Indian diamond jewellery market set to soar, expected to reach US$ 17 Billion by 2031

May 3, 2024

Gems & Jewellery — (Representative Image)

The Indian diamond jewellery market is expected to grow to US$ 17 billion by 2031, contributing significantly to India’s total gem and jewellery sector, which is projected to reach US$ 120 billion from $ 79 billion in 2021. In 2024, gold mine production is forecasted to hit record highs, with jewellery demand remaining firm yet sensitive to gold price fluctuations.

This was revealed by Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), during the GJEPC’s InnovNXT Forty Under 40 summit. He articulated the ambitious target of achieving USD 75 billion in gem and jewellery exports by 2030, expressing confidence in the talent, drive, and determination of the young leaders present at the event.

Nirav Bhansali, the Convener of National Exhibitions at GJEPC, emphasized, “In the gems and jewellery sector, our role extends beyond luxury provision; we are stewards of tradition, custodians of culture, and advocates of craftsmanship. To uphold our esteemed heritage, we must adapt to evolving times. Presently, we are amidst the finest minds and most promising talents within our industry.”

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Milan Chokshi, Convener of Promotions & Marketing at GJEPC and the Founder of Moksh, a couture jewellery brand, highlighted, “The concept of storytelling has long been ingrained in Indian jewellery, with our pieces carrying profound symbolic significance, meaning, and narratives. While traditionally designed, the emergence of design-focused jewellers is propelling storytelling into new dimensions. What’s remarkable about jewellery is its ability to spark conversations; any captivating piece or design serves as a catalyst for dialogue. The storytelling inherent in a piece extends beyond the designer’s inspiration or reverence; it encompasses the personal narratives and meanings attributed to it by the owner.”

During the discussion on Global & India Gold Demand Trends, Kavita Chacko, Research Head for India at the World Gold Council (WGC), remarked, “2024 is poised to witness a historic peak in gold mine production. While jewellery demand in 2024 is anticipated to remain robust, it remains susceptible to fluctuations in gold prices. Investments in bars and coins are expected to sustain their strength, driven by elevated prices and geopolitical factors. Central banks are projected to continue purchasing gold at a notable pace. Despite a notably high-price environment, global annual jewellery demand remained steady around 2200 tonnes in 2023. Gold’s performance in 2023 was buoyed by heightened geopolitical tensions, consumer demand, and central bank acquisitions, resulting in a 4% increase in annual gold demand, reaching an unprecedented 4,930 tonnes. Notably, the contributions of jewellery demand and central bank acquisitions underscored their stability and significant impact.”

During the discussion on Diamond Consumption Patterns in India, Amit Pratihari, Vice President of De Beers Forevermark, said, “The Indian diamond jewellery market is set to expand to US$ 17 billion by 2031, constituting a significant portion of India’s total gem & jewellery sector valued at US$ 120 billion, up from $79 billion in 2021. Global jewellery brands are increasingly leveraging Indian celebrities to connect with Indian consumers. Amit identified key market drivers for 2024, noting that 13% of Indian customers surveyed express a desire for diamond jewellery as a gift, while 51% incorporate diamond jewellery into their daily wear. Additionally, 12% aspire to self-purchase jewellery featuring natural diamonds, while 23% acquire such diamonds to commemorate relationship milestones or express affection. Another 22% seek natural diamonds to celebrate personal milestones or for future readiness. Amit also predicted that the Indian luxury market will swell to 500 million by 2030, up from 400 million in 2022, primarily fueled by a projected 20% rise in middle and high-income consumers from 2022 to 2030.”

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Swiss Military to invest INR 56.5 Cr in first fully owned manufacturing unit in Haryana

SnackTeam

May 3, 2024

Swiss Military, a renowned global lifestyle brand, is set to establish its first fully owned manufacturing unit in India in Haryana with an initial investment of INR 56.5 crore. Swiss Military Consumer Goods Ltd said that it plans to establish its first fully owned manufacturing facility for luggage as well as travel gear in Faridabad, Haryana.

