World of Jewelry October 2019 by ALTIN DÜNYASI YAYIN GRUBU

WORLD OF JEWELRY

WOJ

OCTOBER 2019

Cover image; Sevan Bıçakçı

WORLD OF JEWELRY

WOJ

Report The Lab - Grown Market Today by IGDA Marketing Deconstructing the next great jewellery-consuming generation Show Get ready for your Istanbul Jewelry Show rendezvous!

SEVAN BIÇAKÇI

An Istanbul ‘Timekeeper’ Altın Dünyası

CONFERENCE

SHOW

MARKETING

ASEAN GEMS & JEWELLERY ASSOCIATION CONFERENCE WILL BE HELD IN ISTANBUL

ISTANBUL JEWELRY SHOW 10 - 12 OCTOBER 2019

TOWARD A CIRCULAR, SUSTAINABLE GEM AND JEWELLERY INDUSTRY Fall 2019

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ASEAN Gems & Jewelery Association Conference will be held in Istanbul this year Mustafa KAMAR Chairman Turkish Jewellery Exporters' Association

Istanbul Jewelry Show has become one of the important fairs of the global jewelry industry. Every year, jewelery industry professionals from around the world meet in Istanbul in October. The number of visitors of the fair continues to increase every year. Istanbul Jewelry Show continues to grow while other international fairs are experiencing a decline. There are many factors affecting this growth; Purchasing delegation breaks record The Foreign Purchasing Delegation Program organized by the Jewelers Exporters' Association hosts over 1000 foreign buyers at 5-star hotels in each fair. During this fair period, we will host the world's distinguished jewelry buyers in Istanbul. Global jewelry industry began to explore the potential of Turkish jewelry industry We decided to diversify our target markets within the framework of our new export strategy. Now Turkish jewelery manufacturers reach all over the world instead of focusing on a particular region. For this purpose we even organize special events in many countries from Miami to Qatar. The world is discovering the advantages offered by the jewelry industry. Legal regulations pave the way for the sector In order to get the support of our government behind us, our efforts on legal regulations are effective. As a result of legal regulations, many opportunities arise for foreign companies. For example, Kuyumcukent, which is one of the biggest jewelery production centers in the world, hosts nearly 200 foreign companies. Istanbul is becoming the trade center of the jewelery industry. ASEAN 2019 is in Istanbul this year Turkey is increasing its cooperation with many international sectoral organizations due to the development experienced in the jewelry industry. ASEAN Gems & Jewelery Association Conference will be held in Istanbul this year. I would like to note that we are proud to host this conference, which will be closely followed by the world jewelry industry. During the fair, these organizations need both Turkey, our guests will witness the growth experienced in the jewelry industry. I wish our guests to spend an efficient fair period in this process.

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WOJ WORLD OF JEWELRY worldofjewelry.net JEWELLERY EXPORTERS' ASSOCIATION

PUBLISHER Altın Dünyası Publishing Group EDITOR IN CHIEF Remzi ÇELEN remzi@altindunyasi.org MANAGING EDITOR Aslı ÇELEBİOĞLU asli@altindunyasi.org

DESIGNER Hayrunnisa GÜLMEZ nisa@altindunyasidergisi.com COORDINATOR Nur KUŞKONDURMAZ Tel: +90531 657 32 93 nur@altindunyasidergisi.com ADVERTISING Aysegul ELGİN Tel: +90536 935 58 56 aysegul@altindunyasidergisi.com ADVERTISING Esin ÇALIŞKAN Tel: +90543 975 21 15 esin@altindunyasidergisi.com ADVERTISING Serap KARAKOÇ Tel: +90533 319 48 59 serap@altindunyasidergisi.com JEWELLERY EXPORTERS' ASSOCIATION OF TURKEY Dış Ticaret Kompleksi A-Blok K:2 Çobançeşme Mevkii, Sanayi Cad. Yenibosna-Bahçelievler İstanbul / Türkiye Tel: +90 212 454 00 00 I:1002  Fax: +90 212 454 00 32 YAYIN DÜNYASI YAYINCILIK GAZETECİLİK VE DAĞITIM A.Ş. Şerefefendi Cad. Selvili Mescid Sk. N:4 K:2 Fatih - İstanbul / Türkiye Tel: +90 212 518 84 01 GSM: +90533 556 03 22 PRINTING / 1 EYLÜL OFSET M.Nezih Özmen Mah. M.Akif Cad. Kestane Sok. No:5/3 Kat:4 Merter / İstanbul Tel : +90212 555 19 03

4CONTENTS

ISSUE

ART DIRECTOR Süleyman ÖNKOYUN suleyman@altindunyasidergisi.com

06 SEVAN BIÇAKÇI : AN ISTANBUL ‘TIMEKEEPER’

14 BUCCELLATI SPECIALISES IN ENGRAVING TECHNIQUES TO CREATE SPECIAL EFFECTS FOR ITS JEWELLERY

19 DEEP BLUE BY ROBERTO BRAVO 20 YELLOW DIAMOND JEWELLERY BY GRAFF 24 ‘’INNER LAND’’ BY KISMET 38 TIFFANY & CO. LAUNCHES NEW MEN’S COLLECTIONS 40 PARTICIPATION IN FOREIGN BUYERS' DELEGATION REACHED 1000 42 THE MOST IMPRESSIVE JEWELLERY PIECES WORN AT VENICE FILM FESTIVAL 44 ISTANBUL JEWELRY SHOW 46 TOWARD A CIRCULAR, SUSTAINABLE GEM AND JEWELLERY INDUSTRY 54 DECONSTRUCTING THE NEXT GREAT JEWELLERY CONSUMING GENERATION 64 ASEAN GEMS & JEWELLERY ASSOCIATION CONFERENCE ISTANBUL 2019 66 ABDULLAH TÜTÜNCÜ: ''ARE YOU READY FOR THE CHANGE IN JEWELRY EXPORTS?'' 70 THE 20TH OVERSEAS STORE OF ALTINBAŞ IS NOW OPEN IN ALBANIA 72 VICENZAORO SEPTEMBER 2019 76 DUBAI DIAMOND CONFERENCE 80 ZEN DIAMOND CELEBRATES THE OPENING OF ITS FIRST STORE IN USA 82 MARKETING AND DESIGN CHALLENGE BY VAV DIAMOND 84 INDIA’S DIAMOND POLISHERS FACING MASSIVE JOB LOSSES 88 WGC / GOLD DEMAND TRENDS – Q2 2019 96 IGDA / THE LAB-GROWN MARKET TODAY

An Istanbul ‘Timekeeper’

Who Believes in Taking It Slow Known for his lavish carved-gemstone rings, the jeweler Sevan Bicakci has added watchmaking to his portfolio. But the result probably isn’t what you’d expect: Mr. Bicakci doesn’t really worry about the ease of telling time. More important, he says, is the story that each watch tells and his painstaking journey to create it. “With many of my watches, it’s actually very challenging to read the time because there’s so much going on: within the dial, within the design carved into the sapphire glass,” he said. “So, sometimes, you don’t see the hands.” The focus is what he calls “slow luxury.” “I want my watches to take people’s minds away from that feeling of always being in a rush,” he said. “If you are in a rush, just look at your cellphone.” An example would be his ornate Potamides watch ($275,000), named for the water nymphs in Greco-Roman mythology. Made of 24-karat gold, sterling silver, diamonds and what Mr. Fall 2019

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Sevan Bıçakçı knows a thing or two about time. A Turk of Armenian descent, he took more than nine years to create an 85-piece collection, a trial-and-error process documented in a large-format book, “Sevan Bicakci: The Timekeeper,” with text by Vivienne Becker, published by Assouline.

