IDEX India Retail Magazine June 2011

June 11INDIA RETAILINSIGHTFrom Thatched Roof To Tiara: The Good That Diamond Mining Can DoSPOTLIGHT3D Technology Helps Sell Luxury BrandsDIAMOND RETAIL BENCHMARKA price list to assure your customers The 2010 Diamond Pipeline: Chaim Even-Zohar Examines The IndustryCover_final_2.indd 1 02-Jun-11 4:11:35 PMFully automated online trading service for polished diamonds * guaranteed availability and door-to-door delivery to buyers * Guaranteed immediate cash payment to sellers * authentication against grading lab certifcate * Incredibly low fixed transaction feeUSA+1-212-382-3528 |BelgiUm+32-3-234-1157 |iSrAel+972-3-612-8995 |SoUthAfricA+27-11-887-4444 | indiA+91-22-663-32187 rUSSiA+7-495-255-8300 | hongKong+852-284-00514|Shenzhen+86-755-251-82902|[email protected] learn more please go to www.idexonline.comANTWERP|DUBAI|HONG KONG|JOHANNESBURG|MUMBAI|NEW YORK|SHANGHAI|TEL AVIV|TOKYOAll over the world, Rosy Blue works with the mostqualified people and leading edge technology,providing your business with precisely whatyou need: A Trusted Source you can depend on.Find out more at www.rosyblue.com Browse, selectand order now:www.RosyBlueOnline.com09545AD1106_IDXindia.indd 1 05/05/11 10:544 IDEX MAGAZINE INDIA RETAIL | NO 07Contentsmagazine india retailJ UNE05 FROM THE EDITORS DESKUnderstanding The World Of Diamonds & Planning For The Future06 MUMBAI DIAMOND MARKET REPORTHigh Prices & Holidays Slow Market10 SPOTLIGHT3D Technology Helps Sell Luxury Brands16 INSIGHTFrom Thatched Roof To Tiara:The good that diamond mining can do15 RETAIL ET CETERA18 THE DIAMOND PIPELINE20 PIPELINE 2010:Year of Replenishment, Speculation and Recycling25 POLISHED DIAMOND PRICESIDEX & GJF Launch Consumer-Assuring Rupee DRB In India27 DIAMOND RETAIL BENCHMARKA diamond price list to assure your customers34 COVER STORYThe Big Fat Indian Wedding & The Diamond Gifting Opportunity54 INDUSTRY NEWS56 U.S. MARKET WINDOW08 =-|: r|| ||=| =| |||c= -| =|=(=| =| =|=| = :| ||=|44 =||= =|=|( =| (|==|= =| =| -|=| n||:=|===(r|| =| =|:n=: r! c ==: = ! c =:= : =: : ` ==r!= := =r: ! c =:= :: = !:==:www. i d e x o n l i n e . c o mJ UNE2 0 1 1VOL. 1 No. 07EDITORIAL DEPARTMENT EDITOR-IN-CHIEF Vinod KuriyanEDITORSEdahn Golan, Danielle MaxIDEX ONLINE RESEARCHKen GassmanINTERNATIONAL CORRESPONDENT Tamar Katzav ADMINISTRATION & MARKETING MANAGING DIRECTOR Yaron BarzilayMARKETING MANAGER Kuldip BediSALES MANAGERSAnish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay PRODUCTION & CIRCULATIONHelena Dorsht, Vera PodolnyACCOUNT MANAGERShuly DoriART DEPARTMENTGRAPHIC DESIGNERSBoris Mandelis (Red Designer Studio) Ilana Akselrod (Red Designer Studio) Liran Brener (Red Designer Studio) Printed by SAP Printers, Lower Parel, Mumbai 400 013IDEX INDIAOFFICE # 20, KALA BHAVAN, 4TH FLOOR, 3 MATHEW RD., OPERA HOUSE, MUMBAI 400 004, INDIATEL: +91-22-6633-2187, FAX: +91-22-6633-2186EMAIL: [email protected] USA7 WEST 45TH ST. SUITE # 1602 NEW YORK, N.Y. 10036, U.S.A.TEL: +1-212-3823528, FAX: +1-212-3822671IDEX BELGIUM74 LANGE HERENTALSESTRAAT, 2018 ANTWERP, BELGIUMTEL: +32-3-2341157, FAX: +32-3-2342463IDEX HONG KONGTEL: +852-28400514, FAX: +852-28400652IDEX ISRAELMACCABI BLDG., 1 JABOTINSKY ST., P.O.BOX 3107, RAMAT GAN 52130, ISRAELTEL: +972-3-575-7455, FAX: +972-3-7511203IDEX Magazine - India Retail is published in India by Idex Online S.A.. Reprints of individual articles are obtainable on application to the editor. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the Copyright owner.PUBLISHED BY YARON BARZILAY FOR IDEX ONLINE S.AISSN 0334-68382003 IDEX ONLINE S.A.Table of content.indd 4 02-Jun-11 6:30:36 PMIDEX MagazInE InDIa REtaIl | nO 07: EDItOR 5From the Editors DeskThe world of diamonds is currently churning and undergoing changes that will result in fundamental changes in the way diamonds are sourced, valued and sold in the future. The one thing that will most affect the future of diamonds is the fact that no new diamond mines have been found in the last 15 years while all the worlds biggest mines todayhavepeakedandbeguntoslideintodecline. Already, there is a shortfall in supply to meet todays strongdemandfordiamonds.Andgoingintothe future,assupplysourcesdwindle,thatgapisgoing to widen.Naturally,scarcityisdrivingpricesup.Andprices are going to rise at an accelerating rate as the mines begin to dry up. So strong is this price rise going to be that many mining companies, which had sharply cut production during the global recession, have not gonebackuptofullcapacityevennow.Theydont ever intend to. With prices going up so fast, they can leaveagreaterproportionoftheirroughdiamond resources in the ground, sell less rough, yet still make as much money as they did in previous years, when they mined at full capacity. Leaving resources in the ground also means the life of the mine can be extended by a few years.And in tomorrows short-supplied world, there arent going to be even less of the better qualities and larger sizesofdiamonds.Thepricesofthosegoodsthat areavailablethen,willbeastronomical.Sowhat shouldonedotokeeponescustomerbasewhen one doesnt have the kind of diamonds it wants? How will one grow ones business? One of the answers is detailed in this issues cover story. Develop a product basedonaffordablediamondsandmovediamonds away from simply being storehouses of value that are counted among consumers investments, to being gifts that are valued by the receiver. These will still hold their intrinsic value, but their primary function will betoconveyasenseofvaluefromthegivertothe receiver.Giventhegreatchangestakingplaceintheworld diamond industry, it is vital that one understand the entireprocessofproducingdiamonds.Howmuch roughisminedandwhatthatisvaluedatandhow much polished comes onto the worlds markets and atwhatvalueandvaluesandvolumesatallthe intermediate stages as well. IDEX takes great pleasure inintroducingaproductthatdoesjustthatits proprietaryannualDiamondPipelineanalysisto the Indian jewellery retail industry.One of the first things youll realise when you study theDiamondPipeline,isthatthenewrealityof perennialshortagesofgoodsisreflectedinit.For the first time ever, one of the major sources listed in the pipeline is the diamond recycling market. This is the global version of the buy-back that Indian retailers arefamiliarwith.Oldjewelleryanddiamondsare handedintopawnshopsthatpaycashandthen put these diamonds up for auction by lot. The buyers are mostly professionals looking to fill gaps in their inventories. The recycling market is projected to grow into the worlds single largest source of diamonds in the future. Understanding The World Of Diamonds & Planning For The FutureVinod KuriyanEditorEditor.indd 5 31-May-11 4:05:36 PMBy Vinay Parekh6 IDEX MagazInE InDIa REtaIl | nO 07: MUMBaI DIaMOnD MaRKEt REPORtMumbai DI aMOnDMaRKEtREPORtA combination of high asking prices and the onset ofthesummervacationshasconsiderably slowed down the Mumbai polished diamond market.Polishedpriceshaveremainedhighbecause roughpriceshavemovedupsharply,thusmaking manufacturers resistant to buyer demands for reduced polished prices. And since polished diamond prices are high, consumer demand too has fallen off.Theresulthasbeenthatseveralcategoriesofgoods, whichwereinextremelyshortsupplyalmost impossibletoseeinthemarketarenowvisibleis inventoriesaroundthemarket.Theextremelyhigh prices of VVS and VS goods have also had a dampening effect on the movement of these goods. Currently, SI goods are the markets hot sellers.The slowdown in movement has meant that red hot items like good quality stars (-0.02 carat) are now available inlimitedquantitiesinthemarket.Previously,these goods were simply not to be seen.Marketinsidersexpecttheslowdownandbuyer resistance to have an impact of polished prices. High Prices & Holidays Slow MarketMarket Report.indd 6 02-Jun-11 4:46:51 PM7 IDEX MagazInE InDIa REtaIl | nO 07: MUMBaI DIaMOnD MaRKEt REPORtSize in Ct. (Sieve) Comments Forward Call -0.01 (-2 ) Strong demand for SI/J+ goods.good demand for piqu goods.Some softness seen in VS+ goods.Overall very good demand across the board. Very hot category. SevereShortageswillcontinueasproductionis stillnotuptotherequiredlevel.activitiesinVVS clarity is likely to reduce due to price factor in the local market. -0.02 (+2-6.5) Strong demand for SI/J+ goods.good demand for piqu goods.Some softness seen in VS+ goods.Hottest category.Prices are likely to go up but not at a rapid speed. these goods have been such hot sellers that there was no inventory available in the past. However, the very high asking prices have slowed transactions. asaresult,somegoodsarenowavailableinthe market. 0.03-0.07 (+6.5-11)Very good demand for SI/J+ goods.good demand for piqu goods. Most required sieve is -8. activityisexpectedtoincreaseasmeleesare cheaper and more available compared to stars. 0.08-0.14 (+11-14) Very good demand for SI+ goods.good demand for piqu goods.activitywillimproveasthissizeiscomparatively cheaper than stars & melees. 0.15-0.17 (+14-15.5)Very good demand for SI+ goods.good demand for piqu goods.activitywillremainstablewithshortagesof goods. 0.18-0.22 (1/5) good demand for SI1+ goods. Overall low activity except VS+ goods will be seen in this category. 0.23-0.29 (1/4) good demand for VS+ & piqu goods. Prices for SI goods will go up. 0.30 (1/3) Very good demand for SI goods.good demand for VS & piqu goods.g-J col. is in more demand.Prices for SI goods will go up. 0.40 (3/8) good demand for SI/g-J col. Demand & prices for piqu goods will go up. 0.50 (1/2) Very good demand for SI+/J+ col.good demand for I1/I2. Demand&activitywillbehigherforSIgoods. Prices for VS & SI will go up. 0.75 (3/4) Very good demand for +0.90 carat SI+/g-J.good demand for I1/I2/J+ col.+0.90 carat is becoming very hot category.Demand for D-F col. will improve. 1.00 (4/4) Strong demand for VS & SI goods.Overall very good demand across the board.Improved demand for D&F colors.Shortages & price rise will be seen for certifed & non certifed SI Clarity. Premium sizes will be more expensive. +3.00 Very good demand for SI/g-K colors.DemandincreasesforVS/H-Kcolorsin+5carat sizes.Shortages will be seen in +5carat sizes.Shortages may drive prices upward.MUMBaI DI aMOnDtRaDI ngI nMayMarket Report.indd 7 02-Jun-11 4:46:51 PM8 MAGAZINE INDIA RETAIL | NO 07: MUMBAI DIAMOND MARKET REPORT_w~B hram ~mOma H$s [anmoQ>_w~B hram~mOma H$s [anmoQ>=-|=|-=-=(||==|=|=|=|=-|:=|||=r| ||=|==|=|=:|=|:|r|||=r|=|=|=(=-|r| =||= : r|| =| =|=(| = ==|= =|=|, := =| |::|| :|| |||= r|| =| =|=(| =| == =| =| = |( |=|(| =|==r=|-|=|||=r|=|=|=(=|=|=-|r, =|=|=|=| :|| :==| =| == r| : r =|:==|||=|==rr|==|=|==:||,|==|=|||( =|=| == r|- =| ||=| = |: =| =|== r| r, ||-= | =| ||=| = ::-|: ||= :|c|= = |:|: | r r (( (| ( =| =|=| =-| =|=(| =| : =|=| =| |(|||==| | =|=| =:| ||=| == |:|=| r |(=| = =|= ||=| =| = r|c == r |(|||==| = =:| =| = r |= ==| =|-|| = =c|= (-c.cz =c) == r|c =|=c= =| ||=| = =||=( =|+| = =|== r :== |r= = =|= r| |:|: r| r| |( ||=| = = =|| =| =|| r |= =:| =| |::|| =| =|=| =| |=r = |||= r| =| =|=(| | == || D$Mr H$s_V| Ama Nw>{>`m| H$m _Xm ~mOma{dZ` nmaoI mamMarker Report Hindi.indd 8 02-Jun-11 4:55:31 PM9 MAGAZINE INDIA RETAIL | NO 07: MUMBAI DIAMOND MARKET REPORT H$aoQ> gmBO(grd){Q>n{U`m ^mdr X` -0.01 (-2)SI/J+ =|=| =| =|=| =|== =|||= =|=| =| ==| =| VS+ =|=| = == =| |:|: ||| || = = == |==|= =|=| ==| =| =|=| =|=|= |=||= =||: ==| =| =||== =( (= r| r| ||=| r, =| ==| =| r| =||= ||=| = =|=( =| |=r| = (( =|c| =| |(|||==| = == r| =| ==||| -0.02 (+2-6.5)SI/J+ =|=| =| =|=| =|== =|||= =|=| =| ==| =|=|=( =-| =| ==(| r, | :==| -(| =|== r| r| = =|= :( =|=|= == r |= :== |r= =|: :|c| =|== r| | r|=||= =|=| =-| =|-=|=(| c|=n =| =|=| = |:=| ||=|==|=| ||=| = =| == =|= =|== r 0.03-0.07 (+6.5-11)VS+ =|=| = == =| |:|: ||=|=| =|=|= ||(|||==| = |c =| ==||| r =||= ==|= ==(| r =| =c|= =| (=| = =|== =|== r 0.08-0.14 (+11-14)SI/J+ =|=| =| =|=| ==| =|||= =|=| =| ==| =|=|= =|== ==( ||=| =||-8|(|||==| = ==| =|| =||= =r =|:= =c|= (| ==|= =| (=| = ==(| r 0.15-0.17 (+14-15.5)SI+ =|=| =| =|=| ==| =| ||= =|=| =| ==| =|=|=| =| ==| = =| r| |(|||==| =|=| r| 0.18-0.22 (1/5)SI+ =|=| =| =|=| ==| =| ||= =|=| =| ==| =|SI1+ =|=| =| ==| =|:= | = VS+ =|= : =|, :== ==||| == |==|= == |(|||= r| 0.23-0.29 (1/4)VS+ (| ||= =|=| =| ==| =| =| =| =|=( =|=| r| 0.30 (1/3)SI+ =|=| =| =|=| ==| =| VS+(|||==|=|=|==|=|=-=| =|== =| r SI =|=| =| =|=( =| =|| 0.40 (3/8)SI/G-J === =| ==| =| SI =|=| =| =|=( =-| =|| 0.50 (1/2)SI+/J+ === =| =|=| ==| =|I1/I2 =| ==| =|SI =|=| = |= =| (| |(|||==| =-| r| 0.75 (3/4)+0.90 =c SI+,=- =| =|=| ==| =| I1/I2/J+ === = |= ==| =|+0.90 =c =|=| =|=|= | | r| r D-F === =| =| = ==| r|| 1.00 (4/4)VS (| =|| =| ==| =|| || = = == |==|= =|=| ==| =|D (| = === =| = ==||=||=( (| -|=||=( SI =|c| =| ==| =| =|=( = ||< r|| ||=== =|:= =|== =|=(| r|| +3.00SI/G-K === =| =|=| ==| =|+5=c=|:==(,=-====|=|= (=| r:+5 =c =|:= = ==| |:|: || ==| = =|= =|=( =-| =| ==(| r_w~B {ham ~mOma H$m H$mamo~ma Marker Report Hindi.indd 9 02-Jun-11 4:55:33 PMSpotlight10 IDEX MagazInE InDIa REtaIl | nO 07: spOtlIght??? Here is how technology has reinvented the jewellery window display and enables the extensionofthestoreexperiencetoany corneroftheworldovertheinternet.Holition,a venturestart-upthatwascreatedtoexploreand expandtherolethattechnologicalinnovationcan playincommunicatingwithtodaysnewdigital consumer,istodayhelpingsellluxurybranded products including jewellery, watches and even cars. Thecompany,chairedbyCharlesBonasoftheDe Beers Diamond Trading Company brokerage house Bonas & Co., with former De Beers executive Jonathan Chippindaleaschiefexecutive,istheresultofthe coming together of luxury marketers, retail specialists and cutting edge leaders in 3D technology.Some of the worlds leading brands, including De Beers Jewellers,Boucheron,TissotandTagHeuerhaveem-bracedHolitionsaugmentedrealitycampaignsand recently,thefirmannouncedacollaborationwithUS jewellerydesigners,Tacori.CustomersvisitingTacori atNewYorksBloomingdalesdepartmentstorewere abletoaccessinnovative3Dtouchscreentechnology enabling them to virtually try on products.Holitionsinnovativecampaignshavebeenastounding people around the world from 3D touch screen window displaysinLondon,NewYorkandJapantoitsground breakingapplicationwithBoucheronwherecustomers can try on the finest jewels in real time via the web.3D Technology Helps Sell Luxury BrandsBy Vinod KuriyanSpotlight.indd 10 31-May-11 4:18:21 PM11 IDEX MagazInE InDIa REtaIl | nO 07: spOtlIghtIt is the attention to detail that Chief Executive, Jona-than Chippindale believes has helped the luxury mar-ket open up to 3D technology. Chippindale says, We are focusing on delivering the highest possible quality immersive brand experience; we understand the need forthat.Whilesomemightbeinterestedinjustthe wowfactor,luxurywonttouchthistechnologyun-less its the best, and the fact that these luxury brands areinterestedmeansthatwevebrokenthebarrier- soonthequestionwontbewhy,butwhyarentcom-panies using it.Chairman,CharlesBonassays,Comingfromafamily that has been in the luxury goods industry for five gen-erations founded on established traditions, for me to be atthecuttingedgeoftechnologyreallyshowshowwe canengagemorepersonallywiththeconsumerbyex-ploring and finding new ways of merging tradition with modern business methods.InJulyHolitioncreateda3DmovieforDeBeersJew-ellersthatdidntrequireviewerstowear3Dglasses itfeaturedthreedramaticjewels.Hundredsofpeople passing the De Beers store in Japan saw the movie being playedinitswindowdisplaywithfootfallsin-storein-creasing by 300 percent! The campaign proved so suc-cessful that De Beers decided to repeat it in London and New York this December.Thepossibilitiesfor3Dtechnologyarevast.Viaawe-bcamtheconsumerisabletoseeforthemselvesthe elementsofthephysicalreal-worldenvironmentbeing augmentedbyvirtualcomputer-generated imagery.Bytakingthe3Dtechnology outofthestoresandontotheweb,luxury brands, such as Boucheron, Tissot and TAG Heuerarehelpingshoppers,whomightbe intimidatedbyenteringastore,experience the brand in the comfort of their own home. Were not saying its the same as trying on aproductbutitstakingtheconsumerone stepclosertothebrand,andpotentially, says ChippindaleChippindale says Part of the challenge has beenconvincingbrandsthattheirtarget customerswillinteractwith3Dandthe socialnetworkingaspectsattachedtosuch campaigns-notlongagoluxurybrands wouldnthaveconsideredthatusersofso-cialmediamightbeatypicalcustomerbut actually46percentofmass-affluentsnow use social media; its no longer just teenagers in their bedrooms, says Chippindale. Were taking a traditional market and helping it to talk to todays consumers.Holitionhascreatedglobalreachprojects withbrandsfromwithinLVMH,Swatch Group,Richemont,GucciGroupandPPR, including specific projects with Boucheron, Tag Heuer, De Beers, Tissot, BMW and Audi. The firm also has fully serviced installations atpremiumdepartmentstoresincluding SelfridgesinLondon,IsetaninTokyo,and Bloomingdales in New York. Spotlight.indd 11 31-May-11 4:18:25 PMInsight12 IDEX MagazInE InDIa REtaIl | nO 07: InSIgHtI madeanunusualjourneyinMarch,spendingthe firstpartofitatadiamondminein SierraLeone, andthesecondatthe Baselworld watchand jewelleryshowinSwitzerland.Thesetwoplacescould nothavebeenfurtherapart. Lookingattheglitterand high-endofferings,therichand(some)famous,the Baselworldshowhadplentyoffanfarethatdidnot provide a stage for hard working people living in remote andunglamorousplaces.Someofthesepeoplego through life eating barely nutritious meals, sleep on bare floors of hardened mud, collect wood for fire and carry buckets of low quality water on their heads for miles so theyhavewatertodrink.Inthislife,electricityisnota given, medical care is basic and common components of westernlifesuchasinternetaccessorhealthinsurance arepracticallynon-existent.Someofthesepeopleare part of the diamond industry. They work at mines, dig for diamonds on river banks or have set up their mud huts in places where diamond concessions will later be built.ManyintheWestviewthediamondindustryvery negatively.Onecommoncriticismisthatitstepson From Thatched Roof To TiaraTHE GOOD THAT DIAMOND MINING CAN DOBy Edanh GolanInsight_2.indd 12 02-Jun-11 4:50:39 PM13 IDEX MagazInE InDIa REtaIl | nO 07: InSIgHtthebacksofthepoorandneglectedjustsowomen couldwearsomethingspecialfortheopeningnight at the opera.Relocation is an especially dirty word, moving people from their homes to make room for mining. However, Ifoundadifferentandsurprisinglypositivesight duringmytriptotheKonodistrict,whereadecade agorebelssoughtdiamondstofinancetheirwarand left devastation behind when they retreated. New and betterhouseswerebuiltbyKoiduHolding,themine owners, to replace the old ones near the mine. The new houses come with better quality water, a health clinic, schools and a market place. The quality of life is vastly improved and those that were relocated are genuinely happy with their new accommodations. Visiting a nearby girls school, also about to move to a better facility with flushing toilets, I met children whose parents work at the mine, receive medical care they did not have before and now enjoy the close attention of their government all thanks to the diamond industry.Here are some statistics that paint a picture the mine pays6.5percentroyaltyonexports,spends$14,000 (Rs.62,280)oneachnewhome,andisinvesting$15 million(Rs.66.73crore)inthenew1,000-house communityproject.Anyandalllocalmineworkers can bring family members to the mines fully stocked andorganizedmedicalclinic.Also,10percentofthe minesprofitsgotothegovernmentandanother10 percenttothelocalcommunitywhichcomeson top of a 30 percent corporate tax. These funds can be earmarkedtorebuildinginfrastructure,educationor anyotherworthycausethatimprovespeopleslives. Again, thanks to our desire to celebrate an engagement with a diamond ring.Its easy to be cynical and dismiss lines such as we are supporting the local community. Some may indeed be paying lip service, but not all. The glitter at Basel or the opera does not come at their expense; on the contrary, it helps improve their lives. We should celebrate the fact the diamonds bring good to all sorts of places and people, for oddly, it is a very democratic commodity. Insight_2.indd 13 02-Jun-11 4:50:45 PMBIG DAYSAh, engagements and weddings. How we love them. Once the big day is over, the lucky bride andgroomareleftwithphotos,memories and,ofcourse,thering.Thismonth,IDEX Magazine brings you the latest in engagement and wedding rings, proving that there is always something new in the world of love.AMAZING GRACEFor designer Kirk Kara, working with his daughter Grace hasinspiredhimtoproducesomeofhismostpersonal works. Working with [her] has brought a new spirit to my designs, he says. The new additions to his engagement ringsareintheAngelique,Amelia,Carmellaand Charlotte collections, which feature diamonds andsapphiresinthedesignerssignature flawlessstyling.Each18karatgoldor platinum ring has a perfectly matching wedding band.JEWELRY BY KIRK KARA15 IDEX MAGAZINE INDIA RETAIL | NO 07: RETAIL ET CETERARetailEt CeteraProduct Layout 07.indd 15 31-May-11 4:21:14 PMCOLOR CODELeibish & Co. is a leading source of natural colored diamonds and jewelry, as these stunning rings show. All of the rings are designed by Chavi Itzhakov for Leibish & Co. and would add a dash of color to any engagement. JEWELRY BY BELLECHIQUEHOW CHIC!BelleChique, from the Antwerp-based 5C Group, combines beauty, tradition and quality to create timeless collections. Allofthejewelryismadefrom18karatgoldandnatural colored diamonds. The collection retails from 200 ($297) to 10,000 ($14,800) for the more prestigious pieces.JEWELRY BY LEIBISH & CO.16 IDEX MAGAZINE INDIA RETAIL | NO 07: RETAIL ET CETERAProduct Layout 07.indd 16 31-May-11 4:21:16 PMJEWELRY BY ITITOLISECRET WHISPERSThis platinum solitaire ring with diamond pav from Ititoli features inside engraving upon request so lovers can share a secret message with each other. The same can be done with the innovative all-in-one platinum solitaire ring and wedding band with diamond pav.CALIFORNIA DREAMINSpanningfourdecades,Tacorisdesignshave fused classic elegance with modern inspiration. Examples of the companys offerings, which are handcrafted in California, include this platinum engagementringwithdiamonds(0.28carats) and a round diamond center stone, shown with platinum and diamond (0.31 carat) ladies wedding band and a mans platinum band.JEWELRY BY TACORI17 IDEX MAGAZINE INDIA RETAIL | NO 07: RETAIL ET CETERAProduct Layout 07.indd 17 31-May-11 4:21:37 PMDIRECT MINING COST OF PRODUCTION6.89ROUGH PRODUCTIONCANADA1.95AUSTRALIA0.3211.49ROUGH PRODUCTION VALUEANGOLA1.2DRC0.7NAMIBIA0.55BOTSWANA2.83S. AFRICA0.7RUSSIA2.34OTHERS0.90OTHER ROUGH DEALERS12.5ROUGH SALES TO CUTTING CENTERSMANUFACTURING SIGHTHOLDERSDEALERS SIGHTHOLDERSDIAMDEL, HDC AND OTHERSTACY'S 2010DIAMOND PIPELINE(IN US$ BILLION)INDEPENDENT PRODUCERS7.17(EXCLUDING SALES TO GOKHRAN)12.25MINE SALES TO INDUSTRYDTC CONTRACTED PRODUCERS5.08DE BEERS OUTPUT, PURCHASES, AND INVENTORIES WITHDRAWALSALL FIGURES ARE PROVISIONAL AT TIME OF PRINTPipeline_Poster_Double.indd 2 31-May-11 6:21:02 PM* SOUTHERN AFRICA INCLUDES SOUTH AFRICA, BOTSWANA AND NAMIBIA 2011 COPYRIGHTS BY TACY LTD. AND CHAIM EVEN-ZOHAR STRICTLY RESERVEDBELGIUM0.413.08NET ROUGH USED/AVAILABLE FOR LOCAL PRODUCTIONISRAEL1.0INDIA6.3USA0.3SOUTHERN AFRICA*1.3THAILAND, CHINA + OTHERS3.28RUSSIA0.5Decreased Inventory Overhang As Net Supply Was Well Below Demand17.53VALUE OF POLISHED FROM LOCAL PRODUCTIONBELGIUM0.5ISRAEL1.6INDIA8.2USA0.5SOUTHERN AFRICA*1.5THAILAND, CHINA + OTHERS4.61RUSSIA0.6260.1718.2VALUE AND MARKET SHARE OF DIAMOND CONTENT IN RETAIL SALESRETAIL SALES OF DIAMOND JEWELRYUSA38%6.9USA25.1JAPAN11%2.0JAPAN6.02INDIA10%1.82INDIA7.28CHINA/HK11%2.0CHINA/HK7.8TAIWAN2%0.36TAIWAN1.2GULF8%1.46GULF5.55TURKEY2%0.36TURKEY1.2OTHERS18%3.28OTHERS6.02Pipeline_Poster_Double.indd 3 31-May-11 6:21:04 PM2010 PipelineBy Chaim Even-Zohar20 IDEX MagazInE InDIa REtaIl | nO 07: InSIgHtanyanalysisofthe2010diamondpipeline willneedtofocusonatleastthreefactors: replenishmentthroughoutthevaluechain, enormousspeculationinroughfuelledbyanover-abundanceofIndianbankingcreditandforthefirst time in a major way the recycling of diamonds. Cash-strappedconsumers,especiallyinAmerica,brought theirdiamonds(anddiamondjewelry)backtoretailers andpawnshopsinsufficientvolumetoalmostwarrant adjusting the pipeline format and to indicate the supply from downstream to upstream.The contrasts between 2009 and 2010 could not be starker, but,inallfairness,thepipelinebehavedaspredicted. Coming after 2009, which reflected the most severe single-year contraction of the diamond pipeline since World War II owing to the economic crisis and the resultant liquidity shortages, the industry managed the crisis remarkably well, and a freefall of prices and the feared spate of bankruptcies and/or insolvencies were avoided. Industry participants understood that the severity of the contractionwasthelogicalresultofthereverseripple effecttheprocessofseveredestockingatalllevelsof the pipeline, which reduced the demand for new goods atentrylevel.Thisculminatedinabouta50percent reduction in rough supplies into the pipeline. In2010,therippleeffectoperatedinaforwardmode (actually starting already in the fourth quarter of 2009) and,consequently,cuttingcenterssawenormous growthinsalesasallphasesinthepipelinewere replenishing. Thedemandhasnot(yet)originatedfromadramatic return of consumers to the shops. What is probably the most outstanding feature is the fact that on the demand side we saw a return to a restored equilibrium between polished, rough and retail demand. It was the insufficient supply of rough that, among other things, partly triggered havoc in rough pricing. More about that later.2010: YEAR OF REPLENISHMENT, SPECULATION AND RECYCLINGCUTTIng CenTer POLIsheD DemanD (In Us $BILLIOns)rOUgh DemanDDgLOBaL reTaIL DemanD2011 (PrOJeCTeD)+9.6% YOY(-3.6% 2007)21.6(+14.3% YOY)$16.2 BILLIOn(+21.5% YOY)2010+6.8% YOY(-12% 2007)18.9 (+38% YOY)(+0.5% 2008)$13.3 BILLIOn(+77% YOY)2009-9.5% YOY13.7(-27% YOY)$7.5 BILLIOn(-45.3% YOY)2008-9.0% YOY18.8$13.4 BILLIOn*These updated gures represent the latest ndings as of April 28, 2011. Some gures may very slightly be different from the Pipeline Poster which was printed before the April 2011 holidays. Source: Tacy Ltd., Pharos Beam Consulting PLLPipline Article.indd 20 02-Jun-11 6:26:00 PM21 IDEX MagazInE InDIa REtaIl | NO 07: PIPELINE ARTICLEIfweassumethatattheendof2007,wellbeforethe problematic2008year,thethreedemandparameters wereinbalance,wecanseefromthetablethatfrom ademandperspective,2010wasbacktonormalan outstanding achievement any way one looks at it.The only way to view the relevant parameters of the 2010 pipelineisbyseeingitinamulti-yearperspective.The economic modeling, which forms the basis of our forecasts, and which we have developed in conjunction with Pranay Narvekar of Mumbais Pharos Beam consultancy, predicts thatthehighgrowthfiguresonthepolishedandrough sides will not be sustainable through 2011. This is all the logical and rational result of the forward ripple effect.DIamOnD InDUsTrY Is DemanD DrIven The2010performanceofthethreemostcritical parameters:consumer(retail)demand,cuttingcenter salesandroughdemand,clearlyhighlightstheyears impressiveperformance.Aftertwoconsecutiveyearsin which global retail demand declined by some 9 percent and 9.5 percent respectively, in 2010 the tide turned and retailerssold6.8percentmore(inUS$terms).Thisis, however, still12 percentbelowthe 2007demand level. (De Beers, which has its own mysterious ways of arriving atmarketfiguresestimatestheyearsdiamondjewelry growthaswellasthediamondcontent(inpolished wholesalepricespwp)bothat8percent;clearlyina similar ballpark as our estimates.) In2011weexpectconsumerdemandtostepupthe speed of its recovery and grow by 9.6 percent over 2010. Thoughcertainlyimpressivebyitself,saleswillstillbe some 3.6 percent below the 2007 levels. In terms of individual country growth, the star performers ontheretaillevelswereIndia(+37percentinpwp diamond content), China (+26 percent), followed by the United States (with 7 percent). Inour2010TacyLtd.DiamondPipelinewearealso presentingtherelativemarketshareofdiamonds (measured in pwp) in each market these figures may be quite different from the diamond jewelry sales (depending onotherinputssuchasgold,design,overhead,etc.). Thediamondcontentinjewelrydiffersfromcountry to country. We estimate the U.S. to consume 38 percent ofglobaldiamondvalue(DeBeerssays39percent).In anyevent,itmaybeworthwhiletorecallthatadecade ago, in 2001, the U.S. accounted for 46 percent of global diamondconsumptiontheshareoftheU.S.market continues to decline. CUTTIng CenTer saLes TO markeTTherealexcitementin2010wasatthecuttingcenter levels. Because of the reverse ripple effect, in 2009 cutting centersuppliesofpolishedweredown27percent.This process took a dramatic U-turn, and an enormous jump to +38percentwasrecordedin2010whentradeoptimism triggered the forward ripple effect. It must be stressed that marketresearchisanongoingprocessandfiguresare constantlyrevalidatedandrevised,whennecessary.The table in this article reflects the latest figures (end April 2011) and our $18.2 billion for global polished consumption has been revised to $18.9 billion. This difference is mostly of a psychologicalnature:inthecuttingcenterswehavejust exceeded the 2008 performance.The good news will continue, albeit at a lower pace. The 2011cuttingcentersaleswillgrowbyafurther14.3 percentandglobaldiamondsales(expressedinpwp) will reach $21.6 billion. A major question is where the rough supplies needed to supplytheexpectedpolisheddemandwillcomefrom. Thatwastheissuein2010andwillremainamajor concern in 2011. The Tacy Ltd. pipeline shows that some $12.25 billion worth of rough was supplied by the producers to the industry. Our estimatesshowroughdemandof$13.4billion.Howwas thedemandmet?Largelythroughpriceincreaseswhile exacerbatingtheshortagessentimenti.e.theworldis running out of diamonds. Dont hold your breath yet. The producersverycalculatedlyundersuppliedthemarketsin 2010. The result was a 27 percent price increase in rough during 2010, a trend that continues in 2011. (Interestingly or rather maddingly, a March 2011 De Beers Group Strategy paper notes that the world $ pwp growth of approximately 8 percent was higher than expected by markets as a result the diamond pipeline was under supplied at the start of 2011.)This undershooting of market demand by the producers mightbeforgivengiventhefactthatin2009their suppliestothemarketweredrasticallycutbysome45 percent from $13.4 billion to merely $7.5 billion. In 2010, demand increased a hefty 77 percent, bringing it back to the2008levels.Themarketcouldhaveabsorbedmore. In 2011 we expect a further rough supply growth of 21.5 percent, raising rough supplies to $16.2 billion. The lions shareofthisincreasecomesfrompriceappreciation rather than from carat growth. Graph 2 shows the price evolution of rough and polished prices.Pipline Article.indd 21 02-Jun-11 6:26:10 PM22 IDEX MagazInE InDIa REtaIl | NO 07: PIPELINE ARTICLEDeCLInIng CaraT vOLUmes ImPaCT TraDe senTImenTTheTacyLtd.pipelinedoesntactuallyrecordtherough and polished movements in terms of carats. In 2009, by any standards the industrys most difficult crisis year, the worlds diamond producers mined some 120-125 million carats (Mct) valued at $8.6-9.5 billion, a steep reduction from the 160-165 million carats worth $13.4-14.4 billion in 2008. In 2010, it is estimated that the mines produced 125-130 million carats, valuedat$11.8-$12.2billion.AstheRussiangovernment stocked the output, these goods did not enter into the market. Trade sentiment is influenced by a growing awareness within the industry of an approaching supply-demand deficit, even after mines resume full production and sales.Whiletheoutlookfordiamonddemandisfavorable, growth in rough diamond production is slowing as reserves are being depleted and no new major mines have come on stream. Tacy Ltd. forecasts that, up to 2020, annual rough supplywillhoveraroundamuchlower120-130million carat level, without taking the wild card called Zimbabwe into account, and then fall steeply unless significant new discoveriesaremade.Newminesindevelopmentstages (excluding Zimbabwe) may accumulatively add only some 15millioncaratsannuallytothemarket.Compounding themarketimpactoftheslowingrateofproduction growthisthefactthattheproducers(Russiaexcepted) find themselves with only working stock levels.Conventional wisdom has not yet considered the possible impactoftheMarangeproduction,whichmayadd20-30millioncaratsofmostlylowerqualitygoodstothe market. There is still uncertainty whether this production will be viewed as part of the legitimate diamond market. In any scenario, it will impact cutting-center employment in India by adding some 200,000-250,000 jobs. It will also softenthepressureonroughdiamondprices,whichis mostly felt in India. No wonder the Indian industry is at theforefrontofentrepreneurslookingforasubstitute for rough and finding it in recycling.2010: gLOBaL DIamOnD reCYCLIng esTImaTeD aT $6 BILLIOn markeT vaLUeWhat the pipeline does not fully capture (yet) is the impact of recycling. The figure would, implicitly, be included in thecuttingcentersalestothemarket,specificallysales from India. It would be evident in Indian polished import figures. It would also alter statistically the average yield outoftherough,aspolishedexportfigureswillnot differentiatebetweenpolishedproducedfromroughor from re-cutting or re-selling recycled diamonds.Toputtherathernewrecyclingissueinperspective,we have written before that since ancient days the world has produced some 5.2 billion carats of diamonds which, at todays rough production values, $80 per carat (p/c), would amount to $420 billion of rough. The historically adjusted gemqualitypolishedoutputwouldbebetween1.3-1.8 billion carats, taking into account the specific and limited range of goods that used to enter the gem-quality market. At todays polished prices (average $650 p/c), consumers hold about $0.9-1.2 trillion worth of polished between 40-50 percentofwhichwouldbeinAmericanhands.Recycling of even a small part of this stock can significantly affect demandforfreshpolishedand,consequently,rough demand. Moreover, only the better qualities are recycled.There is hard evidence that considerable recycling has taken placein2010.OneeminentexpertintheU.S.estimates COmPOsITe DIamOnD PrICe InDeX FOr aLL QUaLITIes anD sIZesBaseD On QUarTerLY averages [enD 2007 = 100]Price Index14013012011010090807060Source: Tacy Ltd., Pharos Beam Consultants PLL2007200820082008200820092009200920092010201020102010Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q41001051059595116122126133101981061101131188891876675112118110109 ROUGH PRICESPOLISHED PRICESgraPh 2Normalised Sales140120100806040200Period (BI-monthly)Jan/FebMar/AprMar/AprMar/AprMay/JunMay/JunMay/JunJul/AugJul/AugJul/AugSep/OctSep/OctSep/OctNov/DecNov/DecNov/DecJan/FebJan/Feb ROUgHPOLISHEDREtaIl DEManD 2008 2009 2010graPh 1 Source: Tacy Ltd., Pharos Beam Consultants PLLInDUsTrY sTaBILIZesIn 2010Pipline Article.indd 22 02-Jun-11 6:26:14 PM23 IDEX MagazInE InDIa REtaIl | NO 07: PIPELINE ARTICLEthatthesecondarymarket(polishedpurchasedfrom estates,pawnshops,etc.)isMUCHBIGGERthananyone realizesanddoesaccountforalargepartofpolished imports into India and their re-export to the U.S. What is truly startling is the price levels of such transactions.Oursourcessaythewidelyacceptedrecyclingstandard priceis80percentbelowRapaport,atmost.Thusthe potential profits to be made in this market niche are huge. My sources estimate that in the U.S., there were probably 2-3 million carats of polished sold back into the upstream market 2010. The vast majority is going back to India, mixed into parcels and resold back to U.S. or on to China etc.Howcanweputapricetagonthisactivity?Theaverage valueofU.S.importsofpolishedin2010was$1,367p/c. Thoughinfactmostoftherecycledgoodsarebetter qualities, we assume for a moment that the recycled goods would have at least the average value of U.S.imports. This would put recycling in the U.S. alone at $4 billion in 2010!Aseconomichardship(anddivorces,etc.)isnotthe soleprerogativeoftheU.S.consumer,itwouldbeno exaggerationtoconservativelyestimaterecyclinginthe restoftheworldaddingatleast$2billion,abouthalfof the U.S. recycling level. Thus recycling may well have been a $6 billion business, producing somewhere between $3-$4 billion profits!How does this impact the pipeline? In a most direct way, this amount would be the equivalent of some $4 billion of rough significantly softening the demand for rough and, potentially, a factor that might suppress rough prices, which is not something we see today. We assume that these goods are still largely held in inventories in the diamond centers. AccordingtoaprominentrepresentativeofIndiasGem and Jewelry Export Promotion Council, the $4-$6 billion of recycled goods, if not more, is a part of the $20 billion polished imports into India, which was recorded in Fiscal Year 2010. So far we have collected considerable anecdotal evidence on the recycling phenomenon and are aware that many diamondtradersaredevelopingthismarketniche.Itis verymuchaquietbranchofthebusiness,notalways recorded and certainly not a subject selling consumers will readily discuss. The InvesTmenT markeT Is emergIng agaInAcertainpartoftheglobalconsumptioncomesfrom theremerginginvestmentdiamondmarketwhere diamondsenjoyarideonthefringesofthestaggering prices of gold and silver. Apivotaljunctureintheinvestmentmarketwas reached in early 2009, when former De Beers managing directorGarethPennyconductedroadshowsinthe Gulfcountries,tryingtogeneratedemandforArab investmentsinroughdiamondstocks.(Insomeofthe projectedscenarios,thesestockswouldatsomepoint bepolishedthroughjointventuringwithDeBeers.) Theeffortswerenotsuccessful,butdidgiveapowerful messagetotheindustry:investmentdiamondsarenow viewedasalegitimatepartofourbusiness,reversinga time-honored policy of claiming that diamonds are only meant for adornment the diamond jewelry markets.Investment-oriented purchases of diamonds first became trulypopularinthelate1970swhengood-quality diamondsreachedextraordinarilyhighpricelevels. During the following price recession, in the early 1980s, thisdemanddwindledandmostoftheinvestment companies went bankrupt. Now, the investment market isagainbecomingafactor,notbecauseofcurrent prices but solely based on expectations of future supply shortagesandresultantpriceappreciation.Moreover, manyinvestorshavelosttheirfaithinthebanking system and prefer to hoard their assets in a discrete safe, ratherthaninadiscretebankaccountthedetailsof which eventually reach the fiscal authorities. In the past, diamonds rarely provided a satisfactory rate of return. In todaysenvironmentdiamondsaresafe,discreteand thesupplyshortageplacesthemasuniqueinvestment opportunities.Anecdotalevidenceindicatesthatin2010therewere several funds (supported by Swiss bankers) in the process of buying or planning to buy better polished in the market.Atypicalfundmayaimat$200-$300million portfolios of physical diamonds.Today, in April 2011 and after the crisis, we can say that roughpriceshaveonceagainexceededtheirprevious historicalhighlevelsandsetnewrecords.Theprice volatility is, of course, attractive to an investment market if it can buy and sell with little overhead on the wholesale market. The higher prices will also cause the recycling trendtogainmomentumandmakeitapermanent feature of the business.Thedaysinwhicheverydiamondringoriginatedfrom a recently mined rough diamond may be over and we may have to rethink our 2011 diamond pipeline, where billions of dollars worth of diamonds may come from yet unclearlydefinedothersources.Inaway,theworlds biggest diamond mine may now have been discovered. Lets call it the Happy Recycling Mine of the U.S.A. Pipline Article.indd 23 02-Jun-11 6:26:14 PMCALL US TODAY AT 022-66332187 OR EMAIL US AT [email protected] WWW.IDEXINDIARETAIL.COMSPECIAL OFFER FOR GJF MEMBERSTAKE A 3-YEAR, HIGHLY DISCOUNTED MEMBERSHIP OF IDEX ONLINE FOR JUST $1,470 AND GET AN APPLE IPAD2 (16GB, WIFI + 3G) COMPLETELY FREE!YOU SAVE A HUGE AMOUNT! THE IDEX MEMBERSHIP NORMALLY COSTS $840 A YEAR AND A 3-YEAR MEMBERSHIP WOULD COST YOU $2,520.USE THE IPAD TO SHOW YOUR CUSTOMERS THE GREATEST POSSIBLE SELECTION OF DIAMONDS AVAILABLE ON THE IDEX SYSTEM, AT THE MOST COMPETITIVE PRICES!HURRY! OFFER AVAILABLE ONLYAS LONG AS STOCKS OF IPADS LAST!4,50,000 DIAMONDS ON OFFER ONLINE.GUARANTEED DIAMOND TRANSACTIONS (GDT) SYSTEM ASSURES YOULL GET YOUR DIAMONDS AND THAT THEY ARE EXACTLY WHAT THEY CLAIM TO BE.DIAMOND RETAIL BENCHMARK (DRB) OUR PROPRIETARY RETAIL DIAMOND PRICE REFERENCING SYSTEM.This price list reflects suggested retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts pl ease visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.D R A F T J A N U A R Y 1st 2 0 10IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739E 172297 154160 131489 117887108819 86148 72546 68012 54409 40807 27205F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205G 149626 131489113353 99751 86148 72546 63478 58944 45341 36273 22671H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602M49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602 Round 1/5 (0.18-0.22)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 237169 195006 168654 147572137031 10540989597 79056 68516 52704 36893E 200276 179195 152842 137031 126490 10013884327 79056 63245 47434 31623F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623G 173924 152842131761 115949 100138 84327 73786 68516 52704 42163 26352H 152842 137031 121220 10540989597 79056 68516 63245 47434 36893 26352I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 Round 1/4 (0.23-0.28)Round -1/2 (0.45-0.49)Round 1/2+ (0.50-0.69)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860E 279731 247943 216156 203441 171653 133508 114435 10807882648 63575 44503F 267016 241586 209798 190726 158938 127150108078 101720 82648 63575 44503G 241586 209798 184368 165296 139865 120793101720 95363 76290 57218 38145H 216156 190726 165296 146223127150 114435 95363 89005 69933 57218 38145I 184368 158938 146223 127150114435 101720 89005 82648 63575 50860 38145J 146223 133508 127150 10807895363 89005 82648 76290 57218 50860 31788K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430M95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 521078 400340349504 279603 260539 216057171574 158865 127092 101674 69901E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546F 349504 324085 298667 254184 222411 177929146156 133447 114383 88965 63546G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191H 279603 254184 228766 203348 171574 146156 120738 114383101674 76255 57191I 228766 209702 190638 165220 146156 127092 114383 10802895319 76255 57191J 177929 165220152511 133447 127092 114383101674 95319 88965 76255 50837K 152511 146156139801 120738 114383 101674 95319 88965 82610 69901 50837L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482M114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 270303 222249 192216 168189156175 120135 102115 90101 78088 60067 42047E 228256 204229 174195 156175144162 114128 96108 90101 72081 54061 36040F 216243 198222 162182 144162132148 108121 90101 84094 66074 48054 36040G 198222 174195150168 132148114128 96108 84094 78088 60067 48054 30034H 174195 156175138155 120135 102115 90101 78088 72081 54061 42047 30034I 144162 126142120135 108121 90101 84094 72081 66074 54061 42047 30034J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020M66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020 Round 1/3 (0.29-0.37)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728F 250371 226526 196720 178836 149030 119224101341 95379 77496 59612 41728G226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767H 202681 178836 154991 137108119224 107302 89418 83457 65573 53651 35767I 172875 149030 137108 119224107302 95379 83457 77496 59612 47690 35767J 137108 125185119224 101341 89418 83457 77496 71534 53651 47690 29806K 125185 113263107302 89418 83457 71534 65573 59612 48054 41728 29806L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Round 3/8 (0.38-0.44)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386F 415320 378128 347133 322338 291344 254151 223157 192163 167368 10538068187G 371929 334736 309941 285145 260350 229356 204561 185964 161169 10538061988H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988J 210760 204561 198362 179766173567 167368 154970 136374130175 86783 55789K 185964 179766173567 154970 148771 136374 123976 117777 105380 80585 55789L 154970 148771 142573 136374130175 123976111579 10538080585 68187 49590M142573 136374130175 123976117777 111579105380 99181 74386 61988 43392N 130175 123976117777 111579105380 99181 99181 92982 68187 55789 37193 Round 3/4 (0.70-0.89)Round 0.90 (0.90-0.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 788312 657961 571061 453124 409674384845 328981 254495 204837 142765 86901E 651754 614511 521403 415881 391053 360017 316566 242080 198630 13655880693F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693G 521403 477953 409674 366224 341395 316566 279323 223459 186215 12414474486H422088 397260 372431 347602 322774 291738 266909 211044173801 117936 74486I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072L 204837 198630 192423 180008 173801 167594 155180 136558111729 86901 55865M186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865N 167594 161387155180 155180 148972 142765 130351 111729 99315 74486 55865Prices are in Rupees Per Carat Powered by www.idexonline.com JUNE 1st 2011THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDSJUNE 1st 2011Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The AllIndia Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer29DRB.indd 29 31-May-11 4:32:34 PMThis price list reflects suggested retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts pl ease visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.D R A F T J A N U A R Y 1st 2 0 10IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602Round 1/5 (0.18-0.22)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 Round 1/4 (0.23-0.28)Round -1/2 (0.45-0.49)Round 1/2+ (0.50-0.69)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020Round 1/3 (0.29-0.37)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Round 3/8 (0.38-0.44)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193Round 3/4 (0.70-0.89)Round 0.90 (0.90-0.