Covering an expanse of 1.21 acres with a constructed area spanning approximately 85,000 square feet, the envisioned facility will boast a production capacity of 1 million pieces per year, as stated.

The targeted completion for the manufacturing unit is within 8 months, expected to be achieved by December 31, 2024, with an initial investment of INR 56.50 crore.

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“By leveraging our own manufacturing capabilities, Swiss Military aims to underscore its dedication to modernizing the travel gear sector in the Indian market and streamlining the introduction of new products,” remarked Anuj Sawhney, Managing Director of Swiss Military Consumer Goods Ltd.

Additionally, he emphasized, “This initiative will substantially enhance our standing in the fiercely competitive global travel gear market. We firmly believe that this new facility will serve as a cornerstone in our pursuit of enduring growth and industry leadership.”

Sawhney noted that as domestic and international leisure and business travel make a vigorous comeback, the company has witnessed exceedingly robust growth in the luggage and travel gear segment.

He added, “This new initiative by Swiss Military is in line with our future vision of expansion both in India and abroad, while also contributing to the ‘Make in India’ movement.”

With a 30-year heritage as a global lifestyle brand, Swiss Military delivers premium and innovative products in 26 countries, boasting a diverse range of over 3,000 products across multiple sectors.

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Menswear brand Powerlook continues expansion with opening of flagship store in Pune

SnackTeam

May 3, 2024

Powerlook, the renowned menswear brand, is excited to announce the grand opening of its new store in Pune, Maharashtra. Located at Phoenix Mall, Viman Nagar, Pune, this marks the seventh milestone for the brand.

The brand is further gearing up to launch 50 outlets nationwide by the end of 2027. With a robust presence in locations including Bandra West, Vashi East, Thane, and others, Powerlook is all set to serve today’s youth across India, covering cities like Bangalore, Hyderabad, Ahmedabad, Indore, and Surat.

“The launch of our flagship store in Pune marks a significant stride in our endeavor to expand Powerlook’s presence across India. We are excited to introduce our distinctive blend of fashion-forward apparel to the dynamic city of Pune,” expressed Raghav Pawar, co-founder of Powerlook.

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The Indian men’s wear market is witnessing an extraordinary surge and is projected to reach a valuation of INR 330,000 crores by 2028. With approximately half of the population under 30 years old, the youth in the country are driving this flourishing trend forward, displaying an increasing appetite for stylish menswear.

Amar Pawar, co-founder of Powerlook, remarked, “The latest collection from Powerlook epitomizes the essence of smart casual fashion, resonating with the vibrancy of today’s youth. Our designs reflect our dedication to providing trendsetting apparel that enables individuals to showcase their distinctive style.”

The grand opening of Powerlook’s flagship store in Pune was a resounding success, with over 50 percent of its inventory sold on the inaugural day. The event was graced by the presence of over 100 influencers, including esteemed guest Danny Pandit.

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Zydus Wellness enters RTD market with Glucon-D Activors pilot launch

SnackTeam

May 3, 2024

Zydus Wellness, a leading FMCG company known for its science-backed products, is expanding its iconic Glucon-D brand into the electrolyte energy ready-to-drink (RTD) beverage segment with the pilot launch of Glucon-D Activors.

In today’s fast-paced world, where consumers lead busy lives, there’s a growing demand for convenient on-the-go energy options, which is transforming the landscape of ready-to-drink (RTD) beverages. In India’s FMCG sector, the RTD electrolyte beverage category stands out as one of the fastest-growing segments, valued at approximately INR 1200 crore. Southern India particularly contributes a significant portion to this volume, accounting for nearly 50 percent of nationwide sales.

Leveraging this promising opportunity and the brand’s strong presence in the energy market, the company has initiated the launch of Glucon-D Activors in Telangana and Andhra Pradesh as a pilot program.