Bicakci called “very unforgiving” sapphire crystal, it features a reverse-engraved intaglio image of a dragonfly whose wings, at certain times, obscure the minute and second hands. The watch’s gem-encircled dial is surrounded by a 4-inch cuff laden with still more diamonds and styled in the shape of outstretched wings. “It hides the time away, that’s what I care about,” he said. “To make someone forget about time.” Mr. Bicakci knows a thing or two about time. A Turk of Armenian descent, he took more than nine years to create an 85-piece collection, a trial-and-error process documented in a large-format book, “Sevan Bicakci: The Timekeeper,” with text by Vivienne Becker, published in December by Assouline. As with his rings, Mr. Bicakci relied on a team that included goldsmiths,

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stonesetters and a sculptor to complete his designs, with their Turkish motifs like pomegranates and minarets. The movements were made at the Swatchowned ETA factory in Switzerland. Now 46, he dropped out of school at 12 to apprentice with a relative who was a goldsmith. He opened his own workshop by the time he was 18, and now has salesrooms in Istanbul and Miami. For years, collectors and film producers have sought out his ornate rings. Anthony Hopkins wore Bicakci jewelry in the 2017 film “Transformers: The Last Knight,” as did Cate Blanchett in “Ocean’s Eight” last year.

The movements were made at the Swatch-owned ETA factory in Switzerland. 10

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And Whoopi Goldberg wore his Octopus bracelet-ring (not for sale) and his gold, silver and diamond Astrolabe watch ($280,000) to the 2016 Oscars.

“I thought he was one of the most innovative jewelers. Like Lalique or early Cartier,” added Ms. Goldberg, who is an Emmy, Grammy, Oscar and Tony winner. “I’m a huge fan, and when I grow up, one day I’m going to get one of those watches.” Her favorite, she said, continued to be the one she first wore in 2016: “It’s gorgeous and on my skin tone, even more gorgeous. His work is just sublime.” Mr. Bicakci had been working on his watches for several years, but his plans to expand into horology solidified after he saw a 2012 exhibition of rare, centuriesold mechanical clocks, including some made by meditative Ottoman-era dervishes, on display at Topkapi Palace in Istanbul.

“Some of these dervishes dedicated their lifetimes to the making of clocks, without caring about trade,” Mr. Bicakci said during an interview in his atelier’s offices on a back street near the Grand Bazaar. “They didn’t make them to sell. One of them made only nine clocks in his lifetime, but he excelled at it, all by himself, without an industry behind him to back him up. I liked seeing that level of commercial indifference.” And the makers were experimental. “They weren’t educated by masters,” he said. “Some of them were true dreamers: One made a decimal watch dividing the day into 10 ‘hours’ instead of 24. I liked the imagination of someone who just takes time the proper kind of time to create, despite market conditions. These watchmakers became my heroes.”

”

It was her search for the right bit of red-carpet bling that first led her to Mr. Bicakci’s work. “I sent him an email to say: ‘Hi, my name is Whoopi. I’m an actor, I’ll be doing the Oscars and I wonder if you would ever lend me some of your jewelry. Your look is extraordinary, and yes, it’s really me,’” she said by telephone from New York, where she is the moderator of the “The View” on ABC.

Some of these dervishes dedicated their lifetimes to the making of clocks, without caring about trade.

“I’m happy I can afford to take my time,” he added. “If you stop to think what the price is going to be and who may buy it, you’ll end up not making it.” Still, the lengthy creation process, inflation in Turkey and the country’s currency exchange crisis made pricing his watches Fall 2019

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very complicated. Prices start around $100,000 and rise significantly, depending on the materials and labor.

But the designs aren’t meant to be frightening, Mr. Bicakci said.

Thirty of the watches were shown at a small in-store event last year during Art Basel Miami Beach, but the first public exhibition of the entire collection was scheduled Feb. 15 to 17 at Watches & Wonders Miami, an annual event sponsored by the Fondation de la Haute Horlogerie and the Miami Design District.

“The spider, for example, is a holy creature according to Islam,” he said. “Legend holds that spiders helped the Prophet Muhammad to hide in a cave by spinning a web across the opening so his enemies thought there was no one inside.”

One of his easier-to-read pieces is Gate of Heaven, which also is one of the collection’s most expensive (price upon request). It features more than 100 white diamonds and dozens of smaller black ones, ribs of rose gold that look something like a radiator grille, and a small version of Mr. Bicakci’s trademark dagger dangling from the clasp. Another user-friendly watch is the gold, silver and diamond Loves Me, Loves Me Not ($160,000). The dial has an acrylic painting of 12 daisies, with petals that increase in number to match the hour. One of the more macabre — and a favorite of Mr. Bicakci’s — is the Full Moon watch ($240,000) with its reverse-engraved intaglio of a skull and bones hovering over a graveyard. The Medusa ($170,000) shows her disembodied head encircled by fanged snakes while the Arachne ($240,000) features black diamonds and a reverse-engraved intaglio of a spider.

Never forgetting his Istanbul roots, Mr. Bicakci also made the Conqueror, featuring dozens of diamonds, a painting on gold leaf of minarets and a portrait of the 15th-century Ottoman leader Sultan Mehmet II reverseengraved on the underside of the sapphire crystal. Was the jeweler confident he could make the transition to watches? “I was very encouraged by what I had seen in Topkapi Palace,” Mr. Bicakci said. “Unlike the dervishes, I have bills to pay but already having experience in jewelry reassured me that I had the necessary resources and could have fun jumping into another kind of risky business.”

This article was published by The New York Times

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Buccellati specialises in engraving techniques to create special effects for its jewellery The Italian fine jeweller uses engraving techniques such as Rigato, Telato and Modellato to create dazzling effects in its products. No other brand quite embraces Italian refinement like Buccellati does. Founded in 1919 in Milan by Mario Buccellati, who earned the nickname â&#x20AC;&#x153;The 14

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Prince of Goldsmithsâ&#x20AC;?, the brand is known for its commitment to excellence. Since the opening of its first boutique, it has expanded its presence with stores in major cities around the world, including Dubai, New York, Paris, London, Beverly Hills, Beijing, Shanghai, Tokyo, Seoul, and Hong Kong.

WOJ Buccellati first introduced its exclusive Italian designs to the Hong Kong market in 1970, when it opened its first store. Last year, the brand continued its commitment to Asia’s world city with a new store, which opened in Harbour City, one of the city’s busiest shopping hubs. The secret of the brand’s popularity and longevity is its focus on heritage, craftsmanship and passion.

The Macri collection features the brand’s signature Rigato engraving technique, where parallel lines are engraved into the surface of a precious metal using a sharp engraving tool called a burin.

