IDEX February 2011 issue

Feb 11

INDIA RETAIL

SHOW REPORT

Special Report

Market Report

IIJS Signature Benefits From Move To Mumbai

Indians Will Buy More Gold This Year – Not Necessarily From Jewellers

Mumbai Now A Seller’s Market

New! Diamond Retail Benchmark A price list to assure your customers

Contents FEBRUARY

magazine india retail

FEBRUARY 2011

05 FROM THE EDITOR’S DESK

Survival & Success Depend On A New Vision

06 MUMBAI DIAMOND MARKET REPORT Mumbai Now A Seller’s Market

10 SPECIAL REPORT

Indians Will Buy More Gold This Year – Not Necessarily From Jewellers

14 SPOTLIGHT

GJF Institutes Gem & Jewellery Awards

18 FOCUS

Branded Diamonds Come To India De Beers launches its Forevermark in Bangalore

21 SHOW REPORT

VOL. 1 No. 03

Editorial Department EDITOR-IN-CHIEF Vinod Kuriyan Editors Edahn Golan, Danielle Max IDEX ONLINE RESEARCH Ken Gassman INTERNATIONAL CORRESPONDENT

Tamar Katzav ADMINISTRATION & MARKETING Managing Director Yaron Barzilay 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) Printed by SAP Printers, Lower Parel, Mumbai 400 013

IIJS Signature Benefits From Move To Mumbai

23 RETAIL ET CETERA 29 DIAMOND RETAIL BENCHMARK A diamond price list to assure your customers

34 COVER STORY

Leadership – Key To Managing Change The gem & jewellery industry’s future depends on seeing a new vision

54 POLISHED DIAMOND PRICES 56 US MARKET WINDOW 8

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ISSN 0334-6838 2003 IDEX ONLINE S.A.

www.idexonline.com IDEX Magazine – India Retail | NO 03

From the Editor’s Desk Survival & Success Depends On A New Vision

T

he Indian gem and jewellery industry is at a critical point in its existence. With gold soaring to previously unimagined prices, many consumers are now uncertain whether it will afford them much in the way of investment. Given that and the fact that the Indian consumer now has a whole range of luxury products to choose from, much of what the jewellery retailer depended on to drive almost certain sales has been eroded. What will determine whether the gem and jewellery industry will survive and thrive into the future lies largely in what the industry itself does. It cannot depend on what has sustained it any more. While intrinsic value still matters a great deal, it is no longer the firm support it used to be. The industry needs inspired leadership to give give consumers a product carrying a value proposition that resonates with what they themselves consider important and worth aspiring to. Good leadership is distinct from good management as our cover story points out. Great leadership is about seeing a vision that perhaps no one else can at the time. About inspiring and carrying a group through to achieving that vision. But where does one turn to see these visions? What does it take to provide leadership? The very first step might be to acknowledge to oneself that one doesn’t have that quality even if one is the head of an eminently successful business. And that, is a very big step indeed. No less a long stride is the second

IDEX Magazine – India Retail | NO 03: EDITOR

step if one does make the first – stepping aside and letting someone else who does have a clear vision of the future take over. Easy or not, it is absolutely clear that the jewellery industry has to take these steps. It has to reinvent the way it does business and communicates with the consumer. It has to imbue its product with something far more than just intrinsic value. As many of the experts tell us in our cover story, many consumers today don’t even want to buy the product. They just want to try it for some time and experience whatever value proposition the product or brand offers. Then, they are ready for something new. The world has indeed changed and continues to change at an increasingly rapid rate. These changes bring challenges that we might never have dreamed of. Yet survival dictates that these challenges be met and overcome. Leadership is not only about meeting these challenges, but also perhaps of seeing the future before the changes have taken place. This is a lonely business and sometimes involves being laughed at for seeing the seemingly absurd. Successful leaders, however, are the ones who are enjoying the last laugh as the rest of the world scrambles to catch up. ■

Vinod Kuriyan Editor 3

Mumbai

Diamond MARKET REPORT

Mumbai Now A Seller’s Market

D

4

riven mainly by shortages on the back of steady demand, overall polished prices in Mumbai are about 15 percent higher than they were three months ago, around Diwali. In some categories like the -2 sieve size (-0.01 carat) and stars (-0.02 carat), prices are as much as 25 percent up over the same period. All in all, it is a sellers market, with asking prices that are on average 20 percent higher than actual sale prices at Diwali last year. The lingering shortages have also meant that polished imports have shot up. This is mainly due to dealers wanting to make up the assortments they offer their clients.

near half of what production was before the global economic crisis.

One important issue is the continuing lack of production in centres like Surat. Though there have been reports of manufacturing units offering as much as 25 percent higher salaries for skilled cutters and polishers, overall output still remains at somewhere

Many dealers are calling this “bubble territory” but given that demand has not yet dropped off, the shortages ensure that whatever is on offer gets sold. Today, there are no ‘dead’ categories, with goods of ever y kind selling. ■

Despite this, however, rough buying has been strong over this period, prompting many industry-watchers to warn of a rough-reselling game that appears to be developing in India. Somewhat endorsing this claim is the fact that premiums on resale rough have in general risen to around 5 percent. In certain hot categories like the -2 sieve size and stars, the premiums for certain clarities and colours have shot up to between 15- and 20 percent.

IDEX Magazine – India Retail | NO 03: MUMBAI DIAMOND MARKET REPORT

M U M B A I D I A M O N D T R A D I NG I N j a n u a r y

Size in Ct. (Sieve)

Comments

Forward Call

▲ -0.01 (-2 )

Very good demand for SI+ goods. Good demand for piqué goods. Overall very good demand across the board. Very hot category. Very difficult to find big parcels.

Severe shortages will continue in near future. Prices are on the rise, will go up by 3%-4%.

▲ -0.02 (+2-6.5)

Very good demand for SI+ goods. Good demand for piqué goods. Very hot category. Very difficult to find big parcels.

Shortages will be severe as demand is increasing. Prices may increase very frequently.

▲ 0.03-0.07 (+6.5-11)

Very good demand for SI+ & piqué goods. -9 sieve is in more demand.

Overall demand will be soft as compared to stars. +9 sieve may become odd sieve .Prices will go up by 2%-3%.

▲ 0.08-0.14 (+11-14)

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

Shortages will be felt. Activity is likely to improve. Prices will go up by 3%-4%.

▲ 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. G-J col. is in more demand.

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

▲ 0.30 (1/3)

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

Demand will remain stable. Prices will go up by 2%-3%.

▲ 0.40 (3/8)

Good demand for VS+/G-J col. Demand for this category is mainly for local market.

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

▲ 0.50 (1/2)

Good demand for I2+/J+ col. Overall good demand across the board.

Demand & prices will go up. Better demand can be seen for D-F col.

▲ 0.75 (3/4)

Good demand for I1/I2 & VS+ clarity. +0.80 carat in more demand.

Shortages will be seen for +0.90 carat.

▲ 1.00 (4/4)

Overall very good activity across the board. Shortages seen in premium sizes & H lower colors.

Severe shortages will be seen for H lower col. Prices will go up by 3%-4%.

▲ +3.00

Fair demand for SI1+/ H-K col. Demand for VS / J-K col. increasing in +5 carat sizes.

Prices are likely to go up by 4%-5%.

Magazine – India Retail | NO 03: MUMBAI DIAMOND MARKET REPORT

5

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6

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Magazine – India Retail | NO 03: MUMBAI DIAMOND MARKET REPORT

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▲

-0.02 (+2-6.5)

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▲

0.03-0.07 (+6.5-11)

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0.18-0.22 (1/5)

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0.30 (1/3)

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▲

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▲

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▲

0.75 (3/4)

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▲

1.00 (4/4)

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+3.00

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Magazine – India Retail | NO 01: MUMBAI DIAMOND MARKET REPORT

7

Special Report

Indians Will Buy More Gold This Year – Not Necessarily From Jewellers

G

old isn’t the best investment option for the Indian consumer today in terms of the returns it affords. But it is still a simple enough investment for consumers who don’t understand the other complex investment instruments on offer. Given the high price of gold however, outright purchases of significant amounts for investment have become that much more difficult for consumers. Thus there is greater pressure for jewellery retailers to move away from their long-standing tradition of relying on the intrinsic value of the yellow metal to drive jewellery sales, particularly for the bridal market and lower gold content with more ‘open’ designs and the addition of diamonds and coloured gemstones. Demand is expected to be strong over 2011 – for both jewellery fabrication as well as for investment – and imports of new gold into India are likely to shoot up this year by as much as 64 percent, according to the Bombay Bullion Association. However, who gets to sell more of it will be determined by what is on offer from each vendor group – banks, jewellery retailers and non-banking financial institutions (NBFCs). Addressing purely the investment market, NBFCs have stepped into the arena with finance schemes that allow

8

By Vinod Kuriyan consumers to buy however much gold they want by paying in equated monthly installments (EMIs). The desired quantity of gold that a consumer wants (it is usually offered in 2, 5, 10, 20 and 50 gram bars or biscuits) can be blocked for the consumer with a payment of 10 percent of the total cost. The rest can be paid in EMIs over tenure periods ranging from a year upwards. While this sounds like a winning proposition, the investment benefit of these schemes is questionable, say financial experts. Factor in VAT and service tax and add the typical 10.5 percent interest charged by the NBFC, and even if one takes a steady increase in the price of gold into account, the consumer isn’t left with much in the way of financial gain. However, one must also consider that against this, consumers who can afford to make lump-sum full payments, have been willing to pay premiums of between 10- and 15 percent when buying gold from banks. While many jewellery retailers have responded with monthly payment schemes of their own that either allow consumers to buy primary gold in easy installments or accumulate the amount of the yellow metal needed

IDEX Magazine – India Retail | NO 03: SPECIAL REPORT

a natural population increase and this population – particularly in rural areas – is culturally addicted to buying gold, especially when the economic climate is good, there will always be a base-line purchase of gold no matter how high the price of the yellow metal. Demand for gold in India is not related either to industrial needs or to investment but primarily to women,” he says. But consumer confidence in the purity of the gold being bought is an issue, Daga acknowledges. “A father can be sure that he is giving his daughter pure gold when he buys a bar or biscuit from a bank that is sealed in a tamper-proof bubble pack. That’s why people are willing to pay those large bank premiums. Consumer confidence is a real issue for the jewellery industry to tackle. They can no longer take their customers for granted.”

Madhu Sudan Daga

to fabricate heavy bridal jewellery for instance, a big drawback has been consumer confidence in the purity of gold dispensed by the jeweller. As against this, the positive side is that jewellery retailers offer consumers to unlock the value of their investment in gold with buy-back schemes. Typically, jewellers buy back gold from consumers at a five percent discount on the price of the yellow metal on the day of the transaction. Even a non-family-run operation like Tanishq offers a buy-back, though not in terms of cash but for new jewellery. The Bombay Bullion Association estimates that new gold imports into the country could be as much as 600 tonnes if prices stay under Rs.19,000 per 10 grams and around 500 tonnes even if prices are higher. A lot depends on whether the country has a good monsoon and consequently high agricultural production. Gold purchases will also increase if equity markets don’t perform well. “Indians will always buy gold,” says veteran gold analyst Madhu Sudan Daga, “particularly those in rural areas. In India, gold is wealth, whereas everywhere else in the world, it is a currency. There isn’t a single household in the country without some amount of gold holding.” According to Daga, regardless of whether gold appreciates or not, the concept of giving a woman her own wealth to keep when she is married (streedhan) will keep driving sales. “Given that that India still has

IDEX Magazine – India Retail | NO 03: SPECIAL REPORT

Exchange traded funds (ETFs) are also a major threat for the jewellery retailer who still relies heavily on intrinsic value to sell his product. Bombay Bullion Association president Prithviraj Kothari was quoted as saying that he expects ETF volumes to quadruple to between 50 and 60 tonnes this year as investors seek a safe hedge against soaring inflation and offset losses from a poorly performing stock market. But he added that the price of the yellow metal could fall by the end of the first quarter as the US dollar strengthens. Other analysts concur and expect the downward pressure on the price of gold to increase as the US economy steadily improves – as it is expected to – this year. Daga notes that while the sale of jewellery in India will continue to be driven the investment motive for some time to come, the purchase of gold is no longer the number one imperative for the Indian consumer. “Now the primary imperative is to buy a house, followed by investing in education for children. Gold comes in at number three.” These changes in social outlook, he observes, should be carefully followed by the jewellery retail community. So while it is clear that Indians are almost certainly going to buy more gold this year, whether or not it benefits the jewellery retail industry depends in large part on what the latter gives its customers, not only in the way of financial schemes to help them buy more easily, but more importantly, the kind of value proposition that jewellery offers consumers. ■

9

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Madhu Sudan Daga

Magazine – India Retail | NO 03: SPECIAL REPORT

gH$Vm h¡ `m Oê$aV n‹S>Zo na {ddmh _| ^mar Am^yfU ~ZdmZo Ho$ {cE gmoZo H$s am{e H$mo BŠR²>R>m H$a gH$Vm h¡ Š`m|{H$ Cgo Am^yfU {dH«o$Vm Ho$ gmoZo H$s ewÛVm na {dídmg Zht hmoVm& Am^yfU {~H«o$Vm 5 à{VeV H$_ na Zht gmoZm J«mhH$ go dm{ng co coVo h¡& VZríH$ O¡go ZE H$mamo~mar ^r gmoZm dm{ng Vmo IarXVo h¡ co{H$Z ZH$X Ho$ ~Om` ZE Am^yfU hr XoVo h¢& ~m°å~o gam©\$m Egmo{gEeZ Ho$ EH$ AZw_mZ Ho$ AZwgma `{X gmoZo Ho$ Xm_ à{V 10 J«m_ 19,000/-ê$. go H$_ ahZo na 600 Q>Z Amoa Xm_ A{YH$ hmoZo na cJ^J 500 Q>Z ZE gmoZo H$m Xoe _| Am`mV hmo gH$Vm& `o AÀN>o _mZgyZ Am¡a AÀN>r \$gc VWm B{¹$Q>r ~mOmam| _| _§Xr na {Z^©a H$aoJm& gmoZo Ho$ OmZo _mZo {dícofH$ _Yw gyXZ S>mJm H$m H$hZm h¡ {H$ ^maVr` J«mhH$, {deofH$a J«m_rU joÌm| _| J«mhH$ h_oem gmoZm IarXVo ah|Jo Š`m|{H$ CZHo$ {cE gmoZm YZ h¡, _wX«m Zht Am¡a Wmo‹S>m-~hþV `o g^r Ho$ nmg hmoVm h¡ S>mJm H$m _mZZm h¡ {H$ gmoZo Ho$ Xm_ Omo ^r hmo, {ddmh _| c‹S>H$s H$mo gmoZm XoZo H$s àWm go gmoZo H$s {~H«$s ~‹T>Vr ahoJr+ ^maV _| gmoZo H$s _m§J Am¡Úmo{JH$ Oê$aVm| `m {Zdoe Ho$ H$maU Zht h¡& ~pëH$ `o {ddmh Am¡a g§ñH¥${V O¡go _wX²Xm| go Ow‹S>r h¡& co{H$Z S>mJm _mZVo h¡ {H$ J«mhH$ gmoZo H$s ewÛVm H$mo ~hþV _hËd XoVo h¢ Am¡a Bg{cE do ~ma `m {~ñHw$Q> Ho$ ê$n _| A{YH$ Xg na _wha~§X n¡H$

IDEX Magazine – India Retail | NO 03: SPECIAL REPORT

_| ~¢H$mo go gmoZm IarXZm n§gX H$aVo h¢& Am^yfU {dH«o$Vm ewÛVm Ho$ ~mao _| J«mhH$ H$mo ~odHy$\$ Zht ~Zm gH$Vo& Am^yfU IwXam {dH«o$Vm Ho$ CËnmX H$s {~H«$s Ho$ {cE nyar Vah go CgHo$ Am§V[aH$ _yë` na {Z^©a hmoZo go Cgo {d{Z_` ì`mnma {Z{Y (B©Q>rE\$) go ^r ~‹S>m IVam h¡& ~m°å~o gam©\$m Egmo{gEeZ Ho$ AÜ`j n¥ÏdramO H$moR>mar Ho$ AZwgma Bg df© B©Q>rE\$ H$mamo~ma Mma JwZm ~‹T>H$a 50 go 60 Q>Z Ho$ ~rM hmoJm Š`m|{H$ {ZdoeH$Vm© ~‹T>Vr H$s_Vm| Ho$ à^md go gwa{jV ahZm MmhVm h¡ Am¡a ñQ>m°H$ _m{H©$Q> H$s _§Xr Ho$ ZwH$gmZ H$s ^anmB© H$aZm MmhVm h¡& co{H$Z A_arH$s S>m°ca _O~yV hmoZo go de© Ho$ ewê$ _| gmoZo Ho$ Xm_ {Ja gH$Vo h¢& S>mJm H$m _mZZm h¡ {H$ Hw$N> g_` VH$ cmoJ {Zdoe Ho$ {cE gmoZm IarX|Jo Š`m|{H$ gmoZm IarXZm ^maVr` J«mhH$ H$s nhcr àmW{_H$Vm Zht h¡& A~ cmoJ Ka IarXZo d ~ƒm| H$s {ejm H$m VaOrh XoVo h¢& S>mJm H$m H$hZm h¡ {H$ Am^yfU IwXam {dH«o$VmAm| H$mo gm_m{OH$ ZO[aE _| BZ ~Xcmdm| H$mo g_PH$a McZm Mm{hE& Bg àH$ma O~ `h gm\$ h¡ {H$ Bg df© ^maVr` J«mhH$ cJ^J {ZpíMV ê$n go gmoZo H$s A{YH$ IarX H$aZo dmco h¡ Am¡a Bggo Am^yfU IwXam {dH«o$VmAm| H$mo cm^ hmoJm `m Zht `h ~hþV hX VH$ Bg ~mV na {Z^©a H$aVm h¡ {H$ Am^yfU IwXam {dH«o$Vm Z Ho$dc J«mhH$m| Ho$ {cE AmH$f©H$ {dÎmr` ñH$s_ cmH$a ~pëH$ Bggo ^r A{YH$ _hËdnyU© _yë` d¥{Õ Ho$ ê$n _| J«mhH$m| H$m {H$VZm cm^ XoVo h¢& ■

11

Spotlight GJF

All the winners of the National Jewellery Awards

GJF Institutes National Gem & Jewellery Awards

T

he All-India Gems & Jewellery Trade Federation (GJF), the apex body of the jewelry retail industry in India, has instituted a number of awards for the gem and jewelry industry in India. At a function on Friday, January 7th, they honored members of the industry with awards for excellence in 28 different categories, ranging from best jewelry in specific categories (plain-gold, bridal — both plain-gold and diamond-set, contemporary etc.) to personal achievements. The enthusiastic response to the awards in terms of participation — there were over 500 entries even after a large number had been dropped due to non-adherence ot criteria — and the obvious importance attached to winning them, is a clear symbol of the coalescing of the hitherto fragmented Indian jewellery retail industry into a more organised and unified body. The GJF now not only tackles industry problems in a unified manner, it is able to speak with a single voice to the government on matters of policy and taxation that

12

By Vinod Kuriyan

directly affect it. Retailers now clearly see the benefit of being together in one countrywide organisation and also recognize that moving into the future, with new technology and new sales formats, requires the support of a system that pools resources and is able to bring new ideas and systems to what is otherwise a very traditional industry. The GJF also recognised the sterling service rendered to the industry by Sanjay Kothari, formerly chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC) for several terms, a long-time member of the body’s top administration committee and currently its vice chairman, with a lifetime achievement award. Kothari was given a standing ovation by the capacity crowd at the venue. Known for his personal humility and trait of listening to opinion from every side of an issue before marshaling decisions on the variety of sometimes thorny issues the industry has had to deal with, he is held in almost universal esteem by the industry. ■

IDEX Magazine – India Retail | NO 03: spotlight

Category

Winner

Best Diamond Jewellery – Fashion

Shree Menghraj & Bros. Jewellers – Bangalore

Best Diamond Jewellery – Contemporary

Tikamdas Motiram & Sons Jewellers – Mumbai

Best Diamond Jewellery – Bridal

Karan Kothari Jewellers Pvt. Ltd. – Nagpur

Best Gold Jewellery – Fashion

B.R. Designs – Surat

Best Gold Jewellery – Contemporary

Om Jewellers Pvt. Ltd. – Mumbai

Best Gold Jewellery – Bridal

Om Jewellers Pvt. Ltd. – Mumbai

Best Platinum Jewellery

Intergold Gems Pvt. Ltd. (Orra) – Mumbai

Best Silver Jewellery

Chain N Chains Jewels Ltd. – Mumbai

Best Silver Articles

Chain N Chains Jewels Ltd. – Mumbai

Best Jadau Gold Jewellery – Precious Stones

Chintamani’s – The Jewellery Arcade – Mumbai

Best Jadau Gold Jewellery – Non-Precious Stones

Abaran Jewellers – Bangalore

Best Jewellery Designer

Sundaram Chains Pvt. Ltd. – Mumbai

Best Retail Chain Of The Year

Joyalukkas India Ltd. – Cochin

Best Single Store Of The Year

Joyalukkas India Ltd. – Cochin

Best Innovative Promotion Of The Year

Chintamani’s – The Jewellery Arcade – Mumbai

Best Diamond Jewellery Manufacturer

P & S Jewellery Ltd. – Mumbai

Best Gold Jewellery Manufacturer

Emerald Jewel Industry India Ltd. – Coimbatore

Best Platinum Jewellery Manufacturer

Fine Jewellery India Ltd. – Mumbai

Best Silver Jewellery Manufacturer

Derewalla Jewellery Industries Ltd. – Jaipur

Best Jadau Jewellery Manufacturer

Laxmi Jewellery – Ahmedabad

Best Gold/Jadau Jewellery Wholesaler

Vasupati Jewellers – Mumbai

Best Diamond Jewellery Wholesaler

KGK Creations (India) Pvt. Ltd. – Mumbai

Best Gemstones Testing Laboratory For The Year – Diamonds

GIA India Laboratory Pvt. Ltd. – Mumbai

Best Gemstones Testing Laboratory For The Year – Jewellery

International Gemological Institute (I) Ltd. – Mumbai

Best Precious Metal Testing Laboratory Of The Year – Hallmarking

Mahavir Hallmarking Centre Pvt. Ltd. – Mumbai

Anmol Ratna Award

Sanjay Kothari (GJEPC) – Mumbai

Yuva Ratna Award

MANISH JAIN (RL JEWELS) Manish Jain (RL Jewels) – Jalgaon

Gem Of The Year

Srinivasan (Emerald Jewel Industry) – Coimbatore

Best Logistics Company

B.V.C. Logistics Group – Mumbai

IDEX Magazine – India Retail | NO 03: spotlight

13

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IDEX Magazine – India Retail | NO 03: spotlight

15

Focus De Beers

Branded Diamonds Come To India De Beers launches its Forevermark in Bangalore

T

By Vinod Kuriyan

he De Beers group launched its Forevermark branded diamonds in India at an event with select retail partners in Bangalore – Abaran, C. Krishnaiah Chetty & Sons and Joyalukkas – on January 21st. The Forevermark diamond brand assures consumers that a number of criteria have been strictly adhered to. Each diamond is inscribed with a number using proprietary De Beers technology that enables an inscription just 1/20th of a micron deep that is invisible to the naked eye and does not alter the diamond’s clarity. The inscription is only visible through a special Forevermark viewer that is available at partner retail outlets. Forevermark CEO Stephen Lussier, who performed the honours at the Bangalore launch, responded to an email interview on the brand program and its plans for India.

16

Stephen Lussier, CEo Forevermark, announcing the launch in India

IDEX Magazine – India Retail | NO 03: FOCUS

What proportion of diamonds De Beers mines goes into the brand program? While Forevermark is part of the De Beers group of companies, the brand is run as a separately managed division. We therefore don’t have visibility on the figures that would answer your question accurately. However, to provide some context, we have sold $200 million at retail in China, Hong Kong and Japan to date. In volume terms less than one percent of the world’s diamonds will meet the rigorous quality and integrity criteria necessary to be inscribed with the Forevermark icon and unique identification number. Although in value terms, if the diamonds are cut to Forevermark standards a much larger percentage of rough supply could qualify. What are the criteria for a diamond to go into the Forevermark program? Is there a minimum size; a bottom limit for colour; a minimum clarity? Can it be any shape other than a round brilliant? To put into perspective the Forevermark standards, let me begin by saying that we see Forevermark diamonds as the world’s most carefully selected diamonds. To be more specific, Forevermark diamonds must meet standards for clarity, colour and carat – that is 0.14 carats and larger, from D to L colours (as well as fancy colours) and for clarity they should be between Flawless and SI2. Diamonds in all other fancy shapes can also be inscribed.   However, the most important factor is cut. Forevermark works with experts at every step of the diamonds’ journey and diamantaires are no exception to this. Forevermark diamonds can only be cut by master craftsmen to detailed criteria that strive to bring the inherent beauty from the rough stones. While there is no single cut that qualifies our focus is very much on maximising the beauty of each diamond. Over and above the 4 Cs, each Forevermark diamond brings a promise of integrity. Each Forevermark diamond is genuine, natural, and untreated. Every Forevermark diamond has been responsibly sourced, and can only be selected if it has met rigorous standards of business, social and environmental integrity at every step of its journey. Could you detail your plans for India? Since our launch two years ago in China, Hong Kong and Japan where we have since established our

IDEX Magazine – India Retail | NO 03: FOCUS

brand, we have reached over $200million of retail sales.  At the end of last year, Forevermark expanded into Singapore, the Caribbean and Mexico. Today we are now available from around 350 doors across these three launch markets, a 40% increase on the beginning of 2010. India currently represents 7% (2009) of the global consumer demand for diamonds and is expected to grow to 11% in 2016. Looking at both our experience in other markets and the basic growth for the industry in India, we are confident of the returns we expect here. As such, our plans are ambitious and we see ourselves being present across 35 cities in the next 5 years in partnership with leading jewellers. Moving specifically to the price range for Forevermark here in India, we expect pieces to be priced upwards of around Rs. 30,000. Within two days of launch we have already sold a diamond necklace worth upwards of US$ 30,000 in addition to smaller pieces – so clearly we are confident of selling across a wide range of prices. How do you go about selecting retailers to sell these diamonds? Do they have to have long-term relationships with your sightholder clients or can they be discretionary buyers of the product? The same meticulous care that goes into selecting Forevermark diamonds is also devoted to choosing the jewellers where they can found. Forevermark diamonds will be available only with a few exclusive Authorised Forevermark Jewellers who are passionate about creating the finest designs inspired by these exceptional diamonds, who have a history of integrity and trust, who are focused on diamonds and have the quality environments and skilled sales associates necessary to sell diamonds with the Forevermark. We are seeking to build a partnership between leading jewellers, diamantaires and Forevermark based upon our mutual passion for diamonds and our long-term view of our industry. In the absence of your generic umbrella campaign (“a diamond is forever”), what is the value proposition that you have developed for this product? Are you maintaining the idea that a diamond

17

stands as a symbol of the relationship between men and women or are you moving into positioning it as a luxury product – an object of desire?In this regard please elaborate if you have any specific plans in India. Forevermark is a global diamond brand and our supporting communications will position it in a way that creates aspiration as well as emotional value. While the brand is focused on the quality and integrity, diamonds are inherently all about love and emotion, and a Forevermark diamond is one you would be proud to own and wear forever. We want to work with our partners to create new and exiting ways in which we can stimulate yet more consumer interest in diamonds. We are particularly looking forward to doing this within the growing Indian market. The Indian bridal market will always be very important to us – we see ourselves playing an important role growing the diamond engagement ring category and also ensuring that we enjoy a larger share within the more traditional bridal purchases. We are seeing an increasing preference for diamonds from modern brides which we believe will work in our favour. While we are a global brand, we are looking forward to working with India specific gifting moments such as Diwali, Karva Chauth and weddings to help build the brand. Events will form a significant part of our marketing mix as they provide us with an opportunity to interact intimately with our target consumer – going by the feedback of many of our partners, it’s a much preferred route within the marketing mix which provides good results – so whether its fashion weeks, smaller intimate showcases or larger sponsorships, we will certainly be evaluating all these options.  

18

Model holding Forevermark 40 carat diamond

  What are your promotional plans in India? We will support the brand through advertising, PR, CRM, digital marketing and visual merchandising. It will be a good mix that we will tailor in each metro to help us target our consumer base in the most effective way. ■

IDEX Magazine – India Retail | NO 03: FOCUS

Et Cetera

Retail The Times They Are A Changin’ A good watch has the power to complete an outfit for both men and women. Take a look at some of the most stylish watch trends and fashions.

The Choice Is Yours! The Hercules Classic collection from Reconvilier combines traditional styling, Swiss watchmaking expertise and adaptability. Watch enthusiasts can give free rein to their inspiration and create a personalised model, starting with the traditionally styled case, available in polished or satined steel or white or pink gold. The choice continues with the dial and external parts of the watch, which come in shades of white, gold, silver, black or gray. Finally, the customer can choose from a variety of leather straps in different colors and leather types.

IDEX Magazine – India Retail | NO 03: RETAIL ET CETERA

Watches by Reconvilier

19

Snake’s Eyes Ever since the Garden of Eden, women haven’t exactly had a good relationship with snakes. All that is about to change with these watches from Cobra. The Audrey collection features a range of elegant, aristocratic timepieces, suitable for both day and evening wear, such as this watch with a steel case, black dial and leather strap. For those looking for something a little dressier, the gemadorned watch from the Thebes line has a pink case, silver dial and white satin strap.

Watches by cobra

Dream, Dream, Dream Inspired by Shakespeare’s A Midsummer Night’s Dream, BijouMontre draws on the brand’s classics for its BM22020T collection. To re-enact that memorable night, filled with hope and passion, BijouMontre has combined the flamboyant colours of citrine, amethyst, peridot, rhodolite and topaz to conjure up this enchanted world. The dial’s appliqué diamonds recall the comedy’s heroes and heroines. A jewel or a watch? In any case, the metaphor of a magical night.

Watch by BijouMontre

Wide-Eyed View The Panoramic line of watches from Lip dates back to the swinging ’60s, and has been updated since then to keep up with the times. No matter the changes, the collection cultivates a simplicity of design and a aura of sophistication that is attractive without being ostentatious, as these Panoramic Classic and Panoramic Verticale watches show to good effect.

20

Watches by lip

IDEX Magazine – India Retail | NO 03: RETAIL ET CETERA

Future Gazing The Crystalball Bamboo watch from Badollet Geneva is inspired by, of all things, Asian bamboo scaffolding. The rectangular case with its pure lines set with 52 baguette-cut diamonds, totalling 6.3 carats, also frames a flying tourbillon. The 18 karat white gold watch, which is inlaid with mother of pearl, is also water resistant to 30 meters. The bracelet is available in either matt or glossy hand-sewn white alligator leather with an 18 karat white gold folding clasp.

Watch by badollet

Invitation To Romance Ernest Borel’s latest creation, the stainless steel Romance Automatic series, is an invitation to love. A strong sense of plenitude emanates from the heart of this elegant piece, which comes in both men’s and ladies’ versions. The purity of its lines and the softness of its finishing are the perfect ingredients for a beautiful love story.

Watches by Ernest Borel

Retro Living Bulgari’s sporty watch, the Octo Bi-Retro Steel Ceramic, has been designed for intensive living. A large window at 12 o’clock shows the jumping hours, the retrograde minute hand travels over a 210° arc, while the retrograde date is shown on a 180° arc at the bottom of the dial. At the same time, the studs on the bezel make it easier to read the intermediary minutes in their separate 10-minute segments. The watch, which has a black rubber with triple-bladed steel folding clasp, is water resistant up to 50 meters. IDEX Magazine – India Retail | NO 03: RETAIL ET CETERA

Watch by Bulgari

21

Wind Power Perrelet continues powering up its Turbine collection with the arrival of the Turbine XL. Bold, intuitive and with its own distinctive style, the watch has a powerful, racy case a natural rubber bracelet and a sapphire case back. The timepiece is available in three variations: in DLC steel, a more sporty combination of titanium and DLC steel or the original combination of pink gold and DLC steel. There are also three dial designs: a classical version in black and white or two coloured versions: one orange and black, the other green and black.