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Infused with three essential electrolytes – Sodium, Potassium, and Chloride – along with Vitamins C, B3, B5, and B6, Glucon-D Activors is crafted with an Electro Smart formula designed to replenish, re-energize, and revitalize the body.

Tarun Arora, CEO of Zydus Wellness, remarked on the launch, stating, “As we aim to double our sales within the next 3-5 years, we’re swiftly expanding our wellness range globally to support consumers in living healthier lives. The pilot introduction of Glucon-D Activors marks a strategic move for Glucon-D, a long-standing leader in its category and a symbol of ‘Energy of India’ for decades. This initiative also positions us uniquely to understand the consumer’s instant energy needs, capitalize on our R&D expertise, and provide a convenient ready-to-drink beverage for people on the move.”

Additionally, the brand has launched a new TVC campaign in Telangana and Andhra Pradesh aimed at enhancing brand visibility. Centered on a storyline depicting the busy and active lives of individuals, the commercial begins with a tired young news reporter and his perspiring cameraman concluding their news coverage on a scorching summer afternoon. Seeking a revitalizing boost, the reporter and his colleague rejuvenate themselves with a sip of Glucon-D Activors.

Given consumers’ attraction to RTD beverages for their convenience and diverse flavor options, Glucon-D’s electrolyte energy RTD beverage will be offered in three flavors: Mango, Apple, and Orange. It will be priced at a maximum retail price of INR 45 (inclusive of all taxes) for a 200ml tetra pack.

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The Derma Co. collaborates with Dr. Vanita Rattan to introduce Skin Renew range for Indian consumers

SnackTeam

May 3, 2024

In a notable partnership within India’s retail skincare industry, The Derma Co. teams up with Dr. Vanita Rattan (known as Dr. V) from the UK, renowned for her skincare formulation prowess. This alliance heralds the introduction of Skin Renew by The Derma Co. X Dr. V, an innovative skincare line meticulously designed by Dr. V to cater to the specific needs of Indian consumers.

This distinctive collaboration not only showcases a profound grasp of the changing demands of modern consumers but also marks a groundbreaking moment as an Indian brand joins hands with an international cosmetic formulator to create a skincare range tailored exclusively for the Indian market. As consumers increasingly gravitate towards expert-guided solutions, this partnership arrives at an opportune moment, harnessing Dr. V’s esteemed reputation and expertise to bolster credibility.

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The Skin Renew Range comprises five indispensable products – Face Wash, Toner, Moisturizer, Retinol Cream Serum, and Exfoliator – each designed to target vital areas including barrier repair, brightening, and anti-acne solutions. Infused with potent ingredients like peptides, retinol, vitamin C, niacinamide, and glycerin, the range tackles challenges posed by elements such as heat, pollution, and UV rays, providing comprehensive solutions for skin revitalization.

Tailored to address prevalent issues like hyperpigmentation, dullness, and acne in India’s tropical climate, this range incorporates ingredients like salicylic acid, lactic acid, and retinol to effectively unclog pores, balance skin tone, and thwart breakouts, fostering clear, blemish-free skin.

“We are thrilled to join hands with Dr. Vanita Rattan in this one-of-a-kind collaboration along with the launch of a range crafted for Indian skin & weather,” stated Ghazal Alagh, Chief Innovation Officer & Co-Founder of Honasa Consumer Limited. “The Skin Renew by Dr V series has been developed in collaboration with Dr Vanita, utilising premium components suitable for Indian consumers. This partnership demonstrates our dedication to giving our customers the best products possible. We have no doubt that this partnership will strengthen our dedication to the highest standards in the skincare sector.”

Dr. Vanita Rattan (Dr. V) remarked, “I’ve always harbored a passion for formulating skincare products suited to colored skin, and the collaboration with The Derma Co. has turned my vision of crafting for India into reality. Over the past eighteen months, we’ve devoted ourselves to creating the Skin Renew Range, tailored specifically for Indian consumers. The selection of ingredients is unprecedented, offering a unique fusion in formulations and textures, perfectly suited for this climate. What distinguishes us is our range, incorporating a blend of ten essential and potent actives in precise proportions, expertly packaged and layered in the correct sequence, effectively addressing the skincare needs of today’s consumers. I am confident that consumers will embrace these products and relish their journey towards skin renewal.”