Take for example, its work with gold, which has been one of the foundations of Buccellati since the very beginning. Mario Buccellati developed his understanding of goldsmithing during his apprenticeship at Beltrami & Besnati, a famed jeweller and goldsmith company. Since then, Buccellati’s designs have consistently focused on highlighting traditional Italian goldsmithing techniques that have roots in the Italian Renaissance, a time when refinement and beauty were at their peak.

An artisan uses the Rigato engraving technique on a bracelet.

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One has to look no further than the brand’s iconic Macri collection to see how its heritage and passion for craftsmanship have been translated into real life. The Macri collection features the brand’s signature Rigato engraving technique, where parallel lines are engraved into the surface of a precious metal using a sharp engraving tool called a burin. Using a burin is no small feat, as it demands an enormous amount of deftness as well as talent; the exact angle must be used when making a cut in the metal, as going off by a single degree could ruin the work. However, when successful, the end effect is a surface that mimics a textile look that also effortlessly catches the light to show off a luxurious sheen. Another traditional technique that Buccellati masterfully uses to great effect is the openwork technique, where a lace-like design is created. The best example is the cuff bracelet from the Dream Bracelets Collection, where the delicate patterns made of lace-like flowers are laid on a white gold cuff. After the diamonds are set, a decorated bezel is set around the stones to keep them in place as well as to add another layer of decoration and finesse to the cuff. Other time-honoured engraving methods used by the luxury brand include Telato, where lines

are finely crosshatched to create a linen-like visual effect; Segrinato, where tiny overlapping lines are etched to create a soft look; Ornato, a complicated decoration technique used to recreate objects found in nature; and Modellato, where designs are delicately chiselled to create a three-dimensional miniature sculpture. The Modellato technique is evidenced in the Eternelle rings. The rings, named Eternelle to highlight their uninterrupted design that takes the shape of delicate open-worked lace, use Modellato engraving on the borders. These are just a few of the methods and techniques the brand expertly uses to produce a variety of designs. Each method requires hours and hours of dedication and patience. Depending on the desired pattern or effect, hours could turn into months. Case in point is the brand’s honeycomb pattern, which gives jewellery pieces a tulle-like effect, and requires a month for artisans to carefully shape each cell. Rare colourful stones are also used to give an extra layer of depth to the jewellery pieces – and a lively sparkle that promises Italian elegance and glamour. It is no surprise that the brand has been favoured by members of royalty from Italy, Spain and Egypt. Even the great cardinals of Rome and other members from the upper echelons of society can be counted among the brand’s clientele.

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A pendant in yellow gold and white gold set with three round brilliant-cut diamonds from the Macri Giglio line. In this line, the lily is used as a decorative motif.

A cuff bracelet in black gold set with 56 round brilliantcut diamonds from the Macri AB line. The Macri AB line was designed by Andrea Buccellati, the son of Gianmaria Buccellati, who launched the Macri collection. Fall 2019

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Deep Blue Victoria Bonya is the new face and guest designer for Roberto Bravo

Roberto Bravo jewellery creates “unique feeling” by inspiring designs..

he jewellery passion of Kamar family which starts at 1948 and continues for 3 generations, was transformed into ROBERTO BRAVO brand by the vision of expanding to the world. ROBERTO BRAVO was commenced its activities in Arezzo town of Italy in 1998, which is the world’s gold design and production center, then moved its office to Corso Palladio, Vicenza

in 2008. The Company which operates in retail, production and export areas until 1997, started to attempt on the way of becoming a global brand. Roberto Bravo has a headquarter in İstanbul, 2 management offices in Vicenza and Moscow, has multiple design and production facilities in Turkey, Italy and Korea. Today, the brand is setting worldwide jewellery trends through

Contemporary Lines, High Technology, Extraordinary designs, Craftmanship Mastery, Expressive Collections, Wide Range of Products; having many surprises inside, is full with aesthetic and mysterious lines. It offers daring and creative approach through extraordinary collections introduces jewellery enthusiast into luminous, fascinating and magic world of gold, diamond and enamel.

Naviblue Blue diamonds are one of the world’s most prestigious and rare treasures. The underlying charm of these fabulous gems is enhanced by light effects and refraction. A butterfly rests lightly on a necklace made of white gold and blue diamonds.. A charming star shaped blue diamond bracelet induce us to read the meaning of stars, and reveal their mysteries. Fall 2019

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Yellow Diamond Jewellery Yellow diamonds conjure the sun’s rays; pure joy emanates from their bright depths. Graff is renowned for yellow diamonds, with a legacy of cutting and polishing many of the world’s most important and rare yellow jewels. Yellow diamonds can be discovered at all of Graff ’s stores, bringing a scintillating symbol for happiness to each corner of the globe. Precious Colour

Due to their rarity and splendour, yellow diamonds are the focal point of the designs within which they are set, and our designers work tirelessly to ensure that each piece showcases their remarkable beauty. Each design is beautifully painted to ensure the perfect balance between colour, symmetry and proportion.

Sumptuous Shades

Masters at Work

Cutting and polishing our own diamonds allows us to harness the inner potential of every jewel, perfectly crafting each yellow diamond in order to optimise its depth of colour and blazing scintillation. Yellow diamonds reflect all yellow light because of the nitrogen they contain, and our craftsmen ensure that each cut enhances this radiance. 20

Artistic Wonder

Coloured diamonds are enormously rare, and Graff endeavours to discover the rarest of all – those displaying remarkably vibrant, Fancy Vivid hues. Our full spectrum of yellow diamonds, from delicate, pale shades to the boldest and brightest stones are often set with pure white diamonds to optimise their vivacious personalities.

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Our London workshop is a hive of activity, comprising master craftsmen with differing disciplines ranging from gem-setting to goldsmithing. Our yellow diamonds are always cradled within yellow gold settings to complement their rich honeyed hues.

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1. Yellow and White Diamond Necklace 94.23 CTS

An intricate and ornate necklace presenting an array of white pear shape and round diamonds that serve as an extraordinary backdrop for twelve captivating radiant cut yellow diamonds. Meticulously set to achieve remarkable fluidity, the diamonds appear almost sewn together, creating an enchanting web of scintillation.

2. Yellow and White Diamond Earrings 47.59 CTS

An entrancing display of colour and brilliance, these breathtaking drop earrings exult the beauty of 26.64 carats of rare radiant cut yellow diamonds, juxtaposed with white diamonds to optimise their uniquely vibrant personalities.

3. Yellow and White Diamond Dragonfly Brooch 76.90 CTS A joyful yellow and white diamond brooch depicting the graceful flight of a dragonfly. Graff ’s legacy for designing enchanting figurative brooches began in the founding years of the House, and we continue to be inspired by the remarkable natural beauty of flora and fauna.

4. Pear Shape Yellow and White Diamond Ring20.01 CT

Yellow diamonds owe much of their popularity to Laurence Graff ’s unwavering dedication to becoming the world’s best purveyor of these very special stones. This twenty carat pear shape stone is a beautiful example of a Fancy Yellow diamond, set within a minimalist setting featuring pear shape white diamond side stones. The vibrant hue of the central stone is further optimised by a yellow gold setting, deftly crafted by Graff ’s artisans to cradle this important jewel.

