Indian Jeweller (IJ) December - January 2021

Editor’s note
dawn of a nEw Era
As the Covid19 vaccination drive gains momentum,
business is improving steadily. The Union Budget
2021 brought a smile to the faces of G & J industry
personnel when government decided to cut down customs
duty on gold and silver. At the same time several SOPs have
been announced for the common man, retirees and business
owners. With heavy fund allocation to infrastructure and
railways, FDI welcomed in several sectors, the economy will
bounce back in no time.
This issue of Indian Jeweller brings to you industry
reactions to the budget, unravels mystery shrouding PMLA
and insights from all over the world. Read on to know
the latest trends and get inspired to bring your best to the
industry which has taken upon itself the responsibility to get
the Indian economy back to normal in no time. People are
eagerly awaiting physical shows and exhibitions, which will
definitely draw huge crowds from all over the country.
2020 was a year many of us like to erase from our books.
But it also taught us valuable lessons. Retailers share with us
some solid lessons they have learnt over the past year.
So let the winds of change bring the very best to your
business as well!
editor
Alok Kala
Courtesy: Manoharlal Saraf & Sons, new Delhi
20 | december 20 - january 2021 | INDIAN JEWELLER

The Big Story
42
IJ Awards Top Designs
in a Grand Virtual
Award Ceremony
22 winners were awarded
for their jewellery across 20
categories. The virtual award
recorded over 2000 viewers
across the micro site and social
media channels
22
SHOW REPORT
The Virtual Success
Continues
IIJS Virtual 2.0 was successful and
ushered in the New Year on a grand
note and promises good days ahead
for the whole Indian economy along
with a strong positive growth in the
G & J industry
32
The big learnings
from year 2020
From ensuring business is financially sound,
investing in jewellery that speaks to a
younger audience to investing in tech and
digital to being 100 per cent compliant with
rules and regulations and understanding
the strengths and weaknesses of the staff,
these are the biggest learnings for these
jewellers says Vijetha Rangabashyam
Special Features
How Manufacturers Attract New
Clients in the Absence of Physical
Exhibitions
Getting new clients for any business has always
been challenging. The last year has aggravated
this challenge considerably owing to the fact that
physical G & J shows had to be cancelled and
converted into virtual ones. Jewellery manufacturers
share the practices they adopt to get new clients
66
58
Special Report
Industry Revels in new Budget
Announcements
Customs duty on gold and silver decreased
to 7.5 per cent from 12.5 per cent with an
addition of 2.5 per cent AIDC (Agri Infra &
Development Cess) – in effect reduced to 10
per cent -- applauded unanimously by the
whole G & J industry
The Face oF The indian jewellery indusTry
Vol.11 Issue 3
december 2020 - january 2021
Editor and Publisher: Alok Kala
Associate Publisher: Arpit Kala
Senior Editor: Vijetha Rangabashyam
Business & Marketing: Gunjan Jain
Features Editor : Sugandha R
Graphic Designer: Dhananjay Kokate
Columnists: Gunjan Suri, Aftab Bandukwala
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Indian Jeweller, a bi-monthly magazine is
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House, A-95, Janta Colony, Jaipur-302004,
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Published from Gem & Jewellery Information
Centre, Journal House, A-95, Janta Colony,
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Editor - Alok Kala
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© All rights reserved. No part of this publication may be
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Cover Courtesy: Anantam Collection by Archana Aggarwal Timeless Jewellery

The Big STory
22 | december 20 - january 2021 | INDIAN JEWELLER

What 2020 has Taught Retailers?
BIG
LESSONS
FOR 2021
From ensuring business is financially
sound, investing in jewellery that speaks
to a younger audience to investing in
tech and digital to being 100 per cent
compliant with rules and regulations
and understanding the strengths and
weaknesses of the staff, these are the
biggest learnings for these jewellers
says Vijetha Rangabashyam
INDIAN JEWELLER | december 20 - january 2021 | 23

The Big STory
BIG
LESSONS
FOR 2021
Being a leader, we
believe everything
we do is right and
that is the biggest
mistake. We are not
ready to listen, we
have ego clashes
and we are not
ready to evolve.
We should not
micromanage, if we
have hired someone
with a specific
skill set, then
we should allow
them to function
independently
Adopt a 360° Approach
Akshay Verma, Verma Jewellers, Solan
We’ve all gone through a very tough
time. People who have been
aggressive when it comes to day-to-day
business have only survived. The way our
fathers and grandfathers ran the business
won’t work anymore. Brand goodwill
definitely matters but customers’ attention
span is extremely short because of social
media and other factors. They keep
changing their minds. You have to take
a 360 degree approach – from managing
inventory to having the right kind of
inventory, every single aspect of running
a jewellery shop has now become more
important than before. People believe
overstocking is the right way but if one
does not have the right items, then that
backfires. We have to understand what
sells, what our footfall is and we have to
understand the science behind running a
successful jewellery business. We need to
understand our customer profile and their
behaviour, which will help us in giving
them a well-rounded experience; at the
end of the day, customer experience
matters the most. If we just focus on
marketing and ignore other aspects of our
business, then we will not succeed.
We as entrepreneurs, don’t correct
ourselves. Being a leader, we believe
everything we do is right and that is the
biggest mistake. We are not ready to listen,
we have ego clashes and we are not ready
to evolve. We should not micromanage,
if we have hired someone with a specific
skill set, then we should allow them to
function independently. The industry is
changing rapidly, everything is getting
digitalized. There will be a time that
people will regularly purchase jewellery
online and we should encash on that. We
also need to focus on collective marketing
and we should uplift the trade. During
lockdown, no other asset appreciated like
gold, but we didn’t make any noise about
it. Gold is the only investment that can be
converted into liquid.
This pandemic has taught us that
overstocking is not good. All the expenses
have to be analysed on a regular basis.
I don’t mean that we need to cut our
employees’ salaries, but if we don’t study
our regular expenses, we don’t tend to
look at unseen expenses. I have created
a cap and for every expense, I ensure I
don’t exceed the cap and that is how we
monitor our outflow. This is the only way
we can be debt-free.
24 | december 20 - january 2021 | INDIAN JEWELLER

BIG
LESSONS
FOR 2021
Adopt a Bottom-Top Approach
Abhishek Chanda, Kalasha Fine Jewels, Hyderabad
We thought E-commerce platform
was a waste of time and jewellers
were reluctant to share new designs over
the internet and other digital platforms.
We had thought investing in technology
will not work. We also thought buying
jewellery is only a physical phenomenon
and it won’t get sold over the internet.
But things have taken a 360 degree
turn. We have learnt that having a good
CRM in place is of utmost importance.
We have learnt to assess customers better.
Everything has got streamlined with the
help of technology. We have improved
on our inventory practices. We have
improved on sales as well. Earlier, we had
thought in case of exports they may shy
away from buying online. With the help
of high definition video calling, however
this problem has been reduced, so export
sales too have picked up.
When it comes to purchases as well,
we used to purchase in trade shows etc.
Virtual shows provide a good platform
for placing orders with manufacturers. We
were able to sit together as a team and
decide what we want. We have adopted a
‘bottom-top’ approach – in terms of client
preferences we are paying more attention
to things at the ground level. Online sales
worked for us and conducting business
through video conferencing worked for
us. Our sales personnel were given extra
training to deal with online clients. We
have now geared up to meet a variety
of technological challenges. Financially,
we never used to review our existing
inventory. We used to keep adding to it.
We now learnt to take stock of current
inventory. We redesigned our existing
stock, instead of buying something new
altogether . We learnt to manage finances
frugally.
Our staff is the pillar of our business, we
optimally balanced – we had to cut down
on incentives but we did not cut salaries.
Our staff also accepted it and they were
happy that we did not cut salaries. 2021
promises to be a positive year. Hyderabad
has picked up well after Covid19 and
the economy is coming back to normal.
Disposable income with the masses is
steadily on the rise and this promises to
bring in good business for the G & J
industry.
Our sales personnel
were given extra
training to deal with
online clients. We
have now geared
up to meet a variety
of technological
challenges.
Financially, we
never used to
review our existing
inventory. We used
to keep adding to
it. We have now
learnt to take stock
of current inventory.
We redesigned
our existing stock,
instead of buying
something new
altogether
INDIAN JEWELLER | december 20 - january 2021 | 25

The Big STory
BIG
LESSONS
FOR 2021
Focus on your Strengths and
Not What Others are Doing
Abhishek Kajaria, Avama Jewellers, Kolkata
have learnt how to organize things in a
I better way – also how to manage staff
related matters while everyone is away at
home. I have learnt how to coordinate with
staff and karigars despite the lockdown. By
organizing – I mean – I have learnt to see
what we have and what we are lacking.
We had all the time and therefore could
pay attention to details. One should not
engage in over trading and that is extremely
important. One should not keep excess
stock.
Social media is key now. One needs to
focus on social media. The challenge is how
to strike a balance between not disclosing
some precious designs and yet putting up
some good designs and inventory for the
masses, so that they feel attracted to come
and buy from us. We are selling inventory
online as well. Our clients keep looking up
designs on social media.
We have implemented personnel
management, how to keep track of stock,
how to market how to keep track of
payments, etc. Once you get busy, we tend
to forget some things. We have planned
many things and therefore the future looks
bright. Jewellers should focus on their own
strengths and market those. It is important
to focus on what is your strong quality and
use it to get more number of clients.
We have planned many things and therefore the
future looks bright. Jewellers should focus on their
own strengths and market those. It is important
to focus on what is your strong quality and use it
to get more number of clients
Maintain Daily Balance Sheet
Rishi Verma, Fatehchand Bansi Lal Jewellers, Ambala Cant
In terms of personal journey – I was
able to do a lot of things which I could
not do before. I started my own YouTube
channel. It is the first channel which talks
about jewellery as a whole, it is quite
informative. On the professional front, I was
able to evaluate marketing strategies – we
could reach out to about 20,000 customers
personally—identify their requirements and
products they preferred, etc.
Keep only those products which you
can sell fast. We keep products which will
have great demand. A good study of clients’
needs is important. Financial challenges will
be there but we have paid full salaries even
during lockdown. I personally believe that
one should be able to maintain daily balance
sheets. Talking to the staff helps understand
their problems and provide solutions.
Keep only those products which you can sell fast.
We keep products which will have great demand. A
good study of clients’ needs is important. Financial
challenges will be there but we have paid full salaries
even during lockdown
26 | december 20 - january 2021 | INDIAN JEWELLER

BIG
LESSONS
FOR 2021
Minimum Stock & Maximum
Sales should be the Mantra
Pratik Dugar, Indian Gem & Jewellery Creation, Kolkata
The biggest learning has been the
drastic change in conducting business
– especially using technology to buy
jewellery. Even now, people are coming
forward to buy only the stuff they really
need –casual buying is quite low. Families
which have weddings planned are coming
forward to buy jewellery. Need-based
buying alone is on the rise. It is important to
show the best stock to clients, we are giving
heavy discounts on making charges. So that
customers come forward to buy jewellery.
Normally, we would have had to break
down aged stock, and convert it into new
products. This involves cost of production
and some loss of precious metal as well. So
instead, we have tried to pass on the benefit
to clients instead of converting aged stock
into new stock.
We haven’t cut down on staff salaries or
haven’t laid off staff as well. We have cut
down partly on advertisement. We believe
that situation will improve. Our profit
margins have come down slightly but we
are managing. We are targeting at how to
bring back clients into our stores. We are
showing jewellery and conducting webinars
for interested clients and they are getting
interested in coming into the stores to
come and look at the stock. Getting clients
to buy only based on their online viewing
is quite difficult. Inventory management is
important. This is the biggest investment in
our business, so the loss of interest is quite
high. So we have to learn to make the
most in limited stock. Minimum stock and
maximum sales is the mantra.
Inventory management
is important. This is the
biggest investment in
our business, so the loss
of interest is quite high.
So we have to learn to
make the most in limited
stock. Minimum stock
and maximum sales is
the mantra
Financial Freedom is very Important
Salil Jain, Jain Jewellers, Ludhiana
The biggest learning has been not to
overstock. We need not take unnecessary
loans or advances from banks to maintain
high stocks. In 2019, we had cleared all
our loans – so we had no financial stress.
Financial freedom is important – it is one
of the biggest learnings of this pandemic.
Looking at the market trend, selling stock is
easy but raising funds to re-create the same
stock takes time.
We have our own set of customers.
NRIs not coming to India is a setback to
the whole G & J industry. Businesses are
striving to survive. Survival and sustenance
is important. Market looks bullish and 2021
looks positive. Going ahead, plan wisely,
strategise well, once travel restrictions are
lifted business will improve.
The biggest learning has been not to overstock.
We need not take unnecessary loans or
advances from banks to maintain high stocks. In
2019, we had cleared all our loans – so we had
no financial stress
INDIAN JEWELLER | december 20 - january 2021 | 27

