SVAR - The Voice of Jewellers, February 2024 Issue (2).pdf

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FEBRUARY 2024 | VOL 4 ISSUE 2
EDITORIAL
Dr. Rajendra Jain
Managing Director & Publisher, SVAR Media
A division of SVAR Group
rajendra.jain@svar-group.com
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2021 SVAR - The Voice of Jewellers. All rights Reserved
C
MCX - Empowering India's Commodity Ecosystem
From the Publisher
In the bustling financial landscape of India, the Multi Commodity Exchange of India
Limited (MCX) stands tall as a pivotal platform since its inception in 2003. Nestled
in Mumbai, MCX serves as a treasure trove for commodity enthusiasts, offering a
diverse array of trading options spanning rubber, spices, oilseeds, metals, and the
constant favourite, gold.
Among the plethora of commodities, gold emerges as the crown jewel, commanding
attention with its unparalleled volatility. However, delving into the intricate world of
MCX demands more than a passing interest. It requires a deep understanding, both
theoretical and practical, to navigate its ebbs and flows effectively.
MCX trading unfolds as a dynamic interplay between myriad buyers and sellers,
orchestrating transactions across global markets. At its core lies the futures
market, a realm where astute investors endeavour to forecast forthcoming price
movements. Yet, before embarking on this journey, prospective traders must
acquaint themselves with the nuances of MCX from a novice's perspective.
Gold, being the cornerstone of MCX, holds immense significance in India, second
only to China in jewellery consumption. However, recent spikes in gold prices
have cast a shadow over the jewellery industry, prompting a re-evaluation of
traditional practices. Rather than perceiving MCX as a bane, industry players have
the opportunity to metamorphose challenges into opportunities.
Adaptation emerges as the linchpin for coexistence between the jewellery
sector and MCX, fostering symbiotic growth. Embracing hedging strategies and
accentuating the intrinsic value of craftsmanship can fortify the industry against
market volatility. Moreover, a penchant for innovation and a keen understanding
of consumer preferences can unlock untapped avenues for expansion.
In the grand tapestry of India's financial narrative, MCX assumes its rightful place
as a harbinger of prosperity. Yet, its true promise lies not in reckless pursuits of
profit but in the conscientious cultivation of wealth through diligent stewardship.
As stakeholders tread the path forward, guided by wisdom and foresight, they
pave the way for a future adorned with prosperity and stability.
Managing Director & Publisher
DR. RAJENDRA JAIN
Director
SIDDHANT JAIN
Chief Operating Officer
AMIT SHARMA
Creative Director
VIDHI JAIN SHARMA
Editor
GAUTAM MULCHANDANI
Head - Graphic Designing
DANISH RATHOD
Accounts & Finance
DHANISHA MANE
For Enquiry Contact:
Marketing & Digital Media
Communication
+91 98196 07633
siddhant.jain@svar-group.com
Business Development
+91 98336 53818
amit.sharma@svarmedia.com
Accounts & Finance
+91 9821581182
finance@svar-group.com
SVAR - The Voice of Jewellers
SVAR Events & Media Network LLP
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svar@svarmedia.com
@svarmedia
www.svarmedia.com
@svarmedia

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In
This
Issue
COVER PICTURE COURTESY:
R. Madhavan & Keerthy Suresh
Indian Actors
Jewellery: Jos Alukkas
(Oris Collection)
IN THIS ISSUE
VOL 4 ISSUE 2
FEBRUARY 2024
52
84
44
114
102
48
80
Malabar Gold & Diamond
Global Expansion
M.P
. Ahammed
#INDUSTRY LEADERS
The Silver Craftsmanship
Aman Parsana
#SILVER
The Symphomy of
Scintillation Kiran Gems
Dinesh Lakhani
#NATURAL DIAMOND
Breaking Stereotypes in Men’s
Jewellery with Stylish Accessories
Sumit Dassani
#HIS CHOICE
In the Pursuit of Pure Excellence
Jos Alukka
#RETAIL
The Opulent Artistry of
Ann Ong
#INTERNATIONAL BRAND
Designing the Future of Jewellery
Tarun Jain
#EDUCATION
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JEWEL
JEWEL
JEWEL
Guru
JEWEL GURU
Disclaimer: The opinions expressed in this publication are those of the contributing authors. They do not reflect the opinions or views of SVAR Group, or its members.
Q: How ready is the Indian market to embrace the diverse range of materials that the fine jewellery industry has
been innovating with, including various materials such as gold, titanium, lab-grown diamonds, wood, coins, and
more?
- Anonymous
Answer: The acceptance of innovative materials in the fine jewellery industry within the Indian market is influenced
by various factors. Traditional preferences deeply rooted in cultural heritage favour materials like gold and precious
gemstones, yet there's a growing openness among younger generations to explore contemporary designs and
materials. Economic considerations also play a significant role, with affordability and accessibility affecting consumer
choices. As global fashion trends influence the Indian market and designers incorporate unconventional materials into
their collections, there's an increasing awareness and acceptance among consumers. Additionally, sustainability and
ethical concerns are driving interest in materials like lab-grown diamonds and recycled metals, particularly among
environmentally conscious demographics. Effective marketing campaigns and education efforts highlighting the unique
qualities and benefits of these materials can further accelerate their acceptance. Thus, while traditional materials remain
prominent, there's a gradual shift towards embracing innovative materials driven by evolving consumer preferences
and changing market dynamics.
- Jewel Guru
Q: How do you see the role of branding and storytelling evolving in the marketing of jewellery?
- Suraj Bhanushali, Mumbai
Answer: The role of branding and storytelling in the marketing of jewellery is evolving to become increasingly pivotal
in shaping consumer perceptions and driving purchasing decisions. Traditionally, jewellery marketing has focused on
highlighting the intrinsic value of the materials and craftsmanship. However, in today's competitive landscape, brands
are leveraging storytelling to create emotional connections with consumers, often emphasizing aspects like heritage,
sustainability, and individuality. By weaving narratives around the inspiration behind designs, the journey of materials,
or the craftsmanship process, brands can differentiate themselves and resonate with consumers on a deeper level.
Moreover, with the rise of digital platforms and social media, there's greater potential to engage with audiences through
compelling visual storytelling, immersive experiences, and interactive content. As consumer preferences continue to
evolve towards authenticity, transparency, and meaningful connections, the role of branding and storytelling will remain
integral in shaping the success of jewellery marketing strategies.
- Jewel Guru

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COVER STORY
India's Premier CommodityExchange
Exploring the Potentialof
MCX
TheMultiCommodityExchangeofIndiaLimited(MCX)wasintroducedin2003inMumbai.
It is a commodity derivative exchange platform. MCX swiftly emerged as the country's
foremost commodity derivatives exchange, revolutionising the way commodities are
traded and managed. With a commitment to fostering transparency, efficiency, and risk
management, MCX has played a pivotal role in shaping India's commodity ecosystem.
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The Multi Commodity Exchange of India Limited (MCX), India’s
firstlistedexchange,isastate-of-the-art,commodityderivatives
exchange that facilitates online trading of commodity
derivatives transactions, thereby providing a platform for price
discovery and risk management. The Exchange, which started
operations in November 2003, operates under the regulatory
framework of the Securities and Exchange Board of India (SEBI).
MCX offers trading in commodity derivative contracts across
varied segments including bullion, industrial metals, energy,
and agricultural commodities, as well as on indices constituted
from these contracts. It is India’s first Exchange to introduce
commodity options, and futures contracts on bullion, base
metals, and energy indices.
MR SHIVANSHU MEHTA
Senior Vice President &
Head - Bullion, MCX
"As market leaders, it is
incumbent upon MCX to serve
thebullion&jewelleryindustry.
Over the years, MCX Gold
& Silver price has become
trusted as the domestic price
benchmark.Itprovidesathree-
way hedge; covering the international bullion process,
exchange rate as well as customs duty tariff. Most
value-chain pricing is done with MCX as a reference.
With the diverse participation of refiners, bullion
importers, traders and jewellers, the MCX bullion
futures & options contracts provide robust liquidity for
effective risk management. This brings efficient use of
capital and margin protec-tion to jewellers along with
inventory hedging. The usage of options has increased
manifold over the past few years as an increasing
number of jewellers use options as an instrument of
insurance against adverse price movement and yet re-
main open on the favourable side. Using a combination
of futures and options, jewellers can provide
flexible pricing schemes to their walk-in customers.
MCX Bullion has an array of contracts in various
denominations, ideal for retail participants who can use
these for taking delivery of quality-assured gold/silver,
holdingitelectronicallyandinvestinginaSIPmechanism.
In line with the ‘Atmanirbhar Bharat Mission’, MCX has
empanelled domestic refiners after completion of due
audit pro-cesses as per MCX Good Delivery Norms.
Delivery of about 7.8 MT of Indian refined gold valued
at about Rs. 4400 Crore has already taken place via
MCX Gold Mini contracts. This step is seen as helpful
in reducing India’s import dependence and reducing
price disparity in Indian spot markets."
MR PRITHVIRAJ KOTHARI
President, IBJA;
MD & CEO, RiddiSiddhi
Bullions Limited;
"MCXbullioncontractsareused
by a diverse range of traders
and jewellers throughout the
country to obtain quality-
assured exchange values of
precious metals like gold
and silver. Gold derivatives
contracts are also used for future pricing and hedging
purposes by importers, branded jewellers, small and
medium jewellers and exporters.
Jewellers can devise hundreds of effective hedging
strategies for better cash flow management and
leverage their positions. Option contracts offer the buyer
Insurance against adverse movement and maximum loss
to the extent of the premium paid. In a nutshell, the gems
and jewellery industry uses MCX in risk management,
inventory management and cash flow management."
2023. MCX is India’s leading commodity derivatives exchange
with a market share of around 95.64 per cent in terms of the
value of commodity futures contracts traded in the financial
year 2023-24 (April 2023 – December 2023).
The Exchange’s flagship index series, MCX iCOMDEX, is a
series of real-time commodity futures price indices, which
give information on market movements in key commodities/
segments traded on MCX. The MCX iCOMDEX series consists
of a Composite index, apart from three sectoral indices: The
Base Metal index (MCX METLDEX), the Bullion index (MCX
BULLDEX) and the Energy index (MCX ENRGDEX), and also
eight single-commodity indices: Gold, Silver, Aluminum,
Copper, Lead, Zinc, Crude Oil and Natural Gas indices.
MCX's inception marked a pivotal moment in India's financial
history, ushering in a new era of commodity derivatives
trading. As the country's first listed exchange, MCX aimed
to provide a robust platform for online trading of commodity
derivatives, facilitating price discovery and risk management.
Operating under the regulatory framework of the Securities
and Exchange Board of India (SEBI). MCX offers a diverse
array of commodity derivative contracts spanning bullion,
industrial metals, energy, and agricultural commodities. MCX
offered a comprehensive suite of trading options, catering
to the evolving needs of market participants. Over the years,
MCX's relentless pursuit of excellence has propelled it to the
forefront of India's commodity derivatives landscape, earning
it unparalleled market dominance and widespread acclaim.
MCX's vision reflects its commitment to fostering a
unified Indian commodity market driven by market forces,
technological innovation, and ethical conduct. With a
focus on providing a level playing field for all stakeholders,
from primary producers to end-consumers, MCX aims to
achieve exceptional efficiencies. Guided by its mission,
MCX endeavours to enhance awareness, minimise price
volatility, and promote neutral, secure, and transparent trade
mechanisms. Upholding a zero-tolerance policy towards
unethical practices, MCX remains steadfast in its pursuit of
holistic development within the commodity ecosystem.
The Exchange focuses on providing commodity value chain
participants with neutral, secure, and transparent trade
mechanisms, and formulates quality parameters and trade
regulations, in conformity with the regulatory framework. The
Exchange has an extensive national reach, with 550 registered
members and 40,047 Authorized Persons with its presence in
around 691 cities and towns across India as of 31st December