5. Yellow and White Diamond Bracelet95.78 CTS A feat of design and craftsmanship, more than 95 carats of mixed shape white and yellow diamonds have been set to form an elaborate arrangement of stones that appears random but is in fact carefully considered, with minimal metal visible in between – a signature of the House of Graff that allows the stones to take centre stage. 22

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6. Featuring A 53.94 Ct Fancy Intense Yellow Emerald Cut Diamond

A show-stopping pendant necklace with a rare and impressive stone at its heart, this one of a kind jewel beams out vivacious colour. A radiant halo of pear shape, marquise and round diamonds draws the eye inwards to the sensational centre stone: a 53.94 carat Fancy Intense Yellow emerald cut diamond that has been cut by Graff â&#x20AC;&#x2122;s master craftsmen to optimise its remarkable personality.

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7. Yellow and White Diamond Ring 3.03 Ct Fancy Vivid Yellow Round Diamond

This 3.03 carat Fancy Vivid Yellow round diamond is set within an extraordinarily captivating white diamond setting, featuring round and heart shape diamonds expertly arranged to create a gleaming surround of pure radiance that complements the vibrant yellow jewel at their heart.

8. Yellow and White Diamond Earrings16.06 CTS

Elegantly suspended from diamond swan hooks, immaculate round white diamonds are set atop two Internally Flawless Fancy Yellow radiant cut diamonds weighing 7.01 carats and 6.77 carats in these classically elegant earrings.

9. Yellow And White Diamond Bracelet The Graff Sunflower, A 107.46 Ct Fancy Yellow Diamond

Introducing the Graff Sunflower; a rare and important Fancy Yellow diamond weighing 107.46 carats. Set within a grand, remarkably intricate bracelet featuring scintillating white diamonds, the magnificent beauty of this exuberant yellow diamond comes to life with extraordinary fire and brilliance.

10. Emerald Cut Yellow And White Diamond Ring 22.05 Ct Fancy Vivid Yellow Emerald Cut Diamond This joyously colourful ring showcases a radiant Fancy Vivid Yellow emerald cut diamond that displays exceptional vivacity. The sleek lines of the elegant emerald cut are effortlessly complemented by white heart shape diamond shoulders. Fall 2019

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‘‘INNER LAND’’

he mythical, majestic land, rich with vast terrain and a diversity of cultures; Africa, beautiful yet unappreciated… Kismet by Milka has taken matters into their own hands. Within their upcoming collection, they’ve decided to represent this fascinating land. The long journey of the Kismet by Milka woman has finally come to safe harbor. After the victories she has won, the battles she has fought, she has now proven her power and it’s her time to re connect with her inner self, return to her ‘‘Inner Land’’. In light of this motto, the upcoming collection ‘‘Inner Land’’ is right around the corner …

As one of the aspects of the newest collection, animal figurines and their spiritual backgrounds take center stage. The collection in the making will feature detailed ornamentation, different textures, and nature inspired figurines alongside a new take on chains. While keeping the classic dainty nature Kismet by Milka has offered for years, this collection will also be showcasing a number of pieces that are more structural and 24

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sculptural. The current jewelry trend is all about opulence, in other words, the bigger the better. Don’t expect to see classically dainty jewelry take center stage. Instead, statement earrings are making a comeback. Additionally, tiaras and headpieces are making a comeback as well. In light of current trends, Kismet by Milka has expanded its palette. Diversity is in the core of the new collection. The harmony of symmetry and disorder can be seen in the newest collection, just like the attitude of the 21st century woman. Statement e a r r i n g s combined with dainty pieces, asymmetrical lines, shapes and sizes are also highlights of the upcoming collection. A woman might have a calm misdemeanor but might want to carry an extravagant piece on her body, or it might be the exact opposite. Kismet by Milka aims to emphasize this binary.

As one of the aspects of the newest collection, animal figurines and their spiritual backgrounds take center stage.

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- Messika -

A Diamond Heritage A prominent figure on the diamond trading scene since he started out in 1972, André Messika brought his daughter up on dreams dusted with jewels, punctuated with trips around the world to source extraordinary stones. Surrounded by legendary gems from a young age, Valérie Messika moved away from diamond trading to concentrate on her passion for design and guided by a love for precious stones, she has blazed a glittering trail in the very closed world of fine jewelry. Valérie Messika’s philosophy is to imagine, dream and create. Her strengths lie in her fertile imagination, keen eye for detail and the ability to challenge herself every day. Carefully graded for size, color and purity, each stone is an immediate stimulus for a new detail, a curve, or a movement. Father and daughter represent two facets of a single passion for the eternal stone. And one day, Valérie Messika may well overtake the master, as the Messika name shines on, in the jewelry firmament. Maison Messika is about imagining, dreaming and creating, to give shape to a unique kind of jewelry. The first game-changer was the Skinny, slim diamond lines of surprising flexibility that re-drew the jewelry blueprint to highlight the essential, the adaptable. New and surprising shapes are constantly studied and re-imagined, to enhance female beauty and blend the timeless with the contemporary.

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Leyla Abdollahi “My jewellery reflects emotions, passions, and desire with a burst of creativity. I start with a concept that then blossoms into an elegant ornament” Bold, beautiful and with a touch of darkness, Leyla Abdollahi’s fine jewellery successfully demands your attention. These seductive pieces have a unique edge that appeals to confident sophisticated women who are drawn to strikingly dramatic jewellery with a story to tell. Born and raised with both Eastern and Western influences, Leyla Abdollahi who has a fine arts background successfully honed her natural ability in jewellery design when she studied for hr BA in jewellery design at Central Saint Martin’s College of Art and Design in London. In 2011, Leyla Abdollahi launched her own fine jewellery and says of her label “I do not simply create jewellery, I create pieces for collectors who want something beautiful to enjoy and treasure.” Leyla Abdollahi is a label that is unafraid to challenge conventions, explore new materials and push boundaries. Her exquisite handcrafted fine jewellery pieces 18kt Rose Gold, with precious stones and diamonds, provoke the kind of visual pleasure that has caught the attention of many jewellery industry insiders. She is currently acclaiming a stance as one of Britain’s hottest new fine jewellers. Leyla’s success has been highlighted within the industry with her being nominated for jewellery designer of the year at the UK jewellery awards 2012. Leyla’s unique creations continue to convey an everlasting enchanting and artistic experience. Expanding internationally, particularly in the Middle East, Asia and the United States. 28

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Bee Goddess Like its name, Bee Goddess jewelry takes inspiration from the fertility, creativity and loving compassion from the Bee Goddess. She is the mother of all Goddesses from Catalhoyuk, the first settlement of the world dating back to 7500 BC. In each designer jewelry collection, Ece Sirin brings together mythological symbols from around the world and across the centuries. Every piece of fine jewelry is infused with archetypal meaning and evokes powers, such as eternal love, wisdom, compassion, happiness, and prosperity. Collectors buy Bee Goddess jewelry because of itâ&#x20AC;&#x2122;s enchanting aesthetic and wear it daily as a talisman symbolizing a womanâ&#x20AC;&#x2122;s inner beauty and strength.