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Raymond re-appoints Gautam Hari Singhania as Managing Director

SnackTeam

May 3, 2024

Raymond has announced the re-appointment of Gautam Hari Singhania as the company’s managing director for a five-year term starting from July 1, 2024, according to an exchange filing.

“The re-appointment of Mr. Gautam Hari Singhania as Managing Director is contingent upon approval from the Company’s Members and adheres to the stipulations outlined in Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19, both dated June 20, 2018,” stated the company.

It further noted that Singhania’s re-appointment as Managing Director is subject to retirement by rotation.

Singhania, a graduate in commerce from the University of Mumbai, assumed the role of Chairman & Managing Director at Raymond Limited in September 2000. Since then, he has spearheaded the strategic restructuring of the Raymond Group, overseeing the divestment of non-core businesses such as Steel, Cement, and Synthetics. Following the divestments, the Group has solidified its position with a targeted, market-oriented strategy.

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“The group has achieved significant strides under Mr. Singhania’s leadership, with his vision aimed at elevating the Raymond Brand from one of India’s most respected to among the finest in the global markets,” stated the company.

“Driven by a passion for innovation and brand creation, Mr. Singhania has actively engaged in launching new products, effectively steering the Group towards enduring growth. Additionally, under his guidance, the Group has made a noteworthy entry into the real estate sector,” the statement continued.

Nawaz Modi-Singhania was ousted from the boards of three privately held companies within the Raymond Group: JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve.

The decision was reached during an Extraordinary General Meeting (EGM) held on March 31, as confirmed by the companies on Thursday. Despite challenging her removal from the boards of two of these companies, Modi-Singhania’s efforts were unsuccessful.

Modi-Singhania, caught in a contentious settlement dispute with her estranged husband and Raymond Group chief Gautam Singhania after their divorce announcement in November 2023, had been serving as a director in JKI since June 2015, in RCCL since December 2020, and in Smart Advisory & Finserve since October 2017.

Upon being informed of her removal from Smart Advisory and Finserve, as well as Raymond Consumer Care, Modi-Singhania voiced her grievances, declaring, “I have faced mistreatment ever since I began exposing Singhania for his wrongdoings. First the assault, and now the expulsion.”

“Smart Advisory and JK Investors (Bombay) are closely held businesses. In a letter to the firms, their shareholders expressed their lack of trust in Nawaz Modi-Singhania as a director and made a request for a shareholder meeting to be called in order to remove her from the boards. The boards of these businesses, which included Mrs. Singhania, got together on March 31 and scheduled Thursday’s shareholder meetings. As per the legal procedure, she has been dismissed from her position as a director,” a representative for JK Investors (Bombay) and Smart Advisory said.

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Adidas reports €171 Million net income in Q1 FY24, marks significant turnaround from previous year’s losses

SnackTeam

May 3, 2024

Adidas, the sports apparel brand, reported a net income of €171 million ($182 million) from continuing operations in the first quarter (Q1) of fiscal year 2024 (FY24), marking a significant turnaround from the €24 million net loss reported in Q1 FY23.

In Q1 FY24, the company’s basic earnings per share from continuing operations amounted to €0.96, a notable contrast to the loss per share of €0.18 reported in Q1 FY23.

During the year, Adidas experienced an 8% growth in currency-neutral revenues, with a 5% increase attributed to the core Adidas business.

Revenues from the footwear segment surged by 13%, while those from the apparel segment increased by 2% during the first quarter.

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Overall, the company’s direct-to-consumer (DTC) business emerged as a significant growth catalyst, experiencing a 20% increase in currency-neutral terms.

Sales in Adidas’ retail stores increased by 11%, whereas e-commerce revenues surged by 34% throughout the quarter.

