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☆ India's exports likely to touch $900 bln in 2023/24 -exporters
▼ + stars: | 2023-05-04 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

REUTERS/Shailesh AndradeNEW DELHI, May 4 (Reuters) - India’s exports of goods and services could touch $900 billion in the current financial year, up from $770 billion in the previous year, keeping resilient despite global headwinds, a top official of a grouping of exporters said. India’s exports have increased by more than $200 billion in the last two years, led by a surge in exports of software, mobile exports, and agricultural and petroleum products. Exports of agricultural, petroleum, and electronic goods remained strong in the Western markets due to pricing factors while exports to Asian and Middle east countries have grown substantially, exporters said. "Indian exporters are hopeful that both countries would soon work out a mechanism allowing payments in local currencies that would facilitate the shipments of Indian goods to Russia," Sahai said. But Indian officials have said Russia was reluctant to accept payments in the rupee currency for its oil exports.

☆ Factbox: What to expect from King Charles' coronation on May 6
▼ + stars: | 2023-05-02 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

TIMINGSThe coronation ceremony will begin at 1000 GMT following a procession from Buckingham Palace. The king and queen will travel in the gold state coach which was commissioned in 1760. Charles will wear robes of crimson and purple silk velvet at his May 6 coronation which were once worn by his grandfather King George VI at his own coronation in 1937. She will be crowned using the crown of Queen Mary, commissioned and worn by the consort of King George V for the 1911 coronation. GUESTSThere will be 2,200 guests inside Westminster Abbey, far fewer than the 8,000 in attendance for Queen Elizabeth's coronation in 1953.

"I don't have the brain for stock investments, and I am waiting to redeem mutual fund products once they break even. The interest in precious metals is a worrying indicator that China's efforts to revive its economy via domestic spending, after years of strict COVID curbs, may not be working. Households savings grew by 9.9 trillion yuan in the January-March period, after rising a record 17.8 trillion yuan in 2022. In 2021, they grew by 9.9 trillion yuan. "Economic fundamentals, risk aversion and the recovery of domestic consumption all drive the investment demand for jewellery and precious metals," said Pang Xichun, research director at Nanjing RiskHunt Investment Management Co.

☆ Sotheby's to auction world's largest ruby in New York in June
▼ + stars: | 2023-04-17 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +2 min

[1/2] An employee shines a light at the 55.22 carat "The Estrela de Fura" ruby, the largest in the world and expected to fetch up to $30 million in an upcoming New York auction, during a preview at Sotheby's, in Hong Kong, China April 17, 2023. REUTERS/Lam YikHONG KONG, April 17 (Reuters) - The largest ruby in the world to come to auction will be offered by Sotheby's in New York in June, the auction house said at a preview in Hong Kong on Monday, and is estimated to achieve more than $30 million. That would probably make the 55.22-carat gem, known as the Estrela de Fura, the most expensive ruby ever sold at auction, said Uni Kim, a specialist in Sotheby's jewellery department in the Asian financial capital. The current world record for a ruby sold at auction was set in May 2015 by "Sunrise Ruby," a 25.59-carat Burmese stone that fetched $30.3 million at Sotheby's in Geneva. "We estimate Estrela de Fura to be sold in excess of $30 million," Kim added.

Cook will meet Modi on Wednesday in New Delhi, said the two sources, who included an Indian government official. One of the sources added the Apple chief would also meet India's deputy IT minister Rajeev Chandrasekhar. Modi's office declined to comment, while Apple and the IT ministry did not immediately respond to requests for comment. The sources did not elaborate, but Cook's meetings come amid Apple's growing focus on India, the world's second-largest smartphone market. The Mumbai store is in the premier Reliance Jio World Drive mall, home to luxury clothing and jewellery brands like Michael Kors, Kate Spade and Swarovski.

☆ Birkin bag maker Hermes sees no U.S. slowdown as sales jump 23%
▼ + stars: | 2023-04-14 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] A craftswoman works on a Birkin bag at the luxury goods Hermes factory in Seloncourt October 4, 2013. REUTERS/Benoit TessierPARIS, April 13 (Reuters) - Sales at Birkin bag maker Hermes (HRMS.PA) rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil. The increase of 23%, at constant exchange rates, beat a Visible Alpha consensus for 15% growth. Hermes raised prices by around 7% at the start of the year, a higher rate than its usual 2-3% annual increase. In China, where Hermes was less affected than competitors by lockdowns that dented sales for many at the end of last year, revenues grew by 23% in the quarter.

