IDEX India Retail, September 2012

SPECIAL
REPORT
IIJW Grabs Attention With
Sizzling Style & Social
Sensitivity
SHOW
REPORT
IIJS Lifts Industry
Sentiment
SPOTLIGHT
Swarovskis Jewellery
Trend Report For The
Coming Year
MARKET
REPORT
Concern As Domestic
Demand Fades
RNI Regd. No. MAHENG13178/12/1/2012-TC Rs.150 Vol. No.1 Issue No.2, Mumbai September 2012
Rs.150
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kar052312j07 KARP print ad@Idex indian magazine.pdf 2012-5-23 18:24:16
4 IDEX INDIA RETAIL MAGAZINE| NO 2
magazine india retail
05 FROM THE EDITORS DESK
Separating Value From A Weak Currency
06 MUMBAI DIAMOND MARKET
REPORT
Concern As Domestic Demand Fades
08 SPECIAL REPORT
IIJW Grabs Attention With Sizzling Style & Social
Sensitivity
17 RETAIL ET CETERA
September Stunners
22 SPOTLIGHT
Swarovskis Jewellery Trend Forecast For The
Coming Year
27 DIAMOND RETAIL BENCHMARK
34 COVER STORY
Delivering Diamond Value With A Weak Rupee
42 SHOW REPORT
IIJS Lifts Industry Sentiment
49 INDUSTRY NEWS
End Of An Era: Oppenheimer Family Exits De Beers
44 STONE SOURCES
Sierra Leones Diamond Mining Transformation
www. i d e x o n l i n e . c o m
S EP TEMBER 2 0 1 2
VOL. 1 No. 2
Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
EDITORs Edahn Golan, Danielle Max
IDEX ONLINE REsEARCH Ken Gassman
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ISSN 0334-6838
2003 IDEX ONLINE S.A.
CONTENTS
SEPTEMBER
Editor
5 IDEX INDIA RETAIL MAGAZINE| NO 2: EDITOR
SEparating ValuE From
a WEak CurrEnCy
by VI NoD KurI yAN
ne of the immutable facts of life is that business is
cyclical. As we enjoy the good times, we have to ready
ourselves for the trough that is waiting after the wave has
peaked. The current economic situation both within the
country and the around the world in general, is simply part
of that great cycle of ups and downs. Put another way, it
means that good times are most certainly ahead. The trick
is to stay afoat while in the trough and not go under before
the next up-cycle comes.
The trough the Indian gem and jewellery industry is in at
the moment, has been generated by a range of forces, many
of them too big and powerful for even a whole country
to cope with, let alone an individual company. The almost
vertical dip of the Indian rupee against the US dollar is one
of those forces.
Economists have explained that as India is a net import
economy for goods even though we a strong service export
sector the trade defcit is pegged in the region of $197
billion the strong demand for the US dollar made it
inevitable that the rupee would slide in value against it.
And as India is unlikely to become a net exporter of goods
even in the medium term, the weak rupee is something we
will have to live with for some time to come.
Further, given that that Indias established export markets
for gems and jewellery, the US and Europe are also still
shaky Europe seems teetering on the brink of certain
economic disaster the only markets that can be relied on
in the near term at least are the emerging ones of China
and Indias own domestic one.
Thus the diamond, gem and jewellery industry in this
country has to refocus its efforts deliver value to domestic
consumers who are, nonetheless reluctant to pay what they
perceive as far too high prices for the industrys product
simply because the weak rupee has driven up the price of
gold, diamonds and gemstones, which are all imported. The
age-old method of relying on the value of the component
materials to deliver overall product value to the customer is
therefore extremely unlikely to get the industry anywhere.
The Gem & Jewellery Export Promotion Council (GJEPC)
has the right idea in trying to get the industry to do
something to excite the consumer and deliver value in other
ways. The IIJW has done exactly the right thing by sparking
a social and emotional interest in the industrys product
(see Special Report). Meanwhile, those relying on intrinsic
material value alone to sell their product at the IIJS, have
realized that intrinsic value is a fckle thing and not to be
relied on (see Trade Shows).
Only a new value proposition will enable the industry
survive and thrive in the future.
idEX
o
6 IDEX INDIA RETAIL MAGAZINE| NO 2: MARKET REPORT
MUMBAI
DIAMOND MARKET
REPORT
by VI NAY PAREKH
CONCERN As DOMEsTIC DEMAND FADEs
here is concern in the Mumbai diamond market as
domestic demand has been fading of late. Up until
now, this was what kept the industry going through the
turbulence of the European debt crisis and the stumbling
US economy. Business sentiment is depressed and the
overall mood now is one of caution.
There are also no takers for rough diamonds even at
softer prices and market watchers predict a full rough
price correction in the near future. The domestic
slowdown has also meant that polished sales have been
slow.
There was no noticeable demand from the upcoming India
International Jewellery Show (IIJS) to provide some lift in the
market and the outlook for the subsequent Hong Kong show
was also pessimistic. Adding to the gloom are the failures of
small and medium operators both in Mumbai and cutting
centres such as Surat. The worry is that these failures might
start spreading into the ranks of the bigger operators. IDEX
T
7 IDEX INDIA RETAIL MAGAZINE| NO 2: MARKET REPORT
-0.01 (-2 ) Fair demand for SI2-I1 goods. Overall demand will remain very low. Demand
& Prices for VVS-VS will be very soft.
-0.02 (+2-6.5) Good demand for white SI2-I2 goods.
Fair demand for VS-SI/Top shades.
Overall demand & prices will remain soft.
Demand & Prices for VVS-VS will be very soft.
0.03-0.07 (+6.5-11) Good demand for SI2-I1 whites.
Fair demand for VS-SI/Top shades.
Overall demand & prices will remain soft.
Demand & Prices for VVS-VS will be very soft.
0.08-0.14 (+11-14) Good demand for SI & piqu goods. Overall demand will be low. Prices will be
under pressure.
0.30 (1/3) Good demand for VS-SI goods.
Fair demand for piqu goods.
Steady demand & prices will be seen.
0.50 (1/2) Good demand for VS-SI/K+ goods.
Fair demand for piqu goods.
Demand for SI goods will remain stable. Prices
will remain under pressure for VVS/VS goods.
0.75 (3/4) Good demand for +0.90 cts. VS-SI/F-J col.
Fair demand for I1-I2/I+ goods.
Demand for SI goods will remain stable.Prices
will remain under pressure for VVS/VS goods.
1.00 (4/4) Good demand for SI/K+ goods.
Fair demand for I1-I2 goods.
Overall demand will remain stable. Demand &
prices for VVS-VS goods will remain soft.
0.15-0.17 (+14-15.5) Good demand for SI & piqu goods. Overall demand will be low. Prices will be
under pressure.
0.18-0.22 (1/5) Fair demand for SI goods. Overall demand & prices will remain low.
0.23-0.29 (1/4) Fair demand for SI goods. Overall demand & prices will remain low.
0.40 (3/8) Good demand for VS-SI goods. Steady demand & prices will be seen.
+3.00 Fair demand for SI-I1/G-K col. Overall demand & prices will remain soft.
MUMBAI DIAMOND TRADING IN AUGUST
Size in Carat
(Sieve)
Comments Forward Call
by Vi nod Kuri yan
MEMO
8 idEX india RETAIL MAGAZINE| NO 2: SPECIAL REPORT
SPECIAL REPORT
he third edition of the India International Jewellery
Week (IIJW) grabbed the countrys attention as some
of Indias best designers and jewellery manufacturers
showcased a stunning range of fne jewellery in a fve-
day high voltage extravaganza that featured some of
Bollywoods biggest names.
It won Indias heart on August 19, its frst day, as the
opening event hosted by the Gitanjali Group, the integrated
diamond manufacturer, jewellery manufacturer and retailer
that owns a whole raft of Indian and international brands,
came out strongly in support of the Beti campaign. Beti is
an initiative run by Anu Ranjan and Gr8 magazine that is
aimed at eradicating the horrifc practice of female foeticide
and countering violence against women in general. The
campaign has embarked on a drive to generate all the
funding necessary for Sonali Mukherjee, the victim of a
T
IIJW
GRAbS ATTEnTIOn WITh
SIzzLInG STyLE & SOCIAL
SEnSITIvITy
terrible acid attack in Jharkhand, to have the reconstructive
and plastic surgery that will enable her to lead a normal life.
Gitanjali has not only donated to the cause, but it dedicated
its IIJW opening event to it. With a staggeringly long line-
up of flm and television personalities walking the ramp
to showcase Gitanjalis Envi and Nizaam jewellery lines,
the event grabbed countrywide media attention. Adding
to the draw was the fact that Hema Malini was the chief
guest.
Following the high-intensity opening show, the IIJW then
continued to deliver show after show of extremely high
quality events, many featuring well-known names from
flms, television and fashion. The event went on over fve
days, climaxing as the offcial after-show event on the frst
day of the India International Jewellery Show (IIJS).
Anu Ranjans daughter Anushka, who has been made the
face of the Beti campaign
Walking the ramp for Beti
Gitanjali Chairman Mehul Choksi (centre right) with fashion designer
Vikram Phadnis and celebrities
consumer and like all fashion week concepts, created a buzz
about the products that were worn and paraded by them.
The adoption by Gitanjali of a social cause has served
to enhance the emotional draw of the event. Gitanjali
Chairman Mehul Choksi observed, As a socially concerned
corporate citizen, Gitanjali has taken up different initiatives
for the empowerment and uplift of socially underprivileged
The IIJW came about as the Gem & Jewellery Export
Promotion Council (GJEPC) realized frst of all that
despite huge advances in the way it designed and developed
jewellery from scratch, the world still didnt accept India as
anything more than a production outsourcing centre for
jewellery. The Made in India label carried no value in
global markets. Something had to be done to change that.
India had to be recognized as a one-stop destination that
not only cut and polished diamonds and gemstones and
then set them into well-manufactured jewellery, it also was
capable of driving global trends with innovative design and
product development.
The GJEPC also realized that despite the resounding
success of the IIJS, all that was happening was that the
middle section of the gems and jewellery pipeline was
being stimulated. There nothing being done to excite the
end consumer about jewellery and create a strong build-up
of demand that would ensure a healthy fow through the
pipeline.
The IIJW, a fashion week type of concept, featuring a series
of ramp walks displaying product, was seen as the answer
to both problems. By ensuring foreign buyer and media
presence, the GJEPC was able to begin getting the message
out to the international industry that India is a formidable
design talent and is capable of driving global market trends.
The IIJW adds value to the Made in India label.
