordable cost, increase employment opportunities, increase exports of LGD, thus play a significant role in fuelling India's economic growth. According to the Indian government, the gems and jewellery sector plays a significant role in the Indian economy, contributing around nine per cent to India's total merchandise export. Over the past decade, there has been several positive developments in the gem and jewellery sector globally. One of the major technological developments in this sector has been the LGD. Though, India is one of the leading producers of LGD using CVD technology it has to depend on other countries for the supply of critical machinery components and 'seeds' -- which are the raw material for producing synthetic diamonds. It is, therefore, imperative that India develops its own, indigenous technology for producing the critical machinery component seeds to remove the import dependence that we have in the case of natural diamonds, the government said. Good quality LGD with qualified certification, produced from the developed equipment and process parameters will attract many foreign customers increasing the export volume of LGD and scalability of production. The documented process parameters and the developed recipe will encourage new entrepreneurs to enter the LGD business making it easier and cost-effective to set up the facility, start the business and generate employment. "This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, <keyword id="1437475" type="General" weightage="50" keywordseo="silicon-carbide" source="Orion">silicon carbide</keyword> and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications," V. Kamakoti, Director of IIT-M, had said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-chrome-rolls-out-memory-and-energy-saver-modes-heres-how-you-can-use-it/articleshow/98118135.cms">Google Chrome rolls out Memory and Energy Saver modes: Here’s how you can use it</a> <a href="https://www.businessinsider.in/tech/news/oneplus-11-concept-video-reveals-a-large-camera-and-a-rear-panel-that-lights-up/articleshow/98112845.cms">OnePlus 11 Concept video reveals a large camera and a rear panel that lights up</a>

Not just jewellery, lab grown diamonds used in satellites, computer chips too

<ul><li>Exports of cut and polished diamonds fell sharply by 32% in July, indicating a reversal of the boom seen in FY22 and stable demand in FY23.</li><li>The US accounts for 50% of demand for polished diamonds. During the pandemic, demand was driven by stimulus and lack of other spending avenues.</li><li>High inflationary pressures in consuming nations and shift in preference to lab grown diamonds is hurting India’s <keyword id="1411712" type="General" weightage="20" keywordseo="diamond-polishing" source="Orion">diamond polishing</keyword> markets.</li><li>Exports of polished diamonds are expected to decline 10-15% on an annual basis to $19-20 billion, predicts a report by CareEdge. </li></ul>Diamonds are forever, they say, but the love for bling is waning in different ways. Not only is demand from consuming nations like the US coming down, and preferences too are shifting towards lab grown diamonds. This will hit India which is the world’s largest cut and polished diamond (CPD) center. Its exports will decline 10-15% in FY24 to $19-20 billion, predicts CareEdge. In July, CPD exports, in value terms, declined by 32% on a year-on-year basis, the report adds, highlighting the pain points in the sector. Demand for diamonds has remained largely stable in FY23, after growing robustly during the pandemic years of FY22. However, the pandemic boom in diamonds was driven by the financial stimulus provided by the US government and lack of experience based spending avenues. But things have gone downhill since. Linked to US spending patterns While diamonds polished in India are exported to jewellery manufacturing and trading centres in the US, UAE, Hong Kong, and Belgium, the US is a key for diamond consumption. It accounts for 50% of polished diamond consumption and Indian CPD markets fortunes are heavily linked to US consumption patterns. “Recent headwinds such as high inflationary pressures across major diamond-consuming nations continue to weigh on CPD processors in India as is evident from the sharp decline in month wise CPD export data. Anticipating the trajectory ahead, we envision this moderated demand for polished diamonds to recover in the forthcoming holiday season,” said CareEdge. The US market will remain tight in the coming months, expect most experts in the bullion industry. “With savings from the pandemic era dwindling, credit card debt rising and interest rates staying high, risk of a hard landing for the US economy remains,” said Ghazal Jain, fund manager of alternative investments at Quantum Mutual Fund in her September outlook on gold. Diamonds from labs India also has a vibrant law grown diamonds (LGD) industry which is on a growth path as it is in nascent stages. LGD exports from India surpassed $1 billion in FY22 and have continued to remain strong in FY23 with exports at $1.65 billion. This segment is seeing greenshoots even as <keyword id="2361401" type="General" weightage="20" keywordseo="natural-diamonds" source="Orion">natural diamonds</keyword> are going through a temporary disruptive phase, says CareEdge. They are ethical, conflict-free and environmentally friendly and are also much more affordable than natural diamonds. “While the natural diamond is going through a temporary disruptive phase, green shoots appear in the LGD segment. With the same physical properties and chemical properties as natural diamonds, it has developed as a separate, more affordable diamond jewellery category and not merely a substitute for natural diamonds,” says CareEdge. Unlike in the CPD industry, India does not have a dominant position in the LGD market. China accounts for 40-45% of the production, with hubs in Russia as well. The overall exports of LGD from India showed some moderation in the last two quarters ending Q1FY24 in value terms. This, however, is due to a sharp decline in LGD prices, but in volume terms it has remained strong. Over FY20 to FY23, the export of polished LGDs from India surged by approximately 41%. In line with the growth, substantial capacity expansions are being undertaken in India, and with growing acceptance of LGDs, the value of polished LGD exports from India is expected to exceed $3 billion by FY26, predicts CareEdge — indicating that all is not lost as the world changes its preferences. (This is the second article in the Boom to Bust series which discusses the post-pandemic trends.) SEE ALSO <a href="https://www.businessinsider.in/business/news/how-pizza-hut-kfc-dominos-lose-their-post-pandemic-boom-effect/articleshow/103438807.cms">The Quick and the Dead: How fast food players lost their pandemic boom effect</a>

