30 December 2011
AHMEDABAD: Smaller jewellers and the excise department are at loggerheads over the interpretation of an announcement made in Budget 2011.
The unorganised sector commands 90% of the jewellery market in India. An excise duty of 1% was imposed on jewellery (of gold, silver, platinum, palladium, rhodium, iridium, osmium or ruthenium) manufactured or sold under a brand name during this year's budget.
Family jewellers and regional players say they don't fall into the category of branded players. With the Central Board of Excise and Customs sending notices to jewellers especially across Gujarat and Maharashtra, jewellers are looking at legal options. A Surat-based family jeweller who didn't want to named said, "It is a major concern... with notices being sent in the past few days. They have told us that if we put any mark or sell in a jewellery box or pouch or bag containing shop name, then they will consider it as branded."
Jewellers rued that this move was in stark contrast to an earlier move by government to ensure jewellers register their companies and make only hallmarked jewellery.
"The government tried to implement such a policy in 2005-06 but discontinued it, thereby promoting regional family jewellers. We intend to start an agitation, after taking a legal opinion," he said. An excise department official in Ahmedabad said, "the process of sending notification has begun and we are asking them details like how much branded jewellery are they selling and in which segment?"
Jewellers who are maintaining websites, giving regular advertisements, making stylised initial marks similar to the company logo on their jewellery are being sent the notices, he added. Ahmedabad-based Zaveri & Co jewellers director Zaveribhai Zaveri said jewellers were concerned.
"At this stage, we don't know if we have to pay the 1% excise duty as we are not branded jewellers but family jewellers. Incidences of family jewellers being asked to pay the excise duty have been reported in other states too," he said.
But Gem and Jewellery Export Promotion Council vice-chairman Sanjay Kothari said the issue had been discussed earlier with the authorities and it had been made clear that family jewellers were not part of the branded segment.
A. Liability to pay excise duty
1. In respect of levy of excise duty @ 1% on jewellery and other articles of precious metals which bear or are sold under a brand name, the provisions of Rule 12AA of the Central Excise Rules and Rules 2 & 4 of the Cenvat Credit Rules as amended by Notification Nos. 8/2011-Central Excise (N.T.) and 9/2011-Central Excise (N.T.) both, dated 24th March, 2011 may kindly be referred to. As in the case of branded garments, in case of goods falling nder Chapter heading 7113 and 7114 also, where a brand owner gets jewellery or articles other than jewellery made from any other person, and supplies the raw materials such as gold/ silver/ gemstones etc. (of Chapter 71) to the job-worker for such manufacture, the duty liability would be on such person who gets jewellery or articles made from the job worker, unless the job worker opts to discharge the duty liability. However, a person manufacturing jewellery of heading 7113 or articles of heading 7114 bearing a brand name or sold under a brand name on his own account will be liable to pay excise duty unless he claims benefit of the SSI exemption.
B. What constitutes a Brand name for the purposes of this exemption
2.1 It has been prescribed in respect of jewellery and other articles, “brand name” means a brand name or trade name, whether registered or not, that is to say, a name or a mark, such as a symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating, or so to indicate, a connection in the course of trade between the product and some person using such name or mark with or without any indication of the identity of that person. Only such jewellery or other articles of precious metals which either bear or are marketed and sold under a brand name attract this levy. Whether a particular name or mark or symbol etc. is a brand name or not is a matter of fact, and can be ascertained from the manner in which it is understood in commercial or trade parlance. The test of goods being branded would be if the buyer seeks to buy the goods because they bear or are sold under a particular brand. As such, a mere mark of identity put by a jeweller or the job worker, commonly known as a ‘house-mark’ shall not be considered a brand name. Some illustrations are given below to explain the scope of the term “brand name”:
(i) A manufacturer, say “ABC Jewellers”, getting jewellery or other articles manufactured on his behalf from gold smiths/job-workers who put a mark/sign/initials, etc. on the jewellery/article. This is only to identify that the article or jewellery was received from a particular goldsmith, etc. This is not branded jewellery and will not attract duty.
(ii) “ABC Jewellers”, when it sells articles of jewellery to customers, puts a distinctive sign/mark/initials etc. on the jewellery- very often a simple acronym of his name e.g.; ABC. It may be noted that mere alphabets or numerals (unless stylized) cannot be registered as a brand name or trademark. This is again for the purpose of identification when the customer re-sells or returns the jewellery or article and goods bearing it would not attract the levy.
