IDEX India Retail, April 2012

April 12
MARKET
REPORT
Stability, Liquidity
Return To Mumbai
Diamond Market
SHOW
REPORT
Butteries At Basel
Signal Trend Change
SPECIAL
REPORT
Does A Credible Diamond
Price List Exist
DIAMOND
RETAIL
BENCHMARK
A Price List To Assure
Your Customers ?
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OR EMAIL US AT MUMBAI@IDEXONLINE.COM
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DIAMOND RETAIL BENCHMARK (DRB)

OUR PROPRIETARY RETAIL DIAMOND
PRICE REFERENCING SYSTEM.
This price list reflects suggested retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more
education on prices and discounts pl ease visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.
D R A F T J A N U A R Y 1st 2 0 10
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739
E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205
F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205
G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671
H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671
I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671
J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136
K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136
L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602
M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602
N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602 R
o
u
n
d
1
/
5
(0
.1
8
-
0
.2
2
)
D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893
E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623
F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623
G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352
H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352
I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352
J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082
K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082
L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811
M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811
N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 R
o
u
n
d
1
/
4
(0
.2
3
-
0
.2
8
)
R
o
u
n
d
-
1
/
2
(0
.4
5
-
0
.4
9
)
R
o
u
n
d
1
/
2
+
(0
.5
0
-
0
.6
9
)
D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860
E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503
F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503
G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145
H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145
I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145
J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788
K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788
L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430
M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430
N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430
D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901
E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546
F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546
G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191
H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191
I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191
J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837
K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837
L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482
M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128
N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773
D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047
E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040
F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040
G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034
H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034
I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034
J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027
K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027
L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020
M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020
N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020 R
o
u
n
d
1
/
3
(0
.2
9
-
0
.3
7
)
D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690
E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728
F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728
G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767
H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767
I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767
J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806
K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806
L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845
M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845
N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 R
o
u
n
d
3
/
8
(0
.3
8
-
0
.4
4
)
D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386
E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386
F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187
G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988
H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988
I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988
J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789
K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789
L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590
M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392
N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193 R
o
u
n
d
3
/
4
(0
.7
0
-
0
.8
9
)
R
o
u
n
d
0
.9
0
(0
.9
0
-
0
.9
9
)
D 788312 657961 571061 453124 409674384845 328981 254495 204837 142765 86901
E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693
F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693
G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486
H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486
I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279
J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279
K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072
L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865
M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865
N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865
Prices are in Rupees Per Carat Powered by www.idexonline.com
JUNE 1st 2011
THE DIAMOND RETAIL BENCHMARK - INDIA
DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS
JUNE 1st 2011
Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer
29
DRB.indd 29 31-May-11 4:32:34 PM
education on prices and discounts pl ease visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.
D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739
E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205
F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205
G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671
H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671
I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671
J 81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136
K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136
L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602
M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602
N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602
R
o
u
n
d
1
/
5
(0
.1
8
-
0
.2
2
)
D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893
E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623
F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623
G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352
H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352
I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352
J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082
K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082
L 68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811
M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811
N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811 15811 R
o
u
n
d
1
/
4
(0
.2
3
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0
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)
R
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9
)
R
o
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d
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+
(0
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-
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9
)
D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860
E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503
F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503
G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145
H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145
I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145
J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788
K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788
L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430
M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430
N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430
D 521078 400340349504 279603 260539 216057 171574 158865 127092 101674 69901
E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546
F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546
G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191
H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191
I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191
J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837
K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837
L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482
M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128
N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773
D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047
E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040
F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040
G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034
H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034
I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034
J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027
K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027
L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020
M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020
N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020
R
o
u
n
d
1
/
3
(0
.2
9
-
0
.3
7
)
D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690
E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728
F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728
G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767
H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767
I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767
J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806
K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806
L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845
M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845
N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845 R
o
u
n
d
3
/
8
(0
.3
8
-
0
.4
4
)
D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386
E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386
F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187
G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988
H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988
I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988
J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789
K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789
L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590
M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392
N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193
R
o
u
n
d
3
/
4
(0
.7
0
-
0
.8
9
)
R
o
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d
0
.9
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(0
.9
0
-
0
.9
9
)
D 788312 657961 571061 453124 409674384845 328981 254495 204837 142765 86901
E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693
F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693
G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486
H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486
I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279
J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279
K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072
L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865
M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865
N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865
Prices are in Rupees Per Carat
Powered by www.idexonline.com
JUNE 1st 2011
THE DIAMOND RETAIL BENCHMARK - INDIA
DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS
JUNE 1st 2011
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
29
DRB.indd 29
31-May-11 4:32:34 PM
IDEX_India_Adv.indd 104 15-Sep-11 1:37:31 PM
C
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kar032312j02 KJ print ad@Idex magazine.pdf 2012-3-23 11:21:28
4 IDEX MAGAZINE INDIA RETAIL| NO 17
magazine india retail
05 FROM THE EDITORS DESK
Gold, Diamonds & The Consumers Need For Value
06 MUMBAI DIAMOND MARKET
REPORT
Stability, Liquidity Return to Mumbai Diamond
Market
08 SPECIAL REPORT
Does A Credible Diamond Price List Exist?
14 SPOTLIGHT
Gemfields Showcases Zambian Amethyst Jewellery
15 TRADE SHOWS
Butterflies At Basel Signal Trend Change
19 RETAIL ET CETERA
Forevermark Announces South Africa Rollout Plans
24 The Power Of Trust
27 DIAMOND RETAIL BENCHMARK
34 COVER STORY
Gold No Longer Jewellerys Dependable Crutch
42 INDUSTRY NEWS
Winners of Rio Tinto Diamonds Design Competition
Sparkle at the Oscars
48 FACETS
De Beers Wedding Ring Winners
51 STONE SOURCES
Petra Production Up To 953,553 Carats
54 CELEBRITY CHOICES
Return Of The Diamond Choker
www. i d e x o n l i n e . c o m
AP RI L 2 0 1 2
VOL. 1 No. 17
Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
EDITORs Edahn Golan, Danielle Max
IDEX ONLINE REsEARCH Ken Gassman
INTERNATIONAL CORREsPONDENT
Tamar Katzav
ADMINIsTRATION & MARKETING
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PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A
ISSN 0334-6838
2003 IDEX ONLINE S.A.
CONTENTS
APRIL
Editor
5 IDEX MAGAZINE INDIA RETAIL| NO 17: EDITOR
he Indian jewellery retail industrys worst nightmare
is on the verge of actually coming true. The Indian
consumer now longer seems blindly enamoured of gold
and that somewhat mystic connection between hard-headed
investment and socio-religious veneration of the yellow
metal seems to be coming undone.
Indians are still buying gold, but they seem to be buying more
of it in the form of primary bullion bars and biscuits. The
jewellery retailers product now also has to compete with a
dazzling array of other upscale products and services. And
an increasing number of consumers seem to be choosing
those products and services over gold jewellery.
The problem is that jewellery retail has, for too long,
depended on the investment motive to drive sales. And the
sales driver for that has been gold and not jewellery itself. At
this moment, even if the product itself was made attractive
to the consumer, the investment motive, ever present at
the back of the Indian consumers mind, would actually
act as a brake instead of as a secondary sales driver. With
gold prices going through the roof and oscillating like an
extreme roller-coaster it takes a very strong stomach to
actually invest in gold at this time.
Diamonds now seem to be showing a great deal of promise
in imparting that much-needed intrinsic worth to the value-
conscious consumer. But for diamonds to gain traction in
this arena, the consumer needs to be able to simply and
clearly value them at any given time. Up to the present, this
has been the stumbling block. Nobody has really had a clear
valuation system for diamonds.
Existing price lists have been designed for business-to-
business transactions and have been based on opinion rather
than empirical market data. This has meant that diamond
prices, instead of ebbing and fowing continuously to the
impetus of the market, have been subject to sudden and
unpleasant lurches as these listed prices have been corrected
to catch up with reality.
This opaqueness and disconnect with market forces has led
to jewellery retailers too being unsure of diamond prices and
thus unable to confdently pass on their value to consumers
who are now increasingly asking about this precious gem.
IDEX Online has addressed this problem with two
initiatives a business-to-business price list that is driven
by actual market forces and has absolutely no opinion input;
and a retail price benchmarking system, again driven by the
actual prices paid by consumers and not industry opinion.
And just so that the retailers doubts and questions are
cleared up, we take great pleasure in presenting this issues
Special Report on diamond prices and price lists.
idEX
Gold, diamonds & thE ConsumErs
nEEd For ValuE
by VI NoD KurI yAN
t
6 IDEX MAGAZINE INDIA RETAIL | NO 17: MARKET REPORT
MUMBAI
DIAMOND MARKET
REPORT
by VI NAY PAREKH
STABIlITy, lIqUIDITy RETURN TO MUMBAI
DIAMOND MARKET
tability and liquidity have returned to the Mumbai
diamond market. The Indian diamond industry had
begun this year in a state of great uncertainty. Most players
thought that both rough and polished prices were too high
and that a major price correction was in the offng. However,
the Hong Kong Jewellery Show in February saw diamond
prices remaining frm and the industrys confdence level
got a much-needed shot in the arm. The Baselworld show
in March, though it didnt see anything special in the way of
demand for loose diamonds, also saw the price line being
held.
Indian diamond dealers now think that this year wont see
any drastic changes in prices and that demand too will
remain at current levels at least, even if there isnt any major
overall increase.
Another major factor responsible for the relatively high
confdence levels in the industry is that for the frst time
in many years, the diamond industry has ample liquidity.
Industry watchers attribute this to the fact that players had
good margins in last years rampant bull-market that ran
from the beginning of the year through to July. With cash in
hand, diamond dealers have a much more confdent attitude
to doing business now.
The fears of a price correction had been stoked by the
industrys nervous perception that the strong price rise
of over 30 percent in the frst six months of last year was
unsustainable. Prices had fallen over the latter part of last
year and there was some downward movement through the
beginning of this year as well. But overall, prices have held.
Fancy shapes, in fact, have seen a strong prices rise, with
goods on average costing more than 10 percent more than
the prices at Diwali last year.
There is also some resistance to goods from Zimbabwe in
the Mumbai market. While some dealers said these goods
had a poorer luster than average when polished, others said
there was some consumer resistance to buying these goods
from the Indian metros. They continue to sell well in the
smaller towns. IDEX
S
7 IDEX MAGAZINE INDIA RETAIL | NO 17: MARKET REPORT
-0.01 (-2 ) Good demand for SI2-I1 goods.
Fair demand for VVS/VS goods.
Overall steady demand & prices will be seen.
Goods will be available in most of the clarities.
-0.02 (+2-6.5) Very good demand for white SI2-I2 goods.
Good demand for VVS-SI/I-K col.
Fair demand for white VVS-VS goods.
Demand will remain strong. Firmness in the
prices will be seen.
0.03-0.07 (+6.5-11) Good demand for VS-SI/I-K col. & white SI2-
piqu goods.
Pickup in demand is expected. Prices will
remain stable.
0.08-0.14 (+11-14) Good demand for SI & piqu goods.
Fair demand for VVS-VS/J+ goods.
Demand & prices will remain stable.
Shortages in piqu goods will be felt.
0.30 (1/3) Good demand for VS-SI goods.
Fair demand for piqu goods.
0.50 (1/2) Very good demand for VS-SI/J+ goods.
Good demand for I1/I2.
0.75 (3/4) Good demand for +0.90 cts. SI+/F-J col.
Fair demand for I1-I2/J+.
Demand & prices for VS-SI /+0.80 cts.will
remain strong. Shortages will be seen for
+.90 cts.
1.00 (4/4) Very good demand for SI & piqu / D-J col.
Good demand for VVS/VS/F-M col.
Overall demand will be stable, prices will
remain firm. Shortages for lower colors will
be felt.
0.15-0.17 (+14-15.5) Good demand for SI2-piqu goods.
Fair demand for VVS-VS/J+ goods.
Shortages in piqu goods will be felt.
0.18-0.22 (1/5) Fair demand for VVS/VS & piqu goods. Overall demand will remain low, prices will
be soft.
0.23-0.29 (1/4) Good demand for SI1+ & piqu goods. Overall demand will remain low. Shortages in
piqu goods will be felt.
0.40 (3/8) Good demand for VS-SI goods.
Fair demand for piqu goods.
+3.00 Fair demand for VS-SI/G-L col. Overall demand & prices will remain soft.
MUMBAI DIAMOND TRADING IN MARCH
Size in Carat
(Sieve)
Comments Forward Call
espite repeated attempts by a number of frms to
create a credible, consistently reliable price list for
polished diamonds, no one has gotten it quite right. Some
are closer than others, but perfection has not been
reached, yet.

From a diamond traders viewpoint and from this analysts
viewpoint there is simply not enough information to be
able to gauge the diamond trading market as accurately
as traders, analysts, buyers and sellers can gauge similar
markets for other commodities, equities and real estate
transactions.

In a way, this comes as no surprise. After all, the diamond
industry has been shrouded in secrecy for decades. Change
and transparency come very slowly.

D
IDEX OnlInE REsEaRch:
DOEs a cREDIblE DIamOnD
PRIcE lIst EXIst?
Unfortunately, in the diamond bourses,
traders can easily see only one side of
the market the ask price. And, often,
the ask price is artificial. Bid prices
the price buyers are willing to pay are
not available. As a result, sellers operate
at a disadvantage, since they really cant
gauge fundamental demand. Buyers,
too, operate at a disadvantage; sellers
can take advantage of uninformed
buyers.
mEmO
8 IDEX MAGAZINE INDIA RETAIL| NO 17: SPECIAL REPORT
sPEcIal REPORt
by KEN GAssMAN
both diamond buyers and sellers can be easily misled by
current trading practices in the market.
Even in the few cases where prices of so-called actual
trades are published, there is a lack of transparency.
No one knows where the buyer and seller started their
negotiations. Further, there is little information about
fundamental demand, when a single price is
reported. Far too often, these actual
trades may represent only one sale,
and it may be an aberration from
the norm. Finally, too few actual
trades are reported, leading to
more misinformation.

