December 2010
magazine India retail
Can You Assure Your Customer
About The Diamond?
Special Report Predicting Higher Diamond Prices Next Diwali
Mumbai Diamond Market Report What’s hot; what’s available & how much it costs
il ! ta w e k e R r re N a su ondhmto as ers ame nce listustom i D B pric ur c o A y
Contents DEcember
05 From the Editor’s Desk by Vinod Kuriyan
magazine india retail
DEcember 2010 VOL. 1 No. 01
Editorial Department
06 Mumbai Diamond Market Report
Strong Dollar, Financial Upheavals Damp Trading In Mumbai
EDITOR-IN-CHIEF Vinod Kuriyan Editors Edahn Golan, Danielle Max IDEX ONLINE RESEARCH Ken Gassman INTERNATIONAL CORRESPONDENTS
Tamar Katzav, Whitney Hepp
10 Special Report Predicting Higher Diamond Prices Next Diwali
ADMINISTRATION & MARKETING Managing Director Yaron Barzilay Marketing Manager Kuldip Bedi SALES MANAGERS
11 Diamond Retail Benchmark A diamond price list to assure your customers
18 Cover Story
Can You Assure Your Customer About The Diamond? She’s Sure About the Gold
24 POLISHED DIAMOND PRICES Prices Weaken in Late October
26 RETAIL ET CETERA
True Love Never Dies: Baubles for lovers
30 GIA Outreach
Diamond Treatments
08
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12
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Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay PRODUCTION & CIRCULATION Helena Dorsht, Vera Podolny ACCOUNT MANAGER Shuly Dori ART DEPARTMENT GRAPHIC DESIGNERS
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IDEX ONLINE THE ONLY GLOBAL, REAL-TIME, NEUTRAL DIAMOND MARKETPLACE. GO TO WWW.IDEXONLINE.COM
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ISSN 0334-6838 2003 IDEX ONLINE S.A.
www.idexonline.com IDEX Magazine – India Retail | NO 01
From the Editor’s Desk The Vital Need To Bolster Belief
B
elief in the intangible requires a lot of work. To maintain that belief, the believer has to know that his or her belief is shared by others and that there is no variance in this shared belief. Without this certainty, without the assured support of one’s peers in endorsing and participating in the same belief, one stands alone and in danger of ridicule. No one wants to stand alone and no one wants to be ridiculed. Diamonds are essentially a belief system. Their value is in the eye of the beholder and this value is maintained because enough people around the world perceive that value as something worth holding. In today’s competitive world, there are a myriad other luxury products that all offer the consumer some intangible value -- an experience, the approval of others, some social mark that sets them apart or even a neighbour’s envy. All of these products carry with them the promise that the stated attributed, whatever it is, will be delivered without fail. And all of them make good on that delivery. Apart from their symbolism in the relationship between men and women, diamonds offer their owners the perception of great beauty and very importantly, the perception of great value. All of these attributes require universal acceptance in order to even exist. Universal acceptance of these attributes is in turn based on widespread and unvarying adherence to a specified set of rules in assessing value. Use different rules and you destroy the attributes themselves because they no longer have universal acceptance. Diamonds in India are today teetering on the edge of a dangerous precipice because in different parts of the country, they are assessed and valued differently. This is causing a great deal of consumer angst and poses the poses the imminent threat of the diamond’s attributes being rejected altogether because they are not universally accepted.
IDEX Magazine – India Retail | NO 01: EDITOR
It is to the Indian jewellery retail industry’s credit that it recognizes this danger and is willing to take immediate corrective action. But it is faced with a daunting task. It needs to quickly and collectively institute a nationwide system of ensuring that both the assessment and the perceived value of the diamonds it sells is based on common systems that will return the same results anywhere in the country. The grading of diamonds and the way they are priced need to be standardized on a common platform. This is far more easily said than done and the pitfalls are many. The very first is the reality that no matter how hard one tries, not everyone can be convinced to make the necessary change. Which then throws up the first hurdle. Won’t the willing adopter of a nationwide system be at a disadvantage in his own market if his nearest rival refuses to accept the system and continues to his own arbitrary rules? The answer is yes, in the short term, adopting a standard grading and pricing system might be a disadvantage when faced with competition that doesn’t adhere to the same rules. But in the long term, adopting and adhering to standardization is a clear advantage. This is borne out by the “one gold price” policy adopted by the vast majority of retailers under the umbrella of the All India Gems & Jewellery Trade Federation (GJF). Those who have refused to abide by the one-price norm have, after enjoying a short advantage, only succeeded in shrinking their own profit margins. So our exhortation is, go for it! Whatever the shortterm problems, you’ll be a winner in the end. And if we don’t adopt standardization as an industry, we all stand to lose a great deal more. ■
Vinod Kuriyan Editor 3
Mumbai
Diamond MARKET REPORT
Strong Dollar, Financial Upheavals Damp Trading In Mumbai
T
he Mumbai diamond market is experiencing a slowdown just before Diwali due a combination of factors. A prime reason is the rupee, that has strengthened a great deal against the US dollar. Manufacturers who bought rough some weeks ago, did so when it took over Rs.46 to buy a single greenback. Today, the dollar is trading at just over Rs.44. What this means is that in dollar terms, the same goods fetch manufacturers, who have converted rupees to dollars to buy rough and now want value addition that adds up to a decent margin in rupee terms, so much less, that in some categories, margins would be completely wiped out unless polished selling prices were pushed up. Their attempts to do so have been met with strong
4
resistance from both domestic and international buyers, thus stalling transactions. Additionally, the recent bank defaults by some big players have resulted in raids by the tax authorities in the Opera House diamond district, knocking a lot of momentum out of usual trading. As if this weren’t enough, there have also been several failures among smaller operators and together with the raids, they have damped trading all round. There is disappointment that the end stretch of the run-up to Diwali has ended so disappointingly, particularly as the period from September to mid October had been strong. ■
IDEX Magazine – India Retail | NO 01: MUMBAI DIAMOND MARKET REPORT
M U M B A I D I A M O N D T R A D I NG
Size in Ct. (Sieve)
Comments
Forward Call
▲ -0.01 (-2 )
Very good demand for SI+ goods. Good demand for lower piqué goods.Very hot category overall.
Shortages & prices are likely to increase. Prices may go up by 2%-3%.
▲ -0.02 (+2-6.5)
Very good demand for SI+ goods. Good demand for lower piqué goods. Demand for +4 sieve is improving.
Shortages & prices are on the rise.Prices may go up by 2%-3%..
▲ 0.03-0.07 (+6.5-11)
Good demand for lower piqué & SI+ goods.+8 sieve is the most wanted sieve, though the focus is now shifting to -8 sieve..
Has been the hottest category in the recent past. Some signs of prices softening in the near future.
▲ 0.08-0.14 (+11-14)
Good demand for piqué & SI1+ goods.
Activity will remain stable.
▲ 0.15-0.17 (+14-15.5)
Good demand for piqué & SI1+ goods.
Activity will remain stable, with shortages of goods.
▲ 0.18-0.22 (1/5)
Fair demand for SI1+ goods.
Overall, low activity will be seen in this category.
▲ 0.23-0.29 (1/4)
Good demand for VS+ & piqué goods. Demand for VS+ goods mainly for domestic market.
Due to shortages, price for VS+ goods may go up by 1%-2%.
▲ 0.30 (1/3)
Good demand for VS+ & piqué goods. Demand for VS+ goods mainly for domestic market. G-J colours in greater demand.
Demand & prices will remain stable.
▲ 0.40 (3/8)
Good demand for VS+/G-J col. Demand for this category is mainly for the domestic market.
Demand & prices will remain stable.+0.45 ct. will be difficult to find.
▲ 0.50 (1/2)
Good demand for I2+/G-J col. Overall, every clarity in good demand.
Demand & prices will remain stable. Better demand seen for D&F colours.
▲ 0.75 (3/4)
Good demand for I1/I2 & VVV/VS clarity.+0.80 ct. In greater demand.
Demand for +0.90 ct. expected to increase as an alternative to 1 carat.
▲ 1.00 (4/4)
Overall very good activity across the board. Shortages seen in H & lower colours.
Severe shortages will be seen for I-L colours as northern market is heavily buying these colours only.
▲ +3.00
Some demand for VVS/VS H-K colours. Demand for VS/J-K colours increasing in +5 carat sizes.
Demand & activity will depend upon asking prices. Higher asking prices may see lower activity overall.
Magazine – India Retail | NO 01: MUMBAI DIAMOND MARKET REPORT
5
Special Report Predicting Higher Diamond Prices Next Diwali By Vinod Kuriyan
Despite differences in perspective, leading opinion in both the diamond processing and jewellery retail industries predicts higher diamond prices by Diwali next year. A look at why they are so confident about higher prices.