☆ LVMH to buy French jewellery producer Platinum Invest to ramp up Tiffany production
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 14 (Reuters) - LVMH (LVMH.PA), the world's largest luxury goods group, has agreed to buy a majority stake in Platinum Invest Group, the owner of French jewellery producers Orest and Abysse, with an eye to bulking up production for its U.S. jeweller Tiffany. With the purchase of the company, which runs five workshops in eastern France and employs 800 people, Tiffany will accelerate production of fine and high end jewellery, the companies said in a statement. Platinum Invest will also continue to produce jewellery for existing clients outside of LVMH as well as other labels in the luxury group, which also owns high end jewellery brands Bulgari and Chaumet. Riding a wave of post-pandemic demand for high end goods, European luxury groups have been tightening their hold on supply chains. Financial terms of the deal to purchase Platinum Invest from private equity firm Andera Partners and French public investment bank BPIfrance were not provided.

☆ Analysis: LVMH's caution points to Americans' waning lust for luxury
▼ + stars: | 2023-04-13 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

[1/2] A LVMH luxury group logo is seen prior to the announcement of their 2019 results in Paris, France, January 28, 2020. European labels including LVMH's Louis Vuitton and Dior, as well as Chanel and Hermes have been riding a wave of strong demand from Americans, who emerged from lockdowns with savings and a desire to splash out on designer labels. He added the group is taking a cautious approach to price increases this year -- not just for cognac. "It's probably the most emblematic luxury store in the world," said Guiony. Elliott Savage, portfolio manager of U.S.-based fund YCG Investments, which holds shares in LVMH and other luxury brands, said a weakening U.S. luxury market in the near term could present an opportunity for dominant players to take market share.

☆ Kyrgyz eco-activist's 'trashion' tackles a burning problem
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

[1/5] Kyrgyz artist and environmental activist Cholpon Alamanova poses for a picture in her workshop in Bishkek, Kyrgyzstan March 30, 2023. Alamanova and her team of more than 80 women use the Kyrgyz traditional patchwork sewing technique, kurak, in order to recycle the textile waste, usually burned in landfills, into colourful blankets, clothes and accessories. In doing so, her workshop has become part of a global "trashion" trend promoting the use of recycled, used, thrown-out and repurposed elements to create garments, jewellery and art. The task engenders a warming feeling that motivates her to keep doing it, says Alamanova, while helping to keep alive the tradition. Reporting by Olzhas Auyezov; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ From war to peace: Cambodian goldsmith turns bullet casings into jewellery
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

PHNOM PENH, March 30 (Reuters) - Every week, Cambodian goldsmith Thoeun Chantha turns about five kg of brass casings of AK-47 and M-16 bullets into jewellery. "I'm a victim of the war as a Cambodian who lost family members in it and now the world is at war too," he said. "I make this to show that the world doesn't want war ... we all want peace." The bullets are collected from shooting ranges and military training grounds around the capital, Phnom Penh. Reporting by Chantha Lach and Juarawee Kittisipla; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Indian skincare firm Mamaearth's parent puts IPO on hold - sources
▼ + stars: | 2023-03-27 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, March 27 (Reuters) - Indian skincare startup Mamaearth has put its initial public offering (IPO) on hold because of weak market conditions, two people with direct knowledge of the matter said, a month after two other Indian companies also scrapped their share sales. Mamaearth planned to start marketing the IPO and begin initial talks with investors by the end of January, but that has not happened yet, the sources said. The company has until December to receive approval for the IPO from the Securities and Exchange Board of India (SEBI) and file its final prospectus. He added that its largest investor, Sequoia, would not be selling any shares in the IPO and the founders would own more than 97% of their shares after the IPO. Last month, Indian apparel retailer Fabindia, backed by billionaire Azim Premji's fund, and jewellery retailer Joyallukkas scrapped their IPOs due to poor market conditions.