The Big STory
BIG
LESSONS
FOR 2021
Revisit your balance
sheet and know
your risk taking
capacity. As an
entrepreneur, we
need to understand
our income, outflow
and our revenue
and whether
our cashflow is
maintained well.
2020 was a good
learning time –
we have learnt
to restructure
ourselves and
become lean
Learn to Keep your
Promise to Customers
Vastupal Ranka, Ranka Jewellers, Pune
The biggest lesson we have learnt is to
– get back to our basics – know your
customers well and serve your customers
well. It is a tough time for everyone
around, even our customers are going
through a rough patch. Stick to your
promise, when times are tough, people
may come to exchange or sell jewellery in
case of an emergency. We need to honour
our commitments and that is how we
maintain our goodwill. If we have to retain
our clients, we need to invest in good
technology and E-commerce platforms.
This is the only way we could reach out
to customers during special occasions like
Gudipadwa and Akshaya Tritya. A good
E-commerce structure will go hand in
hand with Whatsapp and video calls.
Revisit your entire stock and cut down
on unwanted stock that might add to
your financial burden. There has been a
lot of restructuring on the supplier side as
well. Jewellery was given on approval and
turnaround of stock was much better but
that is not the case anymore. Whatever sells,
keep that, get rid of stock that does not have
good demand.
Revisit your balance sheet and know
your risk taking capacity. As an entrepreneur,
we need to understand our income,
outflow and our revenue and whether
our cashflow is maintained well. 2020 was
a good learning time – we have learnt to
restructure ourselves and become lean. We
learnt to innovate. The educated client is
well informed and we should be able to
answer their queries well. They ask so many
questions about gold and diamonds, so we
need to keep ourselves updated on latest
trends.
It is also the time to collaborate. We did
a few events with Narayani Silks, where
we invited their premium clients over to
our store. This collaboration boosted sales
for both. We had to cut down on our
wasteful expenditure. Staff was given tighter
targets. Everyone is now on their toes,
we are evaluating people based on their
performance. We have always been giving
training in marketing, work-life balance,
sales and we have tied up with universities
to give training in English speaking etc.
We have to constantly be visible to our
customers, so we can’t cut on our advertising
and social media spends. It is a very
competitive world outside, with passionate
players who have bigger muscle. They have
bigger budgets and they are constantly in
touch with their clients. We need to shed
that money as part of marketing expense.
28 | december 20 - january 2021 | INDIAN JEWELLER

Look for Lucrative Collaborations
Snehal Choksey, Shobha Shringar, Mumbai
Opportunities in forms of innovation
and cost cutting have led to improved
profitability of the company – these are
the biggest lessons from the pandemic.
Willingness to change, being attentive and
adaptable to change is important. Talking
about inventory management – we have all
cut our over leveraged position – we have
cut down on unwanted inventory and kept
only what is essential. We are keeping 10-15
per cent less inventory – business is almost
10 per cent lesser than last year.
Financially those who are free, without
loans and advances are doing well. We
work on huge volumes and small margins.
In this scenario, we cannot afford to have
finance from outside on a large scale. Those
who have control on overheads can do
well. We are trying to make our presence
felt nationally – through collaborations
with Miss India pageant, even billboards
are available at half the price because of
the pandemic – we need to be looking
out for such discounted collaborations
and advertising and we need to build our
brand. Stick to your strengths and do not
get swayed away. Never be over leveraged,
cut costs wherever you can.
BIG
LESSONS
FOR 2021
Opportunities in forms of innovation and cost cutting have
led to improved profitability of the company – these are the
biggest lessons from the pandemic. Willingness to change,
being attentive and adaptable to change is important
Have Plan B & Learn to Adapt Quickly
Saurabh Gadgil, PNG Jewellers, Pune
We moved a lot of our business online,
we started using technology to the
best of our abilities. Select online, buy
offline and several other modes by creating
dedicated online channels for customers
were created. All the inventory was put up
online. When lockdown began, gold was
at Rs 38,000 and when lockdown opened
it was at around Rs 50,000 for the same
amount of gold. So a lot of money for most
retailers was tied up in inventory. This made
everything quite uncertain.
The pandemic taught us the importance
of being able to adapt to changes quickly.
Covid has taught the world the value of
human life, compassion and being able to
overcome challenges posed by uncertain
times. The exchange policies, buyback
terms etc had to be learnt again. Crisis
times taught us the importance of facing
challenges as a team. We had a good
bonding with all employees at every level.
Stronger ties have been nurtured. We have
started understanding our clients better. We
understand their problems as well. Areas
which were neglected were given more
attention.
After the storm settles, it is time to take
stock of your business. Things are going
to get better from here, aim for the sky,
create a better industry. One has to learn
the importance of having a Plan B. We have
to learn the importance of being able to
bounce back in no time.
Covid has taught
the world the
value of human
life, compassion
and being able
to overcome
challenges posed
by uncertain times.
Crisis has taught us
the importance of
facing challenges as
a team.
INDIAN JEWELLER | december 20 - january 2021 | 29

The Big STory
BIG
LESSONS
FOR 2021
Jewellery is the
only luxury product
which you can wear
many times as you
want, redo it at onetenth
the cost and
get a brand new
piece, or exchange
or sell it at a higher
price. The whole
industry must come
together to explain
this to clients
Be Compassionate and
Take Care of your Staff
Manish Gupta, Alankar Jewellers, Patna
The first thing we learnt is to be fair to
our employees. We learnt that you have
to support our team. You have to have the
depth in you to be able to support your
people in times of crisis. Being able to
support the team in the right way goes a
long way and it reflects on our value system.
So their respect towards the organization
also has increased. The whole idea is being
able to be more humane.
We were able to showcase products in the
right way, we learnt to optimize by looking
at products which are not moving – finding
the reasons why certain products are not
moving. As gold prices shot up, some pieces
were not in line with the expectation of the
customers, price wise, so we learnt to redo
the whole set – make it lighter. We were
able to identify the fast moving segments
and getting more of that inventory in.
Everyone is selling jewellery but what
we can offer is an experience of buying
jewellery. Customers value the little things.
Sometimes, a customer wants to buy only
the earrings from a necklace set. Earlier we
were stubborn but now we have learnt to
be flexible and service customer’s every
little need. We made certain changes in our
sales policies, made ourselves more flexible.
Each one has a different viewpoint – you
cannot steam roll your way in this field.
The industry should work as a team. You
need to approach such situations through
team work. Customers’ feedback is of
utmost importance and getting them to
realise that there is no other product which
gives you value for your money like gold
is also crucial. You cannot do this with
your Bulgari jacket or your Mercedes Benz.
Jewellery is the only luxury product which
you can wear many times as you want, redo
it at one-tenth the cost and get a brand new
piece, or exchange or sell it at a higher price.
The whole industry must come together to
explain this to clients. Awareness about the
effort and labour that goes into making a
piece of jewellery should also be created.
30 | december 20 - january 2021 | INDIAN JEWELLER

BIG
LESSONS
FOR 2021
Tread Cautiously and Don’t
Be in a Hurry
Anantha Padmanabhan, NAC Jewellers, Chennai
2020 has been quite bad for all of us.
From April to September we could not
work. For six months we had to bear all
the overheads – interests, rents, salaries etc,
prices also rose. Many people lost money
in gold loans – liquidity dried up in no
time. Most of us survived. We expect good
business from February.
We should not have too much risk and
loan exposure. Everyone should have a
provision to overcome these dangers. If
we are doing a 100 Cr business we should
have a backup worth 2-3 per cent. People
who have 5 or 10 showrooms have to
plan properly and not be in a hurry. We
have to be very cautious. We were able to
manage salaries but we had to cut about 15
per cent of our workforce, otherwise the
establishment would have been in danger–
if there is an opening, we will give them
first preference. For Diwali we gave a 50 per
cent bonus. We have now restored salaries as
well. We cannot expect any increment this
year. After six months we may be in a better
position to do it.
We need to look into the fast moving
items and concentrate on those. We also
need to get into deals for fancy items with
manufacturers, which they can take back
and redesign and send back to us if the need
arises. We have removed a lot of our old
stock and converted them into fast moving
pieces. We need to plan our stock properly
in the coming months . We may have to buy
only 5-6 bridal sets as against 15-20 sets and
we need to wait for the season to pick up.
We have to go for light weight diamond
jewellery. Platinum is doing well because
prices are low. We are cutting on advertising
revenues as well. We are concentrating on
social media and radio, newspapers and
magazines have become cheaper since
Covid.
We need to look
into the fast
moving items and
concentrate on
those. We also need
to get into deals for
fancy items with
manufacturers,
which they can take
back and redesign
and send back to us
if the need arises.
We have removed a
lot of our old stock
and converted them
into fast moving
pieces. We need
to plan our stock
properly in the
coming months
INDIAN JEWELLER | december 20 - january 2021 | 31

Special RepoRt
Union Budget 2021
Industry revels In new
Budget Announcements
Customs duty on gold and silver decreased to 7.5 per cent from
12.5 per cent with an addition of 2.5 per cent AIDC (Agri Infra &
Development Cess) – in effect reduced to 10 per cent -- applauded
unanimously by the whole G & J industry
32 | december 20 - january 2021 | INDIAN JEWELLER

The finance minister Nirmala
Sitharaman presented the Union
Budget 2021 in Parliament on
February 1. The Union Budget 2021
provided a major boost to healthcare
and infrastructure. However, there was
no change in Income Tax slabs this
year. In her speech, the finance minister
mentioned that this year’s budget
proposals rest on six pillars — health
and well-being, physical, financial capital
and infrastructure, inclusive development
for aspirational India, reinvigorating
human capital, innovation and R&D and
minimum government and maximum
governance.
Reduction in customs duty on
gold and silver: A boon
For many years the Council has been
repeatedly following up with the
government for reduction in import duty
on gold. Finally, requests made by many
G & J councils and associations have
been accepted by the government. This
is a major step in helping create a level
playing field and controlling untoward
modes of importing gold in India. “We
are really happy to note that customs
duty on gold has been reduced. Since the
past two years we have repeatedly sent
representations to the government to
reduce the same and finally it has agreed.
They have appointed SEBI as regulator
for Gift City Gold Exchange which is
also positive step. Setting up of domestic
Spot Exchange for Domestic Trade is also
important. We have sent many proposals
to the government to simplify and easing
gold monetization scheme so that a lot of
gold lying in the households can be used
for the good of the nation. There are a
lot of synthetic stone manufacturers in
India so increase in import duty is in a
way protecting their interests, as jewellery
manufacturers will then buy from them
instead of importing synthetic stones
from abroad,” explained Ashish Pethe,
Chairman, GJC in response to the Union
Budget 2021. Colin Shah, Chairman,
GJEPC said, “The reduction in import
duty from 12.5 per cent to 7.5 per cent
will help the Gem & Jewellery exports
become globally competitive. Reduction
in duty on raw materials would give the
much-needed boost to the sector and help
it to move to the next level. In fact, high
duty on precious metal had made our
exports uncompetitive leading to large
Indian diaspora/NRI, moving to Dubai,
Hong Kong or other centres to buy
jewellery which was largely impacting the
employment as well as business in India.
Along with this the decrease of import
duty on jewellery findings to 10 per cent
will help the jewellery manufacturer
exporters in a big way. ”
“Another relief for the industry was the
clarification on Equalisation Levy. What
we understand that from the budget is that
Online Equalisation Levy of 2 per cent
is now not applicable on B2B purchases
from International Diamond Auctions.
This will help our manufacturers of
diamonds to buy directly from miners,”
adds Colin Shah.
On the face of it the Budget seems to
be growth oriented. As far as the Gem &
Jewellery sector is concerned - the reduction
in customs duty from 12.5 per cent to 7.5
per cent is a welcome move. It will be a major
disincentive for smuggling.
Ishu Datwani, Founder, ANMOL
Decrease of import duty on
jewellery findings to 10 per
cent will help the jewellery
manufacturer exporters
in a big way. Another
relief for the industry
was the clarification on
Equalisation Levy. What
we understand that from
the budget is that Online
Equalisation Levy of 2 per
cent is now not applicable
on B2B purchases from
International Diamond
Auctions. This will help our
manufacturers of diamonds
to buy directly from miners
Colin Shah, Chairman,
GJEPC
We are really happy to
note that customs duty
on gold has been reduced.
Since the past two years
we have repeatedly sent
representations to the
government to reduce
the same and finally it
has agreed. They have
appointed SEBI as regulator
for Gift City Gold Exchange
which is also positive step.
Setting up of domestic Spot
Exchange for Domestic
Trade is also important.
Ashish Pethe,
Chairman, GJC
INDIAN JEWELLER | december 20 - january 2021 | 33

