IDEX India Retail Magazine June 2011

June 11
SPOTLIGHT
INSIGHT
3D Technology
Helps Sell
Luxury Brands
From Thatched Roof

To Tiara: The Good That
Diamond Mining Can Do
Cover_final_2.indd 1
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05/05/11 10:54
Contents
JUNE
05 FROM THE EDITORS DESK
Understanding The World Of Diamonds & Planning For The

Future
06 MUMBAI DIAMOND MARKET REPORT

High Prices & Holidays Slow Market
magazine india retail
JUNE 2011
VOL. 1 No. 07
EDITORIAL DEPARTMENT
EDITOR-IN-CHIEF Vinod Kuriyan
EDITORS Edahn Golan, Danielle Max
IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENT
Tamar Katzav
10 SPOTLIGHT
3D Technology Helps Sell Luxury Brands
16 INSIGHT
From Thatched Roof To Tiara:

The good that diamond mining can do
ADMINISTRATION & MARKETING

MANAGING DIRECTOR Yaron Barzilay
MARKETING MANAGER Kuldip Bedi
SALES MANAGERS
Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay

PRODUCTION & CIRCULATION Helena Dorsht, Vera Podolny
ACCOUNT MANAGER Shuly Dori
ART DEPARTMENT
15 RETAIL ET CETERA
18 THE DIAMOND PIPELINE
20 PIPELINE 2010:
Year of Replenishment, Speculation and Recycling
25 POLISHED DIAMOND PRICES

IDEX & GJF Launch Consumer-Assuring Rupee DRB In India
27 DIAMOND RETAIL BENCHMARK

A diamond price list to assure your customers
34 COVER STORY
The Big Fat Indian Wedding & The Diamond Gifting Opportunity
54 INDUSTRY NEWS
56 U.S. MARKET WINDOW
08
_w~B hram ~mOma H$s [anmoQ>
D$Mr H$s_V| Ama Nw>{>`m| H$m _Xm ~mOma

44
Table of content.indd 4
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IDEX MAGAZINE INDIA RETAIL | NO 07
02-Jun-11 6:30:36 PM
From the
Editors Desk
Understanding The World Of Diamonds
& Planning For The Future
he world of diamonds is currently churning

and undergoing changes that will result in
fundamental changes in the way diamonds
are sourced, valued and sold in the future. The one
thing that will most affect the future of diamonds is
the fact that no new diamond mines have been found
in the last 15 years while all the worlds biggest mines
today have peaked and begun to slide into decline.
Already, there is a shortfall in supply to meet todays
strong demand for diamonds. And going into the
future, as supply sources dwindle, that gap is going
to widen.
Naturally, scarcity is driving prices up. And prices
are going to rise at an accelerating rate as the mines
begin to dry up. So strong is this price rise going to
be that many mining companies, which had sharply
cut production during the global recession, have not
gone back up to full capacity even now. They dont
ever intend to. With prices going up so fast, they can
leave a greater proportion of their rough diamond
resources in the ground, sell less rough, yet still make
as much money as they did in previous years, when
they mined at full capacity. Leaving resources in the
ground also means the life of the mine can be extended
by a few years.
And in tomorrows short-supplied world, there arent
going to be even less of the better qualities and larger
sizes of diamonds. The prices of those goods that
are available then, will be astronomical. So what
should one do to keep ones customer base when
one doesnt have the kind of diamonds it wants? How
will one grow ones business? One of the answers is
detailed in this issues cover story. Develop a product
based on affordable diamonds and move diamonds
IDEX Magazine India Retail | NO 07: EDITOR
Editor.indd 5
away from simply being storehouses of value that are

counted among consumers investments, to being gifts
that are valued by the receiver. These will still hold
their intrinsic value, but their primary function will
be to convey a sense of value from the giver to the
receiver.
Given the great changes taking place in the world
diamond industry, it is vital that one understand the
entire process of producing diamonds. How much
rough is mined and what that is valued at and how
much polished comes onto the worlds markets and
at what value and values and volumes at all the
intermediate stages as well. IDEX takes great pleasure
in introducing a product that does just that its
proprietary annual Diamond Pipeline analysis to
the Indian jewellery retail industry.
One of the first things youll realise when you study
the Diamond Pipeline, is that the new reality of
perennial shortages of goods is reflected in it. For
the first time ever, one of the major sources listed in
the pipeline is the diamond recycling market. This is
the global version of the buy-back that Indian retailers
are familiar with. Old jewellery and diamonds are
handed in to pawn shops that pay cash and then
put these diamonds up for auction by lot. The buyers
are mostly professionals looking to fill gaps in their
inventories. The recycling market is projected to grow
into the worlds single largest source of diamonds
in the future.
Vinod Kuriyan
Editor
5
31-May-11 4:05:36 PM
Mumbai
DIaMOnD MaRKEt REPORt
High Prices & Holidays Slow Market
combination of high asking prices and the onset

of the summer vacations has considerably
slowed down the Mumbai polished diamond
market. Polished prices have remained high because
rough prices have moved up sharply, thus making
manufacturers resistant to buyer demands for reduced
polished prices. And since polished diamond prices are
high, consumer demand too has fallen off.
The result has been that several categories of goods,
which were in extremely short supply almost
impossible to see in the market are now visible is
Market Report.indd 6
By Vinay Parekh
inventories around the market. The extremely high
prices of VVS and VS goods have also had a dampening
effect on the movement of these goods. Currently, SI
goods are the markets hot sellers.
The slowdown in movement has meant that red hot items
like good quality stars (-0.02 carat) are now available
in limited quantities in the market. Previously, these
goods were simply not to be seen.
Market insiders expect the slowdown and buyer
resistance to have an impact of polished prices.
IDEX MagazInE InDIa REtaIl | nO 07: MUMBaI DIaMOnD MaRKEt REPORt
02-Jun-11 4:46:51 PM
M U M B A I D I A M O N D T R A D I NG I N m ay
Size in Ct. (Sieve)
Comments
Forward Call
-0.01 (-2 )
Strong demand for SI/J+ goods.

Good demand for piqu goods.
Some softness seen in VS+ goods.
Overall very good demand across the board.
Very hot category.
Severe Shortages will continue as production is

still not up to the required level. Activities in VVS
clarity is likely to reduce due to price factor in the
local market.
-0.02 (+2-6.5)
Strong demand for SI/J+ goods.

Some softness seen in VS+ goods.
Hottest category.
Prices are likely to go up but not at a rapid speed.

These goods have been such hot sellers that there
was no inventory available in the past. However, the
very high asking prices have slowed transactions.
As a result, some goods are now available in the
market.
0.03-0.07
(+6.5-11)
Very good demand for SI/J+ goods.

Most required sieve is -8.
Activity is expected to increase as melees are

cheaper and more available compared to stars.
0.08-0.14 (+11-14)
Very good demand for SI+ goods.

Activity will improve as this size is comparatively

cheaper than stars & melees.
0.15-0.17
(+14-15.5)
Very good demand for SI+ goods.

Activity will remain stable with shortages of

goods.
0.18-0.22 (1/5)
Good demand for SI1+ goods.
Overall low activity except VS+ goods will be seen

in this category.
0.23-0.29 (1/4)
Good demand for VS+ & piqu goods.
Prices for SI goods will go up.
0.30 (1/3)
Very good demand for SI goods.

Good demand for VS & piqu goods.
G-J col. is in more demand.
Prices for SI goods will go up.
0.40 (3/8)
Good demand for SI/G-J col.
Demand & prices for piqu goods will go up.
0.50 (1/2)
Very good demand for SI+/J+ col.

Good demand for I1/I2.
Demand & activity will be higher for SI goods.

Prices for VS & SI will go up.
0.75 (3/4)
Very good demand for +0.90 carat SI+/G-J.

Good demand for I1/I2/J+ col.
+0.90 carat is becoming very hot category.

Demand for D-F col. will improve.
1.00 (4/4)
Strong demand for VS & SI goods.

Overall very good demand across the board.
Improved demand for D&F colors.
Shortages & price rise will be seen for certified &

non certified SI Clarity. Premium sizes will be more
expensive.
+3.00
Very good demand for SI/G-K colors.

Demand increases for VS/H-K colors in +5 carat
sizes.
Shortages will be seen in +5carat sizes.

Shortages may drive prices upward.
IDEX Magazine India Retail | NO 07: MUMBAI DIAMOND MARKET REPORT
Market Report.indd 7
02-Jun-11 4:46:51 PM
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A~ BgH$m n[aUm_ `h h {H$ _mbm| Ho$ H$B dJm], {OZH$s Amny{V
H$m\$s H$_ ahr- A~ ~mOma _| {XIZo ^r _wpH$b hmo JE h, ~pH$
do A~ ~mOma Ho$ BX-{JX dmbo Bd|Q>arO _| {XImB nS> aho h& VVS
Marker Report Hindi.indd 8
VWm VS H$s H$m\$s D$Mr H$s_Vm| Zo ^r BZ _mbm| H$s J{V{d{Y`m| na

H$m\$s _Xr dmbm Aga {XIm`m h& dV_mZ _| SI _mb ~mOma H$m
EH$ hmQ> goba h&
J{V{d{Y`m| _| _Xr H$m AW h {H$ AN>r JwUdmm Ho$ Q>mg (-0.02
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~mOma go OwS>o bmoJm| H$m _mZZm h {H$ _Xr Ama IarXXmam| H$s A{ZN>m
H$s dOh go nm{bS> hrao H$s H$s_Vm| na Aga nS>oJm&
MAGAZINE INDIA RETAIL | NO 07: MUMBAI DIAMOND MARKET REPORT
02-Jun-11 4:55:31 PM
_w~B {ham ~mOma H$m H$mamo~ma

H$aoQ> gmBO
(grd)
{Q>n{U`m
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-0.01
SI/J+ _mbm|
H$s H$m\$s A{YH$ _mJ&

{nH$ _mbm| H$s AN>r _mJ&
VS+ _mbm| _| Hw$N> Z_u {XImB nS>r&
nyao ~moS> â _| Hw$b {_bmH$a H$m\$s AN>r _mJ&
H$m\$s bmoH${` dJ
`m|{H$ CnmXZ A^r ^r Amd`H$ Va VH$ Zht hmo nm`m h,

J^ra H$_r Omao ahoJr& WmZr` ~mOma _| H$s_V H$s dOhm| go
VVS b[aQ>r H$s J{V{d{Y`m| Ho$ H$_ hmoZo H$s g^mdZm&
SI/J+ _mbm|
H$s H$m\$s A{YH$ _mJ&

H$s_V| D$Mr Om gH$Vr h, na BgH$s aVma A{YH$ Zht ahoJr& ò

_mb BVZo bmoH${` goba aho {H$ Bggo nhbo H$moB Bd|Q>ar CnbY
Zht Wm& hmbm{H$ H$m\$s D$Mr _mJ-H$s_Vm| Zo Q>mOeZ H$mo Yr_m
H$a {X`m& n[aUm_d$n ~mOma _| A~ Hw$N> _mb CnbY h&
VS+ _mbm|
_| Hw$N> Z_u {XImB nS>r&

H$m\$s bmoH${` dJ
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Q>mg H$s VwbZm _| A{YH$ CnbY h&
SI/J+ _mbm|
H$s H$m\$s AN>r _mJ&

g~go A{YH$ O$aV dmbr grd-8
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H$s VwbZm _| gVm h&
SI+ _mbm|
H$s H$m\$s AN>r _mJ

_mbm| H$s H$_r Ho$ gmW hr J{V{d{Y`m Wm`r ah|Jr&
SI+ _mbm|
H$s H$m\$s AN>r _mJ

SI1+ _mbm| H$s AN>r _mJ&
Bg dJ _| VS+ _mb XoIo OmEJo, BgHo$ Abmdm Hw$b {_bmH$a H$_

J{V{d{Y ahoJr&
VS+ VWm
_mJ Ama H$s_V| Wm`r ah|Jr&
(-2)
-0.02
(+2-6.5)
0.03-0.07
(+6.5-11)
0.08-0.14
(+11-14)
0.15-0.17
(+14-15.5)
0.18-0.22
(1/5)
0.23-0.29
(1/4)
0.30
{nH$ _mbm| H$s AN>r _mJ
H$s H$m\$s AN>r _mJ

VWm {nH$ _mbm| H$s AN>r _m& G-J H$s
A{YH$ _mJ h&
SI _mbm|
H$s H$s_V| D$na OmEJr&
0.40 (3/8)
SI/G-J H$bg
H$s AN>r _mJ&
SI _mbm|
H$s H$s_V| D$Mr OmEJr&
0.50
SI+/J+ H$bg

H$s AN>r _mJ&
SI _mbm|
Ho$ {bE _mJ VWm J{V{d{Y`m D$Mr ah|Jr&
(1/3)
(1/2)
0.75
(3/4)
1.00
(4/4)
+3.00
SI+ _mbm|
VS+
I1/I2
+0.90 H$aoQ> SI+/G-J
+0.90
I1/I2/J+
H$s H$m\$s AN>r _mJ

H$bg Ho$ {bE AN>r _mJ&
D-F
VS VWm SI _mJm| H$s AN>r _mJ&

nyao ~moS> â _| Hw$b {_bmH$a H$m\$s AN>r _mJ&
D VWm F H$bg _mJ _| gwYma&
m_m{UV VWm Ja-m_m{UV SI b[aQ>r H$s H$_r Ama H$s_V _|

d{ hmoJr& r{_`_ gmBO A{YH$ H$s_Vr hmoJr&
SI/G-K H$bg

+5 H$aoQ> gmBO _| H$_r {XImB nS>oJr&
+5 H$aoQ> gmBO _| VS/H-K H$bg H$s _mJ _| H$_r Ho$ H$maU H$s_V| D$Mr Om gH$Vr h&
VoOr hB&
MAGAZINE INDIA RETAIL | NO 07: MUMBAI DIAMOND MARKET REPORT
Marker Report Hindi.indd 9
H$aoQ> H$m\$s bmoH${` dJ ~Z ahm h&

H$bg H$s _mJ _| gwYma hmoJm&
02-Jun-11 4:55:33 PM
Spotlight
3D Technology
Helps Sell Luxury Brands
By Vinod Kuriyan
ere is how technology has reinvented the

jewellery window display and enables the
extension of the store experience to any
corner of the world over the internet. Holition, a
venture start-up that was created to explore and
expand the role that technological innovation can
play in communicating with todays new digital
consumer, is today helping sell luxury branded
products including jewellery, watches and even cars.
The company, chaired by Charles Bonas of the De
Beers Diamond Trading Company brokerage house
Bonas & Co., with former De Beers executive Jonathan
Chippindale as chief executive, is the result of the
coming together of luxury marketers, retail specialists
and cutting edge leaders in 3D technology.
10
Spotlight.indd 10
Some of the worlds leading brands, including De Beers

