idex india retail, april 2012

April 12

MARKETREPORTStability, Liquidity Return To Mumbai Diamond Market

SHOWREPORT

Butterfl ies At Basel Signal Trend Change

SPECIALREPORT

Does A Credible DiamondPrice List Exist

DIAMOND RETAILBENCHMARKA Price List To Assure Your Customers

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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

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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

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0.38

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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

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0.70

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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


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kar032312j02 KJ print ad@Idex magazine.pdf 2012-3-23 11:21:28

4 IDEX MAGAZINE INDIA RETAIL| NO 17

magazine india retail

05 FROM THE EDITOR’S DESKGold, Diamonds & The Consumer’s Need For Value

06 MUMBAI DIAMOND MARKET REPORTStability, Liquidity Return to Mumbai Diamond Market

08 SPECIAL REPORTDoes A Credible Diamond Price List Exist?

14 SPOTLIGHTGemfields Showcases Zambian Amethyst Jewellery

15 TRADE SHOWSButterflies At Basel Signal Trend Change

19 RETAIL ET CETERAForevermark Announces South Africa Rollout Plans

24 The Power Of Trust

27 DIAMOND RETAIL BENCHMARK

34 COVER STORYGold No Longer Jewellery’s Dependable Crutch

42 INDUSTRY NEWSWinners of Rio Tinto Diamonds Design Competition Sparkle at the Oscars

48 FACETSDe Beers Wedding Ring Winners

51 STONE SOURCESPetra Production Up To 953,553 Carats

54 CELEBRITY CHOICESReturn Of The Diamond Choker

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

A P R I L 2 0 1 2 VOL. 1 No. 17

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

Boris Mandelis (RD Media group) Tera Kaur (RD Media group)

PRINTED by SAP Printers, Lower Parel, Mumbai 400 013

IDEX INDIAOFFICE # 20, KALA bHAVAN, 4TH FLOOR, 3 MATHEw RD., OPERA

HOUsE, MUMbAI 400 004, INDIATEL: +91-22-6633-2187, FAX: +91-22-6633-2186

EMAIL: [email protected]

IDEX USA7 wEsT 45TH sT. sUITE # 1602 NEw yORK, N.y. 10036, U.s.A.

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IDEX Magazine - India Retail is published in India by Idex Online S.A.. Reprints of individual articles are obtainable on application to the editor. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of

the Copyright owner.

PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A

ISSN 0334-68382003 IDEX ONLINE S.A.

CONTENTS

APRIL

Editor

5IDEX MAGAZINE INDIA RETAIL| NO 17: EDITOR

he Indian jewellery retail industry’s worst nightmare is on the verge of actually coming true. The Indian

consumer now longer seems blindly enamoured of gold and that somewhat mystic connection between hard-headed investment and socio-religious veneration of the yellow metal seems to be coming undone.

Indians are still buying gold, but they seem to be buying more of it in the form of primary bullion – bars and biscuits. The jewellery retailer’s product now also has to compete with a dazzling array of other upscale products and services. And an increasing number of consumers seem to be choosing those products and services over gold jewellery.

The problem is that jewellery retail has, for too long, depended on the investment motive to drive sales. And the sales driver for that has been gold and not jewellery itself. At this moment, even if the product itself was made attractive to the consumer, the investment motive, ever present at the back of the Indian consumer’s mind, would actually act as a brake instead of as a secondary sales driver. With gold prices going through the roof – and oscillating like an extreme roller-coaster – it takes a very strong stomach to actually invest in gold at this time.

Diamonds now seem to be showing a great deal of promise in imparting that much-needed intrinsic worth to the value-conscious consumer. But for diamonds to gain traction in

this arena, the consumer needs to be able to simply and clearly value them at any given time. Up to the present, this has been the stumbling block. Nobody has really had a clear valuation system for diamonds.

Existing price lists have been designed for business-to-business transactions and have been based on opinion rather than empirical market data. This has meant that diamond prices, instead of ebbing and flowing continuously to the impetus of the market, have been subject to sudden and unpleasant lurches as these listed prices have been corrected to catch up with reality.

This opaqueness and disconnect with market forces has led to jewellery retailers too being unsure of diamond prices and thus unable to confidently pass on their value to consumers who are now increasingly asking about this precious gem.

IDEX Online has addressed this problem with two initiatives – a business-to-business price list that is driven by actual market forces and has absolutely no opinion input; and a retail price benchmarking system, again driven by the actual prices paid by consumers and not industry opinion.

And just so that the retailer’s doubts and questions are cleared up, we take great pleasure in presenting this issue’s Special Report on diamond prices and price lists. idEX

Gold, diamonds & thE ConsumEr’s nEEd For ValuE

by VINoD KurIyAN

t

6 IDEX MAGAZINE INDIA RETAIL | NO 17: MARKET REPORT

MUMBAIDIAMOND MARKET

REPORT

by VINAY PAREKH

STABIlITy, lIqUIDITy RETURN TO MUMBAI DIAMOND MARKET

tability and liquidity have returned to the Mumbai diamond market. The Indian diamond industry had

begun this year in a state of great uncertainty. Most players thought that both rough and polished prices were too high and that a major price correction was in the offing. However, the Hong Kong Jewellery Show in February saw diamond prices remaining firm and the industry’s confidence level got a much-needed shot in the arm. The Baselworld show in March, though it didn’t see anything special in the way of demand for loose diamonds, also saw the price line being held.

Indian diamond dealers now think that this year won’t see any drastic changes in prices and that demand too will remain at current levels at least, even if there isn’t any major overall increase.

Another major factor responsible for the relatively high confidence levels in the industry is that for the first time in many years, the diamond industry has ample liquidity. Industry watchers attribute this to the fact that players had

good margins in last year’s rampant bull-market that ran from the beginning of the year through to July. With cash in hand, diamond dealers have a much more confident attitude to doing business now.

The fears of a price correction had been stoked by the industry’s nervous perception that the strong price rise of over 30 percent in the first six months of last year was unsustainable. Prices had fallen over the latter part of last year and there was some downward movement through the beginning of this year as well. But overall, prices have held. Fancy shapes, in fact, have seen a strong prices rise, with goods on average costing more than 10 percent more than the prices at Diwali last year.

There is also some resistance to goods from Zimbabwe in the Mumbai market. While some dealers said these goods had a poorer luster than average when polished, others said there was some consumer resistance to buying these goods from the Indian metros. They continue to sell well in the smaller towns. IDEX

S

7IDEX MAGAZINE INDIA RETAIL | NO 17: 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-K col.Fair demand for white VVS-VS goods.

Demand will remain strong. Firmness in the prices will be seen.

0.03-0.07 (+6.5-11) Good demand for VS-SI/I-K col. & white SI2-piqué goods.

Pickup in demand is expected. Prices will remain stable.

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 & prices will remain stable.

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


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 / D-J col.Good demand for VVS/VS/F-M col.

Overall demand will be stable, prices will remain firm. Shortages for lower colors will be felt.

0.15-0.17 (+14-15.5) Good demand for SI2-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) Fair demand for VVS/VS & piqué goods. Overall demand will remain low, prices will be soft.

0.23-0.29 (1/4) Good demand for SI1+ & piqué goods. Overall demand will remain low. Shortages in piqué goods will be felt.

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


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

MUMBAI DIAMOND TRADING IN MARCH

Size in Carat (Sieve)

Comments Forward Call

espite repeated attempts by a number of firms to create a credible, consistently reliable price list for

polished diamonds, no one has gotten it quite right. Some are closer than others, but “perfection” has not been reached, yet. From a diamond trader’s viewpoint – and from this analyst’s viewpoint – there is simply not enough information to be able to gauge the diamond trading market as accurately as traders, analysts, buyers and sellers can gauge similar markets for other commodities, equities and real estate transactions. In a way, this comes as no surprise. After all, the diamond industry has been shrouded in secrecy for decades. Change – and transparency – come very slowly.

D

IDEX OnlInE REsEaRch:

DOEs a cREDIblE DIamOnD PRIcE lIst EXIst?

Unfortunately, in the diamond bourses, traders can easily see only one side of the market – the “ask” price. And, often, the “ask” price is artificial. “Bid” prices – the price buyers are willing to pay – are not available. As a result, sellers operate at a disadvantage, since they really can’t gauge fundamental demand. Buyers, too, operate at a disadvantage; sellers can take advantage of uninformed buyers.

mEmO

8 IDEX MAGAZINE INDIA RETAIL| NO 17: SPECIAL REPORT

sPEcIal REPORt

by KEN GAssMAN

both diamond buyers and sellers can be easily misled by current trading practices in the market. Even in the few cases where prices of so-called “actual trades” are published, there is a lack of transparency. No one knows where the buyer and seller started their negotiations. Further, there is little information about

fundamental demand, when a single price is reported. Far too often, these “actual

trades” may represent only one sale, and it may be an aberration from

the norm. Finally, too few actual trades are reported, leading to more misinformation. Does the DiAmonD inDUstry reAlly wAnt pricing

trAnspArency?The diamond industry says it wants pricing transparency. In this case, actions speak louder than words. If the industry really wanted transparency, its participants would have created a trading market similar to the financial markets, with a system for determining clear “bid” and “ask” prices

DiAmonD price lists ABoUnD, BUt Are they AccUrAte?There are many price lists for polished diamonds. The problem is none of them offer anywhere near the level of transparency found in other markets, especially the financial markets. When a trader places a buy or sell order for stocks, bonds and commodities, he can see both sides – bid (or buy) and ask (or sell) prices – of the market. Transactions in the financial trading markets are transparent. Unfortunately, in the diamond bourses, traders can easily see only one side of the market – the “ask” price. And, often, the “ask” price is artificial. “Bid” prices – the price buyers are willing to pay – are not available. As a result, sellers operate at a disadvantage, since they really can’t gauge fundamental demand. Buyers, too, operate at a disadvantage; sellers can take advantage of u n i n f o r m e d buyers. Thus,

9IDEX MAGAZINE INDIA RETAIL| NO 17: SPECIAL REPORT

In our 20 years of experience on Wall Street, we never had any trouble gauging the market based on “bid” and “ask” prices. We often questioned “why” the certain securities had valuations (prices) that appeared too high or too low, but we never failed to obtain a price at which we could make a guaranteed transaction. shoUlD DiAmonD pricing schemes Be trAnspArent?There are several reasons to support pricing transparency for diamonds and other commodities – particularly colored gemstones – used in the jewelry industry. These reasons include the following: integrity, credibility and certainty. In our opinion, the jewelry industry engages in “pricing roulette” at both the retail and supplier level. At the retail level, consumers are bombarded with promotions offering price discounts – the “deal of the day” – similar to car dealers and furniture merchants where “list prices” are fictitious. Casual shoppers don’t know the “real price” they should pay for jewelry. Further, many smaller jewelers who generate limited volume don’t watch the market on a day-to-day basis; suppliers often take advantage of their lack of market expertise. how efficient cAn trADing mArkets Be?Trading markets operate on the basis of the “inefficient market” theory. Prices move up or down, based on asset fundaments that are driven primarily by supply and demand and information about the likelihood of future supply and demand. In a perfectly efficient market, the “bid” and “ask” price would be identical (except for a trading fee or commission). Trading markets should be slightly inefficient. Those inefficiencies reveal critical information about marketplace conditions: Is demand strengthening or weakening? Is the supply of goods tightening or loosening? But, when buyers and sellers do not have access to price trading data, levels of integrity and credibility drop and uncertainty rises. There is always the lingering question: who is the “stool pigeon” in this transaction? Our view is that the diamond trading markets are highly inefficient, based on current trading and transaction practices. whAt is the AnAlyst’s viewpoint?A Wall Street securities analyst – our occupation for 20 years – can never have too much information. That is our currency. A well-informed analyst is well-respected; an ill-informed analyst is soon out of a job.

when buyers and sellers do not have access to price trading data, levels of integrity and credibility drop and uncertainty rises. there is always the lingering question: who is the “stool pigeon” in this transaction? our view is that the diamond trading markets are highly inefficient, based on current trading and transaction practices.

for diamonds. There are systems for trading thousands of different equities; the same systems would work just fine in the diamond market, if the market actually wanted transparency.


As a research analyst, that’s all we want: just the facts. And the iDeX online polished Diamond price list, with its integrity, credibility and certainty, is our choice for “the facts, just the facts.

When we review all of the industry price lists, we continue to gravitate to the IDEX Online price database for analytical purposes. Why? Because it reveals more information than any one else is willing to disclose. Do we have a conflict of interest? As a result of our relationship with IDEX Online – it publishes our proprietary research on an exclusive basis (we are not an employee) – it could be argued we have a conflict of interest, when it comes to comparisons between various industry price lists. We argue just the opposite: as part of our research, we have examined and analyzed various industry price lists, and we made our choice of business partners based on our findings related to – among other things – the integrity of the information in the IDEX Online price list versus alternative prices lists in the industry.

price lists: whAt Are the cUrrent AlternAtives?As an industry analyst, we see fewer than five meaningful competitors who compile diamond price lists. At the suggestion of our attorney, we won’t name them. Nor will we evaluate each of them individually. Rather, we’ll point out some shortcomings that plague some of these price lists and give us heartburn as an analyst.

editorialized prices – Some industry price lists reflect what we call “editorialized” prices. In other words, many of the prices appear to be the publisher’s opinion of what the price of a particular diamond ought to be, rather than a reflection of actual trading prices. In other cases, there is too little trading volume to report market asking prices, so prices are interpolated. That is, they represent a


mathematical calculation based on trades of similar, but not identical categories of diamonds.

sample size too small – Many of the competitive price lists take only a sample of diamond pricing activity, rather than reflecting the entire market. Sampling may be fine for predicting the outcome of a political election, but it is not a viable method to calculate diamond prices. Worse, the sample sizes are often too small to represent actual market trading activity. Finally, some of those diamantaires sampled may throw in a “red herring” – they may deliberately misreport the price of a diamond category in an effort to try to influence the trading market in their favor, especially when they know they have significant influence in the compilation of a particular publisher’s price list.

high asking prices – At least one (or more) price list reports “high asking” prices. These “high” asking prices – an artificial level at which virtually no trades occur – allow traders and retailers to claim they are offering a “significant discount” to the industry wholesale price list. Insiders know the prices are “high ask.” But outsiders are bamboozled by these fake prices, similar to the prices automobile dealers

put on their cars. These artificially high prices decrease industry transparency and reduce industry integrity and credibility levels, especially in the minds of consumers. misrepresentation of free-market transactions – Some price lists claim to compile free-market transaction prices when, in reality, they include special prices that suppliers have negotiated with their customers that include allowances for co-op advertising, exclusivity and volume discounts. At best, the artificial prices associated with these special deals distort true market prices; at worst, they misrepresent the market and add to the misinformation that exists. The IDEX Online Polished Diamond Price list eliminates these four major problems that have an unwanted impact on other industry price lists.

no editorialized prices – If there are no offers (“ask” prices) in a particular diamond category, no prices are shown. This is an important piece of information for traders. It indicates that market activity has dried up. Further research by the trader will reveal whether it is a demand or a supply problem.


when we review all of the industry price lists, we continue to gravitate to the iDeX online price database for analytical purposes. why? Because it reveals more information than any one else is willing to disclose.

no sampling – IDEX Online prices and the related indices reflect trading prices for the entire universe of diamonds listed for trade. There is no sampling; all goods offered for sale comprise the IDEX Online price matrix.

no artificial “ask” prices – Prices reflect the real “ask” prices in the market. Traders don’t need to stop to calculate “discounts” from a so-called list price.

no “special deal” prices – IDEX Online prices represent only market prices that are offered to everyone, regardless of their volume, advertising needs, or other factors that could affect a special negotiated price. Here are some other advantages we see, from an analyst’s viewpoint, to the IDEX Online Polished Diamond Price list:- It is derived in real-time from asking prices of inventories, which over 1,000 diamond suppliers post online with IDEX Online. These inventories are updated daily.

- While the “average” asking price is posted on the price grid, buyers can search the list of individual asking prices used to calculate the “average” asked price.

- When buyers and sellers need more information on a specific average asking price on the polished diamond price grid, they get data such as the highest priced 10 percent of the goods, the lowest priced 10 percent, the prior three months’ average prices, and demand and supply graphs.

- The IDEX Online system rejects prices that don’t make sense. If a dealer attempts to manipulate the system, the IDEX Online algorithms spot “fake” prices. Those “fake” prices are eliminated.

In the early days of television in the U.S., there was a police show called Dragnet, which starred investigative detective Joe Friday. When Detective Friday was interrogating witnesses, they often strayed from his queries. He would

get them back on track with his classic quote – uttered in almost every episode of Dragnet: “The facts, ma’am, just the facts.”

As a research analyst, that’s all we want: just the facts. And the IDEX Online Polished Diamond Price List, with its integrity, credibility and certainty, is our choice for “the facts, just the facts.” IDEX


oloured gemstone miner Gemfields collaborated with

maverick Australian designer Jordan Askill for his Spring Summer 2012 jewellery collection. Featuring unique and ethically mined Zambian amethyst from Gemfields, the collection reflects the strength and purity of the exceptionally intense amethyst stone.

C

GEMFIELDS SHOWCASES ZAMBIAN AMETHYST JEWELLERY

Producer of approximately 20 percent of the world’s mined Zambian emeralds, Gemfields for the very first time showcased its deep purple Zambian amethyst, what it says is “one of the most inspirational gemstones of all times”. Jordan Askill’s Spring Summer 2012 explores the process of raw crystal carving and each Zambian amethyst piece is a marriage of hand

carved craftsmanship and digital technological advances inspired from the serene idealism of the Emerald Buddha.

Anna Haber, Gemfields’ Director of Global Marketing and Public Relations, said, “It is always exciting to work with fabulous jewelry designers across the globe and Jordan Askill’s Zambian amethyst collection, especially the Swallow, is extremely well designed and we expect it to be a great success.”

Askill explains, “I designed these pieces to reflect the strength and purity of the stone and working with Gemfields allows my process and final product to protect the environment and stay true to nature.”

Gemfields PLC is an AIM listed company, one of the world’s leading coloured gemstone producers, vertically integrated from exploration through mining and all the way to marketing. Its focus is on providing the market with reliable and ethically mined Zambian emeralds, which uphold global best practices while remaining in accordance with the highest levels of environmental, social and safety standards. IDEX

14 IDEX MAGAZINE INDIA RETAIL| NO 17 SPOTLIGHT

SPOTLIGHT

The standout piece of the collection, the Masterpiece necklace, has two detachable butterflies that can be used as a pendant or brooch. This versatility is also seen in the other butterflies in the line, which can be worn as a pendant, a brooch or set on a ring.

The collection also includes a bracelet-ring made of three elements: a spring lock bracelet, a joining piece and a ring. The bracelet can either be worn in combination with the ring or both pieces can be worn alone, making them more accessible.

Another company embracing the butterfly motif is Sicis Jewels, which launched its first-ever jewellery collection today. The company is based in Ravenna, Italy, and is

he Baselworld watch and jewellery show that ran from March 8 to 15 in the Swiss city of Basel,

saw jewellery trends moving toward nature. Butterflies in particular seemed to be the rage. While a few years ago it was all seemingly homage to the macabre with skulls and other slightly ghoulish icons, this year – perhaps in a bid to lighten potentially worried moods – butterflies have found their way into many display cases.

Italian fine jewellery house Damiani has a stunning new collection called, simply, “Butterfly.” Forming part of its Masterpiece range of ultra-high end pieces, the line comprises white gold butterflies – which comes in three different sizes –embellished with multicolour sapphires and diamonds.

Tby Danielle Max

BuTTerflies AT BAsel show signAl Trend ChAnge

IndIa among TargeT markeTs

Jewellery by Damiani

15iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT

show rePorT

renowned for its art mosaics. In what it terms “a natural evolution,” Sicis has reinterpreted the age-old technique of micro mosaic. As well as the butterflies, sea creatures, tigers and flowers have all been painstakingly reproduced in micro mosaic, using tiny pieces of glass and gold, to create jewellery that is truly different and eye-catching.

IndIa among TargeT markeTsThe company is hoping to appeal to buyers in the same regions where it sells its mosaics and furniture, such as the Middle East, Russia and India. Certainly, some of the larger, more intricate pieces would not find an easy home in the US and Europe. Speaking for the company, Eleanor Milano seemed relieved about the positive reactions the collection had gathered at the show. “I feared we would not be understood,” she said. “Of course, it always goes down to taste, but I worried that people would not understand what is behind the designs.” So far, she said, there had been almost complete enthusiasm for the brand.

If butterflies were proving one trend, pinks, lilacs and soft purples seem to be providing another. Brazilian company Brumani is never afraid to use exciting color combinations, and its new collections are no different. The Confetti and

Streamers line makes good use of the move towards pink seen in so many display cases. The line utilizes yellow gold set with pink sapphires, rose quartz and yellow sapphires. The company’s Panaché collection also falls at the pinker end of the spectrum with its use of mutli-colored sapphires, diamonds, morganite and rose gold.

The company’s Eduardo Brüner was optimistic at the show. However, the expectations fuelling that philosophy were based on buyers coming all the way from Latin America and Eastern Europe, including Russia, Kazakhstan and the Czech Republic rather than those from the US or central Europe.

Over at Belgian jewellery company Hulchi Bellini, rising gold and diamond prices had triggered a change in the product line-up. The company recently launched some pieces using gemstones rather than its traditional, high quality diamonds. For the same reason, Hulchi Bellini is

Watch by Damiani

iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT16

also making items using Chinese pearls. Given the level of business that was observed at the booth, it is a move that buyers seemed to have endorsed.

dragons roar aT BaselAlthough each year of the Chinese calendar is named for an animal, the Year of the Dragon, which began on January 23, seems to have especially caught the attention of jewellery and watch designers.

The dial of the “Golden Dragon” watch by Kudoke features a gold-plated dragon while the L.U.C. Tourbillon Dragon from Chopard boasts an engraving of the mythical beast on the plate of the internally manufactured movement.

As part of its Mimosa collection, Damiani has released the Mimosa Dragon. The watch is available in two versions, one featuring an 18 karat white gold case with 24 diamonds and 22 sapphires, the other comprised entirely of white gold and 46 white diamonds.

While dragon lovers may be a niche market, other trends are more universal. Echoing a movement seen on the red

carpet towards shoulder dusting jewels, earrings have gone long – and they have gone big. Chandelier earrings are living up to their name evoking crystal drops and chains. Pearl company Utopia has some stunning examples on display.

Bows are also putting in an appearance adding an especially feminine touch to all types of jewellery. The bows are present either as accents on rings, earrings or pendants, or as the main feature. We especially love those tied up at Pasquale Bruni.

The shape of the show seems to have been the pear or tear drop. It was evident in all types of pieces, from chain links and large cabochon rings to pendants and earrings. The shape works especially well with the large array of coloured gemstones.

Finally, when it comes to gemstones, one trend that was not seen as much as we thought we would do is gem slice jewellery. It looks like this unique way of displaying beautiful gemstones in their essentially raw state still needs time to heat up. ideX

Jewellery by Sicis

17iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT

Forevermark CEO Stephen Lussier, South African Actress KB and Caratco CEO Tim Watson and Models Wearing Pieces Featuring Forevermark Diamonds

IDEX MAGAZINE INDIA RETAIL| NO 17: RETAIL ET CETERA 19

Retail et CeteRa

FoReveRmaRk AnnOunCES SOuTh AFriCA rOLL-OuT PLAnS

F orevermark, the diamond brand from the De Beers group, recently announced its expansion plans for

South Africa. After launching with Jewel Africa at the end of 2011, jewelers Ntinger and Shemer, Peter Gilder and Lorraine Efune now offer jewelry featuring Forevermark diamonds in both Johannesburg and Cape Town. To mark the ongoing expansion of the brand in South Africa, Forevermak unveiled a 35 carat, fancy yellow, marquise-cut diamond, crafted by Forevermark Diamantaire Steinmetz Diamonds. The diamond was worn by South African actress Keabetswe Motsilanyane – “K.B.” – at an event hosted by Forevermark CEO Stephen Lussier.