(iii) “ABC Jewellers” advertises and sells its products under the brand “Star” or puts a logo like ABC or ABC i.e., in a stylized manner. It also puts the same brand name or an abbreviation thereof or a mark which has a connection with such brand name either on the jewellery or article itself or on the packing such as the jewellery box or pouch or even on the warranty card or certificate of quality. Such goods will clearly be treated as branded and will be liable to duty.
2.2. Hallmarking of the jewellery, which is an accurate determination and official recording of the proportionate content of precious metal in gold and is thus only official marks used as a guarantee of purity or fineness of gold jewellery, cannot be treated as ‘branding’ for the purposes of the excise levy.
Source- LETTER D.O.F.NO. B-1/3/2011-TRU, DATED 25-3-2011
06 December 2011
24 November 2011
Who said this Goan Beauty’s stocks have dipped?
Hotshot Ileana has just signed a Rs 1 crore deal to endorse the ‘Forever’ line of jewellery through a pan-India commercial.
The actress just spared two days for the photo shoot and will also be inaugurating the brand’s first south Indian store on Sunday.
“She has been getting lot of offers but she chose this premium brand since it suits her personality and she enjoyed doing the first endorsement that proof the brand’s most precious diamonds,” says a source, close the actress.
Although, Ileana is not fascinated with gold she does have few rings and chains in her jewel kit. “These days real estate is unstable so it’s better to stay invested in gold,” she adds.
After endorsing retail brands, her B-town film Barfee fetched her enough mileage too. And now a pan-Indian brand too. Things seem to be just dandy of someone who is rumoured to be having trouble with her “demand”.
(Hutti and Uti in Karnataka and the Hirabuddini mines in Jharkand) and producing about 0.5% of the country's annual gold consumption , India's dependence on imports has increased.
With the domestic demand for gold going up, our exports have remained sluggish. So most of the gold caters to local needs.
The growing local demand for gold in India can be sourced to a variety of factors apart from the fact that gold provides greater liquidity. "The recent fluctuations in the stock market and realty have pushed Indians towards gold investment Because of this, the traditional preference of Indians for storing gold in the form of jewellery is now balancing out with investors buying gold bars and coins."
Even as the Indian film industry prepares to shower gifts on the new born in the Bachchan family, the baby's grand father Amitabh Bachchan is getting a special gold ring designed from the tier-II town of Rajkot in Gujarat.
On his part, city-based jeweller Pankaj Kansara is elated as well as already busy in designing the gold ring for Aishwarya Rai Bachchan's daughter. "We have received an order from a firm in the jewellery business, RKR Creations. We have been asked to deliver the ring within a week," said Kansara who had earlier designed a silver miniature guitar for the senior Bachchan.
What's more, weighing just about 3-4 grams, the gold ring will be fully hand made. "We will not use any kind of machine for it. This will not be any ordinary gold ring but it will describe Bachchan family's value and power," said Kansara. And as a gesture, Kansara is planning not to charge the superstar for the ring. "I will not take any making or designing charges for the ring. It will be gift from me to Baby B," he added.
Rajkot-based Kruti Jewellers is very popular for its exclusive jewellery work for celebrities.
Earlier, Kruti Jewellers made a gold ring for Sachin Tendulkar. About 25 years ago, Kansara had also designed a three feet long guitar for Amitabh Bachchan, apart from gifting an archery set to BJP leader L. K. Advani.
It may also be noted here that Kansara alongwith his brother Kishore Kansara had designed a four kg gold love letter for a Mumbai-based client which earned him a nomination in Guinness World Records. The two Kansara brothers are a fourth generation goldsmiths and make only hand crafted jewellery and gift items.
Drawing on the success of the two similar events in Hyderabad and Chennai, UBM expects the Mumbai fair to attract good response as it being the peak season for jewellers with the busy marriage season round the corner. This season witnesses the buyers stocking up for the next entire year.
Mr Sanjeev Khaira, Managing Director, UBM India, said despite the global economic downtrend gold jewellery exports from India have gone up 15 per cent to $43 billion, while the domestic market demand was up 10.15 per cent at $26 billion.
“There will be separate sessions by leading experts on the changing trend in the gold jewellery trade with emphasis on designing and manufacturing of light-weight jewellery,” he said.
The expo will have participation of jewellers from Maharashtra, Madhya Pradesh, Rajasthan, Gujarat and southern India. A jeweller who has not yet registered for the event has to shell out Rs 2000 per person as registration fee.