Does the DiAmonD
inDUstry reAlly
wAnt pricing
trAnspArency?
The diamond industry
says it wants pricing
transparency. In this case,
actions speak louder than
words. If the industry really
wanted transparency, its
participants would have
created a trading market
similar to the fnancial
markets, with a system
for determining clear
bid and ask prices
DiAmonD price lists ABoUnD, BUt Are they
AccUrAte?
There are many price lists for polished diamonds. The
problem is none of them offer anywhere near the level
of transparency found in other markets, especially the
fnancial markets.

When a trader places a buy or sell order for
stocks, bonds and commodities, he can
see both sides bid (or buy) and
ask (or sell) prices of the market.
Transactions in the fnancial
trading markets are transparent.

Unfortunately, in the diamond
bourses, traders can easily see
only one side of the market the
ask price. And, often, the ask
price is artifcial. Bid prices
the price buyers are willing
to pay are not available.
As a result, sellers operate
at a disadvantage, since
they really cant gauge
fundamental demand.
Buyers, too, operate at
a disadvantage; sellers
can take advantage of
uni nf or me d
buyers. Thus,
In our 20 years of experience on Wall Street, we never had
any trouble gauging the market based on bid and ask
prices. We often questioned why the certain securities
had valuations (prices) that appeared too high or too low,
but we never failed to obtain a price at which we could
make a guaranteed transaction.

shoUlD DiAmonD pricing schemes Be
trAnspArent?
There are several reasons to support pricing transparency
for diamonds and other commodities particularly colored
gemstones used in the jewelry industry. These reasons
include the following: integrity, credibility and certainty.
In our opinion, the jewelry industry engages in pricing
roulette at both the retail and supplier level. At the retail
level, consumers are bombarded with promotions offering
price discounts the deal of the day similar to car
dealers and furniture merchants where list prices are
fctitious. Casual shoppers dont know the real price they
should pay for jewelry. Further, many smaller jewelers who
generate limited volume dont watch the market on a day-
to-day basis; suppliers often take advantage of their lack of
market expertise.

how efficient cAn trADing mArkets Be?
Trading markets operate on the basis of the ineffcient
market theory. Prices move up or down, based on asset
fundaments that are driven primarily by supply and demand
and information about the likelihood of future supply and
demand. In a perfectly effcient market, the bid and
ask price would be identical (except for a trading fee or
commission).

Trading markets should be slightly ineffcient. Those
ineffciencies reveal critical information about marketplace
conditions: Is demand strengthening or weakening? Is the
supply of goods tightening or loosening?

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

whAt is the AnAlysts viewpoint?
A Wall Street securities analyst our occupation for 20
years can never have too much information. That is our
currency. A well-informed analyst is well-respected; an ill-
informed analyst is soon out of a job.
when buyers and sellers do not have
access to price trading data, levels
of integrity and credibility drop and
uncertainty rises. there is always the
lingering question: who is the stool
pigeon in this transaction? our view
is that the diamond trading markets
are highly inefficient, based on current
trading and transaction practices.
for diamonds. There are systems for trading thousands
of different equities; the same systems would work just
fne in the diamond market, if the market actually wanted
transparency.

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

When we review all of the industry price lists, we continue
to gravitate to the IDEX Online price database for analytical
purposes. Why? Because it reveals more information than
any one else is willing to disclose.

Do we have a confict of interest? As a result of our
relationship with IDEX Online it publishes our
proprietary research on an exclusive basis (we are not
an employee) it could be argued we have a confict of
interest, when it comes to comparisons between various
industry price lists. We argue just the opposite: as part of our
research, we have examined and analyzed various industry
price lists, and we made our choice of business partners
based on our fndings related to among other things the
integrity of the information in the IDEX Online price list
versus alternative prices lists in the industry.

price lists: whAt Are the cUrrent
AlternAtives?
As an industry analyst, we see fewer than fve meaningful
competitors who compile diamond price lists. At the
suggestion of our attorney, we wont name them. Nor will
we evaluate each of them individually. Rather, well point
out some shortcomings that plague some of these price
lists and give us heartburn as an analyst.
editorialized prices Some industry price lists refect
what we call editorialized prices. In other words, many
of the prices appear to be the publishers opinion of what
the price of a particular diamond ought to be, rather
than a refection of actual trading prices. In other cases,
there is too little trading volume to report market asking
prices, so prices are interpolated. That is, they represent a
mathematical calculation based on trades of similar, but not
identical categories of diamonds.
sample size too small Many of the competitive price
lists take only a sample of diamond pricing activity, rather
than refecting the entire market. Sampling may be fne for
predicting the outcome of a political election, but it is not
a viable method to calculate diamond prices. Worse, the
sample sizes are often too small to represent actual market
trading activity. Finally, some of those diamantaires sampled
may throw in a red herring they may deliberately
misreport the price of a diamond category in an effort to
try to infuence the trading market in their favor, especially
when they know they have signifcant infuence in the
compilation of a particular publishers price list.
high asking prices At least one (or more) price list
reports high asking prices. These high asking prices
an artifcial level at which virtually no trades occur allow
traders and retailers to claim they are offering a signifcant
discount to the industry wholesale price list. Insiders know
the prices are high ask. But outsiders are bamboozled by
these fake prices, similar to the prices automobile dealers
put on their cars. These artifcially high prices decrease
industry transparency and reduce industry integrity and
credibility levels, especially in the minds of consumers.

misrepresentation of free-market transactions
Some price lists claim to compile free-market transaction
prices when, in reality, they include special prices that suppliers
have negotiated with their customers that include allowances
for co-op advertising, exclusivity and volume discounts. At
best, the artifcial prices associated with these special deals
distort true market prices; at worst, they misrepresent the
market and add to the misinformation that exists.

The IDEX Online Polished Diamond Price list eliminates
these four major problems that have an unwanted impact
on other industry price lists.
no editorialized prices If there are no offers (ask
prices) in a particular diamond category, no prices are
shown. This is an important piece of information for
traders. It indicates that market activity has dried up.
Further research by the trader will reveal whether it is a
demand or a supply problem.
when we review all of the industry
price lists, we continue to gravitate
to the iDeX online price database for
analytical purposes. why? Because it
reveals more information than any one
else is willing to disclose.
no sampling IDEX Online prices and the related indices
refect trading prices for the entire universe of diamonds
listed for trade. There is no sampling; all goods offered for
sale comprise the IDEX Online price matrix.
no artificial ask prices Prices refect the real ask
prices in the market. Traders dont need to stop to calculate
discounts from a so-called list price.
no special deal prices IDEX Online prices represent
only market prices that are offered to everyone, regardless
of their volume, advertising needs, or other factors that
could affect a special negotiated price.

Here are some other advantages we see, from an analysts
viewpoint, to the IDEX Online Polished Diamond Price
list:
- It is derived in real-time from asking prices of inventories,
which over 1,000 diamond suppliers post online with
IDEX Online. These inventories are updated daily.
- While the average asking price is posted on the price
grid, buyers can search the list of individual asking prices
used to calculate the average asked price.
- When buyers and sellers need more information on a
specifc average asking price on the polished diamond price
grid, they get data such as the highest priced 10 percent
of the goods, the lowest priced 10 percent, the prior three
months average prices, and demand and supply graphs.
- The IDEX Online system rejects prices that dont make
sense. If a dealer attempts to manipulate the system, the
IDEX Online algorithms spot fake prices. Those fake
prices are eliminated.
In the early days of television in the U.S., there was a police
show called Dragnet, which starred investigative detective
Joe Friday. When Detective Friday was interrogating
witnesses, they often strayed from his queries. He would
get them back on track with his classic quote uttered in
almost every episode of Dragnet: The facts, maam, just
the facts.
As a research analyst, thats all we want: just the facts. And
the IDEX Online Polished Diamond Price List, with its
integrity, credibility and certainty, is our choice for the
facts, just the facts. IDEX
ol oured gemstone mi ner
Gemfields collaborated with
maverick Australian designer Jordan
Askill for his Spring Summer 2012
j ewel l er y col l ecti on. Featuri ng
unique and ethically mined Zambian
amethyst from Gemfi el ds, the
collection reflects the strength and
purity of the exceptionally intense
amethyst stone.
C
GEMFIELDS SHOWCASES
ZAMBIAN AMETHYST JEWELLERY
Producer of approxi matel y 20
percent of the worl ds mi ned
Zambian emeralds, Gemfields for
the very first time showcased its deep
purple Zambian amethyst, what it
says is one of the most inspirational
gemstones of all times.

Jordan Aski l l s Spri ng Summer
2012 explores the process of raw
crystal carving and each Zambian
amethyst piece is a marriage of hand
carved craftsmanship and digital
technological advances inspired from
the serene idealism of the Emerald
Buddha.
Anna Haber, Gemfields Director
of Global Marketing and Public
Relations, said, It is always exciting
to work wi th fabul ous j ewel r y
designers across the globe and Jordan
Askills Zambian amethyst collection,
especially the Swallow, is extremely
well designed and we expect it to be a
great success.
Askill explains, I designed these
pieces to reflect the strength and
purity of the stone and working with
Gemfields allows my process and final
product to protect the environment
and stay true to nature.
Gemfields PLC is an AIM listed
company, one of the worlds leading
col oured gemstone producers,
vertically integrated from exploration
through mining and all the way to
marketing. Its focus is on providing
the market with reliable and ethically
mined Zambian emeralds, which
uphold global best practices while
remaining in accordance with the
highest levels of environmental,
social and safety standards. IDEX
14 IDEX MAGAZINE INDIA RETAIL| NO 17 SPOTLIGHT
SPOTLIGHT
The standout piece of the collection, the Masterpiece
necklace, has two detachable butterflies that can be used
as a pendant or brooch. This versatility is also seen in
the other butterflies in the line, which can be worn as a
pendant, a brooch or set on a ring.
The collection also includes a bracelet-ring made of three
elements: a spring lock bracelet, a joining piece and a ring.
The bracelet can either be worn in combination with the
ring or both pieces can be worn alone, making them more
accessible.
Another company embracing the butterfly motif is Sicis
Jewels, which launched its first-ever jewellery collection
today. The company is based in Ravenna, Italy, and is
he Baselworld watch and jewellery show that ran
from March 8 to 15 in the Swiss city of Basel,
saw jewellery trends moving toward nature. Butterflies in
particular seemed to be the rage. While a few years ago it
was all seemingly homage to the macabre with skulls and
other slightly ghoulish icons, this year perhaps in a bid to
lighten potentially worried moods butterflies have found
their way into many display cases.
Italian fine jewellery house Damiani has a stunning new
collection called, simply, Butterfly. Forming part of
its Masterpiece range of ultra-high end pieces, the line
comprises white gold butterflies which comes in three
different sizes embellished with multicolour sapphires
and diamonds.
T
by Dani elle Max
BuTTerflies AT BAsel show
signAl Trend ChAnge
I ndI a among TargeT markeTs
Jewellery by Damiani
15 iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT
show rePorT
renowned for its art mosaics. In what it terms a natural
evolution, Sicis has reinterpreted the age-old technique
of micro mosaic. As well as the butterflies, sea creatures,
tigers and flowers have all been painstakingly reproduced in
micro mosaic, using tiny pieces of glass and gold, to create
jewellery that is truly different and eye-catching.
IndIa among TargeT markeTs
The company is hoping to appeal to buyers in the same
regions where it sells its mosaics and furniture, such as
the Middle East, Russia and India. Certainly, some of the
larger, more intricate pieces would not find an easy home
in the US and Europe. Speaking for the company, Eleanor
Milano seemed relieved about the positive reactions the
collection had gathered at the show. I feared we would not
be understood, she said. Of course, it always goes down
to taste, but I worried that people would not understand
what is behind the designs. So far, she said, there had been
almost complete enthusiasm for the brand.
If butterflies were proving one trend, pinks, lilacs and soft
purples seem to be providing another. Brazilian company
Brumani is never afraid to use exciting color combinations,
and its new collections are no different. The Confetti and
Streamers line makes good use of the move towards pink
seen in so many display cases. The line utilizes yellow gold
set with pink sapphires, rose quartz and yellow sapphires.
The companys Panach collection also falls at the pinker
end of the spectrum with its use of mutli-colored sapphires,
diamonds, morganite and rose gold.
The companys Eduardo Brner was optimistic at the show.
However, the expectations fuelling that philosophy were
based on buyers coming all the way from Latin America
and Eastern Europe, including Russia, Kazakhstan and the
Czech Republic rather than those from the US or central
Europe.
Over at Belgian jewellery company Hulchi Bellini, rising
gold and diamond prices had triggered a change in the
product line-up. The company recently launched some
pieces using gemstones rather than its traditional, high
quality diamonds. For the same reason, Hulchi Bellini is
Watch by Damiani
iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT 16
also making items using Chinese pearls. Given the level of
business that was observed at the booth, it is a move that
buyers seemed to have endorsed.
dragons roar aT Basel
Although each year of the Chinese calendar is named
for an animal, the Year of the Dragon, which began on
January 23, seems to have especially caught the attention of
jewellery and watch designers.
The dial of the Golden Dragon watch by Kudoke features
a gold-plated dragon while the L.U.C. Tourbillon Dragon
from Chopard boasts an engraving of the mythical beast
on the plate of the internally manufactured movement.
As part of its Mimosa collection, Damiani has released the
Mimosa Dragon. The watch is available in two versions,
one featuring an 18 karat white gold case with 24 diamonds
and 22 sapphires, the other comprised entirely of white
gold and 46 white diamonds.
While dragon lovers may be a niche market, other trends
are more universal. Echoing a movement seen on the red
carpet towards shoulder dusting jewels, earrings have gone
long and they have gone big. Chandelier earrings are
living up to their name evoking crystal drops and chains.
Pearl company Utopia has some stunning examples on
display.
Bows are also putting in an appearance adding an especially
feminine touch to all types of jewellery. The bows are
present either as accents on rings, earrings or pendants,
or as the main feature. We especially love those tied up at
Pasquale Bruni.
The shape of the show seems to have been the pear or tear
drop. It was evident in all types of pieces, from chain links
and large cabochon rings to pendants and earrings. The
shape works especially well with the large array of coloured
gemstones.
Finally, when it comes to gemstones, one trend that was
not seen as much as we thought we would do is gem
slice jewellery. It looks like this unique way of displaying
beautiful gemstones in their essentially raw state still needs
time to heat up. ideX
Jewellery by Sicis
17 iDex MaGaZine INDIA RETAIL| NO 17 SHOW REPORT
Forevermark CEO Stephen Lussier, South African Actress KB and Caratco CEO
Tim Watson and Models Wearing Pieces Featuring Forevermark Diamonds
IDEX MAGAZINE INDIA RETAIL| NO 17: RETAIL ET CETERA 19
Retail
et
CeteRa
FoReveRmaRk
AnnOunCES SOuTh AFriCA rOLL-OuT PLAnS
F
orevermark, the diamond brand from the De Beers
group, recently announced its expansion plans for
South Africa.

