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Solitaire Apr-May 2020 gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 9:05 PM Page 1 APRIL–MAY 2020 INTERNATIONAL BI-MONTHLY GJEPC MAGAZINE Cornered by Covid-19 GJEPC Fights Back FUTURE OF BUSINESS AFTER COVID-19 FEATURING VIEW POINT I POLICY MATTERS I INDUSTRY INSIGHT I SPECTRUM I ON GROUND I DEMAND MAPPING I DESIGN INSPIRATIONS I INTELLIGENCE I EVENTS I THE REAL GEMS gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:54 PM Page 2 GJEPC Board INTERNATIONAL Chairman Bimonthly magazine of the Gem & Jewellery Export Pramod Agrawal Promotion Council Vice Chairman Gem & Jewellery Export Promotion Council, Colin Shah Tower AW 1010, Bharat Diamond Bourse, BKC, Bandra Promotion Marketing & Business Development – East, Mumbai – 51 Sub-CCommittee Phone: +91 22-26544600 Convener – Milan Chokshi Toll-free number: 1800-103-4353 Co-CConvener – Russell Mehta Missed call number: +91 7208048100 Member – Ankit Mehta Member – Rajiv Mehta Website: www.gjepc.org Member – Nirupa Bhatt Facebook: GJEPC Member – Shailesh Sangani Member – Prakash Pincha Twitter: GJEPCIndia Instagram: gjepcindia Executive Director Sabyasachi Ray April–May 2020 PMBD, Director Disclaimer: Dolly Choudhary This disclaimer informs readers that the views, thoughts, and opinions expressed in the magazine belong solely to the authors Consultant – Editor and are independent in nature, and not necessarily to the authors’ Shanoo Bijlani employer, organization, committee or other group or individual. Consultant – Associate Editor Regan Luis Times Group A division of Consultant – Editor, TGB Books Bennett, Coleman & Co. Ltd. Vinita Bhatia The Times of India, First Floor, Gulab Bhawan, 6, Bahadurshah Zafar Marg, New Delhi-110002 Designer, TGB Phone: 011-40738253, Email: [email protected]; Subhasish Munshi www.timesgroupbooks.com Cover Jewellery: Van Gelder Indian Jewellery gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:54 PM Page 1 gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:54 PM Page 2 CONTENTS 04 Cover Story: Future of business after Covid-19 18 View Point: To mitigate Covid- 19’s economic effects – GJEPC releases `50 crore corpus, liaises with government for relief measures 29 Industry Insight: WGC’s India MD, Somasundaram PR discusses the new gold policy amid 27 contemporary challenges Policy Matters: Customs duty woes – Creating awareness about rules, procedures and documentation 33 Spectrum: Change of Guard at GIA 39 News from GJEPC Demand Mapping: Middle East 37 buyers increasingly prefer modern designs that can be 38 Export Data worn repeatedly gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:54 PM Page 3 43 Design Inspirations: Sisters Fleur Damman-van Gelder and Noëlle Viguurs are fascinated with traditional Indian jewellery Intelligence: Global retail’s slowdown 47 could worsen following worldwide lockdowns 50 MSME Diary: GJEPC’s series of seminars for MSME jewellers and karigars 53 On Ground: GJEPC GTL Jaipur’s MoU with eBay for certifying its sellers and 55 Events: IIJS Signature 2020 other activities – Exuding positive vibes 66 Trends Artisan Awards 2020: Toasting The Real Gems: Kantilal Chhotalal 68 talented jewellery designers 76 and Mahendra Brothers Business Knowledge Forum: AI’s Global updates 72 potential to help companies grow 80 gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:55 PM Page 4 FUTURE OF BUSINESS COVER STORY COVER AFTER COVID-19 Post the lockdown, returning to work will be defined by strict hygiene compliances and taking cautious and calculated risks. Solitaire International spoke to a handful of government and industry stalwarts for their views on prerequisites for getting back to business post Covid-19 ovid-19 is an unforeseen and expected to return to normalcy within four unprecedented situation that has turned months. Luk Fook Jewellery in region reported Cthe world upside down. And like every improved sales for the first two weeks of April. major disruption, it is pushing the industry’s Closer home, Jaipur’s EPIP and SEZ Zone 1 boundaries of resilience. The industry - be it and 2 have started production. Surat Hira Bourse, miners, manufacturers, retailers or wholesalers - too, has exported 10 shipments while Surat SEZ will have to gear up for a world where the old has started operations in eight units. norms will have to be reframed. Pramod Agrawal, chairman, the Gems and Instead, new rules and different social mores Jewellery Export Promotion Council (GJEPC), will have to be put into place. Resuming said, “The Indian gem and jewellery industry has operations in the midst of a pandemic requires a a backlog of over $1 billion-worth of orders. This lot of thinking through and courage - because this needs to be delivered soon, or else there is fear of virus, so far, has no cure. losing business to neighbouring countries like Already, the world over, the gem and jewellery China or Thailand, as both the countries are industry has started resuming operations gradually operational. We