GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

Titan to Export Gold Jewelry to Damas, Mustafa

11 march 2014

Jewelry and lifestyle products manufacturer Titan Company has firmed up plans to export its gold jewelry to marquee global retailers, as current gold import regulatory norms in India mandates the Tata Group company to have a sizable export portfolio. Titan Jewellery, which constitutes 75 percent to 80 percent of Titan's $2 billion revenue, will supply its Tanishq brand of gold jewelry to Dubai-based Damas and Singapore's Mustafa. The exports will also include diamond jewelry sales, Rapaport reported.
Titan had a gold export business until 2007, but closed it because margins were thin. "Also, we have had such a good opportunity in India that exports became insignificant to us," said Bhaskar Bhat, managing director of Titan Company.
At present, Titan, which operates close to 200 boutique jewelry stores, has a 4 percent market share in the country's $40.9 billion (INR 2.5 trillion) gems and jewelry industry.
"We have an import license, but we won't be able to utilize it if we don't have exports," Bhat told TOI. This follows the Reserve Bank of India's 80:20 rule on gold imports aimed to stem the country's ballooning current account deficit.
As per the rule, merchants/retailers have to re-export 20 percent of each gold import consignment before placing new orders. Due to these restrictions and increase in import duties, the demand for the yellow metal has softened over the last six months. This was reflected in Titan's jewelry business, which reported a 15.4 percent decline in the December quarter. Given the current market dynamics and the company's exposure to the gold trade, Bhat expects Titan to end the ongoing fiscal with a 10 percent revenue growth. In the previous fiscal Titan reported a 14 percent revenue growth.