Special RepoRt
very positive and welcome move by the
government. This will surely enhance the
sale of jewellery but most importantly it
will help to reduce the illegal trade.”
Reduction in customs
duty by 2.5 per cent
is a very positive and
welcome move by the
government. This will
surely enhance the sale
of jewellery but most
importantly it will help to
reduce the illegal trade.
Snehal Choksey,
Director, Shobha Shringar
Jewellers
It is a very welcome and
much-awaited step
and will reduce gold
smuggling, bring domestic
gold prices closer to the
international pricing, and
therefore lower gold
prices. Jewellers will
require slightly lesser
working capital in INR. This
move is going to positively
impact jewellers and
consumers both.
Vaibhav Saraf, Director,
Aisshpra Gems and Jewels
Helps control unlawful import
of gold
Speaking about the Budget, Ishu Datwani,
Founder, ANMOL said, “On the face
of it the Budget seems to be growth
oriented. As far as the Gem & Jewellery
sector is concerned - the reduction in
customs duty from 12.5 per cent to 7.5
per cent is a welcome move. It will be a
major disincentive for smuggling.” While
stating his observations about reduction
in customs duty on gold, Vaibhav Saraf,
Director, Aisshpra Gems and Jewels, said,
“It is a very welcome and much-awaited
step and will reduce gold smuggling,
bring domestic gold prices closer to the
international pricing, and therefore lower
gold prices. Jewellers will require slightly
lesser working capital in INR. This move
is going to positively impact jewellers and
consumers both.” Controlling criminal
tendencies in any business is the prime
duty of the government. In agreement,
Snehal Choksey, Director, Shobha
Shringar Jewellers added, “Reduction
in customs duty by 2.5 per cent is a
Better infrastructure is good
for all
The budget has made heavy allocations
to the infrastructure segment, about
which Anil Kataria, DP Jewellers, MP,
said, “I think it is a very good budget.
Better provisions for all – business sector
and common man, it addresses issues of
migrant workers, reduces burden on
farmers and therefore improves changes
for holistic development. Reduction in
duty on gold is a positive move towards
bringing in increased transparency in
imports. On the whole it is a good budget
and its impact will start showing in this
quarter itself.”
This budget ensures that the sector
becomes more organized in several ways
and looks after the interest of the karigars
and MSMEs well. Says Suvankar Sen,
CEO, Senco Gold and Diamonds, “It will
help the sector to be more organized.
The responsibility of SEBI to manage
bullion exchange implementation will
help in making the gem and jewelry
sector more organized. It is a good
initiative by government to take care of
consumers,company, and manufacturing
sector, karigars as well. ”
Gold will once again be within
reach of the middle class
Gold will once again be within reach of
the middle class and lower middle class
due to reduced pricing. It will lead to
increased consumption of gold. Gold
I think it is a very good budget. Better
provisions for all – business sector and
common man, it addresses issues of migrant
workers, reduces burden on farmers and
therefore improves changes for holistic
development. On the whole it is a good
budget and its impact will start showing in this quarter itself.
Anil Kataria, Promoter, DP Jewellers
34 | december 20 - january 2021 | INDIAN JEWELLER

This budget will help the sector to be more
organized. The responsibility of SEBI to manage
bullion exchange implementation will help
in making the gem and jewelry sector more
organized. It is a good initiative by government
to take care of consumers, company, and
manufacturing sector, karigars as well.
Suvankar Sen, CEO, Senco Gold and Diamonds
prices had gone up, it had become
increasingly out of reach of people, hence
this is a positive move. “We welcome the
Government’s move to reduce the
customs duty on gold from 12.5 %,
after repeated recommendations from
the industry year after year. This move
will have a very positive impact on the
industry at multiple levels. There will also
be a reduction in disparity in gold pricing
in India Vis-à-vis the international market
helping trade in India. It will allow more
and more players to become organized
and bring about a sizeable reduction in
black market activities in gold, stated
Dr. Saurabh Gadgil, Chairman and
Managing Director, PNG Jewellers.
Positive budget propels
positive sentiment
Overall, the budget has ensured positive
sentiment by taking into account the need
for support to agriculture, infrastructure,
propelling digitization of our economy,
reduction of tax burden on senior
citizens, funding support to MSME’s and
tax relief for start-ups. “The best part is
that gold duty has been decreased, that
is an effective way to control smuggling
gold into the country. It is a good budget
especially for senior citizens, they have
removed taxation on pension so life
for retired people has been made easier.
The government’s attitude is positive
for control of Coronavirus. The increase
in duty on coloured stones does not
actually affect the gold jewellers because
the percentage of coloured stones is
nominal for a jeweller as compared to the
It is a very positive signal from the government
to our industry as after a long time they have
listened to our demands. Huge investments
into bank, infrastructure and agriculture will
lead to a much higher liquidity resulting in more
spending by the consumers. The budget is
favourable for the NRI’s to get money into the country and thereby
benefiting the industry.
Anand Prakash, Director, Abhushan Jewellers, Agra
Uni n
BUdget
2021-2022
HIGHLIGHTS
Customs duty on gold and
silver decreased to 7.5 per
cent from 12.5 per cent
with an addition of 2.5
per cent AIDC (Agri Infra &
Development Cess) – in
effect reduced to 10 per cent
Duty on finished synthetic
stones raised from 10 per
cent to 15 per cent
Senior citizens above 75
years of age with only
interest income will not have
to file income tax returns
– more disposable money
made available to spend on
gold
Sound budget for
infrastructure and agriculture
will also have a positive
outcome for G&J industry
Govt to set-up a faceless
dispute resolution
mechanism for small
taxpayers
Govt to eliminate double tax
for NRIs – more liquidity to
invest on jewellery
MSME allocation to be
doubled. Government to
set aside Rs 15,700 crore in
FY22
Revise of definition under
Companies Act, 2013
for small companies by
increasing their threshold
for capitalization to not
exceeding Rs 50 lakh to not
exceeding Rs 2 crore and
turnover not exceeding Rs 2
crore to not exceeding Rs 20
crore
INDIAN JEWELLER | december 20 - january 2021 | 35

Special RepoRt
This will be a step
forward towards Atma
Nirbhar Bharat. In this
budget, we were also
expecting the removal
of import duty on raw
material of color stones
and diamond and also
on import of ready
colour stones from
7.5 per cent to 2.5 per
cent. At the same time
finance minister has also
announced the reduction
of custom duty on silver
& gold Findings from 20
per cent to 10 per cent,
which will again helpful
to increase the country’s
export.
Sanjay Kala, President,
Jaipur Jewellery
Association
inventory stocked up by a jeweller,” notes
Pankaj Seth, Durga Das Seth Jewellers,
Amritsar.
Notably there has been no change
in IT slabs, Covid Cess has not been
levied and capital gains tax has remained
untouched. Leading to an extremely
positive impact on the stock markets.The
budget is a growth-oriented budget with
very positive outcomes for our industry.
“The reduction in import duty comes as
a bonanza as it will lead to much increases
inflow of customers into the market due
to decreased prices, also the investment of
a jeweller goes down to maintain same
amount of stock. It is a very positive signal
from the government to our industry as
after a long time they have listened to our
demands. Huge investments into bank,
infrastructure and agriculture will lead to
a much higher liquidity resulting in more
spending by the consumers. The budget
is favourable for the NRI’s to get money
into the country and thereby benefiting
the industry,” states Anand Prakash,
Abhushan Jewellers, Agra.
Sums up Dheeraj Menda, Studio Rêves,
Mumbai “The budget is indeed a holistic
one which looks after the needs of the
common man – business class, startups
and envisages a truly atmanirbhar India,
because it makes improved allocations for
infrastructure, healthcare, agriculture and
more and all of this will in the long run
ensure more financial independence for
every Indian. Better disposable income
with every Indian is indeed an excellent
step in improving demand for gems and
jewellery.”
We welcome the Government’s move to reduce the customs duty on gold
from 12.5 per cent, after repeated recommendations from the industry
year after year. This move will have a very positive impact on the industry at
multiple levels. There will also be a reduction in disparity in gold pricing in India
vis-à-vis the international market helping trade in India.
Dr. Saurabh Gadgil, Chairman and MD, PNG Jewellers
36 | december 20 - january 2021 | INDIAN JEWELLER

Special Feature
How to get New Clients?
How Manufacturers attract
new clients in tHe absence
of PHysical exHibitions
Getting new clients for any business has always been challenging.
The last year has aggravated this challenge considerably owing to
the fact that physical G & J shows had to be cancelled and converted
into virtual ones. Jewellery manufacturers share the practices they
adopt to get new clients with Sugandha R
42 | december 20 - january 2021 | INDIAN JEWELLER

Buying gems and jewellery is an
experience – these products are
expensive and therefore warrant
a thorough examination before making
the actual purchase. Many manufacturers
therefore could not land new buyers
during the pandemic.
Cancellation of physical shows
affects business adversely
Explains Vikas Mehta of Achal Jewels
“Cancellation of physical shows has
been a blow to our business. We haven’t
been able to get new clients during the
pandemic. During shows we could meet
new clients and show them our designs
and get them to actually make the
purchase. Currently, we are doing business
with our existing range of clients.” This is
a woe which manufacturers across India
will acknowledge. They all are getting
online orders from their long standing
clients.
Says Anand Shah of Anand Shah
Jewels, Mumbai, “The zest for making
new designs and working on truly
ostentatious pieces got dampened during
the pandemic, as physical shows and
exhibitions were cancelled and we could
not meet true connoisseurs. Our team of
karigars also felt the blow as appreciation
for their work came on a digital platform
– which does not really reach out.” All the
same the show must go on and so Shah
and his team have taken pictures of their
entire stock, some videos also were made
and all these images are shared with clients
over Whatsapp and email. “This helps
clients decide what they want. We do a
Facetime with clients and explain every
aspect of the product in detail. Sometimes,
they return jewellery they think looks
different in reality and therefore a gap in
their expectation. This is part of business,”
explains Shah. In case of new clients, they
need to walk in at Anand Shah Jewels and
there they are shown the latest products
and all their queries are resolved. “We
do not share high resolution images and
videos with new clients. We do however
share our standard designs and low
resolution images and prices with them,”
explains Shah. Often virtual shows are
good, but nothing like the real shows.
“Virtual shows were somewhat helpful,
but it is time consuming to open each
and every image and display it to the
prospective clients. Virtual shows are as
good as Facetime,” explains Shah.
Cancellation of physical
shows has been a blow
to our business. We
haven’t been able to
get new clients during
the pandemic. During
shows we could meet
new clients and show our
designs to them and get
them to actually make the
purchase.
Vikas Mehta,
Achal Jewels
The zest for making new
designs and working on
truly ostentatious pieces
got dampened during the
pandemic, as physical
shows and exhibitions
were cancelled and we
could not meet true
connoisseurs. We do a
Facetime with clients and
explain the products in
detail.
Anand Shah,
Anand Shah Jewels
INDIAN JEWELLER | december 20 - january 2021 | 43

