IDEX India Retail, June 2012

Diamonds At
Denim Prices
Indias young women are
rede ning the way jewellery
is viewed and bought
June 12
MARKET
REPORT
Weak & Volatile
Rupee Slows Trade
SPOTLIGHT
Diamond & Gemstone Origins:
Premiums And Politics
SPECIAL
REPORT
Akshaya Tritiyas
White Tint
TREND
REPORT
Big Design
On A Tiny Scale
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e
x
o
n
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i
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e
.
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o
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RUSSIA
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IDEX_Ad_IDEX_001.pdf 1 3/15/2012 4:55:23 PM
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4 IDEX MAGAZINE INDIA RETAIL| NO 19
magazine india retail
05 FROM THE EDITORS DESK
Chronicles Of Change
08 MUMBAI DIAMOND MARKET
REPORT
Weak & Volatile Rupee Slows Trade, Vegas, Hong
Kong Shows Offer Hope
10 SPECIAL REPORT
Akshaya Tritiyas White Tint
15 SPOTLIGHT
Diamond & Gemstone Origins: Premiums & Politics

19 RETAIL ET CETERA
Ringing In The Changes
25 TREND REPORT
Big Design On A Tiny Scale
27 DIAMOND RETAIL BENCHMARK
34 FACETS
Rio Tinto Honours D. Navinchandras Shanti Mehta
38 RETAIL BYTES
Fred Leighton Collection Debuts
42 COVER STORY
Diamonds At Denim Prices
50 INDUSTRY NEWS
Industrys Determined Stand Sees Withdrawal Of
Excise Duty
54 STONE SOURCES
Rio Tinto Appoints New India Head
www. i d e x o n l i n e . c o m
J UNE 2 0 1 2
VOL. 1 No. 19
Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
EDITORs Edahn Golan, Danielle Max
IDEX ONLINE REsEARCH Ken Gassman
INTERNATIONAL CORREsPONDENT
Tamar Katzav
ADMINIsTRATION & MARKETING
Managing Director Yaron Barzilay
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PRODUCTION & CIRCULATION Helena Dorsht
ACCOUNT MANAGER Rinat Oz
ART DEPARTMENT
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Tera Kaur (RD Media group)
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2003 IDEX ONLINE S.A.
CONTENTS
JUNE
Editor
5 IDEX MAGAZINE INDIA RETAIL| NO 19: EDITOR
wo factors have given diamonds their unique, precious
status their rarity and consequently their prices. The
funny thing is, in order to maintain that rarifed status,
diamonds need to be seen, touched and above all used,
by even the low-end consumer in order for that hallowed
status to remain the way it is. It isnt any good faunting a
sparkler if the rest of the populace doesnt really get how
rare and precious it is!
Theres also another factor. In todays world, not everyone
wants an esoteric status symbol. Many today want only
something really beautiful and trendy, with perhaps a hint that
it is part of a world that is out of the reach of most people.
This is all very confusing and seemingly a contradiction in
terms. But thanks to the Indian diamond industry, diamonds
have managed to not only maintain their rarifed, precious
status, but have also touched the lives of ordinary, low-end
consumers. But for a long while, the Indian jewellery retail
industry didnt appreciate this and in India, of all places,
diamonds seemed to be losing their relevance to younger
women as they stayed in the very top price ranges that are
out of the reach of most people.
Fortunately, some of India very top brands and retailers
recognized this and purposefully went after a segment of
the market that most traditional jewellers have ignored.
The segment that isnt prepared to pay huge sums for its
jewellery, yet wants a product that is among the very best
in terms of design and quality. A segment that didnt want
a product that could only be worn at formal occasions but
could become a part of their everyday lives.
Thanks to these market leaders, diamonds are today enjoying
a vibrancy and relevance with the younger Indian woman.
They have maintained their rarifed status, yet have become
part of everyday fashion. Diamonds have gone to work; they
have gone to play and they have just casually gone out for the
day. Diamonds at denim prices have revolutionized the way
jewellery is viewed and bought in India.
As though to underscore the point made by our cover
story, another trend indicates that the Indian consumer
is also not all that gold-mad any more. The yellow metal
cannot take demand for granted any more not even
during a festival that was strongly promoted by both the
retail community as well as the World Gold Council as
being purpose-designated for the purchase of gold. The
fact that Indians are quite willing to buy other precious
materials like platinum during Akshaya Tritiya indicates
that the move away from simply an investment motive
and toward a more design- and fashion-oriented purchase
impulse is steadily reshaping the jewellery retail landscape
in the country.
This issues major stories are a chronicle of the evolution in
jewellery buying in India. idEX
ChroniClEs of ChangE
by VI NoD KurI yAN
t
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6 IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA
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IDEX
WHAT MODERATED IN MARCH?
Ken Gassman answers this and many other riddles at: http://
www.idexonline.com/Research/U.S.Jewelr50
8 IDEX MAGAZINE INDIA RETAIL | NO 19: MARKET REPORT
MUMBAI
DIAMOND MARKET
REPORT
by VI NAY PAREKH
WEAK & VOlATIlE RUPEE
SlOWS TRADE, VEgAS, HONg KONg
SHOWS OffER HOPE
he predominant concern in the Mumbai diamond
market at the time of reporting was the extremely
weak rupee and one that had signifcant fuctuations
in value on an almost daily basis. This, coupled with the
low level of demand from the domestic markets, had the
effect of slowing transactions considerably. Adding to
the slowdown was the fact that the diamond industry was
already in advanced stages of shutting down for the summer
vacations.
At the time of reporting, however, there was a fair bit of
optimism as dealers felt that the upcoming Las Vegas and
Hong Kong trade shows would lift demand and get the
market moving again. Demand from the US has been steady
and growing, while China demand, despite frequent worries
from market gurus, has also been good on average.
Shortages of goods persist as before and have had the effect
of steadying prices. IDEX
T
9 IDEX MAGAZINE INDIA RETAIL | NO 19: MARKET REPORT
-0.01 (-2 ) Good demand for SI2-I1 goods.
Fair demand for VVS-VS/J+ goods.
Overall demand & prices will be soft.
Availability of goods will improve.
-0.02 (+2-6.5) Very good demand for white SI2-I2 goods.
Good demand for VVS-SI/I-K col.
Fair demand for white VVS-VS goods.
Steady demand & prices are expected.
Shortages will be seen in SI category.
0.03-0.07 (+6.5-11) Good demand for SI2-I1 whites & VS-SI/I-K
col. Fair demand for VVS/VS goods.
Overall demand & prices will remain soft.
Demand will be mainly for +6.5-8 sieve.
0.08-0.14 (+11-14) Good demand for SI & piqu goods.
Demand & prices will remain stable.
Shortages in piqu goods will be seen.
0.30 (1/3) Good demand for VS-SI goods.
Fair demand for piqu goods.
Demand for SI goods will remain strong.
Shortages in SI goods will be seen. Prices
will remain firm.
0.50 (1/2) Good demand for VS-SI/J+ goods.
Fair demand for I1/I2.
Overall demand will remain good, prices will
remain firm.
0.75 (3/4) Good demand for +0.90 cts. VS-SI+/F-J col.
Fair demand for I1-I2/J+.
Demand & prices for VS-SI /+0.80 cts.will
remain strong. Shortages will be seen for
+.90 cts.
1.00 (4/4) Good demand for SI & piqu goods.
Fair demand for VVS/VS/F-M col.
Overall demand will remain good, prices will
remain firm.
0.15-0.17 (+14-15.5) Good demand for SI & piqu goods.
Demand & prices will remain stable.
Shortages in piqu goods will be seen.
0.18-0.22 (1/5) Fair demand for SI goods. Overall demand & prices will remain soft.
0.23-0.29 (1/4) Fair demand for SI goods. Overall demand & prices will remain soft.
0.40 (3/8) Good demand for VS-SI goods.
Fair demand for piqu goods.
Demand for SI goods will remain strong.
Prices will remain firm.
+3.00 Fair demand for VS-SI/G-K col. Overall demand & prices will remain soft.
MUMBAI DIAMOND TRADING IN APRIL
Size in Carat
(Sieve)
Comments Forward Call
by Vi nod Kuri yan
MEMO
10 idEX MaGaZinE INDIA RETAIL| NO 19: SPECIAL REPORT
SPECIAL REPORT
old buying over Akshaya Tritiya is rooted in tradition.
The festival is an auspicious occasion for the purchase
of the yellow metal. In tough times, jewellery retailers have
depended on the festival to lift sales and help get static
inventories of gold product moving. Jewellery retailers
from around the country reported that this did happen to
some extent. A signifcant development, however, has been
that Indian consumers have indicated that it isnt gold alone
that benefts from the auspicious nature of Akshaya Tritiya.
They have been buying increasing amounts of platinum
jewellery.
Indians have usually bought gold and gold jewellery to
auspiciously begin a year of plenty at Akshaya Tritiya. It is
believed that on this day white is auspicious and of special
signifcance as it symbolizes purity, hence white payasam
(kheer) jasmine fowers, kolam or even white vessels are used
for puja. This has worked in platinums favour. According to
the Platinum Guild International (PGI), Indian consumers
G
AkShAyA TRITIyAS WhITE TInT
PLATInuM MAkES InROAdS InTO WhAT WAS OnCE
ThE SOLE PRESERvE Of GOLd
Platinum Mahalaxmi Yantra coin.
of consumers opting
to buy platinum
jewellery, he notes,
adding, We saw a
50 percent growth in
the sales of platinum
jewellery during the
festival as compared
to last year. This year
consumers preferred
buying platinum rings,
chains and pendants.
Last year, they bought
platinum rings and
navaratna pendants.
From Baroda in Gujarat,
Paresh Soni, Managing
Director of C.H. Jeweller states
that the demand for platinum over
Akshaya Tritiya has been growing over
the past two years. We have witnessed an
approximate growth of 40 percent in platinum sales over
the festival in the last year alone, he notes. He adds, Most
of the jewellery that has been sold is in the Rs.25,000-
Rs.45,000 price range. Rings and pendant sets have been
predominant.
Suvankar Sen, Managing Director of Senco Gold in
Kolkata, says, Platinum enquires have grown considerably
this year with the consumer asking for platinum coins and
jewellery specifcally this Akshaya Tritiya. Most of our
appreciate the fact
that platinum is a
precious metal, and
has pure and eternal
white properties
that tie in with the
festival. And while
many consumers
always look for the
brand of their choice
for jewellery, as it
provides reassurance,
during Akshaya Tritiya,
many also go to their
traditional family jeweller
to buy their jewellery.
The fact that platinum jewellery
is fabricated from 95 percent pure
platinum is another factor that goes toward
boosting its choice as a pure metal a piece
of jewellery fabricated from 18-karat gold contains only
75 percent of the yellow metal. Platinums natural colour
neither fades nor tarnishes.
The Indian consumer has obviously bought into those
attributes. The big story is that platinum jewellery sales over
Akshaya Tritiya have grown exponentially when compared
to last year. From Chennai, Anantha Padmanabhan,
Managing Director of NAC Jewellers, confrms the growth
story. Of course, this Akshaya Tritiya, we have seen number
Raima Sen launching Shuddhi Jewels Swarna Mangal
and Shagun jewellery savings scheme plans.
notes, adding, We had a public relations event with an
exclusive piece the Akshaya Pathram (never emptying
vessel). We had Latha Rajnikanth (wife of flm star
Rajnikanth) blessing her daughter by presenting her with
one made from platinum. We were open to customer
orders for Akshaya Pathrams, starting with vessels made
from 9 grams of platinum.
A range of well-known jewellery retailers offered platinum
product over Akshaya Tritiya this year. These included Diti,
Manubhai Jewellers, TBZ The Original and Orra among
others.
But it wasnt all about platinum at the last Akshaya Tritiya.
The Minerals & Metals Trading Corporation (MMTC)
successfully held its fve-day Festival of Gold at the
Hyatt Regency hotel in Delhi. Speaking at the occasion,
Vijaylaxmi Joshi, Chairperson and Managing Director of
the MMTC, expressed her happiness at the strong demand
and ever-growing popularity of the Festival of Gold.
MMTCs previous gold jewellery exhibition held in Delhi
during Akshay Tritiya recorded a turnover Rs.35 crore over
a period of 10 days, she said, which clearly demonstrates
the unwavering trust of its consumers in the MMTC brand
as a supplier of gold and silver products hallmarked for
purity. She stressed the importance of Akshay Tritiya,
adding, We aim to launch at least 5 more showrooms in
Delhi-NCR to meet the growing demand of customers for
not only festive but round-the-year shopping of MMTC
products.
Shuddhi Jewels, MMTCs jewellery retail joint venture with
the Gitanjali Group, Indias largest branded retailer, is an
important participant at the exhibition. A new range of
temple jewellery for Akshaya Tritiya and the upcoming
wedding season was unveiled by actress Raima Sen at
the event. The collection consists of necklace sets, ear-
tops, jhumkas, rings and chains weighing 15 grams and
above. Shuddhi Jewels also launched its Swarna Mangal
and Shagun jewellery savings scheme plans on gold and
diamond jewellery at the event.
This time, the Festival of Gold featured over one lakh
designs of the best of jewellery from over nine states
across India being showcased in this golden extravaganza,
along with a special trendy jewellery counter. Popular picks
include lightweight coloured-stone jewellery from Goa,
reversible jewellery from Bangalore, MMTCs Sanchi range
of silverware made with 92.5 percent pure silver, and gold
and silver medallions in various denominations.
platinum coins are sold out. We have witnessed a growth
of 30 percent in platinum over last year. The growth in
gold sales, however, was marginal. Sen also said that a new
range of lightweight platinum jewellery was introduced
this year for the festival along with a platinum Mahalaxmi
Yantra in various denominations starting from 1 gram.
Anantha Padmanabhan notes that special promotions
helped boost platinum sales. There was new range of
lightweight platinum jewellery introduced this year, he
Lata Rajnikanth blesses daughter Aishwarya
with a Platinum Akshaya Patram
The fact that platinum jewellery
is fabricated from 95 percent pure
platinum is another factor that goes
toward boosting its choice as a pure
metal a piece of jewellery fabricated
from 18-karat gold contains only 75
percent of the yellow metal. Platinums
natural colour neither fades nor
tarnishes.
While the Festival of Gold exhibition in Delhi has become
a feature that is hosted twice a year (around Akshay Tritiya
and Diwali), MMTC has also taken its fagship event to
other cities like Mumbai, Goa, Kolkata, Bengaluru and
Chennai.
But the high price of gold had an impact on overall sales
around the country according to various press reports.
Analysts estimate that gold sales at Akshaya Tritiya this year
were only 10 tonnes half the amount sold last year. This
is of signifcance when one compares it with the huge gains
made by platinum in terms of sales at the festival.
Colin Shah, Managing Director of Kama Schachter, the
jewellery manufacturer that recently moved downstream
into branded retail, affrms that platinum is surging as the
metal of choice for Indian jewellery consumers and that it
has made strong inroads into the socio-religious Akshaya
Tritiya market. He observes, According to industry
insiders, the share of platinum jewellery in the overall
diamond jewellery has increased signifcantly over the
past one year and is likely to reach between 25- and 30 per
cent of total diamond jewellery sales this year. The surge
of urbanization and rapidly growing middle class in India
has taken Indian consumerism to new heights, particularly
in the platinum jewellery sector. Platinum jewellery has
successfully managed to merge itself into the various
gifting traditions.
It is clear that Akshaya Tritiya, billed as the festival of gold
all these years, is defnitely gaining a distinct white tint.
IdEX
The surge of urbanization and rapidly growing middle class in India has taken
Indian consumerism to new heights, particularly in the platinum jewellery sector.
Platinum jewellery has successfully managed to merge itself into the various
gifting traditions.
Platinum Akshaya Pathram
etermining the price of polished gems is different
for diamonds and coloured gemstones. Diamonds
are all about the 4Cs (Colour, Cut, Clarity and Carat weight),
but gemstones are about the where.
The origin of a diamond can make a difference politically
we will discuss this further down but in the marketplace,
the origin of a coloured stone often contributes as much to
its value as colour and clarity.
The premium origin for ruby is Burma/Myanmar, more
specifically the Mogok region, which has been a source
for more than a thousand years. Mogok rubies display the
highly prized pigeons blood that commands top prices
D
in world gem markets. The Burma tag is so prized that
lesser-colour rubies from Mong Hsu carry a premium over
comparable (and sometimes better) quality rubies from
other sources.
The story is much the same with sapphire, Burma again
taking the top premium for newly mined material. The
legendary Kashmir sapphires, mined more than a century
ago in the Himalayan region of their namesake, can
command extreme prices, especially if they show the
distinctive velvety cornflower blue colour.
Meanwhile, emeralds from Colombia, especially Muzo,
command premiums over all other sources.
While these distinctions have guided the gemstone market
for more than a century, gemmologists have only recently
been able to link gemstones to their sources with a high
degree of accuracy. Prior to this, it was a common practice
in the trade to mix the production of a lesser-regarded
locale that resembled Burmese or Colombian material with
stones from Burma and Columbia to obtain higher prices.
In short, identification was based on a certain look of a
stone, without any scientific basis.
While the market continues to
place premiums on certain origins,
a significant faction within the
coloured gem trade believes that
the beauty of a gemstone should be
the sole deciding factor in price.
DiamonD anD Gemstone oriGins:
Premiums anD Politics
By RUSSELL SHOR
15 IDEX MAGAZINE INDIA RETAIL| NO 19 SPOTLIGHT
sPotliGht
GIA researchers,
howe ve r , ha ve
culled information
from many thousands
of stones from ever y
known source and created an
extremely advanced testing system
to identify properties unique to each
source. Today, GIA uses this database of information to
determine country-of-origin on its coloured stone grading
reports by evaluating many factors, including distinctive
inclusions, trace element chemistry, spectral characteristics
and internal growth structures. In many cases, these factors
are related to the type of rocks that host the gem crystals.
Country-of-origin determination can become challenging
for gem-testing laboratories when very similar host
rocks and their associated gem crystals occur in different
countries.
The large database is necessary because of the vagaries of
nature many, but not all, stones from a certain location
will show distinctive inclusions, have a unique spectral
signature and contain trace elements not found in material
from other areas. Some tests, such as determining trace
elements within a stone without destroying it, require
analytical instruments and technology that did not exist
a decade ago. Further, treatments can alter some of these
tell-tale characteristics.
While the market continues to place premiums on certain
origins, a significant faction within the coloured gem trade
believes that the beauty of a gemstone should be the sole
deciding factor in price.
Country-of-origin for diamonds carries more of a political
concern than market value. There is no premium for
diamonds coming from South Africa, Russia, Canada or any
other source, with one exception: Indias Golconda mine,
which closed more than a century ago and was the source
of rare Type IIa diamonds of exceptional transparency.
The premium origin for ruby is Burma/Myanmar, more specifically the
Mogok region, which has been a source for more than a thousand years.
Mogok rubies display the highly prized pigeons blood that commands
top prices in world gem markets.
Unlike coloured gems, however, there is no reliable way to tell
the origin of diamonds once they are polished. As a result,
diamonds become anonymous once they enter the system.
Recognizing the reputational concerns that might arise
from Marange-produced diamonds, some US retailers
and wholesalers demand their suppliers not trade such
goods, while producers established dedicated mined, cut
and polished brands to ensure that stones come from one
single, trusted source.
Retailers and wholesalers should ask their suppliers if they
adhere to best business practices regarding ethical sourcing
of diamonds and gemstones, and request that they not
source gems from controversial areas such as Zimbabwe.
Members across the gems and jewellery value chain should
educate themselves about diamond and gemstone origins
in order to better answer questions from customers and
clients and to make more informed business decisions.
The Indian gem and jewellery industry has direct access to
GIA Identification and Origin reports and GIAs world-
renowned gemmology courses through the GIA India
Laboratory and Education Centre in Mumbai. iDeX
Since the late 1990s, civil wars and other conflicts in Africa,
primarily in Angola and Sierra Leone, spurred efforts to
block the trade of rough diamonds that were used to fund
those conflicts.
Because of the purity of diamonds and the conditions
of their formation deep in the earth, it is not possible to
determine the geographic origin of diamonds based on
their chemical composition or other properties. The trade,
therefore, decided upon a system that would track diamonds
from the mine through manufacturing and then retail sales.
The result was the Kimberley Process (KP), a treaty-like
agreement between nations that required certificates that
verified diamonds were mined and exported by legitimate
organizations.
The KP helped reduce the flow of illicit diamonds to
less than one percent, but its role as a regulator came into
question three years ago when a new source the Marange
deposit in Zimbabwe was developed. The Zimbabwe
government forcibly evicted thousands of miners who had
settled into the area, killing a reported 180 or more, causing
worldwide pressure to ban stones from that area. Although
the KP ultimately approved exports from Zimbabwe, a
stigma remains on those diamonds.
The value of many coloured gemstones
depends on their origin
An example of a GIA Sapphire Origin Report. The Geographic Origin
determined for this particular stone is Burma (Myanmar).
Russell Shor is a senior industry analyst with the Gemological
Institute of America
Image

