The revamping exercise is being done after one of two parcels belonging to an exporter was recently found to contain an electronic item along with the cut and polished diamonds. This was detected after the parcels were scanned at the airport before being loaded on to a Cathay Pacific flight.
“Sales in all divisions in the second half of December were also impacted to some extent due to forced store closures due to the protests in the North East and in many other parts of the country,” the company said in a stock exchange filing on Saturday.
Dealers in the congested Zaveri Bazaar remember the night when panic-struck cash hoarders and the well-heeled with unexplained money dumped currency bills to buy gold till early morning — temporarily driving up the price of the yellow metal.
A high-level inter-ministerial coordination committee has raised concern about absence of effective regulatory mechanism for gems & jewellery and real estate sectors to curb money laundering and counter terror financing ahead of India’s case coming up for review before FATF in October 2020. Countries on FATF grey list could could face restrictions from international financial system.
The ‘Size India’ project undertaken by Clothing Manufacturers Association of India (CMAI) jointly with textiles ministry and National Institute of Fashion Technology seeks to develop a standardised India size chart, officials said.
Many may not have heard of Elysium, Rose Atlantic, Sahraa Oud and 24 Old Bond Street Triple Extract, but collectors of unique scents are a growing breed in India. And some of them stock over 800 bottles in their "perfume wardrobes". And they can cost anywhere upwards of Rs 10,000 and go up to Rs 2.5 lakh for a 100ml creation.
Future Lifestyle had agreed to buy a nearly 30% stake in the London-listed Koovs in July last year. In a notice to the London Stock Exchange on Tuesday, Koovs said it entered into administration after the Indian company was unable to deliver on a promised 6.5 million pound investment in to the business resulting in unsustainable cashflow pressures.
In November 2018, the overall gems & jewellery exports stood at Rs 19,039.10 crore, according to data given by the Gems & Jewellery Export Promotion Council (GJEPC). Overall exports declined by 4.85 percent to Rs 1,76,540.39 crore between April and November 2019 from Rs 1,85,543.57 crore a year ago.
Anti-pollution facewashes, toners and face cleansers from brands such as Pond’s, Amway and Lotus have grown 25-30% this year compared with fairness products, which are growing at 8-10%, albeit on a larger base. The country’s top fairness creams include Fair & Lovely, Lotus Whiteglow, Nivea Natural Fairness and Garnier White Complete.
There are 860 hallmarking centres in the country. Each of these centres can handle 2000 pieces of gold jewellery per day. In FY19, around 450 tonnes of gold were hallmarked. India annually consumes 1000 tonnes of gold.