After launching with Jewel Africa at the end of 2011,
jewelers Ntinger and Shemer, Peter Gilder and Lorraine
Efune now offer jewelry featuring Forevermark diamonds
in both Johannesburg and Cape Town.

To mark the ongoing expansion of the brand in South Africa,
Forevermak unveiled a 35 carat, fancy yellow, marquise-cut
diamond, crafted by Forevermark Diamantaire Steinmetz
Diamonds.

The diamond was worn by South African actress Keabetswe
Motsilanyane K.B. at an event hosted by Forevermark
CEO Stephen Lussier.

Today, I am delighted to add to the history of the De
Beers Group in South Africa, said Lussier. One hundred
and twenty years of diamond expertise within the De Beers
Group has been channeled into Forevermark, a diamond
brand that provides consumers with an unbreakable
promise and thanks to this promise, diamonds that they can
be proud to give and wear forever.

We are proud to be in partnership with the De Beers group
of companies to bring Forevermark diamonds to South
Africa as part of the brands global expansion, said Tim
Watson, CEO of Caratco, parent company of Jewel Africa.

We are continuing the roll-out in this market to select
retailers who have a reputation for diamond expertise and
passion which can match the high standards demanded by
Forevermark. iDeX
20 IDEX MAGAZINE INDIA RETAIL| NO 17: RETAIL ET CETERA
Jewellery by Pandora
PanDoRa
OPEnS 100Th STOrE in ASiA
espite a variety of problems, including falling sales
and an investigation into its fnancial reporting, bead
behemoth Pandora recently opened its 100th store in Asia.
The boutique is located in the Banqiao District of Taipei,
Taiwan.

The company believes Asia is its single largest long-term
growth opportunity, as its concentration on the region
refects.

The grand opening of our store number 100 in Asia marks
D
an important milestone for us, said Hans Hornemann,
president of Pandora Asia.

Pandora opened its frst Asian shop in Hong Kong in
2009. The company now has a sales presence in China,
Hong Kong, Indonesia, Japan, Korea, Macao, Malaysia,
Philippines, Singapore, Taiwan, Thailand and Vietnam.
Worldwide, Pandora jewelry is sold in more than 65
countries through over 10,500 points of sale, including
more than 670 concept stores.
iDeX
fter years of manufacturing yellow diamonds in a
lab, Gemesis now offers colorless diamonds. The
frm is also selling directly to consumers, in the hopes
of capturing a larger margin. Although Gemesis made a
similar statement in November 2010 when it announced
colorless diamonds and an e-commerce products seem to
be fnally coming to market.

The IGI-certifed colorless diamonds are priced according
to their overall quality and color; just like natural diamonds.
However, these lab-created diamonds are still lower in price
than natural diamonds with the same characteristics.

As well as the colorless diamonds, the company has also
developed its own fne jewelry line, enabling consumers
to build their own ring set with Gemesis diamonds. In
addition, Gemesis will offer sales through retailers that
subscribe to the company program including education,
approach and pricing philosophy.
Gemesis touts its diamonds as grown in a safe, controlled
a
Gemesis
STArTS MArKETinG COLOurLESS DiAMOnDS, SELLinG JEWELLErY OnLinE
environment using only modest amounts of energy with
little environmental impact. It also emphasizes that its
diamonds are confict free.

Company research indicated a keen interest in lab-created
diamonds based on increasing environmental sustainability
mindsets as well as consumers ability to positively know
the origin of their diamonds, said Gemesis.

The company added that a recent BBMG Conscious
Consumer Report stated that two out of three Americans
agree that, even in tough economic times, it is important
to buy products with social and environmental benefts.

The value proposition to consumers is tangible,
said Gemesis president and CEO Stephen Lux. Its
not only about price, but about getting the purest and
highest-quality diamonds. Add to that environmental
responsibility and the ability to unequivocally know your
diamonds origin and we have a very special product
offering. iDeX
WhAT COnTinuE TO iMPrOvE?
Ken Gassman answers this and other riddles at www.idexonline.com/research/GlobalEcon1
soCial meDia
DOESn' T BOOST SALES AnD PrOFiTS
a
ccording to a newly released study by the New York-
based Luxury Institute, there is no credible evidence
that gaining millions of fans on Facebook or other social
media sites generates increased sales or profts for luxury
goods or brands.
The Luxury Institute, which bills itself
as the objective and independent
voice of the high net worth consumer,
conducts extensive research via
wealthy shoppers.

The Luxury Institutes research shows that while luxury
consumers are online and are members of Facebook, there
is no credible proof that having millions of Facebook
fans most of whom are purely aspirational has helped
luxury brands to acquire new customers, create better
relationships or generate improved sales and profts.
Luxury consumers of all ages including todays young,
wired shoppers apparently do not put
any signifcant value on the social media
presence of a luxury brand. Some of
those consumers actually react negatively
to a luxury brands association with mass-
market media such as Facebook.

The Luxury Institute suggests that jewelers who are
considering using social media should demand that their
marketing department prove empirically that they can
deliver sales and profts without damaging brand equity.
iDeX
arry Winston, Inc. is opening a retail pavilion in
Shanghai this month, its frst fagship location in
China and its second store in the country.

Located in the prestigious XinTianDi shopping district,
the freestanding 5,800 square foot space will be the brands
frst pavilion style salon.
Featuring a two-story selling gallery, the layout was
designed to highlight different categories of Harry Winston
products, including dedicated areas for high-end jewelry,
bridal jewelry and a newly created watch salon.
H
The opening comes as part of the companys continued
global development strategy to expand its retail network to
50 doors over the next four years. A smaller salon located
at the Peninsula Hotel in Shanghai opened in January 2012.

To celebrate the opening, The Harry Winston Hope
Foundation announced a new philanthropic program
developed with the International Youth Foundation (IYF)
and the China Youth Development Foundation (CYDF) to
bring a renowned life skills curriculum to schools in China
for the frst time.
iDeX
HaRRy Winston oPeninG in sHanGHai
The Bund Shanghai
eliance Jewels, the jewellery specialty store chain
from Reliance Retail, opened a large format store
in Bangalore on March 16. Located in the central business
district area of M.G. Road, the new 7,000-square-foot store
is Reliance Jewels 5th in Bangalore. The chain now has 37
stores in 23 cities across India. The stores are located in all
the main geographic market zones of the country.
Ashok Kaul, Reliance
Jewel s Seni or Vi ce
President & Business
Head, observed while
inaugurating the store
that branded players had
transformed the Indian
jewellery industry. The
new store, he said, would
offer product in every
price range and for every
occasi on, combi ni ng
the traditional and the
modern.
The new st or e
i s one of t he
l argest operated
by Reliance Jewels
a nd s howca s es
over 25,000 designs
including a range
featuring traditional
Indi an j ewel l er y
t echni ques l i ke
fligree, naqashi,
Junagarhi pol ka,
Rajasthani kundan,
Ka r a i kudi a nd
temple jewellery. Diamond jewellery on display includes
an international range, pearl-and-diamond combinations
and Reliance Jewels Solitaire Illusions collection. To mark
the launch, the chain offered special rates on jewellery for
nine days.
R
Reliance Retail is part of the giant Reliance Industries
Limited, which last year reported a turnover of
Rs.2,58,651crore. The company features in the Fortune
Global 500 list of the worlds largest frms.
iDeX
vi Si T
WWW. I DEXONLI NE. COM
FOr Li vE uPDATES
RelianCe JeWels
OPEnS 5Th rETAiL STOrE in BAnGALOrE
The Power of TrusT:
ConClusions from The AGs Consumer
reseArCh sTudy
By Ruth BAtsoN, AGs
ast June, the American Gem Society conducted a field
research study directly with consumers. The Society
sought a diverse audience in order to get the widest range
of opinion, and focused on two distinct, though similar
in size, cities: San Francisco and Minneapolis. Our goal
was to find ways to better connect and communicate with
consumers. Like any research endeavor, our findings led to
conclusions that we were not expecting.
What we learned echoes a recent Gallup poll that
showed jewelers have only a 20 percent rate of trust with
consumers. In fact, jewelers in that poll ranked near lawyers
and members of Congress.
Our study was divided into four separate, select focus
groups of men aged 24-59. Half were in the process of
buying an engagement ring (Bridal) and the other half
had purchased one and were considering an anniversary or
other purchase (Non-bridal). There were also groups of
l
women divided into the same age range and the bridal vs.
non-bridal categories.
The men in our study made it clear
that they were out of their comfort
zone when shopping for jewelry and
need guidance. The typical male in
the group was highly overwhelmed
by the shopping process. He was
intimidated by his lack of knowledge,
and appreciated guidance, but resisted
being talked down to.
In the spirit of full disclosure, its worth noting that our
sample size was relatively small therefore, this information
should not be construed as a statistical finding. While much
of what we learned is proprietary information, we believe
that it is important to work together to better the image
of the industry. We all benefit from a public perception as
trustworthy professionals.
One of the key components we learned flies in the face
of much of the conventional wisdom in the way jewelers
market themselves: focus on the man, not the woman.
Women choose the shape and style of the jewelry they
want, and even often the brand, but it is the man who
decides which jeweler they will shop with.
The men in our study made it clear that they were out
of their comfort zone when shopping for jewelry and
need guidance. The typical male in the group was highly
overwhelmed by the shopping process. He was intimidated
by his lack of knowledge, and appreciated guidance, but
resisted being talked down to.
In fact, the men said that their unfamiliarity with buying
jewelry and their natural inclination to not trust jewelers
meant they are very guarded with jewelers. They worry
most that they will be taken advantage of. The average male
in the study expressed that he does not like feeling out of
control, and fears being given misinformation.
Notably, many of the men described an almost adversarial
relationship with jewelers. Their lack of knowledge about
jewelry takes them out of their comfort zones and they
have to cede control to someone whose motives they often
distrust. One of the men in our San Francisco bridal focus
group had this to say about jewelers, I feel like Im going
into battle with these guys when I walk in the door. Their
livelihood is dependent on the markup. If they think they
can fleece you and mark it up an extra $500, theyre going
to do it. Its like buying a car.
Given their inexperience and underlying mistrust, men said
they often turn to friends and family for a recommendation
in finding a jeweler. This was the surefire trust credential
I dont know how to judge quality of
merchandise. Whats really important
is someone I can trust. I trust when
they say this is quality.
that men desired and typically they were recommended to a
specific salesperson, not just the store.
Trust was also an issue with women. All respondents were
given a series of factors they consider when searching
for a jeweler. Trust ranked third, collectively. Quality of
merchandise ranked as the top consideration, followed by
a recommendation from a friend. Price ranked fourth,
followed by customer service.
I dont know how to judge quality of merchandise, said
one of the non-bridal women in the San Francisco focus
group. Whats really important is someone I can trust. I
trust when they say this is quality.
A gentleman from the non-bridal group in Minneapolis
stressed the importance of recommendations from his
social circle. If my friends who have bought a lot of
jewelry say they trust these guys, then thats how I judge the
quality of their merchandise.
So what can you do to appeal to customers and build
trust? Obviously, a high level of knowledge is important.
Customer service was paramount to most respondents and
listening to and understanding them were considered two
key components of good service.
The passion you show in your profession is another factor
that attracts them. A number of our respondents made it
clear that they felt independent jewelers in particular had a
more artful approach to jewelry and cared more for their
craft. They were seen as committed to creating beautiful
pieces, took pride in their work and were in the business for
the long haul. As one man in the San Francisco group put
it, he trusted jewelers who convey a real intensity that they
believe in what theyre doing.
Your devotion to quality products, quality service and to
creating a good experience for your customers will come
through in your sales presentation. Our study shows that
participants found the most ideal experiences tended
to involve a professional jeweler educating them about
a particular piece in an informative, honest way without
talking down to them. This in turn made them feel more
comfortable because the jeweler was focused on educating
them versus pushing the sale.
From that good shopping experience, you create trust, and
that trust, in turn, creates positive word of mouth. You
then have the ideal situation: your customers referring you
to their friends as their trusted jeweler of choice. ideX
TRADE SHOW FOR JEWELRY AND WATCHES
FEBRUARY 22 25, 2013
MESSE MNCHEN INTERNATIONAL
INHORGENTA.COM
inho13_AnzBesucher_210x270_E.indd 1 30.01.12 10:12
For the first time ever, Indian diamond jewellery retailers
have a retail benchmark for diamond prices, enabling
them to assure their consumers about the retail prices
being charged for diamonds. The endorsement of the All
India Gems & Jewellery Trade Federation (GJF) makes
the benchmark prices accepted countrywide, giving the
consumer further confidence to buy diamonds.
The Diamond Retail Benchmark (DRB) is derived from up-
to-date market data using an objective and fully transparent
system. Standard retail mark-ups across the country have
been factored in to ensure that the norms of every geographic
market in the country are accounted for.
The diamond category is one of the few retail sectors that
up to now has not had a credible retail price benchmark
for consumers. For consumers, many of them first-
time diamond buyers, the purchase of a diamond may
sometimes prove to be a confusing experience. As a
luxury product that is bought to celebrate major life
events and which will accompany them everywhere,
confidence is essential. Consumers should be able to
buy a diamond with the confidence of knowing they
paid a fair price.
The DRB presents a retail price benchmark for a diamond
based on each of the 4Cs Cut, Carat, Colour and Clarity.
The DRB should be used as background information
only. Actual prices are determined by the sellers.
Your input will only make the system better. We urge
you to contact us at anytime with your comments,
suggestions and questions.
IDEX Online
Call us at (022) 6633 2187
Fax us at (022) 6633 2186
Email us at mumbai@idexonline.com
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mumbai@idexonline.com + ;== =
=|;= =|=|; ;|| |c= +-=|=-= =|=||
ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK
(022) 6633 2187
(022) 6633 2186
27 IDEX MAGAZINE INDIA RETAIL| NO 17: DRB
Full Page template.indd 102 09-Feb-12 2:26:45 PM
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S. A. All rights reserved.
D 243106 208933 201339 150779 142986 131295 111811 88080 72092 60052 48062
E 178058 170264 166367 139089 131295 107914 100120 80086 64099 52058 44065
F 166367 162470 158573 135192 127398 96123 92126 72092 64099 52058 44065
G 150779 146882 142986 127398 123501 92126 88080 68096 64099 52058 44065
H 146882 142986 139089 123501 119604 88080 84083 64099 60052 48062 40068
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D 255795 229816 214778 180556 165368 142336 134542 99470 87780 68096 56055
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M 147032 135891 128497 121003 113409 109612 94375 79087 63499 51809 40068
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E 702338 605566 521283 492006 456085 374201 327688 283973 229466 171813 114159
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K 256894 250000 236311 212280 198391 174111 167066 160022 136491 92376 70144
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N 208783 188000 181055 170564 163569 153028 135442 117706 96023 73841 62550
APRI L 1st 2012
THE DIAMOND RETAIL BENCHMARK INDIA
DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS
APRI L 1st 2012
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
29
APRI L 1st 2012
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G 778078 656625 560052 488809 462780 417166 358313 312150 265338 176409 113359
H 566497 547112 514738 469275 436751 377998 345174 305506 231415 162520 106265
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M 238209 231415 224570 217726 197192 190298 155576 141537 120454 91827 77238
N 231415 190298 183353 176409 169464 155576 148531 134492 106265 84582 69794
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H 1312200 1203537 1137090 1046313 906725 809203 674460 569794 402278 206335 116207
I 1040218 991757 949291 827488 772532 680606 619105 520384 402278 186201 112160
J 827488 766387 729666 686701 625250 569794 520384 439648 307804 159822 109363
K 686701 680606 674460 606765 563649 514139 445893 396033 237510 120454 109363
L 557454 526529 501749 470773 439648 389788 364658 326839 224670 119205 103917
M 507944 483163 458333 433453 389788 339478 295114 269584 212980 119205 103917
N 452088 439648 427208 414768 339478 333133 275979 218225 205286 117856 96873
D 6937800 4769135 4123651 3376399 2693295 1722272 1141837 677158 561401 333583 169664
E 4360612 3987310 3382294 2800260 2288819 1381495 1135841 671113 543066 321143 156775
F 3856914 3358563 2752748 2336431 2056455 1345574 1051709 652878 524680 296263 150330
G 3020134 2503048 2324540 2044514 1710282 1207834 876898 640687 481715 271233 143835
H 2163719 1955036 1811801 1644584 1357564 1003547 822542 634592 475570 264988 137390
I 1638589 1542966 1429357 1321643 1093775 864858 743855 585831 407874 239758 137390
J 1309652 1213829 1147882 1051709 931255 731765 640687 500150 401679 214428 137390
K 1009592 985512 973421 888989 774131 658973 549161 444844 370803 163219 124400
L 749950 689349 683253 677158 610262 481715 414019 376998 314948 163219 124400
M 604117 598022 591926 579736 500150 414019 364608 302508 252398 163219 124400
N 500150 475570 438699 426359 352168 339778 296263 271233 220773 156775 117856
D 1976219 1441347 1239209 1011391 856565 644235 542966 491956 395584 259093 147082
E 1404676 1251449 1005196 868955 769484 593725 504696 459932 369754 239408 133243
F 1177708 1023731 856565 806805 681954 574740 485562 440697 356815 219624 133243
G 906175 844125 806805 681954 619005 549311 453537 414918 350320 206335 119205
H 756994 725819 644235 606365 555655 504696 434253 408473 337330 206335 112160
I 644235 606365 549311 517486 485562 434253 389139 376199 324341 186201 112160
J 523831 491956 485562 459932 427808 376199 350320 337330 291767 154027 105166
K 453537 434253 421363 389139 382644 330835 298311 272182 222372 119205 105166
L 395584 369754 343825 330835 324341 291767 272182 265637 212980 119205 103917
M 363259 350320 298311 291767 272182 252548 239408 226219 212980 119205 103917
N 343825 330835 291767 285222 212980 206335 199640 192946 159123 117856 96873
R
o
u
n
d

1
.
2
5
-
1
.
4
9
D 2307854 1699540 1524131 1293665 1061651 809652 636091 555056 447892 281225 156825
E 1645184 1475719 1263189 1122852 988060 753997 605016 529976 416117 268285 150130
F 1415118 1250999 1116757 1006495 871253 735412 573841 498501 390637 242256 133243
G 1086131 1018785 938949 877448 778727 673411 523681 479566 384243 206335 119205
H 902028 840478 791067 741607 692046 623651 498501 441547 365008 206335 116207
I 753997 729217 704436 654776 592526 536271 441547 428857 358613 186201 112160
J 629896 605016 580086 542516 504796 447892 403377 365008 294165 156825 109363
K 511091 492206 485911 460631 428857 377848 326439 287720 222722 119205 109363
L 428857 403377 390637 358613 352218 313599 287720 268285 212980 119205 103917
M 384243 365008 332884 313599 274780 261791 248801 229217 212980 119205 103917
N 358613 352218 326439 300659 255296 235761 229217 209632 183403 117856 96873
R
o
u
n
d

1
.
5
0
-
1
.
9
9
R
o
u
n
d

4
.
0
0
-
4
.
9
9
D 8550560 6823241 5094924 3800709 2906225 1860861 1276429 730965 610162 354167 186501
E 7512990 5319345 3735612 3344874 2787570 1574940 1228667 712880 567796 321143 156775
F 5962530 3664618 3155226 2947742 2443345 1503347 1198741 688749 555705 298711 150330
G 4545614 2947742 2674860 2473022 1962030 1318295 1037220 682704 507094 280126 143835
H 3469225 2223521 2128447 1944195 1646483 1228667 887440 634592 488859 273931 141936
I 2645184 1592826 1557004 1509293 1282424 1001299 809303 585981 452238 261541 141936
J 2021483 1377998 1216677 1132994 1049211 827338 743056 500999 403327 242856 137390
K 1270484 1162870 1061151 959432 857414 706884 628347 446143 370803 180156 135542
L 1055206 953437 815298 749051 688749 561751 464478 384892 317246 180156 135542
M 845374 724970 622302 579886 543565 488859 403327 348022 286321 180156 129097
N 634392 573841 513189 440048 366507 348022 323391 304856 249101 173811 129097
R
o
u
n
d

5
.
0
0
-
5
.
9
9
APRI L 1st 2012
30
D 10270434 7593975 5619055 4156225 3068795 2013639 1502498 786071 635891 363359 190797
E 7817996 6055306 4864458 4055855 2997752 2007694 1389339 732064 605765 332784 159472
F 5962530 4728767 4705136 3760542 2897132 2001799 1383393 726069 593675 308203 159472
G 4545614 3027378 3021433 2985911 2660222 1835482 1377448 702038 587680 283623 143835
H 3469225 2630596 2494255 2405326 2150230 1407224 1186601 641886 527278 277478 141936
I 2645184 2233313 2144285 1942396 1781974 1264189 1019384 587680 472822 265138 141936
J 2021483 1787920 1752248 1419165 1377448 1061201 875849 509143 418215 246653 137390
K 1544165 1347622 1329786 1132894 1019384 780076 702038 454636 381695 196992 135542
L 1180655 1013389 887840 863859 744105 702038 569544 406025 326639 190797 135542
M 899780 768086 696043 659972 617806 551459 448591 369454 295913 190797 129097
N 690048 653927 593675 503098 412120 381695 357264 320494 265138 184552 129097
D 158573 142986 139089 119604 104017 92126 72092 56055 48062 40068 32024
E 119604 115707 107914 96123 88080 64099 60052 48062 44065 36021 28028
F 104017 92126 80086 76089 72092 60052 56055 44065 44065 36021 28028
G 92126 84083 76089 72092 68096 56055 48062 40068 40068 32024 28028
H 84083 76089 72092 68096 60052 48062 44065 36021 36021 28028 24031
I 80086 72092 68096 64099 56055 44065 40068 32024 32024 28028 24031
J 76089 68096 60052 48062 44065 36021 32024 28028 28028 24031 20034
K 56055 48062 44065 40068 36021 32024 28028 24031 24031 24031 20034
L 44065 40068 36021 32024 28028 24031 20034 16037 16037 16037 16037
M 40068 36021 32024 28028 24031 20034 16037 11990 11990 11990 11990
N 36021 32024 28028 24031 20034 16037 11990 7994 7994 7994 7994
F
a
n
c
y

0
.
1
8
-
0
.
2
2
D 169165 153977 150130 134542 122852 99470 91677 68096 64099 48062 40068
E 161571 150130 146233 130645 118955 95574 87780 60052 60052 44065 32024
F 138439 134542 130645 126749 115058 91677 83883 56055 56055 40068 32024
G 134542 122852 118955 111161 107264 87780 76089 52058 52058 40068 32024
H 122852 115058 111161 103367 99470 83883 68096 48062 48062 40068 28028
I 111161 107264 103367 91677 72092 68096 64099 44065 44065 36021 28028
J 103367 91677 79986 64099 60052 56055 52058 40068 40068 32024 28028
K 79986 72092 64099 60052 52058 48062 44065 36021 36021 32024 24031
L 64099 60052 56055 48062 44065 40068 36021 32024 32024 28028 20034
M 56055 52058 48062 44065 40068 36021 32024 28028 28028 20034 16037
N 52058 48062 44065 40068 36021 32024 28028 24031 24031 20034 11990
F
a
n
c
y

0
.
2
3
-
0
.
2
9
D 314748 233913 205436 194594 172812 154476 128497 121003 105815 86781 63499
E 226769 205436 180106 176459 165568 147032 121003 109612 90578 71293 59602
F 212530 190997 169215 165568 154476 121003 109612 101968 82984 63649 51809
G 201888 169215 158173 154476 139638 113409 105815 86781 79087 55855 47912
H 176459 165568 139638 135891 121003 105815 94375 79087 75190 55705 44015
I 161871 147032 121003 117206 109612 101968 90578 75190 63649 51958 44015
J 128497 121003 105815 101968 98171 94375 82984 71293 59602 44065 36021
K 113409 105815 94375 90578 86781 82984 79087 63499 59602 40068 32024
L 98171 94375 86781 79087 75190 71293 63499 59602 44015 36021 28028
M 94375 86781 79087 75190 67396 63499 59602 51809 44015 36021 28028
N 86781 79087 75190 71293 63499 55705 51809 47912 40068 36021 28028
F
a
n
c
y

0
.
4
5
-
0
.
4
9
D 395883 282824 244604 220024 209482 181305 159922 156325 141787 108663 70943
E 300160 244604 223521 195444 188399 163519 149031 138139 127198 86131 59602
F 251599 216527 198941 188399 177758 159922 141787 134542 123501 82334 51809
G 223521 195444 181305 174161 163519 152678 138139 130895 116107 78537 51559
H 202488 184852 174161 163519 159922 149031 130895 123501 112360 78537 51559
I 181305 159922 152678 145434 141787 130895 112360 108663 93725 70943 47662
J 152678 138139 134542 130895 127198 119804 108663 93725 86131 55456 43765
K 127198 119804 108663 104966 97522 93725 82334 78537 70943 47662 35971
L 112360 101269 93725 82334 78537 74740 67146 63249 47662 36021 32024
M 108663 97522 82334 78537 70943 67146 63249 59353 44015 36021 28028
N 97522 82334 78537 74740 67146 59353 55456 51559 40068 36021 28028
F
a
n
c
y

0
.
5
0
-
0
.
6
9
D 219724 197492 182604 167716 148731 125949 106765 91177 79486 63899 44065
E 193745 178907 163919 152528 137340 114558 95074 83383 79486 56055 40068
F 171513 160122 152528 137340 125949 110661 91177 79486 71693 52058 36021
G 141137 137340 133543 125949 122152 102868 87280 75590 67796 44065 32024
H 133543 122152 118355 114558 110661 98971 83383 67796 60002 44065 32024
I 125949 110661 106765 102868 95074 83383 75590 60002 56055 40068 32024
J 106765 95074 83383 75590 67796 63899 60002 56055 48062 36021 28028
K 83383 75590 71693 67796 63899 52058 48062 44065 36021 32024 24031
L 67796 63899 60002 56055 52058 44065 40068 36021 36021 28028 24031
M 60002 56055 52058 48062 44065 40068 36021 32024 28028 24031 16037
N 56055 52058 48062 44065 40068 36021 32024 28028 28028 24031 11990
F
a
n
c
y

0
.
3
0
-
0
.
3
9
D 271033 224770 195743 192096 166317 132744 117556 98571 94774 75340 55855
E 210232 199341 166317 158873 151479 125150 109962 94774 87030 63649 51958
F 195743 177458 155176 151479 144035 113759 106165 90927 79237 63649 48062
G 184852 158873 140338 136541 132744 109962 98571 83133 71443 55855 40068
H 162620 144035 128947 121353 113759 102368 90927 75340 67546 51958 40068
I 144035 136541 117556 113759 106165 98571 83133 67546 63649 51958 40068
J 117556 98571 94774 90927 87030 83133 75340 63649 55855 44065 32024
K 102368 94774 90927 87030 83133 79237 67546 55855 48062 36021 28028
L 90927 87030 83133 75340 67546 63649 59752 48062 40068 32024 24031
M 87030 79237 75340 71443 63649 59752 48062 36021 32024 24031 20034
N 75340 71443 67546 63649 59752 51958 44065 32024 32024 24031 20034
F
a
n
c
y

0
.
4
0
-
0
.
4
4
F
a
n
c
y

0
.
7
0
-
0
.
7
9
D 508893 397182 313299 306505 289518 234562 206835 203337 192846 136491 92876
E 383893 336980 296313 292966 286121 227618 189349 185851 175310 132944 85432
F 316647 313299 282674 279277 262090 217226 185851 175310 175310 125749 77988
G 303108 272382 258693 255246 238010 213729 171813 168265 161271 107614 74191
H 275829 248401 234562 224171 220673 192846 168265 157724 147132 96573 62800
I 241507 224171 196393 192846 189349 164768 140038 122152 118505 85432 55206
J 164768 157724 154227 150729 147132 143585 129347 96573 89129 59003 43765
K 143585 136491 132944 129347 125749 118505 111261 92876 70943 51359 35971
L 129347 111261 103967 100270 92876 89129 85432 81735 62800 47462 35771
M 122152 107614 96573 89129 81735 74191 70394 62800 59003 43565 31875
N 107614 96573 92876 85432 77988 66597 62800 55206 43565 36021 28028
D 599121 459333 416916 370903 307604 253447 222572 215727 212280 149530 96023
E 459333 357664 327688 314299 287370 250000 201839 198391 188000 142486 88679
F 410322 341077 314299 310951 273831 246603 194944 184502 181055 128347 81285
G 331035 294165 283973 273831 250000 222572 184502 170564 170564 114159 74191
H 280576 277228 260242 243155 236311 219175 181055 163569 160022 106914 70144
I 250000 239758 219175 201839 198391 181055 160022 142486 135442 92376 62550
J 201839 194944 184502 167066 163569 149530 131944 103267 92376 62550 47362
K 153028 149530 142486 138989 135442 124800 114159 96023 73841 54956 39618
L 135442 117706 110562 106914 99670 92376 88679 84982 66397 51159 35771
M 128347 114159 106914 99670 84982 77588 73841 66397 62550 43565 35721
N 114159 106914 99670 88679 81285 70144 66397 58753 51159 39618 31825
F
a
n
c
y

0
.
8
0
-
0
.
8
9
APRI L 1st 2012 31
APRI L 1st 2012
APRI L 1st 2012
D 675859 521233 482264 404127 351769 318745 258543 245004 231415 162520 99071
E 598721 443295 430256 397582 345174 312150 245004 231415 217726 155576 91827
F 514738 371453 345174 338629 312150 305506 238209 224570 210881 134492 84582
G 364908 345174 332034 318745 298861 285422 231415 217726 204037 134492 84582
H 312150 292116 272032 265338 258543 245004 224570 204037 197192 120454 77238
I 292116 258543 251749 245004 238209 204037 197192 176409 176409 113359 69794
J 210881 197192 190298 183353 176409 169464 162520 141537 141537 99071 62350
K 183353 176409 169464 162520 155576 148531 141537 134492 120454 77238 62350
L 162520 148531 141537 134492 127498 120454 113359 106265 99071 69794 47212
M 155576 141537 127498 120454 106265 99071 91827 84582 77238 62350 47212
N 148531 113359 106265 91827 84582 77238 69794 62350 62350 39618 31825
F
a
n
c
y

0
.
9
0
-
0
.
9
9
)
D 1145484 884392 708084 619055 477768 380546 315248 289019 242506 167866 112160
E 840528 714428 631795 529327 458383 360961 302108 262540 222372 155576 105166
F 739758 644534 529327 490707 445444 354416 295564 255895 210881 140188 90977
G 555056 522882 484263 445444 413020 328337 282424 249201 204037 140188 84582
H 458383 400030 387040 367506 334832 302108 262540 222372 202038 133243 77238
I 393535 347922 341377 321793 295564 255895 235811 208833 181555 119205 76589
J 328337 302108 295564 275779 255895 222372 215578 195294 167866 99071 76589
K 262540 255895 235811 222372 215578 188449 174710 167866 147082 98072 69295
L 208833 202038 195294 188449 181555 167866 154027 147082 119205 98072 69295
M 160971 154027 147082 140188 133243 126199 112160 105166 105166 83833 61900
N 154027 147082 140188 133243 126199 112160 105166 83833 76589 69295 61900
F
a
n
c
y

1
.
0
0
-
1
.
2
4
D 2361011 1702988 1498901 1233763 1034173 748052 545064 402278 320494 199640 133643
E 2026229 1414618 1155226 1088679 888489 692846 526529 396033 295114 179456 110911
F 1510891 1197492 973571 888489 815298 662170 520384 370953 275979 159123 90977
G 1112860 1028127 851918 803058 692846 612960 501749 364658 269584 146733 84582
H 900629 698991 686701 668315 606765 507944 439648 358363 269584 146733 81635
I 619105 582134 569794 507944 464528 458333 414768 326839 216177 146733 79986
J 483163 445893 439648 408523 389788 370953 326839 275979 192346 120454 76589
K 383493 377248 370953 364658 358363 345773 314149 250350 185851 113809 74590
L 320494 314149 295114 275979 263189 243955 237510 205286 153277 107114 74590
M 295114 288719 269584 250350 237510 185851 172812 166317 129896 100420 74590
N 269584 256795 243955 224670 185851 172812 153277 133643 120454 95574 67596
F
a
n
c
y

2
.
0
0
-
2
.
9
9
D 3975470 2586331 2503048 2014688 1626649 1177858 762040 506295 414019 239758 133643
E 3412020 2270983 2086231 1847622 1554956 1105815 683253 475570 376998 214428 111361
F 2378098 2110112 1710282 1513090 1459233 925210 646783 463279 333583 188899 91727
G 2014688 1686401 1602768 1285721 1201839 810452 616357 457134 321143 169664 91727
H 1399430 1387490 1291717 1051709 901079 695394 585831 383143 302508 150330 85082
I 834632 828587 822542 816497 792316 634592 506295 364608 258693 146733 85082
J 798361 610262 604117 598022 573591 487860 426359 339778 239758 137390 78437
K 536920 512440 500150 481715 450989 395534 339778 277528 201689 124400 74590
L 364608 358413 352168 345973 339778 296263 246103 220773 156775 117856 74590
M 321143 308703 302508 290018 283773 246103 208034 169664 143835 100420 74590
N 277528 264988 252398 233463 195294 188899 176109 163219 130895 95574 67596
F
a
n
c
y

3
.
0
0
-
3
.
9
9
D 1220773 968126 725819 656825 504696 427808 363259 324341 291767 199640 117856
E 1054606 899980 644235 555655 498351 408473 350320 317846 259093 179456 110911
F 788169 694494 536621 530226 479167 402078 343825 311301 252548 159123 90977
G 568345 562000 517486 485562 434253 382644 337330 304806 226219 145434 84582
H 491956 466327 408473 389139 376199 324341 304806 232864 212980 138589 77238
I 414918 376199 369754 337330 317846 298311 259093 226219 199640 119205 76589
J 350320 311301 298311 285222 265637 259093 252548 219624 186201 103917 76589
K 278677 259093 252548 239408 232864 206335 199640 186201 172712 103917 69295
L 239408 219624 206335 199640 192946 186201 165917 159123 145434 103917 69295
M 212980 199640 179456 165917 152278 145434 117856 110911 110911 89878 68595
N 192946 179456 172712 159123 131695 124750 110911 89878 76589 75739 61900
F
a
n
c
y

1
.
2
5
-
1
.
4
9
D 1633094 1171763 871253 766387 679606 555056 454287 377848 307104 199640 129896
E 1122852 1000350 840478 753997 648531 536271 441547 358613 274780 179456 110911
F 981964 902028 809652 673411 561301 517386 435202 352218 268285 159123 90977
G 791067 741607 617456 561301 523681 473271 403377 345773 261791 145434 84582
H 667216 592526 511091 485911 466926 409772 358613 307104 229217 143435 81635
I 504796 479566 460631 428857 390637 371403 313599 274780 216177 136641 76589
J 365008 358613 352218 345773 320044 307104 268285 248801 189998 109363 76589
K 326439 294165 281225 274780 268285 261791 229217 196543 176809 103917 74590
L 281225 235761 209632 203088 196543 189998 183403 170164 145434 103917 74590
M 229217 222722 203088 183403 170164 163519 150130 143435 129896 95574 74590
N 203088 196543 189998 176809 143435 136641 129896 123102 109363 95574 67596
F
a
n
c
y

1
.
5
0
-
1
.
9
9
F
a
n
c
y

4
.
0
0
-
4
.
9
9
D 4279676 3492906 3095973 2829087 2277028 1318295 899430 543565 427808 255296 141936
E 3593575 2805406 2651129 2187900 2015538 1192746 809303 488859 391037 224171 116207
F 2550210 2265138 2134392 2069045 1985811 1126998 700839 470574 360312 199091 96723
G 2033373 1932254 1634542 1628597 1586831 1115008 658523 458333 335731 180156 91727
H 1509293 1503347 1497402 1491407 1300360 971373 652528 409422 311051 167466 90228
I 989359 983363 977368 971373 947442 821343 604117 391037 292516 148331 85082
J 875400 845374 827338 785222 767136 664568 476669 354167 249101 137390 83683
K 555705 549610 543565 537470 531425 525330 415568 298711 201689 129097 77138
L 458333 440048 433903 427808 421663 378747 329536 224171 156775 129097 77138
M 372652 360312 354167 348022 335731 317246 255296 173811 154726 129097 77138
N 280126 267736 255296 242856 224171 217926 199091 167466 154726 122652 70594
F
a
n
c
y

5
.
0
0
-
5
.
9
9
D 6544614 5442196 4339279 3624550 3139788 2001799 1490608 780076 635891 363359 190797
E 5383243 4575340 3713229 3163419 2891187 1781974 1025330 527278 430356 240458 146833
F 4227118 3470873 3305406 2944494 2517986 1520384 965578 509143 418215 215677 108563
G 3246253 2500200 2464628 2304456 1764139 1341677 917716 478867 393885 196992 102118
H 2375649 2144285 1966177 1924610 1692846 1198541 833933 424311 338879 184552 95673
I 1692846 1496553 1299960 1293965 1264189 1079137 750100 406025 302108 172012 95673
J 1341677 1228367 1001449 995454 971573 851918 665967 387790 258993 165767 89179
K 1001449 851918 768086 762090 708034 563499 466777 308203 203237 134143 89179
L 738110 611761 515188 503098 454636 406025 345024 234263 159472 134143 89179
M 551459 454636 406025 381695 345024 320494 265138 184552 159472 134143 82684
N 412120 381695 345024 295913 234263 221873 203237 172012 154726 122652 76189
APRI L 1st 2012
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34 IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY
We have our own traditions here in India theyre
thousands of years old and they wont just go away
overnight. But lifestyles are changing and the perception of
jewellery is changing. What the consumer thinks is value,
worth having, is also changing. We have to tap into that
change and offer our customers something that transmits
value without simply depending on the cost-price of its raw
material. We cant just go on using gold as the crutch for
our business.
by VI NOD KURI YAN
IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY 35
old is no longer the solid, dependable ride
it used to be for the Indian jewellery retail
industry. Despite what appears to have been
record consumption along with record high prices for
the yellow metal, the World Gold Council (WGC) notes
in its Gold Demand Trends review of 2011 that global
jewellery demand for gold decreased as compared
to 2010. The report noted, however, that due to the
double-digit annual price increases of the yellow metal,
value-wise consumption of gold in jewellery was good
in 2011 and was set to look good for this year as well.
It doesnt mean people will necessarily buy jewellery,
said one jewellery retailer from Delhi, who asked not to
be named. Our problem is that we have depended on
gold the commodity, to drive our businesses. We havent
taken charge of our market and made our product the
main impeller of sales. This is why we are at the mercy
of the forces that determine commodity prices factors
totally outside our control.
But, he acknowledges, taking charge of the product
is easier said than done. In developed markets, well-
established brands have been the drivers for jewellery
consumption outside the obligatory segments like the
diamond engagement ring. But here in India, where
the store itself in most cases strongly connected to
individual personalities has been the main brand for
most consumers. We all know the big issues of trust
involving the gold content of our product as well as their
valuation, including diamonds and gemstones. That
is a major stumbling block in the attempt to generate
demand for our product itself, irrespective of raw
material prices.
Raw material prices, including that of diamonds, but
particularly that of gold, have had a major impact on the
entire industrys performance over 2011 and seem set to
shape it even in the current year. Indian consumers got
hit by a double punch, says independent gold analyst
Sanjiv Arole. After having peaked at $1,895 per troy
ounce (Rs.93,266 for 31.10 grams), Indian consumers
saw gold slump to the $1,600 level and stay roughly
around the $1,700 level through to today. At the same
time, however, the rupee has slumped against the dollar
and thus in rupee terms, the price of gold remained high
above Rs.27,000 for 10 grams. This turned Indian
G
IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY
investors a sizeable number of whom still buy jewellery
with an investment motive off and so demand has
slackened. Normally this would lead to a softening of
prices, which would in turn slowly prod a return of Indian
investor interest, but the currency exchange rates and
the international economic situation have meant that
prices have remained pretty much unchanged. So the
demand in India remains uncertain too there has been
something of a ceiling on demand since Diwali last year.
Its likely to remain that way unless there is a major
movement in prices. The upcoming marriage season
beginning in April should give us some ideas as to what
is likely to happen.
Difculties In Developing Brands
Other factors have also complicated matters, even
for those who have established genuine, countrywide
product brands. The excise duty on branded jewellery,
with the uncertainty and confusion surrounding the use
by retailers of identication imprints in the jewellery
sold by them, have slowed down any move toward
large-scale transition to branded products. Mehul
Choksi, chairman of the Gitanjali Group, which owns
the Gili, Nakshatra, Sangini, Asmi and DDamas brands
among others, said in a pre-budget statement that in
the interests of developing a modern jewellery sector
in India, the government should consider the complete
abolition of excise duty on branded jewellery, ensure
that VAT was capped at 1 percent under the soon-to-
be-introduced General Services Tax (GST) regime
and create an Indian Brand development fund to
enable Indian companies to compete successfully with
established jewellery brands the world over.
Being able to compete successfully in the global
branded jewellery market would have a very positive
effect on the development of brands in India itself, the
Delhi retailer notes. We have got to get consumers to
In developed markets, well-established brands have been the drivers for jewellery
consumption outside the obligatory segments like the diamond engagement ring.
But here in India, where the store itself in most cases strongly connected to
individual personalities has been the main brand for most consumers.
IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY 38
want our product for something other than the value of
the gold and diamonds, he says. That this is something
necessary is apparent from a telling observation that
Arole makes. Jewellery demand for gold is now need
based, he says, implying that buying is triggered
mainly by socio-religious drivers like weddings and
religious occasions. This puts demand stimulation out
of the hands of the retail industry.
Those outside factors are clearly at work in the Indian
market. Arole notes, There is a liquidity crunch with
Indian consumers. They have less disposable income
and so they are careful about what they spend it on. Most
of their yellow metal purchases have been, therefore,
of primary gold biscuits and bars. So our 2011 gold
import gure of between 1,000 and 1,100 tonnes isnt
much help for the jewellery retail industry. Even silver,
which India imported more than 4,000 tonnes of last
year, was mainly driven by primary bullion purchases
for investment. Overall, buying was reduced.
An additional factor in the consumption of gold,
Arole notes, is that the Indian pipeline has expanded
dramatically in size. There are many more agencies
now licensed to sell gold, many more retailers who
have bought the yellow metal and much more stocking
overall. The actual off-take by the consumer isnt quite
in direct relation to the raw bullion gures. The WGC
Gold Demand Trends report bolsters Aroles assertions,
pegging overall jewellery and investment demand in
India at 933.4 tonnes, or a drop of 7 percent over the
previous year. The detailed break-up of the this demand
is interesting gold jewellery accounted for over 500
tonnes and the investment market demand reached
Intrinsic value is an integral part of jewellery everywhere in the world, but elsewhere,
purchase decisions are not driven so much by the desire to acquire intrinsic value as
much as the aspiration to own something beautiful (of high intrinsic value). That is the
key difference.
IDEX MAGAZINE INDIA RETAIL| NO 17 COVER STORY
366 tonnes. Indian investment demand accounted for
25 percent of total bar and coin demand worldwide.
Even globally, jewellery demand for gold, at 1,962.90
tonnes worth $99.20 billion (Rs.4,88,215 crore), was
down 3 percent over the previous year according to the
Gold Demand Trends report. Overall, however, global
demand for gold in 2011 rose to 4,067.10 tonnes worth
an estimated $205.50 billion (Rs.10,11,265 crore) the
rst time that global demand has exceeded $200 billion
(Rs.9,84,200 crore) and the highest tonnage level since
1997. However, the report noted that the main driver for
this increase was the investment sector where annual
demand was 1,640.70 tonnes, up 5 percent on the
previous record set in 2010 and with a value of $82.90
billion (Rs.4,07,951 crore).
Slowdown In Recycling
That gold purchases in India are now mainly driven by
investment, has also had a major impact on another
key factor in the Indian jewellery retail industry the
use of recycled of old gold went down. Globally, the
use of recycled gold in 2011, at 1,611.90 tonnes, was
down 2 percent as compared to the previous year. This
was the second consecutive year-on-year fall in the
recycling of gold from the peak of 1,694.70 tonnes in
2009. Interestingly, markets like Europe, the US and
Japan, which are relatively new recycling markets, saw
After having peaked at $1,895 per troy
ounce (Rs.93,266 for 31.10 grams),
Indian consumers saw gold slump to the
$1,600 level and stay roughly around
the $1,700 level through to today. At
the same time, however, the rupee has
slumped against the dollar and thus in
rupee terms, the price of gold remained
high above Rs.27,000 for 10 grams.
This turned Indian investors a sizeable
number of whom still buy jewellery with
an investment motive off and so demand
has slackened.
industry, the worrying thing is that gh prices are likely to
act as a turn-off for purchase of its product.
Intrinsic value is an integral part of jewellery everywhere
in the world, says the retailer, but elsewhere, purchase
decisions are not driven so much by the desire to
acquire intrinsic value as much as the aspiration to own
something beautiful (of high intrinsic value). That is the
key difference. He adds, however, Im not saying we
have to jump into the water to try and emulate them.
We have our own traditions here in India theyre
thousands of years old and they wont just go away
overnight. But lifestyles are changing and the perception
of jewellery is changing. What the consumer thinks is
value, worth having, is also changing. We have to tap
into that change and offer our customers something
that transmits value without simply depending on the
cost-price of its raw material. We cant just go on using
gold as the crutch for our business.
an actual increase in the use of recycled gold. The net
global fall was due to the sharp fall in the established
recycling markets of India, China and Turkey. Given the
28 percent increase in prices, this fall is indicative of the
fact that near-market supplies are drying up people
are holding out for higher prices. For the Indian jewellery
retail industry, the fall in recycling is an indicator of the
fall in overall jewellery fabrication.
Changing the gold supply scenario signicantly is
the fact that most central banks the world over, have
become net buyers of gold a trend that was established
in 2010. Purchases by central banks soared from 77
tonnes in 2010 to 439.7 tonnes. This reects the need to
diversify assets, reduce reliance on one or two foreign
currencies, rebalance reserves and ultimately protect
national wealth.
The WGC is bullish on the outlook for gold this
year, but this is based mainly on the yellow metals
investment appeal. In India and China, the worlds two
largest emerging markets, are facing pressures from
a slowing global economy and have also taken strong
countermeasures to contain ination. The slowdown
in India, according to the WGC, has had a strong
enough effect to have masked the actual growth of gold
consumption elsewhere in the world.
But it thinks gold consumption in India over 2012 will be
strong. The trouble is, this consumption is going to be
investment driven. This isnt good for the jewellery retail
industry. Last Diwali, customers bought a lot of gold
biscuits and bars from us and other retailers all over
the country. Theres very little margin for a jewellery
retailer in selling these, says the retailer from Delhi,
adding, and those trust issues have plagued us here
as well why else would consumers be willing to pay
signicantly higher prices than the market rate to buy
epoxy-sealed gold biscuits from banks?
As the WGC notes, India is still the biggest consuming
market for gold though there are signs that China
might soon overtake us. And the high prices that the
yellow metal commands are despite increases in
production. Last year, gold mine production reached a
new annual record of 2,809.50 tonnes, 4 percent up on
2010. Worldwide, gold is still the consumers metal of
choice for jewellery. But for the Indian jewellery retail
IDEX MAGAZINE INDIA RETAIL| NO 17: INDUSTRY NEWS 42
Industry news
rIo tInto dIscovers
12.76ct Pink diamond at argyle
iamond miner Rio Tinto found Australias biggest pink
diamond at its Argyle mine. The 12.76-carat diamond
is light pink, similar in colour to The Williamson Pink.
The company decided that the main stone polished from the
rough diamond would be named The Argyle Pink Jubilee,
in honour of Queen Elizabeth IIs Diamond Jubilee.
The diamond was found in October 2011, and expert
diamond polisher Richard How Kim Kam, who has
worked for Argyle for 25 years, started work on polishing
the in Perth last week.
Rio Tinto said that after two months of careful assessment
and planning, it will take about 10 days to cut and polish the
diamond as a single stone. Richard said, Im going to take
it very carefully. I know the world will be watching.
The diamond will be sold as part of the Argyle Pink
Diamonds Tender later this year.
This rare diamond is generating incredible excitement.
A diamond of this caliber is unprecedented - it has taken
26 years of Argyle production to unearth this stone and
we may never see one like this again, said Argyle Pink
Diamonds Manager Josephine Johnson. The individual
who gets to wear this remarkable pink diamond will be
incredibly lucky indeed.
More than 90 percent of the worlds pink diamonds come
from the Argyle mine.
Christies has only auctioned 18 polished pink diamonds
over 10 carats in its 244 year history.
IdeX
d
opeRa House
Still Vital for PoliShed Buying
umbais Opera House area
continues to play a vital role
in the diamond industry, despite the
move of many big operators to the
Bharat Diamond Bourse (BDB).
This was highlighted when Shairu
Gems, a diamond manufacturing
frm that is also a De Beers client,
moved its headquarters to the BDB.
Shairus managing partner Kumar
Mehta, told IDEX Magazine India
Retail that the frm would retain its
Opera House premises and continue
with its polished-buying operations
from here. Mehtas statement
underscores the important role that
M
Opera House plays for the Indian
diamond trade.
A l a r g e numbe r of s ma l l
manufacturers and dealers all still
operate out of the Opera House area,
offering the large operators a wide
variety and volume of diamonds
to fll any gaps in their inventories.
This enables the bigger operators
to completely fulfll all their client
orders, even if what is asked for is
outside their usual manufacturing
expertise.
So while Shairus sales and other
backbone operati ons shi ft to
aking its corporate social responsibility seriously,
Dharmanandan Diamonds, a client of mining major
De Beers, organized an event where psychiatrist Dr. Raish
Maniar conducted an open seminar to help employees
children cope with the stress of school and junior college
fnal examinations.
Dr. Maniar holds that while examinations are a necessary
part of the education system, learning and the expansion
of knowledge cannot take place under stress and pressure.
He outlined several methods by which children could cope
with and even eliminate the stress brought on by fnal
examinations.
Dharmanandan Group Managing Director Hitesh Patel
told the children that acquiring knowledge was by far more
T
DHaRMaNaNDaN
helPS emPloyeeS kidS coPe With exam StreSS
Dr. Maniar talks to children.
important than just coming up with great examination
results. IDeX
the BDB, it will not miss a beat
in supplying its clients whatever
they require, Mehta said. Industry
analysts said that the Opera House
area would in all likelihood remain
an important trading area for at
least another year or so. You can
consider the whole diamond trading
system to have moved to the BDB
only when all the small players also
start operating in its premises, said
one diamond dealer, adding, and
as long as the small players remain
in the Opera House area, even
the giants will have to retain their
presence there.
IDeX
Vi Si t
for li Ve uPdateS
WINNeRs of RIo TINTo DIaMoNDs
deSign comPetition SParkle at the oScarS
efore the Hollywood stars sparkled on the red carpet
at Sundays Academy Awards, they frst completed
their look with winning designs from the Rio Tinto
Diamonds Global Design Competition at the StyleLab
jewellery suite in Beverly Hills.
The suite was attended by celebrities and their stylists
many of whom were excited to see such innovation in
diamond design from talented new designers from
around the globe. Stars such as Oscar winner Marcia Gay
Harden, Allison Janney of The Help, Tabatha Coffey of
BRAVOs Tabathas Takeover, and CSI actress Barbara
Eve Harris, tried on the stunning diamond creations and
made their jewellery selections for the ultimate red-carpet
appearance, the Oscars.
B
After receiving a record number of entries, Rio Tinto
assembled an elite panel of judges who chose nine winning
designers from the US, Canada, Australia, India, China,
and Hong Kong to have their pieces made exclusively
for the 2012 Oscars. The fnished jewellery representing
the categories of Champagne Diamonds, Silvermist
Diamonds, Canadian Diamonds, and Sustainable Jewellery
were perfect for the red carpet event. The winning designs
included in the StyleLab Oscars suite included:
-
Desert Rose bracelet designed by Stacey Lindsell/
manufactured by Diarough, Uni-Design
-
The World of Champagne earrings designed by Nejal
Mehta/manufactured by AStar Jewellery
-
Rain Dance earrings designed by Michelle Buxani/
manufactured by Diarough HK
-
Canoe necklace designed by Reena Ahluwalia/
manufactured by Crossworks Manufacturing
-
The Sands of Time cuff designed by Vijayshree
Sovani/manufactured by Interjewel USA
-
Natures Beauty cuff designed by Joseph Weinreich/
manufactured by Diamond Direct LLC
Barbara Eve Harris wears The Creator necklace
Allison Janney wears Natures Beauty cuff bracelet.
-
The Silvermist Express bangle designed by Dean
Walker/manufactured by Dean Walker Designs
-
The Creator necklace designed by V. Saravanan/
manufactured by TANISHQ and FOLEY Designs
-
Tyger, Tyger fan designed by Nadia Neuman/
manufactured by Mondial
After browsing the jewels in the suite, Allison Janney wore
the Natures Beauty cuff featuring Silvermist Diamonds.
Tabatha Coffey, who hosted the TV Guide Channels
Oscar coverage, wore The Sands of Time cuff bracelet
to complete her look, also featuring Silvermist Diamonds.
Actress Barbara Eve Harris looked stunning in The World
of Champagne earrings as she accompanied Lou Gosset
Jr. down the red carpet. This experience provides these up-
and coming, talented designers with major exposure and
the ultimate opportunity to be showcased at the Oscars.
IDeX
Marcia Gay Harden tries out the Canoe necklace.
Tabatha Coffey wears the Sands of Time cuff bracelet.
he Gem & Jewellery Export Promotion Council
(GJEPC) picked 47 frms to showcase a wide variety
of Indian-designed-and-manufactured jewelry at the
Baselworld 2012 trade show. This initiative is part of the
GJEPCs effort to showcase India as a design destination
to the global jewelry retail industry.
The selected frms were located in the special, 140-square-
meter India Palace in Hall 2 at the show. This display
was in addition to the India Pavilion in Hall 6 and was a
dramatic increase in the GJEPC-backed India presence
T
INDIaN BaselWoRlD INITIaTIve
ShoWcaSeS JeWellery deSign ProWeSS
at the show.
GJEPC Chairman Rajiv Jain observed that Indias gem and
jewelry exports rose 21 percent in 2011 and that the country
exports 95 percent of the worlds diamonds, accounting for
over 70 percent by value of the global diamond trade. With
the Baselworld initiative, the GJEPC has signaled that it
is making a dedicated effort towards taking the Indian
industry to a leadership position in the feld of jewelry
design and fabrication, he said.
IDeX
NeW GIa DIGITal RepoRT
featureS detailed diamond image
format allows GIA to offer the service at 10 percent
below the price of the paper-based Dossier and Diamond
Grading Report fees.