“Today, I am delighted to add to the history of the De Beers Group in South Africa,” said Lussier. One hundred and twenty years of diamond expertise within the De Beers Group has been channeled into Forevermark, a diamond brand that provides consumers with an unbreakable promise and thanks to this promise, diamonds that they can be proud to give and wear forever.” “We are proud to be in partnership with the De Beers group of companies to bring Forevermark diamonds to South Africa as part of the brand’s global expansion,” said Tim Watson, CEO of Caratco, parent company of Jewel Africa. “We are continuing the roll-out in this market to select retailers who have a reputation for diamond expertise and passion which can match the high standards demanded by Forevermark.” iDeX

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

Jewellery by Pandora

PanDoRa OPEnS 100Th STOrE in ASiA

espite a variety of problems, including falling sales and an investigation into its financial reporting, bead

behemoth Pandora recently opened its 100th store in Asia. The boutique is located in the Banqiao District of Taipei, Taiwan. The company believes Asia is its single largest long-term growth opportunity, as its concentration on the region reflects. “The grand opening of our store number 100 in Asia marks

D an important milestone for us,” said Hans Hornemann, president of Pandora Asia. Pandora opened its first Asian shop in Hong Kong in 2009. The company now has a sales presence in China, Hong Kong, Indonesia, Japan, Korea, Macao, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. Worldwide, Pandora jewelry is sold in more than 65 countries through over 10,500 points of sale, including more than 670 concept stores. iDeX

21IDEX MAGAZINE INDIA RETAIL| NO 17: RETAIL ET CETERA

fter years of manufacturing yellow diamonds in a lab, Gemesis now offers colorless diamonds. The

firm is also selling directly to consumers, in the hopes of capturing a larger margin. Although Gemesis made a similar statement in November 2010 when it announced colorless diamonds and an e-commerce products seem to be finally coming to market. The IGI-certified colorless diamonds are priced according to their overall quality and color; just like natural diamonds. However, these lab-created diamonds are still lower in price than natural diamonds with the same characteristics. As well as the colorless diamonds, the company has also developed its own fine jewelry line, enabling consumers to build their own ring set with Gemesis diamonds. In addition, Gemesis will offer sales through retailers that subscribe to the company program – including education, approach and pricing philosophy.

Gemesis touts its diamonds as grown in a safe, controlled

a

Gemesis STArTS MArKETinG COLOurLESS DiAMOnDS, SELLinG JEWELLErY OnLinE

environment using only modest amounts of energy with little environmental impact. It also emphasizes that its diamonds are conflict free. “Company research indicated a keen interest in lab-created diamonds based on increasing environmental sustainability mindsets as well as consumers’ ability to positively know the origin of their diamonds,” said Gemesis. The company added that a recent BBMG Conscious Consumer Report stated that two out of three Americans agree that, even in tough economic times, it is important to buy products with social and environmental benefits. “The value proposition to consumers is tangible,” said Gemesis president and CEO Stephen Lux. “It’s not only about price, but about getting the purest and highest-quality diamonds. Add to that environmental responsibility and the ability to unequivocally know your diamond’s origin and we have a very special product offering.” iDeX

WhAT COnTinuE TO iMPrOvE?Ken Gassman answers this and other riddles at www.idexonline.com/research/GlobalEcon1

soCial meDiaDOESn'T BOOST SALES AnD PrOFiTS

a ccording to a newly released study by the New York-based Luxury Institute, there is no credible evidence

that gaining millions of fans on Facebook or other social media sites generates increased sales or profits for luxury goods or brands.

The Luxury Institute, which bills itself as “the objective and independent voice of the high net worth consumer,” conducts extensive research via wealthy shoppers. The Luxury Institute’s research shows that while luxury consumers are online and are members of Facebook, there is no credible proof that having millions of Facebook fans – most of whom are purely aspirational – has helped

luxury brands to acquire new customers, create better relationships or generate improved sales and profits.

Luxury consumers of all ages – including today’s young, wired shoppers – apparently do not put any significant value on the social media presence of a luxury brand. Some of those consumers actually react negatively to a luxury brand’s association with mass-market media such as Facebook.

The Luxury Institute suggests that jewelers who are considering using social media should demand that their marketing department prove empirically that they can deliver sales and profits without damaging brand equity.iDeX


arry Winston, Inc. is opening a retail pavilion in Shanghai this month, its first flagship location in

China and its second store in the country. Located in the prestigious XinTianDi shopping district, the freestanding 5,800 square foot space will be the brand’s first pavilion style salon.

Featuring a two-story selling gallery, the layout was designed to highlight different categories of Harry Winston products, including dedicated areas for high-end jewelry, bridal jewelry and a newly created watch salon.

H The opening comes as part of the company’s continued global development strategy to expand its retail network to 50 doors over the next four years. A smaller salon located at the Peninsula Hotel in Shanghai opened in January 2012. To celebrate the opening, The Harry Winston Hope Foundation announced a new philanthropic program developed with the International Youth Foundation (IYF) and the China Youth Development Foundation (CYDF) to bring a renowned life skills curriculum to schools in China for the first time. iDeX

HaRRy Winston oPeninG in sHanGHai

The Bund Shanghai


eliance Jewels, the jewellery specialty store chain from Reliance Retail, opened a large format store

in Bangalore on March 16. Located in the central business district area of M.G. Road, the new 7,000-square-foot store is Reliance Jewels’ 5th in Bangalore. The chain now has 37 stores in 23 cities across India. The stores are located in all the main geographic market zones of the country.

Ashok Kaul, Reliance Jewels ’ Senior Vice President & Business Head, observed while inaugurating the store that branded players had transformed the Indian jewellery industry. The new store, he said, would offer product in every price range and for every occasion, combining the traditional and the modern.

The new s tore i s one o f the largest operated by Reliance Jewels and showca se s over 25,000 designs including a range featuring traditional Indian jewellery techn iques l ike filigree, naqashi, Junagarhi polka, Rajasthani kundan, K a r a i k u d i a n d temple jewellery. Diamond jewellery on display includes an international range, pearl-and-diamond combinations and Reliance Jewels’ Solitaire Illusions collection. To mark the launch, the chain offered special rates on jewellery for nine days.

R

Reliance Retail is part of the giant Reliance Industries Limited, which last year reported a turnover of Rs.2,58,651crore. The company features in the Fortune Global 500 list of the world’s largest firms. iDeX

viSiT WWW.IDEXONLINE.COM

FOr LivE uPDATES

RelianCe JeWels OPEnS 5Th rETAiL STOrE in BAnGALOrE


The Power of TrusT:ConClusions from The AGs Consumer

reseArCh sTudy

By Ruth BAtsoN, AGs

ast June, the American Gem Society conducted a field research study directly with consumers. The Society

sought a diverse audience in order to get the widest range of opinion, and focused on two distinct, though similar in size, cities: San Francisco and Minneapolis. Our goal was to find ways to better connect and communicate with consumers. Like any research endeavor, our findings led to conclusions that we were not expecting.

What we learned echoes a recent Gallup poll that showed jewelers have only a 20 percent rate of trust with consumers. In fact, jewelers in that poll ranked near lawyers and members of Congress.

Our study was divided into four separate, select focus groups of men aged 24-59. Half were in the process of buying an engagement ring (“Bridal”) and the other half had purchased one and were considering an anniversary or other purchase (“Non-bridal”). There were also groups of

l

women divided into the same age range and the bridal vs. non-bridal categories.

The men in our study made it clear that they were out of their comfort zone when shopping for jewelry and need guidance. The typical male in the group was highly overwhelmed by the shopping process. He was intimidated by his lack of knowledge, and appreciated guidance, but resisted being talked down to.

In the spirit of full disclosure, it’s worth noting that our sample size was relatively small – therefore, this information should not be construed as a statistical finding. While much of what we learned is proprietary information, we believe that it is important to work together to better the image of the industry. We all benefit from a public perception as trustworthy professionals.

One of the key components we learned flies in the face of much of the conventional wisdom in the way jewelers market themselves: focus on the man, not the woman. Women choose the shape and style of the jewelry they want, and even often the brand, but it is the man who decides which jeweler they will shop with.

The men in our study made it clear that they were out of their comfort zone when shopping for jewelry and need guidance. The typical male in the group was highly overwhelmed by the shopping process. He was intimidated by his lack of knowledge, and appreciated guidance, but resisted being talked down to.

In fact, the men said that their unfamiliarity with buying jewelry and their natural inclination to not trust jewelers meant they are very guarded with jewelers. They worry most that they will be taken advantage of. The average male in the study expressed that he does not like feeling out of control, and fears being given misinformation.

Notably, many of the men described an almost “adversarial” relationship with jewelers. Their lack of knowledge about jewelry takes them out of their comfort zones and they have to cede control to someone whose motives they often distrust. One of the men in our San Francisco bridal focus group had this to say about jewelers, “I feel like I’m going into battle with these guys when I walk in the door. Their livelihood is dependent on the markup. If they think they can fleece you and mark it up an extra $500, they’re going to do it. It’s like buying a car.”

Given their inexperience and underlying mistrust, men said they often turn to friends and family for a recommendation in finding a jeweler. This was the surefire trust credential


“I don’t know how to judge quality of merchandise. What’s really important is someone I can trust. I trust when they say this is quality.”

that men desired and typically they were recommended to a specific salesperson, not just the store.

Trust was also an issue with women. All respondents were given a series of factors they consider when searching for a jeweler. “Trust” ranked third, collectively. Quality of merchandise ranked as the top consideration, followed by a “recommendation from a friend.” Price ranked fourth, followed by customer service.

“I don’t know how to judge quality of merchandise,” said one of the non-bridal women in the San Francisco focus group. “What’s really important is someone I can trust. I trust when they say this is quality.”

A gentleman from the non-bridal group in Minneapolis stressed the importance of recommendations from his social circle. “If my friends who have bought a lot of jewelry say they trust these guys, then that’s how I judge the quality of their merchandise.”

So what can you do to appeal to customers and build trust? Obviously, a high level of knowledge is important. Customer service was paramount to most respondents and listening to and understanding them were considered two key components of good service.

The passion you show in your profession is another factor that attracts them. A number of our respondents made it clear that they felt independent jewelers in particular had a more “artful” approach to jewelry and cared more for their craft. They were seen as committed to creating beautiful pieces, took pride in their work and were in the business for the long haul. As one man in the San Francisco group put it, he trusted jewelers who convey a “real intensity that they believe in what they’re doing.”

Your devotion to quality products, quality service and to creating a good experience for your customers will come through in your sales presentation. Our study shows that participants found the most ideal experiences tended to involve a professional jeweler educating them about a particular piece in an informative, honest way without talking down to them. This in turn made them feel more comfortable because the jeweler was focused on educating them versus pushing the sale.

From that good shopping experience, you create trust, and that trust, in turn, creates positive word of mouth. You then have the ideal situation: your customers referring you to their friends as their trusted jeweler of choice. ideX

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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27IDEX MAGAZINE INDIA RETAIL| NO 17: DRB

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

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


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.89


D 906825 670164 592626 537520 495254 397232 351019 314299 256894 181055 116107

E 702338 605566 521283 492006 456085 374201 327688 283973 229466 171813 114159

F 608813 560252 478967 465877 413619 357664 300909 273831 219175 171813 114159

G 518036 485462 446293 407074 377498 324341 273831 260242 205336 160022 110562

H 465877 456085 413619 384093 341077 304257 256894 239758 198391 150729 100270

I 400480 377498 367606 331035 314299 263639 229466 222572 188000 121253 88679

J 314299 297512 294165 260242 246603 226019 212280 201839 163569 103267 81285

K 256894 250000 236311 212280 198391 174111 167066 160022 136491 92376 70144

L 246603 208783 205336 184502 170564 160022 149530 142486 118505 84982 62800

M 236311 198391 194944 181055 167066 156525 142486 138989 111261 81285 62800

N 208783 188000 181055 170564 163569 153028 135442 117706 96023 73841 62550


APRIL 1st 2012

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

APRIL 1st 2012

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


29


APRIL 1st 2012


D 1204986 992906 828887 682254 566497 508293 423711 377998 298861 204037 127498

E 917466 866906 752548 598721 534173 482264 410622 351769 292116 197192 120454

F 873201 739808 663020 540618 521233 443295 384492 332034 292116 176409 114159

G 778078 656625 560052 488809 462780 417166 358313 312150 265338 176409 113359

H 566497 547112 514738 469275 436751 377998 345174 305506 231415 162520 106265

I 534173 469275 430256 410622 377998 332034 305506 265338 210881 121253 91827

J 462780 404127 391037 351769 318745 292116 272032 251749 176409 113359 84582

K 285422 278727 272032 265338 258543 245004 217726 210881 148531 106265 77238

L 251749 245004 238209 231415 224570 210881 197192 183353 120454 91827 77238

M 238209 231415 224570 217726 197192 190298 155576 141537 120454 91827 77238

N 231415 190298 183353 176409 169464 155576 148531 134492 106265 84582 69794

Roun

d 0.

90-0

.99


D 1876399 1330735 1213529 977818 827988 606265 510042 464828 354416 255895 147082

E 1312250 1176409 959183 834233 720773 561451 477768 426009 347922 229117 133243

F 1151679 940548 802808 771333 644534 542216 451888 419514 334832 215578 133243

G 890637 809103 758693 644534 593475 510042 419514 400030 328337 202038 119205

H 739758 708084 638189 580685 535771 471323 413020 367506 308703 188449 112160

I 606265 593475 535771 497152 484263 426009 374001 354416 295564 181555 112160

J 497152 490707 471323 438999 419514 374001 347922 308703 249201 154027 105166

K 445444 432504 406525 380546 367506 321793 289019 269185 222372 119205 105166

L 367506 354416 334832 328337 302108 289019 255895 249201 208833 119205 98072

M 321793 308703 289019 269185 255895 235811 215578 208833 202038 119205 90977

N 315248 302108 269185 262540 208833 202038 195294 167866 140188 112160 90977

Roun

d 1.

00-1

.24

Roun

d 2.

00-2

.99

Roun

d 3.

00-3

.99


D 3559053 2593875 2289319 2020284 1450739 1106815 827488 619105 501749 307804 159822

E 2504347 2301259 1972422 1714978 1288070 1016037 772532 606765 483163 295114 150130

F 2092026 1948491 1702988 1504896 1257894 949291 735761 588279 414768 256795 133243

G 1673012 1492906 1312200 1185402 1100769 845823 705136 582134 402278 206335 119205

H 1312200 1203537 1137090 1046313 906725 809203 674460 569794 402278 206335 116207

I 1040218 991757 949291 827488 772532 680606 619105 520384 402278 186201 112160

J 827488 766387 729666 686701 625250 569794 520384 439648 307804 159822 109363

K 686701 680606 674460 606765 563649 514139 445893 396033 237510 120454 109363

L 557454 526529 501749 470773 439648 389788 364658 326839 224670 119205 103917

M 507944 483163 458333 433453 389788 339478 295114 269584 212980 119205 103917

N 452088 439648 427208 414768 339478 333133 275979 218225 205286 117856 96873


D 6937800 4769135 4123651 3376399 2693295 1722272 1141837 677158 561401 333583 169664

E 4360612 3987310 3382294 2800260 2288819 1381495 1135841 671113 543066 321143 156775

F 3856914 3358563 2752748 2336431 2056455 1345574 1051709 652878 524680 296263 150330

G 3020134 2503048 2324540 2044514 1710282 1207834 876898 640687 481715 271233 143835

H 2163719 1955036 1811801 1644584 1357564 1003547 822542 634592 475570 264988 137390

I 1638589 1542966 1429357 1321643 1093775 864858 743855 585831 407874 239758 137390

J 1309652 1213829 1147882 1051709 931255 731765 640687 500150 401679 214428 137390

K 1009592 985512 973421 888989 774131 658973 549161 444844 370803 163219 124400

L 749950 689349 683253 677158 610262 481715 414019 376998 314948 163219 124400

M 604117 598022 591926 579736 500150 414019 364608 302508 252398 163219 124400

N 500150 475570 438699 426359 352168 339778 296263 271233 220773 156775 117856


D 1976219 1441347 1239209 1011391 856565 644235 542966 491956 395584 259093 147082

E 1404676 1251449 1005196 868955 769484 593725 504696 459932 369754 239408 133243

F 1177708 1023731 856565 806805 681954 574740 485562 440697 356815 219624 133243

G 906175 844125 806805 681954 619005 549311 453537 414918 350320 206335 119205

H 756994 725819 644235 606365 555655 504696 434253 408473 337330 206335 112160

I 644235 606365 549311 517486 485562 434253 389139 376199 324341 186201 112160

J 523831 491956 485562 459932 427808 376199 350320 337330 291767 154027 105166

K 453537 434253 421363 389139 382644 330835 298311 272182 222372 119205 105166

L 395584 369754 343825 330835 324341 291767 272182 265637 212980 119205 103917

M 363259 350320 298311 291767 272182 252548 239408 226219 212980 119205 103917

N 343825 330835 291767 285222 212980 206335 199640 192946 159123 117856 96873

Roun

d 1.

25-1

.49


D 2307854 1699540 1524131 1293665 1061651 809652 636091 555056 447892 281225 156825

E 1645184 1475719 1263189 1122852 988060 753997 605016 529976 416117 268285 150130

F 1415118 1250999 1116757 1006495 871253 735412 573841 498501 390637 242256 133243

G 1086131 1018785 938949 877448 778727 673411 523681 479566 384243 206335 119205

H 902028 840478 791067 741607 692046 623651 498501 441547 365008 206335 116207

I 753997 729217 704436 654776 592526 536271 441547 428857 358613 186201 112160

J 629896 605016 580086 542516 504796 447892 403377 365008 294165 156825 109363

K 511091 492206 485911 460631 428857 377848 326439 287720 222722 119205 109363

L 428857 403377 390637 358613 352218 313599 287720 268285 212980 119205 103917

M 384243 365008 332884 313599 274780 261791 248801 229217 212980 119205 103917

N 358613 352218 326439 300659 255296 235761 229217 209632 183403 117856 96873

Roun

d 1.

50-1

.99

Roun

d 4.

00-4

.99


D 8550560 6823241 5094924 3800709 2906225 1860861 1276429 730965 610162 354167 186501

E 7512990 5319345 3735612 3344874 2787570 1574940 1228667 712880 567796 321143 156775

F 5962530 3664618 3155226 2947742 2443345 1503347 1198741 688749 555705 298711 150330

G 4545614 2947742 2674860 2473022 1962030 1318295 1037220 682704 507094 280126 143835

H 3469225 2223521 2128447 1944195 1646483 1228667 887440 634592 488859 273931 141936

I 2645184 1592826 1557004 1509293 1282424 1001299 809303 585981 452238 261541 141936

J 2021483 1377998 1216677 1132994 1049211 827338 743056 500999 403327 242856 137390

K 1270484 1162870 1061151 959432 857414 706884 628347 446143 370803 180156 135542

L 1055206 953437 815298 749051 688749 561751 464478 384892 317246 180156 135542

M 845374 724970 622302 579886 543565 488859 403327 348022 286321 180156 129097

N 634392 573841 513189 440048 366507 348022 323391 304856 249101 173811 129097

Roun

d 5.

00-5

.99


APRIL 1st 2012



30


D 10270434 7593975 5619055 4156225 3068795 2013639 1502498 786071 635891 363359 190797

E 7817996 6055306 4864458 4055855 2997752 2007694 1389339 732064 605765 332784 159472

F 5962530 4728767 4705136 3760542 2897132 2001799 1383393 726069 593675 308203 159472

G 4545614 3027378 3021433 2985911 2660222 1835482 1377448 702038 587680 283623 143835

H 3469225 2630596 2494255 2405326 2150230 1407224 1186601 641886 527278 277478 141936

I 2645184 2233313 2144285 1942396 1781974 1264189 1019384 587680 472822 265138 141936

J 2021483 1787920 1752248 1419165 1377448 1061201 875849 509143 418215 246653 137390

K 1544165 1347622 1329786 1132894 1019384 780076 702038 454636 381695 196992 135542

L 1180655 1013389 887840 863859 744105 702038 569544 406025 326639 190797 135542

M 899780 768086 696043 659972 617806 551459 448591 369454 295913 190797 129097

N 690048 653927 593675 503098 412120 381695 357264 320494 265138 184552 129097


D 158573 142986 139089 119604 104017 92126 72092 56055 48062 40068 32024

E 119604 115707 107914 96123 88080 64099 60052 48062 44065 36021 28028

F 104017 92126 80086 76089 72092 60052 56055 44065 44065 36021 28028

G 92126 84083 76089 72092 68096 56055 48062 40068 40068 32024 28028

H 84083 76089 72092 68096 60052 48062 44065 36021 36021 28028 24031

I 80086 72092 68096 64099 56055 44065 40068 32024 32024 28028 24031

J 76089 68096 60052 48062 44065 36021 32024 28028 28028 24031 20034

K 56055 48062 44065 40068 36021 32024 28028 24031 24031 24031 20034

L 44065 40068 36021 32024 28028 24031 20034 16037 16037 16037 16037

M 40068 36021 32024 28028 24031 20034 16037 11990 11990 11990 11990

N 36021 32024 28028 24031 20034 16037 11990 7994 7994 7994 7994

Fanc

y 0.

18-0

.22


D 169165 153977 150130 134542 122852 99470 91677 68096 64099 48062 40068

E 161571 150130 146233 130645 118955 95574 87780 60052 60052 44065 32024

F 138439 134542 130645 126749 115058 91677 83883 56055 56055 40068 32024

G 134542 122852 118955 111161 107264 87780 76089 52058 52058 40068 32024

H 122852 115058 111161 103367 99470 83883 68096 48062 48062 40068 28028

I 111161 107264 103367 91677 72092 68096 64099 44065 44065 36021 28028

J 103367 91677 79986 64099 60052 56055 52058 40068 40068 32024 28028

K 79986 72092 64099 60052 52058 48062 44065 36021 36021 32024 24031

L 64099 60052 56055 48062 44065 40068 36021 32024 32024 28028 20034

M 56055 52058 48062 44065 40068 36021 32024 28028 28028 20034 16037

N 52058 48062 44065 40068 36021 32024 28028 24031 24031 20034 11990

Fanc

y 0.

23-0

.29


D 314748 233913 205436 194594 172812 154476 128497 121003 105815 86781 63499

E 226769 205436 180106 176459 165568 147032 121003 109612 90578 71293 59602

F 212530 190997 169215 165568 154476 121003 109612 101968 82984 63649 51809

G 201888 169215 158173 154476 139638 113409 105815 86781 79087 55855 47912

H 176459 165568 139638 135891 121003 105815 94375 79087 75190 55705 44015

I 161871 147032 121003 117206 109612 101968 90578 75190 63649 51958 44015

J 128497 121003 105815 101968 98171 94375 82984 71293 59602 44065 36021

K 113409 105815 94375 90578 86781 82984 79087 63499 59602 40068 32024

L 98171 94375 86781 79087 75190 71293 63499 59602 44015 36021 28028

M 94375 86781 79087 75190 67396 63499 59602 51809 44015 36021 28028

N 86781 79087 75190 71293 63499 55705 51809 47912 40068 36021 28028

Fanc

y 0.

45-0

.49


D 395883 282824 244604 220024 209482 181305 159922 156325 141787 108663 70943

E 300160 244604 223521 195444 188399 163519 149031 138139 127198 86131 59602

F 251599 216527 198941 188399 177758 159922 141787 134542 123501 82334 51809

G 223521 195444 181305 174161 163519 152678 138139 130895 116107 78537 51559

H 202488 184852 174161 163519 159922 149031 130895 123501 112360 78537 51559

I 181305 159922 152678 145434 141787 130895 112360 108663 93725 70943 47662

J 152678 138139 134542 130895 127198 119804 108663 93725 86131 55456 43765

K 127198 119804 108663 104966 97522 93725 82334 78537 70943 47662 35971

L 112360 101269 93725 82334 78537 74740 67146 63249 47662 36021 32024

M 108663 97522 82334 78537 70943 67146 63249 59353 44015 36021 28028

N 97522 82334 78537 74740 67146 59353 55456 51559 40068 36021 28028

Fanc

y 0.

50-0

.69


D 219724 197492 182604 167716 148731 125949 106765 91177 79486 63899 44065

E 193745 178907 163919 152528 137340 114558 95074 83383 79486 56055 40068

F 171513 160122 152528 137340 125949 110661 91177 79486 71693 52058 36021

G 141137 137340 133543 125949 122152 102868 87280 75590 67796 44065 32024

H 133543 122152 118355 114558 110661 98971 83383 67796 60002 44065 32024

I 125949 110661 106765 102868 95074 83383 75590 60002 56055 40068 32024

J 106765 95074 83383 75590 67796 63899 60002 56055 48062 36021 28028

K 83383 75590 71693 67796 63899 52058 48062 44065 36021 32024 24031

L 67796 63899 60002 56055 52058 44065 40068 36021 36021 28028 24031

M 60002 56055 52058 48062 44065 40068 36021 32024 28028 24031 16037

N 56055 52058 48062 44065 40068 36021 32024 28028 28028 24031 11990

Fanc

y 0.

30-0

.39


D 271033 224770 195743 192096 166317 132744 117556 98571 94774 75340 55855

E 210232 199341 166317 158873 151479 125150 109962 94774 87030 63649 51958

F 195743 177458 155176 151479 144035 113759 106165 90927 79237 63649 48062

G 184852 158873 140338 136541 132744 109962 98571 83133 71443 55855 40068

H 162620 144035 128947 121353 113759 102368 90927 75340 67546 51958 40068

I 144035 136541 117556 113759 106165 98571 83133 67546 63649 51958 40068

J 117556 98571 94774 90927 87030 83133 75340 63649 55855 44065 32024

K 102368 94774 90927 87030 83133 79237 67546 55855 48062 36021 28028

L 90927 87030 83133 75340 67546 63649 59752 48062 40068 32024 24031

M 87030 79237 75340 71443 63649 59752 48062 36021 32024 24031 20034

N 75340 71443 67546 63649 59752 51958 44065 32024 32024 24031 20034

Fanc

y 0.

40-0

.44

Fanc

y 0.

70-0

.79


D 508893 397182 313299 306505 289518 234562 206835 203337 192846 136491 92876

E 383893 336980 296313 292966 286121 227618 189349 185851 175310 132944 85432

F 316647 313299 282674 279277 262090 217226 185851 175310 175310 125749 77988

G 303108 272382 258693 255246 238010 213729 171813 168265 161271 107614 74191

H 275829 248401 234562 224171 220673 192846 168265 157724 147132 96573 62800

I 241507 224171 196393 192846 189349 164768 140038 122152 118505 85432 55206

J 164768 157724 154227 150729 147132 143585 129347 96573 89129 59003 43765

K 143585 136491 132944 129347 125749 118505 111261 92876 70943 51359 35971

L 129347 111261 103967 100270 92876 89129 85432 81735 62800 47462 35771

M 122152 107614 96573 89129 81735 74191 70394 62800 59003 43565 31875

N 107614 96573 92876 85432 77988 66597 62800 55206 43565 36021 28028


D 599121 459333 416916 370903 307604 253447 222572 215727 212280 149530 96023

E 459333 357664 327688 314299 287370 250000 201839 198391 188000 142486 88679

F 410322 341077 314299 310951 273831 246603 194944 184502 181055 128347 81285

G 331035 294165 283973 273831 250000 222572 184502 170564 170564 114159 74191

H 280576 277228 260242 243155 236311 219175 181055 163569 160022 106914 70144

I 250000 239758 219175 201839 198391 181055 160022 142486 135442 92376 62550

J 201839 194944 184502 167066 163569 149530 131944 103267 92376 62550 47362

K 153028 149530 142486 138989 135442 124800 114159 96023 73841 54956 39618

L 135442 117706 110562 106914 99670 92376 88679 84982 66397 51159 35771

M 128347 114159 106914 99670 84982 77588 73841 66397 62550 43565 35721

N 114159 106914 99670 88679 81285 70144 66397 58753 51159 39618 31825

Fanc

y 0.

80-0

.89




APRIL 1st 2012 31


APRIL 1st 2012


APRIL 1st 2012


D 675859 521233 482264 404127 351769 318745 258543 245004 231415 162520 99071

E 598721 443295 430256 397582 345174 312150 245004 231415 217726 155576 91827

F 514738 371453 345174 338629 312150 305506 238209 224570 210881 134492 84582

G 364908 345174 332034 318745 298861 285422 231415 217726 204037 134492 84582

H 312150 292116 272032 265338 258543 245004 224570 204037 197192 120454 77238

I 292116 258543 251749 245004 238209 204037 197192 176409 176409 113359 69794

J 210881 197192 190298 183353 176409 169464 162520 141537 141537 99071 62350

K 183353 176409 169464 162520 155576 148531 141537 134492 120454 77238 62350

L 162520 148531 141537 134492 127498 120454 113359 106265 99071 69794 47212

M 155576 141537 127498 120454 106265 99071 91827 84582 77238 62350 47212

N 148531 113359 106265 91827 84582 77238 69794 62350 62350 39618 31825

Fanc

y 0.

90-0

.99)


D 1145484 884392 708084 619055 477768 380546 315248 289019 242506 167866 112160

E 840528 714428 631795 529327 458383 360961 302108 262540 222372 155576 105166

F 739758 644534 529327 490707 445444 354416 295564 255895 210881 140188 90977

G 555056 522882 484263 445444 413020 328337 282424 249201 204037 140188 84582

H 458383 400030 387040 367506 334832 302108 262540 222372 202038 133243 77238

I 393535 347922 341377 321793 295564 255895 235811 208833 181555 119205 76589

J 328337 302108 295564 275779 255895 222372 215578 195294 167866 99071 76589

K 262540 255895 235811 222372 215578 188449 174710 167866 147082 98072 69295

L 208833 202038 195294 188449 181555 167866 154027 147082 119205 98072 69295

M 160971 154027 147082 140188 133243 126199 112160 105166 105166 83833 61900

N 154027 147082 140188 133243 126199 112160 105166 83833 76589 69295 61900

Fanc

y 1.

00-1

.24


D 2361011 1702988 1498901 1233763 1034173 748052 545064 402278 320494 199640 133643

E 2026229 1414618 1155226 1088679 888489 692846 526529 396033 295114 179456 110911

F 1510891 1197492 973571 888489 815298 662170 520384 370953 275979 159123 90977

G 1112860 1028127 851918 803058 692846 612960 501749 364658 269584 146733 84582

H 900629 698991 686701 668315 606765 507944 439648 358363 269584 146733 81635

I 619105 582134 569794 507944 464528 458333 414768 326839 216177 146733 79986

J 483163 445893 439648 408523 389788 370953 326839 275979 192346 120454 76589

K 383493 377248 370953 364658 358363 345773 314149 250350 185851 113809 74590

L 320494 314149 295114 275979 263189 243955 237510 205286 153277 107114 74590

M 295114 288719 269584 250350 237510 185851 172812 166317 129896 100420 74590

N 269584 256795 243955 224670 185851 172812 153277 133643 120454 95574 67596

Fanc

y 2.

00-2

.99


D 3975470 2586331 2503048 2014688 1626649 1177858 762040 506295 414019 239758 133643

E 3412020 2270983 2086231 1847622 1554956 1105815 683253 475570 376998 214428 111361

F 2378098 2110112 1710282 1513090 1459233 925210 646783 463279 333583 188899 91727

G 2014688 1686401 1602768 1285721 1201839 810452 616357 457134 321143 169664 91727

H 1399430 1387490 1291717 1051709 901079 695394 585831 383143 302508 150330 85082

I 834632 828587 822542 816497 792316 634592 506295 364608 258693 146733 85082

J 798361 610262 604117 598022 573591 487860 426359 339778 239758 137390 78437

K 536920 512440 500150 481715 450989 395534 339778 277528 201689 124400 74590

L 364608 358413 352168 345973 339778 296263 246103 220773 156775 117856 74590

M 321143 308703 302508 290018 283773 246103 208034 169664 143835 100420 74590

N 277528 264988 252398 233463 195294 188899 176109 163219 130895 95574 67596

Fanc

y 3.

00-3

.99


D 1220773 968126 725819 656825 504696 427808 363259 324341 291767 199640 117856

E 1054606 899980 644235 555655 498351 408473 350320 317846 259093 179456 110911

F 788169 694494 536621 530226 479167 402078 343825 311301 252548 159123 90977

G 568345 562000 517486 485562 434253 382644 337330 304806 226219 145434 84582

H 491956 466327 408473 389139 376199 324341 304806 232864 212980 138589 77238

I 414918 376199 369754 337330 317846 298311 259093 226219 199640 119205 76589

J 350320 311301 298311 285222 265637 259093 252548 219624 186201 103917 76589

K 278677 259093 252548 239408 232864 206335 199640 186201 172712 103917 69295

L 239408 219624 206335 199640 192946 186201 165917 159123 145434 103917 69295

M 212980 199640 179456 165917 152278 145434 117856 110911 110911 89878 68595

N 192946 179456 172712 159123 131695 124750 110911 89878 76589 75739 61900

Fanc

y 1.

25-1

.49


D 1633094 1171763 871253 766387 679606 555056 454287 377848 307104 199640 129896

E 1122852 1000350 840478 753997 648531 536271 441547 358613 274780 179456 110911

F 981964 902028 809652 673411 561301 517386 435202 352218 268285 159123 90977

G 791067 741607 617456 561301 523681 473271 403377 345773 261791 145434 84582

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I 504796 479566 460631 428857 390637 371403 313599 274780 216177 136641 76589

J 365008 358613 352218 345773 320044 307104 268285 248801 189998 109363 76589

K 326439 294165 281225 274780 268285 261791 229217 196543 176809 103917 74590

L 281225 235761 209632 203088 196543 189998 183403 170164 145434 103917 74590

M 229217 222722 203088 183403 170164 163519 150130 143435 129896 95574 74590

N 203088 196543 189998 176809 143435 136641 129896 123102 109363 95574 67596

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F 2550210 2265138 2134392 2069045 1985811 1126998 700839 470574 360312 199091 96723

G 2033373 1932254 1634542 1628597 1586831 1115008 658523 458333 335731 180156 91727

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I 989359 983363 977368 971373 947442 821343 604117 391037 292516 148331 85082

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M 372652 360312 354167 348022 335731 317246 255296 173811 154726 129097 77138

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D 6544614 5442196 4339279 3624550 3139788 2001799 1490608 780076 635891 363359 190797

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F 4227118 3470873 3305406 2944494 2517986 1520384 965578 509143 418215 215677 108563

G 3246253 2500200 2464628 2304456 1764139 1341677 917716 478867 393885 196992 102118

H 2375649 2144285 1966177 1924610 1692846 1198541 833933 424311 338879 184552 95673

I 1692846 1496553 1299960 1293965 1264189 1079137 750100 406025 302108 172012 95673

J 1341677 1228367 1001449 995454 971573 851918 665967 387790 258993 165767 89179

K 1001449 851918 768086 762090 708034 563499 466777 308203 203237 134143 89179

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M 551459 454636 406025 381695 345024 320494 265138 184552 159472 134143 82684

N 412120 381695 345024 295913 234263 221873 203237 172012 154726 122652 76189




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34 IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

We have our own traditions here in India – they’re thousands of years old – and they won’t just go away overnight. But lifestyles are changing and the perception of jewellery is changing. What the consumer thinks is value, worth having, is also changing. We have to tap into that change and offer our customers something that transmits value without simply depending on the cost-price of its raw material. We can’t just go on using gold as the crutch for our business.

GOLD GOLD GOLD NO LONGER NO LONGER NO LONGER JEWELLERY’S JEWELLERY’S JEWELLERY’S DEPENDABLE DEPENDABLE DEPENDABLE RIDERIDERIDE

by VINOD KURIYAN

IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY 35

old is no longer the solid, dependable ride it used to be for the Indian jewellery retail industry. Despite what appears to have been

record consumption along with record high prices for the yellow metal, the World Gold Council (WGC) notes in its Gold Demand Trends review of 2011 that global jewellery demand for gold decreased as compared to 2010. The report noted, however, that due to the double-digit annual price increases of the yellow metal, value-wise consumption of gold in jewellery was good in 2011 and was set to look good for this year as well.

“It doesn’t mean people will necessarily buy jewellery,” said one jewellery retailer from Delhi, who asked not to be named. “Our problem is that we have depended on gold the commodity, to drive our businesses. We haven’t taken charge of our market and made our product the main impeller of sales. This is why we are at the mercy of the forces that determine commodity prices – factors totally outside our control.”

But, he acknowledges, taking charge of the product is easier said than done. “In developed markets, well-established brands have been the drivers for jewellery consumption outside the obligatory segments like the diamond engagement ring. But here in India, where the store itself – in most cases strongly connected to individual personalities – has been the main brand for most consumers. We all know the big issues of trust involving the gold content of our product as well as their valuation, including diamonds and gemstones. That is a major stumbling block in the attempt to generate demand for our product itself, irrespective of raw material prices.”

Raw material prices, including that of diamonds, but particularly that of gold, have had a major impact on the entire industry’s performance over 2011 and seem set to shape it even in the current year. “Indian consumers got hit by a double punch,” says independent gold analyst Sanjiv Arole. “After having peaked at $1,895 per troy ounce (Rs.93,266 for 31.10 grams), Indian consumers saw gold slump to the $1,600 level and stay roughly around the $1,700 level through to today. At the same time, however, the rupee has slumped against the dollar and thus in rupee terms, the price of gold remained high – above Rs.27,000 for 10 grams. This turned Indian

G

IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

37IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

investors – a sizeable number of whom still buy jewellery with an investment motive – off and so demand has slackened. Normally this would lead to a softening of prices, which would in turn slowly prod a return of Indian investor interest, but the currency exchange rates and the international economic situation have meant that prices have remained pretty much unchanged. So the demand in India remains uncertain too – there has been something of a ceiling on demand since Diwali last year. It’s likely to remain that way unless there is a major movement in prices. The upcoming marriage season beginning in April should give us some ideas as to what is likely to happen.”

Diffi culties In Developing BrandsOther factors have also complicated matters, even for those who have established genuine, countrywide product brands. The excise duty on branded jewellery, with the uncertainty and confusion surrounding the use

by retailers of identifi cation imprints in the jewellery sold by them, have slowed down any move toward large-scale transition to branded products. Mehul Choksi, chairman of the Gitanjali Group, which owns the Gili, Nakshatra, Sangini, Asmi and D’Damas brands among others, said in a pre-budget statement that in the interests of developing a modern jewellery sector in India, the government should consider the complete abolition of excise duty on branded jewellery, ensure that VAT was capped at 1 percent under the soon-to-be-introduced General Services Tax (GST) regime and create an “Indian Brand” development fund to enable Indian companies to compete successfully with established jewellery brands the world over.

Being able to compete successfully in the global branded jewellery market would have a very positive effect on the development of brands in India itself, the Delhi retailer notes. “We have got to get consumers to

“In developed markets, well-established brands have been the drivers for jewellery consumption outside the obligatory segments like the diamond engagement ring. But here in India, where the store itself – in most cases strongly connected to individual personalities – has been the main brand for most consumers.“

IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY38

want our product for something other than the value of the gold and diamonds,” he says. That this is something necessary is apparent from a telling observation that Arole makes. “Jewellery demand for gold is now need based,” he says, implying that buying is triggered mainly by socio-religious drivers like weddings and religious occasions. This puts demand stimulation out of the hands of the retail industry.

Those outside factors are clearly at work in the Indian market. Arole notes, “There is a liquidity crunch with Indian consumers. They have less disposable income and so they are careful about what they spend it on. Most of their yellow metal purchases have been, therefore, of primary gold – biscuits and bars. So our 2011 gold import fi gure of between 1,000 and 1,100 tonnes isn’t much help for the jewellery retail industry. Even silver,

which India imported more than 4,000 tonnes of last year, was mainly driven by primary bullion purchases for investment. Overall, buying was reduced.”

An additional factor in the consumption of gold, Arole notes, is that the Indian pipeline has expanded dramatically in size. “There are many more agencies now licensed to sell gold, many more retailers who have bought the yellow metal and much more stocking overall. The actual off-take by the consumer isn’t quite in direct relation to the raw bullion fi gures.” The WGC Gold Demand Trends report bolsters Arole’s assertions, pegging overall jewellery and investment demand in India at 933.4 tonnes, or a drop of 7 percent over the previous year. The detailed break-up of the this demand is interesting – gold jewellery accounted for over 500 tonnes and the investment market demand reached

“Intrinsic value is an integral part of jewellery everywhere in the world, but elsewhere, purchase decisions are not driven so much by the desire to acquire intrinsic value as much as the aspiration to own something beautiful (of high intrinsic value). That is the key difference.”

IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

366 tonnes. Indian investment demand accounted for 25 percent of total bar and coin demand worldwide.

Even globally, jewellery demand for gold, at 1,962.90 tonnes worth $99.20 billion (Rs.4,88,215 crore), was down 3 percent over the previous year according to the Gold Demand Trends report. Overall, however, global demand for gold in 2011 rose to 4,067.10 tonnes worth an estimated $205.50 billion (Rs.10,11,265 crore) – the fi rst time that global demand has exceeded $200 billion (Rs.9,84,200 crore) and the highest tonnage level since 1997. However, the report noted that the main driver for this increase was the investment sector where annual demand was 1,640.70 tonnes, up 5 percent on the previous record set in 2010 and with a value of $82.90 billion (Rs.4,07,951 crore).

Slowdown In RecyclingThat gold purchases in India are now mainly driven by investment, has also had a major impact on another key factor in the Indian jewellery retail industry – the use of recycled of old gold went down. Globally, the use of recycled gold in 2011, at 1,611.90 tonnes, was down 2 percent as compared to the previous year. This was the second consecutive year-on-year fall in the recycling of gold from the peak of 1,694.70 tonnes in 2009. Interestingly, markets like Europe, the US and Japan, which are relatively new recycling markets, saw

After having peaked at $1,895 per troy ounce (Rs.93,266 for 31.10 grams), Indian consumers saw gold slump to the $1,600 level and stay roughly around the $1,700 level through to today. At the same time, however, the rupee has slumped against the dollar and thus in rupee terms, the price of gold remained high – above Rs.27,000 for 10 grams. This turned Indian investors – a sizeable number of whom still buy jewellery with an investment motive – off and so demand has slackened.

industry, the worrying thing is that gh prices are likely to act as a turn-off for purchase of its product.

“Intrinsic value is an integral part of jewellery everywhere in the world,” says the retailer, “but elsewhere, purchase decisions are not driven so much by the desire to acquire intrinsic value as much as the aspiration to own something beautiful (of high intrinsic value). That is the key difference.” He adds, however, “I’m not saying we have to jump into the water to try and emulate them. We have our own traditions here in India – they’re thousands of years old – and they won’t just go away overnight. But lifestyles are changing and the perception of jewellery is changing. What the consumer thinks is value, worth having, is also changing. We have to tap into that change and offer our customers something that transmits value without simply depending on the cost-price of its raw material. We can’t just go on using gold as the crutch for our business.”

41IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY

an actual increase in the use of recycled gold. The net global fall was due to the sharp fall in the established recycling markets of India, China and Turkey. Given the 28 percent increase in prices, this fall is indicative of the fact that near-market supplies are drying up – people are holding out for higher prices. For the Indian jewellery retail industry, the fall in recycling is an indicator of the fall in overall jewellery fabrication.

Changing the gold supply scenario signifi cantly is the fact that most central banks the world over, have become net buyers of gold – a trend that was established in 2010. Purchases by central banks soared from 77 tonnes in 2010 to 439.7 tonnes. This refl ects the need to diversify assets, reduce reliance on one or two foreign currencies, rebalance reserves and ultimately protect national wealth.

The WGC is bullish on the outlook for gold this year, but this is based mainly on the yellow metal’s investment appeal. In India and China, the world’s two largest emerging markets, are facing pressures from a slowing global economy and have also taken strong countermeasures to contain infl ation. The slowdown in India, according to the WGC, has had a strong enough effect to have masked the actual growth of gold consumption elsewhere in the world.

But it thinks gold consumption in India over 2012 will be strong. The trouble is, this consumption is going to be investment driven. This isn’t good for the jewellery retail industry. “Last Diwali, customers bought a lot of gold biscuits and bars from us – and other retailers all over the country. There’s very little margin for a jewellery retailer in selling these,” says the retailer from Delhi, adding, “and those trust issues have plagued us here as well – why else would consumers be willing to pay signifi cantly higher prices than the market rate to buy epoxy-sealed gold biscuits from banks?”

As the WGC notes, India is still the biggest consuming market for gold – though there are signs that China might soon overtake us. And the high prices that the yellow metal commands are despite increases in production. Last year, gold mine production reached a new annual record of 2,809.50 tonnes, 4 percent up on 2010. Worldwide, gold is still the consumer’s metal of choice for jewellery. But for the Indian jewellery retail

IDEX MAGAZINE INDIA RETAIL| NO 17: INDUSTRY NEWS42

Industry news

rIo tInto dIscovers 12.76ct Pink diamond at argyle

iamond miner Rio Tinto found Australia’s biggest pink diamond at its Argyle mine. The 12.76-carat diamond

is light pink, similar in colour to The Williamson Pink.

The company decided that the main stone polished from the rough diamond would be named The Argyle Pink Jubilee, in honour of Queen Elizabeth II’s Diamond Jubilee.

The diamond was found in October 2011, and expert diamond polisher Richard How Kim Kam, who has worked for Argyle for 25 years, started work on polishing the in Perth last week.

Rio Tinto said that after two months of careful assessment and planning, it will take about 10 days to cut and polish the diamond as a single stone. Richard said, “I’m going to take it very carefully. I know the world will be watching.”

The diamond will be sold as part of the Argyle Pink Diamonds Tender later this year.

“This rare diamond is generating incredible excitement. A diamond of this caliber is unprecedented - it has taken 26 years of Argyle production to unearth this stone and we may never see one like this again,” said Argyle Pink Diamonds Manager Josephine Johnson. “The individual who gets to wear this remarkable pink diamond will be incredibly lucky indeed.”

More than 90 percent of the world’s pink diamonds come from the Argyle mine.

Christie’s has only auctioned 18 polished pink diamonds over 10 carats in its 244 year history. IdeX

d

IDEX MAGAZINE INDIA RETAIL| NO 17: INDUSTRY NEWS 43

opeRa House Still Vital for PoliShed Buying

umbai’s Opera House area continues to play a vital role

in the diamond industry, despite the move of many big operators to the Bharat Diamond Bourse (BDB). This was highlighted when Shairu Gems, a diamond manufacturing firm that is also a De Beers client, moved its headquarters to the BDB.

Shairu’s managing partner Kumar Mehta, told IDEX Magazine – India Retail that the firm would retain its Opera House premises and continue with its polished-buying operations from here. Mehta’s statement underscores the important role that

M Opera House plays for the Indian diamond trade.

A l a r g e nu m b e r o f s m a l l manufacturers and dealers all still operate out of the Opera House area, offering the large operators a wide variety and volume of diamonds to fill any gaps in their inventories. This enables the bigger operators to completely fulfill all their client orders, even if what is asked for is outside their usual manufacturing expertise.

So while Shairu’s sales and other backbone operations shift to

aking its corporate social responsibility seriously, Dharmanandan Diamonds, a client of mining major

De Beers, organized an event where psychiatrist Dr. Raish Maniar conducted an open seminar to help employees’ children cope with the stress of school and junior college final examinations.

Dr. Maniar holds that while examinations are a necessary part of the education system, learning and the expansion of knowledge cannot take place under stress and pressure. He outlined several methods by which children could cope with and even eliminate the stress brought on by final examinations.

Dharmanandan Group Managing Director Hitesh Patel told the children that acquiring knowledge was by far more

T

DHaRMaNaNDaN helPS emPloyeeS’ kidS coPe With exam StreSS

Dr. Maniar talks to children.

important than just coming up with great examination results. IDeX

the BDB, it will not miss a beat in supplying its clients whatever they require, Mehta said. Industry analysts said that the Opera House area would in all likelihood remain an important trading area for at least another year or so. “You can consider the whole diamond trading system to have moved to the BDB only when all the small players also start operating in its premises,” said one diamond dealer, adding, “and as long as the small players remain in the Opera House area, even the giants will have to retain their presence there.” IDeX

ViSit WWW.IDEXONLINE.COM

for liVe uPdateS

WINNeRs of RIo TINTo DIaMoNDs deSign comPetition SParkle at the oScarS

efore the Hollywood stars sparkled on the red carpet at Sunday’s Academy Awards, they first completed

their look with winning designs from the Rio Tinto Diamonds Global Design Competition at the StyleLab jewellery suite in Beverly Hills.

The suite was attended by celebrities and their stylists many of whom were excited to see such innovation in diamond design from talented new designers from around the globe. Stars such as Oscar winner Marcia Gay Harden, Allison Janney of “The Help”, Tabatha Coffey of BRAVO’s “Tabatha’s Takeover”, and “CSI” actress Barbara Eve Harris, tried on the stunning diamond creations and made their jewellery selections for the ultimate red-carpet appearance, the Oscars.

B

After receiving a record number of entries, Rio Tinto assembled an elite panel of judges who chose nine winning designers from the US, Canada, Australia, India, China, and Hong Kong to have their pieces made exclusively for the 2012 Oscars. The finished jewellery representing the categories of Champagne Diamonds, Silvermist Diamonds, Canadian Diamonds, and Sustainable Jewellery were perfect for the red carpet event. The winning designs included in the StyleLab Oscars suite included: - “Desert Rose” bracelet designed by Stacey Lindsell/manufactured by Diarough, Uni-Design - “The World of Champagne” earrings designed by Nejal Mehta/manufactured by A’Star Jewellery - “Rain Dance” earrings designed by Michelle Buxani/manufactured by Diarough HK - “Canoe” necklace designed by Reena Ahluwalia/manufactured by Crossworks Manufacturing - “The Sands of Time” cuff designed by Vijayshree Sovani/manufactured by Interjewel USA - “Nature’s Beauty” cuff designed by Joseph Weinreich/manufactured by Diamond Direct LLC

Barbara Eve Harris wears “The Creator” necklace

Allison Janney wears “Nature’s Beauty” cuff bracelet.



- “The Silvermist Express” bangle designed by Dean Walker/manufactured by Dean Walker Designs - “The Creator” necklace designed by V. Saravanan/manufactured by ‘TANISHQ and FOLEY Designs - “Tyger, Tyger” fan designed by Nadia Neuman/manufactured by Mondial

After browsing the jewels in the suite, Allison Janney wore the “Nature’s Beauty” cuff featuring Silvermist Diamonds. Tabatha Coffey, who hosted the TV Guide Channel’s Oscar coverage, wore “The Sands of Time” cuff bracelet to complete her look, also featuring Silvermist Diamonds. Actress Barbara Eve Harris looked stunning in “The World of Champagne” earrings as she accompanied Lou Gosset Jr. down the red carpet. This experience provides these up-and coming, talented designers with major exposure and the ultimate opportunity to be showcased at the Oscars.IDeX

Marcia Gay Harden tries out the “Canoe” necklace.