W
to by the fact that the diamond polishing factories in hat will diamond prices be during Diwali centres like Surat have not been able to come back up 2011? The diamond and jewellery to full production capacity because the labour that retailing industries’ overwhelming left during the recession, has not come back even to answer to that question has been “higher”. One this day. With more likely to walk away from the diamond dealer, who requested anonymity, industry, production shortages are only likely noted that higher prices were widely to get worse. expected for a variety of reasons. First, he said, despite the many publicly voiced fears of a double-dip recession “The only way this can be remedied,” in the US, the industry doesn’t this diamond dealer noted, “is if the really see any major threat to the diamond industry pays its workers fragile recovery of the American more. And the only way they can EMERALD JEWEL INDUSTRIES economy. This doesn’t mean pay their workers more is if either they expect any growth out of rough prices go down or polished the US market, but rather that prices go up.” Both of these options, things will remain stable, with the diamond dealer notes, are tough no drop from current levels of asks in the current market and so he demand. This status quo, coupled thinks the result will be a combination with strong growth in eastern markets, of the two. A limited reduction in polished particularly China and India’s own domestic prices and a small increase in polished prices. market, means almost certainly that diamond prices will be higher by Diwali 2011. Explaining this, he notes that the mining companies are going to strongly resist going down with rough prices, but will probably have Another factor that many other diamond dealers to do so to some extent as they will face a sharp have noted, is that the current shortfalls in diamond fade in demand if cutting centres like India don’t production are likely to be exacerbated as workers see current prices as being viable. Given the fragile migrate away from the diamond polishing industry nature of the recovery in the US market and the to agriculture and agriculture-based industries. lack of comparable purchasing power in the growth This is because the diamond industry is no longer markets like India and China, raising polished prices the top-paying among comparable industries that too is a difficult proposition. However, continued employed untrained labour and agriculture, with a growth in the Indian and Chinese consuming markets good monsoon and surging consumer demand, is able coupled with a continued but slow recovery in the to pay comparable or even better prices. Once these US, will probably allow a small rise in polished prices, workers, leave, industry watchers note, they never he notes. come back to polishing diamonds. This is testified
8
IDEX Magazine – India Retail | NO 01: SPECIAL REPORT
Mehul Choksi, chairman and managing director of the Gitanjali group, which apart from being a giant diamond manufacturer, is also one of India’s top jewellery retail chains, is emphatic when he says, “I don’t see any problems in the medium term. Diamond prices are definitely going to be higher by Diwali 2011.” It must be noted though that the diamond manufacturing industry doesn’t see prices rising as a result of a smooth upward pressure. Most expect current price levels to remain unchanged through to the end of the Christmas buying season this year. January 2011 is when they expect the price corrections to happen as manufacturing demand fades rapidly in the post-Christmas period. Rough prices will then probably have to undergo a downward correction, most think. Later, as production shortages get worse, there will be a steady but strong upward pressure on polished prices.
products are seen as better investments. Diamonds, he believes, will not fall behind other products in terms of the customer satisfaction they offer. Mohandas thinks that a shortage of diamonds, as many experts predict is almost a certainty in the medium- to long-term future, could well lead to a significant market for recycled diamonds in India, the way there is in gold. His prediction is that diamonds won’t appreciate more than between 10- and 15 percent by Diwali 2011. “As the rupee appreciates, it will be difficult for Indian diamond prices to go up substantially,” he notes.
K Srinivasan of Emerald Jewel Industry India Pvt. Ltd. of Coimbatore, however, doesn’t think there is much scope for a rise in diamond prices in India. “India is a very price sensitive market,” he notes, adding, “it resists any kind of price rise.” In answer to a question whether diamonds would be considered value for money even with higher prices as they help offset the high The Indian diamond jewellery price of gold in jewellery, he notes retail industry, however, sees that diamonds are not considered diamond prices in the medium an investment and so wouldn’t term as being affected by factors be considered as helping offset like the general state of the the high gold prices. He states economy and the strength of the succinctly that higher diamond rupee, that affect the consumer’s prices will bring trading volumes purchasing power. Coupled with Srinivasan: Scope for modest increase only down. He does think, however, this, they see the perception of that Indians would be willing to pay more for value and a willingness or resistance to paying more diamonds as against higher prices for rubies, emeralds, for a product as being significant in determining sapphires and other coloured gemstones. diamond prices in the medium term. Ravinath Mohandas of V.N.M. Jewel Crafts in Kochi thinks that economic conditions will be the determining factor for diamond prices in the medium term. “People are, in a small way, turning to diamonds. Diamond sales won’t match those of gold as long as gold prices stay high. However, if there is a crash in the price of gold but the economic conditions are good, diamonds will sell even if their prices are higher.” He observes, however, that a consumer perception that diamonds aren’t worth higher prices could be a real damper to any significant price appreciation. This perception could come about because there is a real chance that other
IDEX Magazine – India Retail | NO 01: SPECIAL REPORT
Srinivasan thinks that by Diwali 2011, diamond prices in India will be at least 5 percent higher than they were during the festival this year. Suresh V.N., diamond manager for the Joyalukkas group, thinks diamond prices in India will go up due to the country’s fast-paced growth. “While a weak dollar against the rupee will affect rough diamond prices,” he says, “the appreciation of the rupee will give Indians greater purchasing power and Indian consumers will be able to take a 30 percent rise in diamond prices. So we are expecting this industry to outperform expectations in the near future.” ■
9
DR AF T – DECEMBER 1st 2010
The Diamond Retail Benchmark Diamond Retail Benchmark for Polished Diamonds
Powered by www.idexonline.com SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
61711 48487 35264 26448
G 126546 111207 95868 84364 72860 61355 53686 49851 38347 30678 19174 G 145462 127830 110199 96975 83751 70527 61711 57303 44079 35264 22040 H 111207 99703 88198 76694 65190 57521 49851 46017 34512 26843 19174 H 127830 114607 101383 88159 74935 66119 57303 52895 39672 30856 22040 I
92033 80529 76694 69025 57521 53686 46017 42182 34512 26843 19174
J
69025 65190 61355 53686 49851 46017 42182 38347 30678 26843 15339 J
I 105791 92567 88159 79343 66119 79343 74935 70527
61711
61711 52895 48487 39672 30856 22040
57303 52895 48487 44079 35264 30856 17632
