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Mumbai Polished Diamond Prices HaveBegun Correcting

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4 IDEX INDIA RETAIL MAGAZINE| NO 1

magazineindia retail

05 FROM THE EDITOR’S DESKA Time To Build Up & A Time To Defend Our Honour

06 MUMBAI DIAMOND MARKET REPORTMumbai Polished Diamond Prices Have Begun Correcting

08 SPECIAL REPORTIndian Industry Moves To Maintain Consumer Confidence

17 RETAIL ET CETERANature Inspired Jewellery From Porrati

22 RETAIL BYTESGitanjali Opens First Multi-Brand Jewellery Store In Dubai

27 DIAMOND RETAIL BENCHMARK

34 COVER STORYTime For Industry To Rally

44 STONE SOURCESRJC And Solidaridad Collaborate On Gold Mining Standards Pilot Project

51 INDUSTRY NEWSGitanjali Crowns Pantaloons Fresh Face Hunt

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

A u g u s t 2 0 1 2 VOL. 1 No. 1

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)

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ISSN 0334-68382003 IDEX ONLINE S.A.

CONTENTS

AUGUST

Editor

5IDEX INDIA RETAIL MAGAZINE| NO 1: EDITOR

t a time when the economic outlook for the global economy is uncertain and India faces the consequences

of a poor monsoon, one has to conclude that the outlook for the gem and jewellery industry is definitely far from rosy. But then all business runs in cycles of ups and downs. If this is a bad year, we’ve had some pretty great years in the recent past. Any economic downturn is, therefore, really no cause for the industry to worry about its future.

What is a real cause for worry is that as a product group, gems and jewellery have not attuned themselves to the consumer’s concepts of value and what’s worth desiring. An overwhelming majority of jewellery, particularly in India, derives its value not from what it is and what it offers the consumer, but rather a piggy-back ride on the notion that the materials it is fabricated from are valuable.

Deriving value from component materials reduces jewellery to a mere commodity whose value ebbs and flows with supply and demand. The problem is, unlike other commodities, gold and diamonds don’t really have any utility value and thus have nothing to compel a consumer to buy them except the idea that they are precious and hold value.

Diamonds still derive their value from past efforts that promoted them as the symbols that represent the relationships between men and women. That idea is no longer being sold to consumers.

Given the dizzying high price of gold, there are already signs that Indians are not blindly crazy about the yellow metal as they were thought to be. What sustains the high price of gold in India today to a significant extent is the poor showing of the Indian rupee against the US dollar.

Shell-shocked by the price of gold, the Indian consumer might consider diamonds as a decent repository of value. But if the consumer’s confidence in the diamond is also lost because large numbers of synthetics that are worth just half the value of natural stones have been sold fraudulently, it will be curtains for all.

Now is the time for the industry to rally and start planning for the future with promotions and ideas to make the consumer desire its product. Now’s also the time for the industry to be ready to unhesitatingly take strong action against any hint of sharp practice that might destroy the consumer’s confidence. idEX

A timE to Build up & A timE to dEfEnd onE’s Honour

by VINoD KurIyAN

A

6 IDEX INDIA RETAIL MAGAZINE| NO 1: MARKET REPORT

MUMBAIDIAMOND MARKET

REPORT

by VINAY PAREKH

MUMBAI POlIshED DIAMOND PRIcEs hAvE BEgUN cORREcTINg

olished diamond prices have begun correcting in Mumbai. From the smallest to the carat-plus sizes, prices for the

VS-and-better clarities had come down by up to 15 percent by mid July. The prices of lower clarities too had softened, though not by as much. Even at reduced prices, movement of all clarities and sizes had slowed down significantly.

There has been strong consumer resistance to higher polished prices all over the world for some time now. An uncertain global economic outlook, with fears of entire European countries failing financially and an uncertain US economic recovery fuelling it, has been instrumental in slowing consumer spending.

In India, a monsoon that has so far dropped 25 percent less rain than normal, has also raised fears of poor agricultural output accompanied by higher food prices. This means that the growth in the country’s diamond consumption, which has been fuelled by strong rural demand, is likely to flag and even fade away.

Business sentiment was very low and even the upcoming India International Jewellery Show (IIJS), the country’s single biggest gem and jewelry trade show, had generated no lift in demand in the polished diamond market.IDEX

P

7IDEX INDIA RETAIL MAGAZINE| NO 1: MARKET REPORT

-0.01 (-2 ) Fair demand for SI2-I1 goods. Overall demand & prices will remain low.

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

Overall demand & prices will remain soft.Demand & Prices for VVS-VS will be very soft.

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

Overall demand & prices will remain soft.Demand & Prices for VVS-VS will be very soft.

0.08-0.14 (+11-14) Good demand for SI & piqué goods. Overall demand will be low. Prices will be under pressure.

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

Demand for SI goods will remain stable.Prices will remain under pressure.

0.50 (1/2) Good demand for VS-SI/K+ goods.Fair demand for I1-I2/I+ goods.

Demand for SI goods will remain stable.Prices will remain under pressure.

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

Demand for SI & piqué goods will remain stable. Prices will remain under pressure.

1.00 (4/4) Good demand for SI/K+ goods.Fair demand for I1-I2 goods.

Overall demand will remain stable. Demand & prices for VVS/VS goods will remain soft.

0.15-0.17 (+14-15.5) Good demand for SI & piqué goods. Overall demand will be low. Prices will be under pressure.

0.18-0.22 (1/5) Fair demand for SI goods. Overall demand & prices will remain soft.

0.23-0.29 (1/4) Fair demand for SI goods. Overall demand & prices will remain soft.

0.40 (3/8) Fair demand for VS-SI goods. Demand for SI goods will remain stable.Prices will remain under pressure.

+3.00 Fair demand for SI-I1/G-K col. Overall demand & prices will remain soft.

MUMBAI DIAMOND TRADING IN JUlY

Size in Carat (Sieve)

Comments Forward Call

by Vinod Kuriyan

MEMO

8 idEX india RETAIL MAGAZINE| NO 1: SPECIAL REPORT

SPECIAL REPORT

he Indian gem and jewellery sector set up a wide-based committee to formulate ways to protect the industry

from the infiltration of undisclosed synthetic diamonds and gemstones. The committee is also empowered to act as a watchdog and take appropriate action against those found to be knowingly passing on undisclosed synthetics.

The setting up of the committee is a concerted response to the issues thrown up by the recent revelation that all 600 diamonds in a parcel bought in New York, most of which were in the 0.30 carat size range, were actually undisclosed synthetics. All the stones were from Gemesis, the world’s largest producer of synthetic diamonds, which is controlled by Indian diamantaire Jatin Mehta (see IDEX Magazine – India Retail July issue for details).

T

SALE Of undISCLOSEd SynThETIC dIAMOndS

IndIAn InduSTRy MOvES TO MAInTAIn COnSuMER

COnfIdEnCE

As a consequence of the New York incident, the global gem and jewellery industry was suddenly and shockingly made aware of the possibility that tens of millions of dollars worth of diamonds, which are already in circulation – many of them already in consumer hands – might on subsequent testing, turn out to be lab-grown synthetics. In price terms, a lab-grown synthetic could fetch as low as just half the price of its naturally mined counterpart. The consequences in terms of financial liability and more importantly consumer confidence, are staggering.

The committee set up to respond to all this is a coming together of four different organizations – the Gem & Jewellery Export Promotion Council (GJEPC), the Bharat Diamond Bourse (BDB), the Mumbai Diamond Merchants

9idEX india RETAIL MAGAZINE| NO 1: SPECIAL REPORT

10 idEX india RETAIL MAGAZINE| NO 1: SPECIAL REPORT

As a consequence of the New York incident, the global gem and jewellery industry was suddenly and shockingly made aware of the possibility that tens of millions of dollars worth of diamonds, which are already in circulation – many of them already in consumer hands – might on subsequent testing, turn out to be lab-grown synthetics. In price terms, a lab-grown synthetic could fetch as low as just half the price of its naturally mined counterpart. The consequences in terms of financial liability and more importantly consumer confidence, are staggering.

