The Enforcement Directorate, India's financial investigation agency, has swung into action to seize jewellery worth Rs 85 crore (approx $12.5 million) brought into the country from Dubai by jewellery firm Gitanjali.
Global consumer demand for diamond jewellery hit $82 billion in 2017, up 2% from the previous year, with the US leading growth for the fourth consecutive year, according to a De Beers Group study published on Thursday.
Online luxury retailer Yoox Net-a-Porter (YNAP) will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont reached nearly 95 percent of YNAP’s ordinary shares after a takeover.
The Central Bureau of Investigation (CBI) has filed charges against five further people including jeweller Mehul Choksi as part of a probe into an alleged $2 billion fraud at state-run Punjab National Bank (PNB).
India’s Infosys Ltd has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering.
Shares in fraud-hit Punjab National Bank, the victim of a 135 billion rupee scam involving Nirav Modi, plunged more than 12 percent on Wednesday after it posted the largest ever quarterly loss for an Indian lender.
The Global Brand Counterfeiting Report 2018 was published on Monday, revealing a growing problem in the luxury industry, where online sales of fake goods accounted for 31% of total counterfeiting-related losses in 2017.
De Beers, the world's largest diamond producer, has been witnessing strong growth in Indian market amidst slowdown in the jewellery sector, post the PNB bank fraud involving top jewellers Nirav Modi and Mehul Choksi.
Q1 wasn't an undiluted triumph for Yoox Net-A-Porter as the off-price business proved a little slow. But full-price Net-A-Porter and designer e-stores powered ahead, even though exchange rates had a negative effect.
The Gem and Jewellery Export Promotion Council (GJEPC) is working to repair the reputation of the diamond jewellery industry in India and held a summit titled Diamond & Jewellery Financing 2018 in Mumbai.
As part of the ongoing investigation into the jewellery tycoon Nirav Modi’s alleged fraud at the Punjab National Bank (PNB), customers who bought expensive jewellery from the brand in cash are now under investigation.