K 61355 57521 53686 46017 42182 38347 34512 34512 30678 23008 15339 K 70527 66119 61711 52895 48487 44079 39672 39672 35264 26448 17632 L 49851 46017 46017 42182 42182 38347 34512 26843 23008 19174 11504 L 57303 52895 52895 48487 48487 44079 39672 30856 26448 22040 13224 M 42182 42182 38347 34512 34512 30678 26843 23008 19174 15339 11504 M 48487 48487 44079 39672 39672 35264 30856 26448 22040 17632 13224 N 38347 34512 30678 26843 26843 23008 19174 19174 15339 11504 11504 N 44079 39672 35264 30856 30856 26448 22040 22040 17632 13224 13224 VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 241053 198199 171416 149989 139275 107135 91065 80351 69638 53567 37497 D 279432 236442 204200 182705 150463 118221 107474 96726 75232 59111 42989 E 203556 182129 155346 139275 128562 101778 85708 80351 64281 48211 32140 E 236442 209574 182705 171958 145089 112847 96726 91353 69858 53737 37616 F 192843 176772 144632 128562 117848 96421 80351 74994 58924 42854 32140 F 225695 204200 177332 161211 134342 107474 91353 85979 69858 53737 37616 G 176772 155346 133919 117848 101778 85708 74994 69638 53567 42854 26784 G 204200 177332 155837 139716 118221 102100 85979 80605 64484 48363 32242 H 155346 139275 123205 107135 91065 80351 69638 64281 48211 37497 26784 H 182705 161211 139716 123595 107474 96726 80605 75232 59111 48363 32242 I 128562 112492 107135 96421 80351 74994 64281 58924 48211 37497 26784 I 155837 134342 123595 107474 96726 85979 75232 69858 53737 42989 32242 J
96421 91065 85708 74994 69638 64281 58924 53567 42854 37497 21427 J 123595 112847 107474 91353 80605 75232 69858 64484 48363 42989 26868
K
85708 80351 74994 64281 58924 53567 48211 48211 42854 32140 21427 K 112847 102100 96726 80605 75232 64484 59111 53737 42989 37616 26868
L 69638 64281 64281 58924 58924 53567 48211 37497 32140 26784 16070 L 96726 91353 85979 75232 69858 59111 53737 48363 37616 32242 21495 M 58924 58924 53567 48211 48211 42854 37497 32140 26784 21427 16070 M 80605 75232 69858 64484 59111 53737 48363 42989 32242 26868 21495 N 53567 48211 42854 37497 37497 32140 26784 26784 21427 16070 16070 N 64484 59111 53737 53737 48363 48363 42989 37616 26868 21495 21495 VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 294323 249042 215082 192442 158482 124521 113201 101881 79241 62261 45280 D 454908 349502 305121 244097 227454 188620 149787 138691 110953 88762 61024 E 249042 220742 192442 181122 152822 118861 101881 96221 73581 56601 39620 E 338407 305121 282930 233001 205263 171977 138691 127596 105405 83215 55477 F 237722 215082 186782 169802 141501 113201 96221 90561 73581 56601 39620 F 305121 282930 260740 221906 194168 155334 127596 116501 99858 77667 55477 G 215082 186782 164142 147161 124521 107541 90561 84901 67921 50941 33960 G 271835 249644 233001 205263 171977 138691 110953 105405 94310 72119 49929 H 192442 169802 147161 130181 113201 101881 84901 79241 62261 50941 33960 H 244097 221906 199716 177525 149787 127596 105405 99858 88762 66572 49929 I 164142 141501 130181 113201 101881 90561 79241 73581 56601 45280 33960 I 199716 183073 166430 144239 127596 110953 99858 94310 83215 66572 49929 J 130181 118861 113201 96221 84901 79241 73581 67921 50941 45280 28300 J 155334 144239 133144 116501 110953 99858 88762 83215 77667 66572 44381 K 118861 107541 101881 84901 79241 67921 62261 56601 45280 39620 28300 K 133144 127596 122048 105405 99858 88762 83215 77667 72119 61024 44381 L 101881 96221 90561 79241 73581 62261 56601 50941 39620 33960 22640 L 116501 110953 105405 99858 94310 83215 77667 72119 61024 55477 38834 M 84901 79241 73581 67921 62261 56601 50941 45280 33960 28300 22640 M 99858 94310 88762 83215 83215 72119 66572 61024 55477 49929 33286 N 67921 62261 56601 56601 50941 50941 45280 39620 28300 22640 22640 N 83215 77667 72119 72119 66572 61024 55477 49929 49929 44381 27738 IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
Round 1/4 (0.23-0.28)
SI1
Round 3/8 (0.38-0.44)
Round 1/3 (0.29-0.37) Round -1/2 (0.45-0.49)
VS2
F 138050 126546 103537 92033 84364 69025 57521 53686 42182 30678 23008 F 158686 145462 119015 105791 96975 79343 66119
IF
Round 3/4 (0.70-0.89)
VS1
E 145719 130380 111207 99703 92033 72860 61355 57521 46017 34512 23008 E 167502 149870 127830 114607 105791 83751 70527 66119 52895 39672 26448
IF
12
VVS1 VVS2
Round 1/2+ (0.50-0.69)
Round 1/5 (0.18-0.22)
IF
D 172562 141884 122711 107372 99703 76694 65190 57521 49851 38347 26843 D 198358 163094 141054 123422 114607 88159 74935 66119 57303 44079 30856
I3
D 561957 429732 369129 325054 297507 253432 225885 187319 159772 104678 66113 D 672760 561516 487354 386705 349623 328434 280758 217190 174812 121838 74163 E 413204 369129 330563 308525 275469 242413 214866 176300 154263 99169 66113 E 556219 524435 444975 354921 333731 307245 270163 206596 169514 116541 68865 F 369129 336072 308525 286488 258941 225885 198338 170791 148753 93660 60603 F 524435 497948 413191 339029 317839 291353 259569 201298 164217 111244 68865 G 330563 297507 275469 253432 231394 203847 181810 165282 143244 93660 55094 G 444975 407894 349623 312542 291353 270163 238380 190704 158920 105946 63568 H 297507 269960 247922 225885 209357 187319 170791 154263 132225 88150 55094 H 360218 339029 317839 296650 275461 248974 227785 180109 148325 100649 63568 I 247922 231394 220375 203847 187319 170791 148753 137735 126716 82641 55094 I 301947 286055 264866 254272 233082 222488 201298 164217 137730 95352 58271 J 187319 181810 176300 159772 154263 148753 137735 121206 115697 77131 49584 J 248974 238380 227785 217190 201298 196001 180109 148325 127136 90054 58271 K 165282 159772 154263 137735 132225 121206 110188 104678 93660 71622 49584 K 206596 201298 190704 180109 169514 164217 148325 127136 100649 79460 52973 L 137735 132225 126716 121206 115697 110188 99169 93660 71622 60603 44075 L 174812 169514 164217 153622 148325 143028 132433 116541 95352 74163 47676 M 126716 121206 115697 110188 104678 99169 93660 88150 66113 55094 38566 M 158920 153622 148325 143028 137730 132433 121838 105946 90054 68865 47676 N 115697 110188 104678 99169 93660 88150 88150 82641 60603 49584 33056 N 143028 137730 132433 132433 127136 121838 111244 95352 84757 63568 47676
Round 0.90 (0.90-0.99)
Prices are in Rupees Per Carat
This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. This reflects suggested retaildiscounts prices forplease polished Diamonds may, and should, discounts to thisreserved. list. For more For price morelist education on prices and visitdiamonds. www.idexonline.com. Copyright 2009sell byatIDEX Onlinecompared S.A. All rights 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 – DECEMBER 1st 2010 D R A F T – J A N U A R Y 1st 2 0 10
DR AF T – DECEMBER 1 s t 2010
The Diamond Retail Benchmark Diamond Retail Benchmark for Polished Diamonds
Powered by www.idexonline.com SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
G 556013 533993 511973 445912 396366 335810 291769 225708 198183 137627 71566 G 732213 715185 681128 618691 556255 465438 380297 300832 244071 158930 85141 H 462427 440407 412881 374346 341315 319295 280759 220203 187173 132122 71566 H 590311 573283 556255 505170 471114 431381 363268 278127 232719 153254 85141 I 396366 385356 357830 319295 302780 286264 253234 203688 170658 121112 66061 I
522198 516522 499494 442733 408677 380297 323536 255423 221367 141902 79465
J 330305 319295 308285 291769 264244 253234 236719 181668 148637 110102 66061 J
431381 425705 408677 368944 334888 323536 283803 227043 187310 130550 79465
K 297274 286264 275254 264244 225708 220203 198183 165152 137627 99091 60556 K 351916 340564 329212 323536 289479 266775 244071 204338 170282 119197 73789 L 264244 253234 247729 236719 209193 198183 176163 154142 126617 88081 55051 L 317860 306508 295156 278127 255423 244071 221367 187310 153254 113521 68113 M 220203 214698 203688 192678 170658 159647 143132 121112 110102 82576 55051 M 266775 261099 249747 244071 215691 204338 187310 158930 136226 102169 68113 N 176163 176163 159647 148637 132122 121838 111244 95352 93586 77071 55051 N 215691 215691 204338 190128 175958 164606 153254 130550 119197 90817 68113 VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 2167494 1750252 1576852 1289659 937441 715273 585223 400986 314287 184237 102956 D 2446665 1975682 1779949 1455766 1058183 807399 660600 452633 354766 207967 116217 E 1696064 1587689 1354684 1154191 899510 699017 568967 390149 303449 178818 97537 E 1914515 1792182 1529166 1302849 1015366 789049 642250 440400 342533 201850 110100 F 1490152 1343846 1208378 1018722 861579 661086 531036 373893 292612 173400 92119 F 1682082 1516932 1364016 1149933 972549 746233 599433 422050 330300 195733 103983 G 1072910 986210 899510 823648 753204 617736 509361 352218 276356 167981 92119 G 1211099 1113233 1015366 929733 850216 697299 574966 397583 311950 189617 103983 H 834485 780298 726111 688179 639411 552711 476849 325124 260099 162562 86700 H 941966 880799 819633 776816 721766 623900 538266 367000 293600 183500 97867 I 677342 655667 617736 568967 525617 476849 433499 298030 249262 151725 81281
I
764583 740116 697299 642250 593316 538266 489333 336416 281366 171267
91750
J 541874 520199 498524 466011 433499 395568 368474 270937 227587 135468 81281 J
611666 587200 562733 526033 489333 446516 415933 305833 256900 152917
91750
K 487686 471430 455174 422661 395568 357637 330543 260099 195074 130050 75862 K 550500 532150 513800 477100 446516 403700 373116 293600 220200 146800 85633 L 379311 368474 357637 341380 308868 281774 254681 216749 167981 124631 70444 L 428166 415933 403700 385350 348650 318066 287483 244666 189617 140683 79517 M 325124 319705 314287 308868 265518 238424 216749 189656 140887 113793 70444 M 367000 360883 354766 348650 299716 269133 244666 214083 159033 128450 79517 N 270937 270937 270937 246524 222168 195074 178818 162562 119197 102956 70444 N 305833 305833 305833 278276 250783 220200 201850 183500 128450 116217 VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
79517
I3
D 3833148 2970382 26376002039826 1614606 1066133 788815 517660 443708 234179 129415 D 3833148 2970382 26376002039826 1614606 1066133 788815 517660 443708 234179 129415 E 2908755 2643763 2218542 1774834 1485191 1004507 745677 493009 412895 228017 123252 E 2908755 2643763 2218542 1774834 1485191 1004507 745677 493009 412895 228017 123252 F 2508185 2310982 1947387 1614606 1380426 942880 714864 468359 388245 215692 117090 F 2508185 2310982 1947387 1614606 1380426 942880 714864 468359 388245 215692 117090 G 2009013 1805647 1626931 1448215 1214036 850441 677888 443708 369757 209529 110927 G 2009013 1805647 1626931 1448215 1214036 850441 677888 443708 369757 209529 110927 H 1522167 1460540 1355776 1183223 1016832 733351 647075 419058 351269 203366 110927 H 1522167 1460540 1355776 1183223 1016832 733351 647075 419058 351269 203366 110927 I 1084621 1053808 1016832 912067 776490 640912 560798 382082 326619 191041 104764 I 1084621 1053808 1016832 912067 776490 640912 560798 382082 326619 191041 104764 J 881254 868929 838116 758002 684051 554636 493009 351269 289643 172553 98602 J 881254 868929 838116 758002 684051 554636 493009 351269 289643 172553 98602 K 813466 776490 745677 677888 610099 474522 412895 320456 258830 160228 98602 K 813466 776490 745677 677888 610099 474522 412895 320456 258830 160228 98602 L 610099 579286 548473 523822 474522 357432 301968 264993 203366 154065 92439 L 610099 579286 548473 523822 474522 357432 301968 264993 203366 154065 92439 M 505335 493009 474522 443708 406733 320456 271155 240342 178716 141740 92439 M 505335 493009 474522 443708 406733 320456 271155 240342 178716 141740 92439 N 406733 400570 400570 363594 338944 283480 240342 215692 154065 129415 92439 N 406733 400570 400570 363594 338944 283480 240342 215692 154065 129415 92439 IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
Round 1.50 (1.50-1.99)
SI1
Round 2.50 (2.50-2.99)
Round 2.00 (2.00-2.49)
VS2
F 787227 715661 633084 506468 423891 357830 302780 236719 203688 143132 77071 F 1044396 953579 908171 749241 635720 510846 408677 323536 255423 164606 90817
IF
Round 3.00 (3.00-3.49)
VS1
E 869803 820257 693640 556013 445912 374346 319295 247729 214698 148637 82576 E 1203326 1152242 964932 817354 664100 539226 437057 334888 266775 170282 96493
IF
Round 4.00 (4.00-4.99)
VVS1 VVS2
Round 3.50 (3.50-3.99)
Round 4/4 (1.00-1.49)
IF
D 1271674935864 798237 605559 473437 401871 335810 264244 225708 154142 88081 D 1521186 1231707 1135214 868438 698156 561931 459761 351916 278127 175958 102169
I3
D 4909391 3901465 3567377 2876552 2259339 1375988 990938 543600 447338 237825 130238 D 7251380 5490757 4941681 4159845 3163154 1927733 1307039 656504 489394 280506 149205 E 3890140 3550390 3069077 2570777 2134764 1325026 962626 515288 419025 232163 124575 E 543704348939364309051 3730134 2984107 1784496 1265261 620694 459552 268570 137269 F 3510752 3063415 2763302 2378252 1953564 1257076 939976 486975 396375 220838 118913 F 4774571 4297114 3939021 3491405 2566332 1629322 1211547 596821 441648 256633 131301 G 2650052 2378252 2231027 2100789 1715739 1115513 866363 458663 373725 209529 113250 G 3580929 3222836 2966202 2727474 2267921 1503990 1145897 572949 417775 244697 125332 H 2015851 1913926 1783689 1659114 1392976 996601 798413 436013 356738 203850 113250 H 2864743 2596173 2387286 2148557 1796432 1307039 1032501 513266 393902 238729 119364 I 1455263 1381651 1325026 1223101 1070213 832388 707813 413363 339750 192525 107588 I 2065002 1933701 1868051 1671100 1503990 1104120 895232 453584 364061 226792 113396 J 1172138 1115513 1081538 996601 883351 730463 617213 379388 300113 181200 101925 J 1551736 1474149 1372689 1313007 1253325 984755 793772 411807 322284 214856 107428 K 996601 934313 900338 838051 747451 594563 526613 345413 266138 164213 98602 K 1211547 1122024 1068310 1008628 948946 775868 656504 375997 292442 196951 107428 L 685163 651188 622875 594563 526613 424688 368063 288788 215175 158550 92439 L 889264 853455 811677 775868 716186 596821 453584 328252 256633 179046 101460 M 588900 566250 549263 515288 469988 379388 328425 266138 192525 141740 92439 M 769900 734090 704249 674408 644567 537139 405839 292442 220824 161142 101460 N 492638 481313 475650 436013 413363 334088 288788 243488 169875 129415 92439 N 650535 614726 596821 572949 572949 477457 358093 256633 185015 143237 101460
Round 5.00 (5.00-5.99)
Prices are in Rupees Per Carat
This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved. DR AF T – DECEMBER 1st 2010
13
DR AF T – DECEMBER 1st 2010
The Diamond Retail Benchmark 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
G 94163 82864 71564 64031 56498 52731 45198 45198 33899 26366 18833 G 105934 93222 80510 72035 63560 59323 50848 50848 38136 29661 21187 H 75331 71564 64031 60265 52731 48965 41432 41432 30132 22599 18833 H 84747 80510 72035 67798 59323 55086 46611 46611 33899 25424 21187 I 60265 56498 52731 52731 48965 45198 37665 37665 30132 22599 15066 I
67798 63560 59323 59323 55086 50848 42374 42374 33899 25424 16949
J 48965 45198 45198 41432 41432 37665 33899 33899 26366 18833 15066 J 55086 50848 50848 46611 46611 42374 38136 38136 29661 21187 16949 K 41432 37665 33899 33899 33899 30132 26366 26366 22599 18833 15066 K 46611 42374 38136 38136 38136 33899 29661 29661 25424 21187 16949 L 37665 33899 33899 30132 30132 30132 26366 22599 15066 15066 11300 L 42374 38136 38136 33899 33899 33899 29661 25424 16949 16949 12712 M 33899 33899 33899 30132 30132 30132 26366 22599 15066 11300 11300 M 38136 38136 38136 33899 33899 33899 29661 25424 16949 12712 12712 N 33899 33899 33899 30132 30132 30132 26366 22599 15066 11300 11300 N 38136 38136 38136 33899 33899 33899 29661 25424 16949 12712 12712 VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 147490 137974 123701 114185 95155 85639 71366 66608 57093 42820 28546 D 197952 181902 165851 155151 133751 117701 107001 96301 69551 53500 42800 E 137974 128459 114185 95155 80881 76124 66608 66608 52335 38062 28546 E 181902 171201 155151 144451 128401 107001 96301 90951 64201 48150 37450 F 128459 118943 99912 85639 76124 71366 61850 61850 47577 33304 23789 F 171201 160501 144451 133751 123051 101651 90951 85601 58851 42800 32100 G 118943 104670 90397 80881 71366 66608 57093 57093 42820 33304 23789 G 160501 144451 133751 123051 112351 96301 80251 80251 53500 42800 32100 H 95155 90397 80881 76124 66608 61850 52335 52335 38062 28546 23789 H 139101 128401 117701 112351 101651 90951 74901 74901 48150 37450 32100 I
76124 71366 66608 66608 61850 57093 47577 47577 38062 28546 19031 I
112351 107001 101651 96301 85601 80251 69551 69551 48150 37450 26750
J 61850 57093 57093 52335 52335 47577 42820 42820 33304 23789 19031 J 90951 85601 85601 80251 69551 64201 58851 58851 42800 32100 26750 K 52335 47577 42820 42820 42820 38062 33304 33304 28546 23789 19031 K 80251 69551 64201 58851 58851 53500 42800 42800 32100 26750 26750 L 47577 42820 42820 38062 38062 38062 33304 28546 19031 19031 14273 L 69551 64201 58851 53500 53500 48150 42800 37450 32100 26750 21400 M 42820 42820 42820 38062 38062 38062 33304 28546 19031 14273 14273 M 58851 53500 53500 48150 48150 42800 37450 32100 26750 21400 21400 N 42820 42820 42820 38062 38062 38062 33304 28546 19031 14273 14273 N 48150 48150 48150 42800 42800 38062 33304 28546 21400 21403 21400 VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 197952 181902 165851 155151 133751 117701 107001 96301 69551 53500 42800 D 258686 219639 200115 180592 165949 136664 117141 107379 92736 73213 53690 E 181902 171201 155151 144451 128401 107001 96301 90951 64201 48150 37450 E 224520 200115 185473 161069 146426 122022 97617 97617 87856 68332 48809 F 171201 160501 144451 133751 123051 101651 90951 85601 58851 42800 32100 F 200115 185473 165949 151307 136664 117141 92736 92736 82975 63451 48809 G 160501 144451 133751 123051 112351 96301 80251 80251 53500 42800 32100 G 185473 165949 151307 136664 122022 107379 87856 87856 73213 58570 43928 H 139101 128401 117701 112351 101651 90951 74901 74901 48150 37450 32100 H 165949 151307 141545 126902 117141 92736 82975 82975 68332 53690 43928 I 112351 107001 101651 96301 85601 80251 69551 69551 48150 37450 26750 I 141545 126902 122022 112260 102498 92736 82975 78094 63451 53690 39047 J 90951 85601 85601 80251 69551 64201 58851 58851 42800 32100 26750 J 112260 102498 97617 92736 87856 82975 78094 68332 58570 53690 39047 K 80251 69551 64201 58851 58851 53500 42800 42800 32100 26750 26750 K 87856 78094 78094 73213 73213 68332 63451 63451 53690 48809 34166 L 69551 64201 58851 53500 53500 48150 42800 37450 32100 26750 21400 L 73213 68332 68332 63451 63451 63451 58570 58570 48809 43928 34166 M 58851 53500 53500 48150 48150 42800 37450 32100 26750 21400 21400 M 58851 58570 58570 53690 53690 53690 48809 48809 43928 39047 29285 N 48150 48150 48150 42800 42800 38062 33304 28546 21400 21403 21400 N 48809 48809 48809 43928 43928 43928 39047 39047 39047 34166 24404 IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 360744 281677 266852 252027 237202 212493 182843 168018 128484 88951 59300 D 403281 318873 309495290738271980 257912 225087182883 135990 98476 60961 E 286619266852256969 237202 217435 187785 163076 153193 123543 84009 54359 E 318873309495290738276670262602243844 211019 173505 131301 93786 56272 F 271794 256969247085 227318 202610 177901 153193 143309 118601 79067 54359 F 309495290738271980 262602248534234466206330 168815 131301 89097 56272 G 256969 242143 227318 207552 187785 158134 143309138368 113659 79067 49417 G 290738 271980 262602253223234466 215709 192262 164126 126612 84408 51582 H 232260 212493 207552 192726 168018 143309 133426128484 103776 74126 49417 H 253223234466225087 215709 201641 192262 168815 154747 117233 84408 51582 I 197668 182843 177901 163076 138368 123543 113659 108717 93892 69184 44475 I 225087 211019 206330 196951 182883 178194 154747 135990 112544 79718 46893 J 158134 148251 143309 133426 128484 118601 98834 93892 79067 64242 44475 J 192262 187573 182883 173505 168815 159437 140679 121922 98476 70340 46893 K 133426 123543 118601 113659 108717 98834 88951 84009 69184 59300 39534 K 154747 150058145369 140679 140679 131301 121922 107854 84408 60961 42204 L 108717 103776 98834 93892 93892 88951 84009 74126 59300 49417 39534 L 121922 117233 112544 107854 107854 103165 98476 89097 65650 51582 39534 M 84009 84009 84009 79067 79067 79067 74126 74126 49417 44475 34592 M 93786 93786 93786 89097 89097 89097 84408 79718 51582 46893 37515 N 69180 69180 69184 64242 64242 64241 64242 39529 39534 39534 29650 N 75029 75029 75029 70340 70340 70340 70340 70340 39534 39534 37515
This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved. 14
DR AF T – DECEMBER 1st 2010
Fancy 1/4 (0.23-0.28)
SI2
Fancy 3/8 (0.38-0.44)
Fancy 1/3 (0.29-0.37)
SI1
F 101696 94163 79097 67798 60265 56498 48965 48965 37665 26366 18833 F 114409 105934 88984 76272 67798 63560 55086 55086 42374 29661 21187
IF
Fancy -1/2 (0.45-0.49)
VS2
E 109230 101696 90397 75331 64031 60265 52731 52731 41432 30132 22599 E 122883 114409 101696 84747 72035 67798 59323 59323 46611 33899 25424
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
D 116763 109230 97930 90397 75331 67798 56498 52731 45198 33899 22599 D 131358 122883 110171 101696 84747 76272 63560 59323 50848 38136 25424
Fancy 0.90 (0.90-0.99)
Prices are in Rupees Per Carat
DR AF T – DECEMBER 1st 2010
The Diamond Retail Benchmark 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
G 346318 337205 323534300750273409236955 205057 173159 127591 91136 54682 G 473483458687434026 419230 389637 355112 300859 241674 182488 113439 64117 H 287080268852 255182 241511 218727 200500 177716 164045 123034 86580 54682 H 384705 374841 360044345248325520300859 261402 217013 162760 108507 59185 I 246068236955 227841 218727 200500 182273 159489 150375 118477 82023 50125 I 330452 320587 315655 300859286063 271266 226877 197285 152896 103574 59185 J 209614200500 191386 182273 173159 159489 141261 127591 100250 70340 50125 J 256470 251538 246606 236742 226877 217013 187420 162760 128235 93710 54253 K 173159 168602 164045 159489 150375 141261 127591 113920 91136 60961 45568 K 221945 217013 212081 202217 192352 187420 167692 143031 113439 83846 54253 L 141261 136705 132148 127591 118477 109364 104807 91136 72909 54682 41011 L 187420 182488 177556 172624 157828 152896 138099 118371 98642 73982 49321 M 123034 118477 113920 109364 104807 95693 91136 86580 63795 50125 41011 M 157828 152896 147963 143031 133167 128235 118371 108507 83846 69050 44389 N 104807 100250 95693 91136 91136 82023 77466 70340 54682 45568 41011 N 128235 123303 118371 113439 108507 103574 98642 98642 69050 64117 41011 VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 1168406 849323 783630 713244 666320 539625 394161 295621 229927 136079 84463 D 1306214 949497 876055 797367 744909 603271 440650330488 257046 152129 94425 E 849323 783630 713244 666320 600626 516163 384776 286236 225235 131387 79771 E 949497 876055 797367 744909 671467 577042 430159 319996 251800 146883 89179 F 783630 713244 666320 600626 553703 492701 375392 276851 215850 126695 79771 F 876055 797367 744909 671467 619009 550813 419667 309504 241309 141638 89179 G 694474 647550 600626 553703 530241 445777 361314 262774 206465 122002 75078 G 776384 723926 671467 619009 592780 498355 403930 293767 230817 136392 83933 H 558395 511471 464547 441085 417623 375392 309698 234620 187696 117310 70386 H 624255 571796 519338 493109 466880 419667 346225 262292 209834 131146 78688 I 441085 417623 394161 370699 347237 328468 281544 220543 173619 112617 70386 I 493109 466880440650 414421 388192 367209 314750 246554 194096 125900 78688 J 337852 323775 309698 295621 276851 262774 234620 178311 140772 103233 65694 J 377700 361963 346225 330488 309504 293767 262292 199342 157375 115408 73442 K 286236 272159 262774 248697 244005 234620 215850 159541 126695 98540 61001 K 319996 304259 293767 278029 272784 262292 241309 178359 141638 110163 68196 L 206465 197081 187696 173619 168926 164234 154849 131387 107925 89155 56309 L 230817 220325 209834 194096 188850 183604 173113 146883 120654 99671 62950 M 168926 159541 150157 145464 140772 140772 131387 117310 98540 84463 51616 M 188850 178359 167867 162621 157375 157375 146883 131146 110163 94425 57704 N 131387 123303 122008 117310 117289 107925 107904 103233 89155 79771 46924 N 146883 136392 136399 131146 131123 120654 120631 115408 99671 89179 52458 VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 2055279 1660981 1458903 1197680 1025175 734380 502730 404156 345011 182363 103503 D 2055279 1660981 1458903 1197680 1025175 734380 502730 404156 345011 182363 103503 E 1601836 1473689 1355400 1128678 961102 709737 478086 384441 320367 172505 98575 E 1601836 14736891355400 1128678 961102 709737 478086 384441 320367 172505 98575 F 1394829 1311041 1197680 1039961 887171 660449 458371 369654 305581 162648 93646 F 1394829 1311041 1197680 1039961 887171 660449 458371 369654 305581 162648 93646 G 1232181 1148393 1084320 906886 793525 586518 448514 349940 290795 152790 88717 G 1232181 1148393 1084320 906886 793525 586518 448514 349940 290795 152790 88717 H 1020246 970959 882242 759024 650592 492873 414013 320367 266151 142933 88717 H 1020246 970959 882242 759024 650592 492873 414013 320367 266151 142933 88717 I
778739 734380 694950 635806 522445 433728 359797 285866 241508 133076 83788 I
778739 734380 694950 635806 522445 433728 359797 285866 241508 133076 83788