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MR MANOJ KUMAR JHA
MD, Kamakhya Jewels Pvt. Ltd.
"Hedging on MCX is essential
for protecting your capital
from fluctuations in gold
prices. When you engage in
transactions without hedging,
you risk significant losses if
the gold rate unexpectedly
changes. For example, if you
sell gold to someone at a fixed
price and the market price rises before you deliver,
you will lose money, leading to loan issues and
financial instability.
Hedging is the process of reducing the risks related
to fluctuating prices by taking opposing market
positions. It ensures that your profits and losses
remain consistent, regardless of price fluctuations.
With hedging, your capital is protected from market
events, such as import-duty changes or unexpected
events like the COVID-19 pandemic.
During COVID-19, many jewellers suffered losses
because they hadn't hedged their stocks. For example,
if you sold gold at a lower price before the market
increased, you would face significant losses; however,
if your stocks were hedged, you would be protected
against such losses.
MCX is one of the most widespread commodity
exchanges, with quick delivery options. You can
also purchase gold on the exchange at market
prices. Options trading also allows you to hedge
stocks without making significant investments. It is
advantageous because it will enable you to provide
competitive prices to customers, even when gold
prices fluctuate.
Implementing strategies such as offering customers
gold at fixed rates can significantly boost sales and
marketing efforts. By effectively hedging your stocks,
you can reduce risks, ensure financial stability, and
increase your company's market competitiveness.
Therefore, MCX hedging is critical for capital
protection, financial stability, and maximising
sales growth. It is essential to managing risk in the
jewellery industry and ensuring profitability in the
face of market insecurity."
MR KARTHIK SURABI
Secretary - Gold Bullion
Association (Asso.) Coimbatore,
State Vice President - IBJA
(Tamil Nadu); Founder & Partner,
CoSwan Refinery, Chains &
Silver, Coimbatore, Tamilnadu
"MCX is like the essential
breath for anyone in the Gems
& Jewellery industry. It's not
something to be scared of or
too complex to understand. Think of it like the brakes
in a car: just as you use brakes to control your speed
safely, you use MCX to protect your business from
sudden changes in gold prices. It helps us plan better
by offering contracts for gold in Indian rupees, which
is handy, especially during busy seasons. Using MCX,
we can ensure we're buying gold at the best times,
even running schemes without worrying about price
jumps. So, MCX isn't something to avoid; it's a tool that
helps us keep our business steady and secure, making
it a sweet spot in managing risks, not a diabetic."
Market Share
With a market share of approximately 95.64% in terms of the
value of commodity futures contracts traded in the financial
year 2023-24, MCX commands unparalleled dominance in
the Indian commodity derivatives landscape. Its extensive
national reach, boasting 550 registered members and
40,047 Authorized Persons spread across 691 cities and
towns, underscores its pervasive influence. This expansive
network ensures accessibility and inclusivity, empowering
stakeholders across the commodity value chain to participate
in transparent and secure trade mechanisms.
The Offerings
At the heart of MCX's success lies its relentless pursuit of
innovation and its ability to anticipate and meet the evolving
needs of market participants. Central to its offerings is the
flagship index series, MCX iCOMDEX, which comprises
real-time commodity futures price indices. These indices
provide invaluable insights into market movements across key
commodities and segments traded on MCX, empowering
traders and investors to make informed decisions. From the
Composite index to sectoral indices like the Base Metal index
(MCX METLDEX), Bullion index (MCX BULLDEX), and Energy
index (MCX ENRGDEX), MCX iCOMDEX caters to diverse
trading needs, offering a comprehensive snapshot of market
dynamics. Additionally, MCX offers eight single-commodity
indices, including Gold, Silver, Aluminium, Copper, Lead, Zinc,
Crude Oil, and Natural Gas indices, further enhancing its product
portfolio and providing greater flexibility to market participants.
Operational Transparency and Risk Management
Operational transparency is paramount at MCX, underpinned
by stringent measures to ensure fair and efficient trading
practices. The Exchange's margining system, based on
Standard Portfolio Analysis of Risk (SPAN), mitigates risk
and safeguards market integrity. Special sessions and time-
related order conditions provide flexibility and enhance
market efficiency, while options trading offers valuable risk
management tools for stakeholders. MCX's comprehensive
risk management framework ensures stability and resilience
in the face of market fluctuations, instilling confidence
among investors and market participants. With robust
systems in place for order routing, risk management,
market surveillance, and data dissemination, MCX operates
with unmatched reliability and agility. Moreover, the Multi
Commodity Exchange Clearing Corporation Limited
(MCXCCL), a wholly-owned subsidiary of MCX, serves as the
first clearing corporation in the Indian commodity derivatives
market. Leveraging advanced risk management systems,
MCXCCL provides collateral management, clearing, and
settlement services, bolstering trust and confidence in the
exchange ecosystem.

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DR B. GOVINDAN
Chairman, Bhima Jewellery;
State President, AKGSMA;
South Zonal Chairman - GJC;
South Zonal Chairman, IBJA
"I believe that MCX plays a
significant role in shaping the
dynamics of the gems and
jewellery industry. The market
trends and fluctuations in
precious metal prices traded
on MCX directly impact our industry. It is crucial for
us to closely monitor these trends to make informed
decisions regarding inventory management, pricing
strategies, and overall business planning.
MCX provides a transparent platform for price
discovery, helping us gauge the market sentiment and
adjust our operations accordingly. It serves as a vital
tool for us to navigate the complexities of the industry,
enabling us to adapt to market dynamics and make
strategic decisions."
MR K SRINIVASAN
CMD, Emerald Jewel Industry
"I see the Multi Commodity
Exchangeasacrucialelementin
the gems & jewellery industry.
It offers a transparent platform
for trading precious metals,
aiding in price discovery and
risk management.
Multi Commodity Exchange's
standardised marketplace enables businesses to
hedge against price volatility, ensuring procurement,
production, and inventory management stability. This
accessibility fosters competitiveness and innovation,
empowering businesses to focus on growth and
expansion. Additionally, MCX facilitates easier access
to precious metals, enhancing market efficiency
and resilience. Overall, MCX plays a vital role in
empowering businesses within the gems and jewellery
sector to navigate market dynamics effectively and
capitalise on opportunities for sustainable growth."
Operational Resilience
MCX's mission-critical applications and supporting
infrastructure are housed in a cutting-edge Data Centre at its
Mumbai headquarters, replicated at a Near Online Site and a
Disaster Recovery site in Gift City - Gandhinagar. Compliant
with ISO/IEC 27001 and ISO/IEC 9001 standards, MCX
prioritizes information security and operational excellence.
Rigorous testing, periodic audits, and adherence to ISO/IEC
20000-1 and ITIL guidelines ensure operational transparency
and resilience. The Exchange's multi-level defence-in-depth
security strategy, encompassing fault-tolerant servers,
redundant network paths, cooling systems, and fire detection
mechanisms, exemplifies its unwavering commitment to
safeguarding market integrity.
Exploring Commodity Options
MCX has revolutionised risk management strategies with the
introduction of commodity options, offering stakeholders
additional avenues for hedging. These options provide
flexibility to manage price volatility and optimise trading
strategies by aligning closely with underlying futures
contracts. MCX emphasises European-style options, ensuring
simplicity and efficiency in options trading to cater to diverse
market needs. The platform provides transparency, displaying
the best buy and sell orders for each contract and offering
flexible order conditions based on time and price. Initiatives
like special sessions for order cancellation and adherence to
stringent margining systems underscore MCX's commitment
to fairness, efficiency, and integrity.
Advantages of Commodity Trading
Diversification: Commodities act as an efficient way
to diversify one’s portfolio. Commodities have close to
zero association with other asset classes, such as stocks
and bonds. The availability of a wide range of options
helps investors with the diversification process. These
commodities include soya, sugar, grains, steel, silver, and
gold. The best example is the uncertainty of economic
growth; in this scenario, equities decline, but gold prices
rise as money flows into secure assets.
India and Investing in Commodities
Physical Commodities: The simplest way to invest capital in
the commodity market is to purchase commodities physically.
The idea behind buying commodities is that the price will
rise, and you can sell it for a higher price. Precious metals,
like silver and gold, are the best commodities to invest in and
physically store in India.
Commodity Futures Market: Future contracts legalise
traders to buy or sell commodities at pre-set dates and
times—traders who want to profit from the volatility of
commodity prices invest in future contracts.
Commodity-Associated Stocks: To reduce the dangers of
future trading, one must consider investing in commodities-
related firms’ stocks. Investing in such stocks allows the
investors to profit from the price movement in commodity
and reap rewards through share price gain.
Hedging: A massive number of investors use commodities
to hedge their positions. Sugar, iron, maize, and copper
are valuable raw materials for various businesses. To hedge
against price fluctuations, investors take the opposite position
in the commodities futures market. Commodities can be
used as a hedge against certain events. An oil shock may be
catastrophic for the equities markets, but it will lead crude oil
prices to jump.
Inﬂation Protection: Commodities are the best prevention
against a nation with high inflation. Inflation lowers the
currency’s value, affecting the value of equities and bond
assets. Commodities with high inherent value, for example,
gold and silver, retain their intrinsic value.
Liquidity: People perceive commodity trading as the physical
movement of large quantities of commodities that might be
difficult to sell when/if necessary. Well, sorry to break those
assumptions. It is entirely different. Physical delivery is an
option, but investors love to deal in commodities futures,
proving its liquidity. Like other financial assets such as equities
and bonds, derivatives are most likely easily liquidated.