This service delivers the same
grading metrics described on the
GIAs printed reports, but with the
added feature of a detailed face-
up image of the diamond captured
during the grading process. This
image and the diamonds metrics
are permanently stored in GIAs
database, ensuring permanent access
to the diamonds information and its
identifcation.

Our goal is to continue to develop
methods that allow us to deliver
technical information to our clients
rapidly and, in turn, help our
clients pass that information on to
their customers, said Thomas M.
Moses, GIA senior vice president of
laboratory and research.

According to Moses, the GIA has
further plans to expand its digital
offerings. IDeX
he GIA (Gemological Institute of America) has
added the GIA Diamond eReport to its list of
services. The new service delivers GIA grading results
completely online.

The GIA Diamond eReport is
available for natural, D-to-Z color
diamonds from 0.15 to 2.99 carats
and delivers grading results via
Report Check, GIAs secure web-
based report database.

This new digital-only report provides
grading results in a format that is
not only more environmentally
responsible, but also meets the needs
of an evolving marketplace where
information must be accessed and
communicated rapidly, said GIA.

The online report facilitates trading
by allowing easy sharing of report
results and diamond images via
email, online and mobile devices, as
well as providing instant access to
report results from anywhere in the
world via Report Check.
As an added beneft, the paperless
T
DIaMoND eTf fIlING suBMITTeD To sec
Since 2003, there has been a signifcant increase in
diamond prices due to, among other things, increased
consumer spending in the United States and Asia, targeted
marketing of diamond jewelry and accelerating shortage of
high-quality rough diamond supplies, IndexIQ stated in
the fling.

It emphasized that the trust would not trade in derivative
instruments tracking the price of diamonds or the
performance of the diamond industry, but rather it would
take delivery of diamonds that meet its standards.
IDeX
ndexIQ, a New York-based investment frm, recently
fled with the Securities and Exchange Commission
(SEC) to register IQ Physical Diamond Trust, an exchange
traded fund (ETF) backed by diamonds.

According to the fling, the trust will hold 1 carat, GIA-
certifed natural gem quality diamonds, consisting readily
available, industry standard diamonds in common use
among diamond dealers.

The proposal said investors will buy shares in the trust, which
in turn will buy diamonds to be held in Antwerp.
I
DeMaND foR NeaR GeMs up
saRIN equIps BoTsWaNa seRvIce ceNTeR
emand for rough diamonds increased in the January-
February period, according to Diamdel. Growth in
buyer demand for the lower-cost near gem quality and
smalls was most pronounced.

At its frst cycle of auctions for 2012, Diamdel offered 323
lots of large diamonds, +2 carat stones, grainers, smalls and
near gem.
One-hundred and sixty fve businesses bid at the auction,
of which 76 were successful in purchasing the 300 lots that
were sold. No buyer won more than 26 (8.6 percent) of
the lots.

The greatest pick-up in demand was exhibited by Indian-
based businesses. Demand also improved substantially
among Israel-and Belgium-based businesses, with steady
demand from Asia Pacifc-based buyers.

By value, 58 percent of the sold lots were bought by non-
Sightholders.

All our indicators point towards a continued, broad based
strengthening in demand in the coming weeks and into
early second quarter, said Diamdel CEO Neil Ventura.
IDeX
D
Vi Si t
for li Ve uPdateS
African country. In 2013, De Beers Diamond Trading
Company (DTC) will move from London to Gaborone.
This is Sarins eighth service center worldwide. Indochine
Botswana (Pty.) Ltd, a local business venture that has
been providing Sarin with professional pre- and post-sales
services for nearly two years, is operating the new service
center.
IDeX
s Botswana moves ahead with its plans to become
a diamond hub, Sarin Technologies has shipped
a Galaxy 1000 system for the scanning and mapping of
internal inclusions in rough diamonds to Gaborone.

With plans to service the rough diamond trade and
diamond manufacturers in Botswana, Sarin opened the new
Gaborone service center to cater to the growing number
of companies that are already buying and polishing in the
a
Neil Ventura
48 IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS
De Beers WeDDing ring Winners
hen four couples said I do
at the Empire State Building
on Valentines Day, they did so as
winners of wedding rings from De
Beers Diamond Jewellers.

Prior to the big day, De Beers Diamond
Jewellers hosted the couples at its Fifth
Avenue Boutique for a champagne
cocktail, during which the wedding
bands were unveiled.

In order to win the rings, and a
pri vat e, personal i zed weddi ng
ceremony created by celebrity event
planner Colin Cowie, couples from
across the U.S. submitted videos
describing their love stories and why
they should be chosen to marry or
renew their vows at the Empire State
Building on Valentines Day, the only
day of the year the building is open
for marriages.

Sixteen semi-finalists were selected
by a panel of experts, with the public
voting for the winning couples.
The winners were Phil Fung and
Shawn Klein, who became the first
same-sex couple from New York
State to marry at the Empire State
Building; Stephanie Figarelle and Lela
McArthur from Anchorage, Alaska;
Angela Vega and Lubin Masibay from
San Francisco, California and Paula
Cubero and Enrique Catter, who are
originally from Mexico and Peru but
live in Connecticut. Congratulations!
iDeX
W
Enrique and Paula Enjoying Champagne
and their De Beers Wedding Bands
Facets
IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS 49
he Academy Awards is always
an occasion to go all out for in
terms of fashion and accessories, a
fact not lost on Chinese superstar
Li Bing Bing. The actress carried
an alligator skin Cleopatra clutch,
accented with diamonds and gold to
the Elton John AIDS Foundation
Oscar viewing party and dinner.
The front contour of the white
Louisiana alligator skin bag, which
was created by American designer
Lana J. Marks, was handcrafted from
40 carats of white diamonds set in 18
karat white gold. As an added detail,
Bings name was rendered in pink
diamonds, creating extra sparkle and
adding to the bags $400,000 price tag.
Each year, Lana Marks chooses a
celeb to carry her signature Lana
Marks Haute Couture handbag/
evening clutch. I am so thrilled to
have this extraordinary friendship and
collaboration with Chinas number
one movie superstar Li Bing Bing and
to have created this haute couture
silver Louisiana Alligator white and
pink diamond pave Cleopatra clutch
for Chinas First Lady, said the
designer. iDeX
Li Bing Bings BLing
t
Li Bing Bing and Designer Lana Marks
PoP the Question With a $55,000 cuPcake
hese days, a proposal is not a proposal unless its extra
special. For those looking to impress with something
extra sweet and extra sparkly, Cupcakes Gourmet, a
cupcake boutique in Philadelphia has just the thing a
red velvet cupcake topped off with an 8 carat diamond
engagement ring.

The diamond ring, which is large enough for cupcake
aficionados to avoid swallowing accidentally, is provided by
Warwick Jewelers, which is based in Exton Pennsylvania.
Through its tie-in with Cupcakes Gourmet, the jewelry store
is offering a 15 percent discount on selected engagement
rings; making the proposal process a little easier to digest.

For those who want to spring for something a more
modest, the cupcake-ring combo is available starting with
half carat stones.
Theres no sweeter way to pop the question to your
significant other than with a dreamy cupcake with a diamond
engagement ring sitting on top, says Maki Garcia-Evans,
owner and executive pastry chef at Cupcakes Gourmet. A
diamond is worth a thousand words, but with a cupcake,
its worth more. It suits our stores slogan, Love Tastes
Like This.

t
This is one of the most romantic deals our jewelry store
has been a part of since it opened in 1919, says Barry
Maglin, owner of Warwick Jewelers. To say, Will you
marry me? or I love you with a diamond ring and a
cupcake is simply romantic.
iDeX
IDEX MAGAZINE INDIA RETAIL| NO 17 FACETS 50
caLLs to eXhume anD senD rhoDes Back to uk
ore than a century after his death, Zimbabwean
nationalists are demanding that the remains of De
Beers founding chairman Cecil Rhodes be exhumed and
shipped out of the country.

Rhodes is remembered not only for his role in forming the
diamond mining giant, but also as a passionate supporter of
British colonial imperialism in Africa. He was the founder
of the state of Rhodesia, which was named after him.

Upon gaining its independence from Britain in 1980,
Rhodesia was renamed Zimbabwe.

After his death from heart failure in 1902 at the age of just
m
48, Rhodes was buried at a hilltop located approximately
35 kilometers south of Bulawayo, the second largest city in
Zimbabwe. Today his gravesite is part of Matobo National
Park and a popular tourist stop.

War veterans and supporters of Zimbabwes ruling Zanu-
PF party recently traveled to the gravesite to express their
anger at the continued presence of Rhodes in Zimbabwean
soil and to demand that his body be removed.

Many in Zimbabwe criticized the protest. Even president
Robert Mugabe is reportedly against the exhumation.
Government spokespersons said Rhodes is part of the
countrys history. iDeX
51 IDEX MAGAZINE INDIA RETAIL| NO 17 STONE SOURCES
irst half production, revenue and mining profts were
all up for Petra Diamonds Limited; however, the
company posted a loss for the period, which it pinned on
the weak Rand.

Production leapt 64 percent to 953,553 carats; a substantial
rise compared to the 582,102 carats mined in the frst half
of 2011, Petra stated in an interim report for the six-month
period ended December 31, 2011.

Revenue was up 13 percent over the prior year period to
$101.4 million.

The companys proft from mining activity rose 25 percent
to $30.7 million, versus $24.5 million in the frst half of
2011. Petra said this refected the introduction of the
Finsch diamond mine into the group on September 14,
2011 as well as the continuing improvement of the mines
performance, which were signifcantly mitigated by the
weaker diamond prices in the period.

Despite the good results, the company posted a loss after
taxes of $26.7 million compared to a $24.5 million proft in
the frst half of 2011. This was due to unrealized foreign
F
Petra
HI PRODUCTION UP 64 PERCENT TO 953,553 CARATS
exchange losses of $35.7 million, of which about $16
million has been reversed since the period ended due to the
strengthening of the Rand.

In its outlook, the company said both production and sales
were expected to be substantially higher in the second half
of the year due to a full six months contribution from
Finsch and the release of unusually high group closing frst
half inventory into second half sales.

The frst half of the year saw Petra consolidate its position
as one of the worlds largest quoted diamond miners, with
the completion of the acquisition of the Finsch mine,
as well as the successful move from AIM to the Main
Market of the London Stock Exchange, said CEO Johan
Dippenaar. The second half of our 2012 fnancial year
will see signifcantly higher production and sales, set against
a more stable diamond market. We remain on target to
deliver on our stated growth strategy.

Petra Diamonds has interests in eight producing mines:
seven in South Africa (Finsch, Cullinan, Koffefontein,
Kimberley Underground, Helam, Sedibeng and Star) and
one in Tanzania (Williamson). IDeX
The Kimberley Underground Mine. Image: Petra Diamonds Limited
Stone SourceS
DDI
RECEIvES GRANT fROm CARTIER
rench jewelry house Cartier is supporting the
implementation of Development Diamond Standards
for artisanally produced diamonds in Sierra Leone and has
awarding a grant to the Diamond Development Initiative
International (DDI).

