Idex April 2011

April 11

INDIA RETAIL

Rapidly Rising Diamond Prices

Rock ing T h e Boat

SPOTLIGHT

INSIGHT

EVENTS

Tackling The Home Market With An Outside Perspective

How AGTA Promotes Coloured Gemstone Jewellery At Red Carpet Events

GJEPC Organises Trend-Forecasting Seminar In Mumbai GIA Holds First-Ever Career Fair In India

Cover_Final.indd 1

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08/03/11 17:07

Contents APRIL

magazine india retail

APRIL 2011

05 FROM THE EDITOR’S DESK

Time For Retailers To Apply The Brakes To Diamond Prices

06 MUMBAI DIAMOND MARKET REPORT Increased Buyer Resistance To High Polished Prices

VOL. 1 No. 05

EDITORIAL DEPARTMENT EDITOR-IN-CHIEF Vinod Kuriyan EDITORS Edahn Golan, Danielle Max IDEX ONLINE RESEARCH Ken Gassman INTERNATIONAL CORRESPONDENT

Tamar Katzav

10 SPOTLIGHT

Tackling The Home Market With An Outside Perspective

16 INSIGHT

How AGTA Promotes Coloured Gemstone Jewellery At Red Carpet Events

18 EVENTS

GJEPC Organises Trend-Forecasting Seminar In Mumbai GIA Holds First-Ever Career Fair In India

21 RETAIL ET CETERA 27 DIAMOND RETAIL BENCHMARK A diamond price list to assure your customers

34 COVER STORY

Rapidly Rising Diamond Prices Rocking The Boat India is world’s largest jewellery market, but danger looms

54 POLISHED DIAMOND PRICES 56 U.S. MARKET WINDOW 08

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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 GRAPHIC DESIGNERS

Boris Mandelis (Red Designer Studio) Ilana Akselrod (Red Designer Studio) Liran Brener (Red Designer Studio) Printed by SAP Printers, Lower Parel, Mumbai 400 013 IDEX INDIA OFFICE # 20, KALA BHAVAN, 4TH FLOOR, 3 MATHEW RD., OPERA HOUSE, MUMBAI 400 004, INDIA TEL: +91-22-6633-2187, FAX: +91-22-6633-2186 EMAIL: [email protected] IDEX USA 7 WEST 45TH ST. SUITE # 1602 NEW YORK, N.Y. 10036, U.S.A. TEL: +1-212-3823528, FAX: +1-212-3822671 IDEX BELGIUM 74 LANGE HERENTALSESTRAAT, 2018 ANTWERP, BELGIUM TEL: +32-3-2341157, FAX: +32-3-2342463 IDEX HONG KONG TEL: +852-28400514, FAX: +852-28400652 IDEX ISRAEL MACCABI BLDG., 1 JABOTINSKY ST., P.O.BOX 3107, RAMAT GAN 52130, ISRAEL TEL: +972-3-575-7455, FAX: +972-3-7511203 IDEX Magazine - India Retail is published in India by Idex Online S.A.. Reprints of individual articles are obtainable on application to the editor. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the Copyright owner. PUBLISHED BY YARON BARZILAY FOR IDEX ONLINE S.A

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ISSN 0334-6838 2003 IDEX ONLINE S.A.

www.idexonline.com 4

Table of content.indd 4

IDEX MAGAZINE – INDIA RETAIL | NO 05

30-Mar-11 2:39:33 PM

From the Editor’s Desk Time For Retailers To Apply The Brakes To Diamond Prices

T

he best-laid plans can go awry as we all know. Plan as we may for controlled growth, the market sometimes overtakes us and charts a course of its own — sometimes with drastic consequences for even the most careful amongst us. Right now, the diamond industry seems to be in a place where nobody knows what might happen the very next day. There isn’t much one can do in the diamond production pipeline, as prices are subject to a number of pushes and pulls from a variety of directions. The mines are forever looking to increase prices as they seek to compensate for reduced output – that threatens to get even less in the future. And if the mines see polished prices climbing, they are going to be even more inclined to jack up rough diamond prices. But prices are also subject to issues like whether processors have the capacity to process all the rough that is coming on to a market. The ultimate, and most powerful price setter is, of course the consumer. Demand is the final arbiter of any product’s price. But for any product like diamonds, that has no utility value and is dependent solely on its perceived value for its very existence, demand is a tricky thing. Unlike bread, where necessity will make the consumer pay whatever price an emergency might throw up, the consumer has to continue to want diamonds at the prices that might currently be quoted, for those prices to be sustained. The interesting thing is, just the fact that diamonds are expensive will not deter consumers if they continue to

IDEX Magazine – India Retail | NO 05: EDITOR

Editor.indd 5

see value in them. Despite the sky-high prices of gold, for instance, consumers continue to buy the yellow metal – albeit in smaller quantities. But rapidly changing prices are a real danger. The fact that they change so fast engenders an uncertainty in the consumer about the value of diamonds in relation to everything else. That uncertainty is the most likely trigger for a consumer to stop buying diamonds. If that happens, there will be a drastic price correction. And that is something the industry could do without. If jewellery retailers were, instead, gradually apply the brakes as it were, we could have a much more controlled resetting of the market. The retail industry is already doing innovative things like coming up with designs that have more open spaces or using electroforming to produce hollow jewellery – both of which reduce the gold content in jewellery. They have also done away with gold completely in many instances, setting diamonds and gemstones in silver instead. The question is, can the retail industry do something similar for diamonds? There are no obvious answers. The smallest diamonds are among those showing the most rapid price increases. Retailers will have to come up with really out-of-the-box ideas while the attempt the delicate task of trying to determine how much is too much for the consumer.

Vinod Kuriyan Editor 5

30-Mar-11 2:40:18 PM

Mumbai

diaMOnd MaRKet RePORt

Increased Buyer Resistance To High Polished Prices

T

he Hong Kong trade show, which took place in the first week of March, took the market by surprise with strong buying that was seen there. Much of the buying was by Indian diamond dealers. This buying also firmed up polished prices, which had risen a short while ago, but were on uncertain ground till then. The goods the Indians then brought back to India have helped in some small measure in easing the shortages of polished that have plagued the Mumbai market. The prices of the -2 sieve (-0.01 carat) and stars (-0.02 carat) have been spiralling upward at such a dizzying rate that any price quoted on one week does not stand the very next week. Many industry watchers say these prices

6

Market Report.indd 6

By Vinay Parekh (and the speed of their escalation) are not sustainable in the long term. However, the latter half of March saw the onset of some clear buyer resistance to the ever-escalating prices. At the time of writing, the market had slowed down considerably, due to this resistance. Sellers were, however, holding firm with their prices and waiting for the next De Beers Diamond Trading Company (DTC) sight, scheduled for the last week of March. While there were wide expectations of a further increase in rough prices at this sight, there were some who wondered whether there might be some sort of market correction. As it is, demand is expected to fall off considerably in April and higher diamond prices might not be sustainable. ■

ideX Magazine – india Retail | nO 05: MUMBai diaMOnd MaRKet RePORt

30-Mar-11 2:41:04 PM

M U M B AI DIA M O ND T R ADING IN M A R C H Size in Ct. (Sieve)

Comments

Forward Call

▲ -0.01 (-2 )

Very good demand for SI+/J+ goods. Good demand for piqué goods. Softness seen in very low piqué goods. Overall very good demand across the board. Very hot category.

Shortages will not ease. Activities likely to reduce as asking price does not match with offer price. Prices may see some downward trend.

▲ -0.02 (+2-6.5)

Very good demand for SI+/J+ goods. Good demand for piqué goods. Some softness seen in very low piqué goods. Hottest category. Prices for VS+ goods are at the peak level. Stars fetching more prices than melees.

Severe shortages will be seen. Lower activities expected as gap between asking price & offer price increases. Some softness will be seen in prices.

▲ 0.03-0.07 (+6.5-11)

Very good demand for SI+/J+ goods. Good demand for piqué goods. Most required sieve is -8. Steady demand seen in this size.

Steady activity is expected. Melees not as hot as stars. Shortages will be seen in -8 sieve.

▲ 0.08-0.14 (+11-14)

Very good demand for SI+ goods. Good demand for piqué goods.

Activity may improve as availability of goods is more compared to stars & melees.

▲ 0.15-0.17 (+14-15.5)

Very good demand for SI+ goods. Good demand for piqué 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+ & piqué goods. Demand for VS+ goods is mainly for local market.

Activity will remain stable. Shortages will be seen for VS+ goods.

▲ 0.30 (1/3)

Good demand for VS+ & piqué goods. G-J col. is in more demand.

Demand & activity will remain stable.

▲ 0.40 (3/8)

Good demand for VS+/G-J col.

Demand & prices will remain stable. +0.45 carat will be difficult to find.

▲ 0.50 (1/2)

Very good demand for SI+/J+ col. Good demand for I1/I2.

Demand & activity will be higher. Better demand can be seen for D-F col.

▲ 0.75 (3/4)

Good demand for I1/I2 & VS+/G-J col. +0.80 carat in more demand.

Shortages will be seen for +0.90 carat. Demand for D col.improving.

▲ 1.00 (4/4)

Overall very good demand across the board. Strong demand for VS & SI goods. H-M colors are more in demand.

Severe shortages will be seen for H lower col. It will be Difficult to find premium sizes. Prices will go up by 2%-3%.

▲ +3.00

Good demand for SI1+/H-K col. Demand for VS/I-K col. increases in +5 carat sizes. VS/I-K col. increasing in +5 carat sizes.

Shortages will be seen in +5carat sizes. Prices will go up by 2%-3%.

Magazine – India Retail | NO 05: MUMBAI DIAMOND MARKET REPORT

Market Report.indd 7

7

30-Mar-11 2:41:04 PM

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8

Marker Report Hindi.indd 8

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MAGAZINE – INDIA RETAIL | NO 05: MUMBAI DIAMOND MARKET REPORT

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_wå~B© {ham ~mOma H$m H$mamo~ma H¡$aoQ> (grd)

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^mdr X¥í`

▲

-0.01 (-2)

SI+/J+ JwS²g H$s AÀN>r _m§J& {nH$ JwS²g Ho$ {bE AÀN>r _m§J& H$m\$s ZrMo dmbo {nH$ JwS²g _| Hw$N> Z_u {XIr& ~moS©> _| Hw$b {_bmH$a AÀN>r _m§J& H$m\$s hm°Q> H¡$Q>Jar&

H$_r _| amhV Zhs¨ {_boJr& _m§J H$s_V Am¡a Am°\$a H$s_V _| _ob Zhs¨ ahZo go J{V{d{Y`m§ H$_ hmo gH$Vr h¢& _yë`m| _| Hw$N> ZrMo H$s Q´|S> {XImB© n‹S> gH$Vr h¡&

▲

-0.02 (+2-6.5)

SI+/J+ JwS²g H$s AÀN>r _m§J& {nH$ JwS²g H$s AÀN>r _m§J& H$m\$s ZrMo dmbo {nH$ JwS²g _| Hw$N> Z_u {XIr& g~go hm°Q> H¡$Q>H$Jr& VS+ JwS²g Ho$ {bE H$s_V| nrH$ ñVa na& _¡b¡ H$s VwbZm _| ñQ>mg© H$mo A{YH$ H$s_V {_b ahr h¡&

H$m\$s H$_r {XImB© n‹S>oJr& _m§J H$s_V VWm Am°\$a H$s_V H$s ~rM H$s Xyar ~‹T>Zo go {ZåZ J{V{d{Y H$s Cå_rX& H$s_Vm| _| Hw$N> Z_u {XImB© n‹S> gH$Vr h¡&

▲

0.03-0.07 (+6.5-11)

SI+/J+ JwS²g H$s AÀN>r _m§J& {nH$ JwS²g H$s AÀN>r _m§J& g~go A{YH$ Amdí`H$ grd -8 h¡& Bg gmBµO _| EH$ g_mZ _m§J XoIr JB©&

EH$-g_mZ J{V{d{Y H$s Cå_rX h¡& _¡b¡ CVZo hm°Q> Zhs¨ {OVZo ñQ>mg©& -8 grd _| H$_r {XImB© n‹S>oJr&

▲

0.08-0.14 (+11-14)

SI+ JwS²g H$s ~hþV AÀN>r _m§J& {nH$ JwS²g H$s AÀN>r _m§J

Š`m|{H$ ñQ>mg© Am¡a _¡b¡ H$s VwbZm _| JwS²g H$s CnbãYVm A{YH$ h¡,Bg{bE J{V{d{Y _| gwYma Am gH$Vm h¡&

▲

0.15-0.17 (+14-15.5)

SI+ JwS²g H$s ~hþV AÀN>r _m§J& {nH$ JwS²g H$s AÀN>r _m§J

JwS²g H$s H$_r Ho$ gmW J{V{d{Y pñWa ~Zr ahoJr&

▲

0.18-0.22 (1/5)

SI1+ JwS²g H$s AÀN>r _m§J

VS+ H$mo N>mo‹S>H$a Bg H¡$Q>Jar _| Hw$b {_bmH$a {ZåZ J{V{d{Y {XImB© n‹S>oJr&

▲

0.23-0.29 (1/4)

VS+ VWm {nH$ JwSg ² H$s AÀN>r _m§J VS+ JwSg ² H$s _m§J _w»`V… ñWmZr` ~mOma Ho$ {bE h¡&

J{V{d{Y pñWa ~Zr ahoJr& VS+ JwS²g _| H$_r {XIoJr&

▲

0.30 (1/3)

VS+ & {nH$ JwS²g H$s AÀN>r _m§J h¡& G-J col. H$s AË`{YH$ _m§J h¡&

_m§J Am¡a J{V{d{Y EH$ g_mZ AWdm pñWa ~Zr ahoJr&

▲

0.40 (3/8)

VS+/G-J col. ~ohVa _m§J&

_m§J Am¡a H$s_V| pñWa ah|Jr& +0.45 H¡$aQ> àmá H$aZm AmgmZ Zhs¨ h¡&

▲

0.50 (1/2)

SI+/J+ col. Ho$ {bE AÀN>r _m§J& I1/I2 Ho$ {bE AÀN>r _m§J&

_m§J Am¡a J{V{d{Y AË`{YH$ ah|Jo& Ho$ {bE ~ohVa _m§J XoIo Om gH$Vo h¢&

▲

0.75 (3/4)

I1/I2 & VS+/G-J col. Ho$ {bE AÀN>r _m§J& +0.80 H$s A{YH$ _m§J h¡&

+0.90 H¡$aQ> H$s H$_r XoIZo H$mo {_boJr& D col. H$s _m§J ~‹T>Vr Om ahr h¡&

▲

1.00 (4/4)

~moS©> _| Hw$b {_bmH$a ~hþV AÀN>r _m§J& VS & SI JwS²g H$s O~aXñV _m§J& H-M H$s _m§J A{YH$ h¡&

H bmoAa col. H$s ^mar H$_r XoIZo H$mo {_boJr& àr{_`_ gmBµO àmá H$aZm H${R>Z hmoJm& H$s_V _| 2%-3% H$s d¥{Õ hmoJr&

▲

+3.00

SI1+/H-K col. Ho$ {bE AÀN>r _m§J& +5 H¡$aQ> gmBµO _| VS/I-K col. H$s _m§J ~‹T> OmVr h¡&

+5 H¡$aQ> gmBO _| H$_r XoIZo H$mo {_boJr& H$s_V _| 2%-3% H$s d¥{Õ hmoJr&

MAGAZINE – INDIA RETAIL | NO 04: MUMBAI DIAMOND MARKET REPORT

Marker Report Hindi.indd 9

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Spotlight

Tackling The Home Market With An Outside Perspective

I

By Vinod Kuriyan

n an unusual step, a huge As the KGK group is one with a Indian gem and jewellery firm history of over a century in India has decided to enter the Indian and has a strong manufacturing branded jewellery segment by bringing and retail base in India, what in a brand that it had developed made you feel that a brand you for the Hong Kong and Chinese developed in Hong Kong and obmarket. The century-old KGK group, viously initially targeted at the an integrated conglomerate that market there first, would help encompasses practically everything the KGK group expand its retail in the jewellery value pipeline from and brand presence in India? coloured gemstone and diamond sanJaY KOthaRI cutting and polishing to jewellery The Indian economy is at a take off manufacture and marketing, all the way to the ultimate stage where we expect GDP growth to be between eight downstream product, jewellery brands, has chosen to and ten percent for the next 5 years. Already, this growth bring in its Entice brand from the Far East instead of has propelled the upper middle class to a level where it developing a brand in India itself. aspires for luxury products and a quality lifestyle. The diamond jewellery market is growing at a good rate, with The brand was launched in 2004 by Sanjay Kothari, consumers today rapidly moving from traditional gold and who heads the KGK group’s operations in Hong Kong silver jewellery to the diamond-set variety. Entice Jeweland China. It has successfully won an international lery caters to this upper end segment of people who have clientele and now is making inroads to the Indian a refined taste and are willing to pay a premium for quality market. Today, the brand has 16 stand-alone showworkmanship that makes every jewel a unique piece. rooms in Hong Kong, various cities in China, Delhi and Jaipur. Can you explain the statement, ‘Entice Jewellery is Indian at heart & International at soul’? Kothari responded by email to questions from IDEX. The KGK group started its journey in 1905 from India Excerpts: and in the century of its existence, it has spread to al-

10

Spotlight.indd 10

IDEX MagazInE – InDIa REtaIl | nO 05: spOtlIght

30-Mar-11 2:59:21 PM

most all the important trading centers of the world. Having gained worldwide acclaim for its products and ethical dealings in business, it was time to look homewards and cater to the discerning class in the Indian market. We consider design to be soul of jewellery and Entice Jewellery has been designed by international designers keeping the sensibilities of Indian women in mind. The making of each piece of jewellery is an elaborate process and involves a lot of personal attention and customization. These qualities are in sync with the Indian ethos in which personal relationship are given greater weightage than business relationships. Has the development and operation of the brand in Hong Kong brought new perspectives and ideas on how to do the same in India? The international customers of our brand are well traveled people with an eye for detail, who appreciate the good things in life. We have brought a similar shopping experience to the Indian consumers at our stores in India. Customer service is the cornerstone for any successful business and we are focused on providing the international service Entice is known abroad for. Does this reverse integration bring any other strengths and synergies to the brand? Apart from the obvious synergies of inventory rationalization, I find the product design and development synergy to be most beneficial. India has a rich heritage and legacy of world famous jewels and that is definitely a source of inspiration for our international designing team in Hong Kong. There is also a commonality of taste. A necklace choker which has been developed for Indian market is also being well received at International shows.

IDEX Magazine – India Retail | NO 05: spotlight

Spotlight.indd 11

How is the product line designed and manufactured? Does designing take place in India or in Hong Kong? Where does the manufacturing take place? Our design team headed by Manju Kothari who is based in Hong Kong, keeps experimenting to produce innovative and unique jewellery pieces. We plan to introduce some very unique jewellery collections not seen before in the Indian market. Recently, we launched a collection called “The Rhythm of Life” which is inspired by music and one called the “Tanarika” collection, which is based on floral designs. We will keep coming with such innovative collections in the future. Our design team is located in Hong Kong as well as India and share a close rapport with the sales team, who provide valuable insights into customer requirements. Entice’s manufacturing takes place in Hong Kong. Is the product line more diamond-heavy or does it have a substantial range that draws on KGK’s established presence in the coloured gemstone industry? Initially we started with diamond centric Jewellery but we realised that there is a huge potential for jewellery with coloured gemstones as the central theme. Since KGK has a colossal presence in the coloured gemstone marke,t it was a natural progression for Entice to adapt to the coloured gemstonecentric product range. What sort of market are you going after — the more traditional bridal and socio-religious one that has heavy sales at specific times like Diwali or the more modern fashion-driven one? The Indian jewellery market is still largely driven by social norms and religious celebrations. Marriages, gifting during marriages and festivals like Diwali and Navratra are important events where big ticket purchases are made. The urban young who are well travelled and much better

11

30-Mar-11 2:59:24 PM

Starting with the vision that India is now modern by design, Entice takes the rich jewellery heritage that this country is privileged to have enjoyed and gives it a truly contemporary twist. Its designs meet the growing demand for an international aesthetic that at the same time makes a bold statement about India’s style leadership on the world stage.

informed, are the ones who are making a difference on the retail landscape and changing the buying patterns by timing their purchases on occasions or celebrations. Moreover, the Indian subcontinent encompasses a whole gamut of consumers from the traditional to the new breed of fashion-conscious consumers and Entice would cater to both these segments. Are there any other comments you’d like to make?

If design is what distinguishes Entice, quality is its hallmark. Each of its pieces is individually crafted to maintain the luxury status of the brand and meet with the highest international standards for unblemished stones. Entice specializes in rare diamonds as well as painstaking craftsmanship and the insistence that every piece is fashioned as a work of art. Moreover, each jewel sold comes with quality certification to endorse its value. ■

Entice retail outlet

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IDEX Magazine – India Retail | NO 05: spotlight

30-Mar-11 2:59:29 PM

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~mø n[aàoú` Ho$ gmW Kaoby ~mOma _| g\$bVm {dZmoX Hw$[a`Z Ûmam EH$ AZmoIo H$X_ Ho$ ê$n _|, ^maV Ho$ EH$ ^maV _| Ho$OrHo$ g_yh H$m EH$ eVmãXr go ^r ~‹S>o aËZ Am¡a Am^yfU H§$nZr Zo EH$ Eogo nwamZm B{Vhmg h¡ Am¡a `hm§ BgH$m {d{Z_m©U ~«m§S> H$mo boH$a ^maVr` ~«m§So>S> Am^yfU Ho$ Am¡a [aQ>ob H$m EH$ _O~yV AmYma ahm h¡, joÌ _| àdoe H$aZo H$m \¡$gbm {b`m h¡ {Ogo Eogo _| hm±J-H$m±J _| {dH${gV ~«m§S> {Ogo CgZo hm±J-H$m±J Am¡a MrZ Ho$ ~mOmam| Ho$ ñdm^m{dH$ Vm¡a na dhs¨ Ho$ ~mOma _| nhbo {bE V¡`ma {H$`m Wm& EH$ EH$sH¥$V g_yhCVmam J`m, H$mo boH$a AmnZo `h H¡$go gmoMm eVmãXr nwamZo Ho$OrHo$ J«wn, {Ogo a§JrZ aËZm| {H$ dh Ho$OrHo$ g_yh Ho$ {bE ^maV _| AnZo Am¡a hrao H$mo VameZo go boH$a nm°{be H$aZo ~«m§S> Am¡a [aQ>ob ì`dgm` H$mo \¡$bmZo _| _ Am¡a JhZm| Ho$ {Z_m©U VWm {~H«$s VH$, XXJma gm{~V hmoJm? g§O` H$moR>mar Am^yfU OJV Ho$ ha joÌ H$m AZw^d h¡, A~ ^maVr` AW©ì`dñWm VoµOr go Va¸$s H$a ahr h¡ Am¡a AJbo 5 dfm] S>mCZñQ´r_ àm°S>ŠQ>, Am^yfUm| Ho$ AnZo E§{Q>e ~«m§S> H$mo gwXya nyd© Ho$ VH$ OrS>rnr H$s d¥{Õ Xa 8-10 à{VeV Ho$ ~rM ahZo H$s Cå_rX h¡& Xoe _| {dH${gV H$a Cgo ^maV Ho$ ~mOmam| _| CVmaZo H$mo V¡`ma h¡& Bg {dH$mg Xa Zo nhbo go hr Cƒ åÜ`_ dJ© H$s j_Vm H$mo Cg ñVa Bg ~«m§S> H$s ewéAmV Ho$OrHo$ g_yh Ho$ hm±J-H$m±J Am¡a MrZ Ho$ à_wI VH$ nhþ§Mm aIm h¡ Ohm§ dh {dbm{gVm Ho$ CËnmXm| Am¡a CƒñVar` lr g§O` H$moR>mar Ûmam 2004 _| H$s JB©& Bgo ~hþV g\$bVmnyd©H$ OrdZ e¡br H$s Amoa CÝ_wI h¡& hrao Ho$ Am^yfUm| H$m ~mOma VoO J{V A§Vam©ï´>s` ñVa na J«mhH$ {_bo Am¡a A~ `h ^maVr` ~mOma _| CVaZo go {dH$mg H$a ahm h¡ Ohm§ J«mhH$m| H$s éPmZ A~ VoOr go nma§n[aH$ H$mo V¡`ma h¡& AmO, Bg ~«m§S> H$m hm±J-H$m±J, MrZ Ho$ AZoH$ eham|, gmoZo Ho$ JhZm| go hQ>H$a gmoZo Am¡a Mm§Xr _| O‹S>o hram| Ho$ goQ> H$s Amoa {X„r Am¡a O`nwa _| 16 EH$b emo-ê$_ h¢& ~‹T> ahr h¡& E§{Q>e Ádobar Bg Cƒ dJ© Ho$ bmoJm| H$s _m§J nyar H$aVm h¡ {OZH$s é{M n[aîH¥$V h¡ Am¡a do Cg Cƒ JwUdÎmm`wº$ H$marJar Ho$ lr H$moR>mar Ûmam IDEX Ho$ Hw$N> gdmbm| Ho$ B©-_ob Ho$ O[aE {XE JE {bE ^wJVmZ H$aZo H$s BÀN>m aIVo h¢ Omo ha Am^yfU H$mo AnZo Amn Odm~ `hm§ àñVwV h¢: _| {d{eï> ~ZmVm h¡& MAGAZINE – INDIA RETAIL | NO 05: SPOTLIGHT

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Š`m Amn Bg H$WZ H$mo Oam g_PmH$a ~VmE§Jo, E§{Q>e Ádobar {Xb go ^maVr` Am¡a AmË_m go A§Vam©ï´>s` h¡? Ho$OrHo$ g_yh Zo AnZr `mÌm 1905 _| ^maV go ewê$ H$s Wr Am¡a AnZo A~VH$ Ho$ ApñVËd EH$ XeH$ Ho$ Xm¡amZ BgZo AnZm {dñVma Xw{Z`m Ho$ g^r à_wI ì`mdgm{`H$ H|$Ðm| VH$ H$a {b`m h¡& AnZo CËnmXm| Ho$ {bE {dœñVa na gamhZm nmH$a Am¡a AnZo ì`dgm` _| Z¡{VH$ Vm¡a-VarH$m| H$mo AnZmZo Ho$ ~mX A~ g_` Am J`m h¡ {H$ h_ Kaoby ~mOma H$s Amoa XoI| Am¡a ^maVr` ~mOma Ho$ C^a aho J«mhH$ dJ© H$s _m§Jm| H$mo nyam H$a|& h_mam _mZZm h¡ {H$ Am^yfUm| Ho$ {bE CZH$s {S>Om`Z hr CZH$s AmË_m hmoVr h¡ Am¡a E§{Q>e Ádobar H$mo A§Va©ï´>s` {S>Om`Zam| Ûmam ^maVr` _{hbmAm| H$s g§doXZerbVm H$mo Ü`mZ _| aIH$a {S>Om`Z {H$`m J`m h¡& àË`oH$ Am^yfU H$m {Z_m©U EH$ O{Q>b à{H«$`m h¡ Am¡a Bg_| H$marJa H$mo ^mar _mÌm _| AnZm Ü`mZ Am¡a {d{eï> {Z_m©U H$bm H$m Cn`moJ H$aZm n‹S>Vm h¡& `o JwU ^maVr` ñd^md Ho$ AZwê$n h¢ Ohm§ ì`mdgm{`H$ g§~§Ym| na h_oem ì`{º$JV g§~§Ym| H$mo VaOrh {X`m OmVm h¡& Š`m hm±J-H$m±J _| ~«m§S> Ho$ {dH$mg Am¡a n[aMmbZ go ^maV _| BgHo$ {dH$mg Am¡a n[aMmbZ Ho$ ZE bú` Am¡a ZB© `w{º$`m§ hm{gb hþBª? h_mao ~«m§S> Ho$ A§Vam©ï´>s` J«mhH$ ~‹S>o AZw^dr Am¡a ~mar{H$`m| H$s naI aIZo dmbo bmoJ hmoVo h¢ Omo OrdZ _| ~ohVarZ MrOm| Ho$ H$ÐXmZ hmoVo h¢& h_ ^maV pñWV ñQ>moam| _| AnZo ^maVr` IarXXmam| Ho$ {bE ^r IarXXmar Ho$ Eogo hr AZw^d boH$a AmE h¢& J«mhH$ godm {H$gr ^r g\$b ì`dgm` H$s AmYma{ebm hmoVr h¡ Am¡a h_Zo Cgr Vah H$s A§Vam©ï´>s` godm àXmZ H$aZo na AnZm Ü`mZ H|${ÐV {H$`m h¡ {OgHo$ {bE E§{Q>e {dXoem| _| {d»`mV h¡&

Q>r_ Ho$ {bE àoaUm Ho$ òmoV h¢& é{M _| ^r g_mZVm h¡& EH$ ZoH$bog MmoH$a {Ogo ^maVr` ~mOma H$mo Ü`mZ _| aIH$a ~Zm`m J`m Wm, A§Vam©ï´>s` àXe©Zm| _| ^r Cgo ^anya gamhZm àmá hþB©& àm°S>ŠQ> bmBZ H$mo {H$g àH$ma {S>Om`Z VWm {Z{_©V {H$`m OmVm h¡? Š`m {S>Om`qZJ ^maV `m hm§JH$m§J _| hmoVm h¡? {Z_m©U H$hm§ {H$`m OmVm h¡? hm§JH$m§J pñWV _§Oy H$moR>mar Ho$ ZoV¥Ëd dmbr h_mar {S>Om`qZJ Q>r_ AZmoIr Am¡a ZdrZ Ádob[a`m| Ho$ {Z_m©U Ho$ {bE bJmVma à`moJ H$aVr ahr& h_Zo Hw$N> Eogo Ádobar H$boŠeZ H$mo noe H$aZo H$s `moOZm ~ZmB© h¡, Omo Bggo nhbo H$^r ^maVr` ~mOma _| Zhs¨ {XIr& hmb hr _| h_Zo [aÙ Am°\$ bmB\$ Zm_H$ EH$ H$boŠeZ CVmam h¡, Omo g§JrV go ào[aV h¡ Am¡a gmW hr VZm[aH$m H$boŠeZ ^r noe {H$`m h¡, Omo \wbm| Ho$ {S>Om`Zm| na {Z^©a H$aVm h¡& h_ ^{dî` _| ^r Eogo H$boŠeZ noe H$aVo ah|Jo& h_mar {S>Om`Z Q>r_ hm§JH$m§J Am¡a ^maV _| pñWV h¡, Omo goëg Q>r_ Ho$ gmW AÀN>o g§~§Y ~ZmE aIVr h¡, {Oggo J«mhH$ H$s Oê$aVm| H$s OmZH$mar {_bVr h¡& E§{Q>g H$m {Z_m©U hm§JH$m§J _| {H$`m OmVm h¡& Š`m àm°S>ŠQ> bmBZ hrao na A{YH$ AmYm[aV h¡ `m Bg_| EH$ ì`mnH$ a|O h¡, Omo a§JrZ aËZ CÚmoJ _| KGK H$s ñWm{nV CnpñW{V na AmYm[aV h¡? Ama§^ _| h_Zo hrao dmbr Ádobar na H|${ÐV {H$`m Wm, na h_| `h AZw^d hþAm {H$ à_wI Wr_ Ho$ ê$n _| a§JrZ aËZm| dmbo Am^yfUm| H$s ~‹S>r g§^mdZm h¡& My§{H$ a§JrZ aËZ ~mOma _| KGK H$s EH$ ì`mnH$ CnpñW{V h¡, Vmo ñdm^m{dH$ hr Wm {H$ E§{Q>g Zo a§JrZ aËZ AmYm[aV àm°S>ŠQ> a|O H$s Amoa H$X_ ~‹T>m`m&

Š`m Bg {dnarV EH$sH$aU go ~«m§S> H$mo H$moB© AÝ` g~bVm Am¡a gh{H«$`m hm{gb hmoVr h¡?

XwëhZ go Ow‹S>r VWm gm_m{OH$-Ym{_©H$ Adgam| na noe H$s OmZo dmbr A{YH$ nma§n[aH$ Ádob[a`m| Ho$ ~mX, {OZH$s {Xdmbr O¡go _m¡H$m| na H$m\$s {~H«$s hmoVr h¡ `m do H$m\$s AmYw{ZH$ \¡$eZ H$s hmoVr h¢? Amn {H$g àH$ma Ho$ ~mOma H$s Amoa ~‹T>|Jo?

B§d|Q´r aoeZbmBOoeZ H$s ñnï> gh{H«$`mAm| Ho$ A{V[aº$ _wPo bJVm h¡ CËnmX H$s {S>Om`Z Am¡a {dH$mg H$s gh{H«$`m g~go A{YH$ bm^Xm`H$ h¡& ^maV H$s {damgV Am¡a {dœ à{gÕ Am^yfUm| H$s na§nam H$m\$s g_¥Õ h¢ Am¡a `h {Z{üV ê$n go hm±J-H$m±J H$s h_mar A§Vam©ï´>s` {S>Om`Z

^maVr` Am^yfU ~mOma A^r ^r ì`mnH$ ê$n go gm_m{OH$ ar{V`m| Am¡a Ym{_©H$ CËgdm| Ûmam g§Mm{bV h¡& {ddmh, {ddmh Ho$ Xm¡amZ Cnhma Ho$ ê$n _| VWm {Xdmbr VWm ZdamÌm O¡go CËgd Hw$N> _hËdnyU© Adga hmoVo h¢ {OZ_| ^mar _mÌm _| {~H«$s hmoVr h¡&

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IDEX MAGAZINE – INDIA RETAIL | NO 05: SPOTLIGHT

30-Mar-11 3:06:54 PM

Š`m Amn H$moB© Am¡a {Q>ßnUr H$aZm Mmh|Jo? Bg {dOZ Ho$ gmW Ama§^ H$aVo hþE {H$ ^maV A~ {S>Om`Z Ho$ {bhmO _| AmYw{ZH$ hmo MwH$m h¡, E§{Q>g h_mar g_¥Õ Am^yfU na§nam H$mo ghr _m`Zo _| EH$ g_H$mbrZ _mo‹S> Xo ahm h¡& BgH$s {S>Om`Z A§Vam©ï´>s` H$bmË_H$Vm H$s ~‹T>Vr Oê$aVm| H$s ny{V© H$a ahr h¡, Omo {dœ _§M na ^maVr` ñQ>mBb H$s _m§J Ho$ g§X^© _| ~moëS> ñQ>oQ>_|Q> {Z{_©V H$aVr h¡&

ehar `wdm dJ© Omo AÀN>m Imgm `mÌm H$aVo h¢ Am¡a H$m\$s OmZH$mar àmá H$a boVo h¢, arQ>ob n[aÑí` _| A§Va bm aho h¢ VWm do ZE CËgdm| Am¡a _m¡H$m| na IarXXmar H$a CgHo$ ZE n¡Q>Z© ~Zm aho h¢& BgHo$ Abmdm ^maVr` Cn_hmÛrn _| nma§n[aH$ go boH$a ZE \¡$eZ dmbo J«mhH$m| H$s ì`mnH$ g§»`m h¡, Bg{bE E§{Q>g BZ XmoZm| dJm] Ho$ {bE H$boŠeZ noe H$aoJm&

`{X E§{Q>g H$s nhMmZ {S>Om`Z go h¡, Vmo BgH$s JwUdÎmm BgH$m hm°b_mH©$ h¡& BgH$m haoH$ nrg ~‹S>o Ü`mZ go J‹T>m hmoVm h¡, Vm{H$ ~«m§S> H$m bŠOar ñQ>oQ>g _|Q>oZ {H$`m Om gHo$ Am¡a ~oXmJ aËZ Ho$ CƒV_ {dœñVar` _mZH$m| na Iam CVa gHo$& E§{Q>g H$mo Xwb©^ hram| Am¡a H${R>Z H$marJar _| _hmaV hm{gb h¡, gmW hr `h Bg ~mV na Omoa XoVm h¡ {H$ haoH$ nrg H$mo H$bmË_H$ H$m`© H$m ê$n {X`m Om gHo$& BgHo$ Abmdm haoH$ {~Ho$ hþE nrg Ho$ gmW JwUdÎmm à_mUnÌ hmoVm h¡, Omo BgHo$ d¡ë`y H$mo ~‹T>mVm h¡& ■

EZQ>m`²g [aQ>ob Ádobar ñQ>moa

IDEX MAGAZINE – INDIA RETAIL | NO 05: SPOTLIGHT

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Insight How AGTA Promotes Coloured Gemstone Jewellery At Red Carpet Events The American Gem Trade Association (AGTA) is dedicated to the promotion of coloured gemstones and pearls, and one way that we accomplish this is by actively working to get its members’ jewellery placed on celebrities at high profile awards shows. The AGTA Collection Red Carpet Program has had a presence at the Golden Globe Awards, the Academy Awards and the Primetime Emmy Awards in recent years.

According to the AGTA, celebrities have become the single most influential group in a consumer’s purchase decision, surpassing even friends, according to a study. An AGTA release noted, “Our culture is celebrity-driven with the most popular television shows and magazines reporting on celebrities’ every move. Celebrities are the trendsetters when it comes to fashion, so it is important for us to do what we can to make sure that they accessorize with coloured gemstones and pearls.”

natalIE pORtMan

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The AGTA Collection is a way for the association to use the economies of scale to allow for individual members to have a presence at special events, where they might not be able to afford to participate on their own. Participation in the AGTA Collection is open to all AGTA Members. The variety of designers also makes the collection a really eclectic selection of jewellery for celebrities and stylists to choose from. Generally, says AGTA, it has a high percentage of its pieces chosen for placement at events due to the quality and style of its members’ submissions. AGTA works with the StyleLab Jewellery Preview Suite at the Red Carpet events. The suite is typically set up for three to four days prior to the event at a secret location in Los Angeles. Celebrities, stylists and the media can view the jewellery on a byappointment-only basis. Jewellery expert and stylist Michael O’Connor of Style & Substance is on hand in the suite to help select the jewellery that best accessorizes their outfits for the Red Carpet.

Reese Witherspoon

“Working with the American Gem Trade Association as a partner for my celebrity dressing events is such a pleasure,” says O’Connor. “Not only does it allow me to showcase a rainbow of colored gemstone options, but it helps me provide celebrities and stylists creative, unique and well crafted jewellery from the talented AGTA roster. It definitely allows me to meet every styling aesthetic.”

Marisa Tomei

IDEX Magazine – India Retail | NO 05: INSIGHT

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The day after the event is spent scouring all of the sources for images of the celebrities that wore the jewellery. We try to provide quality pictures of each individual in our members’ jewellery – it is the primary reason they participate in the program. Whether they say it or not, by wearing the jewellery, each of the celebrities is endorsing the brand that they wear. It is instant fashion credibility for that designer and some great PR ammunition to share with their clients and potential clients. ■

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Events GJEPC Organises Trend-Forecasting Seminar In Mumbai A two-day jewelry trends forecasting seminar conducted by the Trends Jewellery Forecasting (TJF) group, was held over February 28th and March 1st in Mumbai, with about 200 attendees from jewellery manufacturing companies and design schools. Organised by the Gem & Jewellery Export Promotion Council (GJEPC) and sponsored by the Gemological Institute of America (GIA), the seminar was part of the GJEPC’s plan to move the Indian gem and jewellery industry further along the pipeline to becoming a global design hub and industry pacemaker from being merely an offshore production centre.

gJEpc EXEcutIVE DIREctOR SaBYaSachI RaY IntRODucES thE SEMInaR. On StagE aRE chaIRMan RaJIV JaIn, paOla DE luca, paOlO nOVEMBRI anD VIcE chaIRMan SanJaY KOthaRI

Conducted by TJF co-founder and creative director Paola De Luca, the seminar included such topics as the decoding of social phenomena and their impact

paOlO nOVEMBRI

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on consumer attitudes and the subsequent directions product development takes. As TJF CEO Paolo Novembri pointed out in his opening remarks, events like those unfolding in the Middle East today ultimately impact the design and development of products for various markets. Elaborating on the point, he told IDEX, “Designing product for Europe today means one has to take into account the fact that the continent is today a multi-ethnic and multi-cultural market. Product development has to be far more nuanced.” GJEPC chairman Rajiv Jain noted in his introduction, “As India works towards becoming the ‘next design destination’ for jewelry, it is imperative to understand the world’s various markets and determine the creative direction we have to take towards providing our clients with product they want.” ■

IDEX MagazInE – InDIa REtaIl | nO 05: EVEntS

30-Mar-11 3:11:08 PM

GIA Holds First-Ever Career Fair In India The Gemological Institute of America (GIA) held its firstever career fair in India on March 14th. Some 300 gem and jewellery professional hopefuls registered to interact with 54 firms, ranging from diamond manufacturers through jewelry manufacturers and retail outlets, who were looking to recruit new talent. The initiative was co-sponsored by the Gem & Jewellery Export Promotion Council (GJEPC). The career fair, which brought together the gem and jewelry industry and young talent that is looking to make a career in the field, has been a successful GIA initiative in the United States for some 20 years now. With a large number of its own graduates who have specialized in gemology, diamond grading, jewelry design, manufacture and management, taking part, career fairs have been instrumental in injecting much-needed professional talent into an otherwise largely conservative industry. In India, said Vinod Hayagriv, chairman of the All-India Gems & Jewellery Trade Federation (GJF), who was one of a panel that gave the job-seekers an introductory overview of the industry and fielded questions, the

rapidly growing domestic market and thriving export industry had an urgent need for some 10,000 new recruits every year for the next 10 years at least. “Along with the growth,” he noted, “there are a large number of continuing retirements and the gap in talent is actually impeding growth.” GJEPC vice chairman Sanjay Kothari made much the same point, observing that apart from the two years of the global recession, the diamond and gem and jewelry industry in India has recorded a steady minimum 15 percent growth over the past several decades. It looked to continue growing for the foreseeable future. He noted that with some 300,000 jewellery outlets in the country, the demand for trained talent was huge. GIA managing director for India and the Middle East Nirupa Bhatt said that the this initial career fair was in response to a strong industry demand for just such an initiative. She told IDEX Online that interestingly, the majority of registered job-seekers were not GIA graduates, but people from all over the country who had responded to advertisements about the fair. ■

Nirupa Bhatt addresses the career fair

IDEX Magazine – India Retail | NO 05: EVENTS

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Et Cetera

Retail THE LATEST AND GREATEST As trade show season gets firmly underway, the latest trends are coming to the fore. IDEX Magazine presents some of the most beautiful designs and creations to pass our way recently. What takes your fancy?

charM OFFensiVe It’s La Vie en Charms by Pierre lannier where this fun and quirky charm sterling silver bracelet is concerned. The jewelry house offers a range of 100 charms to compose and recompose unique and individual jewelry pieces. These little baubles make life just that little bit more charming.

JeWelry by Pierre lannier

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Taste Of Paradise Italian jewelry house Damiani brings you a little slice of perfection with its latest offering, the Paradise collection. The line, which echoes the starry skies and distant constellations, includes rings pendants and earrings in white and yellow gold, enhanced by diamonds and precious stones for extra sparkle. The ring comes in 18 karat white gold with diamonds or in 18 karat white gold with diamonds and sapphires.

Jewelry by DAMIANI

Sitting Pretty These stackable pavé rings from the Becaro collection by IBB Tel Aviv may be light in weight but they are heavyweight fashion hitters. The rings are set with 0.12 carats of diamonds and come in four classic shapes and three gold colors. If the rings weren’t enough of a fashion statement on their own, they are available with matching pendants and earrings to create a complete set.

Jewelry by ibb tel aviv

First Things First The design of the Premier Bijou watch from Harry Winston echoes the arches of the brand’s iconic New York flagship salon. The bejeweled timepiece is set with 371 diamonds totaling 2.46 carats. The dial is adorned with a radiating pattern composed of concentric diamonds running from larger to smaller as they converge towards the center.

Watch by Harry winston

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IDEX Magazine – India Retail | NO 05: RETAIL ET CETERA

30-Mar-11 4:38:03 PM

iMaginatiVe JeWels The focal point of alfieri & St John’s Island collection are magnificent round colored gemstones that seemingly embody the planets in the solar systems. Pink tourmaline, amethyst, topaz and smoky quartz are used for rings, earrings and necklaces. Each jewelry item is set in white, red or yellow gold and is studded with diamonds that simply dazzle.

JeWelry by alFieri & st John

JeWelry by roberto coin

scOrPiOn tail Scorpions aren’t typically the friendliest creatures that come to mind, yet in roberto Coin’s Unique Pieces collection they become downright glamorous. Coin’s jewelery reinterprets the creatures from head to tail through coils of tubular mesh in yellow, rose and white gold animated with precious colored stones and illuminated by diamonds.

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MirrOr, MirrOr On the Wall The contemporary gold Mirror Ribbon ring collection from Bellon is set with diamonds or precious stones. The mirror under the ring under the stones enlarges and multiplies the characteristics of the gems, making them truly the fairest of them all!

JeWelry by bellon

deeP BlUe sea

JeWelry by aveva

There’s nothing fishy about this stunning piece from French jewelry house aveVa. The Etoile d' Mer sits on a grey gold necklace with jasper balls. It is pavéd with 5.2 carats of pink sapphires and 1.62 carats of diamonds. The underwater creation is also available as a ring for added sparkle.

Paris chic The Quesaco line from Mathon Paris is certainly for lovers of color. These rings boast diamonds, rose cut pink sapphires and rose cut purple sapphires. They are available in 18 karat white or red gold and feature 1.17 carats of diamonds and 8 carats of precious gems. Très, très chic!

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JeWelry by Mathon Paris

iDeX Magazine – inDia retail | no 05: retail et cetera

30-Mar-11 4:38:11 PM

Old School These platinum and diamond antique earrings by Mercury Ring may be inspired by the past, but they are certainly forward looking in terms of style. Phyllis Bergman’s philosophy is to celebrate life, love and family with jewelry designed to make every day special and special days unforgettable. We say, she’s succeeded.

Jewelry by gumuchian

Always A Lady

Jewelry by Mercury Ring

This Lady G platinum and diamond pendant from Gumuchian is perfect for every occasion and will turn any female into a real lady! The classic design can easily go from day to night, and anywhere in between.

Snake’s Eyes We are not exactly sure how you pronounce the Edwige collection from Cobra Jewel. But no matter how you say it, this line of mother of pearl, sterling silver and CZ stones is sure to be a conversation starter. The collection includes a ring, earrings, necklace and pendant.

Jewelry by cobra jewel

IDEX Magazine – India Retail | NO 05: RETAIL ET CETERA

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ARNKD S M H C D I A M O owered by D P BELN SHE L I I PO ETA OR F R RK ND MA CH MO BEN A L I I D ETA t R 1s BE EM EC –D FT A DR

09 20

SI3 SI2 26 SI1 8 3 366 VS2 8 3 7 2 4 465 96 3 2 4 S 5 V 074 2 2 1 V 588 0 4 326 VVS 509 1 638 7 6 8 6 IF 49 4 3 059 583 1 5 468 5 3 5 7 607 I3 346 903 090 285 D 7016 R 074 I2 0 5 570 262 4 4 1138 7772 ND I1 468 6 8 3 827 6 O 6 E 2 6 3 6 9 3 16 M 9 2 SI3 52 4 394 976 305 78 7 2 1 11 7 4 2 2 DIA I2 0 2 F S 7 326 1464 7 6 rat 6 439 488 637 682 3871 r Ca S2 SI1 2765 2 9 1951 1301 97 6 2 496 e 5 G 5 8 8 P 7 2 3 V . 1 2 24 9 813 2197 607 3252 1 4 $U.S 2 VS1 305 1789 602 H 448 2417 1301 65 7 4178 0 4 277 e in 0 2 VS 13 9 3 2 r 19 9 7 6 0 8 2 V a 3 0 8 6 9 1 47 162 es 668 I 5 7 3 243 9 2 VVS 2417 0 4 1138 387 1 3 114 Pric 305 508 813 175 927 IF 387 417 7 2 178 1464 262 J 8 2 832 227 7 2 1977 9 4 1138 357 5 3 1951 263 5 5 462 13 650 602 346 703 1977 1464 3877 637 114 8 0 2 K 381 2 2 3 9 7 D 5 9 1538 11 8 0 8 3 219 2 17 432 856 650 439 38 01 2 2 78 1 598 17 15 5 13 0 5 4 3 3 6 5 L 2 2 19 E 97 S2 58 26 276 8 V 7 1 5 17 027 17 16 8 7 1 8 4 4 2 4 2 0 6 2 5 25 13 VS1 9 2 1977 M 629 1789 F 813 0 3 508 243 0 4 1464 VS2 374 488 2197 1951 1 5 523 976 927 1 V 654 178 N 1464 G 650 2 2 VVS 2114 335 9 4 1138 26 192 325 488 1 5 IF 462 813 64 2277 9 7 8 9 16 620 415 14 8 8 H 14 3 4 2 6 8 1 7 17 98 0 9 6 26 654 877 1626 I3 4 4 650 936 1951 38 585 765 I 3 D 7355 1789 I2 1 11 813 74 277 44 7 2 0 8 3 2 9 2 9 3 6 9 13 15 814 I1 178 2 5161 813 439 J 2 64 7 19 2 E 1 7 1 14 19 5 2 2 19 3 SI3 568 976 260 1318 784 619 1464 856 K 1951 F SI2 77 6374 1138 1 4 26 2 2 19 6 4 16 16 2 2 18 5 11 8 3 3 I1 7 2 S 13 719 113 8 406 263 L 1789 854 G 366 1758 VS2 1 5 1301 262 4619 1789 278 1099 654 50 417 5 3 VS1 1464 M 989 6 4 H 346 3 3 9 2 1758 1 4 549 VS2 406 305 1626 1099 568 4074 31 1 V 882 2197 48 62 N 5 8 2 I 2 0 3 4 3 9 3 6 VVS 0 8 99 369 285 7 15 619 663 871 6 5 10 IF 7 4 3 9 8 9 2 4 7 3 19 5 8 4 0 J 58 1 5 1538 8 3 468 5 3 3315 5 7 2637 607 879 424 346 903 090 07 1977 56 5 5 8 8 4 K 016 3 3 7 2 D 7 0 0 2718 2417 570 8 15 693 879 262 4 4 5 3 3 8 7 7772 17 7 6 17 3 8 L 29 82 26 E 1318 3 4 366 2121 2197 4 6 529 659 059 3116 739 1758 4278 2 3 071 M 2320 2417 F 1099 326 7 6 887 1977 VS 659 2519 2637 682 6 4 1318 1 V 3871 N 1977 G 549 879 856 VVS 38 78 2 9 7 1 2 15 5 7 9 4 19 6 95 2 IF 60 1 059 109 1977 752 H 448 659 5 3 2417 1318 6 10 346 197 9 7 0 090 2 7 I3 3 4 8 5 8 6 8 3 5 8 15 I 366 9 2 D 13 959 99 2417 I2 5 8 1 0 10 4 3 5 7 3 4 17 46 38 417 I1 9 262 1099 J 1 18 E 10 7 2 899 1977 249 5 3 263 SI3 1318 595 346 1627 1977 3128 107 K 2637 F 9 SI2 1538 2275 1 8 2197 932 856 SI1 1627 870 1538 923 4 3 2 3 L 2 2417 5 33 3 G 7 2 8 7 4 2 VS 175 2 02 3731 3 2 711 2417 795 VS1 292 9 14 1977 M 932 6 4 H 62 205 582 530 3 3 VS2 2197 1402 6717 452 86 707 1 3 1 V 8 2 3 S 9 N 6 7 1 I V 5 3 5 0 V 6 329 4 549 1 2 452 3 5 1402 IF 433 0 3 7 7 249 653 J 5 43 75 353 852 8 2 6 18 5 8 8 3 12 3 5 68 116 477 413 9 3 9813 227 6179 K 716 43 332 D 4711 7 7 2923 9 18 6710 250 932 1168 852 463 205 4 3 L 4 3128 E 7549 3 5 1627 433 707 600 935 43 205 370 3530 99 3 2 8 18 2 2 10 4 9 2 7 0 M 2 3 F 8 14 39 8 463 9 6 2275 35 7 5 12 9 4 2 3 3 3 1 754 3 16 9 179 N 249 G 9 4 1168 332 059 6 6 489 935 02 2707 5 2 688 731 5 14 7 3 7 5 2 8 2 3 2 H 5 9 312 334 1843 91 8 4 4 9 003 6 2 I3 2 9 6 3 3 11 3 I 205 452 2 3 I2 292 1627 7 D 393 275 899 128 248 43 I1 1 2 133 J 4 E 0 3 249 9 18 3725 3 4 353 SI3 205 487 452 707 5311 K 6 2 3731 SI2 059 3 2 5 2 2 5 5 9 2 7 3 2 60 296 393 SI1 275 128 5158 L 8 2 5 2 7112 9 3 338 VS2 4 771 227 2 5 3 10 5 332 8 1 2 1 0 49 VS 50 8 M 1 7 6815 7 2 338 896 618 VS2 270 546 210 851 1 5 1 V 653 N 4 7 637 211 5 4 VVS 7 9 840 546 9 3 1072 21 IF 7112 453 9238 925 5 153 5 7 032 12 8 7 9 3 7 8 7 515 154 6519 84 380 7 9 15 6 18 4 2 2 8 6 0 7 5 D 285 726 698 5 0 10 238 7 4 2 7 9 0 2 7 6 5 1 83 40 7 6 500 E 11 673 992 4 7 666 221 8 2 840 618 727 8 4 338 7112 5 5 961 469 F 10 296 9 607 725 7 8 3 2 768 005 3 3 978 267 6519 8 5 261 389 G 8 8 15 3 210 8 5 6 1 1 33 69 87 11 422 4 6 896 3 0 2 5 5 6 9 5 H 72 53 211 3 3 5771 6 1 8 4 689 389 8 3 229 h 469 925 I 7 62 338 2 5 0 s 8 3 li 4 0 6 3 515 075 355 r po 221 311 3211 c e s fo s e v i J 6 725 0 4 5 5 438 3 3 3211 ta il p ri ts p le a R 546 389 n 539 88 K D re u 4 2 3 o 6 3 c rk 40 698 556 h m a a n d d is 221 L 4 enc 5 3 0 4 372 le c ts b p ri c e s 438 on 893 ref M 2 3 c e li s t c a ti o n 406 u ri d p e N T h is m o re For VS1

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THE

INCREASED CONFIDENCE TO CONSUMERS MORE DIAMOND SALES FOR YOU

THE DIAMOND RETAIL BENCHMARK RETAIL BENCHMARK PRICES FOR POLISHED DIAMONDS

WWW.IDEXONLINE.COM POWERED BY IDEX ONLINE

IDEX_SRP_Adv_2009_new.indd 102

22-Dec-09 11:53:47 AM

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 [email protected]

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IDEX Magazine – India Retail | NO 05: DRB

DRB.indd 27

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27

30-Mar-11 3:17:38 PM

Full Page template.indd 102

3/20/2011 11:06:45 AM

DR AF T – APRIL 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

I3

IF

VVS1 VVS2

VS1

VS2

SI1

SI2

SI3

I1

I2

I3

E 165453 148037 126267 113205 104497 82726 69664 65310 52248 39186 26124 E 205698 184046 156980 140741 129915 102849 86610 81197 64957 48718 32479 F 156745 143683 117559 104497 95789 78372 65310 60956 47894 34832 26124 F 194872 178633 146154 129915 119088 97436 81197 75784 59544 43305 32479 G 143683 126267 108851 95789 82726 69664 60956 56602 43540 34832 21770 G 178633 156980 135328 119088 102849 86610 75784 70370 54131 43305 27066 H 126267 113205 100143 87080 74018 65310 56602 52248 39186 30478 21770 H 156980 140741 124502 108262 92023 81197 70370 64957 48718 37892 27066 I 104497 91434 87080 78372 65310 60956 52248 47894 39186 30478 21770 I 129915 113675 108262 97436 81197 75784 64957 59544 48718 37892 27066 J

78372 74018 69664 60956 56602 52248 47894 43540 34832 30478 17416

J

97436 92023 86610 75784 70370 64957 59544 54131 43305 37892 21652

K 69664 65310 60956 52248 47894 43540 39186 39186 34832 26124 17416 K 86610 81197 75784 64957 59544 54131 48718 48718 43305 32479 21652 L 56602 52248 52248 47894 47894 43540 39186 30478 26124 21770 13062 L

70370 64957 64957 59544 59544 54131 48718 37892 32479 27066 16239

M 47894 47894 43540 39186 39186 34832 30478 26124 21770 17416 13062 M 59544 59544 54131 48718 48718 43305 37892 32479 27066 21652 16239 N 39186 43540 34832 30478 30478 26124 21770 21770 17416 13062 13062 N 48718 54131 43305 37892 37892 32479 27066 27066 21652 16239 16239 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 251533 206816 178868 156509 145330 111792 95024 83844 72665 55896 39127 D 289425 244898 211503 189239 155844 122449 111317 100185 77922 61224 44527 E 212406 190047 162099 145330 134151 106203 89434 83844 67075 50307 33538 E 244898 217068 189239 178107 150278 116883 100185 94620 72356 55659 38961 F 201226 184458 150920 134151 122972 100613 83844 78255 61486 44717 33538 F 233766 211503 183673 166976 139146 111317 94620 89054 72356 55659 38961 G 184458 162099 139741 122972 106203 89434 78255 72665 55896 44717 27948 G 211503 183673 161410 144712 122449 105751 89054 83488 66790 50093 33395 H 162099 145330 128561 111792 95024 83844 72665 67075 50307 39127 27948 H 189239 166976 144712 128015 111317 100185 83488 77922 61224 50093 33395 I

134151 117382 111792 100613 83844 78255 67075 61486 50307 39127 27948 I

161410 139146 128015 111317 100185 89054 77922 72356 55659 44527 33395

J 100613 95024 89434 78255 72665 67075 61486 55896 44717 39127 22358 J 128015 116883 111317 94620 83488 77922 72356 66790 50093 44527 27829 K 89434 83844 78255 67075 61486 55896 50307 50307 44717 33538 22358 K 116883 105751 100185 83488 77922 66790 61224 55659 44717 38961 27829 L 72665 67075 67075 61486 61486 55896 50307 39127 33538 27948 16769 L 100185 94620 89054 77922 72356 61224 55659 50093 38961 33395 22263 M 61486 61486 55896 50307 50307 44717 39127 33538 27948 22358 16769 M 83488 77922 72356 66790 61224 55659 50093 44527 33395 27829 22263 N 50307 55896 44717 39127 39127 33538 27948 27948 22358 16769 16769 N 66790 61224 55659 55659 50093 50093 44527 38961 27829 22263 22263 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 314630 266225 229922 205719 169416 133113 121011 108910 84708 66556 48405 D 483393 371387 324227 259381 241696 200431 159166 147376 117901 94321 64845 E 266225 235972 205719 193618 163365 127062 108910 102860 78657 60506 42354 E 359597 324227 300647 247591 218116 182746 147376 135586 112006 88425 58950 F 254124 229922 199669 181517 151264 121011 102860 96809 78657 60506 42354 F 324227 300647 277067 235801 206326 165061 135586 123796 106111 82530 58950 G 229922 199669 175467 157315 133113 114961 96809 90759 72607 54455 36303 G 288857 265276 247591 218116 182746 147376 117901 112006 100216 76635 53055 H 205719 181517 157315 139163 121011 108910 90759 84708 66556 54455 36303 H 259381 235801 212221 188641 159166 135586 112006 106111 94321 70740 53055 I 175467 151264 139163 121011 108910 96809 84708 78657 60506 48405 36303 I 212221 194536 176851 153271 135586 117901 106111 100216 88425 70740 53055 J 139163 127062 121011 102860 90759 84708 78657 72607 54455 48405 30253 J 165061 153271 141481 123796 117901 106111 94321 88425 82530 70740 47160 K 127062 114961 108910 90759 84708 72607 66556 60506 48405 42354 30253 K 141481 135586 129691 112006 106111 94321 88425 82530 76635 64845 47160 L 108910 102860 96809 84708 78657 66556 60506 54455 42354 36303 24202 L 123796 117901 112006 106111 100216 88425 82530 76635 64845 58950 41265 M 90759 84708 78657 72607 66556 60506 54455 48405 36303 30253 24202 M 106111 100216 94321 88425 88425 76635 70740 64845 58950 53055 35370 N 72607 66556 60506 60506 54455 54455 48405 42354 30253 24202 24202 N 88425 82530 76635 70740 76635 64845 58950 53055 53055 47160 29475 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 589628 450892 387305 341059 312156 265911 237007 196543 167639 109833 69368 D 717609 598949 519843 412484 372931 350329 299475 231669 186465 129961 79107 E 433550 387305 346840 323717 289033 254349 225446 184981 161859 104052 69368 E 593299 559396 474639 378581 355979 327727 288174 220368 180815 124310 73456 F 387305 352621 323717 300595 271691 237007 208104 179201 156078 98271 63587 F 559396 531144 440736 361630 339028 310776 276873 214718 175164 118660 73456 G 346840 312156 289033 265911 242788 213885 190762 173420 150297 98271 57807 G 474639 435086 372931 333378 310776 288174 254271 203417 169514 113009 67806 H 312156 283253 260130 237007 219665 196543 179201 161859 138736 92491 57807 H 384232 361630 339028 316426 293824 265572 242970 192116 158213 107359 67806 I 260130 242788 231227 213885 196543 179201 156078 144517 132955 86710 57807 I 322077 305125 282523 271222 248621 237320 214718 175164 146912 101708 62155 J 196543 190762 184981 167639 161859 156078 144517 127175 121394 80929 52026 J 265572 254271 242970 231669 214718 209067 192116 158213 135611 96058 62155 K 173420 167639 161859 144517 138736 127175 115613 109833 98271 75149 52026 K 220368 214718 203417 192116 180815 175164 158213 135611 107359 84757 56505 L 144517 138736 132955 127175 121394 115613 104052 98271 75149 63587 46245 L 186465 180815 175164 163864 158213 152563 141262 124310 101708 79107 50854 M 132955 127175 121394 115613 109833 104052 98271 92491 69368 57807 40465 M 169514 163864 158213 152563 146912 141262 129961 113009 96058 73456 50854 N 121394 115613 109833 104052 98271 92491 92491 86710 63587 52026 34684 N 152563 146912 141262 141262 135611 129961 118660 101708 90407 67806 50854

Round 1/4 (0.23-0.28)

VS1

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 195931 161099 139329 121913 113205 87080 74018 65310 56602 43540 30478 D 243590 200285 173220 151567 140741 108262 92023 81197 70370 54131 37892

Round 0.90 (0.90-0.99)

Prices are in Rupees Per Carat

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All This and 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. DR AF T – APRIL 1st 2011 D R A F T – J A N U A R Y 1st 2 0 10

DRB.indd 29

29

30-Mar-11 3:17:57 PM

DR AF T – APRIL 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIA DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

Powered by www.idexonline.com

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 968453 913288 772311 619075 496486 416803 355508 275825 239049 165495 91942 E 1282601 1228151 1028501 871201 707851 574751 465850 356950 284350 181500 102850 F

876511 796829 704887 563909 471968 398414 337120 263566 226790 159366 85812 F

1113201 1016401 968001 798601 677601 544501 435600 344850 272250 175450 96800

G 619075 594557 570039 496486 441320 373897 324861 251307 220660 153236 79683 G 780451 762301 726001 659451 592901 496100 405350 320650 260150 169400 90750 H 514874 490356 459709 416803 380026 355508 312602 245178 208401 147107 79683 H 629201 611051 592901 538451 502150 459800 387200 296450 248050 163350 90750 I

441320 429062 398414 355508 337120 318731 281955 226790 190013 134848 73553 I

556601 550551 532401 471900 435600 405350 344850 272250 235950 151250 84700

J

367767 355508 343249 324861 294214 281955 263566 202272 165495 122589 73553 J

459800 453750 435600 393250 356950 344850 302500 242000 199650 139150 84700

K 330990 318731 306473 294214 251307 245178 220660 183884 153236 110330 67424 K 375100 363000 350900 344850 308550 284350 260150 217800 181500 127050 78650 L 294214 281955 275825 263566 232919 220660 196142 171625 140977 98071 61295 L 338800 326700 314600 296450 272250 260150 235950 199650 163350 121000 72600 M 245178 239049 226790 214531 190013 177754 159366 134848 122589 91942 61295 M 284350 278300 266200 260150 229900 217800 199650 169400 145200 108900 72600 N 196142 196142 177754 165495 147107 134848 122589 101708 104201 85812 61295 N 229900 229900 217800 202653 187550 175450 163350 139150 127050 96800 72600 IF SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 SI3 I2 D 2278229 1839670 1657411 1355546 985334 751815 615122 421472 330343 193649 108900 D 2634072 2127013 1916287 1567273 1139236 869244 711199 487303 381940 223896 125118 E 1782714 16688021423893 1213157 945465 734729 598035 410081 318952 187954 102850 E 2061161 1929458 1646295 1402643 1093140 849488 691444 474133 368770 217311 118533 F 1566282 1412502 1270112 1070767 905596 694860 558166 392994 307561 182258 96825 F 1810925 1633125 1468495 1238014 1047044 803392 645348 454377 355600 210726 111948 G 1127723 1036594 945465 865727 791684 649295 535384 370212 290474 176563 96825 G 1303866 1198503 1093140 1000947 915340 750711 619007 428037 335844 204141 111948 H

877118 820162 763207 723338 672077 580948 501210 341734 273387 170867 91129 H 1014118 948266 882414 836318 777051 671688 579496 395111 316089 197555 105363

I

711946 689164 649295 598035 552470 501210 455646 313256 261996 159476 85434 I

823148 796807 750711 691444 638762 579496 526814 362185 302918 184385 98778

J

569557 546775 523993 489819 455646 415777 387299 284779 239214 142389 85434 J

658518 632177 605837 566326 526814 480718 447792 329259 276578 164630 98778

K

512601 495515 478428 444255 415777 375908 347430 273387 205041 136694 79738 K 592666 572911 553155 513644 480718 434622 401696 316089 237066 158044 92193

L 398690 387299 375908 358821 324648 296170 267692 227823 176563 130998 74042 L 460963 447792 434622 414866 375355 342429 309503 263407 204141 151459 85607 M 341734 336039 330343 324648 279083 250605 227823 199345 148085 119607 74042 M 395111 388526 381940 375355 322674 289748 263407 230481 171215 138289 85607 N 284779 284779 284779 259118 233518 205041 187954 170867 127050 108216 74042 N 329259 329259 329259 299591 269992 237066 217311 197555 138289 125118 85607 IF SI2 I1 I3 IF SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 D 4036651 3128080 2777631 2148121 1700326 1122734 830693 545143 467265 246612 136286 D 4070468 3154285 2800901 2166117 1714570 1132140 837653 549709 471180 248678 137427 E 3063182 2784121 2336325 1869060 1564040 1057836 785265 519183 434816 240122 129796 E 30888442807445 2355898 1884718 1577143 1066698 791843 523533 438459 242134 130883 F 2641345 2433672 2050774 1700326 1453713 992938 752816 493224 408857 227143 123306 F 2663473 24540602067955 1714570 1465892 1001257 759123 497356 412282 229046 124339 G 2115672 1901509 1713305 1525101 1278489 895591 713877 467265 389388 220653 116816 G 2133396 1917439 1727658 1537878 1289200 903094 719858 471180 392650 222501 117795 H 1602979 1538081 1427754 1246040 1070816 772285 681428 441306 369918 214163 116816 H 1616408 1550966 1439715 1256479 1079787 778755 687137 445003 373017 215957 117795 I 1142203 1109754 1070816 960489 817714 674938 590571 402367 343959 201184 110326 I

1151772 1119051 1079787 968536 824564 680593 595519 405738 346841 202869 111251

J 928040 915061 882612 798244 720367 584081 519183 369918 305020 181714 103837 J

935815 922727 890006 804932 726402 588974 523533 373017 307576 183236 104707

K 856653 817714 785265 713877 642489 499714 434816 337469 272571 168735 103837 K 863829 824564 791843 719858 647872 503900 438459 340296 274855 170148 104707 L 642489 610040 577591 551632 499714 376408 318000 279061 214163 162245 97347 L 647872 615151 582430 556254 503900 379561 320664 281399 215957 163604 98162 M 532163 519183 499714 467265 428326 337469 285551 253102 188204 149265 97347 M 536621 523533 503900 471180 431915 340296 287943 255222 189781 150516 98162 N 421836 428326 421836 382898 356939 298530 253102 227143 162245 136286 97347 N 425370 431915 425370 386105 359929 301031 255222 229046 163604 137427 98162 IF SI2 I1 I3 IF SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 D 5053306 4015834 3671953 2960876 2325570 1416325 1019987 559536 471180 248678 137427 D 6979636 5284992 4756493 4003956 3044615 1855492 1258058 631901 471180 269994 143614 E 4004177 3654467 3159045 2646137 2197343 1363868 990844 530393 438459 242134 130883 E 5233291 4710536 4147570 3590348 2872278 1717622 1217846 597434 442331 258505 132125 F 3613668 3153216 2844306 2447968 2010831 1293926 967530 501251 412282 229046 124339 F 4595645 4136081 3791407 3360565 2470159 1568264 1166145 574456 425097 247016 126380 G 2727736 24479682296427 2162372 1766034 1148214 891760 472108 392650 222501 117795 G 3446734 3102060 2855044 2625262 2182931 1447628 1102955 551477 402119 235527 120636 H 2074945 1970032 1835976 1707749 1433810 1025815 821818 448794 373017 215957 117795 H 2757387 24988822297823 2068040 1729111 1258058 993808 494032 379141 229782 117795 I 1497924 1422153 1363868 1258955 1101586 856789 728562 425480 349710 202869 111251 I 1987616 1861236 1798046 1608476 1447628 1062743 861683 436586 350418 218293 111251 J 1206499 1148214 1113243 1025815 909245 751876 635306 390509 308910 186512 104913 J 1493585 1418905 1321248 1263802 1206357 947852 764026 396374 310206 206804 104913 K 1025815 961702 926731 862617 769361 611992 542050 355538 274855 170148 104707 K 1166145 1079977 1028276 970830 913384 746792 631901 361907 281483 189570 104707 L 705248 670277 641135 611992 542050 437137 378852 297253 221483 163604 98162 L 855939 821472 781260 746792 689347 574456 436586 315951 247016 172337 98162 M 606164 582850 565364 530393 483765 390509 338053 273939 198169 150516 98162 M 741048 706580 677858 649135 620412 517010 390630 281483 212549 155103 98162 N 507079 495422 489594 448794 425480 343881 297253 250625 174855 137427 98162 N 626157 591689 574456 551477 551477 459565 344673 250625 178081 137869 98162

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 1415903 1042007 888770 674240 527133 447450 373897 294214 251307 171625 98071 D 1621402 1312851 1210001 925651 744151 598951 490050 375100 296450 187550 108900

Round 5.00 (5.00-5.99)

Prices are in Rupees Per Carat

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer 30

DRB.indd 30

DR AF T – APRIL 1st 2011

30-Mar-11 3:17:59 PM

DR AF T – APRIL 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIA DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

Powered by www.idexonline.com SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

F 103560 95889 80547 69040 61369 57533 49862 49862 38356 26849 19178 F 112190 103880 87259 74794 66483 62328 54018 54018 41552 29086 20776 G 95889 84382 72876 65205 57533 53698 46027 46027 34520 26849 19178 G 103880 91414 78949 70638 62328 58173 49862 49862 37397 29086 20776 H 76711 72876 65205 61369 53698 49862 42191 42191 30685 23013 19178 H 83104 78949 70638 66483 58173 54018 45707 45707 33242 24931 20776 I

61369 57533 53698 53698 49862 46027 38356 38356 30685 23013 15342 I

66483 62328 58173 58173 54018 49862 41552 41552 33242 24931 16621

J

49862 46027 46027 42191 42191 38356 34520 34520 26849 19178 15342 J

54018 49862 49862 45707 45707 41552 37397 37397 29086 20776 16621

K 42191 38356 34520 34520 34520 30685 26849 26849 23013 19178 15342 K 45707 41552 37397 37397 37397 33242 29086 29086 24931 20776 16621 L 38356 34520 34520 30685 30685 30685 26849 23013 15342 15342 11507 L 41552 37397 37397 33242 33242 33242 29086 24931 16621 16621 12466 M 34520 34520 34520 30685 30685 30685 26849 23013 15342 11507 11507 M 37397 37397 37397 33242 33242 33242 29086 24931 16621 12466 12466 N 34520 34520 34520 30685 30685 30685 26849 23013 15342 11507 11507 N 37397 37397 37397 33242 33242 33242 29086 24931 16621 12466 12466 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 158537 148309132966 122738 102282 92054 76711 71597 61369 46027 30685 D 173463 159398 145334 135957 117204 103140 93764 84387 61369 46882 37505 E 148309138080 122738 102282 86939 81825 71597 71597 56255 40913 30685 E 159398 150022 135957 126581 112516 93764 84387 79699 56258 42194 32817 F 138080 127852 107396 92054 81825 76711 66483 66483 51141 35799 25570 F 150022140645 126581 117204 107828 89075 79699 75011 51570 37505 28129 G 127852 112510 97168 86939 76711 71597 61369 61369 46027 35799 25570 G 140645 126581 117204 107828 98452 84387 70323 70323 46882 37505 28129 H 102282 97168 86939 81825 71597 66483 56255 56255 40913 30685 25570 H 121893 112516 103140 98452 89075 79699 65634 65634 42194 32817 28129 I

81825 76711 71597 71597 66483 61369 51141

51141 40913 30685 20456 I

98452 93764 89075 84387 75011 70323 60946 60946 42194 32817 23441

J 66483 61369 61369 56255 56255 51141 46027 46027 35799 25570 20456 J 79699 75011 75011 70323 60946 56258 51570 51570 37505 28129 23441 K 56255 51141 46027 46027 46027 40913 35799 35799 30685 25570 20456 K 70323 60946 56258 51570 51570 46882 37505 37505 30685 25570 23441 L

51141 46027 46027 40913 40913 40913 35799 30685 20456 20456 15342 L 60946 56258 51570 46882 46882 42194 37505 32817 28129 23441 18753

M 46027 46027 46027 40913 40913 40913 35799 30685 20456 15342 15342 M 51570 46882 46882 42194 42194 40913 35799 30685 23441 18753 18753 N 46027 46027 46027 40913 40913 40913 35799 30685 20456 15342 15342 N 46027 46027 46027 40913 40913 40913 35799 30685 20456 18755 18753 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 174812 160638146465 137015 118117 103943 94493 85044 61421 47247 37797 D 262218222638202848183058 168215 138530 118740 108845 94003 74213 54423 E 160638 151189 137015 127566 113392 94493 85044 80319 56696 42522 33073 E 227585202848188005 163268 148425123688 98950 98950 89055 69265 49475 F 151189 141740 127566 118117 108667 89769 80319 75595 51971 37797 28348 F 202848188005 168215 153373 138530 118740 94003 94003 84108 64318 49475 G 141740 127566 118117 108667 99218 85044 70870 70870 47247 37797 28348 G 188005 168215 153373 138530 123688108845 89055 89055 74213 59370 44528 H 122841 113392 103943 99218 89769 80319 66145 66145 42522 33073 28348 H 168215 153373 143478 128635 118740 94003 84108 84108 69265 54423 44528 I

99218 94493 89769 85044 75595 70870 61421 61421 42522 33073 23623 I 143478 128635 123688 113793 103898 94003 84108 79160 64318 54423 39580

J 80319 75595 75595 70870 61421 56696 51971 51971 37797 28348 23623 J 113793 103898 98950 94003 89055 84108 79160 69265 59370 54423 39580 K 70870 61421 56696 51971 51971 47247 37797 37797 30685 25570 23623 K 89055 79160 79160 74213 74213 69265 64318 64318 54423 49475 34633 L 61421 56696 51971 47247 47247 42522 37797 33073 28348 23623 18899 L 74213 69265 69265 64318 64318 64318 59370 59370 49475 44528 34633 M 51971 47247 47247 42522 42522 40913 35799 30685 23623 18899 18899 M 59370 59370 59370 54423 54423 54423 49475 49475 44528 39580 29685 N 46027 46027 46027 40913 40913 40913 35799 30685 20456 18901 18899 N 49475 49475 49475 44528 44528 44528 39580 39580 39580 34633 24738 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 111231 103560 92054 76711 65205 61369 53698 53698 42191 30685 23013 E 120501 112190 99725 83104 70638 66483 58173 58173 45707 33242 24931

IF

Fancy -1/2 (0.45-0.49)

VS2

D 118903 111231 99725 92054 76711 69040 57533 53698 46027 34520 23013 D 128811 120501 108035 99725 83104 74794 62328 58173 49862 37397 24931

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 348382272024 257707243390229073 205211 176577 162260 124081 85902 57268 D 392166 310085300965282724264484250804218883 177843 132242 95761 59281 E 276796 257707 248162229073209983 181349 157488 147943 119309 81130 52496 E 310085300965282724269044255364 237124 205203 168723 127682 91201 54721 F 262479 248162 238618 219528 195666 171805 147943 138398 114536 76358 52496 F 300965282724264484255364241684228003200643 164162 127682 86641 54721 G 248162233845219528200439181349 152715 138398 133626 109764 76358 47724 G 282724264484255364246244228003209763186963 159602 123122 82081 50161 H 224300 205211 200439 186122 162260 138398 128853 124081 100219 71585 47724 H 246244228003218883209763196083186963 164162 150482 114002 82081 50161 I 190894 176577 171805 157488 133626 119309 109764 104992 90675 66813 42951 I 218883205203200643 191523 177843 173283 150482 132242 109442 77521 45601 J 152715 143171 138398 128853 124081 114536 95447 90675 76358 62041 42951 J 186963 182403 177843 168723 164162 155042 136802 118562 95761 68401 45601 K 128853 119309 114536 109764 104992 95447 85902 81130 66813 57268 38179 K 150482 145922 141362 136802 136802 127682 118562 104882 82081 59281 41041 L 104992 100219 95447 90675 90675 85902 81130 71585 57268 47724 38179 L 118562 114002 109442104882104882 100322 95761 86641 63841 50161 38179 M 81130 81130 81130 76358 76358 76358 71585 71585 47724 42951 33406 M 91201 91201 91201 86641 86641 86641 82081 77521 50161 45601 36481 N 66809 66809 66813 62041 62041 62040 62041 39580 39580 38179 28634 N 72961 72961 72961 68401 68401 68401 68401 68401 39580 38179 36481

Fancy 0.90 (0.90-0.99)

Prices are in Rupees Per Carat

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer

DR AF T – APRIL 1st 2011

DRB.indd 31

31

30-Mar-11 3:18:01 PM

DR AF T – APRIL 1st 2011

THE DIAMOND RETAIL BENCHMARK - INDIA DIAMOND RETAIL BENCHMARK FOR POLISHED DIAMONDS

Powered by www.idexonline.com SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

F 362073348323 339157 320824 288742 256659 219994 183328 137496 96247 59582 F 486312 471575 456839 432277 412628 388067 319296 250524 186665 117894 68771 G 348323 339157 325407 302491 274992 238326206244 174162 128330 91664 54998 G 471575 456839432277 417541 388067353682299647240700 181753 112982 63859 H 288742270409256659 242910 219994 201661 178745 164995 123746 87081 54998 H 383155 373331 358594343857324208299647260349 216139 162104 108069 58947 I 247493 238326 229160 219994 201661 183328 160412 151246 119163 82498 50415 I 329120 319296 314384 299647 284910 270173 225963 196490 152280 103157 58947 J 210827 201661 192494 183328 174162 160412 142079 128330 100830 68748 50415 J 255437 250524 245612 235788225963 216139 186665 162104 127718 93333 54035 K 174162 169578 164995 160412 151246 142079 128330 114580 91664 59582 45832 K 221051 216139 211226 201402 191578 186665 167016 142455 112982 83508 54035 L 142079 137496 132913 128330 119163 109997 105414 91664 73331 54998 41249 L 186665 181753 176841 171929 157192 152280 137543 117894 98245 73684 49122 M 123746 119163 114580 109997 105414 96247 91664 87081 64165 50415 41249 M 157192 152280 147367 142455 132631 127718 117894 108069 83508 68771 44210 N 105414 100830 96247 91664 91664 82498 77914 68401 54998 45832 41249 N 127718 122806 117894 112982 108069 103157 98245 98245 68771 63859 41249 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 1170217 850640 784844 714349 667353 540462 394772 296079 230284 136290 84594 D 1287658936008 863610 786040 734327 594701 434391 325793 253395 149968 93084 E 850640 784844 714349 667353 601557 516963 385373 286680 225584 131591 79894 E 936008 863610 786040 734327 661929 568845424048 315450 248223 144797 87912 F 784844 714349 667353 601557 554561 493465 375973 277280 216185 126891 79894 F 863610 786040 734327 661929 610215 542988 413705 305108 237881 139626 87912 G 695551 648554 601557 554561 531062 446468 361874 263181 206785 122191 75195 G 765355 713642 661929 610215 584359 491275 398191 289594 227538 134454 82741 H 559260 512264 465267 441769 418270 375973 310178 234983 187987 117492 70495 H 615387 563674 511960 486104 460247 413705 341307 258566 206853 129283 77570 I 441769 418270 394772 371274 347775 328977 281980 220884 173888 112792 70495 I 486104 460247 434391 408534 382677 361992 310279 243052 191339 124112 77570 J 338376 324277 310178 296079 277280 263181 234983 178587 140990 103393 65795 J 372335 356821 341307 325793 305108 289594 258566 196510 155140 113769 72398 K 286680 272581 263181 249082 244383 234983 216185 159789 126891 98693 61096 K 315450 299936 289594 274080 268908 258566 237881 175825 139626 108598 67227 L 206785 197386 187987 173888 169188 164488 155089 131591 108092 89294 56396 L 227538 217195 206853 191339 186167 180996 170653 144797 118940 98255 62056 M 169188 159789 150389 145690 140990 140990 131591 117492 98693 84594 51696 M 186167 175825 165482 160311 155140 155140 144797 129283 108598 93084 56884 N 131591 122806 122197 117492 117471 108071 108092 103393 89294 79894 46997 N 144797 134454 134461 129283 129260 118917 118940 113769 98255 87912 51713 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 2094847 1692958 1486990 1220738 1044912 748519 512409 411936 351653 185874 105496 D 2120778 1713914 150539612358491057846 757784 518751 417035 356006 188175 106802 E 1632675 1502061 13814941150408 979605 723400 487291 391842 326535 175826 100472 E 1652885152065413985951164648 991731 732355 493322 396692 330577 178003 101716 F 1421683 1336281 12207381059983 904251 673164 467196 376771 311464 165779 95449 F 1439281 1352822 1235849 1073103 915444 681497 472979 381435 315320 167831 96630 G 1255904 1170502 1105195 924345 808802 597810 457149 356677 296393 155732 90425 G 1271450 1184991 1118876 935787 818814 605210 462808 361092 300062 157660 91544 H 1039888 989652 899227 773637 663117 502361 421984 326535 271275 145685 90425 H 1052760 1001902 910358 783213 671325 508580 427207 330577 274633 147488 91544 I

793731 748519 708330 648046 532503 442078 366724 291370 246157 135638 85401 I

803556 757784 717098 656068 539095 447550 371263 294976 249204 137317 86459

J 567668 542550 517432 482267 437054 351653 306440 236110 195921 125590 80378 J 574695 549266 523837 488237 442464 356006 310234 239033 198346 127145 81373 K 457149 442078 421984 406913 361700 301417 266252 210992 175826 115543 75354 K 462808 447550 427207 411950 366177 305148 269547 213604 178003 116973 76287 L 331559 316488 301417 276299 261228 216015 195921 170803 145685 105496 65307 L 335663 320405 305148 279719 264462 218689 198346 172917 147488 106802 66115 M 246157 236110 221039 205968 195921 165779 150708 135638 120567 100472 60283 M 249204 239033 223775 208518 198346 167831 152574 137317 122059 101716 61030 N 160756 155732 140661 135638 130614 118917 118940 113769 98255 95449 55260 N 162746 157660 142402 137317 132231 118917 118940 113769 98255 96630 55944 IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2

VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 2951196 2381667 214350018949791646457 994087 683435 497044 403848 217457 124261 D 4369217 3328927 305845227359622247026 1357578 879045 572159 426519 244468 140439 E 2314359 21435002003707 1739653 1527374 957844 657547 471156 377960 207101 119083 E 3271711 3048049280878325279042096184 1310765 853038 540951 400512 234065 130036 F 2091725 200370718483811594682 1356515 895714 636837 445268 357250 196746 113906 F 2782775 2600725 244468122366231815306 1191132 806225 520145 384907 223662 119633 G 1770718 1605037 1470421 1403113 1175301 828406 621304 419381 336540 186391 108728 G 2278235208058019505431768493 1498017 1066297 769814 499339 364101 213259 114432 H 1444533 1361692 1247787 1159768 978555 724855 548819 383138 315830 176036 103551 H 1976551 1820507 1638456 1498017 1289959 925858 665785 452526 343296 202857 109230 I 1061395 1014797 957844 890536 833584 631660 481511 336540 274409 165681 98373 I 1347175 1248348 1170326 1066297 977872 728203 561757 400512 317288 192454 98828 J

771453 740388 714500 673080 642015 512576 419381 289942 232989 155326 88018 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 403322 362073 348323 334574 307074 265826 224577 187911 142079 96247 59582 E 530522 486312 471575 456839432277402804334033260349196490 122806 73684

IF

Fancy 3.00 (3.00-3.49)

VS2

D 600399403322 362073 343740 316241 279575 233743 192494 146662 100830 64165 D 771222 530522 486312 471575 442102 412628 338945 265261 201402 127718 73684

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

972671 925858 873843 811426 754210 603368 504541 353699 286080 176849 93626

K 610949 579884 553997 533286 497044 398670 357250 274409 212279 139794 82841 K 775016 738606 702196 650181 624174 494138 421317 327691 260072 161245 88425 L 434913 424558 414203 393493 377960 305475 269232 222634 176036 124261 77663 L 546152 520145 494138 478533 468130 374504 312087 280878 228864 145641 83223 M 341717 326185 315830 305475 300297 248522 217457 181214 144971 113906 72486 M 457728 442123 416116 395310 374504 312087 270475 218461 171648 130036 78022 N 248522 227812 227773 217457 217431 191569 165681 139794 113906 103551 67308 N 369303 364101 338094 312087 280878 249670 228864 156043 114432 114432 72820

Fancy 5.00 (5.00-5.99)

Prices are in Rupees Per Carat

Disclaimer: This Diamond Retail Benchmark India (DRB™) is an informational and educational tool for diamond consumers. Organized around the “the 4C’s” - Carat, Cut, Color & Clarity - the DRB India is based on market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation of Diamond Bourses (WFDB) The DRB™ should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction; source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer 32

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DR AF T – APRIL 1st 2011

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Rapidly Rising Diamond Prices

Rock ing T h e Boat India is world’s largest jewellery market, but danger looms By Vinod Kuriyan

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IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:41:17 PM

The dizzying upward spiral of diamond prices might easily derail diamond consumption in India, worry many industry insiders. “While this is not a bubble in the sense that diamonds aren’t being bought by dealers speculatively,” says Gem & Jewellery Export Promotion Council (GJEPC) vice chairman Sanjay Kothari, “how consumers will react is an extremely important question. Right now, Indians thinks diamonds are a great alternative to gold, which has, of course, gone through the roof in terms of value. But the worrisome question is, how long will they continue to put up with prices that are changing literally every day? Will they continue to buy or will they opt for some other alternative like coloured gemstones?”

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G

itanjali Group chairman Mehul Choksi thinks Indian consumers could well opt for coloured gemstones, “and that is going to have a major impact on diamonds,” he says, “because India is one of the world’s largest diamond consumers today and our consumption is growing fast.”

Choksi estimates that overall, some 15 percent of the product stocked by most Indian jewellery retailers is diamond jewellery (although specific retailers like Tanishq, Joyalukkas probably carry close to 50 percent diamond jewellery in their product offerings, while his own Gili chain stores carry even higher percentages) and puts the total value of diamond jewellery consumed annually by the Indian market at Rs.20,000 crore or $4.4 billion. “India and China together account for some $7 billion in diamond consumption or some 38 percent of total world polished diamond output of $18 billion,” Choksi adds. Given these estimates, it is hardly surprising that diamond industry professionals are watching the price spiral worriedly and fretting about if or when the Indian consumer will turn away from buying diamonds. “As it is,” says Kothari, “the demand for diamond jewellery is so high right now that many of us wonder whether all that is being bought is actually

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being sold on to the end consumer immediately. We have heard people say that many jewellery retailers are buying extra jewellery and holding on to the excessive inventory because they know it can be sold at a good profit just weeks later. Our traditional relationships between jewellery manufacturers and retailers or wholesalers is under severe stress now. Naturally, the retailers and wholesalers are upset when, after closing a deal at a certain price, the manufacturer calls back just a couple of weeks later to say that there has been a price escalation. But then again, what is the manufacturer to do? The diamond prices have actually been shooting up at these unbelievable rates.” As it is, say many retailers, consumers are already backing away from buying gold because of the unbelievably high prices of the yellow metal. “In a traditionally gold-mad country like India,” said one, “we now have consumers opting for diamonds being set in silver. Gold has gone way beyond the means of many jewellery buyers. If diamond prices carry on escalating the way they are now, I think we’ll see a mass exodus from diamondbuying as well.” In fact, so high has the price of gold gone that Choksi says it has had a dramatic outcome. “I estimate the gold holdings in India to be 25,000 tonnes, which in value terms is higher than the entire country’s sovereign debt,” he declares.

IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:41:27 PM

“

As it is,” says Kothari, “the demand for diamond jewellery is so high right now that many of us wonder whether all that is being bought is actually being sold on to the end consumer immediately. We have heard people say that many jewellery retailers are buying extra jewellery and holding on to the excessive inventory because they know it can be sold at a good profit just weeks later. Our traditional relationships between jewellery manufacturers and retailers or wholesalers is under severe stress now. Naturally, the retailers and wholesalers are upset when, after closing a deal at a certain price, the manufacturer calls back just a couple of weeks later to say that there has been a price escalation. But then again, what is the manufacturer to do? The diamond prices have actually been shooting up at these unbelievable rates.

”

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But the Indian consumer still has a strong affinity for jewellery despite these rapid price rises and fluctuations. So strong an affinity that the first definitive strategic study of the global jewellery industry has been stood on its head. Back in 2006, the GJEPC commissioned the consulting firm KPMG to prepare a strategic report on the outlook for the global jewellery industry, trying to project where the industry would be in about a decade. That report, the GJEPC-KPMG report, as it was called, predicted that by 2015, was used as a blueprint for the global industry’s forward planning. The report predicted that: • Gold and diamonds would still be the consumer’s choice for jewellery, accounting for about 82 percent of overall market share.

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• While jewellery overall would see good growth, diamond jewellery would grow at the slowest pace, falling from the Compounded Annual Growth Rate of approximately 5 percent to a mere 3.3 percent. • Synthetic diamonds would make huge inroads and have sales of close to $2 billion at wholesale prices by 2015. They would impact sales of natural diamond jewellery to the extent of $6 billion at the retail level. • Palladium would establish itself as an alternative metal for jewellery fabrication. • China (13 percent) and India (12 percent) together would emerge as a market equivalent to that of the US share (26% percent). • The Middle East (9 percent) would be another large market.

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• China, Turkey and India would emerge as new centres for jewellery fabrication. • Value addition in diamond processing would increase from 29.3 percent to 34.1 percent. • India’s share in diamond processing would drop from about 57 percent by value to 49 percent while China’s would rise to 21.3 percent. • About 9 percent of the world’s diamonds would be processed locally by mining countries. • Centralized distribution of rough diamonds would drop from 55 percent in value to 40 percent. • Rough diamonds sold through traders would account for 45 percent. • Value addition in diamond trading would fall from 12.9 percent to 9.9 percent.

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“

the Indian consumer still has a strong aff inity for jewellery despite these rapid price rises and fluctuations. So strong an affinity that the first definitive strategic study of the global jewellery industry has been stood on its head

”

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The report also predicted that demand for plain-gold jewellery would decline and that jewellery would lose out to competing luxury goods and services like premium consumer electronics and upscale travel and leisure. It went on to say that in the diamond industry in particular, there would be large-scale consolidation and that just a handful of huge, ‘big brother’ companies with a presence all through the value chain from mining to retail would dominate the global industry. But current sales volumes and value seem to indicate that India has long since surpassed the figures predicted by the report. The problem is, however, that there are no official figures for the Indian market. All told, Choksi estimates that India is the world’s single largest jewellery consuming market. He throws out some eyepopping estimates of the value of Indian jewellery consumption by way of explanation. According to him, annual Indian jewellery consumption is around Rs. 300,000 crore or $66.5 billion at current exchange rates. “We consume 1,000 tonnes of gold annually for jewellery after you factor out the 10 percent or so that is held strictly as bullion for investment,” he says, adding, “that alone is worth Rs.200,000 crore. Factor in another Rs.50,000 crore in diamond and coloured gemstone inputs, add on retail mark-ups and you come to the total estimate I have.” Other sources however, suggest that Indian jewellery sales may be less than this. Statistical data show US jewellery sales in 2010 to be $63.2 billion, of which diamond jewellery alone is pegged at between $25- and $26 billion (pending final numbers). Global jewellery sales are estimated at between $150- and $153 billion and the US market is 42 percent of that number. If the Indian market is indeed at the $66 billion figure, it doesn’t leave much for the rest of the world.

the predicted slowdown in growth has not happened. “We’ve seen a growth of 15 percent last year and this will continue this year too,” says Kothari. But Choksi points out the problem. “The volume growth is 15 percent,” he notes, “but the value growth is much higher – we’ve seen 45 percent value increases just this year. I don’t know how much the consuming market will be able to take this. At some point, something is going to give,” he adds by way of warning. “It’s impossible to stabilize prices in the diamond processing pipeline,” says Kothari. “As long as retailers – and the end consumer – keep taking product at everhigher prices, we’ll have this crazy escalation. It will only stop when demand dries up. The stabilization will have to come at the retail level. I think retailers who know their customers well are the ones who are best suited to judge what needs to be done. As things stand right now, I have no idea what might happen tomorrow. That’s no way to run a business. You need to be able to plan forward and you need to let your downstream client also plan forward. You also need stability to engender consumer confidence. High prices in themselves are not a problem. If prices keep going up, but at a slow pace, consumers will get used to them and in fact appreciate the fact that the product they are buying is appreciating in value. Don’t forget, people are still buying gold at these prices. It is volatility and sharp movements that destroy confidence. I hope the retail industry can apply the brakes here.”

As Choksi’s estimates about Indian diamond consumption show – the GJEPC’s Kothari also thinks an estimate of $4 billion or Rs.18,000 crore-plus would be fairly accurate – the domestic market has long since surpassed the report’s estimates for 2015. Also,

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IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:41:46 PM

“

As long as retailers – and the end consumThe dizzying upward spiral of diamond prices er – keep taking product at ever-higher prices, might easily derail diamond consumption Inwe’ll have this crazy escalation. It willin only stop when demand dries up. The stabilization dia, worry many industry insiders. “While is will have to come at the retail level. I this think rewho know their customers well are the not a bubble intailers the sense that diamonds aren’t ones who are best suited to judge what needs being bought by saysI Gem todealers be done. Asspeculatively,” things stand right now, have & no idea what might happen tomorrow. That’s Jewellery Export Council (GJEPC) vice no Promotion way to run a business. You need to be able to plan forward and you need to let your downchairman Sanjay Kothari, “how consumers will stream client also plan forward. You also need react is an extreme\ stability to engender consumer confidence

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”

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“

In India, to sell Rs.4.5 crore worth ($1 million) of jewellery, a manufacturer will have to come up with some 50 different designs and reach out to a wide range of customers who will all take a few of each design. In the US market, you can achieve $1 million in sales with just 5 designs.

”

“The Indian market is already the largest and has the potential to grow even further,” Choksi notes, “but we need to keep up consumer confidence. “The potential is huge. The price differential between wholesale and retail in India is relatively small, whereas this differential is big even in other emerging markets like China. The consumer gets a lot of value passed on here in India. Also, the Indian market is seeing a huge interest in polki orflat cut diamonds. But there is a limit to how much he or she will pay for jewellery, no matter how attractive it is.” Compounding the situation for the Indian diamond industry is the fact that the production capacity it had drastically cut during the devastating global recession of a couple of years ago, still languishes at some 35 percent below its peak levels. Goods are in short supply despite the increase in mine production initiated by all the major players like De Beers, Rio Tinto and Alrosa. With global recovery, particularly of the US market, the Indian industry finds itself unable to meet all the demand that is now coming back onstream. Demand from China and India is relatively new. This demand was actively prodded and fuelled by the Indian diamond industry during the global economic crisis as

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it urgently sought alternates to the US market. In India, the industry’s efforts to stimulate the domestic market succeeded beyond its wildest dreams, and Indians haven’t bought as many diamonds or paid as much for them as now. But the industry’s oldest and erstwhile biggest customers, are now coming back into the buying arena and asking for goods – and the Indian industry is now struggling to service the new avalanche of orders it has received. “Exports still offer you the best profitability,” says Kothari. “The US market may be price sensitive and cautious, but its traditionally high volumes offer the jewellery manufacturer a much better spread. In India, to sell Rs.4.5 crore worth ($1 million) of jewellery, a manufacturer will have to come up with some 50 different designs and reach out to a wide range of customers who will all take a few of each design. In the US market, you can achieve $1 million in sales with just 5 designs. Each outlet chain has the capacity to take say 500 piece of a single ring design for example.” The Indian diamond jewellery manufacturing industry cannot, therefore, now turn its back on the US market. Meanwhile, the Indian consumer wants more diamond jewellery…

IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:41:53 PM

over the last 60 or 70 years – every since they were first systematically marketed by De Beers. Gold on the other hand, has experienced the most extreme volatility over this period. Diamonds certainly can act as a storehouse of value for consumers.”

“The Indian jewellery retail scene too has changed,” Kothari observes. The high price of gold and the way gold jewellery is usually sold – on a cost of raw materials plus basis – ensures that there are greater margins in diamond jewellery. The higher the price of gold, the greater the allure of diamonds. We’re now seeing substantial demand for silver jewellery set with diamonds – this offers the value add without the sky-high price of gold thrown in.” Kothari notes wryly, “But if diamond prices are going to go the same way…”

But what worries Kothari greatly are the prices of small diamonds. “That has been the bread and butter of the Indian industry,” he says. “They have traditionally never been impelled by any investment motive. But of late, the prices of stars (-0.02 carat) have gone up beyond belief. This category generates the most employment in the diamond industry and this category is what spreads the message of diamonds out to the lowest end consumer. If this goes up beyond reach, we’re looking at something drastic happening.”

Right now, however, the diamond is seen as good investment in the Indian market. “If you think about it,” says Kothari, “with the exception of one or two years when they crashed, diamond prices have risen steadily

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[anmoQ>© Ho$ AmH$bZm| Ho$ AZwgma: Am^yfUm| Ho$ {bE gmoZo Am¡a hrao V~ ^r J«mhH$m| H$s ng§X ~Zo ah|Jo {OZH$m `moJXmZ Am^yfU ~mOma _| bJ^J 82 à{VeV hmoJm& • hmbm§{H$ Hw$b {_bmH$a Am^yfU Ho$ joÌ _| AÀN>r d¥{Õ XoIr OmEJr, hrao Ho$ Am^yfUm| H$s {dH$mg-Xa g~go Yr_r ahoJr& `h 5 à{VeV go {JaH$a gbmZm 3.3 à{VeV Ho$ ñVa na nhþ§M OmEJr& • g§ûco{fV hrao H$s ~mOma _| ^mJrXmar ~‹T>oJr Am¡a df© 2015 VH$ WmoH$ _yë`m| na BZH$s {~H«$s bJ^J 2 {~{b`Z S>m°ba Ho$ hmoJr& [aQ>ob ñVa na BZgo àmH¥${VH$ hrao H$s {~H«$s na 6 {~{b`Z S>m°ba VH$ H$m Aga n‹S>oJm& • n¡bo{S>`_ IwX H$mo Am^yfUm| Ho$ {Z_m©U _| EH$ d¡H$pënH$ YmVw Ho$ ê$n _| ñWm{nV H$a boJm& •

IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:54:05 PM

• MrZ(13%)

Am¡a ^maV (12%) {_bH$a ~mOma _| AnZr {hñgoXmar A_o[aH$m(26%) Ho$ ~am~a H$a b|Jo& • 9% {hñgoXmar Ho$ gmW _Ü`-nyd© EH$ AÝ` ~‹S>m ~mOma hmoJm • MrZ, VwH$s© Am¡a ^maV Am^yfU {Z_m©U Ho$ ZE Ho$ÝÐm| Ho$ ê$n _| C^a|Jo& • hrao Ho$ àg§ñH$aU _| _yë`dY©Z 29.3 à{VeV go ~‹T>H$a 34.1 à{VeV hmo OmEJm& • hrao Ho$ àg§ñH$aU _| ^maV H$m A§e bJ^J 57 à{VeV go {JaH$a 49 à{VeV hmo OmEJm O~{H$ MrZ H$m A§e ~‹T>H$a 21.3 à{VeV hmo OmEJm& • Xw{Z`m ^a _| hram| H$m 9 à{VeV N>moQ>o Xoem| Ûmam g§gm{YV {H$E OmVo h¢&

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bo{H$Z, H$s_Vm| _| Bg Vrd« CVma-M‹T>md Ho$ ~mdOyX ^maVr` Cn^moº$mAm| _| JhZm| Ho$ à{V Jham éPmZ ~Z hþAm h¡& `h éPmZ BVZm O~aXñV h¡ {H$ d¡{œH$ Am^yfU CÚmoJ Ûmam H$amE JE {ZUm©`H$ aUZr{VH$ AÜ``Z Ho$ {ZîH$fm] Zo h_| h¡amZ H$a {X`m h¡&

”

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Ag§gm{YV hram| H$m H|$ÐrH¥$V {dVaU 55 à{VeV go {JaH$a 40 à{VeV Ho$ ñVa na Am OmEJm& • ì`mnm[a`m| Ûmam Ag§gm{YV hram| H$s {~H«$s 45 à{VeV VH$ hmoJr& • hrao Ho$ ì`mnma _| _yë` dY©Z 12.9 à{VeV go {JaH$a 9.9 à{VeV Ho$ ñVa na hmoJm& •

[anmoQ>© _| `h ^r AmH$bZ {H$`m h¡ {H$ Ho$db-gmoZo Ho$ Am^yfUm| H$s _m§J _| H$_r AmEJr Am¡a Am^yfUm| H$m ñWmZ b½µOar dñVwAm|, AJ«Ur BboŠQ´m°{ZH$, `mÌm Am¡a AdH$me g§~§Yr godmAm| Ûmam {b`m OmEJm& ImgH$a, hram CÚmoJ Ho$ joÌ _| ì`mnH$ n¡_mZo na g_oH$Z {H$`m OmEJm Am¡a IZZ go boH$a [aQ>ob VH$ H$s _yë`-l¥§Ibm _| Ho$db Hw$N> ~‹S>r H§$n{Z`m§ hr {dœ-~mOma _| {Q>H$ nmE§Jr& bo{H$Z _m¡OyXm {dH«$` H$s _mÌm Am¡a _yë` `h g§Ho$V H$aVo h¢ {H$ ^maV H$s pñW{V [anmoQ>© Ho$ AmH$bZm| go H$hs¨ AmJo ~‹T> MwH$s h¡& hmbm§{H$, g_ñ`m `h h¡ {H$ ^maVr` ~mµOmam| Ho$ {bE H$moB© Am{YH$m[aH$ Am§H$‹S>o CnbãY Zhs¨ h¢& O¡gm {H$ MmoŠgr H$m AmH$bZ h¡ ^maV {dœ _| Am^yfUm| H$s InV H$m g~go ~‹S>m ~mOma h¡& AnZr ì`m»`mAm| Ho$ O[aE do ^maV _| Am^yfUm| H$s InV Ho$ ~mao _| Hw$N> h¡amZ H$a XoZo dmbo VÏ` aIVo h¢& CZHo$ AZwgma, _m¡OyXm {d{Z_` Xa na ^maV _| gmbmZm Am^yfU InV bJ^J 300,000 H$amo‹S> é. AWdm 66.5 {~{b`Z _yë` H$s h¡& “~w{b`Z Ho$ ê$n _| H$‹S>mB© go 10 à{VeV \¡$ŠQ>a AmCQ> H$aZo Ho$ ~mX Am^yfUm| Ho$ _X _| h_ gmbmZm 1,000 Q>Z gmoZo H$s InV H$aVo h¢, Am¡a gmW hr, Ho$db Bgr H$m _yë` 200,000 H$amo‹S> hmoVm h¡& hrao Am¡a a§JrZ aËZm| Ho$ 50,000 H$amo‹S> Am¡a IwXam _yë`-d¥{Õ Omo‹S>H$a h_| g§nyU© AmH$bZ àmá hmoVm h¡&“ hmbm§{H$, AÝ` lmoV `h gwPmVo h¢, {H$ ^maV _| Am^yfUm| H$s {~H«$s Bggo H$_ hmo gH$Vr h¡& gm§p»`H$s` Am§H$‹S>o Xem©Vo h¢ {H$ 2010 _| A_o[aH$m _| Am^yfUm| H$s {~H«$s 63.2 {~{b`Z S>m°ba _yë` H$s hþB©, {Og_| AHo$bo hrao Ho$ Am^yfU 25 go 26 {~{b`Z S>m°ba _yë` Ho$ ~rM Ho$ Wo (A§{V_ Am§H$‹S>o {_bZo ~mH$s h¢)& {dœ ñVa na Am^yfUm| H$s {~H«$s H$m AZw_mZ 150-153 {~{b`Z S>m°ba Ho$ ~rM h¡ Am¡a Bg_| A_o[aH$s ~mOma H$s {hñgoXmar 42 à{VeV h¡& `{X ^maVr` ~mOma H$s {hñgoXmar dmñVd _| 66 {~{b`Z _yë` H$s h¡ Vmo ~mH$s Xw{Z`m Ho$ {bE A{YH$ Hw$N> Zhs¨ ~MVm&

H$m\$s AmJo {ZH$b J`m h¡& gmW hr, d¥{Õ _| {JamdQ> H$m AZw_mZ ^r µJbV gm{~V hþAm& lr H$moR>mar Ho$ eãXm| _|- “ {nN²bo gmb h_Zo 15% H$m {dH$mg Xa nm`m Am¡a Bg gmb ^r BgHo$ Omar ahZo H$m AZw_mZ h¡&“ bo{H$Z MmoŠgr g_ñ`m H$s Amoa Bemam H$aVo h¢& MoVmdZr Ho$ bhOo _| do H$hVo h¢, _mÌmË_H$ {dH$mg Vmo 15% h¡, bo{H$Z H$s_Vm| Ho$ ~‹T>Zo H$s Xa Bggo H$hs¨ AmJo h¡- Bg gmb H$s hr ~mV H$a| Vmo h_Zo H$s_Vm| _| 45% H$m BOm\$m XoIm h¡& nVm Zhs¨ Cn^moº$m ~mOma Bgo Pob gH$Zo _| H$hm§ VH$ gj_ hmo gHo$Jm& Bg {~ÝXw na, Hw$N> Vmo ZwH$gmZ Oê$a hr CR>mZm n‹S>oJm& “hram hram àg§ñH$aU Ho$ joÌ _| H$s_Vm| H$mo pñWa aIZm Ag§^d h¡,” H$moR>mar H$hVo h¢, ““O~ O~ VH$ IwXam {dH«o$Vm Am¡a Cn^moº$m BVZr D$§Mr H$s_Vm| na CËnmX ~oMVo-IarXVo ah|Jo V~ VH$ H$s_Vm| _| CN>mb Omar ahoJr& `h V^r OmH$a éHo$Jr O~ _m§J {Ja OmE& pñWarH$aU [aQ>ob ñVa na H$m`_ H$aZm hmoJm& _oao {dMma go Omo [aQ>oba AnZo J«mhH$m| H$mo R>rH$ Vah OmZVo h¢ CÝh| hr nVm hmo gH$Vm h¡ {H$ Š`m {H$`m OmZm Mm{hE& AmO Ho$ hmbmV _| _wPo Zhs¨ _mby_ {H$ H$b Š`m hmoJm& ì`dgm` H$m `h ghr VarH$m Zhs¨& AmnH$mo AmJo H$s `moOZm ~ZmZo _| gj_ hmoZm Mm{hE Am¡a AmnH$mo AnZo J«mhH$m| Ho$ {bE ^r ^{dî` H$s `moOZm ~ZmZo Ho$ Adga N>mo‹S>Zo Mm{hE& Cn^moº$mAm| _| AmË_{dœmg CËnÞ H$aZo Ho$ {bE pñWaVm bmZo H$s Amdí`H$Vm h¡& D$§Mr H$s_V AnZo Amn _| H$moB© g_ñ`m Zhs¨ h¡& H$s_V| ~‹T>|, _Ja Yr_r VµâVma go ~‹T>| Vmo Cn^moº$m CZHo$ AmXr hmo OmVo h¢, CZHo$ gmW Vmb-_ob {~R>m boVo h¢ Am¡a XaAgb CÝh| Bg ~mV H$m Ahgmg ahVm h¡ {H$ {Og CËnmX H$m do BñVo_mb H$a aho h¢ bmoJ CgHo$ _hËd go n[a{MV h¢& h_| `h Zhs¨ ^ybZm Mm{hE {H$ bmoJ A^r ^r BÝhs¨ H$s_Vm| na gmoZo H$s IarX H$a aho h¢& `h Vmo ~mOma H$s ApñWaVm Am¡a CVma-M‹T>md h¡ {OgHo$ H$maU bmoJm| H$m

O¡gm {H$ ^maV _| hrao H$s InV Ho$ ~mao _| MmoŠgr Ho$ AZw_mZm| go nVm MbVm h¡- OrOoB©nrgr Ho$ H$moR>mar ^r 4 {~{b`Z `m 18,000 H$amo‹S> go A{YH$ H$m AZw_mZ H$aVo h¢- Kaoby ~mOma 2015 Ho$ AZw_mZm| go

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IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

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“

bo{H$Z _m¡OyXm {dH«$` H$s _mÌm Am¡a _yë` `h g§Ho$V

The dizzying upward spiral of diamond prices H$aVo h¢ {H$ ^maV H$s pñW{V [anmoQ>© Ho$ AmH$bZm| go H$hs¨ might easily derail diamond consumption in InAmJo ~‹T> MwH$s h¡& hmbm§{H$, g_ñ`m `h h¡ {H$ ^maVr` ~mµOmam| dia, worry many industry insiders. “While this is Ho$ {bE H$moB© Am{YH$m[aH$ Am§H$‹S>o CnbãY Zhs¨ h¢& O¡gm {H$ not a bubble inMmothe sense Šgr H$m AmH$bZthat h¡ ^maVdiamonds {dœ _| Am^yfUm|aren’t H$s InV H$m being bought by dealers g~go ~‹S>m ~mOmaspeculatively,” h¡& AnZr ì`m»`mAm| Hosays $ O[aE Gem do ^maV&_| Jewellery Export Council (GJEPC) vice Am^yPromotion fUm| H$s InV Ho$ ~mao _| Hw$N> h¡amZ H$a XoZo dmbo VÏ` chairman Sanjay Kothari, “how consumers will aIVo h¢& CZHo$ AZwgma, _m¡OyXm {d{Z_` Xa na ^maV _| react is an extreme\ gmbmZm Am^yfU InV bJ^J 300,000 H$amo‹S> é. AWdm

66.5 {~{b`Z _yë` H$s h¡& IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

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”

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H$moR>mar H$hVo h¢, “{Z`m©V AmO ^r g~go A{YH$ bm^H$mar h¡& A_o[aH$s ~mOma H$s_Vm| Ho$ à{V g§doXZerb Am¡a gmdYmZ hmo gH$Vm h¡ bo{H$Z ~‹S>o n¡_mZo na BgH$s Amoa go CËnÞ H$s OmZo dmbr _m§J Am^yfU {Z_m©VmAm| H$mo A{YH$ ì`mnH$ Adga àXmZ H$aVm h¡& ^maV _|, {Z_m©Vm H$mo 4.5 H$amo‹S> (10 bmI S>m°ba) _yë` Ho$ Am^yfU ~oMZo Ho$ {bE 50 {d{^Þ Vah Ho$ {S>µOm`Zm| Ho$ gmW ~‹S>r VmXmX _| AZoH$ dJ© Ho$ J«mhH$m| VH$ nhþ§M ~ZmZr n‹S>Vr h¡& A_o[aH$s ~mOma _|, Amn Xg bmI S>m°ba _ yë` H$s {~H«$s Ho$db 5 {S>µOm`Zm| Ho$ gmW nyar H$a gH$Vo h¢&

”

AmË_{dœmg Qy>Q>Vm h¡& _¢ Amem H$aVm hÿ§ {H$ [aQ>ob CÚmoJ Bgo amoH$Zo Ho$ {bE H$X_ CR>mEJm& “ “^maVr` ~mOma nhbo hr g~go ~‹S>m ~mOma h¡ Am¡a Bg_| AmJo ^r d¥{Õ H$s g§^mdZm h¡,” MmoŠgr H$hVo h¢, “bo{H$Z h_| Cn^moº$mAm| Ho$ AmË_{dœmg H$mo _µO~yV H$aZm hmoJm& g§^mdZmE§ Anma h¢& ^maV _| WmoH$ Am¡a IwXam ~mOma H$s H$s_Vm| H$m A§Va AnojmH¥$V H$_ h¡, O~{H$ `hr A§Va MrZ O¡go AÝ` C^aVo ~mOmam| _| ~‹S>m h¡& ^maV _| Cn^moº$mAm| H$mo A{YH$ _yë` H$s àm{á hmoVr h¡& gmW hr, ^maVr` ~mOma nmobH$s Am°aâb¡Q> H$Q> hram| _| Jhar é{M {XIm ahm h¡& Am^yfU Mmho {H$VZo ^r AmH$f©H$ Š`m| Z hm|, bo{H$Z Bg ~mV H$s ^r gr_m hmoVr h¡ {H$ H$moB© J«mhH$ BZ na {H$VZm IM© H$aoJm&” ^maVr` hram ~mOma H$s pñW{V H$m EH$ gM `h h¡ {H$ Hw$N> gmb nhbo Xw{Z`m ^a _| N>mB© _§Xr Ho$ H$maU BgH$s CËnmXZ j_Vm _| {JamdQ> AmB© Wr Omo AmO ^r Omar h¡& AmO ^r `h AnZr gdm}ƒ j_Vm go 35% ZrMo h¡& _mb H$s Amny{V© H$_ h¡ ~mdOyX BgHo$ {H$ S>r {~`g©, [a`mo qQ>Q>mo Am¡a Abamogm O¡go ~‹S>r H§$n{Z`m| Ûmam IZZ CËnmXZ _| d¥{Õ bmB© JB© h¡& Xw{Z`m ^a _| _§Xr N>§Q>Zo, ImgH$a A_o[aH$s ~mOma Ho$ C~aZo Ho$ H$maU, ~‹T>r hþB© _m§J H$s ny{V© _| ^maVr` CÚmoJ AnZo H$mo Aj_ nmVm h¡&

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MrZ Am¡a ^maV _| CËnÞ hþB© _m§J| ZB© h¢& `o _m§J| g{H«$` ê$n go ào[aV _m§J| h¢ Am¡a Bgo ^maVr` hram CÚmoJ Ûmam d¡{œH$ Am{W©H$ _§Xr Ho$ Xm¡amZ hdm Xr JB©, Š`m|{H$ Bgo A_o[aH$s ~mOma H$m VËH$mb {dH$ën Mm{hE Wm& ^maV _|, Kaoby ~mOma H$mo ~‹T>mZo H$s hram CÚmoJ H$s H$mo{ee| Cå_rX go ~‹T>H$a g\$b hþBª Am¡a AmO ^maVr`m| Ûmam {OVZo hrao IarXo Om aho h¢ Am¡a {OVZo CZ na IM© {H$E Om aho h¢, CVZo Bggo nhbo H$^r Zhs¨ {H$E JE Wo& {\$a, Bg CÚmoJ Ho$ g~go nwamZo Am¡a A~ VH$ Ho$ g~go ~‹S>o J«mhH$ dmng IarXXmar Ho$ joÌ _| Am aho h¢ Am¡a CZHo$ Ûmam _mb H$s _m§J H$s Om ahr h¡ Am¡a ^maVr` CÚmoJ H$mo A^r ^anya g§»`m _| {_b aho ZE Am°S©>a H$mo nyam H$aZo _| H$m\$s {_hZV H$aZr n‹S> ahr h¡& H$moR>mar H$hVo h¢, “{Z`m©V AmO ^r g~go A{YH$ bm^H$mar h¡& A_o[aH$s ~mOma H$s_Vm| Ho$ à{V g§doXZerb Am¡a gmdYmZ hmo gH$Vm h¡ bo{H$Z ~‹S>o n¡_mZo na BgH$s Amoa go CËnÞ H$s OmZo dmbr _m§J Am^yfU {Z_m©VmAm| H$mo A{YH$ ì`mnH$ Adga àXmZ H$aVm h¡& ^maV _|, {Z_m©Vm H$mo 4.5 H$amo‹S> (10 bmI S>m°ba) _yë` Ho$ Am^yfU ~oMZo Ho$ {bE 50 {d{^Þ Vah Ho$ {S>µOm`Zm| Ho$ gmW ~‹S>r VmXmX _| AZoH$ dJ© Ho$ J«mhH$m| VH$ nhþ§M ~ZmZr n‹S>Vr h¡& A_o[aH$s ~mOma _|, Amn Xg bmI S>m°ba _yë` H$s {~H«$s Ho$db 5 {S>µOm`Zm| Ho$ gmW nyar H$a gH$Vo h¢& CXmhaU Ho$ {bE, àË`oH$ AmCQ>boQ> l¥§Ibm H$s j_Vm EH$ hr {S>Om`Z H$s 500 A§Jy{R>`m| H$mo aIZo H$s hmoVr h¡&” ^maVr` hram

IDEX MAGAZINE – INDIA RETAIL | NO 05: COVER STORY

30-Mar-11 3:54:18 PM

Am^yfU {Z_m©U CÚmoJ Eogm Zhs¨ H$a gH$Vm, Bg{bE CgZo A_o[aH$s ~mOma H$s Amoa go nrR> \o$a {b`m h¡& Bg~rM, ^maVr` Cn^moº$mAm| H$s Amoa go hrao Ho$ Am^yfUm| H$s _m§J ~‹T> JB© h¡&

N>mo‹S>H$a O~ hrao H$s H$s_Vm| _| {JamdQ> AmB© Wr, BgH$s H$s_V| {nN²bo 60-70 gmbm| Ho$ Xm¡amZ bJmVma ~‹T>Vr hr ahr h¢ O~go S>r ~r`g© Ûmam hram| H$m gwì`dpñWV {dnUZ {H$`m OmZo bJm h¡& Xygar Amoa, Bg Xm¡amZ, gmoZo H$s H$s_Vm| _| g~go A{YH$ ApñWaVm XoIr JB©& {Z{üV ê$n go hrao H$s ^y{_H$m J«mhH$m| Ho$ {bE _yë` ^§S>maU Ho$ òmoV Ho$ ê$n _| hmo gH$Vr h¡&

lr H$moR>mar Ho$ eãXm| _|- “^maVr` Am^yfUm| Ho$ [aQ>ob ~mOma H$m n[aÑí` ^r ~Xb MwH$m h¡& gmoZo H$s D$§Mr H$s_V Am¡a H$ƒo _mb H$s bmJV Ho$ AmYma na {Og Vah gmoZo Ho$ Am^yfUm| H$s {~H«$s hmoVr h¡ Cggo `h ~mV V` hmo OmVr h¡ {H$ hrao Ho$ Am^yfUm| _| bm^ H$s Jw§OmBe A{YH$ h¡& gmoZo H$s H$s_Vm| _| {OVZm BOm\$m hmoJm bmoJm| _| hrao H$m AmH$f©U CVZm hr A{YH$ ~‹T>oJm & A~ h_ hram O‹S>o Mm§Xr Ho$ Am^yfUm| H$s ^anya _m§J XoIVo h¢& BgH$maU gmoZo H$s AmH$me Ny>Vr H$s_Vm| Ho$ ~mdOyX ^r _yë`dY©Z g§^d hmoVm h¡&” ZmamOJr Ho$ gmW H$moR>mar H$hVo h¢- “bo{H$Z `{X hrao H$s H$s_V| Bgr Vah ~‹T>Vr ahs¨ Vmo...... “

bo{H$Z lr H$moR>mar {Og ~mV H$mo boH$a g~go A{YH$ qM{VV h¢ dh h¡ N>moQ>o hram| H$s H$s_V|& CZHo$ AZwgma, `o ^maVr` hram CÚmoJ Ho$ _ybmYma h¢& nma§n[aH$ ê$n go do H$^r {Zdoe Ho$ CÔoí`m| go ào[aV Zhs¨ aho h¢& bo{H$Z hmb Ho$ {XZm| _| ñQ>mg© (-0.02 H¡$aQ>) H$s H$s_V| ~oVhmgm ~‹T>r h¢& Bg H¡$Q>oJar Ho$ A§VJ©V hram CÚmoJ _| gdm©{YH$ g§»`m _| amoOJma CËnÞ hmoVm h¡ Am¡a hram CÚmoJ H$m `hr dh H¡$Q>oJar h¡ Omo hrao H$mo g~go {ZMbo nm`XmZ Ho$ J«mhH$m| VH$ nhþ§MmVm h¡& `{X `h nhþ§M go Xya hmo OmE Vmo ~mOma _| h_| {H$gr ~‹S>o n[adV©Z H$s Cå_rX H$aZr Mm{hE&

hmbm§{H$, Bg dº$, ^maVr` ~mOma _| hrao H$mo EH$ ~{‹T>`m {Zdoe Ho$ Vm¡a na XoIm Om ahm h¡& H$moR>mar H$hVo h¢, CZ EH$ `m Xmo dfm] H$mo

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t od ay

pric e Sale

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tod ay

pric e Sale

Buy

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tod ay

pric e l e Sa Buy 53

30-Mar-11 3:54:29 PM

Global Polished Diamond Prices

DIAMOND PRICES NEARING PRE-CRISIS LEVELS

T

he price of polished diamonds increased substantially in February, rising 1.5 percent compared to January and 8.5 percent year-over-year, according to the IDEX Online Polished Diamond Price Index. The rise brought average prices to just 4 percent short of their record level in August 2008.

Emphasizing a mixture of optimism and retailers’ willingness

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By Edahn Golan to yield to wholesalers’ pressure, the average price increased by about 2.9 percent between February 1 and February 28, the sharpest price increase since the recovery cycle began nearly a year ago. At the end of February, the IDEX Online Polished Price Index stood at 124.5. The Index peaked at a record 128.9 during August 2008, just as the global economy

was about to drop into a major recession. Several factors drove the price increases: the continued pressure by manufacturers to increase polished prices in order to maintain their margins finally succeeded; a need to renew inventories after the decent holiday season; growth in emerging markets – mostly China; rising rough diamond prices and the recent Hong Kong trade show.

IDEX MAGAZINE – INDIA RETAIL | NO 05: POLISHED

30-Mar-11 4:13:15 PM

IDEX ONLINE POLISHED DIAMOND PRICE INDEX 125

FEB 2011 122.2

120 115 2010 ANNUAL AVERAGE = 116.0

110 105

2009 ANNUAL AVERAGE = 109.5

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D

J

F

M

A

M

J

SOURCE: IDEX ONLINE

PRICES UP FOR ALL SIZES OF POLISHED DIAMONDS Prices of 1 carat, 4 carat and 5 carat goods rose on average more than 2 percent in February compared to January. Year-over-year, 3 carat goods rose the most – by 24 percent on average. Other large items did not lag

far behind, with prices of 5 caraters growing 16 percent, 4 caraters adding 13.6 percent to their price and 1 carat goods increasing by 10.4 percent.

On March 1, the IDEX Online Index jumped to 124.8, up 0.3

+4.0% +2.9%

+2.9%

4.0 CT

5.0 Ct

+2.4% +1.7%

+2.0%

+1.4%

+1.0%

+0.6%

+1.0% +0.0% 0.5 Ct

1.0 Ct

A

1.5 Ct

S

O

N

D

J

F

2011

points from the previous day and it appears ready to maintain the trend of steady price increases seen in February. ■

OUTLOOK

POLISHED DIAMOND PRICES BY SIZE- FEB. VS. JAN. 2011

+3.0%

J

2010

2.0 Ct

SOURCE: IDEX ONLINE

3.0 Ct

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 [email protected]

THE FULL ANALYSIS OF THE POLISHED DIAMOND PRICES IS AVAILABLE TO IDEX ONLINE RESEARCH SUBSCRIBERS AND IDEX ONLINE MEMBERS. FOR MORE INFORMATION ON HOW TO SUBSCRIBE OR TO BECOME A MEMBER, CONTACT [email protected]

IDEX MAGAZINE – INDIA RETAIL | NO 05: POLISHED

Polished Prices_final.indd 55

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U.S. market window Specialty JewelerS’ SaleS WEAK IN DECEMBER 2010

S

pecialty jewelers’ sales in the U.S. market were surprisingly weak in December 2010, especially when compared to the strong trend they posted in the prior month, according to the latest preliminary data from the U.S. Department of Commerce.

Further, specialty jewelers lost significant market share in December to other merchants who sell jewelry.

After generating a sales gain of just over 10 percent in November, specialty jewelers’ sales in December 2010 were up a minuscule 0.5 percent – one-half of 1 percent, based on preliminary figures.

holidaY JewelrY SaleS StronG Jewelry sales were up 8.3 percent in the NovemberDecember holiday selling period in the U.S. market, far ahead of any credible forecasts. Consumers felt wealthier, and they were in the stores buying merchandise, including jewelry.

This was a huge disappointment for specialty jewelers. December sales – generated during the height of the all-important holiday selling period – can represent up to 25 percent of a specialty jeweler’s annual sales. In 2010, specialty jewelers’ sales in December were just 19.8 percent of annual sales.

Table 1 summarizes preliminary sales for the U.S. market during the month of December 2010.

The November-December holiday period is the most important selling event for jewelers. Historically, this two-month period has represented just over one-third of annual sales, and – in many cases – all of a jeweler’s annual profits.

table 1 Segment – Dec. 2010

$ bil SaleS

% change y/y

total US Jewelry SaleS

$13.6

+8.3%

$5.9

+0.5%

$7.7

+14.9%

Specialty JewelerS’ SaleS Jewelry SaleS – all other merchantS

table 2 Segment – noV-Dec. 2010

$ bil SaleS

% change y/y

total US Jewelry SaleS

$19.3

+8.3%

Specialty JewelerS’ SaleS

$8.6

+3.4%

$10.7

+12.9%

Jewelry SaleS – all other merchantS

56

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IDEX MagazInE – InDIa REtaIl | nO 05: U.S. MaRKEt WInDOW

30-Mar-11 4:30:28 PM

table 3 Segment – year 2010 Total US Jewelry Sales

Specialty Jewelers’ Sales

Jewelry Sales – All Other Merchants

$ bil sales

% Change Y/Y

$63.4

+7.7%

$29.7

+5.1%

$33.7

+10.1%

table 4 Segment market share Specialty Jewelers’ Sales

other jewelry sellers

2010

2009

$46.9

48.0%

$53.1

52.0%

Table 2 summarizes sales for the all-important 2010 holiday selling season of November and December. Full Year 2010 Jewelry Sales Set Record Total U.S. jewelry sales reached $63.4 billion in 2010, a record level. This was well above 2009’s $58.8 billion, and it was notably above sales of $62 billion during the prior record year of 2007. While it was a record year for the U.S. jewelry industry, specialty jewelers did not participate in the sales frenzy. Their sales rose by a solid 5 percent, but this segment’s sales of $29.7 billion were only the third highest on record. Other merchants who sell jewelry – such as WalMart, J.C. Penney and others – posted a 10 percent gain in jewelry sales for 2010, based on preliminary data. Table 3 summarizes preliminary jewelry sales data in the U.S. market for 2010. Specialty Jewelers Lost Market Share in 2010 Specialty jewelers’ market share fell significantly in 2010 to 46.9 percent of total U.S. jewelry sales. In 2009, they held a 48 percent market share. At their peak, in 1971, specialty jewelers had a 73 percent market share. Unfortunately, they seem to lose market share during most recessions, and they are not able to recover that lost ground in the post-recession period. Table 4 illustrates market share by major retail segment in the U.S. market for 2009 and 2010.

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U.S. Market Window.indd 57

It is clear that the fastest-growing jewelry market segment consists of multi-line retailers who offer convenient one-stop shopping and have a credible value proposition. Disclaimer: “Preliminary Data” Is Subject To Revision IDEX Online Research has discussed these sales numbers with others in the jewelry industry, and we seem to be as puzzled as others are: the December data for specialty jewelers seems to be understated, while the full year total jewelry sales appears to be slightly overstated. These are government numbers, and they are derived from a statistically sound method of sampling. However, they are routinely revised – usually by no more than a few tenths of a percentage point – month after month, until about mid-year. At mid-year, there is usually one final revision. Sometimes it is only tiny; at other times, it can be huge. A couple of years ago, a mid-year “final” adjustment by the government cut jewelry industry sales from about $65 billion to about $60 billion, with no explanation. IDEX Online Research continues to update its data base daily. If readers plan to use these numbers in presentations or reports, they should check with IDEX Online to see if there are revised numbers available. For more detailed information on 2010 year-end retail jewelry sales, please contact [email protected]. ■

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