Mr Mahavir Lodha, CEO, Mumbai, Wholesale Gold Jewellers Association, said the trade will be much benefited as it will get a low down on the latest developments in the gold jewellery manufacturing, besides an opportunity to place bulk orders.
source: Business Line : Industry & Economy / Economy : Mumbai jewellers’ body to hold expo in December
GIA (Gemological Institute of America) is using the latest technology to help educate and engage consumers on the 4Cs (Color, Clarity, Cut and Carat weight) of diamond quality. The new GIA 4Cs iPad application (app) is now downloadable for free on iTunes.
GIA, creator of the 4Cs and International Diamond Grading System™, is an independent organization with a mission to protect the public trust in gems through laboratory services, education programs and research discoveries.
The 4Cs app features video and interactive tools that teach how GIA grades diamonds using the 4Cs. The app explains the GIA grading scales for color, clarity, and cut, and how diamond grades can affect value. The app also explains the origins of the carat system, and provides information about fluorescence, diamond treatments and synthetics.
Using these interactive tools, consumers can explore:
How diamond color changes across the GIA D-to-Z Color Scale
Typical inclusions and blemishes at various points in the GIA Clarity Scale
A diamond’s anatomy and how various parameters influence a diamond’s cut grade
How a diamond’s size changes by carat weight and compare the sizes of different diamonds
GJF-National Jewellery Awards 2012
GJF´s National Jewellery awards are the most prestigious awards of the gem and jewellery industry.
The four sections in NJA-2012 (Retailer Awards - Jewellery;Manufacturer Awards - Jewellery;Best Manufacturer Awards; Best Wholesaler Awards)
have 28 award categories and each category has a customized timeline and a proper assessment process in order to benchmark the merit of the winner in the most adequate methodology that will catapult them to the ultimate recognition, which they truly deserve.
1. Best Diamond Jewellery of the year
2. Best Gold Jewellery of the Year
3. Best Jadau Jewellery of the Year - Precious Stones
4. Best Jadau Jewellery of the Year - Non Precious Stone
5. Paramparik Jewellery of the Year
6. Best Colored Stone Jewellery of the Year
7. Best Innovative Promotion of the year
8. Best Advertising Campaign of the year - Print
9. Best Single store of the year
b) Central - East
30th November − Closing date for application
3rd December − First Jury Selection
6th December − Call in date for (Retailer Awards and Manufacturer Awards - Jewellery)
24th December − Final Jury
28th December − Closing date for Voting
6th January − Award Nite
MORE DETAILS IN WEBSITE
21 October 2011
13 October 2011
Ornaments and Jewels are considered fashionable all over the globe. But in ancient times, Indians & majority of Hindu women used these ornaments, mainly made of Gold and some Silver, with so beautiful crafting and designs, all the good work of handcrafted by goldsmiths. They wore jewellery items not just for show, but with some inner meaning to it.
There were 36 kinds of essential jewellery & ornaments used during Vedic era, each signifying body mechanism. Though the rich, affordable and King's family had it all, even the poorer of poorest did wear most common items. Most of the jewels & ornaments are not in common use these days.
1.Ear Stud :
This ornament is mostly made of Gold with innumerable designs and fashions. Some in Gold with stones and some with plain Gold designs. This is considered to be the most important ornament and from childhood days Hindu girls are given this ornament. Ear piercing takes place on completion on one full year.
The reasons for wearing these stead is :Human anatomy, a precise location of parts in our body, was an easy accessible subject for the astrologers in those days. They found out that half of the problem occurring for human body is either because of renal failure or of bowel not cleared daily. And rest half is by food habits and dieted propositions. And they easily got the link, that an important nerve connecting the Brain, Cervical and Kidney is passing through a persons right ear and if the pressure there could be controlled, then the kidney functioning can be just maintained and protected from damages. Also piercing their ear and wearing some ornamental ear stead found another mode of controlling the kidney bladder. In the earlier days, erring students were never beaten or slapped, but teachers used to pull the ears of the boys.
2.Mookuthi :It is widely believed and thought that the nose is exclusively for sensual smell and breathing only. But in a well established practices, this theory manipulates, that it connects with emotional, sexual and romantic propositions too! That's what the decorative ornaments and jewels to the Nose apparently causes - not only beautifying, but also significantly adds value to the marital life as well!
A piece of stead-like ornament worn by women in their nose, commonly known as nose-ring and nose stead. (known as Mukkuthi or Mookuthi in Tamil and Nath in Hindi) The custom to wear this ornamental jewel is typically different from one state to other, one caste to other and even different amongst communities. Some use it in their left nose, some at right and few wear it in both sides of their nose. Though it is mainly used for beautifying women, the in-depth meaning can't be termed as unfound myth. It is considered as a breath regularizing and some say it is just to eliminate the poison coming out while exhaling carbon.But traditions apart, every community and caste, without any barrier uses this nose-stead. According to the Indian medicine, the female who get her nose pierced is assumed to experience less pains while delivering the child. The reason behind this belief is, through the piercing some vein is pressed that makes the childbirth easier. It is said that Ayurvedic (The oldest Vedic scripts that refer to Medicine and part of Vedic Resources) medicine associates nostril's piercing location with the female reproductive organs. That's why you need get the ear pierced by an experienced goldsmith, who knows by touching the skin, whether or not any nerve pass through the specific portion. While piercing the ear or nose, no passing nerve system should be disturbed or wounded, hence much care has to be taken for piercing. The Abharana Bhushana Vidhi states, that wearing a nose ring or a nose stead is a must for a women, if one needs to enjoying life in its pleasurable counts. True. the carbon emanated during the sexual union, the poisonous emission is minimized due to the wearing of a metallic (Gold, Silver) ornament in the nose. Also, the oculists believed, it is very difficult to bring into control or hypnotize or mesmerize the women who wear such sort of Mookuthi , functions as a controlling the brainwave length thus avoiding a surrender to the opponent who try to hypnotize.
The Bangles used by women are normally in the wrist part of ones hand and its constant friction increases the blood circulation level. Also the pulse beat in this portion is mostly checked for all sort of ailments. Or so it is believed. Further more the electricity passing out through outer skin is again reverted to one's own body because of the ring shaped bangles, which has no ends to pass the energy outside but to send it back to the body. This way a women gains her strength which is presumably wasted otherwise. So the ancient Hindus gave shape to this item called Bangles and later it got molded in to many shapes and designs to add more attraction and beautification.Amongst other varieties of ornaments Bangle is most important for any women, it is felt and that too if it is made of Gold then only it gives you the aforesaid values & meaning.
The most vital is its function and connectivity, the fourth finger from the Thumb, known as the ring finger is identified with the Star-Sun. It is widely believed, that the nerve passing through this finger is evenly spread to the entire brain neuron cells and any frequent metallic friction caused in this finger is very good for one's health. It also improves one's general capacity in handling his/her life with ease and confidence. That's why all over the world, they use gold rings for men and women, very commonly in this finger
5.Mangalsutra / Thirumangalyam :
Every married women used to get a Mangalsutra. This is mostly made in gold as an identifiable mark for married women. Hindu women hold the mangalsutra, to be a very significant bond with their husband. This too is believed to regularize a women's blood circulation. This is also said to control the body pressure levels to a maximum extent, as Indian women tend to work hard, more than her male counterpart. The most important thing to note about this Thirumangalyam is, that it should always be hidden or covered in the inner garments. Just because of the constant friction of the metal gold touching the body portion directly, the effect will be more to gain the said benefits. However, if the same is worn outside the clothes and making it visible to everyone, then the effect is reduced
(Jewellery knowingly used by Indian women as Hip Belt ) but the usage of this is not common. It is very particularly used to control women from getting fatter and to avoid flabs in hip and pot belly. Since no women uses these days this ornament, one can see the results that is visible!.
It is worned by Indian married women in general and is made of Silver. This is a ring with two or three line rounds, worn in their second finger from toe(Bichiya in Hindi). By wearing this in both feet, it is believed, that their Menstrual cycle course is regularized with even intervals. This gives good scope for conceiving to married women. Also it is said just because that particular nerve in the second finger from toe, also connects the uteruses and passes through heart. Because of this, the constant friction caused while walking and doing all sorts of chores during a day, it revitalizes the productivity organs. Silver being a good conductor, it also absorbs the energy from the polar energies from the earth and passes it to the body, thus refreshing whole body system
If one is agreeing with these contents or not, in general everyone is aware of the fact, that these ornaments were and are being used by most of the Indian women. As a matter of fact, the interest in wearing all sorts of ornaments are in the increase, one can judge from sale of Gold in the Indian Markets. For some it is a display of wealth. For many it is really an investment mode. For a few it is compulsion of social status. And for many it is a distant Dream.
04 October 2011
Platinum is the strongest precious metal used in jewellery. Its high melting point ensures good resistance to corrosion and chemical attacks. Each time other metals are scratched or polished, a tiny bit of the metal is lost. Though a scratch in platinum may leave a mark, the metal is so strong that it will not readily chip or splinter. Some appealing characteristics of platinum are its subtle beauty and its tendency not to add colour of its own. This helps enhance the natural brilliance and fire of a diamond because the light entering the diamond does not take on the colour of the platinum. This makes platinum a popular choice for diamond jewellery settings.To make sure that the jewellery you are purchasing is indeed platinum, check the amount of platinum content on the back of the piece. Look for the marks of "950Pt", "950 Plat", or "Plat", to ensure that the jewellery does indeed contain platinum.When cleaning your platinum a warm solution of water and mild soap can be used. Soak the piece in the solution and gently scrub it with a soft-bristle brush. By doing this you will be able to maintain the metal's lustre.
Due to its physical characteristics, gold is extremely well suited for use in jewellery making. Gold will not tarnish, rust, or corrode, and even though it is very strong, it is the most malleable of all metals. Gold in its purest form (24k) is too soft to be used in functional jewellery. Abrasions caused by daily wear would begin to degrade a piece of jewellery made from 24k gold. Therefore it is alloyed with other metals to give it strength. The percentages of alloys that are added to the metal determine the colour of gold. When alloyed with silver, copper, and zinc, the shade of yellow will vary. When alloyed with nickel, copper, and zinc, it becomes white gold. Yellow and white gold share the same strength and malleability characteristics. The purity of gold is measured in karats. 24k is 100% pure gold and is far too soft for jewellery. 18k is 75% pure gold and is recommended for fine jewellery. 12k is 50% pure gold and is unacceptable for jewellery. Gold's value depends on its purity and weight. Also taken into consideration are the design and the construction of the piece of jewellery. To care for your gold jewellery, avoid exposing it to chlorine and other harsh cleansing agents. To clean your gold jewellery, wash it in a warm solution of water and a non-detergent soap. Scrub gently with a soft-bristle brush. Finally, store your gold jewellery in its own soft cloth pouch or individual compartment in a jewellery case. Following these recommendations will help to maintain the lustre of your gold jewellery.
The silver jewellery and accessories available at Acpl Exports are made of beautiful sterling silver. For our collection, we have chosen classic designs created by some of the finest silver craftsmen. This guide will help you learn to identify quality in silver jewellery and accessoriesSterling SilverPure silver, also called fine silver, is relatively soft, very malleable, and easily damaged so it is commonly combined with other metals to produce a more durable product. The most popular of these alloys is sterling silver, which consists of 92.5 percent silver and 7.5 percent copper. Although any metal can make up the 7.5 percent non-silver portion of sterling, centuries of experimentation have shown copper to be its best companion, improving the metal's hardness and durability without affecting its beautiful colour. The small amount of copper added to sterling has very little effect on the metal's value. Instead, the price of the silver item is affected by the labour involved in making the item, the skill of the craftsperson, and the intricacy of the design.
Because pure silver is so soft, it should only be used when malleability is required, such as in handcrafted jewellery featuring weaving and other intricate designs. Sterling silver is most often used for jewellery and household accessories because of its combination of beauty and durability. Most high quality silver items are stamped with a "fineness" or "quality" mark. This mark designates the precious metal content of the jewellery, and under federal law, must be accompanied by a maker's mark or registered trademark. Acceptable quality marks for sterling silver include: sterling; sterling silver; ster; and, .925.
The prime use is in electronics. Our age of high technology finds it indispensable in everything from pocket calculators to computers, washing machines to television and missiles to spacecraft. The rocket engines of American space shuttles are lined with gold- brazing alloys to reflect heat, and the lunar modules of the Apollo programme that put men on the moon were shrouded with gold foil acting as a radiation shield. More commonly, the humble touch telephone in your home typically contains 33 gold-plated contacts. The plating of such contacts in switches, relays and connectors is the major application of gold in electronics. Contacts are electroplated with a very thin film of gold using gold potassium cyanide (GPC), often called plating salts. This touch of gold on a contact ensures rapid dissipation of heat and guarantees freedom from oxidation or tarnishing at extreme low or high temperature, thus providing an atomically clean met- al surface with an electrical con- tact resistance close to zero. Not surprisingly "nothing is as good as gold" to provide total reliability, whether out in space or in the home.
The production of plating salts accounts for 70% of the more than 150 tonnes of gold used annually in electronics. Althoughnew technology has enabled plating thickness to be pared down to less than one-thousandth of a millimetre of gold. Gold consumption has been maintained because of the myriad new electronic applications.
Gold's other main role in electronics is in semiconductor devices, where fine gold wire or strip is used to connect parts such as transistors and integrated circuits, and in printed circuit boards to link components. Again, the need for reliable connections makes gold indispensable. This bonding wire is one of the most specialised uses of gold; it is highly refined to 999.99 purity and the wire has a typical diameter of one-hundredth of a millimetre.
Japan is the major fabricator of electronics products in the western world, accounting for over 45% of gold consumption, followed by the United States with nearly 30%. The United Kingdom and Germany are the only other significant contributors at about 6 and 7% respectively although South Korea is growing. Dental gold is the second important sector. Gold has been used in dentistry for almost 3000 years. The Etruscans in the 7th century BC used gold wire to fix substitute teeth when their own were lost. In the 16th century an early dental textbook recommended gold leaf for filling cavities.
Gold's malleability and resistance to corrosion render it eminently suitable for dental use, al- though its softness means that it must be alloyed to retard wear. The most common companion metals are platinum, silver and copper. A typical alloy may contain anywhere from 620-900 fine gold depending on the precise end-use. In recent years the price of gold has resulted in a trend towards cheaper alloys with as little as 30% gold and towards palladium-based alloys which contain scarcely 2% gold. Gold alloys have also suffered competition from new techniques such as ceramic dental crowns. In addition, social security payments for gold dental work have come under tighter scrutiny; reductions in such insurance payments make gold use more price sensitive. These factors initially contributed to a sharp fall in gold use by the dental sector,
from 64 tonnes in 1980 to 48 tonnes by 1987. However, there has since been a recovery because of its non-allergic properties; demand has revived to 60 tonnes annually.
Japan is the leading dental gold fabricator, accounting for roughly 28% of the market, followed by Germany and the United States. There is significant unrecorded use, however, in Asia and Latin America where it is not unknown for dentists to melt down gold coin to make their own alloy. Other applications for gold include decorative plating of costume jewellery, watchcases, pens and pencils, spectacle frames and bathroom fittings. Gold-based points are used for decoration of china and glass. Demand for gold from this sector is around 90 tonnes per year. The gold is used in various forms, such as rolled gold and gold fill, although both of these are under competition from new techniques. On the other hand, the use of gold electroplating in watchcases and similar products is increasing.
Visually, the most spectacular use of decorative gold is gold leaf which has been used for centuries to adorn the domes or ceilings of public buildings, because its resistance to corrosion means it will outlast paint by many years. Gold's ability to reflect heat in summer and help retain it in winter has also led to the use of glass coated with a thin film of gold in several modern buildings, especially in North America; one ounce of gold covers typically one thousand square feet of glass. This reflective glass can cut cooling and heating costs by 40%. The major consumption of decorative gold is in the United States and Japan. All told, the industrial uses of gold provide a very steady element in gold demand, requiring more than the equivalent of all Australian gold production annually.
One of the world's rarest and most sought after collector coins, the 1933 Double Eagle, was sold at Sothey's auction house in New York on Tuesday 30th July 2002 for the record sum of $7.59 million. The coin, featuring a standing Liberty on one side and an eagle on the other, was minted in 1933 at the height of the Depression but never circulated as President Roosevelt abandoned the Gold Standard. All 445,500 coins, each with a face value of $20, were put into storage and ordered to be melted down in 1937, but it was not until the 1940s that it was discovered ten coins had not been returned. Nine were subsequently recovered but one coin got away and ended up in the collection of King Farouk of Egypt. It disappeared again in the mid 1950s and resurfaced in 1996 when a UK coin dealer attempted to sell it to undercover Secret Service agents in New York.
After protracted legal wrangling it was agreed that the coin be sold at auction with the proceeds split between the dealer and the US Mint's enterprise fund.
2. A Solid Gold Winner
The World Cup Trophy is 32cm high and is made of solid 18-carat gold.
3. Gold doors to a bank in Oman
There is a bank in Oman which has gold doors. The gilding of doors goes back to ancient times when fire gilding and later mercury gilding techniques were used on alloys containing gold to produce a gold-rich surface layer. The famous Corinthian Bronze of the Roman Empire is an example of this used in the great gate of Herod's Temple in Jerusalem.
4. Recycling of gold
Gold has always been recycled because of its inherent high value, ever since it was first discovered before the Bronze age. Thus your modern jewellery or dental crown may contain some gold that was mined in prehistoric times and formed part of a valued gold artefact or jewellery belonging to royalty or other high placed official in ancient civilisations. Today, at least 15% of annual gold consumption is recycled each year.
5. The first known piece of gold jewellery
The earliest gold jewellery dates from the Sumer civilisation in between the Tigris and Euphrates rivers in southern Iraq around 3000 BC. A major archeological find of early jewellery was in the Royal tombs of Ur, in Mesopotamia, dated to around 2,600 BC where gold articles made by lost wax casting included a wild ass on the rein ring of a chariot. Copper and bronze inlaid with gold also date to this period, demonstrating the craft skills in metalworking that existed. A beautifully modelled bull cast in gold dating to 2,300 BC was found in the Caucasus in eastern Europe. In Egypt, gold jewellery and other artefacts have been found in Pharoah's tombs dating to around 1500 BC and later.
6. Most famous piece of gold
This has to be the face mask of the boy-king of Egypt (1361-1352 BC), Tutankhamun discovered in his tomb in 1922 by Howard Carter. This tomb preserved some of the greatest treasures of the goldsmiths art. This face mask is normally on display in the Cairo museum.
7. Famous films about gold
There are many examples of films centred around man's greed for gold - for example the James Bond film, Goldfinger, starring Sean Connery, the Italian Job, starring Michael Caine, the Maltese Falcon and the Lavender Hill Mob.
1.What is Gold and why is its chemical symbol Au?
Gold is a rare metallic element with a melting point of 1064 degrees centigrade and a boiling point of 2808 degrees centigrade. Its chemical symbol, Au, is short for the Latin word for gold, 'Aurum', which literally means 'Glowing Dawn'. It has several properties that have made it very useful to mankind over the years, notably its excellent conductive properties and its inability to react with water or oxygen.
2.Where does the word Gold come from?
The word gold appears to be derived from the Indo-European root 'yellow', reflecting one of the most obvious properties of gold. This is reflected in the similarities of the word gold in various languages: Gold (English), Gold(German), Guld (Danish), Gulden (Dutch), Goud (Afrikaans), Gull (Norwegian) and Kulta (Finnish).
3. How much gold is there in the world?
At the end of 2001, it is estimated that all the gold ever mined amounts to about 145,000 tonnes. .
4. Why is gold measured in carats?
This stems back to ancient times in the Mediterranean /Middle East, when a carat became used as a measure of the purity of gold alloys (see next Question 5). The purity of gold is now measured also in terms if fineness, i.e parts per thousand. Thus 18 carats is 18/24th of 1000 parts = 750 fineness.
5. What is a Carat?
A Carat (Karat in USA & Germany) was originally a unit of mass (weight) based on the Carob seed or bean used by ancient merchants in the Middle East. The Carob seed is from the Carob or locust bean tree. The carat is still used as such for the weight of gem stones (1 carat is about 200 mg). For gold, it has come to be used for measuring the purity of gold where pure gold is defined as 24 carats.
How and when this change occurred is not clear. It does involve the Romans who also used the name Siliqua Graeca (Keration in Greek, Qirat in Arabic, now Carat in modern times) for the bean of the Carob tree. The Romans also used the name Siliqua for a small silver coin which was one-twentyfourth of the golden solidus of Constantine. This latter had a mass of about 4.54 grammes, so the Siliqua was approximately equivalent in value to the mass of 1 Keration or Siliqua Graeca of gold, i.e the value of 1/24th of a Solidus is about 1 Keration of gold, i.e 1 carat.
6. Who owns most gold?
If we take national gold reserves, then most gold is owned by the USA followed by Germany and the IMF. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries. In terms of personal ownership, it is not known who owns the most, but is possibly a member of a ruling royal family in the East.
7. If all the gold was laid around the world, how far would it stretch?
If we make all the gold ever produced into a thin wire of 5 microns (millionths of a metre) diameter - the finest one can draw a gold wire, then all the gold would stretch around the circumference of the world an astounding 72 million times approximately!
8. How much new gold is produced per year?
In 2001, mine production amounted to 2,604 tonnes, or 67% of total gold demand in that year. Gold production has been growing for years, but the real acceleration took place after the late 1970s, when output was in the region of 1,500tpa. This year’s output will fall short of production levels in 2001. This is partly for specific operational reasons at some of the larger mines (Grasberg and Porgera), along with lower grades at some of the operations in Nevada. The reduction in exploration and development expenditure over the past five years is leading a number of analysts to suggest that, with other operations nearing the end of their lives, global production is likely to drop slightly over the next two to three years – subject always of course to price.
9. How much does it cost to run a gold mine?
Gold mining is very capital intensive, particularly in the deep mines of South Africa where mining is carried out at depths of 3000 meters and proposals to mine even deeper at 4,500 meters are being pursued. Typical mining costs are US $238/troy ounce gold average but these can vary widely depending on mining type and ore quality. Richer ores mined at the surface (open cast mining) is considerably cheaper to mine than underground mining at depth. Such mining requires expensive sinking of shafts deep into the ground.
10. How does a gold mine work?
The gold-containing ore has to be dug from the surface or blasted from the rock face underground. This is then hauled to the surface and milled to release the gold. The gold is then separated from the rock (gangue) by techniques such as flotation, smelted to a gold-rich doré and cast into bars. These are then refined to gold bars by the Miller chlorination process to a purity of 99.5%. If higher purity is needed or platinum group metal contaminants are present, this gold is further refined by the Wohlwill electrlytic process to 99.9% purity. Mine tailings containing low amounts of gold may be treated with cyanide to dissolve the gold and this is then extracted by the carbon in pulp technique before smelting and refining.
11. How much does a gold bar weigh?
Gold is made into a large number of different bars of different weights. The most well known are the large 'London Good Delivery Bars' which are traded internationally. These weigh about 400 Troy Ounces, i.e. 12.5 kg/ 27 lbs. Each. Others are denominated in kilogrammes, grammes, troy ounces, etc. In grammes, bars range from 1 g up to 10 kg. In troy oz, from 1/10 tr.oz. up to 400 tr.oz.. Other bars include tola bars and Tael bars.
12. Alchemy: Can base metals be turned into gold?
All metal atoms are made of the same building blocks of protons, neutrons and electrons, but in different quantities, so in theory it could be possible to change base metals into gold or any other metal of value to mankind. In practice, it is achieved only in nuclear reactions, where heavy radioactive metals decay into other lighter elements, including some isotopes of gold. However, man's ancient dream of turning base metals into gold is not a practical proposition. So it remains a dream!
13. How big is a tonne of gold?
Gold is traditionally weighed in Troy Ounces (31.1035 grammes). With the density of gold at 19.32 g/cm3, a troy ounce of gold would have a volume of 1.64 cm3. A tonne of gold would therefore have a volume of 51, 760 cm3, which would be equivalent to a cube of side 37.27cm (Approx. 1' 3'').
SOURCE : FROM GOLD WEBSITE
The Indian Gem & Jewellery Export Promotion Council has traversed a long way since its evolution in 1966. From a mere US $ 28 million exports then, to a whooping US $ 46 billion in 2011. Today, the gems and jewellery proudly takes its place at centre stage of the international markets, being the largest manufacturer in the world of cut and polished diamonds; and having a significant share of the international jewellery market.
An industry which, despite being a late entrant as an exporter of gems and jewellery, without having any raw material mined in India, has acquired a cutting edge in all aspects – the latest technology, updated skills for manufacturing, a savvy marketing programme, and importantly high level of design competence.
Little wonder then, that the Council, who in every term is the representative of this illustrious industry, has decided to refurbish its image in keeping with the times and to reflect the reality of its essence. The result is the introduction of a brand new logo. It is rooted in the concept of growth; and resonates with the design element so intrinsic to jewellery, the India centre and the summation of this in its current positioning as a jewellery design hub.
The New Corporate Identity: The gradual growth of petals in new corporate identity symbolize the ever-growing Gems & Jewellery Industry of India. The colors derived from the myriad hues of some of the best colored stones showcase the dynamic nature of business. And the blossoming petals mirror the fast-spreading exquisite jewelry designs of India to global shores.
The new logo is contemporary and stylish, redefining India’s face to the world as a design destination and takes its appeal to global standards of expertise and design excellence. ‘The bloom’ in the new logo signifies Genesis, Growth and Creativity. The gradual growth of the petals corresponds to the growth of the gem & jewellery industry. The growth of the Indian Jewellery market takes a circular turn, which signifies growth not only within India but in foreign shores as well. Though in the past India was known only for its heritage jewellery , today its designs are contemporary and modern keeping in line with India’s evolving design scape. So also is the form of the new logo which is contemporary and stylish just like the designs from India.
The new logo defines the new face of the Indian jewellery market to the rest of the world – contemporary, stylish and full of promise living up to expectations of performance and growth.
Speaking at the launch, Rajiv Jain, Chairman GJEPC said “The new logo is a calling of the times that herald India into the major league and define its presence as THE key player in the International markets thus establishing Brand India’s coming of age and its rightful place in the international arena as a sourcing and design hub for the world. So also the logo signifies all that is contemporary, stylish and blossoming of the Indian Jewellery market in the design sensibilities making the world its canvas.”
Sonam Kapoor the brand ambassador for GJEPC, said while unveiling the logo “It is a pleasure to be a part of India’s rich heritage now taking contemporary form and making its mark on the world markets. The new logo’s significance is the face of the evolving design sensibilities of the country is a rightful and necessary progression for the GJEPC and I am flattered to be a part of this great unfurling of history that is going into making.”