GIA
reTail
eT
ceTera
IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA 19
rinGinG in The chanGeS
wHile rinGS cOmmemOrate enGaGementS, weDDinGS anD SPecial OccaSiOnS,
SOmetimeS tHey are wOrn "juSt becauSe." tHiS mOntH, iDeX maGaZine taKeS a
lOOK at tHe lateSt rinG DeSiGnS. tHereS bOunD tO be SOmetHinG Here tO Suit
eVery FinGer.
neW arT
jewellery by maSriera
The Art Nouveau collection from Masriera consists of
fairies, nymphs, owers and dragonies. These angels are
made from 18 karat yellow gold with fred enamel. The
angels offer a brilliant cut diamond or a pink tourmaline.
Truly, a gift from the gods.
The Dolce Vita range from Al Coro radiates sensual
elegance. Countless brilliant cut diamonds lie wave-like on
a soft bed of 18 karat pink gold. The diamonds ow into
one another in fnely nuanced shades of white and brown.
The rolling pav that results is like the glittering surface of
water on which the rays of the evening sun are reected.
The GOOD liFe
jewellery by al cOrO
Edgy is not usually synonymous with eco-friendly, but
LA-based designer Vanessa Leu proves that jewelry can
be both green and stylish. Each of her pieces is made
with conict-free diamonds, eco-conscious materials and
reclaimedmetal. In addition, a portion of the proceeds is
donated to select charities beneftting the community.
jewellery by VaneSSa leu
The eDGe
Calvin Klein may still be most well known for its jeans,
but the companys jewelry collection is not to be missed.
The Astound collection combines polished stainless steel
with either black or white crystal minerals. Each of the
three bands in the ring sets can be worn individually, as a
pair or stacked up high. The collection includes a necklace,
bracelets and earrings.
jewellery by calVin Klein
all in The JeanS
The eye-catching movement of the Meister Girello

rotating rings ignites a dazzling display on the hand of the
wearer. The rings are mounted on miniscule ball bearings,
which let the outer ring rotate smoothly around an inner
ring with virtually noiseless ease and precision. The rings
are crafted in platinum and yellow and red gold.
jewellery by meiSter
rOll Over
Forget precious metals, Furrer Jacot offers a new, innovative
carbon ring collection. The pieces are individually crafted
and fnished in Switzerland. The carbon fbres are wound
by hand on every ring, giving each one its own particularly
attractive texture. While the rings make ideal wedding
bands, they are also fashion forward enough to be worn
just because.
jewellery by Furrer jacOt
carBOn cOPy
Damianis iconic Gaia collection has been reinterpreted
as the Gaia Fancy collection. The rings are composed of
three to fve rows of gemstones and diamonds, set in gold.
The combinations include amethysts and blue topaz set in
white gold, quartz fum and brown diamonds set in pink
gold and yellow gold with fum, citrine quartz and peridots.
Fancy ThaT!
jewellery by Damiani
Adami & Martucci specialize in silver jewelry. In the Seta
collection, a single silver wire wraps the surface of the
jewel, creating the effect of rare elegance and special tactile
perception. It is, says the company, a valuable collection for
the woman who relishes the pleasure of owning a unique
and handmade jewel.
SilverSmiThS
jewellery by aDami & martucci
jewellery by bellOn crateur
PreTTy in PinK
French company Bellon Crateur has been creating
jewelry since 1907. This experience and know-how shines
through in the design of these rings, which feature pink
sapphires. Talk about looking pretty in pink.
Time after time, Roberto Coin manages to produce
something out of the ordinary, and these rings are no
exception. The iguana, from the Animalier collection is
made of black gold with brown diamonds, orange
sapphires and natural green garnet. The limited edition Bull
collection combines white and rose gold with white and
black diamonds. Finally, the limited edition Eagle collection
ring is made of white and yellow gold, with colorless, black
and brown diamonds and yellow sapphires.
TOTal animal
jewellery by rObertO cOin
Three unique products highlight the beauty of fnely
crafted and minutely detailed pieces.
The Nakshatra Vivaah Collection includes a diverse range
of creations, illustrating the changes in design styles and
techniques in Nakshatra creations.
Finely craFTeD DeTail
Stunning earrings that show elegant diamond pav on one
side, and playful fligree on the other. 1.25 carats of diamonds
in 8.90 grams of gold
Beauty meets brilliance in this ower full of radiance.
0.12 carats of diamonds set in 3.80 grams of gold.
Each stone tells its story. Each one shines in its glory. 0.88
carats of prong-set brilliants in 3.5 grams of gold
jewellery by uni-DeSiGn
BIG DESIGN ON A TINY SCALE
BY DANI ELLE MAX
ne of the most eye-catching brands on display at
this years Baselworld show was SICIS Jewels. Taking
inspiration from its 25 years of experience in the sphere of
mosaics, SICIS decided to downsize and create fabulous
mosaics on a mini scale. IDEX Magazine editor-in-chief
Danielle Max put some questions about this evolution
in the companys history to SICIS president Maurizio
Placuzzi.
Danielle Max: Why after years of working with mosaics
did you decide to launch a jewelry brand?
Maurizio Placuzzi: I started looking into micromosaic
vintage jewelry 25 years ago for my own private and personal
pleasure. Even then, it was hard to find micromosaic
jewelry and one famous guy, Gianni Versace, would always
anticipate my visits to antique stores, buying whatever was
available. I couldnt compete with him, so I decided to
O
discontinue my collection and gave up the idea of being a
big collector of micromosaic vintage jewelry.
Three years ago, however, I was looking for a new challenge.
I remembered my old dream, and I started the current
venture.
How much were you influenced by previous incarnations
of micromosaic jewelry traditions and designs, and how
much is SICIS creating its own design tradition?
SICIS, established in Ravenna in 1987, has long been an
innovator and incubator of extremely versatile ways of
using mosaics. We adorn the most beautiful houses and
hotels in the world.
From mosaics, we expanded to artistic projects, such as
one-of-a-kind art works, sculptures, portraits reinterpreted
Images: SICIS Jewels
Trend Report
in mosaic, and then to furniture with our high end Next
Art collection. Then the jewelry adventure started with
inspiration from the past, of course.
The art of micromosaic jewelry, which was enjoyed by
people such as Marie Louise of Austria, Paolina Bonaparte,
Carolina Bonaparte and Catherine II of Russia, disappeared
over the centuries because no artists had the ability and skill
to develop this art.
SICIS welcomed the challenge [of resurrecting the skill]
and after years of research, trial, considerable expense,
moments of high optimism followed by disillusionment
and the agony of countless wakeful nights, we were finally
successful.
How long does it take to create the jewelry?
It is vital not to consider micromosaic technique as being
museum-like or with fixed elements, but to view the mastery
as a contemporary skill, capable of competing with other
innovative methods that we use today. SICIS has lightened
a technique reputed for being heavy-handed and difficult
to manage making it versatile, capable of working on all
surfaces and enlarging the possibilities.
Consider however, that every square centimeter has an
average of 15,000-35,000 tesserae of gold and precious
stones so you can imagine how long and accurate the
whole micromosaic work is.
This first collection was heavily inspired by nature and
the animal world. Is that a motif that will continue
in the future or are you looking elsewhere for future
collections?
The historic content of the research behind SICIS Jewels
formed the basis for the presentation of the collection we
presented at Baselworld. Many of our motifs recall flowers,
animals and other natural elements, but micromosaic is so
flexible and allows us to reach such a variety of patterns and
shades that any shape is possible. Some of Roger Thomas
designs are very architectural and more geometric [The
renowned interior designer created some of the pieces
for the inaugural collection.]. SICIS Jewels wont cease to
surprise with new forms and designs in future collections.
What are the limits of what can be achieved with
micromosaic?
We have the ability, ideas, creativity, production and finances
to climb over the peak of the jewelry industry. SICIS is
paving new artistic paths, reinterpreting micromosaics
from an absolutely original tradition; transmitting ancient
emotions into a contemporary object through innovative
techniques, some of which have been created exclusively
by SICIS.
As for the limits, SICIS has always been characterized by
a strong imagination and creative/technological power
and know-how, not to mention its open-mindedness and
attitude to challenging projects We like to say that the
sky is our limit.
What was the response to the launch at Baselworld?
Where else will people be able to see you?
Baselworld was very exciting for SICIS. We started the first
day of Baselworld as beginners and over the next few
days of the fair, we were acclaimed as displaying grandeur
in the tiniest of things, bringing a fresh air to the jewelry
industry.
Our jewelry was appreciated because of the original
element, new to the market but ancient in history, it adds to
high-quality jewelry.
After presenting our SICIS jewels collection at Couture in
Las Vegas, SICIS Jewels will open a showroom in the Paris
fashion district (Rue Francoise Premiere 41). We will also
launch the collection in our showroom in Soho, New York
in September 2012, to be followed by Tokyo. The jewelry
will also appear in other selected department stores and
shops around the world very soon. IDEX

For the first time ever, Indian diamond jewellery retailers
have a retail benchmark for diamond prices, enabling
them to assure their consumers about the retail prices
being charged for diamonds. The endorsement of the All
India Gems & Jewellery Trade Federation (GJF) makes
the benchmark prices accepted countrywide, giving the
consumer further confidence to buy diamonds.
The Diamond Retail Benchmark (DRB) is derived from up-
to-date market data using an objective and fully transparent
system. Standard retail mark-ups across the country have
been factored in to ensure that the norms of every geographic
market in the country are accounted for.
The diamond category is one of the few retail sectors that
up to now has not had a credible retail price benchmark
for consumers. For consumers, many of them first-
time diamond buyers, the purchase of a diamond may
sometimes prove to be a confusing experience. As a
luxury product that is bought to celebrate major life
events and which will accompany them everywhere,
confidence is essential. Consumers should be able to
buy a diamond with the confidence of knowing they
paid a fair price.
The DRB presents a retail price benchmark for a diamond
based on each of the 4Cs Cut, Carat, Colour and Clarity.
The DRB should be used as background information
only. Actual prices are determined by the sellers.
Your input will only make the system better. We urge
you to contact us at anytime with your comments,
suggestions and questions.
IDEX Online
Call us at (022) 6633 2187
Fax us at (022) 6633 2186
Email us at mumbai@idexonline.com
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ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK
(022) 6633 2187
(022) 6633 2186
27 IDEX MAGAZINE INDIA RETAIL| NO 19: DRB
Full Page template.indd 102 09-Feb-12 2:26:45 PM
Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be dier compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certicate; uorescence; cut specications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer
29
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
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Prices are in Rupees Per Carat Powered by www.idexonline.com
JUNE 1st 2012
THE DIAMOND RETAIL BENCHMARK INDIA
DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS
JUNE 1st 2012
30
JUNE 1st 2012
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G 839297 708288 604117 527269 499192 449989 386506 336710 286215 190289 122279
H 611069 590160 555238 506197 471114 407739 372332 329543 264281 182798 114626
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J 499192 435924 421804 379446 343824 315100 293436 271556 182798 122279 91237
K 307879 300657 293436 286215 278886 264281 234857 227474 160218 114626 83315
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R
o
u
n
d

1
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2
5
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1
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4
9
D 2489437 1833261 1644050 1395452 1145182 873356 686139 598728 483132 303352 169164
E 1774628 1591830 1362578 1211199 1032712 813322 652619 571675 448858 289394 147392
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R
o
u
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d

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

4
.
0
0
-
4
.
9
9
D 9223324 7360099 5495797 4099752 3134889 2007275 1376859 788478 658170 382033 201175
E 8104117 5737875 4029532 3608051 3006898 1698858 1325340 749461 612470 346411 162158
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R
o
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5
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9
9
JUNE 1st 2012
D 11078519 8191474 6061166 4483240 3310250 2172074 1543652 847920 685924 391949 205809
E 8433121 6531742 5247198 4374973 3233617 2165661 1434415 757275 620877 346411 165176
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I 2853309 2409032 2312998 2095225 1922182 1363656 1099590 620877 496982 282119 148200
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31
D 171050 154236 150032 129015 112201 99375 77765 60466 51843 43221 34544
E 133218 124811 116404 99375 95010 69142 64777 51843 47532 38855 30233
F 124811 103686 99375 82076 77765 64777 60466 47532 47532 38855 30233
G 112201 99375 90698 77765 73453 60466 51843 43221 43221 34544 30233
H 103686 95010 86387 73453 64777 51843 47532 38855 38855 30233 25922
I 95010 86387 82076 69142 60466 47532 43221 34544 34544 30233 25922
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K 60466 51843 47532 43221 38855 34544 30233 25922 25922 25922 21610
L 47532 43221 38855 34544 30233 25922 21610 17299 17299 17299 17299
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F
a
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c
y

0
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1
8
-
0
.
2
2
D 182475 166092 161942 145128 132518 107297 98890 73453 69142 51843 43221
E 166092 161942 157739 140925 124111 103093 94686 64777 64777 47532 34544
F 149332 145128 140925 136721 119907 98890 90483 60466 60466 43221 34544
G 145128 132518 128314 119907 111500 90483 82076 56154 56154 43221 34544
H 132518 124111 119907 111500 103093 86279 73453 51843 51843 43221 30233
I 119907 115704 111500 98890 77765 73453 69142 47532 47532 38855 30233
J 111500 94686 86279 69142 64777 60466 56154 43221 43221 34544 30233
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L 69142 64777 60466 51843 47532 43221 38855 34544 34544 30233 21610
M 60466 56154 51843 47532 43221 38855 34544 30233 30233 21610 17299
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F
a
n
c
y

0
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2
3
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0
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9
D 339513 252317 221599 209905 190343 174607 146583 138607 122332 101800 68495
E 252317 229252 194277 186409 182529 162589 142595 126428 105896 81106 64292
F 236958 213839 182529 178595 174607 130524 126428 114141 101800 68657 55885
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H 190343 178595 150625 146583 134620 118237 101800 85309 81106 60088 47478
I 178595 162589 134620 130524 118237 109991 97704 81106 68657 56047 47478
J 142595 134620 114141 109991 105896 101800 89513 76902 64292 47532 38855
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L 105896 101800 93609 85309 81106 76902 68495 64292 47478 38855 30233
M 101800 93609 85309 81106 72699 68495 64292 55885 47478 38855 30233
N 93609 85309 81106 76902 68495 60088 55885 51681 43221 38855 30233
F
a
n
c
y

0
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4
5
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0
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4
9
D 427032 320058 271395 244934 225965 199396 172505 168625 149008 129230 80621
E 323777 271395 248707 210821 207049 176385 160757 149008 145128 92908 64292
F 286376 233563 214594 207049 199396 172505 152942 145128 133218 88812 55885
G 241108 218420 195570 191744 176385 164691 149008 141194 125243 88812 55615
H 218420 199396 187864 180211 172505 160757 133218 129230 121201 84717 55615
I 195570 180211 168625 160757 156876 141194 125243 117213 101099 72429 51412
J 164691 149008 145128 141194 137206 133218 117213 101099 92908 59819 47208
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L 121201 109237 101099 88812 84717 80621 72429 68226 51412 38855 34544
M 117213 105195 88812 84717 76525 72429 68226 64022 47478 38855 30233
N 105195 88812 84717 80621 72429 64022 59819 55615 43221 38855 30233
F
a
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c
y

0
.
5
0
-
0
.
6
9
D 237012 213031 196971 185008 152242 135859 115165 98351 85740 68926 47532
E 208989 192983 176816 164529 144050 123572 102554 89944 85740 60466 43221
F 180912 176816 164529 148146 135859 119368 98351 85740 77333 56154 38855
G 152242 148146 144050 139955 131763 115165 94147 81537 73130 47532 34544
H 144050 135859 131763 123572 119368 106758 89944 73130 64723 47532 34544
I 135859 119368 115165 110961 106758 102554 81537 64723 60466 43221 34544
J 115165 98351 89944 81537 77333 68926 64723 60466 51843 38855 30233
K 89944 81537 77333 73130 68926 56154 51843 47532 38855 34544 25922
L 73130 68926 64723 60466 56154 47532 43221 38855 38855 30233 25922
M 64723 60466 56154 51843 47532 43221 38855 34544 30233 25922 17299
N 60466 56154 51843 47532 43221 38855 34544 30233 30233 25922 12934
F
a
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0
.
3
0
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3
9
D 292358 242455 211145 207211 183391 143188 130901 106327 102231 81268 60250
E 242455 215025 183391 175415 167385 139092 118614 102231 93878 68657 56047
F 226773 203277 171373 163397 155368 122710 114518 98081 85471 68657 51843
G 199396 171373 155368 147284 143188 118614 106327 89674 77064 60250 43221
H 175415 155368 147284 134997 122710 110423 98081 81268 72861 56047 43221
I 155368 143188 122710 118614 114518 106327 89674 72861 68657 56047 43221
J 122710 102231 98081 93878 89674 85471 81268 68657 60250 47532 34544
K 106327 98081 93878 89674 85471 81268 72861 60250 51843 38855 30233
L 98081 93878 89674 81268 72861 68657 64454 51843 43221 34544 25922
M 93878 85471 81268 77064 68657 64454 51843 38855 34544 25922 21610
N 81268 77064 72861 68657 64454 56047 47532 34544 34544 25922 21610
F
a
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c
y

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

0
.
7
0
-
0
.
7
9
D 548933 439157 359884 352554 312298 260509 223108 219336 208019 147230 100183
E 403266 352554 326956 316016 308633 256736 204247 200474 189103 143404 92153
F 374380 337950 312298 301250 282712 234318 200474 189103 189103 135643 84124
G 334285 293813 286430 275329 256736 230545 185331 181505 170134 116081 80028
H 297532 267946 253018 249299 238036 215618 177732 170134 158709 104171 67741
I 260509 241809 219336 215618 211845 177732 151056 131763 127829 92153 59549
J 185331 170134 166361 162589 158709 154883 139524 104171 96141 63645 47208
K 158709 147230 143404 139524 131763 123895 116081 100183 76525 55400 38801
L 139524 120015 112147 108159 100183 96141 92153 88166 67741 51196 38586
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N 120015 104171 100183 92153 84124 71837 67741 59549 46993 38855 30233
D 646260 509593 435546 410757 331806 273389 240084 232701 228983 161296 103578
E 509593 407200 375027 339028 309981 269670 217719 214001 202792 153697 95656
F 456726 378638 339028 335417 295376 266006 214001 199019 199019 138446 87681
G 357081 335417 306316 295376 269670 240084 195301 183984 183984 123141 80028
H 302651 299041 280718 262287 254904 236419 187810 176439 172613 119261 75663
I 269670 258623 236419 225210 214001 191528 168840 153697 146098 99644 67471
J 217719 210282 199019 180211 176439 161296 142326 111393 99644 67471 51089
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F
a
n
c
y

0
.
8
0
-
0
.
8
9
JUNE 1st 2012
JUNE 1st 2012
32
JUNE 1st 2012
D 791119 562244 506197 435924 393619 343824 278886 264281 249623 175307 106866
E 687540 464109 457049 428864 372332 336710 264281 249623 234857 167816 99052
F 611069 400679 372332 365273 336710 329543 256952 242240 227474 145074 91237
G 393619 365273 358159 350992 322376 315100 249623 234857 220091 145074 91237
H 336710 315100 300657 293436 278886 271556 242240 220091 205271 129931 83315
I 315100 293436 271556 264281 256952 234857 212707 190289 190289 122279 75286
J 227474 212707 205271 197780 190289 182798 167816 160218 152673 106866 67256
K 197780 190289 182798 175307 167816 160218 152673 145074 129931 83315 67256
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F
a
n
c
y

0
.
9
0
-
0
.
9
9
)
D 1235611 953977 763796 647068 529317 410487 340052 311759 261587 181074 120985
E 906661 770640 681505 570974 494449 389362 325878 283197 239869 167816 113440
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H 494449 431505 417493 396422 361177 325878 283197 239869 217935 143727 83315
I 424499 375296 368237 347111 318819 283197 254365 225264 210660 128584 82615
J 347111 325878 318819 297478 276029 247144 217935 195840 166146 106866 82615
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F
a
n
c
y

1
.
0
0
-
1
.
2
4
D 2546777 1888715 1662212 1369907 1115542 833315 607997 433930 345710 215348 144158
E 2185654 1571405 1363387 1174337 984641 787077 567956 427193 318334 193576 119638
F 1629769 1291712 1082884 958396 932097 714270 561328 413667 297693 171643 98135
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H 971492 773874 760617 740731 694331 547909 487659 386560 290795 158278 88058
I 727527 627937 614626 547909 527862 507814 447402 352554 233186 158278 86279
J 547909 507814 474240 454139 433930 413667 372979 297693 207480 129931 82615
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F
a
n
c
y

2
.
0
0
-
2
.
9
9
D 4288263 2789825 2699989 2173205 1754635 1348135 821998 546131 446594 258623 144158
E 3674068 2449666 2250377 1992994 1677301 1192822 737012 512988 419972 238144 120123
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N 299364 285837 272257 251832 217558 203762 189966 176062 141194 103093 72914
F
a
n
c
y

3
.
0
0
-
3
.
9
9
D 1316825 1044298 782927 715294 558202 461468 391841 349860 314723 215348 127129
E 1170780 944007 694923 633596 551304 440612 377883 342854 279478 193576 119638
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H 530664 503018 440612 433714 405799 356866 328789 251186 229737 149493 83315
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N 208127 193576 186301 171643 142056 134566 119638 96950 82615 81699 66771
F
a
n
c
y

1
.
2
5
-
1
.
4
9
D 1709366 1303406 1045969 853309 733078 598728 490030 407577 331268 215348 140116
E 1211199 1178217 953115 813322 712977 591992 476288 386829 296400 193576 119638
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H 719713 699558 591992 537724 517299 455756 386829 331268 247252 149493 88058
I 558094 551304 496874 476288 435115 407577 345225 296400 233186 147392 82615
J 393727 386829 379931 372979 352123 331268 289394 268377 200851 117967 82615
K 352123 317310 303352 296400 289394 282388 240246 212007 190720 112093 80459
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F
a
n
c
y

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

4
.
0
0
-
4
.
9
9
D 4616404 3767730 3339567 3051681 2526676 1422020 970198 586333 461468 275383 153104
E 4157200 3026137 2859722 2360045 2174122 1286592 898955 527323 421804 241809 125350
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N 302166 288801 275383 261964 241809 235072 221546 180642 146206 118344 76148
F
a
n
c
y

5
.
0
0
-
5
.
9
9
D 7059549 5870392 4680696 3909733 3386829 2159302 1607890 841453 685924 391949 205809
E 5806801 4935331 4005389 3412319 3118668 1922182 1106003 568765 464216 259377 158385
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H 2562567 2312998 2120877 2076040 1826040 1292843 899547 457696 365542 199073 103201
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K 1080244 918948 828519 822052 763742 627398 516545 339082 219228 144697 96195
L 796185 659894 555723 542682 490407 451121 372171 252695 172020 144697 96195
M 594848 490407 437972 411727 372171 358967 285999 199073 172020 144697 89189
N 444546 411727 372171 319196 252695 239330 225911 192337 172020 137799 82184
JUNE 1st 2012
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 info@pinchasi.com www.pinchasi.com
34
IDEX MAGAZINE INDIA RETAIL | NO 19: RETAIL ET CETERA
Facets
Rio TinTo
Honors D. navincHanDras sHanti MeHta
n honor of D. Navinchandra and Co.s participation
in the 26-year history of the Argyle diamond mine
in Australia, Rio Tinto Diamonds recently honored the
companys Shanti Mehta at a private event in Mumbai.

D. Navinchandra has played a pivotal role in the rich portrait
of people and places that have shaped the history of the
Argyle mine and contributed to its reputation as a bold and
innovative company, said Jean-Marc Lieberherr, general
manager for the sales and marketing of Rio Tinto Diamonds.

Not only were they one of our first customers, they
were at the forefront of laser technology and played an
important role in establishing the manufacturing capability
for Argyle diamonds in India.

i
Lieberherr also paid tribute to Mehtas leadership and loyalty
in 1996 when Argyle commenced independent marketing,
and later for his support for the Argyle underground mine
development, which will extend the life of the mine until
at least 2019.

As the Argyle underground mine moves into its final
stages of construction, new chapters of the Argyle story
are being written. These chapters will most certainly
include India, where skilled workers are trained to unlock
the beauty of Argyle diamonds, factories have flourished
and a manufacturing and retail industry has made these
beautiful gems affordable to those who once only dreamt
of owning a diamond, said Lieberherr.
iDEX
navin Mehta and shanti Mehta, the two oldest generations of D. navinchandra
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 info@pinchasi.com www.pinchasi.com
Make Mine a $2,000 Mint Julep
f its Kentucky Derby time, its also luxurious mint
julep time. Once again, Woodford Reserve offered
exclusive mint julep cups to Kentucky Derby race goers,
allowing them to enjoy the race, enjoy a drink and help
support The Heart of a Horse Foundation.
For $1,000 each, thirsty punters enjoyed Woodford
Reserves Double Oak ultra-premium bourbon, as well as
a host of other luxurious ingredients including ice made
from French water, rare lemon mint from California and
vanilla beans from Madagascar.
But what bumped up the cost of this mint julep was the
cup. This year, there were 65 traditional cups on offer, as
well as 10 Prestige cups, since 2012 marks the 75th year
the mint julep has been the official drink of the Kentucky
Derby.
The traditional cups were individually numbered and hand-
engraved with a horse scene, the 2012 Kentucky Derby
date and the Woodford Reserve logo. They came with a
sterling silver sipping straw.
The Prestige cups, which sold for $2,000, were sterling
i
silver cups plated in 24 karat gold. They featured a diamond
horseshoe studded with 43 hand-set diamonds that totaled
approximately 1 carat.
iDeX
DeF
Doubles support for botswana top achievers program
he Diamond Empowerment Fund (DEF) has doubled
its initial allocation of support for the Top Achievers
Program in Botswana with a $100,000 grant.

The program, which marks a partnership between DEF
and Botswanas Ministry of Education, is designed to allow
talented students the chance to study at the university of
their choice before returning to contribute to Botswanas
economic, social and political development.

This gift is a commitment from us to empower African
youth and further Botswanas vision of a thriving economy
built on the responsible use of its natural resources to
benefit its people, said Russell Simmons, DEF co-founder
and advisory board chair.

Speaking about the grant, Varda Shine, CEO of the DTC
and a DEF governing board member, said the fund, clearly
understands that access to education and incubation of
future leaders leads to sustained progress, economic growth
and prosperity.
t
Linah Moholo, governor of the Bank of Botswana and
a member of the DEFs advisory board said, Affording
these young, tal ented students the oppor tuni ty
to be exposed to rigorous curriculum focused on
development, macro-economics, political theory and
social entrepreneurship will further the growth in our
country for generations.

As well as the Top Achievers Program, DEF also supports
two other education institutions, the CIDA City Campus
and the African Leadership Academy. CIDA City Campus
is a business college in Johannesburg, South Africa, that
is free to attendees as long as they return to their native
villages and teach for a period after graduation.

The African Leadership Academy, a university preparatory
school in Johannesburg, draws students from all 54 countries
in Africa, and emphasizes leadership skills, African History,
and entrepreneurial skills. DEF provides scholarships to all
students from diamond-producing nations.
iDeX

Debuts at ags conclave fashion show
hile fashion and diamonds make the perfect
combination, New York City-based wholesaler
Tov International took the pairing to a whole new level
with the unveiling of its one-of-a-kind $15 million Chloe
& Reese-designed diamond cocktail dress at the recent
American Gem Society (AGS) Conclave Fashion Show.

The little black dress features 100 triple excellent AGS-
and GIA-certified 3 carat round diamonds. Eighty five of
the diamonds are set on the bodice, four are located on
each sleeve and seven adorn the back.

The dress was conceptualized by Tovs owner Rony
Majer a year ago. We wanted to do something that, to
our knowledge, had never been done before. We saw the
dress as a beautiful canvas to showcase Tov International's
amazing collection of 3 carat round diamonds in a 21st-
century approach, he said.
iDeX
W
he European Quality Circle (EQC), which focuses
on organizing buying groups, increasing sales and
profitability and enhancing consumer confidence in the
jewelry industry, has begun offering training programs for
the luxury retail industry through its new EQC Training
Centre
(EQC-TC
), which opened on May 1.

The training programs are initially open to those in the
jewelry and watch sector and will be followed by cosmetics,
optometry, as well as high fashion and accessories.

ECQ-TCs diamond and gem training programs are
provided by HRD Antwerp NV. The courses are offered
in English, French, Spanish, Dutch, Chinese and Hebrew.

EQC CEO Eyal Atzmon said the decision to venture
beyond the jewelry and watch sector came from the work
floor. Often, when we are screening, interviewing, and
training staff members for jobs in jewelry retail operations,
shop owners and trainees alike express their desire for
training that will enable them also to venture out into other
luxury retail product categories, he said.

Our aim is to locate, engage and service like-minded
retailers who wish to sell top-quality products, provide the
best customer service, and, as a result, enhance consumer
confidence in luxury products, he added.

The training center will provide EQCs current training
programs and make them available to a wider audience.

The center will also offer a training and consulting program
to assist European firms targeting the Chinese luxury
market to find staff and train them to work in China. In
association with its strategic partner in China, EQC-TC
will offer similar training modules to Chinese companies
with an interest in establishing retail operations in Europe.

Students who complete their training will receive the
EQC Passport
. Atzmon said he hopes the passport

will become an indispensable document that will be part
of the graduates CVs when searching for a position in
the luxury industry. Retailers will know that candidates
in possession of the EQC Passport
have been carefully

chosen, screened and trained, and therefore have the best
cards to perform well, both in sales and in management,
from their very first day on the job.
iDeX
eQC luXury retail training Center
t
vi si t
WWW. I DEXONLI NE. COM
for li ve upDates
$15 Million Dress
tov's $15 million Dress
Retail Bytes
FRed Leighton CoLLeCtion deButs
F
red Leighton recently launched a newly designed
line of jewelry, The Fred Leighton Collection. The
collection will have a limited and exclusive distribution in
the U.S. and worldwide.

In addition to the newly designed collection, The Fred
Leighton Estate Jewels the curated estate jewelry
collection for which Fred Leighton is renowned will be
available to a very small group of retail partners.

For its debut collection, Fred Leighton has looked to the
designs of the Art Deco period and the 19th century.
Highlights from the Art Deco-inspired group include
black jade and diamond drop earrings and chain necklaces,
elegant carved jade pendant earrings and dramatic briolette
drop earrings in vibrant lapis lazuli and pink opal.
Classic styles and motifs from the 19th century clusters,
starbursts and rivieres are infused with the colors of
amethyst, citrine and multicolored sapphires.

Fred Leighton is one of the most exclusive names in
jewelry and is synonymous with vintage style, said Greg
Kwiat, Fred Leightons CEO. We are thrilled to be offering
this unique opportunity to a select few retail partners and
to broaden the Fred Leighton network to include some of
the fnest jewelry stores in the world.

Kwiat purchased Fred Leighton in 2009. ideX
Jewelry by Fred Leighton
39 IDEX MAGAZINE | NO 266: RETAIL ET CETERA
afayette, Louisianna-based Stuller
recently announced a new program
to help jewelers maximize their selling
potential. Interiors by Stuller is
designed to help jewelers increase the
selling potential of their retail space by
better showcasing their inventory.

The program offers four pre-designed
showcase collections, which can be
mixed, matched and customized to the
customers specifcations. Stuller can also
provide a fully customized option.

Specialized interiors consultants are
available to support and guide jewelers
throughout the entire design process.

The formula for this program is simple, said Stuller
CEO and president Jay Jackson. Beautiful designs, quality
showcases, compelling displays and the latest in lighting.
L
inteRioRs By stuLLeR
HeLps JeweLers MaxiMize saLes
Together, well help retailers design a fresh shopping
experience that will delight their customers and their
bottom line. ideX
red Weber, CG, owner of Webers Jewelers in Dayton,
Ohio, was the 2012 recipient of the American Gem
Societys (AGS) Robert M. Shipley award.

AGS said it gave the award to Weber based on his expertise
and commitment to his community, personal business, the
F
jewelry industry and AGS, and because of his outstanding
service to the AGS and his participation in local civic
groups, service organizations and industry boards.

Fred has demonstrated his dedication to the ethical
standards of the American Gem Society through his
professional career and his volunteer service, said Ruth
Batson, AGS executive director and CEO. He has been
an enormous asset to the AGS and the AGS Laboratories
through his leadership and guidance.

Weber entered the jewelry industry in 1955 when he joined
Mayors Jewelers in Dayton. In the early 1970s, Webers
Jewelers was established in Hamilton, Ohio. Weber headed
the companys expansion into other locations in and around
Dayton. In addition, he has owned and operated other
businesses in the community, including Roystons, Spencer
Jewelers and Colonial Jewelers. ideX
FRed WeBeR
receives aGss 2012 robert M. sHipLey award
nother show has been added to the industrys busy
tradeshow calendar. Treasures will be held October
24-26 at the Hyatt Regency Hangzhou.

UBM China, the International Colored Gemstone
Association and the Jewelry Jade Industry Association of
Zhejiang are jointly organizing the high-end show.

The fair will include a series of professional seminars
to give visitors the chance to enrich their knowledge of
collecting and investing in high-end jewelry.

Hangzhou is one of Chinas second-tier cities whose consumer
markets are showing great potential for development.
A
hAngzhou
to Host eastern cHinas newest JeweLry event
According to the 2010-2011 World Luxury Association
survey, Hangzhou ranks frst among Chinas second-and
third-tier cities as having the highest consumption of high-
end goods.

In addition, a report released by Goldman Sachs shows
that over the next fve years, second-and third-tier cities,
including Hangzhou, will account for much of Chinas
high-end consumer market.

Treasures Hangzhou will run alongside the Liang Zhu
Bei Zhejiang Jade Carving Exhibition, which attracts art
lovers and collectors from across China.
ideX
evenue at bead behemoth Pandora dropped 18.4
percent in the frst quarter of 2012 to DKK 1,424
million ($248 million) compared to DKK 1,745 million
($304.3 million) in the frst quarter of 2011.

Geographically, the hardest-hit area was Europe, where
sales decreased by 36.2 percent (a 35.9 percent decrease in
local currency).

Sales in Asia Pacifc decreased by 16.4 percent (a 22.3
percent decrease in local currency)

The Americas fared much better, experiencing a sales
decrease of just 2 percent (a 5.5 percent decrease in local
currency).

Net proft decreased by 34.4 percent to DKK 338 million
($58.9 million) in the frst quarter compared to a net proft
of DKK 515 million ($89.8 million) in the prior year quarter.
In its outlook, the company said it expected revenue growth
in the mid-single digits in 2012.

Pandora plans to open approximately 200 new concept
stores in 2012, with a particular focus in new markets. It
anticipates opening at least 135 new concept stores and
shop-in-shops in its key new markets of Italy, France,
Russia and Asia.
CEO Bjrn Gulden said while the company was facing
some short-term challenges, it had initiated actions to deal
41 IDEX MAGAZINE | NO 266: RETAIL ET CETERA
R
PAndoRA Q1 euRoPeAn sALes dRoP 36.2%
FoReveRmARk
expandinG into canada witH LocaL diaMonds
orevermark is continuing to expand, adding Canada
to the list of countries where the De Beers brand is
available.
A majority of the Canadian Forevermark diamonds will
originate from the De Beers Canada Snap Lake Mine in
the Northwest Territories (NWT) and the Victor Mine in
F
Ontario. They will be cut and polished by the Vancouver-
headquartered Crossworks Manufacturing Ltd. at its
facilities in Sudbury, Onatrio and Yellowknife, NWT.
Recently, representatives from 22 retail stores viewed
several of the available pieces in order to place bids to
order diamond jewelry for their stores. ideX
with them all. The most important fact is that we work
together with our retailers, to make sure that the quality of
their stock is improving. The fact that we have realigned
the price architecture and product range and also reduced
prices on several of our products is also assuring that we
will have a larger offering in the commercial Pandora price
points going forward. ideX
wHat JuMped 10 percent in February?
Ken Gassman answers this and many other riddles at: http://www.idexonline.com/research/u.s.Jewelr49
Jewelry by pandora
42
IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 43
Diamonds
At Denim
Prices
Indias young women are
redefning the way jewellery
is viewed and bought
There are young men in the same age bracket who think
they understand these women and are willing to gift
them jewellery they think will be valued for its design and
look along with the sentiment attached to the gifting.
These young men are among the prime impellers of the
gift buying that impels a great deal of the sales in this
segment.
Given the impulsive nature of the gifting and the high
degree of experimentation before a young women settles
on a look that she thinks suits her and her persona, the
jewellery that is bought in this segment has to be more than
just affordable it has to be low-priced enough to allow
for several purchases, combinations and permutations
over an extended period of time. In price terms, therefore,
this jewellery has to be extremely low end.
by VINOD KURIYAN
The low end of the market isnt simply about low-cost
product and high volumes. There is a large and growing
segment of young adults ranging all the way from
college-going girls to women under 30 who are not
inclined to pay high prices, but are nonetheless, actually
changing the way jewellery is viewed and bought in India.
These young women are experimenting with style and
their own distinctive look. They are interested in jewellery
with a high design quotient that will complement wardrobe
choices and add the fnishing touches to the personae
they present to the world. They have redefned the low-
end segment demanding great design and good quality
despite expecting to pay only modest prices.
But this segment defes straightforward price-point
categorisation. It is defnitely not limited to the lowest
of the low end. The lowest price-points in my inventory
dont go below Rs.7,000 and they usually hover around
the Rs.10,000 mark, says C. Vinod Hayagriv, Chairman
of Bangalore-based C. Krishiah Chetty & Sons, but this
youth category is an important one and we defnitely cater
to it. We have range of jewellery that is conceptually young
in design none of the usual paisleys or nature motifs,
this range is more about straight lines and geometric
designs. We actually call it Denim & Diamonds because
it is targeted at the casual wearer of jewellery. We would
typically defne this as work-wear jewellery.
Hayagriv says his Denim & Diamonds range, which
typically targets the under-25 woman, isnt anywhere as
low-priced as a pair of denims, but is designed to be worn
with and look good with the ubiquitous casual wear.
This range is priced at under Rs.1 lakh. As I said, the low
end is at around Rs.10,000, though we have product that
sells well under the Rs.75,000 bracket as well. It is meant
IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 44
But this segment defes straightforward
price-point categorisation. It is
defnitely not limited to the lowest of
the low end. The lowest price-points
in my inventory dont go below Rs.7,000
and they usually hover around the
Rs.10,000 mark, says C. Vinod Hayagriv
Recognizing that this segment has a value far beyond
the price points of the product sold it is the arena
that develops the higher-end jewellery consumers of
tomorrow, who would also have frmed up product and
brand choices many major jewellery retailers are now
actively targeting it with product and services.
The Gitanjali Group, which operates jewellery retail
chain stores all around the country, offering a whole raft
of brands including Gili, Nakshatra, Asmi and DDamas
along with a number of Italian brands, is pursuing the low
end market aggressively. Group Chairman Mehul Choksi
notes that even though the segment may be low end,
the consumers patronizing it are from the top two socio-
economic categories (SEC A & B). The Gitanjali target
age bracket for this segment ranges from 18 to 30.
Choksi makes the important point that this segment has
made a conscious choice to move away from junk or
fashion jewellery. Teenagers and young adults are
moving from costume and junk jewellery to light gold,
silver and diamonds since it adds value to their lifestyle
and fashion, he observes. So they arent just looking
for budget product. Diamonds offer them that extra added
value in the product theyll buy them set in silver to
offset the extremely high prices of gold.
Choksi observes, Our low end diamond jewellery brands
mainly target young adults and frst time buyers. With
teenagers and young adults demonstrating a preference
for light gold, silver and diamonds, this range satisfes
their appetite for fashion and enhances their lifestyle.
According to Choksi, one of the characteristics of this
target group is their choice of trend-setting styles. Yet they
dont want to spend large amounts of money achieving
the look they want. The hottest selling price points for
this segment are around the Rs.2,500 level, he notes,
adding, and they seem to prefer earrings, rings and
pendants of all the jewellery categories.
Hayagriv: Targeting the casual look
37 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY 45
Photo: C. KRISHNIAH CHETTY & SONS
46 IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY
Photo: C. KRISHNIAH CHETTY & SONS
for people who dont want jewellery in the traditional
sense; they arent worried about its intrinsic value; what
they want is something that complements their look and
wardrobe choices. They wouldnt be unduly worried if
they misplaced this jewellery or lost it!
Given the sort of intended use, Hayagriv notes, the biggest
product categories in this segment are small pendants,
rings and earrings.
Sandeep Kulhalli, Vice President, Retail & Marketing for
Tanishq, the jewellery retail chain from the giant Tata
Groups Titan division, says the target consumer for low-
end diamonds cant be strictly classifed in terms of age.
There is no specifc younger age profle for diamonds,
he says, adding, As a matter of fact ,the diamond buyer is
usually in the 30-to-55 age group. Our affordable diamond
campaign was to get the gold jewellery buyer, who felt
diamonds are expensive, interested in the product. So
rather than saying it is the young woman who is the
target group customer, I would say it is the middle class
woman. Kulhalli concurs with Choksis classifcation of
the target group when he says that diamond buyers are
usually from the SEC A+, A and B+ segments. They
are not necessarily working women, but more evolved
urban customers who value the understated beauty of
diamonds, he observes.
Tanishq has, however, targeted the lowest age- and
price end of this segment. Its FQ Teen Diamonds range
has diamond charms and pendants that retail from a
staggeringly low Rs.499 upward. FQ steps into the
lives of teens with its website http://fq.tanishq.co.in/
offering slogan contests and a fashion bulletin board for
youngsters. As India is a youth-dominated country, we
felt it was important to invest in this segment, Kulhalli
says.
But this very low end is not Tanishqs main point of focus.
The largest sales volumes, Kulhalli notes, are of product
that sells at under Rs.50,000. He adds interestingly, that
the fashion choices for this category are largely simple.
The look and feel of the diamond itself is of critical
importance the refraction of light and the fre or sparkle
of the stone. The jewellery could have a contemporary
look, but overall the design choices are simple. He adds
that for Tanishq, the largest selling categories in volume
terms are rings, earrings and pins. In terms of value,
however, necklaces and pendants lead the roster.
Gitanjalis Choksi observes that for the Gitanjali Group,
unlike traditional sales impellers for jewellery in India,
which predominantly based on socio-religious factors,
this segment is strongly driven by gifting, occasion-based
buying, impulse buying particularly by young men who
want to impress a girl or propose to the signifcant person
in their lives and product affordability coupled with how
attractive the design is.
For Tanishq, self-purchase is the top sales driver for this
segment, followed by gifting.
Again unlike its more traditional segments, this low end
product needs active promotions and sales initiatives
Gitanjali uses a combination of in-store promotions
and strong electronic and print advertisements and
promotions.
Teenagers and young adults
are moving from costume and junk
jewellery to light gold, silver and
diamonds since it adds value to their
lifestyle and fashion, he observes.
So they arent just looking for budget
product. Diamonds offer them that extra
added value in the product theyll
buy them set in silver to offset the
extremely high prices of gold.
Choksi: Affordable luxury is our business
Tanishq uses every trick in the book to promote this
segment in-store promotions, print and television
advertising and direct-mail initiatives. We are pushing
the Rs.10,000 to Rs.25,000 segment as affordable
diamonds that too from a high quality manufacturer
and trusted brand name like Tanishq, which offers great
craftsmanship and quality. This initiative runs in outdoor
media campaigns, on television, in print advertising, with
online social media, is featured in in-store promotions and
in a direct mail outreach.
Choksi thinks the low end segment is a natural ft for the
groups core business. We have always been in the mass-
or affordable luxury segment higher up the ladder in terms
of price points. However, we want to capture signifcant
market share of the lower end consumption in affordable
luxury, and this has led to the recent introductions of low
end diamond jewellery brands. Gitanjalis brand Amore
sells stones set in bands of stylised ethylene-vinyl acetate
(EVA) polymer, in colours such as pink, red, violet and
green. This brand is targeted at the youth market.
Kulhalli of Tanishq says the segment already accounts for
a large part of the groups diamond sales and appears
set to take an even larger share as Tanishqs diamond
jewellery sales are growing at a higher rate than plain
gold jewellery. Importantly, he thinks the category serves
as a key starting base for diamond buyers. Diamond
buyers typically start with small ticket product and then
with time and growing knowledge, grow into higher-value
product consumption moving into bangles, bracelets
and necklace sets among other things, he notes.
IDEX MAGAZINE INDIA RETAIL| NO 19 COVER STORY
Kulhalli is very upbeat about the segments future. It
has a very bright future. As urbanization increases and
customers evolve, there wil be higher expectations
which will in turn lead to more diamond jewellery
consumption. This segment will not only grow, its
growth will accelerate with time, he says.
He goes on to say, We are targeting working women,
building up a fne jewellery category which hitherto
has not existed for them. Our Mia line offers a mix of
diamond- and gold jewellery designs that have been
created for a younger mind-set and is intended to allow
the working woman to accessorize herself with fne
jewellery. We launched the initiative aggressively last
year and will be investing big in the brand in the future.
Gitanjalis Choksi goes on to note, These brands are in
the nascent stage of growth, but the growth trajectory
is strong. We expect our young adult range to add
between 7- and 8 percent to our revenues in two
years. Apart from the growth, this segment offers good
margins and so is a good one to cater to. We plan to
extend our Gili and Asmi ranges to this age bracket as
well.
48
The young adult segment, with its
diamonds at denim prices, is among
other things, driving a major change
in jewellery consumption patterns
in India away from a focus on
intrinsic value to a valuation of
design, style and look. Its evolution
and development will have far-ranging
and long-lasting effects on the way
Indians view and buy jewellery in
future.
Gitanjalis Amore brand sells polymer rings set with diamonds.
Hayagriv too confrms that this segment offers good
margins. Given his business model, he thinks that
someone with a chain of stores could currently generate
around Rs.50 crore in business. This segment could
grow to a nice Rs.400 crore one, he observes. It is good
in that it will get more people to consume both diamonds
and jewellery. There isnt any real price barrier, which
means easier purchase decisions. This segment could
be a driving factor in growing the overall market, he
concludes.
The young adult segment, with its diamonds at denim
prices, is among other things, driving a major change
in jewellery consumption patterns in India away from
a focus on intrinsic value to a valuation of design, style
and look. Its evolution and development will have far-
ranging and long-lasting effects on the way Indians view
and buy jewellery in future.
Diamonds at the price of denims or even the slightly
more expensive ones that are nonetheless intended to
be worn with denims are among the keys to the future
of jewellery consumption in India.
Kulhalli: This segments growth will accelerate
IDEX MAGAZINE INDIA RETAIL| NO 19: INDUSTRY NEWS 50
Industry news
Industrys determIned stand
SeeS WithdraWal Of exciSe duty
he determined efforts of the industry, spearheaded
by the All India Gems & Jewellery Trade Federation
(GJF) fnally bore fruit on May 7, as Union Finance Minister
Pranab Mukherjee announced in Parliament during the
debate on the Finance Bill that the government has decided
to withdraw the one percent excise duty on all precious
metal jewelry, branded or unbranded, with effect from
March 17 this year.
What is remarkable is that the government has not only
withdrawn the duty on unbranded jewellery which was
the contentious issue that the industry was battling but
it has also removed branded jewellery from the list of
products liable for excise duty.
In its public campaign and lobbying efforts directed at
parliament and government, the GJF had maintained that
the small and medium jewellery retailers were not in a
position to comply with the requirements of excise duty.
At a press conference in Mumbai, GJF Chairman Bachhraj
Bamalwa had made the point that 97 percent of jewellery
sold in the country was unbranded and fabricated by some
20 million artisans.
He explained that the jewelry went from artisan to artisan
and workshop to workshop during the manufacturing
process as casting, stone-setting, polishing and other
processes each called for a separate skill set. These artisans
couldnt be asked to keep track of the value added at each
stage of the process, he said.
Bamalwa explained that the industry was not protesting
the payment of the 1 percent tax which the GJF said
would net the government a mere Rs150- to Rs.200 crore
from an industry that has an estimated annual worth of
Rs.3 lakh crore. Were saying that compliance with excise
duty regulations, which require the tax to be added to the
value of the product the moment it leaves a workshop, is
impossible.
Bamalwa also told the press that were the government to
introduce a general services tax (GST) regime, the industry
would be only too happy to comply. We are ready to
comply with a GST requirement as of today, he said.
Earlier, the Gem & Jewellery Export Promotion Council
(GJEPC) had also come out in support of the jewellery
retail communitys stand on excise. The GJEPC had
already advised the government that the imposition of
excise would be disastrous for the entire jewellery industry
of India including exports, as excise is an ambiguous
regulatory requirement that would be diffcult for Indian
jewellery retailers particularly the small- and medium-
sized ones to comply with.
The Minister also announced that the mandatory collection
of tax at the point of sale (tax collection at source or TCS)
t
would now be applicable only on jewellery that cost more
than Rs.5 lakh up from the Rs.2 lakh that his original
budgetary proposals had envisaged.
The minister however said that he had retained the rule
stating that bullion could be paid for in cash up to a limit of
Rs.2 lakh. The term bullion will not include any coin or
other article weighing 10 grams or less, he added.
On the issue of rolling back the doubling of import duty on
gold to 4 percent, however, the government refused to give
in. The government decision to impose the 4 percent import
duty was impelled by the perception that gold imports have
been one of the primary causes of Indias growing trade
defcit. Last year, India imported gold worth $59 billion
(Rs.31,456 crore at todays currency conversion rate).
While acknowledging the need to reduce the defcit,
industry leaders worried that increasing the import duty to
4 percent would make smuggling an attractive option for
some elements. This would again drive the industry, which
has worked hard toward keeping trade above board, back
towards illegality. GJEPC Chairman Rajiv Jain said, The
increase of duty on gold will lead to a corrupt state of
affairs due to the greater probabilities of traffcking of gold
into the country through illegal channels.
Consumer interest in buying gold will also decline, Jain
warned. Others too joined in the chorus of protest. Colin
Shah, managing director of jewelry manufacturer Kama
Schachter noted, For the last two or three years, due to the
low duty regime, the industry has mostly been offcial in
its approach. Now considering that there is a large market
for gold mainly for investment purposes, many people
including farmers save their money in the form of gold
biscuits or bars. With a rise in the import duty, it will again
lead to cash transactions in the trade in general, which
will negatively impact the sector. Additionally, a 4 percent
custom duty on gold will also encourage malpractices or
smuggling of gold, Shah added.
Gitanjali Group Chairman Mehul Choksi also voiced a
concern that gold smuggling could be revived which had
fallen considerably after rates were reduced some years
ago.
One industry insider told IDEX on condition of anonymity,
It is a question of balance. The government has to reduce
the trade defcit. It has to weigh the benefts of an increased
duty slowing imports against the danger of the revival of
smuggling. It is a diffcult decision. Only time will tell how
things work out.
IdeX
Indian jewellery retail is now pulsing back at normal.
Jewellery & photo by Terabass.
The new GII classroom
he Gemmological Institute of India (GII) unveiled
its newly refurbished gemology classroom. Equipped
with all the latest in instrumentation and teaching aids
such as a computerized white board, the classroom was
inaugurated by Dilip Lakhi, Chairman of the diamond and
jewellery manufacturing Lakhi Group.
Lakhi, in his remarks at the occasion, said it was essential
that the Indian industry have the very best in trained
manpower and infrastructure to test and certify gemstones
and diamonds. It is an irony that we sometimes pay more
for a certifcate than what we paid the skilled workmen who
cut and polished a diamond, he said, adding, An Indian
facility would help bring testing and certifcation costs down
to more realistic levels. A world-class teaching facility was
the starting point for such an endeavour, he noted. IdeX
t
GII
inaugurateS State Of the art teaching facilitieS
Dilip Lakhi lights the traditional lamp along with Kirtilal Doshi
ndias leading diamond jewellery brands came together,
under the banner of the Leading Jewelers of the World
(LJOW), to present the Great Indian Wedding Carnival
2012. The wedding and jewellery extravaganza, from April
15 to May 27.
Participating in the initiative were top jewellery brands like
Asmi, Gili, Ddamas, Nakshatra, Parineeta, Diya, Sangini,
Gdivas, ME Jewels, Menz and Sagaee, and trusted jewellery
retail chains like Gitanjali Jewels, Shuddhi Jewels and Jewel
Souk. These big names not only brought new and eclectic
collections to this initiative, they also offered deals and
discounts for consumers.
Incentives included the offer of a watch worth 25 percent
the value of the consumers frst purchase and up to 20
percent off on the value of the second buy. There were
discounts of Rs.111 on every gram of gold in the plain-
gold jewellery on offer.
The LJOW frst started in the US, and now functions in
India. It is a trust mark that certifes that the participating
jeweller guarantees transparency in quality and price and
adheres to best business practices resulting in a consistent,
delightful and a memorable shopping experience for the
consumer. IdeX
I
weddInG CarnIval
By leading JeWelerS Of the WOrld
Shazahn Padamse showcases the Great Indian Wedding Carnival
alond with Susheel Sharma at the Gitanjali Fashion Show2.
Aditi Rao Hydari launches The Great Indian Weddign Carnival 2012
54 IDEX MAGAZINE INDIA RETAIL| NO 19 STONE SOURCES
iamond miner Namakwa reported a growing net loss
of $15.4 million for the frst half of the fscal year.

