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INDIA RETAIL
FEBRUARY 2011
VOL. 1 No. 03
05 FROM THE EDITOR’S DESK
Survival & Success Depend On A New Vision Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
06 MUMBAI DIAMOND MARKET REPORT
Editors Edahn Golan, Danielle Max
Mumbai Now A Seller’s Market IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENT
10 SPECIAL REPORT Tamar Katzav
Indians Will Buy More Gold This Year – Not Necessarily
ADMINISTRATION & MARKETING
From Jewellers Managing Director Yaron Barzilay
Marketing Manager Kuldip Bedi
14 SPOTLIGHT SALES MANAGERS
Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay
GJF Institutes Gem & Jewellery Awards
PRODUCTION & CIRCULATION Helena Dorsht, Vera Podolny
ACCOUNT MANAGER Shuly Dori
18 FOCUS
Branded Diamonds Come To India ART DEPARTMENT
GRAPHIC DESIGNERS
De Beers launches its Forevermark in Bangalore
Boris Mandelis (Red Designer Studio)
Ilana Akselrod (Red Designer Studio)
21 SHOW REPORT Printed by SAP Printers, Lower Parel, Mumbai 400 013
IIJS Signature Benefits From Move To Mumbai
IDEX INDIA
23 RETAIL ET CETERA 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
29 DIAMOND RETAIL BENCHMARK Email: mumbai@idexonline.com
A diamond price list to assure your customers IDEX USA
7 WEST 45TH ST. SUITE # 1602 NEW YORK, N.Y. 10036, U.S.A.
TEL: +1-212-3823528, FAX: +1-212-3822671
34 COVER STORY
Leadership – Key To Managing Change IDEX BELGIUM
74 LANGE HERENTALSESTRAAT, 2018 ANTWERP, BELGIUM
The gem & jewellery industry’s future depends on seeing TEL: +32-3-2341157, FAX: +32-3-2342463
a new vision IDEX HONG KONG
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8 eqEcbZ fgjk cktkj dh fjiksV Z IDEX Magazine - India Retail is published in India by
Idex Online S.A.. Reprints of individual articles are obtainable
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ISSN 0334-6838
T
he Indian gem and jewellery industry is at step if one does make the first – stepping aside and
a critical point in its existence. With gold letting someone else who does have a clear vision of
soaring to previously unimagined prices, many the future take over.
consumers are now uncertain whether it will afford
them much in the way of investment. Given that and the Easy or not, it is absolutely clear that the jewellery
fact that the Indian consumer now has a whole range industry has to take these steps. It has to reinvent
of luxury products to choose from, much of what the the way it does business and communicates with the
jewellery retailer depended on to drive almost certain consumer. It has to imbue its product with something
sales has been eroded. far more than just intrinsic value. As many of the experts
tell us in our cover story, many consumers today don’t
What will determine whether the gem and jewellery even want to buy the product. They just want to try it for
industry will survive and thrive into the future lies some time and experience whatever value proposition
largely in what the industry itself does. It cannot depend the product or brand offers. Then, they are ready for
on what has sustained it any more. While intrinsic value something new.
still matters a great deal, it is no longer the firm support
it used to be. The industry needs inspired leadership The world has indeed changed and continues to
to give give consumers a product carrying a value change at an increasingly rapid rate. These changes
proposition that resonates with what they themselves bring challenges that we might never have dreamed
consider important and worth aspiring to. of. Yet survival dictates that these challenges be met
and overcome. Leadership is not only about meeting
Good leadership is distinct from good management as these challenges, but also perhaps of seeing the future
our cover story points out. Great leadership is about before the changes have taken place. This is a lonely
seeing a vision that perhaps no one else can at the business and sometimes involves being laughed at for
time. About inspiring and carrying a group through seeing the seemingly absurd.
to achieving that vision. But where does one turn
to see these visions? What does it take to provide Successful leaders, however, are the ones who are
leadership? enjoying the last laugh as the rest of the world scrambles
to catch up. ■
The very first step might be to acknowledge to oneself
that one doesn’t have that quality even if one is the
head of an eminently successful business. And that, is a Vinod Kuriyan
very big step indeed. No less a long stride is the second Editor
IDEX Magazine – India Retail | NO 03: EDITOR 3
Mumbai
Diamond MARKET REPORT
D
riven mainly by shortages on the back of near half of what production was before the global
steady demand, overall polished prices in economic crisis.
Mumbai are about 15 percent higher than
they were three months ago, around Diwali. In some Despite this, however, rough buying has been strong
categories like the -2 sieve size (-0.01 carat) and stars over this period, prompting many industry-watchers
(-0.02 carat), prices are as much as 25 percent up over to warn of a rough-reselling game that appears to be
the same period. All in all, it is a sellers market, with developing in India. Somewhat endorsing this claim is
asking prices that are on average 20 percent higher the fact that premiums on resale rough have in general
than actual sale prices at Diwali last year. The lingering risen to around 5 percent. In certain hot categories
shortages have also meant that polished imports have like the -2 sieve size and stars, the premiums for
shot up. This is mainly due to dealers wanting to make certain clarities and colours have shot up to between
up the assortments they offer their clients. 15- and 20 percent.
One important issue is the continuing lack of Many dealers are calling this “bubble territory” but
production in centres like Surat. Though there have given that demand has not yet dropped off, the
been reports of manufacturing units offering as much shortages ensure that whatever is on offer gets
as 25 percent higher salaries for skilled cutters and sold. Today, there are no ‘dead’ categories, with
polishers, overall output still remains at somewhere goods of ever y kind selling. ■
▲ -0.01 (-2 ) Very good demand for SI+ goods. Severe shortages will continue in near future.
Good demand for piqué goods. Overall very good Prices are on the rise, will go up by 3%-4%.
demand across the board. Very hot category.
Very difficult to find big parcels.
▲ -0.02 (+2-6.5) Very good demand for SI+ goods. Shortages will be severe as demand is
Good demand for piqué goods. Very hot increasing. Prices may increase very
category. Very difficult to find big parcels. frequently.
▲ 0.03-0.07 Very good demand for SI+ & piqué goods. Overall demand will be soft as compared to
(+6.5-11) -9 sieve is in more demand. stars. +9 sieve may become odd sieve .Prices
will go up by 2%-3%.
▲ 0.08-0.14 (+11-14) Very good demand for SI+ goods. Shortages will be felt. Activity is likely to improve.
Good demand for piqué goods. Prices will go up by 3%-4%.
▲ 0.15-0.17 Very good demand for SI+ goods. Activity will remain stable with shortages of
(+14-15.5) Good demand for piqué goods. goods.
▲ 0.18-0.22 (1/5) Good demand for SI1+ goods. Overall low activity except VS+ goods will be
seen in this category.
▲ 0.23-0.29 (1/4) Good demand for VS+ & piqué goods. Activity will remain stable. Shortages will be felt
G-J col. is in more demand. for VS+ goods.
▲ 0.30 (1/3) Good demand for VS+ & piqué goods. Demand will remain stable. Prices will go up by
G-J col. is in more demand. 2%-3%.
▲ 0.40 (3/8) Good demand for VS+/G-J col. Demand & prices will remain stable. +0.45
Demand for this category is mainly for local carat will be difficult to find.
market.
▲ 0.50 (1/2) Good demand for I2+/J+ col. Overall good Demand & prices will go up. Better demand can
demand across the board. be seen for D-F col.
▲ 0.75 (3/4) Good demand for I1/I2 & VS+ clarity. +0.80 Shortages will be seen for +0.90 carat.
carat in more demand.
▲ 1.00 (4/4) Overall very good activity across the board. Severe shortages will be seen for H lower col.
Shortages seen in premium sizes & H lower Prices will go up by 3%-4%.
colors.
▲ +3.00 Fair demand for SI1+/ H-K col. Demand for VS / Prices are likely to go up by 4%-5%.
J-K col. increasing in +5 carat sizes.
▲ -0.01 (-2) Eg Am`+_mc H$s ~hþV AÀN>r _m§J& nrH$ _m§J {ZH$Q> ^{dî` _| AË`§V H$_r ~Zr ahoJr& H$s_Vo ~‹T> ahr
H$s AÀN>r _m§J& g^r lo{U`m| _| Hw$c {_cmH$a h¢, `o 3-4 à{VeV VH$ ~‹T>oJr&
~hþV AÀN>r _m§J& Bg loUr _| ~hþV A{YH$ _m§J
h¡& _moQ>r IarXmar _wpíH$c h¡&
▲ -0.02 (+2-6.5) Eg Am`+_mc H$s ~hþV AÀN>r _m§J& nrH$ _m§J _§mJ Ho$ cJmVma ~‹T>Zo go H$_r ~hþV A{YH$ hmo OmEJr&
H$s AÀN>r _m§J& Bg loUr _| ~hþV A{YH$ _m§J H$s_Vo ~ma-~ma ~‹T> gH$Vr h¡&
h¡& _moQ>r IarXmar _wpíH$c h¡&
▲ 0.03-0.07 Eg Am`+Am¡a nrH$ _mc H$s ~hþV AÀN>r _m§J& ñQ>mg© Ho$ _wH$m~co Hw$c {_cmH$a _m§J _Ü`_ ahoJr+9
(+6.5-11) -9 grd H$s A{YH$ _m§J h¡& grd _m§J _| Zht ahoJm& H$s_V| 2-3 à{VeV VH$ ~‹T>|Jr&
▲ 0.08-0.14 Eg Am`+_mc H$s ~hþV AÀN>r _m§J& nrH$ _mc H$_r hmoJr& IarXXmar ~‹T>Zo H$s g§^mdZm H$s_V| 3-4
(+11-14) H$s AÀN>r _m§J& à{VeV VH$ ~‹T>|Jr&
▲ 0.15-0.17 Eg Am`+_mc H$s ~hþV AÀN>r _m§J& nrH$ _mc _m§J H$s H$_r go IarX Xmar pñWa ahoJr&
(+14-15.5) H$s AÀN>r _m§J&
▲ 0.18-0.22 (1/5) Eg Am` 1+_mc H$s AÀN>r _m§J& Bg loUr _| drEg +_mc H$mo N>mo‹S>H$a Hw$c {_cmH$a H$_
IarXXmar XoIZo H$mo {_coJr&
▲ 0.23-0.29 (1/4) drEg +Am¡a nrH$ _mc H$s AÀN>r _m§J& drEg+ IarXXmar pñWa ahoJr& drEg+_mc H$s H$_r hmoJr&
_mc H$s _m§J _w»` ê$n go ñWmZr` ~mOma _| h¡&
▲ 0.30 (1/3) drEg+Am¡a nrH$ _mc H$s AÀN>r _m§J& Or-Oo _m§J pñWa ahoJr& H$s_Vo 2-3 à{VeV VH$ ~‹T>|Jr&
H$ca H$s A{YH$ _m§J h¡&
▲ 0.40 (3/8) drEg+/Or-Oo H$ca H$s AÀN>r _m§J& Bg loUr _m§J Am¡a H$s_V| pñWa ahoJr& +0.45 H¡$aoQ> ~hþV _
_| _m§J _w»` ê$n go ñWmZr` ~mOma _| h¡& wpíH$c go {_coJm&
▲ 0.50 (1/2) Am`2+ Oo+H$ca H$s AÀN>r _m§J& Hw$c {_cmH$a _m§J Am¡a H$s_V| ~‹T>|Jr& S>r-E\$ H$ca H$s A{YH$ _m§J
g^r lo{U`m| go AÀN>r _m§J& hmo gH$Vr h¡&
▲ 0.75 (3/4) Am`1/ Am`2 Am¡a drEg+ewÕVm H$s AÀN>r _m§J +0.90 H¡$aoQ> H$s H$_r hmoJr&
+0.80 H¡$aoQ> H$s A{YH$ _m§J&
▲ 1.00 (4/4) Hw$c {_cmH$a g^r lo{U`m| _| ~hþV AÀN>r EM cmoAa H$ca H$s ~hþV A{YH$ H$_r XoIZo H$mo {_coJr&
IarXXmar àr{_`_ gmBOm| VWm EM cmoAa H$cam| H$s_V| 3-4 à{VeV VH$ ~‹T>|Jr&
_| H$_r H$s g§^mdZm
▲ +3.00 Eg Am`1+/EM-Ho$ H$ca H$s n`m©á _m§J& H$s_V| 4-5 à{VeV VH$ ~‹T>Zo H$s g§^mdZm
+5 H¡$aoQ> gmBOm| _| drEg/Oo-Ho$ H$ca H$s _m§J
~‹T> ahr h¡&
G
old isn’t the best investment option for consumers to buy however much gold they want by
the Indian consumer today in terms of the paying in equated monthly installments (EMIs). The
returns it affords. But it is still a simple enough desired quantity of gold that a consumer wants (it
investment for consumers who don’t understand the is usually offered in 2, 5, 10, 20 and 50 gram bars
other complex investment instruments on offer. Given or biscuits) can be blocked for the consumer with a
the high price of gold however, outright purchases of payment of 10 percent of the total cost. The rest can
significant amounts for investment have become that be paid in EMIs over tenure periods ranging from a
much more difficult for consumers. Thus there is greater year upwards.
pressure for jewellery retailers to move away from their
long-standing tradition of relying on the intrinsic value While this sounds like a winning proposition, the
of the yellow metal to drive jewellery sales, particularly investment benefit of these schemes is questionable,
for the bridal market and lower gold content with say financial experts. Factor in VAT and service tax
more ‘open’ designs and the addition of diamonds and and add the typical 10.5 percent interest charged by
coloured gemstones. the NBFC, and even if one takes a steady increase
in the price of gold into account, the consumer
Demand is expected to be strong over 2011 – for both isn’t left with much in the way of financial gain.
jewellery fabrication as well as for investment – and However, one must also consider that against this,
imports of new gold into India are likely to shoot up consumers who can afford to make lump-sum full
this year by as much as 64 percent, according to the payments, have been willing to pay premiums of
Bombay Bullion Association. However, who gets to between 10- and 15 percent when buying gold
sell more of it will be determined by what is on offer from banks.
from each vendor group – banks, jewellery retailers
and non-banking financial institutions (NBFCs). While many jewellery retailers have responded with
monthly payment schemes of their own that either allow
Addressing purely the investment market, NBFCs have consumers to buy primary gold in easy installments or
stepped into the arena with finance schemes that allow accumulate the amount of the yellow metal needed
T
he All-India Gems & Jewellery Trade directly affect it. Retailers now clearly see the benefit
Federation (GJF), the apex body of the jewelry of being together in one countrywide organisation
retail industry in India, has instituted a number and also recognize that moving into the future, with
of awards for the gem and jewelry industry in India. At a new technology and new sales formats, requires the
function on Friday, January 7th, they honored members support of a system that pools resources and is able
of the industry with awards for excellence in 28 different to bring new ideas and systems to what is otherwise
categories, ranging from best jewelry in specific categories a very traditional industry.
(plain-gold, bridal — both plain-gold and diamond-set,
contemporary etc.) to personal achievements. The GJF also recognised the sterling service rendered
to the industry by Sanjay Kothari, formerly chairman
The enthusiastic response to the awards in terms of of India’s Gem & Jewellery Export Promotion Council
participation — there were over 500 entries even after a (GJEPC) for several terms, a long-time member of the
large number had been dropped due to non-adherence body’s top administration committee and currently its
ot criteria — and the obvious importance attached to vice chairman, with a lifetime achievement award.
winning them, is a clear symbol of the coalescing of
the hitherto fragmented Indian jewellery retail industry Kothari was given a standing ovation by the capacity
into a more organised and unified body. crowd at the venue. Known for his personal humility and
trait of listening to opinion from every side of an issue
The GJF now not only tackles industry problems in a before marshaling decisions on the variety of sometimes
unified manner, it is able to speak with a single voice to thorny issues the industry has had to deal with, he is
the government on matters of policy and taxation that held in almost universal esteem by the industry. ■
Best Diamond Jewellery – Fashion Shree Menghraj & Bros. Jewellers – Bangalore
Best Diamond Jewellery – Contemporary Tikamdas Motiram & Sons Jewellers – Mumbai
Best Diamond Jewellery – Bridal Karan Kothari Jewellers Pvt. Ltd. – Nagpur
Best Jadau Gold Jewellery – Precious Stones Chintamani’s – The Jewellery Arcade – Mumbai
Best Innovative Promotion Of The Year Chintamani’s – The Jewellery Arcade – Mumbai
Best Gold Jewellery Manufacturer Emerald Jewel Industry India Ltd. – Coimbatore
Best Diamond Jewellery Wholesaler KGK Creations (India) Pvt. Ltd. – Mumbai
Best Gemstones Testing Laboratory For The Year – Diamonds GIA India Laboratory Pvt. Ltd. – Mumbai
Best Gemstones Testing Laboratory For The Year – Jewellery International Gemological Institute (I) Ltd. – Mumbai
Best Precious Metal Testing Laboratory Of The Year – Hallmarking Mahavir Hallmarking Centre Pvt. Ltd. – Mumbai
Yuva Ratna Award MANISH JAIN (RL JEWELS) Manish Jain (RL Jewels) – Jalgaon
T
he De Beers group launched
its Forevermark branded
diamonds in India at an
event with select retail partners in
Bangalore – Abaran, C. Krishnaiah
Chetty & Sons and Joyalukkas –
on January 21st. The Forevermark
diamond brand assures consumers
that a number of criteria have been
strictly adhered to. Each diamond is
inscribed with a number using pro-
prietary De Beers technology that
enables an inscription just 1/20th of
a micron deep that is invisible to the
naked eye and does not alter the dia-
mond’s clarity. The inscription is only
visible through a special Forevermark
viewer that is available at partner re-
tail outlets.
To be more specific, Forevermark diamonds must meet How do you go about selecting retailers to sell
standards for clarity, colour and carat – that is 0.14 carats these diamonds? Do they have to have long-term
and larger, from D to L colours (as well as fancy colours) relationships with your sightholder clients or can
and for clarity they should be between Flawless and SI2. they be discretionary buyers of the product?
Diamonds in all other fancy shapes can also be inscribed.
The same meticulous care that goes into selecting
However, the most important factor is cut. Forevermark Forevermark diamonds is also devoted to choosing
works with experts at every step of the diamonds’ jour- the jewellers where they can found. Forevermark
ney and diamantaires are no exception to this. Forever- diamonds will be available only with a few exclu-
mark diamonds can only be cut by master craftsmen to sive Authorised Forevermark Jewellers who are pas-
detailed criteria that strive to bring the inherent beauty sionate about creating the finest designs inspired by
from the rough stones. While there is no single cut that these exceptional diamonds, who have a history of
qualifies our focus is very much on maximising the integrity and trust, who are focused on diamonds
beauty of each diamond. and have the quality environments and skilled sales
associates necessary to sell diamonds with the For-
Over and above the 4 Cs, each Forevermark diamond evermark.
brings a promise of integrity. Each Forevermark diamond
is genuine, natural, and untreated. Every Forevermark di- We are seeking to build a partnership between leading
amond has been responsibly sourced, and can only be se- jewellers, diamantaires and Forevermark based upon
lected if it has met rigorous standards of business, social our mutual passion for diamonds and our long-term
and environmental integrity at every step of its journey. view of our industry.
Could you detail your plans for India? In the absence of your generic umbrella campaign
(“a diamond is forever”), what is the value propo-
Since our launch two years ago in China, Hong Kong sition that you have developed for this product?
and Japan where we have since established our Are you maintaining the idea that a diamond
Watches by
Reconvilier
The Choice Is Yours!
The Hercules Classic collection from
Reconvilier combines traditional styling,
Swiss watchmaking expertise and adaptability.
Watch enthusiasts can give free rein to their
inspiration and create a personalised model,
starting with the traditionally styled case,
available in polished or satined steel or white
or pink gold. The choice continues with the
dial and external parts of the watch, which
come in shades of white, gold, silver, black or
gray. Finally, the customer can choose from a
variety of leather straps in different colors and
leather types.
Watch by
BijouMontre
Wide-Eyed View
The Panoramic line of watches from Lip
dates back to the swinging ’60s, and has
been updated since then to keep up with the
times. No matter the changes, the collection
cultivates a simplicity of design and a aura of
sophistication that is attractive without being Watches by lip
ostentatious, as these Panoramic Classic and
Panoramic Verticale watches show to good
effect.
Watch by badollet
Invitation To Romance
Ernest Borel’s latest creation, the stainless
steel Romance Automatic series, is an invitation
to love. A strong sense of plenitude emanates
from the heart of this elegant piece, which comes
in both men’s and ladies’ versions. The purity of its
lines and the softness of its finishing are the perfect
ingredients for a beautiful love story.
Watches by
Ernest Borel
Retro Living
Bulgari’s sporty watch, the Octo Bi-Retro Steel
Ceramic, has been designed for intensive living.
A large window at 12 o’clock shows the jumping
hours, the retrograde minute hand travels over
a 210° arc, while the retrograde date is shown
on a 180° arc at the bottom of the dial. At the
same time, the studs on the bezel make it easier
to read the intermediary minutes in their separate
10-minute segments. The watch, which has a black
rubber with triple-bladed steel folding clasp, is Watch by Bulgari
Watches by
perrelet
Watches by
cimier
E 157677 141079 120333 107884 99586 78839 66390 62241 49793 37345 24896 E 200475 179372 152994 137167 126616 100238 84411 79135 63308 47481 31654
F 149378 136930 112034 99586 91287 74689 62241 58092 45643 33195 24896 F 189924 174097 142443 126616 116065 94962 79135 73859 58032 42205 31654
G 136930 120333 103735 91287 78839 66390 58092 53942 41494 33195 20747 G 174097 152994 131892 116065 100238 84411 73859 68584 52757 42205 26378
H 120333 107884 95436 82988 70540 62241 53942 49793 37345 29046 20747 H 152994 137167 121340 105513 89686 79135 68584 63308 47481 36930 26378
I 99586 87137 82988 74689 62241 58092 49793 45643 37345 29046 20747 I 126616 110789 105513 94962 79135 73859 63308 58032 47481 36930 26378
J 74689 70540 66390 58092 53942 49793 45643 41494 33195 29046 16598 J 94962 89686 84411 73859 68584 63308 58032 52757 42205 36930 21103
K 66390 62241 58092 49793 45643 41494 37345 37345 33195 24896 16598 K 84411 79135 73859 63308 58032 52757 47481 47481 42205 31654 21103
L 53942 49793 49793 45643 45643 41494 37345 29046 24896 20747 12448 L 68584 63308 63308 58032 58032 52757 47481 36930 31654 26378 15827
M 45643 45643 41494 37345 37345 33195 29046 24896 20747 16598 12448 M 58032 58032 52757 47481 47481 42205 36930 31654 26378 21103 15827
N 37345 41494 33195 29046 29046 24896 20747 20747 16598 12448 12448 N 47481 52757 42205 36930 36930 31654 26378 26378 21103 15827 15827
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 240961 198124 171350 149932 139222 107094 91030 80320 69611 53547 37483 D 275822 233388 201563 180345 148520 116694 106086 95477 74260 58347 42434
E 203479 182060 155286 139222 128513 101739 85675 80320 64256 48192 32128 E 233388 206867 180345 169737 143216 111390 95477 90173 68956 53043 37130
F 192769 176705 144577 128513 117803 96385 80320 74966 58902 42838 32128 F 222780 201563 175041 159128 132607 106086 90173 84868 68956 53043 37130
G 176705 155286 133867 117803 101739 85675 74966 69611 53547 42838 26773 G 201563 175041 153824 137911 116694 100781 84868 79564 63651 47739 31826
H 155286 139222 123158 107094 91030 80320 69611 64256 48192 37483 26773 H 180345 159128 137911 121998 106086 95477 79564 74260 58347 47739 31826
I 128513 112449 107094 96385 80320 74966 64256 58902 48192 37483 26773 I 153824 132607 121998 106086 95477 84868 74260 68956 53043 42434 31826
J 96385 91030 85675 74966 69611 64256 58902 53547 42838 37483 21419 J 121998 111390 106086 90173 79564 74260 68956 63651 47739 42434 26521
K 85675 80320 74966 64256 58902 53547 48192 48192 42838 32128 21419 K 111390 100781 95477 79564 74260 63651 58347 53043 42838 37130 26521
L 69611 64256 64256 58902 58902 53547 48192 37483 32128 26773 16064 L 95477 90173 84868 74260 68956 58347 53043 47739 37130 31826 21217
M 58902 58902 53547 48192 48192 42838 37483 32128 26773 21419 16064 M 79564 74260 68956 63651 58347 53043 47739 42434 31826 26521 21217
N 48192 53547 42838 37483 37483 32128 26773 26773 21419 16064 16064 N 63651 58347 53043 53043 47739 47739 42434 37130 26521 21217 21217
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 299464 253393 218839 195804 161250 126696 115179 103661 80625 63348 46071 D 455742 350143 305681 244545 227871 188966 150061 138946 111157 88925 61136
E 253393 224598 195804 184286 155491 120938 103661 97902 74866 57589 40313 E 339028 305681 283449 233429 205640 172293 138946 127830 105599 83367 55578
F 241875 218839 190045 172768 143973 115179 97902 92143 74866 57589 40313 F 305681 283449 261218 222313 194524 155619 127830 116714 100041 77810 55578
G 218839 190045 167009 149732 126696 109420 92143 86384 69107 51830 34554 G 272334 250102 233429 205640 172293 138946 111157 105599 94483 72252 50020
H 195804 172768 149732 132455 115179 103661 86384 80625 63348 51830 34554 H 244545 222313 200082 177851 150061 127830 105599 100041 88925 66694 50020
I 167009 143973 132455 115179 103661 92143 80625 74866 57589 46071 34554 I 200082 183408 166735 144504 127830 111157 100041 94483 83367 66694 50020
J 132455 120938 115179 97902 86384 80625 74866 69107 51830 46071 28795 J 155619 144504 133388 116714 111157 100041 88925 83367 77810 66694 44463
K 120938 109420 103661 86384 80625 69107 63348 57589 46071 40313 28795 K 133388 127830 122272 105599 100041 88925 83367 77810 72252 61136 44463
L 103661 97902 92143 80625 74866 63348 57589 51830 40313 34554 23036 L 116714 111157 105599 100041 94483 83367 77810 72252 61136 55578 38905
M 86384 80625 74866 69107 63348 57589 51830 46071 34554 28795 23036 M 100041 94483 88925 83367 83367 72252 66694 61136 55578 50020 33347
N 69107 63348 57589 57589 51830 51830 46071 40313 28795 23036 23036 N 83367 77810 72252 66694 72252 61136 55578 50020 50020 44463 27789
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 567277 433800 372623 328131 300323 255831 228023 189092 161285 105669 66738 D 688163 574372 498512 395558 357628 335954 287186 222163 178814 124628 75861
Round 0.90 (0.90-0.99)
Round 3/4 (0.70-0.89)
E 417116 372623 333692 311446 278077 244708 216900 177969 155723 100108 66738 E 568954 536442 455163 363047 341372 314279 276349 211326 173395 119209 70442
F 372623 339254 311446 289200 261392 228023 200215 172408 150162 94546 61177 F 536442 509349 422651 346791 325116 298023 265512 205907 167977 113791 70442
G 333692 300323 278077 255831 233585 205777 183531 166846 144600 94546 55615 G 455163 417233 357628 319698 298023 276349 243837 195070 162558 108372 65023
H 300323 272515 250269 228023 211339 189092 172408 155723 133477 88985 55615 H 368465 346791 325116 303442 281768 254675 233000 184233 151721 102954 65023
I 250269 233585 222462 205777 189092 172408 150162 139039 127915 83423 55615 I 308861 292605 270930 260093 238419 227582 205907 167977 140884 97535 59605
J 189092 183531 177969 161285 155723 150162 139039 122354 116792 77862 50054 J 254675 243837 233000 222163 205907 200488 184233 151721 130047 92116 59605
K 166846 161285 155723 139039 133477 122354 111231 105669 94546 72300 50054 K 211326 205907 195070 184233 173395 167977 151721 130047 102954 81279 54186
L 139039 133477 127915 122354 116792 111231 100108 94546 72300 61177 44492 L 178814 173395 167977 157140 151721 146302 135465 119209 97535 75861 48767
M 127915 122354 116792 111231 105669 100108 94546 88985 66738 55615 38931 M 162558 157140 151721 146302 140884 135465 124628 108372 92116 70442 48767
N 116792 111231 105669 100108 94546 88985 88985 83423 61177 50054 33369 N 146302 140884 135465 135465 130047 124628 113791 97535 86698 65023 48767
Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
This and
India Gems price list reflects
Jewellery suggested
Trade Federation (GJF), a retail prices
trade body for polished
headquartered diamonds.
in Mumbai, and IDEX, aDiamonds may,house
diamond research andheadquartered
should, sell at Aviv
in Tel discounts compared
Israel, with to this
a view of unbiased list.toFor
service the more
consumer
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.
24 DR AF T – FEBRUARY 1st 2011
D R A F T – J A N U A R Y 1st 2 0 10
DR AF T – FEBRUARY 1st 2011
E 109906 102326 90957 75797 64428 60638 53058 53058 41689 30319 22739 E 121400 113027 100469 83724 71165 66979 58607 58607 46048 33490 25117
F 102326 94747 79587 68218 60638 56848 49268 49268 37899 26529 18949 F 113027 104655 87910 75351 66979 62793 54421 54421 41862 29303 20931
G 94747 83377 72007 64428 56848 53058 45478 45478 34109 26529 18949 G 104655 92096 79538 71165 62793 58607 50234 50234 37676 29303 20931
H 75797 72007 64428 60638 53058 49268 41689 41689 30319 22739 18949 H 83724 79538 71165 66979 58607 54421 46048 46048 33490 25117 20931
I 60638 56848 53058 53058 49268 45478 37899 37899 30319 22739 15159 I 66979 62793 58607 58607 54421 50234 41862 41862 33490 25117 16745
J 49268 45478 45478 41689 41689 37899 34109 34109 26529 18949 15159 J 54421 50234 50234 46048 46048 41862 37676 37676 29303 20931 16745
K 41689 37899 34109 34109 34109 30319 26529 26529 22739 18949 15159 K 46048 41862 37676 37676 37676 33490 29303 29303 25117 20931 16745
L 37899 34109 34109 30319 30319 30319 26529 22739 15159 15159 11370 L 41862 37676 37676 33490 33490 33490 29303 25117 16745 16745 12559
M 34109 34109 34109 30319 30319 30319 26529 22739 15159 11370 11370 M 37676 37676 37676 33490 33490 33490 29303 25117 16745 12559 12559
N 34109 34109 34109 30319 30319 30319 26529 22739 15159 11370 11370 N 37676 37676 37676 33490 33490 33490 29303 25117 16745 12559 12559
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 153576 143668128806 118898 99082 89173 74311 69357 59449 44587 29724 D 174757 160587 146418 136971 118079 103909 94463 85017 61401 47232 37785
E 143668 133760 118898 99082 84219 79265 69357 69357 54495 39633 29724 E 160587 151141 136971 127525 113356 94463 85017 80294 56678 42508 33062
F 133760 123852 104036 89173 79265 74311 64403 64403 49541 34679 24770 F 151141 141695 127525 118079 108633 89740 80294 75570 51955 37785 28339
G 123852108990 94127 84219 74311 69357 59449 59449 44587 34679 24770 G 141695 127525 118079 108633 99186 85017 70847 70847 47232 37785 28339
H 99082 94127 84219 79265 69357 64403 54495 54495 39633 29724 24770 H 122802 113356 103909 99186 89740 80294 66124 66124 42508 33062 28339
I 79265 74311 69357 69357 64403 59449 49541 49541 39633 29724 19816 I 99186 94463 89740 85017 75570 70847 61401 61401 42508 33062 23616
J 64403 59449 59449 54495 54495 49541 44587 44587 34679 24770 19816 J 80294 75570 75570 70847 61401 56678 51955 51955 37785 28339 23616
K 54495 49541 44587 44587 44587 39633 34679 34679 29724 24770 19816 K 70847 61401 56678 51955 51955 47232 37785 37785 29724 24770 23616
L 49541 44587 44587 39633 39633 39633 34679 29724 19816 19816 14862 L 61401 56678 51955 47232 47232 42508 37785 33062 28339 23616 18893
M 44587 44587 44587 39633 39633 39633 34679 29724 19816 14862 14862 M 51955 47232 47232 42508 42508 39633 34679 29724 23616 18893 18893
N 44587 44587 44587 39633 39633 39633 34679 29724 19816 14862 14862 N 44587 44587 44587 39633 39633 39633 34679 29724 19816 18895 18893
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 175437 161212 146987 137504 118538 104314 94831 85348 61640 47415 37932 D 252202 214134 195100 176066 161790 133239 114205 104688 90412 71378 52344
E 161212 151729 137504 128021 113797 94831 85348 80606 56898 42674 33191 E 218892 195100 180824 157032 142756 118963 95171 95171 85654 66619 47585
F 151729 142246 128021 118538 109055 90089 80606 75864 52157 37932 28449 F 195100 180824 161790 147514 133239 114205 90412 90412 80895 61861 47585
G 142246 128021 118538 109055 99572 85348 71123 71123 47415 37932 28449 G 180824 161790 147514 133239 118963 104688 85654 85654 71378 57102 42827
H 123280 113797 104314 99572 90089 80606 66381 66381 42674 33191 28449 H 161790 147514 137997 123722 114205 90412 80895 80895 66619 52344 42827
I 99572 94831 90089 85348 75864 71123 61640 61640 42674 33191 23708 I 137997 123722 118963 109446 99929 90412 80895 76137 61861 52344 38068
J 80606 75864 75864 71123 61640 56898 52157 52157 37932 28449 23708 J 109446 99929 95171 90412 85654 80895 76137 66619 57102 52344 38068
K 71123 61640 56898 52157 52157 47415 37932 37932 29724 24770 23708 K 85654 76137 76137 71378 71378 66619 61861 61861 52344 47585 33310
L 61640 56898 52157 47415 47415 42674 37932 33191 28449 23708 18966 L 71378 66619 66619 61861 61861 61861 57102 57102 47585 42827 33310
M 52157 47415 47415 42674 42674 39633 34679 29724 23708 18966 18966 M 57102 57102 57102 52344 52344 52344 47585 47585 42827 38068 28551
N 44587 44587 44587 39633 39633 39633 34679 29724 19816 18968 18966 N 47585 47585 47585 42827 42827 42827 38068 38068 38068 33310 23793
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 348019 271741 257438 243136 228834204997 176393 162091 123952 85813 57209 D 394422 311868 302696 284351 266005 252247 220142 178866 133003 96312 59622
Fancy 0.90 (0.90-0.99)
Fancy 3/4 (0.70-0.89)
E 276508257438247904228834209765 181160 157324 147789 119184 81045 52441 E 311868 302696284351 270592256833238488206384 169693 128416 91726 55036
F 262206247904238369 219299 195463 171626 147789 138254 114417 76278 52441 F 302696 284351 266005256833243074 229315 201797 165107 128416 87140 55036
G 247904233602219299200230 181160 152556 138254 133487 109650 76278 47674 G 284351266005256833247660 229315 210970 188038 160521 123830 82553 50449
H 224067204997200230 185928 162091 138254 128719 123952 100115 71511 47674 H 247660 229315 220142 210970 197211 188038 165107 151348 114658 82553 50449
I 190695 176393 171626 157324 133487 119184 109650104882 90580 66743 42906 I 220142206384201797 192625 178866 174279 151348 133003 110071 77967 45863
J 152556 143021 138254 128719 123952 114417 95348 90580 76278 61976 42906 J 188038 183452 178866 169693 165107 155934 137589 119244 96312 68795 45863
K 128719 119184 114417 109650104882 95348 85813 81045 66743 57209 38139 K 151348 146762 142175 137589 137589 128416 119244 105485 82553 59622 41277
L 104882 100115 95348 90580 90580 85813 81045 71511 57209 47674 38139 L 119244 114658 110071 105485105485100899 96312 87140 64208 50449 38139
M 81045 81045 81045 76278 76278 76278 71511 71511 47674 42906 33372 M 91726 91726 91726 87140 87140 87140 82553 77967 50449 45863 36690
N 66739 66739 66743 61976 61976 61975 61976 38134 38139 38139 28604 N 73381 73381 73381 68795 68795 68795 68795 68795 38139 38139 36690
Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer
6
2 DR AF T – FEBRUARY 1st 2011
DR AF T – FEBRUARY 1st 2011
B.S. Nagesh
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G
lobal polished diamond • U.S. jewelers reported diamond the IDEX Online Polished Diamond
prices continued to demand was weak early in the Price Index.
rise in December 2010, holiday selling season, but picked
according to the latest data from the up solidly close to Christmas. Annual Diamond Price
IDEX Online Polished Price Index, a Levels On Trend
composite index reflecting diamond Graph 1 summarizes monthly global Polished diamond prices have
prices based on real time asking polished diamond prices, based on historically shown an annual price
prices of an inventory of more than
$4 billion. Graph 1
120
IDEX Online Polished Diamond Price Index
• The IDEX Online Polished Price
118
Index averaged 118.6 for the
116 December 2010
month of December 2010. 118.6
114
112
- The index was up 8.6 percent
110 2010 Year Average = 116.0
over the same month in 2009.
108
106 2009 Year Average = 109.5
- The index was up 0.6 percent
104
over November 2010.
102
J F M A M J J A S O N D J F M A M J J A S O N D
• Polished diamond prices rose 2009 2010
120
• Prices of all key diamond sizes rose
116.0
in December, with 3 and 4 carat 115
diamonds showing the largest Trendline
110 112.7
price increases. 110.1
108.1 109.5
105
• Polished prices have continued to
rise since the end of the month. 100
As this is being written, the IDEX 2005 2006 2007 2008 2009 2010
Online Polished Diamond Price
Source: IDEX Online Research
Index is over 119.7.
U
.S. jewelry sales trends for the third quarter fiscal third quarter, since some companies are on a fiscal
of 2010 were encouraging. Total jewelry third quarter ending on the last day of October.
sales rose, and specialty jewelers, whose sales
represent just under half of all U.S. jewelry sales, posted The following trends were reported by a majority of
revenue and profit gains. jewelers in the third quarter:
Table 1 summarizes quarterly jewelry sales trends in the • Jewelry sales trends by month were mixed. Sales were
U.S. market for both the calendar third quarter and the relatively strong in July, but weakened in August and
September. In October, sales strengthened significantly,
as table 2 illustrates.
Table 1
U.S. Jewelry Sales Trends
Third Quarter 2010 vs Third Quarter 2009 • The average jewelry ticket was up, generally in the mid-
Percent Change Year-to-Year to-high single digit range.
Third Total Sales Total Total Total Sales
Quarter Jewelry & Sales Sales Specialty • Most specialty jewelers reported an increase in customer
Watches Jewelry Watches Jewelers
traffic.
Calendar 8 +6.6% +4.3% +3.0%
Fiscal 81 +6.3% +3.8% +3.0% • The number of transactions rose, though it was
Calendar third quarter = July, August, September inconsistent. This is good news, since it means that
Fiscal third quarter = August, September, October jewelers’ conversion ratio – browsers to buyers – is
increasing.
Source: Department of Commerce
Table 2
U.S. Jewelry Sales Trends • Sales growth was the greatest for big-ticket statement
Monthly Sales 2010 vs 2009 jewelry.
Percent Change Year-to-Year
• Demand for designer-name jewelry was strong.
Total Sales Jewelry Total Sales
Month
& Watches Specialty Jewelers
• Demand for one-of-a-kind jewelry was solid.
July +8.0% +7.6%
• Sales per store continue to rise. This helps to absorb Management of publicly held companies guided Wall
relatively fixed overhead costs more efficiently. Street analysts toward higher sales and profits than
previous forecasts, especially for the fourth quarter of
• Jewelers who sell warranty and insurance plans for 2010.
jewelry say that this business has been strong.
Many jewelers are stepping up their new store openings
• Most jewelers reported an increase in their gross in 2011 and beyond. Real estate is cheap and available.
margins, though greater sales of higher ticket goods
– with an inherently lower margin – had a negative Several jewelers mentioned that they will increase new
impact on their margins. proprietary product introductions in 2011.
• New product introductions seem to be well received. Preliminary results for the all-important holiday selling
season of November-December suggest that jewelry sales
• Sales of colored diamonds and leather accessories were will be stronger than expected.
solid.
Table 3 summarizes sales performance for the major
• Watch sales seem to have improved notably. The LGI publicly held specialty jewelers for their U.S. stores.
Network Watch Tracker service reported that lower-
priced (under $500) fine watch sales and very high- All specialty jewelers on table 3 gained market share in
end fine watch sales (over $1,500) were stronger than the third quarter except Zale (stores), Movado, Sterling’s
watches priced in the mid-range of $500 to $1,500. regional brands, and Tiffany’s New York Flagship store. ■
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T
he fourth edition of the IIJS Signature trade the UK, the UAE, Azerbaijan, Uzbekistan, Myanmar,
show, which ran in the Mumbai suburb of Thailand, Libya and Vietnam are also attending the
Goregaon, with 400 exhibitors in 800 booths, show.
clearly benefited from its move to the city from Goa,
where it had run the past three years. The show also Given that the show precedes the Indian gold-buying
did well out of adding a loose stone section, with loose festival of Akshaya Trithaya, a great deal of plain-gold
diamond dealers from Israel and Antwerp taking part. jewelry, with electroformed designs that generate a large
look while reducing gold content, is on display.
The show had originally been targeted at high-end
buyers from the US, Europe and other consuming The show signaled a new optimism in the Indian
markets. With the economic crisis and the fading of gem and jewellery industry. Visitor traffic was low
demand from the global markets, however, the show has throughout most of the show but a high percentage
now been retargeted at the booming high-end domestic of the participants in the jewellery segment said the
Indian jewelry retail industry. This has prodded the show had been good in terms of orders placed. While
move of the show to Mumbai, India’s jewelry production there were some who said these orders came from
hub, along with a doubling in size from the original already established clients, a great many said they had
200 or so exhibitors. acquired new customers during the show. Some noted
that the low traffic allowed them to spend more time
But the show continued to appeal to overseas buyers, with each visitor who enquired at their booths and
particularly from the Middle East, the erstwhile CIS this in turn made for a much better conversion rate
countries and the Far East. Official delegations from of casual enquires to confirmed orders. ■