Association (MDMA) and representing retailers, the very end of the process and production line, the All India Gem & Jewellery Trade Federation (GJF).

The committee held its very first meeting on July 11. Representing the GJEPC were Ashish Mehta of Kantilal Chhotalal and Avnish Shah of Rajendrakumar A. Shah. The BDB was represented by its Chairman Anoop Mehta of Mohit Diamonds as well as its Vice Chairman Mehul Shah of the Star Brillan group. Representing the MDMA was its Secretary Rohit Shah of P. Rohitkumar & Co., while the GJF was represented by Chairman Bachhraj Bamalwa of Nemichand Bamalwa & Sons along with the Chairman of its Finance, Accounts & Administration Committee Paresh Shah of P & S Jewellery Ltd. As the first order of business, the committee elected Ashish Mehta as its Convener.

Included in the first meeting and on board in an advisory role for the long term as well, were a group of special invitees whose experience and expertise would help the committee achieve its goals. The special invitees with diamond and jewellery expertise were GJEPC Vice Chairman Sanjay Kothari of Kunal Diamonds and Diatrends Jewellery, Russell Mehta of Rosy Blue, Parag Shah of K. Girdharlal and Rahul Dholakia of Shree Ramkrishna Export. The other invitees brought their technical expertise in the testing and detection of synthetics to the table. They were K.T. Ramachandran, Executive Secretary & Chief Gemmologist of the Gemmological Institute of India (GII), Nirupa Bhatt, Managing Director, India & the Middle East of the Gemological Institute of America (GIA) and Tehmasp Printer, Managing Director India, of the International Gemmological Institute (IGI).

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Gem testing laboratory of the Gemmological Institute of India

IDEX INDIA RETAIL MAGAZINE| NO 1: SPECIAL REPORT 12 IDEX INDIA RETAIL MAGAZINE| NO 1: SPECIAL REPORT

WHY THE COMMITTEE WAS SET UP

Explaining the impellers behind the committee’s formation and what in essence its functioning would be, Sanjay Kothari said, “It is important to protect the integrity of the trade and the confidence that consumers have in it. It is clear that as far as the industry is concerned, there should be zero tolerance on anyone trying to pass off synthetic diamonds as natural. Thus the committee was formed to develop a common strategy among all stakeholders in the gem and jewellery industry including the trade, retailers and the laboratories.”

Kothari explained that the actual reporting of any violations would be at the member association level. These associations would now encourage members to immediately report any violations and they would in turn bring the violation to the notice of the committee. The committee would then initiate the necessary action through the association.

Kothari noted, “The committee will send letters through its constituent associations urging all members to bring any violations to light. This way,” he explained, “we can ensure that there is a clear-cut system to ensure that any violations would be reported and dealt with appropriately.”

The committee is also ensuring that the necessary technical expertise is being brought to bear on the problem. “That’s why we got the leading laboratories on board with this,” Kothari said. “We want to strengthen our technical response and ensure that we have good scientific resources being deployed in support of the initiative.” Inputs from the laboratories will go into ensuring that the gem and jewellery industry countrywide is aware of what is necessary and thus ensure that they are absolute certain that the laboratory they might entrust any testing to is fully equipped to deal with the problem.

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14 IDEX INDIA RETAIL MAGAZINE| NO 1: SPECIAL REPORT

WAITING FOR OFFICIAL ACTION WHERE IT HAPPENED

With regard to the New York incident that has triggered this industry-wide reaction, IDEX Magazine – India Retail has learnt that an industry panel including the the BDB and GJEPC had asked Jatin Mehta for a written explanation of what transpired and what his involvement in it was. Mehta responded in writing that Su-Raj Diamonds India had divested all its holdings in Su-Raj Diamonds & Jewelry Inc. in New York and that he had nothing to do with the sale of the undisclosed synthetics. He reportedly furnished documentation to this effect.

The Indian panel concluded that given Mehta’s declaration in writing that he had nothing to do with the sale of the undisclosed synthetics, the matter be treated as closed pending any further revelations to the contrary. The panel’s

view was that it has no legal jurisdiction in this matter as the incident unfolded in New York, where the diamonds were bought and in Antwerp, where they were tested by the IGI and found to be synthetics.

One person with knowledge of the matter said, “Nobody here is in any position to determine whether the sale was made with intent to defraud and to determine who is liable. In terms of industry jurisdiction, the matter has to be handled by the Diamond Dealers Club (DDC) in New York and the Antwerp World Diamond Council (AWDC) in Antwerp. In terms of law enforcement, it would be for the Federal Bureau of Investigation (FBI) in the United States and the Belgian police to investigate and reach a conclusion. If there is any criminal liability, those agencies will certainly be liaising with Indian law enforcement authorities.”

Meanwhile, the undisclosed sale of synthetic diamonds is considered by many to be the single largest threat to global gems and jewellery industry. Not only does this fraudulently deprive the buyer of actual market value, it destroys the consumer’s confidence in the industry’s product in general. The consumer’s belie in it is the diamond’s only real value. Without that belief, it is worth nothing. IDEX

“It is important to protect the integrity of the trade and the confidence that consumers have in it. It is clear that as far as the industry is concerned, there should be zero tolerance on anyone trying to pass off synthetic diamonds as natural. Thus the committee was formed to develop a common strategy among all stakeholders in the gem and jewellery industry including the trade, retailers and the laboratories.”

Untitled-1 1 12-07-18 12:12 PM

IDEX INDIA RETAIL MAGAZINE| NO 1: RETAIL ET CETERA 17

Retail et CeteRa

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natuRe insPiReD JeWelleRY FROm PORRati

18 IDEX INDIA RETAIL MAGAZINE| NO 1: RETAIL ET CETERA

The latest offering from Porrati is a mix of very stylish pieces designed for a woman who is not afraid of standing out. Satisfying your need to be daring with its bold shapes highlighted with lines of diamonds, precious stones and enamel, the glamorous collection consists of rings and pendants and offers a combination of the latest fashion trends created by skilled craftsmen.

19IDEX INDIA RETAIL MAGAZINE| NO 1: RETAIL ET CETERA

Celebs PiCk Platinum

The most recent styles in engagement rings worn by Keira Knightley, Sienna Miller & Alec Baldwin’s fiancée Hilaria Thomas all feature platinum. They chose the white metal specifically to symbolize their relationships.


Snuggling up at both ends – this bangle features 0.99 carats of prepavé diamonds set in 17.2 grams of yellow gold.

The red carpet is calling; where are you? You need nothing more than the stunning pair of earrings to join the league of celebrities. They feature 4 grams of gold set with 0.5 carats of diamonds in prepavé and microprong settings.

uni-DesiGn – Call OF tHe ReD CaRPet


A beautiful pendant for a beautiful you! The piece features 0.38 carats of micro-set diamonds and a 0.48-carat emerald set in 2 grams of gold.

Retail Bytes


Gitanjali Opens First Multi-Brand JeWellerY stOre in duBai

TC Sightholder Gitanjali Group recently opened its first global multi-brand store in Meena Bazaar,

Dubai. Bollywood actress Priyanka Chopra, who is also the brand ambassador for Gitanjali’s Asmi branded jewelry line, participated in the opening. The 2,000-square-foot store offers a selection of jewelry that while focused on the emirate’s Asian community, keeps an international clientele in mind. Featured among the brands are Asmi, Nakshatra, Nizam, Gili and Adler & Roth. The store houses diamond and 22-karat gold jewelry, some set with precious and semi-precious stones. Other offerings include polki uncut diamonds. Speaking at the occasion, Priyanka Chopra said, “I’m extremely pleased to be part of Gitanjali Jewels’ first multi-brand store opening in Dubai. I feel part of the family as

D

I endorse one of their most spirited brands – Asmi which means ‘I Am’ in Sanskrit. The brand represents the new age Indian woman, celebrating her new-found economic and social independence.” “We are happy to open the first Gitanjali Jewels store at Meena Bazaar, which is a shopping paradise for the Asian community at large,” said Mehul Choksi, chairman and managing director of the Gitanjali Group. “We are proud to present the most renowned Indian jewelry brands endorsed by celebrities under one roof, close to the hearts of the discerning clients here in Dubai.” iDEX

priyanka Chopra inaugurates the store

Choksi: Happy to launch in dubai

njn REpoRt: industrY GettinG MOre FaCeBOOk savvY

Courtesy National Jewelry News


he latest analysis of the social media platform by think tank L2 shows that the ability of watch and

jewelry brands to amass a following and engage fans on Facebook has slightly improved. New York-based L2 recently released its 2012 “Facebook IQ Index.” This report was compiled by taking into account four factors: size and growth of likes (35 percent); fan reaction and interaction (35 percent); the brand’s content, responsiveness and innovation (20 percent) and integration of Facebook across all digital platforms (10 percent). The brands were scored by points based on this criteria and ranked into one of four classes: “Genius,” those that scored 140 points and above, “Gifted” (110 to 139), “Average” (90 to 109), “Challenged” (70 to 89) and “Feeble” (less than 70). Overall, watch and jewelry brands were dispersed evenly throughout the report, with seven ranking as Gifted, seven as Average, eight as Challenged and five as Feeble. This was a slight improvement from L2’s 2011 Facebook analysis, when five brands were Gifted, and six each fell into the other three categories.

In addition, two of the industry’s most iconic brands, Bulgari and Cartier, showed marked year-over-year improvement, ascending from Challenged to Gifted. A total of 23 jewelry brands were included in last year’s report while 27 were evaluated this year. Baume & Mercier, TAG Heuer, Officine Panerai and Longines were the four additions. In the 2012 report, a new leader in social media - or at least in Facebook - emerged among the watch and jewelry brands.

W Luxury watchmaker IWC Schaffhausen scored 138 points and ranked No. 5 out of the 100 brands analyzed. It unseated Swarovski as the top-ranking industry player. “Stirring ‘Pilot Aptitude Test’ game app(lication) catapults watchmaker to top of category,” the report stated. The app garnered a 20 percent increase in “likes” for IWC Schaffhausen and an addition of 45,861 new fans in the 10 days following its release, a rate 10 times the average for watch and jewelry brands. Also ranking as gifted were Swarovski at No. 7 with a score of 131, followed by Pandora at No. 10 with 127, Bulgari at No. 12 with 126 and Tiffany & Co. at No. 18 with 123. The five “Feeble” brands were Van Cleef & Arpels with a score of 64, Rolex with 55, Baccarat with 54, De Beers with 52 and Patek Philippe, which ranked last with a score of 27.

Patek Philippe and Rolex are the only two brands out of the 100 included in the study that have yet to get on Facebook, although they do have unofficial pages created by fans. Ranking No. 1 overall was Macy’s with a score of 161. “This Timeline pioneer’s page is big, growing and well-integrated across channels; constantly updated programming sets the bar,” the study stated. Also ranking as Genius were cosmetics retailer Sephora, with a score of 148, followed by Lancôme Paris and Michael Kors, both at 146. These were the only four brands to achieve this top ranking. iDEX


ChoW tai Fook REvEnuEs soaR, +61.4% tO $7.8 BilliOn

surge in revenue and profit has been recorded for Chow Tai Fook Jewellery. The Hong Kong based

retailer reported revenue for the fiscal year leaped 61.4 percent to HK$56.57 billion ($7.79 billion). Profit for the year ended March 31, 2012 mushroomed 79.2 percent to HK$6.34 billion ($817.2 million). The company, a DTC Sightholder, said the improved results were mainly fuelled by the expansion of its POS network and a 40.3 percent growth in same store sales. Income from its retail operations in Mainland China represented 56.6 percent of the group’s retail revenue, as income from the region increased 64.4 percent year-over-year. Chow Tai Fook said its market share grew from 12.6 percent in 2010 to 14.4 percent in 2011 in Mainland China and from 20.1 percent to 21.4 percent in Hong Kong and Macau in that same period.

The firm’s gold products were the most popular, generating

a 52.6 percent of income by product category. Revenue of $1.98 billion from gem-set jewelry represented 27.2 percent of income. The growth drivers, according to the company, were fuelled by continued strong expansion of Mainland China’s overall economy and increasing demand for jewelry, especially for event-driven and festive celebrations. The company also noted that, according to a Frost & Sullivan report, 80 percent of soon-to-be-wed couples in Hong Kong and 65 percent of their counterparts in Mainland China favor diamond rings as a mark of their matrimonial vows.

A DTC Sightholder and Rio Tinto Select Diamantaire, approximately 46 percent of Chow Tai Fook's polished diamonds were produced from rough diamonds processed at their three diamond polishing factories. Two of the factories are in South Africa and the third is located in Shunde, China. iDEX

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Untitled-1 1 12-05-23 12:56 AM

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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Amngo go àmá CÎma go hr ̀ h {gñQ>_ ~ohÎma hmo nmEJm& Amngo AZwamoY h¡ {H$ Amn {H$gr ̂ r g_` AnZo {dMma, gwPmd Am¡a àíZ {ZåZ{c{IV Zå~a/nVo na S>mc gH$Vo h¢:

AmB©So>Šg Am°ZcmBZna gånH©$ H$a|&\¡$Šg na gånH©$ H$a|&[email protected] na B©_oc H$a|

AmB©So>Šg Am°ZcmBZ hram [aQ>oc ~|M_mH©$-EH$ OmZH$mar

ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK

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27IDEX INDIA RETAIL MAGAZINE| NO 1: DRB

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

29

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

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

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3

D 245546 232851 224388 168040 163697 146325 120267 98163 80345 66927 53563

E 198441 189755 185412 163697 146325 120267 111581 89254 71437 58018 49109

F 194098 181069 176726 150668 137639 115924 102673 80345 71437 58018 49109

G 181069 163697 159354 141982 133296 107127 98163 75891 71437 58018 49109

H 163697 159354 155011 137639 128953 102673 93708 71437 66927 53563 44655

I 159354 155011 141982 128953 120267 98163 89254 66927 62472 53563 44655

J 146325 141982 120267 98163 89254 75891 71437 62472 58018 49109 40145

K 111581 102673 89254 80345 71437 66927 62472 58018 53563 44655 35690

L 89254 84800 80345 75891 66927 62472 58018 53563 44655 35690 31236

M 84800 80345 75891 71437 62472 58018 53563 49109 40145 31236 22327

N 75891 71437 66927 62472 58018 53563 49109 44655 35690 31236 22327

Roun

d 0.

18-0

.22


D 285078 239365 226670 196993 184298 154287 149944 110857 97829 75891 62472

E 239365 218151 209688 184298 175835 145601 136915 97829 93486 71437 53563

F 235134 213920 205457 175835 171604 141258 128229 93486 89143 66927 53563

G 218151 192762 188530 171604 149944 136915 119543 89143 84800 66927 53563

H 192762 184298 175835 149944 145601 132572 106514 84800 80345 62472 49109

I 180067 171604 167316 145601 128229 119543 93486 75891 71437 62472 49109

J 175835 162973 128229 106514 97829 93486 84800 71437 66927 58018 44655

K 132572 119543 102171 89143 84800 80345 75891 66927 62472 53563 40145

L 106514 97829 89143 80345 75891 71437 66927 62472 53563 44655 35690

M 97829 93486 84800 75891 71437 66927 62472 58018 44655 35690 26782

N 89143 84800 75891 71437 66927 58018 53563 49109 44655 35690 26782

Roun

d 0.

23-0

.29

Roun

d 0.

45-0

.49

Roun

d 0.

50-0

.69


D 500780 397160 342984 319488 240869 212862 208797 204733 172160 134855 96715

E 385579 335134 292094 260690 216871 188586 184521 176281 147327 96715 83797

F 354677 323385 280345 232906 212862 180401 155624 143207 131013 83797 70935

G 315535 292094 264644 216871 204733 176281 151448 139087 118318 79621 70768

H 295991 268597 240869 208797 192595 172160 147327 134855 114087 75557 66592

I 292094 228953 212862 188586 172160 159744 139087 130624 105624 75278 66592

J 220935 212862 196659 167984 155624 147327 134855 126392 96993 70768 57739

K 192595 184521 163864 155624 147327 143207 130624 117929 83964 66425 53396

L 167984 163864 155624 147327 143207 139087 109410 105178 79454 57739 49053

M 163864 151448 134855 130624 126392 117929 105178 88140 70768 57739 44655

N 147327 143207 130624 126392 117929 100947 96715 83797 70768 57739 44655


D 685301 542261 456292 407183 365200 303619 253062 241314 198107 186192 129399

E 527394 460078 433630 388085 338419 276559 225668 213920 182238 158018 108686

F 456292 422327 388085 368987 322940 253062 209967 206013 178229 137639 95991

G 441203 391927 357517 338419 288140 237416 202060 198107 170156 121102 91759

H 399555 368987 330679 288140 260857 221715 198107 194098 162082 112862 83296

I 330679 311359 280401 253062 233463 194098 178229 170156 145880 104454 83296

J 264811 249109 241314 225668 198107 178229 170156 162082 133519 91759 74833

K 233463 217817 206013 178229 170156 166091 158018 153953 133519 91759 70490

L 209967 190145 178229 170156 158018 153953 145880 141759 129399 74833 57461

M 190145 178229 166091 158018 153953 145880 133519 129399 121102 74833 57461

N 186192 174220 162082 153953 149944 137639 129399 108686 91759 70490 57461


D 341370 277339 244878 211804 191147 157294 153062 140367 123330 97272 71214

E 289477 248998 220100 199388 178452 153062 140367 136136 123330 88586 66871

F 261136 228341 207684 178452 174220 148831 136136 131904 114644 75557 58018

G 224220 211804 199388 174220 161526 144599 131904 123330 114644 75557 58018

H 199388 191147 182684 161526 157294 136136 123330 118987 101615 75557 58018

I 182684 174220 169989 148831 136136 131904 114644 110301 97272 71214 53563

J 178452 165757 144599 131904 123330 114644 110301 101615 84243 62472 49109

K 153062 144599 131904 123330 114644 105958 97272 92929 79900 58018 44655

L 131904 123330 118987 114644 110301 101615 88586 75557 66871 53563 40145

M 114644 110301 105958 101615 97272 88586 75557 62472 53563 40145 31236

N 110301 105958 101615 97272 92929 66871 58018 53563 44655 35690 26782

Roun

d 0.

30-0

.39


D 380345 317706 286247 270379 218151 181236 172940 168820 143708 109855 79621

E 313808 294154 270379 246437 206013 177060 152171 143708 131013 88586 75278

F 294154 262416 238363 218151 197773 168820 147940 139477 131013 79621 70935

G 270379 242428 230290 214087 193597 164699 143708 135245 118318 79621 66592

H 242428 238363 218151 197773 185356 160523 139477 126782 114087 75557 66592

I 234298 201893 193597 172940 168820 152171 135245 122550 105624 75278 66592

J 193597 181236 172940 160523 143708 131013 122550 114087 96993 66592 53563

K 177060 164699 156403 147940 139477 126782 109855 96993 83964 62249 49109

L 164699 156403 152171 143708 131013 118318 101336 83964 70935 53563 44655

M 156403 139477 131013 126782 118318 105624 83964 66592 57906 44655 35690

N 131013 126782 122550 118318 114087 96993 79621 62249 57906 44655 35690

Roun

d 0.

40-0

.44


D 827617 643430 585301 541648 497829 416648 352895 311247 269154 191481 129399

E 672439 563474 523441 494154 457405 390535 326503 295935 242094 191481 123998

F 578062 523441 483185 472216 416648 371826 311247 284465 234354 191481 123998

G 516147 483185 464811 412918 379287 330234 295935 272996 226615 175780 119933

H 505178 450000 412918 379287 349165 315033 269154 253675 214922 167984 111748

I 401726 379287 360468 337806 311247 265256 234354 218875 187528 128007 91091

J 307405 299777 288307 257572 238196 230512 207127 203229 175780 111748 86915

K 253675 249833 234354 211024 199276 187528 167984 163976 144154 99332 70490

L 234354 214922 211024 187528 179733 171882 156069 152116 132071 95212 69989

M 226615 211024 195379 175780 171882 167984 140145 136136 123998 82684 69989

N 199276 195379 183630 171882 167984 163976 136136 119933 99332 74220 61526

Roun

d 0.

70-0

.79

Roun

d 0.

80-0

.89


D 982350 746882 660468 580958 551949 442706 391203 350278 286303 201782 129399

E 782739 656904 580958 548330 493764 417038 354009 316481 255735 191481 127227

F 678508 606292 533797 519209 460969 398608 335356 305178 244265 191481 127227

G 577339 541036 497383 453675 420713 350278 305178 274833 228842 178341 123218

H 519209 508296 446325 417038 380122 339087 286303 259521 221102 170546 115089

I 446325 420713 398608 368931 350278 293820 255735 248051 209521 128007 98831

J 350278 331570 327840 290033 274833 251893 236581 224944 178341 115089 90590

K 286303 270991 263363 228842 221102 194042 182294 178341 150947 102951 78174

L 274833 232684 228842 194042 186192 178341 166648 158797 132071 98831 69989

M 263363 221102 217261 186192 182294 174443 158797 154900 123998 90590 69989

N 232684 209521 201782 182294 178341 170546 150947 131180 111080 82294 69710

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

AUGUST 1st 2012

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

AUGUST 1st 2012

30


AUGUST 1st 2012


D 1342929 1078563 923775 738920 616927 566481 472216 421269 333073 227394 142094

E 1022494 966147 817372 645768 588085 522996 457628 392038 318096 219766 134243

F 973163 803174 717483 602506 580902 494042 428508 370045 318096 196604 127227

G 824499 710356 609744 544766 515757 464922 399332 347884 295713 196604 126336

H 631347 609744 573664 522996 486748 421269 377394 340479 273051 188864 118430

I 580902 522996 479510 457628 421269 370045 340479 295713 219766 134243 102339

J 515757 450390 435802 392038 355234 325557 295713 280568 196604 126336 94265

K 318096 310635 303174 295713 288140 265479 242650 235022 181125 118430 86080

L 280568 273051 265479 257906 250278 227394 212082 204343 134243 102339 86080

M 265479 257906 250278 242650 227394 212082 173385 157739 134243 102339 86080

N 257906 212082 204343 196604 188864 173385 165535 149889 118430 94265 77784

Roun

d 0.

90-0

.99


D 2091203 1483073 1276615 1062082 894710 654287 554065 503619 394989 277728 156236

E 1462472 1242038 1041258 901726 782071 611414 503619 474777 387751 255345 148497

F 1248942 1020379 873664 838530 696993 589922 489254 467539 373163 240256 140646

G 992595 901726 845546 718318 661414 568430 467539 445824 365924 225167 132851

H 824443 789143 711247 647160 582739 525278 445824 409577 344042 217650 125000

I 675668 661414 597105 554065 525278 474777 402283 394989 329399 202339 125000

J 554065 546882 525278 489254 467539 402283 380457 344042 277728 156236 117205

K 496437 482016 453062 424109 409577 351336 322105 285189 240256 132851 117205

L 402283 394989 373163 365924 336693 314755 285189 270267 225167 132851 109298

M 351336 344042 322105 300000 277728 262806 240256 232739 210022 132851 101392

N 344042 336693 307350 292595 232739 217650 210022 187082 156236 125000 101392

Roun

d 1.

00-1

.24

Roun

d 2.

