IDEX India Retail, July 2012

But aggressive promotion
and marketing are key to

survival and success
Indian
Middleclass
Turning To
Diamonds
INDUSTRY
NEWS
GJEPC Knocks At
Door To Rs.66,000
Crore Pakistan Market
SPOTLIGHT
An Indian Splash In
Las Vegas
MARKET
REPORT
Mumbai Polished
Prices Under
Pressure
FACETS
MontepuezRubies
And The Terrible
Mixture
July 12
Read Special Report
Danger
Your Diamonds
May Have Been
Made In A Lab
!
!
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kar052312j07 KARP print ad@Idex indian magazine.pdf 2012-5-23 18:24:16
4 IDEX MAGAZINE INDIA RETAIL| NO 20
magazine india retail
05 FROM THE EDITORS DESK
Lose Trust And We Lose Everything
06 MUMBAI DIAMOND MARKET
REPORT
Mumbai Polished Prices Under Pressure
08 COVER STORY
Indian Middleclass Turning To Diamonds
19 RETAIL ET CETERA
Butterflies & Bows
27 DIAMOND RETAIL BENCHMARK
34 FACETS
The Montepuez Rubies & The Terrible Mixture
37 SPECIAL REPORT
Danger! Your Diamonds May Have Been Made In A
Lab!
44 SPOTLIGHT
An Indian Splash In Las Vegas
50 INDUSTRY NEWS
GJEPC Knocks at Door to Rs.66,000 Crore Pakistan
Market
www. i d e x o n l i n e . c o m
J ULY 2 0 1 2
VOL. 1 No. 20
Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
EDITORs Edahn Golan, Danielle Max
IDEX ONLINE REsEARCH Ken Gassman
INTERNATIONAL CORREsPONDENT
Tamar Katzav
ADMINIsTRATION & MARKETING
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PRODUCTION & CIRCULATION Helena Dorsht
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ISSN 0334-6838
2003 IDEX ONLINE S.A.
CONTENTS
JULY
Editor
5 IDEX MAGAZINE INDIA RETAIL| NO 20: EDITOR
he world economy is, according to some, more
uncertain than it was during the 2008 global economic
crisis. This is refected in sharply reduced consumer
spending worldwide and extremely price-conscious choices
even in the luxury segment.
So its worth cheering about the fact that even in these
circumstances, the Indian consumer seems to have taken
a shine to diamonds. But then, as our cover story reports,
the Indian consumer hasnt exactly been spending a lot of
money on gems and jewellery over the frst half of this
year. Industry players have their fngers crossed when they
say that they expect consumption to get going again after
the middle of July and really take off with the onset of
the festival season. There are just so many unpredictable
elements between now and then.
Still, most industry watchers are cautiously optimistic in
their outlook for the second half of this year. Having said
that, however, one has to face up to the fact that the global
diamond industry is faced with one of the greatest threats
to its very existence and even the most cautious projections
might well go out of the window.
We have to understand that as an industry, we dont really
have a product to sell. All were doing is selling an illusion.
To sell that illusion, however, we require a reputation.
We require the consumers complete trust in us. Many of
the Indian jewellery retail industrys woes can be directly
attributed to the fact that this trust has been repeatedly
breached by members of the industry gold that isnt really
of the purity that it is claimed to be, diamonds that arent of
the stated colour and clarity and more.
Now were faced with synthetic diamonds that have been
sold as naturally mined diamonds. This is a direct abuse of
trust not to mention fraud in terms of valuation. The
synthetic stone, while defnitely a diamond, is half the price
of the naturally mined one. This is because the latter enjoys
an attribute that the former does not rarity.
So far, the issue has remained within the industry. But if this
isnt sorted out right now, it has the potential to blow up in
the industrys face. If the consumer decides that diamonds
arent worth buing because of the high probability of being
defrauded, it will be the end of everybodys business.
Were already in a situation where the Indian consumer has
expressed a distrust in gold jewellery last Diwali, sales
of primary gold were strong while jewellery had a pretty
miserable outing. If diamonds too cannot be trusted, were
faced with pretty much an end to business as we know it.
idEX
LosE trust And WE LosE EvErything
by VI NoD KurI yAN
t
6 IDEX MAGAZINE INDIA RETAIL | NO 20: MARKET REPORT
MUMBAI
DIAMOND MARKET
REPORT
by VI NAY PAREKH
MUMBAI POlIshED PRIcEs UNDER
PREssURE
he Indian diamond manufacturing industry had
closed down at the beginning of May for its
annual summer vacation and consequently, new polished
production coming onto the market over the past fve
weeks has been drastically reduced. Dealers are all aware
that this major shortage in production is one of the main
factors sustaining current polished prices. The overall
outlook is, therefore, extremely cautious.
Compounding this is the fact that domestic demand has
been hit by the sliding rupee and demand from China and
Europe too has signifcantly reduced over the same period.
This has led to a depressed business sentiment and a further
slowing down of movement.
The JCK trade show in Las Vegas was gauged to have poor
Indian buying a fallout of the import duty slapped on
polished diamond imports. For much the same reason, not
much was expected of the Hong Kong show either at the
time of going to press. However, dealers were looking to
the show to determine any possible lift in Chinese demand.
At the time of reporting, buyers were unwilling to any
excess inventory at all and restricted purchases strictly to
what was immediately needed. Dealers said that current
prices were not sustainable in the long term and were alert
for signs of a correction.
IDEX
T
7 IDEX MAGAZINE INDIA RETAIL | NO 20: MARKET REPORT
-0.01 (-2 ) Fair demand for SI2-I1 goods. Overall demand & prices will remain soft.
Demand will be very precise.
-0.02 (+2-6.5) Very good demand for white SI2-I1 goods.
Good demand for VVS-SI/I-L col.
Steady demand & prices are expected.
Shortages will be seen in SI category.
Demand for VVS goods will be low.
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 will be mainly for +6.5-8 sieve.
Demand for VVS goods will be low.
0.08-0.14 (+11-14) Good demand for SI & piqu goods.
Fair demand for VVS-VS/J+ goods.
Demand & prices will remain stable.
Shortages in piqu goods will be seen.
0.30 (1/3) Good demand for VS-SI goods.
Fair demand for piqu goods.
Demand for SI goods will remain strong.
Prices will remain firm.
0.50 (1/2) Good demand for VS-SI/K+ goods.
Fair demand for I1-I2/I+ goods.
Overall demand & prices will remain stable.
0.75 (3/4) Good demand for +0.90 cts. VS-SI/F-J col.
Fair demand for I1-I2/I+ goods.
Demand & prices for VS-SI /+0.90 cts. will
remain strong.
1.00 (4/4) Very Good demand for SI goods.
Good demand for I1-I2/I+ goods.
Fair demand for VVS/VS/F-M col.
Overall demand will remain good. Prices will
be under pressure mainly for VVS/VS goods.
0.15-0.17 (+14-15.5) Good demand for SI & piqu goods.
Fair demand for VVS-VS/J+ goods.
Demand & prices will remain stable.
Shortages in piqu goods will be seen.
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 & piqu goods. Overall demand & prices will remain soft.
0.40 (3/8) Good demand for VS-SI goods.
Fair demand for piqu goods.
Demand for SI goods will remain strong.
Prices will remain firm.
+3.00 Fair demand for VS-SI/G-K col. Overall demand & prices will remain soft.
Prices will be under pressure mainly for VVS/
VS goods.
MUMBAI DIAMOND TRADING IN JUNE
Size in Carat
(Sieve)
Comments Forward Call
9
The move toward consuming more diamonds comes
in the midst of the steady and somewhat frightening
upward march of gold prices. The price of gold has
been oscillating, no doubt, but on the whole, it has simply
kept going up, Bamalwa observes, and this is so only
in India! Elsewhere in the world, the price of gold has
corrected by up to 18 percent. In India, however, which
is still the worlds largest gold consuming market in terms
of numbers if not in value, the price of gold has remained
obstinately high due to the dismal exchange rate of the
rupee against the US dollar.
But Bamalwa notes that while the high price of gold might
have been a strong catalyst, diamonds are, on their own,
increasingly being valued by consumers who would
previously consider nothing but high-karat gold.
A
But aggressive promotion and
marketing are key to survival
and success
Indian
Middleclass
Turning To
Diamonds
by Vinod Kuriyan
look at what has been happening in the Indian
jewellery consuming market over the frst fve
months of the year has revealed some interesting
facts. While there are some clearly emerging
trends in customer preferences, it is also becoming
increasingly more evident that survival and success are
dependent on how effectively the industry is able to catch
the consumers attention.
The Indian middleclass is turning to diamonds. There
are, of course, some clear pockets where the product of
choice is plain gold jewellery, but the aspiration to own
diamonds is gradually spreading, there is no doubt about
that, observes Bachhraj Bamalwa, Chairman of the All
India Gem & Jewellery Trade Federation.
IDEX MAGAZINE INDIA RETAIL| NO 20 COVER STORY
IDEX MAGAZINE INDIA RETAIL| NO 20 COVER STORY 10
B
Bamalwa: Aspiration to own
diamonds spreading
amalwa notes wryly that a
slightly better exchange rate for
the rupee would do wonders.
If the rupee were to strengthen
even slightly, there would be an
immediate correction in the price of
gold in India, he says, adding, this
would immediately boost consumer
sentiment. Bamalwa goes on to
make the point that in the end, the
international currency exchange rate,
something which no jeweller has any
control over, is an important factor in
determining whether or not jewellery
sales will be good.
According to Bamalwa, the weak rupee, the overall high
price of gold and the uproar over the central governments
proposed imposition of excise duty on jewellery which
ultimately led to a protracted strike by jewellery retailers all
over the country have all combined to dampen overall
market sentiment. The ability of the coalition government to
make clear policies too is in doubt and this has all had a very
negative impact on consumer sentiment, Bamalwa said.
So negative has consumer sentiment been that jewellery
sales over the frst fve months of the year have defnitely
been affected. May, June and the frst half of July are
traditionally slow months of the year in terms of sale.
But this year, they have been slower than ever before,
Bamalwa notes. He goes on to add, Whatever you plan
or do, if the consumer isnt in the mood to buy, youre not
going to get anywhere with trying to sell.
He notes wryly that a slightly better exchange rate for the
rupee would do wonders. If the rupee were to strengthen
even slightly, there would be an immediate correction in
the price of gold in India, he says, adding, this would
immediately boost consumer sentiment. Bamalwa goes
on to make the point that in the end, the international
currency exchange rate, something which no jeweller
has any control over, is an important factor in determining
whether or not jewellery sales will be good.
But the rupee-dollar exchange rate notwithstanding,
Bamalwa is very hopeful of the coming wedding season,
which will kick off in September and run through October.
While I think sales are going to be slow all through
June and through the frst half of July, I think well see a
turnaround. Im very hopeful about the wedding season,
he notes.
As we have already reported in previous issues, diamond
jewellery has been making steady inroads into the bridal
segment in India. Quite contrary to other global markets,
the Indian bridal market accounts for close to 80 percent
in terms of value of all jewellery sales. A good bridal
season is seen as good news for diamonds.
Nemichand Bamalwa & Sons
Har esh Soni of Pr emj i Val j i Jewel l er s i n Raj kot ,
emphatically endorses Bamalwas view of market
sentiment. Overall consumer sentiment is extremely
weak. People are talking about how badly the fnancial
markets are doing, about recessionary trends, banking
issues and negative growth stories. Add to this the fact
that the political situation in the country has left people
believing that clear decisions cant be taken and that the
economic growth story is unstable.