Tabatha Coffey wears the “Sands of Time” cuff bracelet.

he Gem & Jewellery Export Promotion Council (GJEPC) picked 47 firms to showcase a wide variety

of Indian-designed-and-manufactured jewelry at the Baselworld 2012 trade show. This initiative is part of the GJEPC’s effort to showcase India as a “design destination” to the global jewelry retail industry.

The selected firms were located in the special, 140-square-meter “India Palace” in Hall 2 at the show. This display was in addition to the India Pavilion in Hall 6 and was a dramatic increase in the GJEPC-backed India presence

T

INDIaN BaselWoRlD INITIaTIve ShoWcaSeS JeWellery deSign ProWeSS

at the show.

GJEPC Chairman Rajiv Jain observed that India’s gem and jewelry exports rose 21 percent in 2011 and that the country exports 95 percent of the world’s diamonds, accounting for over 70 percent by value of the global diamond trade. With the Baselworld initiative, the GJEPC has signaled that it is making a dedicated effort towards taking the Indian industry to a leadership position in the field of jewelry design and fabrication, he said. IDeX

NeW GIa DIGITal RepoRTfeatureS detailed diamond image

format allows GIA to offer the service at 10 percent below the price of the paper-based Dossier and Diamond Grading Report fees.

This service delivers the same grading metrics described on the GIA’s printed reports, but with the added feature of a detailed face-up image of the diamond captured during the grading process. This image and the diamond’s metrics are permanently stored in GIA’s database, ensuring permanent access to the diamond’s information and its identification. “Our goal is to continue to develop methods that allow us to deliver technical information to our clients rapidly and, in turn, help our clients pass that information on to their customers,” said Thomas M. Moses, GIA senior vice president of laboratory and research. According to Moses, the GIA has further plans to expand its digital offerings. IDeX

he GIA (Gemological Institute of America) has added the GIA Diamond eReport to its list of

services. The new service delivers GIA grading results completely online. The GIA Diamond eReport is available for natural, D-to-Z color diamonds from 0.15 to 2.99 carats and delivers grading results via Report Check, GIA’s secure web-based report database. This new digital-only report provides grading results in a format that is not only more environmentally responsible, but also meets the needs of an evolving marketplace where information must be accessed and communicated rapidly, said GIA. The online report facilitates trading by allowing easy sharing of report results and diamond images via email, online and mobile devices, as well as providing instant access to report results from anywhere in the world via Report Check.

As an added benefit, the paperless

T

DIaMoND eTf fIlING suBMITTeD To sec

“Since 2003, there has been a significant increase in diamond prices due to, among other things, increased consumer spending in the United States and Asia, targeted marketing of diamond jewelry and accelerating shortage of high-quality rough diamond supplies,” IndexIQ stated in the filing. It emphasized that the trust would not trade in derivative instruments tracking the price of diamonds or the performance of the diamond industry, but rather it would take delivery of diamonds that meet its standards. IDeX

ndexIQ, a New York-based investment firm, recently filed with the Securities and Exchange Commission

(SEC) to register IQ Physical Diamond Trust, an exchange traded fund (ETF) backed by diamonds. According to the filing, the trust will hold 1 carat, GIA-certified natural gem quality diamonds, consisting readily available, industry standard diamonds in common use among diamond dealers.” The proposal said investors will buy shares in the trust, which in turn will buy diamonds to be held in Antwerp.

I


DeMaND foR NeaR GeMs up

saRIN equIps BoTsWaNa seRvIce ceNTeR

emand for rough diamonds increased in the January- February period, according to Diamdel. Growth in

buyer demand for the lower-cost near gem quality and smalls was most pronounced. At its first cycle of auctions for 2012, Diamdel offered 323 lots of large diamonds, +2 carat stones, grainers, smalls and near gem.

One-hundred and sixty five businesses bid at the auction, of which 76 were successful in purchasing the 300 lots that were sold. No buyer won more than 26 (8.6 percent) of the lots. The greatest pick-up in demand was exhibited by Indian-based businesses. Demand also improved substantially among Israel-and Belgium-based businesses, with steady demand from Asia Pacific-based buyers. By value, 58 percent of the sold lots were bought by non-Sightholders. “All our indicators point towards a continued, broad based strengthening in demand in the coming weeks and into early second quarter,” said Diamdel CEO Neil Ventura. IDeX

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ViSit WWW.IDEXONLINE.COM

for liVe uPdateS

African country. In 2013, De Beers’ Diamond Trading Company (DTC) will move from London to Gaborone.

This is Sarin’s eighth service center worldwide. Indochine Botswana (Pty.) Ltd, a local business venture that has been providing Sarin with professional pre- and post-sales services for nearly two years, is operating the new service center. IDeX

s Botswana moves ahead with its plans to become a diamond hub, Sarin Technologies has shipped

a Galaxy 1000 system for the scanning and mapping of internal inclusions in rough diamonds to Gaborone. With plans to service the rough diamond trade and diamond manufacturers in Botswana, Sarin opened the new Gaborone service center to cater to the growing number of companies that are already buying and polishing in the

a

Neil Ventura


48 IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS

De Beers WeDDing ring Winners

hen four couples said “I do” at the Empire State Building

on Valentine’s Day, they did so as winners of wedding rings from De Beers Diamond Jewellers. Prior to the big day, De Beers Diamond Jewellers hosted the couples at its Fifth Avenue Boutique for a champagne cocktail, during which the wedding bands were unveiled. In order to win the rings, and a pr ivate, personal ized wedding ceremony created by celebrity event planner Colin Cowie, couples from across the U.S. submitted videos describing their love stories and why they should be chosen to marry or renew their vows at the Empire State Building on Valentine’s Day, the only day of the year the building is open for marriages. Sixteen semi-finalists were selected by a panel of experts, with the public voting for the winning couples.

The winners were Phil Fung and Shawn Klein, who became the first same-sex couple from New York State to marry at the Empire State Building; Stephanie Figarelle and Lela McArthur from Anchorage, Alaska; Angela Vega and Lubin Masibay from San Francisco, California and Paula Cubero and Enrique Catter, who are originally from Mexico and Peru but live in Connecticut. Congratulations! iDeX

W

Enrique and Paula Enjoying Champagne and their De Beers Wedding Bands

Facets

IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS 49

he Academy Awards is always an occasion to go all out for in

terms of fashion and accessories, a fact not lost on Chinese superstar Li Bing Bing. The actress carried an alligator skin Cleopatra clutch, accented with diamonds and gold to the Elton John AIDS Foundation Oscar viewing party and dinner.

The front contour of the white Louisiana alligator skin bag, which was created by American designer Lana J. Marks, was handcrafted from 40 carats of white diamonds set in 18 karat white gold. As an added detail, Bing’s name was rendered in pink diamonds, creating extra sparkle and adding to the bag’s $400,000 price tag.

Each year, Lana Marks chooses a celeb to carry her signature Lana Marks Haute Couture handbag/evening clutch. “I am so thrilled to have this extraordinary friendship and collaboration with China’s number one movie superstar Li Bing Bing and to have created this haute couture silver Louisiana Alligator white and pink diamond pave Cleopatra clutch for China’s ‘First Lady,’ said the designer. iDeX

Li Bing Bing’s BLing

t

Li Bing Bing and Designer Lana Marks

PoP the Question With a $55,000 cuPcake

hese days, a proposal is not a proposal unless it’s extra special. For those looking to impress with something

extra sweet and extra sparkly, Cupcakes Gourmet, a cupcake boutique in Philadelphia has just the thing – a red velvet cupcake topped off with an 8 carat diamond engagement ring. The diamond ring, which is large enough for cupcake aficionados to avoid swallowing accidentally, is provided by Warwick Jewelers, which is based in Exton Pennsylvania. Through its tie-in with Cupcakes Gourmet, the jewelry store is offering a 15 percent discount on selected engagement rings; making the proposal process a little easier to digest. For those who want to spring for something a more modest, the cupcake-ring combo is available starting with half carat stones.

“There’s no sweeter way to pop the question to your significant other than with a dreamy cupcake with a diamond engagement ring sitting on top,” says Maki Garcia-Evans, owner and executive pastry chef at Cupcakes Gourmet. “A diamond is worth a thousand words, but with a cupcake, it’s worth more. It suits our store’s slogan, ‘Love Tastes Like This.’”

t

“This is one of the most romantic deals our jewelry store has been a part of since it opened in 1919,” says Barry Maglin, owner of Warwick Jewelers. “To say, ‘Will you marry me?’ or ‘I love you’ with a diamond ring and a cupcake is simply romantic.” iDeX

IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS50

caLLs to eXhume anD senD rhoDes Back to uk

ore than a century after his death, Zimbabwean nationalists are demanding that the remains of De

Beers founding chairman Cecil Rhodes be exhumed and shipped out of the country. Rhodes is remembered not only for his role in forming the diamond mining giant, but also as a passionate supporter of British colonial imperialism in Africa. He was the founder of the state of Rhodesia, which was named after him. Upon gaining its independence from Britain in 1980, Rhodesia was renamed Zimbabwe. After his death from heart failure in 1902 at the age of just

m 48, Rhodes was buried at a hilltop located approximately 35 kilometers south of Bulawayo, the second largest city in Zimbabwe. Today his gravesite is part of Matobo National Park and a popular tourist stop. War veterans and supporters of Zimbabwe’s ruling Zanu-PF party recently traveled to the gravesite to express their anger at the continued presence of Rhodes in Zimbabwean soil and to demand that his body be removed. Many in Zimbabwe criticized the protest. Even president Robert Mugabe is reportedly against the exhumation. Government spokespersons said Rhodes is part of the country’s history. iDeX

51IDEX MAGAZINE INDIA RETAIL| NO 17 STONE SOURCES

irst half production, revenue and mining profits were all up for Petra Diamonds Limited; however, the

company posted a loss for the period, which it pinned on the weak Rand. Production leapt 64 percent to 953,553 carats; a substantial rise compared to the 582,102 carats mined in the first half of 2011, Petra stated in an interim report for the six-month period ended December 31, 2011. Revenue was up 13 percent over the prior year period to $101.4 million. The company’s profit from mining activity rose 25 percent to $30.7 million, versus $24.5 million in the first half of 2011. Petra said this reflected the introduction of the Finsch diamond mine into the group on September 14, 2011 as well as the continuing improvement of the mines’ performance, which were significantly mitigated by the weaker diamond prices in the period. Despite the good results, the company posted a loss after taxes of $26.7 million compared to a $24.5 million profit in the first half of 2011. This was due to unrealized foreign

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Petra HI PRODUCTION UP 64 PERCENT TO 953,553 CARATS

exchange losses of $35.7 million, of which about $16 million has been reversed since the period ended due to the strengthening of the Rand. In its outlook, the company said both production and sales were expected to be substantially higher in the second half of the year due to a full six months’ contribution from Finsch and the release of unusually high group closing first half inventory into second half sales. “The first half of the year saw Petra consolidate its position as one of the world’s largest quoted diamond miners, with the completion of the acquisition of the Finsch mine, as well as the successful move from AIM to the Main Market of the London Stock Exchange,” said CEO Johan Dippenaar. “The second half of our 2012 financial year will see significantly higher production and sales, set against a more stable diamond market. We remain on target to deliver on our stated growth strategy.” Petra Diamonds has interests in eight producing mines: seven in South Africa (Finsch, Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star) and one in Tanzania (Williamson). IDeX

The Kimberley Underground Mine. Image: Petra Diamonds Limited

Stone SourceS

DDI RECEIvES GRANT fROm CARTIER

rench jewelry house Cartier is supporting the implementation of “Development Diamond Standards”

for artisanally produced diamonds in Sierra Leone and has awarding a grant to the Diamond Development Initiative International (DDI). DDI is working with local leaders and civil society to identify sites where diamonds are produced in ways that are environmentally sound, and where diggers receive a fair price and work under safe conditions. The diamonds will be tracked through the trading, polishing and retail system to provide customers with gems that go beyond standard definitions of “ethical” and “fair trade” products. These pilots, if successful, stand to revolutionize the development prospects for artisinal miners and their communities – where, according to DDI, an estimated 15 percent of the world’s gem diamonds are produced. The Cartier grant will also support other DDI projects, including human rights training in Africa and a major registration project in the Democratic Republic of Congo, which is bringing more than 70,000 miners into the formal sector.