Diamond demand heads for a hard landing with ‘temporary disruption’ at play

<ul><li>Jewellers, like every year, have come up with offers to make <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> buying attractive on <keyword id="4067" type="General" weightage="20" keywordseo="dhanteras" source="Orion">Dhanteras</keyword>. </li><li>Experts say that if you are buying <keyword id="6354387" type="General" weightage="20" keywordseo="jewellery" source="Orion">jewellery</keyword> for personal consumption then it is a good time to buy. </li><li>However, if you are buying for the purpose of an <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, there are other investment avenues. </li></ul>What’s more auspicious than gold, especially as we step into the festive season. Indians believe that the more gold you buy during Dhanteras, the better would be your fortunes. While experts are unsure of how good physical gold is for your portfolio, jewellers are doing their best to bring in consumers into their stores. Capitalising on the love for bling, and women who want to add to their jewellery box, retailers are wooing hard this season. Be it free 1 gm gold coins on purchases, or <keyword id="112217" type="General" weightage="20" keywordseo="discounts" source="Orion">discounts</keyword> in making charges — most jewellers want consumers to go for physical gold. “In addition to our collections, we are offering discounts to our valued customers. We are providing discounts on the making charges for gold jewellery. Our goal is to enable customers to make the most of this auspicious opportunity and get the best offers, particularly for the upcoming wedding season,” says Suvankar Sen, MD &amp; CEO of Senco Gold &amp; Diamonds. Tanishq is currently providing a discount of up to 20% on the making charges for gold jewellery. “Most of the jewellers, be it online or offline offer discounts on making charges to attract customers in the festive season. Some jewellers are offering various freebies, premiums over used gold and even a chance to design a unique piece of jewellery this Diwali,” says Sachin Kothari, director At Augmont Gold For All, an integrated gold player. Now, comes the question of gold as an investment. In spite of gold gaining ground as a safe haven asset in times of volatility and a new war, global gold demand in Q3 2023 dropped by six percent, on reduced interest in gold bars and coins, as well as diminished demand from central banks. As Diwali approaches, the price of gold is on the rise thanks to geopolitical tensions and the US Federal Reserve decision to hold on to high-interest rates. However, India, world's second-largest consumer of gold, is bucking the trend. There is an increase of 10% in gold demand in the same period. Globally, jewellery demand dipped by 1% on account of high gold prices. But here too, Indian jewellers hope that consumer love for gold demand will hold on. <cmsannotation type="cmsannotation" annotationid="Experts not keen on physical assets" comment="Subhead" text="Experts not keen on physical assets">Experts not keen on physical assets</cmsannotation> So, should consumers give in to the temptation of building physical gold assets amidst volatile prices and uncertainty? “Dhanteras is basically a time to make a purchase to grow your wealth. What you should do is an investment and not an expenditure. Jewellery is an expenditure. Making charges can be about 25% and further when you sell it you can lose another 10-15%. So it is not worth it,” says B Srinivasan, director and founder, Shree Sidvin Investment Advisors. Som if you are buying some jewellery for the sake of buying jewellery or as a gift, you can do it. With the various offers jewellers are providing it might be a good time to do that. But this will not serve the purpose of an investment. For those looking at an investment, there are better options than bangles, earrings or necklaces. “If you are buying for consumption then obviously physical gold has no other alternative but if your purpose is pure investment then the best is sovereign gold bond (SGB),” says Anant Ladha, founder, Invest Aaj For Kal, a financial advisory firm. There are three major advantages of SGBs. First, there is no making charges or risk of purity. Further one may get 2.5% additional interest over and above per annum. Though the interest is entirely taxable at current tax slabs, any capital gains earned at the end of eight years is entirely tax free. Investing in gold through digital gold platforms, gold Exchange-Traded Funds (ETFs), and gold mutual funds also offer flexible options to invest in gold. Digital gold allows for easy, small-scale investments, while Gold ETFs provide the convenience of stock market trading. Gold MFs, on the other hand, offer professional management of your gold investments. But then again, will it give the same satisfaction of it hanging on your neck as it will in the portfolio? That’s a call that consumers will have to take.

