IDEX India Retail, May 2012

May 12

oloured Gemstone

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Thai Jewellery CouldFlood Indian Market

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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 please 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 10

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3

D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739

E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205

F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205

G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671

H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671

I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671

J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136

K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136

L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602

M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602

N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602Rou

nd 1

/5 (

0.18

-0.2

2)


D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893

E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623

F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623

G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352

H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352

I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352

J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082

K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082

L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811

M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811

N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 Rou

nd 1

/4 (

0.23

-0.2

8)

Rou

nd -

1/2

(0.4

5-0.

49)

Rou

nd 1

/2+

(0.5

0-0.

69)


D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860

E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503

F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503

G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145

H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145

I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145

J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788

K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788

L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430

M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430

N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430


D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901

E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546

F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546

G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191

H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191

I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191

J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837

K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837

L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482

M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128

N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773


D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047

E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040

F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040

G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034

H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034

I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034

J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027

K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027

L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020

M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020

N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020Rou

nd 1

/3 (

0.29

-0.3

7)


D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690

E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728

F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728

G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767

H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767

I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767

J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806

K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806

L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845

M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845

N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Rou

nd 3

/8 (

0.38

-0.4

4)


D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386

E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386

F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187

G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988

H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988

I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988

J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789

K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789

L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590

M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392

N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193Rou

nd 3

/4 (

0.70

-0.8

9)

Rou

nd 0

.90

(0.9

0-0.

99)


D 788312 657961 571061 453124 409674 384845 328981 254495 204837 142765 86901

E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693

F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693

G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486

H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486

I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279

J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279

K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072

L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865

M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865

N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865

Prices are in Rupees Per Carat Powered by www.idexonline.com

JUNE 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

JUNE 1st 2011

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - 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 consumer

29

DRB.indd 29 31-May-11 4:32:34 PM


204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739

172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205

163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205

149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671

131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671

108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671

81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136

72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136

58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602

49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602

40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602


D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893

E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623

F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623

G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352

H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352

I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352

J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082

K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082

L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811

M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811

N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 Rou

nd 1

/4 (

0.23

-0.2

8)Rou

nd 1

/2+

(0.5

0-0.

69)


330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860

279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503

267016 241586 209798209798 190726 158938 127150 108078 101720 82648 63575 44503

241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145

216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145

184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145

146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788

133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788

114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430

95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430

76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430


D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901

E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546

F 349504 324085 298667298667 254184 222411 177929 146156 133447 114383 88965 63546

G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191

H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191

I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191

J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837

K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837

L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482

M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128

N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773


270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047

228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040

216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040

198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034

174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034

144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034

108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027

96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027

78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020

66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020

54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020


D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690

E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728

F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728

G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767

H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767

I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767

J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806

K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806

L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845

M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845

N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Rou

nd 3

/8 (

0.38

-0.4

4)


632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386

464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386

415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187

371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988

334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988

278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988

210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789

185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789

154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590

142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392

130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193 Rou

nd 0

.90

(0.9

0-0.

99)


D 788312 657961 571061 453124 409674 384845 328981 254495 204837 142765 86901

E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693

F 614511 583475 484160484160 397260 372431 341395 304152 235873 192423 130351 80693

G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486

H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486

I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279

J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279

K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072

L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865

M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865

N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865


JUNE 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

JUNE 1st 2011

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - 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


29

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 please 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 10


D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739

E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205

F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205

G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671

H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671

I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671

J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136

K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136

L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602

M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602

N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602

Rou

nd 1

/5 (

0.18

-0.2

2)


D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893

E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623

F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623

G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352

H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352

I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352

J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082

K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082

L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811

M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811

N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 Rou

nd 1

/4 (

0.23

-0.2

8)

Rou

nd -

1/2

(0.4

5-0.

49)

Rou

nd 1

/2+

(0.5

0-0.

69)


D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860

E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503

F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503

G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145

H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145

I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145

J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788

K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788

L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430

M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430

N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430


D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901

E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546

F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546

G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191

H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191

I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191

J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837

K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837

L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482

M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128

N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773


D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047

E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040

F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040

G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034

H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034

I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034

J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027

K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027

L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020

M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020

N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020

Rou

nd 1

/3 (

0.29

-0.3

7)


D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690

E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728

F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728

G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767

H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767

I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767

J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806

K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806

L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845

M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845

N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 Rou

nd 3

/8 (

0.38

-0.4

4)


D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386

E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386

F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187

G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988

H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988

I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988

J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789

K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789

L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590

M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392

N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193

Rou

nd 3

/4 (

0.70

-0.8

9)

Rou

nd 0

.90

(0.9

0-0.

99)


D 788312 657961 571061 453124 409674 384845 328981 254495 204837 142765 86901

E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693

F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693

G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486

H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486

I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279

J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279

K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072

L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865

M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865

N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865

Prices are in Rupees Per Carat

Powered by www.idexonline.com

JUNE 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIA

DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

JUNE 1st 2011

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - 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


29

DRB.indd 29

31-May-11 4:32:34 PM

IDEX_India_Adv.indd 104 15-Sep-11 1:37:31 PM

4 IDEX MAGAZINE INDIA RETAIL| NO 18

magazine india retail

05 FROM THE EDITOR’S DESKThe Perception Of Value – And The Product’s Need For A Story

06 MUMBAI DIAMOND MARKET REPORTBuyer Resistance To High Polished Prices Erodes Seller Margins

08 SPECIAL REPORTDiamonds With A Story

17 RETAIL ET CETERAA Bouquet Of Baubles

24 TREND REPORTSizzling Summer Jewellery Trends 27 DIAMOND RETAIL BENCHMARK

34 COVER STORYColoured Gemstone Renaissance

42 DIAMOND PIPELINE 2011Chasing Paper Profits

49 INDUSTRY NEWSSonu Nigam Evening By Gitanjali Le Club Musique

53 STONE SOURCESLucara Begins Commissioning Activities At Karowe

55 SPOTLIGHTJewellery From Thailand Could Flood Indian Market

w w w . i d e x o n l i n e . c o m

M AY 2 0 1 2 VOL. 1 No. 18

Editorial Department EDITOR-IN-CHIEF Vinod Kuriyan

EDITORs Edahn Golan, Danielle MaxIDEX ONLINE REsEARCH Ken Gassman

INTERNATIONAL CORREsPONDENT Tamar Katzav

ADMINIsTRATION & MARKETING Managing Director Yaron BarzilayMarketing Manager Kuldip Bedi

sALEs MANAGERs Anish Kuriakose, Osnat Davidov, Avivit Morhaim, Yaron Barzilay

PRODUCTION & CIRCULATION Helena DorshtACCOUNT MANAGER Rinat Oz

ART DEPARTMENTGRAPHIC DEsIGNERs

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the Copyright owner.

PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A

ISSN 0334-68382003 IDEX ONLINE S.A.

CONTENTS

MAY

Editor

5IDEX MAGAZINE INDIA RETAIL| NO 18: EDITOR

he Indian consumer has begun to see coloured gemstones as something more than necessary

purchases that are dictated by astrologers. They’re buying coloured gemstones because they appreciate the colour and vibrancy that they add to jewellery.

This is good news for the Indian coloured gemstone industry, because the new reasons for buying will bring about a fundamental change in the perceived value of its product. Buying a coloured gemstone because an astrologer specifies it is simply acceding to a compulsion and the consumer doesn’t really value it. The natural instinct is to go all the way to rock bottom in terms of colour and clarity in order to pick up the gemstone as cheaply as possible.

Buying it because one thinks it is desirable is another thing altogether. The product has already been ascribed a value by the consumer and automatically, the consumer would want the very best for his or her money. That puts coloured gemstones back in the luxury market – with consumers aspiring to a better and more valuable product.

This is something that Ernst Oppenheimer, the founder of De Beers, realized some 80 years ago. Even though he only mined the rough stones, he knew that unless consumers valued polished diamonds, the product would simply be another commodity, have little upward mobility in pricing and not really break into the upper echelons of the luxury

industry. He decided to position the diamond as the symbol of the relationship between men and women, as a testament to eternal love, and the famous “A Diamond Is Forever” slogan was commissioned.The diamond industry has enjoyed the fruits of Ernst Oppenheimer’s vision. Today, however, with its global market share below 40 percent, De Beers no longer funds generic promotions and the diamond has begun to lose its way. De Beers, however, hasn’t forgotten the lessons taught by its founder and has put all its resources behind its own Forevermark brand of diamonds.

It realized that relationships aren’t a really great idea to base promotions on when a growing number of people have opted to live together rather than formalize their relationships with a marriage certificate; and a growing number of those that are married, are opting out in divorce courts. De Beers has instead, picked ethical issues to generate value for the Forevermark product. These are issues that are close to the consumer’s heart – that the product is responsibly mined and ethically processed.

But they aren’t the only ones. The Canadian diamond producers have also realized that ethics and the environment make for great sales drivers. This issue’s Special Report is a great reminder that our industry’s product doesn’t really stand by itself – it needs a story to go with it.idEX

thE PErcEPtion of ValuE – and thE Product’s nEEd for a story

by VINoD KurIyAN

t

6 IDEX MAGAZINE INDIA RETAIL | NO 18: MARKET REPORT

MUMBAIDIAMOND MARKET

REPORT

BY VINAY PAREKH

BUYER RESISTANCE TO HIGH POLISHED PRICES ERODES SELLER MARGINS

olished diamond prices, which were low in February, rose strongly in March – only to hit stiff buyer

resistance. While prices had not softened in April at the time of reporting, seller margins had already begun eroding.

The buyer resistance to high polished prices resulted in lower-priced Zimbabwe goods becoming an attractive option. Parcels of polished diamonds now are routinely assembled using a mixture of Zimbabwe and other goods in order to keep average prices down.

The 21-day strike by jewellery retailers, which resulted in a marked slowing down of domestic demand for diamonds,

only increased the pressure on dealers to keep polished prices at acceptable levels. It is now difficult to find parcels of unmixed goods.

April and May are traditionally slower months, with both overseas and domestic demand at their lowest ebb. Diamond manufacturers are, however, looking forward keenly to June, when bridal demand kicks in for the domestic market while the overseas markets start buying goods to cater to the trends that have emerged from trade shows such as the JCK Las Vegas, which indicate what buyer preferences might be for the next quarter at least. IDEX

P

7IDEX MAGAZINE INDIA RETAIL | NO 18: MARKET REPORT

-0.01 (-2 ) Good demand for SI2-I1 goods.Fair demand for VVS/VS goods.

Overall steady demand & prices will be seen. Goods will be available in most of the clarities.

-0.02 (+2-6.5) Very good demand for white SI2-I2 goods.Good demand for VVS-SI/I-L col.Fair demand for white VVS-VS goods.

Demand will remain strong. Prices will remain firm. Shortages will be seen in SI category.

0.03-0.07 (+6.5-11) Good demand for SI2-I1 whites & VS-SI/I-K col. Fair demand for VVS/VS goods.

Overall demand is expected to remain low. Demand for +6.5-8 sieve will be strong. Prices will remain soft.

0.08-0.14 (+11-14) Good demand for SI & piqué goods.Fair demand for VVS-VS/J+ goods.

Demand & prices will remain stable. Shortages in piqué goods will be felt.

0.30 (1/3) Good demand for VS-SI goods.Fair demand for piqué goods.

Demand for SI goods will remain strong. Shortages in SI goods will be seen. Prices will remain firm.

0.50 (1/2) Very good demand for VS-SI/J+ goods.Good demand for I1/I2. Fair demand for VVS/F-K col.

Overall demand will remain good, prices will remain firm.

0.75 (3/4) Good demand for +0.90 cts. SI+/F-J col.Fair demand for I1-I2/J+.

Demand & prices for VS-SI /+0.80 cts.will remain strong. Shortages will be seen for +.90 cts.

1.00 (4/4) Very good demand for SI & piqué goods.Good demand for VVS/VS/F-M col.

Overall demand will remain good, prices will remain firm. Shortages for lower colors will be seen.

0.15-0.17 (+14-15.5) Good demand for SI & piqué goods.Fair demand for VVS-VS/J+ goods.

Demand & prices will remain stable.Shortages in piqué goods will be felt.

0.18-0.22 (1/5) Good demand for SI goods.Fair demand for VVS/VS goods.

Overall demand will remain low except SI category, prices will be soft.

0.23-0.29 (1/4) Good demand for SI goodsFair demand for piqué goods.

Overall demand will remain low except SI category, shortages in SI goods will be seen.

0.40 (3/8) Good demand for VS-SI goods.Fair demand for piqué goods.

Demand for SI goods will remain strong. Prices will remain firm.

+3.00 Fair demand for VS-SI/G-K col. Overall demand & prices will remain soft.

MUMBAI DIAMOND TRADING IN APRIL

Size in Carat (Sieve)

Comments Forward Call

nvoking stars, snowfl akes and ice, just the names of the Canadian diamond brands make you want to shiver from the image of pure,

pristine and very cold snow. That image of purity is something then Canadian industry is keen to promote in its brands. And it is a tactic that has proved popular with consumers.

“When you know the story of your diamond, it can further reinforce the unique nature of that sparkling treasure you purchase. Canada is known for its vast unspoiled wilderness and natural beauty,” says Steve Dicks, a diamond marketing specialist for the Minerals, Oil and Gas Division of the Department of Industry, Tourism and Investment of the Government of the Northwest Territories (GNWT). “This is a perfect complement to the intrinsic beauty and purity of a diamond. When you buy a diamond mined, cut and polished in Canada, you write the last chapter of that story with your own.”

I with a

Storywith a

Diamonds

The Government of the Northwest Territories in Canada, has thrown its weight behind an initiative to tell a story that resonates with consumers around the world today – that diamonds are mined in Canada under the most stringent environmental controls and principles of sustainable development that all along the process chain, human rights and fair wages have been upheld. Global consumers are responding to the message…

8 IDEX MAGAZINE INDIA RETAIL| NO 18: SPECIAL REPORT

SPECIAL REPORT

BY DANIELLE MAX

mined, cut and polished in Canada, you write the last chapter of that story with your own.”

According to Phyllis Richard, chair of the Canadian Diamond Code Committee (CDCC), the brand aspect has been very important in Canada. “To this date, the ‘Polar Bear’ diamond brand [which is no longer in production] still equates to a Canadian diamond in the eyes of many consumers.”

Outside of Canada, however, Richard admits, branding itself has been less important, with many choosing Canadian diamonds for a different reason. “Apart from their beauty, Apart from their beauty, Canadian diamonds are viewed as diamonds that are from Canada’s north mined in accordance with some of the most stringent environmental standards and in accordance with the principles of sustainable development. They are viewed as “issue free” by consumers and industry members,” she adds.

Canadian diamonds, says Dicks, provide consumers with confi dence that they are purchasing ethically mined and manufactured diamonds.

For Ron Gashinski, chief gemologist of Ontario, the emphasis on ethical branding and buying is a trend that is going to get stronger, which is certainly good news for the Canadian industry. “There are many consumers that like to know the provenance or pedigree of their gemstone and that is not restricted to diamonds. There is a growing trend among many consumers who demand or will shop specifi cally to purchase only if they know where their stone originally comes from. I personally think that this consumer attitude will become much more prevalent in the future especially with fi rst time consumers and younger consumers.”

CANADA GOOSE,

SIRIUS STAR™ POLAR STAR

DIAMONDS®, NORTHERN STAR™, SNOW

FLAKE™, INUIT ICE™. JUST THE NAME

OF THE CANADIAN DIAMOND BRANDS

MAKES YOU WANT TO SHIVER FROM

THE IMAGE OF PURE, PRISTINE AND

VERY COLD SNOW. BUT THAT IMAGE

OF PURITY IS SOMETHING THAT

THE CANADIAN INDUSTRY IS KEEN TO PROMOTE IN ITS BRANDS, AND IT

IS SOMETHING THAT HAS PROVED

POPULAR WITH

CONSUMERS.

with a

Story

9IDEX MAGAZINE INDIA RETAIL| NO 18: SPECIAL REPORT

“In the early years of diamond mining it was alleged that more Canadian diamonds were being sold that were being mined,” says Richard, which led the Canadian government to initiate the Code. According to Richard, the Code has been instrumental in reducing misrepresentation. “The manner in which diamond are mined in Canada (kimberlite pipes) and the scrutiny of the Kimberley Process make it very diffi cult to pass off non-Canadian rough as made in Canada diamonds,” she says.

According to the Code, Canadian diamond stakeholders are committed to ensuring that diamonds represented as Canadian can be authenticated to protect themselves against deceptive practices that may erode consumer confi dence and at the same time ensure compliance with the Competition Act.

It also says that failure to authenticate diamonds represented as Canadian may lead to an investigation by the Competition Bureau and subsequent enforcement action pursued under the false or misleading representations provisions of the Competition Act.

While there may be somewhere in the region of 30 brands today, creating these brands has not always been easy and, as Gashinski explains, much of the cutting industry that was so promised at the start of the last decade has declined.

For example, the fi rst factory to obtain GNWT approval and to receive a rough allocation from BHP Billiton, the fi rst company to mine diamonds in the country, was Sirius Diamonds, which began operations in 1999. With its Polar Bear Diamonds brand, the company, based in Yellowknife, quickly dominated the Canadian diamond market.

According to Martin Irving of Diamond Consultants Canada, writing in an article in Canadian Gemologist in 2007, by 2004, however, a lack of capital placed severe constraints on the company and the following year it went bankrupt. The factory was closed and sold to Polar Bear Diamonds, a company owned by the

In Ontario, explains, Gashinksi, all Victor mine diamonds that are cut and cut and polished in Ontario are accompanied by a Certifi cate of Origin from the Government of Ontario – which he signs as the chief gemologist – that “certifi es that this diamond is a natural diamond that was mined, cut and polished in Ontario, Canada. Since January, every Ontario diamond cut and polished in Ontario is laser-inscribed with Government of Ontario’s logo the “Trillium” – Ontario’s provincial fl ower.”

In Ontario, he says, the Victor mine allocation from De Beers has allowed for the development of 10 distinct brands for the differing jewelry markets and since 2008 there has been the development of approximately 51 distinct Canadian diamond brands. This he says has fulfi lled the government of Ontario’s goal of profi ling Ontario diamonds and having Ontario diamonds in Canadian hands.

But what makes a Canadian brand “Canadian” and how has this designation helped the industry? In 2001, the Canadian Competition Bureau ruled that only locally mined diamonds could be sold as “Canadian diamonds.” The decision was published as part of a set of rules regarding false or misleading representations relating to the marketing of Canadian diamonds. This means that foreign diamonds that are cut and polished in Canada do not qualify as Canadian diamonds.

The following year, the Competition Bureau released a 14-page “Voluntary Code of Conduct for Authenticating Canadian Diamond Claims” that establishes a minimum standard required to authenticate a diamond as mined in Canada based on records and a chain of warranties.

The Code is administered by the CDCC, a non-profi t volunteer industry body comprised of representatives from the mining, cutting and polishing, wholesale and retail sectors, Jewellers Vigilance Canada and Canadian Jewellers Association as well as a national consumer association.


IN 2001, THE CANADIAN

COMPETITION BUREAU RULED

THAT ONLY LOCALLY MINED

DIAMONDS COULD BE SOLD AS

“CANADIAN DIAMONDS.” THE

DECISION WAS PUBLISHED AS PART

OF A SET OF RULES REGARDING

FALSE OR MISLEADING

REPRESENTATIONS RELATING TO

THE MARKETING OF CANADIAN

DIAMONDS.


IN 2003,

TIFFANY & CO.

CELEBRATED THE

OPENING OF ITS

LAURELTON DIAMONDS

CUTTING AND

POLISHING CENTER IN

YELLOWKNIFE.

HOWEVER, THE

POLISHING PLANT

CLOSED IN 2009.

LAURELTON CITED

THE REASON FOR THE

CLOSURE AS A “THE LACK

OF OPPORTUNITY FOR

ROUGH DIAMOND

SUPPLY.”


same group that owns the Arslanian Cutting Works. However, when both Arsalanian Cutting Works and Polar Bear Diamonds went into receivership, the diamonds – once Canada’s most popular diamond brand – stopped being produced. Today, the brand is owned by the GNWT and Canada’s most recognizable diamond brand is frozen although it may be thawed and put back into production in the future.

In 2003, Tiffany & Co. celebrated the opening of its Laurelton Diamonds cutting and polishing center in Yellowknife. “Laurelton Diamonds is an important link in a chain of supply that gives us more control over the sourcing of our diamonds. This new facility also helps achieve our stated objective of providing meaningful economic opportunities to the local community and establishing closer ties to our Canadian partners,” said Tiffany Chair Michael J. Kowalski at the opening of the factory.

However, the polishing plant closed in 2009. Laurelton cited the reason for the closure as a “the lack of opportunity for rough diamond supply.” It still has polishing facilities in South Africa, Vietnam and Botswana and a purchasing offi ce in Belgium and a gemological laboratory in Pelham, New York.

This lack of access to rough is something that concerns Gashinski, but as he says, it is a global problem, not just a Canadian problem. “By far the biggest issue or impediment to local or provincial governments or any government is to gain access to a larger and economically viable rough diamonds from the producers for cutting and polishing. The diamond producing jurisdictions in Canada would be keen to open more economically sound cutting and polishing facilities that produce employment and other value added opportunities within Canada.”

But it is not always a lack of rough materials that has proved detrimental to the industry. Take, for example, the story of the Deton’Cho Corporation, the economic arm of the Yellowknives Dene First Nation, which formed in 2000, to process Canadian

diamonds at its cutting and polishing plant in Ndilo. It produced the Loon Diamond but, according to Martin Irving, was “under-capitalized from square one, and never managed to fi nd the correct management structure and plan to be successful.” It closed in 2002.

In 2003, Schachter & Namdar Polishing Works formed a partnership with the Corporation. The joint venture operated under the name of Canada Dene Diamonds. Deton’Cho Corporation was the major owner while Schachter & Namdar had operating control. The venture lasted until 2006 when, according to Irving, the company’s reliance on expensive Israeli workers and its decision not to take advantage of Canadian branding opportunities to increase revenues, led to its fi nal closure.

But other brands are holding on and gaining market share, especially in the U.S., Canada’s largest diamond export market. Embee Diamond Technologies markets the Sirius Star™ brand of diamond, which features a star confi guration consisting of 24 additional facets cut on the pavilion. The diamond offers high light performance, which lends itself well to the name “Sirius,” which is the brightest start in the sky.

The fact that the diamond is branded, says the company’s Evert Botha, allows it to be sold for 15 percent above high-end generic Canadian diamonds. “Branding becomes important if retailers promote the brand to clients. If a brand has design, quality and provenance as part of the story it becomes a more engaging interaction with the consumer. Educated retailers educate their clients. Once a client grasps the merit behind a brand, they can make up their own minds whether quality is more important than price.”

Even with the growth of the Canadian diamond brands, there is a long way for the industry to go before it reaches its full potential in terms of size and reach. “The NWT diamond industry is an integral part of the NWT’s economy. Using origin- branding


creates opportunities for tertiary or value-added businesses and services,” says Dicks. “This includes diamond-related tourism, jewelry arts and fi ne crafts and other related activities. The GNWT remains committed to a sustainable secondary diamond industry and continues to work to attract new diamond manufacturers interested in re-invigorating the NWT diamond manufacturing industry.”

Gashinksi points to a different set of problems, the lack of Canadian rough and a lack of skills to exploit the Canadian diamond brands fully. “One of the challenges in acquiring more rough to be cut in Canada is the fact that Canada is relatively a newcomer in this diamond cutting game and consequently there is a severe to a non-existent pool of available skilled diamond polishers and cutters,” he explains. “Unfortunately, since 2004 there has been an almost complete collapse of the cutting and polishing facilities in Canada. The lack of existing skilled cutters can be somewhat

EVEN WITH

THE GROWTH OF THE

CANADIAN DIAMOND

BRANDS, THERE IS A LONG

WAY FOR THE INDUSTRY TO

GO BEFORE IT REACHES ITS

FULL POTENTIAL IN TERMS

OF SIZE AND

REACH.


alleviated with the inclusion of foreign skilled cutters and a comprehensive training plan for local Canadian workers in a company’s business plan,” he posits.

Although he sees a number of reasons that have caused the cutting facilities to have fallen by the wayside, the main one he points to is the virtual complete reliance on the “round brilliant” as the main output of a cutting and polishing facility.

“Some would say that Canada is a high cost environment and yes that is partially true but on the other the hand, the value of the Canadian rough stones is quite a bit higher than average (particularly Ontario) thereby allowing innovation in cuts and designs and also in developing niche markets for those higher value end innovative cuts,” he concludes.

CERTIFICATION OF AUTHENTICITY

“From the very beginning we took steps to protect our (the Government of the Northwest Territories) brands,” says Dicks. “This includes our Certificate of Authenticity that accompanies diamonds certified as mined, cut and polished in Canada. This ensures consumers can buy a Government Certified Canadian Diamond™ with confidence. Only diamonds which meet high standards of quality qualify for this certification.”

The GNWT supports manufacturers in the promotion of their Government Certified Canadian Diamonds™ by providing them with two brands to use in their own promotional materials and campaigns. This allows the manufacturers to tailor their promotional efforts to their respective sales channels whether in Canada or abroad.

WHAT IS A CANADIAN DIAMOND?

Any diamond that is mined, cut and polished in Canada and which conforms to the standard set by the Competition Bureau’s “Product of Canada” and “Made in Canada” Claims Enforcement Guidelines can be called a “Canadian Diamond.”

A diamond is a “Product of Canada” if these two conditions are met: (a) The last substantial transformation of the goods occurred in Canada; and, (b) All or virtually all (at least 98 percent) of the total direct costs of producing or manufacturing the goods are incurred in Canada.

A diamond can be labeled “Made in Canada” if these three conditions are met: (a) The last substantial transformation of the goods occurred in Canada; (b) At least 51 percent of the total direct costs of producing or manufacturing the goods have been incurred in Canada; and (c) The “Made in Canada” representation is accompanied by an appropriate qualifying statement – for example, “Made in Canada from Namibian-mined diamonds.

The Canadian branding story looks set to continue.


retail et Cetera

17IDEX MAGAZINE INDIA RETAIL | NO 18: RETAIL ET CETERA

a BouQuet oF BauBlesaltHoUgH It Is PerennIally PoPUlar, Flower-tHeMeD jewelry Is blooMIng In a bIg way tHIs season. FroM InDIVIDUal bUDs to FUlly-FleDgeD boUQUets, DesIgners are taKIng InsPIratIon FroM tHe ProDUCts oF MotHer natUre to

ProDUCe beaUtIFUl bUnCHes oF wearable Flowers.

Petal Pareur jewellery by sCHreIner

How could you not feel completely fabulous adorned in this stunning pareur from Schreiner? With its emphasis on creating luxury jewelry, the German-based company is known for its use of materials of the highest quality, be they gold, diamonds or pearls.

18 IDEX MAGAZINE INDIA RETAIL | NO 18: RETAIL ET CETERA

French designer Isabelle Langlois has a knack for creating beautiful, feminine pieces. This 18 karat gold ring, studded with diamonds, pink sapphires and amethysts, from the Flora collection, is evidence of her passion for colored gemstones.

Flourishing Florals

jewellery by Isabelle langloIs

These bangles from Grani Argento’s Sogno collection is Italian design at its best. The open metalwork makes them light as a petal to wear and beautiful to boot!

jewellery by granI argento

light as a Petal


The beauty of Georland’s Jardin Secret (Secret Garden) collection won’t remain a secret for very long. The necklace and matching bracelet feature fancy yellow and round white diamonds on white and yellow gold. Who wouldn’t want to do some gardening with these pieces?

jewellery by georlanD

seCret garden


A rose-colored tourmaline shimmers in Victor Meyer’s Serenade collection ring. As if that weren’t enough, the hand-engraved petals in genuine fire enamel are set with the finest brilliant-cut diamonds. Serenade includes a ring, necklace and earrings and is available in most colors of the rainbow.

Floral serenade

jewellery by VICtor Meyer

Carrera y Carrera presents the Gardenia jewelry watch. It features a representation of a gardenia, the flower that lends its name to one of the company’s most romantic collections. This particular blossom, inspired by Cuba of the 1950s, is rendered in a daring design created in white and yellow gold and diamonds.

in the night gardenia

jewellery by Carrera y Carrera

Leibish & Co. Ltd., is known for its stunning colored diamonds. This breathtaking fancy color, round brilliant and pavé diamond flower ring is no exception. The ring features a 3.21 carat, fancy light pinkish brown, round, SI1 diamond. Who needs real flowers when you have this ring?

taKe Your Breath aWaY

jewellery by leIbIsH & Co. ltD.


Roberto Bravo’s White Dreams collection is made from white enamel enhanced with gold, diamonds and sapphires. Anyone wearing this collection is sure to dream deeply, and sweetly!

sWeet dreams

jewellery by roberto braVo

jewellery by MatHon ParIs

heaVenlY sCent

The central piece of the Jasmin collection from Mathon Paris is a large curved openwork pendant. On its surface, small flowers float like petals sailing on a wave. The heady flower, with a touch of the Orient, symbolizes feminine charm.


For the Indian bride, jewellery symbolizes purity and prosperity and is considered as an auspicious symbol for a traditional Indian wedding! Sparkling diamond jewellery set in gold from brands like Nakshatra and Parineeta will allure you. And beautiful uncut diamonds with precious stones & regal designs like Nizam promise to add radiance to this momentous occasion.

gitanjali grouP adds glamour to the Wedding season

The Nakshatra Vivaah Collection includes a diverse range of creations, illustrating the changes in design styles and techniques in Nakshatra creations.

The Nizam wedding collection offers 22-karat Jadau jewellery with uncut diamond and precious stones. The unique stone setting in the product gives it a designer jewellery appeal.

Parineeta’s Anamika Collection is a delight to the bride as it offers a fascinating collection of jewellery crafted in combination of diamonds and coloured gemstones (primarily emeralds and rubies). The jewellery is artistically crafted, drawing inspiration from the Mughal, Rajput and Nizaam eras.

IDEX MAGAZINE INDIA RETAIL | NO 18: RETAIL ET CETERA 23

uni-design ComBines Cuts to Create rare BeautY

To brighten your day, this pendant features 0.30 carats of diamonds in 3.40 grams of gold.

The radiant marquise and brilliant rounds make the whole world turn around – to witness a beauty rarely found! Earrings feature 4.12 carats of diamonds set in 14.30 grams of gold.

Radiating the beauty of snowflakes, these earrings feature 2.68 carats of diamonds in 7 grams of gold.

A Contemporary design to make you rise and shine – 0.478 carat of diamonds set in 2.93 grams of platinum.

This leaf is a masterpiece of 0.24 carat of micro-prong-set diamonds in 5.79 grams of gold.

This pendant is a perfect blend of round brilliants, baguettes, rubies and filigree. It features 5.7 carats of diamonds and 1.97 carats of rubies set in 20.68 grams of gold.


This summer, jewelry will be hot! No longer just an accessory, jewelry is finally becoming an integral part of fashion. This summer, customers will be seeking bold pieces of jewelry to highlight their sun-kissed skin. The hottest trends will be:

EArrINGs

This summer, there are three stand-out styles of earrings: linear, on-the ear and ear climbers. Linear earrings (or earbobs) are going to be a summer staple. These dainty, feminine earrings are typically 3-4 inches long and stick straight in design.

Sizzling Summer Jewellery TrendS

By AMANDA GIZZI, Jewelers of AmericA

Trend report

On-the-ear styles were popular in the 1950s and then again in the 1980s. Today, button earrings are scaled down in size, making them appealing to all age groups.

Popular styles include tasteful floral designs, pavé diamond ovals, small clusters of colored gemstones and colored gemstones with a light pink hue. Morganite, kunzite and pink quartz will be immensely popular this season.

Ear climbers, as the name connotes, literally reach up the earlobe towards the temple, creating a dramatic effect. Snakes and leaves are often used, giving this style an organic look.


rINGs

“Organic” and “interesting” are the two words one can use to describe fashion rings for summer. Some of the noteworthy gemstones featured in rings this summer are opaque, sultr y gems l ike moonstone, hematite, rutilated quartz, lapis lazuli and labradorite.

Long gone are the days when women wanted to wear only perfectly faceted gemstones with no inclusions. Today, women appreciate the imperfections of each stone as well as the conversations that ensue because of their unique beauty. ideX

NEcklAcEs

The toned-down earrings of summer make way for large necklaces to be the significant accessory. For everyday wear, big bold necklaces are the way to transform an ordinary outfit into a stand-out.

This season, necklaces inspired by scarves – long with tasseled ends – are meant to be tied and wrapped.

Another popular style is the classic, chic chain-link necklace. These are shorter than we have seen in years past and worn closer to the neck.

Lastly, bold pendants in the shape of falcons, eagles, feathers and snakes are a strong trend and come to life in oxidized sterling silver. Paired well with the eagles, feathers and snakes – and sun-kissed skin – we can’t overlook turquoise as a accent color in necklaces this summer.

BrAcElEts

Goodbye gladiator bracelets; hello malleable mini-cuff ! Due to the high price of gold, large bracelets are sized down this season. Bracelets made from sterling silver and blackened sterling silver will be prevalent; however, gold bracelets with open-work treatments continue to remain popular. Smaller proportions allow women to stack and layer – a trend we saw on the recent red carpets and runways across the globe.

TRADE SHOW FOR JEWELRY AND WATCHES

FEBRUARY 22 – 25, 2013

MESSE MÜNCHEN INTERNATIONAL

INHORGENTA.COM

inho13_AnzBesucher_210x270_E.indd 1 30.01.12 10:12

For 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 for consumers. For consumers, many of them first-time diamond buyers, the purchase of a diamond may sometimes prove to be a confusing experience. As a

luxury product that is bought to celebrate major life events and which will accompany them everywhere, 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. The DRB should be used as background information only. Actual prices are determined by the sellers.

Your input will only make the system better. We urge you to contact us at anytime with your comments, suggestions and questions.

IDEX OnlineCall us at (022) 6633 2187 Fax us at (022) 6633 2186 Email us at [email protected]

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ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK

(022) 6633 2187

(022) 6633 2186

27IDEX MAGAZINE INDIA RETAIL| NO 18: DRB

Full Page template.indd 102 09-Feb-12 2:26:45 PM

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - 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 di�er compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certi�cate; �uorescence; cut speci�cations; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All


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MAY 1st 2012

THE DIAMOND RETAIL BENCHMARK - INDIADIAMOND RE TAIL BENCHMARK FOR POLISHED DIAMONDS

MAY 1st 2012

30


MAY 1st 2012


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N 368367 361798 335318 308837 262240 242174 235451 215334 188392 121061 99507

Roun

d 1.

50-1

.99

Roun

d 4.

00-4

.99


D 8783126 7008827 5233501 3904085 2985271 1911475 1311146 750847 626758 363800 191573

E 7717336 5464025 3837216 3435851 2863389 1617777 1262086 713692 583239 329878 154419

F 6124705 3764292 3241045 3027917 2509802 1544237 1231346 707482 570820 306836 154419

G 4669250 3027917 2747614 2540285 2015396 1354152 1065432 701273 520887 287745 147747

H 3563584 2283999 2186339 1997075 1691266 1262086 911578 633121 502155 281382 145797

I 2717130 1636149 1599353 1550344 1317305 1028533 831315 583239 464539 268654 141127

J 2076465 1415478 1249769 1163810 1077748 849841 763266 514626 414297 249461 141127

K 1305040 1194499 1090013 985528 880735 726111 608129 458278 380889 185056 139228

L 1083906 979370 837473 769424 707482 577030 477112 395361 325875 185056 132608

M 868367 744688 639228 595658 558350 502155 414297 357487 294109 185056 132608

N 651647 589449 527148 452017 376475 357487 332187 313148 255876 178538 132608

Roun

d 5.

00-5

.99


MAY 1st 2012




D 10549779 7800523 5771888 4269270 3152263 2068408 1500565 807452 653187 373242 195987

E 8030637 6220004 4996767 4166171 3079288 2062301 1396541 739659 603664 329878 163810

F 6124705 4857385 4833111 3862825 2975931 2056246 1378169 708817 572668 310325 154419

G 4669250 3109720 3103613 3067125 2732577 1885405 1372062 702607 566458 291337 147747

H 3563584 2702145 2562096 2470748 2208714 1445499 1182079 640819 522991 281382 145797

I 2717130 2294057 2202607 1995227 1830442 1298573 1047111 591245 473263 268654 141127

J 2076465 1836549 1799908 1457765 1414913 1090065 899672 522991 429590 253361 141127

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L 1212768 1040952 911988 887355 764344 721133 585035 417069 335523 195987 132608

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N 708817 671713 609822 516781 423330 392076 366981 329211 272349 189572 132608

31


D 162886 146875 142872 122857 106846 94632 74053 57580 49369 41158 32895

E 126860 118855 110849 94632 90475 65842 61685 49369 45263 37001 28790

F 114852 102843 82264 78159 74053 61685 57580 45263 45263 37001 28790

G 102843 94632 78159 74053 69948 57580 49369 41158 41158 32895 28790

H 94632 86370 74053 69948 61685 49369 45263 37001 37001 28790 24684

I 86370 78159 69948 65842 57580 45263 41158 32895 32895 28790 24684

J 78159 69948 61685 49369 45263 37001 32895 28790 28790 24684 20579

K 57580 49369 45263 41158 37001 32895 28790 24684 24684 24684 20579

L 45263 41158 37001 32895 28790 24684 20579 16473 16473 16473 16473

M 41158 37001 32895 28790 24684 20579 16473 12317 12317 12317 12317

N 37001 32895 28790 24684 20579 16473 12317 8211 8211 8211 8211

Fanc

y 0.

18-0

.22


D 173766 158165 154213 138202 126193 102176 94170 69948 65842 49369 41158

E 162065 154213 150210 134199 118187 98173 90167 61685 61685 45263 32895

F 142205 138202 134199 130196 114185 94170 86164 57580 57580 41158 32895

G 138202 126193 122190 114185 106179 90167 78159 53474 53474 41158 32895

H 126193 118187 114185 106179 98173 86164 69948 49369 49369 41158 28790

I 114185 110182 106179 94170 74053 69948 65842 45263 45263 37001 28790

J 106179 94170 82162 65842 61685 57580 53474 41158 41158 32895 28790

K 82162 74053 65842 61685 53474 49369 45263 37001 37001 32895 24684

L 65842 61685 57580 49369 45263 41158 37001 32895 32895 28790 20579

M 57580 53474 49369 45263 41158 37001 32895 28790 28790 20579 16473

N 53474 49369 45263 41158 37001 32895 28790 24684 24684 20579 12317

Fanc

y 0.

23-0

.29


D 323309 240275 211023 199887 177512 158678 131992 124294 108693 89141 65226

E 232936 211023 185005 177512 170071 151032 124294 116494 96941 73232 61223

F 218311 196192 173817 166273 158678 124294 112594 104742 89141 65380 53218

G 207380 173817 162476 158678 143436 116494 108693 89141 85241 57375 49215

H 181258 170071 143436 139587 124294 108693 96941 81238 77235 57221 45212

I 162476 151032 124294 120394 112594 104742 93041 77235 65380 53372 45212

J 131992 124294 108693 104742 100842 96941 85241 73232 61223 45263 37001

K 120394 108693 96941 93041 89141 85241 81238 65226 61223 41158 32895

L 100842 96941 89141 81238 77235 73232 65226 61223 45212 37001 28790

M 96941 89141 81238 77235 69229 65226 61223 53218 45212 37001 28790

N 89141 81238 77235 73232 65226 57221 53218 49215 41158 37001 28790

Fanc

y 0.

45-0

.49


D 406651 297650 251257 226008 215180 182593 164272 160577 141897 119265 72873

E 308324 251257 229601 200760 193524 167967 153084 141897 134456 88474 61223

F 258442 222416 204352 193524 182593 164272 145643 138202 126860 84574 53218

G 222416 200760 186236 178898 167967 156831 141897 134456 119265 84574 52961

H 207995 189880 178898 167967 164272 153084 130658 123063 115416 80673 52961

I 186236 164272 156831 149389 145643 134456 115416 107821 92374 68973 48958

J 156831 141897 138202 134456 130658 123063 111619 96274 88474 56964 44955

K 130658 123063 111619 107821 104023 96274 84574 80673 72873 48958 36950

L 115416 104023 96274 84574 80673 76773 68973 64970 48958 37001 32895

M 111619 100174 84574 80673 72873 68973 64970 60967 45212 37001 28790

N 100174 84574 80673 76773 68973 60967 56964 52961 41158 37001 28790

Fanc

y 0.

50-0

.69


D 225701 202864 187571 176178 144976 129375 109668 93657 81648 65637 45263

E 199015 183773 168377 156677 137175 117674 97660 85651 81648 57580 41158

F 176178 164477 156677 141076 129375 113671 93657 81648 73643 53474 37001

G 144976 141076 137175 129375 125475 105666 89654 77645 69640 45263 32895

H 137175 125475 121574 117674 113671 101663 85651 69640 61634 45263 32895

I 129375 113671 109668 105666 101663 85651 77645 61634 57580 41158 32895

J 109668 97660 85651 77645 69640 65637 61634 57580 49369 37001 28790

K 85651 77645 73643 69640 65637 53474 49369 45263 37001 32895 24684

L 69640 65637 61634 57580 53474 45263 41158 37001 37001 28790 24684

M 61634 57580 53474 49369 45263 41158 37001 32895 28790 24684 16473

N 57580 53474 49369 45263 41158 37001 32895 28790 28790 24684 12317

Fanc

y 0.

30-0

.39


D 278405 230884 201067 197321 170841 136354 120753 101252 97352 77389 57375

E 223442 204762 170841 163194 155599 132454 112953 97352 89398 65380 53372

F 201067 182285 159396 155599 147952 116853 105152 93400 81392 65380 49369

G 189880 163194 144155 140255 136354 112953 101252 85395 73386 57375 41158

H 167043 147952 136354 124654 116853 105152 93400 77389 69383 53372 41158

I 147952 140255 120753 116853 109053 101252 85395 69383 65380 53372 41158

J 120753 101252 97352 93400 89398 85395 77389 65380 57375 45263 32895

K 105152 97352 93400 89398 85395 81392 69383 57375 49369 37001 28790

L 93400 89398 85395 77389 69383 65380 61377 49369 41158 32895 24684

M 89398 81392 77389 73386 65380 61377 49369 37001 32895 24684 20579

N 77389 73386 69383 65380 61377 53372 45263 32895 32895 24684 20579

Fanc

y 0.

40-0

.44

Fanc

y 0.

70-0

.79


D 522734 418198 321821 314841 297393 240942 212460 208868 198091 140203 95402

E 394334 335728 304372 300934 293903 233809 194499 190906 180078 136560 87755

F 325259 321821 290362 286873 269219 223135 190906 180078 180078 129170 80109

G 318331 279791 265729 262188 244483 219542 176486 172842 165657 110541 76209

H 283332 255158 240942 237401 226676 198091 169250 162014 151134 99199 64508

I 255158 230268 208868 205327 194499 169250 143847 125475 121728 87755 56707

J 172842 162014 158421 154829 151134 147491 132865 99199 91553 60608 44955

K 151134 140203 136560 132865 129170 117982 110541 95402 72873 52756 36950

L 132865 114287 106795 102997 95402 91553 87755 83958 64508 48753 36744

M 125475 110541 99199 91553 83958 76209 72308 64508 60608 44750 32741

N 114287 99199 95402 87755 80109 68408 64508 56707 44750 37001 28790


D 615416 471826 414759 380991 315970 260341 228626 221595 218054 153597 98635

E 471826 367392 336601 322847 295186 256800 207328 203787 193113 146361 91091

F 421482 350354 322847 319409 281279 253310 200246 189521 185980 131838 83496

G 340039 319409 291697 281279 256800 228626 189521 175203 175203 117264 76209

H 288207 284769 267320 249769 242738 225136 185980 168018 164374 113569 72052

I 256800 246279 225136 214462 203787 182387 160782 146361 139126 94889 64251

J 207328 200246 189521 171610 168018 153597 135533 106076 94889 64251 48650

K 157190 153597 146361 142769 139126 128195 117264 98635 75849 56451 40696

L 139126 120907 113569 109822 102381 94889 91091 87293 68203 52551 36744

M 131838 117264 109822 102381 87293 79698 75849 68203 64251 44750 36693

N 117264 109822 102381 91091 83496 72052 68203 60351 52551 40696 32690

Fanc

y 0.

80-0

.89




MAY 1st 2012


MAY 1st 2012

32


MAY 1st 2012


D 694242 535410 495381 415119 361336 327415 265575 251668 237709 166940 101765

E 595197 441958 428513 408396 354562 320640 251668 237709 223648 159807 94324

F 568613 381556 354562 347839 320640 313815 244688 230678 216617 138150 86883

G 374833 347839 341065 334240 306990 293185 237709 223648 209586 138150 86883

H 320640 300062 286308 272555 265575 251668 230678 209586 195474 123730 79339

I 300062 279431 258596 251668 244688 209586 202556 181207 181207 116443 71692

J 216617 202556 195474 188340 181207 174074 166940 152571 145386 101765 64046

K 188340 181207 174074 166940 159807 152571 145386 138150 123730 79339 64046

L 166940 152571 145386 138150 130966 123730 116443 109155 101765 71692 48496

M 159807 145386 130966 123730 109155 101765 94324 86883 79339 64046 48496

N 152571 116443 109155 94324 86883 79339 71692 64046 64046 40696 32690

Fanc

y 0.

90-0

.99)


D 1176640 908447 727343 616186 490763 390896 323822 296880 249102 172431 115211

E 863389 733860 648979 543724 470851 370779 310325 269681 228420 159807 108026

F 759879 662065 543724 504054 457559 364056 303603 262855 216617 144001 93452

G 570153 537104 497434 457559 424253 337268 290106 255979 209586 144001 86883

H 470851 410910 397567 377502 343939 310325 269681 228420 207534 136867 79339

I 404239 357385 350662 330545 303603 262855 242225 214513 186493 122447 78672

J 330545 310325 303603 283280 262855 228420 207534 186493 158216 101765 78672

K 269681 262855 242225 228420 221441 193575 179462 172431 151083 100739 71179

L 214513 207534 200606 193575 186493 172431 158216 151083 122447 100739 71179

M 165349 158216 151083 144001 136867 129632 115211 108026 108026 86113 63584

N 158216 151083 144001 136867 129632 115211 108026 86113 78672 71179 63584

Fanc

y 1.

00-1

.24


D 2425228 1798573 1539670 1267320 1062301 768398 559889 413220 329211 205070 137278

E 2081340 1453095 1186647 1118290 912655 711690 540850 406805 303141 184337 113928

F 1551986 1230063 1000051 912655 837473 680181 534538 381043 283486 163451 93452

G 1143128 1056092 875090 824900 711690 629632 515396 374577 276917 150724 86883

H 925126 736939 724315 686493 623268 521759 451606 368110 276917 150724 83855

I 635944 597968 585292 509032 489941 470800 426049 335728 222057 150724 82162

J 496305 458021 451606 432464 413220 393924 335728 283486 197578 123730 78672

K 393924 387509 381043 374577 368110 355178 322693 257159 190906 116904 76619

L 329211 322693 303141 283486 270348 250590 243970 210869 157446 110028 76619

M 303141 290054 276917 257159 243970 184235 177512 170841 133429 103151 76619

N 270348 263779 250590 230781 190906 177512 157446 137278 123730 98173 69434

Fanc

y 2.

00-2

.99


D 4083598 2656677 2571128 2069486 1670892 1209894 782767 520066 425280 246279 137278

E 3401108 2332752 2142974 1897875 1597249 1135892 701837 488505 399928 220261 114390

F 2442779 2167505 1756800 1597249 1498922 950375 664374 475880 342656 194037 94221

G 2069486 1732269 1646361 1320692 1234527 832495 651853 469568 329878 174279 94221

H 1437494 1425228 1326850 1080314 925588 714308 601765 393565 310736 161039 87396

I 857333 851124 844914 838705 813866 651853 520066 374525 265729 150724 87396

J 820076 626860 620548 614287 595504 501129 437955 349020 246279 141127 80571

K 551524 526378 501129 494817 463256 406292 349020 285076 207174 127784 76619

L 374525 368162 361747 355383 336241 304321 252797 226778 161039 121061 76619

M 329878 317099 310736 297906 285076 252797 213692 174279 147747 103151 76619

N 285076 272195 259263 239813 207174 194037 180899 167659 134456 98173 69434

Fanc

y 3.

00-3

.99


D 1253977 994458 745561 674690 518423 439444 373140 333162 299702 205070 121061

E 1114903 898953 661757 570769 511906 419583 359848 326491 266140 184337 113928

F 809607 713384 551216 544647 492200 413014 353177 319768 259417 163451 93452

G 583804 577286 531561 498768 446064 393051 346505 313097 232372 149389 86883

H 505337 479011 419583 413014 386431 339834 313097 239197 218772 142359 79339

I 426203 386431 379811 346505 326491 306425 266140 232372 211947 122447 78672

J 359848 319768 313097 292980 272863 266140 259417 225598 191266 106743 78672

K 286257 266140 259417 245920 239197 211947 205070 191266 177409 106743 71179

L 245920 225598 211947 205070 198194 191266 170430 163451 149389 106743 71179

M 218772 205070 184337 170430 156420 149389 121061 113928 113928 92323 70461

N 198194 184337 177409 163451 135277 128143 113928 92323 78672 77799 63584

Fanc

y 1.

25-1

.49


D 1627784 1241199 920250 787232 698091 570153 466643 388125 315457 205070 133429

E 1153392 1121985 907626 774505 666171 550857 453556 368367 282254 184337 113928

F 1008673 926563 831674 691727 576568 531458 447039 361798 275582 163451 93452

G 812583 761778 634250 595864 537925 486144 414349 355178 268911 149389 86883

H 685364 627835 550857 499128 479626 420918 368367 315457 235451 147337 83855

I 518526 512060 473160 453556 401262 381505 322129 282254 222057 140357 78672

J 374936 368367 361798 355178 328749 315457 275582 255568 191266 112337 78672

K 335318 302166 288874 282254 275582 268911 228780 201889 181618 106743 76619

L 288874 242174 215334 208611 201889 195166 188392 174792 149389 106743 76619

M 235451 228780 208611 188392 174792 167967 154213 147337 133429 98173 76619

N 208611 201889 195166 181618 147337 140357 133429 126450 112337 98173 69434

Fanc

y 1.

50-1

.99

Fanc

y 4.0

0-4.

99


D 4396079 3587909 3180181 2906035 2406086 1354152 923894 558350 439444 262240 145797

E 3624397 2881710 2723237 2247408 2070358 1225187 856050 502155 401673 230268 119368

F 2619573 2326747 2192446 2125321 2039823 1157652 701273 483373 370112 204506 99353

G 2088679 1984810 1679000 1672893 1629991 1139228 657857 470800 357487 185056 94221

H 1550344 1544237 1538130 1531972 1298881 1016268 651647 420558 332187 172021 92682

I 1016268 1010110 1003952 997793 973212 843683 620548 401673 300472 152366 87396

J 899210 868367 849841 806579 788002 682644 489634 363800 255876 141127 85959

K 570820 564559 558350 552089 545879 539618 426871 306836 207174 132608 79236

L 470800 452017 445705 439444 433131 389049 338499 230268 161039 132608 79236

M 382788 370112 363800 357487 344863 325875 262240 178538 158935 132608 79236

N 287745 275018 262240 249461 230268 223853 204506 172021 158935 125988 72514

Fanc

y 5.

00-5

.99


D 6722621 5590219 4457303 3723135 3225187 2056246 1531151 801293 653187 373242 195987

E 5529662 4699784 3814226 3249461 2969824 1830442 1053218 541620 442061 246998 150826

F 4342092 3565278 3395309 3024582 2586472 1561737 991840 522991 429590 221544 111516

G 3334548 2568203 2531664 2367135 1812122 1378169 942677 491892 404598 202350 104896

H 2440265 2202607 2019655 1976958 1738889 1231140 856615 435851 348096 189572 98276

I 1738889 1537258 1335318 1329159 1298573 1108488 770502 417069 310325 176691 98276

J 1378169 1261778 1028687 1022529 997999 875090 684081 398337 266037 170276 91604

K 1028687 875090 788977 782818 727291 578826 479472 316586 208765 137791 91604

L 758185 628400 529200 516781 467002 454531 354408 240634 163810 137791 91604

M 566458 467002 417069 392076 354408 341835 272349 189572 163810 137791 84933

N 423330 392076 354408 303962 240634 227907 208765 176691 158935 125988 78261




MAY 1st 2012

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IDEX_Ad_IDEX_001.pdf 1 3/15/2012 4:55:23 PM

oloured Gemstone

renaissancec

34 IDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY

even investors seem interested – but the indian industry needs major change

IDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY 35

management, has actually managed to both increase emerald prices and stimulate demand for the finished product. But it is still far short of the De Beers system that has taken diamonds to the very top of the global gemstone value basket.

Because they lack a “legend” or an emotional peg of some sort to peg their value to, coloured gemstones get a very small fraction of the global retail jewellery pie. When KPMG, the consultancy firm, produced its strategic report on the gem and jewellery industry for the Gem & Jewellery Export Promotion Council (GJEPC) some years ago, it estimated that coloured gemstone jewellery constituted just some 5 per cent by value of global retail jewellery sales. Yet those value figures did not – and still don’t – convey an accurate picture of the impact of coloured gemstones on jewellery sales worldwide.

In a world that is seeing increasing self-purchases of jewellery – driven by factors other than relationships – look and colour are assuming steadily growing importance.

by Vinod KuriYan

Recent trends emerging from the specialist coloured gemstone shows in the United States at the beginning of this year, have indicated that for the high end of the market, demand is strong and prices seem to have gone through the roof. Of interest is the fact that the main sales driver is not the US market but demand from the Far East. What’s more, top end, untreated emeralds, rubies and sapphires, along with coloured diamonds, seem to be increasingly favoured by a growing number of investors, who are now wary of stock markets and even commodities like gold.Coloured gemstones have to make their way in this world on looks alone. Their intrinsic value isn’t driven by any cohesive global promotional initiative along the lines of the famous “A diamond is forever” umbrella campaign that diamond mining major De Beers ran until a few years ago. Coloured gemstone mining and processing is far too fragmented and governed by too many independent forces for even any cohesive supply and price-setting system.

Gemfields, with its large-scale emerald mine in Zambia and its integrated “mine to market” process chain

Going into the future, the coloured gemstone

industry needs a cohesive marketing strategy.

it also urgently needs new and consistent

supplies of rough. “You have to be able to offer

enough product in order to stimulate demand,

it is a closed cycle. if there is greater demand,

more will then be invested in mining.”


The results of this year’s US gemstone shows are, therefore, no really great surprise. The sad part is, however, that the domestic gemstone market in India, which processes a significant portion of the gemstones sold in consumer markets around the world, has largely not benefited from this.

“Much of this is entirely of our own doing,” says one Jaipur coloured gemstone dealer who agreed to speak frankly on the condition of anonymity. “We’ve been stuck selling coloured gemstones for astrological reasons and that’s what is imprinted foremost in the Indian consumer’s mind. Since the astrological compulsion to acquire and wear a coloured gemstone does not require the stone to be of high quality, we have wound up selling high volumes of really bottom end stuff in the domestic market. And we are doing this while we process the very top end stuff that the likes of Cartier and Bulgari sell in developed markets for astronomical prices!” The irony is that the Indian domestic market is today, one that offers about the best potential for the future of the Indian coloured gemstone industry.

This is not to say that coloured gemstone sales in India are only based on astrology. There has been some infusion of emotion and other-worldly attributes to them historically in India. “Selling coloured gemstones was and is akin to selling a dream, an illusion,” says Dharmendra Tank of Heeralal Chhaganlal Tank, Jaipur. According to him, rubies were associated with passion

and love, spinels with power, and emeralds with prosperity and luck.

Coloured gemstones were, in fact, ‘market leaders’ until the advent of De Beers and its organisation of the entire production pipeline with brilliant marketing for the end product. Contributing to the outpacing of coloured gemstones in the marketplace was the fact that there weren’t any steady suppliers with a sizeable volume of rough until recently. The advent of Gemfields has changed that and has impacted prices positively. Even the gemstone dealer who decries the reliance on astrology to drive sales in India, acknowledges that despite everything, coloured gemstones have caught the fancy of modern Indian consumers. “Colour is hip and happening today,” he says, adding, “and people are willing to pay any price for it.”

In the domestic market today, it is the fashion industry that dictates the fortunes of the coloured gemstone industry more than any other single influence. A colour or set of colours usually dominate emerging fashion

trends. These colour trends quickly translate into demand for gemstones that match or complement them. Fashion trends also generate value. They transform low-value stones that offer nothing in the way of commercial returns into viable production propositions – quartz, amethyst, red garnet and citrine are cases in point.

Still, by far the biggest chunk of value is commanded by the “big three” – emeralds, rubies and sapphires. However, some limited volume stones like tanzanite and

intense colour tourmalines have made strong progress up the value chain in recent years.

Diamonds are today offset with gemstones to add colour to the pieces, says Vijay Chordia, director of Valentine Jewellery (India) Pvt Ltd. “Today’s customer is

37IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORYIDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY 37

rubies were associated with passion and love, spinels with power, and emeralds with prosperity and luck.

range from as little as a few hundred rupees to tens of lakhs per carat, but the strongest selling bracket is from Rs.5,000 to Rs.20,000 per carat. Despite Gemfi elds, however, the predominant problem is still regularity of supply. Apart from Gemfi elds’ supply from its Zambian mine, India imports rough emeralds from all over the world – Brazil, Colombia, Zimbabwe, Afghanistan, Russia, and Pakistan. Emerald rough is also found within the country in Orissa, Ajmer and Udaipur. But many manufacturers have, over the years, turned to other stones because of

the sporadic supply from these areas. almost 90 per cent of the world’s treated rubies

and sapphires come from Bangkok. they are well

cut, reasonably priced and readily available.

Heat treatment has helped drive sapphire sales

by offering a dazzling array of colours. sapphires

are today available in black, orange, blue, green

and pink shades.


young and prefers to accessorize her outfi ts with gem-set jewellery. And what’s more it is available at a price point that is affordable.” According to Chordia, gem-set gold or silver jewellery moves well in prices ranging all the way from Rs. 1,500 to over Rs. 20,000.

“Since these prices are more affordable – this is less than an expensive sari – we can capitalize on it and increase our mid- and low-end client base,” adds Kamal Kothari of Jaipur’s Super Gems & Jewels.

So while coloured gemstones have been and are now doing well, they haven’t captured the public imagination the way diamonds have. “While the (De Beers Diamond Trading Company) DTC cleverly promoted diamonds, we lagged behind,” says Kothari. “We have to build a new relationship between consumers and coloured gemstones. We have to develop a specifi c image for our product. Also, we have to gain consumer confi dence and educate people about gemstones. That will again bring our industry into focus.”

romancing the Green stoneGiven Jaipur’s historic dominance in its processing, emeralds have naturally been at the forefront of the non-astrological, higher-value sales thrust. India – predominantly Jaipur -- cuts and polishes some $250 million (Rs.1,286.9 crore) of the total emerald market estimated at $330 million (Rs.1,698.7 crore). Prices can

cooking controversiesThe single biggest intra-industry and consumer issue with coloured gemstones is enhancement. Emeralds are routinely oiled to fi ll in fi ssures and fractures, heat treatment enhances the colour of and even clarifi es a variety of stones from aquamarine to sapphires. Glass, synthetic resins and plastic are also used to fi ll fractures and fi ssures. High demand and low or sporadic supply of good raw material are the main reasons why these practices fl ourish. And while none of these procedures is in itself illegal, the problems arise when they are not disclosed to the buyer.

“Transparency is essential,” says Tank. “You will get buyers for all kinds of stones. Disclose any treatment of the stone whether its effect is temporary or permanent, and you will still get a buyer. A customer who buys a fracture-fi lled stone, should know that the gemstone may need upkeep after a couple of years. Heat treated stones are a good option for consumers with middle or low budgets.”

But the huge price differentials between treated and untreated stones drives many to conceal treatments. “A treated stone typically will fetch rough a third of the price of an untreated stone,” says one gem dealer, “which is why there is a very strong temptation for many to try and conceal treatments.”

Yet some stones wouldn’t be available if it were not for treatment, say industry insiders. Yellow, gold and orange citrine are invariably a result of heat-treating amethyst. Almost the entire production of tanzanite – 99 per cent according to industry sources – is heat-treated to turn it completely blue or violet. Of course, the poor quality rough that would otherwise have to be thrown out, is now able to be offered for the middle- and low-end market thanks to heat treatment. Heat treatment also helps meet the high demand for certain stones – blue-green aquamarine turns completely blue as does colourless topaz.

Almost 90 per cent of the world’s treated rubies and sapphires come from Bangkok. They are well cut, reasonably priced and readily available. Heat treatment has helped drive sapphire sales by offering a dazzling array of colours. Sapphires are today available in black, orange, blue, green and pink shades.

But being uncertain about the product has undermined consumer confi dence in the product and industry leaders are keenly aware of this. They want complete disclosure and consumer education initiatives. “Jewellery buying is based on trust in India. We jewellers are selling trust and confi dence. I have to be above board about what I’m selling. I want to win a customer forever,” says Tank.

With full disclosure, heat treatment is, in fact, a valuable asset to the industry. The GJEPC has, in response to

IDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY 39

IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

ashion trends also generate

value. they transform

low-value stones that

offer nothing in the way

of commercial returns

into viable production

propositions – quartz,

amethyst, red garnet and

citrine are cases in point.F40 IDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY

member demand, set up a modern heat treatment facility in Jaipur.

the invasion of syntheticsApart from the treatment of natural stones, synthetics are another big issue. “The market for synthetics is big because of the shortages and lack of consistency in rough supply. Many manufacturers have shifted to processing synthetic coloured stones,” says Tank. As with treated stones, the price differential between natural and synthetic stones is huge – some synthetics cost less than a tenth of the natural stones.

Synthetics are mostly used for imitation jewellery, and their growth is exponential. If the gemstones are witnessing 10 per cent growth per year, the synthetic maket doubles annually. Says one gem dealer, “It appeals to the younger segment, as they just want trendy designs. The ‘use it and throw it’ culture is in.”

Again, the problem is non-disclosure and dealers say the threat cannot be understated. “One has to be alert. Within the industry we have labs available to test the stones. But the best bet for the consumer is in either buying branded jewellery or product from jewellers who give guarantees,” says the dealer requesting anonymity.

Gazing into the futureGoing into the future, the coloured gemstone industry needs a cohesive marketing strategy. It also urgently needs new and consistent supplies of rough. “You have to be able to offer enough product in order to stimulate demand,” says one, adding, “it is a closed cycle. If there is greater demand, more will then be invested in mining.”

Above all, however, the Indian coloured gemstone industry is keenly aware that the future lies not in the traditional export markets, but right here in the domestic market. “In order to address this and get the most out of the market, we have to first break our dependence on the astrological market,” says the Jaipur dealer. “Coloured gemstones offer us a wonderful future, but it is up to us to fully appreciate their value.”

The deep penetration of satellite television and the rapid evolution of the Indian consumer market towards becoming one more in consonance with global markets is driving change, however, and the Indian consumer is beginning to show an increasing appreciation for coloured gemstones purely for their beauty rather than any other-worldly considerations. The relative success of low- to medium priced branded jewellery that uses coloured gemstones has helped accelerate the rate of change.

However, says the Jaipur dealer, if the coloured gemstone renaissance that is now blooming in other parts of the world is to take place in India in some significant measure, the gemstone processing industry and retailers who sell jewellery set with it have to change their own attitudes to coloured gemstones. “We have to take the trouble to infuse our product with some emotional and fashion content as well. If we continue to simply satisfy the needs of astrology, product values will inevitably begin to sink until they hit rock bottom.”

41

a colour or set of colours usually dominate

emerging fashion trends. these colour trends

quickly translate into demand for gemstones that

match or complement them.

IDEX MAGAZINE INDIA RETAIL| NO 18 COVER STORY

2011: cHAsING pApER pRoFITs

PIPELINE

42 IDEX MAGAZINE INDIA RETAIL | NO 18: 2011 PIPELINE

BY cHAIM EVEN-ZoHAR

”Last year was an excellent year for us,” said the outgoing De Beers chairman Nicky Oppenheimer at a party with clients. ”If you didn’t make money, then you are obviously in the wrong business,” he semi-quipped before a stunned audience. Looking at the macroeconomics of the diamond pipeline from rough production to wholesale sales of polished, the trading and manufacturing sectors as a whole did not make money on their trading activity, though they did earn on inventory appreciation.

Those who restocked rough in the first eight months of 2011 saw DTC rough selling prices rise by some 44 percent, only to witness a steep fall of some 16 percent in the last part of the year. The DTC clearly abandoned its time-honored policy of only raising prices to so-called ”sustainable” levels. Looking at the composite price index for all qualities and sizes, we saw a doubling of rough prices in the past two

years that again outpaced the increases in polished, only to end at lower levels.

a good yeaR?If we take an average 15-20 percent in inventory appreciation over the year (including polished), the

industry made $2-$3 billion overall, although this would be because of higher prices – and through no efforts of the players themselves. The euphoria expressed by Nicky Oppenheimer was, in a sense, not ”out of place,” but it was a ”good year” for the wrong reasons.

Also, a large part of the (potential) paper earnings

The euphoria expressed by Nicky Oppenheimer was, in a sense, not ”out of place,” but it was a ”good year” for the wrong reasons.

IDEX MAGAZINE INDIA RETAIL | NO 18: 2011 PIPELINE 43

* SOME FIGURES ARE STILL SUBJECT TO FINAL VERIFICATION.** SOUTHERN AFRICA INCLUDES SOUTH AFRICA, BOTSWANA AND NAMIBI A© 2012 COPYRIGHTS BY TACY LTD. AND CHAIM EVEN-ZOHAR STRICTLY RESERVED

VAlUE oF REcyclE DpolIsHED 1.0

NET RoUGH UsED/AVAIlABlE FoR locAl pRoDUcTIo N

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2.52

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VAlUE AND MARKET sHARE oF DIAMoND coNTENT IN RETAIl sAlEs 23.6

7.7

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38%8.96

26.90

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12%2.83

8.50

11%2.56

7.79

2%0.5

1.42

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1.42

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4.96

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INcLuDINg sTOcK VALuE APPREcIATION

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DIAMoND pIpElINE2011TAcy’s

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for an online version of the Pipeline chart that you can download and print, please go to http://bit.ly/2011-pipeline

IDEX MAGAZINE INDIA RETAIL | NO 18: 2011 PIPELINE44

remain in inventory until they materialize, thus, actually, representing “future music.” So, last year was excellent if you were a rough producer or a jewelry retailer. That is where the real profits were, and, of course, these are the core businesses that the Oppenheimer family has now sold to Anglo-American.

Looking at the PiPeLineAs it takes about a year and a half for a diamond to move through the value chain from rough acquisition to polished sales (at polished wholesale prices), the price volatility has made it far more challenging to present an accurate picture for the year that was. Even producer countries vary in their reporting methodologies of mining output values.

Just look at the volatility in the reported average values of world (run of mine) output, which totaled about $95 per carat in 2008, plunging to $72 per carat in 2009, recovering to $98 per carat in 2010, and then climbing to $121 per carat in 2011. This

shows an enormous (and unsustainable) jump. For 2012, we expect the average world output to decline to $108 per carat, also because of the expected stepped-up production from the (cheap goods) Argyle mine and growing Marange output.

Last year, natural diamond production came to some 125-130 million carats valued at $15.2 billion. This output moved through the pipeline resulting in $22.6 billion worth of polished. The overhang in the 2011 pipeline is an estimated $1.3 billion of rough and polished expressed in polished wholesale prices

at year end. It is this overhang that will also impact the rough demand for 2012. Worldwide, diamond jewelry retail sales came to $70.8 billion. The market share of America in diamond consumption was reduced to 38 percent. The other major traditional market, Japan, declined further to merely an 8 percent share. In a neck-and-neck race to be the second-largest diamond-consuming nation is India, with 12 percent market share, followed by mainland China with 11 percent. Hong Kong accounts for 2 percent.

the RecycLing FactoRThe value of the diamond content in retail sales in 2011 came to $23.6 billion. The vast majority of this amount ($22.6 billion) comes, of course, from either recently mined rough or inventories. The new reality is, however, that some of the polished comes from recycled diamonds – diamonds that consumers have held on to for many years or even for generations, but now feel the need to sell in

order to pay mortgages, medical care, education or even to supplement pensions or to pay debts.

We want to be very careful here – this is definitely not a new phenomenon. Anyone who has followed the trade of pawn shops or is familiar with high street family-owned jewelry businesses knows there has always been an element of selling off ”old” estate jewelry. Many New York diamond manufacturers have built quite a reputation for their “re-cutting skills,” turning old shapes into more fashionable goods. However,

since the advent of the last economic crisis, the volumes of diamonds held by consumers coming back into the pipeline have skyrocketed. Literally, hundreds of diamond businesses have developed special niche expertise in this area. Those recycled diamonds are mostly sent to India or other cutting centers for re-cutting.

A large part of the recycling supply side takes place in invisible parallel markets, thereby defying effective monitoring. It’s easier to measure gold recycling, as there, the jewelry is refined through

Many New York diamond manufacturers have built quite a reputation for their “re-cutting skills,” turning old shapes into more fashionable goods. However, since the advent of the last economic crisis, the volumes of diamonds held by consumers coming back into the pipeline have skyrocketed. Literally, hundreds of diamond businesses have developed special niche expertise in this area. Those recycled diamonds are mostly sent to India or other cutting centers for re-cutting.

diamond reserves of existing mines, it is worthwhile to take a look at what the so-called ”Global Household Mine” has in stock. What are its potential reserves? Unfortunately, diamonds last forever –they don’t just disappear, nor are they being thrown away together with old furniture, books or other

junk piling up in people’s attics. The supply of recycled diamonds is driven by various functions – not only by economic necessities but also by the high prices.

One tends to assume, or one likes to believe, that diamond possession is solely a very emotional phenomenon, but this is not universally true. In India, for example, diamonds and go ld in the hands of consumers are often viewed as assets. In parts of the Arab world, this holds true as well. So what are the ”Global Household Mine” reserves? Since ancient days, diamond mines have produced some 5.2 billion carats, which, at 2011 rough production values ($121 per carat), would amount to some $625 billion worth of rough. The historically adjusted gem-quality polished output would be between 1.3-1.6 billion carats. (Traditionally, no more than

15-20 percent of output was considered cuttable; that changed in the 1960s with the emergence of the near-gems.) The worldwide average polished sale price (at polished wholesale prices) is $625 per carat. Therefore, the ”Global Household Mine” probably holds $0.7-$1 trillion worth of polished

45

a limited number of known refineries. When, in early 2009, jewelry scrap fabrication exceeded new mining supplies, one got a further indication of the intensity of this movement of goods back into the pipeline.

We have estimated that recycled diamonds sold again to the jewelry sector came to about $1 billion in 2011, which represents 4.4 percent of all polished diamonds sold at polished wholesale prices. This is quite significant, and it has definitely become a supply factor requiring serious thought by pipeline participants, especially producers, when estimating supply-and-demand trends. They tend to soften

polished retail prices, as retailers’ huge profits on recycled goods allow them more breathing space in selling polished.

the ”gLobaL househoLd Mine”Just as one is very conscious about the depleting

Unfortunately, diamonds last forever – they don’t just disappear, nor are they being thrown away together with old furniture, books or other junk piling up in people’s attics.

IDEX MAGAZINE INDIA RETAIL | NO 18: 2011 PIPELINE

46

diamonds at current prices. About 40-50 percent of these diamonds would be held in America. This is a staggering amount.

In 2011, a minimum of about $1 billion of recycled polished came back into the market – which, by value, represents 4.4 percent of polished retail demand. (It could be more but it won’t be less.) The really amazing, if not frightening, figure is the ”stock withdrawal” of the ”Global Household Mine:” the $1 billion figure represents merely 0.1 percent of stocks by value. Indeed, theoretically, the ”Global Household Mine” could meet consumers’ requirements, at current levels, for about 35-45 years! As most women will not likely part from their diamonds that easily, it is certainly not an immediate concern. But it must be part of a proper pipeline analysis.

There is an additional ”recycling” m a r k e t i n t h e m a k i n g : investment diamonds. So far, a dozen or so new companies or structures purchase polished for investment purposes. These diamonds will come back in at some point, but now there are mostly buyers and not sellers.

a cLoseR Look at the RetaiL enviRonMentEverything is relative. Although mining costs in absolute terms may not have increased so much since 2008, the higher price levels of the output have dramatically doubled, and in some instances,

even tripled mining profits. This is quite evident in the evolution of profit sharing in the value chain (see 13-year chart.)

There are other pipeline parameters that have gradually changed over time, making them less valid for comparison. The total retail value of diamond jewelry pieces is one of these. An analysis of the diamond content in the final jewelry product shows that the ratio between diamond and other used

materials/costs has changed. A decade or so ago, diamond content (at wholesale polished prices) would represent about 20 percent of the jewelry piece’s total retail price. In some countries, such as England for example, it was even less, more like 18 percent.


Globally, the average value of rough diamonds increased by about 24 percent in 2011. Although U.S. imports increased 20.3 percent over 2010, the volume of imports jumped 81.1 percent. This brought down average imports by 33.6 percent, contrary to global trends.

47

At the other extreme, there were markets, such as Indonesia, where diamond content might have been at an average 60 percent of the total diamond jewelry piece. This has to do with overheads, retail structure, taxes, etc. So, worldwide, diamond content might have been at averages of some 21 to 22 percent. This has gradually changed.

Our research indicates that globally the share of diamond content in jewelry pieces has increased to some 32 percent. There are many reasons for this. One factor is the shift of markets from the United States (the so-called ”junk market”) to the far more value-conscious Far Eastern market. The higher gold price has also contributed to containing more diamonds and less gold in an industry that is at pains to meet certain price points. Also, less expensive materials are increasingly being used in the final product.

So, our global diamond retail sales figure of $70.8 billion actually holds more diamonds (by value) than this figure would have contained a decade ago. (Or, to say it differently, taking the $23.6 billion of diamond content sold in 2011 (which we consider a hard figure), and if one would hypothetically assume only 22 percent wholesale diamond content in the final retail piece, worldwide diamond retail consumption would have been calculated at $100 billion).

But this clearly isn’t the case; it is merely pointed out, as some analysts may also arrive at higher diamond jewelry retail values for a variety of reasons. This often has more to do with methodology and data collection than with anything else.

Tacy Ltd. has done its pipeline for 23 consecutive years, and we believe our figures closely represent the reality. We recognize, however, that some researchers base figures on telephone surveys of consumers, on feedback from jewelers, on financial reports from large retailers, or statistics, etc. For the diamond industry, there is only one figure that really counts: the quantity of diamonds sold in 2011. That figure is $23.6 billion at polished wholesale prices.

the 2011 PiPeLine in PeRsPectiveIn the pipeline, each and every diamond is only

counted once, and every stone is basically cut and polished only in one principal location. By value, we see now that close to 70 percent of all diamonds are manufactured in China and India, with some 13 percent in the southern African and Russian beneficiation countries. The role of Belgium, Israel and the United States as traditional cutting centers has gradually been diminished to close to insignificant figures. In terms of manpower, these latter countries’ cutting labor force can be measured in the hundreds rather than in the thousands. In

terms of ”number of stones,” we can certainly say that 14 out of 15 diamonds are cut and polished in India and China.

It is important to neutralize ”double accounting,” which is difficult as every stone may move many times through multiple jurisdictions. If one looks at Belgium, for example, its 2011 polished exports are close to $15 billion, well over 30 percent higher than the previous year. But in terms of added value produced through manufacturing, this wasn’t more than $200 million, and only $1.1 billion (7.5 percent of total polished export value) can be attributed to domestic manufacturing. Like the Israelis and Americans, Belgians do most of their manufacturing in China, southern Africa, Asia and elsewhere. The 2011 pipeline likes to capture the added value generated between the various phases of activity.

The traditional conventional wisdom that trading centers also require domestic manufacturing has valid marketing purposes as it adds to the illusion that one can find ”freshly cut and polished diamonds” in that market. That ”wisdom” definitely belongs in the past.

in the aFteRMath oF the cRisisIn terms of numbers, global retail demand in 2011 increased by 10.3 percent compared to the previous year. However, it is still slightly below the 2007 pre-crisis level.

The traditional conventional wisdom that trading centers also require domestic manufacturing has valid marketing purposes as it adds to the illusion that one can find “freshly cut and polished diamonds” in that market. That “wisdom” definitely belongs in the past.


48

In 2012, our models, developed jointly with my colleague Pranay Narvekar of Mumbai-based Pharos Beam Consulting, show that global retail demand is set to increase by 8.3 percent. This definitely takes us well above the pre-crisis levels.

The total polished wholesale demand in 2011 of $23.6 billion is about 19.4 percent above the previous year. That sounds like a lot, but given the price movements it doesn’t point to an increase in volume terms. One of the reasons for the year to have been challenging is that in 2010, polished demand from the cutting centers was 38 percent

above the previous year. So, the growth sentiment in 2011 was only half of that experienced in 2010. This is not the time to discuss the ripple effect, which clearly validates those figures.

On the rough demand side, 2011 saw a 35.2 percent increase over the previous year. This trend will not continue, and our models suggest that rough demand will actually decline slightly in 2012. The same counts for the cutting centers. Though in 2011 we saw a growth of polished demand of 19.4 percent, this will slow down to 6.2 percent in 2012. So, while 2011 was quite a trying year for the downstream industry in which profits mostly came from higher diamond values, 2012, if anything, will be more difficult.

There is also concern about the producers ’ pr ic ing of rough. There is strengthened fixation on their bottom lines, which triggers considerable rough price volatility. As mentioned earlier, the historical commitment to susta inable rough pr ices is something of the past. BHP Billiton pioneered the linkage of its long-term contract prices to the behavior of spot-market auctions. It seems that De Beers

is following in its footsteps and that the prices secured by the Diamdel auctions may well guide the pricing of DTC sight boxes under the new three-year contract. In 2012, expect continued volatility of 5-10 percent in both directions – with the overall price levels going sideways.

The cutting and trading centers may be in for quite a squeeze in 2012. Earnings need to come from activity rather than from stock value appreciation. Actually, such a squeeze shouldn’t bother the downstream players too much – they have grown used to it.


IDEX MAGAZINE INDIA RETAIL| NO 18: INDUSTRY NEWS 49

Industry news

sonu nIgam evenIng By Gitanjali le CluB Musique

he Gitanjali Group’s Gitanjali Le Club Musique, an exclusive music club that was launched with Aziz

and Lucky Morani fronting it last month, presented a special evening with fine food and wine blended with a live performance by Sonu Nigam.

Often referred to as India’s best playback singer and as the Golden Voice of Indipop, Nigam has proven time and again that he is a complete musician and an institution by himself. He performed a mix of his original compositions and great Bollywood numbers. Being the perfectionist that he is, he took live entertainment to a new level with his performance.

The evening also saw Ankita Shorey, the former Miss India and brand ambassador of the new collection from Lucera, launching the Lucera Collection – a sterling silver fashion jewellery line. The beautifully crafted contemporary

jewellery is a result of an innovative collaboration between two leaders in their respective fields - Gitanjali and Swarovski Elements. The collection caters to and satisfies the needs of the many occasions in a woman’s life. Set in 92.5 sterling silver, the Lucera Collection combines Swarovski’s uniquely shaped “elements” with its flawless Xilion Chaton rhinestones. The collection aims at being wearable with a wide range of outfits and a variety of occasions.

Le Club Musique plans many such shows in future with music across a variety of genres – pop, Sufi singers, African vocal artists, Arabic oudh players, tabla maestros and soulful ghazals, jazz and east-west fusion music. The club hopes to ideally host eight distinct music events a year, uniquely packaged at different venues with an unmistakable Gitanjali Le Club Musique stamp.IdeX

t

Sonu Nigam performs with Usha Uthup.

platInum jewellery purChases tO piCK up this FestiVe seasOn

raditionally, buying gold jewellery has been the imperative during Akshaya Tritiya, as gold has

always represented the ultimate symbol of wealth and prosperity. A change has been taking place in the Indian market, however, says Colin Shah, managing director of Kama Schachter Jewellery. “This auspicious occasion for investments in gold, is now turning out to be a ‘white’ affair,” he observes.

Shah points out that with the volatility of gold prices and the narrowing of platinum price fluctuations, the gap between the two metals is diminishing. According to industry insiders, platinum jewellery’s share in the overall diamond jewellery market has increased significantly over the past year and is likely to reach 25-30 per cent of the total diamond jewellery sales in the year 2012.

The surge of urbanization and the rapidly growing middle class have taken Indian consumerism to new heights, particularly in platinum jewellery, which has successfully integrated itself into the country’s various gifting traditions, providing both reliability and value Shah notes.

t

Moreover, the younger generation today prefers platinum jewellery for both everyday wear as well as special occasions like marriages, anniversaries etc. Exclusive designs combined with the metal’s rich white color and anti-allergic properties are making platinum jewellery a popular sell with today’s Indian consumers. As a result jewellery retailers are looking at using this opportunity to promote platinum and diamond jewellery in a big way this festive season.

Kama Schachter is riding the new wave with its Kama Platinum collection and Shah notes, “Akshaya Tritiya is considered a golden season for jewellers in the country as sales soar and reach their optimum level around this time of year. Industry sources state that the sales of gold and diamond jewellery in 2011 surged by up to 40 per cent. This year with the volatility of gold and the recent proposals made by the government to increase the excise duty on gold, it seems like Akshaya Tritiya will be a white affair. We are looking forward to promoting platinum and diamond jewellery in a big way this festive season.”IdeX

IDEX MAGAZINE INDIA RETAIL| NO 18: INDUSTRY NEWS50

properties are making platinum jewellery a popular sell with today’s Indian consumers. As a result jewellery retailers are looking at using this opportunity to promote platinum and diamond jewellery in a big way this festive season.

Kama Schachter is riding the new wave with its Kama Platinum collection and Shah notes, “Akshaya Tritiya is considered a golden season for jewellers in the country as sales soar and reach their optimum level around this time of year. Industry sources state that the sales of gold and diamond jewellery in 2011 surged by up to 40 per cent. This year with the volatility of gold and the recent proposals made by the government to increase the excise duty on gold, it seems like Akshaya Tritiya will be a white affair. We are looking forward to promoting platinum and diamond jewellery in a big way this festive season.”IdeX

Jewellery by Kama Schachter

Jewellery by Kama Schachter

ribhovandas Bhimji Zaveri (TBZ) Limited, opened a new showroom at Seth House, Bund Garden

Road, Pune on April 1. Speaking at the inauguration, TBZ chairman and managing director Shrikant Zaveri said, “Brace yourself for a legacy of designs now at TBZ Bund Garden. We have introduced a designer counter, where a trained designer helps customers create customized designs.” He added, “We, at TBZ, believe that the past holds the key to the future. Today, we at TBZ haven’t lost sight of the tradition that began over 145 years ago.”

The large-format showroom in Pune features new designs in gold and platinum including many set with diamonds, as well as jadau with combinations of coloured gemstones such as ruby and emerald. It presents a wide variety of traditional, modern and trendy jewellery including rings, necklaces, bangles, kangan, bracelets and assorted pieces. The season’s new TBZ wedding collection is on display as is the TBZ temple jewellery collection. Men’s jewellery is also on offer.IdeX

t

IDEX MAGAZINE INDIA RETAIL| NO 18: INDUSTRY NEWS 51

tBZ the orIgInal Opens new pune shOwrOOM

Shrikant Zaveri (centre) looks on as his mother Amalaben inaugurates the new showroom

IDEX MAGAZINE INDIA RETAIL| NO 18: INDUSTRY NEWS52

ritain’s Princess Anne officially opened a new display of the world famous Crown Jewels at the Tower of

London on March 29. The new display has been completed to celebrate the diamond jubilee of Queen Elizabeth II. A major reworking of the Jewel House has given the Crown Jewels a home fit for the 21st century, with new displays showing the jewels like never before. The new display was made possible due to the financial support of the De Beers group of companies.

Princess Anne was welcomed by General Lord Richard Dannatt, Constable of the Tower of London, as the Yeoman Warders (also known as ‘Beefeaters’) stood on parade. He later unveiled a plaque commemorating the occasion and was then presented with a bouquet by a young resident (daughter of a Yeoman Warder) and a raven, a gift from a Somerset breeder to the queen to commemorate the

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de Beers Funds new CrOwn jewels display at tOwer OF lOndOn

diamond jubilee. The raven will join seven other resident ravens at the Tower of London. IdeX

gItanjalI group launChes “swarna ManGal” & “shaGun”

ntegrated diamond jewellery manufacturer, distributor and branded jewellery chain retailer Gitanjali Group

announced two new marketing schemes – one for consumers to buy jewellery in easy installments and the other to enable the booking of gold at a pre-determined rate.

Shagun, a jewellery saving plan, lets consumers earmark a piece of jewellery and then pay for it over a period of time – the scheme offer options ranging from 12- to 36 months. Gitanjali says it is offering the last few installments as a bonus to the consumer, who can then pick up the piece of jewellery. Bonus installments can be as high as 50 percent on diamond jewellery.

The Swarna Mangal initiative is a gold price protection scheme where consumers can book a few grams of gold every month in advance. The scheme offers consumers a wide range of options in terms of the amount of gold they book – from as low as Rs.1,000- to Rs. 40,000 per month. Payment time-scales range from 6- to 24 months. At the

end of the payment period, the consumer can redeem all the accumulated gold grams by choosing from Gitanjali’s wide range of beautiful 22k gold jewellery. Those opting for the scheme are also offered up to 30 percent discount on making charges.

Both plans cover plain-gold as well as diamond jewellery. They are available at a range of Gitanjali outlets across India.

Free Silver With Gold Purchases.The Gitanjali Group also ran a promotional offer for Akshaya Tritiya, which offered free silver on the purchase of gold. Called Swarna Mudrika,the low end of the scheme offered a 2 g silver coin free with every purchase of a 5 g gold coin of 999 purity. The top end offer was a 70 g silver coin on the purchase of a 100 g gold coin. The free silver coin offer was available at all Gitanjali Jewels stores and select Asmi, D’damas, Jewel Souk and Diya stores all across the country.IdeX

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Princess Anne greets Dominic Brand, Worldwide Marketing Director of De Beers Forevermark. Also seen is Diamond Trading Company CEO Varda Shine

53IDEX MAGAZINE INDIA RETAIL| NO 18 STONE SOURCES

Lucara Begins Commissioning ACtivities At KArowe

ucara Diamond Corp. recently announced that commissioning activities at its fully owned Karowe

mine in Botswana have begun as it moves towards the final construction stage. As part of this process, more than 5,000 tons of ore have been processed through the front-end of the plant. The company said all sections of the process plant have been individually operated with run-of-mine ore. A number of sections have already been run at or above design capacity.

Mining activities are significantly advanced with more than 280,000 tons of stockpiled ore being available to support the commissioning and ramp-up activities.

L Ramp-up to full production will continue through the second quarter of the year “This is a significant milestone for Lucara. The first diamond production from Karowe edges us closer to being part of an exclusive group of diamond producers. Our focus over the coming months will be to drive towards sustainable production,” said Lucara’s president and CEO, William Lamb. As well as the Karowe mine, Lucara has a 75 percent share in Mothae Project in Lesotho, which is currently in the trial mining stage. IDEX

StonE SourcES

54 IDEX MAGAZINE INDIA RETAIL| NO 18 STONE SOURCES

ndia imported Rs.7,002 crore worth of finished gold jewellery in fiscal 2011-12. This is a staggering 194.82

percent increase over the Rs.Rs.2,213 crore that was imported in fiscal 2010-11. This steep increase – and the continuing upward trend of imports – undermines the effects of any tariff barriers the government erects to try and curb the import of primary gold, say analysts.

What has facilitated these huge imports is the Free Trade Agreement that India has signed with Thailand. The agreement allows finished jewellery to be imported into India with an import duty of just 1 percent. Before January of this year, this agreement did not have much impact on the jewellery industry as gold could be imported into India with a payment of a flat Rs.300 per 10 grams as duty. Given the high price of gold, this translated into a duty of less than 1 percent and so there wasn’t much advantage in importing the finished jewellery from Thailand, when compared to importing the primary gold and fabricating the jewellery within the country.

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JEWELLERY FROM THAILAND COULD FLOOD INDIAN MARKET

AND NOT ALL OF IT NEED BE MADE IN THAILAND…

But when, in January this year, the government decided to put the brakes on the phenomenon of “round-tripping” in gold by changing the duty structure from the payment of flat amount to 2 percent of the value of the import, it suddenly became worthwhile importing finished jewellery from Thailand. Now that the government has further doubled the import duty to 4 percent in order to try and close the country’s yawning foreign trade deficit, industry watchers are braced for a tidal wave of finished jewellery from Thailand to flood the Indian market. “The problem is,” said one industry veteran who asked not to be named, “the Thai borders are as porous as the Indian ones and we won’t be just dealing with Thai-made product but jewellery from all over Asia, including China. The Chinese jewellery manufacturers can cut the floor out from under us if they get unfettered access to our market.”

Another export production jewellery manufacturer commented, “The agreement with Thailand was ill thought out. We ought to have got into an agreement with China. We’re not afraid of their products coming freely into our market if we in turn have free access to their consumers. The Thai agreement is a one-way street.”

Word is that the industry has made its point to the government and when the Free Trade Agreement with Thailand comes up for renewal later this year, the Indian government is likely to slap a 6 percent duty on imports of Thai jewellery.

However, the industry still worries that the 4 percent import duty on primary gold will trigger a revival of gold

BY VINOD KURIYAN

“The agreement with Thailand was ill thought out. We ought to have got into an agreement with China. We’re not afraid of their products coming freely into our market if we in turn have free access to their consumers. The Thai agreement is a one-way street.”

55 IDEX MAGAZINE INDIA RETAIL| NO 18 SPOTLIGHT

SPOTLIGHT

smuggling – and this time include finished jewellery from other Asian production centres. They admit, however, that the government has to do something to reduce the huge foreign trade deficit. “The country has huge import bills for essentials like oil and coal – and those are essentials. The leather industry’s production was impacted because the coal-fired power stations in the southern states, particularly Tamil Nadu, were down to a week’s supply of coal and naturally cut back drastically on their power output. As Indians, we have to understand that some tough calls have to be made.”

Still, many worry that the threat of smuggling isn’t being considered with the seriousness it deserves. Meanwhile, the government is going all out to ensure that such things as “round-tripping” don’t knock the nation off its growth trajectory. Round-tripping had become a serious issue with diamond exports as well. The government tackled this by imposing a 2 percent import duty on cut an polished diamonds on January 17 this year and the results were dramatic.

Polished diamond exports for the entire 2011-12 fiscal year dropped by 17.3 percent. This in turn led to a reduction by 0.36 percent, of the country’s total gem and jewellery exports. These figures indicate that the government’s measures to curb round-tripping have been successful.

When compared with the previous fiscal year, Indian polished diamond exports dropped by Rs.17,535 crore. Cut and polished diamond exports in fiscal 2011-12 stood at Rs.1,10,979 crore as against Rs.1,28,514 in 2010-11.

Announcing the industry’s export performance over the fiscal year, Rajiv Jain, Chairman of the Gem & Jewellery

Expor t P romot ion Counc i l (GJEPC), said at a press conference,

“We are happy that in keeping with the government objective of reducing

the trade deficit, imports of cut and polished diamonds have dipped after

the introduction of a 2 percent import duty in mid-January 2012. However, an increase in the import figures of

rough diamonds indicates the stable growth of the trade at the manufacturing level and a growth

in exports.”

Indian rough diamond imports have climbed to Rs.72,161 crore as against Rs.54,564 crore in the

previous fiscal year. That much of this is, however, due to a major increase in rough diamond prices is evidenced by the fact that in volume terms, rough diamond imports have

dropped from 154.2 million carats in 2010-11 to 131.4 million

carats in 2011-12.

Jain noted that in the month immediately after the imposition

of the duty, imports of cut and polished

diamonds dipped 70 percent. That sharp reduction and the

subsequent

56 IDEX MAGAZINE INDIA RETAIL| NO 18 SPOTLIGHT

low imports of polished in the succeeding 45 days to the end of the fiscal year also helped bring down polished imports for the whole year by 30 percent the GJEPC Chairman added.

Jain also observed that the 0.36 percent drop in overall exports had to be considered in the light of a rupee that dropped sharply in value against the US dollar over the period. “Total exports have increased 4.6 percent in rupee terms,” he said, adding, “Gems and jewellery accounted for 14 percent of India’s merchandised exports in 2011-12.” The Chairman noted that a growth in gold jewellery exports had been the main driver for this increase, registering Rs.79,430 crore as against Rs.57,748 crore the previous year.

Jain observed that the GJEPC’s outlook for the first quarter of the current fiscal year (April-June) is positive and that the expor t p roduc t ion industry would achieve higher value addition and would improve the country’s trade balance in the months to come.

“Round-tripping” involves the same parcel of diamonds making repeated export journeys to a company’s office at some tax-free overseas location, having being re-imported to India after each export. These “round trips” help a company show increased turnover and thus give it access to greater bank finance at special rates. In some cases, these round trips also help launder money.

Round-tripping surged after 2008, when the then Finance Minister scrapped a 3 percent import duty on polished diamonds. That measure was intended to allow the free flow of diamonds in and out of the country towards achieving the objective of making it a gem and jewellery trading hub.

This phenomenon, which also takes place with gold – a simple medallion is exported as ‘jewellery’, only to be re-imported as primary gold – has impacted the country’s foreign trade figures significantly and has made a mockery of

the country’s huge gross gem and jewelry export figures. In fiscal 2010-11, India showed a whopping Rs.1,95,736

crore in gem and jewellery exports, but a Rs.1,93,244 crore raw material import figure, which included

Rs.94,726 crore in polished diamonds, reduced net exports to a paltry Rs.2,492 crore. The country’s terrific Rs.1,28,514 crore in polished diamond

exports also translated into a net export of just Rs.33,788 crore.

India’s gross gem and jewellery exports for fiscal 2011-12 stand at Rs.2,04,824

crore, pretty much around the same figure as the previous year. Imports

of raw material including gold and polished diamonds actually increased

to Rs.2,03,271crore over the entire fiscal year. This increase is attributed to the fact that the measures to curb the import of polished diamonds were introduced with less than three months of the fiscal year

remaining. Gold imports continued unimpaired and tariff barriers to

curb them have only just been introduced, with the double of import duty from 2- to 4 percent.

Jain said that a series of measures initiated by the GJEPC would help boost trade. An ‘India Show’ was

planned for the JCK Las Vegas show and the GJEPC

would focus on Russia and China as key export-growth markets in addition to the US, Europe and the UAE.

The GJEPC Chairman also announced that the 2012 IIJS trade show would run from August 23 to 27. The India International Jewellery Week (IIJW) would run from August 19 onwards. IDEX

Imports of raw material including gold and polished diamonds actually increased to Rs.2,03,271crore over the entire fiscal year.

IDEX MAGAZINE INDIA RETAIL| NO 18 SPOTLIGHT

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Diamond Grading Reports Usher in a New Age of Confidence

India, in recent years, has moved from being the world’s most important diamond cutting center to one of the world’s largest consumer markets for these gems.

According to industry analysts, India is now the fourth most important diamond market in the world, with $6 billion worth of diamond jewellery sold to consumers last year; just behind Japan and China. As evidence of its emergence as a retail powerhouse, the IIJS, originally conceived as an event for the export market, has grown into one of the world’s leading trade shows, mainly on the strength of domestic buying with many overseas suppliers joining its ranks.

Such phenomenal growth has led to the necessity for services that protect both trade and consumer, including laboratory grading of diamonds that offers an impartial assessment of diamond quality and safeguards everyone who purchases them by identifying synthetics and treatments.

a uniVerSal language for a uniVerSal gem The removal of many international trade barriers and the advent of the internet, and other information and communication technologies have accelerated the expansion of businesses and quickened the flow of diamonds across borders. Regardless of the city or town we do business in, the diamonds we buy and sell travel internationally. To expedite their movement through the pipeline and properly determine their value, a universally accepted standard for evaluating, documenting and communicating their quality hasbecome absolutely essential.

Our customers are cosmopolitan, too. Regardless of nationality, language, tradition or taste, today’s consumers are more knowledgeable than ever before. They also have more choices about where to shop and what to buy. A universal standard is a common language that consumers everywhere can understand. A reputable grading report instantly communicates an assurance of quality,

encourages trust, and helps minimize the perceived risk ofmaking a high-end purchase. More than 50 years ago, GIA revolutionized how we buy and sell diamonds by standardizing the nomenclature for describing diamond quality, defining the processes and procedures for grading diamonds, and issuing the first grading reports toclearly and consistently communicate these findings.

Today, the GIA International Diamond Grading System™ which includes the D-to-Z color scale, Flawless to I3 clarity scale, and the Excellent to Poor cut scale, is the universal language used by virtually every knowledgeable diamond buyer in the world. Gem professionals and consumers everywhere consider GIAreports the benchmark for certification.

ConfidenCe through deteCtion and diSCloSure We live in an era of unprecedented advances in the ways gemstones can be treated to enhance their appearance. If left undetected and undisclosed, these treatments can destabilize markets and erode consumer confidence. Certification by a reputable laboratory with the expertise and instrumentation to detect and disclose these treatments is critical to maintainingstability and confidence.

GIA is one of the few laboratories in the world with the resources to address emerging treatments head on. As one of the world’s largest grading laboratories, GIA is often the first to encounter new treatments and synthetics traveling through the pipeline. GIA invests heavily gem research, which enables the Institute’s scientists and gemologists to conduct ongoing investigations into these materials and devise the methods to identify them. These findings directly inform the testing and grading processesGIA uses in its laboratories.

The GIA India Laboratory, like all GIA laboratories worldwide, tests every diamond it grades for laser drilling, fracture filling, irradiation, high pressure/high temperature (HPHT) and

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chemical vapor deposition (CVD) to detect known treatments and to separate natural diamonds from synthetics. Grading reports are not issued for diamonds that have undergone unstable treatments such as coating or fracture filling. And, while grading reports may be issued for diamonds that have been laser drilled, irradiated or HPHT processed, these treatments are prominently disclosed on the report.

ConfidenCe through global Quality StandardS Certification encourages confidence if it reflects the issuing laboratory’s adherence to internationally accepted standards and practices. Many laboratories operate in multiple locations in order to serve local markets quickly and conveniently. The most reputable grading reports, however, come from laboratories whose personnel, processes and quality standards operate uniformly regardless of location.

All seven GIA laboratories worldwide, for example, operate under a single set of core principles to safeguard the integrity of every report GIA issues. To ensure the utmost objectivity and impartiality, diamonds remain anonymous as they undergo the grading process and are distributed randomly to highly trained graders at each step. All lab instruments are maintained to rigorous calibration standards to ensure grading accuracy and consistency. A global database captures hundreds of data points for every diamond during grading, providing GIA scientists with the data to detect emerging trends in treatments, and giving GIA the ability to pinpoint a diamond’s exact location during the grading process and monitor grader performance.

Control stones representing diamond grading standards also move anonymously through GIA’s worldwide grading network.

This constant stream of quality control stones, randomly mixed with client stones, allows GIA to track the uniformity of its practices.

Teams of system quality analysts who represent GIA’s most experienced graders and its highest ranking management regularly rotate to GIA locations worldwide to train staff and ensure adherence to consistent practices.

ConfidenCe helpS build brandS It’s a fact that consumers return to brands they trust. Retailers build their reputations and earn their customers’ trust with every transaction. But as economies expand, as they have in India, and as jewellers branch out into multiple locations, they no longer have personal control over every sale. And as more regional and national chains are established, consumers have many more purchasing options.

To compete successfully in the crowded and competitive luxury goods arena, jewellers need additional tools to build and maintain their brands, their reputations and customer base. Independent certification becomes critical to success in these new economies. Reputable grading reports work like a trust mark – communicating knowledge, expertise, and ultimatelyvalue –representing the best qualities in a brand.

CertifiCation – it’S not JuSt about gemStoneS The exponential growth of grading reports in recent years illustrates just how much the marketplace needs universal quality standards for gemstones. But grading reports are only half the equation. If we are to truly establish standards and cement consumer confidence, our industry needs to embrace professional training and certification for its employees. Expertly trained jewellers have the knowledge to communicate diamond information consistently and accurately to further reinforce the standards that encourage consumer confidence.Diamond certification and professional certification go hand- in-hand to communicate quality, value and trust to customers, and instill confidence throughout the value chain.

To learn more about GIA Laboratory services and training programmes available to jewellers throughout India, visitwww.giaindia.in or e-mail [email protected]

About GIA:

Established in 1931, GIA is the world’s foremost authority on

diamonds, coloured stones, and pearls. GIA exists to protect

all purchasers of gemstones, by providing the education,

laboratory services, research, and instruments needed to

accurately and objectively determine gemstone quality.

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