Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
Farfetch losses may have grown in Q3, but at its still-early development stage that's no shock. Losses aside, its Q3 report showed it surging ahead on sales and market share with enough cash to fund its lofty ambitions.
The Enforcement Directorate has attached 11 properties owned by the fugitive jewellery tycoon Nirav Modi to the case, it said on Tuesday. The properties are located in Dubai and worth Rs 56.8 crore ($7.79 million).
The Enforcement Directorate (ED) will now question the fugitive jeweller Mehul Choksi’s Hong Kong director Deepak Krishna Rao Kulkarni after arresting him in Kolkata in hopes of learning more about Choksi’s businesses.
Michael Kors may have seen its shares falling sharply after sales missed analysts’ forecasts, but the message from the company’s top team was (almost) all positive as it looked to a time when it will be an $8bn group.
The Gem and Jewellery Council complained on November 5 that Goods and Service Tax officials had conducted “illegal raids” on small and medium sized jewellers ahead of Diwali and urged the Centre to address this.
Sales of gold and jewellery for the Dhanteras festival this year are predicted to have fallen flat due to lowered rural demand, the chairman of the All India Gem and Jewellery Domestic Council said on Tuesday.