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GJEPC’s India Silver & Fashion Jewelry BSM Witnesses Buyers from 39 Nations at Jaipur

The BSM between 12 – 14 June will witness international buyers from countries namely Algeria, Australia, Egypt, England, Ireland, Jordan, UAE, USA, Spain, Kuwait and Thailand.

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(PRESS RELEASE) JAIPUR — Gem & Jewelry Export Promotion Council (GJEPC) kick started India Silver & Fashion Jewelry Buyer Seller Meet (BSM), in the pink city of Jaipur at Rajasthan from 12th – 14th June 2019.

The event was inaugurated by Mr. Pramod Kumar Agrawal, chairman, GJEPC; Shri Nirmal Bardiya, regional chairman, Silver Panel Convener Ram Babu Gupta along with International buyers and exhibitors from India.

Commenting at the inauguration, Shri Pramod Kumar Agrawal, chairman, GJEPC said, “The BSM has been organized with an objective to meet current business needs of silver jewelry industry and to further establish and strengthen new business opportunities and promote business globally. The 3-day business matching program will be an ideal opportunity to showcase India’s strength & capabilities in manufacturing silver jewelry which is in demand due to its exclusivity and craftsmanship, whether its machine-made or hand made. Made in India silver jewelry has gradually made a mark in international markets with remarkably good designs, bold use of diamonds and colored gemstones thereby adding more value addition. I am sure buyers will get to see a range of innovative and trendy jewelry as per their needs and requirements”.

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India’s gross exports of silver jewelry for the period April 2018 – March 2019 accounted for US$ 837.81 million.

The India Silver Jewelry BSM will be a mix of a Buyer Seller Meet (BSM) and an open meeting day between invited buyers and exhibitors. Over 20 silver jewelry manufacturing companies will be showcasing their manufacturing skills to 39 International buyers consisting of silver jewelry Wholesalers, Retailers, Traders & Chain stores from the targeted region viz., Algeria, Australia, Egypt, England, Ireland, Jordan, UAE, USA, Spain, Kuwait, Thailand, during the BSM meet.

At the same time, for buyers, this is an opportunity to understand the Indian silver sector better for their sourcing needs, understand supply chain, business practices and culture. “I am sure both the buyers and sellers would make the most out of this platform to further establish and strengthen new sourcing relationships and promoting business globally”, added Agrawal.

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The gem and jewelry sector is going through tough times and Agrawal expressed concerns impacting exports and overall growth of the sector.

GJEPC has been talking with the government to address major banking issues affecting G&J industry including, increase in cost of funds, need for interest subvention, dollarization of credit limits, allowance of release of BG/ cash margins of exporters after exports; reintroduction of ECGC WTP policy for the sector, gold card and taxation issues.

Shri Pramod Agrawal also presented the Pre-budget proposals of the industry to the Finance Minister Smt. Nirmala Sitharaman. Following are few of the points presented:

1. One of our burning issues of the industry is imposition of IGST on re-import of consignments which are exported through consignments/ exhibition mode. The industry is hopeful that the issue will be resolved soon.

2. Reduction in import duty on Cut and Polished Diamonds from 7.5% to 2.5%: Due to certain data anomaly in the import figures of cut and polished diamonds, duty on diamonds got increased from 2.5% to 5% and thereafter to 7%. The industry has been repeatedly representing that returned consignments of polished diamonds had constituted a major portion of the import figures which was erroneously captured and reported. 93% of the imported polished diamonds are exported back and are also procured in manufacturing and exporting studded jewelry from the country

3. Reduction in import duty on Precious Metal Gold from 10% to 4%: Industry for a long time has been making this request to reduce the import duty on gold to a realistic level. Duty reduction will definitely re-initiate the flow of raw material through official channels into the country thus strengthening our jewelry exports

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4. Introduction of a realistic turnover taxation regime for Special Notified Zone in Mumbai: Special Notified Zone in Mumbai was inaugurated in December 2015 and since then, the zone has been running successfully. The only major hurdle is that foreign mining companies, in the absence of favorable taxation regime, have not yet started selling rough diamonds. They still come, display and take their goods back to their country. The industry has been requesting that on the lines of the level playing field being offered by Belgium, Israel, UAE etc, Indian Government should introduce presumptive turnover linked tax rate (0.125%) on sale of rough diamonds at SNZ

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CIBJO Releases Ethics Special Report, Examines International Frameworks and Proper Disclosure

International conventions increasing with which members of the jewelry industry are expected to comply.