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MR N. A. PADMANABAN
MD, NAC Jewellers
"MCX proves invaluable for
jewellers due to its ability to
navigate rate fluctuations,
particularly in the present
scenario. Opting to cover
large orders or sales through
MCX, especially when other
avenues lack coverage,
remains a preferred choice.
Its significance extends even to the German jewellery
industry, where MCX plays a pivotal role in managing
market dynamics effectively."
A Closer Look at Bullion Markets
In the vast realm of commodities, few assets hold the same
allure and historical significance as precious metals. Precious
metals, owing to their rarity in nature, have historically served
as forms of currency, though today they are primarily seen
as investment and industrial assets. Gold, silver, platinum,
and palladium stand as testaments to mankind's enduring
fascination with rare and valuable resources.
Gold: A Timeless Symbol of Wealth and Stability
Gold, often hailed as the "king of metals," transcends mere
commodity status to embody a symbol of enduring wealth
and stability. With a rich history spanning millennia, gold
has served as a global currency, an investment vehicle,
and a repository of value. Coveted for its beauty, liquidity,
investment allure, and industrial utility, gold maintains its
value and purchasing power, particularly during periods of
inflation. Its unparalleled properties, including malleability,
ductility, corrosion resistance, high melting point, and
recyclability, render it indispensable across diverse industries
such as medicine, dentistry, and nanotechnology.
The demand for gold revolves around four primary
sectors: jewellery, investment, central bank reserves, and
technology. Risk management is paramount for participants
in the gold value chain, prompting the adoption of modern
hedging techniques and financial instruments like gold
futures to enhance efficiency and competitiveness. As
central banks and investors alike hoard gold as a hedge
against inflation and currency devaluation, its status as a
haven asset remains unrivalled.
Silver: The Versatile Metal-Shaping Modern Industry
Silver, sourced primarily from lead ore but also associated
with copper, zinc, and gold, shines as a brilliant grey-white
metal prized for its softness and malleability. With origins
dating back 5000 years to Anatolia, silver mining today spans
across various continents, with Peru, Bolivia, Mexico, and
China among the leading producers. Approximately two-
thirds of the world's silver supply
comes as a by-product of gold,
copper, lead, and zinc mining.
Silver finds extensive applications
across art, science, industry,
and beyond, owing to its
unique properties like strength,
conductivity, reflectivity, and
durability. The demand for
silver predominantly stems
from industry, investment, and
decorative uses, representing
over 95% of annual consumption.
Unlike gold, which is primarily
valued for its monetary properties,
silver derives significant demand
from industrial sectors. Its dual
role as a precious metal and an
industrial commodity lends silver
a dynamic character, subject
to the ebbs and flows of global
economic trends.
Factors Influencing the Market:
• Above-ground supply from central bank sales, reclaimed
scrap, and official gold loans.
• Producers' and miners' hedging interests.
• Macroeconomic factors like currency fluctuations,
interest rates, and economic events.
• Seasonal variations, particularly in regions like India, are
driven by occasions such as weddings and harvest festivals.
Factors Influencing the Market
• Economic events such as industrial growth in countries like
India, financial crises, recessions, and inflation.
• Geopolitical upheavals and armed conflicts impacting
global markets.
• Specific events within the commodity sector, like
production facility expansions or closures, technological
advancements, and industry restructuring.

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MR BIPIN VIRADIYA
Founder & Chairman,
Tanvi Group, President,
INJEWEL
"The correlation between
MCX and gold jewellery
production is intricate, often
mirroring the performance
of the jewellery industry.
MCX stands as India's largest
commodity exchange, while
the country ranks second only to China in gold
jewellery consumption. With a significant portion
of India's jewellery demand reliant on imports,
fluctuations in gold prices invariably impact jewellery
sales negatively.
Nationwide, sales have declined due to soaring gold
prices, reaching record highs. Additionally, individuals
are opting to exchange old jewellery for new pieces
and are constrained by smaller budgets for new sets,
particularly for weddings. Consequently, while there's
a rise in value, there's a downward trend in karatage,
leading to the creation of lighter jewellery sets."
The Multi Commodity Exchange of India Limited
(MCX) stands as the treasure trove of innovation and
integrity in India's commodity trading landscape.
With unwavering commitment, MCX has transformed
commodity trading, elevating India onto the global
stage. Guided by a vision of a unified commodity
market transcending borders, MCX prioritizes
technological advancement and operational integrity.
As India's premier commodity exchange, MCX shapes
the trajectory of the country's markets, fostering
transparency, efficiency, and empowerment.
Through cutting-edge solutions and inclusive growth
initiatives, MCX sets new industry standards, driving
sustainable progress. Positioned at the forefront of
India's evolving economy, MCX empowers market
participants and unlocks opportunities for prosperity.
MCX's relentless pursuit of excellence underscores
its pivotal role in shaping India's commodity
landscape, fostering transparency, efficiency, and
empowerment. In the dynamic global financial
landscape, precious metals like gold and silver serve
as symbols of stability and resilience, reflecting the
enduring legacy of human civilisation. In the dynamic
global financial landscape, precious metals like gold
and silver stand as symbols of stability and resilience,
reflecting the enduring legacy of human civilization
and showcasing the intrinsic value of commodities in
driving economic growth and resilience.
“MCXhasrevolutionisedriskmanagementstrategies
withtheintroductionofcommodityoptions,offering
stakeholdersadditionalavenuesforhedging”
Collaborations and Global Integration
MCX's aspirations extend beyond national borders,
as evidenced by its strategic alliances with leading
international exchanges such as CME Group and the
London Metal Exchange (LME). These partnerships
facilitate knowledge exchange, training, and cooperation
in diverse areas, enabling MCX to leverage global
best practices and stay abreast of international trends.
Moreover, through Memoranda of Understanding with
renowned exchanges like the Dalian Commodity Exchange
(DCE), Taiwan Futures.
Exchange (TAIFEX), Zhengzhou Commodity Exchange
(ZCE), and European Energy Exchange AG (EEX), MCX
In the intricate tapestry of global finance, bullion markets stand
as bastions of stability and resilience. As investors seek refuge
from economic uncertainties and market fluctuations, precious
metals emerge as steadfast guardians of wealth preservation.
Whether as symbols of luxury and opulence or as pillars of
industrial progress, gold and silver continue to captivate
imaginations and shape the contours of the modern economy.
fosters synergies and mutual growth opportunities. These
collaborations not only enhance MCX's global visibility but
also position it as a key player in the global commodity
derivatives market, driving innovation and excellence on a
global scale.
Corporate Social Responsibility (CSR)
MCX's commitment to corporate social responsibility (CSR)
extends beyond philanthropy, embodying a holistic approach
towards creating sustainable value for society. By fostering
inclusion and supporting community development initiatives,
MCX enhances its brand image as a responsible corporate
citizen. Through partnerships with trade bodies, industry
associations, and educational institutions, MCX promotes
awareness, facilitates skill development, and drives overall
growth in the commodity market. CSR activities are viewed as
opportunities to enrich communities while aligning with MCX's
business philosophy of ethical conduct and societal impact.

[ ]
22
VOICE OF JEWELLERS
JAYANTILAL CHALLANI, MD, Challani Group of Companies
"In the diverse landscape of investment opportunities, gold has always held a special
place for investors in India. With a rich cultural history intertwined with gold, the Indian
context of gold trading is unique and fascinating. In the Indian context, gold trading holds
significant cultural and investment value.
Understanding the nuances of gold trading, including its definition, price-affecting factors,
online trading methods, investment options, gold futures and options, and a comparison
with forex trading, is a huge and tiresome process, so any investor who is a buyer of gold
in physical mode would continue to prefer having it in the same way. However, some
investors practice risk management and wish to seize the golden opportunity to continue
to embark on their journey as gold traders. So, looking at the overall scenario, I don’t
see any significant shake-ups in the consumer's buying spree. At the same time, a few
individuals might turn the tables of fortune by trading online."
ASHOK KUMAR JAIN, MD, Laxmi Jewellery Chennai Pvt Ltd
"MCX is a tool to hedge against gold price volatility and protect the value of the
gold stock. Some jewellers are using MCX as a speculative tool to earn more and easier
money. In this way, they lose their hard-earned money. So, the jewellers have to educate
themselves before entering MCX trading."
ADV. S. ABDUL NAZAR, State Treasurer, All Kerala Gold &
Silver Merchants Association
"MCX is well a regulated, simplified transparent, and flexible risk management (hedging)
tool for the jewellery industry: it is very helpful if used effectively. Jewellers can use it as
a hedging tool to protect their stocks and profit margins from price volatility by paying a
minimum margin only. It is very useful for booking, rate fixing, stock accumulation, stock
hedging and bullion delivery. Metal management is very important for the jewellery
industry as business margins are reducing day by day.
It is a misconception and misunderstanding that MCX is a speculative tool but a very
useful risk management tool for all jewellers. So all the jewellers are requested to
understand the mechanism of MCX and bring it as a part of their system to do the
business without market much risk."
NIKHIL PAREKH, Partner, H. P. Jewellers
"The business model that we have implemented in our organisation does not require
a special role for MCX. In fact, MCX is used in our industry mainly for hedging purposes.
Generally, we purchase raw gold (24kt) on an outright basis - after getting the order from
our customer, and then we convert this raw product to finished gold ornaments. In this
process, we have never felt a special requirement of MCX.
However, we strongly feel that the MCX has an important role in the determination of the
price of a product based on the supply of that particular product and based on the demand
for that product in the commodity market. So, the MCX has its unique nature of making the
bridge between the set of buyers and sellers, and it automatically generates the authentic
price of the product in the MCX market. Our society is being served continuously through
the transactions that have been performed on this platform."
INDUSTRY VIEWS ON MCX TRADING

[ ]
24
VIPUL BHUVA, Founder & Chairman, Ciyaza Group
"The relationship between MCX (Multi Commodity Exchange) prices and the price of
gold is typically quite strong because MCX is one of the major commodity exchanges in
India where gold futures are traded. Gold prices influence MCX prices, and vice versa, as
they are both influenced by similar factors, such as global demand, economic conditions,
geopolitical events, and inflation. Traders often analyse the correlation between MCX and
gold prices to make informed trading decisions. When gold prices rise, it usually leads to
an increase in MCX prices for gold futures contracts, and conversely, when gold prices fall,
MCX prices tend to follow suit. However, it's important to note that while there is a strong
correlation, it may not always be perfect due to other factors influencing MCX prices.
There are several ways to hedge against gold price fluctuations, such as futures contracts,
options contracts, forward contracts, gold ETFs, and physical gold - they are used widely
to minimise the risk related to gold and MCX fluctuations."
MAHENDER KHURANA, MD, Sunder Jewellers, Chandigarh
"These days there are a lot of fluctuations which leads to a sudden rise or fall in the
gold and silver prices several times in a single day. This creates instability in the minds of
end consumers that adversely affects the gems & jewellery industry. These fluctuations
are due to the trading in MCX besides the involvement of speculators in the market. This
makes the market more volatile in my opinion along with other factors which are not in our
control. Hence, I feel there should be a ban on future trading to have smooth growth in the
gems & jewellery industry. Only the genuine buyer should be in the market to buy physical
gold in any form for the betterment of our gems & jewellery industry."
KHUSHBOO RANAWAT, Director, Swarn Shilp Chains and Jewellers
"The MCX is a crucial tool in our industry, but its implications and benefits vary
depending on the sector. It involves complexities and risks, such as price volatility and
margin requirements. To effectively navigate MCX, individuals must conduct thorough
research, understand market dynamics, and develop sound risk management strategies.
This balanced approach ensures informed decision-making and mitigates potential
financial losses."
SATINDER JAIN, Owner, Jain Jewellers Legacy
"MCX exerts significant influence on the gems and jewellery industry, ranging
from pricing and risk management to supply chain dynamics and access to financing.
MCX facilitates the trading of commodities including gold, silver and precious metals.
Fluctuations in the prices of precious metals directly affect the cost of raw materials for
the gems and jewellery industry. Hedging can protect from adverse price movements.
Jewellers enter into futures contracts to lock in prices for their raw materials.
Market sentiments and economics can be reflected by the performance of commodities.
A global platform can be provided by MCX allowing businesses in the gems and jewellery
industry to access international markets. Regulatory changes affecting MCX have indirect
effects - Government policies on import /export duties, taxation or trading regulations can
influence market dynamics and business operations. Hence it can be rightly mentioned
that MCX has a deep influence on the gems and jewellery industry."
VOICE OF JEWELLERS

[ ]
26
KUMAR JAIN, Owner, Umedmal Tilokchand Zaveri, Vice President, Mumbai Jewellers
Association; National Spokesperson, IBJA
"MCX allows trading in commodities, but it is important to understand the inherent risks
associated with all financial instruments. Research the market, understand potential
risks and rewards, and have a sound risk management strategy. Improper decisions
can lead to significant financial losses. Prioritise responsible trading practices, avoid
gambling or circumventing financial requirements and understand the full picture
before making investment decisions. Your financial well-being is crucial, so seek
professional guidance if needed."
JAY GHATALIYA, CEO, Nitman Gold Export LLP
"MCX - the Multi Commodity Exchange, significantly impacts the gems and jewellery
industry by offering a transparent platform for trading precious metals like gold and silver.
It facilitates price discovery, enabling jewellers to determine material costs accurately.
MCX also provides risk management tools, allowing industry players to hedge against
price fluctuations.
Moreover, it enhances liquidity and market efficiency, ensuring smooth operations within
the supply chain. Overall, MCX plays a pivotal role in shaping market dynamics, influencing
pricing strategies, risk mitigation efforts, and overall competitiveness within the gems and
jewellery industry."
NILESH SHOBHAWAT, Director, GJC; Partner, Rajmudra Jewellers
" MCX, as a commodities trading platform is a linchpin for pricing dynamics, particularly
in precious metals crucial for jewellery crafting, such as gold and silver. The gems and jewellery
sector is inherently sensitive to material costs, making MCX's impact profound. The platform's
role in price discovery and risk management is pivotal for businesses in the industry. By actively
engaging with MCX, stakeholders can strategically navigate market fluctuations, optimise
costs, and enhance overall resilience to thrive amidst dynamic market conditions. Additionally,
hedging mechanisms on MCX enable businesses to manage price risks."
HITESH (SUBHASH) JAIN, Chairman & Legal Head, ZWBA
"MCX (Multi Commodity Exchange) significantly impacts the gems and jewellery industry
by providing a platform for commodity trading, including precious metals like gold and silver.
The price movements on MCX influence raw material costs, impacting manufacturing and
pricing in the industry. However, the presence of 'dabba trading,' an informal and illegal form of
commodity trading, poses a challenge. Dabba Trading operates outside regulated exchanges,
potentially leading to fraudulent activities and unregulated market practices. This can result in
market distortions, affecting the fair play and transparency essential for the gems and jewellery
sector's stability and growth. Regulating such practices is crucial to ensure a level playing field
and protect the interests of industry stakeholders."
VOICE OF JEWELLERS

[ ]
28
Actress & Style Icon Sonam Kapoor graces
the 7th Artisan Jewellery Design Awards held
in Mumbai
CHAMPIONING TALENT
GJEPC’S ARTISAN JEWELLERY DESIGN AWARDS
CELEBRATE & HONOUR DESIGN & CRAFTSMANSHIP
The 7th edition of The Artisan Jewellery Design Awards, hosted
by the Gem & Jewellery Export Promotion Council (GJEPC) and
powered by GIA, challenged designers to tap uncharted territory
by integrating unusual materials and cherished objects into their
jewellery designs, to infuse their pieces with a unique identity.
Actress and style icon Sonam Kapoor graced GJEPC’s 7th edition
of Artisan Jewellery Design Awards in Mumbai and presented
awards to the winners. Sonam Kapoor graced the stage with an
aura of elegance and charisma along Mr Vipul Shah, Chairman,
GJEPC; Mr Kirit Bhansali, Vice Chairman, GJEPC; Mr Sriram
Natarajan, Managing Director, GIA India; Mr Milan Chokshi,
Convener - Promotions & Marketing, GJEPC; Mr Sabyasachi Ray,
Executive Director, GJEPC bestowed the coveted awards upon
6 Artisan winners.
This year the theme for the Artisan Jewellery Desing Award were
two unconventional themes - ‘Objet Trouvé’ (Found Objects) and
‘Unusual Materials’.
The concept of 'Objet Trouvé' centred around crafting jewellery
pieces that capture the essence of treasured objects from the
past within a contemporary context. While the second theme,
‘Unusual Materials’ encouraged designers to create a dialogue
between the familiar and the unexpected by combining
contrasting materials with at least 50% precious materials.
GJEPC

29
Actress & style icon Sonam Kapoor said, “I am proud to
be a part of the jewellery industry, which showcases India’s
excellence in design and craftsmanship to the world. The
Artisan Awards is a great initiative by the GJEPC to nurture
and celebrate young talent, who are pushing the boundaries
of creativity and innovation. I believe that jewellery is not just
an accessory, but an art form that expresses one’s personality
and style. I admire the Indian designers who create stunning
pieces that blend tradition & modernity, and inspire women
to experiment with different forms and colours. For me, the
artistic value of a jewellery piece is more than the material
value, and that is what makes it truly precious.”
Vipul Shah, Chairman, GJEPC, notes, “The Artisan Jewellery
Design Awards, now in its 7th edition, stands as a beacon
for creative expression in the jewellery design realm. It offers
a coveted platform for talented individuals to unleash their
creativity and showcase their innovative designs. Each year,
this competition brings forth exclusive, never-seen-before
masterpieces that underscore the boundless innovation within
our industry. Through this competition, our aim is to redefine
the landscape of jewellery design and elevate India as a
premier design centre. Aligned with the government’s Make
in India campaign, The Artisan Awards reinforces GJEPC's
dedication positioning India as a leader in design innovation.”
Milan Chokshi, Convener - Promotions & Marketing, GJEPC,
observes, “Each year, we strive to introduce a distinctive
theme, challenging participants by collaborating with curators
to elevate their engagement. Over the past seven years, the
Artisan Awards have assumed increasing significance globally,
with India recognising them as the most coveted accolade. This
prestigious award serves as a driving force, inspiring designers,
budding students, and manufacturers to create thematic
jewels at the highest echelon. The quality of production within
this thematic framework is truly remarkable.”
This jewellery design contest ignited a spark, a wave of
creativity, prompting nearly 600 participants from India
and abroad to push the envelope, and create a new design
grammar. The outcome surpassed expectations, breathtaking
creations that challenged convention.

[ ]
30
The entries underwent thorough scrutiny by a distinguished
jury comprising Ms Alice Cicolini, a renowned UK jewellery
designer; Mr Biren Vaidya, Managing Director of The Rose
Group; Ms Payal Singhal, Fashion Designer; Mr Apoorva
Deshingkar, Senior Director of Education and Market
Development at GIA India; and Mr Toktam Shekarriz, a
jewellery designer based in Dubai.
The technical jury included Mr Devinder Layal, Jewellery
Artiste and Educationist; Ms Meenal Choksi, Head of
Design, Moksh Fine Unseen Jewellery; Ms Sushama
Kalzunkar Sawant, PD & Merchandising Head, Diagold
Creation; Ms Janki Choksi, Founder, Janki Choksi Designs;
Ms Gunjan Sapra, COO & Head of Department - Jewellery
Designs, International Institute of Gemology, and a GIA
Instructor, to honour the best and most talented jewellery
designers.
During this illustrious event, GJEPC also honoured industry
stalwarts whose remarkable contributions have made a
lasting impact on both the domestic and global fronts.
The nominations were evaluated by a distinguished three-
member jury comprising Ms Arundhati De, jewellery expert
and bespoke jewellery shopping consultant; Mr Devinder
Layal and Ms Sushma Kalzunkar Sawant.
Ms Farah Khan, renowned jewellery designer, was honoured
with the Design Excellence Award, while Mr Rahul Jhaveri,
Creative Head and Co-founder of Studio Renn, was
bestowed with the prestigious Global Indian Jewellery
Designer award.
Intergem Exports (YS18) was chosen as the proud recipient
of the Manufacturing Excellence Award, underscoring its
commitment to quality and innovation, while Birdhichand
Ghanshyamdas Jewellers was acclaimed with the Retail
Excellence Award for its exceptional standards and
customer service.
Here’s the verdict of the jury for The Artisan finalists:
Mr Sriram Natarajan, Managing
Director, GIA India, stated, "GIA
India is pleased to support The Artisan
Awards – a platform that fosters a space
where creativity in jewellery design
thrives. Embracing the themes of
'Unusual Materials' and 'Objet Trouve,'
this initiative by the Gem & Jewellery
Export Promotion Council (GJEPC) aligns
with our commitment to pushing artistic boundaries. Our
continued support reflects the shared values of celebrating
creative expression and advancing jewellery designing arts
on a global scale."
Mr Biren Vaidya, Managing Director,
The Rose Group, said, “Judging the
Artisan Awards has been a riveting
experience, witnessing the evolution
of creativity in our field over the last
four decades and observing how the
participants have conceptualised the
story from ideas to designs, crafting
them into jewels using innovation, skill,
and craftsmanship.
Ms Alice Cicolini, Avant-garde UK
jewellery designer, said, “The freedom
afforded to India’s young designers
through these themes is commendable.
Having worked in India for nearly two
decades, I can attest that it stands as
one of the most extraordinary nations
for jewellery production, boasting
incredible craftsmanship. It is refreshing
to see young jewellery designers break free from traditional
constraints, allowing their imaginations to take flight—an
approach actively encouraged by institutions like GJEPC.”
Fashion Designer Ms Payal Singhal said, “The Artisan
Awards highlight a remarkable standard. The ability to
work with challenging materials and produce versatile,
aesthetically pleasing, and finely crafted jewellery is a
testament to the high level of expertise present in our
country. As for elevating jewellery into wearable art,
initiatives like The Artisan (Awards) play a crucial role.
Supporting and motivating young designers and jewellery
brands to embrace this perspective will contribute to the
evolution of jewellery as a form of artistic expression rather
than merely a complement to attire or a symbol of status.”
The two-day art festival was held on February 12th-13th,
2024, at Ice Factory, Ballard Estate, Mumbai, and drew
a diverse audience including curators, art gallery owners,
patrons, art school students and faculty members,
socialites, celebrities, connoisseurs, architects, painters,
sculptors, and jewellery designers.

31
AMONG THE HIGHLIGHTS OF THE EVENT WERE THE
SIX WINNING PIECES THAT CAPTURED THE ATTENTION OF ATTENDEES
UNUSUAL MATERIALS
Inspired by the Konark Sun Temple, the stylised
spherical earrings employ wood, gold, natural
white sapphires, and citrine.
Designed by Dipali Ghadigaonkar
Manufactured by KP Sanghvi Jewels Pvt. Ltd.
Second Runner-up
First Runner-up
The curvaceous black gold bracelet is designed
with areca palm leaves and studded with diamonds.
Designed by Ahalya Vijayakumar
Manufactured by Vummidi Bangaru Jewellers
Winner
Crafted from fine leather, moss agate, gold and
diamonds, the pair of reversible pair of cufflinks
features a discreetly positioned SIM card chip
tying up fashion and function.
Designed by Aparna Kesarkar
Manufactured by Laxmi Dia Jewel Pvt. Ltd.

[ ]
32
OBJET TROUVÉ
The earrings are crafted from genuine one-rupee
notes, featuring 10-paise old, scalloped coins as
posts encased in gold. The folded earrings are
adorned with diamonds.
Designed by Vijay Indulkar
Manufactured by Walking Tree Venture Pvt. Ltd.
Second Runner-up
First Runner-up
Made from pinecone wood, the hair accessory
features two pinecones looped with 22-karat gold
diamond-studded cords of varying lengths.
Designed by Rashmi Kaushik
Manufactured by Kiran Jewels
Winner
The gold danglers use the manjadi kuru, or
lucky seeds (Adenanthera pavonine), capturing
the essence of pure innocence and joy from
childhood.
Designed by Yamini Devasree
Manufactured by Vummidi Bangaru Jewellers

[ ]
34
GJC
GJC’s Preferred Manufacturers of India (PMI)
Successfully held from 6th to 8th February at Gurugram
GJC proudly presents the much-anticipated Preferred
Manufacturers of India (PMI) exhibition, a three-day event
organised from February 6th to 8th, 2024, at the prestigious
Hyatt Regency in Gurugram. The event was inaugurated with
great enthusiasm by distinguished guests - Mrs Vibha Rani,
Director & Head BIS, Faridabad, and Shri R. Arulanandan ji,
Director of the Ministry of Commerce & Industry.
The exhibition featured a dazzling display of 46 stalls,
showcasing their craftsmanship and received a roaring
response from approximately 150 leading jewellers from
across the country. This congregation of talent and expertise
is a testament to the thriving jewellery industry in India and
its ability to set global standards. Attendees explored a
diverse array of exquisite pieces, ranging from traditional to
contemporary styles, all under one roof.
Mr Saiyam Mehra, Chairman, GJC,
expressed his excitement about the
event, stating, “PMI stands as an exclusive
exhibition, not merely a showcase;
it embodies a celebration of the rich
heritage and craftsmanship that our nation
proudly boasts. This platform allows us to
unveil the pinnacle of Indian jewellery to
the world.”
Mr Rajesh Rokde, Vice Chairman, GJC,
echoed this sentiment, adding, “PMI
serves as the quintessence of exclusivity,
bringing together the industry’s finest
minds and talents. It acts as a melting
pot of innovation and tradition, laying
the foundation for the future of Indian
jewellery.”
Mr Madan Kothari, Convener, PMI,
emphasised the significance of the
event in promoting India’s reputation
as a global hub for quality jewellery
manufacturing. He remarked, “PMI
brings together the best manufacturers
in the country, offering visitors an
unparalleled opportunity to witness
the richness and diversity of Indian
jewellery heritage. During this PMI, we have honoured the
Jewels of the North—acknowledging and celebrating their
contributions to the jewellery industry ”
Mr Chetan Thadeshwar, Joint Convener,
PMI, highlighted the importance of
such platforms in driving innovation
and excellence across jewellery
craftsmanship. “Events like PMI not
only showcase existing talent but also
inspire jewellers to push boundaries and
explore new avenues of creativity, this
time we excitedly presented a fashion
show – highlighting exclusive designs. It was an evening of
unparalleled glamour and style, an unforgettable part of our
PMI,” he remarked.
The PMI exhibition at Hyatt Regency, Gurugram successfully
captivated jewellery enthusiasts and industry professionals
alike with its stunning displays and insightful interactions by
making it industry’s favourite business + leisure event – an
extraordinary opportunity to witness the epitome of Indian
jewellery craftsmanship. This exhibition as promised to be
a journey through the finest creations and in-novations,
triumphantly set the stage for a bright and promising future for
the Indian jewellery industry.

[ ]
36
PGI
Wavemaker unveiled an innovative campaign for Platinum
Love Bands featuring anamorphic outdoors and a unique
collaboration with JioSaavn
What better way to celebrate Valentine’s Day than with the
metal of love? Platinum Love Bands aims to elevate the
celebration of Valentine's Day, with the ultimate symbol of
love - rare platinum. Perfect for those ready to embark on
a journey of commitment, or mark a big moment in their
relationship journey, these bands make occasions such as
Valentine’s Day truly unforgettable.
With the ability to make passers-by halt in their tracks,
gigantic digital screens unveil pairs of exquisitely crafted
Platinum Love Bands as they step out of their box. The
viewer is treated to a spectacle of animated Platinum Love
Bands, elegantly rotating around the box as they showcase
their intricate design and craftsmanship. Activated across
all key markets these outdoors truly make the jewellery
designs larger than life and underline the brand’s tagline –
‘For a love so rare’.
But that's not all! In the spirit of Valentine's Day,
Platinum Love Bands also collaborated with the
leading music streaming service, JioSaavn, to provide
consumers with a special opportunity. They can now
create custom dedications for their loved ones through
#PlatinumLoveJukeBox. The initiative enables couples to
curate a personalised playlist for their beloved, selecting
songs that deeply resonate with their unique love story
and language of love. Once completed, this tailor-
made playlist can be easily shared with your partner,
accompanied by a heartfelt, personalized message of
love. Moreover, sharing this special playlist on various
social media platforms becomes an expression of love.
Speaking on these innovative activations,
Sujala Martis, Consumer Marketing
Director, PGI India shared, “Platinum
is the ultimate symbol of modern love.
This month of love, the intent was to
elevate the upcoming Valentine's Day
experience for our audience, with an
innovative visual experience on one hand
via, immersive anamorphic outdoors
that make the lure of platinum seem larger than life. An
exciting partnership with JioSaavn on the other, allows
couples to express their love through music by creating
their playlists for each other. Social media today is a
loud declaration of one’s relationship status encouraging
couples to then share their dedicated playlist on social,
completes the loop.”
Conceptualised and executed by
Wavemaker, Shekhar Banerjee, Chief
Client Ofﬁcer and Ofﬁce Head - West,
North and East, Wavemaker India said,
“Valentine's Day is a time for creating
unforgettable moments and exceptional
experiences with the ones we love. We
understand the importance of crafting
innovative experiences that capture
attention and forge meaningful connections. That's why
we're thrilled to present our latest offering: an immersive
journey featuring PGI's Platinum Love Bands. We aim to
provide an experience that goes beyond the ordinary,
filled with breathtaking visuals and interactive elements
that celebrate the beauty of love. We want to fill the air
with joy and love for all the couples out there, and this
innovative experience is our way of paying tribute to the
power of love.”
With immersive and experiential activations, this
Valentine’s Day, Platinum Love Bands truly aimed to
highlight how the metal of love is an ideal option to
celebrate the month of love.
CELEBRATE LOVE THE PLATINUM
WAY WITH PLATINUM LOVE BANDS

