Jewellery (trade): India
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Exports
Gem and jewellery exports, 2015-6
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Breakup of gems and jewellery export from India in 2015-16
Change in exports between 2013-14 and 2015-16 in $million
2017>19: exports crash 75% after NiMo, Choksi flee
Sidhartha, April 22, 2019: The Times of India
From: Sidhartha, April 22, 2019: The Times of India
Silver jewellery exports crash as Nirav Modi, Mehul Choksi flee country NEW DELHI: The exit of Nirav Modi and Mehul Choksi from the Indian market has resulted in a sharp fall in India's silver jewellery exports with an over 75% decline reported during the 2018-19 financial year.
Nirav Modi and Choksi fled the country in early 2018 after it emerged that the diamond traders had cheated Punjab National Bank in what is allegedly a Rs 14,000 crore fraud. But the impact showed during the last financial year as their Indian businesses came to a standstill.
As a result, during the last financial year, silver exports plummeted to $838 million from nearly $3.4 billion in 2017-18, data available with the Gems & Jewellery Export Promotion Council (GJEPC) showed. Senior functionaries of the trade body confirmed that the decline was due to the exit of the uncle-nephew duo after the alleged fraud was unearthed.
The maximum impact on exports was on the Surat Special Economic Zone, government officials told TOI, although data was not available immediately.
There are also allegations that the exports undertaken by fugitives Modi and Choksi was largely on paper as there has not been a shift in business to other players in the Indian market.
The over $2.5 billion fall in silver exports is one of the key factors behind the over 3% decline in gems and jewellery exports although GJEPC vice-president Colin Shah put the blame on delay in GST refunds and liquidity problems for the industry's woes. Traditionally, the sector has been a key contributor to India's exports. Last year, export of gold medallions and coins witnessed a 55% crash, from close to $2 billion in 2017-18 to $876 million.
This is being attributed to the Director General of Foreign Trade's decision to ban the export of 24-carat gold coins and medallions on repeated complaints of misuse by exporters, who were allegedly indulging in circular trading of this item. Following the change in rule, exports have virtually come to a standstill as there is no demand for coins and medallions of 22 or 18 carat, Shah said.
Jewellers
2015 rankings
The Times of India Jul 02 2015
With $1.3bn, Kalyan boss richest jeweller
Kerala-based jewellery retailer T S Kalyanaraman is the richest jeweller in India, according to a report by Wealth-X. The report, which published a list of the richest Indian jewellers, said Kalyanaraman -chairman and managing director of the Thrissur-based Kalyan Jewellers -has a personal net worth of $1.3 billion.
Two other Kerala jewellers who have found a place in the list are M P Ahammed of Malabar Gold & Diamond, and B Govindan of Bhima Jewellers.
Reacting to the report, Kalyanaraman said, “We now have 83 stores of which 13 are outside India.“ He had entered the gold jewellery business in 1993 from clothes retailing with an initial investment of Rs 25 lakh. Kalyanaraman's company now employs 8,500 people directly.
According to Wealth-X, the second richest Indian jeweller is Nirav Modi, with an estimated net worth of $1.1 billion. Modi, coming from a family of diamond merchants, first set up his own company Firestar Diamonds in 1999, which later went on to acquire New York based Sandberg & Sikorski.
M P Ahammed is the third richest Indian jeweller, with a net worth of $1 billion. Based in Kozhikode, Ahammed ventured into the gold jewellery business with an initial investment of $70,000. He, along with other partners, owns 136 jewellery stores in India and the Middle East and employs more than 7,000 people. B Govindan, chairman o B Govindan, chairman of Bhima Jewellers' southern region, is the fourth richest Indian jeweller with a personal net worth of $620 million.
His group has 40 stores across India, employing 2,500 people. Bhima, which has started its Middle East operations with a store in the UAE, plans to open up to 10 stores in the near future.
Other rich Indian jewellers in the list are Kiran Gems' Vallabhbhai S Patel ($590 million), Laxmi Diamond's Vasant Gajera ($580 million), Dharmanandan Diamonds' Laljibhai Patel ($480 million), Kiran Gems' Babubhai Lakhani ($470 million), Kiran Gems' Mavji Bhai Patel ($410 million) and Rajesh Exports' Rajesh Mehta ($310 million).
2015>18: 3 Indian co’s in world’s 20 fastest growing
From: April 18, 2019: The Times of India
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In 2015-18, three Indian companies were among the world’s 20 fastest growing