Soni goes on to note, Due to our own governmental
policies, gold prices have remained high in India while
they have indeed corrected everywhere else. There are
defnitely consumer trends showing moves to mitigate
the high and fuctuating price of gold perhaps more
diamonds, or other metals.
Like Bamalwa, Soni too believes that the market will get
moving again later in the year. There are no marriages
in May and June and so there is no bridal demand. But
from August and going through September. I believe the
market will pick up. I think the season will be in full swing
from Navaratri onwards.
Anil Talwar of Talwarsons Jewellers in Chandigarh, however,
says that the frst three months of this year had been
extremely good, with a slightly lower level of sales in April
and May. Overall, he thinks this will be a pretty good year.
12 IDEX MAGAZINE INDIA RETAIL| NO 20 COVER STORY
S
Haresh Soni:
Markets will move
later in the year
oni goes on to note, Due to our
own governmental policies, gold
prices have remained high in
India while they have indeed corrected
everywhere else. There are defnitely
consumer trends showing moves to
mitigate the high and fuctuating price
of gold perhaps more diamonds, or
other metals.
There are no marriages in May and
June and so there is no bridal demand.
But from August and going through
September. I believe the market will
pick up. I think the season will be in
full swing from Navaratri onwards.
Aggressive campaigning mitigates weak market
N. Anantha Padmanabhan of NAC Jewellers Pvt. Ltd. in
Chennai, thinks that apart from the economic reasons,
theres another reason for the depressed market
sentiment. The frst fve months of this year were not
great. The only reason we did reasonably well was
because we went out into the market with aggressive
campaigns and got ourselves new customers. If we had
sat back and depended on our existing customers, we
would have been really down! To give you an idea of what
a difference active marketing has made, I would estimate
that our sales were down about 15 percent or so as was
the case with others who went actively after the consumer.
Those that didnt had fgures that were between 40- and
50 percent down for the period year on year. What can you
expect? It is a tough economic situation and the industrys
raw material imports are down by some 65 percent.
Padmanabhan cautions that simply offering an alternative
material to counter the high cost of gold isnt enough.
The consumer would previously feel good about buying
something in gold for an anniversary or some other
personal occasion. Not anymore. There are a variety of
other products like iPhones, iPads and other electronic
goods that the consumer is excited about buying. You
have to go out with an aggressive campaign and literally
divert their attention away from those other products.
Then theyll come in and buy something from you.
NAC Jewellers Pvt. Ltd. NAC Jewellers Pvt. Ltd.
NAC Jewellers Pvt. Ltd.
Padmanabhan notes that a case in point was Akshaya
Tritiya. While he had realized that the festival could not
be taken for granted as an impeller for gold sales and had
developed a range of products in platinum, he attributes
their relatively good performance to the fact that they were
promoted heavily (see our article Akshaya Tritiyas White
Tint in our June issue). Consumers came in because
they were attracted by the campaign, he says, it isnt as
though they have switched to platinum and are continuing
to buy. The moment our specifc Akhsaya Tritiya campaign
ended, sales of our platinum range also tapered off.
Padmanabhan thinks that the rest of the year will be
manageable only if retailers stay on the ball with strong
marketing and consumer-attracting campaigns. We cant
look forward to a lift in the market towards the end of
the year as the markets in the rest of India do. Here in
Chennai, we dont get much of a lift from Diwali. We have
to stay ahead of the game with our own efforts.
Padmanabhan also thinks that apart from individual
marketing and promotional efforts, there ought to be more
collective industry initiatives. Hallmarking is one issue he
thinks the industry should focus on and promote to the
consumer. He also thinks the World Gold Council (WGC)
ought to rethink its strategy for promoting gold in India.
The WGC has been going after exchange traded funds
(ETFs) and other paper gold. They dont seem interested
in physical gold anymore. I think this is a mistake. If they
dont keep campaigning with consumers, the demand for
physical gold could disappear. This wont be good news
for the mines and their new production. The values of
ETFs could go up because of market dynamics, but what
will you do with new mine production if there is no physical
demand? The policy they have adopted currently is the
wrong one and they should take corrective measures.
14 IDEX MAGAZINE INDIA RETAIL| NO 20 COVER STORY
Padmanabhan:
Aggressive
promotion key
to survival
The consumer would previously feel good about buying something in gold
for an anniversary or some other personal occasion. Not anymore. There are
a variety of other products like iPhones, iPads and other electronic goods that
the consumer is excited about buying. You have to go out with an aggressive
campaign and literally divert their attention away from those other products.
Then theyll come in and buy something from you.
SOCIAL EVOLUTION CHANGING BUYING PATTERNS
Economic forces and promotional issues apart, Talwar in
Chandigarh observes that there are other forces at work in
the market which have brought about some fundamental
changes and the market is still evolving in the way
Indians bought jewellery. These changes are so big they
are nothing short of a revolution, he said.
According to Talwar, consumer choice has been playing
an increasing role in the way jewellery is sold and even
in determining whether or not retailers are able to stay in
business. The small town of some 70,000 people that I
come from, used to have six jewellery retailers. When I
went back recently, there were only two left in the business
and they were heavily into the real estate business as
well. When I asked them what had happened, they said
that when people are willing to drive some 30- or 40
kilometres to a neighbouring town just so they can buy
a softy ice cream of their choice, it went without saying
that for jewellery they were not willing to settle for simply
what the small-town retailer had on offer.
Expanding on the theme of choice, Talwar notes that social
changes that have replaced many traditional systems
have played a major role in the way jewellery is bought
today. My family has been in the jewellery business some
200 years, he observed, adding, and I myself have
Talwarsons Jewellers
16
a manifestation of the changes that are taking place. I
think the Indian consumer is still spending as much as
he or she did a while ago, he says, but if we jewellery
retailers also go on pushing primary gold in the form of
bars and biscuits, were setting up our own competition.
When people say jewellery sales werent good at some
time, youll fnd that the consumer has spent more or less
the same only this time, he or she bought more bars and
biscuits and less of our product.
Talwar goes on to say, We have also added to our
woes by not adhering to strict quality standards. We lose
consumer confdence when the stated purity of gold in our
products turns out to be an exaggeration.
Talwar thinks that much of what is perceived as the
W
been in the game some 30 years. When I started out in
business, the Indian joint family was dominant and fnancial
control was with the family elders. The most common walk-
in customer those days would be grandparents who wanted
to buy some jewellery for a granddaughter. The girls
parents had no say in the matter. Some ffteen years ago,
the grandparents got left behind in the ancestral home. The
customer profle changed to parents who wanted to buy
their daughter some jewellery. Today, the young woman will
walk in and make a choice for herself she isnt inclined to
let someone else do the choosing.
Talwar also thinks that what many in the jewellery retail
industry see as even a temporary slowdown, is actually
hen I started out in
business, the Indian joint
family was dominant and
fnancial control was with the family
elders. The most common walk-
in customer those days would be
grandparents who wanted to buy
some jewellery for a granddaughter.
The girls parents had no say in the
matter. Some ffteen years ago, the
grandparents got left behind in the
ancestral home. The customer profle
changed to parents who wanted to
buy their daughter some jewellery.
Today, the young woman will walk in
and make a choice for herself she
isnt inclined to let someone else do
the choosing.
Talwar: Jewellery retail
being consolidated
17
vagaries of the marketplace taking their toll on the industry
is actually part of a steady change in the jewellery retail
landscape in India. Right now, some 5 percent of the
jewellery retailers in the country control 50 percent of the
market. In fve or seven years, just 2 percent will control
between 80- and 90 percent of the market.
Soni too thinks that buying impellers and overall buying
patterns have changed today. The purchase decisions
are taken by the young generation today. And they have a
rather casual attitude towards the selection and purchase
process. The want the widest possible choice and theyll
spend very little time evaluating each. And theyll like as
not pick the very frst item they like.
Soni adds ruefully that there ought to be some way of
educating young people in how to go about evaluating
and buying jewellery. It isnt the same as buying some
fashionable new clothes, he says, adding ruefully, but
thats how they evaluate jewellery. Try it on and buy it
instantly if you like it! Theres no attention really paid to
issues of quality and the materials used and whether or
not the piece delivers value for your money.
One industry analyst in Mumbai who preferred not to be
identifed, noted that one thing is fundamentally clear
from the Indian jewellery consuming markets dynamics
over this year the consumer cannot be taken for
granted. The Indian jewellery retail industry has for years
taken the consumer and demand for granted. There is
nothing sacrosanct about gold anymore. The economy is
lackluster and dispirited for a number of other products
too. But they arent simply sitting still. They are out in
the market aggressively targeting the consumer. Indian
jewellery retail has to do the same. Without this, sales
levels and margins will not improve even if the economy
goes up through the roof tomorrow.
IDEX MAGAZINE INDIA RETAIL | NO 20: RETAIL ET CETERA 19
retAiL
et
CeterA
ButterFLies AnD Bows
SUgaR anD SPicE anD aLL thingS nicE, thatS What LittLE giRLS aRE maDE oF, oR
So thE nURSERY RhYmE cLaimS. bUttERFLiES anD boWS cERtainLY FaLL into thE
aLL thingS nicE catEgoRY. thiS month, iDEX magaZinE PRESEntS a RangE oF thE
LatESt PiEcES to FEatURE thESE EXtRa-FEmininE toUchES.
ChArMeD to Meet you
JEWELLERY bY PiERRE LanniER
Pierre Lannier offers hundreds of different designs of
silver and sterling silver and rhodium-plated charms. The
adorable charms can be composed and recomposed time
and again on bracelets and necklaces to create a perfect
piece of jewelry to match each moment and each outt.
20 IDEX MAGAZINE INDIA RETAIL | NO 20: RETAIL ET CETERA
Miiori Inc. recently introduced a new collection from its
Esperanza line. The latest additions to the collection feature
individually handcrafted 18 karat gold pendants, bangles
and earrings, which incorporate Esperanzas signature
butterfy-themed designs. The new collection also boasts
miniature and ergonomic designs for women who love to
make a statement every day, not just on special occasions.
DeLiCAte Designs
JEWELLERY bY miioRi inc.
The Dance collection by Bagues perfectly captures the
delicate soaring and futtering motion of the butterfy. With
diamonds or enamel set in gold, these creations are just as
beautiful as those butterfies found in nature.
JEWELLERY bY bagUES
ButterFLy DAnCe
In Daniel Espinosas Monarca collection, the exotic beauty
of the butterfy is rendered perfectly in elegant pieces
combining pearls and gold. The Mexican designer certainly
knows how to make every woman feel like a queen.
JEWELLERY bY DaniEL ESPinoSa
reigning MonArCh
Proving that the butterfy theme works just as well in
timepieces as in jewelry, these ladies, watches from Zadig
& Voltaire keep time with nesse. The butterfies put in an
appearance not just on cases but also on the buckle. The
watches are water-resistant to 100 meters.
WatchES bY ZaDig & VoLtaiRE
BeAting wings oF tiMes
This butterfy-shaped earring and pendant set from
Schmittgall is composed of 18 karat yellow gold, cultured
pearls and diamonds. The pieces are so light and delicate,
they look as though they could just foat away on the wind.
Light As A FeAther
JEWELLERY bY SchmittgaLL
Italian company Chimento manages to bring perfect
Italian style to these black-and white-studded diamond
bow pendants. The single-minded purpose of the company
is, to create emotions through beauty. We say they have
more than done this!
Bow Down to styLe
JEWELLERY bY chimEnto
The new jewelry collection from Ninna Ricci includes a
subtle blend of romanticism and modernism. The gold-
and silver-plated bows are set with stones, pearls and resin.
Just like the Ricci woman, this jewelry collection is sensuous
and feminine and very romantic and chic.
suBtLe BLenD
JEWELLERY bY ninna Ricci
JEWELLERY bY chaRming bY ti SEnto
troPiCAL wArning
The Tropics collection from Charming by Ti Sento draws
inspiration from idyllic tropical scenes and exquisite pearl-
white beaches. These silver treasures create the perfect
ambiance for dreams, desires and inspiration to blossom,
with the power to both evoke memories and inspire.
British jewelry designer Stephen Webster once again
presents jewelry with an edge in his Forget Me Knot collection.
Set in 18 karat white and yellow gold, dramatic earrings,
bold cocktail rings, statement cuffs and necklaces feature
white and black diamonds, rubies, emeralds, sapphires,
garnets and colorful crystal haze stones. The line is also
available in silver.
stePhen weBster
JEWELLERY bY StEPhEn WEbStER
Menz, a range of 18k gold jewellery studded with diamonds,
is the perfect embellishment to complement the modern
mans style and personality and helps distinguish him
greatly from the crowd. The splendid variety encompasses
mens rings, bracelets, kurta buttons and cuffinks, to suit
every mans style & personality. The collection is priced at
Rs. 7,200 onwards
DDamas has solitaire rings that spell sophistication and
charm. Single solitaire diamonds embedded in twin coloured
gold rings bands for the man who believes in understated
style. The range starts from Rs. 35,000 onwards.
The Sangini mens collection is diverse with a mix of
diamond solitaire rings and multi-diamond rings, the
collection has minimalist designs for men who like it simple
yet trendy. Priced at Rs. 38,000 onwards, the collection is
perfect for those who believe in keeping it balanced yet
making a statement.
Gili mens rings are diamond-studded with extravagant
designs for the man who believes in famboyance and style.
The designs are contemporary, intricate and elaborate and
make a strong impression. Prices start from Rs. 40,000
Fathers Day is considered to be the day of celebration
of the one man in your life who is always there for you.
Several brands from the Gitanjali Group that target the
mens segment, offered a range of product for the occasion.
The mens segment is one of the most vibrant in Indian
jewellery today.
For the one MAn in
your LiFe whos ALwAys
there
JEWELLERY bY gitanJaLi gRoUP
The radiant prong-set emerald and micro-set whites
compliment each other in this unique cluster. The pendant
is fabricated from 3.53 of gold with a 1.83 carat emerald and
46 diamonds weighing a total of 0.65 carats. The earrings
together contain 5.14 grams of gold, have 72 diamonds
weighing 0.78 carat and two emeralds totaling 0.69 carat.
The platinum bracelet with channel- and fush-set stones
teases the fancy of every woman. It features 32.65 grams of
platinum and 118 diamonds weighing a total of 2.48 carats.
sPLAshes oF CoLour
JEWELLERY bY Uni-DESign
Love the new Columbian emerald earrings by designer
Imtiaz Motiwala. A beautiful vintage design yet modern
and chic. The unparallel and classic combination of the
green and champagne color makes the pair of earrings very
imploring!
This quintessential pair is studded with Colombian emeralds
weighing 12.37 carats and triangle rose-cut diamonds
weighing 10.46 carats in an ethnic setting.
Imtiaz Motiwala creations cater to affuent A-list celebrities,
socialites, NRIs, businesswomen and jewellery acionados.
The Imtiaz Motiwala formula has worked in changing
perceptions regarding the wearing of diamond-studded
gold jewellery that was only limited to special occasions.
suMPtuous eArrings By
iMtiAZ MotiwALAt
JEWELLERY bY imtiaZ motiWaLa
It has now become a regular affair as women embrace
the bespoke creations that are exclusively crafted by the
designer for various occasions. The extended inventory
encompasses necklaces, pendants, bracelets, earrings, and
rings, wedding bands in polki, gemstones and diamonds.
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 Online
Call us at (022) 6633 2187
Fax us at (022) 6633 2186
Email us at mumbai@idexonline.com
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mumbai@idexonline.com + ;== =
=|;= =|=|; ;|| |c= +-=|=-= =|=||
ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK
(022) 6633 2187
(022) 6633 2186
27 IDEX MAGAZINE INDIA RETAIL| NO 20: DRB
Full Page template.indd 102 09-Feb-12 2:26:45 PM
Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be dier compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certicate; uorescence; cut specications; 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
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 244335 231703 223281 167211 162890 145604 123996 97679 79949 66596 53299
E 197462 188819 184498 158568 145604 119674 111031 88814 71084 57732 48867
F 193141 180176 175855 149925 136960 115353 102166 79949 71084 57732 48867
G 167211 162890 158568 141282 132639 106599 97679 75517 71084 57732 48867
H 162890 158568 154247 136960 128317 97679 88814 71084 66596 53299 44435
I 158568 154247 141282 128317 111031 93246 79949 66596 62164 53299 44435
J 145604 141282 119674 97679 88814 75517 71084 62164 57732 48867 39947
K 111031 102166 88814 79949 71084 66596 62164 57732 53299 44435 35514
L 88814 84381 79949 75517 66596 62164 57732 53299 44435 35514 31082
M 84381 79949 75517 71084 62164 57732 53299 48867 39947 31082 22217
N 75517 71084 66596 62164 57732 53299 48867 44435 35514 31082 22217
R
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d

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1
8
-
0
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2
2
D 291928 238185 229763 196022 183390 153527 149205 110311 97346 75517 62164
E 238185 217076 208654 179179 174968 149205 136240 97346 93025 71084 53299
F 233974 212865 204443 174968 170757 144883 127597 93025 88703 66596 53299
G 217076 191811 187600 170757 149205 140562 118954 88703 84381 66596 53299
H 191811 183390 174968 149205 144883 136240 105989 84381 79949 62164 48867
I 179179 170757 166491 144883 127597 118954 97346 75517 71084 62164 48867
J 174968 162170 127597 105989 97346 93025 84381 71084 66596 57732 44435
K 131919 118954 101668 88703 84381 79949 75517 66596 62164 53299 39947
L 105989 97346 88703 79949 75517 71084 66596 62164 53299 44435 35514
M 97346 93025 84381 75517 71084 66596 62164 57732 44435 35514 26650
N 88703 84381 75517 71084 66596 57732 53299 48867 44435 35514 26650
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D 498310 395202 341293 317912 239681 211812 207768 203723 171311 134190 96238
E 387556 333481 290653 259405 215801 187656 183611 179511 146601 96238 83384
F 364452 321791 278963 231758 211812 179511 154856 142501 130367 83384 70586
G 313979 290653 263339 219846 203723 175411 150701 138401 117735 79229 70419
H 294532 267272 239681 207768 191645 171311 146601 134190 113524 75184 66264
I 290653 227824 211812 187656 171311 163056 142501 129980 105103 74907 66264
J 219846 211812 195690 171311 154856 146601 134190 125769 96515 70419 57455
K 191645 183611 171311 163056 146601 142501 129980 121558 83550 66098 53133
L 167156 163056 158956 150701 142501 138401 108870 104660 79063 57455 48812
M 163056 150701 138401 134190 125769 121558 104660 87706 70419 57455 44435
N 146601 142501 129980 125769 121558 104660 96238 83384 70419 57455 44435
D 681921 539587 469056 416477 374813 309823 251815 240124 197130 185273 128761
E 524794 457809 431492 386171 336750 282897 232312 220622 181340 157239 108150
F 454042 420245 397584 367167 321347 259571 220622 212865 177351 136960 95518
G 439027 389994 367167 336750 286719 236246 201064 197130 169317 120505 91307
H 397584 367167 336750 294421 259571 220622 197130 193141 161283 112305 82885
I 340573 317469 279018 259571 240124 193141 181340 177351 149205 103939 82885
J 271262 255693 240124 224555 201064 177351 173361 169317 141060 95518 78675
K 232312 216743 208931 177351 169317 165272 157239 153194 132861 91307 70142
L 208931 189207 177351 169317 161283 153194 145160 141060 128761 74464 57178
M 189207 177351 165272 161283 157239 145160 132861 128761 120505 74464 57178
N 185273 173361 161283 153194 149205 136960 128761 108150 91307 70142 57178
D 339686 275971 243670 210760 190204 156518 152308 139675 122721 96792 70863
E 288049 247770 219015 198404 177572 152308 139675 135465 122721 88149 66541
F 259848 227215 206660 181783 173361 148097 135465 131254 114078 75184 57732
G 223115 210760 198404 173361 160729 143886 131254 127043 114078 75184 57732
H 198404 190204 185994 164940 156518 139675 122721 118400 101114 75184 57732
I 181783 173361 169151 148097 139675 131254 118400 109757 96792 70863 53299
J 177572 164940 143886 131254 122721 118400 114078 101114 83827 62164 48867
K 148097 143886 131254 122721 114078 105435 96792 92470 79506 57732 44435
L 131254 122721 118400 114078 109757 101114 83827 75184 66541 53299 39947
M 114078 109757 105435 101114 96792 88149 75184 62164 53299 39947 31082
N 109757 105435 101114 96792 92470 66541 57732 53299 44435 35514 26650
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D 378470 316139 284836 269045 217076 180342 172087 167987 143000 109314 79229
E 312261 292703 269045 245221 204998 176187 151421 143000 130367 88149 74907
F 292703 261123 237188 217076 196798 172087 147210 138789 130367 79229 70586
G 269045 241232 229154 213031 192642 167987 143000 134578 117735 79229 66264
H 245221 237188 217076 200898 184442 163887 138789 126157 113524 75184 66264
I 233143 200898 192642 172087 167987 151421 134578 121946 105103 74907 66264
J 192642 180342 172087 159732 143000 130367 121946 113524 96515 66264 53299
K 180342 163887 155632 147210 138789 126157 109314 96515 83550 61942 48867
L 163887 155632 151421 143000 130367 117735 100837 83550 70586 53299 44435
M 155632 138789 130367 126157 117735 105103 83550 66264 57621 44435 35514
N 130367 126157 121946 117735 113524 96515 79229 61942 57621 44435 35514
R
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4
0
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4
4
D 823536 640257 582415 538977 495374 414594 351155 317303 267826 190537 128761
E 669123 560696 520860 491717 455150 388609 324893 294476 240900 190537 123386
F 575212 520860 480802 469888 414594 369993 309712 283063 233199 190537 123386
G 513602 480802 462519 410881 377417 328605 294476 279295 225497 174913 119342
H 502687 447781 410881 377417 347443 313480 267826 252424 213862 167156 111197
I 399745 377417 358690 336141 317303 271649 233199 217796 186603 127375 90642
J 305890 298299 294476 263948 252424 229376 206106 202227 174913 111197 86487
K 252424 248601 233199 209984 202227 186603 167156 163167 151366 98842 70142
L 233199 213862 209984 186603 178846 171034 155299 151366 128761 90642 69644
M 225497 209984 194415 174913 171034 167156 139454 135465 123386 82276 69644
N 198294 194415 182725 171034 167156 163167 135465 119342 98842 73855 61222
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D 1005651 743199 657211 596100 549227 440523 389274 348551 284891 200787 128761
E 778880 653665 578093 545626 491329 414981 363400 314920 254474 190537 126600
F 675162 621309 531165 516649 458696 396642 333703 303673 243061 190537 126600
G 574492 538368 494930 451438 418638 359688 303673 288603 227713 177461 122611
H 516649 505790 458696 414981 378248 337415 284891 265887 220012 167156 111197
I 444124 418638 407668 367112 348551 292371 254474 246828 208488 130534 98343
J 348551 329935 326223 288603 273478 250651 235415 223835 177461 114522 90143
