South India's largest mall to be ready next yearSeptember 1st, 2009 CHENNAI - The first phase of the 1.8 million sq. ft. Rs.750 crore Express Avenue, billed to be south India's largest shopping mall cum commercial and hospitality complex, is expected to be ready here early next year.
India can have over 300 new hypermalls by 2011: StudyJuly 10th, 2009 NEW DELHI - Indian cities have the potential to have over 300 new hypermarkets by 2011, mostly in tier-I and tier-II cities, according to a joint study by global auditor KPMG and the Associated Chamber of Commerce and Industry (Assocham). The study, Reinventing Indias Retail Sector, said: "Even in 2008, 212 towns had sufficient market potential for hypermarkets for break-even existence.
Euro zone retail sales down 0.4 percent in May as consumers remain reluctant to spendJuly 3rd, 2009 Euro zone retail sales down 0.4 percent in MayLONDON — Retail sales fell in May in the 16 countries that use the euro, in a further sign that consumers aren't optimistic about their future in the midst of a deep and widespread recession. Eurostat, the EU's statistics office, says retail sales in the euro zone fell by 0.4 percent from the previous month.
Economic Survey for diamond processing, jewellery sector integrationJuly 2nd, 2009 NEW DELHI - The Economic Survey tabled in parliament Thursday has sought the integration of diamond processing sector with jewellery manufacturing so as to boost exports. "Forward integration of the diamond processing sector to jewellery manufacturing, where the value addition achieved is the highest, will help in boosting the export performance once the existing economic downturn passes by, the survey said.
Jewellery industry gains glitter in JaipurMay 25th, 2009 JAIPUR - After a gap of sluggishness due to global meltdown, the gems and jewellery business in Jaipur is slowly picking up. Of late, the demand has picked up not only across the world but also from within the country.
People in Kerala begin buying gold on Akshaya TritiyaApril 27th, 2009 THIRUVANANTHAPURAM - People began buying gold jewellery from Monday morning here on the occasion of Akshaya Tritiya, considered an auspicious day in the Hindu calendar for buying long-term assets like gold, silver and real estate. 'Gold is the ultimate symbol of wealth and prosperity.
Gold jewellery exports up 23.64 percent in 2008-09April 22nd, 2009 NEW DELHI - India's gold jewellery industry retained its sheen in 2008-09 despite the economic slowdown by posting 23.64 percent growth in exports, an industry lobby report said Wednesday. According to the report by the Gem and Jewellery Export Promotion Council (GJEPC), the gold jewellery exports grew from $5.54 billion (Rs.22,315 crore) in 2007-08 to $6.85 billion in 2008-09.
MMTC opens retail chain for gold, diamond jewelleryApril 21st, 2009 NEW DELHI - Minerals and Metals Trading Corp (MMTC), tying up with jewellery house Gitanjali Group, Tuesday announced the launch of its retail chain across the country to sell hallmark gold and diamond jewellery. The first Shuddhi Sampoorna Vishwas store was opened at Lajpat Nagar in New Delhi.
Gold loses glitter to diamondMarch 19th, 2009 CHENNAI - Gold has lost much of its glitter to diamond. Though considered auspicious for a family, gold prices have shot through the roof.
Rs.10-mn assistance for jobless diamond workers' childrenMarch 17th, 2009 SURAT - Two diamond industry associations in Gujarat Tuesday came forward with Rs.10-million (Rs.1 crore) education assistance for the children of jobless diamond workers in the state. The Surat Diamond Association (SDA) said it would spend Rs.7.5 million for nearly 16,500 students in 140 schools in Surat.
India's gems exports declined 35 percent in FebruaryMarch 15th, 2009 MUMBAI - India's gems and jewellery exports declined 34.57 percent in February owing to the sharp depreciation of the rupee and slower demand, according to data released Saturday. The Gems and Jewellery Export Promotion Council (GJEPC) said gems and jewellery exports fell 34.57 percent to $1.22 billion (Rs.5.91 billion) last month from $1.86 billion in the same period last year.
Gold glitters in India as prices zoom to record highFebruary 17th, 2009 CHENNAI/NEW DELHI - The price of gold continued to surge in India, the largest market for the yellow metal in the world, triggered by a virtual halt in imports as also on the back of global cues, with traders finding it a much better avenue for investment than corporate or government paper. Analysts said Wednesday they expected the uptrend to continue in the short-to-medium term, following demand from some unexpected quarters like investors in bond and equity markets, even though the sale of gold jewellery has fallen.
Spice Group acquires Indian subsidiary of Dubai's CellucomFebruary 1st, 2009 NEW DELHI - The B.K. Modi-promoted Spice Group has fully acquired the Indian subsidiary of Dubai-based mobile handset retailer Cellucom.
Over 100,000 people laid off in India's gems, jewellery sectorDecember 25th, 2008 SURAT - More than 100,000 people have been laid off in recent months by the gems and jewellery industry in India because of the global slowdown in demand and lack of adequate credit, an industry leader said in this hub for the sector in Gujarat. 'This is for the first time in four decades that the diamond industry is facing such a severe liquidity crunch,' said Mehul Choksi, director of the leading gems and jewellery manufacturer and exporter Gitanjali Group.
Take slowdown as opportunity: Modi to jewellery sectorDecember 25th, 2008 SURAT - India's $50-billion gems and jewellery industry should take the advantage of the global economic slowdown to build a strong overseas market by offering products at 'cost-effective' prices, said Gujarat Chief Minister Narendra Modi here Friday. 'I have decided to take global recession as an opportunity.
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