J 556946 532302 507659 473158 428799 345011 300652 231650 192220 123218 78860 J 556946 532302 507659 473158 428799 345011 300652 231650 192220 123218 78860 K 448514 433728 414013 399227 354868 295724 261222 207006 172505 113361 73931 K 448514 433728 414013 399227 354868 295724 261222 207006 172505 113361 73931 L 325296 310510 295724 271080 256294 211935 192220 167577 142933 103503 64073 L 325296 310510 295724 271080 256294 211935 192220 167577 142933 103503 64073 M 241508 231650 216864 202078 192220 162648 147862 133076 118289 98575 59145 M 241508 231650 216864 202078 192220 162648 147862 133076 118289 98575 59145 N 157719 152790 138004 133076 131123 120654 120631 115408 99671 93646 54216 N 157719 152790 138004 133076 131123 120654 120631 115408 99671 93646 54216 IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 2858534230688720761991835480 1594761 962875 661976 481437 391168 210629 120359 D 4173807 31800442921665 2613598 2146529 1296861 839730 546570 407443 233534 134158 E 2241693 2076199 1940794 1685031 1479417 927770 636901 456362 366093 200599 115344 E 3125387 2911727 268316224148462002434 1252142 814886 516757 382599 223597 124220 F 202604919407941790345 1544611 1313923 867590 616842 431288 346033 190569 110329 F 265831824844092335344 2136592 1734117 1137859 770167 496882 367693 213659 114283 G 1715121 1554641 1424252 1359057 1138399 802396 601797 406213 325973 180539 105314 G 2176342 1987527 186330716893981431020 1018608 735385 477007 347817 203722 109314 H 1399177 1318938 1208608 1123354 947830 702096 531587 371108 305913 170509 100299 H 1888151 1739086 1565178 1431020 1232267 884450 636009 432287 327942 193784 104345 I 1028069 982935 927770 862575 807411 611827 466392 325973 265794 160479 95284 I 1286924 1192516 1117984 1018608 934138 695635 536632 382599 303098 183846 95284 J
747231 717141 692066 651946 621857 496482 406213 280838 225674 150449 85255 J
Fancy 1.50 (1.50-1.99)
SI2
Fancy 2.50 (2.50-2.99)
Fancy 2.00 (2.00-2.49)
SI1
F 359989 346318 337205 318977 287080 255182 218727 182273 136705 95693 59239 F 488279473483458687434026414298 389637 320587 251538 187420 118371 69050
IF
Fancy 3.00 (3.00-3.49)
VS2
E 401000359989346318332648305307 264295223284186830 141261 95693 59239 E 532668488279473483458687434026404433335384 261402 197285 123303 73982
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
D 596943401000359989 341761 314420 277966 232398 191386 145818 100250 63795 D 774342 532668488279473483443890 414298 340316 266334 202217 128235 73982
929169 884450 834761 775136 720479 576383 481975 337880 273285 168940 89439
K 591767 561677 536602 516542 481437 386153 346033 265794 205614 135404 80240 K 740354 705572 670790 621102 596258 472038 402474 313036 248441 154033 84470 L 421258 411228 401198 381138 366093 295883 260779 215644 170509 120359 75225 L 521726 496882 472038 457131 447194 357755 298129 268316 218628 139127 79501 M 330988 315943 305913 295883 290868 240719 210629 175524 140419 110329 70210 M 437256 422350 397505 377630 357755 298129 258379 208690 163971 124220 74532 N 240719 220659 220622 210629 210604 185554 160479 135404 110329 100299 65195 N 352786 347817 322973 298129 268316 238503 218628 149065 110329 109314 69563
Fancy 5.00 (5.00-5.99)
Prices are in Rupees Per Carat
This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved. DR AF T – DECEMBER 1st 2010
15
Can You Assure Your Customer
About The Diamond?
She’s Sure About the Gold By Vinod Kuriyan
16
A feature of this year’s Diwali jewellery sales season has been the rapid growth of consumer assurance initiatives for diamonds all around the country. And while sales have sparkled, the call for greater standardization in pricing and assurance schemes like buy-backs has never before been as loud. A report on the Indian jewellery retail industry’s perception of the need and what’s being done about it.
Magazine – India Retail | NO 01: COVER STORY
I
ndian jewellery retailers have for centuries maintained the value of the plain gold jewellery they have sold buy instituting buy-back programs. Diamonds and coloured gemstones, however, have long languished in a confusion of ad hoc schemes instituted by individual retailers according to their own individual norms. This state of affairs lasted so long only because diamond jewellery constituted just a tiny fraction of the total market. Not any more. Ever since De Beers entered the Indian consuming market with a slew of diamond brands and an aggressive umbrella campaign, all around the country, demand for diamonds has grown exponentially. Diamond jewellery is today the fastest growing segment in the market. While there are no official figures, Mehul Choksi, chairman and managing director of the Gitanjali group, that sells a raft of branded diamond jewellery all over India, including Gili, one of India’s first diamonds jewellery brands, as well as Nakshatra, Asmi and Sangini, erstwhile De Beers brands that whetted the Indian consumer’s appetite for diamonds, estimates the size of the Indian diamond jewellery market at a whopping Rs.25,000- to Rs.30,000 crore ($6-$7 billion). “The way I calculate it,” he says, “is that the Indian retail diamond jewellery market consumes roughly Rs.13,312 crore worth of diamonds ($3 billion), another 4,437 crore ($1 billion) in gold. Factor in a profit margin of approximately 50 percent and you get my estimated total.” Whatever the actual figure, there is no getting away from the fact that domestic demand for diamonds has never been higher. Along with this demand, the need for consumer assurance too has grown equally fast, spilling over from the metros and Tier-I cities and pushing decisively into Tier-II and smaller towns.
These consumer initiatives broadly hinge on two planks – stone certification and buy-back programs. Together, these programs help maintain the value of diamond jewellery and are catalyzing the move to viewing larger or better quality diamonds as storehouse of value, much the same way gold has been viewed in the country for millennia. But an important difference between the plain gold and diamond jewellery markets is that whereas the first category is usually held long term and only traded in during exigencies or occasions like family weddings to generate either cash or new bridal jewellery, diamond jewellery buy-backs, especially at the lower, mass-market end ,are also driven by fashion. Consumers are ready to trade in their diamond jewellery for newer styles and designs. Thus consumers of even the mass-market jewellery in the lower price ranges have a strong requirement for Magazine – India Retail | NO 01: COVER STORY
assurance programs that guarantee them a holding value for the product they buy.
Joyalukkas: Offering 100% diamond buy-backs
K. Srinivasan of Emerald Jewel Industry India Pvt. Ltd., a manufacturer who supplies retailers, offers certified diamonds and buy-back schemes for them as a product and service guarantee, however cautions that in his view, diamonds are still a long way from gaining the storehouseof-value perception that gold enjoys in the country. “There is nothing to beat gold as an investment option for the general consumer,” he notes, adding, “diamonds are still far away as an investment option.” But he nonetheless offers assurance programs for all sizes of diamonds and affirms that these initiatives help maintain their value. As he puts it, “Transparency in the grading systems and in value certification will help boost consumer confidence and the move to buying diamonds as an investment tool.” The Joyalukkas group, another big operator in the southern market, has also embraced consumer assurance schemes for diamonds in a big way. According to Suresh V.N., the group’s diamond manager, notes, “We at Joyalukkas have very good sales in diamonds. All our diamonds are IGI certified and we offer our customers a 100 percent buy-back guarantee. But it isn’t only the larger and better stones that are now being offered with assurance programs. Indeed, even massmarket diamond jewellery brands are offering consumers quality assurance. The challenge to consumer assurance with diamonds, notes Gitanjali’s Choksi, is that there isn’t a single price to a diamond – the fact that for a stone of a given size, there could be any number of variations 17
closed loop system that brings a fair measure of stability with it. With smaller retailers, who lack the depth of product lines and geographic spread of their sales, the buy-back values tend to be lower, at around 75 percent. But all this is only as long as the brands or retailers are dealing with their own product. When it comes to other people’s products, typically, a retailer or brand will cut another 15- or 20 percent from the buy-back value (margin money) as a hedge against the uncertainty of accepting someone else’s product at face value. And this really shakes the consumer’s perception of a diamond’s value.
