Coimbatore:

Pledged gold jewels are really worth Rs. Crore and Rs. One lakh cash has been allegedly looted with the aid of a masked guy from a personal finance company after he assaulted two women personnel, police said on Sunday. The man masking his face with a handkerchief entered the office of the employer on Saturday nighttime. The ladies, after regaining cognizance, informed the police, who, together with fingerprint professionals and a sniffer dog, arrived at the workplace and commenced investigations. Five special police groups have been shaped to seize the person; police stated they had been wondering the girl’s personnel. At the same time, most effective the two girls have been present and assaulted them, rendering them subconscious before removing the jewels and cash, they said.
Each within the workplace and at the construction doorway, CCTV footage showed a man transferring round with a handkerchief protecting his face.

Meena, Maya, and Zeenat Mukhi grabbed loads of eyeballs when they gained the Fashion Trust Arabia award inside the quality jewelry category remaining month in Doha. The event, attended by industry heavyweights like Sarah Mower, Hamish Bowles, and Johnny Depp, among others, was the correct launchpad for their label.

Instagram has been an ally in assisting the achievement of many areas of interest labels. It is, in any case, a democratic device that’s made borders insignificant, be it metaphysical (across industries like food, fashion, art) and literal (although international locations are getting protectionist, the focus on an international has in no way been extra than proper now). And so, we found Mukhi Sisters on our social media feeds. Their culturally tinged rings, necklaces, anklets, and bangles blended with a temper board made of the OG divas—Zeenat Aman, Diana Ross, and Madonna. We DM’ed the third-technology jeweler trio for a quick interview throughout the ether of the net and got in contact with Maya Mukhi. Excerpts from the interview beneath.

Tell us about how Mukhi Sisters commenced?

We hooked up Mukhi Sisters in 2009—I continually wanted to department out from our circle of relatives enterprise and begin something. When the time becomes proper, my sisters (Meena and Zeenat) and I noticed the possibility, and we took it. I still keep in mind going to worldwide exchange indicates with our mom as an infant and seeing women wearing beautiful, classy gowns and guys in suits. I used to like this glamorous and elegant part of the enterprise. We knew that Mukhi Sisters became now not going to be ‘just some other jeweler in the market’; we had a style to a percentage, tales to inform—Mukhi Sisters became going to be an emblem that speaks to the city wanderer.

Amid the Lok Sabha elections, at the same time addressing a press conference in Madhya Pradesh’s (MP) Chhindwara nowadays, MP Chief Minister Kamal Nath said, “I need to ask Modi Ji, the money spent on his aircraft rides, on MP assembly election, money this is being spent on ongoing Lok Sabha elections, from in which do they get the money? Are the better halves of Bharatiya Janata Party (BJP) leaders promoting their jewelry to endure the charges of elections?”

New Delhi:

About 146 kg of gold jewelry worth over Rs. Eighty-two crores have been seized with the aid of the ED after it raided the premises of a Hyderabad-based jewelry institution and its friends about a published demonetization cash laundering case, the enterprise stated these days. It said the searches were conducted on the showrooms of Musaddilal Jewellers at Hyderabad and Vijayawada, its promoter Kailash Gupta, a corporation named Balaji Gold and its companion Pavan Agarwal, any other corporation Ashta Laxmi Gold, its proprietor Neel Sunder Tharad and chartered accountant Sanjay Sarda over the previous few days.

“For tracing the proceeds of crime, simultaneous searches have been conducted inside the premises of the accused individuals, which resulted in the seizure of a hundred forty-five .89 kg of gold jewelry well worth Rs. 82. Eleven crores,” the Enforcement Directorate said in an assertion. The organization had filed a criminal case under the Prevention of Money Laundering Act (PMLA) against those humans based on an FIR of the Telangana Police and a complaint of the Income Tax Department for “blatantly misusing the scheme of demonetization using illegally depositing massive amounts of unaccounted demonetized cash of their money owed.” “For this purpose, they (accused) fraudulently created around 5,2 hundred back-dated fabricated strengthen sale receipts dated November eight, 2016 for an amount less than Rs. 2 lakh to keep away from furnishing PAN (permanent account number) information,” the employer stated.

