Gold import curbs: 15 million jewellery makers may lose job

Squeezed by government rules meant to curb a surge in gold imports, India’s bullion industry is shrinking, with banks and others opting to redeploy personnel for now but possibly facing big job cuts in coming months.

Refiners, jewellery manufacturers and retailers say they could start cutting jobs after Diwali, one of India’s biggest festivals, in the first week of November as festive demand will have sucked supply dry. Some have already begun to do so.

Gold on the local market is now fetching a record premium of $130 an ounce to the global bullion price and that is expected to climb even higher because of coming festivals.

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100,000 Fairtrade wedding rings objective for 2014

Fairtrade International has announced plans to improve the availability of Fairtrade gold wedding rings in a bid to boost sales, with hopes of the number sold hitting 100,000 in the UK next year.

The initiative, led by ethical campaigner and Fairtrade gold and precious metals co-ordinator Greg Valerio, will work with leading UK wedding ring manufacturers to try to boost the number of weddings and civil partnerships sealed with Fairtrade rings to 50,000 in 2014.

A number of British manufacturers, including Brown & Newirth and Hockley Mint, have pledged their commitment to Fairtrade wedding bands following an in-depth discussion surrounding Fairtrade gold that took place at the recent Company of Master Jewellers (CMJ) UK Jewellery Conference.

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