Watches by perrelet

A Watch For All Seasons According to Cimier, its Seven collection is an open invitation for watch wearers to exercise their creativity. A simple press opens the two-part case, and the lower part housing the movement can be detached from the upper part holding the strap. Case and straps are interchangeable and serve to create seven different versions, ranging from a sports chronograph to a three-hand ladies’ watch. Talk about adaptable!

Watches by cimier

22

IDEX Magazine – India Retail | NO 03: RETAIL ET CETERA

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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DR AF T – FEBRUARY 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 157677 141079 120333 107884 99586 78839 66390 62241 49793 37345 24896 E 200475 179372 152994 137167 126616 100238 84411 79135 63308 47481 31654 F 149378 136930 112034 99586 91287 74689 62241 58092 45643 33195 24896 F 189924 174097 142443 126616 116065 94962 79135 73859 58032 42205 31654 G 136930 120333 103735 91287 78839 66390 58092 53942 41494 33195 20747 G 174097 152994 131892 116065 100238 84411 73859 68584 52757 42205 26378 H 120333 107884 95436 82988 70540 62241 53942 49793 37345 29046 20747 H 152994 137167 121340 105513 89686 79135 68584 63308 47481 36930 26378 I

99586 87137 82988 74689 62241 58092 49793 45643 37345 29046 20747

J

74689 70540 66390 58092 53942 49793 45643 41494 33195 29046 16598 J

I 126616 110789 105513 94962 79135 73859 63308 58032 47481 36930 26378 94962 89686 84411 73859 68584 63308 58032 52757 42205 36930 21103

K 66390 62241 58092 49793 45643 41494 37345 37345 33195 24896 16598 K 84411 79135 73859 63308 58032 52757 47481 47481 42205 31654 21103 L 53942 49793 49793 45643 45643 41494 37345 29046 24896 20747 12448 L 68584 63308 63308 58032 58032 52757 47481 36930 31654 26378 15827 M 45643 45643 41494 37345 37345 33195 29046 24896 20747 16598 12448 M 58032 58032 52757 47481 47481 42205 36930 31654 26378 21103 15827 N 37345 41494 33195 29046 29046 24896 20747 20747 16598 12448 12448 N 47481 52757 42205 36930 36930 31654 26378 26378 21103 15827 15827 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 240961 198124 171350 149932 139222 107094 91030 80320 69611 53547 37483 D 275822 233388 201563 180345 148520 116694 106086 95477 74260 58347 42434 E 203479 182060 155286 139222 128513 101739 85675 80320 64256 48192 32128 E 233388 206867 180345 169737 143216 111390 95477 90173 68956 53043 37130 F 192769 176705 144577 128513 117803 96385 80320 74966 58902 42838 32128 F 222780 201563 175041 159128 132607 106086 90173 84868 68956 53043 37130 G 176705 155286 133867 117803 101739 85675 74966 69611 53547 42838 26773 G 201563 175041 153824 137911 116694 100781 84868 79564 63651 47739 31826 H 155286 139222 123158 107094 91030 80320 69611 64256 48192 37483 26773 H 180345 159128 137911 121998 106086 95477 79564 74260 58347 47739 31826 I 128513 112449 107094 96385 80320 74966 64256 58902 48192 37483 26773 I 153824 132607 121998 106086 95477 84868 74260 68956 53043 42434 31826 J

96385 91030 85675 74966 69611 64256 58902 53547 42838 37483 21419

J 121998 111390 106086 90173 79564 74260 68956 63651 47739 42434 26521

K 85675 80320 74966 64256 58902 53547 48192 48192 42838 32128 21419 K 111390 100781 95477 79564 74260 63651 58347 53043 42838 37130 26521 L

69611 64256 64256 58902 58902 53547 48192 37483 32128 26773 16064 L

95477 90173 84868 74260 68956 58347 53043 47739 37130 31826 21217

M 58902 58902 53547 48192 48192 42838 37483 32128 26773 21419 16064 M 79564 74260 68956 63651 58347 53043 47739 42434 31826 26521 21217 N 48192 53547 42838 37483 37483 32128 26773 26773 21419 16064 16064 N 63651 58347 53043 53043 47739 47739 42434 37130 26521 21217 21217 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 299464 253393 218839 195804 161250 126696 115179 103661 80625 63348 46071 D 455742 350143 305681 244545 227871 188966 150061 138946 111157 88925 61136 E 253393 224598 195804 184286 155491 120938 103661 97902 74866 57589 40313 E 339028 305681 283449 233429 205640 172293 138946 127830 105599 83367 55578 F 241875 218839 190045 172768 143973 115179 97902 92143 74866 57589 40313 F 305681 283449 261218 222313 194524 155619 127830 116714 100041 77810 55578 G 218839 190045 167009 149732 126696 109420 92143 86384 69107 51830 34554 G 272334 250102 233429 205640 172293 138946 111157 105599 94483 72252 50020 H 195804 172768 149732 132455 115179 103661 86384 80625 63348 51830 34554 H 244545 222313 200082 177851 150061 127830 105599 100041 88925 66694 50020 I 167009 143973 132455 115179 103661 92143 80625 74866 57589 46071 34554 I 200082 183408 166735 144504 127830 111157 100041 94483 83367 66694 50020 J 132455 120938 115179 97902 86384 80625 74866 69107 51830 46071 28795 J 155619 144504 133388 116714 111157 100041 88925 83367 77810 66694 44463 K 120938 109420 103661 86384 80625 69107 63348 57589 46071 40313 28795 K 133388 127830 122272 105599 100041 88925 83367 77810 72252 61136 44463 L 103661 97902 92143 80625 74866 63348 57589 51830 40313 34554 23036 L 116714 111157 105599 100041 94483 83367 77810 72252 61136 55578 38905 M 86384 80625 74866 69107 63348 57589 51830 46071 34554 28795 23036 M 100041 94483 88925 83367 83367 72252 66694 61136 55578 50020 33347 N 69107 63348 57589 57589 51830 51830 46071 40313 28795 23036 23036 N 83367 77810 72252 66694 72252 61136 55578 50020 50020 44463 27789 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 SI3 I2 SI3 I2 D 567277 433800 372623 328131 300323 255831 228023 189092 161285 105669 66738 D 688163 574372 498512 395558 357628 335954 287186 222163 178814 124628 75861 E 417116 372623 333692 311446 278077 244708 216900 177969 155723 100108 66738 E 568954 536442 455163 363047 341372 314279 276349 211326 173395 119209 70442 F 372623 339254 311446 289200 261392 228023 200215 172408 150162 94546 61177 F 536442 509349 422651 346791 325116 298023 265512 205907 167977 113791 70442 G 333692 300323 278077 255831 233585 205777 183531 166846 144600 94546 55615 G 455163 417233 357628 319698 298023 276349 243837 195070 162558 108372 65023 H 300323 272515 250269 228023 211339 189092 172408 155723 133477 88985 55615 H 368465 346791 325116 303442 281768 254675 233000 184233 151721 102954 65023 I 250269 233585 222462 205777 189092 172408 150162 139039 127915 83423 55615 I 308861 292605 270930 260093 238419 227582 205907 167977 140884 97535 59605 J 189092 183531 177969 161285 155723 150162 139039 122354 116792 77862 50054 J 254675 243837 233000 222163 205907 200488 184233 151721 130047 92116 59605 K 166846 161285 155723 139039 133477 122354 111231 105669 94546 72300 50054 K 211326 205907 195070 184233 173395 167977 151721 130047 102954 81279 54186 L 139039 133477 127915 122354 116792 111231 100108 94546 72300 61177 44492 L 178814 173395 167977 157140 151721 146302 135465 119209 97535 75861 48767 M 127915 122354 116792 111231 105669 100108 94546 88985 66738 55615 38931 M 162558 157140 151721 146302 140884 135465 124628 108372 92116 70442 48767 N 116792 111231 105669 100108 94546 88985 88985 83423 61177 50054 33369 N 146302 140884 135465 135465 130047 124628 113791 97535 86698 65023 48767

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 186723 153528 132781 116183 107884 82988 70540 62241 53942 41494 29046 D 237405 195199 168821 147719 137167 105513 89686 79135 68584 52757 36930

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 24

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 – FEBRUARY 1st 2011 D R A F T – J A N U A R Y 1st 2 0 10

DR AF T – FEBRUARY 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

D 1319858 971324 828482 628504 491376 417098 348534 274256 234260 159983 91419 D 1551037 1255877 1157491 885480 711857 572958 468784 358822 283585 179411 104174 E 902760 851337 719922 577081 462807 388530 331393 257115 222833 154269 85705 E 1226940 1174853 983867 833393 677132 549808 445634 341460 272010 173624 98387 F 817055 742777 657072 525658 439953 371389 314252 245688 211406 148555 79991 F 1064891 972292 925992 763944 648195 520871 416697 329885 260435 167836 92599 G 577081 554226 531371 462807 411384 348534 302825 234260 205692 142842 74278 G 746581 729219 694494 630832 567170 474571 387759 306735 248860 162049 86812 H 479948 457094 428525 388530 354248 331393 291397 228547 194265 137128 74278 H 601895 584533 567170 515083 480359 439846 370397 283585 237286 156261 86812 I

411384 399957 371389 331393 314252 297111 262829 211406 177124 125701 68564 I

532446 526658 509296 451421 416697 387759 329885 260435 225711 144686 81024

J 342820 331393 319966 302825 274256 262829 245688 188551 154269 114273 68564 J 439846 434059 416697 376184 341460 329885 289373 231498 190986 133111 81024 K 308538 297111 285683 274256 234260 228547 205692 171410 142842 102846 62850 K 358822 347247 335672 329885 295160 272010 248860 208348 173624 121537 75237 L 274256 262829 257115 245688 217119 205692 182837 159983 131414 91419 57137 L 324097 312522 300948 283585 260435 248860 225711 190986 156261 115749 69449 M 228547 222833 211406 199978 177124 165696 148555 125701 114273 85705 57137 M 272010 266223 254648 248860 219923 208348 190986 162049 138899 104174 69449 N 182837 182837 165696 154269 137128 125701 114273 97535 97132 79991 57137 N 219923 219923 208348 193859 179411 167836 156261 133111 121537 92599 69449 IF SI2 I1 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 SI3 I2 D 2222062 1794315 1616550 1322127 961042 733280 599957 411081 322199 188875 105548 D 2531436 2044135 1841620 1506205 1094846 835374 683488 468316 367058 215172 120243 E 1738763 1627660 1388789 1183248 922156 716615 583291 399971 311089 183320 99993 E 1980849 1854277 1582148 1347990 1050546 816388 664502 455659 354401 208843 113915 F 1527667 1377678 1238799 1044369 883270 677729 544405 383306 299978 177765 94438 F 1740362 1569491 1411276 1189775 1006246 772088 620202 436673 341744 202515 107586 G 1099921 1011038 922156 844383 772166 633288 522185 361085 283313 172210 94438 G 1253061 1151804 1050546 961946 879674 721459 594888 411358 322758 196186 107586 H 855494 799942 744391 705505 655508 566626 488854 333309 266647 166655 88882 H 974603 911317 848031 803731 746774 645516 556916 379715 303772 189858 101257 I

694394 672174 633288 583291 538850 488854 444412 305533 255537 155544 83327 I

791074 765759 721459 664502 613873 556916 506287 348072 291115

J

555515 533295 511074 477743 444412 405526 377751 277758 233316 138879 83327 J

632859 607545 582230 544259 506287 461987 430344 316430 265801 158215 94929

177201

94929

K 499964 483298 466633 433302 405526 366640 338864 266647 199986 133324 77772 K 569573 550587 531602 493630 461987 417687 386044 303772 227829 151886 88600 L 388861 377751 366640 349975 316644 288868 261092 222206 172210 127769 72217 L 443001 430344 417687 398701 360730 329087 297444 253144 196186 145558 82272 M 333309 327754 322199 316644 272203 244427 222206 194430 144434 116658 72217 M 379715 373387 367058 360730 310101 278458 253144 221501 164543 132900 82272 N 277758 277758 277758 252730 227761 199986 183320 166655 121537 105548 72217 N 316430 316430 316430 287917 259472 227829 208843 189858 132900 120243 82272 IF SI2 I1 I3 IF SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 D 3868026 2997409 2661600 2058387 1629297 1075834 795993 522370 447746 236310 130593 D 4285946 3321263 2949172 2280785 1805334 1192072 881995 578809 496122 261842 144702 E 2935222 2667819 2238729 1790983 1498705 1013647 752462 497495 416652 230092 124374 E 3252357 2956062 2480612 1984489 1660632 1123166 833761 551247 461669 254952 137812 F 2531007 2332009 1965107 1629297 1392987 951460 721368 472621 391778 217654 118155 F 2804469 2583970 2177426 1805334 1543492 1054260 799308 523685 434107 241171 130921 G 2027293 1822077 1641735 1461392 1225082 858179 684056 447746 373121 211436 111936 G 2246332 2018942 1819115 1619288 1357446 950901 757965 496122 413435 234280 124031 H 1536017 1473830 1368112 1193989 1026084 740024 652963 422871 354465 205217 111936 H 1701975 1633069 1515929 1322993 1136947 819980 723512 468560 392763 227389 124031 I 1094490 1063396 1026084 920366 783555 646744 565901 385559 329591 192779 105718 I 1212743 1178290 1136947 1019807 868214 716621 627043 427216 365201 213608 117140 J 889273 876835 845742 764899 690275 559682 497495 354465 292278 174123 99499 J 985354 971573 937120 847542 764855 620153 551247 392763 323858 192936 110249 K 820867 783555 752462 684056 615650 478839 416652 323372 261185 161686 99499 K 909558 868214 833761 757965 682168 530575 461669 358311 289405 179155 110249 L 615650 584557 553464 528589 478839 360684 304716 267404 205217 155467 93280 L 682168 647715 613262 585700 530575 399654 337639 296295 227389 172265 103359 M 509933 497495 478839 447746 410434 323372 273622 242529 180342 143030 93280 M 565028 551247 530575 496122 454779 358311 303186 268733 199827 158484 103359 N 404215 410434 404215 366903 342028 286060 242529 217654 155467 130593 93280 N 447888 454779 447888 406545 378982 316967 268733 241171 172265 144702 103359 IF SI2 I1 I3 IF SI2 I1 I3 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 VVS1 VVS2 VS1 VS2 SI1 SI3 I2 D 4958313 39403443602927 2905217 2281854 1389700 1000813 578809 496122 261842 144702 D 7068431 5352227 4817005 40548943083348 1879097 1274063 639940 496122 273429 145441 E 3928906 3585770 3099661 2596395 2156037 1338230 972218 551247 461669 254952 137812 E 5299869 4770463 4200335 3636024 2908819 1739474 1233339 605034 461669 261794 137812 F 3545737 30939422790838 2401951 1973031 1269603 949343 523685 434107 241171 130921 F 4654111 4188700 3839641 3403318 2501584 1588215 1180981 581764 434107 250158 130921 G 2676460 2401951 2253259 2121723 1732836 1126629 874996 496122 413435 234280 124031 G 3490583 3141525 2891366 2658661 2210703 1466045 1116987 558493 413435 238523 124031 H 2035939 1932999 1801463 1675647 1406857 1006532 806369 468560 392763 227389 124031 H 2792466 2530673 2327055 2094350 1751109 1274063 1006451 500317 392763 232706 124031 I 1469765 1395419 1338230 1235289 1080878 840683 714866 427216 365201 213608 117140 I 2012903 1884915 1820921 1628939 1466045 1076263 872646 442141 365201 221070 117140 J 1183819 1126629 1092316 1006532 892153 737742 623363 392763 323858 192936 110249 J 1512586 1436957 1338057 1279880 1221704 959910 773746 401417 323858 209435 110249 K 1006532 943624 909310 846402 754899 600488 531861 358311 289405 179155 110249 K 1180981 1093716 1041357 983181 925004 756293 639940 366511 289405 191982 110249 L

