JB Insights
AGTA Spectrum Awards 2023
The American Gem Trade Association (AGTA) announced the winners of the 2023 AGTA Spectrum & Cutting Edge Awards.This year’s competition took place Oct. 24–25 in Dallas, at the Omni Frisco Hotel at the Star.
There were two Best of Show winners at the 2023 AGTA Spectrum Awards. One was a spectacular 15.22 ct. black opal ring by Niveet Nagpal of Omi Privé; the other, representing the Cutting Edge category of loose gems and carvings, was a suite of four oval paraiba tourmalines totaling 31 cts. from Joseph Ambalu of Amba Gem Corp.
Entries to this year’s competition are 24% greater than last year, with a 28% increase in the Business/Day Wear category and a 26% increase in the Evening Wear category.
While there were—not surprisingly—many Sapphires and Sapphire jewels entered in the competition, other trends included Tourmaline, Garnet (including many tsavorite Garnet-accented pieces), enameled jewels, cabochon-cut gems, natural Pearls, and finished jewels with fantasy-cut or carved gems as focal points.
In the Spectrum division, extraordinary entries included an exceptional 5.34 ct. kite-shape Mahenge Spinel in the Business/Day Wear division and a massive two-piece platinum and 18K gold necklace with nearly 73 carats of Garnet in the Men’s division. In Cutting Edge, meanwhile, loose gems ranged from a 9.49 ct. peach Mahenge Malaya Garnet to a 10.42 ct. oval Portuguese-cut Rhodochrosite. There were also a number of green gems entered into both divisions of the competition this year.
One of the most talked-about pieces in the AGTA Spectrum competition was a necklace featuring various species of garnet that won the Best Use of Platinum and Color award.
“This year’s Awards are one of our best ever,” says CEO John W. Ford Sr., who has now been at the helm of AGTA for over a year. “We had an additional 100 entries this year over last, and many of them had stunning green and blue-green gems.”
Many of the winning pieces will be on display during the 2024 AGTA GemFair Tucson, Jan. 30–Feb. 4. 2024
JB Insights
India’s ₹361 Lakh Crore Gold Reserve Lies Idle; PM Modi Calls For Recycling To Cut Imports
With An Estimated 32,000 Tonnes Of Gold Sitting Unused In Homes and Temples, The Government Sees A Massive Opportunity To Reduce Imports, Strengthen The Economy, and Build A More Sustainable Gold Ecosystem.
India is sitting on one of the world’s largest untapped gold reserves, with 30,000–32,000 tonnes of gold held by households and temple trusts across the country. Valued at nearly $3.8 trillion (around Rs. 361 lakh crore), much of this gold remains locked away in cupboards, lockers, and vaults, generating little economic value.
Highlighting the importance of this dormant asset, Prime Minister Narendra Modi recently encouraged citizens to consider recycling idle gold rather than relying solely on newly imported supplies. The initiative aims to bring existing gold back into circulation and make better use of resources already available within the country.
The appeal comes at a time when India continues to depend heavily on imported gold to meet domestic demand. During 2025-26, the country spent approximately $72.4 billion (Rs. 6.88 lakh crore) on gold imports, making the precious metal one of the largest contributors to the import bill.
According to experts, increasing gold recycling could deliver significant economic benefits. Every gram of recycled gold reduces the need for an equivalent amount of imports, helping ease pressure on foreign exchange reserves while also supporting efforts to narrow the country’s current account deficit.
Even a small shift could have a substantial impact. Industry estimates suggest that if just 1% of the gold held by households and temples is recycled each year, India’s gold imports could decline by approximately 25% to 30%.
The vast stockpile of idle gold is rooted in India’s longstanding cultural and financial relationship with the metal. For generations, gold has served as a store of wealth, a safeguard during emergencies, and a symbol of family security and prosperity. As a result, many families continue to hold jewellery that is rarely used but seldom sold.
Viewed from a broader perspective, the government sees this dormant gold stock as a valuable domestic resource. Bringing a greater share of it into the formal economy could help reduce dependence on imports, enhance economic stability, and create a more sustainable gold supply chain for the future.
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