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 788312 657961 571061 453124 409674384845 328981 254495 204837 142765 86901E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865Prices are in Rupees Per CaratPowered by www.idexonline.com JUNE 1st 2011THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDSJUNE 1st 2011Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer29DRB.indd 2931-May-11 4:32:34 PMIDEX_India_Adv.indd 104 02-Jun-11 4:21:14 PMGlobal Polished DiamondPrices25 IDEX MAGAZINE INDIA RETAIL | NO 07: POLISHEDPolisheddiamondpricesroseby about1.6percentduringthemonth of April, according to the IDEX Online Polished Diamond Index. The average price of polished diamonds increased duringthemonthcomparedto March,bringingtheIndexto130.6 afteritreachedarecord131.5on April19.Half-caratdiamondswere the star performers. Polisheddiamondpricessoared, despitevolatiletradingduringthe month.Betweenthefirstandlast daysofApril,polisheddiamond pricesrosesome1.6percent,one ofthelargestincreasessinceprices startedtorecoverinMarch2010. Further,at1.9percent,themonth-over-month increase was one of the largest price rises since 2008.On a year-over-year basis, polished di amondpri cesroseby13. 9 percent.Thiswasthelargestsuch price increase since pre-crisis June 2008, when prices shot up by 14.5 percent year-over-year. Pri cesof pol i sheddi amonds roseacrosstheboard. Demand forsmallergoodspropelledthe priceof0.5caratersthemost;up 3.6percentinAprilcomparedto March. Four carat goods continued tobethestrongestpricegainers whenmeasuredyear-over-year, with an increase of 24.5 percent.Pol i shedpri cestookastrong upwardt urni nmi d-February whentradersweregettingready fortheMarchHongKongshow andhavehardl ypausedsi nce. Theverygoodresul t sof t he showprovi dedpri cei ncreases thatlasteduntiltheBaselshowa couple of weeks later. Shar pr oughdi amondpr i ce i ncreasesbytheDTCfurther strengthenedpol i shedpri ces, leadingtotherecordbreaking 131.5ontheIDEXOnlinePrice Index. Alongwithroughdiamondprices andsolidwholesaletrading,retail saleswerealsobehindthepolished price rally. Sales are growing mostly in China and India. Thefullanalysisofthepolished diamondpricesisavailabletoIDEX OnlineResearchsubscribersand IDEXOnlinemembers. Contact [email protected] informationonhowtosubscribeor to become a member. PRICES RISE 1.9 PERCENT IN APRILINDEX BREAKS RECORDBy Edahn GolanIDEX ONLINE POLISHED DIAMOND PRICE INDEX2010 YEAR AVERAGE = 116.0APRIL AVERAGE 130.62010 2009 2011J S O N D M J J A S O N D J F F M M A A M J J A140130120 1101002009 ANNUAL AVERAGE = 109.5SOURCE: IDEX ONLINETHE IDEX ONLINE DIAMOND PRICE INDEXThe IDEX Online Diamond Price Index is a real-time index derived from actual askingpricesintheglobaldiamond industry.TheIDEXOnlineDiamond PriceIndexobjectivelyreectsprice trendsastheyhappen.TheDiamond IndexandDiamondDriverswere formulatedfollowingcomprehensive researchandanalysisoftheIDEX inventorydatabase,aggregatedsince 2001. Research and development were conducted in cooperation with Dr. Avi Wohl,seniorlecturerofFinanceat theFacultyofManagement,TelAviv University, Israel.Furtherinformationisavailable from IDEX Online Research. Contact [email protected] Prices_07.indd 25 31-May-11 6:02:07 PMFull Page template.indd 102 06-Feb-11 10:24:22 AM Full Page template.indd 102 04-May-11 12:13:52 PMFor the first time ever, Indian diamond jewellery retailers have a retail benchmark for diamond prices, enabling them to assure their consumers about the retail prices being charged for diamonds. The endorsement of the All India Gems & Jewellery Trade Federation (GJF) makes the benchmark prices accepted countrywide, giving the consumer further confidence to buy diamonds. The Diamond Retail Benchmark (DRB) is derived from up-to-date market data using an objective and fully transparent system. Standard retail mark-ups across the country have been factored in to ensure that the norms of every geographic market in the country are accounted for.The diamond category is one of the few retail sectors that up to now has not had a credible retail price benchmark forconsumers.Forconsumers,manyofthemfirst-time diamond buyers, the purchase of a diamond may sometimesprovetobeaconfusingexperience.Asa luxuryproductthatisboughttocelebratemajorlife eventsandwhichwillaccompanythemeverywhere, confidence is essential. Consumers should be able to buy a diamond with the confidence of knowing they paid a fair price.The DRB presents a retail price benchmark for a diamond based on each of the 4Cs Cut, Carat, Colour and Clarity. TheDRBshouldbeusedasbackgroundinformation only. Actual prices are determined by the sellers.Your input will only make the system better. We urge youtocontactusatanytimewithyourcomments, suggestions and questions.IDEX OnlineCall us at (022) 6633 2187 Fax us at (022) 6633 2186 Email us at [email protected]|r=| ||, =|(|= r|| =|=|= :| ||=(|=| r|| =-=| =| :| |-=|= (= |==| r |=== | =| |r=| =|, r|| = |== |==|r:|=-=|=|=|=||:=|===|==|(|= | =|=|= =||| = (=|==) :|| == |: =| = |-=|= =-=| =| :n= = =||=| |==| =| r |=== |r= =| r|| |: = |( ||||= |c| rr|| |c= |-=|= (|=|||) ||=(||= =| |=(. ||:n| =|=| = =| (|=| ||=| =|=|| = =|=| | (=| |==| =| r | :n = =|= :| =-= =( =| =| = | =| r (||= :n = |==| =| =| = ||=| = =|:| =| n||== |==| =| ==== :| =+| = = r|| = =| ==| r |=== ==| (= |r=| =|==|:|||=|=:|=-=|-=|=r||=r|(= |r=|, |== =: |r=| || r|| |: ||= r, =| =|= r r|| |:| == |= =: || :||=| =| ||( r| ==(| r =|| = === =|=| = === |: =| ||= = ==| =|=| = |= ||||=|r(==|r|===r|=|==|=|=|==(|r=| |r= r|| |: (| == =r ||||= r|| -||r |= == =r| :|= | r|| |:| r|=|||, =c, =c, == =| =|c| =| -| ||n|n(|=| = =|=| | r|| =| :| =-= |-=|= :(| r |=||| =| :=(=|= =|= || =|=|| = =| = |==| =|| -||r ||=(||= =-=, ||=(|=| :|| (= |= =|( r=||= = |= =-| = r| =r |==c= |r-| r| ||| =||= =|= r |= =|| |==| =| === =| ||-|, ==|| =| |-|=|( -|,|( | |= ==( r.=|:= =|=|:() .... -cc | =-|= =() .... -c. == | =-|= [email protected]| :== =tss= t==ts= rrt le= t+-+ t=+trABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK27 IDEX Magazine India Retail | NO 07: DRBDRB.indd 27 31-May-11 4:32:21 PMFull Page template.indd 102 4/7/2011 9:50:13 AMFull Page template.indd 102 04-May-11 12:15:39 PMThis price list reflects suggested retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts pl ease visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.D R A F T J A N U A R Y 1st 2 0 10IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739E 172297154160 13148911788710881986148 72546 68012 54409 40807 27205F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205G 149626 131489113353 99751 86148 72546 63478 58944 45341 36273 22671H 131489117887 104285 90682 77080 68012 58944 54409 40807 31739 22671I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602M49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602Round 1/5 (0.18-0.22)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 237169 195006 168654 147572137031 10540989597 79056 68516 52704 36893E 200276 179195 152842 137031 126490 10013884327 79056 63245 47434 31623F 189735 173924 142302 126490 11594994868 79056 73786 57975 42163 31623G 173924 152842131761 115949 10013884327 73786 68516 52704 42163 26352H 152842 137031 121220 10540989597 79056 68516 63245 47434 36893 26352I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811Round 1/4 (0.23-0.28)Round -1/2 (0.45-0.49)Round 1/2+ (0.50-0.69)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 330591 279731 241586 216156 178011139865 127150114435 89005 69933 50860E 279731 247943 216156 203441 171653 133508 114435 10807882648 63575 44503F 267016 241586 209798 190726 158938 127150108078 101720 82648 63575 44503G 241586 209798 184368 165296 139865 120793101720 95363 76290 57218 38145H 216156 190726 165296 146223127150114435 95363 89005 69933 57218 38145I 184368 158938 146223127150114435101720 89005 82648 63575 50860 38145J 146223 133508 127150 10807895363 89005 82648 76290 57218 50860 31788K 133508 120793 11443595363 89005 76290 69933 63575 50860 44503 31788L 114435 108078 10172089005 82648 69933 63575 57218 44503 38145 25430M95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 521078 400340349504 279603 260539 216057171574 158865 127092101674 69901E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546F 349504 324085 298667 254184 222411177929146156 133447 11438388965 63546G 311376 285957 266894 235121 196993 158865 127092 120738 10802882610 57191H 279603 254184 228766 203348 171574146156 120738 114383101674 76255 57191I 228766 209702 190638 165220 146156 127092 114383 10802895319 76255 57191J 177929 165220152511 133447 127092 114383101674 95319 88965 76255 50837K 152511 146156139801 120738 114383101674 95319 88965 82610 69901 50837L 133447 127092 120738 114383 10802895319 88965 82610 69901 63546 44482M114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 270303 222249 192216 168189156175120135 102115 90101 78088 60067 42047E 228256 204229 174195156175144162114128 96108 90101 72081 54061 36040F 216243 198222 162182144162132148108121 90101 84094 66074 48054 36040G 198222 174195150168132148114128 96108 84094 78088 60067 48054 30034H 174195156175138155120135 102115 90101 78088 72081 54061 42047 30034I 144162126142120135108121 90101 84094 72081 66074 54061 42047 30034J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020M66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020Round 1/3 (0.29-0.37)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690E 262293 232487 202681 190759 160953 125185 107302101341 77496 59612 41728F 250371 226526 196720 178836 149030 119224101341 95379 77496 59612 41728G226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767H 202681 178836 154991137108119224 107302 89418 83457 65573 53651 35767I 172875 149030 13710811922410730295379 83457 77496 59612 47690 35767J 137108125185119224101341 89418 83457 77496 71534 53651 47690 29806K 12518511326310730289418 83457 71534 65573 59612 48054 41728 29806L 107302101341 95379 83457 77496 65573 59612 53651 41728 35767 23845M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Round 3/8 (0.38-0.44)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386F 415320 378128 347133 322338 291344 254151 223157192163 167368 10538068187G 371929 334736 309941 285145 260350 229356 204561 185964 161169 10538061988H 334736 303742 278947 254151 235555 210760 192163173567 148771 99181 61988I 278947 260350 247952 229356 210760192163 167368 154970 14257392982 61988J 210760 204561 198362 179766173567 167368 154970 136374130175 86783 55789K 185964 179766173567 154970 148771136374 123976 117777 105380 80585 55789L 154970148771 142573 13637413017512397611157910538080585 68187 49590M142573 136374130175123976117777 111579105380 99181 74386 61988 43392N 130175123976117777 111579105380 99181 99181 92982 68187 55789 37193Round 3/4 (0.70-0.89)Round 0.90 (0.90-0.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 788312 657961 571061 453124 409674384845 328981 254495 204837 142765 86901E 651754614511 521403 415881 391053 360017 316566 242080 198630 13655880693F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693G 521403 477953 409674 366224 341395 316566 279323 223459 18621512414474486H422088 397260 372431 347602 322774 291738 266909 211044173801 117936 74486I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279J 291738 279323 266909 254495 235873 229666 211044173801 148972 105522 68279K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072L 204837 198630 192423 180008 173801 167594 155180 136558111729 86901 55865M186215 180008 173801 167594 161387155180 142765 124144 10552280693 55865N 167594161387155180 155180 148972 142765 130351 111729 99315 74486 55865Prices are in Rupees Per Carat Powered by www.idexonline.com JUNE 1st 2011THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDSJUNE 1st 2011Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer29DRB.indd 29 31-May-11 4:32:34 PMPrices are in Rupees Per Carat Powered by www.idexonline.comJUNE 1st 2011IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 1531809 1127305 961525 729433 570284 484078404504 318298 271880 185674 106099E 1047731 988050 835532 669752 537128 450922 384610 298404 258617 17904399468F 948263 862057 762589 610071 510603 431029 364716 285142 245355172411 92837G 669752643227 616702 537128 477447 404504 351454 271880 238724 16578086206H 557022530497 497341 450922 411135 384610 338192 265248 225461 15914986206I 477447464185 431029 384610 364716 344823 305036 245355 205567 145887 79575J 397873384610 371348 351454 318298 305036 285142 218830 179043 132624 79575K 358085 344823 331560 318298 271880 265248 238724 198936 165780 119362 72943L 318298 305036 298404 285142 251986 238724 212199 185674 152518 10609966312M265248258617 245355 232092 205567 192305172411145887 132624 99468 66312N 212199 212199192305 179043 159149 145887 132624111729 112731 92837 66312Round 4/4 (1.00-1.49)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 1708736 1383566 1275176975510 784233 631212 516446395305 312418 197652 114766E 1351686 12943041083900918127 745978605709 490943 376177 299666 191276 108390F 11731621071148 1020141 841616 714099 573829459063363425286915 184901 102014G 822488803361 765106 694971 624836522822 427184 337922 274163 178525 95638H 663091 643964 624836567453 529198484567 408056 312418 261411 172149 95638I 586581 580205 561077 497319459063427184363425286915248659159397 89262J 484567 478191 459063414432 376177 363425318794255035210404146645 89262K 395305382553369801 363425 325170299666274163 229532 191276 133893 82886L 357049344297 331546 312418 286915 274163 248659210404 172149 127518 76511M299666293290280539 274163 242283229532 210404 178525 153021 114766 76511N 242283242283229532 213569 197652 184901 172149 146645 133893 102014 76511Round 1.50 (1.50-1.99)Round 3.00 (3.00-3.49)Round 3.50 (3.50-3.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 4207441 3260429 2895153 2239008 1772266 1170237865840 568208 487035257046142052E 3192785 2901917 2435175 1948140 1630214 1102593818489 541150 453213250282 135288F 2753101 2536641 2137543 1772266 1515220 1034949 784668514093 426156 236753 128523G 2205186 1981962 1785795 1589628 1332582 933484744081 487035 405863 229989 121759H 1670801 1603157 1488163 1298760 1116122804961 710259459978385569223224 121759I 1190530 11567081116122 1001128 852311 703495615558 419391 358512209696114994J 967306 953777 919955 832018750846608794541150385569317926 189403 108230K 892898 852311 818489 744081 669673520857 453213 351748 284104 175874 108230L 669673 635851 602029 574972 520857392334331454290868 223224 169109 101466M554679 541150 520857 487035 446449351748 297633 263811 196167 155581 101466N 439684 446449 439684 399098372041 311161 263811 236753 169109 142052 101466IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 4655136 3607356 3203213 2477251 1960845 1294757957970628668 538858284397 157167E 3532515 3210697 2694291 2155433 1803678 1219915 905581 598731 501437 276913 149683F 30460462806553236498919608451676448 1145074868160568795 471501 261945 142199G2439830 2192854 1975813 1758773 1474376 1032812 823256 538858 449049254461 134715H 1848583 17737421646511 1436955 1234883 890613785835508922426596246977 134715I 1317209 1279788 1234883 1107653 943002 778351 681057 464017 396660232008127230J 1070232 1055264 1017843 920549 830740673573 598731 426596351755 209556 119746K 987907 943002 905581 823256740930576279 501437 389175 314334194588 119746L 740930703509666089 636152 576279434080 366723 321818 246977 187104 112262M 613700 598731 576279538858 493953 389175 329302291882 217040 172135 112262N 486469493953486469441564 411628 344271 291882 261945 187104 157167 112262IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 2421965 1955737 1761980 1441069 1047500 799249653931 448064351185 205867 115043E 1895188 1774090 1513728 1289697 1005116 781084635766 435954 339075 199812 108988F 1665101 1501619 1350246 1138324962731 738699 593382417789326965 193757 102934G 1198873 1101994 1005116 920347841633 690260569162393569308801 187702 102934H 932457 871908 811358768974714480 617601 532832363295 290636 181647 96879I 756864 732645690260635766587327532832 484393 333020278526169538 90824J 605491 581272 557052520723484393 442009411734 302746254306 151373 90824K 544942 526777 508613472283 442009 399624 369350 290636 217977 145318 84769L 423844 411734 399624381460345130314856284581 242197 187702 139263 78714M363295 357240 351185 345130296691 266416 242197 211922 157428 127153 78714N 302746 302746302746275466248251 217977 199812 181647 133893 115043 78714 Round 2.00 (2.00-2.49)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D2785824 2249553 2026687 1657565 1204869919322 752172 515377 403944236795 132327E 2179907 2040616 17411401483451 1156117 898428 731279 501448 390015 229830 125362F 1915254 1727211 1553097 1309337 1107365849676 682527 480555376086 222866 118398G 1378983 12675501156117 1058613968074793960654669452696 355193 215901 118398H 1072542 1002897 933251 884499 821818 710385 612881 417874 334299 208937 111433I 870570 842712 793960 731279 675562 612881 557165 383051 320370 195008 104468J 696456668598640740598952 557165 508413 473590348228 292512 174114 104468K 626810 605917 585023 543236 508413 459661 424838334299 250724 167149 97504L 487519 473590 459661 438767 396980 362157 327334 278582 215901 160185 90539M417874 410909403944396980341263 306441 278582 243760 181079 146256 90539N 348228348228348228 316851 285547 250724 229830208937 146256 132327 90539 Round 2.50 (2.50-2.99)Round 4.00 (4.00-4.