K 284891 269655 262064 235415 220012 193085 181395 177461 151366 98842 77788
L 273478 231536 227713 196908 189152 177461 165826 158014 128761 94243 69644
M 262064 220012 216189 185273 181395 173583 158014 154136 123386 90143 69644
N 231536 208488 200787 181395 177461 169705 150202 130534 110532 81888 69367
Prices are in Rupees Per Carat Powered by www.idexonline.com
JULY 1st 2012
THE DIAMOND RETAIL BENCHMARK INDIA
DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS
JULY 1st 2012
30
JULY 1st 2012
D 1336307 1073245 919220 756607 628234 563688 469888 419192 331431 226273 141393
E 1017452 961383 834561 663970 585185 534822 455371 390105 323951 218682 133581
F 968364 820433 735276 599535 578038 491606 426395 368220 323951 195634 126600
G 841653 728184 621087 542080 513214 462630 397363 346169 294255 195634 125713
H 628234 606737 570835 520417 484348 419192 382791 338800 271705 187933 117846
I 592387 520417 477146 455371 419192 368220 338800 294255 233863 133581 101834
J 513214 448169 433653 390105 353482 323951 301679 279184 187933 125713 93800
K 316527 309103 301679 294255 286719 271705 241454 233863 164718 117846 85656
L 279184 271705 264170 256635 249044 226273 211037 203335 133581 101834 85656
M 264170 256635 249044 241454 226273 211037 172530 156962 133581 101834 85656
N 256635 211037 203335 195634 187933 172530 164718 149150 117846 93800 77400
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D 2080891 1475760 1304615 1084381 918223 651061 551332 501136 393041 283783 163112
E 1455261 1270320 1063715 925148 799324 622638 529835 472436 385839 254086 147764
F 1242784 1043049 890299 855394 714776 601308 501136 465234 371323 239071 139952
G 987700 897280 841376 714776 658153 565627 465234 443626 364120 224057 132196
H 820378 785251 707740 643969 594160 522688 458031 407557 342346 224057 124384
I 672336 658153 594160 551332 537038 472436 414760 393041 327774 201341 124384
J 551332 544185 522688 486841 465234 400299 385839 342346 276359 155466 116627
K 493989 479639 450828 422018 407557 349604 320516 298521 231592 132196 116627
L 407557 393041 371323 364120 335032 313203 283783 268935 224057 132196 108759
M 349604 342346 320516 298521 283783 261510 239071 231592 208987 132196 100892
N 342346 335032 305834 291152 231592 224057 208987 186160 155466 124384 100892
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D 3946922 2876558 2538811 2240457 1608843 1227436 917669 686575 556430 341349 177240
E 2777273 2479140 2187379 1901878 1428445 1126766 856723 672890 508283 306056 151532
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G 1855338 1655604 1455205 1314588 1187157 938002 781982 645576 432268 228822 132196
H 1455205 1334700 1261012 1160341 1005540 897390 747964 631891 425287 228822 128871
I 1153582 1099839 1052745 917669 856723 754779 686575 577096 425287 201341 124384
J 917669 849909 809186 761538 693390 631891 577096 487562 341349 169982 121281
K 761538 754779 747964 672890 625076 570170 480691 439193 270541 133581 121281
L 618206 583910 556430 522079 487562 432268 390493 362458 249155 132196 115242
M 563300 522079 508283 480691 418361 376475 327276 298964 220455 132196 115242
N 501357 487562 473766 459970 376475 348385 306056 242008 213308 130700 107430
D 7242119 5288880 4435038 3527065 2901158 1909967 1266275 750956 622583 369937 188154
E 4835836 4421852 3750900 3105435 2465621 1611668 1259627 744252 602249 356142 166713
F 4027259 3724583 2960496 2591058 2280570 1492216 1166325 724029 581860 328550 166713
G 3250429 2696715 2432545 2201175 1896670 1339465 972464 710510 534212 300792 159510
H 2346667 2101945 1949693 1823813 1505513 1112915 912184 683528 513768 293867 152363
I 1764197 1658097 1538700 1425841 1212976 905480 824921 629342 452324 265887 152363
J 1452380 1306222 1272979 1166325 1005984 811513 710510 554657 445454 237797 152363
K 1119619 1086210 1079506 959111 831680 710510 609009 493324 369937 181007 137958
L 811513 764474 757715 730788 676769 506953 459139 418084 349271 181007 137958
M 669954 663195 636102 602249 527398 431769 404344 335476 279905 181007 137958
N 554657 527398 486509 472824 376808 369937 328550 300792 244834 173860 130700
D 2191590 1598427 1374259 1121613 949914 693501 588010 545570 438695 287329 163112
E 1557759 1387833 1114743 963654 853344 644412 559699 510056 410050 265499 147764
F 1278797 1135298 949914 894731 756275 637376 538479 488725 395701 243559 139952
G 1004931 936118 894731 756275 686465 609175 502964 460136 388498 228822 132196
H 839492 804920 714444 672447 616211 559699 481578 452989 374093 228822 124384
I 714444 672447 609175 573882 538479 481578 431547 417198 359688 201341 124384
J 580919 545570 538479 510056 474431 417198 388498 374093 316306 155466 116627
K 502964 481578 467284 431547 424345 366890 330822 301845 236190 132196 116627
L 438695 410050 381295 366890 345227 316306 294587 287329 224057 132196 115242
M 402848 388498 330822 309048 294587 280071 258241 243559 213973 132196 115242
N 381295 366890 323564 294587 236190 228822 213973 206493 176464 130700 107430
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D 2559366 1884758 1690232 1434650 1177351 897889 705413 615547 496703 311873 173915
E 1777550 1636545 1360352 1245221 1061721 836168 670951 587733 461466 297523 151532
F 1569339 1387334 1238462 1116184 966203 815558 636379 552828 447338 268658 139952
G 1204499 1129813 1041277 973073 863594 746800 580752 531830 411879 228822 132196
H 1000332 932074 877279 822428 767466 691617 552828 489667 390603 228822 128871
I 836168 808687 781207 726134 657100 594714 489667 475594 383456 201341 124384
J 698543 670951 643304 601640 559809 496703 433210 404787 326223 159067 121281
K 566790 545847 538866 496703 461466 419026 362015 319076 268658 132196 121281
L 475594 447338 433210 397695 390603 347776 311873 290321 225220 132196 115242
M 411879 397695 369162 347776 304726 290321 268658 254197 213973 132196 115242
N 397695 390603 362015 333426 283118 261455 254197 232478 196077 130700 107430
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D 9482409 7566846 5650175 4214915 3222949 2063660 1415535 810627 676658 379135 199789
E 8331764 5899053 4142723 3709402 3091362 1746579 1362569 770514 629675 356142 166713
F 6612333 4063992 3499086 3268990 2709624 1667184 1329381 763810 616267 328550 166713
G 5041000 3268990 2966369 2742534 2175855 1461965 1150258 757106 542135 310654 159510
H 3847305 2465843 2360408 2156075 1825918 1362569 984154 683528 521857 303784 157405
I 2933459 1766414 1726688 1627459 1422184 1110422 897501 629675 474431 290044 152363
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N 703529 636379 569117 488005 406449 385949 358635 338080 276248 192753 136019
R
o
u
n
d

5
.
0
0
-
5
.
9
9
JULY 1st 2012
D 11389717 8421575 6231426 4609175 3403236 2233088 1587013 871738 705191 402959 211591
E 8670009 6715220 5394593 4497867 3324450 2226495 1474708 778547 638318 356142 169816
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H 3847305 2917281 2766081 2667461 2312095 1560585 1236467 691839 551222 303784 157405
I 2933459 2476702 2377971 2154081 1976176 1401961 1130478 638318 510942 290044 152363
J 2241786 1982769 1943210 1573827 1527564 1176852 971300 564630 463793 273533 152363
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M 997839 851792 771899 731897 685135 611557 497479 409718 328162 211591 143166
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31
D 175855 158568 141282 128317 115353 102166 79949 62164 53299 44435 35514
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G 115353 102166 93246 79949 75517 62164 53299 44435 44435 35514 31082
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F
a
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c
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8
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D 187600 170757 166491 149205 136240 110311 101668 75517 71084 53299 44435
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a
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8
9
JULY 1st 2012
JULY 1st 2012
32
JULY 1st 2012
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F
a
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y

0
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9
0
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0
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9
9
)
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1
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F
a
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2
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2
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9
9
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F
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3
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9
9
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F
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1
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1
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F
a
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1
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9
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F
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5
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5
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9
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JULY 1st 2012
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 info@pinchasi.com www.pinchasi.com
ear Jeweler,
While running through with the usual haste a
just as brief and hasty report on Mozambique rubies, my
thoughts turned to you. To you and the face you will make
after you have examined a ruby entrusted to your care by
a customer to have a setting made or to adjust the bezel-
setting or claws.
I can just hear your colorful exclamations, which certainly
wont be cries of joy once you examine it. You see, my
friend, the ruby didnt reach you until after others got their
hands on it.
It began in 2009. At the time, the first stones crossing the
D
Indian Ocean on their way eastwards were so uncommonly
pure that is to say without being profaned by any sort of
treatment. It was like a dream.
However, just a few months later, these rubies were coming
out transformed from the workshops in Bangkok and were
vaguely reminiscent of the Mong Hsu (Myanmar) rubies.
The treatment for the Mong Hsu rubies has been used
since the 1990s and consists of heat treatment at high
temperatures combined with partial fracture (feathering)
filling (with consequent healing) using flux. Were not
talking about a chocolate filling, but that terrible mixture
of metallic oxides also used in the production processes
Facets
Jewellers beware!
Rubies are arriving in your shops from the bush
of Montepuez in Mozambique via Bangkok.
Courtesy, LOrafo Italiano
The MonTepuez Rubies
anD The TeRRible MixTuRe
by LuI GI CostANtI NI
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 info@pinchasi.com www.pinchasi.com
for synthetic stones made from molten flux. Monstrous for
you, my friend, when you see the molten flux seeping out
of the cracks every time you whack a flame on them. This
is the reason why my thoughts turn to you, jeweler.
So before jumping into the fray to take up where others
have left off, cast an eye on the stone. Better if its
magnified a little (40X, 50X).
If youre faced with partly filled cracks breaking the surface
in continuous lines (meaning that the crack hadnt been
healed in those positions), prick up your ears. The treatment
doesnt stop here. Theyve also injected glass infilling into
some fractures, similar to the one used for treating rubies
and diamonds with lead glass infilling.
It is true that the glass in our Mozambicans doesnt have
a lot of lead and bismuth, but it is still glass. This means
a lot of problems for you as glass melts and seeps out at
the temperatures your blow-pipe is used to working at. It is
also easy prey to attack from chemical reagents, including
detergent solutions.
At this point, dont let yourself be taken in just by what
you see. If you look inside those partly filled cracks, you
may even find linear or ball-like devitrification inclusions
or, even worse, what looks like fingerprints. And a thought
somehow flashes through my mind: but will this glass with
little or no lead inside, still give me to those beautiful flash
effects, such showy, striking and telltale signs of being
treated?
What can we do? If I were you, not only would I start to
equip myself a bit (any old microscope could be of help),
I would also prepare a receipt book with a carbon copy
disclaiming any responsibility if the stone turns out to be
treated.
IDEX
Luigi Costantini is head of Education in Italy at IGI - International
Gemological Institute
by Vi nod Kuri yan
MEMO
37 idEX MaGaZinE INDIA RETAIL| NO 20: SPECIAL REPORT
SPECIAL REPORT
couple of months ago, a diamond dealer in New
York bought a parcel of 600 diamonds and sent all
the stones to the International Gemmological Institute
(IGI) gem-testing laboratory in Antwerp for certifcation.
The tests showed that all 600 of these diamonds were not
naturally mined stones as the buyer had assumed, but were
synthetics that had been grown in a laboratory. They were
all true diamonds, but they hadnt been created by nature.
The seller had not disclosed this.
The incident, which involved Indians, was reported (see
box) and immediately set off alarm bells in the diamond
and jewellery industry worldwide.
It touched off particular worry in India. The 600 stones
were a cut of a much bigger parcel, and nobody knows
how many such stones have already been sold worldwide
A
DAngER!
YOuR DIAMOnDS MAY HAvE
BEEn MADE In A LAB!
AnD wILL THE COnSuMER CARE If YOu
PROTEST YOu DIDnT knOw YOuRSELf?
or in India as naturally mined diamonds. Some years ago, at
an industry seminar, much was said of diamonds that had
been created using the High Pressure, High Temperature
(HPHT) technique in Russia and other countries of the
erstwhile Soviet bloc. These goods were reportedly sold
undisclosed in the Indian diamond processing market.
Details were not forthcoming and after some initial alarm,
it was business as usual.
The incident in New York involves lab-grown diamonds
allegedly produced by Gemesis, the company with the worlds
largest production capability of HPHT and CVD lab-made
diamonds. It suddenly raised the spectre that a steady fow
of undisclosed lab-grown diamonds could well be making its
way into the Indian processing industry once again.
The Indian gem and jewellery industry scrambled to
Many diamond industry
professionals including laboratories
have said that the Indian gem
and jewellery industrys business
practices leave it wide open to fraud.
Primary among these habits is the
practice of having diamonds already
set in jewellery certified. This
involves getting the stones already
set in a piece of jewellery checked
for colour and clarity which cannot
be determined exactly but has to be
given in a band.
respond. At press time, a pan-industry initiative involving
the Bharat Diamond Bourse (BDB), the Gem & Jewellery
Export Promotion Council (GJEPC) and the All India
Gem & Jewellery Trade Federation (GJF) was looking at
ways of instituting some system to protect the industry
from undisclosed synthetics. Primary among the ideas
being discussed was the institution of know your
customer (KYC) norms that are in place with the banking
and cellular phone industries in India and with the jewellery
retail industry in the United States.
Many diamond industry professionals including laboratories
have said that the Indian gem and jewellery industrys
business practices leave it wide open to fraud. Primary
among these habits is the practice of having diamonds
already set in jewellery certifed. This involves getting the
stones already set in a piece of jewellery checked for colour
and clarity which cannot be determined exactly but has
to be given in a band.
The problem with the process is that unlike in the testing
of loose stones by a reputed laboratory which involves a
test to determine whether a stone is natural, synthetic or a
stimulant, the testing of diamonds already set in jewellery
usually is only for a colour and clarity grade and offers no
other guarantees.
One industry professional who declined to be identifed,
said, In fact, theres no way a lab can really distinguish
between a diamond and glass that has been set in the
jewellery. All you have to do is put a very thin wafer of
diamond on top and even an electrical conductivity probe
will be fooled. And yet, we have reputed labs regularly
certifying jewellery and issuing certifcates that attest to the
colour of the stones!
This individual went on to say, What if one or more of
these stones is in fact glass topped with diamond never
mind something as sophisticated as a lab-grown stone
which is actually a diamond. How confdent do you think
consumers are going to be about diamonds and even
buying jewellery in general as these stones have been set in
product that is sold by reputed names in the market?
Certifying jewellery is a lucrative business and many
laboratories including the International Gemmological
Institute (IGI) that detected the 600 undisclosed stones
at the heart of the current uproar, and the Gemmological
Institute of India (GII), which is owned by Gem & Jewellery
Export Promotion Council (GJEPC) offer this service
commercially. However, say industry watchers, dont blame
any laboratories for this. These labs are doing this because
Printer went on to say, We at the IGI do have all the
necessary equipment and knowledge and expertise to
identify synthetic diamonds and also our experienced
gemologists can easily identify imitations. The Diamond
Sure also allows you to test stones mounted in jewellery. In
this current scenario, where undisclosed synthetics continue
being the largest threat to unethical practices observed in
the industry, certifcation is almost foreseen inevitable.
K.T.Ramachandran, Executive Secretary & Chief
Gemmologist of the Gemmological Institute of India
(GII) the educational institution and gem-testing laboratory
run by the Gem & Jewellery Export Promotion Council
(GJEPC), explained that a Raman spectroscope could tell
if a stone was indeed a diamond but it couldnt tell you if
it was a Type IIa that then could lead to the possibility of
it being synthetic. He said that the latest Fourier Transform
Infra Red (FTIR) spectroscopes were now being offered
with a probe that could tell if the stone was a Type IIa. He
made it clear, however, that if the stone was in a closed
setting with the girdle covered, it could easily be a piece of
glass with a wafer of diamond on top and none of these
instruments could tell you that. The readings would only be
for the material on top.
A diamond could possibly be checked in a DiamondView
or DiamondSure machine if set in a small-enough piece of
jewellery, Ramachandran noted.
However, the retail industry has to want high-quality
grading. Another retailer observed, I know many of my
peers knowingly send their diamonds to hole-in-the-wall
laboratories for certifcation. As long as they get a piece
of paper that says certifcate on it, theyre happy to pass
it on to their customers. They dont care if the so-called
of pressure from the industry. Everyone from diamond
dealers through jewellery manufacturers and distributors
to retailers is generating pressure for fnished jewellery
to be certifed. We as an industry have only ourselves to
blame for this. Were making it easy for someone to pass of
synthetics as naturals.
In response to emailed queries on the issue, Stephen
Morisseau, the GIAs Director for Public Relations,
responded, Accurate grading of diamonds according to
the GIA-created 4Cs (including colour and clarity) requires
that the stones be loose. For that reason GIA does not
grade mounted stones. He went on to add, We do accept
mounted stones for quality assurance services, including
screening for synthetics and color treatments. However,
mounted stones are more diffcult to examine and it may
be necessary for diamonds to be removed from the setting
for accurate quality assurance testing.
IGI, which detected the 600 synthetic stones in the incident
mentioned above, however regularly grades stones that are
already set in jewellery. Tehmasp Printer, Managing Director
of IGI India, responding to the same questions asked of the
GIA said, Synthetic diamonds today are a big concern and
the IGI is always at the forefront in their disclosure to the
trade. When issuing a certifcate for jewellery, we issue two
types of reports -- graded prior to mounting and graded as
mounting permits. For graded prior to mounting, we give
exact grades as we see the stones before and after they are
set in jewellery. For graded as mounting permits, with our
expertise we are able to give accurate results but we have
to give split grades for colour and clarity as there may be
different quality diamonds in a single jewellery piece.
laboratory even actually looked at the stone. They dont get
it that the issue of certifcation is about building consumer
trust and not just about whether you can pass off an H
colour diamond as a G with an increase in sale price. It
could all blow up in our faces one day.
Feedback also indicates that the industry seems to be
relying too much on laboratories. Theres only so much
that the laboratories can do, said one leading member of
the GJEPC. The only true protection against synthetics
being surreptitiously passed off as naturals will come from
the entire industry working within a system that provides
a clear, auditable trail of transactions as a parcel moves
through the pipeline. I think the pan-industry committee
is on the right track in considering KYC norms. Even in
the remotest village in India, the vendor of a cellular phone
SIM-card is required to log details of the customer who
bought the card. He is held accountable for the customers
actions if he sold the SIM-card without due diligence.
Were selling diamonds and jewellery without that kind of
accountability! The diamond and jewellery retail pipeline
defnitely needs to institute a similar system too. Not just
know your customer but know your vendor (KYV) as
well.
A simple solution to the problem could then be instituted.
With strict KYC and KYV norms in place, the industry
would be in a position to ask every member who deals
in diamonds one way or another, to state clearly on the
transaction invoice that the diamonds are natural to the best
of his or her knowledge. Having to make that statement in
writing on an invoice will ensure that people all along the
pipeline will be vigilant and no one with dubious credentials
would then be able to surreptitiously introduce a synthetic
parcel into the pipeline.
While this seems radical, many people agree that a start has
to be made in this direction getting everyone to make a
written affrmation that the goods are natural diamonds to
the best of their knowledge.
These KYC norms need to be applied to all the diamond-
testing laboratories too notes one dealer who has been
closely connected with the GII for many years. He
observed, Today, a laboratory is not mandated to establish
the credentials of a client submitting a stone. Just about
anyone can walk up to a laboratory and submit a stone
for testing. There is nothing binding in the relationship
between the laboratory and the individual or company
submitting a diamond for testing. If you were on a list of
clients that had submitted information according to KYC
norms, the laboratory too could immediately have an idea
of where the stone came from. Knowing where the stone
came from and where it is probably going to, is important.
That is assurance. Also, having to submit to KYC norms if
one sent in a diamond for testing would ensure that a great
deal of vetting takes place before the gemmologists actually
look at the stone.
None of the laboratories today has strict KYC norms
in place. Laboratories like the Gemological Institute of
America (GIA) have a set of companies, including the
Rapaport Group, who act as shipment aggregators for
stones that are sent in for testing. Whether or not the
aggregator companies institute KYC norms is unclear.
At the end of the day, said one jewellery retailer, it is all
about establishing how trustworthy we are as an industry
put together. The consumer is not going to bother about
41 idEX MaGaZinE INDIA RETAIL| NO 20: SPECIAL REPORT idEX MaGaZinE INDIA RETAIL| NO 20: SPECIAL REPORT
There are many issues that the Indian diamond industry
needs to work out. For example, what if diamond dealer A,
who cuts and polishes rough diamonds, sells his polished
goods regularly to dealer B. Dealer B owes A Rs.1 crore for
Who Is Liable
In The Pipeline?
diamonds he has bought on credit terms. Now he buys a
parcel of diamonds worth Rs.10 lakh and has the diamonds
tested. The laboratory certifes them as being lab-grown
synthetics.
Is Dealer B liable in any way? How can he prove that he
did not know the diamonds were indeed lab-grown?
This holds good for Dealer A as well. How can he prove
that he did not know the diamonds were lab-grown?

In a fallout of this, could Dealer B tell Dealer A that
because of this deal, the previous shipments of diamonds
worth Rs.1 crore (which havent been tested and have either
been sold onward or are held in inventory by Dealer B) are
suspect; that no payment will be forthcoming and that he
(Dealer A) should take back all the goods?
Supposing Dealer A could prove that he did buy the
rough diamonds from an overseas supplier in good faith.