Special Feature
We have been
approaching all our
clients over email and
sending them videos
and images of our
products for many
years now, even before
2020. So our clients
did not experience any
difference during the
pandemic.
Dheeraj Menda,
Studio Rêves
We already have huge
customer base, we
approach clients via
telephone calls and
the only difference we
brought in during the
pandemic is to use high
definition photography.
We send these images
to our clients and explain
them the details over a
telephonic conversation.
Kamal Punjabi,
T T Gems
Telephone calls, videos and
digital approach have its
upsides too
Diamond jewellery is expensive and every
aspect is scrutinized by clients in detail
and therefore selling diamond jewellery
virtually is yet another challenge. Says
Dheeraj Menda of Studio Rêves, “We
have been approaching all our clients
over email and sending them videos and
images of our products for many years
now, even before 2020. So our clients
did not experience any difference during
the pandemic. Our team used to call up
clients, send emails and book orders. It
was quite smooth, maybe slow at times
but on the whole, regular.” They would
however, like to participate in physical
shows in the coming year, and hope that
the industry prospers as it did during the
pre-Covid days.
According to Kamal Punjabi of TT
Gems, “We already have huge customer
base, we approach clients via telephone
calls and the only difference we brought
in during the pandemic is to use high
definition photography. We send these
images to our clients and explain them
the details over a telephonic conversation
or video calls and if they like the products
they book their orders. It becomes
easy for customers to understand the
gemstones and helps them arrive at a
decision. Most clients of ours call us
for their gemstones requirements and
I share good photographs and detailed
information about the gemstones so that
clients get an idea of the products and
arrive at buying decisions soon,” explains
Kamal Punjabi. They have been adopting
this practice for years now and that has
helped their B2B business of gemstones
garner a good clientele.
Instagram and other forms of social
media help many manufacturers gain
visibility. It’s important for businesses to
adapt to new technology. Says Abhishek
Raniwala of Raniwala 1881, “We have
an exhaustive database to reach out to
over telephone calls. When clients are
interested we conduct zoom meetings
or video calls. We aren’t well equipped
We prepare a target list of say 200 customers.
Our marketing team goes to such clients
personally and invites them over to our office.
When the clients come over at least 50 per cent
conversions take place.
Pramod Mehta, Shine Shilpi Jewellers
44 | december 20 - january 2021 | INDIAN JEWELLER

to reach out to new clients. Digitally we
aren’t as geared up to conduct business
online. Virtual shows are no good in
getting new clients.”
Focusing on untapped clients
Some G & J manufacturers prefer physical
shows over virtual ones and have not
participated in any virtual show despite
the pandemic. They worked on the
database they had collected over the years
through their participation in physical
shows. “We have been participating in
exhibitions for several years now and
have a large database of untapped clients,
some of whom we have interacted with
on a one to one basis in the past. We are
focusing on building our relationships
with them through regular telephonic
calls, Whatsapp messages and our digital
media presence. We have not participated
in any virtual event till date,” informs
Roshiel Zaveri of Wondercuts Jewels,
Mumbai.
better in person. High end bridal jewellery
cannot be sold only via virtual media. We
use lot of coloured stones also so physical
examination always makes a difference,”
believes Amish Kothari of Rosentiques
Fine Jewellery.
Pramod Mehta of Shine Shilpi
Jewellers is now back to normal way
of conducting business via face to face
communication. “We prepare a target list
of say 200 customers every three months.
Our marketing team goes to such clients
personally and invites them over to our
office. When clients come over at least 50
per cent conversions take place, which is a
fairly good number when it comes to new
clients,” opines Mehta. In Zaveri Bazaar,
Mumbai wholesalers come together to
organize a G & J fairs. They invite clients
from across India, and pay for their travel
and residence at luxurious hotels and
ensure that every client is attended to
well during the fair. “We try to increase
footfall in our offices. That helps bring in
new clients,” explains Mehta.
We have a large database
of untapped clients,
some of whom we have
interacted with on a
one on one basis in the
past. We are focusing on
building our relationships
with them through
regular telephonic calls,
Whatsapp messages
and our digital media
presence. We have not
participated in any virtual
event till date.
Roshiel Zaveri ,
Wondercuts Jewels
Importance of one-on-one
meetings
Travel is yet another mode through
which manufacturers meet clients. “We
send our sales team to meet clients with
some samples and catalogues. Zoom calls
and video calls had to be adopted during
the lockdown and they worked well. But
now as things are getting back to normal,
we too would like meet clients in person.
It works better. Jewellery can be examined
We have an exhaustive database to reach out to
over telephone calls. When clients are interested
we conduct zoom meetings or video calls. Digitally
we aren’t as geared up to conduct business online.
Virtual shows are no good in getting new clients
Abhishek Raniwala, Raniwala 1881
We send our sales team
to meet clients with some
samples and catalogues.
Zoom calls and video calls
had to be adopted during
the lockdown and they
worked well. But now as
things are getting back to
normal, we too would like
meet clients in person.
Amish Kothari,
Rosentiques Fine Jewellery
INDIAN JEWELLER | december 20 - january 2021 | 45

Amethyst
Amethyst is the purple variety of the mineral
species quartz. Admired for millennia, amethyst
has a colourful lore: It was once thought to prevent
drunkenness, keep the wearer clear-headed and
quick-witted in battle and business affairs, and calm
lovers overrun by passion.
Colour
The finest amethyst colour is a strong reddish purple
or purple, without any noticeable colour zoning when
looking at the stone from the top. Purple hues that
are too light, too dark or brownish are less desirable.
Clarity
darken pale amethyst. Also know that lab-created
amethyst is sold. The GIA Laboratory can determine
if a gem’s origin is natural or synthetic.
Sources
Russia was the major amethyst source until the 19th
century, until a huge amethyst deposit was found in
Brazil. The once scarce purple gem was suddenly
in abundance. Today, the two major sources for
amethyst are Africa and South America.
To learn more about amethyst and other popular
gemstones visit GIA.edu/gem-encyclopedia
Most of the faceted amethyst in the market is “eye
clean,” meaning it lacks eye-visible inclusions. Gem
professionals overlook minor inclusions when the
gem is richly coloured and otherwise high quality.
Treatments
Heat treatment is the most common technique
to improve the colour of natural amethyst. Heat
treatment can lighten the colour of very dark
amethyst to make it more attractive, but it cannot
Image Courtesy of: Marya Dabrowski
This article is provided by GIA (Gemological Institute of America ® ).
GIA.edu
Learn More About GIA Education Programmes and Laboratory Services in India
GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu
©GIA 2019. GIA® and Gemological Institute of America® are registered trademarks of Gemological Institute of America, Inc.
46 | december 20 - january 2021 | INDIAN JEWELLER
ADT190018_Amethyst_Advertorial_1Page_v4.indd 1
2/22/2019 3:43:30 PM

In focus
Mughal inspired
parrot necklace,
Sparsh Jewellers
Parrot earrings from Pero
collection, Caratlane
Tropical pierced parrot
earrings, Swarovski
Parrot Motif
Colourful GraCe
Parrot has been an intrinsic symbol in Indian culture.
The beauty of this gracious bird has been captured
beautifully by many an artist. Jewellers too have
looked at this bird for inspiration
White ring-neck parrot cocktail ring
in 18kt gold, Studio Rêves
Arara parrot earrings
set with diamonds and
yellow and blue sapphires,
Amsterdam Sauer
Les Oiseaux
Libérés
earrings, Cartier
Pavè diamond ring set in
14Kt yellow gold and silver,
Sanjay Kasliwal
Gold, ruby and diamond
‘parrot’ bangle-bracelet
Gold parrot cuff,
Ahilya Jewels
Sterling
silver
pendant,
Thomas
Sabo
Vibrant parrot ring, Caratlane
48 | december 20 - january 2021 | INDIAN JEWELLER

In focus
Signature cut
lotus ruby studded
diamonds and
pearls necklace set,
Amrapali
Kaliyana lotus 18K yellow
gold, labradorite, and diamond
pendant necklace, Amrapali
Lotus petal 18K yellow
gold diamond earrings,
Madhuri Parson
Lotus Motif
A Flower like
No other
The divine grace of this beautiful flower has
been inspiring artists across the world for
many centuries. Here are some of our favourite
interpretations of this beautiful flower
Lotus inspired ring, Sparsh Jewellers
Sky blue lotus earrings with
aquamarine, Munnu the Gem Palace
Lotus chandbalis, Noor Fares
Glorious lotus drop earrings, Caratlane
Fares lotus diamond earrings, Jaipur Gems
Emerald lotus earrings, NAC Jewellers
Lotus enamel ring, Tanishq
INDIAN JEWELLER | december 20 - january 2021 | 49

In focus
Platinum Necklace
from Evara
Platinum Love Bands by
Platinum Days of Love
Trillium platinum
ring, SVTM Jewels
Platinum
bracelet, Prince
Jewellery
Platinum Jewellery
Platinum
Perfection
Understated yet classy, platinum
jewellery is all the rage now. What
with soaring gold prices, people are
increasingly inclined to investing in
delicate platinum jewellery
Platinum Bracelet from Evara
Arrow trible platinum bracelet,
Senco Gold and Diamonds
Infinity ring in platinum set
with diamonds, Jewelove
Platinum soundwave print
couple rings, Augrav
Ginko leaf
bracelet, VBJ
Platinum love bands,
Platinum Days of Love
Tristan platinum
kada, PNG Jewellers
50 | december 20 - january 2021 | INDIAN JEWELLER

In focus
Traditional
Maharashtrian bridal
necklace, Malabar Gold
and Diamonds
Traditional Maharashtrian gold bangle set,
Govind Dande & Sons
Regional Bridal Series - Maharashtra
ElEgancE PErsonifiEd
Draped in rich 9-yard Paithani sari, a Maharashtrian bride looks resplendent
in gold, with traditional pieces handcrafted to perfection. From Kohlapuri Saj,
Thushi necklace to nath & Laxmi Haar, you would be hard pressed to find
Maharashtrian brides decked without these pieces
Shaahi haar, Tanishq
Traditional Maharashtrian earrings,
Malabar Gold and Diamonds
Maharashtrian
banu nath,
PNG Jewellers
Traditional thushi,
Waman Hari Pethe
Putli chapla haar,
Waman Hari Pete
INDIAN JEWELLER | december 20 - january 2021 | 51

Designscape
Garden of
enchantments
necklace - IJ
Awards Nominee
Yashasvi Saraf
Inverted emerald earrings
Crafting BriLLianCE
Born into a family of jewellers, Yashasvi’s penchant towards gemstones
and jewellery was natural. She breathes her imagination into every single
piece, ensuring every single one of them are unique and never-seenbefore.
Brand Yashasvi’s pieces are fit for collectors, who believe in
keeping in their possession priceless valuables that transcend time
54 | december 20 - january 2021 | INDIAN JEWELLER

Yashasvi Saraf is a third generation
jeweller. She has grown up around
jewellery, gems being sorted
and designers sketching all day. With a
background in finance and accounting,
her early stint in making jewellery sketches
and playing around with gemstones
eventually led her towards jewellery
designing. “Even though I had the entire
world of finance to grow further in, my
heart had already set its place in the world
of gems and jewels,” says Yashasvi.
Yashasvi remembers being given
packets of pearls and rubies to count,
totally oblivious of the fact that this was
totally going to be her calling! All those
sights of my dad crafting jewels and my
mom grading gems and client dealings
have really shaped my love for jewels and
made me a design aesthete.”
She has never been a commercial
jewellery creator. “I have always been
a couturier at heart. I don’t just keep
churning designs and never believed
that I can make luxury pieces if I just
keep creating in bulk. So, when I give
design direction to my artists or when
I’m designing, I make concepts from the
point of view of the discerning audience.
So every piece right from ideation to
completion is made one-of-a-kind.” She
is deeply influenced by Flora and Fauna
and Abstract Art, so in one piece you
could find an elephant and in another you
might find a three dimensional work with
a rare Burma ruby suspended somewhere
in it. “I believe in creating legacy jewels.
So, if someone is wearing my jewel even
50 years down the line, it still remains a
classic and one can make out that this is a
piece of Yashasvi!”
She has strived to break the shackles
of traditional jewellery making.“I’ve
Skylark ring - Winner, Couture Jewellery
Under Rs 5 Lakhs (IJ Awards 2020)
Elephants in forest bracelet - Winner, Gold
Jewellery under 5 Lakhs (IJ Awards 2017)
believed and strongly stuck to the rule of
creating jewels that are not ordinary, that
have their own identity and not something
that already exists somewhere.” Unseen,
new and independent of influences are
what her jewels offer.
She has almost 30 new concepts in
queue for the spring, the latest one that’s
about to finish is a gorgeous garden of
enchantments neckpiece. “It’s a stunning
neckpiece with small handcrafted
elephants, bundles of twigs, scatter of
leaves, bunches of Basra pearls making
small buds, small fruit hangings almost
as if you’re in a dreamy spring setting,
watching the play of nature.
Yashasvi draws inspiration from art,
nature, structures and so many things
could inspire her on a daily basis. She
makes a note of an idea the moment it
strikes and then briefs her design team
about it. The concept is then traditionally
handmade on paper with every angle
and setting drawn in detail. She then
sits with her craftsmen who follow the
sketch to the T. The gems and stones are
then sourced accordingly or are cut as per
the design. “We ensure strict grading of
our gems and diamonds to provide the
finest we can offer for the price points set.
At every stage of manufacturing, I look
into the progress and I do the ultimate
final layout of the jewellery piece when
it is on wax for sample structure. Once
I approve it goes into final making and
we never hurry the process of finishing .
I personally ensure I keep wearing them
to check their fittings, their fall, whether
it will complement the person wearing it,
to ensure that if I were a buyer, I would
definitely buy that piece.”
Her bird ring won the award under
Couture Jewellery under Rs 5 Lakhs
category. On her holiday, she was at a
park surrounded by a plethora of birds
perched on branches and that just struck
a chord in her heart and it didn’t leave her
mind. “The next thing I did was take out
my iPad and immediately drew a rough
sketch of the bird. Now, the question was
in what form should we use this bird. So
what I found to be the best option was
to form a ring. So now the challenge was
to craft it in a manner that it captures the
bird in its most organic form and then
we did a number of sketches to set the
bird and finally after days of toiling we
completed our sketch. Instead of setting a
branch we decided to make it look very
vintage and organic, and we perched the
lark on a bed of gold coin.”
Yashasvi loves working with emeralds, it
is something about the colour and intensity
that just instantly makes her so happy! She
also loves pearls. “Most of my gold jewels
will have thousands of seed sized natural
pearls scattered everywhere.” Her design
studio is busy crafting some magnificent
gold legacy pieces like perfume bottles
and vermillion cases. Also in the pipeline
are some resplendent jewels coming up
with rare carved gemstones collected over
years. A beautiful rare Columbian parrot
is being meticulously crafted to go into a
sautoir neckpiece. “We are also currently
working on creating a range of our
signature artistic jewels in lighter range
which is playful, easy to carry and at the
same time works like a statement piece.”
When she is not in her studio, sketching
or toying around with gemstones, she will
be probably be on the Gram! “I am an
avid reader and an Instagram junkie. You
will find me either with a new book or
surfing art, updating myself with new
creations, designers and trends, I love to
keep myself updated with the happenings
in the world of luxury. I also love to
travel. I believe travelling broadens our
horizon. Whether it is visiting Historic
places or Nature trails, there is inspiration
everywhere.”
INDIAN JEWELLER | december 20 - january 2021 | 55

Special Feature
10th Edition of JJS IJ Jewellers Choice Design
Awards Powered by GIA
IJ AwArds Top desIgns
In A grAnd VIrTuAl
AwArd Ceremony
22 winners were awarded for their jewellery across 20
categories. The virtual award recorded over 2000 viewers
across the micro site and social media channels
58 | december 20 - january 2021 | INDIAN JEWELLER

Hosts for the evening: Siddharth Kannan & Sonam Chabbra
Sriram Natarajan, Managing Director, GIA India presenting the
award for Couture Jewellery under Rs 5 Lakhs
The 10th edition of JJS IJ Jewellers
Choice Design Awards Powered by
GIA happened virtually on the eve
of 27 December 2020. The show recorded
a staggering 2000 viewers across its micro
site and all the social media channels.
The evening was hosted by Siddharth
Kannan & Sonam Chabbra, both wellknown
emcees. 22 winners were awarded
for their spectacular designs across 20
broad categories. This year, Minimalist
Jewellery and Pantone Colour of the
Year (Classic Blue) were included as new
categories.
Celebrity stars Bhumi Pednekar and
Arjun Kapoor added charisma and charm
to the entire event, while awarding
the deserving winners. An exciting
Rajiv Jain, Secretary JJS presenting the award for Diamond
Jewellery under Rs 5 Lakhs
INDIAN JEWELLER | december 20 - january 2021 | 59

Special Feature
Ghanshyam Dholakia, Founder & MD & Parag Shah, Director of HK Jewels Pvt Ltd, presenting the award for
Diamond Jewellery over Rs 5 Lakhs
Uday Chinai, Chairman BVC presenting the award for Heritage
Jewellery under Rs 5 Lakhs
Celebrity presenter Bhumi Pednekar presenting awards
Celebrity presenter Arjun Kapoor presenting awards
Bollywood Quiz added a much needed
fun quotient to the whole event.
Speaking on the Virtual Awards, Arpit
Kala, Associate Publisher, Indian Jeweller
magazine said, “All manufacturing
processes were at a halt due to the
lockdown but this didn’t stop some genius
minds to focus on innovations in designs.
So we thought why not get these designs
to actual pieces and the only motivating
factor was to organize a competition, get
a grand jury to do their bit and bring out
the best in creativity and innovation in
design. It’s our 10th edition so we had to
do something different & unusual & so
far we’ve done a great job.”
The Grand Jury Meet for the same
was held on December 10, 2020. The
panel consisted of experts from gems and
jewellery, social media, fashion and styling,
design, and beyond, ensuring that each
piece of jewellery is viewed from different
perspectives. The virtual try-on partner
during the Grand Jury was mirrAR by
Styledotme. The jury panel included: Bina
Goenka, Founder & CEO, Bina Goenka;
Eshaa Amiin, Celebrity Stylist; Pratiksha
Prashant, CEO, Kishandas & Co; Shweta
Kaushik, CEO & Founder, SKID Interior
Designing firm; Richa Goyal Sikri,
Gemmologist & Story Teller; Rajiv Jain,
Secretary Jaipur Jewellery Show; Apoorva
Deshingkar, Senior Director Sales and
Business Development, GIA India; Meha
Bhargava, Founder & CEO, Styl Inc,
Wedding Stylists and Personal Shoppers;
Harpreet Suri, Global Indian Influencer,
60 | december 20 - january 2021 | INDIAN JEWELLER

#IJAwArds2020
Winner
2020
Alok Kala, Publisher,
Indian Jeweller Magazine
Sonam Modi, Co-Founder & Head
Designer at SVA by Sonam & Paras Modi
and Renu Oberoi, Creative Director,
Renu Oberoi Luxury Fine Jewellery.
This year, the awards initiative had
received over 500 entries from 24 cities
all across India of which 104 entries
from 20 categories were shortlisted.
Each and every entry was unique and
presented really well by zooming in on
still photographs from every angle and
an accompanying video which displayed
every jewellery in a 360 degree angle.
Plus with the help of AR-enabled virtual
try-ons helped the jury members see
how these pieces actually looked on an
individual.
Powered by GIA, the IJ Awards was
presented by JJS. The other partners
include: Hari Krishna Group as the
Diamond Jewellery category partner,
BVC as the logistics partner and Diamond
World magazine as the Media Partner.
1 Coloured Stone Jewellery Under Rs. 5,00,000
Atelo Square, Mumbai
2 Coloured Stone Jewellery Over Rs. 5,00,000
Emerald Jewel Industry, Coimbatore
3 Diamond Jewellery Under Rs. 5,00,000
Umrao Jewels, Mumbai
4 Diamond Jewellery Over Rs. 5,00,000
Studio Rêves, Mumbai
5 Couture Jewellery Under Rs. 5,00,000
Sanskriti Jewels, Mumbai
Yashasvi, Kolkata
6 Couture Jewellery Over Rs. 5,00,000
Awesome Sparklers by Priti Bhatia, Surat
7 Heritage Jewellery Under Rs. 5,00,000
Jaipur Ratna by Anuj Gems & Jewellery, Jaipur
8 Heritage Jewellery Over Rs. 5,00,000
Sparsh Jewellers, Mumbai
9 Best Cut Gemstone Under 10 carat
YS18, Indore
10 Best Cut Gemstone Between 10-20 Carats
Sanskriti Jewels, Mumbai
11 Temple Jewellery of the year
GRT Jewellers, Chennai
12 Accessory Jewellery of the Year
Kirtilals, Coimbatore
13 Pantone Color of the Year 2020 - Classic Blue
Khanna Jewellers, New Delhi
14 Minimalist Jewellery
Kalajee Jewellery, Jaipur
15 Statement Jewellery
Neha Lulla Jewellery, Mumbai
16 Best Ring Design
Kalasha Fine Jewels, Hyderabad
17 Best Bracelet Design
Kirtilals, Coimbatore
18 Best Earring Design
Abaran Timeless Jewellery, Bengaluru
19 Best Necklace Design
Pavit Gujral Designs, Chandigarh
C. Krishniah Chetty & Sons, Bengaluru
20 Best Bridal Design
Birdhichand Ghanshyamdas Jewellers, Jaipur
INDIAN JEWELLER | december 20 - january 2021 | 61

Special Feature
Accessory of the Year -
Kirtilals, Coimbatore
Winning JeWellery pics
Best Bracelet Design -
Kirtilals, Coimbatore
Best Bridal Design
- Birdhichand
Ghanshyamdas Jewellers,
Jaipur
Best Cut Gemstone
between 10-20 cts -
Sanskriti Jewels, Mumbai
Best Cut Gemstone under
10cts - YS18, Indore
Best Earring Design -
Abaran Timeless Jewellery,
Bengaluru
Best Necklace Design
- Pavit Gujral Designs,
Chandigarh
Best Necklace Design - C. Krishniah
Chetty & Sons, Bengaluru
Best Ring Design - Kalasha
Fine Jewels, Hyderabad
Coloured Stone Jewellery
over Rs 5 Lakhs - Emerald
Jewel Industry, Coimbatore
62 | december 20 - january 2021 | INDIAN JEWELLER

Coloured Stone
Jewellery under Rs 5
Lakhs - Atelo Square
LLP, Mumbai
Couture Jewellery over Rs 5 Lakhs -
Awesome Sparklers by Priti Bhatia, Surat
Couture Jewellery
under Rs 5 Lakhs
- Sanskriti Jewels,
Mumbai
Couture Jewellery under Rs 5
Lakhs - Yashasvi, Kolkata
Diamond Jewellery under Rs 5 Lakhs
- Umrao Jewels, Mumbai
Diamond Jewellery over
Rs 5 Lakhs - Studio
Rêves, Mumbai
Heritage Jewellery over
Rs 5 Lakhs - Sparsh
Jewellers, Mumbai
Heritage
Jewellery under
Rs 5 Lakhs
-Jaipur Ratna by
Anuj Gems
Minimalist
Jewellery of the
Year - Kalajee
Jewellery, Jaipur
Pantone Colour fo the Year 2020, Classic Blue -
Khanna Jewellers, New Delhi
Statement Jewellery of the Year
- Neha Lulla Jewellery, Mumbai.
Temple Jewellery of the Year -
GRT Jewellers, Chennai
INDIAN JEWELLER | december 20 - january 2021 | 63

Special Feature
HALL OF FAME - WINNERS OF 2020
Anuj & Raghav Khandelwal, Jaipur
Ratna by Anuj Gems & Jewellery, Jaipur
Dr. Nawal Agarwal, Birdhichand
Ghanshyamdas Jewellers, Jaipur
Hema & Suken Shah, Sparsh Jewellers,
Mumbai
Anuj Shah, Umrao Jewels, Mumbai
Anand Ananthapadmanabhan,
GRT Jewellers, Chennai
K. Srinivasan, Emerald Jewel Industry,
Coimbatore
Neha Lulla, Neha Lulla Jewellery,
Mumbai
Nidhi & Karan Garodia, Sanskriti Jewels,
Mumbai
Niraj Menda, Studio Rêves, Mumbai
64 | december 20 - january 2021 | INDIAN JEWELLER

Priti Bhatia, Awesome Sparklers by Priti
Bhatia, Surat
Suraj Shantakumar, Kirtilals,
Coimbatore
Vijay Khanna, Khanna Jewellers, New Delhi
Vinod Hayagriv, C. Krishniah Chetty &
Sons, Bengaluru
Yashasvi Saraf, Yashasvi, Kolkata
Yogendra & Sudeep Sethi, YS18, Indore
Abhishek Chanda, Kalasha Fine Jewels,
Hyderabad
Naman Kala, Kalajee Jewellery, Jaipur
Pratap Kamath, Abaran Timeless
Jewellery, Bengaluru
Pavit Gujral,
Pavit Gujral
Designs,
Chandigarh
Yash & Anushi Mehta, Atelo Square, Mumbai
INDIAN JEWELLER | december 20 - january 2021 | 65

Show RepoRt
IIJS Virtual 2.0
The VirTual
SucceSS conTinueS
IIJS Virtual 2.0 was successful and ushered in the New Year on a
grand note and promises good days ahead for the whole Indian
economy along with a strong positive growth in the G & J industry
66 | december 20 - january 2021 | INDIAN JEWELLER

Colin Shah, Chairman, GJEPC
Shailesh Sangani, Convenor, National Exhibitions
After the success of the first edition
of India International Jewellery
Show (IIJS) Virtual in October
2020, the Gem and Jewellery Export
Promotion Council inaugurated today
the second edition of IIJS Virtual 2.0
powered by GIA in the presence of
Colin Shah, Chairman, GJEPC; Vipul
Shah, Vice Chairman, GJEPC; Shailesh
Sangani, Convener, National Exhibitions;
Sabyasachi Ray, ED, GJEPC amongst
others. The show was held from 8th to
12th January 2021.
Sabyasachi Ray, Executive Director, GJEPC
Vipul Shah, Vice Chairman, GJEPC
INDIAN JEWELLER | december 20 - january 2021 | 67

Show RepoRt
The show had dedicated five halls
each for Traditional Gold Jewellery;
Gold Jewellery (Mass); Diamond/Colour
Gemstone Jewellery; Couture/Bridal
Jewellery; Loose colour Gemstone/
Silver jewellery /Machinery & Allied.
There were 250 exhibitors and 8000+
registered buyers including international
buyers from the US, UK, UAE, Singapore,
Bangladesh, Nepal, Hong Kong, Belgium,
Sri Lanka, Thailand, etc. More than 15000
meetings were held over the five days of
the show.
Addressing the trade during the
inaugural ceremony Colin Shah,
Chairman, GJEPC, had said, “The first
edition of IIJS Virtual saw a record
10000+ visitors and we reported a
business turnover of around Rs 1000
Crore. This surely has set a benchmark
for us and our expectations from the
second edition are high and we expect
it to surpass the business generated in
the first edition.” He added, “The New
Year has brought in good news on many
fronts - several vaccines are making their
way across the globe and have already
started saving lives. On the business front,
demand for gems and jewellery picking
up in all major export markets. Jewellery
was the highest selling luxury product
in China in 2020 and the Thanksgiving
Day spending in the US rose by nearly
22% year-over-year to $5.1 billion,
hitting a new record, -- which goes to
prove that jewellery is strongly linked
to the emotional connect of buyers. It’s
good to see that India’s exports of gem
and jewellery back to pre-covid levels in
November and December. I am sure that
couple of months down the line, we will
see more stable economic activities across
the world which will further boost the
gem and jewellery sector’s growth.”
Vipul Shah, Vice Chairman, GJEPC had
said, “The demand from members for a
second edition in quick succession speaks
volumes about the IIJS brand’s popularity
and influence among industry members.
IIJS Virtual 2.0 will carry forward the
68 | december 20 - january 2021 | INDIAN JEWELLER

saliEnt fEaturEs
of iiJs Virtual 2.0
• Enhanced Exhibitor
Product Catalogues
• Live Chat & Video
Conferencing
• Enhanced Product and
company Search facility
• Live Knowledge Sessions
with industry experts
• OTP at both email and
cellphone number
• Enhanced Video
Conferencing interface
• Smart Notification on
System & Mobile Device
positive vibe of the first edition, which
transacted around Rs. 1,000 crore-worth
of business.”
Shailesh Sangani, Convener, Exhibition
(National) had said, “The Council has
assimilated a wealth of learnings based
on the feedback of exhibitors and visitors
from the first edition of IIJS Virtual which
was useful in enhancing every aspect of
the second edition. We have introduced
a host of exciting aspects to give you an
experience like never before! Superior
search engine, on-booth chat facility,
product catalogue with a magnifying
feature, digital organiser which tracks
your meetings and notes, interactive
knowledge forums, daily notification on
Whatsapp for your appointments, and
much more.”
Exhibitor QuotEs
IIJS Virtual 2.0 brought in good orders for the
festive season. We got number of enquiries for
bridal jewellery and jadau jewellery in particular.
Over 100 visitors came each day and bookings
happened. IIJS Virtual 2.0 had a better search
engine and chat facility therefore we are happy to
have been a part of this show.
Sunil Agrawal, Sunil Jewellers
IIJS Virtual 2.0 has been a grand effort by GJEPC.
The industry was already doing well from
Dussehra, Diwali and the winter wedding
season. The timing of this show was great.
It flagged off the upcoming summer wedding
season and auspicious times which begin with
Akshay Tritya and other festive times across the country. All the
same, it was a relatively slower show as markets have opened
up and people believe in doing transactions offline, rather than
online.
Rajesh Jain, Gurjar Gems Pvt Ltd
Virtual selling has been accepted by most of our
buyers. It’s the way going ahead. Most important
clients can sit with their teams and select as
per their requirements on the counter. It helps
them eliminate wrong selection and be surer
of their purchases. For us it is also saving a lot of
money that was spent on marketing and we feel it’s a
win-win situation for both buyers and sellers.
Suken Shah, Sparsh Jewellers
IIJS Virtual 2.0 has been the most awaited show.
It was organised by putting in a massive effort
by the GJEPC and the whole team. It surely has
been much better curated than the earlier one:
in terms of technology, better chat facility, better
search engine and more. Number of meetings per
day were also significantly more and the industry needed a
good start to the New Year and IIJS Virtual 2.0 ensured we had
began on an optimistic note.
Chetan Thadeshwar, Shringar House of Mangalsutra Pvt Ltd
INDIAN JEWELLER | december 20 - january 2021 | 69

Q&A
PMLA Regulations
DecoDing PMLA RuLes &
ReguLAtions
The recent PMLA notifications issued to the G & J industry had the
G & J industry reeling under its pressure and anxiety for sometime;
Rohan Shah in conversation with Colin Shah, Chairman GJEPC
comes forward to clear the air
70 | december 20 - january 2021 | INDIAN JEWELLER

Failure to report cash transaction can bring
monetary penalty – which will range from
Rs 10,000 to Rs 1 lakh this could be a daily
charge for every offence or may vary from
transaction to transaction
Rohan Shah
The entire jewellery industry in
the country has been brought
under the Prevention of Money
Laundering Act (PMLA). The Ministry of
Finance issued an order pointing out that
the jewellery transactions from December
28, 2020, will come under the PMLA.
The Enforcement Directorate (ED) will
have the authority to conduct detailed
investigation if gold or money related
to gold deals is seized without proper
documents. The ED has started serving
circulars to the jewellery owners in this
regard.
There are some clarifications which
have come from the government and
to discuss this matter in detail especially
in connection with what the recent
notification means for G & J industry
-- Rohan Shah joined Colin Shah,
Chairman GJEPC, at the IIJS Virtual 2.0
on January 9.
What is PMLA?
PMLA is the Prevention of Money
Laundering Act (2002) and the rules
which were added in 2005. The law was
primarily incorporated to confiscate illgotten
money. This money usually goes
into funding illegal activities from human
trafficking drug trafficking to terrorism
and all kinds of anti-social activities.
World over, money laundering is a serious
problem. Often people dealing in precious
metals and precious stones are used as
mediums of exchange by these money
laundering racketeers. Often, without
the knowledge of the businessmen as
well. When large sums of money are
exchanged for jewellery in cash and when
the jeweller deposits this cash in his bank
account the aim of money launderers is
achieved. In order to avoid such activities
PMLA has been instituted and jewellery
businesses are brought under its ambit.
Why are jewellers made a
reporting agency?
The government has to keep track of all
gateways of money – the legal or white
channels of monetary exchange – where
black money can be converted into white
money (or accounted money) -- one
important gateway is that of the jewellery
retailer. The Government notices that
real estate deals, purchase of gems and
jewellery are important avenues where
money can be laundered and therefore
the government wants to bring curbs on
this activity.
Which agencies watch over the
PMLA regulations?
There are two primary agencies:
Directorate of Enforcement (ED) and
Financial Intelligence Unit of India which
watch over the PMLA enforcement.
There is a lot of confusion
whether only bullion
exchanges and loose diamond
businesses are covered under
PMLA or are small jewellery
retailers also covered under
PMLA?
Jewellers are definitely are covered under
PMLA – any people engaging in sale or
purchase of precious stones and precious
metals are covered under PMLA.
What happens if small retailers
are unable to comply with the
regulations of PMLA?
Jewellers have to report cash transactions
–the implication is that customers may be
bad – not that jewellers are bad. Jewellers
have the responsibility of becoming a
good reporting entity. If a jeweller fails to
do his job as a reporting entity it is not
the same thing as committing the offence
of money laundering. Failure to report
cash transaction can bring monetary
penalty – which will range from Rs
10,000 to Rs One lakh this could be a
daily charge for every offence or may
vary from transaction to transaction. The
exposure for an individual jeweller today,
is that if you do not comply with the role
of the reporting entity -- you are liable
for monetary penalty.
INDIAN JEWELLER | december 20 - january 2021 | 71

Q&A
All cash transactions amounting to Rs 10 lakh or above within one month by
one individual needs to be reported. Transactions from abroad of value above
Rs 5 lakh — needs to be reported. Exchange conducted with the help of
counterfeit money needs to be reported. Single or connected transactions of
over Rs 10 lakh in a month needs to be reported.
– passport/online (this is simple) or
offline (is quite tedious)aadhar/any other
officially valid mode of identification
(photo ID and address proof). Under the
law every reporting entity has to do this
verification irrespective of value of cash
transaction for every single customer.
For example, if you have a customer
who is a drug trafficker who has a large
amount of cash – this person comes to
your shop and over a period of one year
conducts a transaction of Rs 20 lakhs
over one year. If you have knowledge of
the ill-gotten means of your customer’s
wealth only then you can be booked as
a money launderer. Generally you need
to be concerned about your role of
reporting entity.
What has to be reported under
PMLA?
Jewellers have the power like a banker to
report suspicious transactions or persons
with suspiciously high cash stashed with
them. The government has not labelled
jewellers as money launderers – in fact
government has entrusted jewellers with
the duty of reporting such transactions or
people. All cash transactions amounting to
Rs 10 lakh or above within one month
by one individual needs to be reported.
Transactions from abroad of value above
Rs 5 lakh — needs to be reported.
Exchange conducted with the help of
counterfeit money needs to be reported.
Single or connected transactions of
over Rs 10 lakh in a month needs to
be reported. At the same time since
jewellers are already complying with the
regulations prescribed by Income Tax
authorities under which they ought to
maintain KYC of all customers paying Rs
2 lakh and above for gems and jewellery
in cash. Jewellers do not have to do
anything extra under the PMLA.
For instance, a buyer comes to buy
a necklace or a diamond set over Rs 5
lakh for cash from your store you may
usually cut bills of smaller value in order
to accommodate the client – but here
you need to be careful as you can be
held complicit to the offence of money
laundering if the buyer is caught as bearer
of illegal money or money earned from
criminal activities. The jeweller can be
held as a partner in crime.
What is the due diligence?
1. Maintain record of all
transactions: Keep a separate record of
suspicious transactions
2. Maintain record of identity of
your customers
3. Verification of customer’s
identity is important through KYC
Why is KYC required for income
tax for transactions only above
Rs 2 lakh and for PMLA for
every transaction?
Income tax looks at avoiding hoarding
of black money, whereas PMLA is
looking for money acquired through illgotten
means. Therefore it is important
to maintain record of all transactions –
obtain KYC for all cash transactions.
Maintaining records and reporting
suspicious records or of transactions above
Rs ten lakh per month within 7 working
days is important.
How is excess stock affected?
If the stock has been purchased with
the help of ill-gotten wealth it can be
confiscated under PMLA.
What is the specific date from
which PMLA declaration needs
to be made?
On January 15, 2021 this declaration
needs to be made.Monthly declaration
of submission needs to be made to the
CBIC (Central Board of Indirect Taxes
and Customs) which is the regulator for
G & J industry. The regulator will specify
what procedure is to be followed. As
of now, CBIC has not come out with
any format or procedure in which this
declaration needs to be made.This gives
all jewellers a leeway– as there is no clarity.
At the same time, it does not mean that
record should not be maintained. On the
72 | december 20 - january 2021 | INDIAN JEWELLER

What is the specific
date from which PMLA
declaration needs to be
made?
15th of every month foreign transactions
over Rs 5 lakh, cash transactions of Rs 10
lakh and above in a month, or transactions
where counterfeit money was found need
to be reported.
15th of every succeeding month –
cash transactions above Rs 10 lakh
(single or inter-connected) within
one month
Jewellers need to maintain KYC of
customers paying Rs 2 lakh and above
in cash for gems and jewellery
If there are any counterfeit currency
notes which have been found
Foreign currency used for exchange
Suspicious transactions – Rule 9
of PMLA mentions a whole list of
suspicious transactions that need to
be reported within 7 working days of
such transaction taking place.
If you don’t have any such transactions
– you need to comply and say there
have been no such transactions.
What happens if a jeweller does
not report a transaction of over
Rs ten lakh?
Every company should have a designated
director or a principal officer who will
represent your business – he is responsible
to regularly report it. ED (Enforcement
Directorate) can enforce penalty from Rs
10,000 to Rs 10 lakh for non- compliance
– this penalty is on a daily basis.
What is the data to be maintained?
You need to keep a copy of Aadhar
and PAN photocopy of customer. You
do not have the authority to verify the
authenticity of an Aadhar card.
Is KYC mandatory for all cash
transactions?
Taking KYC (photo identification and
address proof of buyer) is important for all
cash transactions amounting to Rs 2 lakh
and above. This is mandatory for all cash
transactions, irrespective of selling price.
All of these matters are as yet open
ended. CBIC also realizes that some more
clarifications are needed. CBIC will look
into compliance. Noncompliance may
be acted upon by ED. If you have a cash
transaction over Rs ten lakh you need
to comply with KYC. Your report will
include nature of transaction by the 15th
of next month and in case of suspicious
transactions you need to file KYC within
seven working days. Buyer’s Aadhar card
and PAN or any equivalent document of
proof identity of your buyer needs to be
submitted.
15th of every
succeeding month
– cash transactions
above Rs 10 lakh
(single or interconnected)
within one
month
Jewellers need
to maintain KYC of
customers paying Rs 2
lakh and above in cash
for gems and jewellery
If there are any
counterfeit currency
notes which have been
found
Foreign currency
used for exchange
Suspicious
transactions – Rule 9
of PMLA mentions a
whole list of suspicious
transactions that need
to be reported within 7
working days of such
transaction taking
place.
If you don’t have
any such transactions
– you need to
comply and say there
have been no such
transactions.
INDIAN JEWELLER | december 20 - january 2021 | 73

ColleCtion FoCus
strings of Desire by uma ornaments
Versatile,
Understated &
Classy - all in
One
‘stRinGs oF DesiRe’ beckon the
classiest of connoisseurs from
across the world.
Sumit Kamalia of Uma Ornaments
overrides all his past collections with
this one
The high flying modern woman
wants everything from home and
hearth to top level corporate life.
She wants to rule hearts and board rooms
across the world, all at once. She is well
equipped to realise her dreams as well.
Uma Ornaments is a name which
resonates with this never-say-die spirit of
the contemporary woman. Rising above
all inhibitions their ornaments too are
ready to be adorned by the best of the
best. Their jewellery is eclectic, edgy and
light weight - everything today’s women
desire in jewellery.
Uma Ornaments’ one of the most
sought after manufacturers of diamond
jewellery, latest collection, ‘Strings of
Desire’ is conceptualised keeping in mind
today’s woman, who dons many avatars,
from taking care of her family to rocking
at boardroom meetings and letting her
hair down at funky parties.
Sumit Kamalia is a connoisseur
of exquisite jewellery and excels at
74 | december 20 - january 2021 | INDIAN JEWELLER

producing quality ornaments. He
exhibits an intuitive understanding the
pulse of his buyers and has a good grasp
of international trends and what women
want when it comes to diamond
jewellery. This collection has it all.
Comfort has become crucial, jewellery
that is trendy, light to carry and befits
all kinds of attire is the most soughtafter
especially as masks and gloves too
have become an integral part of the post
COVID-19 world. Jewellery from Uma
Ornaments is light, versatile and truly
comfortable to adorn and pieces from
this collection can be worn with any
kind of outfit - from Indian to Western.
Purity is of essence when it comes to
fine jewellery. These ornaments are set
in 18kt and 14kt gold and studded with
best quality diamonds (From HI SI to
EF VVS), as per clients request.
In a post pandemic world which is
ridden with budgets even when it comes
to weddings, this collection is perfect
for brides who are looking to wear
understated yet classy pieces. It sets the
mood and tone for a perfect wedding
which is at once memorable and creates
moments of beauty and elegance.
At Uma ornaments they pay extra
attention to the fact that these classiest
pieces of jewellery are crafted with
utmost care and accuracy, in addition
to aesthetics. Quality, precision and
using the choicest of materials are tenets
based on which each and every piece of
jewellery is crafted.
Speaking about this collection,
Sumit Kamalia says, “Beauty and high
fashion go hand in hand, while crafting
this unique collection we have taken
inspiration from choicest of fashionistas
from across the world. We have been
alert to the needs of women who are
now vying to be best in the world
when it comes to aesthetics in attire and
accessories.”
At Uma Ornaments, Kamalia has
worked hard and with passion to bring
out the very best in terms of design and
style. Extra attention has been given to
make their jewellery stand out from
a range of jewellery from all over the
world. It’s here that Kamalia has mastered
the art of being at once sublime and
opulent. If you are looking for the very
best for your consumers you need to
park at Uma Ornaments.
INDIAN JEWELLER | december 20 - january 2021 | 75

Company FoCus
Geeta Shyam Jewellers
Of Resplendence
& Optimism
Jaipur-based Geeta Shyam Jewellers and its legacy of coloured
stone and diamond studded polki, jadau and kundan jewellery is
a class of its own – reminding one of the bygone era when kings
and queens were bedecked with fine jewellery. Founder
Praveen Agarwal shares some insights
Praveen Agarwal, Founder, Geeta
Shyam Jewellers
The pink city – Jaipur is home to
some breathtaking palaces and its
royal heritage has a long history of
jewellery donned by some of the topmost
monarchs in India. Here one can witness
modernity blending seamlessly with
tradition and ethnicity like perhaps in no
other city in India. The richness of this
town is visible in its spaces, palatial houses,
royal lifestyle and more.
Nestled in this quaint capital city of
Rajasthan is Geeta Shyam Jewellers
founded by Praveen Agarwal a visionary,
aesthete at heart coupled with his keen
business acumen, he has time and again
brought out a commendable collection of
bridal – polki, jadau and kundan jewellery
with the contemporary touch.
At Geeta Shyam Jewellers (these
were names of his mother and father
respectively) they have manufactured
several top of the line products in bridal
jewellery. Bespoke and uniquely charming,
these pieces have made their way into
topmost families in India and abroad and
have been appreciated by one and all.
“I have seen our jewellery flaunted by
some of the topmost people in the world
– I come across our designs on Instagram
and several other places on the internet
and hoardings of some top-of-the-line
jewellery retailers in India and abroad,
76 | december 20 - january 2021 | INDIAN JEWELLER

however as a manufacturer I cannot lay
claim to these pieces of exquisite jewellery
which we have made,” informs Praveen
Agarwal modestly.
Overcoming all odds
Year 2020 was tough for the whole G & J
industry across India. All the same, Agarwal
asserts that it wasn’t as difficult for his
team. “We hadn’t stopped working at all,
because all our work had been transferred
online. Our regular clients were placing
orders and we used to fulfill these orders,”
he recalls. They followed all government
protocols for Covid 19 and therefore could
work without fear. In fact, their core team
used to meet at the Agarwal residence and
carry on with their daily work from there.
Guaranteed client satisfaction
If the client is happy a business is sure to
do well. “Our clients too were happy with
us and thereby we ensured smooth trade
throughout the year. Just before Diwali,
demand picked up rapidly and we too
became quite busy and that trend continues
till date,” informs the astute businessman.
They made high resolution images and
videos of their latest collections and shared
those with their clients over social media.
Clients then booked their orders because
the sales team explained every nuance of
the jewellery to them. They ensured that
the product that they saw on screen is
exactly what clients got.
It is tough to meet all demands of the
client over video calls, or even for the
client to arrive at accurate decisions just
by viewing jewellery over a mechanical
device. “Nothing can replace seeing the
product in real time. We had to adapt
technology during the lockdown, because
the situation demanded it. All the same,
high end bridal jewellery cannot be
purchased by seeing photographs or videos
of the product,” believes Agarwal.
Today, as markets have opened up, they
are welcoming clients to their office, or if
some want their sales personnel to visit
their stores they send them to the client’s
office as well.
Year 2021 brings new cheer
This New Year brought with it the news of
the vaccine and raised hopes of health and
wellbeing for all Indians and many people
across the world. Soon enough, physical
shows will take place and manufacturers
like Geeta Shyam Jewellers will find more
new clients. “Physical shows are a must to
get new clients. Long standing existing
clients are there and we have been in
business for years. Getting new clients is
always a challenge, which is made easy
only with physical G & J shows. The
networking and client interaction that
happens at such shows cannot be matched
by any virtual show,” explains Agarwal. In
the new year shows will happen again and
Praveen Agarwal will have a long list of
new clients thanks to his finesse in design
and dedicated teamwork from his staff. He
believes that the New Year will surely bring
in more prosperity and restore normalcy.
INDIAN JEWELLER | december 20 - january 2021 | 77

POLICY & MARKET UPDATE
Gold assaying hallmarking centres asked
to check pollution
Maharashtra
has 120 gold
assaying and
hallmarking facilities
in the country, the
highest. The National
Green Tribunal (NGT)
has directed all the
State Pollution Control
Boards (SPCBs) to
follow and strictly
implement “Guidelines
for Gold Assaying
Hallmarking Centres”
issued by the Central
Pollution Control
Board (CPCB) to
check pollution caused due to
testing of gold. A bench headed
by NGT Chairperson Justice
Adarsh Kumar Goel has asked
the CPCB to monitor that all the
states and union territories (UTs)
follow the guidelines strictly
so that environmental norms
are met. The plea alleged that
the Bureau of Indian Standards
(BIS) had released acids in the
environment while testing
gold.
Demand for gold jewellery up by 10-20%
India’s jewellery demand
has increased by 10-20%
this month compared with
December with the fall in gold
prices prompting consumers to
place orders now for weddings
slated for the next quarter.
This year, April, May and
June have the most number
of wedding dates. Also, most
of the marriages that were
postponed in 2020 due to the
coronavirus outbreak are taking
place during this period, raising
the demand for jewellery.
78 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER

POLICY & MARKET UPDATE
Gems & jewellery
exports in December
grow 6.3% to $2.49
billion
The overall gross export of
gems and jewellery remained
strong and registered a growth
of 6.33 per cent to $2.49 billion
during December 2020 as compared
to $2.35 billion in the corresponding
month of 2019, a senior GJEPC
official said. In Rupee terms, the
sector grew by 9.2 per cent in
December 2020 to Rs 18,261 crore.
Gold jewellery exports for the month
under review was lower by 35.06
per cent to $0.50 billion compared to
$0.77 billion in December 2019. And
for the April-December period gold
jewellery exports was down 67.30
per cent to $3.02 billion from $9.23
billion for the first nine months of the
previous year.
MMTC-PAMP appoints
Narendra Motwani to lead
digital, E- commerce &
marketing operations
MMTC-PAMP, India’s has announced the
appointment of Narendra Motwani as VP
– Digital, which encompasses the critical
portfolios of Digital Gold, eCommerce and Web
presence.
Vikas Singh, Managing Director & Chief Executive
Officer, MMTC, PAMP said, “We are excited to have
Narendra join our dynamic, high performing and
talented team. Narendra is a seasoned marketer
with the right background, experience, and proven
capabilities to spearhead our marketing endeavors.
MMTC-PAMP is a leader when it comes to trust,
purity, and customer satisfaction, and Narendra’s
addition will help us further raise these credentials
and articulate the value we bring to our customers,
besides building strong relationships with our
stakeholders.”
Before MMTC-PAMP, Narendra was the Head of
E-commerce & Digital Marketing of Malabar Gold
and Diamonds where he led the global e-commerce
team, comprising of sales & merchandising, product
development, digital marketing, and in-market
e-commerce functions. Prior to Malabar Gold and
Diamonds, he has also worked with Gitanjali Gems.
Narendra holds an MBA degree in Finance from the
Lala Lajpatrai Institute of Management.
80 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER

ASSOCIATION & TRADE BODIES
Economic recovery
likely to boost gold
demand in India
this year: WGC
The report, titled ‘Gold
Outlook 2021- Economic
recovery and low interest
rates set the tone’, said
although global economic
growth is likely to remain
anaemic relative to its full
potential for some time, gold’s
more stable price performance
since mid-August may foster
buying opportunities for
consumers. Gold demand
appears to be positive in India
as the consumer sentiment is
likely to recover in 2021, from
its dismal performance due
to the coronavirus pandemicrelated
disruptions and volatile
price movement, according
to a report by the World Gold
Council (WGC).World Gold
Council Managing Director
(India) Somasundaram P R
said, “Gold naturally was one of
the best performing assets for
investors driven by high risk,
low interest rates and price
momentum.”
GJC announces
election results
GJC, one of India’s apex organizations working for
welfare of the G & J industry since the last 15
years, has become a formidable connect between
the Government and the trade.It has been undertaking
various initiatives on behalf of and for the industry. Ashish
Pethe has recently been elected the Chairman of GJC. “My
foremost task would be to get the industry as systematized
as possible. For long, people from our industry have
retained their old way of doing business – it is important
to formalize trade and move ahead at pace with rest of the
world,” said Ashish Pethe.
Please find below the list of elected members:
82 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER

ASSOCIATION & TRADE BODIES
e-IGJS aims to
be an exclusive
virtual show to
boost exports
E-IGJS was unveiled by
Hardeep Singh Puri, Minister
of State for Commerce and
Industry in the presence of several
luminaries. e-IGJS was unveiled
on January 18 it aims to be an
exclusive virtual show to boost
exports of the Indian gems and
jewellery sector catering to all
product categories. It is a standout
virtual show with a sharp focus on
enhanced customer experience
and engagement. It will conclude
on January 22. Speaking at the
inaugural, Hardeep Singh Puri,
Minister of State for Commerce
and Industry said, “The business
friendly eco-system in India has
supported growth of the G & J
sector in India and it has in turn
contributed well to the Indian
treasury with its evergreen
business spread out across the
world.”
INDIAN JEWELLER | DECEMBER 20 - JANUARY 2021 | 83

RETAIL & ECOMMERCE
DP Abhushan
launches its
seventh flagship
store
The store is built in a wide area of
3100 sq. ft. DP Abhushan is an
80-year-old legacy, known for
its purity, transparency and trust. “It’s
a milestone for the company and we
are excited to introduce the iconic DP
Jewellers to Kota. The love and support
we have received at our Udaipur
and Bhilwara stores have made us
inseparable from Rajasthan. With this
new store at Kota, we are happy to serve
more jewellery lovers.” says, Anil Kataria,
promoter at DP Abhushan. DP Jewellers
is now present in seven cities of India,
Ratlam, Indore, Udaipur, Bhopal, Ujjain,
Bhilawara and now Kota. DP Jewellers
has recently migrated to the NSE main
board.
Khimji launches revamped
ecomm platform
Legacy jewellery brand, Khimji Jewels has ventured
into the online ecosystem with the launch of
its new and intuitively responsive e-commerce
platform - khimjijewels.com. A leading and highly
trusted name in the gold jewellery
and precious stone segment and
with a legacy of over 84 years, the
brand is now offering an online
jewellery buying experience for
buyers across India through the
newly launched e-commerce
platform, from the comfort of
their home. Thus adding to the e-commerce play
in the fastest growing e-commerce market in the
world. Along with the e-commerce platform, Khimji
Jewels also launched three new collections.
Melorra opens 3 physical
jewellery outlets in Delhi
Online jewellery startup Melorra on 21st Jan
launched three brick-and-mortar outlets in
the national capital and plans to open over
250 stores pan-India in the coming months. The
three new outlets are located at Vegas Mall, Dwarka,
DLF Promenade in Vasant Kunj and at DLF Avenue,
Saket in the national capital.
The launch was attended by Sid Talwar, co-founder
and Partner at Lightbox, bollywood actress and model
Gul Panag, renowned singer Shibani Kashyap and
fashion and beauty influencer Roshni Bhatia.
84 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER

RETAIL & ECOMMERCE
Senco Gold & Diamonds expands
its retail footprint in Uttar Pradesh
Senco Gold & Diamonds, one of the largest
jewellery retail chains of India recently launched
its 111th store in Prayagraj, Uttar Pradesh. This is
3rd D’SIGNIA showroom from the brand in the country
after Kolkata and New Delhi, and was inaugurated
recently by the Mayor of Allahabad Municipal
Corporation Smt. Abhilasha Gupta and Suvankar Sen,
CEO – Senco Gold & Diamonds. D’SIGNIA is a dazzling
destination for handcrafted and exquisite premium
jewellery by the best karigars of India from Senco Gold
and Diamonds.
Shobha Shringar associates
with virtual VLCC Femina
Miss India 2020
Iconic brand Shobha Shringar Jewellers
embarked the new year by becoming the
Official Jewellery Partner for Iconic Beauty
Pageant VLCC Femina Miss India 2020 this
year.
Snehal Choksey, Director, Shobha Shringar
Jewellers said, “We are thrilled to kickstart 2020
with this iconic property. VLCC Femina Miss
India has been one of the longest-running and
biggest beauty pageants of India and has given
the world some of the most stunning beauty
queens. As a brand, we were proud to have the
honour of designing the crown for this property
and are equally glad to now be the jewellery
partners.”
Forevermark launches
boutique with trusted partner
Fortofino in Gurugram
Forevermark, the diamond brand from the
De Beers Group, opens its first exclusive
boutique in the city of Gurugram with
authorized retail partner, Fortofino. Housed at
the JMD Regent Arcade Mall, the Forevermark-
Fortofino boutique offers customers the
world’s most carefully selected and expertly
crafted diamonds set in exquisite designs.
With the launch of this boutique store
in Gurugram, the Forevermark-Fortofino
partnership has rendered a total of six stores,
including 3 shop-in-shop stores, across the
country that offer the most beautiful, rare,
and responsibly sourced hallmark diamond
jewellery.
INDIAN JEWELLER | DECEMBER 20 - JANUARY 2021 | 85

ET CETERA
Swarovski Gemstones business in India shuts
down; MD Rajendra Jain asked to retire
Swarovski is a brand that
has become akin to luxury,
fine jewellery in the most
eclectic of circles in the world –
its gems and crystals exemplify
everything from grandeur, high
fashion, finesse and above all
world’s leading luxury crystals.
The chinks in its classy armour
have now turned into deep
chasms.
According to sources, CEO
Robert Buchbauer - the greatgreat
grandson of founder Daniel
Swarovski plans to lay-off 6,000
staff, close down 750 stores, and
move the brand upmarket into
more expensive and colourful
products.
Its revenue has taken a hard
hit this year, it fell by a third to
about 2 billion euros ($2.4 billion);
and the family risks ceding some
control should the new chief
executive eventually prevail with
his plans for a possible stockmarket
listing or a strategic
partner.
Effect on Indian gemstone
industry
Many G & J manufacturers have
been associated Swarovski
Gemstones for over the last 30+
years. “Swarovski Gemstones
with their immense brand value
took over the whole market. We
are the official distributors for
Swarovski Gemstones in India
and it was a major blow to us as
we were promoting Swarovski
Gemstones only” explains Govind
Gupta, Ramnarain and Company.
Robert Buchbauer is the sole
decision maker – he has decided
to sell directly to the consumer
and that too in select markets
only he has decided to do away
with all middlemen. India was
one of the biggest markets for
Swarovski Gemstones. India MD,
Rajendra Jain has been asked to
take retirement from December
31. He was not available to give
a comment due to no disclosure
agreement. Vivek Ramabhadran
was initially with Swarovski
Crystals, he has now been
appointed as Vice President
Operations & Managing Director
- South Asia, South East Asia. As
per industry sources, he may also
leave the company in June 2021.
Along with global layoffs, in
India too many people have been
laid off. Some staff members
from Mumbai were asked to take
forceful retirement. In the market
the news is that this will lower
their trademark quality, which
now will be highly compromised
and they are losing their trust
element.
Swarovski was a huge global
brand name and they had spent
millions of dollars on branding
and in this one decision they have
nullified all of that investment.
“Not just our business, their
business will also be hampered
because of this decision. There
is no other brand as big as
Swarovski in the market,” informs
Govind Gupta, Ramnarain & Co.
Definitely the quality of
Swarovski gemstones cannot
be matched. “Mass Indian
consumers do not have as much
knowledge about their quality
despite the fact that some Indian
consumers have the ability to
buy Swarovski. Therefore Indian
manufacturers will have to look
at other options, they may not be
as good but we have to make do
with whatever best is available
in the market. Such situations
arise in any business, especially
86 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER

ET CETERA
when it comes to foreign brands,,
so we have to be prepared to
meet such challenges. This is a
temporary problem, we will find
solutions over time,” explains
K Srinivasan, Emerald Jewel
Industry. Swarovski is winding
up its business in India and even
globally it may cut down its
supplies to one percent of the
current business. It will remain
functional in the crystals business
and may withdraw from supply
of gemstones altogether. This
debacle is a lesson to us also.
“We should never be dependent
on one brand – we should always
have an alternative,” feels K
Srinivasan.
Many pitfalls and some
cautionary lessons
Swarovski offers a cautionary
lesson in the pitfalls of
globalization. The coronavirus
pandemic has only amplified
the crisis, as the sprawling
Swarovski boutiques wear a
deserted look in the world’s
classiest shopping malls and
airports. Best-known for crystal
trinkets like animal figurines and
ornaments, Swarovski’s 30,000
employees churn out a vast array
of sparkling adornments. There
are shimmering tea-light holders,
stone-studded sunglasses and
crystal-encrusted frames to
glam up your Apple Watch.
Frugality essential to hold on to
what’s left
After years of opulent expansion,
Buchbauer says Swarovski
needs to refocus and learn
frugality. It has been unable to
beat competition from Egypt and
China. The cracks in the crystal
kingdom have exposed a deep
rift in the sprawling Swarovski
family, consisting of more than
200 individual members, many
of whom are spread between
Austria and Switzerland.
Buchbauer’s vision for the
new Swarovski is to sell more
carefully curated products
tailor-made to match consumer
tastes, a turnaround he predicts
will take 2-3 years to execute.
Buchbauer’s plans have met stiff
opposition from other members
of the family, who accuse him
of causing irreversible damage
to the components business run
out of Wattens. His detractors
say he needs approval from a
shareholder meeting, which
may be hard to come by given
the splintered nature of the
family. Buchbauer claims he has
the required backing from key
stakeholders.
Extravagance isn’t affordable
any longer
For years the company has
had extravagance as its middle
name and the crystals have been
Robert Buchbauer
flaunted for generations by the
likes of Marilyn Monroe, Audrey
Hepburn and in recent times
Lady Amelia Spencer Beyonce;
sports stars like the Williams’
sisters, super models like Karlie
Kloss among others.
Revenues come crashing
Overall revenues for crystals
are projected to plummet by 30
per cent, from £2.5billion last
year down to about £1.7billion
this year; which is why some
immediate steps Buchbauer will
be taking include:
Immediate sweeping cuts
in human resources and top
showrooms. Almost 750 of its
3,000 stores worldwide will be
closed.
To make Swarovski's crystals
more exclusive, producing
fewer, larger and more colourful
products that can be sold at a
higher price.
Mass-market products like
manicure sets and mobile-phone
cases graced with Swarovski
crystals will have no place in the
future.
Disclaimer:
All the information on this
magazine is published in good
faith and for general information
purpose only. Indian Jeweller
does not make any guaranty
about the completeness,
reliability and accuracy of this
information. Any action you take
upon the information you find
on this magazine, is strictly at
your own risk. will not be liable
for any losses and/or damages
in connection with the use of our
magazine.
INDIAN JEWELLER | DECEMBER 20 - JANUARY 2021 | 87

ET CETERA
One hundred years of
unmatched glory: Rambhajo’s
continues to excel
Jaipur’s well-known jewellery brand Rambhajo’s
continues to excel even after 100 years and
astound its long standing clients and extensive
circle of followers with it’s a range of exquisite
designs backed with technological prowess and
eclectic designs. On this special occasion, Rambhajo’s
launches a brand new logo.
Jaipur’s ever-lasting affair with fine jewellery
continues. It’s a love that has withstood the ravages
of time. With a rich lineage of finesse and world class
craftsmanship Rambhajo’s has become a name that
resonates with style and quality.
Rambhajo’s are in a league of their own when it
comes Kundan, Jadau and Polki jewellery – ones which
are sought from all over the world. Late Shri Kishan
Gilara (Rambhajo) in 1921 established this brand in
keeping with his devotion to Lord Shree Ram. Today,
the fourth generation of Gilara family looks after the
business – Nitin, Abhishek, Prateek and Vipul. Speaking
about their
commitment to
quality Abhishek
Gilara says, “We
have excelled
year after year,
today after 100
years we have
made it a point to stay true to the essence of quality
service and unmatched aesthetics. Coupled with
technological advancements that our brand has
introduced we have been able to take the name of
our brand even higher. Our dedication to excellence
will continue, as always.”
Trust and transparency are pillars of the company.
The younger generation has added technological
edge and a contemporary vision to the business and
ensured that it expands beyond the boundaries of
this country and receives acclaim from one and all.
In this day and age of competition and fusion
Rambhajo’s stands proud as a name that brings glory
to the tradition while blending in contemporary taste
with elan.
88 | DECEMBER 20 - JANUARY 2021 | INDIAN JEWELLER