are in talks with the Maharashtra and with caution. The wheels of the global government to allow minimal operations at economy are slowly starting to turn again. SEEPZ, Bharat Diamond Bourse (BDB), etc., Lucapa Diamond Company announced which are the most prominent export zones in recommencement of scaled mining operations at India. GJEPC along with the Bharat Diamond Angola’s Lulo alluvial diamond mine. Similarly, Bourse is working with Maharashtra Industrial in South Africa, Petra Diamonds said it was Development Corporation (MIDC) to formulate permitted to ramp up to 50% of labour capacity an SOP to commence minimal operations at during the nationwide lockdown. Though stores BDB, while complying with Covid-19 safety in China are not open fully, the country is guidelines set by the state government. At the / 4 / APRIL–MAY 2020 / SOLITAIRE INTERNATIONAL gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:55 PM Page 5 COVER STORY same time, GJEPC, along with the SEEPZ endeavoured to put together a holistic view of the authorities, is pursuing the state government to way forward through interviews with officials commence minimal operations with the objective from the government, mining segment, to clear backlogs by adhering to the guidelines.” marketing and jewellery retail. (See page 16 for the latest updates about the state As the business world slowly awakens from the government permitting gems and diamond never-ending nightmare that is the Covid-19 business to resume limited jewellery operations). pandemic, there is a universal understanding and Colin Shah, vice chairman, GJEPC, stated, acceptance that things will never be the same again. “This industry has emerged from every crisis It is essential to remember that Covid-19 is – more resilient. This time, it will take longer to first and foremost – a humanitarian crisis, not find the new normal, which could be about 20% purely an economic one. It should be below the pre-Coronavirus level in value terms. acknowledged that the GJEPC had made health The industry collectively took a decision to halt care its top priority years earlier when it rough diamond imports for a month starting from launched the Swasthya Ratna health insurance May 15th, 2020 to stabilise diamond prices and scheme for employees of member companies. clear the existing inventory.” This was followed a few years later by the While there’s a definite buzz in the industry to introduction of the Swasthya Kosh health restart, a conscious effort will have to be insurance fund for the large number of undertaken to realign old ways with new ones. independent jewellery artisans who hold the To shed light on the situation, Solitaire has Parichay Card. SOLITAIRE INTERNATIONAL / APRIL–MAY 2020 / 5 / gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:55 PM Page 6 COVER STORY UNITE TO SURVIVE Once the lockdown is lifted, the gem and jewellery industry needs to ensure that its massive workforce starts to slowly return to work and get the economic engine back on track. Along with government initiatives, the industry should also unite to help and protect the precious human resource. RUPA DUTTA, Economic supply chains of various sectors and jewellery where the products are also Advisor, Ministry of Commerce and industries. Restrictions on travel by high value items. Industry, Government of India many countries have resulted in The future of all businesses cancellation of business events, including the diamond, gold and The future of the diamond, gold deferment of committed orders, gemstone industry remains and gemstone industry remains reduced demand, elongation of uncertain till some certainty is uncertain, and it will take some time receivables, etc. reflected on controlling and before we see exports revive. What Further, rising uncertainties and containment of the Covid-19 steps can the industry take to resume fear of severe value loss along with pandemic. It will take some time operations and revive the industry’s the prospect of instability in business before we see some revival in moribund state? has aggravated trade sentiments exports. Covid-19’s unprecedented globally. It is severely impacting all However, once the lockdown is impact on business across the globe sectors, especially the export- lifted, the gem and jewellery has completely derailed established oriented sectors like gems and industry needs to ensure that its / 6 / APRIL– MAY 2020 / SOLITAIRE INTERNATIONAL gjepc-Apr 20-final-F-V2-Digital-NEWORDER.qxd 5/18/2020 8:55 PM Page 7 COVER STORY massive workforce starts to slowly this time is just to save the job/work efficient stock-keeping, reducing return to work and get the of the human resources so that they wastage, building a strong client economic engine back on track. For can survive in this crucial period. database and connecting with this, the industry will have to ensure What is the commerce ministry’s potential customers through digital availability of work and job security.
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