Can he legally shift the blame?
Finally, if the diamonds are acquired by a consumer set in
jewellery by yet another party, and if they are then pried out
of their settings and tested as being lab-grown, where does
the buck stop?
who actually committed the fraud in the pipeline. We as
a collective group will be suspect. Weve already seen the
lack of trust in us impacting our business last Diwali,
when the social and religious buying imperatives were
really strong, consumers went out and bought lots of
primary gold in the form of biscuits and bars. They bought
relatively little jewellery. Ask consumers and theyll tell you
that with the price of gold already so high and volatile, they
dont want to risk buying jewellery with the danger that the
gold might not be of the stated purity! Quite a statement
in trust! And if the consumer starts feeling the same way
about diamonds, we wont have any business left!
The consensus was clear the gem and jewellery industry
as a whole has to institute business practices that ensure the
integrity of its product all the way through the production
pipeline. That is the only thing that will satisfy the consumer
who in the end is really the only person who matters.
A series of investigative reports by Chaim Evan-Zohar
in the Diamond Intelligence Briefs (DIB) in May has
suddenly opened the global gem and jewellery industrys
eyes to concerns that it may have sold or traded in millions
of dollars worth of diamonds that are not naturally mined
stones but man-made.
The daunting part is that these are all relatively small
diamonds in the 0.30- to 0.70 carat range that are normally
traded in lots or parcels and not as individual stones. Even
more worrisome is the prospect that perhaps tens of
millions of dollars (hundreds of crore rupees) if not more,
could be in the Indian market.
These lab-grown diamonds are worth roughly just half the price of
natural, mined stones.
According to Evan-Zohars report, a diamond dealer in
New York bought a parcel of 600 stones ranging from
0.30 to 0.70 carat. His purchase was from an even larger
selection of stones. He sent the parcel to the International
Gemmological Institute (IGI) laboratory in Antwerp for
testing. The results were shocking. All 600 of the stones
were lab-grown synthetics.
Evan-Zohar reported, But these diamonds were not
just ordinary synthetics. The clarity range was VVS-VS.
Internal characteristics were feathers, pinpoints and small
dark crystals. All these inclusions are strikingly similar to
natural inclusions; hence, says the IGI lab, microscopic
observation is insuffcient to conclude whether they are
natural or synthetic. The polish, symmetry and cut were
either Excellent or Very Good. They showed bruted or
faceted girdles. The problem is with the impurities, which were
apparently intentionally introduced in the synthetic production process,
not to make the stone more beautiful, but solely to make the stone look
more natural. As one source that saw the stones observed:
They were created to defraud.
Evan-Zohar went on to report that within days of learning
of the incident, the Diamond Trading Company (DTC),
the rough diamond sales arm of mining major De Beers,
issued an alert to all its clients, the Sightholders. The alert
stated that the DTC Research Centre had been notifed of
three recent instances of synthetic detection by laboratories
in Belgium, India and China. It said that the goods in all
these instances had similar characteristics and that they
had, therefore, come from a single source. The report also
said that the characteristics were similar to those displayed
by stones produced by Gemesis.
Gemesis is a company that was among the pioneers of
commercial lab diamond production. It began in Florida
The 600 Diamonds That
Were Bought In New York
43 idEX MaGaZinE INDIA RETAIL| NO 1: SPECIAL REPORT idEX MaGaZinE INDIA RETAIL| NO 20: SPECIAL REPORT
with high pressure, high temperature (HPHT) diamond
synthesizing technology from Russia. After going through
a fnancial crisis, the company was bailed out by Indian
diamond dealer Jatin Mehta, who is now the majority
shareholder. Mehta is chairman of Su-Raj diamonds, an
Indian diamond manufacturing company based in Mumbai
and listed on the Bombay Stock Exchange. Mehta set up
two additional Gemesis production facilities. One, which
uses the HPHT method, is in Malaysia. He also initiated
a production facility in Singapore that uses the chemical
vapour deposition (CVD) diamond synthesizing process.
Gemesis has previously only sold its rough product to
other businesses in the diamond jewellery pipeline, using
two routes to the marketplace. The frst was to contracted
manufacturers in a captive process where Gemesis bought
back the polished, had it certifed and laser inscribed before
selling the polished goods to jewellery manufacturers. In its
second route, it sold rough goods to a small list of clients
like the Renaissance Diamond Corporation, which in turn
clearly marked the polished goods before onward sale.
Renaissance has since ceased operations. Recently, Gemesis
added a third channel. It launched an online retail website
www.gemesis.com, aimed directly at the consumer. The
website states clearly that the products being marketed are
lab-created diamonds.
The 600 diamonds that were involved in the incident
were all manufactured through the CVD process and then
HPHT treated. What has caused concern is that none of
them was certifed as having been lab-created nor did any
have laser inscriptions on the girdle, raising the concern that
they were purposely passed into the industry to mislead.
The diamonds were bought on 60-day credit from Su-
Raj Diamonds & Jewelry Inc. in New York. The polished
inventory coming out of the Gemesis production was
stored at Su-Raj New Yorks premises. Evan-Zohar
reported that Jatin Mehta stated emphatically that his
parent company Su-Raj Diamonds India, had disinvested
its holdings in Su-Raj Diamonds & Jewelry Inc., New York
as well as its holdings in Su-Raj Diamonds NV in Belgium
and Su-Raj Diamonds (HK) Ltd. in Hong Kong as of
February 14 this year. Su-Raj Diamonds & Jewelry Inc. in
New York, he said, was now being independently by his
erstwhile partner Ashok Bhansali. No documentation was
submitted to Evan-Zohar at that time to prove this point.
An Indian industry committee that included the Bharat
Diamond Bourse (BDB) and the Gem & Jewellery Export
Promotion Council (GJEPC) had asked for a clarifcation
on the incident from Jatin Mehta. Sources told IDEX
Magazine India Retail that Mehta had reiterated in writing
to the Indian committee, what he had stated to Evan-
Zohar. Matters were ongoing at press time.
IDEX
he annual JCK Las Vegas trade show is a key event
for the global gem and jewellery industry. With
more than 3,100 exhibitors from all over the world and
boasting some 21,000 visitors, the show is a barometer to
gauge design trends and the depth of demand globally and
particularly in the US market. Despite the recent global
recession and an economy that is still struggling to recover
from it, the US market still consumes about 38 percent
of the worlds jewellery. It is key to the well-being of the
Indian gem and jewellery export production industry. This
years edition ran from June 1 to 4 at the Mandalay Bay
Hotel & Convention Centre in Las Vegas.
The Gem & Jewellery Export Promotion Council (GJEPC)
made a concerted effort at the JCK Las Vegas show this
T
year with its initiative aimed at showcasing India as a global
destination for all things related to gems and jewellery
especially making the point that India is not just an offshore
production centre but a trend generator in its own right, with
highly developed jewellery design and development skills.
The JCK shows organizers acknowledged the importance
of the Indian industry in the global gem and jewellery
marketplace when it termed this years edition the India
Show. Underscoring this was the fact that the show was
officially inaugurated by Indian Ambassador to the US
Nirupama Rao. She was accompanied by GJEPC chairman
Rajiv Jain.
The Indian initiative at the show kicked off with an India
An IndIAn SplASh In lAS VegAS
Indian Ambassador to the US Nirupama Rao (centre) inaugurates the India Evening along with GJEPC
brand ambassador Sonam Kapoor as GJEPC Chairman Rajiv Jain (right) looks on.
44 IDEX MAGAZINE INDIA RETAIL| NO 20: SPOTLIGHT
SpoTlIghT
Evening on the first day. It featured a Kathak dance
presentation by the Pandit Chitresh Das Company along
with a cultural show by the ICCR and an Indian jewellery
fashion show. The highlight of the fashion show was
Bollywood actress Sonam Kapoor, who is the GJEPCs
international brand ambassador. The India Evening also
featured the best of Indian cuisine, with chefs from the Taj
Mahal Hotel in Mumbai being flown in for the occasion.
Over the entire duration of the JCK show, the GJEPC
also organized a daily cultural show with performances by
artistes from Gujarat.
Apart from this, the JCK show also featured a special India
Gallery, located at the Shark Reef at the Mandalay Bay
centre, which showcased front-running work by Indian
designers and brands that are one of a kind globally.
Along with the India Gallery, the JCK show also featured
as usual, the India Pavilion, which was located at Bayside
Level of the Mandalay Bay centre. The pavilion featured
a wide array of fine jewellery products ranging from
platinum to gold, diamonds, watches, designer jewellery,
antique and estate, bridal jewellery, coloured gemstones,
loose diamonds, jewellery services, very-high-end giftware,
and pearls among others. It was visited by jewellery
manufacturers, importers, traders and retailers. It featured a
variety of regionally inspired and product-specific pavilions.
The India Pavilion, which is sponsored by the GJEPC, has
been a participant at the JCK Las Vegas show since 2004.
This year, the India Pavilion featured 65 leading Indian
exporters.
GJEPC Chairman Rajiv Jain noted that the India Gallery
along with the India Pavilion and the fact that this years
JCK show was termed the India Show, served as a combined
promotion for Brand India. The development of Brand
India is considered essential to the efforts of the GJEPC,
which wants India to be synonymous with cutting edge
design and high quality fabrication.
Agreement With Fiera di Vicenza
During the JCK Las Vegas show, the GJEPC also signed
an agreement with the Fiera di Vicenza, organizers of the
annual winter, spring and summer VicenzaOro trade fairs.
The agreement gives Fiera di Vicenza exclusivity in
representing the gold and precious stone Italian districts
and companies taking part in the annual India International
Jewellery Show (IIJS) that is held in Mumbai. Also, Italian
gold, jewellery and jewellery processing machinery
companies will have special exhibition space at the
VicenzaOro Italian Club and T-Gold at the Mumbai show.
With a market share of 28.9 percent, India is the worlds
largest consumer market for gold jewelry and represents an
enormous opportunity for Italian products. Fiera di Vicenza
Indian product on display
Sonam Kapoor walks the ramp to showcase Indian product
the luxury goods chain and Italian jewellery have enormous
business potential.
He added, For some time now, Fiera di Vicenza has been
working on intensifying relations with India. In order to
function in a country that is as big as a continent, one must
know the market and get oneself noticed. Signing this
agreement with the GJEPC is an achievement for Fiera di
Vicenza and a starting point towards new areas of growth.
Corrado Facco, General Manager of Fiera di Vicenza, said
the partnership is a key element in their new strategy of
making VicenzaOro a leading global brand. The Indian
market, which counts more than 150 million evolved
consumers, just had to be part of our action, Facco said.
IdeX
said it has been encouraged by the Indian governments
recent willingness to lower customs duties, viewed as a
catalyst to developing business relations with India.
The agreement also allows for an Indian pavilion at the
VicenzaOro events to house leading high-end Indian
jewelry companies sponsored and coordinated by the
GJEPC. The VicenzaOro shows have featured an Indian
pavilion for some time now.
According to Roberto Ditri, President of Fiera di Vicenza,
It is a big advantage for Fiera di Vicenza and its exhibitions,
which are competing for first place in the gold and jewellery
sector, and a further chance to promote Italian jewellery on
the international scene. India is one of the markets where
All decked out with Indian jewellery and all smiles...
all it The Great Gatsby effect, call it a desire to return
to a more glamorous era or call it a love for great,
classic design. No matter what you call it, the Art Deco
influence was one of the prevalent trends seen at the JCK
Las Vegas and Couture trade shows.