The loss includes discontinued operations. Excluding these
operations, the loss stood at $12.5 million.

In late November 2011, production started at the Kao
mine in Botswana. A frst tender of Kao goods achieved
$218 per carat.

The company said its South African alluvial mining
operations started to generate an income after restructuring
costs, and its Lesotho mining operations are in an early
phase of production.

Namakwa said it expects to become net-cash generative
in the second half of 2012.

The frst half of the fnancial year has been about the
successful execution of our stated strategy to restructure
the groups platform to provide for a mining operation
underpinned by sustainable commercial production from
the Kao mine, said CEO Richard Collocott.
IDEX
D
Namakwa REpoRts H1 Loss
RIo tINto appoINts NEw INDIa HEaD
arun Malkani has been appointed to the post of
Rio Tinto Diamonds chief operating offcer, India.
Malkani, an engineer by training, will take up the post
on July 1. Most recently, he was director of Rio Tintos
aluminum business in India.
I am delighted that Tarun is joining the diamonds business
in India at such a pivotal time in the development of the
Bunder project, said Rio Tinto managing director Bruce
Cox. Taruns extensive experience in a number of diverse
industries, both in established and emerging markets will
be invaluable in identifying opportunities for advancing Rio
Tintos diamond business in India.
The Bunder project in Madhya Pradesh is moving into the
advanced stages of its pre-feasibility study.
In related news, Rio Tinto management has once again
emphasized the companys plans to divest from its diamond
business. Chairman Jan Du Plessis said such a move is not
due to a lack of belief in the future of diamonds, but rather
a matter of scale.

Speaking at the annual general meeting in Brisbane,
Australia, Du Plessis said while the fundamentals of the
companys diamond business were very sound, the sector
t
Tarun Malkani. Image: Rio Tinto
has become less relevant in terms of scale as other parts of
the company have grown much larger.

Discussing the possible exit from the diamond sector,
CEO Tom Albanese said, We have a valuable, high quality
diamonds business, but given its scale, we are reviewing
whether we can create more value through a different
ownership structure. IDEX
stoNE souRcEs
ucara Diamond Corp. recovered more than 5,300
carats of diamonds from the frst batch of ore
processed at the Karowe Mine in Botswana.

The quantity and grade of diamonds recovered during the
very frst ore run has been outstanding and reinforces our
high expectations for this new state-of-the-art mine, the
miner said.

The diamonds were recovered from the north lobe of the
deposit, which has an estimated grade of more than 32
carats per hundred tons (cpht). This is double the average
deposit grade.

Lucara recovered several large diamonds, including four
larger than 10.8 carats. The three largest of these stones
were 25.88 carats, 16.55 carats and 14.56 carats.
Commissioning activities at the mine were completed
in April. The mine is ramping up to its full production
capacity of 350 tons per hour, which it is expected to reach
at the end of the second quarter of 2012.

Alongside the 100-percent owned Karowe mine, Lucara is
also the 75-percent owner of the Motha Project in Lesotho,
which is currently in the trial mining stage.
IDEX
L
LucaRa
RecoveRs FouR LaRge DIaMonDs FRoM FIRsT BoTswana PRoDucTIon
pEtRa pRoDuctIoN DoubLEs IN Q3
etra mined 522,934 carats of diamonds in the third
quarter of the year, a 108 percent year-over-year
increase. Along with tailings and alluvial diamonds, Petras
total diamond production increased 126 percent.

Gross mine revenue for the quarter was up 87 percent to
$98 million.

The increase in Petras production and income was
primarily due to the addition of output from the Finsch
diamond mine in South Africa.

p
During the quarter, Petra sold 626,958 carats, an increase
of 134 percent. This translates to an average of $156.31
per carat (p/c).

By value, Petras top-performing mine was Koffefontein,
which realized $551 p/c.

The company said prices of rough diamonds showed a slow
but steady upward trend during the quarter. It added that the
stronger market resulted from a recovery in confdence once
the initial impact of the Eurozone debt crisis abated. IDEX
The Karowe Mine. Image: Lucara Diamond corp.
he United Nations Security Council has extended
the sanctions imposed on Cte dIvoire (Ivory
Coast) for another year. The sanctions include the export
of rough diamonds.

According to the unanimously adopted resolution, the
arms embargo was changed in light of the need for
weapons and ammunition to train and equip the countrys
security forces.

The Council, also extended the mandate of the Group of
Experts formed to monitor the arms embargo.
The sanctions extended until 30 April 2013 include targeted
measures on a number of individuals, including former
president Laurent Gbagbo.

In 2011 the Council imposed fnancial and travel measures
against Gbagbo and a number of associates after his refusal
to leave offce following his election defeat to current
president, Alassane Ouattara.

The Council frst imposed the embargo in 2004 after a civil
war in 2002 split the country into a rebel-held north and a
government-controlled south. IDEX
t
ctE DIvoIRE
Rough DIaMonD exPoRT sancTIons exTenDeD
ockwell Diamonds Inc. recently announced total
proceeds of $6 million from the sale of 5,795 carats
of rough. This was a 153 percent increase over the same
quarter in fscal 2011.

The company reported a high average per carat (p/c) price
of $1,041.

Overall, however, the company saw a 10 percent decline in
total carat production. James Campbell, president and CEO
of Rockwell said the decline was a result of placing the
Holpan mine on care and maintenance, and discontinuing
the bulk sampling program at the Klipdam Extension
property.

Much of the revenue growth was fuelled by a 32 percent
increase in the volume of diamonds sold from Saxendrift
(1,847 carats), as well as a 7 percent improvement in the
average price per carat. This growth was underpinned by
an increase in recovery of yellow diamonds, which enabled
the mine to increase revenue by 42 percent in the fourth
quarter.

During the period, the company recovered 41 stones
exceeding 10 carats. Seventeen were produced at the
Klipdam mine, including seven stones greater than 20
carats; Saxendrift produced 22 stones larger than 10 carats,
of which half weighed more than 20 carats, while Tirisano
produced two stones larger than 10 carats.

These large diamonds were channeled into Rockwells
benefciation joint venture with Steinmetz Diamond Group.
R
RockwELL
Reaches aveRage oF $1,041 P/c In Q4 2012
James campbell

We benefted from selling the inventories that we had
accumulated towards the end of 2011 into a stronger
market, as diamond prices continued to recover throughout
the quarter. Of particular beneft to Rockwell is the
sustained growth in demand for investment diamonds,
which comprise a large proportion of our production
profle and for which we are known, said Campbell.

Our operations are now better placed to meet our carat
production targets, enabling us to deliver more consistent
volumes of high quality diamonds to our benefciation
joint venture partner, Steinmetz Diamond Group and our
other customers. IDEX
Untitled-1 1 12-05-23 12:56 AM
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Diamonds At

), which opened on May 1.

. Atzmon said he hopes the passport

have been carefully

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