Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Surging gold prices take sheen off Titan's profit

04 august 2023

India's Tata Group-owned Titan Co reported a lower-than-expected quarterly profit on 2 August as its mainstay jewellery segment was hurt due to surging gold prices, which pushed up costs and eroded margins.

Titan, which owns the Tanishq jewellery brand, said its first-quarter profit fell more than 2% to $94.1 mn in the three months ended June 30. Gold prices in India, the second-biggest gold consumer in the world, hit record highs during the quarter, dampening demand and exacerbating Titan's spending on raw materials, which surged nearly 48% from a year ago.

The jewellery division accounts for 89% of Titan's total sales. Expenses climbed about 29%, outweighing a nearly 19% jump in sales. This led to margins on earnings before interest and taxes (EBIT) contracting to 10.7% in the April-June quarter from 13% a year ago.

Centrum research associate Soham Samanta said: "Margins may have fallen because the company had aggressive exchange offers during the quarter, price cuts to try and gain market share, and a focus on bigger revenue from the South Indian market, which is a low-margin business."

Sales grew as people purchased more gold in April to celebrate the annual Akshaya Tritiya festival when buying the yellow metal is considered auspicious.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished