IDEX India Retail, June 2012

March 24, 2018 | Author: New Acropolis Mumbai | Category: Gemstone, Jewellery, Diamond, Retail, Jewelry
Share
Report this link


Comments



Description

Diamonds AtDenim Prices India’s young women are redefi ning the way jewellery is viewed and bought June 12 MARKET REPORT Weak & Volatile Rupee Slows Trade SPOTLIGHT Diamond & Gemstone Origins: Premiums And Politics SPECIAL REPORT Akshaya Tritiya’s White Tint TREND REPORT Big Design On A Tiny Scale w w w . i d e x o n l i n e . c o m RUSSIA +7-495-255-8300 HONG KONG +852-284-00514 INDIA +91-22-663-32187 USA +1-212-382-3528 BELGIUM +32-3-234-1157 ISRAEL +972-3-612-8995 Guaranteed Diamond Transactions TM - The only spot market for diamond professionals The IDEX Diamond Inventory - Search engine and LIVE feed embedded to your website IDEX Diamond Price Report - Transparent wholesale prices based on real market data And more… IDEXOnline IDEXOnline [email protected] Join the professionals at www.idexonline.com COMMISSION - FREE TRADING ENVIRONMENT DIAMOND TRADING & PRICES IDEX_Ad_IDEX_001.pdf 1 3/15/2012 4:55:23 PM C M Y CM MY CY CMY K kar050412j02 KJ print ad@idex magazine.pdf 2012-5-4 13:58:32 4 IDEX MAGAZINE INDIA RETAIL| NO 19 magazine india retail 05 FROM THE EDITOR’S DESK Chronicles Of Change 08 MUMBAI DIAMOND MARKET REPORT Weak & Volatile Rupee Slows Trade, Vegas, Hong Kong Shows Offer Hope 10 SPECIAL REPORT Akshaya Tritiya’s White Tint 15 SPOTLIGHT Diamond & Gemstone Origins: Premiums & Politics 19 RETAIL ET CETERA Ringing In The Changes 25 TREND REPORT Big Design On A Tiny Scale 27 DIAMOND RETAIL BENCHMARK 34 FACETS Rio Tinto Honours D. Navinchandra’s Shanti Mehta 38 RETAIL BYTES Fred Leighton Collection Debuts 42 COVER STORY Diamonds At Denim Prices 50 INDUSTRY NEWS Industry’s Determined Stand Sees Withdrawal Of Excise Duty 54 STONE SOURCES Rio Tinto Appoints New India Head www. i d e x o n l i n e . c o m J UNE 2 0 1 2 VOL. 1 No. 19 Editorial Department EDITOR-IN-CHIEF Vinod Kuriyan EDITORs Edahn Golan, Danielle Max IDEX ONLINE REsEARCH Ken Gassman INTERNATIONAL CORREsPONDENT Tamar Katzav ADMINIsTRATION & MARKETING Managing Director Yaron Barzilay Marketing Manager Kuldip Bedi sALEs MANAGERs Anish Kuriakose, Osnat Davidov, Avivit Morhaim, Yaron Barzilay PRODUCTION & CIRCULATION Helena Dorsht ACCOUNT MANAGER Rinat Oz ART DEPARTMENT GRAPHIC DEsIGNERs Boris Mandelis (RD Media group) Tera Kaur (RD Media group) PRINTED by SAP Printers, Lower Parel, Mumbai 400 013 IDEX INDIA OFFICE # 20, KALA bHAVAN, 4TH FLOOR, 3 MATHEw RD., OPERA HOUsE, MUMbAI 400 004, INDIA TEL: +91-22-6633-2187, FAX: +91-22-6633-2186 EMAIL: [email protected] IDEX USA 7 wEsT 45TH sT. sUITE # 1602 NEw yORK, N.y. 10036, U.s.A. TEL: +1-212-3823528, FAX: +1-212-3822671 IDEX BELGIUM 74 LANGE HERENTALsEsTRAAT, 2018 ANTwERP, bELGIUM TEL: +32-3-2341157, FAX: +32-3-2342463 IDEX HONG KONG TEL: +852-28400514, FAX: +852-28400652 IDEX ISRAEL 11 HA’RAKOON sT., P.O.bOX 3107, RAMAT GAN 52521, IsRAEL TEL: +972-3-575-7455, FAX: +972-3-7511203 IDEX Magazine - India Retail is published in India by Idex Online S.A.. Reprints of individual articles are obtainable on application to the editor. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the Copyright owner. PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A ISSN 0334-6838 2003 IDEX ONLINE S.A. CONTENTS JUNE Editor 5 IDEX MAGAZINE INDIA RETAIL| NO 19: EDITOR wo factors have given diamonds their unique, precious status – their rarity and consequently their prices. The funny thing is, in order to maintain that rarifed status, diamonds need to be seen, touched and above all used, by even the low-end consumer in order for that hallowed status to remain the way it is. It isn’t any good faunting a sparkler if the rest of the populace doesn’t really get how rare and precious it is! There’s also another factor. In today’s world, not everyone wants an esoteric status symbol. Many today want only something really beautiful and trendy, with perhaps a hint that it is part of a world that is out of the reach of most people. This is all very confusing and seemingly a contradiction in terms. But thanks to the Indian diamond industry, diamonds have managed to not only maintain their rarifed, precious status, but have also touched the lives of ordinary, low-end consumers. But for a long while, the Indian jewellery retail industry didn’t appreciate this and in India, of all places, diamonds seemed to be losing their relevance to younger women as they stayed in the very top price ranges that are out of the reach of most people. Fortunately, some of India very top brands and retailers recognized this and purposefully went after a segment of the market that most traditional jewellers have ignored. The segment that isn’t prepared to pay huge sums for its jewellery, yet wants a product that is among the very best in terms of design and quality. A segment that didn’t want a product that could only be worn at formal occasions but could become a part of their everyday lives. Thanks to these market leaders, diamonds are today enjoying a vibrancy and relevance with the younger Indian woman. They have maintained their rarifed status, yet have become part of everyday fashion. Diamonds have gone to work; they have gone to play and they have just casually gone out for the day. Diamonds at denim prices have revolutionized the way jewellery is viewed and bought in India. As though to underscore the point made by our cover story, another trend indicates that the Indian consumer is also not all that gold-mad any more. The yellow metal cannot take demand for granted any more – not even during a festival that was strongly promoted by both the retail community as well as the World Gold Council as being purpose-designated for the purchase of gold. The fact that Indians are quite willing to buy other precious materials like platinum during Akshaya Tritiya indicates that the move away from simply an investment motive and toward a more design- and fashion-oriented purchase impulse is steadily reshaping the jewellery retail landscape in the country. This issue’s major stories are a chronicle of the evolution in jewellery buying in India. idEX ChroniClEs of ChangE by VI NoD KurI yAN t IDEX announcEs onsItE comE as You arE - WE’ll supplY You WIth EvErYthIng ElsE! f you’ve ever wondered what it takes to have a fully operational e-commerce website, chock-full of diamonds that cost nothing to hold in your inventory, here’s the short answer: just a phone call. In response to the concerns of specialty jewelers who are struggling to compete with online retailers, IDEX Online now offers jewelers everything they need to go online and start competing. With IDEX OnSite, you receive the most important tool of all – a fully embedded web database of diamonds containing hundreds of thousands of goods. Devel oped i n cooperati on wi th Paasweb – Advanced Web Solutions, IDEX OnSite is here to serve YOUR needs. Show your customers fresh goods sourced directly from the inventories of the world’s largest diamond manufacturers, set your own margins and spare yourself the cost of a pricy inventory. With the IDEX Online system, you buy the goods only after your customer commits to the purchase. I Sample Implementation on the Website of U.S. Jeweler Lea Lane 6 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA IDEX online 7 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA Fully automated online TRADING service for polished diamonds * GUARANTEED AVAILABILITY and door-to-door delivery to buyers * Guaranteed immediate CASH payment to sellers * AUTHENTICATION To learn more please go to www.idexonline.com INDIA +91-22-6633-2187 | USA +1-212-382-3528 BELGIUM +32-3-234-1157 | ISRAEL +972-3-575-7455 HONG KONG +852-2840-0514 CUSTOMERSUPPORTIDEXONLINE.COM You may call this fighting power - we call it IDEX OnSite, a fully operational online system and inventory that gives you the ability to go online without the need to build and maintain a costly online operation. ALL YOU’VE GOT IS A DOMAIN NAME? THAT’S ALL IT TAKES* There’s no need to have a website. We’ll supply you with: - A fully operational B2C website with an inventory worth billions of dollars - Your own façade – you decide on your own graphics, colors and brand - Your currency of choice (dollars, euros or rupees) - The choice of a full website, an embedded search engine or a data feed - A site fully managed and controlled by you - The freedom to select the type of goods you are interested in by the 4Cs, price, grading lab, location, supplier, etc. - More than 450,000 diamonds - An automatically updated inventory - The ability to apply your own markups - Independent back-office management Save on costs, overhead and inventory – and use that money for marketing! To learn more, email: [email protected] (*you don’t even need a domain name.) IDEX WHAT MODERATED IN MARCH? Ken Gassman answers this and many other riddles at: http:// www.idexonline.com/Research/U.S.Jewelr50 8 IDEX MAGAZINE INDIA RETAIL | NO 19: MARKET REPORT MUMBAI DIAMOND MARKET REPORT by VI NAY PAREKH WEAK & VOlATIlE RUPEE SlOWS TRADE, VEgAS, HONg KONg SHOWS OffER HOPE he predominant concern in the Mumbai diamond market at the time of reporting was the extremely weak rupee – and one that had signifcant fuctuations in value on an almost daily basis. This, coupled with the low level of demand from the domestic markets, had the effect of slowing transactions considerably. Adding to the slowdown was the fact that the diamond industry was already in advanced stages of shutting down for the summer vacations. At the time of reporting, however, there was a fair bit of optimism as dealers felt that the upcoming Las Vegas and Hong Kong trade shows would lift demand and get the market moving again. Demand from the US has been steady and growing, while China demand, despite frequent worries from market gurus, has also been good on average. Shortages of goods persist as before and have had the effect of steadying prices. IDEX T 9 IDEX MAGAZINE INDIA RETAIL | NO 19: MARKET REPORT -0.01 (-2 ) Good demand for SI2-I1 goods. Fair demand for VVS-VS/J+ goods. Overall demand & prices will be soft. Availability of goods will improve. -0.02 (+2-6.5) Very good demand for white SI2-I2 goods. Good demand for VVS-SI/I-K col. Fair demand for white VVS-VS goods. Steady demand & prices are expected. Shortages will be seen in SI category. 0.03-0.07 (+6.5-11) Good demand for SI2-I1 whites & VS-SI/I-K col. Fair demand for VVS/VS goods. Overall demand & prices will remain soft. Demand will be mainly for +6.5-8 sieve. 0.08-0.14 (+11-14) Good demand for SI & piqué goods. Fair demand for VVS-VS/J+ goods. Demand & prices will remain stable. Shortages in piqué goods will be seen. 0.30 (1/3) Good demand for VS-SI goods. Fair demand for piqué goods. Demand for SI goods will remain strong. Shortages in SI goods will be seen. Prices will remain firm. 0.50 (1/2) Good demand for VS-SI/J+ goods. Fair demand for I1/I2. Overall demand will remain good, prices will remain firm. 0.75 (3/4) Good demand for +0.90 cts. VS-SI+/F-J col. Fair demand for I1-I2/J+. Demand & prices for VS-SI /+0.80 cts.will remain strong. Shortages will be seen for +.90 cts. 1.00 (4/4) Good demand for SI & piqué goods. Fair demand for VVS/VS/F-M col. Overall demand will remain good, prices will remain firm. 0.15-0.17 (+14-15.5) Good demand for SI & piqué goods. Fair demand for VVS-VS/J+ goods. Demand & prices will remain stable. Shortages in piqué goods will be 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 goods. Overall demand & prices will remain soft. 0.40 (3/8) Good demand for VS-SI goods. Fair demand for piqué goods. Demand for SI goods will remain strong. Prices will remain firm. +3.00 Fair demand for VS-SI/G-K col. Overall demand & prices will remain soft. MUMBAI DIAMOND TRADING IN APRIL Size in Carat (Sieve) Comments Forward Call by Vi nod Kuri yan MEMO 10 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT SPECIAL REPORT old buying over Akshaya Tritiya is rooted in tradition. The festival is an auspicious occasion for the purchase of the yellow metal. In tough times, jewellery retailers have depended on the festival to lift sales and help get static inventories of gold product moving. Jewellery retailers from around the country reported that this did happen to some extent. A signifcant development, however, has been that Indian consumers have indicated that it isn’t gold alone that benefts from the auspicious nature of Akshaya Tritiya. They have been buying increasing amounts of platinum jewellery. Indians have usually bought gold and gold jewellery to auspiciously begin a year of plenty at Akshaya Tritiya. It is believed that on this day ‘white’ is auspicious and of special signifcance as it symbolizes purity, hence white payasam (kheer) jasmine fowers, kolam or even white vessels are used for puja. This has worked in platinum’s favour. According to the Platinum Guild International (PGI), Indian consumers G AkShAyA TRITIyA’S WhITE TInT PLATInuM MAkES InROAdS InTO WhAT WAS OnCE ThE SOLE PRESERvE Of GOLd Platinum Mahalaxmi Yantra coin. 11 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT of consumers opting to buy platinum jewellery,” he notes, adding, “We saw a 50 percent growth in the sales of platinum jewellery during the festival as compared to last year. This year consumers preferred buying platinum rings, chains and pendants. Last year, they bought platinum rings and navaratna pendants.” From Baroda in Gujarat, Paresh Soni, Managing Director of C.H. Jeweller states that the demand for platinum over Akshaya Tritiya has been growing over the past two years. “We have witnessed an approximate growth of 40 percent in platinum sales over the festival in the last year alone,” he notes. He adds, “Most of the jewellery that has been sold is in the Rs.25,000- Rs.45,000 price range. Rings and pendant sets have been predominant.” Suvankar Sen, Managing Director of Senco Gold in Kolkata, says, “Platinum enquires have grown considerably this year with the consumer asking for platinum coins and jewellery specifcally this Akshaya Tritiya. Most of our appreciate the fact that platinum is a precious metal, and has “pure and eternal white properties that tie in with the festival”. And while many consumers always look for the brand of their choice for jewellery, as it provides reassurance, during Akshaya Tritiya, many also go to their traditional family jeweller to buy their jewellery. The fact that platinum jewellery is fabricated from 95 percent pure platinum is another factor that goes toward boosting its choice as a “pure” metal – a piece of jewellery fabricated from 18-karat gold contains only 75 percent of the yellow metal. Platinum’s natural colour neither fades nor tarnishes. The Indian consumer has obviously bought into those attributes. The big story is that platinum jewellery sales over Akshaya Tritiya have grown exponentially when compared to last year. From Chennai, Anantha Padmanabhan, Managing Director of NAC Jewellers, confrms the growth story. “Of course, this Akshaya Tritiya, we have seen number 12 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT Raima Sen launching Shuddhi Jewels’ Swarna Mangal and Shagun jewellery savings scheme plans. 13 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT notes, adding, “We had a public relations event with an exclusive piece – the Akshaya Pathram (never emptying vessel). We had Latha Rajnikanth (wife of flm star Rajnikanth) blessing her daughter by presenting her with one made from platinum. We were open to customer orders for Akshaya Pathrams, starting with vessels made from 9 grams of platinum.” A range of well-known jewellery retailers offered platinum product over Akshaya Tritiya this year. These included Diti, Manubhai Jewellers, TBZ – The Original and Orra among others. But it wasn’t all about platinum at the last Akshaya Tritiya. The Minerals & Metals Trading Corporation (MMTC) successfully held its fve-day Festival of Gold at the Hyatt Regency hotel in Delhi. Speaking at the occasion, Vijaylaxmi Joshi, Chairperson and Managing Director of the MMTC, expressed her happiness at the strong demand and ever-growing popularity of the Festival of Gold. “MMTC’s previous gold jewellery exhibition held in Delhi during Akshay Tritiya recorded a turnover Rs.35 crore over a period of 10 days,” she said, “which clearly demonstrates the unwavering trust of its consumers in the MMTC brand as a supplier of gold and silver products hallmarked for purity.” She stressed the importance of Akshay Tritiya, adding, “We aim to launch at least 5 more showrooms in Delhi-NCR to meet the growing demand of customers for not only festive but round-the-year shopping of MMTC products.” Shuddhi Jewels, MMTC’s jewellery retail joint venture with the Gitanjali Group, India’s largest branded retailer, is an important participant at the exhibition. A new range of temple jewellery for Akshaya Tritiya and the upcoming wedding season was unveiled by actress Raima Sen at the event. The collection consists of necklace sets, ear- tops, jhumkas, rings and chains weighing 15 grams and above. Shuddhi Jewels also launched its Swarna Mangal and Shagun jewellery savings scheme plans on gold and diamond jewellery at the event. This time, the Festival of Gold featured over one lakh designs of the best of jewellery from over nine states across India being showcased in this golden extravaganza, along with a special trendy jewellery counter. Popular picks include lightweight coloured-stone jewellery from Goa, reversible jewellery from Bangalore, MMTC’s Sanchi range of silverware made with 92.5 percent pure silver, and gold and silver medallions in various denominations. platinum coins are sold out. We have witnessed a growth of 30 percent in platinum over last year. The growth in gold sales, however, was marginal.” Sen also said that a new range of lightweight platinum jewellery was introduced this year for the festival along with a platinum Mahalaxmi Yantra in various denominations starting from 1 gram. Anantha Padmanabhan notes that special promotions helped boost platinum sales. “There was new range of lightweight platinum jewellery introduced this year,” he Lata Rajnikanth blesses daughter Aishwarya with a Platinum Akshaya Patram The fact that platinum jewellery is fabricated from 95 percent pure platinum is another factor that goes toward boosting its choice as a “pure” metal – a piece of jewellery fabricated from 18-karat gold contains only 75 percent of the yellow metal. Platinum’s natural colour neither fades nor tarnishes. 14 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT While the Festival of Gold exhibition in Delhi has become a feature that is hosted twice a year (around Akshay Tritiya and Diwali), MMTC has also taken its fagship event to other cities like Mumbai, Goa, Kolkata, Bengaluru and Chennai. But the high price of gold had an impact on overall sales around the country according to various press reports. Analysts estimate that gold sales at Akshaya Tritiya this year were only 10 tonnes – half the amount sold last year. This is of signifcance when one compares it with the huge gains made by platinum in terms of sales at the festival. Colin Shah, Managing Director of Kama Schachter, the jewellery manufacturer that recently moved downstream into branded retail, affrms that platinum is surging as the metal of choice for Indian jewellery consumers and that it has made strong inroads into the socio-religious Akshaya Tritiya market. He observes, “According to industry insiders, the share of platinum jewellery in the overall diamond jewellery has increased signifcantly over the past one year and is likely to reach between 25- and 30 per cent of total diamond jewellery sales this year. The surge of urbanization and rapidly growing middle class in India has taken Indian consumerism to new heights, particularly in the platinum jewellery sector. Platinum jewellery has successfully managed to merge itself into the various gifting traditions.” It is clear that Akshaya Tritiya, billed as the festival of gold all these years, is defnitely gaining a distinct white tint. IdEX The surge of urbanization and rapidly growing middle class in India has taken Indian consumerism to new heights, particularly in the platinum jewellery sector. Platinum jewellery has successfully managed to merge itself into the various gifting traditions. Platinum Akshaya Pathram etermining the price of polished gems is different for diamonds and coloured gemstones. Diamonds are all about the 4Cs (Colour, Cut, Clarity and Carat weight), but gemstones are about “the where.” The origin of a diamond can make a difference politically – we will discuss this further down – but in the marketplace, the origin of a coloured stone often contributes as much to its value as colour and clarity. The premium origin for ruby is Burma/Myanmar, more specifically the Mogok region, which has been a source for more than a thousand years. Mogok rubies display the highly prized “pigeon’s blood” that commands top prices D in world gem markets. The Burma tag is so prized that lesser-colour rubies from Mong Hsu carry a premium over comparable (and sometimes better) quality rubies from other sources. The story is much the same with sapphire, Burma again taking the top premium for newly mined material. The legendary Kashmir sapphires, mined more than a century ago in the Himalayan region of their namesake, can command extreme prices, especially if they show the distinctive velvety cornflower blue colour. Meanwhile, emeralds from Colombia, especially Muzo, command premiums over all other sources. While these distinctions have guided the gemstone market for more than a century, gemmologists have only recently been able to link gemstones to their sources with a high degree of accuracy. Prior to this, it was a common practice in the trade to mix the production of a lesser-regarded locale that resembled Burmese or Colombian material with stones from Burma and Columbia to obtain higher prices. In short, identification was based on a certain “look” of a stone, without any scientific basis. While the market continues to place premiums on certain origins, a significant faction within the coloured gem trade believes that the beauty of a gemstone should be the sole deciding factor in price. DiamonD anD Gemstone oriGins: Premiums anD Politics By RUSSELL SHOR 15 IDEX MAGAZINE INDIA RETAIL| NO 19 SPOTLIGHT sPotliGht GIA researchers, howe ve r , ha ve culled information from many thousands of stones from ever y known source and created an extremely advanced testing system to identify properties unique to each source. Today, GIA uses this database of information to determine country-of-origin on its coloured stone grading reports by evaluating many factors, including distinctive inclusions, trace element chemistry, spectral characteristics and internal growth structures. In many cases, these factors are related to the type of rocks that host the gem crystals. Country-of-origin determination can become challenging for gem-testing laboratories when very similar host rocks and their associated gem crystals occur in different countries. The large database is necessary because of the vagaries of nature – many, but not all, stones from a certain location will show distinctive inclusions, have a unique spectral signature and contain trace elements not found in material from other areas. Some tests, such as determining trace elements within a stone without destroying it, require analytical instruments and technology that did not exist a decade ago. Further, treatments can alter some of these tell-tale characteristics. While the market continues to place premiums on certain origins, a significant faction within the coloured gem trade believes that the beauty of a gemstone should be the sole deciding factor in price. Country-of-origin for diamonds carries more of a political concern than market value. There is no premium for diamonds coming from South Africa, Russia, Canada or any other source, with one exception: India’s Golconda mine, which closed more than a century ago and was the source of rare Type IIa diamonds of exceptional transparency. The premium origin for ruby is Burma/Myanmar, more specifically the Mogok region, which has been a source for more than a thousand years. Mogok rubies display the highly prized “pigeon’s blood” that commands top prices in world gem markets. 16 IDEX MAGAZINE INDIA RETAIL| NO 19 SPOTLIGHT Unlike coloured gems, however, there is no reliable way to tell the origin of diamonds once they are polished. As a result, diamonds become anonymous once they enter the system. Recognizing the reputational concerns that might arise from Marange-produced diamonds, some US retailers and wholesalers demand their suppliers not trade such goods, while producers established dedicated “mined, cut and polished brands to ensure that stones come from one single, trusted source.” Retailers and wholesalers should ask their suppliers if they adhere to best business practices regarding ethical sourcing of diamonds and gemstones, and request that they not source gems from controversial areas such as Zimbabwe. Members across the gems and jewellery value chain should educate themselves about diamond and gemstone origins in order to better answer questions from customers and clients and to make more informed business decisions. The Indian gem and jewellery industry has direct access to GIA Identification and Origin reports and GIA’s world- renowned gemmology courses through the GIA India Laboratory and Education Centre in Mumbai. iDeX Since the late 1990s, civil wars and other conflicts in Africa, primarily in Angola and Sierra Leone, spurred efforts to block the trade of rough diamonds that were used to fund those conflicts. Because of the purity of diamonds and the conditions of their formation deep in the earth, it is not possible to determine the geographic origin of diamonds based on their chemical composition or other properties. The trade, therefore, decided upon a system that would track diamonds from the mine through manufacturing and then retail sales. The result was the Kimberley Process (KP), a treaty-like agreement between nations that required certificates that verified diamonds were mined and exported by legitimate organizations. The KP helped reduce the flow of illicit diamonds to less than one percent, but its role as a regulator came into question three years ago when a new source – the Marange deposit in Zimbabwe – was developed. The Zimbabwe government forcibly evicted thousands of miners who had settled into the area, killing a reported 180 or more, causing worldwide pressure to ban stones from that area. Although the KP ultimately approved exports from Zimbabwe, a stigma remains on those diamonds. The value of many coloured gemstones depends on their origin An example of a GIA Sapphire Origin Report. The Geographic Origin determined for this particular stone is Burma (Myanmar). Russell Shor is a senior industry analyst with the Gemological Institute of America Image © GIA 17 IDEX MAGAZINE INDIA RETAIL| NO 19 SPOTLIGHT reTail eT ceTera IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA 19 rinGinG in The chanGeS wHile rinGS cOmmemOrate enGaGementS, weDDinGS anD SPecial OccaSiOnS, SOmetimeS tHey are wOrn "juSt becauSe." tHiS mOntH, iDeX maGaZine taKeS a lOOK at tHe lateSt rinG DeSiGnS. tHere’S bOunD tO be SOmetHinG Here tO Suit eVery FinGer. neW arT jewellery by maSriera The Art Nouveau collection from Masriera consists of fairies, nymphs, flowers and dragonflies. These angels are made from 18 karat yellow gold with fred enamel. The angels offer a brilliant cut diamond or a pink tourmaline. Truly, a gift from the gods. 20 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA The Dolce Vita range from Al Coro radiates sensual elegance. Countless brilliant cut diamonds lie wave-like on a soft bed of 18 karat pink gold. The diamonds flow into one another in fnely nuanced shades of white and brown. The rolling pavé that results is like the glittering surface of water on which the rays of the evening sun are reflected. The GOOD liFe jewellery by al cOrO Edgy is not usually synonymous with eco-friendly, but LA-based designer Vanessa Leu proves that jewelry can be both “green” and stylish. Each of her pieces is made with conflict-free diamonds, eco-conscious materials and reclaimedmetal. In addition, a portion of the proceeds is donated to select charities beneftting the community. jewellery by VaneSSa leu The eDGe 21 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA Calvin Klein may still be most well known for its jeans, but the company’s jewelry collection is not to be missed. The Astound collection combines polished stainless steel with either black or white crystal minerals. Each of the three bands in the ring sets can be worn individually, as a pair or stacked up high. The collection includes a necklace, bracelets and earrings. jewellery by calVin Klein all in The JeanS The eye-catching movement of the Meister Girello ® rotating rings ignites a dazzling display on the hand of the wearer. The rings are mounted on miniscule ball bearings, which let the outer ring rotate smoothly around an inner ring with virtually noiseless ease and precision. The rings are crafted in platinum and yellow and red gold. jewellery by meiSter rOll Over Forget precious metals, Furrer Jacot offers a new, innovative carbon ring collection. The pieces are individually crafted and fnished in Switzerland. The carbon fbres are wound by hand on every ring, giving each one its own particularly attractive texture. While the rings make ideal wedding bands, they are also fashion forward enough to be worn just because. jewellery by Furrer jacOt carBOn cOPy 22 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA Damiani’s iconic Gaia collection has been reinterpreted as the Gaia Fancy collection. The rings are composed of three to fve rows of gemstones and diamonds, set in gold. The combinations include amethysts and blue topaz set in white gold, quartz fumé and brown diamonds set in pink gold and yellow gold with fumé, citrine quartz and peridots. Fancy ThaT! jewellery by Damiani Adami & Martucci specialize in silver jewelry. In the Seta collection, a single silver wire wraps the surface of the jewel, creating the effect of rare elegance and special tactile perception. It is, says the company, a valuable collection for the woman who relishes the pleasure of owning a unique and handmade jewel. SilverSmiThS jewellery by aDami & martucci 23 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA jewellery by bellOn crÉateur PreTTy in PinK French company Bellon Créateur has been creating jewelry since 1907. This experience and know-how shines through in the design of these rings, which feature pink sapphires. Talk about looking pretty in pink. Time after time, Roberto Coin manages to produce something out of the ordinary, and these rings are no exception. The iguana, from the Animalier collection is made of black gold with brown diamonds, orange sapphires and natural green garnet. The limited edition Bull collection combines white and rose gold with white and black diamonds. Finally, the limited edition Eagle collection ring is made of white and yellow gold, with colorless, black and brown diamonds and yellow sapphires. TOTal animal jewellery by rObertO cOin Three unique products highlight the beauty of fnely crafted and minutely detailed pieces. The Nakshatra Vivaah Collection includes a diverse range of creations, illustrating the changes in design styles and techniques in Nakshatra creations. Finely craFTeD DeTail Stunning earrings that show elegant diamond pavé on one side, and playful fligree on the other. 1.25 carats of diamonds in 8.90 grams of gold Beauty meets brilliance in this flower full of radiance. 0.12 carats of diamonds set in 3.80 grams of gold. Each stone tells its story. Each one shines in its glory. 0.88 carats of prong-set brilliants in 3.5 grams of gold 24 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA jewellery by uni-DeSiGn 25 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA BIG DESIGN ON A TINY SCALE BY DANI ELLE MAX ne of the most eye-catching brands on display at this year’s Baselworld show was SICIS Jewels. Taking inspiration from its 25 years of experience in the sphere of mosaics, SICIS decided to “downsize” and create fabulous mosaics on a mini scale. IDEX Magazine editor-in-chief Danielle Max put some questions about this evolution in the company’s history to SICIS’ president Maurizio Placuzzi. Danielle Max: Why after years of working with mosaics did you decide to launch a jewelry brand? Maurizio Placuzzi: I started looking into micromosaic vintage jewelry 25 years ago for my own private and personal pleasure. Even then, it was hard to find micromosaic jewelry and one famous guy, Gianni Versace, would always anticipate my visits to antique stores, buying whatever was available. I couldn’t compete with him, so I decided to O discontinue my collection and gave up the idea of being a big collector of micromosaic vintage jewelry. Three years ago, however, I was looking for a new challenge. I remembered my old dream, and I started the current venture. How much were you influenced by previous incarnations of micromosaic jewelry traditions and designs, and how much is SICIS creating its own design tradition? SICIS, established in Ravenna in 1987, has long been an innovator and incubator of extremely versatile ways of using mosaics. We adorn the most beautiful houses and hotels in the world. From mosaics, we expanded to artistic projects, such as one-of-a-kind art works, sculptures, portraits reinterpreted Images: SICIS Jewels Trend Report in mosaic, and then to furniture with our high end “Next Art” collection. Then the jewelry adventure started… with inspiration from the past, of course. The art of micromosaic jewelry, which was enjoyed by people such as Marie Louise of Austria, Paolina Bonaparte, Carolina Bonaparte and Catherine II of Russia, disappeared over the centuries because no artists had the ability and skill to develop this art. SICIS welcomed the challenge [of resurrecting the skill] and after years of research, trial, considerable expense, moments of high optimism followed by disillusionment and the agony of countless wakeful nights, we were finally successful. How long does it take to create the jewelry? It is vital not to consider micromosaic technique as being museum-like or with fixed elements, but to view the mastery as a contemporary skill, capable of competing with other innovative methods that we use today. SICIS has lightened a technique – reputed for being heavy-handed and difficult to manage – making it versatile, capable of working on all surfaces and enlarging the possibilities. Consider however, that every square centimeter has an average of 15,000-35,000 tesserae of gold and precious stones… so you can imagine how long and accurate the whole micromosaic work is. This first collection was heavily inspired by nature and the animal world. Is that a motif that will continue in the future or are you looking elsewhere for future collections? The historic content of the research behind SICIS Jewels formed the basis for the presentation of the collection we presented at Baselworld. Many of our motifs recall flowers, animals and other natural elements, but micromosaic is so flexible and allows us to reach such a variety of patterns and shades that any shape is possible. Some of Roger Thomas’ designs are very architectural and more geometric [The renowned interior designer created some of the pieces for the inaugural collection.]. SICIS Jewels won’t cease to surprise with new forms and designs in future collections. What are the limits of what can be achieved with micromosaic? We have the ability, ideas, creativity, production and finances to climb over the peak of the jewelry industry. SICIS is paving new artistic paths, reinterpreting micromosaics from an absolutely original tradition; transmitting ancient emotions into a contemporary object through innovative 26 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA techniques, some of which have been created exclusively by SICIS. As for the limits, SICIS has always been characterized by a strong imagination and creative/technological power and know-how, not to mention its open-mindedness and attitude to challenging projects… We like to say that “the sky is our limit.” What was the response to the launch at Baselworld? Where else will people be able to see you? Baselworld was very exciting for SICIS. We started the first day of Baselworld as “beginners” and over the next few days of the fair, we were acclaimed as displaying “grandeur in the tiniest of things,’’ bringing a fresh air to the jewelry industry. Our jewelry was appreciated because of the original element, new to the market but ancient in history, it adds to high-quality jewelry. After presenting our SICIS jewels collection at Couture in Las Vegas, SICIS Jewels will open a showroom in the Paris fashion district (Rue Francoise Premiere 41). We will also launch the collection in our showroom in Soho, New York in September 2012, to be followed by Tokyo. The jewelry will also appear in other selected department stores and shops around the world very soon. IDEX 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 [email protected] +;=| +|ª, =|ª=|= ;|ª| =|=¸+= ¬:ª| |+==|=| ÷ ;|ª| =¸-=| =| ¬:ª| +-=|= == |==| ; |=== + =+÷ ª|;=| =|, ;|ª| = +=¸= |=º =| ª; ¬:ª| =¸-=| =| =ª|=| |:=| ==ª =|¬= =|ª=|= ª÷ º+ =|=¸+= ·=|+|ª =¤ (=|=º=) ;|ª| ==¤÷ |:º =|÷ = +-=|= =¸-=| =| :n=ª = =+|=|ª |==| ª=| ; |=== ª|;= =| ;|ª| ¬ª|:÷ = ¤|= |+·+|= +‹c| ; ;|ª| |ªc= +-=|= (·|=|ª+|) +|==|+= =|ª +¸==. +|ª:n| ¤=|=| = =|ªº =|=| +|=|ª =|÷=|ª| = =|=|ª +ª ==|ª |==| ª=| ; +¸ª :n = =|÷= ¬:ª| =¸-= ==ª =| ·=|÷ = ª¬| ª=| ; =||= :n = |==| =| =|ª = +|=|ª = =|÷:·| =| n||== |==| =| == == ¬:ª| =+| = = ;|ª| º= º=| ==|ª ; |=== ==| == ª|;=| = |=º =|; |+·+=÷|= ¬:ª| =¸-= +-=|= ÷;| ¤| =;| == ª|;=|, |=÷= =; +;=| +|ª ;|ª| ¬ª|:÷ +|= ;, =| =+= ; ;|ª| ¬ª|:÷| =÷= |=º =; +|ª :|+=| =| +|= ;| ===| ; =|+÷ = === =+=ª| = === ¬ª|: =|÷ +|= º= =Š=ª| =|=|÷ = |=º |+·+|= +;= ==ª| ; |== =;| =| = =|=| =| ===| ; =+ ª|;= ;|ª| ¬ª|: =| == =; |+·+|= ;|÷| -||;º |= ==÷ =;| :|= +ª ;|ª| ¬ª|:| ; ·|=|ª+|, =c, =ªc, ==ª =|ª Š=|ªc| =| -|ª |+n+n=|=| = =|=|ª +ª ;|ª| =| ¬:ª| =¸-= +-=|= :=| ; ·|=|ª+| =| ;===|= =+= +¸+ =|÷=|ª| = =+ = |==| =|÷| -||;º +|==|+= =¸-=, |+==|=| ;|ª| == |=º =|= ; =|+= = ¤|= =-|ª = ;| =; |==c= +;-|ª ;| +|ºª| =|+= =÷ª|= ; |= =|+ |==| =| === =+÷ |+-|ª, ==|+ =|ª ¤·÷ |÷-÷|=|¬= ÷-+ª,+= +ª ·|= === ;. =|;·Š= =|÷=|;÷ +ª =-+= =ª =Š= +ª =-+= =ª [email protected] +ª ;== =ª =|;·Š= =|÷=|;÷ ;|ª| |ªc= +-=|=-º= =|÷=|ª| ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK (022) 6633 2187 (022) 6633 2186 27 IDEX MAGAZINE INDIA RETAIL| NO 19: DRB Full Page template.indd 102 09-Feb-12 2:26:45 PM Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be 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 245850 225372 217180 162643 158439 141625 120608 95010 77765 64777 51843 E 192067 183660 179457 150032 141625 116404 107997 86387 69142 56154 47532 F 187864 175253 171050 145829 133218 107997 99375 77765 69142 56154 47532 G 162643 158439 154236 137422 129015 99375 95010 73453 69142 56154 47532 H 158439 154236 150032 133218 124811 90698 82076 69142 64777 51843 43221 I 154236 150032 137422 124811 99375 82076 73453 64777 60466 51843 43221 J 141625 137422 116404 95010 82076 73453 69142 60466 56154 47532 38855 K 107997 99375 86387 77765 69142 64777 60466 56154 51843 43221 34544 L 86387 82076 77765 73453 64777 60466 56154 51843 43221 34544 30233 M 82076 77765 73453 69142 60466 56154 51843 47532 38855 30233 21610 N 73453 69142 64777 60466 56154 51843 47532 43221 34544 30233 21610 R o u n d 0 . 1 8 - 0 . 2 2 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 283951 231677 223486 190666 178379 149332 145128 107297 94686 73453 60466 E 231677 211145 202953 178379 170188 145128 132518 94686 90483 69142 51843 F 227581 207049 198858 174283 166092 140925 124111 90483 86279 64777 51843 G 211145 190666 182475 166092 149332 136721 115704 86279 82076 64777 51843 H 186570 182475 178379 153535 145128 132518 103093 82076 77765 60466 47532 I 174283 170188 161942 140925 124111 115704 98890 77765 69142 60466 47532 J 170188 157739 124111 103093 94686 90483 82076 73453 64777 56154 43221 K 128314 115704 98890 86279 82076 77765 73453 64777 60466 51843 38855 L 103093 94686 86279 77765 73453 69142 64777 60466 51843 43221 34544 M 94686 90483 82076 73453 69142 64777 60466 56154 43221 34544 25922 N 86279 82076 73453 69142 64777 56154 51843 47532 43221 34544 25922 R o u n d 0 . 2 3 - 0 . 2 9 R o u n d 0 . 4 5 - 0 . 4 9 R o u n d 0 . 5 0 - 0 . 6 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 484695 384404 331968 309226 225426 206025 202091 198157 166631 130524 93609 E 376967 328142 282712 252317 209905 182529 178595 174607 142595 93609 81106 F 354495 320597 271341 225426 206025 174607 150625 138607 126805 81106 68657 G 305400 282712 256144 213839 198157 170619 146583 134620 114518 77064 68495 H 286484 259970 233132 202091 186409 166631 142595 130524 110423 73130 64454 I 282712 221599 206025 182529 166631 158601 138607 126428 102231 72861 64454 J 213839 206025 190343 166631 150625 142595 130524 122332 93878 68495 55885 K 186409 178595 166631 158601 142595 138607 126428 118237 81268 64292 51681 L 162589 158601 154613 146583 138607 134620 105896 101800 76902 55885 47478 M 158601 146583 134620 130524 122332 118237 101800 85309 68495 55885 43221 N 142595 138607 126428 122332 118237 101800 93609 81106 68495 55885 43221 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 680912 524844 456241 405098 364572 301358 244934 233563 191744 180211 125243 E 510455 445301 419703 375620 327549 275167 225965 214594 176385 152942 105195 F 441636 408763 386721 357135 312567 252479 214594 207049 172505 129230 92908 G 427032 379338 357135 327549 278886 229791 195570 191744 164691 117213 88812 H 386721 357135 327549 286376 252479 214594 191744 187864 156876 109237 80621 I 331268 308795 271395 252479 233563 187864 176385 172505 145128 101099 80621 J 263850 248707 233563 218420 195570 172505 168625 164691 137206 92908 76525 K 225965 210821 203223 172505 164691 160757 152942 149008 129230 88812 68226 L 203223 184038 172505 164691 156876 149008 141194 137206 125243 72429 55615 M 184038 172505 160757 156876 152942 141194 129230 125243 117213 72429 55615 N 180211 168625 156876 149008 145128 133218 125243 105195 88812 68226 55615 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 330405 268431 237012 205001 185008 152242 148146 135859 119368 94147 68926 E 280179 241000 213031 192983 172720 148146 135859 131763 119368 85740 64723 F 252748 221007 201013 176816 168625 144050 131763 127668 119368 73130 56154 G 217019 205001 192983 168625 156338 139955 127668 123572 110961 73130 56154 H 192983 185008 180912 160433 152242 135859 119368 115165 98351 73130 56154 I 176816 172720 164529 144050 135859 127668 115165 106758 94147 68926 51843 J 172720 160433 139955 127668 119368 115165 110961 98351 81537 60466 47532 K 144050 139955 127668 119368 110961 102554 94147 89944 77333 56154 43221 L 127668 119368 115165 110961 106758 98351 81537 73130 64723 51843 38855 M 110961 106758 102554 98351 94147 85740 73130 60466 51843 38855 30233 N 106758 102554 98351 94147 89944 64723 56154 51843 43221 34544 25922 R o u n d 0 . 3 0 - 0 . 3 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 368129 315100 277053 261694 211145 175415 167385 163397 139092 106327 77064 E 303729 284706 261694 238521 199396 171373 147284 139092 126805 85740 72861 F 284706 253988 230707 211145 191421 167385 143188 134997 126805 77064 68657 G 261694 234641 222893 207211 187379 163397 139092 130901 114518 77064 64454 H 238521 230707 211145 195408 179403 159409 134997 122710 110423 73130 64454 I 226773 195408 187379 167385 163397 147284 130901 118614 102231 72861 64454 J 187379 175415 167385 155368 139092 126805 122710 110423 93878 64454 51843 K 175415 159409 151380 143188 134997 122710 106327 93878 81268 60250 47532 L 159409 151380 147284 139092 126805 114518 98081 81268 68657 51843 43221 M 151380 134997 126805 122710 114518 102231 81268 64454 56047 43221 34544 N 126805 122710 118614 114518 110423 93878 77064 60250 56047 43221 34544 R o u n d 0 . 4 0 - 0 . 4 4 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 801035 622764 566501 524251 481839 403266 341561 308633 260509 185331 125243 E 650841 545376 506629 478282 442714 377991 316016 286430 234318 185331 120015 F 559496 506629 467665 457049 403266 359884 301250 275329 226827 185331 120015 G 499569 467665 449881 399655 367105 319627 286430 271664 219336 170134 116081 H 488952 435546 399655 367105 337950 304915 260509 245527 208019 162589 108159 I 388823 367105 348890 326956 308633 264227 226827 211845 185331 123895 88166 J 297532 290149 286430 256736 245527 230545 200474 196702 170134 108159 84124 K 245527 241809 226827 204247 196702 181505 162589 158709 147230 88812 68226 L 226827 208019 204247 181505 173960 166361 151056 147230 125243 80028 67741 M 219336 204247 189103 170134 166361 162589 135643 131763 117213 80028 67741 N 192876 189103 177732 166361 162589 158709 131763 116081 96141 71837 59549 R o u n d 0 . 7 0 - 0 . 7 9 R o u n d 0 . 8 0 - 0 . 8 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 978174 722893 639254 579812 534221 428487 378638 339028 277107 195301 125243 E 757599 635805 562298 530718 477905 403643 353471 306316 247521 185331 123141 F 656715 604333 516652 502533 446163 385805 324585 295376 236419 185331 123141 G 558795 523658 481408 439103 407200 349860 295376 280718 221492 172613 119261 H 502533 491970 446163 403643 367913 328196 277107 258623 214001 162589 108159 I 431990 407200 396529 357081 339028 284382 247521 240084 202792 123895 95656 J 339028 320920 317310 280718 266006 243803 228983 217719 172613 111393 87681 K 277107 262287 254904 228983 214001 187810 176439 172613 147230 91668 71621 L 266006 225210 221492 191528 183984 172613 161296 153697 125243 83693 67741 M 254904 214001 210282 180211 176439 168840 153697 149925 117213 80028 67741 N 225210 202792 195301 176439 172613 165068 146098 126967 103578 71837 67471 Prices are in Rupees Per Carat Powered by www.idexonline.com JUNE 1st 2012 THE DIAMOND RETAIL BENCHMARK INDIA DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS JUNE 1st 2012 30 Prices are in Rupees Per Carat Powered by www.idexonline.com JUNE 1st 2012 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 1299795 1043921 894104 735934 611069 548286 457049 407739 322376 220091 137530 E 989653 935115 811759 645829 576202 520209 442930 379446 315100 212707 129931 F 941906 798017 715186 583154 562244 478174 414745 358159 315100 190289 123141 G 839297 708288 604117 527269 499192 449989 386506 336710 286215 190289 122279 H 611069 590160 555238 506197 471114 407739 372332 329543 264281 182798 114626 I 576202 506197 464109 442930 407739 358159 329543 286215 220091 129931 99052 J 499192 435924 421804 379446 343824 315100 293436 271556 182798 122279 91237 K 307879 300657 293436 286215 278886 264281 234857 227474 160218 114626 83315 L 271556 264281 256952 249623 242240 227474 205271 197780 129931 99052 83315 M 256952 249623 242240 234857 220091 205271 167816 152673 129931 99052 83315 N 249623 205271 197780 190289 182798 167816 160218 145074 114626 91237 75286 R o u n d 0 . 9 0 - 0 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 2024035 1435439 1309011 1054753 893134 653966 536269 487443 382302 276029 158655 E 1415499 1268970 1034652 899871 777484 605626 515359 459528 375296 247144 143727 F 1208827 1014551 865973 832022 695247 584878 487443 452522 361177 232539 143727 G 960714 872764 818388 695247 640170 550172 452522 431505 354171 217935 128584 H 797963 763796 688403 626374 577926 508407 445516 396422 332992 203277 120985 I 653966 640170 577926 536269 522365 459528 403427 382302 318819 195840 120985 J 536269 529317 508407 473540 452522 403427 375296 332992 268808 158655 113440 K 480491 466534 438510 410487 396422 347111 311759 290364 225264 128584 113440 L 396422 382302 361177 354171 325878 304645 276029 261587 217935 128584 105788 M 340052 332992 311759 290364 276029 254365 232539 225264 203277 128584 98135 N 332992 325878 297478 283197 225264 217935 203277 181074 151218 120985 98135 R o u n d 1 . 0 0 - 1 . 2 4 R o u n d 2 . 0 0 - 2 . 9 9 R o u n d 3 . 0 0 - 3 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 3839082 2797963 2469444 2179241 1564885 1193900 892595 667816 541227 332022 172397 E 2701390 2482324 2127614 1849914 1389416 1095980 833315 654505 494395 304592 147392 F 2256629 2101800 1836980 1623302 1356866 1023981 793652 634566 447402 270047 143727 G 1804645 1610369 1415445 1278670 1187379 912373 760617 627937 433930 222570 128584 H 1415445 1298232 1226557 1128638 978066 872871 727527 614626 433930 222570 125350 I 1122063 1069789 1023981 892595 833315 734156 667816 561328 406930 200851 120985 J 892595 826687 787077 740731 674445 614626 561328 474240 325178 165337 117967 K 740731 734156 727527 654505 607997 554592 467558 427193 249246 129931 117967 L 601315 567956 541227 507814 474240 420457 393350 352554 228390 128584 112093 M 547909 507814 494395 467558 406930 366189 318334 290795 207480 128584 112093 N 487659 474240 460821 447402 366189 338866 297693 235396 200474 127129 104495 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 7044244 5144374 4313861 3430696 2821890 1857782 1231677 730438 605572 359830 183014 E 4703708 4301035 3648416 3020586 2468905 1567633 1225210 723917 585794 346411 162158 F 4038801 3622817 2879608 2520263 2218258 1451444 1134458 704247 565962 319573 162158 G 3257760 2699989 2436786 2205378 1844848 1302867 945894 691097 519616 292574 155152 H 2282550 2044514 1954354 1773981 1464378 1082507 887260 664852 512988 285837 148200 I 1715995 1612794 1496659 1425631 1179834 932906 802382 612147 439966 258623 148200 J 1412697 1270532 1238198 1134458 978498 789340 691097 539502 433283 231300 148200 K 1089028 1056532 1050011 932906 808957 710821 592369 479845 399978 176062 134188 L 789340 743587 737012 710821 658278 519616 446594 406661 339728 176062 134188 M 651649 645074 638500 585794 512988 446594 393296 326310 272257 176062 134188 N 539502 512988 473216 459905 366512 359830 319573 292574 238144 169110 127129 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 2131709 1554753 1336710 1090968 923960 694923 585687 530664 426708 279478 158655 E 1515197 1349914 1084285 937325 830028 640440 544406 496120 398847 258245 143727 F 1270371 1104279 923960 870285 735611 619961 523766 475372 384889 236905 143727 G 977474 910541 870285 735611 667709 592531 489222 447564 377883 222570 128584 H 816555 782927 694923 654074 599375 544406 468420 440612 363872 222570 120985 I 694923 654074 592531 558202 523766 468420 419756 405799 349860 200851 120985 J 565046 530664 523766 496120 461468 405799 377883 363872 307663 158655 113440 K 489222 468420 454516 419756 412751 356866 321783 293598 229737 128584 113440 L 426708 398847 370877 356866 342854 314723 286538 279478 217935 128584 112093 M 391841 377883 321783 314723 286538 272419 251186 236905 203277 128584 112093 N 370877 356866 314723 286538 229737 222570 208127 200851 171643 127129 104495 R o u n d 1 . 2 5 - 1 . 4 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 2489437 1833261 1644050 1395452 1145182 873356 686139 598728 483132 303352 169164 E 1774628 1591830 1362578 1211199 1032712 813322 652619 571675 448858 289394 147392 F 1526460 1349429 1204624 1085687 939804 793274 618991 537724 435115 261317 143727 G 1171589 1098944 1012826 946486 839998 726396 564885 517299 414475 222570 128584 H 973001 906607 853309 799957 746497 672720 537724 476288 393727 222570 125350 I 813322 786592 759862 706294 639146 578465 476288 462600 386829 200851 120985 J 679457 652619 625728 585202 544514 483132 435115 393727 317310 161942 117967 K 551304 530933 524143 496874 462600 407577 352123 310358 240246 128584 117967 L 462600 435115 421373 386829 379931 338273 303352 282388 217935 128584 112093 M 400625 386829 359075 338273 296400 282388 261317 247252 203277 128584 112093 N 386829 379931 352123 324316 275383 254311 247252 226126 190720 127129 104495 R o u n d 1 . 5 0 - 1 . 9 9 R o u n d 4 . 0 0 - 4 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 9223324 7360099 5495797 4099752 3134889 2007275 1376859 788478 658170 382033 201175 E 8104117 5737875 4029532 3608051 3006898 1698858 1325340 749461 612470 346411 162158 F 6431666 3952953 3403481 3179672 2635590 1621632 1293059 742940 599429 322214 162158 G 4903266 3179672 2885320 2667601 2116404 1422020 1118829 736419 546993 302166 155152 H 3742186 2398469 2295915 2097165 1776029 1325340 957264 664852 527323 295484 153104 I 2853309 1718150 1679511 1628045 1383326 1080082 872979 612470 487821 282119 148200 J 2180535 1486419 1312406 1222138 1131763 892434 775490 540418 435061 261964 148200 K 1370446 1254365 1144643 1034921 924876 762503 658170 481246 399978 194331 146206 L 1138230 1028454 879446 807987 742940 605950 501024 415176 342207 194331 139254 M 911888 782011 671265 625512 586333 527323 435061 375404 308849 194331 139254 N 684307 618991 553568 474671 395344 375404 348836 328842 268700 187487 139254 R o u n d 5 . 0 0 - 5 . 9 9 THE DIAMOND RETAIL BENCHMARK INDIA DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS JUNE 1st 2012 Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be 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 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 11078519 8191474 6061166 4483240 3310250 2172074 1543652 847920 685924 391949 205809 E 8433121 6531742 5247198 4374973 3233617 2165661 1434415 757275 620877 346411 165176 F 6431666 5100830 5075340 4056424 3125081 2159302 1408655 744341 601369 325878 162158 G 4903266 3265574 3259161 3220845 2869530 1979899 1395775 737821 594848 305939 155152 H 3742186 2837573 2690504 2594579 2248922 1517946 1202684 672936 536161 295484 153104 I 2853309 2409032 2312998 2095225 1922182 1363656 1099590 620877 496982 282119 148200 J 2180535 1928595 1890116 1530826 1485827 1144697 944762 549202 451121 266059 148200 K 1665661 1453654 1434415 1222031 1099590 841453 757275 490407 411727 212492 146206 L 1273550 1093124 957696 931828 802651 757275 614357 437972 352339 205809 139254 M 970576 828519 750808 711899 666415 594848 483887 398523 319196 205809 139254 N 744341 705378 640386 542682 444546 411727 385374 345710 285999 199073 139254 31 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 171050 154236 150032 129015 112201 99375 77765 60466 51843 43221 34544 E 133218 124811 116404 99375 95010 69142 64777 51843 47532 38855 30233 F 124811 103686 99375 82076 77765 64777 60466 47532 47532 38855 30233 G 112201 99375 90698 77765 73453 60466 51843 43221 43221 34544 30233 H 103686 95010 86387 73453 64777 51843 47532 38855 38855 30233 25922 I 95010 86387 82076 69142 60466 47532 43221 34544 34544 30233 25922 J 90698 82076 64777 51843 47532 38855 34544 30233 30233 25922 21610 K 60466 51843 47532 43221 38855 34544 30233 25922 25922 25922 21610 L 47532 43221 38855 34544 30233 25922 21610 17299 17299 17299 17299 M 43221 38855 34544 30233 25922 21610 17299 12934 12934 12934 12934 N 38855 34544 30233 25922 21610 17299 12934 8623 8623 8623 8623 F a n c y 0 . 1 8 - 0 . 2 2 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 182475 166092 161942 145128 132518 107297 98890 73453 69142 51843 43221 E 166092 161942 157739 140925 124111 103093 94686 64777 64777 47532 34544 F 149332 145128 140925 136721 119907 98890 90483 60466 60466 43221 34544 G 145128 132518 128314 119907 111500 90483 82076 56154 56154 43221 34544 H 132518 124111 119907 111500 103093 86279 73453 51843 51843 43221 30233 I 119907 115704 111500 98890 77765 73453 69142 47532 47532 38855 30233 J 111500 94686 86279 69142 64777 60466 56154 43221 43221 34544 30233 K 86279 77765 69142 64777 56154 51843 47532 38855 38855 34544 25922 L 69142 64777 60466 51843 47532 43221 38855 34544 34544 30233 21610 M 60466 56154 51843 47532 43221 38855 34544 30233 30233 21610 17299 N 56154 51843 47532 43221 38855 34544 30233 25922 25922 21610 12934 F a n c y 0 . 2 3 - 0 . 2 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 339513 252317 221599 209905 190343 174607 146583 138607 122332 101800 68495 E 252317 229252 194277 186409 182529 162589 142595 126428 105896 81106 64292 F 236958 213839 182529 178595 174607 130524 126428 114141 101800 68657 55885 G 217773 182529 174607 166631 154613 122332 118237 97704 93609 60250 51681 H 190343 178595 150625 146583 134620 118237 101800 85309 81106 60088 47478 I 178595 162589 134620 130524 118237 109991 97704 81106 68657 56047 47478 J 142595 134620 114141 109991 105896 101800 89513 76902 64292 47532 38855 K 126428 114141 101800 97704 93609 89513 85309 68495 64292 43221 34544 L 105896 101800 93609 85309 81106 76902 68495 64292 47478 38855 30233 M 101800 93609 85309 81106 72699 68495 64292 55885 47478 38855 30233 N 93609 85309 81106 76902 68495 60088 55885 51681 43221 38855 30233 F a n c y 0 . 4 5 - 0 . 4 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 427032 320058 271395 244934 225965 199396 172505 168625 149008 129230 80621 E 323777 271395 248707 210821 207049 176385 160757 149008 145128 92908 64292 F 286376 233563 214594 207049 199396 172505 152942 145128 133218 88812 55885 G 241108 218420 195570 191744 176385 164691 149008 141194 125243 88812 55615 H 218420 199396 187864 180211 172505 160757 133218 129230 121201 84717 55615 I 195570 180211 168625 160757 156876 141194 125243 117213 101099 72429 51412 J 164691 149008 145128 141194 137206 133218 117213 101099 92908 59819 47208 K 137206 129230 117213 113225 109237 101099 88812 84717 76525 51412 38801 L 121201 109237 101099 88812 84717 80621 72429 68226 51412 38855 34544 M 117213 105195 88812 84717 76525 72429 68226 64022 47478 38855 30233 N 105195 88812 84717 80621 72429 64022 59819 55615 43221 38855 30233 F a n c y 0 . 5 0 - 0 . 6 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 237012 213031 196971 185008 152242 135859 115165 98351 85740 68926 47532 E 208989 192983 176816 164529 144050 123572 102554 89944 85740 60466 43221 F 180912 176816 164529 148146 135859 119368 98351 85740 77333 56154 38855 G 152242 148146 144050 139955 131763 115165 94147 81537 73130 47532 34544 H 144050 135859 131763 123572 119368 106758 89944 73130 64723 47532 34544 I 135859 119368 115165 110961 106758 102554 81537 64723 60466 43221 34544 J 115165 98351 89944 81537 77333 68926 64723 60466 51843 38855 30233 K 89944 81537 77333 73130 68926 56154 51843 47532 38855 34544 25922 L 73130 68926 64723 60466 56154 47532 43221 38855 38855 30233 25922 M 64723 60466 56154 51843 47532 43221 38855 34544 30233 25922 17299 N 60466 56154 51843 47532 43221 38855 34544 30233 30233 25922 12934 F a n c y 0 . 3 0 - 0 . 3 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 292358 242455 211145 207211 183391 143188 130901 106327 102231 81268 60250 E 242455 215025 183391 175415 167385 139092 118614 102231 93878 68657 56047 F 226773 203277 171373 163397 155368 122710 114518 98081 85471 68657 51843 G 199396 171373 155368 147284 143188 118614 106327 89674 77064 60250 43221 H 175415 155368 147284 134997 122710 110423 98081 81268 72861 56047 43221 I 155368 143188 122710 118614 114518 106327 89674 72861 68657 56047 43221 J 122710 102231 98081 93878 89674 85471 81268 68657 60250 47532 34544 K 106327 98081 93878 89674 85471 81268 72861 60250 51843 38855 30233 L 98081 93878 89674 81268 72861 68657 64454 51843 43221 34544 25922 M 93878 85471 81268 77064 68657 64454 51843 38855 34544 25922 21610 N 81268 77064 72861 68657 64454 56047 47532 34544 34544 25922 21610 F a n c y 0 . 4 0 - 0 . 4 4 F a n c y 0 . 7 0 - 0 . 7 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 548933 439157 359884 352554 312298 260509 223108 219336 208019 147230 100183 E 403266 352554 326956 316016 308633 256736 204247 200474 189103 143404 92153 F 374380 337950 312298 301250 282712 234318 200474 189103 189103 135643 84124 G 334285 293813 286430 275329 256736 230545 185331 181505 170134 116081 80028 H 297532 267946 253018 249299 238036 215618 177732 170134 158709 104171 67741 I 260509 241809 219336 215618 211845 177732 151056 131763 127829 92153 59549 J 185331 170134 166361 162589 158709 154883 139524 104171 96141 63645 47208 K 158709 147230 143404 139524 131763 123895 116081 100183 76525 55400 38801 L 139524 120015 112147 108159 100183 96141 92153 88166 67741 51196 38586 M 135643 116081 104171 96141 88166 80028 75932 67741 63645 46993 34382 N 120015 104171 100183 92153 84124 71837 67741 59549 46993 38855 30233 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 646260 509593 435546 410757 331806 273389 240084 232701 228983 161296 103578 E 509593 407200 375027 339028 309981 269670 217719 214001 202792 153697 95656 F 456726 378638 339028 335417 295376 266006 214001 199019 199019 138446 87681 G 357081 335417 306316 295376 269670 240084 195301 183984 183984 123141 80028 H 302651 299041 280718 262287 254904 236419 187810 176439 172613 119261 75663 I 269670 258623 236419 225210 214001 191528 168840 153697 146098 99644 67471 J 217719 210282 199019 180211 176439 161296 142326 111393 99644 67471 51089 K 165068 161296 153697 149925 146098 134620 123141 103578 79651 59280 42736 L 146098 126967 119261 115327 107512 99644 95656 91668 71621 55184 38586 M 138446 123141 115327 107512 91668 83693 79651 71621 67471 46993 38532 N 123141 115327 107512 95656 87681 75663 71621 63376 55184 42736 34329 F a n c y 0 . 8 0 - 0 . 8 9 Prices are in Rupees Per Carat Powered by www.idexonline.com Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be 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 JUNE 1st 2012 THE DIAMOND RETAIL BENCHMARK INDIA DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS JUNE 1st 2012 32 Prices are in Rupees Per Carat Powered by www.idexonline.com JUNE 1st 2012 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 791119 562244 506197 435924 393619 343824 278886 264281 249623 175307 106866 E 687540 464109 457049 428864 372332 336710 264281 249623 234857 167816 99052 F 611069 400679 372332 365273 336710 329543 256952 242240 227474 145074 91237 G 393619 365273 358159 350992 322376 315100 249623 234857 220091 145074 91237 H 336710 315100 300657 293436 278886 271556 242240 220091 205271 129931 83315 I 315100 293436 271556 264281 256952 234857 212707 190289 190289 122279 75286 J 227474 212707 205271 197780 190289 182798 167816 160218 152673 106866 67256 K 197780 190289 182798 175307 167816 160218 152673 145074 129931 83315 67256 L 175307 160218 152673 145074 137530 129931 122279 114626 106866 75286 50927 M 167816 152673 137530 129931 114626 106866 99052 91237 83315 67256 50927 N 160218 122279 114626 99052 91237 83315 75286 67256 67256 42736 34329 F a n c y 0 . 9 0 - 0 . 9 9 ) IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 1235611 953977 763796 647068 529317 410487 340052 311759 261587 181074 120985 E 906661 770640 681505 570974 494449 389362 325878 283197 239869 167816 113440 F 777484 695247 570974 529317 480491 382302 318819 276029 232539 151218 98135 G 598728 564022 522365 480491 445516 368237 304645 268808 220091 151218 91237 H 494449 431505 417493 396422 361177 325878 283197 239869 217935 143727 83315 I 424499 375296 368237 347111 318819 283197 254365 225264 210660 128584 82615 J 347111 325878 318819 297478 276029 247144 217935 195840 166146 106866 82615 K 283197 276029 254365 239869 232539 210660 188457 181074 158655 105788 74747 L 225264 217935 210660 203277 195840 181074 166146 158655 128584 105788 74747 M 173637 166146 158655 151218 143727 136128 120985 113440 113440 90429 66771 N 166146 158655 151218 143727 136128 120985 113440 90429 82615 74747 66771 F a n c y 1 . 0 0 - 1 . 2 4 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 2546777 1888715 1662212 1369907 1115542 833315 607997 433930 345710 215348 144158 E 2185654 1571405 1363387 1174337 984641 787077 567956 427193 318334 193576 119638 F 1629769 1291712 1082884 958396 932097 714270 561328 413667 297693 171643 98135 G 1200420 1141679 918948 892595 767245 681074 541227 406930 290795 158278 91237 H 971492 773874 760617 740731 694331 547909 487659 386560 290795 158278 88058 I 727527 627937 614626 547909 527862 507814 447402 352554 233186 158278 86279 J 547909 507814 474240 454139 433930 413667 372979 297693 207480 129931 82615 K 440666 420457 400140 393350 386560 372979 338866 270047 200474 122764 80459 L 359345 345710 318334 297693 283897 263149 256197 221438 165337 115542 80459 M 318334 304592 290795 270047 256197 193468 186409 179403 140116 108321 80459 N 283897 276999 263149 242347 200474 186409 165337 144158 129931 103093 72914 F a n c y 2 . 0 0 - 2 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 4288263 2789825 2699989 2173205 1754635 1348135 821998 546131 446594 258623 144158 E 3674068 2449666 2250377 1992994 1677301 1192822 737012 512988 419972 238144 120123 F 2565208 2276137 1844848 1677301 1574046 1024035 697672 499731 359830 203762 98944 G 2173205 1819088 1728875 1386883 1296400 848135 691097 493102 346411 183014 98944 H 1625674 1593393 1393350 1166900 971977 730438 631925 413290 332992 169110 91776 I 900302 893781 887260 880739 854656 684523 546131 393296 279047 158278 91776 J 861177 658278 651649 645074 625350 526245 473216 366512 258623 148200 84609 K 579166 552759 526245 519616 486473 426654 366512 299364 217558 134188 80459 L 393296 386613 379877 373195 353093 319573 265467 238144 169110 120123 80459 M 346411 332992 326310 312837 299364 265467 224402 183014 155152 108321 80459 N 299364 285837 272257 251832 217558 203762 189966 176062 141194 103093 72914 F a n c y 3 . 0 0 - 3 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 1316825 1044298 782927 715294 558202 461468 391841 349860 314723 215348 127129 E 1170780 944007 694923 633596 551304 440612 377883 342854 279478 193576 119638 F 850183 749138 578842 571944 516868 433714 370877 335794 272419 171643 98135 G 613063 606219 558202 523766 496120 412751 363872 328789 244018 151218 91237 H 530664 503018 440612 433714 405799 356866 328789 251186 229737 149493 83315 I 447564 405799 398847 384889 342854 321783 279478 244018 222570 128584 82615 J 377883 335794 328789 307663 300604 279478 272419 236905 200851 112093 82615 K 300604 279478 272419 258245 251186 222570 215348 200851 186301 112093 74747 L 258245 236905 222570 215348 208127 200851 178972 171643 156876 112093 74747 M 229737 215348 193576 186301 171643 156876 127129 119638 119638 96950 73992 N 208127 193576 186301 171643 142056 134566 119638 96950 82615 81699 66771 F a n c y 1 . 2 5 - 1 . 4 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 1709366 1303406 1045969 853309 733078 598728 490030 407577 331268 215348 140116 E 1211199 1178217 953115 813322 712977 591992 476288 386829 296400 193576 119638 F 1092315 973001 873356 726396 625728 558094 469444 379931 282388 171643 98135 G 853309 820004 686139 645883 591992 524143 435115 372979 254311 151218 91237 H 719713 699558 591992 537724 517299 455756 386829 331268 247252 149493 88058 I 558094 551304 496874 476288 435115 407577 345225 296400 233186 147392 82615 J 393727 386829 379931 372979 352123 331268 289394 268377 200851 117967 82615 K 352123 317310 303352 296400 289394 282388 240246 212007 190720 112093 80459 L 303352 254311 226126 219067 212007 204947 197834 183552 156876 112093 80459 M 247252 240246 219067 197834 183552 176385 161942 154721 140116 103093 80459 N 219067 212007 204947 190720 154721 147392 140116 132787 117967 103093 72914 F a n c y 1 . 5 0 - 1 . 9 9 F a n c y 4 . 0 0 - 4 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 4616404 3767730 3339567 3051681 2526676 1422020 970198 586333 461468 275383 153104 E 4157200 3026137 2859722 2360045 2174122 1286592 898955 527323 421804 241809 125350 F 2750862 2443361 2302328 2167709 2097165 1247898 736419 507599 388661 214755 104333 G 2193361 2084285 1763149 1756736 1660218 1183391 691097 494395 375404 194331 98944 H 1628045 1621632 1615219 1608752 1402673 1067202 684307 441636 362147 187487 97327 I 1067202 1060735 1054268 1047801 1021987 859991 651649 421804 315531 160002 91776 J 944277 911888 892434 847004 827495 716857 514173 382033 268700 148200 90267 K 599429 592854 586333 579759 573238 566663 448265 322214 217558 139254 83208 L 494395 474671 468043 461468 454839 408547 355465 241809 169110 120123 83208 M 401972 388661 382033 375404 362147 342207 282119 187487 155152 118344 83208 N 302166 288801 275383 261964 241809 235072 221546 180642 146206 118344 76148 F a n c y 5 . 0 0 - 5 . 9 9 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 D 7059549 5870392 4680696 3909733 3386829 2159302 1607890 841453 685924 391949 205809 E 5806801 4935331 4005389 3412319 3118668 1922182 1106003 568765 464216 259377 158385 F 4559711 3743964 3565477 3176169 2716103 1640009 1041550 549202 451121 232647 117105 G 3501671 2696917 2658547 2485773 1902942 1447241 989922 516545 424876 212492 110153 H 2562567 2312998 2120877 2076040 1826040 1292843 899547 457696 365542 199073 103201 I 1826040 1614303 1402242 1395775 1363656 1164044 809118 451121 332453 192337 103201 J 1447241 1325016 1080244 1073777 1048017 944762 718366 431451 279371 178810 96195 K 1080244 918948 828519 822052 763742 627398 516545 339082 219228 144697 96195 L 796185 659894 555723 542682 490407 451121 372171 252695 172020 144697 96195 M 594848 490407 437972 411727 372171 358967 285999 199073 172020 144697 89189 N 444546 411727 372171 319196 252695 239330 225911 192337 172020 137799 82184 Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be 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 THE DIAMOND RETAIL BENCHMARK INDIA DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS JUNE 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 [email protected] www.pinchasi.com 34 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA Facets Rio TinTo Honors D. navincHanDra’s sHanti MeHta n honor of D. Navinchandra and Co.’s participation in the 26-year history of the Argyle diamond mine in Australia, Rio Tinto Diamonds recently honored the company’s Shanti Mehta at a private event in Mumbai. “D. Navinchandra has played a pivotal role in the rich portrait of people and places that have shaped the history of the Argyle mine and contributed to its reputation as a bold and innovative company,” said Jean-Marc Lieberherr, general manager for the sales and marketing of Rio Tinto Diamonds. “Not only were they one of our first customers, they were at the forefront of laser technology and played an important role in establishing the manufacturing capability for Argyle diamonds in India.” i Lieberherr also paid tribute to Mehta’s leadership and loyalty in 1996 when Argyle commenced independent marketing, and later for his support for the Argyle underground mine development, which will extend the life of the mine until at least 2019. “As the Argyle underground mine moves into its final stages of construction, new chapters of the Argyle story are being written. These chapters will most certainly include India, where skilled workers are trained to unlock the beauty of Argyle diamonds, factories have flourished and a manufacturing and retail industry has made these beautiful gems affordable to those who once only dreamt of owning a diamond,” said Lieberherr. iDEX navin Mehta and shanti Mehta, the two oldest generations of D. navinchandra 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 [email protected] www.pinchasi.com IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA 36 Make Mine a $2,000 Mint Julep f it’s Kentucky Derby time, it’s also luxurious mint julep time. Once again, Woodford Reserve offered exclusive mint julep cups to Kentucky Derby race goers, allowing them to enjoy the race, enjoy a drink and help support The Heart of a Horse Foundation. For $1,000 each, thirsty punters enjoyed Woodford Reserve’s Double Oak ultra-premium bourbon, as well as a host of other luxurious ingredients including ice made from French water, rare lemon mint from California and vanilla beans from Madagascar. But what bumped up the cost of this mint julep was the cup. This year, there were 65 traditional cups on offer, as well as 10 “Prestige” cups, since 2012 marks the 75th year the mint julep has been the official drink of the Kentucky Derby. The traditional cups were individually numbered and hand- engraved with a horse scene, the 2012 Kentucky Derby date and the Woodford Reserve logo. They came with a sterling silver sipping straw. The Prestige cups, which sold for $2,000, were sterling i silver cups plated in 24 karat gold. They featured a diamond horseshoe studded with 43 hand-set diamonds that totaled approximately 1 carat. iDeX DeF Doubles support for botswana top achievers program he Diamond Empowerment Fund (DEF) has doubled its initial allocation of support for the “Top Achievers Program” in Botswana with a $100,000 grant. The program, which marks a partnership between DEF and Botswana’s Ministry of Education, is designed to allow talented students the chance to study at the university of their choice before returning to contribute to Botswana’s economic, social and political development. “This gift is a commitment from us to empower African youth and further Botswana’s vision of a thriving economy built on the responsible use of its natural resources to benefit its people,” said Russell Simmons, DEF co-founder and advisory board chair. Speaking about the grant, Varda Shine, CEO of the DTC and a DEF governing board member, said the fund, “clearly understands that access to education and incubation of future leaders leads to sustained progress, economic growth and prosperity.” t Linah Moholo, governor of the Bank of Botswana and a member of the DEF’s advisory board said, “Affording these young, tal ented students the oppor tuni ty to be exposed to rigorous curriculum focused on development, macro-economics, political theory and social entrepreneurship will further the growth in our country for generations.” As well as the Top Achievers Program, DEF also supports two other education institutions, the CIDA City Campus and the African Leadership Academy. CIDA City Campus is a business college in Johannesburg, South Africa, that is free to attendees as long as they return to their native villages and teach for a period after graduation. The African Leadership Academy, a university preparatory school in Johannesburg, draws students from all 54 countries in Africa, and emphasizes leadership skills, African History, and entrepreneurial skills. DEF provides scholarships to all students from diamond-producing nations. iDeX IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA 37 Debuts at ags conclave fashion show hile fashion and diamonds make the perfect combination, New York City-based wholesaler Tov International took the pairing to a whole new level with the unveiling of its one-of-a-kind $15 million Chloe & Reese-designed diamond cocktail dress at the recent American Gem Society (AGS) Conclave Fashion Show. The “little black dress” features 100 triple excellent AGS- and GIA-certified 3 carat round diamonds. Eighty five of the diamonds are set on the bodice, four are located on each sleeve and seven adorn the back. The dress was conceptualized by Tov’s owner Rony Majer a year ago. “We wanted to do something that, to our knowledge, had never been done before. We saw the dress as a beautiful canvas to showcase Tov International's amazing collection of 3 carat round diamonds in a 21st- century approach,” he said. iDeX W he European Quality Circle (EQC), which focuses on organizing buying groups, increasing sales and profitability and enhancing consumer confidence in the jewelry industry, has begun offering training programs for the luxury retail industry through its new EQC Training Centre ™ (EQC-TC ™ ), which opened on May 1. The training programs are initially open to those in the jewelry and watch sector and will be followed by cosmetics, optometry, as well as high fashion and accessories. ECQ-TC’s diamond and gem training programs are provided by HRD Antwerp NV. The courses are offered in English, French, Spanish, Dutch, Chinese and Hebrew. EQC CEO Eyal Atzmon said the decision to venture beyond the jewelry and watch sector came from the work floor. “Often, when we are screening, interviewing, and training staff members for jobs in jewelry retail operations, shop owners and trainees alike express their desire for training that will enable them also to venture out into other luxury retail product categories,” he said. “Our aim is to locate, engage and service like-minded retailers who wish to sell top-quality products, provide the best customer service, and, as a result, enhance consumer confidence in luxury products,” he added. The training center will provide EQC’s current training programs and make them available to a wider audience. The center will also offer a training and consulting program to assist European firms targeting the Chinese luxury market to find staff and train them to work in China. In association with its strategic partner in China, EQC-TC™ will offer similar training modules to Chinese companies with an interest in establishing retail operations in Europe. Students who complete their training will receive the “EQC Passport ™ .” Atzmon said he hopes the passport will become an indispensable document that will be part of the graduates’ CVs when searching for a position in the luxury industry. “Retailers will know that candidates in possession of the EQC Passport ™ have been carefully chosen, screened and trained, and therefore have the best cards to perform well, both in sales and in management, from their very first day on the job.” iDeX eQC luXury retail training Center t vi si t WWW. I DEXONLI NE. COM for li ve upDates $15 Million Dress tov's $15 million Dress 38 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA Retail Bytes FRed Leighton CoLLeCtion deButs F red Leighton recently launched a newly designed line of jewelry, The Fred Leighton Collection. The collection will have a limited and exclusive distribution in the U.S. and worldwide. In addition to the newly designed collection, The Fred Leighton Estate Jewels – the curated estate jewelry collection for which Fred Leighton is renowned – will be available to a very small group of retail partners. For its debut collection, Fred Leighton has looked to the designs of the Art Deco period and the 19th century. Highlights from the Art Deco-inspired group include black jade and diamond drop earrings and chain necklaces, elegant carved jade pendant earrings and dramatic briolette drop earrings in vibrant lapis lazuli and pink opal. Classic styles and motifs from the 19th century – clusters, starbursts and rivieres – are infused with the colors of amethyst, citrine and multicolored sapphires. “Fred Leighton is one of the most exclusive names in jewelry and is synonymous with vintage style,” said Greg Kwiat, Fred Leighton’s CEO. “We are thrilled to be offering this unique opportunity to a select few retail partners and to broaden the Fred Leighton network to include some of the fnest jewelry stores in the world.” Kwiat purchased Fred Leighton in 2009. ideX Jewelry by Fred Leighton 39 IDEX MAGAZINE | NO 266: RETAIL ET CETERA afayette, Louisianna-based Stuller recently announced a new program to help jewelers maximize their selling potential. “Interiors by Stuller” is designed to help jewelers increase the selling potential of their retail space by better showcasing their inventory. The program offers four pre-designed showcase collections, which can be mixed, matched and customized to the customer’s specifcations. Stuller can also provide a fully customized option. Specialized interiors consultants are available to support and guide jewelers throughout the entire design process. “The formula for this program is simple,” said Stuller CEO and president Jay Jackson. “Beautiful designs, quality showcases, compelling displays and the latest in lighting. L “inteRioRs By stuLLeR” HeLps JeweLers MaxiMize saLes Together, we’ll help retailers design a fresh shopping experience that will delight their customers and their bottom line.” ideX red Weber, CG, owner of Weber’s Jewelers in Dayton, Ohio, was the 2012 recipient of the American Gem Society’s (AGS) Robert M. Shipley award. AGS said it gave the award to Weber based on his expertise and commitment to his community, personal business, the F jewelry industry and AGS, and because of his outstanding service to the AGS and his participation in local civic groups, service organizations and industry boards. “Fred has demonstrated his dedication to the ethical standards of the American Gem Society through his professional career and his volunteer service,” said Ruth Batson, AGS executive director and CEO. “He has been an enormous asset to the AGS and the AGS Laboratories through his leadership and guidance.” Weber entered the jewelry industry in 1955 when he joined Mayor’s Jewelers in Dayton. In the early 1970s, Webers Jewelers was established in Hamilton, Ohio. Weber headed the company’s expansion into other locations in and around Dayton. In addition, he has owned and operated other businesses in the community, including Royston’s, Spencer Jewelers and Colonial Jewelers. ideX FRed WeBeR receives aGs’s 2012 robert M. sHipLey award nother show has been added to the industry’s busy tradeshow calendar. Treasures will be held October 24-26 at the Hyatt Regency Hangzhou. UBM China, the International Colored Gemstone Association and the Jewelry Jade Industry Association of Zhejiang are jointly organizing the high-end show. The fair will include a series of professional seminars to give visitors the chance to enrich their knowledge of collecting and investing in high-end jewelry. Hangzhou is one of China’s second-tier cities whose consumer markets are showing great potential for development. A hAngzhou to Host eastern cHina’s newest JeweLry event According to the 2010-2011 World Luxury Association survey, Hangzhou ranks frst among China’s second-and third-tier cities as having the highest consumption of high- end goods. In addition, a report released by Goldman Sachs shows that over the next fve years, second-and third-tier cities, including Hangzhou, will account for much of China’s high-end consumer market. Treasures Hangzhou will run alongside the “Liang Zhu Bei” Zhejiang Jade Carving Exhibition, which attracts art lovers and collectors from across China. ideX 40 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA evenue at bead behemoth Pandora dropped 18.4 percent in the frst quarter of 2012 to DKK 1,424 million ($248 million) compared to DKK 1,745 million ($304.3 million) in the frst quarter of 2011. Geographically, the hardest-hit area was Europe, where sales decreased by 36.2 percent (a 35.9 percent decrease in local currency). Sales in Asia Pacifc decreased by 16.4 percent (a 22.3 percent decrease in local currency) The Americas fared much better, experiencing a sales decrease of just 2 percent (a 5.5 percent decrease in local currency). Net proft decreased by 34.4 percent to DKK 338 million ($58.9 million) in the frst quarter compared to a net proft of DKK 515 million ($89.8 million) in the prior year quarter. In its outlook, the company said it expected revenue growth in the mid-single digits in 2012. Pandora plans to open approximately 200 new concept stores in 2012, with a particular focus in new markets. It anticipates opening at least 135 new concept stores and shop-in-shops in its key new markets of Italy, France, Russia and Asia. CEO Björn Gulden said while the company was facing some short-term challenges, it had initiated actions to deal 41 IDEX MAGAZINE | NO 266: RETAIL ET CETERA R PAndoRA Q1 euRoPeAn sALes dRoP 36.2% FoReveRmARk expandinG into canada witH “LocaL” diaMonds orevermark is continuing to expand, adding Canada to the list of countries where the De Beers brand is available. A majority of the Canadian Forevermark diamonds will originate from the De Beers Canada Snap Lake Mine in the Northwest Territories (NWT) and the Victor Mine in F Ontario. They will be cut and polished by the Vancouver- headquartered Crossworks Manufacturing Ltd. at its facilities in Sudbury, Onatrio and Yellowknife, NWT. Recently, representatives from 22 retail stores viewed several of the available pieces in order to place bids to order diamond jewelry for their stores. ideX with them all. “The most important fact is that we work together with our retailers, to make sure that the quality of their stock is improving. The fact that we have realigned the price architecture and product range and also reduced prices on several of our products is also assuring that we will have a larger offering in the commercial Pandora price points going forward.” ideX wHat JuMped 10 percent in February? Ken Gassman answers this and many other riddles at: http://www.idexonline.com/research/u.s.Jewelr49 Jewelry by pandora 42 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 43 Diamonds At Denim Prices India’s young women are redefning the way jewellery is viewed and bought There are young men in the same age bracket who think they understand these women and are willing to gift them jewellery they think will be valued for its design and look – along with the sentiment attached to the gifting. These young men are among the prime impellers of the gift buying that impels a great deal of the sales in this segment. Given the impulsive nature of the gifting and the high degree of experimentation before a young women settles on a look that she thinks suits her and her persona, the jewellery that is bought in this segment has to be more than just affordable – it has to be low-priced enough to allow for several purchases, combinations and permutations over an extended period of time. In price terms, therefore, this jewellery has to be extremely low end. by VINOD KURIYAN The low end of the market isn’t simply about low-cost product and high volumes. There is a large and growing segment of young adults – ranging all the way from college-going girls to women under 30 – who are not inclined to pay high prices, but are nonetheless, actually changing the way jewellery is viewed and bought in India. These young women are experimenting with style and their own distinctive look. They are interested in jewellery with a high design quotient that will complement wardrobe choices and add the fnishing touches to the personae they present to the world. They have redefned the low- end segment – demanding great design and good quality despite expecting to pay only modest prices. But this segment defes straightforward price-point categorisation. It is defnitely not limited to the lowest of the low end. “The lowest price-points in my inventory don’t go below Rs.7,000 – and they usually hover around the Rs.10,000 mark,” says C. Vinod Hayagriv, Chairman of Bangalore-based C. Krishiah Chetty & Sons, “but this youth category is an important one and we defnitely cater to it. We have range of jewellery that is conceptually young in design – none of the usual paisleys or nature motifs, this range is more about straight lines and geometric designs. We actually call it Denim & Diamonds because it is targeted at the casual wearer of jewellery. We would typically defne this as work-wear jewellery.” Hayagriv says his Denim & Diamonds range, which typically targets the under-25 woman, isn’t anywhere as low-priced as a pair of denims, but is designed to be worn with – and look good – with the ubiquitous casual wear. “This range is priced at under Rs.1 lakh. As I said, the low end is at around Rs.10,000, though we have product that sells well under the Rs.75,000 bracket as well. It is meant IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 44 But this segment defes straightforward price-point categorisation. It is defnitely not limited to the lowest of the low end. “The lowest price-points in my inventory don’t go below Rs.7,000 – and they usually hover around the Rs.10,000 mark,” says C. Vinod Hayagriv Recognizing that this segment has a value far beyond the price points of the product sold – it is the arena that develops the higher-end jewellery consumers of tomorrow, who would also have frmed up product and brand choices – many major jewellery retailers are now actively targeting it with product and services. The Gitanjali Group, which operates jewellery retail chain stores all around the country, offering a whole raft of brands including Gili, Nakshatra, Asmi and D’Damas along with a number of Italian brands, is pursuing the low end market aggressively. Group Chairman Mehul Choksi notes that even though the segment may be low end, the consumers patronizing it are from the top two socio- economic categories (SEC A & B). The Gitanjali target age bracket for this segment ranges from 18 to 30. Choksi makes the important point that this segment has made a conscious choice to move away from ‘junk’ or fashion jewellery. “Teenagers and young adults are moving from costume and junk jewellery to light gold, silver and diamonds since it adds value to their lifestyle and fashion,” he observes. “So they aren’t just looking for budget product. Diamonds offer them that extra added value in the product – they’ll buy them set in silver to offset the extremely high prices of gold.” Choksi observes, “Our low end diamond jewellery brands mainly target young adults and frst time buyers. With teenagers and young adults demonstrating a preference for light gold, silver and diamonds, this range satisfes their appetite for fashion and enhances their lifestyle.” According to Choksi, one of the characteristics of this target group is their choice of trend-setting styles. Yet they don’t want to spend large amounts of money achieving the look they want. “The hottest selling price points for this segment are around the Rs.2,500 level,” he notes, adding, “and they seem to prefer earrings, rings and pendants of all the jewellery categories. Hayagriv: Targeting the casual look 37 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 45 Photo: C. KRISHNIAH CHETTY & SONS 46 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY Photo: C. KRISHNIAH CHETTY & SONS for people who don’t want jewellery in the traditional sense; they aren’t worried about its intrinsic value; what they want is something that complements their look and wardrobe choices. They wouldn’t be unduly worried if they misplaced this jewellery or lost it!” Given the sort of intended use, Hayagriv notes, the biggest product categories in this segment are small pendants, rings and earrings. Sandeep Kulhalli, Vice President, Retail & Marketing for Tanishq, the jewellery retail chain from the giant Tata Group’s Titan division, says the target consumer for low- end diamonds can’t be strictly classifed in terms of age. “There is no specifc younger age profle for diamonds,” he says, adding, “As a matter of fact ,the diamond buyer is usually in the 30-to-55 age group. Our affordable diamond campaign was to get the gold jewellery buyer, who felt diamonds are expensive, interested in the product. So rather than saying it is the young woman who is the target group customer, I would say it is the middle class woman.” Kulhalli concurs with Choksi’s classifcation of the target group when he says that diamond buyers are usually from the SEC A+, A and B+ segments. “They are not necessarily working women, but more evolved urban customers who value the understated beauty of diamonds,” he observes. Tanishq has, however, targeted the lowest age- and price end of this segment. Its FQ Teen Diamonds range has diamond charms and pendants that retail from a staggeringly low Rs.499 upward. FQ steps into the lives of teens with its website http://fq.tanishq.co.in/ offering slogan contests and a fashion bulletin board for youngsters. “As India is a youth-dominated country, we felt it was important to invest in this segment,” Kulhalli says. But this very low end is not Tanishq’s main point of focus. “The largest sales volumes,” Kulhalli notes, “are of product that sells at under Rs.50,000.” He adds interestingly, that the fashion choices for this category are largely simple. “The look and feel of the diamond itself is of critical importance – the refraction of light and the fre or sparkle of the stone. The jewellery could have a contemporary look, but overall the design choices are simple.” He adds that for Tanishq, the largest selling categories in volume terms are rings, earrings and pins. In terms of value, however, necklaces and pendants lead the roster. Gitanjali’s Choksi observes that for the Gitanjali Group, unlike traditional sales impellers for jewellery in India, which predominantly based on socio-religious factors, this segment is strongly driven by gifting, occasion-based buying, impulse buying – particularly by young men who want to impress a girl or propose to the signifcant person in their lives – and product affordability coupled with how attractive the design is. For Tanishq, self-purchase is the top sales driver for this segment, followed by gifting. Again unlike its more traditional segments, this low end product needs active promotions and sales initiatives – Gitanjali uses a combination of in-store promotions and strong electronic and print advertisements and promotions. “Teenagers and young adults are moving from costume and junk jewellery to light gold, silver and diamonds since it adds value to their lifestyle and fashion,” he observes. “So they aren’t just looking for budget product. Diamonds offer them that extra added value in the product – they’ll buy them set in silver to offset the extremely high prices of gold.” 47 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY Choksi: Affordable luxury is our business Tanishq uses every trick in the book to promote this segment – in-store promotions, print and television advertising and direct-mail initiatives. “We are pushing the Rs.10,000 to Rs.25,000 segment as ‘affordable diamonds’ – that too from a high quality manufacturer and trusted brand name like Tanishq, which offers great craftsmanship and quality. This initiative runs in outdoor media campaigns, on television, in print advertising, with online social media, is featured in in-store promotions and in a direct mail outreach.” Choksi thinks the low end segment is a natural ft for the group’s core business. “We have always been in the mass- or affordable luxury segment – higher up the ladder in terms of price points. However, we want to capture signifcant market share of the lower end consumption in affordable luxury, and this has led to the recent introductions of low end diamond jewellery brands. Gitanjali’s brand Amore sells stones set in bands of stylised ethylene-vinyl acetate (EVA) polymer, in colours such as pink, red, violet and green. This brand is targeted at the youth market.” Kulhalli of Tanishq says the segment already accounts for a large part of the group’s diamond sales and appears set to take an even larger share as Tanishq’s diamond jewellery sales are growing at a higher rate than plain gold jewellery. Importantly, he thinks the category serves as a key starting base for diamond buyers. “Diamond buyers typically start with small ticket product and then with time and growing knowledge, grow into higher-value product consumption – moving into bangles, bracelets and necklace sets among other things,” he notes. IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY Kulhalli is very upbeat about the segment’s future. “It has a very bright future. As urbanization increases and customers evolve, there wil be higher expectations which will in turn lead to more diamond jewellery consumption. This segment will not only grow, its growth will accelerate with time,” he says. He goes on to say, “We are targeting working women, building up a fne jewellery category – which hitherto has not existed – for them. Our Mia line offers a mix of diamond- and gold jewellery designs that have been created for a younger mind-set and is intended to allow the working woman to accessorize herself with fne jewellery. We launched the initiative aggressively last year and will be investing big in the brand in the future.” Gitanjali’s Choksi goes on to note, “These brands are in the nascent stage of growth, but the growth trajectory is strong. We expect our ‘young adult’ range to add between 7- and 8 percent to our revenues in two years. Apart from the growth, this segment offers good margins and so is a good one to cater to. We plan to extend our Gili and Asmi ranges to this age bracket as well.” 48 The young adult segment, with its diamonds at denim prices, is among other things, driving a major change in jewellery consumption patterns in India – away from a focus on intrinsic value to a valuation of design, style and look. Its evolution and development will have far-ranging and long-lasting effects on the way Indians view and buy jewellery in future. Gitanjali’s Amore brand sells polymer rings set with diamonds. Hayagriv too confrms that this segment offers good margins. Given his business model, he thinks that someone with a chain of stores could currently generate around Rs.50 crore in business. “This segment could grow to a nice Rs.400 crore one,” he observes. “It is good in that it will get more people to consume both diamonds and jewellery. There isn’t any real price barrier, which means easier purchase decisions. This segment could be a driving factor in growing the overall market,” he concludes. The young adult segment, with its diamonds at denim prices, is among other things, driving a major change in jewellery consumption patterns in India – away from a focus on intrinsic value to a valuation of design, style and look. Its evolution and development will have far- ranging and long-lasting effects on the way Indians view and buy jewellery in future. Diamonds at the price of denims – or even the slightly more expensive ones that are nonetheless intended to be worn with denims – are among the keys to the future of jewellery consumption in India. 49 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY Kulhalli: This segment’s growth will accelerate IDEX MAGAZINE INDIA RETAIL| NO 19: INDUSTRY NEWS 50 Industry news Industry’s determIned stand SeeS WithdraWal Of exciSe duty he determined efforts of the industry, spearheaded by the All India Gems & Jewellery Trade Federation (GJF) fnally bore fruit on May 7, as Union Finance Minister Pranab Mukherjee announced in Parliament during the debate on the Finance Bill that the government has decided to withdraw the one percent excise duty on all precious metal jewelry, branded or unbranded, with effect from March 17 this year. What is remarkable is that the government has not only withdrawn the duty on unbranded jewellery – which was the contentious issue that the industry was battling – but it has also removed branded jewellery from the list of products liable for excise duty. In its public campaign and lobbying efforts directed at parliament and government, the GJF had maintained that the small and medium jewellery retailers were not in a position to comply with the requirements of excise duty. At a press conference in Mumbai, GJF Chairman Bachhraj Bamalwa had made the point that 97 percent of jewellery sold in the country was unbranded and fabricated by some 20 million artisans. He explained that the jewelry went from artisan to artisan and workshop to workshop during the manufacturing process as casting, stone-setting, polishing and other processes each called for a separate skill set. These artisans couldn’t be asked to keep track of the value added at each stage of the process, he said. Bamalwa explained that the industry was not protesting the payment of the 1 percent tax – which the GJF said would net the government a mere Rs150- to Rs.200 crore from an industry that has an estimated annual worth of Rs.3 lakh crore. “We’re saying that compliance with excise duty regulations, which require the tax to be added to the value of the product the moment it leaves a workshop, is impossible.” Bamalwa also told the press that were the government to introduce a general services tax (GST) regime, the industry would be only too happy to comply. “We are ready to comply with a GST requirement as of today,” he said. Earlier, the Gem & Jewellery Export Promotion Council (GJEPC) had also come out in support of the jewellery retail community’s stand on excise. The GJEPC had already advised the government that the imposition of excise would be disastrous for the entire jewellery industry of India including exports, as excise is an ambiguous regulatory requirement that would be diffcult for Indian jewellery retailers – particularly the small- and medium- sized ones – to comply with. The Minister also announced that the mandatory collection of tax at the point of sale (tax collection at source or TCS) t would now be applicable only on jewellery that cost more than Rs.5 lakh – up from the Rs.2 lakh that his original budgetary proposals had envisaged. The minister however said that he had retained the rule stating that bullion could be paid for in cash up to a limit of Rs.2 lakh. The term “bullion” will not include any coin or other article weighing 10 grams or less, he added. On the issue of rolling back the doubling of import duty on gold to 4 percent, however, the government refused to give in. The government decision to impose the 4 percent import duty was impelled by the perception that gold imports have been one of the primary causes of India’s growing trade defcit. Last year, India imported gold worth $59 billion (Rs.31,456 crore at today’s currency conversion rate). While acknowledging the need to reduce the defcit, industry leaders worried that increasing the import duty to 4 percent would make smuggling an attractive option for some elements. This would again drive the industry, which has worked hard toward keeping trade above board, back towards illegality. GJEPC Chairman Rajiv Jain said, “The increase of duty on gold will lead to a corrupt state of affairs due to the greater probabilities of traffcking of gold into the country through illegal channels.” Consumer interest in buying gold will also decline, Jain warned. Others too joined in the chorus of protest. Colin Shah, managing director of jewelry manufacturer Kama Schachter noted, “For the last two or three years, due to the low duty regime, the industry has mostly been offcial in its approach. Now considering that there is a large market for gold mainly for investment purposes, many people including farmers save their money in the form of gold biscuits or bars. With a rise in the import duty, it will again lead to cash transactions in the trade in general, which will negatively impact the sector. Additionally, a 4 percent custom duty on gold will also encourage malpractices or smuggling of gold,” Shah added. Gitanjali Group Chairman Mehul Choksi also voiced a concern that gold smuggling could be revived “which had fallen considerably after rates were reduced some years ago.” One industry insider told IDEX on condition of anonymity, “It is a question of balance. The government has to reduce the trade defcit. It has to weigh the benefts of an increased duty slowing imports against the danger of the revival of smuggling. It is a diffcult decision. Only time will tell how things work out.” IdeX IDEX MAGAZINE INDIA RETAIL| NO 19: INDUSTRY NEWS 51 Indian jewellery retail is now pulsing back at normal. Jewellery & photo by Terabass. The new GII classroom he Gemmological Institute of India (GII) unveiled its newly refurbished gemology classroom. Equipped with all the latest in instrumentation and teaching aids such as a computerized white board, the classroom was inaugurated by Dilip Lakhi, Chairman of the diamond and jewellery manufacturing Lakhi Group. Lakhi, in his remarks at the occasion, said it was essential that the Indian industry have the very best in trained manpower and infrastructure to test and certify gemstones and diamonds. “It is an irony that we sometimes pay more for a certifcate than what we paid the skilled workmen who cut and polished a diamond,” he said, adding, “An Indian facility would help bring testing and certifcation costs down to more realistic levels.” A world-class teaching facility was the starting point for such an endeavour, he noted. IdeX t IDEX MAGAZINE INDIA RETAIL| NO 19: INDUSTRY NEWS 52 GII inaugurateS State Of the art teaching facilitieS Dilip Lakhi lights the traditional lamp along with Kirtilal Doshi IDEX MAGAZINE INDIA RETAIL| NO 19: INDUSTRY NEWS 53 ndia’s leading diamond jewellery brands came together, under the banner of the Leading Jewelers of the World (LJOW), to present the “Great Indian Wedding Carnival 2012”. The wedding and jewellery extravaganza, from April 15 to May 27. Participating in the initiative were top jewellery brands like Asmi, Gili, Ddamas, Nakshatra, Parineeta, Diya, Sangini, Gdivas, ME Jewels, Menz and Sagaee, and trusted jewellery retail chains like Gitanjali Jewels, Shuddhi Jewels and Jewel Souk. These big names not only brought new and eclectic collections to this initiative, they also offered deals and discounts for consumers. Incentives included the offer of a watch worth 25 percent the value of the consumer’s frst purchase and up to 20 percent off on the value of the second buy. There were discounts of Rs.111 on every gram of gold in the plain- gold jewellery on offer. The LJOW frst started in the US, and now functions in India. It is a trust mark that certifes that the participating jeweller guarantees transparency in quality and price and adheres to best business practices resulting in a consistent, delightful and a memorable shopping experience for the consumer. IdeX I weddInG CarnIval By leading JeWelerS Of the WOrld Shazahn Padamse showcases the Great Indian Wedding Carnival alond with Susheel Sharma at the Gitanjali Fashion Show2. Aditi Rao Hydari launches The Great Indian Weddign Carnival 2012 54 IDEX MAGAZINE INDIA RETAIL| NO 19 STONE SOURCES iamond miner Namakwa reported a growing net loss of $15.4 million for the frst half of the fscal year. The loss includes discontinued operations. Excluding these operations, the loss stood at $12.5 million. In late November 2011, production started at the Kao mine in Botswana. A frst tender of Kao goods achieved $218 per carat. The company said its South African alluvial mining operations started to generate an income after restructuring costs, and its Lesotho mining operations are in an early phase of production. Namakwa said it expects to become “net-cash generative” in the second half of 2012. “The frst half of the fnancial year has been about the successful execution of our stated strategy to restructure the group’s platform to provide for a mining operation underpinned by sustainable commercial production from the Kao mine,” said CEO Richard Collocott. IDEX D Namakwa REpoRts H1 Loss RIo tINto appoINts NEw INDIa HEaD arun Malkani has been appointed to the post of Rio Tinto Diamond’s chief operating offcer, India. Malkani, an engineer by training, will take up the post on July 1. Most recently, he was director of Rio Tinto’s aluminum business in India. “I am delighted that Tarun is joining the diamonds business in India at such a pivotal time in the development of the Bunder project,” said Rio Tinto managing director Bruce Cox. “Tarun’s extensive experience in a number of diverse industries, both in established and emerging markets will be invaluable in identifying opportunities for advancing Rio Tinto’s diamond business in India.” The Bunder project in Madhya Pradesh is moving into the advanced stages of its pre-feasibility study. In related news, Rio Tinto management has once again emphasized the company’s plans to divest from its diamond business. Chairman Jan Du Plessis said such a move is not due to a lack of belief in the future of diamonds, but rather a matter of scale. Speaking at the annual general meeting in Brisbane, Australia, Du Plessis said while the fundamentals of the company’s diamond business were very sound, the sector t Tarun Malkani. Image: Rio Tinto has become less relevant in terms of scale as other parts of the company have grown much larger. Discussing the possible exit from the diamond sector, CEO Tom Albanese said, “We have a valuable, high quality diamonds business, but given its scale, we are reviewing whether we can create more value through a different ownership structure.” IDEX stoNE souRcEs ucara Diamond Corp. recovered more than 5,300 carats of diamonds from the frst batch of ore processed at the Karowe Mine in Botswana. “The quantity and grade of diamonds recovered during the very frst ore run has been outstanding and reinforces our high expectations for this new state-of-the-art mine,” the miner said. The diamonds were recovered from the north lobe of the deposit, which has an estimated grade of more than 32 carats per hundred tons (cpht). This is double the average deposit grade. Lucara recovered several large diamonds, including four larger than 10.8 carats. The three largest of these stones were 25.88 carats, 16.55 carats and 14.56 carats. Commissioning activities at the mine were completed in April. The mine is ramping up to its full production capacity of 350 tons per hour, which it is expected to reach at the end of the second quarter of 2012. Alongside the 100-percent owned Karowe mine, Lucara is also the 75-percent owner of the Motha Project in Lesotho, which is currently in the trial mining stage. IDEX L LucaRa RecoveRs FouR LaRge DIaMonDs FRoM FIRsT BoTswana PRoDucTIon pEtRa pRoDuctIoN DoubLEs IN Q3 etra mined 522,934 carats of diamonds in the third quarter of the year, a 108 percent year-over-year increase. Along with tailings and alluvial diamonds, Petra’s total diamond production increased 126 percent. Gross mine revenue for the quarter was up 87 percent to $98 million. The increase in Petra’s production – and income – was primarily due to the addition of output from the Finsch diamond mine in South Africa. p During the quarter, Petra sold 626,958 carats, an increase of 134 percent. This translates to an average of $156.31 per carat (p/c). By value, Petra’s top-performing mine was Koffefontein, which realized $551 p/c. The company said prices of rough diamonds showed a slow but steady upward trend during the quarter. It added that the stronger market resulted from a recovery in confdence once the initial impact of the Eurozone debt crisis abated. IDEX The Karowe Mine. Image: Lucara Diamond corp. 55 IDEX MAGAZINE INDIA RETAIL| NO 19 STONE SOURCES he United Nations’ Security Council has extended the sanctions imposed on Côte d’Ivoire (Ivory Coast) for another year. The sanctions include the export of rough diamonds. According to the unanimously adopted resolution, the arms embargo was changed in light of the need for weapons and ammunition to train and equip the country’s security forces. The Council, also extended the mandate of the Group of Experts formed to monitor the arms embargo. The sanctions extended until 30 April 2013 include targeted measures on a number of individuals, including former president Laurent Gbagbo. In 2011 the Council imposed fnancial and travel measures against Gbagbo and a number of associates after his refusal to leave offce following his election defeat to current president, Alassane Ouattara. The Council frst imposed the embargo in 2004 after a civil war in 2002 split the country into a rebel-held north and a government-controlled south. IDEX t côtE D’IvoIRE Rough DIaMonD exPoRT sancTIons exTenDeD ockwell Diamonds Inc. recently announced total proceeds of $6 million from the sale of 5,795 carats of rough. This was a 153 percent increase over the same quarter in fscal 2011. The company reported a high average per carat (p/c) price of $1,041. Overall, however, the company saw a 10 percent decline in total carat production. James Campbell, president and CEO of Rockwell said the decline was a result of placing the Holpan mine on care and maintenance, and discontinuing the bulk sampling program at the Klipdam Extension property. Much of the revenue growth was fuelled by a 32 percent increase in the volume of diamonds sold from Saxendrift (1,847 carats), as well as a 7 percent improvement in the average price per carat. This growth was underpinned by an increase in recovery of yellow diamonds, which enabled the mine to increase revenue by 42 percent in the fourth quarter. During the period, the company recovered 41 stones exceeding 10 carats. Seventeen were produced at the Klipdam mine, including seven stones greater than 20 carats; Saxendrift produced 22 stones larger than 10 carats, of which half weighed more than 20 carats, while Tirisano produced two stones larger than 10 carats. These large diamonds were channeled into Rockwell’s benefciation joint venture with Steinmetz Diamond Group. R RockwELL Reaches aveRage oF $1,041 P/c In Q4 2012 James campbell “We benefted from selling the inventories that we had accumulated towards the end of 2011 into a stronger market, as diamond prices continued to recover throughout the quarter. Of particular beneft to Rockwell is the sustained growth in demand for investment diamonds, which comprise a large proportion of our production profle and for which we are known,” said Campbell. “Our operations are now better placed to meet our carat production targets, enabling us to deliver more consistent volumes of high quality diamonds to our benefciation joint venture partner, Steinmetz Diamond Group and our other customers.” IDEX 56 IDEX MAGAZINE INDIA RETAIL| NO 19 STONE SOURCES Untitled-1 1 12-05-23 12:56 AM Full Page template.indd 102 31-Jan-12 11:23:59 PM
Copyright © 2024 DOKUMEN.SITE Inc.