691991 657677 629082 600488 531861 428920 371731 296295 227389 172265 103359 L

866828 831922 791199 756293 698117 581764 442141 319970 250158 174529 103359

M 594769 571893 554736 520423 474671 383168 331698 268790 199827 158484 103359 M 750475 715570 686481 657393 628305 523587 395599 285064 215253 158484 103359 N 497547 486109 480390 440358 417482 337417 291665 245914 172265 144702 103359 N 634123 599217 581764 558493 558493 465411 349058 250158 180347 144702 103359

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

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

DR AF T – FEBRUARY 1st 2011

25

DR AF T – FEBRUARY 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 102326 94747 79587 68218 60638 56848 49268 49268 37899 26529 18949 F 113027 104655 87910 75351 66979 62793 54421 54421 41862 29303 20931 G 94747 83377 72007 64428 56848 53058 45478 45478 34109 26529 18949 G 104655 92096 79538 71165 62793 58607 50234 50234 37676 29303 20931 H 75797 72007 64428 60638 53058 49268 41689 41689 30319 22739 18949 H 83724 79538 71165 66979 58607 54421 46048 46048 33490 25117 20931 I 60638 56848 53058 53058 49268 45478 37899 37899 30319 22739 15159 I

66979 62793 58607 58607 54421 50234 41862 41862 33490 25117 16745

J 49268 45478 45478 41689 41689 37899 34109 34109 26529 18949 15159 J 54421 50234 50234 46048 46048 41862 37676 37676 29303 20931 16745 K 41689 37899 34109 34109 34109 30319 26529 26529 22739 18949 15159 K 46048 41862 37676 37676 37676 33490 29303 29303 25117 20931 16745 L 37899 34109 34109 30319 30319 30319 26529 22739 15159 15159 11370 L 41862 37676 37676 33490 33490 33490 29303 25117 16745 16745 12559 M 34109 34109 34109 30319 30319 30319 26529 22739 15159 11370 11370 M 37676 37676 37676 33490 33490 33490 29303 25117 16745 12559 12559 N 34109 34109 34109 30319 30319 30319 26529 22739 15159 11370 11370 N 37676 37676 37676 33490 33490 33490 29303 25117 16745 12559 12559 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 153576 143668128806 118898 99082 89173 74311 69357 59449 44587 29724 D 174757 160587 146418 136971 118079 103909 94463 85017 61401 47232 37785 E 143668 133760 118898 99082 84219 79265 69357 69357 54495 39633 29724 E 160587 151141 136971 127525 113356 94463 85017 80294 56678 42508 33062 F 133760 123852 104036 89173 79265 74311 64403 64403 49541 34679 24770 F 151141 141695 127525 118079 108633 89740 80294 75570 51955 37785 28339 G 123852108990 94127 84219 74311 69357 59449 59449 44587 34679 24770 G 141695 127525 118079 108633 99186 85017 70847 70847 47232 37785 28339 H 99082 94127 84219 79265 69357 64403 54495 54495 39633 29724 24770 H 122802 113356 103909 99186 89740 80294 66124 66124 42508 33062 28339 I

79265 74311 69357 69357 64403 59449 49541 49541 39633 29724 19816 I

99186 94463 89740 85017 75570 70847 61401 61401 42508 33062 23616

J 64403 59449 59449 54495 54495 49541 44587 44587 34679 24770 19816 J 80294 75570 75570 70847 61401 56678 51955 51955 37785 28339 23616 K 54495 49541 44587 44587 44587 39633 34679 34679 29724 24770 19816 K 70847 61401 56678 51955 51955 47232 37785 37785 29724 24770 23616 L 49541 44587 44587 39633 39633 39633 34679 29724 19816 19816 14862 L 61401 56678 51955 47232 47232 42508 37785 33062 28339 23616 18893 M 44587 44587 44587 39633 39633 39633 34679 29724 19816 14862 14862 M 51955 47232 47232 42508 42508 39633 34679 29724 23616 18893 18893 N 44587 44587 44587 39633 39633 39633 34679 29724 19816 14862 14862 N 44587 44587 44587 39633 39633 39633 34679 29724 19816 18895 18893 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 175437 161212 146987 137504 118538 104314 94831 85348 61640 47415 37932 D 252202 214134 195100 176066 161790 133239 114205 104688 90412 71378 52344 E 161212 151729 137504 128021 113797 94831 85348 80606 56898 42674 33191 E 218892 195100 180824 157032 142756 118963 95171 95171 85654 66619 47585 F 151729 142246 128021 118538 109055 90089 80606 75864 52157 37932 28449 F 195100 180824 161790 147514 133239 114205 90412 90412 80895 61861 47585 G 142246 128021 118538 109055 99572 85348 71123 71123 47415 37932 28449 G 180824 161790 147514 133239 118963 104688 85654 85654 71378 57102 42827 H 123280 113797 104314 99572 90089 80606 66381 66381 42674 33191 28449 H 161790 147514 137997 123722 114205 90412 80895 80895 66619 52344 42827 I

99572 94831 90089 85348 75864 71123 61640 61640 42674 33191 23708 I 137997 123722 118963 109446 99929 90412 80895 76137 61861 52344 38068

J 80606 75864 75864 71123 61640 56898 52157 52157 37932 28449 23708 J 109446 99929 95171 90412 85654 80895 76137 66619 57102 52344 38068 K 71123 61640 56898 52157 52157 47415 37932 37932 29724 24770 23708 K 85654 76137 76137 71378 71378 66619 61861 61861 52344 47585 33310 L 61640 56898 52157 47415 47415 42674 37932 33191 28449 23708 18966 L 71378 66619 66619 61861 61861 61861 57102 57102 47585 42827 33310 M 52157 47415 47415 42674 42674 39633 34679 29724 23708 18966 18966 M 57102 57102 57102 52344 52344 52344 47585 47585 42827 38068 28551 N 44587 44587 44587 39633 39633 39633 34679 29724 19816 18968 18966 N 47585 47585 47585 42827 42827 42827 38068 38068 38068 33310 23793 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 109906 102326 90957 75797 64428 60638 53058 53058 41689 30319 22739 E 121400 113027 100469 83724 71165 66979 58607 58607 46048 33490 25117

IF

Fancy -1/2 (0.45-0.49)

VS2

D 117486 109906 98537 90957 75797 68218 56848 53058 45478 34109 22739 D 129772 121400 108841 100469 83724 75351 62793 58607 50234 37676 25117

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 348019 271741 257438 243136 228834204997 176393 162091 123952 85813 57209 D 394422 311868 302696 284351 266005 252247 220142 178866 133003 96312 59622 E 276508257438247904228834209765 181160 157324 147789 119184 81045 52441 E 311868 302696284351 270592256833238488206384 169693 128416 91726 55036 F 262206247904238369 219299 195463 171626 147789 138254 114417 76278 52441 F 302696 284351 266005256833243074 229315 201797 165107 128416 87140 55036 G 247904233602219299200230 181160 152556 138254 133487 109650 76278 47674 G 284351266005256833247660 229315 210970 188038 160521 123830 82553 50449 H 224067204997200230 185928 162091 138254 128719 123952 100115 71511 47674 H 247660 229315 220142 210970 197211 188038 165107 151348 114658 82553 50449 I 190695 176393 171626 157324 133487 119184 109650104882 90580 66743 42906 I 220142206384201797 192625 178866 174279 151348 133003 110071 77967 45863 J 152556 143021 138254 128719 123952 114417 95348 90580 76278 61976 42906 J 188038 183452 178866 169693 165107 155934 137589 119244 96312 68795 45863 K 128719 119184 114417 109650104882 95348 85813 81045 66743 57209 38139 K 151348 146762 142175 137589 137589 128416 119244 105485 82553 59622 41277 L 104882 100115 95348 90580 90580 85813 81045 71511 57209 47674 38139 L 119244 114658 110071 105485105485100899 96312 87140 64208 50449 38139 M 81045 81045 81045 76278 76278 76278 71511 71511 47674 42906 33372 M 91726 91726 91726 87140 87140 87140 82553 77967 50449 45863 36690 N 66739 66739 66743 61976 61976 61975 61976 38134 38139 38139 28604 N 73381 73381 73381 68795 68795 68795 68795 68795 38139 38139 36690

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 6 2

DR AF T – FEBRUARY 1st 2011

DR AF T – FEBRUARY 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 362313 348554 339381 321037 288933256829 220139 183449 137587 96311 59621 F 486246 471511 456777 432219 412572 388014 319252 250490186640 117878 68762 G 348554 339381 325623 302692 275174 238484206381 174277 128415 91725 55035 G 471511 456777 432219 417484 388014 353633299606240667 181728 112966 63850 H 288933270588256829 243071 220139 201794 178863 165104 123828 87138 55035 H 383103 373280 358545 343810 324164299606260313 216109 162082 108055 58939 I 247657238484229312 220139 201794 183449 160518 151346 119242 82552 50449 I 329076 319252 314341 299606284871 270137 225932 196463 152259 103143 58939 J 210967 201794 192622 183449 174277 160518 142173 128415 100897 68795 50449 J 255402250490245579 235756 225932 216109 186640 162082 127701 93320 54027 K 174277 169691 165104 160518 151346 142173 128415 114656 91725 59622 45862 K 221021 216109 211198 201375 191551 186640 166994 142436 112966 83497 54027 L 142173 137587 133001 128415 119242 110070 105483 91725 73380 55035 41276 L 186640 181728 176817 171905 157170 152259 137524 117878 98232 73674 49116 M 123828 119242 114656 110070 105483 96311 91725 87138 64207 50449 41276 M 157170 152259 147347 142436 132613 127701 117878 108055 83497 68762 44204 N 105483 100897 96311 91725 91725 82552 77966 68795 55035 45862 41276 N 127701 122789 117878 112966 108055 103143 98232 98232 68762 63850 41276 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 1162044844699 779363 709360 662692 536687 392015 294011 228675 135339 84003 D 1325998 963878 889324809445 756192 612409 447325 335494 260939 154434 95855 E 844699 779363 709360 662692 597356 513353 382681 284678 224009 130672 79336 E 963878 889324 809445 756192 681638 585782 436674 324843 255614 149108 90530 F 779363 709360 662692 597356 550688 490019 373348 275344 214675 126005 79336 F 889324 809445 756192 681638 628385 559156 426024 314192 244964 143783 90530 G 690693 644025 597356 550688 527353 443350 359347 261343 205341 121338 74670 G 788144 734891 681638 628385 601758 505903 410048 298216 234313 138458 85205 H 555355 508686 462018 438683 415349 373348 308012 233342 186674 116671 70003 H 633710 580457 527204 500578 473951 426024 351469 266265 213012 133132 79879 I 438683 415349 392015 368681 345347 326679 280011 219342 172673 112004 70003 I 500578 473951 447325 420698 394072 372771 319518 250289 197036 127807 79879 J 336013 322012 308012 294011 275344 261343 233342 177340 140005 102671 65336 J 383421 367445 351469 335494 314192 298216 266265 202361 159759 117156 74554 K 284678 270677 261343 247343 242676 233342 214675 158673 126005 98004 60669 K 324843 308867 298216 282241 276915 266265 244964 181060 143783 111831 69229 L 205341 196007 186674 172673 168006 163340 154006 130672 107337 88670 56002 L 234313 223662 213012 197036 191711 186385 175735 149108 122482 101181 63904 M 168006 158673 149339 144672 140005 140005 130672 116671 98004 84003 51335 M 191711 181060 170409 165084 159759 159759 149108 133132 111831 95855 58578 N 130672 122789 121344 116671 116651 107316 107337 102671 88670 79336 46668 N 149108 138458 138465 133132 133109 122458 122482 117156 101181 90530 53253 VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 2114207 17086041500732 1232020 1054569 755436 517144 415743 354903 187592 106471 D 2169255 1753091 153980712640981082026 775105 530609 426568 364144 192476 109243 E 1647763 1515942 1394261 1161039 988658 730086 491794 395463 329553 177451 101401 E 1690666 1555413 1430564 1191269 1014400 749095 504599 405760 338133 182072 104041 F 1434822 1348631 12320201069779 912607 679386 471514 380253 314343 167311 96331 F 1472180 1383745 12640981097633 936369 697075 483791 390154 322527 171668 98839 G 1267510 1181320 1115409 932888 816277 603335 461374 359973 299132 157171 91261 G 1300513 1212078 1144451 957177 837530 619044 473387 369346 306921 161264 93637 H 1049499 998798 907537 780786 669245 507004 425883 329553 273782 147031 91261 H 10768241024804 931167 801116 686671 520205 436972 338133 280911 150859 93637 I

801066 755436 714876 654035 537424 446164 370113 294062 248432 136891 86191 I

J

572915 547564 522214 486724 441094 354903 309273 238292 197732 126751 81121 J 587832 561821 535811 499397 452578 364144 317325 244496 202880 130051 83233

821924 775105 733489 671064 551417 457780 379750 301719 254900 140455 88435

K 461374 446164 425883 410673 365043 304202 268712 212942 177451 116611 76051 K 473387 457780 436972 421366 374548 312123 275709 218486 182072 119647 78031 L 334623 319413 304202 278852 263642 218012 197732 172381 147031 106471 65911 L 343335 327729 312123 286113 270507 223688 202880 176870 150859 109243 67627 M 248432 238292 223082 207872 197732 167311 152101 136891 121681 101401 60840 M 254900 244496 228890 213284 202880 171668 156062 140455 124849 104041 62425 N 162241 157171 141961 136891 133109 122458 122482 117156 101181 96331 55770 N 166466 161264 145657 140455 135253 122458 122482 117156 101181 98839 57223 IF

VVS1 VVS2 VS1

VS2

SI1

SI2

SI3

I1

I2

I3

IF

VVS1 VVS2

VS1

VS2

SI1

SI2

SI3

I1

I2

I3

D 2925649 23610502124945 1878574 1632204 985482 677519 492741 400352 215574 123185 D 4399790 3352221 3079853 2755106 2262749 1367077 885196 576163 429503 246179 141422 E 2294324 2124945 1986361 1724593 1514151 949553 651855 467077 374688 205309 118052 E 3294604 3069377 28284362545593 2110851 1319937 859007 544736 403314 235703 130946 F 2073618 1986361 18323801580877 1344772 887960 631324 441414 354157 195043 112920 F 2802247 2618922 2461787 22522731828008 1199466 811866 523784 387601 225227 120470 G 1755389 1591142 14576921390966 1165127 821235 615926 415750 333627 184778 107787 G 2294176 2095138 1964192 17808671508499 1073758 775201 502833 366649 214752 115233 H 1432028 13499051236985 1149729 970083 718580 544068 379821 313096 174512 102654 H 1990381 1833246 164992115084991298986 932336 670444 455692 345698 204276 109995 I 1052207 1006013 949553 882827 826367 626191 477343 333627 272034 164247 97522 I 1356602 1257083 1178515 1073758 984715 733298 565687 403314 319509 193800 99519 J

764775 733979 708315 667253 636457 508139 415750 287432 230972 153982 87256 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 403589 362313 348554334795 307278 266002 224726 188036 142173 96311 59621 E 530450486246 471511 456777 432219 402749 333987 260313 196463 122789 73674

IF

Fancy 3.00 (3.00-3.49)

VS2

D 600797403589 362313 343968316450 279760 233898 192622 146760 100897 64207 D 771117 530450486246 471511 442042 412572 338899 265225 201375 127701 73674

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

979477 932336 879958 817104 759487 607590 508071 356173 288081 178087 94281

K 605661 574864 549201 528670 492741 395219 354157 272034 210441 138583 82123 K 780439 743774 707109 654731 628541 497595 424265 329984 261892 162373 89043 L 431148 420883 410617 390086 374688 302830 266901 220707 174512 123185 76991 L 549974 523784 497595 481882 471406 377125 314271 282844 230465 146660 83806 M 338759 323361 313096 302830 297698 246370 215574 179645 143716 112920 71858 M 460930 445217 419028 398076 377125 314271 272368 219989 172849 130946 78568 N 246370 225840 225802 215574 215548 189911 164247 138583 112920 102654 66725 N 371887 366649 340460 314271 282844 251417 230465 157135 115233 115233 73330

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

DR AF T – FEBRUARY 1st 2011

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eld in Mumbai on December 6th, a day before the IIJS Signature show, the summit featured some iconic speakers and a variety of perspective on what the future held for the jewellery manufacturing and retail industry and what it needed to do in order to remain successful in the years to come. The meet made the case that outstanding leadership was one of the primary requirements for this. Beginning the meet, the GIA’s Bhatt, who was the moderator of the entire day’s proceedings – pointed out that very often, management and leadership are confused with each other. Outlining the clear differences, she noted that good management as about ensuring that systems and rules were adhered to. That the entire team in a group did so and thus made the group successful. Leadership, on the other hand, was about vision, about setting out on new paths leading to a future that is going to be different – and many a time about breaking existing rules that defined success today. The Indian jewellery retail industry, Bhatt pointed out, was overwhelmingly a family run affair with the exception of a few operations like Tanishq. This, she pointed out, required changing, if the industry was to succeed in the future. Talent, she pointed out, didn’t necessarily reside with succeeding generations of the family and needed to be sought outside if need be. Even within a family structure, she noted, it had to be recognized that leadership did not have to be correlated with expe-

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rience and family elders needed to recognize that the ability to lead might reside even in one of the younger set. Having recognized this, the family elders also needed the vision to be able to step aside and new leaders take over. Using a religious analogy, Bhatt pointed out that good managers were rule followers; model leaders were those who led by example; then came those who built up a second rung to take over, like Krishna, whom she described as the “ultimate coach”; and finally, there were those like Buddha, who were able to withdraw and let new talent take over. Ashok Minawalla of Palladio Jewellers in Mumbai, the GJF’s immediate past president, noted in his speech that the jewellery retail industry simply had to change in order to keep up with the future. In order to change, he observed, the first challenge was to unlearn some of the ideas that have been entrenched in the industry for generations. It was only by learning and absorbing new ideas that the industry could transform itself. That the ideas needed would have to be new, he observed, implied that they had not all been tried and tested in the Indian environment. Some might turn out to be mistakes. “There’s absolutely nothing wrong with making mistakes,” he said, adding, “the greatest mistake you could make is to continue to fear that you will make one.” In this regard, he observed that it was only acquired knowledge that would build up the industry.

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Minawalla noted that already, the industry had changed beyond belief in just the last decade. The idea of countrywide networking and outsourcing product design, development and manufacture to specialists, was unimaginable just a decade ago. The India International Jewellery Show (IIJS), which focussed on building just such a nationwide networking platform, he observed, had worked wonders for this industry.

Thus, Minawalla pointed out, the industry needed to look at what could perhaps be done and not what would obviously yield immediate results. “Don’t confuse the possible with the profitable,” he noted. He too wrapped up his vision of what was required with a religious allusion. “The Gita says your vision will clear if you look into your heart. Look outside you and you dream. Look inside and you awaken.”

Some of the audience at the leadership summit

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he meet’s keynote speaker, Shoppers Stop vice chairman B.S. Nagesh, who is credited with having changed Indian retail fundamentally by bringing in organised retail and enhancing the overall shopping experience for the consumer, echoed Bhatt’s statement that the future held changes that we might not even be able to imagine. He pointed out that when economic liberalization first came to India, the first five years or so, from 1990 to 1995, was one of scepticism. No one thought these changes could actually take root in India and everyone wondered just how long it would be before it all began to unravel. But the changes caught on in India and the next five years saw fundamental changes in the way business was conducted in the country. These years, he pointed out, were characterised by determined business managers who essentially told the sceptics, “we’ll do it and show you”. And the decade that followed this, he pointed out, as in indeed the years to come, have been characterised by managers who “will show us what we never ever imagined could be done.” Nagesh should know what he is talking about. He is considered among the top 50 Indians who have and continue to influence business in India as a whole. He laid out his vision of what the future would bring, but before that, he made clear that he didn’t think that changing to a modern format was necessarily the answer to what 32

the industry aspired to. He pointed out that the average attrition rate for personnel in all the various traditional retail segments in the country was between 15- and 20 percent. In jewellery and pharma, he noted, the attrition was under 10 percent. The sales force in these two segments, he noted, took pride in what they did. Sales people said that malls and the new retail format didn’t have the kind of family atmosphere that the jewellery retail industry typically enjoyed. They never felt an ownership of what they did. This, he pointed out, was something that would communicate itself to the consumer and thus have a major influence on how the business performed overall. Nagesh therefore told the jewellery retail industry to stop considering itself an ‘unorganised’ sector and to value the strengths its very traditionalism brought. No other industry, he pointed out, had up-to-the-minute inventory and cash-flow data. The ‘traditional’ jewellery retailers all had this. “You are certainly a traditional industry,” he said, “but you’re certainly not unorganised!” The present and the outlook for the future of business in India, Nagesh said, was characterised by great optimism. There were solid grounds for this optimism – a fast-growing economy, a huge consuming class that was quickly gaining purchasing power and had aspirations Idex Magazine – India Retail | NO 03: COVER STORY

of its own, and most importantly, the fact that these consumers were no longer insecure about their future. “Most of these young people don’t know about the public distribution system that the older generation grew up with, they don’t know about ration cards. Their outlook is completely different.” But, Nagesh cautioned, it was a mistake to believe that because of this, all would be well for every business in the country. “The optimism is for the country and industry in general,” he said, “but this doesn’t mean that every individual business will grow equally. Some will be left behind. So as an individual business, you need to know what needs to be done in order to succeed in tomorrow’s world.” Laying out his vision for the future, Nagesh observed that to begin with, all retail needed to now learn about and address the aspirations of a hitherto overlooked consumer segment – the 45-55 year age group. Explaining this, Nagesh said that one of the major social changes that had taken place in the country was the raising of the average marriage age. More people now married when in their late twenties or early thirties. And this led to a unique phenomenon. “Today,” he observed, “children who are between 25 and 30 years of age, are qualified, are earning, unmarried and are still living with their parents. They are, therefore, the extra earning members of every

nuclear family – contributing to household expenses as well as providing many of the luxuries and extras. So we have a segment between 45 and 55 (these married early and had children soon), who now have extra incomes as their children have now taken up some of their financial burdens. Nobody has analysed this segment and developed product specifically for them. They are going to be an extremely significant segment in the next decade.” Financial resources, would need watching and the future would require very prudent fiscal management, Nagesh noted. “Money will not be a problem,” he said, “but money will be doled out much more cautiously. So watch your practices.” Technology resources, on the other hand, were getting cheaper every day. Technology had the potential to transform businesses. “With cloud computing now very real, hitherto expensive and therefore exclusive resources can now be shared by many. This will have a significant impact in the future.” Real estate, which was vital to retail, Nagesh noted, would become scarcer simply because there were too many people vying for it. This would significantly impact any growth or relocation plans for jewellery retailers.

B.S. Nagesh

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he talent pool would deplete. This was already being felt by many businesses. “Many retailers say their children will not come back into their trade,” Nagesh noted, adding, “and you haven’t given talented employees the chance to grow and take over when you let go.” He urged jewellery retailers to think of sharing and trusting outside the family. “There are lots of people who want to run retail operations but don’t have the resources. Instead of simply letting your own retail operation sink because you don’t have someone to take over – your children are perhaps in the US and not likely to ever come back – you could look at creating opportunities for those of your employees who have talent. Look for talent outside and get it into your business. Get board members into the system before you take your company public.” A retailer’s non-family human resources, apart from being able to potentially carry on a business in the future, were also key to its success in everyday operations. But they had been seriously neglected by all segments of the retail industry, Nagesh noted. “There is a consumption economy in the country that is growing, but their is a service economy that isn’t growing at anywhere near the same pace. No salesman in the country today has a salary that has kept pace with inflation. Despite this, a consumer who walks into your shop in the evening expects service with a smile even if the salesman has had a tough day.” He warned that if this issue wasn’t addressed, there could be a problem in the future. “A key point to remember is that these people are also aspiring consumers. The benefits to addressing this issue are manifold.” Expanding on this neglected area, Nagesh pointed out that a survey he had conducted revealed that literally 34

100 percent of salespeople invested in gold – mostly in the form of jewellery. And sadly, 99.5 percent of these same people did not have medical insurance. Apart from financial compensation, the top three wants of most of those surveyed were simple – help with learning English, being taught proper etiquette and given commercial math skills. Nagesh noted that a retailer needed to look to a future that might lie outside the family. In order to get the best choice in this, the retailer needed to address the needs and aspirations of his existing non-family human resources. They would form the basis of all future plans. He went on to say, future leaders needed to be aware that simple top-line growth wasn’t necessarily the answer. “Profitability growth is very important and retailers shouldn’t chase growth if they don’t have the resources – financial, real estate and human – all planned. The volume game – low-cost mass-market product – will slowly but surely be taken completely by hypermarket operators in the next 25 years.” Nagesh summed up by saying, “Leadership is simple. It is about clear thought and setting a defined goal. Retail is the simplest business to run — it all boils down to the fact that you can service one customer at one moment in one square foot of space. You simply can’t do more. Good leadership would be one of the major factors that defined whether a venture succeeded or failed.” GJF chairman C. Vinod Hyagriv of C. Krishnaiah Chetty in Bangalore, while sharing his perspective on the leadership challenges for the jewellery retail industry in the coming years, began by saying, “Don’t fear change. Enjoy it. The present and the future are for the bold and couraIdex Magazine – India Retail | NO 03: COVER STORY

geous and not for the weak. We should be happy that we live in this generation, but we need to be tough.” Hyagriv noted that of the top 100 companies in the country when it gained independence in 1947, only 10 still existed in 2010. In the next 10 years, 90 percent of the leading companies today would also be gone. The key game changer today, according to Hyagriv, was technology. And technology was rapidly changing, with the internet playing a major role in the changes. Illustrating the point, Hyagriv observed that with the advent of mobile phones, it became the rage to send say New Year’s greetings via text messages to individual phones. Now, he said, the rage was sending these same messages to people’s Facebook accounts. Luxury goods maker Gucci, he said, boasted 20 million fans on Facebook – and adds 20,000 every day. How many jewellery firms could say that of themselves, he asked? What was the jewellery industry’s reach to the consumer? The key leadership challenge for the industry today, Hyagriv observed, was that it was no longer possible to just to “something” and exist. One had to have a dream — that was communicated to the consumer – and stand for something. One had to have substance. And one had to understand the product. What did jewellery stand for?

“It isn’t easy to say ‘I love you’, which is why we have jewellery!” Hyagriv quipped. He went on to add, “Jewellery is about family ties and love and complex interactions that take place within those families. What matters is what people say with their jewellery to each other rather than what its value is.” Elaborating on the aspect of what people say to each other with jewellery, Hyagriv pointed out that the giving of jewellery by person to another therefore assumed major importance. And in the giving of jewellery, first impressions in India at least, were not very good according to him. “Our packaging of jewellery is the worst in the world,” he said. The industry needed to recognize this and move away from simply banking on the intrinsic value of its product. That value isn’t necessarily the lynchpin in the business was demonstrated by the US market, Hyagriv pointed out, when it made a major chunk of its business out of SI goods and lower colours. “We need to build up our businesses around SI goods and lower colours as well,” he noted, adding, “and keeping gold content down to control costs is something else we need to look at. Electroforming failed all around the world. But the industry needs to recognize that it will work in India.” Hyagriv urged industry leaders to forge paths in these hitherto untrodden directions to build up the future.

Some of the audience at the leadership summit

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e must read the inner mind of the consumer,” said Hyagriv, “we need to know that the ‘Big Fat Indian Wedding’ is a reality and that it offers us a great opportunity. We need to be shameless and not afraid to fail. The wildest ideas have spawned the best products.” He went on to say that the industry needed to adopt a multi-channel approach in communicating with the consumer. Marketing, he observed, was more complex and more expensive today and required efforts through a variety of media. Above all, the industry needed to accept that change is inevitable. “Change causes fear,” said Hyagriv, “change is a leap into the unknown. But change is a fact of life, embrace it. In all this, courage is essential. You need the courage to sometimes let go and let someone else take charge in times of change.” Despite all this, Hyagriv noted that the industry had a lot going for it already. Some 72 percent of jewellery retailers had grown over the previous year, he observed. Of these, 55 percent reported sales growth of between 5- and 30 percent during this period. Medium-size outlets had grown some 35 percent as against a 17 percent growth for the larger operators. Growth was higher in gemstone36

and diamond-set jewellery as against the plain-gold variety. The highest growth came from those who catered to wealthy consumers. Hyagriv urged the industry to concentrate on the higher-margin sectors in light of this. Most retailers also anticipated a growth of between 10and 30 percent over the previous year in 2011. Looking forward, Hyagriv saw signs that the leaders in the industry had already got moving. Individual stores were now displaying greater creativity and larger formats with better technology and better-trained staff. Jewellery, he felt, was moving more into the luxury sector, away from the traditional investment vehicle with socio-religious sales drivers. With an anticipated 15 percent growth in luxury products overall, Hyagriv felt sure that jewellery in the luxury category would show strong growth too. Malls and high streets would grow too, he noted, accelerating the change in shopping habits of the Indian consumer and altering expectations. Big-ticket items would increasingly be available in malls. What the leader needed to do, Hyagriv observed, was to determine exactly what was happening. All that was certain right now, he added, was that a shift is happening. Hyagriv challenged the industry to display leadership traits by putting away the cash reserves that it had Idex Magazine – India Retail | NO 03: COVER STORY

generated with its recent growth and attempting to tackle the market solely with new ideas and products going forward. That, he said, would be an indicator to how creative and innovative the jewellery retail industry was. New products, he noted, might be things the industry could not recognize for their potential. The quartz watch, he said illustrating the point, was invented in Switzerland, but its potential was not recognized by the established watch industry there and the market was taken over by the Japanese. Summit moderator Nirupa Bhatt, endorsed Hyagriv’s view that the Indian industry was relying too much on the intrinsic value of the product and ignoring other important areas like packaging. She shared the surprising information that the average sticker price of what the iconic Tiffany store brand sells is just Rs. 7,000. Many people, she said, bought some relatively low-value product just to be able to own the brand and very importantly, to be able to walk out with the trademark blue boxes that Tiffany packaged its products in. Trailblazing entrepreneur Subhash Chandra, chairman of the $10 billion conglomerate that includes televi-

sion (Z-TV), entertainment theme parks (Esselworld), one of the world’s largest packaging operations (Essel Packaging), and as of a relatively short while ago, gold refining with its takeover of the moribund Shirpur gold refinery, illustrated how leadership can sometimes be very lonely as others didn’t see what the leader saw. “When I entered the arena in 1992, the entertainment industry – which includes films, television and related products – was valued at Rs. 800 crore. People laughed at me and asked me why I was entering a ‘mature’ field that didn’t have much growth in it. They laughed more when I said that this industry would be valued in tens of thousands of crore within a few years.” Chandra had the last laugh as the industry is now valued at Rs. 45,000 crore. Not only was the industry seen as not going anywhere back then, but when Chandra entered the field, there was a raft of other problems. “It was illegal to receive a satellite signal in India, those days. Also, the Indian film industry’s intellectual property rights were not clearly defined and the use of film-based content (which Z-TV made its staple during the early days) was fraught with legal issues.”

Vinod Hyagriv, Subhash Chandra & Nirupa Bhatt

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ut, Chandra, noted, he persevered and got the government to slowly change its rules and regulation regarding private broadcasting in the country and particularly the issue of using satellite transmission. The intellectual property rights issue was also sorted out as it became clear that the broadcast of film-based entertainment had huge potential.

All in all, the perspective and vision of the many inspirational speakers at the summit opened the door to a myriad actions that the gem and jewellery industry can take to secure its place in the heart of the Indian consumer, who can no longer be taken for granted. Most of all the summit clearly made the point that the key to success in the future was outstanding leadership – something quite apart from great management.

“If you ask me the secret of how I got to where I am now,” Chandra said with a laugh, “I’ll tell you that it is that I simply will not take ‘no’ for an answer!” The Indian gem and jewellery industry, Chandra said, ought to adopt the same philosophy and take more control of sectors that directly impacted it. “India consumes a third of the entire world’s gold, but we don’t control the price of the yellow metal,” he said, adding, “if we work together as a cohesive group, we could do so.” As with his other ventures, Chandra said that even though many thought that putting money into the Shirpur refinery was a losing investment, he saw the potential of being in gold processing in the world’s biggest gold market and the possibility of actual setting global prices among other things. “Why can’t we persuade the Indian government to sharply increase its gold reserves? Gold is a better bet than many of the foreign currencies that are held as reserve. Why can’t the Reserve Bank of India (RBI) hold 5,000 tons in gold reserves? The Chinese are working toward building up a 10,000 ton reserve.” 38

Subhash Chandra explains that he never takes 'no' for an answer

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AX²^yV kmZ Ho$ ^ÊS>ma h¢ `o ^maVr` IwXam CÚmoJ VWm J«mhH$m| Ho$ IarXXmar AZw^d _| Am_yc Myc n[adV©Z cmZo dmco emna ñQ>m°n Ho$ CnmÜ`j Ed§ gå_ocZ Ho$ _w»` dŠVm ~r.Eg ZmJoe Zo {Zê$nm ^Q²>Q> Ho$ {dMmam| go gh_{V OVmVo hþE H$hm {H$ 1990 _| O~ Am{W©H$ CXmarH$aU H$m Xm¡a ewê$ hþAm Vmo g^r H$mo Cg na g§Xoh Wm& co{H$Z AJco nm§M dfm}§ _| Xoe _| H$amo~ma H$aZo Ho$ VarHo$ _| AZm`mg ~hþV ~Xcmd Am`m& X¥‹T>g§H$ën ì`mnma à~§YH$m| Zo A{dídmg \¡$cmZo dmcm| H$mo {XIm {X`m {H$ h_ CÚmoJ H$s Vñdra ~Xc|Jo Am¡a AmO CÚmoJ _| Eogo à~§YH$ h¡ {OZ_| `h AX²^yV j_Vm h¡&

ZmJoe H$m _mZZm h¡ {H$ AmO Oê$aV h¡ 45-55 Am`w Ho$ {deof J«mhH$m| Am¡a CZH$s ng§X H$mo OmZZo H$s Š`m|{H$ Bg Am`w dJ© Ho$ cmoJm| Ho$ ~ƒo Xoa go emXr H$admVo h¢& AmO Ho$ 25-30 df© H$s Am`w g_yh Ho$ ~ƒo ~hþV `mo½` h¡ Am¡a Iy~ n¡gm H$_m aho h¢ {Oggo do AnZo n[adma Ho$ ^mar IMm}§ H$m ~moP CR>mZo _| gj_ h¢& A^r VH$ Bg `wdm dJ© Am¡a CZH$s ng§X na {H$gr Zo Ü`mZ Zht {X`m& AmZo dmco g_` _| `h `wdm dJ© IwXam CÚmoJ Ho$ {cE ~hþV _hËdnyU© hmoJm& YZ H$s H$_r Zht hmoJr co{H$Z Cgo ghr VarHo$ go BñVo_mc H$aZo H$s Oê$aV hmoJr&

ZmJoe Xoe Ho$ à{gÕ ì`mnma qMVH$ h¢& AnZm X¥pîQ>H$moU àñVwV H$aVo hþE CÝhm|Zo H$hm {H$ Ho$dc AmYw{ZH$ VarHo$ hr n`m©á Zht h¡&

àm¡Úmo{JH$s Ho$ gñVm hmoZo go H$mamo~ma Ho$ VarHo$ _| H$m\$s ~Xcmd gH$Vm h¡& A~ ŠbmCS> H$åß`yqQ>J gw{dYm go A~ VH$ _h§Jo _mZo OmZo dmco {deof g§gmYZm| H$m ~hþV cmoJ Cn`moJ H$a nmE§Jo {Oggo IwXam CÚmoJ AÀN>m à^md n‹S>oJm& ar`c AñQ>oQ> Am¡a IwXam CÚmoJ H$m Jham g§~§Y h¡& ar`c AñQ>oQ> _| à{VñnYm© ~‹T>Zo go Bg_| {JamdQ> AmEJr {OgH$m Am^yfU IwXam {dH«o$VmAm| H$mo cm^ {_coJm&

Á`yAcar Am¡a \$m_m© joÌ _| Xygar naånamJV IwXam joÌm| H$s VwcZm _| H$m{_©H$m| H$m ncm`Z H$_ h¡& hmcm§{H$ {~H«$s g_yh Zo H$m\$s AÀN>m H$mamo~ma {H$`m h¡ co{H$Z {~H«$s joÌ H$m _mZZm h¡ {H$ AmO ZE _mc Am¡a ZE IwXam Ho$ÝX«m| _| J«mhH$m| H$mo dmo AnZmnZ Zht {_cVm Omo nhco IwXam XwH$mZm| na {_cVm Wm {OgH$m H$mamo~ma na gm\$ Aga {XIVm h¡& ZmJoe H$m H$hZm h¡ {H$ IwXam joÌ H$mo AnZr naånamJV VmH$V H$mo g_PZm Mm{hE Š`m|{H$ IwXam CÚmoJ _| AmO ^r _mc Am¡a amoH$‹S> H$m EH$-EH$ {_ZQ> H$m {hgm~ aIm OmVm h¡& ^maV _| IwXam CÚmoJ H$m ^{dî`, {dídmg Ho$ R>mog AmYma na {Q>H$m Wm O~ AW©ì`dñWm _O~yV Wr Am¡a J«mhH$m| _| IarXZo H$s j_Vm Wm& AmO Cn^moJ ì`dñWm _| ~hþV ~Xcmd Am MwH$m h¡ Am¡a AmYw{ZH$ J«mhH$m| H$m ZO[a`m {~ëHw$c AcJ h¡& CÚmoJ _| {dídmg Ho$ dm~OyX Oê$ar Zht h¡ {H$ g^r H$amo~ma AÀN>o Mc|Jo& AmO AnZm H$mamo~ma McmZo Ho$ {cE g_` Ho$ gmW-gmW IwX H$mo ~XcZo H$s Oê$aV h¡& 42

Idex Magazine – India Retail | NO 03: COVER STORY

CÎmam{YH$ma H$s `moOZm IwXam CÚmoJ _| à{V^m H$s H$_r hmoZo dmcr h¡ Š`m|{H$ Z Vmo ZB© nr‹T>r Ho$ ~ƒo Bg_| AmZm MmhVo h¢ Am¡a Z hr Hw$ec H$_©Mm[a`m| H$mo AmJo ~‹T>Zo Am¡a H$mamo~ma g§^mcZo H$m _m¡H$m {X`m Om ahm h¡ BÀNw>H$ gmYZhrZ cmoJm| Am¡a Hw$ec H$_©Mm[a`m| H$mo IwXam H$mamo~ma H$aZo H$m _m¡H$m {X`m Om gH$Vm h¡& IwXam {~H«o$VmAm| H$mo Mm{hE {H$ Xygao à{V^mdZm cmoJm| H$mo AnZo H$mamo~ma _| em{_c H$a| AnZo H$mamo~ma _| OZVm H$m n¡gm cJmZo go nhco gXñ`m| H$m ~moS©> ~ZmE§& {H$gr ^r CÚmoJ Zo n[adma go ~mha CncãY _mZd g§gmYZm| H$m BñVo_mc Zht {H$`m h¡& Xoe _| Cn^moJ AW©ì`dñWm Ho$ gmW-gmW godm AW©ì`dñWm Zht ~‹T> ahr h¡& AmO goëg_¡Z go H$m`© XjVm d Hw$ec ì`dhma H$s Amem H$s OmVr h¡ co{H$Z ~‹T>Vr _hJmB© Ho$ AZwgma CÝh| cZ»dmh Zht {_cVr Am¡a Š`m|{H$ `h dJ© ^r _hËdnyU© Cn^moŠVm dJ© h¡, Bg{cE Bg _wX²| Ho$ g_mYmZ go H$B© cm^ hmo gH$Vo h¢& ZmJoe Bg ~mao _| AmJo ~VmVo h¢ {H$ dmñVd _| Eogo g^r IarXXma cmoJ gmoZo _|, Am¡a dmo ^r A{YH$Va Am^yfU _| n¡gm cJmVo h¢ O~{H$ 95.5 à{VeV cmoJ {M{H$Ëgm ~r_m Zht coVo& BgHo$ Acmdm do A°J«oOr, {eîQ> ì`dhma Am¡a J{U©V Ho$ ì`mnm[aH$ hÿZa grIZm n§gX H$aVo h¢& ZmJoe H$m _mZZm h¡ {H$ Ho$dc Cƒ dJ© H$m hr Zht ~pëH$ cm^ H$s _mÌm ~‹T>Zm ^r Oê$ar h¡ Am¡a O~ VH$ `moOZm~Õ VarHo$ go {dÎm, ar`c EñQ>oQ> Am¡a _mZd epŠV H$s ì`dñWm Zht H$s OmEJr& ~‹T>moVar H$s Amem Zht H$s Om gH$Vr& AJco 25 dfm}§ _| Yrao-Yrao co{H$Z {ZpíMV ê$n go gwna ~mOma Ho$ H$mamo~mar, H$_ cmJV Ho$ ì`mnH$ ~mOma CËnmX Ho$ joÌ _| nyar Vah N>m OmE§Jo& idex Magazine – India Retail | NO 03: COVER STORY

~oJcyê$ _| gr H¥$îUß`m MoQ²>Q>r Ho$ OrOoE\$ AÜ`j, gr. {dZmoX {h{J«d Zo AmZo dmco g_` _| Am^yfU IwXam CÚmoJ Ho$ g_j ZoV¥Ëd H$s MwZm¡{V`m| Ho$ ~mao _| AnZm X¥pîQ>H$moU àñVwV H$aVo hþE H$hm {H$ AJa h_| AmJo ~‹T>Zm h¡ Vmo h_| {hå_V Am¡a hm¡gcm {XImZm hmoJm& {h{J¥d Zo ~Vm`m {H$ Xoe _| 1947 _| 100 H$ån{Z`m| Ho$ ~mX go AmO 2010 _| Ho$dc 10 H$ån{Z`m§ hr ah JB© h¢& BgH$m _w»` H$maU Q>oŠZmcm°Or Am¡a {deofH$a BÝQ>aZoQ> H$m ~‹T>Vm McZ h¡& AmO cmoJ _mo~mBc \$moZ Am¡a \o$g~wH$ Am{X go _¡goO Ho$ O[aE {Z_m©Vm H$ån{Z`m| go Ow‹S> aho h¢& JwŠH$s O¡g cŠOar gm_mZ Ho$ {Z_m©Vm Ho$ 20 {_{c`Z \¡$Z h¢& AmO Eogr H$moB© Á`yAcar \$_© Zht h¡ Omo ZB© Q>oŠZmocm°Or Ho$ O[aE J«mhH$m| VH$ nhþ±M ~Zm ahr hmo& {h{J¥d H$m _mZZm h¡ {H$ AmO Ho$ Bg à{VñnYm© Ho$ `wJ _| Ho$dc „Hw$N>’ H$aZo go H$m_ Zht McoJm& AmO AmJo ~‹T>Zo Ho$ {cE J«mhH$ _| AnZo _O~yV {dídmg n¡Xm ApñVËd H$m H$aZm hmoJm& Am^yfU Ho$dc ß`ma Ho$ BOhma H$m _mÜ`_ hr Zht h¡& Am^yfU nm[adm[aH$ [aîVm| d ~§YZm| H$m àVrH$ h¢& {h{J¥d Ho$ AZwgma Am^yfU H$m _hËd CgH$s n¡Ho$qOJ go ^r hmoVm Am¡a {díd _| h_mar n¡Ho$qOJ g~go K{Q>`m h¡& CÚmoJ Ho$ CËnmX H$s _yc H$s_V Ho$ gmW-gmW CgH$s n¡Ho$qOJ H$s Ah{_`V ^r g_PZr Mm{hE& BgH$m à_mU A_arH$s ~mOma _| EgEc gm_mZ Am¡a H$_ Jhao H$ca go ^mar H$mamo~ma {H$`m OmZm h¡& CZH$m H$hZm h¡& {H$ h_| ^r Bgr Vah H$mamo~ma H$aZm Mm{hE Am¡a gmoZo H$s _mÌm H$mo {Z`ÝÌU cmJV VH$ aIZo H$s Oê$aV h¡& {h{J¥d Zo BcoŠQ´>mo \$mo{_ªJ Ho$ A~ VH$ Ho$ BZ ANy>Vo joÌm| _| H$mamo~ma H$aZo Ho$ {cE CÚmoJ Ho$ ZoVmAm| H$m AmhdmZ {H$`m& 43

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Ho$ _Z H$m OmZ| {h{J¥d H$m _mZZm h¡ {H$ Bg_| H$moB© gÝXoh Zht h¡ {H$ ^maV _| {ddmh n¡go IM© H$aZo H$m EH$ ~hþV ~‹S>m CËgd hmoVm h¡& h_| AnZo AZyR>o CËnmXm| go BgH$m cm^ CR>mZm Mm{hE& AmO ~mOma _| CËnmX CVmaZm EH$ ~‹S>r Am¡a IMucr MwZm¡Vr h¡ Am¡a BgHo$ {cE H$B© Vah Ho$ g§Mma _mÜ`_m| go J«mhH$ VH$ nhþ°Mm Om gH$Vm h¡& ~Xcmd OrdZ H$s dmñV{dH$Vm h¡ Am¡a BgHo$ {cE h_| Hw$N> N>mo‹S>Zo Am¡a Hw$N> ZE H$m ñdmJV H$aZo H$s {hå_V H$s Oê$aV h¡& hmcm§{H$ {nN>co gmc go BgH$s ewê$AmV hmo MwH$s h¡& cJ^J 72 à{VeV IwXam {dH«$Vm C^a H$a AmE h¢ Am¡a BZ_| 55 à{VeV Zo {~H«$s _| 5 go 30 à{VeV H$s d¥{Õ XO© H$s h¡& ~‹S>o ì`mnm[a`m| Ho$ _wH$m~co _Ü`_ dJ© Ho$ J«mhH$m| Ho$ {dH«o$VmAm| _| `h d¥{Õ g~go Á`mXm ahr& {dídmg Xem©Vo hþE {h{J¥d Zo H$hm {H$ Bg CÚmoJ _| cmoJm| Zo AmJo AmZm ewê$ H$a {X`m h¡& A~ IwXam ñQ>moa A{YH$ Z`mnZ {XIm aho h¡, ~‹S>o \$m_}Q>m| _| H$mamo~ma H$a aho h¡ Am¡a CZHo$ nmg ~ohÎma Q>oŠZmocm°Or Am¡a Hw$ec ñQ>m\$ h¡ {Oggo gm_m{OH$-Ym{_©H$ Adgam| na naånamJV {Zdoe go hQ>H$a IwXam joÌ Am^yfU H$mo c½Oar dñVw Ho$ ê$n _| ^r {c`m Om ahm h¡& _m°c Am¡a ~‹S>o-~‹S>o ~mOmam| Ho$ AmZo go ^maVr` J«mhH$m| H$s IarX AmXVo gwYma|Jr Am¡a CZH$s AmemE§ ^r ~‹T>|Jr& {h{J«d Ho$ AZwgma CÚmoJ Ho$ ZoVmAm| H$mo Bg ~Xcmd H$mo g_PZo H$s Oê$aV h¡ Š`m|{H$ `h ~Xcmd AmZm EH$ dmñV{dH$Vm h¡& CZH$m _mZZm h¡ {H$ CÚmoJ H$mo A{O©V ZH$X YZ H$mo ~Mm H$a Am¡a nyar Vah ZE {dMmam| go CËnmXm| _| Z`mnZ cmH$a ~mOma go {ZnQ>Zo Ho$ à`mg H$aHo$ ZoV¥Ëd Ho$ H$m¡ec {XImZo Mm{hE& Bggo J«mhH$m| _| Am^yfU IwXam 44

CÚmoJ Ho$ A{dîH$mar hmoZo H$m g§Xoe OmEJm& CZHo$ AZwgma `h CÚmoJ ZB© MrOm| H$s j_Vm H$mo Zht g_P nm`m h¡& O¡go ¹$mQ>©O K‹S>r H$s ImoO pñdQ>Oa c¡ÊS> _| hþB© co{H$Z BgH$s j_Vm H$s nhMmZ OmnmZ hr H$a nm`m& gå_ocZ H$s {deof dŠVm {Zê$nm ^Q²>Q> Zo {h{J«d Ho$ {dMmam| H$m g_ W©Z H$aVo hþE H$hm {H$ ^maVr` CÚmoJ H$mo CËnmX H$s _yc H$s_V Ho$ gmW-gmW n¡Ho$qOJ O¡gr _hËdnyU© ~mVm| na ^r Ü`mZ XoZm Mm{hE& AmO J«mhH$ {deof nhMmZ dmco Zrco ~Šgm| _| n¡H$ ng§XrXm {Q>\$mZr ~«mÊS> Ho$ H$_ _yë` dmco CËnmX IarXH$a Jm¡ad _hgyg H$aVo h¢& Or-Q>r dr, EñEc dëS©>, EñEc n¡Ho$qOJ, {eanwa JmoëS> [a\$mBZar O¡go 10 {~{c`Z S>m°ca Ho$ H$B© ì`mnma g_yh Ho$ AÜ`j Am¡a A{dîH$maH$ CÚ_r gw^me MÝX«m Zo ~Vm`m {H$ ZoVm H$m ZO[aE {~ëHw$c AcJ hmoVm h¡& AnZo AZw^d H$mo ~m§Q>Vo hþE CÝhm|Zo ~Vm`m O~ 1992 _| 800 H$amo‹S> ê$. Ho$ _ZmoaOZ CÚmoJ _| _¡Zo H$X_ aIm Vmo cmoJm| Zo _oam _OmH$ C‹S>m`m Am¡a H$hm {H$ Bg {dH${gV CÚmoJ _| A~ H$aZo H$mo Hw$N> Zht h¡& CÝhm|Zo cmoJm| H$s hgr H$mo MwZm¡Vr _mZm Am¡a _Zmoa§OZ CÚmoJ H$mo 45,000 H$amo‹S> ê$. H$s ZB© ~wc§{X`m| na nhþ§Mm {X`m& Cg g_` Eogm Zht Wm {H$ _Zmoa§OZ CÚmoJ H$mo nrN>o OmVm _mZm Om ahm Wm& co{H$Z Cg g_` H$B© Vah H$s g_ñ`mE§ Wr O¡go ^maV _| gQ>ocmBQ> {g¾c àmá H$aZm J¡a-H$mZyZr hmoZm, {\$ë_ CÚmoJ Ho$ ~m¡{ÕH$ gånXm A{YH$ma ñnîQ> Z hmoZm Am¡a {\$ë_ AmYm[aV gm_J«r ({Ogo Or-Q>rdr Zo ewê$ Ho$ {XZm| _| AnZm _w»` AmYma ~Zm`m) Ho$ BñVo_mc _| H$mZyZr no{MX{J`m§ hmoZm& Idex Magazine – India Retail | NO 03: COVER STORY

H$^r hma Z _mZ| MÝX«m Zo AnZo à`mg Omar aIo Am¡a Xoe àmBdoQ> {ZOr àgmaU, {deofV: gQ>ocmBQ> Q´>m§g{_eZ Ho$ _wX²Xo Ho$ g§~§Y _| gaH$ma H$mo YraoYrao AnZo H$mZyZ Am¡a {Z`_m| H$mo ~XcZo Ho$ {cE amOr {H$`m& My§{H$ {\$ë_ AmYm[aV _Zmoa§OZ Ho$ àgmaU H$s Anma g§^mdZmE§ h¡ Bg{cE ~m¡{ÕH$ gånXm A{YH$mam| Ho$ _wX²Xm| H$m g_mYmZ hmo J`m& gw^mf MÝX« H$m g\$cVm H$m _yc _§Ì h¡ ‘’H$^r hma Z _mZmo’’& CZHo$ AZwgma ^maVr` aËZ d Am^yfU CÚmoJ H$mo ^r Bggo grYo Ow‹S>o joÌm| na A{YH$ {Z`ÝÌU aIZm Mm{hE& nyao {díd Ho$ EH$ {VhmB© gmoZo H$s {~H«$s ^maV _| hmoVr h¡ co{H$Z BgHo$ _yë` na h_mam H$moB© {Z`ÝÌU Zht& `h V^r g§^d h¡ O~ h_ {_cH$a H$m_ H$a|& CÝhm|Zo {eanwa [a\$mBZar H$mo Bg{cE IarXm Š`m|{H$ CÝh| {díd Ho$ gmoZo Ho$ g~go ~‹S>o ~mOma _| J«moëS> àmogoqgJ H$s j_Vm Am¡a AÝ` ~mVm| Ho$ gmW-gmW {díd H$s H$s_Vo

V` H$aZo H$s g§^mdZmE§ ZOa AmB©& h_ gaH$ma H$mo `h {dídmg {Xcm gH$Vo h¡ {H$ gmoZm AÝ` {dXoer _wX«mAm| go ~ohÎma {Zdoe h¡ Bg{cE Cgo AnZo gmoZo Ho$ ^ÊS>ma _| d¥{Õ H$aZr Mm{hE& AmO O~ MrZ 10,000 Q>Z H$m ^ÊS>ma V¡`ma H$a ahm h¡ Vmo ^maVr` [aOd© ~¢H$ ^r Š`mo Zht AnZm gmoZo H$m AnZm {demc ^ÊS>ma V¡`ma H$a gH$Vm& {ZîH$f© Ho$ ê$n _| Bg {eIa gå_ocZ _| AZoH$ àoaUmñÌmoV dŠVmAm| H$s gmoM d X¥pîQ>H$moU go Eogo H$B© Vah Ho$ à`mgm| H$m amñVm Iwcm {OÝho H$aHo$ Am^yfU CÚmoJ J«mhH$m| Ho$ {Xcm| _| AnZm ñWmZ ~Zm gH$Vm h¡ Š`m|{H$ AmO J«mhH$m| Ho$ _hËd H$mo H$_ Zht Am§H$m Om gH$Vm& gå_ocZ Zo Bg ~mV na gh_{V OVmB© H$s `{X h_| AmJo ~‹T>Zm h¡ Vmo CÎm_ à~§YZ Ho$ gmW-gmW h_| CËH¥$îQ> ZoV¥Ëd H$s ^r Oê$aV h¡&

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{~Oya H$m _mZZm h¡ {H$ g§J{R>V IwXam CÚmoJ, {Ogo CÚmoJ H$m ^{dî` _mZm OmVm h¡, ^r dmñVd _| grYo J«mhH$ go gånH©$ H$aZo Ho$ ~Om` pñH«$ßQ> H$m ghmam coVm h¡ Am¡a goëg_¡Z Cgr Ho$ AZwgma AnZm H$m_ H$aVo h¢ Omo CÝho J«mhH$ H$mo g_PmZo Ho$ {cE {cIH$a Xo {X`m OmVm h¡& O~{H$ EH$ N>moQ>m XwH$mZXma J«mhH$ go grYm g§~§Y ~ZmVm h¡, Am¡a ~ohÎma {dH«o$Vm gm{~V hmoVm h¡& dmñVd _| IwXam CÚmoJ H$mo BZ ‘Agcr’ IwXam {dH«o$VmAm| go Hw$N> grIZo H$s Oê$aV h¡& ^maV _| 1.45 H$amo‹S> XwH$mZXma h¢ Am¡a 95.2 à{VeV H$mamo~ma, AnZo Vah go AcJ-AcJ H$mamo~ma H$aZo dmco BZ IwXam {dH«o$VmAm| go hmoVm h¡& g§J{R>V joÌ Ûmam ~mOma _| BVZm n¡gm cJmZo Ho$ ~mdOyX do BZ ‘Agcr’ IwXam {dH«o$VmAm| H$m _wH$m~cm Zht H$a gH$Vo& {~Oya Ho$ AZwgma, ^maVr` J«mhH$ Ho$ _Z H$mo OmZH$a hr ZE Adgam| H$m cm^ CR>m`m Om gH$Vm h¡& J«mhH$ ZB© XyH$mZm|, _m°cm|, CËnmXm| idex Magazine – India Retail | NO 03: COVER STORY

H$s Om§M-naI H$aZo Ho$ ~mX hr Hw$N> IarXXmar H$aVo h¢ Am¡a em`X H$B© ~ma H$aVo hr Zht& AmO J«mhH$ 2 _mh VH$ cmJy 2000 ê$. Ho$ àdof ewëH$ na 65,000 ê$. H$m {S>OmBZa ~¡J Q´>mB© H$a aho h¢& CgHo$ AZwgma _m§J d¥{Õ H$mo H$moB© _hËd Zht {X`m Om ahm h¡& co{H$Z J«mhH$m| Ho$ Om§M naI H$m ZO[a`m IwXam CÚmoJ Ho$ {cE AmJo ~‹T>Zo H$m amñVm ^r h¡& {~Oya Zo ~Vm`m {H$ O~ WmB© _gmO MoZ Zo _wå~B© _| AnZm goÝQ>a ImocZm Mmhm Vmo CÝhm|Zo nhco ~¡H$m§H$ go _gmO {M{H$ËgH$m| H$s EH$ Q>r_ ^oOr Am¡a N>h _hrZm| VH$ c{jV g_yh Ho$ cmoJm| Ho$ Ka-Ka OmH$a n¡am| H$s _gmO H$s Am¡a O~ CÝhm|Zo AnZm _gmO goÝQ>a Imocm Vmo CZH$m J«mhH$ g_yh V¡`ma hmo MwH$m Wm& AmO `wdm ^maV _| 54 à{VeV cmoJ 25 df© go H$_ Am`w Ho$ h¡ Am¡a BZ_| 16 df© Ho$ ZrMo H$m {H$emoa dJ© ~hþV CËgwH$ Am¡a AmVwa àH¥${V H$m h¡ Am¡a BZH$m `o _mZZm h¡ {H$ h_ AnZr AmVwaVm go hr g~ Hw$N> nm gH$Vo h¡& _m{H©$Q> H$aZo dmco Am¡a `hm§ VH$ CZHo$ A{^^mdH$ ^r CÝh| Zht g_P nmVo& `o `wdm {Q>dQ>a na hr AnZo {dMma d`ŠV H$aZm n§gX H$aVo h¡& Bg{cE IwXam {dH«o$VmAm| H$mo ^r Eogo _mÜ`_m| H$m ghmam coZo H$s Oê$aV h¡& {~Oya `h ^r Zht _mZVo {H$ J«mhH$ h_oem EH$ hr ~«mÊS> IarXVm h¡ J«mhH$ H$s ng§X ~XcVr ahVr h¡& co{H$Z Eogm ^r Zht h¡ {H$ dh {H$gr ~«mÊS> H$mo {\$a go Xmo~mam Zht IarXoJm& IwXam CÚmoJ H$mo Bg ~Xcmd Am¡a J«mhH$ Ho$ _Z H$mo g_PZo H$s Oê$aV h¡& 45

Global Polished Diamond Prices

Polished Diamond Prices Post Solid Gain in December

G

lobal polished diamond prices continued to rise in December 2010, according to the latest data from the IDEX Online Polished Price Index, a composite index reflecting diamond prices based on real time asking prices of an inventory of more than $4 billion.

Graph 1

- The index was up 8.6 percent over the same month in 2009.

112

• Prices of all key diamond sizes rose in December, with 3 and 4 carat diamonds showing the largest price increases. • Polished prices have continued to rise since the end of the month. As this is being written, the IDEX Online Polished Diamond Price Index is over 119.7.

Annual Diamond Price Levels On Trend Polished diamond prices have historically shown an annual price

Graph 1 summarizes monthly global polished diamond prices, based on

120

• Polished diamond prices rose throughout the month of December, although they softened very modestly in the final 10 days, mostly due to lack of trading related to the holiday season in key markets such as the U.S.

the IDEX Online Polished Diamond Price Index.

• U.S. jewelers reported diamond demand was weak early in the holiday selling season, but picked up solidly close to Christmas.

• The IDEX Online Polished Price Index averaged 118.6 for the month of December 2010.

- The index was up 0.6 percent over November 2010.

46

By Ken Gassman

IDEX Online Polished Diamond Price Index

118 December 2010 118.6

116 114

2010 Year Average = 116.0

110 108 106

2009 Year Average = 109.5

104 102

J

F

M

A

M

J

J

A

S

O N

D

J

F

M

2009

A

M

J

J

A

S

O

N

D

2010 By Month

Source: IDEX Online Research

Graph 2

IDEX Online Polished Diamond Price Index 125 120 116.0

115 Trendline 110

110.1

112.7 109.5

108.1

105 100 2005

2006

2007

2008

2009

2010

Source: IDEX Online Research

IDEX Magazine – India Retail | NO 03: POLISHED

increase in the low single digit range. For 2005, 2006, and 2007, polished diamond prices rose by about 2 percent annually, slightly under the yearly long-term price increase of 2-3 percent. However, in 2008 – dubbed the “Bubble Year” – prices rose by 9 percent, only to fall by about 13 percent in 2009. In 2010, global polished diamond prices rebounded by 6 percent. This large gain is typical of a “recovery rate,” since prices had fallen so dramatically the prior year. Interestingly, when a trend line is plotted for long-term diamond prices, they appear to be right on trend for 2010, after the bubble of 2008 and the sharp decline in 2009. Graph 2, which illustrates long- term polished diamond prices with the trend line in red, is a perfect example of the concept of “reversion to the mean.” For three years, the average price increase was about the same each year. That was followed by a price bubble in 2008, and then a price bust in 2009. Prices in 2010 recovered roughly to the average trend line of the “normal” years – a reversion to the mean. This is characteristic of the diamond industry: things change by evolution,

not by revolution. We are also seeing a “reversion to the mean” in consumer expenditures for jewelry; they are returning, more or less, to their pre-recession spending habits. Outlook: Higher Polished Diamond Prices Likely With a successful holiday selling season buoying diamantaires’ confidence, polished diamond prices are headed higher, in our view. We continue to worry about the lack of generic diamond advertising, but we know the residual impact of the powerful phrase “A Diamond Is Forever” will continue to help boost demand near term. Further, the market is shifting toward fashion diamond jewelry, rather than “bread and butter” items such as solitaire stones on a chain or mounted in a ring. Thus, it is likely that demand for smaller stones will be solid. While there are conflicting forecasts related to the number of projected weddings in the U.S. market over the next decade, we are forecasting an increase of at least 20-25 percent in weddings – to at least 2.6 million annually. This should help boost demand for big ticket diamond engagement rings. Finally, pressure from higher prices for rough diamonds will cause polished diamond prices to rise longer term.

One interesting observation: now that De Beers has eliminated its generic diamond advertising, we have yet to see new forecasts for diamond demand versus diamond supply for the long term. At one time, it was clear that the demand for diamonds, especially from the consumer segment, would far outstrip the ability of the mining segment to supply enough stones. Perhaps the move by consumers toward fashion jewelry – utilizing all kinds of gemstones and precious metals, rather than just diamonds – will help ease the long-term imbalance between diamond supply and demand. ■

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 03: POLISHED

47

U.S. Market Window Positive Trends For Third Quarter U.S. Jewelry Sales

U

.S. jewelry sales trends for the third quarter of 2010 were encouraging. Total jewelry sales rose, and specialty jewelers, whose sales represent just under half of all U.S. jewelry sales, posted revenue and profit gains.

fiscal third quarter, since some companies are on a fiscal third quarter ending on the last day of October.

Table 1 summarizes quarterly jewelry sales trends in the U.S. market for both the calendar third quarter and the

• Jewelry sales trends by month were mixed. Sales were relatively strong in July, but weakened in August and September. In October, sales strengthened significantly, as table 2 illustrates.