Describing the alleged modus operandi deployed within the case, the announcement stated that soon after the notes ban was announced, the accused “illegally deposited Rs. 110. Eighty-five crore in their bank account falsely claiming that within some hours, they’d acquired advances of less than Rs. 2 lakh every from more than 5,2 hundred customers at the night time of November eight, 2016 for purchase of gold and jewelry from their corporations”.

The ED said most of these invoices had been “bogus.” It also analyzed CCTV pictures of the companies” places of work and that of the neighborhood showing that “no such pastime” of buying gold was executed during that period. It said that out of the entire Rs. A hundred and ten.85 crores of alleged illegal finances, about Rs. 80 crore became transferred to the bank accounts of numerous gold and bullion dealers like Ashta Lakshmi Gold, Shri Balaji Gold, and others under the pretext of buying gold. “The accused have admitted that they created fake sale invoices. The accused did not supply any high-quality account of the supply of these illegal coins and additionally failed to offer the info of the bills regarding the utilization of about 270 kg of gold bought out of this case,” the ED alleged.

Mumbai: Jewellery companies watch out. Cases of logistics enterprise officers decamping with treasured cargo at the same time as in transit or items disappearing even as left unattended with the aid of a logistics issuer are not included under the jeweler’s block insurance policy which covers transit-related danger like theft, robbery, burglary, etc.
This became obvious whilst a logistics enterprise professional remaining week ran away with eleven kg of gold jewelry worth Rs 3.5 crore. “The owner of the jewelry firm turned into entertained neither through the coverage organization nor the logistics issuer,” said Surendra Mehta, countrywide secretary, India Bullion & Jewellers Association (IBJA).

While the police recovered 10 of the 11 kg, the news of jewelers’ block coverage policy now not covering “infidelity” — dishonesty by using logistics company personnel and /or gross negligence of logistics groups — loss because of unattended vehicles, mysterious disappearance of products — has taken aback the change. “Many best now realize that if items disappear even as in transit because of infidelity or unattended cars, the extent coverage doesn’t cover such loss,” said Bhavesh Kataria, whose firm, Kataria Jewellery Insurance, is the biggest insurance dealer for the change, counting customers like Senco, PN Gadgil, and Royal Chains.

Kataria stated the solution lies inside the logistics organization taking a fidelity policy for their personal or a jeweler taking a 3rd-birthday celebration constancy coverage so that you can cowl logistics corporation, goldsmiths and other 1/3 events, their employees and contractual employees. However, he introduced, for the negligence of logistics company – disappearance from the unattended automobile – the logistics corporation has to have a service’s legal responsibility insurance policy compulsorily, there being “no possible coverage cover a jeweler can absorb this sort of case.” Mehta stated jewelers will now insist on logistics businesses having this kind of cowl earlier than sending goods for exhibitions and switch from branches.

NEW DELHI: Shares of Tata Steel jumped 5 in step with cent in morning change on Friday, an afternoon after the agency suggested Rs 2,430.92 crore income (attributable to shareholders) for the March area. The corporation pronounced strong volumes, wherein realizations declined in kilter with global fees, pointing to marginal gains for destiny profitability, as foreign places charges in part revive from recent lows. The organization’s gross debt reduced to Rs 1.08 lakh crore, down 14 in keeping with cent in six months. It had cash and cash equivalent of Rs 5,937 crore on the give up of March.