☆ India current account deficit likely narrowed to 2.7% of GDP in Q4
▼ + stars: | 2023-03-24 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +2 min

The median forecast of 22 economists polled March 16-23 showed a current account deficit of $23.0 billion in October-December 2022, or 2.7% of gross domestic product (GDP). More than half of the expected narrowing is due to a reduction in the goods trade deficit, suggesting weakening domestic demand in Asia's third-largest economy. India's merchandise trade deficit shrank to $72.79 billion last quarter, compared to $78.32 billion in July-September, according to ministry of commerce data. These are the two reasons why we are seeing that the (current account deficit) numbers are better." A separate Reuters poll of economists who had a longer-term view forecast the current account gap to average 3.0% of GDP this fiscal year before shrinking to 2.6% in the next.

☆ Ex-Brazil president Bolsonaro is hoarding a stash of jewels Saudi Arabia gave him — but was just ordered to give them away
▼ + stars: | 2023-03-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Brazil's watchdog ordered former President Jair Bolsonaro to hand over valuable jewels. He received the gift on a trip to Saudi Arabia, and another stash was seized by customs. Jewelry gifted to former Brazilian President Jair Bolsonaro and former first lady Michelle Bolsonaro by the Saudi government and seized by customs officials. It later emerged that a second stash of jewels, valued at around $75,000, also entered the country undetected, and were in Bolsonaro's possession. It is this this second stash that the watchdog has ordered Bolsonaro to hand back, reports say.

Nonetheless, the likely ramifications of the bank collapse are positive for gold, which was already being supported by other bullish factors. Charting global gold demand by segment. CHINA, INDIA DEMANDChief among those is the expectation that physical demand will rebound in China, traditionally the world's largest consumer of the precious metal. China's gold jewellery demand slumped 14%, or 101 tonnes, to 598.3 tonnes in 2022, according to data from industry group the World Gold Council. Central bank buying is the wildcard for gold, having risen a strong 152% in 2022 to 1,135.7 tonnes.

☆ Dutch historian finds medieval treasure using metal detector
▼ + stars: | 2023-03-09 | by ( Charlotte Campenhout | ) www.reuters.com time to read: +2 min

[1/4] Part of the 1000-year-old medieval treasure discovered in Hoogwoud, Netherlands, consisting of jewellery and silver coins, is shown in this undated handout picture obtained by Reuters. Archeologie West-Friesland/Handout via REUTERSAMSTERDAM, March 9 (Reuters) - A Dutch historian found a unique 1,000-year-old medieval golden treasure, consisting of four golden ear pendants, two strips of gold leaf and 39 silver coins, the Dutch National Museum of Antiquities (Rijksmuseum van Oudheden) announced on Thursday. Lorenzo Ruijter, 27, who told Reuters he has been treasure hunting since he was 10, discovered the treasure in 2021 in the small northern city of Hoogwoud, using a metal detector. "Golden jewellery from the High Middle Ages is extremely rare in the Netherlands," the museum also said. Given its archaeological significance, the treasure was given as a loan to the museum which will display it, but it will remain the official property of finder Lorenzo Ruijter.

☆ Turkey earthquake survivors search rubble for their gold savings
▼ + stars: | 2023-03-07 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

Reyhan Vural, 48, and her 59-year-old husband Metin survived the devastating Feb. 6 quake that killed more than 50,000 people in Turkey and Syria. "Our everything is in the rubble," Vural said, gesturing at the mound of debris that was her home on a quiet street lined with citrus trees. "We were going to buy a house and the gold for it was in there," she said. They believe in gold," said a contractor clearing rubble and who declined to give his name. Authorities are swiftly clearing the rubble and starting to focus on rebuilding for the millions who lost their homes.

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ LVMH rejigs beauty division, names Stephane Rinderknech CEO
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

PARIS, March 6 (Reuters) - LVMH (LVMH.PA), the world's largest luxury company, on Monday named Stephane Rinderknech as chairman and CEO of its beauty division, rounding out a series of broader management changes at the owner of Guerlain and Parfums Christian Dior. Rinderknech will take up global responsibility for the group's beauty business, while Guerlain head Veronique Courtois becomes president and CEO of Parfums Christian Dior. Make Up For Ever head Gabrielle Saint-Genis Rodriguez will be president and CEO of Guerlain. The changes come as luxury groups, which have been riding a strong wave of post-pandemic demand for designer labels, look to expand in their beauty activities. As part of that process, the group in January folded Tiffany into the watches and jewellery division, under the management of Stephane Bianchi.