Jewellers, Boucheron, Tissot and Tag Heuer have embraced Holitions augmented reality campaigns and
recently, the firm announced a collaboration with US
jewellery designers, Tacori. Customers visiting Tacori
at New Yorks Bloomingdales department store were
able to access innovative 3D touch screen technology
enabling them to virtually try on products.
Holitions innovative campaigns have been astounding
people around the world from 3D touch screen window
displays in London, New York and Japan to its ground
breaking application with Boucheron where customers
can try on the finest jewels in real time via the web.
IDEX MagazInE InDIa REtaIl | nO 07: spOtlIght
31-May-11 4:18:21 PM
It is the attention to detail that Chief Executive, Jonathan Chippindale believes has helped the luxury market open up to 3D technology. Chippindale says, We
are focusing on delivering the highest possible quality
immersive brand experience; we understand the need
for that. While some might be interested in just the
wow factor, luxury wont touch this technology unless its the best, and the fact that these luxury brands
are interested means that weve broken the barrier soon the question wont be why, but why arent companies using it.
Chairman, Charles Bonas says, Coming from a family
that has been in the luxury goods industry for five generations founded on established traditions, for me to be
at the cutting edge of technology really shows how we
can engage more personally with the consumer by exploring and finding new ways of merging tradition with
modern business methods.
In July Holition created a 3D movie for De Beers Jewellers that didnt require viewers to wear 3D glasses
it featured three dramatic jewels. Hundreds of people
passing the De Beers store in Japan saw the movie being
played in its window display with footfalls in-store increasing by 300 percent! The campaign proved so successful that De Beers decided to repeat it in London and
New York this December.
The possibilities for 3D technology are vast. Via a webcam the consumer is able to see for themselves the
elements of the physical real-world environment being
augmented by virtual computer-generated
imagery.
By taking the 3D technology
out of the stores and onto the web, luxury
brands, such as Boucheron, Tissot and TAG
Heuer are helping shoppers, who might be
intimidated by entering a store, experience
the brand in the comfort of their own home.
Were not saying its the same as trying on
a product but its taking the consumer one
step closer to the brand, and potentially,
says Chippindale
Chippindale says Part of the challenge has
been convincing brands that their target
customers will interact with 3D and the
social networking aspects attached to such
campaigns - not long ago luxury brands
wouldnt have considered that users of social media might be a typical customer but
actually 46 percent of mass-affluents now
use social media; its no longer just teenagers
in their bedrooms, says Chippindale. Were
taking a traditional market and helping it to
talk to todays consumers.
Holition has created global reach projects
with brands from within LVMH, Swatch
Group, Richemont, Gucci Group and PPR,
including specific projects with Boucheron,
Tag Heuer, De Beers, Tissot, BMW and Audi.
The firm also has fully serviced installations
at premium department stores including
Selfridges in London, Isetan in Tokyo, and
Bloomingdales in New York.
IDEX Magazine India Retail | NO 07: spotlight
Spotlight.indd 11
11
31-May-11 4:18:25 PM
Insight
From Thatched Roof To Tiara
THE GOOD THAT DIAMOND MINING CAN DO
made an unusual journey in March, spending the

first part of it at a diamond mine in Sierra Leone,
and the second at the Baselworld watch and
jewellery show in Switzerland. These two places could
not have been further apart. Looking at the glitter and
high-end offerings, the rich and (some) famous, the
Baselworld show had plenty of fanfare that did not
provide a stage for hard working people living in remote
and unglamorous places. Some of these people go
through life eating barely nutritious meals, sleep on bare
floors of hardened mud, collect wood for fire and carry
12
Insight_2.indd 12
By Edanh Golan
buckets of low quality water on their heads for miles so
they have water to drink. In this life, electricity is not a
given, medical care is basic and common components of
western life such as internet access or health insurance
are practically non-existent. Some of these people are
part of the diamond industry. They work at mines, dig for
diamonds on river banks or have set up their mud huts in
places where diamond concessions will later be built.
Many in the West view the diamond industry very
negatively. One common criticism is that it steps on
IDEX MagazInE InDIa REtaIl | nO 07: InSIgHt
02-Jun-11 4:50:39 PM
the backs of the poor and neglected just so women

could wear something special for the opening night
at the opera.
Relocation is an especially dirty word, moving people
from their homes to make room for mining. However,
I found a different and surprisingly positive sight
during my trip to the Kono district, where a decade
ago rebels sought diamonds to finance their war and
left devastation behind when they retreated. New and
better houses were built by Koidu Holding, the mine
owners, to replace the old ones near the mine. The new
houses come with better quality water, a health clinic,
schools and a market place. The quality of life is vastly
improved and those that were relocated are genuinely
happy with their new accommodations.
Visiting a nearby girls school, also about to move to a
better facility with flushing toilets, I met children whose
parents work at the mine, receive medical care they did
not have before and now enjoy the close attention of their
government all thanks to the diamond industry.
IDEX Magazine India Retail | NO 07: INSIGHT
Insight_2.indd 13
Here are some statistics that paint a picture the mine

pays 6.5 percent royalty on exports, spends $14,000
(Rs.62,280) on each new home, and is investing $15
million (Rs.66.73 crore) in the new 1,000-house
community project. Any and all local mine workers
can bring family members to the mines fully stocked
and organized medical clinic. Also, 10 percent of the
mines profits go to the government and another 10
percent to the local community which comes on
top of a 30 percent corporate tax. These funds can be
earmarked to rebuilding infrastructure, education or
any other worthy cause that improves peoples lives.
Again, thanks to our desire to celebrate an engagement
with a diamond ring.
Its easy to be cynical and dismiss lines such as we are
supporting the local community. Some may indeed be
paying lip service, but not all. The glitter atBaselor the
opera does not come at their expense; on the contrary,
it helps improve their lives. We should celebrate the fact
the diamonds bring good to all sorts of places and people,
for oddly, it is a very democratic commodity.
13
02-Jun-11 4:50:45 PM
Et Cetera
Retail
BIG DAYS
Ah, engagements and weddings. How we love
them. Once the big day is over, the lucky bride
and groom are left with photos, memories
and, of course, the ring. This month, IDEX
Magazine brings you the latest in engagement
and wedding rings, proving that there is always
something new in the world of love.
AMAZING GRACE
For designer Kirk Kara, working with his daughter Grace
has inspired him to produce some of his most personal
works. Working with [her] has brought a new spirit to my
designs, he says. The new additions to his engagement
rings are in the Angelique, Amelia, Carmella and
Charlotte collections, which feature diamonds
and sapphires in the designers signature
flawless styling. Each 18 karat gold or
platinum ring has a perfectly matching
wedding band.
JEWELRY BY KIRK KARA
IDEX MAGAZINE INDIA RETAIL | NO 07: RETAIL ET CETERA
Product Layout 07.indd 15
15
31-May-11 4:21:14 PM
JEWELRY BY BELLECHIQUE
HOW CHIC!
BelleChique, from the Antwerp-based 5C Group, combines
beauty, tradition and quality to create timeless collections.
All of the jewelry is made from 18 karat gold and natural
colored diamonds. The collection retails from 200 ($297)
to 10,000 ($14,800) for the more prestigious pieces.
COLOR CODE
Leibish & Co. is a leading source of natural colored diamonds
and jewelry, as these stunning rings show. All of the rings
are designed by Chavi Itzhakov for Leibish & Co. and would
add a dash of color to any engagement.
JEWELRY BY LEIBISH & CO.
16
31-May-11 4:21:16 PM
CALIFORNIA DREAMIN
Spanning four decades, Tacoris designs have
fused classic elegance with modern inspiration.
Examples of the companys offerings, which are
handcrafted in California, include this platinum
engagement ring with diamonds (0.28 carats)
and a round diamond center stone, shown with
platinum and diamond (0.31 carat) ladies wedding
band and a mans platinum band.
JEWELRY BY TACORI
JEWELRY BY ITITOLI
SECRET WHISPERS
This platinum solitaire ring with diamond pav from
Ititoli features inside engraving upon request so
lovers can share a secret message with each other.
The same can be done with the innovative all-inone platinum solitaire ring and wedding band with
diamond pav.
17
31-May-11 4:21:37 PM
Pipeline_Poster_Double.indd 2
31-May-11 6:21:02 PM
ISI
PRI
NT
(IN US$ BILLION)
11.49
12.25
12.5
MINE SALES TO
INDUSTRY
ROUGH SALES
TO CUTTING
CENTERS
1.2
0.32
OTHER ROUGH
DEALERS
(EXCLUDING SALES TO GOKHRAN)
7.17
INDEPENDENT PRODUCERS
ANGOLA
AUSTRALIA
DRC
0.7
2.83
BOTSWANA
0.7
S. AFRICA
MANUFACTURING
SIGHTHOLDERS
5.08
DEALERS
SIGHTHOLDERS
DTC CONTRACTED PRODUCERS
0.55
NAMIBIA
DIRECT MINING COST OF PRODUCTION
2.34
1.95
CANADA
0.90
OTHERS
DIAMDEL, HDC
AND OTHERS
DE BEERS OUTPUT, PURCHASES,

AND INVENTORIES WITHDRAWALS
RUSSIA
TACY'S 2010
DIAMOND PIPELINE
ROUGH
PRODUCTION
VALUE
6.89
URE
R OV
ROUGH
PRODUCTION
IG
LL F
P
ARE
I
AT T
L
A
ON
F
EO
Pipeline_Poster_Double.indd 3
31-May-11 6:21:04 PM
60.17
2011 COPYRIGHTS BY TACY LTD. AND CHAIM EVEN-ZOHAR STRICTLY RESERVED
* SOUTHERN AFRICA INCLUDES SOUTH AFRICA, BOTSWANA AND NAMIBIA
RETAIL SALES
OF DIAMOND
JEWELRY
18.2
17.53
VALUE OF
POLISHED
FROM LOCAL
PRODUCTION
VALUE AND
MARKET SHARE
OF DIAMOND
CONTENT IN
RETAIL SALES
13.08
NET ROUGH
USED/AVAILABLE
FOR LOCAL
PRODUCTION
8.2
1.6
0.5
0.5
USA
0.3
USA
1.5
SOUTHERN
AFRICA*
1.3
SOUTHERN
AFRICA*
4.61
THAILAND, CHINA + OTHERS
3.28
THAILAND, CHINA + OTHERS
JAPAN
6.02
USA
11%
2.0
38%
6.9
25.1
JAPAN
USA
7.28
INDIA
10%
1.82
INDIA
7.8
CHINA/HK
11%
2.0
CHINA/HK
1.2
TAIWAN
2%
0.36
TAIWAN
5.55
GULF
8%
1.46
GULF
1.2
TURKEY
2%
0.36
TURKEY
Decreased Inventory Overhang As Net Supply Was Well Below Demand
INDIA
ISRAEL
6.3
1.0
0.4
BELGIUM
INDIA
ISRAEL
BELGIUM
6.02
OTHERS
18%
3.28
OTHERS
0.62
RUSSIA
0.5
RUSSIA
2010 Pipeline
By Chaim Even-Zohar
2010:
YEAR OF REPLENISHMENT, SPECULATION AND RECYCLING
ny analysis of the 2010 diamond pipeline

will need to focus on at least three factors:
replenishment throughout the value chain,
enormous speculation in rough fuelled by an overabundance of Indian banking credit and for the first
time in a major way the recycling of diamonds. Cashstrapped consumers, especially in America, brought
their diamonds (and diamond jewelry) back to retailers
and pawnshops in sufficient volume to almost warrant
adjusting the pipeline format and to indicate the supply
from downstream to upstream.
The contrasts between 2009 and 2010 could not be starker,

but, in all fairness, the pipeline behaved as predicted.
Coming after 2009, which reflected the most severe singleyear contraction of the diamond pipeline since World War
II owing to the economic crisis and the resultant liquidity
shortages, the industry managed the crisis remarkably well,
and a freefall of prices and the feared spate of bankruptcies
and/or insolvencies were avoided.
Pipline Article.indd 20
In 2010, the ripple effect operated in a forward mode

(actually starting already in the fourth quarter of 2009)
and, consequently, cutting centers saw enormous
growth in sales as all phases in the pipeline were
replenishing.
The demand has not (yet) originated from a dramatic
return of consumers to the shops. What is probably the
most outstanding feature is the fact that on the demand
side we saw a return to a restored equilibrium between
polished, rough and retail demand. It was the insufficient
supply of rough that, among other things, partly triggered
havoc in rough pricing. More about that later.
2008
2009
2010
2011
(PrOJeCTeD)
gLOBaL reTaIL
DemanD
-9.0% YOY
-9.5% YOY
+6.8% YOY
(-12% 2007)
+9.6% YOY
(-3.6% 2007)
CUTTIng CenTer
POLIsheD DemanD
(In Us $BILLIOns)
18.8
13.7
(-27% YOY)
18.9 (+38% YOY)

(+0.5% 2008)
21.6
(+14.3% YOY)
rOUgh DemanD D
$13.4 BILLIOn
$7.5 BILLIOn
(-45.3% YOY)
$13.3 BILLIOn
(+77% YOY)
$16.2 BILLIOn
(+21.5% YOY)
Source: Tacy Ltd., Pharos Beam Consulting PLL
20
Industry participants understood that the severity of the

contraction was the logical result of the reverse ripple
effect the process of severe destocking at all levels of
the pipeline, which reduced the demand for new goods
at entry level. This culminated in about a 50 percent
reduction in rough supplies into the pipeline.
*These updated gures represent the latest ndings as of April 28, 2011. Some gures may very
slightly be different from the Pipeline Poster which was printed before the April 2011 holidays.
IDEX MagazInE InDIa REtaIl | nO 07: InSIgHt
02-Jun-11 6:26:00 PM
If we assume that at the end of 2007, well before the

problematic 2008 year, the three demand parameters
were in balance, we can see from the table that from
a demand perspective, 2010 was back to normal an
outstanding achievement any way one looks at it.
The only way to view the relevant parameters of the 2010
pipeline is by seeing it in a multi-year perspective. The
economic modeling, which forms the basis of our forecasts,
and which we have developed in conjunction with Pranay
Narvekar of Mumbais Pharos Beam consultancy, predicts
that the high growth figures on the polished and rough
sides will not be sustainable through 2011. This is all the
logical and rational result of the forward ripple effect.
DIamOnD InDUsTrY Is
DemanD DrIven
The 2010 performance of the three most critical
parameters: consumer (retail) demand, cutting center
sales and rough demand, clearly highlights the years
impressive performance. After two consecutive years in
which global retail demand declined by some 9 percent
and 9.5 percent respectively, in 2010 the tide turned and
retailers sold 6.8 percent more (in US$ terms). This is,
however, still 12 percent below the 2007 demand level.
(De Beers, which has its own mysterious ways of arriving
at market figures estimates the years diamond jewelry
growth as well as the diamond content (in polished
wholesale prices pwp) both at 8 percent; clearly in a
similar ballpark as our estimates.)
In 2011 we expect consumer demand to step up the
speed of its recovery and grow by 9.6 percent over 2010.
Though certainly impressive by itself, sales will still be
some 3.6 percent below the 2007 levels.
In terms of individual country growth, the star performers
on the retail levels were India (+37 percent in pwp
diamond content), China (+26 percent), followed by the
United States (with 7 percent).
In our 2010 Tacy Ltd. Diamond Pipeline we are also
presenting the relative market share of diamonds
(measured in pwp) in each market these figures may be
quite different from the diamond jewelry sales (depending
on other inputs such as gold, design, overhead, etc.).
The diamond content in jewelry differs from country
to country. We estimate the U.S. to consume 38 percent
of global diamond value (De Beers says 39 percent). In
any event, it may be worthwhile to recall that a decade
ago, in 2001, the U.S. accounted for 46 percent of global
diamond consumption the share of the U.S. market
continues to decline.
IDEX MagazInE InDIa REtaIl | NO 07: PIPELINE ARTICLE
CUTTIng CenTer saLes TO

markeT
The real excitement in 2010 was at the cutting center
levels. Because of the reverse ripple effect, in 2009 cutting
center supplies of polished were down 27 percent. This
process took a dramatic U-turn, and an enormous jump to
+38 percent was recorded in 2010 when trade optimism
triggered the forward ripple effect. It must be stressed that
market research is an ongoing process and figures are
constantly revalidated and revised, when necessary. The
table in this article reflects the latest figures (end April 2011)
and our $18.2 billion for global polished consumption has
been revised to $18.9 billion. This difference is mostly of a
psychological nature: in the cutting centers we have just
exceeded the 2008 performance.
The good news will continue, albeit at a lower pace. The
2011 cutting center sales will grow by a further 14.3
percent and global diamond sales (expressed in pwp)
will reach $21.6 billion.
A major question is where the rough supplies needed to
supply the expected polished demand will come from.
That was the issue in 2010 and will remain a major
concern in 2011.
The Tacy Ltd. pipeline shows that some $12.25 billion worth
of rough was supplied by the producers to the industry. Our
estimates show rough demand of $13.4 billion. How was
the demand met? Largely through price increases while
exacerbating the shortages sentiment i.e. the world is
running out of diamonds. Dont hold your breath yet. The
producers very calculatedly undersupplied the markets in
2010. The result was a 27 percent price increase in rough
during 2010, a trend that continues in 2011. (Interestingly
or rather maddingly, a March 2011 De Beers Group Strategy
paper notes that the world $ pwp growth of approximately 8
percent was higher than expected by markets as a result the
diamond pipeline was under supplied at the start of 2011.)
This undershooting of market demand by the producers
might be forgiven given the fact that in 2009 their
supplies to the market were drastically cut by some 45
percent from $13.4 billion to merely $7.5 billion. In 2010,
demand increased a hefty 77 percent, bringing it back to
the 2008 levels. The market could have absorbed more.
In 2011 we expect a further rough supply growth of 21.5
percent, raising rough supplies to $16.2 billion. The lions
share of this increase comes from price appreciation
rather than from carat growth.
Graph 2 shows the price evolution of rough and polished
prices.
21
02-Jun-11 6:26:10 PM
graPh 1
graPh 2
COmPOsITe DIamOnD PrICe

InDeX FOr aLL QUaLITIes anD
sIZes
InDUsTrY sTaBILIZes In 2010

POLISHED
ROUgH
REtaIl DEManD
BaseD On QUarTerLY averages [enD 2007 = 100]
140
130
100
133
120
Price Index
80
60
40
100
2009
Nov/Dec
Sep/Oct
Jul/Aug
May/Jun
Mar/Apr
Jan/Feb
Nov/Dec
Sep/Oct
Jul/Aug
May/Jun
Mar/Apr
Jan/Feb
Nov/Dec
Sep/Oct
Jul/Aug
May/Jun
70
Mar/Apr
2008
2010
112
110
105
116
109
101
100
105
90
80
122
118
110
20
Jan/Feb
Normalised Sales
POLISHED PRICES
ROUGH PRICES
140
120
95
106
126
118
113
110
98
91
95
88
87
75
66
60
2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Period (BI-monthly)
Source: Tacy Ltd., Pharos Beam Consultants PLL
DeCLInIng CaraT vOLUmes

ImPaCT TraDe senTImenT
The Tacy Ltd. pipeline doesnt actually record the rough
and polished movements in terms of carats. In 2009, by any
standards the industrys most difficult crisis year, the worlds
diamond producers mined some 120-125 million carats (Mct)
valued at $8.6-9.5 billion, a steep reduction from the 160-165
million carats worth $13.4-14.4 billion in 2008. In 2010, it is
estimated that the mines produced 125-130 million carats,
valued at $11.8-$12.2 billion. As the Russian government
stocked the output, these goods did not enter into the market.
Trade sentiment is influenced by a growing awareness within
the industry of an approaching supply-demand deficit, even
after mines resume full production and sales.
While the outlook for diamond demand is favorable,
growth in rough diamond production is slowing as reserves
are being depleted and no new major mines have come on
stream. Tacy Ltd. forecasts that, up to 2020, annual rough
supply will hover around a much lower 120-130 million
carat level, without taking the wild card called Zimbabwe
into account, and then fall steeply unless significant new
discoveries are made. New mines in development stages
(excluding Zimbabwe) may accumulatively add only some
15 million carats annually to the market. Compounding
the market impact of the slowing rate of production
growth is the fact that the producers (Russia excepted)
find themselves with only working stock levels.
Conventional wisdom has not yet considered the possible
impact of the Marange production, which may add 2030 million carats of mostly lower quality goods to the
market. There is still uncertainty whether this production
will be viewed as part of the legitimate diamond market.
In any scenario, it will impact cutting-center employment
22
Source: Tacy Ltd., Pharos Beam Consultants PLL
in India by adding some 200,000-250,000 jobs. It will also

soften the pressure on rough diamond prices, which is
mostly felt in India. No wonder the Indian industry is at
the forefront of entrepreneurs looking for a substitute
for rough and finding it in recycling.
2010: gLOBaL DIamOnD

reCYCLIng esTImaTeD aT $6
BILLIOn markeT vaLUe
What the pipeline does not fully capture (yet) is the impact
of recycling. The figure would, implicitly, be included in
the cutting center sales to the market, specifically sales
from India. It would be evident in Indian polished import
figures. It would also alter statistically the average yield
out of the rough, as polished export figures will not
differentiate between polished produced from rough or
from re-cutting or re-selling recycled diamonds.
To put the rather new recycling issue in perspective, we
have written before that since ancient days the world has
produced some 5.2 billion carats of diamonds which, at
todays rough production values, $80 per carat (p/c), would
amount to $420 billion of rough. The historically adjusted
gem quality polished output would be between 1.3-1.8
billion carats, taking into account the specific and limited
range of goods that used to enter the gem-quality market. At
todays polished prices (average $650 p/c), consumers hold
about $0.9-1.2 trillion worth of polished between 40-50
percent of which would be in American hands. Recycling
of even a small part of this stock can significantly affect
demand for fresh polished and, consequently, rough
demand. Moreover, only the better qualities are recycled.
There is hard evidence that considerable recycling has taken
place in 2010. One eminent expert in the U.S. estimates
IDEX MagazInE InDIa REtaIl | NO 07: PIPELINE ARTICLE
02-Jun-11 6:26:14 PM
that the secondary market (polished purchased from

estates, pawnshops, etc.) is MUCH BIGGER than anyone
realizes and does account for a large part of polished
imports into India and their re-export to the U.S. What
is truly startling is the price levels of such transactions.
Our sources say the widely accepted recycling standard
price is 80 percent below Rapaport, at most. Thus the
potential profits to be made in this market niche are huge.
My sources estimate that in the U.S., there were probably
2-3 million carats of polished sold back into the upstream
market 2010. The vast majority is going back to India, mixed
into parcels and resold back to U.S. or on to China etc.
How can we put a price tag on this activity? The average
value of U.S. imports of polished in 2010 was $1,367 p/c.
Though in fact most of the recycled goods are better
qualities, we assume for a moment that the recycled goods
would have at least the average value of U.S.imports. This
would put recycling in the U.S. alone at $4 billion in 2010!
As economic hardship (and divorces, etc.) is not the
sole prerogative of the U.S. consumer, it would be no
exaggeration to conservatively estimate recycling in the
rest of the world adding at least $2 billion, about half of
the U.S. recycling level. Thus recycling may well have been
a $6 billion business, producing somewhere between $3-$4
billion profits!
How does this impact the pipeline? In a most direct way,
this amount would be the equivalent of some $4 billion of
rough significantly softening the demand for rough and,
potentially, a factor that might suppress rough prices, which
is not something we see today. We assume that these goods
are still largely held in inventories in the diamond centers.
According to a prominent representative of Indias Gem
and Jewelry Export Promotion Council, the $4-$6 billion of
recycled goods, if not more, is a part of the $20 billion polished
imports into India, which was recorded in Fiscal Year 2010.
So far we have collected considerable anecdotal evidence
on the recycling phenomenon and are aware that many
diamond traders are developing this market niche. It is
very much a quiet branch of the business, not always
recorded and certainly not a subject selling consumers
will readily discuss.
The Investment Market is

Emerging Again
A certain part of the global consumption comes from
the remerging investment diamond market where
diamonds enjoy a ride on the fringes of the staggering
prices of gold and silver.
IDEX Magazine India Retail | NO 07: PIPELINE ARTICLE
A pivotal juncture in the investment market was

reached in early 2009, when former De Beers managing
director Gareth Penny conducted road shows in the
Gulf countries, trying to generate demand for Arab
investments in rough diamond stocks. (In some of the
projected scenarios, these stocks would at some point
be polished through joint venturing with De Beers.)
The efforts were not successful, but did give a powerful
message to the industry: investment diamonds are now
viewed as a legitimate part of our business, reversing a
time-honored policy of claiming that diamonds are only
meant for adornment the diamond jewelry markets.
Investment-oriented purchases of diamonds first became
truly popular in the late 1970s when good-quality
diamonds reached extraordinarily high price levels.
During the following price recession, in the early 1980s,
this demand dwindled and most of the investment
companies went bankrupt. Now, the investment market
is again becoming a factor, not because of current
prices but solely based on expectations of future supply
shortages and resultant price appreciation. Moreover,
many investors have lost their faith in the banking
system and prefer to hoard their assets in a discrete safe,
rather than in a discrete bank account the details of
which eventually reach the fiscal authorities. In the past,
diamonds rarely provided a satisfactory rate of return. In
todays environment diamonds are safe, discrete and
the supply shortage places them as unique investment
opportunities.
Anecdotal evidence indicates that in 2010 there were
several funds (supported by Swiss bankers) in the process
of buying or planning to buy better polished in the
market. A typical fund may aim at $200-$300 million
portfolios of physical diamonds.
Today, in April 2011 and after the crisis, we can say that
rough prices have once again exceeded their previous
historical high levels and set new records. The price
volatility is, of course, attractive to an investment market
if it can buy and sell with little overhead on the wholesale
market. The higher prices will also cause the recycling
trend to gain momentum and make it a permanent
feature of the business.
The days in which every diamond ring originated from
a recently mined rough diamond may be over and we
may have to rethink our 2011 diamond pipeline, where
billions of dollars worth of diamonds may come from yet
unclearly defined other sources. In a way, the worlds
biggest diamond mine may now have been discovered.
Lets call it the Happy Recycling Mine of the U.S.A.
23
02-Jun-11 6:26:14 PM
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THE DI
JUN E
AMON
1st
D RETA 2011
ND RE
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IL BENC
BE NC
HM AR
HMAR
K FO
K - IN
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LIS HE
DIA
145092
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SI1
1269 DIAMONDS
POLISHED
are in
Rupee
JUNE 1st 2011
DIA MO
s Per
Car
.22)
VVS1
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VVS2
204035
THE DIAMOND RETAIL DBENCHMARK
VS1 - INDIA
167762
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97 15416
DIAMOND RETAIL BENCHMARK 1722
FOR
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d 1/3
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55
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Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around
Color
& Clarity
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India
is basedFede
on Colo r & Clari
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market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem U
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of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending
at
time
of
transaction;
nd
0 10
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as
is
DB and Israe l, ts
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base d
the Worl
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source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published
jointly
The
aAll
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parofed. This is publily at time of d Federatio
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This and
price
list reflects
suggested
prices
for polished
diamonds.
may,house
andheadquartered
should, sell
at Aviv
discounts
compared
to this
list.toFor
Onl ine
India Gems
Jewellery
Trade Federation
(GJF), a retail
trade body
headquartered
in Mumbai,
and IDEX, aDiamonds
diamond research
in Tel
Israel, with
a view of unbiased
service
the more
consumer
n
to this shed
unbia
trans
S.A . Allsed
servi
list. jointly by action;
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.
The
the mor
29
righ tsce toFor
JUNE 1st 2011
cons umer
e All
rese rve
D R A F T J A N U A R Y 1st 2 0 10
d.
29
DRB.indd 29
HURRY! OFFER AVAILABLE ONLY

AS LONG AS STOCKS OF IPADS LAST!
31-May-11 4:32:34 PM
31-May-11
4:32:34
PM
GUARANTEED DIAMOND TRANSACTIONS

(GDT) SYSTEM ASSURES YOULL GET
YOUR DIAMONDS AND THAT THEY ARE
EXACTLY WHAT THEY CLAIM TO BE.
DIAMOND RETAIL BENCHMARK (DRB)
OUR PROPRIETARY RETAIL DIAMOND
PRICE REFERENCING SYSTEM.
CALL US TODAY AT 022-66332187

OR EMAIL US AT MUMBAI@IDEXONLINE.COM
WWW.IDEXINDIARETAIL.COM
IDEX_India_Adv.indd 104
02-Jun-11 4:21:14 PM
Global Polished
Diamond Prices
PRICES RISE 1.9 PERCENT IN APRIL

INDEX BREAKS RECORD
Polished diamond prices rose by

about 1.6 percent during the month
of April, according to the IDEX Online
Polished Diamond Index. The average
price of polished diamonds increased
during the month compared to
March, bringing the Index to 130.6
after it reached a record 131.5 on
April 19. Half-carat diamonds were
the star performers.
Polished diamond prices soared,
despite volatile trading during the
month. Between the first and last
days of April, polished diamond
prices rose some 1.6 percent, one
of the largest increases since prices
started to recover in March 2010.
Further, at 1.9 percent, the monthover-month increase was one of the
largest price rises since 2008.
On a year-over-year basis, polished
diamond prices rose by 13.9
percent. This was the largest such

price increase since pre-crisis June
2008, when prices shot up by 14.5
percent year-over-year.
Prices of polished diamonds
rose across the board. Demand
for smaller goods propelled the
price of 0.5 caraters the most; up
3.6 percent in April compared to
March. Four carat goods continued
to be the strongest price gainers
when measured year-over-year,
with an increase of 24.5 percent.
Polished prices took a strong
upward turn in mid-February
when traders were getting ready
for the March Hong Kong show
and have hardly paused since.
The very good results of the
show provided price increases
that lasted until the Basel show a
couple of weeks later.
IDEX ONLINE POLISHED DIAMOND

PRICE INDEX
140
APRIL AVERAGE 130.6
130
120
2010 YEAR AVERAGE = 116.0
110
2009 ANNUAL AVERAGE = 109.5

100
M J
J A S O N D J F M A M J J A S O N D J F M A
2009
SOURCE: IDEX ONLINE
IDEX MAGAZINE INDIA RETAIL | NO 07: POLISHED
Polished Prices_07.indd 25
2010
2011
By Edahn Golan
Sharp rough diamond price
increases by the DTC further
strengthened polished prices,
leading to the record breaking
131.5 on the IDEX Online Price
Index.
Along with rough diamond prices
and solid wholesale trading, retail
sales were also behind the polished
price rally. Sales are growing mostly
in China and India.
The full analysis of the polished
diamond prices is available to IDEX
Online Research subscribers and
IDEX Online members. Contact
research@idexonline.com for more
information on how to subscribe or
to become a member.
THE IDEX ONLINE
DIAMOND PRICE INDEX
The IDEX Online Diamond Price Index
is a real-time index derived from actual
asking prices in the global diamond
industry. The IDEX Online Diamond
Price Index objectively reflects price
trends as they happen. The Diamond
Index and Diamond Drivers were
formulated following comprehensive
research and analysis of the IDEX
inventory database, aggregated since
2001. Research and development were
conducted in cooperation with Dr. Avi
Wohl, senior lecturer of Finance at
the Faculty of Management, Tel Aviv
University, Israel.
Further information is available
from IDEX Online Research. Contact
research@idexonline.com
25
31-May-11 6:02:07 PM
Full Page
Page template.indd
template.indd 102
102
Full
04-May-11 10:24:22
12:13:52AM
PM
06-Feb-11
ABOUT THE IDEX ONLINE DIAMOND RETAIL BENCHMARK

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 upto-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 firsttime 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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27
31-May-11 4:32:21 PM
Full
Full Page
Page template.indd
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04-May-11
PM
4/7/2011 12:15:39
9:50:13 AM
JUNE 1st 2011
THE DIAMOND RETAIL BENCHMARK - INDIA

DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS
Powered by www.idexonline.com
Round 3/4 (0.70-0.89)
VS2
SI1
SI2
SI3
I1
I2
IF
I3
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
E 172297 154160 131489 117887 108819 86148 72546 68012 54409 40807 27205 E 200276 179195 152842 137031 126490 100138 84327 79056 63245 47434 31623
F 163228 149626 122421 108819 99751 81614 68012 63478 49875 36273 27205 F 189735 173924 142302 126490 115949 94868 79056 73786 57975 42163 31623
G 149626 131489 113353 99751 86148 72546 63478 58944 45341 36273 22671 G 173924 152842 131761 115949 100138 84327 73786 68516 52704 42163 26352
H 131489 117887 104285 90682 77080 68012 58944 54409 40807 31739 22671 H 152842 137031 121220 105409 89597 79056 68516 63245 47434 36893 26352
I 108819 95216 90682 81614 68012 63478 54409 49875 40807 31739 22671
I 126490 110679 105409 94868 79056 73786 63245 57975 47434 36893 26352
J 94868 89597 84327 73786 68516 63245 57975 52704 42163 36893 21082
81614 77080 72546 63478 58944 54409 49875 45341 36273 31739 18136
K 72546 68012 63478 54409 49875 45341 40807 40807 36273 27205 18136 K 84327 79056 73786 63245 57975 52704 47434 47434 42163 31623 21082
L 58944 54409 54409 49875 49875 45341 40807 31739 27205 22671 13602 L
68516 63245 63245 57975 57975 52704 47434 36893 31623 26352 15811
M 49875 49875 45341 40807 40807 36273 31739 27205 22671 18136 13602 M 57975 57975 52704 47434 47434 42163 36893 31623 26352 21082 15811
N 40807 45341 36273 31739 31739 27205 22671 22671 18136 13602 13602 N 47434 52704 42163 36893 36893 31623 26352 26352 21082 15811
SI2
I1
I3
SI2
I1
SI3
I2
SI3
I2
15811
Round 1/4 (0.23-0.28)
VS1
I3
D 270303 222249 192216 168189 156175 120135 102115 90101 78088 60067 42047 D 309983 262293 226526 202681 166914 131147 119224 107302 83457 65573 47690
E 228256 204229 174195 156175 144162 114128 96108 90101 72081 54061 36040 E 262293 232487 202681 190759 160953 125185 107302 101341 77496 59612 41728
F 216243 198222 162182 144162 132148 108121 90101 84094 66074 48054 36040 F 250371 226526 196720 178836 149030 119224 101341 95379 77496 59612 41728
G 198222 174195 150168 132148 114128 96108 84094 78088 60067 48054 30034 G 226526 196720 172875 154991 131147 113263 95379 89418 71534 53651 35767
H 174195 156175 138155 120135 102115 90101 78088 72081 54061 42047 30034 H 202681 178836 154991 137108 119224 107302 89418 83457 65573 53651 35767
I 144162 126142 120135 108121 90101 84094 72081 66074 54061 42047 30034 I 172875 149030 137108 119224 107302 95379 83457 77496 59612 47690 35767
J 108121 102115 96108 84094 78088 72081 66074 60067 48054 42047 24027 J 137108 125185 119224 101341 89418 83457 77496 71534 53651 47690 29806
K 96108 90101 84094 72081 66074 60067 54061 54061 48054 36040 24027 K 125185 113263 107302 89418 83457 71534 65573 59612 48054 41728 29806
L 78088 72081 72081 66074 66074 60067 54061 42047 36040 30034 18020 L 107302 101341 95379 83457 77496 65573 59612 53651 41728 35767 23845
M 66074 66074 60067 54061 54061 48054 42047 36040 30034 24027 18020 M 89418 83457 77496 71534 65573 59612 53651 47690 35767 29806 23845
N 54061 60067 48054 42047 42047 36040 30034 30034 24027 18020 18020 N 71534 65573 59612 59612 53651 53651 47690 41728 29806 23845 23845
SI2
I1
I3
SI2
I1
I3
SI3
I2
SI3
I2
D 330591 279731 241586 216156 178011 139865 127150 114435 89005 69933 50860 D 521078 400340 349504 279603 260539 216057 171574 158865 127092 101674 69901
E 279731 247943 216156 203441 171653 133508 114435 108078 82648 63575 44503 E 387631 349504 324085 266894 235121 196993 158865 146156 120738 95319 63546
F 267016 241586 209798 190726 158938 127150 108078 101720 82648 63575 44503 F 349504 324085 298667 254184 222411 177929 146156 133447 114383 88965 63546
G 241586 209798 184368 165296 139865 120793 101720 95363 76290 57218 38145 G 311376 285957 266894 235121 196993 158865 127092 120738 108028 82610 57191
H 216156 190726 165296 146223 127150 114435 95363 89005 69933 57218 38145 H 279603 254184 228766 203348 171574 146156 120738 114383 101674 76255 57191
I 184368 158938 146223 127150 114435 101720 89005 82648 63575 50860 38145 I 228766 209702 190638 165220 146156 127092 114383 108028 95319 76255 57191
J 146223 133508 127150 108078 95363 89005 82648 76290 57218 50860 31788 J 177929 165220 152511 133447 127092 114383 101674 95319 88965 76255 50837
K 133508 120793 114435 95363 89005 76290 69933 63575 50860 44503 31788 K 152511 146156 139801 120738 114383 101674 95319 88965 82610 69901 50837
L 114435 108078 101720 89005 82648 69933 63575 57218 44503 38145 25430 L 133447 127092 120738 114383 108028 95319 88965 82610 69901 63546 44482
M 95363 89005 82648 76290 69933 63575 57218 50860 38145 31788 25430 M 114383 108028 101674 95319 95319 82610 76255 69901 63546 57191 38128
N 76290 69933 63575 63575 57218 57218 50860 44503 31788 25430 25430 N 95319 88965 82610 76255 82610 69901 63546 57191 57191 50837 31773
SI2
I1
I3
SI2
I1
I3
SI3
I2
SI3
I2
D 632279 483507 415320 365730 334736 285145 254151 210760 179766 117777 74386 D 788312 657961 571061 453124 409674 384845 328981 254495 204837 142765 86901
E 464911 415320 371929 347133 309941 272748 241754 198362 173567 111579 74386 E 651754 614511 521403 415881 391053 360017 316566 242080 198630 136558 80693
F 415320 378128 347133 322338 291344 254151 223157 192163 167368 105380 68187 F 614511 583475 484160 397260 372431 341395 304152 235873 192423 130351 80693
G 371929 334736 309941 285145 260350 229356 204561 185964 161169 105380 61988 G 521403 477953 409674 366224 341395 316566 279323 223459 186215 124144 74486
H 334736 303742 278947 254151 235555 210760 192163 173567 148771 99181 61988 H 422088 397260 372431 347602 322774 291738 266909 211044 173801 117936 74486
I 278947 260350 247952 229356 210760 192163 167368 154970 142573 92982 61988 I 353809 335188 310359 297945 273116 260702 235873 192423 161387 111729 68279
J 210760 204561 198362 179766 173567 167368 154970 136374 130175 86783 55789 J 291738 279323 266909 254495 235873 229666 211044 173801 148972 105522 68279
K 185964 179766 173567 154970 148771 136374 123976 117777 105380 80585 55789 K 242080 235873 223459 211044 198630 192423 173801 148972 117936 93108 62072
L 154970 148771 142573 136374 130175 123976 111579 105380 80585 68187 49590 L 204837 198630 192423 180008 173801 167594 155180 136558 111729 86901 55865
M 142573 136374 130175 123976 117777 111579 105380 99181 74386 61988 43392 M 186215 180008 173801 167594 161387 155180 142765 124144 105522 80693 55865
N 130175 123976 117777 111579 105380 99181 99181 92982 68187 55789 37193 N 167594 161387 155180 155180 148972 142765 130351 111729 99315 74486 55865
Round 3/8 (0.38-0.44)
VVS1 VVS2
Round 1/2+ (0.50-0.69)
Round -1/2 (0.45-0.49)
Round 1/3 (0.29-0.37)
Round 1/5 (0.18-0.22)
IF
D 204035 167762 145092 126955 117887 90682 77080 68012 58944 45341 31739 D 237169 195006 168654 147572 137031 105409 89597 79056 68516 52704 36893
Round 0.90 (0.90-0.99)
Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
This and
price
list reflects
suggested
prices
for polished
diamonds.
may,house
andheadquartered
should, sell
at Aviv
discounts
compared
to this
list.toFor
India Gems
Jewellery
Trade Federation
(GJF), a retail
trade body
headquartered
in Mumbai,
and IDEX, aDiamonds
diamond research
in Tel
Israel, with
a view of unbiased
service
the more
consumer
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.
JUNE 1st 2011
D R A F T J A N U A R Y 1st 2 0 10
DRB.indd 29
29
31-May-11 4:32:34 PM
JUNE 1st 2011

Round 4.00 (4.00-4.99)
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
E 1047731 988050 835532 669752 537128 450922 384610 298404 258617 179043 99468 E 1351686 1294304 1083900 918127 745978 605709 490943 376177 299666 191276 108390
F 948263 862057 762589 610071 510603 431029 364716 285142 245355 172411 92837 F 1173162 1071148 1020141 841616 714099 573829 459063 363425 286915 184901 102014
G 669752 643227 616702 537128 477447 404504 351454 271880 238724 165780 86206 G 822488 803361 765106 694971 624836 522822 427184 337922 274163 178525 95638
H 557022 530497 497341 450922 411135 384610 338192 265248 225461 159149 86206 H 663091 643964 624836 567453 529198 484567 408056 312418 261411 172149 95638
I
477447 464185 431029 384610 364716 344823 305036 245355 205567 145887 79575 I
586581 580205 561077 497319 459063 427184 363425 286915 248659 159397 89262
J 397873 384610 371348 351454 318298 305036 285142 218830 179043 132624 79575 J 484567 478191 459063 414432 376177 363425 318794 255035 210404 146645 89262
K 358085 344823 331560 318298 271880 265248 238724 198936 165780 119362 72943 K 395305 382553 369801 363425 325170 299666 274163 229532 191276 133893 82886
L 318298 305036 298404 285142 251986 238724 212199 185674 152518 106099 66312 L 357049 344297 331546 312418 286915 274163 248659 210404 172149 127518 76511
M 265248 258617 245355 232092 205567 192305 172411 145887 132624 99468 66312 M 299666 293290 280539 274163 242283 229532 210404 178525 153021 114766 76511
N 212199 212199 192305 179043 159149 145887 132624 111729 112731 92837 66312 N 242283 242283 229532 213569 197652 184901 172149 146645 133893 102014 76511
IF
SI2
I1
I3
SI2
I1
I3
VVS1 VVS2 VS1 VS2 SI1
SI3
I2
SI3
I2
D 2421965 1955737 1761980 1441069 1047500 799249 653931 448064 351185 205867 115043 D 2785824 2249553 2026687 1657565 1204869 919322 752172 515377 403944 236795 132327
E 1895188 1774090 1513728 1289697 1005116 781084 635766 435954 339075 199812 108988 E 2179907 2040616 1741140 1483451 1156117 898428 731279 501448 390015 229830 125362
F 1665101 1501619 1350246 1138324 962731 738699 593382 417789 326965 193757 102934 F 1915254 1727211 1553097 1309337 1107365 849676 682527 480555 376086 222866 118398
G 1198873 1101994 1005116 920347 841633 690260 569162 393569 308801 187702 102934 G 1378983 1267550 1156117 1058613 968074 793960 654669 452696 355193 215901 118398
H 932457 871908 811358 768974 714480 617601 532832 363295 290636 181647 96879 H 1072542 1002897 933251 884499 821818 710385 612881 417874 334299 208937 111433
I
756864 732645 690260 635766 587327 532832 484393 333020 278526 169538 90824 I
870570 842712 793960 731279 675562 612881 557165 383051 320370 195008 104468
605491 581272 557052 520723 484393 442009 411734 302746 254306 151373 90824 J
696456 668598 640740 598952 557165 508413 473590 348228 292512 174114 104468
K 544942 526777 508613 472283 442009 399624 369350 290636 217977 145318 84769 K 626810 605917 585023 543236 508413 459661 424838 334299 250724 167149 97504
L 423844 411734 399624 381460 345130 314856 284581 242197 187702 139263 78714 L 487519 473590 459661 438767 396980 362157 327334 278582 215901 160185 90539
M 363295 357240 351185 345130 296691 266416 242197 211922 157428 127153 78714 M 417874 410909 403944 396980 341263 306441 278582 243760 181079 146256 90539
N 302746 302746 302746 275466 248251 217977 199812 181647 133893 115043 78714 N 348228 348228 348228 316851 285547 250724 229830 208937 146256 132327 90539
IF
SI2
I1
I3
IF
SI2
I1
I3
SI3
I2
SI3
I2
D 4207441 3260429 2895153 2239008 1772266 1170237 865840 568208 487035 257046 142052 D 4655136 3607356 3203213 2477251 1960845 1294757 957970 628668 538858 284397 157167
E 3192785 2901917 2435175 1948140 1630214 1102593 818489 541150 453213 250282 135288 E 3532515 3210697 2694291 2155433 1803678 1219915 905581 598731 501437 276913 149683
F 2753101 2536641 2137543 1772266 1515220 1034949 784668 514093 426156 236753 128523 F 304604628065532364989 1960845 1676448 1145074 868160 568795 471501 261945 142199
G 2205186 1981962 1785795 1589628 1332582 933484 744081 487035 405863 229989 121759 G 2439830 2192854 1975813 1758773 1474376 1032812 823256 538858 449049 254461 134715
H 1670801 1603157 1488163 1298760 1116122 804961 710259 459978 385569 223224 121759 H 1848583 1773742 1646511 1436955 1234883 890613 785835 508922 426596 246977 134715
I 1190530 1156708 1116122 1001128 852311 703495 615558 419391 358512 209696 114994 I 1317209 1279788 1234883 1107653 943002 778351 681057 464017 396660 232008 127230
J
967306 953777 919955 832018 750846 608794 541150 385569 317926 189403 108230 J 1070232 1055264 1017843 920549 830740 673573 598731 426596 351755 209556 119746
K 892898 852311 818489 744081 669673 520857 453213 351748 284104 175874 108230 K 987907 943002 905581 823256 740930 576279 501437 389175 314334 194588 119746
L 669673 635851 602029 574972 520857 392334 331454 290868 223224 169109 101466 L 740930 703509 666089 636152 576279 434080 366723 321818 246977 187104 112262
M 554679 541150 520857 487035 446449 351748 297633 263811 196167 155581 101466 M 613700 598731 576279 538858 493953 389175 329302 291882 217040 172135 112262
N 439684 446449 439684 399098 372041 311161 263811 236753 169109 142052 101466 N 486469 493953 486469 441564 411628 344271 291882 261945 187104 157167 112262
IF
SI2
I1
I3
IF
SI2
I1
I3
SI3
I2
VVS1 VVS2 VS1 VS2
SI1
SI3
I2
D 5013812 3984448 3643254 2937735 2307394 1405255 1012015 628668 538858 284397 157167 D 7147699 5412250 4871025 4100367 3117926 1900170 1288351 647117 538858 284397 157167
E 3972882 3625905 3134355 2625456 2180170 1353209 983100 598731 501437 276913 149683 E 5359304 48239624247439 3676800 2941440 1758981 1247171 611820 501437 276913 149683
F 3585425 3128572 2822076 2428836 1995115 1283813 959969 568795 471501 261945 142199 F 4706304 4235674 3882701 3441485 2529638 1606026 1194225 588288 471501 261945 142199
G 2706417 2428836 2278480 2145472 1752232 1139240 884790 538858 449049 254461 134715 G 3529728 3176755 2923791 2688476 2235494 1482486 1129513 564756 449049 254461 134715
H 2058728 1954635 1821627 1694402 1422604 1017798 815395 508922 426596 246977 134715 H 2823782 2559053 2353152 2117837 1770747 1288351 1017738 508922 426596 246977 134715
I 1486216 1411038 1353209 1249116 1092976 850093 722868 464017 396660 232008 127230 I 2035476 1906053 1841341 1647206 1482486 1088333 882432 464017 396660 232008 127230
J 1197069 1139240 1104542 1017798 902139 746000 630341 426596 351755 209556 119746 J 1529549 1453071 1353062 1294234 1235405 970675 782423 426596 351755 211784 119746
K 1017798 954186 919488 855876 763348 607209 537814 389175 314334 194588 119746 K 1194225 1105981 1053036 994207 935378 764774 647117 389175 314334 194588 119746
L 740930 703509 666089 636152 576279 434080 375891 321818 246977 187104 112262 L 876549 841252 800072 764774 705946 588288 447099 323558 252964 187104 112262
M 613700 598731 576279 538858 493953 389175 335411 291882 217040 172135 112262 M 758892 723594 694180 664765 635351 529459 400036 291882 217667 172135 112262
N 503116 493953 486469 445287 422155 344271 294930 261945 187104 157167 112262 N 641234 605937 588288 564756 564756 470630 352973 261945 187104 157167 112262
Round 1.50 (1.50-1.99)
VS1
Round 2.50 (2.50-2.99)
VVS1 VVS2
Round 3.50 (3.50-3.99)
Round 3.00 (3.00-3.49)
Round 2.00 (2.00-2.49)
Round 4/4 (1.00-1.49)
IF
D 1531809 1127305 961525 729433 570284 484078 404504 318298 271880 185674 106099 D 1708736 1383566 1275176 975510 784233 631212 516446 395305 312418 197652 114766
Round 5.00 (5.00-5.99)
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
30
DRB.indd 30
JUNE 1st 2011
31-May-11 4:32:38 PM
JUNE 1st 2011

SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
F 102313 94735 79577 68209 60630 56841 49262 49262 37894 26526 18947 F 113463 105058 88249 75642 67237 63035 54630 54630 42023 29416 21012
G 94735 83366 71998 64420 56841 53051 45473 45473 34104 26526 18947 G 105058 92451 79844 71440 63035 58833 50428 50428 37821 29416 21012
H 75788 71998 64420 60630 53051 49262 41683 41683 30315 22736 18947 H 84047 79844 71440 67237 58833 54630 46226 46226 33619 25214 21012
I 60630 56841 53051 53051 49262 45473 37894 37894 30315 22736 15158 I
67237 63035 58833 58833 54630 50428 42023 42023 33619 25214 16809
49262 45473 45473 41683 41683 37894 34104 34104 26526 18947 15158 J
54630 50428 50428 46226 46226 42023 37821 37821 29416 21012 16809
K 41683 37894 34104 34104 34104 30315 26526 26526 22736 18947 15158 K 46226 42023 37821 37821 37821 33619 29416 29416 25214 21012 16809
L 37894 34104 34104 30315 30315 30315 26526 22736 15158 15158 11368 L 42023 37821 37821 33619 33619 33619 29416 25214 16809 16809 12607
M 34104 34104 34104 30315 30315 30315 26526 22736 15158 11368 11368 M 37821 37821 37821 33619 33619 33619 29416 25214 16809 12607 12607
N 34104 34104 34104 30315 30315 30315 26526 22736 15158 11368 11368 N 37821 37821 37821 33619 33619 33619 29416 25214 16809 12607 12607
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 172441 161316 144628 133503 111252 100127 83439 77877 66751 50064 33376 D 175375 161316 146936 137456 118497 104277 94797 85318 66751 50064 37919
E 161316 150191 133503 111252 94565 89002 77877 77877 61189 44501 33376 E 161316 151676 137456 127976 113757 94797 85318 80578 61189 44501 33376
F 150191 139066 116815 100127 89002 83439 72314 72314 55626 38938 27813 F 151676 142196 127976 118497 109017 90057 80578 75838 55626 38938 28439
G 139066 122378 105690 94565 83439 77877 66751 66751 50064 38938 27813 G 142196 127976 118497 109017 99537 85318 71098 71098 50064 38938 28439
H 111252 105690 94565 89002 77877 72314 61189 61189 44501 33376 27813 H 123236 113757 104277 99537 90057 80578 66358 66358 44501 33376 28439
I 89002 83439 77877 77877 72314 66751 55626 55626 44501 33376 22250 I
99537 94797 90057 85318 75838 71098 61618 61618 44501 33376 23699
80578 75838 75838 71098 61618 56878 52139 52139 38938 28439 23699
72314 66751 66751 61189 61189 55626 50064 50064 38938 27813 22250 J
K 61189 55626 50064 50064 50064 44501 38938 38938 33376 27813 22250 K 71098 61618 56878 52139 52139 47399 38938 38938 33376 27813 23699
L 55626 50064 50064 44501 44501 44501 38938 33376 22250 22250 16688 L 61618 56878 52139 47399 47399 44501 38938 33376 28439 23699 18959
M 50064 50064 50064 44501 44501 44501 38938 33376 22250 16688 16688 M 52139 50064 50064 44501 44501 44501 38938 33376 23699 18959 18959
N 50064 50064 50064 44501 44501 44501 38938 33376 22250 16688 16688 N 50064 50064 50064 44501 44501 44501 38938 33376 22250 18962 18959
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 178042 163606 149171 139547 120299 105863 96239 86615 66751 50064 38496 D 259060 219957 200405180854 166190 136862 117310 107535 92871 73319 53767
E 163606 153983 139547 129923 115487 96239 86615 81803 61189 44501 33684 E 224845200405 185741 161302 146638 122198 97759 97759 87983 68431 48879
F 153983 144359 129923 120299 110675 91427 81803 76991 55626 38938 28872 F 200405 185741 166190 151526 136862 117310 92871 92871 83095 63543 48879
G 144359 129923 120299 110675 101051 86615 72179 72179 50064 38938 28872 G 185741 166190 151526 136862 122198 107535 87983 87983 73319 58655 43991
H 125111 115487 105863 101051 91427 81803 67367 67367 44501 33684 28872 H 166190 151526 141750 127086 117310 92871 83095 83095 68431 53767 43991
I 101051 96239 91427 86615 76991 72179 62555 62555 44501 33684 24060 I 141750 127086 122198 112422 102647 92871 83095 78207 63543 53767 39103
J 81803 76991 76991 72179 62555 57743 52931 52931 38938 28872 24060 J 112422 102647 97759 92871 87983 83095 78207 68431 58655 53767 39103
K 72179 62555 57743 52931 52931 48120 38938 38938 33376 27813 24060 K 87983 78207 78207 73319 73319 68431 63543 63543 53767 48879 34216
L 62555 57743 52931 48120 48120 44501 38938 33684 28872 24060 19248 L 73319 68431 68431 63543 63543 63543 58655 58655 48879 43991 34216
M 52931 50064 50064 44501 44501 44501 38938 33376 24060 19248 19248 M 58655 58655 58655 53767 53767 53767 48879 48879 43991 39103 29328
N 50064 50064 50064 44501 44501 44501 38938 33376 22250 19250 19248 N 50064 50064 50064 44501 44501 44501 39103 39103 39103 34216 24440
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
Fancy 1/4 (0.23-0.28)
SI2
Fancy 3/8 (0.38-0.44)
Fancy 1/3 (0.29-0.37)
SI1
E 109892 102313 90945 75788 64420 60630 53051 53051 41683 30315 22736 E 121868 113463 100856 84047 71440 67237 58833 58833 46226 33619 25214
IF
Fancy -1/2 (0.45-0.49)
VS2
D 117471 109892 98524 90945 75788 68209 56841 53051 45473 34104 22736 D 130272 121868 109261 100856 84047 75642 63035 58833 50428 37821 25214
IF
Fancy 3/4 (0.70-0.89)
VVS1 VVS2 VS1
Fancy 1/2+ (0.50-0.69)
Fancy 1/5 (0.18-0.22)
IF
I3
D 346365270450256215 241981 227747204023 175555 161321 123363 85405 56937 D 396638 313621 304396285948267500253664221379 179871 133750 96853 59957
E 275194 256215 246726 227747 208768180300 156576 147087 118618 80660 52192 E 313621 304396285948 272112 258276 239827207543170646 129138 92241 55345
F 260960246726 237237 218258 194534 170810 147087 137597 113874 75916 52192 F 304396285948267500258276244440230603202931 166034 129138 87629 55345
G 246726232492 218258 199279 180300 151831 137597 132852 109129 75916 47447 G 285948267500258276249052230603 212155 189095 161422 124526 83017 50733
H 223002204023199279 185045 161321 137597 128108 123363 99639 71171 47447 H 249052230603221379 212155 198319 189095166034 152198 115302 83017 50733
I 189789 175555 170810 156576 132852 118618 109129 104384 90150 66426 42703 I 221379 207543 202931 193707 179871 175259 152198 133750 110690 78405 46121
J 151831 142342 137597 128108 123363 113874 94895 90150 75916 61682 42703 J 189095184483 179871 170646 166034 156810 138362 119914 96853 69181 46121
K 128108 118618 113874 109129 104384 94895 85405 80660 66426 56937 37958 K 152198 147586 142974 138362 138362 129138 119914 106078 83017 59957 41509
L 104384 99639 94895 90150 90150 85405 80660 71171 56937 47447 37958 L 119914 115302 110690 106078 106078 101465 96853 87629 64569 50733 37958
M 80660 80660 80660 75916 75916 75916 71171 71171 47447 42703 33213 M 92241 92241 92241 87629 87629 87629 83017 78405 50733 46121 36897
N 66422 66422 66426 61682 61682 61681 61682 39103 39103 37958 28468 N 73793 73793 73793 69181 69181 69181 69181 69181 39103 37958 36897
Fancy 0.90 (0.90-0.99)
JUNE 1st 2011
DRB.indd 31
31
31-May-11 4:32:40 PM
JUNE 1st 2011

SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
F 374609360384350900 331932 298739265546 227611 189676 142257 99580 61645 F 502193 486975 471757 446394426103 400740329723 258705 192761 121744 71017
G 360384350900336674 312965 284514 246578 213385 180192 132773 94838 56903 G 486975 471757 446394 431176 400740 365231 309432248560 187688 116671 65945
H 298739 279772 265546 251320 227611 208643184934 170708 128031 90096 56903 H 395667 385522 370304355086334795 309432 268851 223197 167398 111598 60872
I 256062246578 237095 227611 208643 189676 165966 156482 123289 85354 52161 I 339868 329723 324650309432 294214 278996233342202906 157252 106526 60872
J 218127 208643 199159 189676 180192 165966 146999 132773 104322 71128 52161 J 263778 258705 253633 243487233342 223197 192761 167398 131889 96380 55799
K 180192 175450 170708 165966 156482 146999 132773 118547 94838 61645 47419 K 228269 223197 218124 207979 197834 192761 172470 147107 116671 86235 55799
L 146999 142257 137515 132773 123289 113805 109064 94838 75870 56903 42677 L 192761 187688 182616 177543 162325 157252 142034 121744 101453 76090 50727
M 128031 123289 118547 113805 109064 99580 94838 90096 66386 52161 42677 M 162325 157252 152180 147107 136962 131889 121744 111598 86235 71017 45654
N 109064 104322 99580 94838 94838 85354 80612 69181 56903 47419 42677 N 131889 126816 121744 116671 111598 106526 101453 101453 71017 65945 42677
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 1203367 874736 807077 734585 686257 555772 405955 304466 236807 140151 86990 D 1369120 995224 918245 835768 780783 632324 461872 346404 269425 159456 98973
E 874736 807077 734585 686257 618598 531608 396289 294801 231974 135318 82158 E 995224 918245 835768 780783 703805 604832 450875 335407 263927 153957 93474
F 807077 734585 686257 618598 570270 507444 386624 285135 222309 130486 82158 F 918245 835768 780783 703805 648820 577340 439878 324410 252930 148459 93474
G 715254 666926 618598 570270 546106 459116 372125 270637 212643 125653 77325 G 813774 758789 703805 648820 621327 522355 423382 307914 241933 142960 87976
H 575103 526775 478447 454283 430119 386624 318965 241640 193312 120820 72492 H 654318 599334 544349 516856 489364 439878 362899 274924 219939 137462 82477
I 454283 430119 405955 381791 357627 338296 289968 227142 178814 115987 72492 I 516856 489364 461872 434379 406887 384893 329908 258428 203443 131963 82477
J 347961 333463 318965 304466 285135 270637 241640 183646 144984 106322 67659 J 395890 379395 362899 346404 324410 307914 274924 208942 164954 120966 76979
K 294801 280302 270637 256138 251306 241640 222309 164315 130486 101489 62826 K 335407 318911 307914 291419 285921 274924 252930 186948 148459 115468 71480
L 212643 202978 193312 178814 173981 169148 159482 135318 111154 91823 57994 L 241933 230936 219939 203443 197945 192447 181450 153957 126465 104471 65982
M 173981 164315 154650 149817 144984 144984 135318 120820 101489 86990 53161 M 197945 186948 175951 170453 164954 164954 153957 137462 115468 98973 60483
N 135318 126816 125659 120820 120799 111133 111154 106322 91823 82158 48328 N 153957 142960 142967 137462 137438 126440 126465 120966 104471 93474 54985
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 2175759 1758347 15444241267888 1085271 777430 532200 427847 365235 193053 109571 D 2318492 1873697 1645740 1351064 1156466 828430 567113 455914 389195 205718 116759
E 1695736 1560077 1434853 1194841 1017441 751341 506112 406977 339147 182618 104353 E 180697816624201528982 1273225 1084187 800630 539313 433675 361396 194598 111199
F 1476594 1387894 1267888 1100924 939177 699165 485241 391324 323494 172182 99135 F 1573461 1478942 1351064 1173146 1000788 745031 517074 416995 344716 183478 105639
G 1304412 1215712 1147883 960047 840041 620900 474806 370453 307841 161747 93918 G 1389983129546412231851023028 895149 661632 505954 394755 328036 172358 100079
H 1080053 1027877 933959 803518 688730 521765 438282 339147 281753 151312 93918 H 1150906 1095307 995228 856230 733911 555993 467034 361396 300236 161238 100079
I 824388 777430 735688 673077 553071 459153 380888 302624 255665 140876 88700 I 878469 828430 783951 717231 589353 489274 405875 322476 272437 150118 94519
J 589594 563506 537418 500894 453935 365235 318277 245229 203488 130441 83482 J 628272 600473 572673 533754 483714 389195 339156 261317 216837 138998 88959
K 474806 459153 438282 422629 375671 313059 276535 219141 182618 120006 78265 K 505954 489274 467034 450355 400315 333596 294676 233517 194598 127878 83399
L 344365 328712 313059 286971 271318 224359 203488 177400 151312 109571 67829 L 366956 350276 333596 305796 289117 239077 216837 189038 161238 116759 72279
M 255665 245229 229577 213924 203488 172182 156529 140876 125224 104353 62612 M 272437 261317 244637 227957 216837 183478 166798 150118 133438 111199 66719
N 166965 161747 146094 140876 137438 126440 126465 120966 104471 99135 57394 N 177918 172358 155678 150118 144558 127878 126465 120966 105639 105639 61159
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 3043273 2455975 2210377 1954102 1697826 1025102 704758 512551 416448 224241 128138 D 4367196 3327388 3057037273469722459871356950 878638 571895 426322 244355 140374
E 2386567 2210377 2066222 1793929 1575027 987729 678063 485856 389753 213563 122799 E 3270198 3046639280748325267352095214 1310159 852643 540700 400326 233957 129976
F 2156986 2066222190605016444351398838 923660 656706 459160 368396 202885 117460 F 2781488 2599522 244355022355881814466 1190581 805852 519904 384729 223559 119578
G 1825964 1655113 1516297 1446889 1211970 854252 640689 432465 347040 192207 112121 G 2277181 2079617 1949641 1767675 14973241065804 769458 499108 363933 213161 114379
H 1489602 1404177 1286717 1195953 1009085 747471 565942 395092 325684 181529 106782 H 1975636 1819665 1637699 1497324 1289363 925430 665478 452317 343137 202763 109180
I 1094510 1046459 987729 918321 859591 651367 496534 347040 282971 170850 101442 I 1346552 1247770 11697851065804 977420 727866 561497 400326 317142 192365 101442
J
795522 763488 736792 694080 662045 528568 432465 298988 240258 160172 90764 J
Fancy 1.50 (1.50-1.99)
SI2
Fancy 2.50 (2.50-2.99)
Fancy 2.00 (2.00-2.49)
SI1
E 417286 374609360384 346158 317707 275030 232353 194418 146999 99580 61645 E 547847 502193 486975 471757 446394 415958 344941 268851 202906 126816 76090
IF
Fancy 3.00 (3.00-3.49)
VS2
D 621188 417286 374609 355642 327191 289255 241836 199159 151741 104322 66386 D 796407 547847 502193 486975456539 426103 350013 273923 207979 131889 76090
IF
Fancy 4.00 (4.00-4.99)
VVS1 VVS2 VS1
Fancy 3.50 (3.50-3.99)
Fancy 4/4 (1.00-1.49)
IF
972221 925430 873439 811051 753861 603089 504307 353535 285947 176767 93583
K 630011 597976 571281 549925 512551 411109 368396 282971 218902 144155 85425 K 774657 738264 701871 649880 623885 493909 421122 327540 259952 161170 88384
L 448482 437804 427126 405770 389753 315005 277632 229580 181529 128138 80086 L 545900 519904 493909 478312 467914 374331 311943 280748 228758 145573 83185
M 352379 336362 325684 315005 309666 256276 224241 186868 149494 117460 74747 M 457516 441919 415923 395127 374331 311943 270350 218360 171568 129976 77986
N 256276 234919 234880 224241 224214 197546 170850 144155 117460 106782 69408 N 369132 363933 337938 311943 280748 249554 228758 155971 117460 114379 72787
Fancy 5.00 (5.00-5.99)
32
DRB.indd 32
JUNE 1st 2011
31-May-11 4:32:42 PM
IDEX_AdMaster_FullPage_Dec2008_002a.pdf 11/13/2008 12:55:19 PM
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By V
34
Cover Story_07_Final.indd 34
IDEX MAGAZINE INDIA RETAIL | NO 07: COVER STORY
02-Jun-11 4:30:55 PM
35
02-Jun-11 4:31:45 PM
t every economic
level, the Indian
wedding is usually
the big fat variety that
involves a stupendous
amount of expenditure. So
heavy is the expenditure
that the Indian wedding, as
an institution, has grown
to become the fourth
largest contributor to the
countrys gross domestic
product (GDP) after
services, manufacturing
and agriculture. It is
absolutely huge, says
Vikram Merchant, the
India manager of Rio Tinto
Diamonds, which has
just launched Nazraana, a
marketing initiative to boost
diamond jewellery sales in
the peripheral gifting area of
the Indian wedding.
36
According to Merchant, Rio Tintos estimate is that the

Indian wedding as an institution, is worth Rs.135,000
crore every year! There are some 1 crore weddings
a year, he observes, which means that every single
year, some 200 million Indians between the ages of
20 and 30 are tying the knot. This, he goes on to
explain, is reflected in the fact that 44 percent of all
Indian jewellery by value is the bridal variety and fully
42 percent of retail sales of jewellery are accounted
for by bridal sales. Our estimate is that Rs.60,000
crore worth of bridal jewellery is sold annually in the
country, he notes.
Given the huge percentage of bridal jewellery sales in
India unlike markets like the US, where bridal sales
account for just 20 percent of the total Merchant
makes the interesting observation, Jewellery retail in
India, is simply part of the bridal service industry!
Thanks to a variety of factors the promotional efforts
of De Beers a decade ago and the vigorous targeting of
the domestic market by the Indian diamond industry
combined with the dizzyingly high (and extremely
volatile) price of gold diamonds have made some serious
inroads into the bridal jewellery market. Diamonds bring
value to the brides jewellery while displacing a great deal
of the incredibly expensive gold. The diamonds, though
not as readily fungible as gold, hold and grow their value
steadily, thus providing a safe hedge against the sometimes
wild fluctuations in the price of gold.
But while this is great, there is a catch. Just a few, high
quality stones in the larger sizes, provide most of the
value in the brides jewellery. In terms of numbers
of pieces, you cant really look at the bridal market
as holding that much potential. Some 70 percent of
the average output of most mines comprises lower
quality stones. And most of the worlds major mines
02-Jun-11 4:34:57 PM
have peaked and are now in decline. No new mines of

any significance have been found in the past 15 years.
The supply of large, high quality stones is going to get
even scarcer in the future. If youre stuck with only the
high end jewellery that the bride herself wears, says
Merchant, youve got practically no scope to grow.
Not only that, but with limited diamond production
and sky-high gold prices, jewellery retailers, with their
42 percent dependence on bridal sales, are looking at a
limited future in general. They have to either diversify
away from the bridal market or find an innovative way
to grow it with lower quality diamonds.
Rio Tintos own Argyle mine in Western Australia, for

many years the largest diamond mine in the world,
which at its peak churned out in excess of 40 million
carats a year of mainly brownish goods that are hard to
cut and polish because of a twisted crystal structure, has
also been in decline for some time now. The open pit
mine is now in the process of being taken underground
to extend its life. Underground operations should go
commercial in 2014 and Argyle will begin producing
an estimated 27 or 28 million carats of mainly SI goods.
Argyles output from 2014, though significant in terms
of volume, will give us almost nothing that can feed
the market for bridal jewellery, says Merchant. We
Jewelry by Rio Tinto Diamonds
37
02-Jun-11 4:35:41 PM
Its the sort of diamond jewellery that is just right for the
bridal gifting market. Its affordable it ranges between
Rs.5,000 and Rs.35,000 and because these are natural
diamonds, Nazraana conveys real value to the recipient of
the gift. Our market research indicated that any diamond
jewellery that was in the Rs.12,000 to Rs.15,000 price
range would be in the sweet spot for this segment.
took another, close look at the market and we realised
that apart from the jewellery for the bride herself, the
occasion provided a huge opportunity for affordable
diamond jewellery in the heavy gifting that is associated
with the Indian wedding. These gifts to in-laws, family
elders and the near and dear which are mandatory at
a wedding, are traditionally saris, suit pieces, gold and
silver. We asked the question, Merchant notes, why
cant this be diamond jewellery? The kind that would
fall in the same price bracket that the saris, suit pieces as
well as gold and silver bars and biscuits.
Rio Tinto immediately realised that the output
from Argyle was just the sort of diamond needed to
manufacture diamond jewellery in this price bracket.
It would make a great gifting option. What emerged
was Nazraana. The name connotes the tribute paid to
Moghul rulers and fitted the concept like a glove the
couple are the king and queen on their wedding day
and diamonds are a gift fit for royalty, says Merchant.
38
Nazraana is not a brand, he explains, but a concept. Its

the sort of diamond jewellery that is just right for the
bridal gifting market. Its affordable it ranges between
Rs.5,000 and Rs.35,000 and because these are natural
diamonds, Nazraana conveys real value to the recipient
of the gift. Our market research indicated that any
diamond jewellery that was in the Rs.12,000 to Rs.15,000
price range would be in the sweet spot for this segment.
Rio Tinto worked with its diamond manufacturing clients
who either had jewellery fabricating operations of their
own or worked closely with a jewellery manufacturer
and developed a concept for the bridal gifting market.
With a minimum of 0.30 to 0.40 carats of diamonds and
two or three grams of gold, provides a great option for
someone looking to buy wedding-related gifts, Merchant
says. Rio also decided not to develop a distinct brand and
a distinct retail system but opted instead to work with the
vast network of established jewellery retailers across the
country.
02-Jun-11 4:35:59 PM
The Rio Tinto market study revealed that the average

consumer believes that affordable diamond jewellery
simply could not be bought at the family jewellers. But
the consumer also believes at the same time that the
family jeweller was the only one who actually sold real
jewellery. The family jeweller is the one a consumer will
go straight to when jewellery has to be bought for a
wedding.
The actual wedding jewellery purchases are all high
value, Merchant observes. This isnt a fixed price
bracket but relative to what the individual can afford.
And this wont be done anywhere but at a trusted
jewellery retailers. No brand or label has got a serious
look into this market, he goes on to say.
Nazraanas opportunity comes when the high-value
purchases are done. Usually, the customer then has
to go to a variety of product outlets to consider the
gifting options. But now, right there, where the main
wedding jewellery has been bought, the retailer,
who knows the value of the customers main bridal
jewellery purchases, can offer a range of diamond
jewellery options that he gauges will fit the customers
overall wedding budget. If the main bridal purchase
has been in the tens of lakhs, he can show Nazraana
options at the top end of the bracket conversely.
Really high end customers might consider diamond

jewellery options that cost a great deal more, but
Merchant emphasizes that Nazraana is clearly defined
by its price bracket. Any piece of jewellery that is
bought as a wedding-related gift, but costs more than
Rs.35,000, is not a Nazraana gift, he says. The retailer
might have the opportunity to sell more diamond
39
02-Jun-11 4:36:27 PM
jewellery that is considerably more expensive and thats

great, but the Nazraana concept is one of affordable
diamond jewellery.
Merchant thinks the idea opens up a range of possibilities
for retailers. Think about it, he says, right after youve
made some high-value sales, heres an opportunity to sell
perhaps 20 more pieces of affordable jewellery. He adds
that the idea, while specifically targeting the weddingrelated gifting market, has the potential to grow into a
generic gifting option for all sorts of occasions. For the
same price as an iPod, you can get really nice diamond
40
jewellery. Something that will hold its value and wont

grow obsolete.
According to Merchant, Rio Tinto is pushing the idea
along with full marketing support for participating
retailers. Well give them the display materials, the
visual merchandising designs and set-up and most
importantly, well train their sales staff to introduce
the concept to customers. The training is important
because the sales staff are the ones who will drive the
concept. The customer is already in the store and has
made a high-value purchase of the brides jewellery. It
02-Jun-11 4:36:53 PM
The Nazraana jewellery will come with a card assuring

the customer that the diamonds are all natural and that
the metal used is either 18-karat hallmarked gold or 925
fine silver.
standard response. Our position is, okay youre a high

end jeweller, but why should you restrict yourself to
only that? What sort of growth prospects do you have in
the long term if you only stick to the high end? Heres an
opportunity to really expand your business. We called
some of the really big operators to the Goa concept test.
The whole event had a bridal feel, featuring real Indian
wedding events like a sangeet etc. They really liked the
possibilities the concept opened up for them. They
appreciated the fact that they could really grow their
businesses by also selling affordable diamond jewellery.
Also high on Rio Tintos agenda is the design of

the packaging for the jewellery and the quality of
its fabrication. Merchant bemoans the fact that for
something so precious, Indian jewellery packaging
is usually leaves a lot to be desired. Now if were
particularly targeting the wedding market, he notes,
packaging is going to be all the more important. Weve
got to ensure that it is high quality and attractive.
According to Merchant, one of the benefits of the

Nazraana idea is that it frees the retailer from having
to develop a specific buy-back policy for this sort of
jewellery. What the buy-back policy would be was one
of the first questions they all asked us, Merchant says
with a laugh. We explained that they didnt have to
worry about a buy-back policy for a product that was
specifically intended for the gifting market.
According to Merchant, Rio is looking at giving retailers

who are early adopters of the Nazraana concept the
packaging for the product. Long-term, Merchant says,
they are looking at getting retailers to tie up with the
packaging fabricators that Rio has worked with. That
way we can be sure that the packaging is going to be the
sort we want for the concept.
In all this, Rio Tinto is actually implementing a longterm strategy to ensure that the future output of the
Argyle mine will have a ready market and thus ensure
that the mines output will command strong prices.
While this might seem enlightened self interest on the
mining majors part, the plan does ensure that the valueconscious Indian consumer does not only patronize the
better qualities and larger sizes in diamonds and begins
to value all diamonds. One of the biggest changes the
idea could bring about is in the mind-set of the Indian
consumer, who currently thinks diamond jewellery is
only something that comes in the high-end price-point
range. As Merchant puts it, More than anything else, the
idea could get the Indian consumer to believe that it is
actually possible to buy affordable diamond jewellery.
is up to the staff to convince the customer that even

the gifting obligations can be met without having to go
anywhere else. Having handled the big-ticket sale, they
are in the best position to correctly gauge the size of the
gifting purchase. They can show the customer just the
sort of options that fit the budget.
A recent concept test with 50 top jewellery retailers

that was conducted in Goa drew extremely positive
responses, Merchant says. Indian jewellery retailers
have a tendency to classify themselves into specific slots.
Normally, if you went to a prominent jewellery retailer
with a product range that uses SI goods, they wouldnt
even consider it. We only do high end jewellery is the
41
02-Jun-11 4:36:56 PM
KEYS TO
FUTURE SUCCESS
Understanding The
Diamond Supply Chain
& Referencing Prices
hile initiatives like Nazraana open windows

of opportunity for retailers to grow their
diamond jewellery businesses, everyone in
the business also now knows that diamonds are in short
supply and that the shortages are only going to get worse
in future. No new diamond mine of any significance has
been found in the last 15 years and the worlds major
existing mines have all reached their peak and have
begun to go into decline. Simultaneously, demand for
diamonds from emerging markets, particularly China and
Indias own domestic market is growing exponentially,
while the huge US market, that still accounts for some 38
percent of global diamond demand despite the effects of
recent recession, is now bouncing back strongly.
As supplies dwindle, prices are naturally going to shoot

up. This is great news for mining companies but not so
hot for diamond and diamond jewellery manufacturers
and most importantly, retailers. The retailer, who is at
the very end of the diamond production pipeline, is
the one who has the trickiest job. How does one offer
ones clientele the sort of product it wants at the prices
it is willing to pay?
There are no easy answers, but a thorough understanding
of the diamond production pipeline and knowing where
best to source polished in the quantities one wants at
prices one is wiling to pay is key to surviving and thriving
in the future.
42
02-Jun-11 4:37:18 PM
The world has become aware of a new, fast-growing

source of polished diamonds and it has nothing to
do with mining countries like Botswana, Russia
and Canada or manufacturing centres like India.
The end consumer particularly the American end
consumer is the worlds newest significant source
of diamonds. This issues Diamond Pipeline chart and
accompanying article clearly identifies this new source
and values it.
People are aware that diamonds, besides being
beautiful gemstones, are a definite asset class. Today,
prodded by the stresses of the recent recession, they
have begun to liquidate these assets. A raw-materialstarved production industry has immediately zeroed
in on the new source and is now buying recycled
diamonds in increasing quantities. A look at the
figures in the diamond pipeline will indicate just how
significant.
The influx of these recycled diamonds has added
a new dimension to the pricing of polished. For
the retailer, this means an even more complicated
sourcing ones regular diamond manufacturers
might not have the sort of goods one wants in the
quantities one wants because of the raw material
shortages. But those able to source polished from
auctions of recycled goods might have the sort of
options in goods one wants. So where does one go
to source these goods? And how much should one
pay for them?
The internet has alleviated a lot of these sourcing
problems as almost every clarity, cut, colour and size
of polished diamond is now available online. IDEX
Online has close to half a million stones available
for sale on its online system. At the click of a mouse
button, these stones can be sourced from literally any
corner of the world for a guaranteed delivery to ones
doorstep. Retailers now can be sure they can offer

their customers exactly what they want in terms of
design and price points.
But how much should one pay for these goods? As this
was a concern for the All India Gems and Jewellery
Trade Federation, it joined forces with IDEX to
develop and distribute a polished diamond retail price
benchmark to the Indian jewellery retailer. Our May
issue covered the launch of IDEXs Diamond Retail
Benchmark (DRB) price referencing system in rupees
for the Indian market.
The DRB not only gives the retailer a tool to manage
sourcing costs, but also, in a country where priceconscious customers demand a cost break-up listing
every component of the jewellery they buy, it offers
consumers an assurance that the prices they pay for
their diamonds are indeed the sort of prices other
consumers are paying.
Nothing boosts consumer confidence more than
the knowledge that a product is indeed valued at
the price one paid for it. And this confidence in turn
leads to the sort of market dynamic that ensures the
product not only maintains but also grows its value
over time.
The Diamond Pipeline, a proprietary IDEX offering in
this issue, will give Indian retailers an understanding
of how diamonds are mined and valued. The Diamond
Pipeline analyses last years mine-to-market movement
and value of diamonds and makes informed predictions
about what one can expect this year.
Together with the DRB, the Diamond Pipeline gives
jewellery retailers a distinct edge of confidence in
dealing with the biggest new growth opportunity
for them.
43
02-Jun-11 4:37:22 PM
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~ZmZo H$m \$gbm Zht {H$`m h, ~pH$ Xoe â Ho$ Wm{nV

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49
02-Jun-11 6:30:20 PM
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50
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02-Jun-11 6:32:34 PM
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51
02-Jun-11 6:32:39 PM
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52
02-Jun-11 6:34:04 PM
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H$m EH$ n> âmogm XoVm h&
53
02-Jun-11 6:34:09 PM
I ndustry News
I
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D
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TANISHQ
OPENS LARGE-FORMAT OUTLET IN MUMBAI
anishq recently opened

a large-format jewelry
boutique at Andheri
in suburban Mumbai. The 20,000
square foot store was inaugurated
by Bollywood actor Amitabh
Bachchan.
The new outlet offers a wide choice

of goods from an in-store stock of
20,000 jewelry items, ranging in
price from Rs. 2,000 ($45) to Rs.
3,500,000 ($78,677).
The shop features separate sections
for gold, platinum and diamond
jewelry as well as a secluded room for
high-value diamond shoppers seeking
to make their purchases in private.
54
Industry Needs 07.indd 54
The store aims to make the jewelry

shopping experience a family affair,
offering among other amenities,
a mens lounge with music and
magazines and a kids corner with
drawing books, television and games.
Titan jewelry division COO C. K.
Venkataraman said, Branded jewelry
players have changed the veneer
of jewelry industry and consumers
mindset drastically in the last couple
of years. India is witnessing an
overwhelming need for branded
retail chains offering jewelry for every
occasion across the country.
Consumers are getting more
discerning and their familiarity
with artistic expression and

appreciation for design is increasing.
At this store, our customers will
have a chance to discover the
Tanishq jewelry universe, which
pans all price points and weight
bands and also combines tradition
with innovation and remains true
to the unique know-how of our
craftsmen.
Tanishq, a joint venture between
the Indian giant industrial group
Titan Industries, which includes
the iconic Jaguar and Land
Rover car brands, and the Tamil
Nadu Industrial Development
Corporation (TIDCO), is the single
largest jewelry brand in India.
IDEX MAGAZINE INDIA RETAIL | NO 07: INDUSTRY NEWS
02-Jun-11 4:47:52 PM
DIAMOND ART
n a unique initiative aimed

at improving the plight
of diamond workers,
manufacturer Dharmanandan
Diamonds Pvt Ltd, in conjunction
with the Gujarat Kala Pratishthan,
an arts promotion group, recently
held an art contest in Surat. The
theme of the competition was
Diamond A Symbol Of Love.
Some 250 artists took part in the
event. All of those who participated
received a cash prize, according to
a Dharmanandan press release.
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The paintings created at the event

will be auctioned at art galleries
in Mumbai and Surat, with the
proceeds being donated to NGOs
that support the health and welfare
of diamond workers families.
THE DHARMANANDAN DIAMONDS PVT LTD-SPONSORED ARTS EVENT
IT MUST BE LOVE
pieces. It has a marketing budget
of $12 million behind it for the first
year.
he Gitanjali Group
recently announced
that it had teamed
up with Yellow Fever Creative, an
art, music, fashion, film and media
house, to launch Love Universe, a
lifestyle jewelry collection.
The brand, which will debut during
JCK Las Vegas, uses sterling silver,
gold, diamonds and colored stones.
According to a press release, the
collection will represent a look
and feel for todays fashionable,
creative woman looking to wear
contemporary, high-quality,
affordable luxury.
The line, which goes on sale in June,
has price points ranging from $300
to $1,200 for unique collectible
IDEX MAGAZINE INDIA RETAIL | NO 07: INDUSTRY NEWS
Industry Needs 07.indd 55
N
E
W
S
There are also plans to present

co-branded collections signed
by contemporary artists, fashion
designers, supermodels and
celebrities under the Love
Universe brand.
JEWELRY BY LOVE UNIVERSE
JEWELRY BY
LOVE UNIVERSE
55
02-Jun-11 4:47:58 PM
u.s. market
Window
u.s. JeWelrY PrIce InflatIOn
cOntInues tO surge
nf lation has hit the U. S. jewelr y industr y

at both the retail level and the supplier
levels. T he governments jewelr y industr y
inf lation report for March was a repeat of the
trends that characterized Febr uar y: supplier
price inf lation remained at double-digit levels,
and retail jewelr y price inf lation held at high
single-digit levels.
The current jewelr y price inf lation rate at the
retail level is far above prior years trends, while
the jewelr y price inf lation rate at the supplier
level is far above historical averages.
What is behind this surging price inf lation? The
primar y driver is higher precious metals and
diamond costs. Over the past year, gold prices have
gone up by more than 25 percent, while polished
diamond prices are up by 12 percent or so. Currently,
InflatIOn cOmPOnent
retaIl all JeWelrY &
Polished diamond prices are rising due to mining

capacity constraints in the face of sharply stronger
demand from consumers in China and India, as well as
a moderate recovery in demand from U.S. shoppers.
In March, watch prices also participated in the
inflation flames that are whipping the jewelry
marcH 2011 vs feBruarY 2011
marcH 2011 vs marcH 2010
+7.1%
retaIl JeWelrY
+0.5
+7.9%
retaIl WatcHes
+0.9
+1.6%
+3.0
+13.0%
+3.7
+14.6%
+0.0
+0.3%
suPPlIer all JeWelrY &

WatcHes
suPPlIer PrecIOus metal
JeWelrY
suPPlIer WatcHes
U.S. Market Window 07.indd 56
Multiple factors are driving precious metals prices,

especially gold, higher. In part, investors are still
seeking a safe harbor for their currency, especially
since the value of the U.S. dollar has been eroding
over the past year. Further, a recovery in the global
economy is pushing up demand for gold used in
the production of goods. And, finally, financial
speculators are causing some of the pain.
+0.6
WatcHes
56
both gold and polished diamond prices are at record

levels, and appear to be headed higher.
IDEX MagazInE InDIa REtaIl | nO 07: U.S. MaRKEt WInDOW
31-May-11 4:42:20 PM
industry. In prior periods, there had been virtually

no watch price inflation.
Outlook: Inflation Is
Here, Unless the Price
Bubble Bursts
The table on the previous page summarizes

inflation in the U.S. jewelry industry for the
month of March 2011.
Are prices headed higher because of real demand

created by a recovering economy? Or, are merchants
pushing prices higher in an effort to recover sales
and profits lost during the recent recession? If it is
the former, inflation is here to stay. If it is the latter,
a price bubble is forming, and it will burst.
One bit of good news: retail jewelry prices are

rising much faster than in the past, so the gap
between retail and supplier prices is closing.
It is clear that jewelry retailers are no longer
willing to absorb margin-robbing supplier price
increases.
The graph below summarizes the historic
disparity between retail jewelry price inflation
and suppliers jewelry price inflation.
Beginning in November 2010, retail prices began
to rise. By January 2011, retail price inflation
was closing in on supplier price inflation retail
merchants were finally passing along higher costs
to consumers. In February, supplier prices spiked,
followed by another surge in March, as the graph
illustrates.
It is difficult to determine whether a price bubble

is forming, or if the current inflationary trends are
sustainable. In the U.S. market, the Fed is watching
inflation closely. On one hand, there is pressure to
provide a boost for economic growth, but that will
inevitably lead to rapid inflation. On the other hand,
most of the Feds governors have opted to let the
economy grow at a slower pace in hopes of keeping
inflation low.
The problem is this: 2011s inflation numbers, both for
the jewelry industry and other industries, indicate that
inflation is real. In short, it appears that merchants in
all sectors are trying to recoup margins hopefully,
not at the wrong time just as the economy is getting
on solid footing.
JCPI vs JPPI - Trailing 12 months

Jewelry Retail Price Inflation
16%
Jewelry Supplier Price Inflation

14.0%
14%
12%
10%
9.9%
10.1%
10.2%
10.1%
10.3%
10.7%
9.1%
10.3%
9.4%
8.5%
8.6%
7.3%
5.4%
8%
6%
4%
2%
2.9%
1.6%
3.6%
2.5%
13.0%
7.1%
3.4%
3.0%
1.6%
0.3%
0%
A
Source: bls
The full analysis and statistics on jewelry industry inflation

for may is available to IDEX Online Research subscribers and IDEX
Online members.
Contact research@idexonline.com for more information on how to
subscribe or to become a member.
IDEX Magazine India Retail | NO 07: U.S. MARKET WINDOW
U.S. Market Window 07.indd 57
57
31-May-11 4:42:21 PM
ADVERTORIAL
ghjksa dks 'kq) cukus

dh f;k,a
fr esa ik, tkus okys T;knkrj ghjksa ij ^tUetkr fu'kku^

;k nkx gksrs gSaA bu fu'kkuksa ;k nkxksa ds dkj.k ux dh
dher ,oa xzsM Hkkfor gksrh gSA rjk'kus dh f;k esa ubZ
xfr;ksa ds lkFk&lkFk] rjk'kus okys dkjhxj rjk'kus dh
f;k ds nkSjku fof'k"V fu'kkuksa dks gVk ldrs gSA lkFk gh]
dqN fof'k"V fu'kkuksa dks rjk'ks x, ghjs ds vanj bl dkj
lsV dj fn;k tkrk gS fd og ghjs ds :i vkSj fVdkiu dks
de ugha djsaA ysfdu dqN ghjksa ds fy, blls dgha vf/kd
dh t:jr gksrh gSA lu~~ 1970 ds n'kd dh 'kq#vkr esa] ghjk
'kq)hdj.k f;k ds {ks= esa vusd xfr;ka gqbA
yksxksa us ghjs ds :i&jax dks csgrj cukus vkSj la'kksf/kr
djus ds fy, vusd ;ksx fd, gaSA muesa ls dqN egRoiw.kZ
fof/k;ka uhps crkbZ xbZ gSa%
ijaijkxr yst+j fMy lwjk[k dh rqyuk esa] bl f;k ls

cuk;k x;k varj ns[kus esa vf/kd lgt gksrk gSA tc vki
ekbksLdksi dh enn ls vkarfjd yst+j fMfyax (ILD)
okys ghjs dks ij[krs gSa rks vkidks NksVs varjksa dh ,d
kà[kyk lh fn[kkbZ nsxhA lwjk[kksa tSls ;g pSuy ILD
f;k ds fuf'pr fu'kku gSaA
iwjs ghjk m|ksx esa] ;g loZekU; djkj gS fd Fkksd

fosrkvksa ls ysdj miHkksDrkvksa rd] lHkh txg yst+j
}kjk fMy fd, x, ghjksa ds ckjs esa iwjh tkudkjh nh tkuh
pkfg,A
yst+j fMfyax
(Laser Drilling)
njkjksa dh HkjkbZ (Fracture Filling)

yst+j fMfyax (Laser Drilling)
lu~ 1970 ds n'kd dh 'kq#vkr ls] ghjk fuekZrk xgjs nkxksa

rd igqapus ds fy, ghjksa esa euq"; ds cky ls Hkh irys lw{e
lwjk[k cukus ds fy, yst+j mi;ksx djrs vk jgs gSaA yst+j
fMy }kjk fd;k x;k lwjk[k bu nkxksa dks yst+j }kjk xSl esa
cnyuk] jaxghu cukuk] ;k rstkc }kjk feVkuk laHko cukrk
gSA ;g xgjs nkx dks gYdk cuk nsrk gSA blls ghjs vf/kd
fch ;ksX; cu tkrs gSaA
;g fof/k ekStwnk nkx dks fNik nsrh gSA bl gdhdr ds
ckotwn vDlj yst+j fMfyax ls 'kq)rk xszM esa lq/kkj ugha
gksrk gSA okLro esa] fMy fd;k x;k lwjk[k vius&vkiesa ,d
'kq)rk fof'k"Vrk cu tkrk gSA
vki 10 xquk eSXuhfQds'ku dh enn ls /;kuiwoZd ns[kdj]
yst+j fMy }kjk fd, x, lwjk[k irk yxk ldrs gSaA
dHkh&dHkh T;knk blls Hkh T;knk eSXuhfQds'ku dh t:jr
gksrh gSA dbZ ckj yst+j fMy ds lwjk[k dkQh NksVs gksrs gSa ;k
lsfVax ds nkSjku <d fn, tkrs gSaA bu nkxksa dk irk yxkuk
dkQh dfBu gks ldrk gSA
;fn yst+j fMy dk lwjk[k cgqr gh eghu gS] ;k lsfVax esa
<d fn;k x;k gS rks mldks ns[kuk cgqr eqf'dy gksrk gSA
fMy fd, tkus ds ckn] lwjk[k ghjs dh LFkk;h [kwch cu tkrk
gSA blfy, GIA ySc tSlh lHkh cM+h jRu ;ksx'kkyk,a
yst+j fMy okys uxksa dks xzsM nku djrh gSaA os fMy lwjk[k
dks 'kq)rk dh fof'k"Vrk ekurs gSaA
yst+j fMfyax dh ,d u;k :i vkarfjd yst+j fMfyax
(ILD) dgykrk gSA bl rduhd esa ekStwnk varj dks cM+k
cukus ;k fdlh nkx vkSj lrg ds chp u;k varj iSnk djus
ds fy, yst+j dks bLrseky fd;k tkrk gSA blls nkx dks
jaxghu cukus dh f;k 'kq: gksrh gSA urhtk] xgjk nkx
gYdk cu tkrk gS vkSj de fn[kkbZ nsrk gSA
njkjksa dh HkjkbZ (Fracture Filling)

lu~ 1980 ds n'kd esa] ghjs dh njkjksa dks Hkjus dh igyh
fof/k 'kq# gqbZ FkhA mlds ckn] Hkjko lkexzh cukus okys ds
dbZ fuekZrk mHkjs gSaA Hkjko lkefxz;ksa dh lVhd cukoV]
vyx&vyx fuekZrk ds vuqlkj vyx&vyx gks ldrh
gSA ysfdu bu lHkh esa] 'kq#vkr esa 'kh'ks dks fi?kyk;k
tkrk gSA
31-May-11 4:39:57 PM
flQZ blh otg ls] njkjksa dh Hkjko lkexzh cukus okys dbZ
eq[k fuekZrk viuh&viuh Hkjko&lkexzh ij iwjs thou dh
xkjaVh is'k djrs gSaA
Hkjkoksa dk irk yxkuk (Detection)
ADVERTORIAL
ghjs dk fjsfDVo baMsDl (RI) ,d iwokZuqekfur rjhds ls

jks'kuh ls crkZo djokrk gSA
tc fdlh ghjs esa dksbZ njkj lrg rd igqaph gqbZ gksrh gS rks
njkj esa ekStwn ok;q vius de RI ds lkFk ghjs ds vanj
jks'kuh ds ekxZ esa ck/kk igqapkrh gSA blds dkj.k njkj
ijkorZd fjsfDVo cu tkrh gS vkSj mldks ns[k ikuk
T;knk vklku gks tkrk gSA
Hkjko lkexzh ghjs ds vanj ekStwn ok;q dh txg ysrh gSA
bldk RI ml ok;q ds RI dh rqyuk esa ghjs ds RI ds T;knk
djhc gksrk gSA blfy, ij ls ns[kus ij] bl dkj Hkjh
xbZ njkj yxHkx vn`'; cu tkrh gSA
;fn dksbZ njkj lrg rd ugha igqaph gqbZ gksrh gS rks
yst+j&fMy dk lwjk[k mldks Hkjus ds fy, ,d ekxZ
miyC/k djkrk gSA
ghjk m|ksx esa njkjksa dks Hkjuk ,d vke ckr gS & bjSMh,'ku]
dksfVax] rkiu] ;k nkc dh rqyuk esa ;g fof/k T;knk ;ksx
dh tk jgh gSA
ftu ghjksa dks jRu mi;ksx ds fy, equkflc ugha le>k tkrk
Fkk] vc mudk mipkj fd;k tk ldrk gSA bl dkj.k mUgsa
,d cM+s miHkksDrk lewg ds fy, vkd"kZd ,oa [kjhnus ;ksX;
cuk;k tk ldrk gSA
vR;ar NksVs ghjksa rd esa Hkjko fd;k tkrk gSA exj bl
f;k dh ykxr ds dkj.k Hkjs x, T;knkrj ghjs ,d dSjsV
ls vf/kd ds cu tkrs gSaA bldk dkj.k ;g gS fd n`f"Vxkspj
'kq)rk esa lq/kkj ds lkFk&lkFk cM+s jRuksa dh fo;&{kerk esa
dkQh vf/kd c<+ksrjh gksrh gSA
njkjksa esa Hkjko djus ds vius Qk;ns gSa & ;g ghjs ds :i&jax
dks csgrj cukrk gS] ysfdu blds dqN uqdlku Hkh gSaA
elyu] dHkh&dHkh Hkjko ls ghjs dh jaxr ekewyh :i ls
gYdh iM+ tkrh gSA
lgh ns[kHkky ds lkFk] ;g Hkjko dbZ lkyksa rd fVdk jgrk
gSA ysfdu ;g tkuuk t:jh gS fd vkHkw"k.kksa dh ejEer
djus dh vke i)fr;ksa ls dHkh&dHkh Hkjko dks uqdlku
igqap ldrk gSA
uqdlkunk;d ifjfLFkfr;ksa esa] nqckjk rjk'kus ;k ikfy'k
djus ds fy, vf/kd rkieku iSnk djuk vkSj nqckjk uksd
cukus ;k ejEer ds nkSjku yiV dk rkieku vkfn 'kkfey
gSaA
le; chrus ds lkFk&lkFk] ckj&ckj lQkbZ djus ls Hkh
Hkjko dks uqdlku igqap ldrk gSA fo'ks"kdj tc bl fof/k esa
Hkki] rstkc ;k vYVklkWfud dk bLrseky 'kkfey gksA vYVk
ok;ysV jsMh,s'ku] ;gka rd fd yacs le; rd /kwi Hkh] ux ds
Hkjko dks cnjax cuk ldrh gS vkSj le; ds lkFk&lkFk ;g
/kqa/kyk fn[kkbZ nsus yxrk gSA
;fn Hkjko fi?ky tkrk vkSj fjldj ckgj vk tkrk gS rks
mldks cnyuk laHko gSA ysfdu vxj mldk jax xgjk tkrk
gS rks mls fQj ls jaxghu cukus dh dksbZ fof/k ugha gSA
,dek= gy mls gVkuk vkSj mldh txg ij ubZ lkexzh
Hkjuk gSA
Hkjko okys ghjksa dh igpku djus dh ;ksX;rk ges'kk t:jh

jgh gSA ;fn vkidks vkHkw"k.k ejEer ds fy, ysus gSa rks ;g
t:jh gS D;ksafd jkstkuk dh ejEer vkSj lQkbZ i)fr;ka
Hkjko okys ux dks uqdlku igqapk ldrh gSaA
njkj ds Hkjko dk lcls vf/kd Li"V ek.k yS'k ,QsDV
dgykrk gS] tks cnyrs gq, jax dh ,d yS'k gksrh gSA bl
yS'k dks eSXuhfQds'ku dh enn ls lgh jks'kuh esa ns[k tk
ldrk gSA yS'k blfy, fn[kkbZ nsrh gS D;ksafd dkp ds
Hkjko dk RI, jks'kuh ds lHkh osoysUFk ds fy,] ghjs ds RI ds
lkFk lgh rjhds ls eSp ugha djrk gSA
bl yS'k dks ns[kus ds fy,] vkidks njkj ds lekukUrj
ns[kuk gksxk] vkSj ghjs dks vkxs& IkhNs fgykuk gksxkA ux dh
fLFkfr cnyus vkSj cSdxzkmaM dh jaxr xgjh ls gYdh gksus
ds lkFk&lkFk] yS'k dk jax cnysxkA
njkj Hkjko ds vU; ladsrksa esa njkj esa ;k Lo;a Hkjko esa Qalh
gqbZ xSl ds cqycqys gSaA van:uh Hkjko dh cukoV fpVdh gqbZ
gks ldrh gSA tc vki bu fof'k"Vrkvksa dks eSXuhQkbZ djds
ns[krs gSa rks ;g Li"V gks tkrk gS fd og ghjs dh ekSfyd
van:uh cukoV dk fgLlk ugha gSaA
vki ges'kk vusd vyx&vyx dks.kksa ls ghjs dh tkap
vo'; djsaA QkbCkj&vkWfIVd jks'kuh esa yS'k ,QsDV vkSj
vf/kd Li"V fn[kkbZ nsrk gSA
Hkjko v/kZ&LFkk;h gks ldrs gSaA bl dkj.k ls GIA yscksjsVh
lfgr T;knkrj jRufoKku ;ksx'kkyk,a Hkjko okys ghjksa dh
xzsfMax ugha djrh gSA cgjgky] og Hkjko dh ekStwnxh
vo'; lwfpr djrh gSaA Hkjko dk ,dek= dk;Z ghjs ds nkx
dks fNikdj mls vkSj vf/kd fch yk;d cukuk gSA
vxj vkidks dHkh Hkh ghjs esa Hkjko dh ekStwnxh ds ckjs esa
vleatl gksrk gS rks igpku djus ds fy, ml ghjs dks
fdlh jRufoKku ;ksx'kkyk esa HkstsaA
fiNys n'kd esa] ghjksa dks 'kq) cukus dh f;k vkHkw"k.k
O;kikj esa ,d cgqr cM+k elyk cu xbZ gSA
D;ksafd 'kq)rk vkSj jaxr esa lq/kkj djus dh vk/kqfud
rduhdsa vusd ghjksa dks vf/kd fch yk;d cuk nsrh gSa]
blfy, ldkjkRed vkSj uSfrd fMLDykstj dh t:jr c<+
jgh gSA
31-May-11 4:39:58 PM
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31-May-11 6:29:07 PM

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June 11

From Thatched Roof

Fully automated online trading service for polished diamonds *

Guaranteed availability and door-to-door delivery to buyers * Guaranteed

fixed transaction fee

To learn more please go to www.idexonline.com

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05 FROM THE EDITORS DESK

Understanding The World Of Diamonds & Planning For The

06 MUMBAI DIAMOND MARKET REPORT

magazine india retail

3D Technology Helps Sell Luxury Brands

From Thatched Roof To Tiara:

ADMINISTRATION & MARKETING

Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay

Year of Replenishment, Speculation and Recycling

25 POLISHED DIAMOND PRICES

27 DIAMOND RETAIL BENCHMARK

_w~B hram ~mOma H$s [anmoQ>

D$Mr H$s_V| Ama Nw>{>`m| H$m _Xm ~mOma

^maV H$s Vm_Pm_ ^ar Ama IMubr em{X`m| _| gVo hram|

Boris Mandelis (Red Designer Studio)

he world of diamonds is currently churning

IDEX Magazine India Retail | NO 07: EDITOR

away from simply being storehouses of value that are

DIaMOnD MaRKEt REPORt

High Prices & Holidays Slow Market

combination of high asking prices and the onset

IDEX MagazInE InDIa REtaIl | nO 07: MUMBaI DIaMOnD MaRKEt REPORt

Strong demand for SI/J+ goods.

Severe Shortages will continue as production is

Strong demand for SI/J+ goods.

Prices are likely to go up but not at a rapid speed.

Very good demand for SI/J+ goods.

Activity is expected to increase as melees are

Very good demand for SI+ goods.

Activity will improve as this size is comparatively

Very good demand for SI+ goods.

Activity will remain stable with shortages of

Good demand for SI1+ goods.

Overall low activity except VS+ goods will be seen

Good demand for VS+ & piqu goods.

Prices for SI goods will go up.

Very good demand for SI goods.

Prices for SI goods will go up.

Good demand for SI/G-J col.

Demand & prices for piqu goods will go up.

Very good demand for SI+/J+ col.

Demand & activity will be higher for SI goods.

Very good demand for +0.90 carat SI+/G-J.

+0.90 carat is becoming very hot category.

Strong demand for VS & SI goods.

Shortages & price rise will be seen for certified &

Very good demand for SI/G-K colors.

Shortages will be seen in +5carat sizes.

IDEX Magazine India Retail | NO 07: MUMBAI DIAMOND MARKET REPORT

D$Mr H$s_V| Ama Nw>{>`m| H$m _Xm ~mOma

{dZ` nmaoI mam

Marker Report Hindi.indd 8

VWm VS H$s H$m\$s D$Mr H$s_Vm| Zo ^r BZ _mbm| H$s J{V{d{Y`m| na

MAGAZINE INDIA RETAIL | NO 07: MUMBAI DIAMOND MARKET REPORT