India’s Ministry of Commerce and Industry has restricted gold jewellery and jewellery parts import, according to an 11 June 2024 notification, which took effect immediately and aims to contain the surge in gold imports. Goods affected are gold jewellery studded with pearls, diamonds, and precious and semi-precious stones, which now require an import authorisation or government permit. The new rule exempts imports from the United Arab Emirates (UAE) under the India-UAE Comprehensive Economic Partnership Agreement.

Alongside a keen demand for high-quality imports, another rising trend of consumption has emerged in mainland China in recent years – one characterised by sentiments like “patriotism” and “chinoiserie”. The growing appreciation of traditional Chinese culture has led to a steady rise in the visibility of and market attention towards Chinese products.

The Forum for Exchange of Information on Enforcement (“Forum”) recently conducted a workshop regarding the so-called REF-10 project and subsequently released a workshop summary. The intent of the REACH-EN-FORCE (“REF”) project was to gather data on compliance with the EU’s chemical restrictions and obligations. The Forum is a network of authorities within the European Chemicals Agency (“ECHA”) responsible for enforcement of regulations, and it aims for harmonised enforcement of chemicals-related rules by Member States.

Companies operating in India’s gem and jewellery sector can now receive Authorised Economic Operator (AEO) status, according to a 25 April 2024 Gem & Jewellery Export Promotion Council (GJEPC) press release. The AEO programme provides reduced cargo release time; lowers bank guarantee requirements; and provides faster resolution of customs, central excise and service tax cases.

HKTDC conducted surveys with more than 700 buyers and exhibitors at the Hong Kong International Jewellery Show 2024 and the Hong Kong International Diamond, Gem and Pearl Show 2024. The survey results suggest jewellery traders are more optimistic on the industry outlook this year.

DV Riziya, Chief Operating Officer of H K Designs, a New York diamond jewellery manufacturer, assesses advances in the lab-grown jewel field.

Aayush Jain, Director of Gemdiam, a Hong Kong-based diamond supplier, assesses the latest market trends and sourcing challenges.

An EU-wide enforcement initiative led by the ‘ECHA Forum’ has revealed elevated levels of hazardous chemicals, including lead and phthalates, in consumer products. A total of 18% of the scrutinised products were found to be in violation of EU laws. The non-compliance rate for articles was 20%, and for mixtures it was 9%. In addition, it was announced earlier this year that European enforcement authorities, in cooperation with customs, are investigating if companies fulfil their REACH registration and authorisation obligations for chemical products they import from outside the EU and the obligations related to restricted chemicals in articles.

In 2023, Hong Kong exports of fine jewellery were up 23%. On the other hand, exports of pearls, gemstones and rough diamonds, exports of imitation jewellery were down 8% and 1%, respectively.

The U.S. Treasury Department announced on 8 February the issuance of two determinations prohibiting the importation of certain categories of diamonds mined in Russia, notwithstanding whether they have been substantially transformed in a third country.