[ ]
38
WGC
GEOPOLITICAL & ECONOMIC UNCERTAINTY
BOLSTER GOLD DEMAND AND PRICES IN 2023
Demand for gold in India for Q4 2023 was at 266.2
tonnes, down by 4% as compared to overall Q4
demand for 2022 (276.3 tonnes)
India’s Q4 2022 gold demand value was INR 250,000
crores, up by 15% as compared to Q4 2022 (INR
217,120 crores)
Total Jewellery demand in India for Q4 2023 decreased
by 9%% at 199.6 tonnes as compared to Q4 2022
(219.9 tonnes)
The value of jewellery demand was INR 187,390 crores,
up by 8% from Q4 2022 (INR 172,780 crores)
Total Investment demand for Q4 2023 at 66.7 tonnes
increased by 18% in comparison to Q4 2022 (56.4
tonnes)
In value terms, gold Investment demand in Q4 2023
was INR 62,610 crores, up by 41% from Q4 2022 (INR
44,340 crores)
Total gold recycled in India in Q4 2023 was 25.6 tonnes,
down by 16% compared to 30.5 tonnes in Q4 2022
Total gold recycled in India in 2023 was 117.1 tonnes,
up by 20% compared to 97.6 tonnes in 2022
Total gold imports in India in Q4 2023 was 217.7 tonnes,
up by 43% compared to 151.8 tonnes in Q4 2022
Total gold imported in India in 2023 was 780.7 tonnes,
up by 20% compared to 650.7 tonnes in 2022
The World Gold Council’s Gold Demand Trends report reveals
that annual gold demand (excluding OTC) fell to 4,448t
in 2023, down just 5% from a notably strong 2022. When
factoring in demand from the OTC markets and other sources,
total demand climbed to a new annual record at 4,899t.
Investment from this opaquer source of demand supported
2023’s highest annual average gold price on record.
The central bank buying streak continued from 2022 at a
blistering rate. Demand reached 1,037t last year, making
it the second highest on record, down just 45t on the
previous year.
In contrast to robust OTC and central bank demand,
ETF outflows continued in 2023, losing 244t in a third
consecutive year of decline, with outflows in Europe
dominating the picture.
Turning to bar and coin investment, demand was subdued
and down 3% as strength in some markets worked to offset
weakness elsewhere. European demand continued to
plummet, down 59% year-on-year. This decline was offset
by a strong post-COVID recovery in China, where annual
demand was up 28% to 280t; combined with notable
increases in India (185t), Turkey (160t), and the US (113t).
The global jewellery market proved to be remarkably
resilient amidst record-high prices as demand inched up by
3t year-on-year. China played an important role, recording
a 17% increase in demand for gold, as it recovered from
COVID-19 lockdowns, offsetting a 9% decrease in India.
Mine production was relatively flat in 2023, up 1%. Recycling
increased by 9%, which was lower than expected given the
high gold price and drove total supply up 3%.
Louise Street, Senior Markets Analyst at the World
Gold Council, commented:
“Unwavering demand from central banks has been
supportive of gold demand again this year and helped
offset weakness in other areas of the market, keeping 2023
demand well above the ten-year moving average.
“In addition to monetary policy, geopolitical uncertainty is
often a key driver of gold demand and in 2024 we expect
this to have a pronounced impact on the market. Ongoing
conflicts, trade tensions and over 60 elections taking place
around the world are likely to encourage investors to turn
to gold for its proven track record as a safe haven asset.
“We know that central banks often cite gold’s performance
in times of crisis as a reason to buy, which suggests demand
from this sector will stay high this year and may help to
offset a slowdown in consumer demand due to elevated
gold prices and slowing economic growth.”
INDIA DEMAND STATISTICS FOR Q4 2023
(OCTOBER – DECEMBER)

39
SVAR
SVAR
39
Somasundaram PR, Regional CEO, India, World Gold Council said:
"India's gold demand in 2023 declined by 3% to 747.5 tonnes strongly influenced
by rising gold prices. Although consumer interest remained high, it lagged
trade sentiment. October's price correction during Navratri stimulated a robust
consumer response, boosting Diwali sales in November. However, demand
declined in December as gold prices resumed an upward trend, resulting in a 9%
drop in Q4 jewellery demand compared to Q4 2022.
“Bar and coin investment in India rebounded, growing by 7% to 185 tonnes
year-on-year. Q4 demand touched 67 tonnes, 64% above the five-year quarterly
average. The correction in gold prices led to some robust investment responses
in Q3 and Q4, supported by increased interest from physically backed gold ETF
investors, setting total holdings in Indian-listed products to a record 42 tonnes
by year-end.
“Recycling was 20% higher due to low and supportive higher prices but at 117
tonnes, could be considered the normative expected level. Net gold imports
surged by 20% to 780.7 tonnes in 2023, primarily due to substantial inventory
building by the trade.
“Looking forward to 2024, India's gold demand should benefit from ongoing
positive economic conditions. The subdued demand ranges of 700-800 tonnes
since 2019 attributable to a continuous rise in prices, increase in duties, stock
market outperformance, near-term elections spending impact and acceptance
of elevated price levels, suggest the potential for a spurt in demand in the near
future. However, any short-term impediments to higher demand could arise from
another round of sharp price hikes and volatility triggered by global factors.”
INDIA GOLD DEMAND FIGURES FOR THE PERIOD OCTOBER - DECEMBER
2023 VS. THE CORRESPONDING PERIOD IN 2022:
INDIA GROWTH FIGURES FOR THE PERIOD OF JANUARY TO DECEMBER
2023 VS THE CORRESPONDING PERIOD IN 2022:
39

[ ]
40
NDC
NATIONAL DIAMOND COUNCIL PIONEERS
TRANSPARENCY AND VALUES IN THE UAE MARKET
I
n a bold move to revolutionise the natural diamond industry in the UAE, the National Diamond
Council (NDC) has initiated its expansion with a soft launch, heralding a commitment to
transparency and ethical values. With a primary mission to elevate the integrity of the modern
diamond jewellery sector, NDC aims to not only educate but also safeguard consumers.
Central to NDC's strategy is the dissemination of accurate information to debunk myths
surrounding diamonds. Through a multifaceted approach, including strategic public relation
campaigns, a revamped website, and vibrant social media engagement, the council intends to
capture the attention of the discerning young luxury consumers.
Collaborations with key industry stakeholders, trade bodies, and esteemed partners like
Malabar Gold & Diamonds, Jawhara Jewellery, and La Marquise Jewellery underscore the
NDC's commitment to fostering a culture of trust and accountability. Leveraging their extensive
reach across diverse media platforms, these alliances have laid a solid foundation for the NDC's
foray into the UAE market.
The soft launch signifies the commencement of a journey towards reshaping perceptions
surrounding natural diamonds in the UAE. As the NDC paves the way for a future where
transparency and authenticity reign supreme, consumers can look forward to a marketplace
characterised by ethical standards and informed choices.
NATIONAL DIAMOND COUNCIL PIONEERS
UAE

[ ]
42
BUDGET
MR VIPUL SHAH, Chairman, GJEPC
“Gem & Jewellery Export Promotion Council (GJEPC) welcomes Union Finance Minister (FM) Smt
Nirmala Sitha-raman’s announcement to make our country Viksit Bharat by FY2047. Exporters will
agree with Hon. FM that globali-sation is being redefined and a new world order is emerging after
the pandemic. For the gems & jewellery exporters, the recently announced India-Middle East-Europe
Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA
trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade
agreements with European countries and others to boost gems & jewellery exports. We welcome
FM coining real G.D.P. growth as well as her emphasis on Governance, Development & Performance.
Before FM pre-sents the full budget and detailed roadmap for the pursuit of ‘Viksit Bharat’ in July, the
Council seeks the inclusion of gems & jewellery artisans and craftsmen in the PM Vishwakarma Yojana,
providing an end-to-end support scheme. Of the increased outlay of INR 11.11 lakh crore announced
by the FM, we seek allocation towards modern infrastruc-ture such as Jewellery Parks for boosting
gem & jewellery exports from India. As 80%+ of the gems & jewellery in-dustry are MSMEs, we urge
FM to include Government schemes for the gems and jewellery that will help the sector compete
globally, including the skilling and training for MSMEs. We eagerly await FM’s detailed strategy for
Amrit Kal and an economic export policy with Sustainable Reform, Perform and Transform earning
Sabka Vishwas for the next five years of unprecedented development."
THE ECONOMIC REFLECTION
OF THE INTERIM
BUDGET 2024
The rise in disposable income due to the strong economy
has sparked a significant change in what consumers
prefer. People are now leaning towards acquiring items
that hold deeper meaning and lasting value, reﬂecting a
shift towards more meaningful acquisitions. Though not
a remedy for all demands, the interim budget introduced
strategic measures for the gems and jewellery sector.
As the budget unfolded its chapters, the spotlight fell on
the lab-grown diamond sector, gleaming with promise. A
reduction in customs duty from 5% to 0% paves the way for
a flourishing future in lab-grown diamond manufacturing. The
industry anticipates an encouraging wave towards innovation
and sustainability.
Although import duties on precious metals remain unchanged,
the interim nature of the budget prompts hope for future
considerations. The provision allowing the conversion of
physical gold to electronic gold without capital gains is a
positive step toward digitisation.
The budget placed a strong emphasis on inclusive and
decentralised economic growth, aiming to position
India among developed nations. Initiatives like creating
an MSME-friendly regulatory environment and offering
advanced training for global competitiveness are poised
to empower gems and jewellery exporters, contributing
to high-octane economic growth. Additionally, the PM
Vishwakarma Yojana's support for artisans plays a crucial
role in preserving traditional craftsmanship.
India's economic growth in the past decade, marked by
a significant increase in Foreign Direct Investment (FDI),
is commendable. The 'First Develop India' (FDI) initiative
encourages foreign partnerships, showcasing a collaborative
spirit for economic progress. The India-Middle East-Europe
economic corridor is touted as a key enabler for Indian gems and
jewellery exporters to establish new trade relations overseas.
With the Interim Budget 2024, India moves a step closer to the
vision of a 'Vikasit Bharat' by 2047. As the gems and jewellery
sector steps into the future, it anticipates a transformation
adorned with economic prosperity and inclusive growth,
resonating with the broader aspirations of the nation.