00-2

.99

Roun

d 3.

00-3

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D 3847160 2890813 2551392 2251559 1616815 1233519 915423 676225 559187 343040 178118

E 2791036 2418151 2198218 1911303 1435523 1098552 833686 662528 510802 307572 152283

F 2331514 2171548 1844488 1630234 1361526 1057962 819989 655624 455290 271882 140646

G 1864532 1663808 1462416 1280735 1193040 942650 765312 628174 434410 225167 132851

H 1422105 1341314 1267261 1166091 1010523 901837 751670 614365 427394 217650 129510

I 1125612 1071492 1057962 922216 833686 758519 669376 566091 427394 202339 125000

J 922216 854120 813196 765312 696826 635022 566091 476114 350111 170824 121882

K 765312 758519 751670 676225 628174 572996 469209 441370 271882 134243 121882

L 621269 586804 559187 524666 489978 434410 392428 357183 243207 132851 115813

M 566091 524666 510802 483073 420434 364254 321771 286192 221548 132851 115813

N 503842 489978 476114 462249 364254 343040 293318 235969 214365 131347 107962


D 7278007 5315089 4457016 3544543 2915535 1812862 1272550 754677 625668 371771 189087

E 4859800 4443764 3769488 3120824 2477840 1572996 1232405 747940 605234 357906 167539

F 4047216 3743040 2975167 2603898 2291871 1452895 1138586 727617 584744 330178 167539

G 2981793 2630457 2444599 2212082 1906069 1346102 977283 714031 523163 302283 160301

H 2358296 2052506 1959354 1779566 1512973 1118430 916704 686915 516314 288307 153118

I 1732962 1619655 1546325 1392873 1218987 909967 829009 632461 454566 267205 153118

J 1459577 1312695 1279287 1172105 984020 815535 714031 557405 433909 238976 153118

K 1125167 1091592 1084855 963864 835802 714031 612027 495768 371771 181904 138641

L 815535 768263 761470 734410 680122 509465 447661 420156 351002 181904 138641

M 673274 666481 639254 605234 530011 433909 406347 337138 281292 181904 138641

N 557405 530011 488920 475167 378675 371771 330178 302283 246047 174722 131347


D 2202450 1606347 1381069 1127171 954621 696938 583797 526837 426448 281459 156236

E 1565479 1394710 1120267 968430 829788 633408 562472 498274 412082 266815 148497

F 1285134 1140924 933797 899165 760022 619265 541147 476782 383185 244766 140646

G 1009911 940757 871437 739031 689866 612194 505457 462416 375947 225167 132851

H 843653 808909 717984 675780 619265 562472 483964 440869 375947 217650 125000

I 703953 675780 612194 576726 541147 483964 433686 404844 361470 202339 125000

J 583797 548274 541147 512584 476782 419265 390423 368708 303341 156236 117205

K 505457 483964 469599 433686 426448 368708 325167 288753 240256 132851 117205

L 440869 412082 383185 368708 346938 317873 288753 274165 225167 132851 115813

M 404844 390423 332461 303341 296047 266815 259521 244766 215033 132851 115813

N 383185 368708 317873 296047 237361 229955 215033 207517 177339 131347 107962

Roun

d 1.

25-1

.49


D 2572049 1894098 1698608 1441759 1183185 895434 688140 604621 485022 313419 174777

E 1786359 1644655 1367094 1251392 1066982 840312 632572 590646 463753 298998 152283

F 1577116 1394209 1244599 1121715 943541 798886 618597 555568 449555 269989 140646

G 1210468 1135412 1019042 950390 867873 750501 583630 520379 399666 225167 132851

H 1005290 936693 881626 826503 771269 674276 555568 492094 392539 217650 129510

I 840312 812695 764365 708909 639532 583630 492094 463753 385356 202339 125000

J 702004 674276 646492 604621 548552 499165 435356 406793 327840 167316 121882

K 569599 548552 541537 499165 463753 421102 363808 320657 262751 132851 121882

L 477951 449555 435356 399666 392539 349499 313419 284521 233630 132851 115813

M 413920 399666 370991 342261 306236 291759 269989 255457 219042 132851 115813

N 385356 378174 363808 335078 284521 262751 255457 233630 197049 131347 107962

Roun

d 1.

50-1

.99

Roun

d 4.

00-4

.99


D 9529399 7604343 5678174 4235802 3238920 2073886 1422550 814644 680011 381013 200780

E 8373051 5928285 4163252 3727784 3106682 1755234 1369321 774332 632795 357906 167539

F 6645100 4084131 3516425 3285189 2723051 1675445 1335969 767595 619321 330178 167539

G 5065980 3285189 2981069 2756125 2186637 1469209 1155958 760857 571938 312194 160301

H 3866370 2478062 2372105 2166759 1834967 1369321 989031 686915 551615 305290 158185

I 2947996 1775167 1735245 1635523 1429232 1115924 901949 632795 504009 291481 153118

J 2252895 1535746 1395935 1262695 1169321 922049 801225 558352 449499 270657 153118

K 1415924 1295991 1182628 1069265 955568 787806 659800 497216 374165 200780 151058

L 1176002 1062584 908630 834800 767595 605791 517650 428953 353563 200780 143875

M 942149 807962 693541 646269 605791 531236 449499 387862 319098 200780 143875

N 707016 639532 571938 490423 408463 374165 360412 339755 277617 193708 136693

Roun

d 5.

00-5

.99


AUGUST 1st 2012




D 11446158 8463307 6262305 4632016 3420100 2244154 1594878 876058 708686 404955 212639

E 8712973 6748497 5421325 4520156 3340924 2237528 1482016 782405 641481 357906 170657

F 6645100 5270100 5243764 4191036 3228786 2230958 1455401 769042 621325 330178 170657

G 5065980 3373942 3367316 3327728 2964755 2045601 1442094 762305 614588 312194 160301

H 3866370 2931737 2779788 2680679 2323552 1568318 1355679 695267 553953 305290 158185

I 2947996 2488976 2389755 2045601 1985969 1408909 1136080 641481 513474 291481 156570

J 2252895 1992595 1952840 1581626 1535134 1182684 976114 567428 466091 274889 153118

K 1720935 1501893 1482016 1262584 1136080 842650 762305 506682 411748 219543 151058

L 1315813 1129399 989477 962751 829287 782405 634744 452506 364031 212639 143875

M 1002784 856013 775724 735523 688530 614588 499944 411748 329788 212639 143875

N 769042 728786 661637 560690 459298 425390 398163 357183 295490 205679 136693

31


D 172383 150668 141982 124610 111581 98163 80345 62472 53563 44655 35690

E 137639 128953 120267 102673 98163 71437 66927 53563 49109 40145 31236

F 128953 111581 102673 84800 80345 66927 62472 49109 49109 40145 31236

G 115924 102673 93708 80345 75891 62472 53563 44655 44655 35690 31236

H 107127 98163 89254 75891 66927 53563 49109 40145 40145 31236 26782

I 102673 89254 84800 71437 62472 49109 44655 35690 35690 31236 26782

J 98163 84800 66927 53563 49109 40145 35690 31236 31236 26782 22327

K 62472 53563 49109 44655 40145 35690 31236 26782 26782 26782 22327

L 49109 44655 40145 35690 31236 26782 22327 17873 17873 17873 17873

M 44655 40145 35690 31236 26782 22327 17873 13363 13363 13363 13363

N 40145 35690 31236 26782 22327 17873 13363 8909 8909 8909 8909

Fanc

y 0.

18-0

.22


D 184298 171604 167316 149944 136915 110857 102171 75891 71437 53563 44655

E 171604 167316 162973 141258 128229 106514 97829 66927 66927 49109 35690

F 154287 149944 145601 136915 123886 102171 93486 62472 62472 44655 35690

G 149944 136915 132572 119543 115200 93486 84800 58018 58018 44655 35690

H 136915 128229 123886 115200 106514 89143 75891 53563 53563 44655 31236

I 123886 119543 115200 102171 80345 75891 71437 49109 49109 40145 31236

J 115200 97829 89143 71437 66927 62472 58018 44655 44655 35690 31236

K 89143 80345 71437 66927 58018 53563 49109 40145 40145 35690 26782

L 71437 66927 62472 53563 49109 44655 40145 35690 35690 31236 22327

M 62472 58018 53563 49109 44655 40145 35690 31236 31236 22327 17873

N 58018 53563 49109 44655 40145 35690 31236 26782 26782 22327 13363

Fanc

y 0.

23-0

.29


D 339031 260690 228953 216871 196659 180401 151448 143207 126392 100947 70768

E 260690 228953 200724 192595 180401 167984 147327 134855 109410 83797 66425

F 236860 212862 188586 180401 167984 134855 130624 113641 105178 70935 57739

G 216871 188586 172160 159744 151448 126392 122160 96715 92483 62249 53396

H 192595 180401 155624 147327 139087 122160 105178 88140 83797 62082 49053

I 180401 163864 130624 126392 122160 113641 100947 83797 70935 57906 49053

J 139087 130624 109410 105178 100947 96715 92483 79454 66425 49109 40145

K 122160 109410 100947 96715 92483 88140 83797 70768 66425 44655 35690

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Fanc

y 0.

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.49


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Fanc

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Fanc

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Fanc

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AUGUST 1st 2012


AUGUST 1st 2012

32 AUGUST 1st 2012

Prices are in Rupees Per Carat Powered by www.idexonline.comIF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3

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Fanc

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AUGUST 1st 2012

IIJS, BCEC Goregaon Mumbai

Hall # 6

rd th23 -27 August 2012

6W091, 93, 95, 6U092, 94, 96Location 1:Location 2: 6U035, 37, 6T036, 38

Hall # 1 1C012, 1G026, 28Location 3:

R

34 IDEX INDIA RETAIL MAGAZINE| NO 1: COVER STORY

by Vinod Kuriyan

35

“Expect to see a lot of lightweight jewellery – manufacturers will try and maximize the look at minimal cost! From the feedback that many retailers have given me, they’re going to keep their purchases strictly to what is absolutely necessary. Many told me they are melting and recycling their old jewellery to come up with new, lightweight product without going to the cost of completely new acquisitions. So don’t expect to see too much product innovation from manufacturers either. Let’s face it, the economy is not going anywhere and consumer sentiment is down. We all know that and so in terms of generating business, no one’s expecting much of the India International Jewellery Show (IIJS) – the only really serious buyers are going to be those who have just opened new stores and have no option but to stock up,” says Shailesh Sanghani of Priority Jewellery.

IDEX INDIA RETAIL MAGAZINE| NO 1: COVER STORY

IDEX INDIA RETAIL MAGAZINE| NO 1: COVER STORY36

“But,” he adds, “I don’t think we should all just sit around and wait for something to happen – hope for some new government initiative to pull the country out of the economic doldrums. We have got to make something happen ourselves. For the gem and jewellery industry, I think it is crucial to come together and launch some sort of concerted promotion and marketing effort for our product. The industry came together surprisingly well over the issue of the proposed excise duty on jewellery. We’ve got to do something similar about marketing and promotion.”

Sanghani: Retailers recyling a lot right now

consumers and how to come up with product they will want – actively seek out.”

As it is, Rao observes, the Indian jewellery production industry is still operating way below capacity. “We’re only operating at some 60 percent of our installed capacity, so even if there had been a surge in demand, it isn’t as though we could have rushed to meet it. I think the depressed consumer market now offers us a chance to think about the long term instead of just trying to figure out how to cope with the here and now.”

Work Towards Next YearThe way Rao puts it, “We’ve got to start working on being ready for next year.” He looks back at the recent past and points out, “We had a really good run up from the 1990s through to 2010. But we never really got to grips with what excites the consumer and what we could do to create some longing for our product.”

IDEX INDIA RETAIL MAGAZINE| NO 1: COVER STORY 37

Mahesh Rao, CEO of Peakok Jewellery, that manufactures and distributes product for jewellery retailers throughout the country, concedes that these aren’t good times. “Yes, it is a tough year,” he admits, “but you’ve got to take a step back and look at the big picture. Jewellery has been selling in this country for some 5,000 years – and you can bet there have been some horribly bad times over all that time. Jewellery sold when the foreign exchange rate was Rs.7.50 to the US dollar and it will still be selling if it goes up to Rs.60 to the dollar. So what is the worst that can happen if we have on bad year?”

Rao thinks this is the time for the Indian gem and jewllery industry to start thinking long-term about its product. “Developing contemporary design has to be a priority long-term goal for us,” he observes. “The product development and manufacture part of the process are relatively short-term, what I’m talking about is getting down to really understanding what moves and motivates

Rao thinks the way forward is for the industry to go to the very bottom of the product pyramid. “A really solid way forward is to look at the traditional craftsmen who have been turning out jewellery product for thousands of years in this country. We need a World Craft Council tie-up and get to grips with what the traditional craftsmen have done all these years – to create all those traditions that are so famous now.”Rao wants to build up slowly but solidly. “I think we should work on some four crafts this year and work at them thoroughly. That’s the way forward. We have to stop crying about the present and prepare ourselves to start investing in the future. We have to do something aimed at the long term. The time to do it is now.”

Gem & Jewellery Export Promotion Council (GJEPC) Vice Chairman Sanjay Kothari, whose Diatrends Jewellery is a


regular participant at the IIJS show, is also candid when he says the outlook isn’t all that hot. “If you look at the way the JCK Las Vegas and Hong Kong Jewellery shows went, you know for sure that the outlook isn’t so great,” he notes. “India is now firmly connected to the global economy and the global economy is going through uncertain times. Add the fact that our domestic political and economic outlook is pretty uncertain right now and you don’t have to be some great forecaster to know that the IIJS is going to be sailing in a tough current. Personally, we at Diatrends are therefore banking on our usual product – small diamonds below 0.10 carat to base our product offering for the show on. And even then, who knows?”

But Kothari too doesn’t think the situation calls for a passive throwing in of the towel. “If you look at the signs, the gem and jewellery industry isn’t just giving up, they know that there are better times that will come in the future. There is a waitlist of some 479 companies waiting to get exhibition space at the IIJS. And as for the India International Jewellery Week (IIJS) that runs over the week just preceding the IIJS, all 32 designer-manufacturer slots have been taken, with the Gemological Institute of America (GIA) and the International Gemmological Institute (IGI) sponsoring a whole slew of new designers. In fact, there’s so much pressure that we’re looking at perhaps expanding the show and increasing the participation.”

The Japanese Are ComingAnother initiative that will run through the IIJW is the special participation of the Japanese jewellery retail industry. “It is the 60th year of the Indo-Japan business association and they are looking to do something special to commemorate it.”

Atul Parikh, who is based in Japan and partnered the late Japanese designer Kazuo Ogawa and still runs his jewellery firm in partnership with Ogawa’s family, has been working on the Indo-Japan gem and jewellery commemoration of the 60th anniversary of business ties between the two countries. He told IDEX Magazine –


India Retail by email that the Japanese contingent was really looking forward to expanding business ties with India.

All the signs do indeed point to an Indian industry that does not seem the slightest bit negative about the future. At a press conference hosted by the GJEPC, IIJS convener Haresh Zaveri announced that this year’s show, the 29th edition, would feature over 800 exhibitors in 1,900 booths.

Zaveri told the media that the show, which is hard-pressed for space, is looking at a variety of options to try and accommodate the 479 companies that want to get in as exhibitors. One solution being offered to

prospective exhibitors is the multi-user mezzanine booth. Zaveri explained that this meant that booths could be erected with upper or mezzanine floors that would house companies other than those on the ground floor. Hitherto, mezzanine floors have been simply expansions of the ground-floor exhibitor’s own exhibition area.