Jewellers woo consumers this Dhanteras but experts advise caution

<keyword id="18053223" type="General" weightage="20" keywordseo="indias-gems-and-jewellery-exports" source="Orion">India's gems and jewellery exports</keyword> are likely to decline by 10-15 % in the current financial year on account of slowing demand in key markets like the US and China, GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48% year-on-year to ₹3,00,462.52 crore (over $36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC). Addressing the media, on the sidelines of an event here on Monday evening, the GJEPC Chairman said that the Commerce Ministry has given a target of $42 billion for the gems and jewellery segment exports in 2023-24. "For gems and jewellery, the major contributing market is the US and China, the demand is slowing there. Rising <keyword id="888190" type="General" weightage="20" keywordseo="interest-cost" source="Orion">interest cost</keyword>, <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword>, all these concerns and consumers' confidence is also going down," Shah said. Going ahead, "we expect that overall we should see a 10 to 15 % decline in the gems and jewellery exports," he said on GJEPC estimates for the current fiscal ending March. Diamonds constitute more than 55% of the overall gems and jewellery export basket, Shah said. The exports target (for the current fiscal) is $42 billion, which was given by the Ministry of Commerce, he added.

India's gems & jewellery exports likely to slip 10-15% pc in FY23: GJEPC

<ul><li><keyword id="1642368" type="General" weightage="20" keywordseo="gold-savings-schemes" source="Orion">Gold savings schemes</keyword> offered by jewellers allow customers to invest in <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> through monthly instalments.</li><li>These schemes restrict customers to purchase <keyword id="6354387" type="General" weightage="20" keywordseo="jewellery" source="Orion">jewellery</keyword> solely from the jeweller running the scheme.</li><li>Gold investment schemes entice customers with one free instalment or reduced <keyword id="2596975" type="General" weightage="20" keywordseo="making-charges" source="Orion">making charges</keyword>.</li></ul>Diamonds are a woman’s best friend, it is said. But when it comes to India, it may very well be gold. India is the second largest gold buyer in the world which proves that the yellow metal is not a luxury item only in the country but something even the middle class wants to own. Gold savings schemes offered by jewellers allow customers to invest in gold through monthly instalments. They typically run for 11 months, with the 12th instalment being free. Customers make fixed monthly payments, and at the end of the scheme, they can purchase gold jewellery or items equivalent to the total amount saved. Others might offer discounts on making charges when purchasing jewellery. “Many jewellers provide unique <keyword id="16735868" type="General" weightage="20" keywordseo="gold-investment-plans" source="Orion">gold investment plans</keyword>, allowing customers to purchase gold in the future based on their preferences. These plans differ from one jeweller to another, so it's essential to assess their value and benefits,” says Harish Menon, Co-founder and head of Investments and product research at House of Alpha. These schemes are very popular, especially since they come with a free instalment. Women invest in these schemes because they are an easy and disciplined way to buy gold. Additionally, parents are often seen investing in these schemes for the purpose of their kids’ marriage. This brings us to the question whether investing in gold savings schemes makes financial sense? We take a look. <cmsannotation type="cmsannotation" annotationid="Disadvantages of a gold savings scheme" comment="Subhead" text="Disadvantages of a gold savings scheme">Disadvantages of a gold savings scheme</cmsannotation> Gold savings schemes, while appealing, have their share of disadvantages. Firstly, these schemes restrict customers to purchase jewellery solely from the jeweller running the scheme, limiting their choices and flexibility in the market. You cannot get a refund even if you want. “There is the possibility of the jeweller going out of business, leading to loss of investments. It's crucial to remember that jewellers aren't overseen by financial authorities, so there's inherent risk involved.” says Menon. Also, investments in these schemes can be used only to buy jewellery, not coins or bars. Moreover, missing even a single payment can lead to the forfeiture of the accrued benefits. Lastly, hidden charges, particularly making charges on jewellery, can reduce the actual value of the gold you receive. <cmsannotation type="cmsannotation" annotationid="Other alternate investment options for buying gold" comment="Subhead" text="Other alternate investment options for buying gold">Other alternate investment options for buying gold</cmsannotation> When you are buying gold jewellery, you are at best buying it as only a partial investment. However, one needs to look at a gold savings scheme in terms of the returns on offer, beyond the free instalment and reduced making charges. “It doesn't make financial sense as most of them hardly have any returns. They entice us with one free instalment or less making charges. The lure is to pay instalments instead of a lump sum. There is usually less than 5% return if any,” says Shweta Jain, chief executive officer and founder of Investography, a financial planning firm. When investing in gold, options like Gold ETFs, and digital gold and sovereign gold bond schemes are good options as they do not require one to buy and store physical gold. But even when it comes to buying gold jewellery, one can look at alternate investment options for higher returns. “SIPs can be done in mutual funds, say liquid funds, and that money can be used to buy gold as well, as that works better,” says Jain. For a longer investment horizon, one may look to invest in equity funds and buy gold to get the advantages of equity. As they say, all that glitters is (may) not (be) gold(en).