Regionally, Europe led the way with a 14% surge in currency-neutral sales, driven by robust performances in both direct-to-consumer (DTC) and wholesale channels.

Although revenues in North America saw a 4% decline, there was a notable increase in emerging markets and Latin America, with rises of 17% and 18%, respectively.

Adidas achieved an operating profit of €336 million for Q1 FY24, representing a significant increase from €60 million in the corresponding quarter of the prior year.

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Adidas CEO Bjørn Gulden expressed his satisfaction, stating, “I am pleased to see that our performance in Q1 exceeded our expectations. Sales, gross margin, and operating profit all outperformed our initial projections. We observed robust full-price sales in our direct-to-consumer channels, and our retail partners experienced higher sell-out than sell-in. This resulted in reduced inventories, fewer discounts, and improved gross margins for both our retail partners and ourselves.”

The company has updated its outlook for the full year of 2024, now anticipating currency-neutral revenue growth at a mid-to-high single-digit rate, along with an expected operating profit of €700 million.

US plant-based food retail sales declined in 2023, reveals GFI Report

SnackTeam

May 3, 2024

Plant-based food sales through US retail dropped in value and volume terms in 2023, as revealed by new findings, with significant declines noted particularly in meat and seafood alternatives.

According to data from SPINS and the Good Food Institute’s (GFI) latest State of the Industry report, plant-based food dollar sales decreased by 2% last year to $8.1 billion. Sales volumes also saw a decline of 9% to 1.8 billion units.

Meat and seafood alternative dollar sales decreased by 12% since 2022 and by 13% since 2021, reaching $1.2 billion in 2023. Unit sales growth for plant-based meat and seafood saw declines of 19% compared to 2022 and 26% compared to 2021, totaling 215 million units.

According to the report, household penetration rates remained stagnant or declined in 2023, with plant-based meat and seafood experiencing a four-percentage-point drop to 15%. This highlights the necessity to reconnect with consumers.

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Plant-based meal sales also experienced notable declines in US retail, with dollar sales growth reaching $498 million in 2023, marking a 14% decrease from 2022 and a 15% drop from 2021. Unit sales growth stood at 96 million, reflecting a 22% decline from 2022 and a 28% slump compared to the previous year.

Among all plant-based categories, milk alternatives secured the leading position, with dollar sales increasing by 1% compared to 2022 and by 9% compared to 2021. However, unit sales witnessed a year-on-year decline of 8% and a 10% drop compared to 2021.

In terms of purchase repeat rates for 2023, plant-based milks demonstrated the highest performance, with 79% of consumers repurchasing the product. The report highlighted that nearly half of US households bought the product at least once during the year.

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Next in line were plant-based creamers, with 65% of consumers repeating their purchases, closely followed by meat and seafood alternatives, which saw 62% of consumers doing the same.

The repeat purchase rates were lowest for plant-based eggs and cheeses, at 48% and 49%, respectively.

As per the Good Food Institute (GFI), retail sales of plant-based foods in the US have surged by 51% since 2017, marking the inception of the think tank’s monitoring of this segment.

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Starbucks joins forces with Podback to boost coffee pod recycling across the UK

SnackTeam

May 3, 2024

Starbucks, the renowned coffee chain, has partnered with Podback, a UK-based coffee pod recycling scheme, to facilitate the recycling of used coffee pods for customers.

This collaboration builds upon Podback’s current initiatives and presents a convenient resolution for the increasing population of coffee pod users in the UK.

As part of the new program, patrons who savor Starbucks At Home pods can grab complimentary Podback recycling bags at any of Starbucks’ 1,250 coffee shops across the UK.

Once packed with used pods, these bags can be deposited at any of the 6,500 Yodel drop-off points located nationwide.

Continue Exploring: Starbucks brings fresh flavors to Latin America and the Caribbean with new beverage lineup

To enhance convenience, Podback additionally provides kerbside collection services for 1.5 million households across 21 local authorities in the UK.