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Melis Goral Melis Goral, born in Istanbul, Turkey, is a renowned designer of fine jewellery and winner of the ELLE Jewelry designer of the year award 2014. Melis received her fine arts degree in Jewellery design from the prestigious Instituto Europeo Di Design in Milan. Coming from a background of Jewellery designers, Melis’s father, owner of Ziya Jewellers, is similarly well known amongst celebrities and the jewellery industry alike. As a culturally influenced woman, Melis Goral’s love for various ethnicities and heritage brought about an interest in world travels. She has traveled to many different regions of the world, developing inspirations that influence her intricate collections. She has spend many years living in Italy aswell as in New York City. Melis Goral designs are recognisable by their elegance with a contemporary twist. The 1920’s Art Deco heritage and style of her pieces, promises a certain timelessness that we all seek. In 2008, Melis launched her brand with the opening of her first collection, Color Therapy. After receiving much merit and the attention of numerous celebrities, Melis Goral instantly became an acclaimed brand throughout the fashion and jewellery industry. Through multi-cultural influences and her vast world travels, Melis draws inspiration for her collections from nature as well as culture. The brand is continuously featured in high-end magazines and can be spotted on many famous celebrities. The collections are carried at top of the line boutiques, as well as being sold in luxury department stores such as Beymen. Melis Goral’s intricate designs consist of custom-cut emeralds, sapphires, and rubies delicately entwined with gold. Melis states “every piece (of jewellery) is designed to be timeless and eternally precious to its wearer”. 32

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Nadine Aysoy

“I would like to encourage women of all generations to explore the refined craftsmanship of wearable and playful high-end jewellery” Born in Antwerp, the global capital of diamonds, Nadine Aysoy was surrounded by the sparkle of gemstones since her childhood. A famous diamond dealer, her grandfather, P. N. Ferstenberg, was honoured by the Belgian government with the title of ‘Dean of the Diamond Industry’ for his pursuit of excellence and service to the gem industry. As a child, Nadine often visited her grandfather’s office and was ever more bewitched by the glittering diamonds. It seemed that everything led to her developing a career in the jewellery industry, but as fate would have it this was not the case. Nadine’s family moved to Switzerland, when she was 14. She found herself in a country famous for its excellent banking system and decided to explore a new direction. Having graduated from a leading business school, she soon began working as an investment banker. Nadine was first based in Zurich, then New York, before she moved to Los Angeles and finally settled down in London in 2003. No matter where she was and what she did, her passion for jewellery never waned. Whenever Nadine received jewellery as a gift, she more often than not reworked the 34

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design to suit her own taste. On more than one occasion, the designer removed the stones from the jewellery as she felt they were too old-fashioned. She gave each of these a “new life,” and even re-designed her engagement ring – four times. In 2008, Nadine returned to Switzerland, where she finally had the opportunity to realise her dream: making jewellery. As a perfectionist, she started out by taking up gemmology courses and later trained in jewellery design. Once she began working on her first collection, Nadine went to Antwerp to meet with high-end jewellery maestros, who were her grandfather’s friends and acquaintances. Their expert craftsmanship in jewellery technique and attention to detail were the exact qualities that she had been seeking out for her own artistic endeavours. The designer handpicks each gemstone for her jewellery, while a team of skilled craftsmen at the ateliers in Antwerp handcraft all the pieces, even the most complex, in line with her creative ethos.

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Tohum Design Verda Alaton has created Tohum out of her lifelong passion for natural beauty. A lifelong student of anthropology, she draws inspiration from her childhood fascination with exotic cultures, far away lands, arts and extensive travels throughout Asia and Africa. Verda Alaton is passionate about ethnic arts, particularly native adornment which combines natural forms with powerful expression. Discovering their uninhibited relationship with nature has been a big influence on her work. During the five years she spent in New York, she worked with African art experts and started collecting tribal artifacts and accessories while working on her first design ideas. In 2009, after her first trip to West Africa, she launched Tohum to bring to life her unique perspective with a strong belief in simplicity and expressiveness. Verda Alaton\’s \”Cycles Ring\” is the 2015 winner of the prestigious Red Dot – Design Concept – Award and the premier A\’Design Award winner in 2015. Verda Alaton has also won the 2015 ELLE Style Award for \”Jewelry Designer of the Year\” in Turkey A devoted traveller to all corners of the world, she continuously collects original pieces for her designs and finds new sources of inspiration for her future creations. 36

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TIFFANY & CO. LAUNCHES NEW MEN’S COLLECTIONS American luxury jewelry retailer Tiffany & Co. has debuted its first-ever comprehensive men’s collection.

merican luxury jewelry retailer Tiffany & Co. has debuted its first-ever comprehensive men’s collection. Tiffany & Co. today announced the launch of Tiffany Men’s, the luxury house’s newest dedicated men’s collections. Reflecting Tiffany & Co.’s heritage as the purveyor of American luxury goods, the Tiffany 1837 Makers and Diamond Point collections— featuring jewelry, Home & Accessories, watches and more—are direct, uncomplicated and rooted in a legacy of expert craftsmanship. Tiffany Men’s was created in the spirit of the modern man: bold and confident, casual yet refined, a style arbiter with a discerning eye for quality. Embodying Tiffany’s craftsmanship heritage, the Tiffany 1837 Makers collection is inspired by the jeweler’s hollowware workshop and its tradition of handcrafting sports trophies. Designers experimented with concave and convex forms, flat edges and motifs evocative of utilitarian hardware when creating jewelry, barware and more. Stamped with symbols like “ T

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& CO MAKERS,” “ NY” and “ AG925,” Tiffany 1837 Makers honors Tiffany’s silversmithing legacy and the fact that the luxury house set the U.S. standard for sterling silver (925 per 1,000 parts silver). The made-to-order Tiffany 1837 Makers trophy ring honors Tiffany’s 160-history of making sports trophies by hand and makes a bold statement and adds edge to any outfit. Where Tiffany 1837 Makers is artisanal and utilitarian, Diamond Point represents the elevated, classic end of the style spectrum with a strong, graphic pattern. This motif appears as a subtle accent or a prominent overlay on jewelry and Home & Accessories pieces like the Diamond Point rectangle pendant in sterling silver, cuff in sterling silver and cocktail mixer in lead crystal and sterling silver. Most of the Diamond Point jewelry designs are die struck and hand polished to achieve the distinctive textured motif. “ Diamond Point takes a more modern and graphic approach, utilizing a pattern inspired by a diamond’s culet that ties back to our diamond authority.”

www.premierjwlry.com Fall 2019 Kuyumcukent Atölye Bloğu 1. Kat 5. Sokak No: 20/21 Yenibosna / Bahçelievler / İSTANBUL / TÜRKİYE premierjewelrytr Tel: +90 212 444 0 995