“Our focus is on offering new exhibitors space at the show rather than granting existing exhibitors more space,” Zaveri said. “Any cancellations among participants would mean that the freed-up space would be offered to someone from the waitlist rather than being given as extra space to existing exhibitors.”

Zaveri said 1,800 overseas buyers were expected this


43

has changed its organization to become customer-centric, by collecting and analyzing customer data and making strategies based on insights gleaned from the data. This outlook explains why it has become imperative for the organized retail sector in India to embark on a journey of customer centricity and how they could go about doing so, by an effective use of customer data.”

The Technopak report went on to note, “The most fundamental aspect of developing customer-centricity is to understand the customers and for this, collecting data on who they are, what they buy, when they buy, how they buy, etc. is of paramount importance. It is very important for Retailers to set up robust and excellent processes which will enable them to collect customer data. One of the biggest drawbacks that the Indian retailers have is that their existing systems and processes have not been built to capture customer data or link it to the transactions…”

Thus while nobody expects this year’s IIJS to buck the global and national economic trends, how one views the situation and what one does about it will be crucial to the well-being of the industry in 2013 and going onward from there.

year as compared to last year’s 1,300. He added that between 650 and 700 buyers had already registered for the show.

Indeed, the future of the Indian gem and jewellery industry – and the strength of consumer demand in the country – looks so good for the future that neighbouring Pakistan is sending a 100-member delegation to this year’s show and the GJEPC is working towards providing them with a fully-fledged Pakistani pavilion at the 2013 IIJS.

Time To Start Really Understanding The ConsumerMany industry watchers think that this is the time for the Indian gem and jewellery industry to indeed take stock of what it could do to ensure that the future remains as rosy as the past has been. The development of design apart, much of what needs to be done is cited as a glaring need even in other retail sectors. Primarily, this is about really understanding the consumer.

In a report that it published in September last year, retail consultants Technopak had noted, “The success of many retailers across the world and the failure of others can be attributed to one major silver bullet – how well a retailer

IDEX INDIA RETAIL MAGAZINE| NO 1: COVER STORY

44 IDEX INDIA RETAIL MAGAZINE| NO 1: STONE SOURCES

he Responsible Jewellery Council (RJC) and Solidaridad, a non-profit organization with a focus on

sustainable trade, recently announced their collaboration in ensuring better, more transparent and accountable practices throughout the gold supply chain.

The two have joined forces to encourage broader participation in RJC by companies in the Global South.

A key focus will be Solidaridad’s new pilot project, which uses RJC’s Code of Practices and Chain-of-Custody standard as tools for improving practices at industrial gold mines.

Solidaridad developed the pilot to test an innovative approach for decreasing the risks and increasing the benefits of industrial gold mining for people and the environment.

It will ask mining companies to meet internationally-recognized standards for responsible social and environmental practices and verify those practices through independent audits.

Solidaridad will provide guidance on setting targets related to implementing the standards and broader development goals, and on identifying the resources needed to reach those targets.

Training and capacity-building topics will include human rights, community engagement, conflict resolution and environmental management. In particular, Solidaridad will work to support the companies’ engagement in meaningful community development.

To encourage mining companies to commit to meeting the Code of Practices, Solidaridad will partner with leading branded jewelry companies that wish to ensure that their gold is sourced responsibly. Together, they will pilot test traceable supply chains from participating mines to the market using the Chain-of-Custody standard. In the two-

T

year pilot phase, Solidaridad will work with up to four European jewelry brands and three mining companies.

RJC and Solidaridad say they will work together to share the outcomes of the project and use the lessons learned to strengthen the RJC system.

“The pilot project will take RJC’s standards to the small - to medium-scale industrial gold mining sector, and help grow new approaches to responsible sourcing with these enterprises,” says Fiona Solomon, RJC director – Standards Development. “The jewelry supply chain as a whole benefits from proactive multi-stakeholder efforts such as these, and we look forward to working alongside all involved.” IDEX

RJC anD SolIDaRIDaD Collaborate on Gold MininG StandardS Pilot ProjeCt

STonE SouRCES

nglo American has received the final approval needed to acquire the Oppenheimer family’s 40 percent stake

in De Beers. The approval brings the deal to Botswana’s doorstep. Botswana now needs to decide if it wants to exercise its right and increase its stake in the company to 25 percent. The South African Minister of Mineral Resources gave Anglo American its approval to acquire Oppenheimer’s share in De Beers. Now that all regulatory approvals have been granted,

A

South AfricA Approves Anglo AmericAn’s De Beers’ purchAse

Anglo will make the formal offer to Oppenheimer’s CHL Holdings Limited and the government of Botswana (GRB) under the terms of the De Beers Shareholders’ Agreement.

Anglo currently holds a 40-percent stake in De Beers. If Botswana does not exercise its right, Anglo’s share will increase to 85 percent. Last November, Anglo American agreed to pay the Oppenheimer’s $5.1 billion in a cash transaction for this stake. Anglo Amreican said it expects the transaction to close in the second half of 2012. iDEX

fAthEr of thrEE KillED At BotSwAnA MinE34-year-old foreman was killed at Jwaneng diamond mine in Botswana while driving inside the pit.

Motshwari Raseiteo was killed during what was described as a slope failure. Debswana suspended all production activities until the investigations into the accident were completed.

The company said Raseiteo had been employed as a general shift foreman in the mining department since March 2012. A Bray, Kgalagadi District resident, he is survived by his wife and three children. iDEX

A


io Tinto, a leading diamond and gold miner and a founding member of the Responsible Jewellery

Council (RJC), is the first mining company to achieve RJC certification. The certification covers Rio Tinto’s Diavik, Argyle and Murowa diamond mines and Kennecott Utah Copper, which produces gold and silver used in the jewelry industry.

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Rio TinToBecomes First miner to Achieve rJc certiFicAtion

The Bunder diamond project in India and Oyu Tolgoi in Mongolia have not been included in the audit because they are not yet in commercial production and do not supply the jewelry industry, RJC stated. The miner has, however, assured the RJC that both projects are being developed in accordance with the RJC’s Code of Practice. “We support stakeholders’ demands for greater transparency and appreciate that people want to know that the jewelry they buy has been mined responsibly and ethically,” said Harry Kenyon-Slaney, Rio Tinto’s chief executive, Diamonds and Minerals. The CEO stated, “As a founding member of the RJC, Rio Tinto is proud that our commitment to sustainability, integrity and environmental stewardship has been recognized and that we are the first mining company to receive this recognition from the RJC.” “Rio Tinto currently occupies a unique position within the international mining industry of being the only certified gold and diamond miner,” said RJC CEO Michael Rae. iDEX

RichlanD reports 33% increAse in net proFit in 2011

image: rio tinto

RichlanD reports 33% increAse in net proFit in 2011

anzanite producer Richland Resources Ltd announced a

33-percent increase in net profits for the year ended December 31, 2011. The company saw its profit rise from $0.6 million in 2010 to $0.8 million in 2011. The miner also saw a 29 percent revenue increase to $20.5 million ($15.9 million in 2010). During the year, production levels increased by 200,000 carats – an increase of 9 percent – from 2.2 million carats in 2010 to 2.4 million carats in 2011. Despite the increase in production,

T the grade decreased 2 percent to 58 carats per ton compared to 59 carats per ton in 2010. “Our second year of profit is testimony to our continued margin enhancement program and significantly enhanced production rates,” said CEO Bernard Olivier.

“Despite the continuation of the global financial issues the company was able to achieve a total revenue of $20.5 million and EBIDTA of $3.5 million. We continue to remain focused on creating shareholder value during 2012 through developing new markets, especially in China.” iDEXimage: tanzanite Foundation


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IDEX INDIA RETAIL MAGAZINE| NO 1: INDUSTRY NEWS 51

Industry news

GItanjalI Crowns Pantaloon Fresh FaCe hunt

he Gitanjali Group was the main partner to the Pantaloons Fresh Face Hunt, which ended in a

dazzling grand finale on June 23. The winners were literally crowned by Gitanjali, which fabricated the diamond-studded gold crowns they wore.

