TBZ's Showstopper Collection Personifies Sophistication

The new collection is aimed at the festive season and urban Indian women, who believe in style with simplicity.

Post By : IJ News Service On 11 October 2012 3:44 PM
%%Gold Jewellery Also Hit by US Melt-Down - Our Mumbai Correspondent %% The diamond trade by and large is concerned about lack of usual pickup in overseas demand, even when September is already over and the Christmas season is drawing nearer. Notwithstanding some well-established firms might be getting direct orders from their regular clients, fears persist that during the ensuing Christmas season, diamond and jewellery business in the USA, the world’s largest market for these products, might be lower than in the last years. Christmas was lately becoming rather a tame event. %%{{Shadow of Sub-prime Crisis :}}%%According to sources, sub-prime crisis in the USA which led to a wider credit-crisis and job losses has cast its ominous shadow on the markets for luxuries like diamond and jewellery. While high-end and quality products continue to be picked up by the affluent people even at higher prices, there is lack of adequate demand for low and medium quality products.%%{{Manufacturers Facing Problems :}}%%However, most manufacturing units are turning out low and medium quality products and they are finding it extremely difficult to sell their products as both the US and Japan are on the brink of recession, leading to a sharp decline in consumer confidence and consequent fall in demand for luxuries. A number of units are reported to be nursing substantial unsold stocks, forcing them to borrow even at interest rates ranging from 24 to 30 per cent per annum. The setbacks suffered by the markets for stocks and properties have added to the problems of many in this business too. This has added to money stringency as well in the market. %%{{Turmoil in Rough :}}%%However, taking advantage of the mismatch between the supply of rough and the extended manufacturing capacity, producers have been jacking up prices of rough intermittently. However such price-hike in July last, has shocked the manufacturers so much that the premiums which used to prevail in the open market till then, disappeared suddenly and certain goods were actually available at discounts ranging from 5 to 6 per cent.%%{{One Lakh Workers Out :}}%%In view of the lack of adequate overseas demand, the Indian industry is estimated to be working around 60 per cent of its capacity. Already, it has discharged about one lakh workers. A number of manufacturing units remain wholly or partially closed. Of course, bigger sizes and better qualities are still selling and fetching good prices. However, it is becoming increasingly difficult to sell other varieties.%%{{Gold Jewellery Units in Trouble :}}%%Some of the gold jewellery manufacturing units that have been set up in the SEEPZ as well as outside, mainly for the manufacturing of jewellery for the US market, are badly hit by the economic slowdown in the USA. Some of these units have nearly rolled down their shutters down and owners of some of them would like to part with their units, if only buyers could be found. This, however, remains a difficult task.%%{{Fears About Christmas Prospects :}}%%Overseas buyers in the market were few and far between till September, giving rise to fears that the ensuing Christmas season might prove a tame affair. It is considered likely that many manufacturers might observe a longer Diwali vacation this year.%%{{Diamond Exports Upswing :}}%%Meanwhile, provisional figures of shipments released by the Gem & Jewellery Export Promotion Council indicate that dispatches of cut and polished diamonds from the country in the first five months (April-August of 2008-09) have been higher at US$ 6,587.35 million (Rs. 27,133.30 crore), against US$ 5,364.28 million (Rs. 22,197.37 crore) in the same period a year ago, showing an increase of 22.80 per cent in dollar terms and 22.24 per cent in rupees. Despatches, however, do not indicate actual sales because of returns of unsold diamonds later. In terms of volume, dispatches were about 10.44 per cent higher at 184.67 lakh carats against 167.21 lakh carats in the same period of the previous year.%%{{Jewellery Outflow Declines :}}%%Exporters of gold jewellery are facing trouble. In the first five months (April to August of 2008-09), shipments of gold jewellery have fallen to US$ 1,875.09 million (Rs. 7,723.50 crore) from US$ 1,954.89 million (Rs. 8,089.35 crore) in the same period of the earlier year, indicating a decline of 4.08 per cent in dollar values and 4.52 per cent in rupee terms.%%{{Rough Imports Upbeat :}}%%Imports of rough diamonds during the period have been of the order of US$ 4,984.61 million (Rs. 20,915.43 crore), against US$ 4,251.17 million (Rs. 17,714.61 crore) indicating a rise of 17.25 per cent in dollar terms and 18.07 per cent in rupees. Imports of polished diamonds during the period show a rise of 78.49 per cent in dollar terms and 79.74 per cent in rupee terms, as they stood at US$ 3,226.56 million (Rs. 13,538.64 crore) against US$ 1,807.65 million (Rs. 7,532.49 crore) in the same period a year ago.%%{{Bullion Pushed Up :}}%%In view of the stock market and property market debacles as well as decline in prices of crude and metals speculators suddenly turned their attention to bullion, pushing up prices of both gold and silver. In the overseas market gold was quoted at US$ 874 per oz. and silver at US$ 12.65 per oz. on September 20, while in the domestic market standard gold was placed on the same day at Rs. 12,725 per 10 grammes and silvers at Rs. 20,600 per kg. while the demand for jewellery remained subdued because of high values, Speculative demand helped in maintaining prices at high level.
period of the previous year.%%{{Jewellery Outflow Declines :}}%%Exporters of gold jewellery are facing trouble. In the first five months (April to August of 2008-09), shipments of gold jewellery have fallen to US$ 1,875.09 million (Rs. 7,723.50 crore) from US$ 1,954.89 million (Rs. 8,089.35 crore) in the same period of the earlier year, indicating a decline of 4.08 per cent in dollar values and 4.52 per cent in rupee terms.%%{{Rough Imports Upbeat :}}%%Imports of rough diamonds during the period have been of the order of US$ 4,984.61 million (Rs. 20,915.43 crore), against US$ 4,251.17 million (Rs. 17,714.61 crore) indicating a rise of 17.25 per cent in dollar terms and 18.07 per cent in rupees. Imports of polished diamonds during the period show a rise of 78.49 per cent in dollar terms and 79.74 per cent in rupee terms, as they stood at US$ 3,226.56 million (Rs. 13,538.64 crore) against US$ 1,807.65 million (Rs. 7,532.49 crore) in the same period a year ago.%%{{Bullion Pushed Up :}}%%In view of the stock market and property market debacles as well as decline in prices of crude and metals speculators suddenly turned their attention to bullion, pushing up prices of both gold and silver. In the overseas market gold was quoted at US$ 874 per oz. and silver at US$ 12.65 per oz. on September 20, while in the domestic market standard gold was placed on the same day at Rs. 12,725 per 10 grammes and silvers at Rs. 20,600 per kg. while the demand for jewellery remained subdued because of high values, Speculative demand helped in maintaining prices at high level.

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