This partnership reinforces the already robust collaboration between Starbucks and Podback, demonstrating a mutual dedication to sustainability.

The timing of this initiative is crucial, especially considering the staggering statistic of approximately 800 million coffee pods purchased in the UK last year alone.

Jacqui Wetherly, Sustainability Director at Starbucks UK, expressed, “Given that Starbucks UK customers are already utilizing Podback to recycle our pods at home, we’re thrilled to provide them with a simpler method to acquire their bags from our outlets.”

“We remain dedicated to our ongoing mission of minimizing the environmental footprint of all our coffee products, encompassing everything from the beans to the milk we utilize and the manner in which it’s served.”

Rick Hindley, Executive Director at Podback, remarked, “Teaming up with one of the globe’s most renowned coffee brands signals the significant strides Podback has taken in establishing a convenient and straightforward method for individuals to recycle their used pods.”

“Starbucks’ endorsement further simplifies the recycling process for coffee pod users, who can now conveniently obtain a Podback bag at any Starbucks coffee shop throughout the UK.”

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Every coffee pod collected by Podback undergoes recycling within the UK.

Once collected, used aluminium pods are repurposed into beverage cans, while plastic pods are transformed into an array of products, such as supermarket crates and building materials.

The remaining coffee grounds undergo anaerobic digestion, producing biogas and a soil enhancer.

Mondelēz International surpasses Q1 sales and profit projections

SnackTeam

May 3, 2024

Confectionery giant Mondelez International has reported a 1.4% increase in first-quarter net revenue to $9.29 billion, compared to an 18.1% increase in the year-ago quarter, despite a ‘challenging and dynamic’ operating environment.

This demanding environment may be attributed to escalating cocoa prices due to global supply shortages, resulting in price hikes and shrinkflation.

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Addressing this matter while speaking to analysts following the publication of its financial results, Mondelēz CEO, Dirk Van De Put, remarked, “Although unexpected and transient, the cocoa inflation doesn’t diminish the resilience of our categories or the significant growth opportunities ahead.”

“It is evident that there is a great deal of discussion being generated by the record costs for cocoa ingredients & the consequent price increases that customers and consumers will face in the future,” he continued. Chocolate demand is still rising despite this short-term obstacle, and we are still fundamentally favoured in this expanding market with plenty of growth potential.

“Although adverse weather conditions and other factors impacting both supply and demand have propelled prices to unprecedented heights, we anticipate a market adjustment in due course.”

The $3.35 bn sale of its gum division to Perfetti Van Melle, stable product demand, and increased net pricing were the main drivers of the US confectionery giant’s 4.2% increase in organic net revenue for the three-month period.

Although the owner of Cadbury and Oreo raised its prices by 6.3 percentage points in the quarter, its volumes declined by 2.1 percentage points.

In Q1, Mondelēz’s Asia, Middle East, and Africa segment achieved a 0.6% increase in net revenue, contrasting with the 3.9% growth seen in Q1 2023 for the same region. Meanwhile, the company’s Europe business experienced a revenue growth of 1.8%, significantly lower than the 12.7% increase recorded last year.

In the first quarter, Mondelēz witnessed a 2.1% decrease in net revenue in North America, a significant drop from the region’s 26.8% growth in the same quarter of the previous year. Conversely, the company’s Latin America division posted an 8.9% increase, marking the highest growth among all of Mondelēz’s regions, yet notably less than the 46.6% growth reported for the region during the corresponding period last year.

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Van de Put remarked, “In the first quarter, we achieved strong top-line performance along with robust earnings and free cash flow generation, propelled by effective pricing strategies, efficient cost control, and momentum in emerging markets.”

He went on to say, “Despite encountering a challenging and constantly changing operational landscape, our teams remained steadfast and adaptable in adhering to our long-term growth strategy. We persist in reinvesting in our brands, expanding distribution channels, and leveraging synergies from recently acquired assets to foster sustainable long-term growth.”

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