The event was the culmination of a three-month hunt for new, fresh faces for Pantaloons to project to the consumer. At auditions in 65 Pantaloon stores across the country, over 5,000 hopefuls entered the contest over a period of just two weeks.

That huge crowd was eventually thinned down to just 20

potential fresh faces, who were groomed and trained by professionals to walk the ramp at the grand finale during which the winners were picked.

Speaking about the event, Pantaloons Chief of Marketing Madhumita Dutta said, “It’s great to see that our unique engagement platform, the Pantaloons Fresh Face Hunt has been so well received across the country. Pantaloons stands for fashion and a lot of style. We are delighted that we could make the dreams of many come true and expose the youth of our country to a life changing experience in the fashion fraternity.”IdeX

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Gitanjali Jewels Vice President Karthikeyan Vishnu with the finalists and the crowns.

Models showcase the collection at the launch event.

Buyers at the Gemfields auction in Jaipur.

IDEX INDIA RETAIL MAGAZINE| NO 1: INDUSTRY NEWS52

ewellery retail major Tanishq launched a new collection aimed at “the progressive Indian woman”. Named the

Ganga collection after the river that is revered all across the country, the line is fabricated in 18-karat white gold and set

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tanIshq launChes the GanGa ColleCtion

with diamonds and uncut colored gemstones. It is priced from Rs.35,000 upward and available at Tanishq outlets across the country.

According to Sandeep Kulhalli, Tanishq Vice President for Retail & Marketing, the new collection is aimed at making the jewellery segment “more innovative” and to “differentiate collections on the basis of parameters like design and materials.”

Tanishq says the design of the collection reflects the many “moods” of the river, ranging from foaming “fury” as it rushes down the Himalayas, through a more sedate flow that further slows to show a calm surface and finally the mixing of waters at the famous confluence of the Ganga and Yamuna rivers.IdeX

he 13 percent weakening of the Indian rupee against the US dollar over the past eight months impacted

the offer prices at the Gemfields auction of lower-end rough in Jaipur in June. The company said that this was due to the fact that much of the polished that comes out of this rough is consumed in India itself and the rupee value of the final product was thus adversely impacted.

The auction generated revenues of $9 million. The average price at the auction was $2.61 per carat. Gemfields said that overall demand remained strong with some weakness apparent only in the lowest quality grades.

Gemfields operates the Kagem mine in Zambia, the world’s only organized emerald mine. It holds regular auctions of its goods, with high-end material being put on the block at Singapore. The latest auction was the fourth and final one for the current financial year which ended on June 30. This

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weak IndIan rupee imPaCts GemFields emerald auCtion

year’s four auctions together have generated a total of $77 million in revenue.IdeX

why did jewelry suPPlier retail PriCes Fall in may? Ken Gassman answers this and many other riddles at: www.idexonline.com/research/jewelrysup4

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Kiran Wins iDCa aWarD

e Beers Diamond Trading Company (DTC)) Sightholder Kiran Gems Private Limited won

the New York-based Indian Diamond & Colored-stone Association (IDCA) award for being the highest exporter of white diamonds from India during fiscal 2011-2012. Kiran Gems Managing Director Mavji Patel received the award at the IDCA’s gala event on June 2 at the JCK Las Vegas show.

Kiran had also bagged the highest exporter award in the DTC category for the same period from the Gem & Jewellery

Export Promotion Council (GJEPC). Commenting on the double win, Patel observed, “We simply concentrate on our performance and the awards follow.”

Kiran is currently in the expansion mode. A new 200,000 square foot factory is being readied in Gujarat while the firm has opened offices in Shanghai and Shenzhen to better service its Chinese clients. In India’s domestic market, Kiran has ramped up its jewelry production for the bridal and fashion segments.iDEX

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he eternal bond between a mother and her daughter was celebrated by Deepa Mallick when she gifted her

daughter, Bengali actress Koel Mallick beautiful platinum jewellery by Indian Gems & Jewellery Creations.

The company said in a statement, “The unchanging qualities of the metal reflect the sincerity and unconditional love shared between a mother and daughter. This divine and everlasting relationship is best celebrated with platinum.”

Deepa Mallick said, “I wish my daughter every success in her life and may she always be happy.”

Koel Mallick said, “Platinum for me is very special as it defines who I am. Its modern appeal with a touch of traditional in its designs is what attracts me the most and it stands for today’s generation. I am truly touched by my mother’s gesture of gifting me beautiful and eternal platinum jewellery. She is my support system in whatever I do. This gift of platinum jewellery will be cherished by me all my life.”iDEX

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ICA Moves InternatIonal HQ to Hong Kong

A ttesting to the growing importance of the Asian markets, the International Colored Gemstone

Association (ICA) has moved its international headquarters from New York to Hong Kong. The organization is still maintaining a presence in a new location in New York. The ICA said the decision to move its head office was aimed at bringing the organization into closer touch with the rapidly expanding Asian markets – and its increased membership in the region – and to actively participate in the further development of the colored gemstones and jewelry industry in the region. Wilson Yuen, president of the organization, said the

decision had been made following a great deal of debate. “Asia in general, and China in particular, is claiming a larger role in international business, and it is imperative that we are based in the heart of the region to enable us to provide a comprehensive service to our membership and to the industry. This is what it is expected of the ICA,” he said. The transition is being overseen by the ICA’s former executive director, Barbara Wheat. The new offices are located in Hong Kong’s gems and jewelry manufacturing district. The offices are run by a team of English- and Chinese-speaking staff, led by Daniel Leung, executive assistant to the president. IDEX


At the ICA’s new home in Hong Kong.

DDC AnD DMCC announce cooperatIon agreeMent

T he Diamond Dealers Club of New York (DDC) and the Dubai Multi Commodities Centre (DMCC)

recently announced their agreement to cooperate on a wide range of issues affecting their membership. DDC president Reuven Kaufman and DMCC executive chairman Ahmed Bin Sulayem have agreed to regular exchanges of trade delegations between the two centers, beginning with a New York-delegation visit to Dubai in the fall. Kaufman says the fall trade mission is for the mutual buying and selling of diamonds, which will benefit members of the industry in both centers. He also said it will facilitate the development of long-term business relationships among the participants.

Bin Sulayem gave the DDC leadership a comprehensive review of the diamond business opportunities in Dubai, saying he welcomed the opportunity to host a trade mission of New York diamantaires and that he looked forward to working closely with the DDC and its membership on their joint agenda. Other members of the Dubai delegation included Malcolm Wall Morris, CEO of the DMCC and Peter Meeus, chairman of the board of the Dubai Diamond Exchange. DDC officials including vice president Basant Johari, Secretary Benny Simkhai, Treasurer Jacob Zupnick and managing director Martin Hochbaum joined the DDC president. IDEX

GJEPC apprIses coMMerce MInIstry on need for cHanges

ndia’s diamond and jewelry industry is continuing its efforts to introduce a turnover tax system and

simplifying custom procedures. Recently a delegation from the industry met with S. R. Rao, the country’s new commerce secretary in a bid to promote these and other issues. The Gem & Jewellery Export Promotion Council (GJEPC) delegation, led by chairman Rajiv Jain, vice chairman Sanjay Kothari and Diamond Panel Committee convener Bakul Mehta, met Rao on July 5.

I The discussions included ways and means to increase exports and value addition from the sector in the medium- and short term. The GJEPC chairman presented the current issues that are impeding growth. These included the need to introduce a presumptive taxation system; the need to re-introduce the two percent interest subvention on rupee export credit; transfer pricing issues; the need to streamline various custom procedures and the need for the generic promotion of diamonds worldwide. IDEX

IDEX INDIA RETAIL MAGAZINE| NO 1: INDUSTRY NEWS 57

The Commerce Secretary (centre) with GJEPC Chairman Rajiv Jain (in suit) and the industry delegation.

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