Through the involvement of flm, television and fashion
celebrities, the show caught the imagination of the Indian
Simran Kaur Mundi walks the ramp for JJS
GIA Show: Kirtee Shah and models
IGI Show: Preeti Desai and Neha Lulla
sections of society. We are now extending our support
and involvement to a new sector by espousing the cause
of women who have been discriminated against. Through
Beti, Gitanjali will identify causes in need of a voice and
assistance, and will conduct events throughout the year
across cities to raise funds for them.
The event has received tremendous institutional support
from its very frst edition. The Gemological Institute of
America (GIA) and the International Gemmological
Institute (IGI) have both sponsored a whole raft of young
designers who have come out of their design schools. They
did so this year too and showcased some astonishing talent.
Adding some more institutional weight was the Jaipur
Jewllery Show (JJS) that took part as an umbrella group that
presented a group of jewellery design and manufacturing
talent from Jaipur. Further, it being the 60th anniversary of
Indo-Japanese trade relations, Infniti Creations showcased
some remarkable Japanese jewellery design and fabrication
talent.
Having run at high energy through the week, event climaxed
in a grand fnale on August 23. The grand fnale featured a
Best of the Best fashion parade that showcased the best
piece from every designer and jewellery manufacturer that
participated in the IIJW.
The wrap-up show delivered a high-voltage performance
featuring Bollywood stars and playback singers that
was aimed at the Indian consumer. The heavy press and
television coverage of the event ensured that the GJEPC
got a great deal of mileage in its attempt to step outside
its customary business-to-business promotions and directly
target the consumer.
Sushmita Sen for Birdichand Ghanshandas
Walking the ramp for KGK Entice Pvt. Ltd.
Walking the ramp for Agni Jewellers
Walking the ramp for Dwarkadas Chandumal
Anand Shah, Sonali Bendre & Kanti Shah
Walking the ramp for Anmol Jewellers
Sahil Shroff for Ganjam Nagappa & Sons
Bipasha Basu for Nakshatra by Gitanjali
Jewels Emporium - Smriti Bohra, Dipali Goenka
and Anup Bohra
Dia Mirza for Golechas Jewels
Showcasing Tanvi Gargs creations
For Kashi Jewellers - Shreyansh Kapoor, Esha
Gupta and Ridhi Gala
Walking the ramp for YS18
Madhuri Dixit struts it for P.C. Jeweller
Walking the ramp for Capuccino Collection
Ayushman Khurana for Jewels By Preeti
Walking the ramp for Aavriti Jain
and Siddharth Daspan
Nisha Merchant and model for Saboo Fine Jewels
IIJW Brand Ambassador Sonam Kapoor
For Kays Jewels - Vijaya Kapoor, Juhi Chawla
and Soumya Khurana
Abhay Deol for Amrapali
Walking the ramp for Raksha Enterprises
Walking the ramp for Zeenat Desai
Nidhi & Karan for Jewel Trendz (Sanskriti Jewellers)
Laksh Pahujas Prime Czar
Nirmal Kripalani creation for D. Navinchandra
Walking the ramp for Laxmi Jewellers
Walking the ramp for Gehna Jewellers
Walking the ramp for Infinity Creations, Japan
Infinity Creations Japan - Atul Parekh, Kiyoshi Asako, Yoshie Ishikawa
and Carol Gracias
Ever since De Beers stopped its umbrella diamond
promotion campaigns worldwide its efforts in India
created an appetite for diamonds where previously
there was almost no penetration the GJEPC has been
concerned that jewellery as a product category is steadily
having its market share eaten into by a whole slew of
other heavily promoted products, particularly consumer
electronics. The IIJW helped rekindle that lost spark within
the country while also engendering the idea internationally
that the Made in India jewellery label is something that
delivers lasting value.
In all, the IIJW featured 50 designers and 33 shows. There
were 20 new names among the participants and the event
turned out to be a great platform for the gem and jewellery
industrys emerging talent.
Among the Bollywood stars walking the ramp at the grand
fnale was Sonam Kapoor, who is the GJEPCs brand
ambassador for jewellery and had also opened the event
alongside Hema Malini. As it wrapped up, it became clear
that the IIJW is now an annual event that is way up on
the Indian fashion calendar with the likes of the Lakme
Fashion Week. A measure of the events success, the
GJEPC said, was that an extremely high percentage of the
participants had already said they wanted to sign up for
next year as did many big-ticket jewellery brands that had
hitherto stayed away.
The IIJW appears to have come of age. IDEX
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IDEX INDIA RETAIL MAGAZINE| NO 2: RETAIL ET CETERA 17
RETAIL
ET
CETERA
SEPTEMBER STUNNERS
PURITY AND QUALITY
JEWELRY BY TOWE NORLN
Towe Norln says it creates unique diamond jewels with
Scandinavian purity and Swiss quality. The Corail collection
unites the beauty and fragility of natural corals in 18 karat
white gold and diamonds while the Manta Ray line is
inspired by the smooth shape and sharp contours of these
underwater creatures.
18 IDEX INDIA RETAIL MAGAZINE| NO 2: RETAIL ET CETERA
The Tring collection from Brosway Italia features three
rings in one that can be worn in a variety of ways to create
a unique and beautiful piece. The latest color additions to
the line include golden shadow, fuchsia and silver night.
The rings are made of stainless steel and colored Swarovski
Elements.
JEWELRY BY BROSWAY ITALIA
TRING, TRING
Shamballa Jewels is inspired by the mythical Shamballa
kingdom. Translated from Sanskrit, Shamballa is a place
of peace and tranquillity, informed by the traditions of
Buddhism and yoga. Carefully knotted threads, using the
ancient technique of macram, embed beautiful diamonds
and coloured gemstones in endless color and stone
combination bracelets, which clients can customize and
mix and match according to their fancy.
JEWELRY BY SHAMBALLA JEWELS
MYTHICAL KINGDOM
Roberto Giannoti specializes in wit and whimsy. This
fabulous feline is from the Mysteries of the Night collection.
This line of fashion jewelry (which features silver and
zircons) is inspired by the suggestions of things that go
bump or yowl in the night. Other night mysteries
include a series of all-seeing, all-knowing owls.
MEOW!
JEWELRY BY ROBERTO GIANNOTI
The Barrel collection from Giovanni Raspini was born
from memory of the hoops of barrels, a characteristic of
the Tuscan countryside and its vineyards. The name, says
Raspini, who specializes in silver, evokes the fragrances and
avors of winemaking rendered in jewelry form.
JEWELRY BY GIOVANNI RASPINI
ROLLING ON
This ring from the Soire collection from Victor Mayer
is made of brilliant re enamel with a diamond-set ring
shank. The 18 karat white gold ring is limited to just 500
pieces worldwide.
OH WHAT A NIGHT
JEWELRY BY VICTOR MAYER
JEWELRY BY H.STERN
ANCIENT TIMES
The Serpent line is part of H.Sterns new Ancient America
collection. To simulate the pattern of snakeskin, various
tones of cognac and black pav diamonds are set in Noble
Gold. Further depicting the movements of a serpent,
rings wind and curl up around the nger, and the bracelet
intricately wraps the wrist; the earrings are long and
winding, while the necklace hugs the curves of the neck
and sinuously extends down the back.
With the Melodia collection, Utopia combines the harmony
of form, light and color of South Sea pearls. Ellipses of
black rhodium plated gold and diamonds envelop the pearls
and intertwine in a harmonious and sinuous continuum.
As in a musical melody the succession of notes creates
the tone, so in this collection the pearls are the notes that
dictate the evolution of the piece.
PERFECT WORLD
JEWELRY BY UTOPIA
Luca Cratis Golden Clouds Collection consists of pendants,
rings and earrings in matte white gold with white diamonds,
matte rose gold with brown diamonds and matte white
gold and blue rhodium with white diamonds, all in an
iconic round shape.
UP IN THE CLOUDS
JEWELRY BY LUCA CRATI
warovski Gems celebrated the tenth anniversary of
its annual Gem Visions jewellery design and trend
forecasting publication with a special edition. The Gem
Visions 2013 publications is entitled Celebrate to mark
ten years of continuous publication. As it has in previous
years, the publication offers Swarovskis insight into the
innovation and inspiration that is driving jewellery design
trends for the coming year. The company says the special
edition also looks at the evolution of the jewellery world.
Swarovski says, Celebrate delves into the changing
attitudes, dreams and desires of jewellery buyers, looking
at the enduring appeal of gemstones and explores their
profound meanings and messages in the context of todays
fast-changing markets. The company adds, Most of all,
Celebrate ties the Gem Visions anniversary to the spirit of
celebration that is always an integral part of the jewelry-
S
buying experience, highlighting the different underlying
impulses that drive the desire for gems and jewels.
The company has encapsulated the celebratory trends
in design by putting together creations under specific
categories:
- Celebrate Yourself treats the gem and jewel rediscovered
as the most powerful expression of individuality.
- Celebrate Love focuses on the emotions that are the soul
of a jewel celebrating love, occasions, achievements and
milestones.
SwarovSkiS Jewellery
Trend ForecaST For The coming year
Dress: Ralph & Russo.
Trimmings: Sabine Roemer, Swarovski Gembraced
Mohamed Nassar, Egypt Gold
22 IDEX INDIA RETAIL MAGAZINE| NO 2: SPOTLIGHT
SpoTlighT
- Celebrate Life looks at the the gemstone as a life-
affirming miracle of nature.
- Celebrate Time sees the gem as a work of art, gem-
cutting as a true art form, inspiring todays connoisseurship
and appreciation of exquisite craftsmanship.
Melanie Newton,
J.D. Lorenz, Industrial Strength
Pallavi D. Foley,
Gold Plus from Tata
Titan Industries Ltd.
Mathieu Tourmaire,
Tourmaire
Delphine Bagot, Bermudes
In terms of specific trends, the publication sees:
- Origin. In meditative mood, this gentle, quiet, low-
color look encapsulates the luxury of comfort and serenity
through a style of modern minimalism, expressing the
quest for inner balance, harmony and life in the slow lane.
- Celebrate Light highlights the otherworldly light within
each gemstone, the light of life, elevating and illuminating,
the light that triggers emotions.
A whole range of designers from around the world has
worked on translating Swarovskis vision into actual
jewellery that illustrates what is being described. The
insights into global cultural megatrends that Swarovski
sees as shaping the world and global markets, include such
intangibles as the hunger for luxury in emerging markets,
which is encapsulated in the True Luxury category; the
concept of fractional ownership, sharing and leasing
lifestyles in a price-conscious world, bracketed in the
Owner Less banner; the influence of augmented reality
in Digital Marketing; the clients involvement in the design
process through new technology in DIY Robotic Lab and
the new ideals of feminity in Womanity.