DDI is working with local leaders and civil society to
identify sites where diamonds are produced in ways that
are environmentally sound, and where diggers receive a fair
price and work under safe conditions.

The diamonds will be tracked through the trading, polishing
and retail system to provide customers with gems that go
beyond standard defnitions of ethical and fair trade
products.

These pilots, if successful, stand to revolutionize the
development prospects for artisinal miners and their
communities where, according to DDI, an estimated 15
percent of the worlds gem diamonds are produced.

The Cartier grant will also support other DDI projects,
including human rights training in Africa and a major
registration project in the Democratic Republic of Congo,
which is bringing more than 70,000 miners into the formal
sector.
F
I have just returned from a month in the Congo and I
can say that Cartiers support is not just a vote of support
for our work, it is a solid example of how the concept of
corporate social responsibility has expanded beyond the
immediate corporate environment to a wider world of
development possibilities, said DDIs executive director
Dorothe Gizenga.

There are an estimated 1.3 million artisanal diamond
diggers across Africa, serving as the primary breadwinner
for families that total as many as 10 million people, DDII
reports.

These diggers earn on average, about a dollar a day, and
there are tens of thousands like them in South America
as well.

In related news, DDI announced that Susan Jacques, CEO
of Borsheims Fine Jewelry and Gifts, will be the honorary
chair of the Friends of DDI fundraising campaign.

The Friends of DDI program includes a Retailers
Friendship Kit that will allow jewelry retailers and suppliers
to demonstrate to their customers and constituents that the
industry is making a positive impact on the lives of the
people who mine diamonds using artisanal methods. IDeX
he European Commission has cleared the way for
Anglo American to take the Oppenheimer familys
40 percent stake in De Beers. Last November, Anglo
American announced a $5.1 billion agreement to buy the
Oppenheimers share in the company.

The Commission granted clearance under the EU Merger
Regulation for the acquisition of sole control of De Beers
(Luxembourg) by Anglo American.

De Beers is currently jointly owned by Anglo American,
CHL a holding company of the Oppenheimer family
and the government of Botswana, which holds a 15 percent
stake in De Beers.

The transaction may leave Anglo American with an 85
percent share in the company, unless the government of
Botswana decides to exercise an option to increase its stake
to 25 percent.
t
anglo amerIcan
GETS EU APPROvAl TO ACqUIRE DE BEERS STAkE

In January, Anglo Americans shareholders overwhelmingly
approved the proposed deal.
IDeX
ollowing BHP Billitons announcement that it was
planning to sell its 80 percent share in the Ekati
diamond mine, rumors have been rife as to who might
purchase the mine.

According to a recent Bloomberg report, a source said the
list includes Harry Winston Diamond Corp and groups
led by KKR & Co. and Apollo Global Management LLC.
Apollo, according to the report, is working with Eira
Thomas, formerly of Aber and Stornoway.

The $1 billion price for the mine seemed high, however,
sources say the deal may close at around $500-$750
million.

Talk that De Beers or Anglo American may be interested
F
Who WIll Buy ekatI?
around ended with Anglos decision to double its holding
in De Beers for $5.1 billion.

Alrosa, another leading diamond miner, may have also
toyed with the idea, however, dealing with Canadas heavy
regulations may be a turn off.

Although Harry Winston is enjoying a surge in income, it
still needs to keep a close eye on its line of credit and debts,
making it a less than likely buyer, despite the reports. In
addition, it already owns a well-mined diamond resource,
and is more likely to look for younger mines than older,
declining ones.

This leaves the feld open to investment frms such as
Apollo and KKR. IDeX
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54 IDEX MAGAZINE INDIA RETAIL| NO 17: CELEBRITY CHOICES
It was the return of the diamond choker at the 84th Annual Academy Awards. After
seasons of bare necks and undecorated dcolletage, the gussied up neckline was
back. Large diamond cocktail rings kept their place as a favorite accessory, as did
classic diamond drop earrings, with diamond chandelier earrings also lighting up
the red carpet.
No one rocked their outt more than Miss Piggy who went
all out in her role as presenter. A longtime porcine fashion
icon, Miss Piggys Zac Posen silver gown channeled one of
the trends of the night metallic hues while her vintage
Fred Leighton jewelry out-sparkled many others on the red
carpet. She accessorized with a 55 carat, 1950s diamond
and platinum swirl necklace, a 40 carat, 1950s diamond
and platinum swirl bracelet, a 1940s gold, amethyst and
diamond ring, a diamond and platinum headband with
approximately 10 carats of diamonds and a 1930s diamond
and platinum clip brooch.
CELEBRITY CHOICES CELEBRITY CHOICES
Penelope Cruz turned to Chopard for her jewelry. All
told, her platinum and pear-shaped diamond necklace,
platinum and diamond cluster earrings and platinum and
fancy-shape diamond line bracelet totaled 114 carats. The
Spanish star channeled some old fashioned glamour with
her lavender Giorgio Armani gown.
Does Natalie Portman ever get it wrong on the red carpet?
We have yet to see it. Last years Best Actress winner wowed
again at this years awards. She looked the consummate star
in a polka dot Dior Haute Couture gown, a platinum and
diamond v-shaped cluster necklace and platinum and oval
diamond drop earrings (5.76 carats each), both by Harry
Winston.
It may not have been her winning night when it came to the
awards, but Michelle Williams, a Best Actress nominee
for the movie My Week with Marilyn was a clear winner in
the fashion stakes. She matched her Louis Vuitton frock
with a pink Bottega Veneta clutch, a 30 carat Fred Leighton
for Forevermark diamond choker set in silver on gold and
a vintage 19th century Fred Leighton bow brooch, which
she wore at her waist.
Despite wearing $2.5 million worth of jewelry, the focus
was all on Angelina Jolies well-toned right leg on the
red carpet. The award presenter wore a high slit black
velvet gown from Atelier Versace and peep-toe shoes from
Salvatore Ferragamo. The actress accessorized with 20 carat
cushion-cut diamond and platinum earrings, a platinum
diamond ring featuring a 15 carat cushion-cut diamond and
a pair of platinum and diamond pins worn on the back of
her waist (25 carats), all by Neil Lane.
JLO (Jennifer Lopez) played it anything but low key in
her plunging Art Deco-style Zuhair Murad gown, mirrored
Salvatore Ferragamo clutch and Jimmy Choo sandals. She
accessorized with platinum and diamond drop earrings and
platinum and diamond rings, all by Lorraine Schwartz.
Cameron Diaz was decked out in nearly $1 million worth
of Tiffany & Co. jewelry. She wore a $560,000 platinum
and emerald-cut diamond necklace, $55,000 platinum and
bezel-set diamond stud earrings and a $302,500 platinum
and round diamond Dome ring. For her outt, the actress
opted for a shimmering metallic gown from Gucci and
Salvatore Ferragamo pumps.
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What Are Fancy-Cut Diamonds
Part 2?
The article What Are Fancy Cut Diamonds? is the second of a series issued by GIA
(Gemological Institute of America).
iamond cuts have come a long way since the
introduction of the first round brilliant. Thanks to
advances in cutting technologies and the unlimited
imaginations of cutters, diamonds can be cut in
an incredible variety of ways. Today, fancy cuts shapes like
cushions, princess, ovals and marquise are more important
than ever, maintaining their popularity against the still-
dominant round. They will always attract the diamond buyer
who loves the unique qualities that make them shine in their
own special way.
There are three major diamond cutting styles: brilliant, step
and mixed. Most often, diamond manufacturers choose the
brilliant cut, which features triangular and kite-shaped facets
that radiate from a gems center toward its girdle. A step cut
has long, narrow, four-sided facets arranged in rows that are
parallel to the girdle on both the crown and pavilion. Mixed cuts
have both brilliant-cut and step-cut elements; sometimes the
elements are separate on either the crown or pavilion and
sometimes mixed on the crown and/or pavilion. Any of these
cutting styles can be used with a variety of different shapes.
the antiQue-Cut reViVal
Although they have not taken the popular market by storm,
the increasing presence of antique cuts in jewelry shows an
appreciation for diamonds that can enhance, not eclipse, the
beauty of an elegant setting. And their subdued grace revives
the old-world charm of diamonds as objects of beauty.
Some of the antique diamond cuts revisited by designers are:
Bead: This is a rounded, completely faceted diamond, drilled
lengthwise for stringing. A strand of diamond beads can
be a glittering alternative to a pearl strand. Designers also
incorporate diamond beads as spacers in pearl strands. Most
popular in 2-mm to 4-mm sizes.
Briolette: This rounded teardrop shape has triangular facets
and no girdle. It typically dangles from an earring or a necklace.
Most popular in 0.50-ct. to 1.00-ct. sizes.
Rose: This cut features a flat base and triangular facets that
come to a peak. It can have a round, triangular or pear-shaped
face-up outline. The rose was the most common cutting style
before the round brilliant replaced it. Most popular in 3-mm to
6-mm sizes.
Old Mine Cut: Generally a cushion shape, with the facet
arrangement of the typical brilliant. The lower half facets are
much shorter than modern cuts, and there is often a fairly
large culet.
Rondelle: This diamond disk with faceted edges is often cut
from extremely flat rough. Rondelles are typically used as
ornamental spacers between colored stones or other elements
in necklaces. Most popular in 2-mm to 6-mm sizes.
The round brilliant was considered far superior to any of its
ancestors when it arrived on the scene in the late 19th 20th
century. Cut to precise proportion standards, todays round
brilliant offers very efficient light return. But many modern
designers see cut diamonds as more than just mechanisms
for returning light. They see them as sculptural works of art.
This concept of a diamonds aesthetic purpose made
variations in proportion or facet alignment acceptable again
after centuries of striving for uniformity. Designers say this
D
appealing lack of precision makes each antique-cut diamond
unique. In addition, an antique cuts toned-down brilliance
can emphasize the pattern of the facet arrangement or draw
attention to the shape of the diamonds face-up outline, which
often hints at the contours of the original rough.
As demand for antique cuts increased among designers,
diamond manufacturers began to produce calibrated versions
of them. Today, many antique cuts are being reproduced to
modern specifications. Some designers see calibrated antique
cuts and their standardized proportions as a contradiction of
the charming irregularities the cutting styles are known for,
but in practical terms, calibrated antique cuts in smaller sizes
fit well into mass-produced mountings. Most manufacturers
of calibrated antique cuts are located in India.
Step-Cut ShapeS
Step cuts, which came along in the early 1400s, long before
brilliant cuts, have long, sleek lines and a subtle gleam. The
first diamond cut the table cut was a step cut.
Many consumers admire the traditional outlines and
understated elegance of a step cut. Most have a large table
facet, which calls for a high standard of clarity for rough, and
can be a rewarding choice for a customer who appreciates a
fine diamonds transparency. The flash from the facets of a
brilliant cut can hide some imperfections.
The most popular step cut is the emerald cut. The emerald
cuts four longer sides have beveled corners. There are two,
three, or four concentric rows of facets, parallel to the girdle,
on the crown and pavilion.
Emerald cuts are usually fashioned from longer pieces of rough.
The resulting finished gems have an elegant appearance and
the step-cut style emphasizes the diamonds clarity. A well-
made emerald cut is like a reflecting pool, with a gleam thats
distinctly different from brilliant-cut styles. Because the term
emerald cut is traditionally associated with the rectangular
shape, if an emerald cuts face-up outline is square, the shape
is called a square emerald cut.
The baguette is a small, four-sided, step-cut diamond. The
sides of baguettes can be parallel or tapered toward each
other to form a wedge shape.
Baguettes were used mainly as accent stones, such as side
diamonds for a round brilliant, for decades. A popular style of the
1980s, the ballerina ring, featured baguettes radiating outward
from a center stone, creating the effect of a ballerinas tutu.
Gem and Jewellery reSourCeS in india
GIA grading reports and professional training are essential
tools for enhancing consumer trust in the retail associates
expertise. As Indias market for diamonds and gems continues
to dramatically grow, so too have the resources available to
jewellery professionals. They include:
GIA Laboratory GIA tests every diamond it grades for
laser drilling, fracture filling, irradiation, high pressure/high
temperature (HPHT) and chemical vapor deposition (CVD) to
detect known treatments and separate natural diamonds
from synthetics.
GIAs laboratory in India, located in Mumbais Bandra Kurla
Complex, grades D-Z color diamonds ranging from 0.15 carats
to 1.99 carats. The laboratory is also a take-in center for
diamonds in larger sizes and other colors, as well as coloured
stones and pearls, which are routed to GIA laboratories
worldwide for servicing. The Mumbai laboratory also offers
laser inscription and diamond sealing services.
Grading reports are not issued for diamonds that have
undergone unstable treatments, such as coating or fracture
filling. And, while grading reports may be issued for diamonds
that have been laser drilled, irradiated or HPHT processed,
these treatments are prominently disclosed on the report.
GIA Professional Training GIAs Mumbai campus offers a
wide variety of courses and instructional formats to meet the
diverse needs of Indias jewellers and manufacturers. These
formats range from on-campus programmes, lab classes, skill-
building seminars and workshops, to customised corporate
programmes, and online learning designed to minimize
disruption to work schedules. Courses emphasize hands-
on practical training, and include grading and identification
of diamonds, coloured gemstones and pearls; the detection
of the latest treatments and synthetics; professional sales
training and jewellery design. GIA courses are continually
updated to ensure the most timely and accurate information
and are taught in local languages throughout India.
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