International News
The 2nd SEZ Gem and Jewellery Conclave
Conclave provided valuable insights in technology, branding, exports, SEZ policy
The Second SEZ Gem and Jewellery Conclave held at Bharatratnam Mega CFC in SEEPZ, Mumbai, brought together influential stakeholders from across the gem and jewellery sector to deliberate on industry growth, innovation, and policy advancements.The conclave provided valuable insights into the latest industry trends in technology, branding, exports.
The conclave was inaugurated by Dr P Anbalagan, IAS, Principal Secretary, Industries Department, Government of Maharashtra. Present at the inauguration were Kirit Bhansali, Chairman, GJEPC, Saunak Parikh, Vice Chairman, GJEPC, Suvankar Sen, MD, Senco Gold & Diamonds, Sabyasachi Ray, ED, GJEPC, Colin Shah, Head of the Working Group, Bharat Ratnam Mega CFC and Adil Kotwal, Director – SEEPZ GJ Manufacturers Association.
Dr. P Anbalagan in his inaugural address said “The Union and state governments aim to grow India’s economy from USD 3 trillion to USD 30 trillion, requiring double-digit growth across sectors, with Maharashtra as a key driver. As the state with the highest FDI, Maharashtra targets a USD 1 trillion economy in 4-5 years, needing 13-14% annual growth. We are looking at the GJ sector as generator of employment and employment.The employment intensive GJ sector will be cornerstone of Maharashtra becoming a $1 trillion economy.The GJ sector in Maharashtra is contributing 47 per cent of India’s GJ exports.”
Track 1 – Technology included: Platinum Group Metal Recycling , Dr Debashish Bhattacharya, Technical Director of Covalence, India, Casting, Stamping and Tubing in Platinum, Dr. Peter Hofmann, Chairman of INDUTHERM, Germany and Rakesh Jangid, Technical Director, Lagor India, 3D Printing of Precious Metal for Commercial Use-Dr Andrea Friso, R&D Head, Legor Italy ,Technology in Diamond Testing, Jayant Kulkarni , Partner ,SGL, Challenges in Identification of Lab Grown Diamonds by Deepa Srinivasa, Chief Gemmologist – Research & Development – GSI, India
Track 2 – Branding included: Redefining Businesses by Sachin Jain, Educator, LÉCOLE School of Jewellery Arts , Dubai, Revitalizing Diamond Desire by Amit Pratihari, Managing Director, De Beers.
Track 3 – Investments included: Booster to G&J Manufacturing by Sabyasachi Ray, Executive Director, GJEPC ,Draft Report of Common SoP for SEZs by Nishant, Partner, ELP.
With key decision-makers in attendance, the conclave promises to be an influential platform for shaping the future of the sector.
International News
US Consumers Are Cutting Back Sharply On Discretionary Items Like Jewellery
McKinsey’s findings indicate : 43% of US consumers plan to spend less on jewelry this holiday season, while 39% expect to spend the same, and only 18% plan to spend more. This yields a net spending intent of -25%.
According to McKinsey & Company’s latest consumer sentiment research (surveyed July 29–August 5), US holiday budgets remain stable, but consumers are cutting back sharply on discretionary items like jewelry.
- Jewellery Spending Pullback: 43% of US consumers plan to spend less on jewelry this holiday season, while 39% expect to spend the same, and only 18% plan to spend more. This yields a net spending intent of -25%.
- High Category Risk: Accessories (-30%) and home decor (-32%) recorded the lowest net spending intent across 22 discretionary categories.
- Overall Holiday Budgets: Across all categories, 47% of consumers plan to match last year’s spending, 23% plan to spend more, and 21% plan to spend less.
- Bright Spots & Demographics: Gen Z consumers show higher planned spending on jewelry and accessories relative to older generations.
Bain & Company forecasts
- Total US holiday sales to rise 4.5% year-over-year to a record $1.016 trillion.
- In-store sales are projected to grow 2.5%, while non-store (e-commerce) sales are expected to jump 9%.
- Half of this nominal growth is driven by inflation rather than unit volume.
While macro retail figures point to growth, McKinsey’s findings indicate jewelry retailers face an intense battle for market share against apparel, electronics, and travel. Success will depend on capturing a increasingly selective consumer base.
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National News2 hours agoPNGS Reva Diamonds Unveils Official E‑Commerce Platform, Marking A New Digital Chapter In Omnichannel Luxury
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