Gold savings schemes may sound lucrative but make little financial sense

<ul><li><keyword id="1642368" type="General" weightage="20" keywordseo="gold-savings-schemes" source="Orion">Gold savings schemes</keyword> offered by jewellers allow customers to invest in <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> through monthly instalments. </li><li>These schemes restrict customers to purchase <keyword id="6354387" type="General" weightage="20" keywordseo="jewellery" source="Orion">jewellery</keyword> solely from the jeweller running the scheme. </li><li>Gold investment schemes entice customers with one free instalment or reduced <keyword id="2596975" type="General" weightage="20" keywordseo="making-charges" source="Orion">making charges</keyword>. </li></ul>Diamonds are a woman’s best friend, it is said. But when it comes to India, it may very well be gold. India is the second largest gold buyer in the world which proves that the yellow metal is not a luxury item only in the country but something even the middle class wants to own. Gold savings schemes offered by jewellers allow customers to invest in gold through monthly instalments. They typically run for 11 months, with the 12th instalment being free. Customers make fixed monthly payments, and at the end of the scheme, they can purchase gold jewellery or items equivalent to the total amount saved. Others might offer discounts on making charges when purchasing jewellery. “Many jewellers provide unique gold investment plans, allowing customers to purchase gold in the future based on their preferences. These plans differ from one jeweller to another, so it's essential to assess their value and benefits,” says Harish Menon, Co-founder and head of Investments and product research at House of Alpha. These schemes are very popular, especially since they come with a free instalment. Women invest in these schemes because they are an easy and disciplined way to buy gold. Additionally, parents are often seen investing in these schemes for the purpose of their kids’ marriage. This brings us to the question whether investing in gold savings schemes makes financial sense? We take a look. <cmsannotation type="cmsannotation" annotationid="Disadvantages of a gold savings scheme" comment="Subhead" text="Disadvantages of a gold savings scheme">Disadvantages of a gold savings scheme</cmsannotation> Gold savings schemes, while appealing, have their share of disadvantages. Firstly, these schemes restrict customers to purchase jewellery solely from the jeweller running the scheme, limiting their choices and flexibility in the market. You cannot get a refund even if you want. “There is the possibility of the jeweller going out of business, leading to loss of investments. It's crucial to remember that jewellers aren't overseen by financial authorities, so there's inherent risk involved.” says Menon. Also, investments in these schemes can be used only to buy jewellery, not coins or bars. Moreover, missing even a single payment can lead to the forfeiture of the accrued benefits. Lastly, hidden charges, particularly making charges on jewellery, can reduce the actual value of the gold you receive. <cmsannotation type="cmsannotation" annotationid="Subhead" text="Other alternate investment options for buying gold">Other alternate investment options for buying gold</cmsannotation> When you are buying gold jewellery, you are at best buying it as only a partial investment. However, one needs to look at a gold savings scheme in terms of the returns on offer, beyond the free instalment and reduced making charges. “It doesn't make financial sense as most of them hardly have any returns. They entice us with one free instalment or less making charges. The lure is to pay instalments instead of a lump sum. There is usually less than 5% return if any,” says Shweta Jain, chief executive officer and founder of Investography, a financial planning firm. When investing in gold, options like Gold ETFs, and digital gold and sovereign gold bond schemes are good options as they do not require one to buy and store physical gold. But even when it comes to buying gold jewellery, one can look at alternate investment options for higher returns. “SIPs can be done in <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword>, say liquid funds, and that money can be used to buy gold as well, as that works better,” says Jain. For a longer investment horizon, one may look to invest in equity funds and buy gold to get the advantages of equity. As they say, all that glitters is (may) not (be) gold(en).