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(PRESS RELEASE) MILAN, ITALY — With fewer than five weeks to go to the opening of the 2019 CIBJO Congress in Manama, Bahrain, on November 18, 2019, the sixth of the CIBJO commissions’ Special Reports has been released. Prepared by the CIBJO Ethics Commission, headed by Tiffany Stevens, it covers a variety of topics, including the increasing number of international conventions with which members of the jewelry industry are expected to comply, and recommended processes of disclosure.

“Responsible business standards being applied in the jewelry industry are meshing further and further with those used internationally, and with frameworks that govern other industries around the globe. It is important that jewelry industry companies fully understand their responsibilities under these complex sets of expectations, and they communicate them effectively and directly with their supply-chain partners and ultimately the consumer,” Ms. Steven writes.

“A few key systems to keep in mind include the OECD frameworks, with special attention to the organization’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict Affected and High-Risk Areas, the UN Sustainable Development Goals, the FTC Jewelry Guides in the United States, ISO standards, the World Diamond Council System of Warranties, and the perhaps-evolving definition of “conflict” under the Kimberly Process,” she continues.

Government scrutiny of the jewelry supply chain’s adherence to ethical business practices is becoming increasingly common, the CIBJO Ethics Commission President notes, citing a recent meeting of jewelry industry leaders with officials of the U.S. State Department, where the industry was counseled to abide with standards for managing risks to women in the minerals, responsible sourcing and jewelry supply chain, as well as complying with Anti-Money Laundering and other measures to prevent malign activity.

Noting that it is the consumers’ right to know how the how their jewelry and its components affected the environment and the lives of people as it journeyed along the supply chain, she states that being forthright, fully descriptive and making all disclosures clear and easy to understand is imperative.

“When seen globally, we have at our disposal an amazingly complex system of frameworks, definitions and semantics,” Ms. Stevens writes. “But as a trade we should aim for the simplest, most direct forms possible when communicating with consumers, and these should be standard in the sales representative’s in-store pitch to a potential customer, on invoices, on social media and online – wherever products are bought and sold.”

To download a full copy of the CIBJO Ethics Commission’s special report, click here.

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GJEPC Presents India Diamond Week from 15th to 17th October 2019

87 international buyers to interact with leading Indian exporters.

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(PRESS RELEASE) MUMBAI — The Gem & Jewelry Export Promotion Council (GJEPC) organized the India Diamond Week from 15th to 17th October 2019, which is aimed at creating an annual trading platform to increase communication among diamantaires and promoting the Make in India diamond business globally. India Diamond Week further envisages to establish and strengthen the business ties of Indian gems & jewelry exporters with buyers from countries across the world.

India Diamond Week in Mumbai witnessed participation from 87 prominent buyers including those from the Australia, China, Egypt, France, Greece, Hong Kong, Israel, Italy, Lebanon, Russia, Netherland, New Zealand, Russia, Saudi Arabia, Sweden, Taiwan, Thailand, UK, Ukraine, USA and Uzbekistan amongst others. The first two days had pre-fixed one-to-one meetings of 30 minutes between the buyer and seller, and the third day is an open exhibition.

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19 Leading diamantaires of India showcased their capabilities through various offerings in terms of polished diamond shape, size and cuts. The invited global buyers could deal directly with Indian suppliers to reduce cost of transactions and boost bilateral trade between global importers and Indian exporters.

Mr. Pramod Kumar Agrawal, chairman, GJEPC, said, “I take this opportunity to thank international buyers and indigenous manufacturers whose participation have made this show a successful one. Focused Buyer Seller Meets during the India Diamond Week will further promote business ties especially at this time when global trade dynamics are changing and evolving due to multiple factors. Every buyer is taking advantage of this unique platform offered by GJEPC so that they can concentrate on existing & new customers across the spectrum. India’s expertise and experience can ensure that its exporters can deliver any size, any shape, any quality, anytime, anywhere in the world. All this is made possible by our enterprise, business acumen and massive scale of operations.”