Mumbai-based Renaissance Global Ltd has positioned itself as an established layout residence and a key provider to worldwide jewelry stores. With three acquisitions within the last 5 years, Renaissance is venturing into new geographies and increasing its product category. The maximum distinguished of these acquisitions is the Enchanted Disney Fine Jewellery which has helped it enter the license jewelry space, says Sumit Shah, Vice Chairman, in a conversation with BusinessLine. Excerpts.
What led to the acquisition of Jay Gems? What form of competitive advantages will the purchase upload to the organization’s global commercial enterprise? The corporation’s cognizance is to grow the percentage proportion of manufacturers in its international portfolio. Therefore, we’re obtaining manufacturers and searching out more such opportunities in extraordinary geographies. In line with this approach, in 2016, RJL entered into a licensing settlement with Hallmark to release the Heart of Hallmark jewelry series. Similarly, Jay Gems LLC has an exclusive licensing settlement with Enchanted Disney Fine Jewellery. The acquisition of Jay Gems came in step with the corporation’s method to enlarge the branded jewelry segment. Enchanted Disney Fine Jewellery gives one-of-a-kind collections at important shops across the USA, UK, and Canada. Sales through licensing agreements yield advanced product positioning and a higher margin. The organization’s attention is to have a greater presence globally. After the USA, UK, and Canada, we can expand into new geographies together with China, Japan, the Middle East, Russia, and India, which can be huge markets receptive to the Disney brand.

How has the enterprise been capable of preserving a wholesome debt-to-fairness ratio? The employer has been extremely conservative approximately the debt in the business. The debt within the company is essentially operating capital debt, and the business enterprise attempts to lessen the working capital cycle in the enterprise by way of negotiations with buyers and, additionally, green stock control. The whole borrowing is greenback-denominated, and therefore, the interest rate is in all fairness solid. Even the acquisitions that the company has completed over the last years, such as the recent Jay Gems acquisition, were deliberate through inner accruals instead of taking debt. With the progressed profitability within the commercial enterprise on a 12 months-on-year foundation and conservative approach to debt, the enterprise has been capable of keeping a healthful debt fairness ratio and could continue to achieve this.

How does the organization plan to leverage the equity of Emblem Disney further? The Disney logo is predicted to be well worth $ fifty-five million, and the Disney princess that’s part of the Enchanted logo is a $3 billion brand worldwide. In the past, Jay Gems become in large part concentrating on the US marketplace. However, the company plans to extend the market into new geographies like China, Japan, the Middle East, Russia, and India. The market for Enchanted jewelry is below-penetrated, and there’s a massive opportunity to expand this portfolio and develop it to be a $500 million logo within the subsequent three years.

The gemstones, jewelry manufacturers, and exporters in India face huge challenges in elevating capital as banks are tightening lending norms. How has the corporation controlled to remain self-enough? Banks have come to be extremely careful after the banking frauds perpetrated by big players in the gemstones and jewelry region. The corporation enjoys outstanding recognition amongst its creditors, and the credit limits have now not been impacted. However, there has been a preferred beatback for growing credit to the arena through the banks. The corporation has taken this as an opportunity to moderate the working capital requirement by using powerful management of debtors and tight inventory controls.

POINGUINIM: A case of theft changed into filed against an unidentified character for theft of gold adorns really worth Rs 1.2 lakh. Shanti Varik of Patnem-Colomb, Canancona, in her complaint, said that the accused entered from the front door of her house with the aid of breaking the latch, overdue on Wednesday night time.ASI Digambar Talekar, who is investigating the case under PI Sudesh Narvekar, said that the accused latched the door after committing the robbery. The critics said that a couple of ‘battles,’ 2 gold bangles, a gold necklace, and 2 gold earrings had been stolen. PANAJI: The choice of the BJP candidate for the Panaji poll couldn’t be decided on Thursday because the birthday celebration’s valuable election committee assembly will now take area Friday morning. Party resources stated that as Prime Minister Narendra Modi returned late to Delhi from a big roadshow in Varanasi, the committee assembly turned into not on time. The meeting is to finalize candidates for the remaining segment of parliamentary polls, including a few assembly bypolls. Panaji is one of all of them.