<ul class="summary-list"><li>Data shows that a lack of <keyword id="61889" type="ORGANIZATION" weightage="60" keywordseo="Diversity">diversity</keyword> is a significant problem for the jewelry industry. </li><li>Black women in particular have endured many challenges as they tried to enter the industry.</li><li>Lagos-born <keyword id="10052" type="ORGANIZATION" weightage="60" keywordseo="Diamond">diamond</keyword> expert Thelma West shared the challenges she faced in setting up her business.</li></ul>The jewelry industry isn't known for being particularly diverse. Last year, a <a href="https://www.nationaljeweler.com/articles/2182-employees-say-jewelry-industry-has-work-to-do-on-diversity">survey published</a> by the National Jeweler and Jewelers of America, showed that employees gave their companies the lowest marks for staff diversity, with 37% rating their company as fair, poor or very poor.In addition, 51% of respondents of all races said they were aware of race-based discrimination in the fine jewelry sector.It may come as no surprise then that women, particularly Black women, must break through many barriers. This is despite women driving demand for more than 90% of the world's jewelry, according to a report published by the <a href="https://www.bsr.org/reports/BSR_Women_in_the_Jewelry_Supply_Chain.pdf">Business for Social Responsibility</a>. But change is finally on the horizon as women start to take center stage. Thelma West, a diamond expert who was born in Lagos, Nigeria, is among them.Armed with more than two decades of experience, West, who is now London-based, set up the diamond and gemological laboratory <a href="http://www.igr-global.com/">IGR London </a>six years ago. The company provides a full range of services including grading, analyzing, and testing of natural gemstones and jewelry. "As a Black female in the industry, it was important for me to make as much of an impact as I could even with the challenges that were faced," West told Insider.<h2>Breaking down barriers</h2>West explained how progressing in her career was helped by having a thick skin to deal with the many obstacles placed in her way.Some of those challenges included people who neither wanted to work with her, nor hire her. Others told her the style of her hair did not fit the look of the business. There was also a lack of credit for her knowledge in the industry, she said, which hampered attempts to secure funding. West also suffered explicit racial abuse when people in the industry used discriminatory language towards her.These experiences inspired West to look outside of the industry for advice and hiring-related matters, especially when it came to employing people.But hiring came with its own set of challenges, particularly as she wanted to hire female workers to give them a chance to make it in the trade. "You get CVs but most of them are male," she said. "I'm not discriminating but [men] have enough opportunities in the trade." "Well done to them but it's our turn now to try and get a leg in," West added. <h2>A shared female experience</h2>But Thelma's experience is not isolated. The journey for her, she said, is very much the same for a lot of other Black jewelers - which she only realized last year. This awareness helped battle feelings of loneliness, which she suffered throughout her career as a result of being discriminated against. "It's important for people to get the full picture. To hear that this person is successful but look what they went through, look what was said to them, and realize it didn't kill them nor break them," she said. But West notes that Black creatives who have lived through the good, the bad, and the ugly were tough-skinned like her.<h2>A bright future ahead</h2>West and other jewelers including <a href="https://www.castronyc.com/">Castro</a>, <a href="http://www.melanieeddy.co.uk/">Melanie Eddy</a>, <a href="https://www.amthornejewelry.com/">Ashley Thorne</a>, and <a href="https://www.disaallsopp.com/">Disa Allsopp </a>show that success in the industry is possible for Black creatives, however.West said that, in the end, "we want to make sure that the current promotion of Black creatives will not be a passing fad and/or tokenism that defines us.""Instead, we will ensure we are acclaimed for our talent, creativity, and passion for what we do," she added.