From Fred Leightons newly launched collection to Ivanka
Trumps signature Art Deco lines to the swinging tassel
necklace and earrings in every gemstone found in many
showcases, designers are clearly getting their inspiration
from the glamour of the 1920s and 1930s.
Even the diamonds are getting in on the act, with an
increasing number of more geometric and old-style cuts
putting in an appearance. While the ever-popular round
and princess cuts continue their popularity, the Art Deco
trend must be welcome news to diamantaires who have
had less popular cuts such as baguettes and trapezoids
sitting in their inventory.
And, with the upcoming release of the The Great Gatsby in
December for which Tiffany & Co. designed the jewellery
the jazz age looks sets for a real and continued comeback.
Moving away from the past, and proving that the tastemakers
such as Pantone really do make a difference, tangerine and
other orangey hues were to be found throughout the show
floors of both JCK Las Vegas and Couture. (The colour
forecasting company named tangerine its colour of the
year.)
C
BY DANI ELLE MAX
ReTuRn To ART deCo In lAS VegAS
. ANd A RESURGENCE of fANCy CUt & ColoUR dI AmoNdS
Fine jeweller Le Vian, which is known for its on-trend
collections, had lines featuring (trademarked) neon
mandarin tangerine garnet and neon tangerine fire opal.
At its well-attended trend fashion show, the company also
presented sure-to-be-seen future fashions such as brown
diamonds for bridal jewelry and a mix of blue and black
stones.
Perhaps its still the consequence of the Kate effect and
that British Royal engagement ring, or perhaps its just
having its moment, but blue seemed to be putting in an
appearance in many showcases especially in the form of
blue sapphire though other blue stones are also popular.
Another trend that seems to be having its moment was
wrapped gemstone jewelry. From simple wire wrapping to
more luxurious and sophisticated shapes embracing large
stones, the encasing trend as seen at designers such as
Angelique de Paris added another, sparkly, facet to simple
gemstone shapes.
Finally, one trend we were disappointed not to see more
of at Baselworld that seemed to be almost everywhere one
turned in Las Vegas was gem slice jewelry both faceted
and un-faceted. The beautiful and colourful pieces offer a
great statement item for a less than statement price, making
them a consumer must-have in a time when people are still
less than enthusiastic about parting with their cash.
Diamond Fancy Cuts & Colours Sell Well
While rounds and princess-cut diamonds remained the
most popular diamond shapes, sales of fancy shapes were
strong at JCK Las Vegas. Pears, radiants and ovals all did
well, with cushions proving especially desirable.
The reason for the rise of the fancy cuts is clear: rounds
are considered expensive and with their relatively lower
prices, fancies offer buyers bigger pieces for less money. As
one trader explained, the market is full or rounds, which
are moving slowly and expensively. Cushions are really in
fashion more people want them and even though they are
less common in the market, they are cheaper.
Enav Schwartz of A. Schwartz & Sons said the show had
been fairly good, although he did come with relatively low
expectations. People came here in a bad mood, he said.
I hope the show has changed that mood.
Schwartz said he had sold a broad range of goods, especially
bread and butter rounds in VS-SI clarities with GIA and
EGL certificates.
Israel-based fancy colour specialist Leibish & Co. said the
show had been better than expected. In terms of colour
goods, 1-5 carat yellows were selling the most, followed
by pinks below 1 carat.
Company CEO Yossi
Polnauer said some of
the increased demand
for col oured stones
is a result of people
i ncreasi ngl y l ooki ng
t owa r ds c ol our e d
d i a mo n d s a s a n
investment vehicle. The
coloured market, he
said, is getting stronger
and stronger.
Nilesh Shah of Nice
Diamonds said that in
terms of good sellers,
he had sold a number
of black and brown
diamonds. People had
been making enquires
about pinks and blues,
he said, but when they found out the price of these natural
coloured stones, they tended to end up buying treated
stones.
The fancy colours were especially popular in fancy cuts,
notably radiants and cushions in 0.5-1 carats. White goods,
he said, moved in larger sizes, in GHI colors and SI2 clarity.
IdeX
he one-of-a-kind cocktail ring The Temptation of
Eve portraying the devilish serpent in the creation
story by Stephen Webster was unanimously voted as the
winner of the Diamond Jewellery Over $20,000 category
by a panel of top industry judges at the Couture Design
Awards 2012 at the Wynn Hotel in Las Vegas.
The ring is set in 18-karat gold with 6 carats of white
diamonds and a single 5-carat brilliant-cut Forevermark
diamond clasped in the serpents coiled tail. Webster is the
first British jewellery designer to create a collection with
Forevermark diamonds.
The Eclipse Bracelet from the luxury Italian jewellery
brand Stefan Hafner picked up the second place. The
bracelet also placed second in the Peoples Choice
category. The latter award is based on votes given by US
retailers.
The bracelet is a unique piece of jewellery with woven
look that conveys the softness of a cloud. It is studded
with 47.48 carats of diamonds. This is the second year that
the Stefan Hafner brand has won design honours at the
Couture show in Las Vegas. The brand was acquired by the
Indias Gitanjali Group in 2011 along with four other well
known Italian jewellery brands. IdeX
T
hIgh end deSIgn AwARd wInneRS
Stefan Hafners Eclipse bracelet.
Stephen Websters temptation of Eve ring
IDEX MAGAZINE INDIA RETAIL| NO 20: INDUSTRY NEWS 50
Industry news
GJePC
KnocKs at Door to rs.66,000 crore ($12 Billion) PaKistan MarKet
akistan has a domestic gem and jewellery consumption
of Rs. 66,000 crore ($12 billion) annually. It also
currently exports some Rs.3,335 crore ($600) million in
gems and jewellery, aiming to more than double this fgure
to the Rs.8,338 crore ($1.5 billion) mark by 2015. Domestic
jewelry consumption is fuelled by a huge supply of locally
mined coloured gemstones, diamonds that are mainly
channeled into the country through Dubai, and an annual
import of 170 tons of gold.
Those fgures and the growth plan hold out enticing
prospects for the Indian gem and jewellery industry. The
Indians want access to Pakistans domestic market, which
has design tastes similar to Indias; would offer Pakistan
direct access to Indian diamonds while getting direct access
to Pakistani coloured gemstones; and both countries could
look at joint ventures in jewellery.
With these aims in mind, Sanjay Kothari, Vice Chairman
of Indias Gem & Jewellery Export Promotion Council
(GJEPC), led a 12-member Indian gem and jewellery
delegation to Pakistan over the second week of June.
Briefng the press in Mumbai on the trip, Kothari remarked
that while the GJEPC had been trying to visit Pakistan for
some time now, the up-and-down relationship between the
two countries prevented it. However, when the Pakistani
delegation to last years India International Jewellery
Show (IIJS) was briefed in detail about the Indian gem
and jewellery industry and its growth, it carried back the
message to the its government that the Pakistani industry
could beneft greatly from cooperation with the Indian
industry, Kothari said.
Acting on this, the Pakistani government set up the Pakistan
Gem & Jewellery Development Company, a partnership
P
The Indian delegation with Pakistan Prime Minister Gilani (centre)
between government and industry, much like the GJEPC
itself. Among the new entitys frst actions was the setting
up of a 70-booth gem and jewellery trade show and an
invitation to the Indian industry to attend it.
Kothari stated that the Indian delegation was extended an
extremely warm welcome, with the inauguration of the
show by Prime Minister Syed Yousuf Raza Gilani set for 7
pm to accommodate the only arrival slot the Indians had.
Kothari said the delegation found a lot of Indian-made
jewellery on display with Pakistani retailers. The product,
along with Indian diamonds, had all come into Pakistan on
a magic carpet from Dubai, Kothari noted. There is no
import duty on cut and polished diamonds and coloured
gemstones into Pakistan, he said, but there is a 5 percent
advance income tax which is refunded if the diamonds or
colored gemstones are re-exported. Jewellery attracts a 5
percent duty and a 19 percent value added tax (VAT).
Kothari went on to say, We advised the Pakistani
government offcials that these tariff barriers would only
drive the trade into the unoffcial sector and we cited the
Indian example and how it had helped the industry grow
in this country. He added that the Pakistani response was
favourable and he looked forward to early changes in the
tariff structures. India is seek most favoured nation status
as a trading partner with Pakistan, he said, towards this,
we also said that visas were a big issue we want long-term
multiple-entry visas issued on both sides to facilitate trade.
The Indians have also sought direct auctions of Pakistani
coloured gemstones preferably in Jaipur. They have also
mooted joint Indian-Pakistani participation in trade shows
in centers such as Dubai and Singapore.
A 100-strong Pakistani delegation is expected to attend
this years IIJS and the GJEPC was looking at setting up a
Pakistan pavilion for the 2013 edition of the show. IdeX
IDEX MAGAZINE INDIA RETAIL| NO 20: INDUSTRY NEWS
The only way to go for more exhibition space is up
51
he 29th edition of the India International Jewellery
Show (IIJS), scheduled to run in Mumbai from August
23 to 27, will feature over 800 exhibitors in 1,900 booths,
according to show-committee convener Haresh Zaveri.
Briefng the press in Mumbai, Zaveri said that the show,
which is hard-pressed for space and has a wait-list of 479
frms wanting to take part, is trying a variety of options
to address the problem. 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 foors that would house
companies other than those on the ground foor. Hitherto,
mezzanine foors have been simply expansions of the
ground-foor exhibitors exhibition area.
t
sPaCe-starved IIJs
to try Multi-user Mezzanine Booths
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 year as
compared to last years 1,300. He added that between 650
and 700 buyers had already registered for the show. IdeX
IIJS: Indias premier trade show with a chronic space shortage
shoPPInG For Gem & Jewellery
talent in MuMBai
umbai is a signifcant gem and jewellery centre with
tremendous employment potential. More than 600
attendees and 55 recruiters took advantage of that potential
at the fourth edition of the GIA (Gemological Institute of
America) Jewellery Career Fair held in Mumbai on May
10. The event was held in collaboration with the Gem
& Jewellery Promotion Council (GJEPC) at the Bharat
Diamond Bourse (BDB), Bandra Kurla Complex. The
venue was provided courtesy of the Mumbai Diamond
Merchants Association (MDMA). Attendees from diverse
backgrounds including grading, merchandising, sales,
marketing, fnance and communications sought career
advice and opportunities in the industry.
The GIA is pleased to provide the Indian gem and
jewellery industry with a platform that encourages new
talent, said Nirupa Bhatt, Managing Director of the GIA
in India and the Middle East. Building a qualifed and
effective workforce is the need of the hour and the Career
Fair provides important recruiting opportunities. Bhatt
also expressed appreciation for the support of the trade
bodies (the GJEPC, BDB and MDMA) that helped make
the Career Fair a success. We are pleased to associate with the GIAs Career Fair
because it addresses the important industrys need for a
skilled workforce, said Rajiv Jain, Chairman of GJEPC.
Job seekers were able to demonstrate their skill sets, while
the recruiters introduced the value their businesses offer.
Anoop Mehta, President of the BDB, noted, This is
a great opportunity to showcase the infrastructure and
facilities available within the industry. The BDB is a living
example of this and we are glad to be a part of the GIAs
endeavour. These efforts will go a long way in bringing
fresh talent into the industry.
The event featured a panel discussion on Growth
Opportunities in the Gems & Jewellery Industry, and one-
on-one mentoring and recruiting sessions.
