Silver and diamonds - the "daily bread" of jeweler

GRINGOR is a St. Petersburg-based modern jewellery manufacturing company established in 2002. It successfully develops and implements the innovations, many of which resonate with the Russians and the people abroad. In 2012, GRINGOR was awarded the honorary...

Yesterday

Willie Nagel, a gentleman, who would have the strength and stamina to deal with business leaders and politicians, passes away

By Alex Popov

Willie Nagel passed away on July 14th. Friday he was buried in Israel. I was flying from New York with a stopover in London when it happened. Being unable to be there and express my feelings to Adam and Toni, I would like to...

20 july 2021

Diamond industry's reaction to KP impasse

The Kimberley Process Civil Society Coalition (CSC) recently said that it is planning to approach the United Nations (UN) over the impasse on the redefinition of conflict diamonds and the principles of responsible sourcing. The CSC representative...

19 july 2021

Natural and LGDs are two segments of the industry that will have to learn to coexist together

Having now completed half a decade in the diamond jewelry exporting and wholesaling industry, Anmol Bhansali received formal training on Diamonds from GIA in addition to a lengthy training in jewelry wholesaling from the factories at Goldiam. He has...

12 july 2021

L'ÉCOLE Van Cleef & Arpels: our mission is to share the jewelry culture with as many people as possible

France has gradually begun to lift quarantine restrictions on places of cultural recreation, including museums starting from May 19, 2021. The world-renowned L'ÉCOLE, School of Jewelry Arts (L'ECOLE des Arts Joailliers) Van Cleef & Arpels...

05 july 2021

Switzerland accounts for 50% of India’s gold imports in 2020-21

22 july 2021
India's import of gold increased by a staggering 1046.7% to $7.8 bn in 2020-21. Gold constitutes 8.8% of India's overall import basket. After China, India is the second-largest consumer of gold in the world, says a report in Economic Times. 
Among all of India’s top 10 import partners, inbound shipments from Switzerland increased by 7.8% to $18.2 bn, majorly led by gold. At $16.3 bn, gold from Switzerland accounted for almost half of India’s imports of yellow metal in 2020-21. India’s overall imports of gold during the period stood at $34.6 bn markedly up from $28.2 bn imported the previous year despite the pandemic.
Switzerland replaced Saudi Arabia as India's fourth-largest partner as the latter sank by one notch. Gold imports from Switzerland have been consistently on the rise as it is the largest gold refining centre and transit hub in the world. During 2020-21, India bought gold worth $4.19 bn from UAE and $2.5 bn from South Africa. Unwrought forms of gold including bars, gold plated platinum or semi-manufactured forms and powder were top on India's shopping list last year.
An official of the Gems & Jewellery Export Promotion Council reportedly told ET that gold from Switzerland remains high on priority for buyers as some of the best gold refineries are in the Western European nation which produces the finest quality of the precious metal.
Among the factors which led to an increase in gold demand in India was the reduction of import duty to 10% from 12.5% including 7.5% customs duty. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished