In the wake of the Nirav Modi-Mehul Choksi scandal, almost overnight the reputation of the Indian gem and jewellery industry was dealt a huge blow. The incident also triggered queries about the murkier side of the business. For weeks on end, questions were raised by almost every news channel and newspaper about malpractices such as round-tripping, gold smuggling, etc. by a few rogue operators. Given the magnitude of the fraud, things will never be the same again—from the government’s perspective, the banking sector’s perspective, and the consumer’s perspective. The industry has some soul-searching to do. Solitaire invited diamond industry advisor Pranay Narvekar to show the way forward and discuss in detail the long-term impact of the financial fraud on the industry. Read the Cover Story for Pranay’s in-depth views on the need for greater self-regulation, tightening of lending norms, adhering to a code of ethics and more.
Our special correspondent Cynthia Unninayar visited the twin Hong Kong gem and jewellery shows, which attracted an all-time high of 87,000-plus buyers and a record 4,550 exhibitors from 52 countries and regions. Turn to Trade Fair for the full show report.
The third Common Facility Centre of the Gem & Jewellery Export Promotion Council (GJEPC) was inaugurated by Suresh Prabhu, the union minister of commerce & industry, in Amreli, Gujarat last month. This facility, which aligns with Prime Minister Narendra Modi’s ‘Skill India’ and ‘Make in India’ initiatives, will help in the technological and social transformation of workers and small manufacturers engaged in diamond cutting and polishing activities.
Solitaire International is India’s leading B2B magazine on the gem and jewellery trade. With more than 20 years behind it, the monthly publication is today recognised in India and the world over as a quality publication in trade journalism. The magazine is referred to by the global trade sector for information on India and its industry. Solitaire International has a readership of the entire organised sector in the Indian jewellery industry and is distributed to all 5500 members of the Gem & Jewellery Export Promotion Council, India’s apex body for the trade. In addition to fixed subscriptions, the magazine is also circulated in over 25 top international trade shows of repute. A personal copy reaches the management of leading jewellery retailers/chains/wholesalers in the US, Europe and the Far East; rough and polished suppliers; mining companies; and financial/industry institutions worldwide.