F “I have just returned from a month in the Congo and I can say that Cartier’s support is not just a vote of support for our work, it is a solid example of how the concept of corporate social responsibility has expanded beyond the immediate corporate environment to a wider world of development possibilities,” said DDI’s executive director Dorothée Gizenga. There are an estimated 1.3 million artisanal diamond diggers across Africa, serving as the primary breadwinner for families that total as many as 10 million people, DDII reports. These diggers earn on average, about a dollar a day, and there are tens of thousands like them in South America as well. In related news, DDI announced that Susan Jacques, CEO of Borsheims Fine Jewelry and Gifts, will be the honorary chair of the Friends of DDI fundraising campaign. The Friends of DDI program includes a Retailers Friendship Kit that will allow jewelry retailers and suppliers to demonstrate to their customers and constituents that the industry is making a positive impact on the lives of the people who mine diamonds using artisanal methods. IDeX

he European Commission has cleared the way for Anglo American to take the Oppenheimer family’s

40 percent stake in De Beers. Last November, Anglo American announced a $5.1 billion agreement to buy the Oppenheimer’s share in the company. The Commission granted clearance under the EU Merger Regulation for the acquisition of sole control of De Beers (Luxembourg) by Anglo American. De Beers is currently jointly owned by Anglo American, CHL – a holding company of the Oppenheimer family –and the government of Botswana, which holds a 15 percent stake in De Beers. The transaction may leave Anglo American with an 85 percent share in the company, unless the government of Botswana decides to exercise an option to increase its stake to 25 percent.

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anglo amerIcan GETS EU APPROvAl TO ACqUIRE DE BEERS STAkE

In January, Anglo American’s shareholders overwhelmingly approved the proposed deal. IDeX

52 IDEX MAGAZINE INDIA RETAIL| NO 17 STONE SOURCES

ollowing BHP Billiton’s announcement that it was planning to sell its 80 percent share in the Ekati

diamond mine, rumors have been rife as to who might purchase the mine. According to a recent Bloomberg report, a source said the list includes Harry Winston Diamond Corp and groups led by KKR & Co. and Apollo Global Management LLC. Apollo, according to the report, is working with Eira Thomas, formerly of Aber and Stornoway. The $1 billion price for the mine seemed high, however, sources say the deal may close at around – $500-$750 million. Talk that De Beers or Anglo American may be interested

FWho WIll Buy ekatI?

around ended with Anglo’s decision to double its holding in De Beers for $5.1 billion. Alrosa, another leading diamond miner, may have also toyed with the idea, however, dealing with Canada’s heavy regulations may be a turn off. Although Harry Winston is enjoying a surge in income, it still needs to keep a close eye on its line of credit and debts, making it a less than likely buyer, despite the reports. In addition, it already owns a well-mined diamond resource, and is more likely to look for younger mines than older, declining ones. This leaves the field open to investment firms such as Apollo and KKR. IDeX

53IDEX MAGAZINE INDIA RETAIL| NO 17 STONE SOURCES

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54 IDEX MAGAZINE INDIA RETAIL| NO 17: CELEBRITY CHOICES

It was the return of the diamond choker at the 84th Annual Academy Awards. After seasons of bare necks and undecorated décolletage, the gussied up neckline was back. Large diamond cocktail rings kept their place as a favorite accessory, as did classic diamond drop earrings, with diamond chandelier earrings also lighting up

the red carpet.

No one rocked their outfit more than Miss Piggy who went all out in her role as presenter. A longtime porcine fashion icon, Miss Piggy’s Zac Posen silver gown channeled one of the trends of the night – metallic hues – while her vintage Fred Leighton jewelry out-sparkled many others on the red carpet. She accessorized with a 55 carat, 1950’s diamond and platinum swirl necklace, a 40 carat, 1950’s diamond and platinum swirl bracelet, a 1940’s gold, amethyst and diamond ring, a diamond and platinum headband with approximately 10 carats of diamonds and a 1930’s diamond and platinum clip brooch.

55IDEX MAGAZINE INDIA RETAIL| NO 17: CELEBRITY CHOICES

CELEBRITY CHOICESCELEBRITY CHOICESCELEBRITY CHOICESCELEBRITY CHOICES

Penelope Cruz turned to Chopard for her jewelry. All told, her platinum and pear-shaped diamond necklace, platinum and diamond cluster earrings and platinum and fancy-shape diamond line bracelet totaled 114 carats. The Spanish star channeled some old fashioned glamour with her lavender Giorgio Armani gown.

Does Natalie Portman ever get it wrong on the red carpet? We have yet to see it. Last year’s Best Actress winner wowed again at this year’s awards. She looked the consummate star in a polka dot Dior Haute Couture gown, a platinum and diamond v-shaped cluster necklace and platinum and oval diamond drop earrings (5.76 carats each), both by Harry Winston.

56 IDEX MAGAZINE INDIA RETAIL| NO 17: CELEBRITY CHOICES

It may not have been her winning night when it came to the awards, but Michelle Williams, a Best Actress nominee for the movie My Week with Marilyn¸ was a clear winner in the fashion stakes. She matched her Louis Vuitton frock with a pink Bottega Veneta clutch, a 30 carat Fred Leighton for Forevermark diamond choker set in silver on gold and a vintage 19th century Fred Leighton bow brooch, which she wore at her waist.


Despite wearing $2.5 million worth of jewelry, the focus was all on Angelina Jolie’s well-toned right leg on the red carpet. The award presenter wore a high slit black velvet gown from Atelier Versace and peep-toe shoes from Salvatore Ferragamo. The actress accessorized with 20 carat cushion-cut diamond and platinum earrings, a platinum diamond ring featuring a 15 carat cushion-cut diamond and a pair of platinum and diamond pins worn on the back of her waist (25 carats), all by Neil Lane.

57IDEX MAGAZINE INDIA RETAIL| NO 17: CELEBRITY CHOICES

JLO (Jennifer Lopez) played it anything but low key in her plunging Art Deco-style Zuhair Murad gown, mirrored Salvatore Ferragamo clutch and Jimmy Choo sandals. She accessorized with platinum and diamond drop earrings and platinum and diamond rings, all by Lorraine Schwartz.

Cameron Diaz was decked out in nearly $1 million worth of Tiffany & Co. jewelry. She wore a $560,000 platinum and emerald-cut diamond necklace, $55,000 platinum and bezel-set diamond stud earrings and a $302,500 platinum and round diamond Dome ring. For her outfit, the actress opted for a shimmering metallic gown from Gucci and Salvatore Ferragamo pumps.


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What Are Fancy-Cut Diamonds – Part 2?The article “What Are Fancy Cut Diamonds?” is the second of a series issued by GIA (Gemological Institute of America).

iamond cuts have come a long way since the introduction of the first round brilliant. Thanks to advances in cutting technologies and the unlimited imaginations of cutters, diamonds can be cut in

an incredible variety of ways. Today, fancy cuts – shapes like cushions, princess, ovals and marquise – are more importantthan ever, maintaining their popularity against the still-

dominant round. They will always attract the diamond buyer who loves the unique qualities that make them shine in theirown special way.

There are three major diamond cutting styles: brilliant, step and mixed. Most often, diamond manufacturers choose the brilliant cut, which features triangular and kite-shaped facets that radiate from a gem’s center toward its girdle. A step cut has long, narrow, four-sided facets arranged in rows that are parallel to the girdle on both the crown and pavilion. Mixed cuts have both brilliant-cut and step-cut elements; sometimes the elements are separate on either the crown or pavilion and sometimes mixed on the crown and/or pavilion. Any of thesecutting styles can be used with a variety of different shapes.

the antiQue-Cut reViVal

Although they have not taken the popular market by storm, the increasing presence of antique cuts in jewelry shows an appreciation for diamonds that can enhance, not eclipse, the beauty of an elegant setting. And their subdued grace revivesthe old-world charm of diamonds as objects of beauty.

Some of the antique diamond cuts revisited by designers are:

Bead: This is a rounded, completely faceted diamond, drilled lengthwise for stringing. A strand of diamond beads can be a glittering alternative to a pearl strand. Designers also incorporate diamond beads as spacers in pearl strands. Most popular in 2-mm to 4-mm sizes.

Briolette: This rounded teardrop shape has triangular facets and no girdle. It typically dangles from an earring or a necklace.Most popular in 0.50-ct. to 1.00-ct. sizes.

Rose: This cut features a flat base and triangular facets that come to a peak. It can have a round, triangular or pear-shaped face-up outline. The rose was the most common cutting style before the round brilliant replaced it. Most popular in 3-mm to6-mm sizes.

Old Mine Cut: Generally a cushion shape, with the facet arrangement of the typical brilliant. The lower half facets are much shorter than modern cuts, and there is often a fairly large culet.

Rondelle: This diamond disk with faceted edges is often cut from extremely flat rough. Rondelles are typically used as ornamental spacers between colored stones or other elementsin necklaces. Most popular in 2-mm to 6-mm sizes.

The round brilliant was considered far superior to any of its ancestors when it arrived on the scene in the late 19th 20th century. Cut to precise proportion standards, today’s round brilliant offers very efficient light return. But many modern designers see cut diamonds as more than just mechanismsfor returning light. They see them as sculptural works of art.

This concept of a diamond’s aesthetic purpose made variations in proportion or facet alignment acceptable again after centuries of striving for uniformity. Designers say this

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appealing lack of precision makes each antique-cut diamond unique. In addition, an antique cut’s toned-down brilliance can emphasize the pattern of the facet arrangement or draw attention to the shape of the diamond’s face-up outline, whichoften hints at the contours of the original rough.

As demand for antique cuts increased among designers, diamond manufacturers began to produce calibrated versions of them. Today, many antique cuts are being reproduced to modern specifications. Some designers see calibrated antique cuts and their standardized proportions as a contradiction of the charming irregularities the cutting styles are known for, but in practical terms, calibrated antique cuts in smaller sizes fit well into mass-produced mountings. Most manufacturersof calibrated antique cuts are located in India.

Step-Cut ShapeS Step cuts, which came along in the early 1400s, long before brilliant cuts, have long, sleek lines and a subtle gleam. The first diamond cut – the table cut – was a step cut.

Many consumers admire the traditional outlines and understated elegance of a step cut. Most have a large table facet, which calls for a high standard of clarity for rough, and can be a rewarding choice for a customer who appreciates a fine diamond’s transparency. The flash from the facets of a brilliant cut can hide some imperfections.

The most popular step cut is the emerald cut. The emerald cut’s four longer sides have beveled corners. There are two, three, or four concentric rows of facets, parallel to the girdle,on the crown and pavilion.

Emerald cuts are usually fashioned from longer pieces of rough. The resulting finished gems have an elegant appearance andthe step-cut style emphasizes the diamond’s clarity. A well-

made emerald cut is like a reflecting pool, with a gleam that’s distinctly different from brilliant-cut styles. Because the term emerald cut is traditionally associated with the rectangular shape, if an emerald cut’s face-up outline is square, the shapeis called a square emerald cut.

The baguette is a small, four-sided, step-cut diamond. The sides of baguettes can be parallel or tapered toward eachother to form a wedge shape.

Baguettes were used mainly as accent stones, such as side diamonds for a round brilliant, for decades. A popular style of the 1980s, the ballerina ring, featured baguettes radiating outwardfrom a center stone, creating the effect of a ballerina’s tutu.

Gem and Jewellery reSourCeS in india GIA grading reports and professional training are essential

tools for enhancing consumer trust in the retail associate’s expertise. As India’s market for diamonds and gems continues to dramatically grow, so too have the resources available tojewellery professionals. They include:

GIA Laboratory – GIA tests every diamond it grades for laser drilling, fracture filling, irradiation, high pressure/high temperature (HPHT) and chemical vapor deposition (CVD) to detect known treatments and separate natural diamonds from synthetics.

GIA’s laboratory in India, located in Mumbai’s Bandra Kurla Complex, grades D-Z color diamonds ranging from 0.15 carats to 1.99 carats. The laboratory is also a take-in center for diamonds in larger sizes and other colors, as well as coloured stones and pearls, which are routed to GIA laboratories worldwide for servicing. The Mumbai laboratory also offerslaser inscription and diamond sealing services.

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.

GIA Professional Training – GIA’s Mumbai campus offers a wide variety of courses and instructional formats to meet the diverse needs of India’s jewellers and manufacturers. Theseformats range from on-campus programmes, lab classes, skill- building seminars and workshops, to customised corporate programmes, and online learning designed to minimizedisruption to work schedules. Courses emphasize hands- on practical training, and include grading and identification of diamonds, coloured gemstones and pearls; the detection of the latest treatments and synthetics; professional sales training and jewellery design. GIA courses are continually updated to ensure the most timely and accurate information and are taught in local languages throughout India.

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