Archive

  • According to the National Retail Federation (NRF), consumer spending in the U.S. may reach as high as $25.9 billion this year on Valentine’s Day gifts ranging from gold jewellery to clothes to fine chocolates.
    Of the nearly $26 billion, roughly 21% is forecast to be spent on jewellery, representing $5.5 billion. Clothing could fetch 19%, or around $5 billion.

    Overall, luxury goods retailers could be headed for a strong Valentine’s sales season if estimates prove accurate.
    That would make 2023 the second-best year for sales since the NRF began tracking this data.

  • This year Lebanese Jeweler Fred Mouawad unveiled the newly crafted crown for the Miss Universe pageant following a 3-year partnership with The Miss Universe Organization.
    Commenting on the relationship between the two entities, the jeweler stated, “the creative partnership draws on Mouawad’s strong heritage of designing jewellery for royalty and its reputation for crafting the extraordinary to craft exceptional, one-of-a-kind pieces befitting modern-day royalty.”

  • Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister. 

    To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol.