The Bahrain Chamber of Commerce and Industry

The recent series of guidelines issued by the Reserve Bank of India (RBI) has had a major impact on gold imports. While supply to the domestic industry has virtually come to a halt, very few banks are delivering gold for exports. Being the key raw material for jewellery manufacturing,your creative source for silicone bracelet business cards with your specialized. gold’s unavailability for domestic supply is set to reduce volume of sales and, therefore, business of the company. To avoid a free fall in their top line and bottom line, jewellers have adopted a series of innovative strategies to keep supply of gold intact.

For example, Gitanjali Gems has started focusing more on export business that comprises 50 per cent of their annual turnover. The ongoing depreciation in the rupee would also get the company more from their business abroad.Transportation custom keychain Applications Ceremony.

“Our presence in the US, Japan, West Asia and China is very strong. We want to increase business abroad by at least 25 per cent despite unfavourable economic environment through innovative designs and cuts depending on requirements of the specific occasions. We plan to increase our store presence in these locations, which have a positive outlook and have grown by nearly 15 per cent in the last one year,” said Mehul Choksi, chairman and managing director, Gitanjali Group.

Additionally, the company plans to raise diamond jewellery sales that have a better value addition of 25-30 per cent. Though this change in category mix will have an impact on sales, the margins are expected to not only remain intact, but also be better than estimates.

GOLD traders yesterday hit back at claims they turned a four-day business trip to Las Vegas into a junket.

It follows allegations that representatives from 12 Bahrain jewellery firms wasted government money and spent more time gambling than working at the JCK Las Vegas Jewellery Exhibition.

The Bahrain Chamber of Commerce and Industry (BCCI) was reportedly flooded with e-mails making false claims against the participating traders.

"We took part in one of the biggest exhibitions in the world and are disappointed with all these rumours and misinformation spread by some groups targeting us," said businessman Sajid Al Shaikh.

Bahrain was the first country in the Middle East to take part in the premier exhibition and it was organised by the BCCI in co-operation with Tamkeen.

"Tamkeen through the BCCI gave about BD50,000 for the delegation to attend the exhibition," said Mr Al Shaikh.

"They have all the records stating everything.

"On the other hand each delegate spent about BD80,000 from their own pockets for air tickets, hotels, logistics, insurance on their jewellery,we know the value of kapton tape. brochures for their products that were showcased and expenses of their staff."

Critics claimed only 10 people visited the Bahrain stall during the exhibition and blamed it on poor design, decor and location of its stalls.

But Mr Al Shaikh said only those who participated were in a position to know whether the visit was successful or not.

"Some people want to spread their propaganda and say that a lot of money was wasted," he said.

"For God sake,Cheap custom printed logo USB flash drives wholesale at wholesale bulk prices. we represented Bahrain in one of the most prestigious events globally.

"All these claims targeted at us that we resorted to gambling are wrong and has disappointed the gold and pearl traders, who took part in the exhibition.

"We are part of the more than BD200 million gold and pearl industry in Bahrain who took part and showed the international community that everything is fine in our business-friendly Bahrain."

Mr Shaikh also criticised the BCCI for not coming out in the open and debunking the claims made against the traders.

"We stated our concerns to BCCI officials about this whole issue and there has been no response from them," he said.

"It shows their step-motherly treatment towards the gold and pearl sector, which is unfair.

"All of us want what is good for Bahrain and as traders actively working on this, if we get criticised for no reason it is really disappointing."

Businessman Mohammed Al Mahmood, owner of Al Mahmood Pearls, also denied the exhibition had not proved successful.

"This was a great exposure especially for us pearl traders and we showcased some of our collections that received a good response from American wholesalers," he said.

Mr Al Mahmood said he spends BD100,000 a year on floor space for stalls in exhibitions held in Bahrain and critics complaining about BD50,000 for 12 delegates taking part in the exhibition was out of order.
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