☆ Tuxedos and jumpsuits: menswear dazzles on awards season red carpets
▼ + stars: | 2023-03-06 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +3 min

LONDON, March 6 (Reuters) - From classic tuxedos to shiny jumpsuits, menswear has dazzled on the red carpets this awards season, sometimes even attracting the most attention with eye-catching looks. Singer Harry Styles arrived at the Grammy Awards in a chest-baring sparkling harlequin jumpsuit, while Oscar nominee Barry Keoghan has chosen ensembles in pale blue and red as his style choices for the Golden Globes and British Academy of Film (BAFTA) Awards. While classic suits and tuxedos are still a red carpet staple, menswear now features plenty of variety and bolder choices - vibrant colours, sparkling embroidery or detailing, as fashion favourite, actor Timothee Chalamet has often demonstrated with his non-traditional outfits. Oscar winner Eddie Redmayne has won style accolades for his red carpet choices this awards season, which culminates with Sunday's Oscars. Asked what she thought of men's fashion this award season, Oscar nominee Michelle Yeoh told Reuters last month: "I love it."

☆ F1 stewards exempt Hamilton after 'disfigurement' fear
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

MANAMA, March 3 (Reuters) - Formula One stewards exempted Lewis Hamilton from a jewellery ban at the season-opening Bahrain Grand Prix on Friday after accepting he risked disfigurement if a nose piercing was removed. Hamilton, 38, has worn a permanent nose stud in his left nostril for years and photographs in Bahrain have shown him also with one on the right. He explained at last October's Singapore Grand Prix, when he was also given an exemption, that taking the left one out had caused the piercing to become infected. The stewards in Bahrain said in a statement they had consulted the FIA medical delegate who examined Hamilton and agreed with the request for a continued exemption. "We have determined to take no further action as there are concerns about disfigurement with frequent attempts at removal of the device," the stewards explained.

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ Botswana mining growth seen flat amid dim diamond outlook
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

GABORONE, March 1 (Reuters) - Botswana expects output from its mining sector to be flat this year, as the diamond industry loses its sparkle due to a contraction in consumer spending and weaker demand for diamond jewellery, a finance ministry official said on Wednesday. Diamond trading grew 41% in the year as Botswana also benefitted from Western buyers shunning stones from Russia following its invasion of Ukraine. In 2023, Botswana expects diamond output to decline by 1%, while diamond trading growth is seen slowing to 7% from 41% last year. Finance ministry estimates show that government expects mineral royalties to fall to 4,5 billion pula ($3.41 billion) in 2023, from 6.1 billion pula last year. Dividends due to the state will also decline to 11,3 billion pula from 15 billion pula in 2022.

☆ Fabindia shelves $482 mln IPO due to rough market conditions
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 27 (Reuters) - Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," a Fabindia spokesperson said in a statement. Fabindia had planned a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders' stock. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions," the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.

☆ Indian agency attaches Joyalukkas chairman's assets worth $37 mln
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - India's financial crime agency said on Friday it conducted searches and attached assets worth 3.06 billion rupees ($36.98 million) belonging to the chairman of jeweller Joyalukkas in a case related to alleged violation of foreign exchange laws. The Enforcement Directorate alleged a huge amount of cash was transferred to Dubai from India through so-called 'hawala' channels and then invested in Joy Alukkas Jewellery LLC, Dubai, which is fully owned by Alukkas Varghese Joy. The chairman could not be reached, while Joyalukkas did not immediately respond to a Reuters' request for comment. The agency said in a statement that it searched five premises of the jewellery group on Feb. 22, during which it found evidence of "active involvement" of Varghese Joy in those transactions. ($1 = 82.7500 Indian rupees)Reporting by Nandan Mandayam in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Ray-Ban maker EssilorLuxottica's sales rise on solid European growth
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Luxury eyewear maker EssilorLuxottica (ESLX.PA) on Thursday reported a rise in fourth-quarter revenues, citing sound growth amid a challenging environment, but its performance in China declined because of COVID-19 restrictions. The maker of Oakley and Ray-Ban sunglasses posted a 9.4% rise in revenues to 6.11 billion euros ($6.49 billion) in the final quarter of the year at current exchange rates. The French-Italian eyewear group said Europe, Middle East, and Africa (EMEA) was its best performing region in the quarter due to solid sales growth in France, Italy, Spain, the UK and Scandinavia. Sales in the region grew 6.2% at constant exchange rates to 2.09 billion euros. ($1 = 0.9416 euros)Reporting by Jagoda Darlak; editing by Shri Navaratnam and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

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