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PARTICIPATION IN FOREIGN BUYERS' DELEGATION REACHED 1000

The number of foreign buyers participating in the foreign purchase delegate program organised by the Turkish Jewellery Exporters’ Association has reached 1000. Turkey’s largest foreign buyer organisation significantly contributes to the Istanbul Jewelry Show’s fast and positive growth. The Turkish Jewellery Exporters' Association (JTR) will be hosting more than 1000 buyers from all over the world during the Istanbul Jewelry Show (IJS) between October 10 - 13 2019 in Istanbul. This year, too, JTR is again breaking a record by bringing not less than 1,000 buyers to Turkey to take part in IJS. The 1,000-member guest list is the result of meticulous research to define the ideal buyers' profile and to invite and fly in those manufacturers and retailers who will generate the best possible results. Chairman of Turkish Jewelry Exporters' Association Mustafa Kamar; "JTR's buyers programme has been in place for quite some time now and throughout the years we've honed our skills and improved our ability to spot, locate and identify those buyers that are the best fit to the Istanbul Jewelry Show and its exhibitors. Of course, over the years, due the intense efforts and significant investments that we have made in this 40

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programme, we now have in hand one of the best data bases of the international gem and jewellery industry and trade. Of course, we are most interested in those buyers that are the best fit to what our exhibitors have to offer. We really want to see them spend a lot of time at the show and with our exhibitors. And to guarantee a good fit, we expect our exhibiting members to prepare themselves well for the show and specifically for these special buyers. It is a lot of work, but this model has proven to be very successful! Naturally, we continue to try and reinvent ourselves. To help them spend their time in an as efficient as possible manner, we have come up with all kind of meeting models, some of which that can only be compared to a speed dating programme. Another programme that we also adopted successfully is the dedicated VIP delegation programme for the most important buyers."

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THE MOST IMPRESSIVE JEWELLERY PIECES WORN AT THE 76TH VENICE FILM FESTIVAL Celebrities made an impression with their glamorous fashion at the 76th annual Venice Film Festival. A-list actors and world-famous models attended the festival's movie premieres over the course of 10 days, during which celebrities also showcased some of the best fashion looks of the year.

Caroline Daur in Messika earrings at the screening of An Officer and A Spy

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Lily-Rose Depp wearing Chanel earrings at the screening of The King.

Liv Tyler - Prefers Bulgari Earrings.

Adele Exarchopoulos in Boucheron earrings at the screening of Joker.

Candice Swanepoel wearing Vintage Givenchy jewellery at the screening of Marriage Story premiere.

Kate Upton wearing Bulgari earrings and necklace at the Marriage Story premiere.

Annabelle Wallis in Cartier earrings at the screening of Seberg.

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ISTANBUL JEWELRY SHOW BRINGS TOGETHER THE PLAYERS OF THE JEWELLERY INDUSTRY

The show is Turkey’s ultimate platform to reach the jewellery export target of $6 billion.This year’s second edition of the Istanbul Jewelry Show, the most prominent event of the Turkish jewelry industry, takes place for the 49th time, at the CNR Expo between 10 – 13 October 2019.

iming to reach the Turkish jewellery industry’s export target of USD 6 billion for the year, the exhibition will be showcasing more than 800 companies and brands to some19,000 jewellery buyers and professionals from 120 countries worldwide.

17 different jewellery exhibitions in seven countries, Informa Markets has a profound history and expertise in the sector. Empowered by the important portfolio it is now part of, the Istanbul Jewelry Show is among the top trade fairs closely followed by the professionals of the global jewellery industry.

Now recognised as one of the top five jewellery exhibitions in the world, as has become the rule the Istanbul Jewelry Show is held at CNR Expo, Istanbul Fuar Merkezi between 10 – 13 October 2019.

IJS: TURKEY’S BEACON OF THE JEWELLERY INDUSTRY The March 2019 edition of the Istanbul Jewelry Show saw a nine percent increase in the number of international visitors as it hosted 30,741 professionals from 123 countries. The March show also registered a 15 percent increase in the number of European visitors and an eight percent increase in number of visitors from the countries in the Federation of Russia, including Russia

During the past 34 years, the Istanbul Jewelry Show has been held twice annually, in March and in October. It is organised by Informa Markets, a leading, global exhibition organiser. With 44

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itself. These figures are seen as an indicator that this October, too, the global jewellery industry andctrade will show great interest in IJS. HOSTING THE INTERNATIONAL BUYER DELEGATION! As usual, the Istanbul Jewelry Show October edition ill be featuring the “International Buyer Delegation Programme” with the goal of increasing jewellery exports, finding new markets and preserving the market share. As part of the programme, a buyers’ delegation of 1,000 professionals of the sector representing Europe, the Middle East, the USA, North Africa and Asian countries will be hosted at the exhibition.

TOWARD A CIRCULAR, SUSTAINABLE GEM AND JEWELLERY INDUSTRY In this article, we introduce the concept of “circularity.” Could this be implemented in the diamond, gem and jewellery industry? What can we learn from other industries? Two guest writers share their thoughts. by Danielle Keller Aviram and Estelle Levin-Nally

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his summer, a remarkable news item caught our attention. LVMH, the Paris-headquartered French multinational luxury goods conglomerate, confirmed it had acquired a stake in the Stella McCartney fashion house. So why is this remarkable? The immensely successful designer Stella McCartney – the daughter of musician Paul McCartney – is one of the fashion industry’s most passionate ambassadors on the issue of sustainability. On her website, McCartney writes: “We believe that the future of fashion is circular – it will be restorative and regenerative by design and the clothes we love never end up as waste. We want to completely reimagine the fashion industry as we know it and move to a new circular economy.” Here, McCartney introduces the concept of circularity as follows: “The systems we rely on to make, sell and dispose of clothing are broken,” she says. “Operated in an almost completely linear way, large amounts of non-renewable resources are continually extracted to produce the products we love, which largely end up going to landfill or incineration. We need to change the system by making fashion circular and eliminating the concept of waste.” Of course, LVMH was aware of McCartney’s business philosophy and fully subscribes to it. [In] the conversation I had with [LVMH Chairman and CEO] Bernard Arnault and his son Antoine, the passion and

commitment they expressed towards the Stella McCartney brand alongside their belief in the ambitions and our values as the global leader in sustainable luxury fashion was truly impressive,” McCartney said. Stella McCartney added that she will be special advisor on sustainability within LVMH to Bernard Arnault, and the executive committee members. “Since the announcement of my decision to take full ownership of the Stella McCartney brand, there have been many approaches from various parties expressing their wish to partner and invest in the Stella McCartney House,” said McCartney. On his part, Arnault stated: “We are convinced of the great long-term potential of her house. A decisive factor was that she was the first to put sustainability and ethical issues on the front stage, very early on, and [she] built her house around these issues. It emphasises LVMH Groups’ commitment to sustainability.”

We believe that the future of fashion is circular – it will be restorative and regenerative by design and the clothes we love never end up as waste. We want to completely reimagine the fashion industry as we know it and move to a new circular economy. Stella McCartney

The list of fashion brands controlled by LVMH is about 20 names long and includes such iconic names as Berluti, Celine, Dior, Givenchi, Kenzo and Louis Vuitton. In the watch, gem and jewellery trade, LVMH is well known for its ownership and operation of brands such as Bulgari, Fall 2019

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WE ARE CONVINCED OF THE GREAT LONG-TERM POTENTIAL OF HER HOUSE. A DECISIVE FACTOR WAS THAT SHE WAS THE FIRST TO PUT SUSTAINABILITY AND ETHICAL ISSUES ON THE FRONT STAGE, VERY EARLY ON, AND [SHE] BUILT HER HOUSE AROUND THESE ISSUES. IT EMPHASISES LVMH GROUPS’ COMMITMENT TO SUSTAINABILITY. Bernard Arnault LVMH Chairman and CEO

Chaumet, FRED, Hublot and Tag Heuer.

will in fact force luxury brands to implement radical changes.

By definition, circularity is the pinnacle of sustainability. As per LVMH’s acquisition, could it be that sustainability is finally moving from the industry’s peripheral vision into the centre of its attention? And, if so, why is this happening and what does or could it mean for the future of the gem and jewellery industry?

One of those topics covered in the report is the withstanding power of sustainability. Luxury market analyst Pam Danziger, in her article in Forbes about the report’s findings, noted that since 2013 luxury consumers’ purchase decisions have shifted dramatically due to their concerns about sustainability and social responsibility.

MILLENNIALS AND GENERATION Z TO TRANSFORM THE LUXURY MARKET The answer to this question comes directly from the consumer market. In April 2019, the Boston Consulting Group (BCG) and Altagamma – Creativa Cultura Italia published the 6th edition of their True-Luxury Global Consumer Insight Report. The study covers the United States and China, the world’s two largest markets for luxury sales. The report clearly shows that by 2025, Millennials (and Generation Z) will have radically transformed the luxury market. The expectations and demands of these consumers 48

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“Today, 56 percent of luxury consumers are attuned to luxury brands’ stance on social responsibility, as compared with 45 percent in 2013. Some 62 percent say they will choose to do business with a brand that supports sustainability over a brand that does not, compared with 50 percent in 2013. Interestingly, sustainability concerns are far greater for South Koreans (81 percent), the Japanese (70 percent), Chinese (66 percent) and French (66 percent) than for Americans (45 percent) or the British (43 percent). Sustainable luxury consumers are primarily concerned with the

environment (37 percent), animal care (27 percent) and ethical manufacturing (21 percent). Millennials place a higher priority on the environment (42 percent) and animal treatment (26 percent) than do Boomers whose primary concern is ethical manufacturing (32 percent),” Danziger summarised. One of the authors of this article, Danielle Keller, is a graduate of the Akademie Mode und Design (Academy of Fashion & Design in Berlin, Germany) and is an active jewellery designer. Last year, Keller was asked to present a paper at the Global Fashion Conference 2018 in London on how sustainability can be implemented in the jewelry sector. In her research, Keller has been seeking answers as to how to encourage, build, increase and fine-tune sustainable practices in the jewellery industry and trade – i.e. practices that address the concerns of consumers. During the course of her work, Keller came to understand that luxury brands may have overlooked the up-and-coming generation of consumers and, having underestimated the influence of Millennials

In the watch, gem and jewellery trade, LVMH is well known for its ownership and operation of brands such as Bulgari, Chaumet, FRED, Hublot and Tag Heuer.

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a decade ago, they now realise that this group and, more importantly, Generation Z, are setting the tone in the luxury market. Over 50 percent of Generation Z is more influenced by sustainability and more active in the second-hand luxury market than any other consumer group.

WHAT DOES THIS MEAN FOR THE GEM AND JEWELLERY INDUSTRY? It is here that we return to the topic of circularity. Compared to the fashion industry, the number of locations, materials, processes, factories and operators may be even more numerous and complex in our industry. However, most of the materials used and applied in luxury jewellery share a common denominator: they are mostly mined, and therefore subject to often similar processes, risks and dangers.

Danielle Keller

LAST YEAR, KELLER WAS ASKED TO PRESENT A PAPER AT THE GLOBAL FASHION CONFERENCE 2018 IN LONDON ON HOW SUSTAINABILITY CAN BE IMPLEMENTED IN THE JEWELRY SECTOR. IN HER RESEARCH, KELLER HAS BEEN SEEKING ANSWERS AS TO HOW TO ENCOURAGE, BUILD, INCREASE AND FINE-TUNE SUSTAINABLE PRACTICES IN THE JEWELRY INDUSTRY AND TRADE – I.E. PRACTICES THAT ADDRESS THE CONCERNS OF CONSUMERS. 50

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Depending on what statistics one chooses to use, it can be assumed that globally, to name just two better-known products, about 90 million carats of rough diamonds and 1,600 tons of gold are mined for jewellery every year, generating over US$300 billion in revenue. When incorporating all other precious metals and gemstones, the number is probably closer to $550 billion. Millions of people around the world make a living in all stages of the gem and jewellery supply pipeline. Since the beginning of this century, general awareness of the negative impacts and footprint of mineral extraction has grown tremendously. Campaigns against dirty gold, the use of dangerous chemicals in precious metal extraction, have become all too common. In the diamond trade, the Kimberley Process Certification System (KPCS), while not perfect, demonstrates the diamond industry’s and governments’ efforts to banish conflict diamonds from the supply pipeline.

ACCOUNTABILITY, RESPONSIBLE SOURCING, RESPONSIBLE BUSINESS CONDUCT In addition, accountability, responsible sourcing, responsible business conduct, and product traceability have become issues that consumers have come to care about and demand. The industry has responded by establishing guidelines, such as those set by industry associations like the Responsible Jewellery Council (RJC). These processes are all part of the industry’s ongoing efforts to lower its reputational risks and sustain market share. Slowly, but surely, the gem and jewellery industry at large is coming to the realisation that sustainable business practices, including corporate social responsibility, is better for business, as well as society.

THE CASE OF RECYCLING Having said this, there is the other side of the coin to consider: in contrast to organic materials that can be regrown and harvested time and again, precious metals and gemstones, once mined and processed, remain physically present in the market in one form or another. Much of it sits in jewellery boxes and safes in consumers’ homes all around the world. Interesting fact: There is 30 times more gold in a ton of discarded mobile phones than in the average ton of gold-bearing ore. Therefore, the introduction of circular business processes is one of the cornerstones when considering how to make our sector more sustainable, alongside the mainstreaming of sustainability into all scales of mining and mineral processing. In the jewellery industry, precious metal recycling is already happening on a small scale, meaning that it has proven economic viability. But for a mass shift into recycling precious metals, there is a need to create cross-industry collaborations, and to create incentives to locate, collect and save these minerals.

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preserving the planet’s natural resources. As indicated in the report by BCG and Altagamma, the demand for sustainable luxury is growing, and the gem and jewellery industry will have to reconfigure structures, processes and business models to authentically achieve the susatinability gains this market demands.

A CHALLENGE TO THE BIG BRANDS As demonstrated by LVMH, it is obvious that the big brands will be setting the trend, both in sustainability and circularity. Due to the industry’s structure and the complexity of sourcing and treating the precious materials that it uses, only the larger firms have enough influence to demand meaningful changes from the upstream supply chain.

Currently, there is no system in the supply chain to make this a reality; therefore, it is not surprising to see products containing precious minerals end up in a landfill or fall into neglect.