mohandas: Standing behind his own product
in price depending on colour, clarity and cut tends to disconcert many consumers. According to him, the only solution to delivering solid consumer assurance is to have all players subscribing to credible third-party certification systems. “All consumers want buy-backs, whether or not they are willing to sell their jewellery,” Choksi says, “but the foundation of a credible buy-back system is to have everyone agree to the grading of a diamond, as this is what determines its price. Third party certification is the only way to go with this.” Today, most big brands offer between 80- and 85 percent of the sale value of their own brand of diamond jewellery as its buy-back value. They are able to do this in part because their product is, to begin with sourced either from their own factories or from dedicated manufacturer partners who ensure that the brand’s quality standards are met. Additionally, brands have a large proportion of the diamonds that are set in their jewellery certified by diamond testing and grading labs, who bring the much-needed third-party stamp of assurance to the product. Apart from conveying value assurance, the buy-back schemes particularly help the mass-market brands keep sales of their new lines moving, as consumers are willing to forgo the 20 percent drop in value to buy newer and more fashionable designs. The 20 percent difference in value helps the brands recycle the product and use the diamonds for setting in newer, more contemporary lines. This leads to a fairly sustainable
18
Another factor complicating matters is the difference in mark-ups in different geographic markets around the country. Ravinath Mohandas of VNM Jewel Crafts in Kochi, who caters to a high end clientele, sells only the better clarities (VVS+) and colours (G-and-better) to a market that clearly values the quality of the diamonds it consumes, regardless of their size. He notes, however, that major retailers in the Kochi area deal in “E” to “I” colours. Diamond clarities, however, are usually much better than what would be accepted in the northern markets. Even factoring in the differences in product between his own firm and those of others in the area Mohandas observes that margins for both diamonds and gold in the southern markets are on average lower than what are achieved in the north. Mohandas reports that diamond prices, instead of firming up and providing better margins, “have become really competitive.” He provides his customers with his own diamond certification and stands behind his own product to deliver assurance. “Only where solitaires are concerned do I provide third-party certification – with GIA certificates only. I have a scheme that lets my customers upgrade their products.” He does buy back diamonds, but notes candidly that as far as other people’s products are concerned, he buys them back only “at a really low price”. So are diamonds holding their value, in Mohandas’ opinion? “The various diamond promotion programs we’ve seen in the country have definitely grown demand for diamonds. I think that today, diamonds provide women with the same sort of a value perception as an overseas holiday. The diamond business is definitely improving,” he adds. Why, ask many industry watchers, are there so many differences in consumer assurance programs and the way consumer confidence is addressed? Why isn’t there a greater
Magazine – India Retail | NO 01: COVER STORY
Bamalwa was referring to the fact that in many areas, there are small, one-room shops that call themselves “grading laboratories” and offer certificates for as little as Rs.50. Most of these “labs” have nothing more than a single microscope and offer certificates that are several clarity- and colour grades higher than what a reputed world-class laboratory would. These small shops, he observed, posed a real threat to consumer confidence, which is why he was even willing to consider government regulation of laboratories. Many retailers have seen the pointlessness of certificates from such “labs” and have, like Mohandas in Kochi, opted to provide their own certification and stand behind their own products instead. vnm jewel crafts
measure of standardisation? “The geographic variety of the Indian market,” says Kanwaljit Singh of Singh Diamond in Mumbai, “leads to a great variation in the mark-up on diamonds at the retail level. In the northern markets, they love diamonds, but they want the biggest bang for their buck. So the diamonds are the more inexpensive kind -lower clarities and colours. But the overall cost of the piece is also kept down by using lower karatage for the gold and so the diamonds still constitute up to 60 percent of the component cost of the jewellery. When you factor in the retail mark-up on the whole piece after adding making charges, obviously, the diamond values are marked up by a much higher percentage than in the southern markets, where they take only the highest quality – and thus far more expensive diamonds. A comparison of two similar pieces with a exactly the same carat weight in diamonds would show a five-fold increase in the cost of the diamonds for the southern market. Naturally, when you factor in the total mark-up, the appreciation in the price of the diamonds is going to be much less. So you really can’t say that the diamonds are overvalued in one market and undervalued in the other. It’s in the nature of the consuming pattern in each market.” Still, the consuming market could be made to understand regional differences in prices as long as consumers are confident of the quality of diamonds they buy. This is where the Indian market runs into extremely uncertain territory. Bachhraj Bamalwa of Nemichand Bamalwa in Kolkata, the incoming president of the All India Gems & Jewellery Trade Federation (GJF), in his inaugural address at the GJF’s annual general meeting earlier this year, highlighted the need for the jewellery retail industry to convey rock solid quality assurance to consumers when he asked the question, “Does the Indian market need a regulatory authority to maintain standards among diamond grading laboratories?”
Magazine – India Retail | NO 01: COVER STORY
But there is still a strong need for third-party certification. Which is why Bamalwa posed the question to the GJF’s general body of whether they should even consider a government initiative in the matter. The problem with this idea, though, is that government infrastructure has been woefully inadequate even with the primary need for providing gold hallmarking services around the country. Most of GJF membership present felt that asking the government to also look after diamond certification was something of a hopeless cause from the very outset. While agreeing with this Bamalwa noted that this meant that retail industry had to collectively do something to provide this much-needed assurance to the Indian consumer. Most of the retail industry agrees that collective action needs to be taken on a combination of initiatives including thirdparty certification, good buy-back programs and above all, standardized pricing for diamonds. Much of what consumers perceive as value, depends on their confidence that the perceived value of the product is uniform throughout the marketplace and that this value can be unlocked at any time through a standardized mechanism. Building up this confidence is key to enabling diamonds compete successfully with the wide range of luxury products that now aggressively vie for a share of the consumer’s wallet. As Gitanjali’s Choksi sums it up, “India is a very big country and the industry must come together to educate the consumer on diamonds. All the retailers, manufacturers and associations should come together to do this on a massive scale. In our business, providing an investment guarantee of the product is as important as selling it for its beauty. There must be trust and confidence created in the consumer’s mind ■
19
Et Cetera
Retail True Love Never Dies
Jewelry by bob export for gold expressions
Valentine’s Day lies just over the Holiday Hump and these pieces make a heart of stone burn red with desire. True love never ends, but lovers give the gift that lasts forever … jewelry. Reds and pinks, hearts and arrows – these lasting lovelies are sure to “be mine.”
Birds of a Feather Stick Together Remind your lover of the season of love and spring with these pieces from Bob Export for Gold Expressions. Pouring down like droplets of rain, these feathered pieces flock together with flurries of yellow, white and pink gold in the Tropical Fantasy collection.
IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA
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For the Faint of Heart Esssenza for Gold Expressions lets contrasting energies unite in yellow and black gold creating unique and passionate forms for those whose romantic preference is less frilly and more edgy. The Making Love collection uses gold and hermatite charms to capture the eye and the heart.
Jewelry by esssenza for gold expressions
I Love Gold! Naturally, who doesn’t? Israelis designer, Daphna Simon tenderly hand-crafts 18 karat into romantic natural elements that bring a calming and sensual feel to each piece. Why not think out of the romance box and count the years of your love using the metaphor of the rings on a tree?
Jewelry by goldspirit for gold expressions
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Jewelry by daphna simon
Metallic l’Amour In the My Way 2 collection, Italian designer Goldsprit for Gold Expressions solidly expresses the notes of love with bold hearts shining bright with metallic sheen. Striking and passionate, the collection’s depth has avant-garde characteristics.
IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA
Tickled Pink Nothing says love like pink sapphires and amethyst jewelry. Al Coro’s design sparkles in rose and purple rings, earrings and pendants. There are even surprises underneath each piece with ornaments inside the rings of stars, moons and hearts.
Jewelry by al coro
Jewelry by Pacôma
Jewelry by stuller
Ring in the Season Stuller gives more heart than ever this season with an array of heart rings for every taste. For the ambiguous amore, a sterling silver and rose quartz ring etched with romantic design on the band. For the bold, a 14 karat white gold heart shaped amethyst and diamond ring will ignite the heart in purple passion.
IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA
25
Global Polished Diamond Prices
Prices Weaken in Late October
G
lobal polished diamond prices slipped during the final week of October, after holding relatively steady during the early part of the month. In fact, prices declined even further due to the weakening of the dollar. The IDEX Online Polished Diamond Price Index averaged 117.8 for October, ending the month at 117.2, and remained near that level in the early days of November. The IDEX Online Global Polished Price Index decreased a modest 0.2 percent from September and increased a strong 8.4 percent over the average for October 2009. Uncertain demand for polished diamonds, especially ahead of the all-important holiday season in the U.S. market, appeared to have caused retailers to cancel backup orders for diamond jewelry. As a result, diamond suppliers with excess goods were forced to reduce prices in an effort to move inventory. Weak U.S. Dollar Also Hurts Diamond Values There was also more disturbing news. Globally, diamonds are traded in U.S. dollars. Since the beginning of the year, the U.S. dollar has lost at least 5 percent of its value against a basket of diamond currencies. As a result, real
26
By Ken Gassman prices of diamonds began to fall when the U.S. dollar’s decline commenced. On a constant currency basis, IDEX Online Research estimates that global polished diamond prices since September have fallen by at least 6 percent, if not more, from levels earlier this year, on a constant currency basis. Rising Gold Price Hurts Real Diamond Prices The U.S. dollar has weakened substantially against the price of gold. Since January, the price of gold has risen by 24 percent from $1,099 to $1,360, although it was slightly higher in mid-October. Consequently, the value of the U.S. dollar has fallen a substantial 24 percent when compared to the global currency of gold.