A Lagos-born diamond expert shares the struggles she faced as a Black creative in the industry, from explicit bias to funding challenges

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars. Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. “Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. “Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. Share prices of most jewellery stocks were trading lower on Thursday <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23% </td></tr></tbody></table> Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. The council said that the rise in import duty will increase prices of silver products in domestic markets. “The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC. Lab grown diamonds to boost gold demand, say experts Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. “The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. “The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a>

Gold and silver jewellery to get a lot more expensive

<ul><li>Jewellery for brides is chunkier and most pieces constitute 30-250 gm weightage, says a <keyword id="113718" type="General" weightage="100" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword> report. </li><li>Rupee gold price has almost doubled since 2012, but it has had little effect on sales. </li><li>Bridal segment is mostly made of 22-carat gold, and dominated by traditional pieces like necklaces or chokers, haars (long chains) jewellery sets, apart from maang teekas and more. </li></ul>An Indian bride is worth her weight in gold. Hence it’s no surprise that <keyword id="182966" type="General" weightage="20" keywordseo="bridal-jewellery" source="Orion">bridal jewellery</keyword> accounts for half of all the jewellery sold in India, according to a World Gold Council report. Also, India is the second largest jewellery market in the world Jewellery for brides is chunkier and most pieces constitute 30-250 gm weightage, unlike the next two categories – daily wear which has lightweight pieces in the 5-30 gm range and account to 35-40% of the total sales. Fashion jewellery, where pieces are even lighter at 5-20 gm of gold, have a 5-10% share. Gold vs destination weddings “Bridal jewellery remains the dominant segment (50-55% market share by weight), despite rising domestic gold prices over the last decade and stiff competition from other luxury purchases, such as destination weddings and foreign holidays,” the report said. The love for gold has sustained the price rise too. The Rupee gold price has almost doubled since 2012. Even as this change made manufactures gradually shift towards lighter weight pieces, bridal jewellery has been relatively price inelastic, losing only around 5-10% market share in that time, as per field research quoted in the report. Going forward, it expects the demand from brides to remain robust. India is a young country with more than half the population below the age of 25 (and 65% under 35). Although there are no official figures for the number of weddings in India, an estimate is between 11-13 million per year, as per the council. “As the average age of marriage for women in India is 22, the number of weddings per annum looks set to remain strong. Considering these numbers, demand for bridal jewellery should remain robust over the long term,” the council predicts. <div type="image" title="bridal jewellery" msid="97168522" hostid="261" sizebytes="101086" caption="&amp;lt;p&amp;gt;Source: Pixabay &amp;lt;/p&amp;gt;"></div> High on purity and tradition Bridal jewellery, unlike other segments, is also skewed towards the high-value pure gold segment. The bridal segment primarily includes 22-carat jewellery and is dominated by traditional pieces like necklaces or chokers, haars (long chains), jewellery sets, apart from maang teekas and more. Daily wear jewellery like mangalsutras, earrings, chains etc. cover all the three segments of 22, 18 and 14-carat gold. However, 22-carat remains dominant with more than 80% of the market, and 18 and 14 carat combined account for a 15-17% share, with both having increased over the last decade. “The growth in lower caratages has been driven by three factors — the growing popularity of modern designs, the increase in rupee gold prices, and the growth of studded diamond jewellery,” says the World Gold Council. Studded diamond jewellery is predominantly sold in lower caratages like 14 and 18 because it is purchased for adornment rather than investment. Also, it is easier to make thinner and more delicate designs in harder alloys (with low carat gold), which again works better when the designer wants to set stones. Online &amp; export sales Indian <keyword id="6379337" type="General" weightage="20" keywordseo="gold-jewellery" source="Orion">gold jewellery</keyword> also has a wide export market especially in countries where a lot of Indians reside. Over the last decade, nearly 90% of India’s jewellery exports have flowed to just five major markets, namely – the UAE, US, Hong Kong, Singapore and UK. While India does export to 146 countries, most of them are extremely small customers including Australia and Canada where a lot of Indian diaspora reside. “Trade bodies also need to help focus a spotlight on Indian craftsmanship, as a large part of Indian jewellery is hand-made – a skill that is appreciated globally,” the report says. Domestically, Indian jewellers are also exploring online and e-commerce options to drive sales. While it currently makes up for only 5-10% of jewellery sold, there is scope for growth, the council believes. “About a decade ago very few jewellery retailers focused on online sales, but today every large and mid-sized retailer has an online platform. Lastly, rising internet access and the advent of social media have allowed retailers to interact directly with their consumers in new ways to create brand awareness and drive sales,” the council says. SEE ALSO <a href="https://www.businessinsider.in/finance/news/gold-prices-hit-life-time-high-amid-looming-recession-hope-that-fed-will-slow-its-rate-hikes/articleshow/97061060.cms">Gold prices hit life-time high amid looming recession &amp; hope that Fed will slow its rate hikes</a> <a href="https://www.businessinsider.in/finance/news/9-in-10-super-rich-indians-get-richer-in-2022-knight-frank/articleshow/97033671.cms">9 in 10 super-rich Indians get richer in 2022, confident of minting money in 2023 too: Knight Frank</a>