Table 1 U.S. Jewelry Sales Trends Third Quarter 2010 vs Third Quarter 2009 Percent Change Year-to-Year Third Quarter

Total Sales Jewelry & Watches

Total Sales Jewelry

Total Total Sales Sales Specialty Watches Jewelers

Calendar 8

+6.6%

+4.3%

+3.0%

Fiscal

+6.3%

+3.8%

+3.0%

81

Calendar third quarter = July, August, September Fiscal third quarter = August, September, October

The following trends were reported by a majority of jewelers in the third quarter:

• The average jewelry ticket was up, generally in the midto-high single digit range. • Most specialty jewelers reported an increase in customer traffic. • The number of transactions rose, though it was inconsistent. This is good news, since it means that jewelers’ conversion ratio – browsers to buyers – is increasing.

Source: Department of Commerce

• Unit sales were up for most specialty jewelers.

Table 2 U.S. Jewelry Sales Trends Monthly Sales 2010 vs 2009 Percent Change Year-to-Year Month

Total Sales Jewelry & Watches

Total Sales Specialty Jewelers

July

+8.0%

+7.6%

August

+5.9%

+2.9%

September

+5.1%

(1.3%)

October

+7.0%

+7.3%

Source: Department of Commerce

48

• Sales growth was the greatest for big-ticket statement jewelry. • Demand for designer-name jewelry was strong. • Demand for one-of-a-kind jewelry was solid. • Bridal demand was particularly strong. • Proprietary branded jewelry sold well. • Pandora demand continues to be exceptionally strong.

IDEX Magazine – India Retail | NO 03: U.S. MARKET WINDOW

• Jewelers’ credit sales mix rose marginally. This is a hopeful sign, since lack of consumer credit has hurt jewelers’ sales.

Outlook Improves

• Sales per store continue to rise. This helps to absorb relatively fixed overhead costs more efficiently.

Management of publicly held companies guided Wall Street analysts toward higher sales and profits than previous forecasts, especially for the fourth quarter of 2010.

• Jewelers who sell warranty and insurance plans for jewelry say that this business has been strong. • Most jewelers reported an increase in their gross margins, though greater sales of higher ticket goods – with an inherently lower margin – had a negative impact on their margins. • New product introductions seem to be well received. • Sales of colored diamonds and leather accessories were solid. • Watch sales seem to have improved notably. The LGI Network Watch Tracker service reported that lowerpriced (under $500) fine watch sales and very highend fine watch sales (over $1,500) were stronger than watches priced in the mid-range of $500 to $1,500.

Many jewelers are stepping up their new store openings in 2011 and beyond. Real estate is cheap and available. Several jewelers mentioned that they will increase new proprietary product introductions in 2011. Preliminary results for the all-important holiday selling season of November-December suggest that jewelry sales will be stronger than expected. Table 3 summarizes sales performance for the major publicly held specialty jewelers for their U.S. stores. All specialty jewelers on table 3 gained market share in the third quarter except Zale (stores), Movado, Sterling’s regional brands, and Tiffany’s New York Flagship store. ■

Third Quarter 2010 Sales Trends

Table 3

Approx. Total Stores

$ Millions Total Sales

High-End Jewelers Harry Winston U.S. Tiffany U.S. * New York Flagship U.S. Branches Online/Catalog Jared (Sterling) *** Mayors U.S. ** Mass-Market Jewelers Sterling (All brands) Kay *** Regionals *** Zale (All brands) Stores **** Movado

Most of the publicly held companies reported a brightened outlook.

% Chg Y/Y Total Sales

% Chg Y/Y Total Sales

Inflation Index

Same-Store

8 81 1 80 n/a 180 29

$80.2 $298.6 n/a n/a n/a $164.4 $24.0

75.6% 9.0% (3.0%) n/a 7.0% 16.9% n/a

Sales 5.0% n/a 8.0% n/a 14.3% 2.0%

1,342 915 250 1,891 1,218 33

$497.0 $276.3 $56.3 $327.0 $277.7 $12.8

8.8% 7.4% (5.0%) (0.7%) (1.8%) 3.1%

9.7% 8.6% 2.6% (1.1%) n/a n/a

673

$46.4

6.2%

n/a

Popular-Priced Jewelers Zale Kiosks *****

Notes: * Tiffany's sales for the Americas (Canada, U.S., Mexico, Central and South America) were $331.8 million. U.S. sales were an estimated 90% of reported Americas sales. ** Mayors U.S. sales estimated; same-store sales are for six-month period ended September. *** Sterling's store counts are estimates, but are within five stores of the actual number. **** Zale stores include Zale's, Zale's Outlet, Gordons, Peoples and Mappins. ***** Zale kiosks include Piercing Pagoda, Plumb Gold, and Silver and Gold Connections. Source: Company Reports

IDEX Magazine – India Retail | NO 03: U.S. MARKET WINDOW

49

ADVERTORIAL

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50

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hrqQ>J… Oo_ñQ>moZ H$mo D$§Mo VmnH«$_ na VnmH$a CgH$m a§J hëH$m, Jm‹T>m, Jham `m nyar Vah ~Xbm Om gH$Vm h¡ VWm CgHo$ ^rVa _m¡OyX Hw$N> VËd IË_, n¡Xm {H$E `m ~Xbo Om gH$Vo h¢& Oo_ñQ>moZ H$mo {H$VZo VmnH«$_ na J_© {H$`m OmZm h¡ `h CgH$s àH¥${V Am¡a BpÀN>V n[aUm_ na {Z^©a H$aVm h¡& hrqQ>J Oo_ Vamer H$m g~go nwamZm Am¡a gdm©{YH$ àM{bV VarH$m h¡ Am¡a Bgo gm_mÝ` én go nhZo OmZo na BgH$m {Q>H$mD$nZ ^r H$m\$s hmoVm h¡& g¡\$m`a H$mo Vnm`m OmZm Am_ h¡ Am¡a O~ ghr VarHo$ go Vnm`m OmE Vmo `h EH$ H$bm EH$ \$Z _mZm OmVm h¡ Š`m|{H$ Bggo ñQ>moZ Ho$ ghm`H$ a§Jm| H$mo Jm`~ H$a CgH$m Agbr a§J {ZImam Om gH$Vm h¡& ê$~r H$mo CgHo$ AZMmho Zrbo, nn©b `m ~«mCZ a§J H$mo hQ>mZo Ho$ {bE Vnm`m OmVm h¡ {Oggo CgH$m bmb a§J {ZIaVm h¡& Aå~a H$mo hëH$m VnmZo go Bgo Jm‹T>m {H$`m Om gH$Vm h¡ Am¡a Hw$N> _m_bm| _| ~wb~wbo n¡Xm {H$E Om gH$Vo h¢ {Oggo `h Amg_mZ _| N>mE ~mXbm| gm {XIVm h¡& â`yOZ: Bg Q´rQ>_|Q> _| Ho${_H$ëg Ho$ {_lU H$m BñVo_mb D$§Mo VmnH«$_ na {H$`m OmVm h¡ Omo é~r Am¡a g¡\$m`a H$m a§J ~Xb gH$Vm h¡& `h ñQ>moZ H$mo nyar Vah a§J gH$Vm h¡ `m ñQ>moZ na a§J H$s EH$ naV M‹T>m gH$Vm h¡&

Magazine – India Retail | NO 03: GIA

OrAmB©E à{ejU H$m`©H«$_ VWm H$ñQ>_ H$mnm}aoQ> ŠbmgoO Ád¡bg© Am¡a CZHo$ goëg Egmo{gEQ²g H$mo dh OmZH$mar VWm ì`mdhm[aH$ H$m¡eb àXmZ H$aVr h¢ Omo CÝh| Q´rQ>_|Q> {H$E JE Oo_ñQ>moÝg g_oV Oo_ _¡Q>r[a`b H$mo g_PmZo, nhMmZ H$aZo VWm nVm bJmZo Ho$ {bE Oéar hmoVo h¢& Xw{Z`m Ho$ AJ«Ur AZwg§YmZ Ho$ÝÐ Ho$ én _| OrAmB©E AŠga ZB© Oo_ Q´rQ>_|Q> H$s ImoO _| Aìdb ahVm h¡ Am¡a AnZr ImoO H$mo ì`mdhm[aH$ kmZ d H$m¡eb _| VãXrb H$aVm h¡ {OgH$m Cn`moJ Ád¡bg© AnZo amoO_am© Ho$ H$m_m| _| H$a gH$Vo h¢& E_amëS> g~go Am_ \«o$ŠMa {\$ëS> Oo_ h¡& E_amëS> H$s nmaX{e©Vm ~T>mZo Ho$ {bE grS>madyS> O¡go Vobmo H$m à`moJ {H$`m OmVm h¡ VWm nmo{b_a aoOÝg gVh VH$ nhþ§MZo dmbo ~«oH$ H$mo Nw>nmZo VWm nmaX{e©Vm gwYmaZo _| _XX H$aVo h¡& \«o$ŠMa {\$qbJ H$m nVm bJm`m Om gH$Vm h¡ VWm `h ñWmB© Zhr hmoVr h¡& {MÌ _| {XImE§ J`o ñQ>moZ _| a§JhrZ Am°`b H$s {\$qbJ XoIr Om gH$Vr h¡&

gVh n[adV©Z: `h g~go D$na H$s EH$ gVhr Q´rQ>_|Q> hmoVm h¡ Š`m|{H$ Bg_| ^am J`m nXmW© Oo_ñQ>moZ H$s {H«$ñQ>b g§aMZm H$m {hñgm Zhs¨ ~Z nmVm h¡& BgH$m CÔoí` a§J n¡Xm H$aZm `m _m¡OyX a§J H$mo Jham H$aZm hmoVm h¡& BgHo$ VrZ _yb àH$ma ~oqH$J, H$moqQ>J VWm n|qQ>J hmoVo h¢&

OrAmB©E Ho$ ^maV ^a _| Am°ZbmBZ nmR>çH«$_m|, H¡$ång b¡~ ŠbmgoO VWm H$m`©H«$_m| Am¡a AmCQ> ñQ>oeZ ŠbmgoO Ho$ _mÜ`_ go Ád¡bg© H$s nhþ§M Cg OmZH$mar Am¡a noeoda H«o$So>pÝe`ëg VH$ h¡ {OgH$s OéaV CÝh| Oo_ñQ>moÝg B©_mZXmar Am¡a AmË_{dœmg Ho$ gmW IarXZo d ~oMZo Ho$ {bE hmoVr h¡& gånyU© ^maV _| Ád¡bg© Ho$ {bE CnbãY OrAmB©E Ho$ ^maV à{ejU H$m`©H«$_m| Ho$ ~mao _| A{YH$ OmZH$mar Ho$ {bE www.giaindia.in XoI| `m [email protected] na B©- _ob ^oO|& Nirupa Bhatt, Managing Director, India and Middle East, GIA

J«mhH$ H$mo Q´rQ>_|Q> {H$E JE Oo_ H$mo IarXZo go nhbo Š`m OmZZm Oê$ar h¡?

Q´rQ>_|Q> H$m Iwbmgm H$aVo g_` MMm© Ho$ à_wI {df` Bg àH$ma hmoVo h¢: `h Š`m| H$s OmVr h¡; BgH$m ñQ>moZ H$s Anr`a|g VWm/`m {Q>H$mD$nZ na Š`m Aga n‹S>Vm h¡; Q´rQ>_|Q> {H$VZm {Q>H$mD$ h¡; BgHo$ {Q>H$mD$nZ Ho$ {bE Img XoI^mb AnojmE§; Am¡a {H$ Š`m Bggo Oo_ñQ>moZ H$s H$s_V na \$H©$ n‹S>Vm h¡& Hw$N> Q´rQ>_|Q> _| Img h¡S>qbJ Am¡a XoI^mb H$s OéaV hmoVr h¡& CXmhaU Ho$ {bE b¡{Q>g â`yOZ Q´rQ>_|Q>, {Oggo gVhr a§J n¡Xm hmo gH$Vm h¡ Am¡a Hw$N> ñQ>moZ Eogo hmoVo h¢ {OZH$mo Xw~mam nm°{be Zhs¨ {H$`m Om gH$Vm h¡& \«¡$ŠMa {\$ëS> ñQ>moÝg H$s _aå_V, g\$mB© `m amoOmZm nhZZo _| Img Ü`mZ aIm OmZm Oéar hmoVm h¡&

Bg_| J«mhH$m| Ho$ {bE Š`m h¡?

Q´rQ>_|Q> {H$gr ñQ>moZ H$s Iy~gaVr, H$s_V Am¡a H$^r-H$^r C_« ~‹T>m gH$Vm h¡ Am¡a Eogm hmoVm ^r h¡& Q´rQ>_|Q> {H$E JE ñQ>moZ H$m a§J Am¡a nmaX{e©Vm {~Zm Q´rQ>_|Q> ñQ>moZ go {Z{üV én go ~ohVa hmoJr& `h XoIZo _| A{YH$ AmH$f©H$ bJoJm& Q´rQ>_|Q> AmnHo$ J«mhH$m| H$mo BZ_| go MwZZo Ho$ {bE A{YH$ gñVr Am¡a àMwa aËZ gm_J«r CnbãY H$amVm h¡&

Magazine – India Retail | NO 03: GIA

hrqQ>J go OmoBgmBQ> n¡Xm hmoVr h¡ Omo ewÕ ê$n go J¡a M_H$Xma ~«mCZ, go Zrbr, dmBb¡Q> ãby `m nan{be ñQ>moZ ~Z OmVr h¡ {Ogo Am_Vm¡a na Q>m§OmZmBQ> Ho$ Zm_ go OmZm OmVm h¡& Bgr Vah gmBQ´mB§J dh ñQ>moZ h¡ Omo A{YH$Va E_o{WñQ> Ho$ én _| ewê$ hmoVm h¡ Am¡a JmoëS> H$ba nmZo Ho$ {b`o hrQ> {H$`m OmVm h¡&

OrAmB©E Ho$ ~mao _|:

1931 _| ñWm{nV, OrAmB©E hram|, a§JrZ ñQ>moÝg VWm _mo{V`m| Ho$ g§~§Y _| Xw{Z`m H$s gdm}n[a g§ñWm h¡& OrAmB©E H$m ApñVËd g^r Oo_ñQ>moZ J«mhH$m| H$mo {ejm, à`moJembm godm, AZwg§YmZ, Am¡a OZñQ>moZ H$s Šbm{gQ>r Om§MZo Ho$ {bE CnH$aU CnbãY H$amZo Ûmam g§ajU àXmZ H$aVr h¡&

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ADVERTORIAL

goëg Ego{gEQ²g Am¡a A{YH$ H¡$go grI gH$Vo h¢?

Show Report IIJS Signature Benefits From Move To Mumbai

T

he fourth edition of the IIJS Signature trade show, which ran in the Mumbai suburb of Goregaon, with 400 exhibitors in 800 booths, clearly benefited from its move to the city from Goa, where it had run the past three years. The show also did well out of adding a loose stone section, with loose diamond dealers from Israel and Antwerp taking part. The show had originally been targeted at high-end buyers from the US, Europe and other consuming markets. With the economic crisis and the fading of demand from the global markets, however, the show has now been retargeted at the booming high-end domestic Indian jewelry retail industry. This has prodded the move of the show to Mumbai, India’s jewelry production hub, along with a doubling in size from the original 200 or so exhibitors. But the show continued to appeal to overseas buyers, particularly from the Middle East, the erstwhile CIS countries and the Far East. Official delegations from

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By Vinod Kuriyan the UK, the UAE, Azerbaijan, Uzbekistan, Myanmar, Thailand, Libya and Vietnam are also attending the show. Given that the show precedes the Indian gold-buying festival of Akshaya Trithaya, a great deal of plain-gold jewelry, with electroformed designs that generate a large look while reducing gold content, is on display. The show signaled a new optimism in the Indian gem and jewellery industry. Visitor traffic was low throughout most of the show but a high percentage of the participants in the jewellery segment said the show had been good in terms of orders placed. While there were some who said these orders came from already established clients, a great many said they had acquired new customers during the show. Some noted that the low traffic allowed them to spend more time with each visitor who enquired at their booths and this in turn made for a much better conversion rate of casual enquires to confirmed orders. ■

IDEX Magazine – India Retail | NO 03: SHOW REPORT