Weak Diamond Prices: IDEX Online Issues Early Warning The IDEX Online Global Polished Price Index, which is based on real-time trading data, shows that polished diamond prices are softening. In contrast, some polished diamond price information published by other services suggests that prices are “stable.” Why this dichotomy? IDEX Online Research reports diamond prices in real time posted by diamond suppliers. There are no “market adjustments.” IDEX Online neither owns nor trades diamonds. Demand in A Few Markets Remains Relatively Stable Globally, the uncertain economy has had a negative impact on demand
Graph 1
Daily IDEX Online Polished Price Index
119
118
117
116
115
1
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Source: IDEX Online Research
August 2010
IDEX Magazine – India Retail | NO 01: POLISHED
Forecasts for near-term diamond demand are less rosy. We are projecting that diamond jewelry sales could be down by as much as 5 percent in the U.S. during the November-December holiday season, with unit sales down as much as 15 percent.
Graph 2
U.S. Dollar to Diamond Currencies – 2010 3.4%
+4.0% +2.0% +0.0% (2.0%)
(3.1%)
(4.0%) (4.7%)
(6.0%)
Instead of diamonds and diamond jewelry, consumers have focused their spending on less expensive silver jewelry and lower-karatage gold jewelry. Popular priced fashion jewelry – mixed metals and a variety of colored gemstones – seem to appeal to today’s jewelry shopper.
(6.3%)
(8.0%)
(8.5%)
(10.0%) Euro
Rupee
Canadian $
SA Rand
Australian $
Source: OANDA
Graph 3
IDEX Online Polished Diamond Price Index 24 Months
135
Peak August 2008 = 128.9
130
October 2010 = 117.8
125 120 115
Average April–November 2009 108+
110 105 100
N
D
J
F
M
A
2008 Source: IDEX Online Research
M
J
J
A
S O
D
J
F
M
A
M
J
J
A
S
0
2010 By Month
for polished diamonds and diamond jewelry. Not only has the economic recovery been characterized by spikes and dips in demand, but the economy is taking far longer to rebound than in prior recovery cycles. As a result, diamantaires are getting mixed signals from the market, with no firm trend or pattern emerging. While demand for diamonds and diamond jewelry remains stable in two emerging markets – China and India – neither of these markets has a significant impact on global polished diamond demand or prices. Together, these two markets account
IDEX Magazine – India Retail | NO 01: POLISHED
N
2009
Until demand for diamond jewelry solidifies at the retail level in the U.S. market, polished diamond prices are expected to trade in a narrow range, with little support. Clearly, there is not enough demand to push prices higher. Unfortunately, the risk remains high for downside price movement. ■
for an estimated 10 percent or less of total global demand (by value) of polished diamonds. In contrast, the U.S. market consumes roughly 45 percent, by value, of the world’s polished diamonds and diamond jewelry. Short-Term Forecast Uncertain The IDEX Online Research survey of retail jewelers shows that the average ticket for an independent specialty jeweler dropped by 9-10 percent during the recession, and is showing no recovery. The only good news is that the number of sales transactions is on the upswing.
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 Research. The e-mail address is
[email protected].
27
ADVERTORIAL
P
Diam nd Treatments eople have revered diamond as a precious product of nature for thousands of years, especially in India where the tradition of diamond trading and wearing dates back some 3000 years.
Today, penetration with high-energy electrons in a linear accelerator is one of two frequently used irradiation techniques. Depending on the material and treatment conditions, this process usually produces blue or blue-green colors.
In the last half century, scientists have discovered ways to alter the appearance of natural diamond: namely to improve clarity and improve or change color. While treatments can make difficult-to-sell diamonds more attractive, they do present identification challenges to the industry if sold undisclosed.
The other technique involves bombardment with neutrons, usually in a nuclear reactor. Diamonds treated this way usually become green, blue-green, or dark green. Both of these modern processes produce uniform color without zoning because the electrons and neutrons penetrate very deeply.
Detection and disclosure is the key. Diamond treatments are legitimate and can make some diamonds more marketable, but the need for positive, ethical disclosure is essential to protect the trade and consumers.
Color-modifying irradiation treatment always comes after a diamond is cut and polished.
Treatments For Color
Irradiated colors are sensitive to heat. Technicians use cold running water to prevent color changes during the irradiation process, which generates a lot of heat.
Scientists have experimented with many ways to change and modify diamond color.
Irradiation
Sir William Crookes was the first to change diamond color by irradiation. He buried diamonds with radium salts for one year in 1904, which turned them green. Unfortunately, it also made them highly radioactive.
After the gem is set, the heat from jewelry repairs, recutting, or repolishing might also change its color. A controlled heating and cooling process called annealing, is another way to change diamond color.
Development of nuclear reactors, particle accelerating machines, made treatment of stones easier. This caused damaged to the crystal lattice of diamond, altering light absorption, therefore the visible color. This treatment resulted in only shallow penetration of atomic particles into the diamond, causing distinct color zones. Researchers developed the linear accelerator in the 1900s. This also accelerates atomic particles, but along a straight path rather than a circular one. 28
Magazine – India Retail | NO 01: GIA
Detection
There are some clues to color treatments that you can detect under magnification, with fairly simple equipment. Color zoning parallel to facet junctions is one sign of a cyclotron-irradiated diamond. If a brilliant cut is irradiated from the pavilion, the color zone is an umbrella-shaped area around the culet. If it was treated from the crown, the zone is a dark-colored ring just inside the girdle. If you see either type of color zoning, you should send the diamond to a gemological laboratory for further testing.
Coatings
One of the earliest methods of treatment was to use an indelible ink, or a dye called gentian violet, on the culet or the pavilion of the stone. The girdle was marked by the moistened pencil or the pavilion was dipped in the colored solution. The girdle’s matt surface made it easier to mark or apply various dyes. This would change the apparent color of the diamond to that of the dye color. Such coatings can usually be seen with a 10x lens because they tend to be streaky. They may be removed by water, alcohol or a commercial jewellery cleaner. Attempts to improve this treatment by using techniques used in camera lens and spectacles were made after World War II. This changed in recent years with the introduction of a new coating method developed and marketed by Serenity Technologies. These modern silica coatings are applied to polished colorless or near-colorless diamonds and results in a variety of natural-looking fancy colors, including pinks, oranges, yellows, blues, and violets. These coatings are fairly durable, but not permanent. They can be damaged by the heat and chemicals used during jewelry repairs and polishing and can also scratch fairly easily. This means detection and disclosure are vital when handling coated color-treated diamonds. Magazine – India Retail | NO 01: GIA
Detection
Identification of color coatings is often easy with simple 10X magnification. Some visible features were scratches and other surface features, such as areas with uncoated spots or patches.
High Pressure High Temperature
Advances in diamond synthesis in the late 1990s led scientists to experiment with ways to modify color of natural diamonds using combinations of high temperature and high pressure. The color-altering procedures have been publicized in the diamond trade as high pressure, high temperature processes, often abbreviated HPHT. Those experiments resulted in two different processes. One improves the color of a relative few brownish diamonds, making them almost colorless. The other creates green or yellowish green diamonds from brown stones. The improvement in color can be dramatic. Brown diamonds of N to O color, and even Fancy Light brown diamonds, can attain D to H grades after HPHT. Today, more colors can be produced: light blues and light pinks that often resemble natural diamonds.
Detection
Identifying HPHT diamonds involves specialized laboratory techniques such as spectroscopy and photoluminescence, but it might be possible to detect some signs with microscope examination. Those signs include damage caused by the extreme heat and pressure conditions, like etched or frosted naturals and fractures that appear frosted or that converted to graphite, often in areas in fractures and around feathers.
Conclusion
Most color treatments are difficult to detect outside of a laboratory. It’s best to send diamonds you suspect of being treated to a well-equipped gemmological laboratory, like the GIA Laboratory, because sophisticated laboratory equipment provides the most reliable origin of color identifications. A spectrophotometer, for example, is a complex and expensive instruments that reads a gem’s light absorption across the visible, UV, and infra red ranges. Experienced technicians can detect that information and usually make an origin-of-color judgment.
Want to learn more?
About GIA Lab Services, email us at
[email protected] About GIA training programmes, email us at education.
[email protected] Website - www.giaindia.in 29
ADVERTORIAL
When it follows irradiation in a two-step process, annealing modifies irradiated colors to produce brown, orange, or yellow. Rarely, it can also produce shades of pink, red, or purple. In the 1970s, many diamond colors were modified this way.