43
MR AMIT PRATIHARI, Vice President, De Beers Forevermark
"We welcome the interim budget announced by FM Nirmala Sitharaman and commend the
government of India's consistent efforts in ensuring inclusive growth as well as recognising the pivotal
role of women in economic transformation through a diverse array of initiatives.
"The country's phenomenal growth trajectory and economic prowess in the past decade have been
nothing short of extraordinary, particularly the surge in FDI, which witnessed a two-fold increase
over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi's
commitment and vision for fostering a thriving economic landscape. The 'First Develop India' (FDI)
initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards
economic progress. Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in
empowering India's artisan community. With benefits extending across 18 trades, it symbolises the
Government of India's holistic approach towards preserving traditional craftsmanship and contributing
significantly to the nation's economic fabric."
MR T.S. KALYANARAMAN, Chairman & Managing Director, Kalyan
Jewellers
"Amidst the thriving economy, the interim budget conveys an overall positive outlook. The current
robust economic conditions in the country have led to increased disposable income, thereby directly
boosting consumer purchasing power. This favourable shift is evident in the jewellery industry,
where consumers are inclined towards acquiring items that hold meaning and value, such as Natural
Diamonds. The government's initiative to promote women's entrepreneurship is also poised to inspire
numerous women to become self-sufficient, fostering self-purchasing capabilities, and creating a
brighter future."
MR VARGHESE ALUKKA, Managing Director, Jos Alukkas
"The interim budget has not lowered the import duties on precious metals and diamonds and has
not raised credit card transactions. But we understand the interim nature of the budget, and we are
hopeful that the jewellery industry, one of India's sunrise industries, will receive focused attention and
address our needs."
MR COLIN SHAH, Managing Director, Kama Jewelry
"The budget lays strong emphasis on inclusive and decentralised economic growth that will position
India among the supremacy of developed nations. The game-changing strategic move of creating an
MSME-friendly regulatory environment and facilitation of advanced training to trade and compete at
a global level will empower a large number of gems and jewellery exporters, thus driving high-octane
economic growth for the country.
"The recently announced India-Middle East-Europe economic corridor will act as a key enabler that
will help Indian gems and jewellery exporters establish new trade relations in the overseas markets.
Overall, the announcements made in the interim budget showcase the vision of the government to
lead India towards the goal of Vikasit Bharat by 2047."
MR BIPIN VIRADIYA, Founder & Chairman, Tanvi Gold Cast | YUG
"The interim Budget announcement does not have anything spectacular for the gold jewellery
manufacturing sector as there is no relaxation on import duty, which was highly expected. Still, on
a positive note, the provision that allows the conversion of physical gold to electronic gold without
attracting any capital gains is welcome. This move is directed towards digital push and promotion of
investments in gold in electronic form. However, it is a positive sign for the industry that lab-grown
diamonds will get a massive push as the customs duty is reduced to 0% from 5%, so definitely, in the
time to come, the industry will flourish in lab-grown diamond manufacturing."

[ ]
44
INDUSTRY LEADERS
MALABAR GOLD & DIAMONDS
Malabar Gold & Diamonds, the jewellery retailer with
over 340 showrooms across 12 countries, is on a dazzling
expansion spree where they are planning to open 37 new
stores outside India in the FY 2024-25. Driven by the
vision to become a leading global brand, the
company is strategically venturing into
new territories while strengthening its
presence in existing markets.
In this exclusive with
Mr M.P
. Ahammed, Chairman, Malabar
Gold & Diamonds sheds light
on the company's exciting ex-
pansion plans, its vision for the
international market, and its
commitment to responsible
sourcing and giving back to the
community. With insights into
emerging trends and future-
proof initiatives, this interview
promises to be a gem for
anyone interested in the world
of jewellery and the inspiring
journey of a global brand.
Global Expansion
Malabar Gold & Diamonds, the jewellery retailer with
over 340 showrooms across 12 countries, is on a dazzling
expansion spree where they are planning to open 37 new
stores outside India in the FY 2024-25. Driven by the
vision to become a leading global brand, the
company is strategically venturing into
new territories while strengthening its
presence in existing markets.
In this exclusive with
Mr M.P
. Ahammed, Chairman, Malabar
Gold & Diamonds sheds light
on the company's exciting ex-
pansion plans, its vision for the
international market, and its
commitment to responsible
sourcing and giving back to the
community. With insights into
MR M.P. AHAMMED
Chairman, Malabar Gold & Diamonds

45
Can you provide insights into Malabar Gold's current
expansion plans? Are there specific regions or markets
that are a priority for expansion?
We presently have over 340 showrooms in India and across
12 countries. In India, we have 196 showrooms. Encouraged
by the support of our customers, shareholders, employees,
and stakeholders, we remain committed to strengthening our
foothold in markets where we already have a presence and
venturing into new territories with our exquisite offerings. We
aim to become one of the leading jewellery retailers worldwide.
As far as global expansion is concerned, we have expanded
into the UK, Canada and Australia, and we have plans to set
up our retail presence in countries like Turkey, Egypt, South
Africa and Bangladesh. Through our international hub at Dubai
Gold Souk in the UAE, we are driving operational efficiency
and strategising global expansion, which aligns with our vision
to make it in India and market to the world.
In India, we are also expanding our retail presence. The
organised jewellery retail market is still underpenetrated and
underleveraged in India, and gold jewellery is an integral part of
our socio-economic fabric. So, the growth prospect of organised
jewellery is huge. We aim to bolster our retail presence in India
and venture into new markets like Jharkhand, Puducherry,
Uttarakhand, Jammu and Kashmir, Goa, Assam, Tripura, etc. We
have set up our National Hub in Mumbai to drive our domestic
retail expansion. We have 339 stores globally and aim to open
six more by the end of this financial year.
With the changing economic landscape and the increasing
gold rates in India, what adjustments or initiatives is
Malabar Gold considering to maintain a strong presence
and relevance in the Indian market?
Over the last three decades, we have built a robust retail
presence nationwide based on our ability to cater to evolving
sensibilities and offer a world-class shopping experience.
Transparency and quality standardisation are at the core of
our operational framework. Being a jewellery retail chain,
we have positioned Malabar Gold & Diamonds as a one-
stop destination for all jewellery needs. Our extensive range
of jewellery covers all sensibilities, categories, lifestyles,
occasions and age groups, such as traditional, bridal, fusion,
45

[ ]
46
new-age, lightweight, etc., apart from the regular roll-
out of gold, diamond, platinum, and precious gemstone
designs. Apart from our collections and regular offerings,
our customer engagement runs deeper than gold price
movements. Having said that, we continue to diversify our
design offerings to serve more people, keeping in mind
the affordability, which is sometimes impacted by gold
price movements. Our One India On Gold Rate offers the
benefits of uniform and transparent gold pricing in India.
With a global presence, what are your views on the
acceptability of Indian handcrafted jewellery in the
international market?
Indian handcrafted jewellery is admired worldwide for its
intricate craftsmanship and timeless elegance. There is a
healthy demand for Indian handcrafted jewellery globally,
and that strong demand has motivated the government
to set a target of USD 100 billion in jewellery exports
by 2027. That said, what we aim to achieve is to build
a globally renowned jewellery retail brand banking on
the growing acceptability and popularity of Indian hand-
crafted jewellery, catering to the evolving sensibilities of
the Indian diaspora and customers from other nationalities.
Are there any emerging market trends or consumer
preferences that you believe will substantially impact
the jewellery industry, and how is Malabar Gold
preparing for them?
The evolution of design preferences is dynamic, and
we always add new designs to meet the evolving
preferences. However, what is quite interesting to note is
that customers are increasingly becoming sustainability-
conscious and emphasising ethical sourcing
more. Going forward, the trend will have a more
profound impact on the jewellery trade. That is
why we have recently collaborated with Rand
Refinery to source 100% traceable gold. In fact,
responsible sourcing is one of the core tenets of
our operations.
Could you discuss Malabar Gold's approach
to corporate social responsibility, especially
in the communities where you operate?
We allocate 5% of the company's profit towards
social welfare initiatives to make a tangible
impact on the lives of the people in need.
So far, we have allocated INR 2,26,69,16,400
towards our CSR initiatives. Our CSR initiatives
focus on health, housing, a hunger-free world,
education, the environment, and women's
empowerment. For instance, in partnership
with Daya Rehabilitation Trust, Malabar
Charitable Trust runs 'Hunger-Free World’ to
eradicate hunger. Under this initiative, which
aligns with the UN Sustainable Development
Goal, over 30,000 food kits are distributed daily
from 24 food distribution centres in different
states. Our target is to offer food to one
lakh people in the near future. We have also
launched Grandma Home, a destitute home
providing shelter, food, clothing, and medical
assistance to the homeless and vulnerable. We
have launched this initiative in collaboration
with Thanal-Daya Rehabilitation Trust.

[ ]
48
RETAIL
Chairman, Jos Alukkas Group
MR JOS ALUKKA
Jos Alukkas was founded in 1964 on a mission to offer finely crafted jewellery with
the purest gold and fine gems. The visionary Chairman of the Group, Mr Jos Alukka,
revolutionised the jewellery industry in his quiet but resolute ways. Jos Alukkas
brought in the concept of ready to wear jewellery at a time when made-to-order held
sway, to become the jewellery supermarket of Kerala, and further now, a globally
recognized brand.
Jos Alukka was the first jeweller from Kerala to open a store in UAE. There he
discovered the international mark of purity, the 916 stamped gold and learnt the
process to enhance purity of gold to obtain this certification. Jos Alukka decided that
what the world can get so should his people. He became the first jeweller in India
to offer exclusive 916 stamped gold jewellery and the first ISO 9001:2000 certified
jewellery group in the world. Today it is the foremost to offer 100% HUID jewellery.
The sparkle of purity in gold jewellery now seen across the jewellery market can be
largely attributed to Mr Jos Alukka.
In the Pursuit of
Pure Excellence
JOS ALUKKAS
[ ]
48

49
A Glowing History
The journey of the group began with Mr Alukka's father,
Alukka Varghese, venturing into the gold business
in 1964. Jos, the eldest son, inherited the mantle and
transformed the family's vision into a thriving enterprise.
The legacy of commitment has been energised with his
three sons bringing their new generation ideas into the
group. Varghese Alukka, Paul J Alukka, and John Alukka
are ready to translate their years of in-depth training
under their legendary father to take the Jos Alukkas
group to new heights.
The Glittering Designs
Jos Alukkas with its personalised designers is able
to bring to the market designs that are unique and
standalone in craftsmanship and aesthetics. The brand
revels in using sparkling gemstones and the finest
diamonds to create scintillating jewellery that perfectly
complement traditional wear as well as party wear.
Their special lightweight jewellery is crafted to delight
the young woman who has a spring in her step and a
song in her heart.
The intricately designed traditional and grand wedding
jewellery of Jos Alukkas have a very loyal following.
Families, through generations, have been buying at the
creative line-up inside a Jos Alukkas showroom.