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 5013812 39844483643254 2937735 2307394 1405255 1012015 628668 538858284397 157167E 3972882 3625905 3134355 2625456 2180170 1353209 983100 598731 501437 276913 149683F 3585425 31285722822076 2428836 1995115 1283813 959969568795 471501 261945 142199G 2706417 2428836 2278480 2145472 1752232 1139240 884790 538858 449049254461 134715H 2058728 1954635 1821627 1694402 1422604 1017798815395508922426596246977 134715I 148621614110381353209 1249116 1092976 850093722868 464017 396660232008 127230J 119706911392401104542 1017798902139746000630341 426596 351755 209556 119746K 1017798 954186 919488 855876763348607209 537814 389175 314334194588 119746L 740930 703509 666089 636152 576279434080375891 321818 246977 187104 112262M 613700 598731 576279 538858 493953 389175 335411 291882 217040 172135 112262N 503116 493953 486469445287 422155 344271 294930 261945 187104 157167 112262 Round 5.00 (5.00-5.99)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 7147699 5412250 4871025 4100367 31179261900170 1288351 647117 538858284397 157167E 5359304482396242474393676800 2941440 1758981 1247171 611820 501437 276913 149683F 4706304 4235674 3882701 3441485 2529638 1606026 1194225 588288 471501 261945 142199G 3529728 3176755 2923791 26884762235494 1482486 1129513564756449049254461 134715H 2823782 2559053 2353152 2117837 1770747 1288351 1017738508922426596246977 134715I 2035476 1906053 1841341 1647206 1482486 1088333 882432 464017 396660232008 127230J 1529549 1453071 1353062 1294234 1235405970675 782423426596 351755 211784 119746K 11942251105981 1053036 994207 935378 764774 647117 389175 314334194588 119746L 876549 841252 800072 764774 705946588288 447099323558252964 187104 112262M758892 723594 694180 664765 635351 529459400036291882 217667 172135 112262N 641234 605937 588288564756 564756 470630352973 261945 187104 157167 112262THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDSJUNE 1st 2011Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer30 JUNE 1st 2011DRB.indd 30 31-May-11 4:32:38 PMJUNE 1st 2011JUNE 1st 2011IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 117471 109892 98524 90945757886820956841 53051 45473 34104 22736E 109892 102313 909457578864420 6063053051 53051 41683 30315 22736F 102313 94735 79577 682096063056841 49262492623789426526 18947G 9473583366719986442056841 53051 4547345473 3410426526 18947H 75788 7199864420 6063053051 49262 41683 41683 30315 22736 18947I 6063056841 53051 53051 4926245473378943789430315 22736 15158J 492624547345473 41683 416833789434104 3410426526 18947 15158K 416833789434104 34104 34104 30315 2652626526 22736 18947 15158L 3789434104 34104 30315 30315 30315 2652622736 15158 15158 11368M34104 34104 34104 30315 30315 30315 2652622736 15158 11368 11368N 34104 34104 34104 30315 30315 30315 2652622736 15158 11368 11368Fancy 1/5 (0.18-0.22)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D130272 121868 109261 100856 8404775642630355883350428 37821 25214E 121868 113463 100856 84047 71440 67237 588335883346226 33619 25214F 113463 105058 8824975642 67237 6303554630 5463042023 29416 21012G105058 92451 79844714406303558833504285042837821 29416 21012H 840477984471440 67237 58833546304622646226 33619 25214 21012I 67237 63035588335883354630504284202342023 33619 25214 16809J 546305042850428462264622642023 37821 37821 29416 21012 16809K 4622642023 37821 37821 37821 33619 29416 29416 25214 21012 16809L 42023 37821 37821 33619 33619 33619 29416 25214 1680916809 12607M37821 37821 37821 33619 33619 33619 29416 25214 16809 12607 12607N 37821 37821 37821 33619 33619 33619 29416 25214 16809 12607 12607Fancy 1/4 (0.23-0.28)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D178042163606 149171 139547 120299105863 9623986615 66751 50064 38496E 163606153983 139547 129923 115487 9623986615 81803 61189 44501 33684F 153983144359129923 120299 11067591427 81803 76991 556263893828872G144359 129923 120299 110675 10105186615 72179 72179 50064 3893828872H 125111 115487 105863 101051 91427 81803 67367 67367 44501 3368428872I 101051 96239 91427 86615 76991 72179 6255562555 44501 33684 24060J 81803 76991 76991 72179 62555 57743 52931 52931 389382887224060K 72179 62555 57743 52931 52931 48120389383893833376 27813 24060L 62555 57743 52931 48120 48120 44501 3893833684288722406019248M52931 50064 5006444501 44501 44501 38938333762406019248 19248N 50064 50064 5006444501 44501 44501 3893833376 22250 19250 19248Fancy -1/2 (0.45-0.49)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D259060219957 200405180854166190 136862 117310 10753592871 73319 53767E 224845200405185741 161302 146638 12219897759 977598798368431 48879F 200405 185741 166190 151526 136862 117310 92871 92871 830956354348879G 185741 166190 151526 136862 122198 107535 8798387983 73319 5865543991H 166190 151526 141750 127086 11731092871 83095 8309568431 53767 43991I 141750 127086 122198 112422 102647 92871 8309578207 63543 53767 39103J 112422 102647 97759 92871 879838309578207 68431 58655 53767 39103K 87983 78207 78207 73319 73319 68431 6354363543 53767 4887934216L 73319 68431 68431 63543635436354358655586554887943991 34216M586555865558655 53767 53767 53767 488794887943991 39103 29328N 50064 50064 5006444501 44501 44501 39103 39103 39103 3421624440Fancy 1/2+ (0.50-0.69)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 172441 161316 144628133503 111252 100127 83439 77877 66751 5006433376E 161316 150191 133503 11125294565 89002 77877 77877 61189 44501 33376F 150191 139066 116815 100127 89002 8343972314 72314 556263893827813G139066 122378 105690 9456583439 77877 66751 66751 50064 3893827813H 111252 105690 94565 89002 77877 72314 61189 61189 44501 33376 27813I 89002 8343977877 77877 72314 66751 556265562644501 33376 22250J 72314 66751 66751 61189 61189 5562650064 50064 38938 27813 22250K 61189 5562650064 50064 5006444501 389383893833376 27813 22250L 5562650064 5006444501 44501 44501 3893833376 222502225016688M50064 50064 5006444501 44501 44501 3893833376 222501668816688N 50064 50064 5006444501 44501 44501 3893833376 222501668816688Fancy 1/3 (0.29-0.37)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 175375 161316 146936 137456 118497 104277 94797 85318 66751 5006437919E 161316 151676 137456 127976 11375794797 8531880578 61189 44501 33376F 151676 142196 127976 118497 109017 900578057875838556263893828439G142196 127976 118497 109017 99537 85318 71098 7109850064 3893828439H123236 113757 104277 99537 9005780578663586635844501 3337628439I 99537 94797 90057 8531875838 71098 61618 61618 44501 3337623699J 805787583875838 71098 61618 5687852139 52139 389382843923699K 71098 61618 56878 52139 52139 47399389383893833376 27813 23699L 61618 5687852139 473994739944501 3893833376284392369918959M5213950064 5006444501 44501 44501 38938333762369918959 18959N 50064 50064 5006444501 44501 44501 3893833376 22250 18962 18959Fancy 3/8 (0.38-0.44)Fancy 3/4 (0.70-0.89)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D346365270450256215 241981 227747204023175555 161321 123363 8540556937E 275194 256215246726 227747 208768180300156576 147087 118618 8066052192F 260960246726237237 218258194534 170810 147087 137597 11387475916 52192G246726232492218258 199279 180300 151831 137597 132852 10912975916 47447H223002204023199279185045 161321 137597 128108 123363 99639 71171 47447I 189789 175555 170810 156576 132852 118618 109129104384 901506642642703J 151831 142342 137597 128108 123363 113874 9489590150 75916 61682 42703K 128108 118618 113874 109129 104384 94895 85405 80660 6642656937 37958L 104384 99639 9489590150 9015085405 80660 71171 56937 47447 37958M80660 80660 80660 75916 75916 75916 71171 71171 47447 42703 33213N 66422664226642661682 61682 61681 61682 39103 39103 3795828468IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D396638 313621 304396285948267500253664221379 179871 133750 9685359957E 313621304396285948 272112 258276 239827207543170646 12913892241 55345F 304396285948267500258276244440230603202931 166034 129138 8762955345G285948267500258276249052230603 212155 189095 161422 124526 83017 50733H249052230603221379 212155 198319 189095166034 152198 11530283017 50733I 221379207543202931 193707 179871 175259 152198 133750 110690 78405 46121J 189095184483 179871 170646 166034 156810 138362 11991496853 69181 46121K 152198 147586 142974 138362 138362 129138 119914 106078 83017 59957 41509L 119914 115302 110690 106078 106078 101465 96853876296456950733 37958M92241 92241 92241 87629 87629 87629 83017 7840550733 46121 36897N 73793 73793 73793 69181 69181 69181 69181 69181 39103 3795836897Fancy 0.90 (0.90-0.99)Prices are in Rupees Per Carat Powered by www.idexonline.comDisclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumerJUNE 1st 2011 31THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDSJUNE 1st 2011DRB.indd 31 31-May-11 4:32:40 PMPrices are in Rupees Per Carat Powered by www.idexonline.comJUNE 1st 2011IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D 621188 417286 374609355642 327191 289255 241836 199159151741 104322 66386E 417286 374609360384346158 317707 275030232353 194418 146999 99580 61645F 374609360384350900 331932 298739265546 227611 189676 142257 99580 61645G360384350900336674 312965 284514246578 213385 180192 132773 9483856903H298739 279772 265546 251320 227611 208643184934 170708 128031 9009656903I 256062246578237095 227611 208643 189676 165966 156482 123289 85354 52161J 218127 208643 199159 189676 180192 165966 146999 132773 10432271128 52161K 180192 175450 170708 165966 156482 146999 132773 11854794838 61645 47419L 146999 142257 137515 132773 123289 113805 109064 9483875870 56903 42677M128031 123289 118547 113805 109064 99580948389009666386 52161 42677N109064 104322 99580948389483885354 80612 69181 56903 47419 42677Fancy 4/4 (1.00-1.49)IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3D796407547847 502193486975456539 426103 350013 273923 207979 13188976090E 547847 502193 486975 471757 446394415958 344941 268851 202906 12681676090F 502193486975 471757 446394426103400740329723258705 192761 121744 71017G486975 471757 446394 431176 400740 365231 309432248560187688 116671 65945H395667 385522370304355086334795309432 268851 223197 167398 11159860872I 339868329723324650309432294214278996233342202906 157252 106526 60872J 263778258705253633243487233342 223197 192761 167398 131889 9638055799K228269 223197 218124 207979 197834 192761 172470 147107116671 86235 55799L 192761 187688 182616 177543 162325 157252 142034 121744 101453 76090 50727M162325 157252 152180 147107 136962 131889 121744 1115988623