The BJP country election committee has recommended two names — two-time former Panaji MLA Sidharth Kuncalienker and former chief minister Manohar Parrikar’s son Utpal — as probable candidates for the Panaji byelections. The names had been dispatched to Delhi on Wednesday.
As there was no unanimity over the candidature, the country BJP has endorsed two names for the by-election scheduled for May 19, resources said. Congress has nominated former Taleigao MLA Atanasio Monserrate this time. A few days ago, kingdom BJP leaders held a sequence of consultative meetings with the Panaji manual, celebration-backed CCP councilors, and outstanding celebration karyakartas. State birthday party president Vinay Tendulkar, establishing secretary Satish Dhond, electricity minister Nilesh Cabral and widespread secretary Sadanand Shet Tanawade held deliberations with them.

Hyderabad: A showroom of Kolkata-based Shree Ganesh Jewellery House (India) Limited in Hyderabad was provisionally connected by way of the Enforcement Directorate (ED) with a bank fraud case on Tuesday. In all, the ED has attached forty-eight movable and immovable homes, all worth Rs hundred seventy-five crore of Shree Ganesh Jewellery House. The connected residences include showrooms, workplaces, and factories at Kolkata, Siliguri, and Howrah in West Bengal, along with showrooms in Hyderabad, Mumbai, Pune, and Gujarat. The ED has taken up research in opposition to the jewelry residence below the Prevention of Money Laundering Act (PMLA), primarily based on an FIR registered to utilize the Central Bureau of Investigation (CBI) defrauding the consortium of 25 banks.

Poinguinim: A robbery case was filed in opposition to an unknown individual for theft of gold embellishes worth Rs 1.2 lakh. In her complaint, Shanti Varik of Patnem-Colomb, Canancona said that the accused entered from the front door of the house by breaking the latch, overdue on Wednesday night time. ASI Digambar Talekar, who’s investigating the case under the supervision of PI Sudesh Narvekar, stated that the accused latched on the door after committing the theft. The criticism stated that a couple of cattle, 2 gold bangles, a gold necklace, and a pair of gold jewelry had been stolen.

PANAJI: As a part of the constant boom in Indo-Japanese military-to-navy cooperation, Japan Maritime Self-Defense Force (JMSDF) P-3C long-variety maritime reconnaissance aircraft arrived on the naval air base INS Hansa in Goa, wherein they will take part in a joint exercise with the Indian Navy. The two Japanese submarine hunters landed on the naval air base at 4.30 pm on Tuesday alongside a 34-member detachment commanded by JMSDF Commander Shinji Akamatsu, the Indian Navy spokesperson stated.

The Indian Navy’s Boeing P8-I lengthy-variety maritime reconnaissance aircraft, primarily based at INS Hansa, and an Indian Navy submarine participated in the exercise, which turned into held off Goa’s coast. The Japanese P-3C Orion is manufactured with the aid of Kawasaki Corporation beneath license from American defense producer Lockheed Martin. It has a maximum speed of 750km consistent with an hour with more than a few eight,900km. The aircraft can bring anti-ship missiles, sonobuoys, and torpedoes to detect and eliminate submarines.

Tokyo and New Delhi are worried about using China’s military modernization and naval forays in the Indo-Asia-Pacific. Chinese submarines carried out everyday patrols within the Indian Ocean and the Pacific Ocean for anti-piracy operations. Naval officials say that the increase in Indo-Japanese defense relations and the continued efforts of the 2 navies are in keeping with the past to enhance safety and protection within the Indo-Pacific location. This is the 1/3 12 months in a row that the Japanese plane detachment conducted joint exercises with the Indian Navy off Goa’s coast. A naval spokesperson said the Lockheed Martin four-engine turboprop aircraft performs an important position in anti-piracy patrols at the Gulf of Aden in the Arabian Sea. The ships of the 2 navies had been operating in close coordination in anti-piracy operations in the region for the past few years, and such sporting activities helped the teams from both navies to benefit from “area know-how.”