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Union Budget 2024 is a game-changer

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The Union Budget 2024 has created a positive sentiment and buzz in the GJ industry. Industry players are calling it a game-changer. The reduction in import duties on gold, silver and platinum, from 15 percent to 6 percent , abolition of the 2% Equalization Levy, Safe Harbour Rule on sale of rough diamonds at SNZs will contribute in propelling growth of GJ industry.

The import duty cut on precious metals is likely to ignite a significant increase in gold purchases across the country, particularly during the upcoming festive and wedding season. The cultural and religious significance of gold, combined with its role as a valuable investment, is expected to drive a substantial uptick in demand. Experts expect the allure of gold to reach new heights as the auspicious occasions of the wedding season and Diwali approach.

Piyush Goyal, Union Commerce & Industry Minister, said “The gold import duty cut to 6 per cent (from 15 per cent) will promote the manufacturing of gold and silver jewellery. It will also contain smuggling. When formal gold is imported through the official route, it only helps the economy further. Also, this move will benefit the consumers as the marriage season is approaching.Duty reduction in gold and silver will result in employment and business growth. Value addition in gold jewellery will also boost exports, including e-commerce exports.”

The reduction in import duties on precious metals is a major boost for our industry, enhancing affordability for consumers and competitiveness for the manufacturing sector by releasing working capital, said Vipul Shah, Chairman, GJEPC.

Indian jewellers foresee a surge in domestic gold purchases due to a significant customs duty cut in the 2024-25 budget. This change has narrowed the price gap between India and Dubai, making Indian gold more appealing. The reduction is expected to boost domestic gold production, and jewellers plan to introduce new designs to attract customers. With lower duties, jewellers can offer competitive pricing, making gold and silver more accessible and affordable to all consumer segments.

This move will provide significant relief to consumers who have been investing in alternative assets, encouraging them to return to gold investments. Industry is  confident that household investment and savings in India will see an increase in the coming days.

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What Happens When The World’s 0.03% Of Diamonds Meet 131 Pairs Of Masterful Hands At QWEEN?

QWEEN Brings Together Traceable Natural Diamonds, Japanese Craftsmanship and Precision-Led Jewellery Making Through Rosy Blue and Kashikey.

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QWEEN, India’s first self-discovery, 100% natural experiential luxury jewellery brand, has detailed the strategic roles of Rosy Blue and Kashikey in powering its product proposition. Beyond being investors in the brand, Rosy Blue and Kashikey serve as QWEEN’s core supply-chain and craftsmanship partners, respectively, bringing together traceable access to 100% natural diamonds and nearly a century of Japanese craftsmanship expertise.

You know the diamond. But do you know its journey?

As QWEEN’s single strategic supply-chain partner, Rosy Blue brings over six decades of diamond expertise and sourcing capabilities to the brand. This partnership enables QWEEN’s Mine to Marvel™ initiative, allowing consumers to trace their diamonds back to their mine of origin.

At QWEEN, the story behind the stone is as important as the sparkle you see. And not every diamond makes it into a QWEEN. Only 0.03% of the world’s diamonds that enter QWEEN’s selection process meet its exacting standards.

Every QWEEN diamond is 100% natural and perfectly cut, meeting the Hearts & Arrows standard. At the QWEEN store, consumers can see that precision for themselves through specialised viewers.

“At Rosy Blue, we believe that trust must be established across the entire value chain. Our partnership with QWEEN brings together exceptional natural diamonds, greater traceability and consistent product standards, giving consumers greater visibility into the journey of their diamond and a clearer understanding of what makes it exceptional,” said Ms. Manali Jayant Parekh, Director, Rosy Blue.

But knowing the diamond is only half the story. What happens to it next matters just as much.

QWEEN’s strategic craftsmanship partner, Japanese luxury jewellery house Kashikey, brings nearly a century of jewellery-making expertise to the brand. Founded in 1928, Kashikey’s craftsmanship informs the construction, setting and finishing of QWEEN jewellery.

A QWEEN jewel is made by 131 pairs of masterful hands. From planning, cutting and polishing to setting and quality checks, every pair brings a decade or more of specialised expertise to the piece before it reaches the woman who wears it.

That attention to detail extends to the smallest elements of the jewellery. One example is QWEEN’s four-prong setting, which leaves more of the diamond visible than a conventional six-prong setting while keeping it securely held.

“For nearly a century, Kashikey has pursued beauty through precision, balance and attention to detail. Our partnership with QWEEN brings this approach to jewellery created for the modern Indian woman, where every element, from the setting to the finish, is considered to enhance the beauty of the diamond while preserving the integrity of the piece,” said Mr. Hisao Kato, Chairman, Kashikey Co. Ltd.

Amit Kumar, Co-founder and CEO, QWEEN said:

“For us, these partnerships go well beyond investment. Rosy Blue, as our single strategic supply-chain partner, gives us the ability to build traceability, consistency and rigorous selection standards into every QWEEN diamond, while Kashikey brings decades of craftsmanship and precision to how we turn those diamonds into jewellery. We wanted all of that to be part of the product itself, so women can see and understand what makes a QWEEN piece different.”

From knowing where the diamond came from to understanding how precisely it was cut and how carefully it was crafted, QWEEN is building a jewellery experience where trust is not just a promise. It is something you can see for yourself.

With Rosy Blue as its single strategic supply-chain partner and Kashikey as its strategic craftsmanship partner, QWEEN brings together diamond expertise, traceability and nearly a century of Japanese craftsmanship to set a new standard for the jewellery a woman chooses to wear.

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