ThE GEmsToNE ITsElf As ThE focus
Gem Visions 2013 sees the focus shifting subtly away from
complex design to the rare, important gemstone itself; the
gem as the ultimate one-of-a-kind possession, made even
more appealing by its investment potential. In terms of
design overall, the publication sees a new sense of daring
and conviction that inspirations whether from Glamazon
femininity or super-technology, from myth and fable, or
from the jewels intimate relationship with the body that
are interpreted in a style of contemporary fusion, perfectly
integrating concept, form, material and craft.
- Goddess. A celebration of modern womanity,
powerful, sensual and exotic, travelling the Silk Route, from
Byzantium to India, paying homage to the goddesses of
near-Asia, encompassing the growing Arabic and Ottoman
oriental influences on contemporary design.
Pornchai Anukulwittaya,
International Gem Gems
Charnchai Duangrawa,
Well Field Corporation Ltd.
Prernaa Makhariaa, Tara Jewels Ltd.
- Take Time. Tinged with the last vestiges of nostalgia for
a faded elegance, for the leisured lifestyle of a lost era, its
savoir vivre and its savoir faire, this trend rediscovers family
heritage, through a style characterized by a dark, poetic
melancholy and a sense of the sacred.
- Toxic Attraction. The fast-growing wealth, power and
influence of Asia nurtures this extreme style of modern
Asian fusion glamour, passionate and audacious, inspired
by traditional costume; balanced between attraction and
repulsion.
- Outer Space. A contemporary space odyssey, pushing
boundaries through new technology and augmented
reality, exploring new materials and processes, generating
a radical visionary space-age style, between science, design,
astronomy and mathematics.
ideX
Jessica Fong,
Unicorn Jewelry Design Co. Ltd.
Christine J. Brandt
Stephen Webster
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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+ =|=+= =|+| = (=|==) ;|| == |: =| =
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;|| |: = |= |++|= +c| ;
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mumbai@idexonline.com + ;== =
=|;= =|=|; ;|| |c= +-=|=-= =|=||
ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK
(022) 6633 2187
(022) 6633 2186
27 IDEX INDIA RETAIL MAGAZINE| NO 2: DRB
29
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
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 269286 223022 214499 175650 162701 145434 119535 97565 79856 66519 53237
E 197233 188600 184283 162701 145434 115219 110902 88711 71002 57665 48810
F 192916 179967 175650 149751 136801 110902 102048 79856 71002 57665 48810
G 179967 162701 158384 141118 132485 102048 97565 75429 71002 57665 48810
H 162701 158384 154068 136801 128168 97565 93138 71002 66519 53237 44383
I 158384 154068 141118 128168 119535 93138 88711 66519 62092 53237 44383
J 149751 145434 115219 93138 88711 75429 71002 62092 57665 48810 39900
K 110902 102048 88711 79856 71002 66519 62092 57665 53237 44383 35473
L 88711 84283 79856 75429 66519 62092 57665 53237 44383 35473 31046
M 84283 79856 75429 71002 62092 57665 53237 48810 39900 31046 22191
N 75429 71002 66519 62092 57665 53237 48810 44383 35473 31046 22191
R
o
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d

0
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8
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.
2
2
D 291588 237908 225291 191588 183177 153348 149032 110183 97233 75429 62092
E 233702 216823 208412 183177 174765 140398 136082 97233 92916 71002 53237
F 225291 212618 204206 174765 170559 136082 127449 92916 88600 66519 53237
G 216823 191588 187382 170559 149032 131765 114499 88600 84283 66519 53237
H 191588 183177 174765 149032 144715 127449 101550 84283 79856 62092 48810
I 178971 170559 157665 140398 127449 114499 92916 75429 71002 62092 48810
J 174765 161981 118816 97233 92916 88600 84283 71002 66519 57665 44383
K 131765 114499 97233 84283 79856 75429 71002 66519 62092 53237 39900
L 105866 97233 84283 79856 75429 71002 66519 62092 53237 44383 35473
M 97233 92916 79856 75429 71002 66519 62092 57665 44383 35473 26619
N 88600 84283 75429 71002 66519 57665 53237 48810 44383 35473 26619
R
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0
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5
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0
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4
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6
9
D 497731 394743 333094 317543 231489 211566 207526 203486 171112 134034 96126
E 375540 333094 290315 259103 215551 187438 166962 158771 134034 91920 78971
F 352518 321417 278639 231489 211566 179303 154676 142335 130216 79137 70504
G 305866 282512 255119 215551 199502 175208 150526 138240 117598 79137 70338
H 286386 259103 231489 207526 191422 171112 146431 134034 113392 75097 66187
I 282512 215551 207526 179303 166962 158771 138240 129828 104981 74820 66187
J 211566 195462 191422 162867 154676 142335 134034 125623 96403 70338 57388
K 191422 179303 162867 150526 146431 138240 129828 117211 83453 66021 53071
L 166962 158771 150526 142335 138240 134034 108744 104538 78971 57388 48755
M 158771 146431 134034 129828 125623 121417 104538 87604 70338 57388 44383
N 142335 138240 129828 121417 112950 100332 96126 83287 70338 57388 44383
D 663088 524184 453514 393359 351577 294079 247593 239845 196901 185058 128611
E 509353 445988 408467 362977 328666 267072 216491 212618 181129 157056 108024
F 453514 408467 374377 343996 305589 243719 208688 204759 177144 136801 95407
G 438517 366740 355340 320974 278694 228168 200830 196901 169120 120365 91201
H 397122 355340 328666 278694 251522 220365 192916 188987 157056 116270 82789
I 328666 301771 270946 243719 224294 188987 173160 165080 140897 99613 78583
J 255396 239845 224294 208688 188987 173160 161096 157056 128611 91201 70061
K 224294 208688 196901 173160 161096 157056 153016 149032 128611 86995 70061
L 208688 181129 177144 161096 157056 149032 144992 140897 124460 74377 57111
M 188987 177144 165080 157056 153016 140897 132706 128611 103818 70061 57111
N 185058 173160 161096 153016 149032 136801 128611 108024 78583 70061 57111
D 339292 275650 235196 206419 185778 156336 152131 139513 122579 96680 70780
E 287714 247482 218760 194079 177366 147925 139513 135307 122579 83730 66464
F 251522 226951 206419 177366 173160 143719 135307 131101 113946 75097 57665
G 222856 206419 189983 173160 152131 135307 126895 122579 113946 75097 57665
H 198174 185778 177366 152131 147925 131101 122579 118262 100996 75097 57665
I 181572 173160 164748 143719 131101 122579 113946 109629 96680 70780 53237
J 177366 164748 143719 126895 122579 113946 109629 100996 83730 62092 48810
K 143719 135307 131101 118262 113946 105313 96680 92363 79413 57665 44383
L 131101 122579 118262 113946 109629 100996 88046 75097 66464 53237 39900
M 113946 109629 105313 100996 96680 88046 75097 62092 53237 39900 31046
N 109629 105313 100996 96680 92363 66464 57665 53237 44383 35473 26619
R
o
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d

0
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3
0
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3
9
D 366353 315772 284505 260819 208744 175982 171887 167792 142833 109186 79137
E 311898 292363 268733 236912 196569 171887 151245 142833 130216 83730 74820
F 292363 260819 236912 212784 192418 163697 147039 138628 130216 79137 70504
G 268733 240952 228888 208744 184228 159546 142833 134422 117598 79137 66187
H 240952 236912 208744 188323 171887 155451 134422 126010 113392 75097 66187
I 224848 192418 184228 163697 159546 151245 130216 121804 104981 74820 66187
J 192418 180133 167792 151245 138628 130216 121804 113392 96403 66187 53237
K 175982 159546 155451 142833 134422 126010 109186 96403 83453 61871 48810
L 163697 155451 147039 134422 126010 117598 100719 83453 70504 53237 44383
M 155451 138628 130216 126010 117598 104981 83453 66187 57554 44383 35473
N 130216 126010 117598 113392 109186 96403 79137 61871 57554 44383 35473
R
o
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d

0
.
4
0
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.
4
4
D 797510 639513 563697 523852 480243 391865 328224 297952 267515 190315 128611
E 650360 560044 520255 476646 432595 365800 316934 286552 240620 186386 123243
F 574543 520255 465634 443608 402988 358273 301716 282734 232928 186386 123243
G 513005 480243 447261 399281 365800 328224 294134 263641 225235 174709 119203
H 487548 447261 388157 365800 347039 313116 267515 252131 205866 162977 106973
I 399281 354510 335750 324516 309353 263641 232928 217543 186386 131267 90537
J 305534 290315 286552 248312 232928 221417 205866 201992 170836 115163 82180
K 244438 240620 225235 201992 190315 178639 166962 159048 135307 98727 70061
L 232928 213614 201992 182512 178639 170836 155119 151190 131267 94632 69563
M 225235 209740 194189 174709 170836 166962 139292 135307 123243 82180 69563
N 198063 194189 182512 170836 166962 159048 135307 119203 98727 73769 61151
R
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0
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7
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.
7
9
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8
9
D 919867 720919 638572 559380 519701 432706 366685 337023 284560 200553 128611
E 756613 634975 559380 530548 476259 403486 351854 314555 254178 188932 126453
F 638572 602601 516049 487106 443608 385113 322081 303320 242778 186386 123243
G 573824 523298 494355 440011 396182 348146 303320 269341 227449 177255 119203
H 516049 476259 432706 392474 366685 337023 284560 257941 219757 165634 106973
I 421804 396182 374101 344438 337023 292031 254178 246541 208246 134311 102324
J 333315 314555 310791 273160 257941 242778 235141 223575 177255 118428 94134
K 273160 257941 254178 219757 212064 192861 181184 177255 150028 102324 77698
L 265578 231267 227449 188932 185058 177255 161704 153957 131267 98229 69563
M 254178 219757 215938 185058 181184 173381 153957 150028 123243 90039 69563
N 223575 208246 196680 177255 173381 165634 146154 126453 106364 81793 69286
Prices are in Rupees Per Carat Powered by www.idexonline.com
THE DIAMOND RETAIL BENCHMARK INDIA
DI AMOND RETAI L BENCHMARK FOR POLI SHED DI AMONDS
SEPTEMBER 1st 2012
SEPTEMBER 1st 2012
30
D 1258993 1071998 861871 713116 613171 534200 454842 404206 331046 226010 141229
E 1016270 932208 769950 641837 555838 505423 425899 382346 316159 210791 133426
F 939236 777034 691754 584505 548644 476591 411455 360432 308744 195407 125567
G 798284 684615 584505 541450 498229 447648 396901 345766 293913 195407 125567
H 627504 606032 570172 505423 469341 418705 375097 338406 271389 172330 117709
I 577366 505423 462092 440398 404206 367792 331046 293913 226010 134311 102324
J 512618 418705 404206 375097 345766 323575 293913 263863 210791 125567 94134
K 316159 308744 301328 293913 286386 263863 241173 233592 187714 117709 85556
L 278860 271389 263863 256336 248755 226010 210791 203099 133426 101716 85556
M 263863 256336 248755 241173 226010 210791 172330 156779 133426 101716 85556
N 256336 210791 203099 195407 187714 172330 164527 148976 117709 93691 77310
R
o
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0
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9
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9
D 1956724 1392142 1234477 1028002 861372 607692 522081 486276 385390 268622 155285
E 1371555 1200166 979635 868345 756226 579192 493414 471887 378141 253791 147593
F 1172662 986552 847427 812396 671555 572053 486276 464693 370891 238794 139790
G 958771 868345 819424 692750 614831 550692 464693 443110 356447 223796 132042
H 819424 742169 685722 621915 564970 507748 443110 407084 334643 208744 124239
I 671555 636082 579192 536414 507748 457499 399834 392584 327393 193525 124239
J 550692 529220 507748 457499 435916 385390 370891 341948 276038 155285 116491
K 471887 450304 435916 407084 392584 341948 305479 276038 223796 132042 116491
L 407084 392584 370891 349198 334643 298174 276038 261206 216325 132042 108633
M 349198 341948 312839 298174 268622 246320 238794 231323 208744 132042 100775
N 341948 334643 298174 290814 231323 216325 208744 185944 155285 124239 100775
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9
D 3711677 2873215 2535861 2237853 1560321 1165689 882789 665302 555783 340952 173713
E 2774045 2330548 2118539 1793414 1353237 1091865 828611 638019 507692 305700 151356
F 2317322 2038960 1833260 1573658 1313060 1024571 794687 631157 438683 270227 139790
G 1746818 1606973 1413448 1239458 1152241 909851 740288 624350 424792 223796 132042
H 1366630 1293027 1226010 1091865 977421 869231 726674 610625 424792 208744 128722
I 1091865 1011123 997620 889541 801439 733481 644826 562645 424792 193525 124239
J 889541 821804 808246 740288 672108 610625 548921 466353 369009 177034 121140
K 753901 733481 706198 651633 603763 555783 452518 424792 270227 133426 121140
L 610625 583232 555783 507692 473215 403929 362037 333924 234532 132042 115108
M 535196 521472 507692 480133 403929 355008 305700 270227 220199 132042 115108
N 500775 486995 473215 459436 355008 333924 284449 234532 213060 130548 107305
D 7017820 5125401 4298561 3417764 2812175 1695905 1264804 750083 621859 369507 187936
E 4830216 4416713 3634754 3009685 2390149 1516989 1224903 743387 601550 355728 166519
F 4022579 3608467 2785778 2436359 2277919 1404261 1131655 723188 581184 328168 166519
G 2963641 2535307 2429718 2132540 1841561 1298063 971334 709685 519978 300443 159325
H 2211843 1980465 1887880 1715772 1457333 1111621 884339 682734 513171 279579 152186
I 1702490 1609795 1490481 1384394 1178307 877643 797178 628611 451799 265578 152186
J 1410902 1304704 1231544 1098284 978030 810570 709685 554012 431267 230437 144992
K 1084947 1024848 1011455 931212 803874 689485 587936 492750 369507 180797 137797
L 810570 763586 736635 689485 635362 479081 431267 417598 348866 180797 137797
M 669175 662424 635362 581184 513171 417598 390094 335086 279579 173658 137797
N 554012 526785 485944 459436 362590 355728 321251 293525 244549 173658 130548
D 2068345 1549198 1331821 1086054 921251 664638 566132 495241 409574 272496 155285
E 1508467 1345434 1079192 935030 824737 629552 544936 481018 395241 253791 147593
F 1215938 1099723 900553 866132 734532 615495 523630 466740 373658 238794 139790
G 1003763 907471 838517 734532 664638 594411 502380 459602 373658 223796 132042
H 838517 783177 692695 650636 587327 544936 481018 438185 373658 208744 124239
I 685667 636635 587327 559048 523630 481018 431046 402380 359270 193525 124239
J 566132 544936 523630 495241 473879 416713 388046 366464 301494 155285 116491
K 481018 452463 438185 416713 409574 366464 323188 286995 235916 132042 116491
L 416713 395241 373658 366464 337631 308688 279745 272496 221140 132042 115108
M 388046 373658 330437 301494 272496 265191 257941 235916 213724 132042 115108
N 380852 352075 323188 294245 235916 221140 213724 198783 168677 130548 107305
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D 2409961 1882568 1641339 1392474 1108080 855728 663254 587050 468013 304372 173713
E 1721804 1587659 1358771 1209906 1033260 814610 628722 559159 453901 297178 151356
F 1520476 1304704 1203099 1080908 910515 794023 594023 552186 432706 268345 139790
G 1169175 1094466 985556 889983 835196 725291 580077 517211 397233 223796 132042
H 951467 903652 821472 800885 745932 670172 552186 489098 390149 208744 128722
I 800885 766574 739070 683951 614831 580077 489098 460930 368733 193525 124239
J 677034 649419 621749 587050 531212 482070 432706 404317 325844 166298 121140
K 566132 531212 524239 482070 432706 390149 354510 318705 261151 132042 121140
L 468013 446818 418539 397233 375872 333038 304372 275595 232208 132042 115108
M 411400 397233 368733 340177 297178 282789 261151 253901 217709 132042 115108
N 383011 375872 361594 333038 275595 253901 246707 232208 195849 130548 107305
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9
R
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9
9
D 9471389 7558052 5643608 4210017 3219203 2061262 1413890 809685 675872 378694 199557
E 8322081 5892197 4137908 3705091 3087770 1744549 1360985 769618 628943 355728 166519
F 6604649 4059270 3495019 3265191 2706475 1665246 1327836 762922 615551 328168 166519
G 5035141 3265191 2962922 2739347 2173326 1460266 1148921 756226 568456 310293 159325
H 3842833 2462977 2357665 2153569 1823796 1360985 983011 682734 548257 303431 157222
I 2930050 1764361 1724682 1533038 1420531 1109131 896458 628943 500941 289707 152186
J 2239181 1526397 1387438 1255008 1162203 916436 796348 554953 446763 269009 150138
K 1407305 1288102 1175429 1062756 949751 783011 635639 494189 371887 199557 150138
L 1168843 1056115 903099 829718 762922 602103 514499 426342 351411 199557 142999
M 936414 803044 689319 642335 602103 528002 446763 385501 317156 199557 142999
N 702712 635639 568456 487438 405977 371887 358218 337687 275927 192529 135861
R
o
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d

5
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0
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.
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9
SEPTEMBER 1st 2012
D 11376480 8411787 6224184 4603818 3399281 2230493 1585169 870725 704372 402490 211345
E 8659934 6707416 5388323 4492640 3320587 2223907 1472994 777643 637576 355728 169618
F 6604649 5238019 5211843 4165523 3209131 2217377 1446541 764361 617543 328168 169618
G 5035141 3353403 3346818 3307471 2946707 2033149 1433315 757665 610847 310293 159325
H 3842833 2913890 2762867 2664361 2309408 1558771 1347427 691035 550581 303431 157222
I 2930050 2473824 2375208 1987050 1914665 1400332 1129164 637576 510349 289707 155617
J 2239181 1980465 1940952 1571998 1525789 1175484 970172 563973 463254 273215 150138
K 1710459 1492750 1472994 1254898 1129164 864084 777643 503597 409242 218207 150138
L 1307803 1122524 983453 956890 824239 777643 630880 449751 361815 211345 142999
M 996680 850802 771002 731046 684339 610847 496901 409242 327781 211345 142999
N 764361 724350 657609 557277 456502 422800 395739 355008 293691 204427 135861
SEPTEMBER 1st 2012
31
D 162701 145434 132485 123852 110902 97565 79856 62092 53237 44383 35473
E 141118 132485 119535 102048 97565 71002 66519 53237 48810 39900 31046
F 128168 110902 102048 84283 79856 66519 62092 48810 48810 39900 31046
G 115219 102048 93138 79856 75429 62092 53237 44383 44383 35473 31046
H 106475 97565 88711 75429 66519 53237 48810 39900 39900 31046 26619
I 102048 88711 84283 71002 62092 48810 44383 35473 35473 31046 26619
J 97565 84283 66519 53237 48810 39900 35473 31046 31046 26619 22191
K 62092 53237 48810 44383 39900 35473 31046 26619 26619 26619 22191
L 48810 44383 39900 35473 31046 26619 22191 17764 17764 17764 17764
M 44383 39900 35473 31046 26619 22191 17764 13282 13282 13282 13282
N 39900 35473 31046 26619 22191 17764 13282 8854 8854 8854 8854
F
a
n
c
y

0
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1
8
-
0
.
2
2
D 183177 178971 166298 149032 131765 110183 101550 75429 71002 53237 44383
E 170559 166298 161981 140398 127449 105866 97233 66519 66519 48810 35473
F 153348 149032 144715 131765 123132 101550 92916 62092 62092 44383 35473
G 149032 136082 131765 118816 114499 92916 84283 57665 57665 44383 35473
H 136082 127449 123132 114499 105866 88600 75429 53237 53237 44383 31046
I 123132 118816 114499 101550 79856 75429 71002 48810 48810 39900 31046
J 114499 97233 88600 71002 66519 62092 57665 44383 44383 35473 31046
K 88600 79856 71002 66519 57665 53237 48810 39900 39900 35473 26619
L 71002 66519 62092 53237 48810 44383 39900 35473 35473 31046 22191
M 62092 57665 53237 48810 44383 39900 35473 31046 31046 22191 17764
N 57665 53237 48810 44383 39900 35473 31046 26619 26619 22191 13282
F
a
n
c
y

0
.
2
3
-
0
.
2
9
D 344770 259103 227559 215551 195462 179303 150526 142335 121417 100332 70338
E 259103 227559 199502 191422 179303 166962 146431 134034 108744 83287 66021
F 235418 211566 187438 175208 166962 134034 129828 112950 104538 70504 57388
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SEPTEMBER 1st 2012
SEPTEMBER 1st 2012
32 SEPTEMBER 1st 2012
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SEPTEMBER 1st 2012
Untitled-5 1 12-07-16 1:38 PM
34
Both the diamond processing industry as well as
jewellery retailers have in recent times, come around
to the idea that unless something is done, a disastrous
situation could well result. But what does one do about
the weak and volatile rupee, which impacts the price of
gold and diamonds?
IDEX INDIA RETAIL MAGAZINE| NO 2: COVER STORY
Delivering
Diamond Value
With A Weak
Rupee
by Vinod Kuriyan
35
Te Indian rupees 24 percent plunge in value against the US dollar over the past
year and its stubborn refusal to climb back up, has had an extremely negative impact
on not only the jewellery retail industry, but the whole luxury goods sector. Its most
signifcant impact has been on consumer sentiment. Te weak rupee, combined
with Europes debt crisis, the US economys struggle to get back on its feet and
the realization that India isnt entirely insulated from either of them, has depressed
consumer sentiment signifcantly. Te feel good factor has gone to a great extent.
IDEX INDIA RETAIL MAGAZINE| NO 2: COVER STORY
IDEX INDIA RETAIL MAGAZINE| NO 2: COVER STORY 36
While the Indian gem and jewellery industry is struggling to cope with consumers
who seem disinclined to buy, the weak rupee has made gold so expensive that it is
no longer the blindly sought-after commodity it has been in this country. Worse,
the weak rupee has landed a second punch by also making diamonds signifcantly
more expensive. As with gold, diamond prices have risen so sharply and in such a
short time that consumers are no longer confdent about the diamonds value.
Tis is what the gem and jewellery industry is faced with in the run up to the
Diwali sales season the single biggest sales period of the entire year. We have to
do something in terms of communicating directly with the consumer, says Sanjay
Kothari, Vice Chairman of the Gem & Jewellery Export Promotion Council
(GJEPC), all this while, weve piggybacked for free on either somebody elses
eforts or an age-old social phenomenon that has changed completely.
Kothari is referring to the fact that the Indian diamond processing industry, the
largest in the world by far, has had, until a few years ago, no worries about consumer
demand worldwide as mining giant De Beers ran its global promotional campaigns,
spending over $200 million (Rs.1,105 crore at todays exchange rate) annually. Te
global campaign successfully implanted the idea among consumers everywhere that
the diamond was the symbol of the relationship between men and women. Even
in todays depressed global markets, the diamond engagement ring has kept the
diamond processing industry from total collapse. Kotharis other reference is to the
fact that in India, the almost religious fervour with which gold has been regarded,
has meant that until now, jewellery has not even remotely come close to requiring
a hard sell. All that has changed, as he observes.
EXTRANEOUS FACTORS GOVERN
RUPEE VALUE
Both the diamond processing industry as well as jewellery retailers have in recent
times, come around to the idea that unless something is done, a disastrous situation
could well result. But what does one do about the weak and volatile rupee, which
impacts the price of gold and diamonds?
Without some sort of major effort, Indian diamond
consumption, currently pegged at Rs.24,800 crore ($4.5
billion) annually, and estimated to be growing at 40
percent a year to hit Rs.33,100 crore ($6 billion) by
2015, could well flounder.
Te value of the rupee is governed by several factors, chief among them are the
interest rate regime, fscal defcit, export and foreign investment in India. Added to
this are global issues such as the current economic crisis in the Eurozone. Tis may
make investors more risk-averse. As a result, they may reduce their asset exposure
from emerging economies like India, thereby selling more rupees. Also to be
factored in is the level of demand for the US dollar in India. Rising oil prices mean
more dollars are required by Indian oil companies to import crude oil. Economists
say the rupee is likely to remain weak for the foreseeable future.
All these factors put together make it difcult for even the Reserve Bank of India
(RBI) to steady the rupee against other currencies. Industry leaders have stated
clearly that there is not much the gem and jewellery industry can do about the value
of the rupee. All it can do is focus on generating demand for its product among
Indian consumers. Imbuing the diamond with some emotional content specifcally
for Indians is one way that is now being discussed.
We have to do something in terms of communicating
directly with the consumer, all this while, weve
piggybacked for free on either somebody elses efforts
or an age-old social phenomenon that has changed
completely. /Sanjay Kothari, Vice Chairman of the Gem & Jewellery
Export Promotion Council (GJEPC)/
Te GJEPC had tried previously, using Bollywood star Sonam Kapoor as it brand
ambassador, to push the diamond as the symbol that truly refected the many facets
of the Indian women a daughter, wife, mother, professional and achiever. Te
campaign was, however nowhere near the scale of the De Beers ones in terms of
fnancial muscle and reach. Its returns have thus, been limited. But more needs
to be done, warns Kothari. Without some sort of major efort, Indian diamond
consumption, currently pegged at Rs.24,800 crore ($4.5 billion) annually, and
estimated to be growing at 40 percent a year to hit Rs.33,100 crore ($6 billion) by
2015, could well founder.
38 IDEX INDIA RETAIL MAGAZINE| NO 2: COVER STORY
Te continuing GJEPC efort this year was seen in media tie-ups in this years the
India International Jewellery Week (IIJW). With the Star Plus TV channel and
the Bombay Times as media partners, the direct outreach to the consumer this year
has been substantive. Te message has been that unique design and a product that
has enduring value are factors that make the buying of jewellery a great decision.
INVESTMENT VALUE MATTERS
IN LONG TERM
In the long term, however, instilling value in a product is a tricky business. Research
has shown that in India, even with international luxury brands, although value is
defned distinctively by a range of varying parameters, the price proposition of the
value platform continues to be of essence. Tus even worldwide, luxury assets are
perceived to be investments. So for the gem and jewellery industry, the process of
developing an emotional value proposition will still have to take into account the
weak rupee as the consumer also assesses the products return on investment.
Jewellery manufacturers have pointed out that even if the gold content of a piece of
jewellery is kept down to the minimum while a large look is maintained through
the use of hollow castings, if a substantial diamond is used as the centerpiece, the
consumer could still wind up being asked to pay tens of thousands of rupees more
than it would have cost a neighbour a year ago.
One view being looked at is the bridge to luxury concept. Tis is something that
luxury car makers have exploited in the country by introducing signifcantly lower-
priced entry-level models. Tis pricing bridge to the top end of the luxury car
segment allows the consumer the luxury experience and fulfll the faunt quotient
at a price that delivers a feeling of value for investment. Te diamond industrys
parallel idea could be to promote the idea that even if it is of lower quality, just
owning a diamond is a special experience.
De Beers has always maintained that buying a diamond always whets the appetite
for more diamonds and encouraged price segmentation to allow a low entry price-
point. Some Indian retailers including market leader Tanishq have done that, taking
a very long-term view and going specifcally after the youth market (see IDEX
Magazine India Retail June issue).
Analysts have, however, pointed out that in general, the practice of ofering
substantial discounts on existing jewellery during festivals and for the bridal market,
signifcantly dilutes any idea of building a price bridge to a top-end product.
SEEING VALUE IN DESIGN
However consultancy and research frm Technopak has, in an analysis of the
emerging trends in luxury consumption in India, noted that the perception of
design having intrinsic value rather than the metric of carats and quantity of gold
shall be a trend in the coming years. Consumers are more inclined towards classy,
unique pieces, crafted by internationally renowned designers, commanding a high
40 IDEX INDIA RETAIL MAGAZINE| NO 2: COVER STORY
ticket price due to the intrinsic value attached to their design. Taking a cue from
this, over the last few years, domestic and international brands have lured the
customers with creativity and innovation in design. Te Technopak report goes
on to list some of the watch and jewellery brands that have created the concept of
delivering value by design: A few examples amongst others are Longines, Breitling,
Omega, Rolex, Morellato, Guess, Cartier, Tifany & Co., Te Gem Palace, Harry
Winston, Caratti, Ganjam, Mirari Jewels and Opulence By Jewelex.
While the industry struggles with product promotion issues and wonder how to
generate sufcient sales over the all-important Diwali season, industry watchers
say that help may be on the way after Diwali. toward the end of the year, in the
form of a diamond price correction. Tey note that ill-considered overbidding for
rough diamonds by Indian diamond manufacturers was one of the primary causes
of the sharp escalation in diamond prices over the past year. Non-existent margins
and unsold stocks have, however, brought about a return to realism and along with
sharp cutbacks in production which will lessen the pressure to go on buying rough,
balance will begin to be restored in the diamond processing value chain by the end
of the year. Tey caution that the price correction may not be in time to provide any
sort of fllip to the year-end-beginning-of-the-next-year marriage season. But the
diamond price situation is expected to improve considerably by then.
Diamonds are in short supply and going into the future, prices will continue to
escalate. But this is expected to be the steady escalation that gives consumers
confdence in the enduring value of the product they are buying.
IDEX
he 29th edition of the India International Jewellery
Show (IIJS) that ran between August 23 and 27,
kicked off in a considerably gloomy and pessimistic
market. It was thus no great news to learn that there were
no market-moving events at the show. What was surprising,
however, was the fact that in the space of just five days, the
show managed to lift market sentiment. Things didnt seem
so black going forward through to the end of the year by
the time the show wrapped up.
Those exhibitors who came with not only well-designed,
but clearly differentiated jewellery, said the show ranged
from fair to good. Branded jewellery in general had a good
outing at the show especially those who brought new lines
and new product offerings.Those with the usual offerings
went home disappointed.
T
by VI NOD KURI YAN
IIJS LIfTS InduSTry SenTImenT
New li Nes & di ffereNti ated product are rewarded
this years iiJs, spread over 46,000
square meters, featured 852 exhibitors
who had taken 1,700 booths and
included five country pavilions from
thailand, dubai, turkey, israel and
Belgium. official trade delegations
from over 20 countries including for
the first time one from singapore
visited the show.
42 IDEX INDIA RETAIL MAGAZINE| NO 2: SHOW REPORT
Show rePorT
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
please vi si t us at the hong kong jewellery show 19- 23 september 2012, asi a Worl d expo, hal l 5 a15
With a price correction happening as the show took place,
it was again no great surprise that the loose diamond
exhibitors were disappointed overall. However, even here,
those with fancy cut inventories did surprisingly well as
did those with lower-clarity round-cuts that offered value
for money. Princess cuts, pears, cushions, emerald- and
Asscher cuts all did well. This lifted the overall despondency
in the loose diamond section. The lower-clarity (VS-SI)
round-cuts were sought after in a broad range of colours.
Exhibitors reported satisfactory business in both loose
diamonds as well as select ranges of jewellery with buyers
from the Middle East and other Asian countries.
As has happened in previous IIJS shows the price of gold
shot up steeply shortly after the exhibition kicked off.
It happens every time, one exhibitor who runs logistics
services for diamonds and jewellery observed, when
some 30,000 of Indias jewellery retailers come together
under one roof with all the leading diamond, gemstone
and jewellery manufacturers, the price of gold is bound to
shoot up! Instead of putting buyers off, however, what the
price rise did was to trigger a buying rush as retailers sought
to close deals before the upcoming festival and marriage
seasons pushed up the price of the yellow metal further. It
remained uncertain at the time of going to press, whether
these orders would stand or would be unceremoniously be
cancelled as they were after IIJS 2011.
This years IIJS, spread over 46,000 square meters, featured
852 exhibitors who had taken 1,700 booths and included
five country pavilions from Thailand, Dubai, Turkey, Israel
and Belgium. Official trade delegations from over 20
countries including for the first time one from Singapore
visited the show. The Pakistani delegation alone was
over 100 people. Sources observed that over 200 Pakistani
gemstone and jewellery dealers were at the show most
were keen to transact business immediately. In all, this
years show witnessed visitors from 720 cities across the
nation and 69 countries.
Inaugurating the event, Indian Minister of Commerce &
Industry Anand Sharma observed, Manufacturing and
exports are two key drivers of the economy. Both have
registered low or negative growth in recent months. It
is imperative that we reverse this trend. The minister
went on to say that the government wanted to work with
manufacturers and exporters to implement short- and
medium term measures to counter the negative balance
of trade.
The overseas exhibitors were looking at generating business
with the Indian retail industry as the Indian consuming
market is one of the few that still shows growth potential
amidst todays global economic gloom. Indian exhibitors
were in general looking at expanding their professional
network amidst an appreciable domestic market slowdown.
They were also looking at potential business with overseas
markets, especially other Asian markets and the Middle East.
The Israel Diamond Institute (IDI) organized an Israeli
pavilion for the fifth year running and brought eight Israeli
IDEX INDIA RETAIL MAGAZINE| NO 2: SHOW REPORT 44
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
please vi si t us at the hong kong jewellery show 19- 23 september 2012, asi a Worl d expo, hal l 5 a15
diamond firms to the show. The IDI itself gave up its
space in the pavilion to enable additional diamond firm
participation. IDI Chairman Moti Ganz said that Israel
and India have a great deal in common in terms of
business outlook, culture and values. Both countries have
an impressive diamond industry with a long history and
tradition. They are also two of the worlds leading diamond
centres. Israel and India can complement each other in
both manufacturing and trading. We are very interested in
expanding our business ties with India, he said.
SEEKING GOVERNMENT REDRESSAL OF ISSUES
Rajiv Jain, Chairman of the Gem & Jewellery Export
Promotion Council (GJEPC), the shows organiser, told
the Minister that there were several issues that the Indian
industry wanted government action on. The current Free
Trade Agreement (FTA) with Thailand, he pointed out,
made provision for gems and jewellery to be traded without
tariff barriers between the two countries. This had been
done without the industry being consulted and had resulted
in a one-way flow of Thai gems and jewellery into India.
Jain also repeated the GJEPCs demand of many years
that the government develop an international trade
show centre in Mumbai. The current show facilities are
woefully inadequate and a waitlist of hundreds of potential
exhibitors could not be accommodated simply because
there is no room for expansion.
As ever, the IIJS 2012 was also about disseminating
information and spreading the word on new trends and
developments in the industry here in India as well as around
the world. At a seminar titled Jewellery Trends: Whats
In, Whats Out, Shishi Nevatia of Sun Jewels moderated
a panel consisting of Sohil Kothari from Fine Jewellery,
Colin Shah from Kama Schachter, Bobby Kothari from
Jewelex India Pvt. Ltd. and Gunjan Suri from Shrenuj &
Co. They discussed current global jewellery trends and the
likely direction they would evolve in.
Colin Shah said that in China, the diamonds in motion
concept with diamonds in hinged or movable settings were
a front-running trend. He pointed out that the Chinese
market hada preference for solitaires and a clear preference
for platinum over gold. According to him, some 50 tons
of platinum jewellery were sold in China this year. In the
US, he observed, the rising cost of gold and diamonds had
driven brands to using more coloured gemstones. He cited
as examples,Tiffanys Tanzanite Collection and Chopards
Imperial Collection with coloured gemstones. Tiffany, he
said, had come up with a patented pink metal called Rubido
that seemed to be making great headway with consumers.
Chandelier earrings were enjoying a resurgence according
to him, while Van Cleef & Arpels now had lines featuring
eastern cultural motifs like swans and dragons.
Gunjan Suri thought that negative spaces as a design feature
were making a comeback as brands tried to bring down
material costs. There was also a lot of experimentation in
the market with colour, different metals, gemstones and a
variety of techniques, she added. Modular and functional
jewellery was better suited to todays multi-faceted woman.
Bobby Kothari made the observation that while other
product categories delivered more to the consumer than was
actually paid for mobile phones offer so much more than
just a communications tool for instance while jewellery
was unable to deliver a satisfactory bang for their buck.
INDIAS GROWING DIAMOND CONSUMPTION
In another seminar, Vikram Merchant, manager, Rio Tinto
Diamonds India showed how diamond consumption
Rio Tinto Diamonds global Managing
Director Bruce Cox said it was
extremely satisfying that the first
jewellery was produced just seven
years after work started at Bunder.
The mine is slated to come up to full
production by 2016. Rio has so far
invested Rs.384 crore ($74 million)
in developing the mine and expects
to have spent Rs. 2,200 crore ($500
million) by the time it reaches full
production.
Shishir Nevatia (left) moderates the discussion with
Gunjan Suri, Bobby Kothari, Colin Shah and Sohil Kothari
was on the rise in India. He took the audience through
the research and reasoning behind Rio Tintos Nazraana
campaign to position its off-colour and brown diamonds
in the wedding gift category. He said that India and China
were expected to play a great role in the growth and
demand for diamond jewellery. We are a young nation
with 60 percent of the total population under the age of 40.
Peoples earnings are increasing as is rural consumerism,
he said, adding, that jewellery sales are expected to grow
from Rs.5,900 crore to Rs.38,400 crore by 2020. The Indian
consumer is looking beyond the bridal category. In fact, 32
percent of respondents to Rios market research said that
while buying diamond jewellery, price was the deciding
factor, whereas 22 percent said that design influenced
them to make the final buying decision. Merchant said that
Indian consumers understand that diamonds belong in all
forms of jewellery unlike China where rings seem to be the
norm for diamond jewellery.
On the sidelines of the IIJS, Rio Tinto Diamonds India
used the networking platform that the show offered to
unveil the first jewellery made with the first batch of
diamonds extracted from its Bunder mine in Madhya
Pradesh. The jewellery was designed by Reena Ahluwalia,
who is currently based in Canada but was born and brought
up in Madhya Pradesh. It features the white as well as the
off-colour champagne and dark brown cognac diamonds
that the mine produces.
Rio Tinto Diamonds India Managing Director Nik
Senapati observed that it was a proud moment for the firm
as he said Bunder is the first Indian mine in a century to
have also had jewellery set with its diamonds fabricated in
India. Bunder is slated to become one of the worlds top
ten diamond producing mines, he added.
Rio Tinto Diamonds global Managing Director Bruce Cox
said it was extremely satisfying that the first jewellery was
produced just seven years after work started at Bunder. The
mine is slated to come up to full production by 2016. Rio
has so far invested Rs.384 crore ($74 million) in developing
the mine and expects to have spent Rs.2,200 crore ($500
million) by the time it reaches full production. Currently,
the mine employs 400 people, but the personnel strength
is set to increase to around 1,000 by full production time.
Cox said the mine would indirectly provide employment
for between 6,000 and 8,000 people including diamond
manufacturers and jewellery fabricators.
Rio Tinto Diamonds General Manager for Marketing Jean-
Marc Liberherr told IDEX Magazine India Retail that
the Bunder mines diamond reserves were estimated in the
region of 24 million carats and it was expected to produce
some 2 million carats of rough a year for between 10- and
15 years. He added that while no decision had yet been
taken as to the route to market for the rough, given that
there were significant quantities of champagne and cognac
diamonds, which have traditionally been processed in India
and the great Indian story behind Bunders production,
the output lent itself to differentiated marketing and was
thus unlikely to be put through a generic marketing channel.
The diamonds that have been set in the jewellery were cut
and polished by Mahendra Brothers and Venus Jewel, while
the jewellery was fabricated by Uni-Design. Named the
Courageous Spirit Collection, the jewellery is dedicated to
the women of the state. It is set with a total of 25 carats
of diamonds, of which 5 carats are whites and 5 carats
cognacs. It also features 2.8 carats of uncut diamonds.
Shivraj Singh, Chief Minister of Madhya Pradesh, said
he was pleased that 70 percent of the mines current
personnel were locals and added that the state was eager to
reap the fruits of local beneficiation with the development
of a diamond cutting industry in the state and jewellery
fabrication as well.
The jewellery will not be sold but used for promotional
purposes by both Rio Tinto as well as the state government
of Madhya Pradesh.
The Indian diamond industry has
waited long enough for others to do
something, Kothari said, adding,
if an international effort cant be
launched, we need to get one going
in India. This is one of the worlds
fastest-growing consumer markets.
Seminar in progress
NEED FOR GENERIC DIAMOND PROMOTIONS
Also using the platform provided by the IIJS, the shows
organizer, the Gem & Jewellery Export Promotion Council
(GJEPC), announced that it will launch a generic diamond
promotion campaign of its own in the country to fill the
void left by the A Diamond Is Forever umbrella campaign
that was formerly run by mining major De Beers worldwide.
GJEPC Vice Chairman Sanjay Kothari said that the
campaign would run over a period of three years and would
involve a budget of between Rs.40- and 50 crore. The
GJEPC is looking at hiring an outside consultant to advise
them. A previous attempt at generic diamond promotion
the 2008 Anant diamond jewellery campaign fell short of
achieving very much due to an extremely limited budget.
A few years ago, an international promotional effort known
as the International Diamond Board (IDB) failed to take
off as differences rose between the various stakeholders.
The Indian diamond industry has waited long enough
for others to do something, Kothari said, adding, if an
international effort cant be launched, we need to get one
going in India. This is one of the worlds fastest-growing
consumer markets.
However, Kothari said the GJEPC was keen to prod
the international diamond community into action. He
observed that the GJEPC was in touch with the Diamond
Administration of China (DAC) to try and get a similar
effort off the ground in that country.
The generic promotion project is to be placed prominently
on the agenda of the 35th World Diamond Congress
(WDC), that is slated to be held in Mumbai from October
14 to 17.
International Diamond Manufacturers Associaton
(IDMA) president Moti Ganz congratulated the GJEPC
on its efforts, noting that the organizations initiative would
motivate other industry organizations to join the GJEPC
s initiative. Unfortunately, past efforts to convince the
major diamond producers to establish and support the
International Diamond Board for diamond promotion
to consumers have not succeeded despite the industrys
best efforts. The GJECP is now pointing the industry into
a new direction and as it kick-starts its campaign, other
industry organizations cannot but follow this example. I
am confident that during our discussions at the upcoming
Congress in October, in Mumbai, India, we will develop
practical plans toward the international implementation of
this welcome initiative, Ganz said.
IDEX
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colored stone report IGI,
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78,48 x 48,48 x 36,27 mm
539,1 carats
light brown transparent
number 1L140737
57,27 x 40,42 x 37,43 mm
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orangy brown transparent
number 1L140734
69,82 x 40,88 x 34,81 mm
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light brownish grey transparent
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50,34 x 40,17 x 31,41 mm
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IDEX INDIA RETAIL MAGAZINE| NO 2: INDUSTRY NEWS 49
Industry news
end Of An erA:
OppenheImer fAmIly exIts de Beers
as diamond aggregation moves to Botswana
ining major Anglo American completed the
acquisition of the Oppenheimer familys 40 percent
shareholding in De Beers on August 16, bringing to an end
the familys 80-year reign in the diamond industry. Anglo
American paid CHL, the Oppenheimer family holding
company, $5.2 billion (Rs.28,987 crore) in cash, increasing
its stake in De Beers to 85 percent.
Last November, the sides announced the agreement, a deal
viewed by some as unfavourable to the Oppenheimers.
m
Nicky Oppenheimer
million Botswana Pula (Rs.120 crore) will have been
invested in the building for modifcations and extensions.
Speaking at the launch, Botswana Vice President and
Minister of Minerals, Energy and Water Resources
Ponatshego H.K. Kedikilwe said, This is a key milestone
for the diamond industry in Botswana. By shifting the
centre of gravity of the diamond world here, we are
bringing in more economic activity, more skills and more
broad-based business opportunities to the country. We are
also growing our international profle and establishing the
kind of platform that all economies need for sustainable
growth and diversifcation.
Nicky Oppenheimers contract as chairman of the
company, ending in December, was not expected to be
renewed, following tension between him and Anglo.Part
of it included a refusal to appoint Nickys son Jonathan to
Anglos board.
Under the terms of the acquisition agreement, Anglo paid
the agreed purchase price of $5.1 billion (Rs.28,429 crore)
and a number of adjustments as provided for under the
agreement, which added an additional $100 million (Rs.557
crore).
Meanwhile, the De Beers Group formally commenced
worldwide diamond aggregation in Gaborone on August
14, two months ahead of schedule. The milestone was
part of the sales agreement between De Beers and
Botswana, and marks the delivery of the frst phase of
the migration of De Beers sales activities to Botswana.
The process of aggregation, which involves the mixing
of like-for-like diamonds from De Beers global
production, is an integral part of De Beers business. It
provides Sightholders (selected diamond manufacturing
clients) with supply consistency to enable them to plan
their downstream business and commit to long-term
investments in producing countries such as Botswana.
Until now, aggregation had taken place in London for
nearly 80 years.
The sales agreement between De Beers and Botswana is the
longest sales contract ever agreed between the two partners,
and will see De Beers relocate its Sights (sales to select
clients) and sales operations - including professionals, skills,
equipment and technology - from London to Gaborone
over the next year. The migration of aggregation is the
frst step of a process that will, by the end of 2013, enable
De Beers to sell aggregated production from its worldwide
operations to Sightholders, and will help further transform
Botswana into a leading international diamond centre. With
the establishment of De Beers aggregation in Botswana, it
is anticipated that about $6 billion (Rs.33,446 crore) worth
of diamonds will fow through the country.
The aggregation activities will take place in the new
purpose-built De Beers facility housed within the DTC
Botswana building. By the end of 2013, more than 170
The De Beers Group CEO, Philippe Mellier, added, This
is a proud day for De Beers. We have worked hard to bring
the aggregation of our worldwide production to Botswana
ahead of schedule. De Beers has always been committed
to benefciation in Botswana, but today, and over the next
year, we will be changing our business to cement that
commitment for the long term. Our focus is on providing
our Sightholders with the continuity and quality of supply
they expect while living up to our commitment to our
partners to push benefciation to greater levels than ever
seen before.
He added, As De Beers shifts more and more of its
sales operations to Botswana over the next year, we will
solidify the long-term future of the partnership and work
to transform Botswana into one of the worlds leading
diamond trading and manufacturing hubs. Idex
vi si t
WWW. I DEXONLI NE. COM
For Li ve UPdates
he Indian diamond industry has been experiencing
substantial job losses of late. By some estimates,
thousands of workers have been laid off in the production
centers of Surat, Bhavnagar and Ahmedabad.
Nanubhai Vanani, Secretary of the Gujarat Hira Bourse,
the diamond exchange and SEZ located in Surat, told
this magazine, Its true there have been lay-offs, but one
cant really gauge the extent. These are mainly due to two
factors the economic slowdown in our export markets
and the substantial devaluation of the rupee against the
US dollar.
Vanani noted that strangely, some factories were still head-
hunting for skilled workers and were unable to get the right
people.
One diamond manufacturer who specializes in small goods
(-0.03 carat), however, said that the layoff were due to a
combination of high rough prices and stiff buyer resistance
to any correspondingly higher polished prices. Speaking on
condition of anonymity, he observed, The production
cutbacks and lay-offs have been particularly severe up to
70 percent in some cases in Bhavnagar and Ahmedabad.
t
lAy-Offs, prOductIOn cutBAcks
in diamond indUstry
The two centers specialize in the manufacture of small
diamonds.
According to him, the problem was triggered by the
sharp escalation in the prices of top end (VVS+) small
diamonds, brought about by heavy buying by Swiss watch
manufacturers last year. Prices in these categories shot up
by 100 percent even 200 percent in certain categories.
People started paying substantially higher prices for rough
seeing this huge escalation in prices, said the manufacturer,
but they didnt stop to think that this was only for the
very top end goods. The lower clarities, which constitute
more than 70 percent of the small goods category, have
consequently fetched no margins or have actually generated
losses. People held on for as long as they could, hoping
polished prices would rise. They didnt and so weve had
fnancial failures among the smaller players and now the
bigger operators have instituted production cutbacks.
Vanani said, however, The situation will defnitely improve
by the end of the year. Other manufacturers concur, saying
the cutbacks will help right the balance between rough and
polished prices. Idex
52 IDEX INDIA RETAIL MAGAZINE| NO 2: STONE SOURCES
xactly 80 years after Sierra Leones frst alluvial
deposit was found along the Shongo stream, the
countrys diamond scene has fnally entered into a new
era: it is joining the ranks of Botswana, Canada, Russia
and Australia by becoming a predominantly hard-rock
kimberlite diamond-mine producer.
This dramatically transforming development in the
diamond sector has been triggered by the formation of
the Octa Diamond Group and its inauguration of a
new processing plant at its fagship Koidu Diamond Mine.
The mine is situated in the Kono District, 330 kilometers
east of the capital, Freetown. Octa also plans to develop
the Tonguma Mine in the Tongo District following the
completion of a feasibility study at the end of the year
As of the next quarter, Koidus open-pit mine will deliver
70 percent of the nations annual diamond production.
The good governance, stability, steady employment, long-
term certainty of cash-fow and related development
benefts that are associated with kimberlite open-pit and
underground mining will all impact the domestic economy
of Sierra Leone.
E
Diamonds Growing Economic Role
Currently, some 50 percent of all the nations exports are
derived from diamonds. Even though other commodities
are now seeking investments in the country, the role of
diamonds in the economy is set to increase.
The nations president, Dr. Ernest Bai Koroma, lauded the
launch of the newly formed Octa Diamond Group while
addressing (by video) a recent gala event that was attended
by shareholders, government ministers, diplomats, NGOs,
fnanciers, members of the Sierra Leonean community and
the media.
President Koroma said, Our country has been blessed
by signifcant mineral wealth, but the way that we manage
this wealth is vital to the future prosperity of the country
and the upliftment of its people. He stressed Octas role
in nurturing the diamond sector here in Sierra Leone
in a way that mirrors [the] governments commitment
to true development partnership and in accordance with
international best practices.
Sierra Leones minister of Mines & Mineral Resources, Alhaji
SiErra LEonE
Transforms inTo a PredominanTly Primary resource diamond Producer
by ChAI m EvEN-ZohAR
first diamonds recovered from The Koidu diamond mine
image: diamond intelligence Briefs
StonE SourcES
This allows the operation to be fully transparent one,
where diamonds can be traced from the mine through the
value chain straight into the stores of Tiffany & Co. the
worlds most renowned diamond brand retailer and a major
stakeholder in the Koidu Mine by virtue of its rough off-
take agreement with the Octa Diamond Group
Economic Benefits to Community and Nation
The Koidu Mine employs 1,570 permanent workers, 90
percent of whom are Sierra Leoneans. A back-of-the-
envelope calculation by Paramount Chief Paul N. Saque,
who heads the Tankoro Chiefdom on which the mine is
located, shows that directly and indirectly more than 20
percent of the 350,000 people living in the rather populous
Kono District are economically dependent on the Koidu
Mine.
At the inauguration of the new plant, he said that for the
frst time in the history of Sierra Leone, a mining community
such as ours was offered the opportunity to negotiate a
Resettlement Agreement with a mining company. Koidu
Mine also represents the frst time that any community was
allowed to directly negotiate a Community Development
Agreement regarding the sharing of project benefts.
Because open-pit hard-rock kimberlite mining requires
frequent blasting (explosions) to break the rocks and free
the diamondiferous ore, an activity that requires extensive
safety measures to protect both employees and people
living nearby, the Octa Diamond Group has undertaken
a relocation program for villagers living in the lease area.
A wall has been erected around the 4.9 kilometer square
mining grounds to prevent people from accidentally
straying into the mining area and to protect villagers
against the impact of mine blasting. Some 500 houses have
been, or are still being, built, dramatically improving the
standard of living of several thousand people.
Minkailu Mansaray, echoed the words of the president. The
minister is credited with bringing unprecedented (for any
mining country) transparency to the mining sector through
enacting the New Mines and Mineral Act 2009. The law
addresses health and safety, environmental protection and
community development. It also makes performance in
all of these areas a condition for obtaining and keeping a
mineral rights license.
For foreign investors, the law provides security of tenure,
encourages exploration and is clear and transparent about
rights and obligations. It is this law that provided the
investors in the Koidu Mine with the confdence to embark
on a $300 million investment.
Koidus New Processing Plant
The gala event marked the offcial opening of the Koidu
Diamond Mines new 180-ton-per-hour processing plant
a key aspect of the Koidu Expansion Project which will
boost diamond output from 10,000 carats per month to
45,000 carats per month during the third quarter of this
year. This will effectively double diamond exports from
Sierra Leone, says Octa CEO Jan Joubert.
At an estimated average price between $250 and $400 per
carat, the Koidu Mine will be producing more than 500,000
carats of high quality diamonds a year at a value of some
$200 million. The new plant will more than quadruple the
mines current output. The countrys rapidly dwindling
alluvial output is estimated at some $75 million per year.
Offcial fgures put the nations 2011 production fgures at
357,160 carats, valued at $124,150,581.