Diamond Manufacturing companies like Rosy Blue,
Dimexon, Bhavani Gems and Shairu Gems, along with
jewellery manufacturing houses including Kama Schachter,
Laxmi Dia Jewels and HK Designs, as well as retail houses
including Harry Winston, Reliance Jewels, Anmol Jewellers
and Popley Jewellers, participated in the Career Fair. IdeX
m
Prospective employers and job hopefuls interact
Career inspiration: GJEPC Chairman Rajiv Jain (extreme left) and Nirupa
Bhatt (second from right) with featured speakers
Bhatt: Qualified & effective workforce is the need of the hour
atrina Kaif, brand ambassador of Nakshatra, the
jewellery brand owned by the Gitanjali Group,
unveiled the brands new logo and its latest brand campaign
Glow Diving at a function at Mumbais Grand Hyatt
hotel. Present at the occasion were Gitanjali Group
Chairman and Managing Director Mehul Choksi along with
Shardah Uniyal, the groups Vice President for Marketing
and Sushil Sharma, Vice President, International Brands.
The unveiling featured a performance by singer Kavita
Seth, followed by the unveiling of the latest Nakshatra
jewellery collection by Kaif and Choksi.
Divine force is one of the key attributes of the new
campaign a fresh rendition of the divine luck
philosophy associated with the brand whereby every piece
of Nakshatra jewellery carries with it an attribute that is
described as being preciously divine.
The new brand tagline is Glow Divine which the brand
says is in keeping with the inner radiance that a diamond
emits whilst complimenting the inner beauty that every
k
katrIna kaIF
unveils new naKshatra logo & caMPaign
woman radiates. Keeping with the philosophy of Glow
Divine, the new brand logo is inspired by the popular foral
Indian motif and exhibits the eternal beauty and brilliance
of constellation in a graphically depicted diamond cluster.
Choksi observed, The new logo and identity are yet
more remarkable milestones on Nakshatras journey in
symbolizing jewellery that is beautiful, divine and ethereal,
exuding the divine energy of perfect creations! It refects
all the values that have been at the core of our brand
philosophy as well the vision and direction in which we
aim to grow.
Speaking on the occasion, Katrina Kaif said, As the brand
ambassador of Nakshatra, it gives me immense pleasure to
be a part of this momentous occasion. The introduction of
a new brand identity and logo simply enhances the divinity
and immortality that Nakshatra represents; making each
woman feel special and divine- almost like a Goddess! I look
forward to a continued great association with Nakshatra
and continue to wish the brand all the very best.
IdeX
Gitanjali VP for International Brands Sushil Sharma with Katrina Kaif
aipur-based jewellery design and retail house Amrapali
has launched an emerald jewellery line inspired by the
jewellery the maharajahs once commissioned. The line
features intricate cuffs, necklaces and chandelier earrings
with an Indian aesthetic design element that is now being
sought after by western jewellery retailers. It debuted on
June 12 at Amrapalis Beauchamp Place boutique and
Harrods Fine Jewellery Room in London on June 12.
The emeralds in Amrapalis jewellery line come from
the worlds frst formally structured mine operated by
Gemfelds in Zambia. Gemfelds says the mines unique
attribute is that all the emeralds have been ethically mined,
with fair wages and good working conditions for workers
and an initiative to address the environmental impact of
the operation. Gemfelds says the entire process pipeline
from mine to market is also transparent.
Amrapali has been making jewellery for over three decades
from their Jaipur studios and go to great lengths to sustain
traditional Indian techniques that are revered around the
world. The design and retail house has recently become
the frst Indian jeweller in Harrods Fine Jewellery Room,
testament to its unique aesthetic. IdeX
he International Gemmological Institute (IGI), one
of the worlds leading gem and jewellery testing
laboratories, announced the launch of a Tatkal service
exclusively for loose diamonds.
IGI said that the service was launched in response to the
growing demand from the industry for urgent grading
results. Clients now have the option of submitting stones
in the morning and receiving full diamond reports the
same evening. The client can also order laser inscriptions,
rechecks, the IGI seal among the laboratories many other
offerings under the Tatkal service.
The new service is priced at 1.5 times the IGIs standard
service fee. It will be available for a maximum of 50 stones
per client per day. IGI says the new service will enable
diamantaires to take commercial decisions faster and
also enable jewellery retailers to quickly close deals with
consumers.
IGI India Managing Director Tehmasp Printer observed,
During the past year, we were inundated with requests for
urgent reports, so we commissioned in-depth research to
deliver a workable and commercial solution for our clients.
With the overwhelming response we have received so far,
it appears that the Tatkal service is what they have been
looking forward to for a very long time.
IdeX
J
t
amraPalI
launches eMeralD Jewellery collection in lonDon
IGI
announces tatKal services in MuMBai
aksham, a corporate social responsibility (CSR)
initiative from Gitanajli Gems Limited, won the
Award for Empowerment at the recently held Aaj Tak
Care Awards. The award was given away by Indian Finance
Minister Pranab Mukherjee at a function also attended by
Bollywood actor Akshay Kumar. Mayuri Asar, Head - CSR
division, Gitanjali Gems received the award on behalf of
the company.
Under the Saksham initiative, Gitanjali has provided
training and employment to over 2,000 underprivileged
rural youth including nearly 500 people with disabilities
(PWD). Gitanjali also employs over 250 PWDs at its
factories in Hyderabad, Mumbai and Surat.
Congratulating the winners, Pranab Mukherjee said, India
needs its corporates to show, organise and help people
who need to be brought into the developmental stream.
Our task is vast and we need to work together if we want
a better future.
Mehul Choksi, Chairman and Managing Director of the
Gitanjali Group said, We are proud that our pioneering
efforts in employing persons with disabilities, has been
recognized. Since the gems & jewellery manufacturing
process offers scope for employment of PWDs, we have a
responsibility to the society at large and proud to commit in
helping the underprivileged and persons with disabilities.
The Saksham initiative is aimed at empowering PWDs
through training and employment. The PWDs are trained
in the various processes of diamond and jewellery
manufacturing that are appropriate for them. Gitanjali
says it is studying the manufacturing process and learning
from its experience so that it will be able to understand
which type of work is suitable for a person with a particular
disability.
During the training period, out-of-town trainees are
provided boarding and lodging free of costs while locals
receive a stipend in lieu of this. After the training and
gaining some work experience at Gitanjalis factory, the
frm looks at helping the PWD trainees fnd employment
in the industry.
The initiative is currently in place at Gitanjalis Hyderabad
facility. The frm plans to replicate it in Surat and Mumbai,
which are the jewellery and diamond manufacturing hubs
of India.
IdeX
s
GItanJalI
wins csr awarD for eMPowerMent
Handicapped workers at the Gitanjali plant
Finance Minister Pranab Mukherjee (centre) and Gitanjali CSR Head
Mayuri Asar (right)
amas, the Dubai-based jewellery and watch retailer,
has announced that it has recently been appointed
as the exclusive authorised Forevermark Jeweller in the
United Arab Emirates (UAE). Forevermark is the diamond
brand from the De Beers Group of companies and this is
the frst time it will be available in the Middle East.
We are delighted to be appointed as the frst and exclusive
authorised Forevermark Jeweller in the UAE, said Anan
Fakhreddin, CEO of Damas. Customers who buy
Forevermark have the assurance that they are buying high
quality diamonds that come with the promise that they are
beautiful, rare and responsibly sourced.
Stephen Lussier, CEO of Forevermark, said We are
delighted to welcome Damas as the latest partner into
the rapidly growing global Forevermark network. As the
leading jewellery retailer in the Middle East with a long
association with some of the worlds most well- known
and prestigious brands, Damas was the obvious choice for
our expansion into the UAE and beyond. We look forward
to a strong partnership where Damas knowledge and
experience of the consumer in the Gulf works in harmony
with Forevermarks expertise in diamonds.
Forevermark collections will soon be available at six Damas
stores within the UAE, specifcally in the Marina Mall Abu
Dhabi boutique, the Mall of Emirates boutique, the Dubai
Mall boutique, the Deira City Centre store, and two stores
in the Dubai Gold Souk. Damas has confrmed that it plans
to increase the number of outlets that retail Forevermark
to 13 by the end of 2012.
We are very excited about the potential of Forevermark
in this region, which is why we are fnalizing plans to
expand this partnership across the Gulf Cooperation
Council (GCC) region within a short time frame. This
is an exceptional brand and we are sure it will be very
well received by our discerning customers, Fakhreddin
concluded. IdeX
d
Forevermark
aPPoints DaMas as authoriseD uae Jeweller
Gemfields CEO Ian Harebottle (left), Gitanjali Chairman Mehul Choksi
(centre) and Neha Dhupia at the inauguration
Ian harebottle, neha dhuPIa
inaugurate leaDing italian Jewels in singaPore
he Gitanjali Group announced its foray into
Singapore with the launch of its frst store Leading
Italian Jewels at the Raffes Hotel. This fagship store was
inaugurated by Gemfelds CEO Ian Harebottle along with
Gitanjali Group Chairman and Managing Director Mehul
Choksi and Bollywood actress Neha Dhupia. The store
offers a blend of high-end Italian jewellery brands.
Speaking at the occasion, Choksi observed, We have
always believed that wearing great pieces of jewellery
makes a woman look and feel beautiful. This elegant store
will not only draw the locals here but will also appeal to
those visiting Singapore.
The store offers Gitanjalis Italian brands like Stefan
Hafner, Io Si, Porrati, Valentino Milano and more.
IdeX
t
ollywood stars Emraan Hashmi & Kalki Koechlin
unveiled the new monsoon collection of Maya Jewels
by Gitanjali at its showroom at South Extension in Delhi
while simultaneously promoting their movie Shanghai.
The latest collection is a blend of gold and diamond
jewellery in different shapes that easily denotes the
different favours of the season which can be teamed up
with any attire.
Speaking on the occasion, Kalki Koechlin said, I am glad
that Maya Jewels by Gitanjali has given us the opportunity
to unveil their new monsoon collection and also promote
our upcoming movie, Shanghai on the same platform.
I love their jewellery pieces as its unique and beautifully
designed.
Adding to that, the talented Emraan Hashmi, said, I
assure you that Shanghai will be an interesting watch for
the movie lovers. And I am thankful to Maya Jewels by
Gitanjali for giving us this platform to promote our flm.
IdeX
b
emraan hashmI & kalkI koeChlIn
unveil Maya Jewels Monsoon collection
Kalki Koechlin (centre) and Emraan Hashmi (right) unveil the
monsoon collection
The Hari Krishna groups Ghanshyam Dholakia (second from left)
and Savji Dholakia (third from left) at the function
isna , the VVS diamond jewellery brand that was
launched by the Hari Krishna Group in 2005,
marked the sixth year of its retailer loyalty program at a
function on May 5 in Mumbai. The event featured a lucky
draw with a range of cars and motorcycles as prizes.
The Kisna brand is distributed through 425 distributors
to over 5,000 outlets in 329 cities located in 27 states. The
brand boasts 1,450 retail outlets in Mumbai alone. Kisna says
3,914 retailers have enrolled in the retailer loyalty program
which entails them buying previously agreed amounts of
Kisna product every month. The agreed purchase levels
range between Rs.25,000 and Rs.50 lakh every month.
IdeX
k
kIsna
MarKs retailer loyalty PrograM anniversary
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