The Indian diamond industry has been developed in India over the last 5 decades. Today, India is a leader in cutting and polishing diamonds with exports of USD 24 billion annually. 14 out of 15 diamonds set in Jewelry worldwide are processed in India. Around 1.3 million people are employed in the sector alone. India has capabilities in cutting and polishing diamonds from the smallest to the largest. India can craft a plethora of exquisitely designed diamonds – brilliant, baquette, briolette, taper, marquise, pair, princess, oval, radiant, rose cut, heart shaped.

Indian Diamond trade is committed to four pillar principles of fair trade. One, it leads in self-regulation encouraged through My KYC amongst GJEPC members. Two, sustainable development, created through model programs for the health and welfare of its workers such as Swasthya Ratna. Three, GJEPC has joined hands with Diamond Producers Association – DPA to fund the promotion of Diamond Jewelry with the sole objective to instill demand for diamond Jewelry at the consumers’ end. Four, it is building state-of-the-art gemological laboratories that ensure diamonds are natural, well-crafted and ethically sourced.

Indian jewelers and craftsmen cater to the most demanding customers across the globe. Indian Gem & Jewelry Industry and GJEPC have invested heavily in its 5 million plus workforce by adopting high standards of modernization, safety, cleanliness and other socio-economic benefits such as, medical facilities, employment generation and second-to-none training programs for workers amongst others. Their ability to satiate any kind of jewelry requirements has amazed the world. This has been possible due to Industry’s willingness to embrace and adopt the latest technology.

India has already developed direct relations with many of the large jewelry chains from across the world. BSMs have helped Indian companies reach out to new segments. They are an ideal way to connect with the independents – single store or those with a small number of outlets. Moreover, for a country which has such a diverse range of offerings across so many different product categories and manufacturing centers, the BSM format provides many benefits. It facilitates product centric events and facilitates ensuring that the right profile of buyers and sellers come face-to-face with each other.

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Online Jeweler Empowers All Shoppers to Become Philanthropists

With each purchase, 12.5% of the total purchase price is donated to a charitable organization.

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(PRESS RELEASE) BOCA RATON, FL — A woman’s majority owned Boca Raton-based jewelry company is seeking to change the way that people shop for jewelry online. The Jewel In Giving is a new eCommerce jewelry site that allows all jewelry shoppers to become philanthropists, while shopping thousands of competitively priced jewelry. With each purchase made at thejewelingiving.com, 12.5% of the total purchase price is donated to a charitable organization of the customer’s choice that is participating with the brand. For example, a $200 jewelry purchase allows for the customer to designate $25 to a participating charity of their choice.

At The Jewel In Giving, shoppers can choose from thousands of pieces of jewelry at all different price points, at the most competitive prices that includes the 12.5% that the customer designates to the charity of their choice. There are no extra steps or costs, just a deeper meaning associated to their jewelry purchase. In addition, every component of the company has been built within a socially conscious framework. The jewelry customer will be able to purchase products made from recycled gold, ethically sourced diamonds and gemstones and eco-friendly lab grown diamonds. All jewelry boxes and marketing materials come from recycled papers allowing for the customer to feel good about their entire shopping experience.

“Philanthropy and eCommerce jewelry shopping are no longer mutually exclusive. We like to ask – why buy jewelry anywhere else?” said Matteo Valcavi, Director of Marketing for The Jewel In Giving. “Customers are drawn to our site for the best prices and highest quality pieces, while at the same time, they leave with a purchase that actually makes a difference in the world. This is a win-win for everyone.”

For IRS 501(c)(3) approved organizations looking to participate with The Jewel In Giving, the benefits are substantial. With the popularity of eCommerce, charities participating with The Jewel In Giving stand to create a robust new revenue stream with little work on their end.

The Jewel In Giving was the organic blending of a 30-year-old family owned wholesale diamond and jewelry business fused with an over 20-year deeply entrenched philanthropic involvement. The company’s motto, Buy Something Beautiful, Do Something Beautiful, sums up their mission perfectly.

Those searching for trending or timeless rings, earrings, necklaces and bracelets to add to their collection or a gift for a loved one can visit www.thejewelingiving.com. For non-profits looking to learn more about the benefits of participating visit nonprofits.thejewelingiving.com.

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