Brides buy half of all gold jewellery sold in India says World Gold Council report

<ul><li>Finance minister Nirmala Sitharaman on Tuesday unveiled <keyword id="10547300" type="General" weightage="20" keywordseo="Budget-2022" source="Orion">Budget 2022</keyword>, including several announcements on import duties.</li><li>From diamonds to cotton, there were several announcements to control costs and encourage domestic manufacturing in certain sectors.</li><li>Here are all the key highlights on <keyword id="6360804" type="General" weightage="20" keywordseo="customs-duty" source="Orion">customs duty</keyword> in Budget 2022.</li></ul> Diamonds will now be cheaper to purchase in India, while imitation jewellery and umbrellas are amongst things that will get costlier going forward, according to Finance Minister Nirmala Sitharaman’s announcements in Budget 2022. Making the announcement, Sitharaman said that the import duty on diamonds will be reduced to 5% from the current rate of 10%. On the other hand, imported imitation jewellery will now attract customs duty of ₹400 per kg. Umbrellas, too, will attract an import duty of 20%, up from 10% currently. Here’s how other imports will change going forward: <ul><li>Phones and phone chargers could get cheaper as exemptions on certain parts have been provided to encourage domestic manufacturing.</li><li>Wearables, hearable devices and electronic smart meters could get cheaper as the government is calibrating the rates to provide a graded rate structure.</li><li>Customs duty on certain critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining are being reduced.</li><li>Capital goods could get costlier as the government has proposed to phase out concessional rates, instead charging customs duty at 7.5%.</li><li>To encourage exports, the government has announced exemptions for inputs for exports of handicrafts, textile and leather garments and leather footwear. These inputs include embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-union-budget-2022-updates-and-key-highlights/slidelist/89265881.cms">Union Budget 2022: These are the biggest highlights from the Finance Minister’s speech</a> <a href="https://www.businessinsider.in/budget/news/budget-for-startups-2022-finance-ministry-proposes-to-extend-tax-holiday-by-another-year/articleshow/89269955.cms">Finance ministry proposes to extend tax holiday for startups by another year</a> <a href="https://www.businessinsider.in/budget/news/nirmala-sitharaman-announced-that-5g-services-will-happen-by-2022-23-in-budget-session/articleshow/89267252.cms">5G spectrum auctions in 2022, commercial 5G rollout by 2022-23</a>

Diamonds will now be cheaper, imitation jewellery and umbrellas costlier – here are the highlights on how Budget 2022 will impact imports