[ ]
50
Personalised Service and Online Convenience
Understanding that jewellery is a deeply personal
expression, Jos Alukkas offers personalised
service at every stage of the customer journey.
Interesting exchange schemes, generous price
offs and surprise gifts make buying at Jos
Alukkas a memorable experience. Always a
forward thinking group, Jos Alukkas’ online store
is extremely user friendly and enables it to open
its range of jewelleries to the world.
Embracing the Future
Jos Alukkas has embarked on an ambitious
growth drive of opening over hundred and fifty
showrooms within a short time.
Jos Alukkas stands not just as a jewellery brand but as a custodian of cherished memories,
a purveyor of timeless elegance, and a symbol of an enduring legacy. With a rich history, a
commitment to excellence, and a vision for the future, Jos Alukkas continues to shine as a beacon
of unparalleled craftsmanship and unparalleled customer experience in the world of fine jewellery.

[ ]
52
INTERNATIONALBRAND
The Opulent Artistry of
Could you share the journey that led you to become a
jewellery designer? What inspired your unique design
aesthetics in jewellery?
Since childhood, I've been entranced by the allure of unique
and daring jewellery. My great-grandmother's boldness in
adorning herself with such pieces left an indelible mark on me,
inspiring me to pursue my own creative path.
My design ethos is exemplified in my award-winning
minaudiere creations, crafted from salvaged wood and
bamboo, juxtaposed with metal, precious stones, and genuine
pearls. Nature serves as my ultimate muse, offering an endless
wellspring of inspiration. I find particular fascination in the
grandeur of towering trees and the intricate textures they
possess. These natural elements influence my handmade
jewellery and minaudieres, as I strive to imbue each piece with
the essence of the natural world.
What does Creativity mean, as per Ann Ong?
Creativity is the embodiment of originality, stemming from
both imagination and instinct interwoven into our daily lives.
Personally, I find inspiration for my creative endeavours from
a myriad of sources – from my travels around the globe to
the serene landscapes surrounding my home. There's a special
connection I feel with nature when I embark on walks through
mountain trails; it's during these moments that my mind is
most receptive to new ideas.
Moreover, I believe creativity is a divine gift, bestowed upon
us by a higher power. By aligning ourselves with positivity and
tapping into our innermost potential, creativity becomes an
ever-present force in our lives.
My journey as a designer has been marked by notable
accolades and achievements. In 2022, I was honoured with
the prestigious Paris Premiere Classe x Eyes On Talent award
for my innovative salvaged wood minaudiere, transforming
ordinary materials into luxurious functional art. Additionally,
my commitment to sustainability in fashion was recognized at
the New York NPW International trade show in 2016, where I
was bestowed with the title of Best Designer for Sustainability.
Furthermore, my dedication to craftsmanship and innovation
earned me three consecutive awards at Manila Fame from
2012 to 2013, the highest honour bestowed upon Filipino
designers. Among my proudest creations are the intricately
designed bags crafted from coconut twigs, the exquisite
salvaged wood minaudiere, and the captivating Binanig
minaudiere, each a testament to my passion for blending
sustainability with style.
MS ANN ONG, Jewellery Designer Founder, Ann Ong Jewellery
Ann Ong, a globally recognized
and multi-awarded high-fashion
jewellery designer, is renowned
for her visionary creations.
Embarking on her design
journey in 2012, she champions
sustainability and artistry as
the cornerstone of her brand.
Inspired by the beauty of
nature, she transforms organic
elements into opulent fashion
pieces, celebrating what
she fondly terms "nature's
lovely imperfections." With a
commitment to craftsmanship
and a keen eye for detail, Ann's
designs resonate with elegance
and sophistication, captivating
audiences worldwide.
ANN ONG

53
The fine jewellery industry is witnessing a wave of
innovation with a plethora of materials and unconventional
elements. How do you perceive this trend?
It is undeniable that the landscape of fine jewellery has
experienced a wave of innovation, particularly in the wake of the
pandemic. As the world undergoes significant transformations,
women are seeking pieces that not only bring them joy but also
reflect their individuality. This shift in consumer preferences has
led to a growing interest in unconventional elements within
jewellery design.
I've long held the belief that there's a market for every designer,
no matter how niche or unconventional their creations may
seem. In today's dynamic and ever-evolving market, there's an
increasing demand for unique and one-of-a-kind pieces that
speak to personal style and expression.
Can you discuss the need for patenting jewellery designs?
What considerations are essential for designers seeking to
protect their creative work?
I firmly believe in the importance of safeguarding and patenting
designs. At Ann Ong Jewelry, we take pride in cultivating our
unique DNA, crafting pieces that are not only distinctive but
also tailored to a specific market.
In your opinion, what sets exceptional jewellery pieces
apart from the rest? What qualities or elements make a
piece truly stand out?
Within the realm of jewellery, exceptional pieces manifest
in various forms and shapes. Each piece we create at Ann
Ong Jewelry is imbued with a sense of exceptionalism,
with our minaudieres standing out as prime examples.
Handcrafting, an art form often overlooked in today's fast-
paced world, is the cornerstone of our creations. These
exceptional pieces are crafted with the utmost care and
dedication, reflecting the heart and soul of the artisan
behind each masterpiece.
- Ann Ong -
"Nature always inspires me. I channel
those inspirations to every piece 1 make."

[ ]
54
GEMEDGE UNVEILS
FACETING THE FUTURE OF JEWELLERY 2025+
T H E U L T I M A T E T R E N D R E S O U R C E F O R F I N E J E W E L L E R Y
Masterminded and researched by experienced
industry experts, Nancy Leach, Birgit Rieder, and Sarah
Birklbauer, together with jewellery historian, journalist
and forecaster, Vivienne Becker, and an international
team of visionaries, insiders, and disruptors.
The GEMEDGE mission is simple: to delve beneath the
surface, offering guidance, inspiration, and direction to
companies – brands, manufacturers, workshops, design
studios and other jewellery enthusiasts – as they evolve
and expand. To support businesses and designers in
challenging the status quo, promoting true design
excellence and innovation, elevating our industry, and
keeping creativity alive.
GEMEDGE offers in-depth insights that are authentic,
intricately detailed, and painstakingly researched to
cater to the needs, demands and challenges of a fast-
changing jewellery world. Throughout the presentation,
GEMEDGE brings you exclusive interviews with key
players in the industry, from mining and technology,
through design and creativity to branding and retail,
sharing their ideas, opinions, and visions for the future.
Additionally, you will find insights on consumers, trend
perspectives with uncountable inspirations and a fully
interactive experience not just to look at but to delve
deeper into it.
Presented annually in expansive, lusciously illustrated
detail, GEMEDGE will be updated during the year, with
specific insights, as the team keeps its finger on the pulse.
GEMEDGE is pleased to unveil the first edition of the new and dynamic market intelligence
and trend resource for the global jewellery industry. Presenting in-depth analysis, macro
social and cultural trends, consumer profiles, and design directions looking ahead to 2025
and beyond. GEMEDGE 2025+ is an interactive workbook, seeking to support and inspire
the various players within the industry.
SVAR
SVAR
[ ]
54
TREND FORECASTING

55
GEMEDGE 2025+ – AN OVERVIEW
The overarching theme of the first GEMEDGE is
Polarities.
We delve into the compelling dynamics of the
polarities and dualities that are found everywhere
in the world today. Our exploration traverses the
realms of art and science, the ancient and the
avant-garde, and the tangible versus the virtual.
The Macro Movements: We call our megatrends
and macro-movements EDGES.
THE EDGE OF CREATIVITY – looking at topics
including Haute Imagination, the return of the
goldsmith, magic, and alchemy, old meets new.
THE EDGE OF SOCIETY – we look at the ever-
increasing importance of sustainability, at fake
versus real, quiet luxury and an awakening of
consciousness, and the shift to thrift.
THE EDGE OF TECHNOLOGY – we explore Web
3, AI, the metaverse and the digital renaissance
of jewellery, the meeting of innovation and
heritage.
THE EDGE OF INDUSTRY – this delves into key
challenges facing the industry, how to navigate a
fast-changing landscape, digital transformation
and social commerce, customer engagement,
the importance of education and the vital role of
branding in an age of disruption.
Design Directions & Storytelling Inspiration:
UNVEILING
THE
FUTURE
CRAFTING
TOMORROW‘S
JEWELLERY
NARRATIVES

[ ]
56
CLASSICS
Celebrating the journey from past to future,
this is an homage to the timeless interplay
between creativity and craftsmanship.
GLAMOUR AND STATEMENT
We ask what it means to make a statement
today, how to embody glamour, exploring a
world where audacity meets elegance.
WELLBEING
How does nature guide us in the future of
jewellery? We see a profound shift in mind-
set and a new connection to the natural
world, a new awakening.
ROMANCE
Reimagining intimacy, we ask what romance
looks like in the future, its fusion of history
and modernity.
PROGRESSIVE
We test the boundaries between reality and imagination,
boundaries broken by progressive visionaries in design,
craftsmanship and technology.
These are the design trends and storytelling stimuli that we call
PERSPECTIVES and that we believe will shape jewellery design in
2025 and beyond.
We group the design trends or narratives into five stylistic categories,
which hold several different directions each:
PERSPECTIVES 2025+
“We envisage GEMEDGE as far more than a guide; we hope it will become a
cornerstone of the jewellery industry, providing a comprehensive overview and a
springboard for initiatives.
Our aim is for GEMEDGE to empower you to shape strategies, dream up designs,
plan collections, and create narratives. All with a steadfast commitment to support
you in all endeavours, from the first spark of inspiration to final realization, at every
stage of the journey, at every turn. At every Edge. We believe that jewellery has
the power to tell stories, to engage through emotions, to connect people, and
inspire change. Together, we’ll create magic, one gemstone at a time.”
OUR MOTIVATION
FOR CREATING
GEMEDGE

SVAR - The Voice of Jewellers, February 2024 Issue (2).pdf

SVAR - The Voice of Jewellers, February 2024 Issue (2).pdf

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