At the state-of-the art Koidu operation, diamonds are
recovered fully automatically. The fnal recovery vaults can
only be opened in the presence of a government monitor,
a government valuer and a mine representative.
Jan Joubert
Koidu Processing Plant construction
The Koidu Mine relocation areas also contain a few
mosques and churches, several primary and secondary
schools, a trading market, commercial areas and an
impressive health clinic. (The latter was inaugurated by
Tiffany & Co. vice president Andy Hart last year, to
underscore the retailers involvement in the Koidu project.)
But the greatest contribution to these villagers may well be
clean tap water provided by the mine, something none of
the villagers previously enjoyed.
In addition, the mine has built or refurbished some 110
kilometers of roads in the eastern district of Kono, opening
trading and transportation corridors to many hitherto
nearly inaccessible communities.
The central government is a major benefciary of the
mining operation. Royalties, corporate taxes, export taxes
(6.5 percent compared to 3 percent for alluvial productions)
and leasing fees provide the mine with the honor of
being the single largest tax payer in the country.
The Formation of the octa Diamond Group
Inspired by our success at Koidu as well as at our
Tonguma Project we undertook a major restructuring
exercise towards the end of 2011 to enable the group to
invest in other exploration and development opportunities
in Sierra Leone, explains Octas Joubert. We chose
the name Octa to refect the quality of the octahedral
diamonds characteristic of our diamond deposits in Sierra
Leone.
Four wholly owned subsidiaries of the Octa Diamond
Group have been established: Octa Mining Ltd, Octa
Diamonds Ltd, Octa Services Ltd and the Octa
Foundation.

Octa Mining Ltd now owns the mining assets of the
group, including the Koidu Diamond Mine, previously
called the Koidu Kimberlite Project, held by Koidu Limited,
which was formerly Koidu Holdings, notes Joubert.
It also includes the Tonguma Project held by Tonguma
Limited. An application for an exploration licence to the
east of Koidu has been submitted by the newly formed
company, Boroma Ltd.
Octea is fully owned by BSGR, a diversifed natural
resource company with strong presence in West Africa; In
partnership with a Vale, BSGR is developing one of the
largest iron ore mines in the world in Guinea and since
2003, has invested more than $300 million into the growth
of the company and the advancement of surrounding
communities. As Octea plans to invest in other exploration
and development opportunities in Sierra Leone, it will seek
to attract fnancing partners for the injection of a further
signifcant additional investment into the countrys mining
sector. The presence of a number of major international
octea diamond Group's new 180-Tonne-Per-Hour
Processing Plant for The Koidu diamond mine
bankers at the Koidu plant inauguration testifes to the
interest of the banking community.
Joubert does not hide his personal aspirations. The Octa
Diamond Group will be producing some 2 million carats
annually by 2018, he confdently predicts, saying that this
might well be a very conservative fgure. At todays prices,
that would be well over $700 million per year.
A mine with Two open Pits Set to go Underground
The current government has completed a review of all
mining licenses and cancelled quite a few because of
lack of progress or viability and has given the remaining
license holders considerable confdence and security of
tenure. The Koidu mining lease is valid until July 2030, with
the option to extend for a further 15 years. The property
hosts two kimberlite adjacent pipes, K1 and K2, and four
kimberlite dyke zones, along which four small blows or
enlargements have been discovered.
After completing a fve-year open-pit operation, a
transition to a further 12-year underground mining process
is planned. At the Koidu Mine alone, total probable
reserves (as of December 31, 2010) were estimated to be
4.2 million tons, with a diamond grade of 0.44 carats per
ton. However, taking another geological parameter, total
indicated resources are estimated at 10.2 million tons, with
a diamond grade of 0.54 carats per ton. This translates
into some 5.5 million carats of future production of
predominantly high-quality rough diamonds.
Koidu is the single largest tax payer in Sierra Leone. Also
the royalty it pays on diamonds, at 6.5 percent of exports,
is more than double those paid by alluvial operations.
An IMF report comments that in recognition of the
diffculties of collecting royalties from artisanal/alluvial
diamond miners and the sharp reduction of alluvial
diamond exports through smuggling, the 6.5 percent tax
provided by law was reduced to the original 3 percent for
artisanal mining production.
The signifcance of the creation of the Octa Diamond
Group must not be viewed just from a governmental
revenue perspective. After 80 years of alluvial mining, these
deposits have largely been exhausted. Institutionally, most
of the fnancial benefts have not helped the economy-
at-large. Alluvial mining is entering its fnal decades.
Sierra Leones diamond future lies in the development
of the scarce primary kimberlite deposits discovered so
far. Thats both the challenge and mission of the Octa
Diamond Group.
iDEX
Tiffany & Co.s jewelry brand, business model and
good governance policies require the company to
adhere to the most exacting standards of business
ethics and environmental and social conditions under
which its jewelry is produced.
To ensure an impeccable chain of custody, in 2002,
Tiffany adopted a business model of purchasing
rough diamonds and having its own polishing plants
through Laurelton Diamonds. The vast majority
of diamonds purchased by Tiffany originate from
Botswana, Canada, Namibia, South Africa, Sierra
Leone, Russia and Australia.
Laurelton Diamonds, headed by Tiffany vice
president Andy Hart, is a wholly owned subsidiary of
Tiffany & Co. The company ensures the integrity and
high quality of its diamonds through strict control of
a global supply chain that sources, cuts, polishes and
supplies finished stones to Tiffany & Co. Laurelton
Diamonds has operations in the United States,
Belgium, South Africa, Botswana, Namibia, Vietnam,
Mauritius and China.
Tiffanys purchases of conflict-free rough and
polished fine white diamonds, in the color ranges D
through I and in sizes above 0.18 carats, represent a
significant portion of the worlds supply of fine white
diamonds in those color and size ranges. Indeed, in
recent years, approximately 50-60 percent of the
polished diamonds acquired by Tiffany for use in its
jewelry has been produced from rough diamonds
bought by the company.
Tiffanys stated policy is, from time to time, to
secure supplies of diamonds by entering into off-
take agreements with mining companies. The Koidu
Diamond Mine is a preferred source of diamonds for
the company. In the past, it has assisted in financing
the expansion of the mine by making an advance
of $50 million on account for future deliveries.
Tiffany management expects that it will purchase
approximately $200 million worth of rough diamonds
in 2012 directly from mining sources.
The Partnership
with Tiffanys
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Avoid Stone Loss:
Securely Set Round Brilliants
ine jewellery represents much more than its trade value
in diamonds, gemstones and precious metals. It is a
personal representation of the owners lifestyle, status,
history, ritual, beliefs, emotion, recognition, commitment,
commemoration, remembrance and more. That significance
only amplifies how devastating the loss of
a gemstone will be for the owner. Even one
missing accent stone renders the jewellery
unwearable. A major loss will also weigh
heavily on the retailer who sold the piece
and the manufacturer who produced it.
But stone loss can be avoided. Inspecting
each piece and comparing it against
benchmarking standards for signs of
vulnerability in normal wear gives the
jeweller a chance to address potential
problems before offering it for sale.
Adopting benchmarking standards
emphasizes good workmanship and
assures the quality of the jewellery for the
consumer.
There are two main reasons gemstones
become loose or lost in jewellery: errors in
workmanship and the absence of stone-
setting benchmarking standards (specific
categorical parameters used to compare
and evaluate the acceptability of a finished
product).
Examples of the quality assurance
benchmarking standards presented here
are for setting round brilliant gemstones
in two styles of prongs: traditional angle or
straight. (Figure 1)
Prong setting QUality BenChmarking Parameters
traditional angled Prongs
A. Prong angle is 70-80 degrees.
B. Sufficient prong thickness is needed to secure the
stone in place, so 40-50% metal is removed from the prong
thickness at the bearing.
C. Diamond is seated level in bearing just above the
gallery wire. There are no gaps in any bearing the bearing
is the cut made in a prong and must precisely fit the stone
contour when properly set. Any gaps will allow the stone to
move or loosen.
D. Finished prong height is 75-85% of table height.
Ample prong height allows the prong to hold-up through
normal wear.
E. Prong contact is 33-50% of total crown distance.
Adequate prong contact over the crown is critical to a stable
setting.
F. Prongs are rounded, polished and consistent in
size and shape.
F
Potential errors in WorkmanshiP for traditional
angled Prongs
Example 1: Using benchmarking with the quality assurance
parameters, you will note a bearing was not cut (lower blue
arrow) and the diamond is not seated. Prong contact is
insufficient (upper blue arrow) and barely secures the diamond.
Example 2: The bearing does not conform to the crown and
pavilion angles of the diamond so there are large gaps. Too
much metal was removed from the prong thickness.
Information compiled from GIAs Jewelry Manufacturing Arts
program, which includes Applied Jewelry Arts, Graduate Jeweler,
Jewelry Design and Comprehensive CAD/CAM courses.
figUre CaPtions:
All figures GIA
Figure 1: Center stone prong setting quality benchmarking
criteria for angled prongs.
Figure 2: This center stone has no bearing.
Figure 3: This prong is overcut and there is visible open space
at the bearing.
gem and JeWellery resoUrCes in india
GIA grading reports and professional training are essential
tools for enhancing consumer trust in the retail associates
expertise. As Indias market for diamonds and gems continues
to dramatically grow, so too have the resources available to
jewellery professionals. They include:
gia laboratory GIAs laboratory in India, located in Mumbais
Bandra Kurla Complex, grades D-Z color diamonds ranging
from 0.15 carats to 1.99 carats. The laboratory is also a take-
in center for diamonds in larger sizes and other colors, as
well as coloured stones and pearls, which are routed to GIA
laboratories worldwide for servicing. The Mumbai laboratory
also offers laser inscription and diamond sealing services.
GIA tests every diamond it grades for laser drilling, fracture
filling, surface coating, artificial irradiation, High Pressure/High
Temperature (HPHT) and Chemical Vapor Deposition (CVD)
to detect known treatments and separate natural diamonds
from synthetics.
Grading reports are not issued for diamonds that have
undergone unstable treatments, such as coating or fracture
filling. And, while grading reports may be issued for diamonds
that have been laser drilled, artificially irradiated or HPHT
processed, these treatments are prominently disclosed on the
report.
gia Professional training GIAs Mumbai campus offers a
wide variety of courses and instructional formats to meet the
diverse needs of Indias jewellers and manufacturers. These
formats range from on-campus programmes, lab classes, skill-
building seminars and workshops, to customised corporate
programmes, and online learning designed to minimize
disruption to work schedules.
GIA courses are continually updated to ensure the most timely
and accurate information and are taught in local languages
throughout India.
To learn more about the GIA Laboratory services and training
programmes available to jewellers throughout India, visit
www.giaindia.in or email lab.giaindia@gia.edu
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IDEX India Retail, September 2012

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