<ul><li>Most of the world’s diamonds originate from the mines of Russia but they are polished in Mumbai and Surat.</li><li>Now, Indian merchants are also growing the precious stone in India in a lab to become less import-dependent.</li><li>This lab-grown diamond industry market in India was ₹2,200 crore in 2021 and is expected to grow exponentially.</li><li>Currently, India’s lab-grown export is around $1.3 billion and is growing at a pace of 105% y-o-y.</li></ul>India has always been a diamond polishing hub thanks to a vibrant small-scale industry driving it. Now, it intends to go up the value chain by producing its own diamonds – not by mining but by growing them in laboratories. It also helps that lab-grown diamonds (LGDs) are no different than their prized, mined counterparts. The only difference is the certificate. Mined diamonds fetch you a white one, while lab-grown diamonds have a yellow certificate. Retailers claim that lab diamonds are greener and 55-60% cheaper than mined diamonds. “If I get mined diamond for $4,000 and a lab-grown diamond costs $700-800, young people would spend the remaining money on travel and other experiences,” said Shardul Vashi, head of marketing, Maitri Diamonds. India’s annual lab-grown <keyword id="622307" type="General" weightage="20" keywordseo="diamond-exports" source="Orion">diamond exports</keyword> are at around $1.3 billion. But it’s growing at a breakneck speed of 105% y-o-y and contributing around 15% to global production. Shashikanth Dalichand Shah, chairperson, Lab Grown Diamond &amp; Jewellery Promotion Council, believes that it’s just a matter of time before India becomes the biggest outsourcing hub for lab-grown diamond and jewellery (LGDJ). The biggest market is abroad The sales of India’s lab-grown diamonds are much higher abroad than in the domestic market, with 60-70% exported. Lab-grown diamonds are more popular overseas as jewellery tends to be more about fashion, while in India it’s more of an asset. Thus, in the domestic market, the major buyers are space, research and industrial equipment industries. In 2021, the LGD market in India was about ₹2,200 crore ($250 million). Jewellery, as per retailers, only contributes about 2% of the pie. However, industry experts believe LGD jewellery will become more popular in India as well. As lab-grown diamonds are more affordable, Shah believes that they will adorn more bangles, necklaces and rings. Every Indian woman, living in a hut or a bungalow, owns at least 1 gram of gold and diamonds could soon be a part too. “Only 3-4% of Indians actually buy diamonds and now, middle-class people can also afford diamonds,” Mahesh Sonani, MD of LGD manufacturing company Sonani Industries, told Business Insider India. Apart from the cost difference, the fact that lab-grown diamonds are not blood diamonds or harm the earth will also play a role in their sales. Consumers take time to switch <div type="image" title="Real diamond" msid="93458392" hostid="261" caption="&amp;lt;p&amp;gt;BCCL&amp;lt;/p&amp;gt;"></div> Shah said that lab-grown diamonds contribute only 3% to India’s industry because of a lack of awareness in the B2C market. A mined diamond is exclusive, rare and the most expensive gem of them all, which makes for an attractive offer for consumers. With lab-grown diamonds, albeit equally shiny, some consumers might have a tough time seeing its allure. But Shah is optimistic that a diamond’s origin will become secondary in years to come. He said, “When a baby is born, you don't ask how it arrived, whether it is through natural means, IVF, or is it a test tube baby. The birth certificate doesn’t mention how the baby was delivered.” World’s major mines such as Argyle Mine in <a href="https://phys.org/news/2020-11-world-biggest-pink-diamond.html#:~:text=The%20world's%20largest%20pink%20diamond,giant%20Rio%20Tinto%20said%20Tuesday.">Australia </a>are shutting down and with a supply cut from Russia, lab diamonds will get a push. Millennials and GenZ are first adopters Sonani Industries says that there is a lot of interest for lab-grown diamonds from millennials as they prefer the ‘greener and cheaper’ versions. Trivedi of Maitri Diamonds said that millennials are also more open to accepting lab diamonds because they want to make a fashion statement without burning a hole in their pockets. “Earlier, people were suspicious of lab-grown diamonds but in the last two years, there’s been a growing awareness about the characteristics of lab diamonds. It’s exactly the same, which is attracting more consumers and it’s not just limited to high-end consumers,” said Harshil Trivedi, senior sales associate of Sahajanand Technologies Ltd (STPL), a home-grown company that provides diamond machines to the world. LGDs are made artificially by simulating the conditions that produce natural diamonds in the earth. There are two categories of lab-grown diamonds – chemical vapour deposition (CVD) and high pressure and high temperature (HPHT). Currently China supplies the roughs for HPHT while India makes almost 90% of CVD diamonds, said Kishan Trivedi of Surat-based Maitri Diamonds. However, India is eyeing a larger share of the HPHT market as well, Trivedi added. There are about 2,200-2,800 lab diamond machines in India currently. This could go up to 5,000 in two years, taking India’s production level to new heights, said LGDJ Council’s Shah. As the LGD industry continues to grow at the rate of 28%, Shah of LGDJ Council is confident that more consumers will embrace the greener alternative of diamonds. “Sky’s the limit for this democratic diamond,” Shah said.

You Searched For "diamond jewellery" and got 13 results

Dhanteras 2024: Jewellers report slower than expected sales due to rising gold prices

BI India Bureau

Gem, jewellery exports drop 21.9% to $1.67 billion in July

PTI

Not just jewellery, lab grown diamonds used in satellites, computer chips too

IANS

Diamond demand heads for a hard landing with ‘temporary disruption’ at play

Katya Naidu

Jewellers woo consumers this Dhanteras but experts advise caution

Anagh Pal

India's gems & jewellery exports likely to slip 10-15% pc in FY23: GJEPC

PTI

Gold savings schemes may sound lucrative but make little financial sense

Anagh Pal

Gold savings schemes may sound lucrative but make little financial sense

Anagh Pal

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