WHAT DEFINES SUSTAINABLE LUXURY JEWELLERY? To be recognised as part of the circular process, ideally, sustainable luxury jewellery is made from certified mined precious metal materials or from certified recycled precious metals, both of which can be traced to the source, along with responsibly sourced, traceable or certified recycled coloured gemstones and diamonds. Renewable energy should be used for the creation of prototypes and for mass production, with all leftovers and wastewater saved for reuse or to be recycled into beautifully crafted products. All these processes should be developed using a design based on circular strategies that takes the next incarnation of the product into account, so 52

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The gem and jewellery industry lags behind other sectors in the pursuit of sustainability and circularity. Further research and the development of more diverse frameworks, strategies and policies will put us some way on the long road towards a more sustainable sector. Tackling fragmentation in the industry through greater collaboration, as well as spreading and sharing knowledge that can improve sustainability performance is essential if we are to effectively deal with the complexity of buidling a more sustainable sector. The lack of reliable data and research on the topic and the dearth of suppliers for sustainable materials, and of craftsmen and manufacturers who authentically achieve sustainability through their practices severely impairs the industry’s ability to move forward and join others in the sustainability adventure. Focusing on these opportunities will not only help the gem and jewellery industry progress towards a more sustainable future but will do much to improve the industry’s image and market standing as well.

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DECONSTRUCTING THE NEXT GREAT JEWELLERY CONSUMING GENERATION

Many of you may remember that I dedicated last year’s special report to Gen Z, and I also have spoken at length about the topic in industry forums during the interim. So, this is not so much a new topic, rather than one that I believe we have to place front and centre in our minds to achieve future success. Gen Z is coming to our markets very soon if it has not already arrived in reality. Its members are forecast to spend a whopping $143 billion this year alone. So we better get them on our side if we want to enjoy a rosy future. In fact, the future success of the jewellery industry will depend on our understanding the needs and wants of Generation Z. Get this right and we can all look forward to strong profitable years moving forward. Get it wrong and we could be destined for the scrap heap – not overnight maybe, but ultimately. So what do we really understand about today’s 15 to 25-year-olds? Here are some facts to start your journey of discovery into the ways they think, what they do, what they want and much more. I cannot pretend to cover all the aspects of this new generation, but my intention here is to open your minds to the opportunities that lie ahead. SOCIAL MEDIA PLAY A HUGE PART IN THEIR LIVES Gen Z loves Instagram, WeChat, WhatsApp and many more applications. They allow its members to talk to a global community, like no generation has done before them. They compare products, experiences and opinions continuously. On a daily basis on Instagram alone users publish over 95 million posts, and its users click more than 4.2 billion likes. Just imagine the scale of this opportunity if your new product meets their aspirations and desires. Your audience and potential client base can literally escalate in minutes.

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Lady Gaga / Tiffany & Co.

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exists to support budding young entrepreneurs. Industries and companies should be considering providing social entrepreneurship programs which could offer mentorships, networking, community and technical support. Such ideas would certainly influence for the better Gen Z’s perception of any business or brand.

Let’s take the travel industry as an example of a business sector where the impact has been fast, occasionally furious and sometimes devastating. Businesses that have been unable to adapt, find themselves being left behind in a very short period of time. Gen Z are the most well-travelled group in history, with a real passion for seeing the world. Most of their trips are social media inspired, meaning marketing to them has to prioritise social media over old style methods, such as travel magazines.

The jewellery industry has a good record for supporting new designers and craftspeople, having hosted competitions and sponsorship programs for many years, giving them valuable experience that would help them launch their own businesses one day.

Research suggests that more than 80 percent of trips are influenced by social media, with the sharing of images, links relating to accommodation, landmarks and more having a major effect on holiday choices. Gen Z books late, usually fewer than three months before actually going away. This reflects the desire for spontaneity. For marketers, consequently, it’s important to note how offers are pitched. Late deals, room upgrades, bonus tours and suchlike are likely to win over these Gen Z travellers. And they are often looking for adventure, or so say one in every three Gen Zs. They seek local experiences, authenticity and they love unique things. So, what can we in the jewellery world learn from this? Probably the single most important point is the power of the Internet and how we have to use it to communicate to our customers in a relevant and modern way. If we don’t focus on social media, we simply won’t have a future. BUSINESS AND CAREER ASPIRATIONS Gen Z really want to change the world. Around 40 percent would like to become entrepreneurs, and about half of these say they want to invent something that is revolutionary. We all know starting businesses is tough, so an opportunity 56

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IN THIS REPORT I WISH TO REITERATE HOW ABSOLUTELY CRITICAL IT IS THAT ALL OF US UNDERSTAND GENERATION Z AND THE IMPLICATIONS THAT THIS GIANT CONSUMER GROUP HOLDS FOR OUR BUSINESSES AND OUR INDUSTRY. Jonathan KENDALL, President of the CIBJO Marketing & Education Commission.

However, there is always far more we could do and its clear these budding entrepreneurs would warm to more such activity. We need to encourage younger people to excel and, in so doing, bring into our ranks the new talent which is vital to a vibrant future. THE ENVIRONMENT IS THE NUMBER ONE CONCERN Second-hand shopping makes a lot of sense for sustainability minded, financially savvy Gen Z. One in three members of Gen Zs expect to buy second-hand clothes, shoes or accessories, which is some 46 percent up from the amount reported in 2017. They are buying and selling second-hand stuff on sites like Poshmark, Depop, StockX. Demand for second-hand, driven by Gen Z is expected to push the resale sector to $51 billion by 2023. So, what is the appeal of second-hand? The answer is simple. It’s considered a sustainable way to keep up with trends. Climate change looms in their minds and they want products that reduce environmental impact. Almost 70 percent of people in this generation consider sustainability to be an important factor in making a purchase. Eco-friendly products and brands are booming, and second-hand makes sense, because

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Hall 4 Booth No:4H230

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it involves reusing a product that otherwise may have been thrown away. Using less stuff is preferable to recycling because it consumes far fewer resources. It is estimated that we would save 2.6 billion kilograms of carbon emissions, 95 billion gallons of water and 204 million kilograms of waste if everyone bought one used item instead of an equivalent new product this year. Gen Z’s

HERE ARE SOME FACTS TO START YOUR JOURNEY OF DISCOVERY INTO THE WAYS THEY THINK, WHAT THEY DO, WHAT THEY WANT AND MUCH MORE. understanding of these facts means that the resale market will continue to surge. As an industry we sit in a really positive place for reusing. But we need to market this aspect of our offering in a new way, so this generation will buy our products enthusiastically.

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Reusing should be a strong part of a jeweller’s offering, feeding into that desire to find ways of saving the planet. We should be reworking old jewellery to produce the most exquisite new pieces. This is no longer about cheap-looking second-hand pawnshops. This is about a proud new marketing message from leading jewellers, stating that many of their fabulously designed new products incorporate second-hand elements. AUTHENTICITY IS BIG There’s a real interest in dressing retro with authenticity. Fashion trends never die, they just hibernate for a few decades to re-emerge, more stylish than ever. But members of Gen Z ideally like to buy the real deal products from the original decade. For the jewellery industry this again hands us a range of opportunities. Do the big brands and original pieces of decades past provide us with a major sales opportunity, whether as originals or copies? The answer is probably

“yes,” and this is certainly a concept to be tested at retail. Authenticity is considered cool by about two thirds of the members of Generation Z. So the jewellery industry should be keeping authenticity at the heart of its product offering. Jewellers and brands should consider collaborating with vintage brands to create retro products with a contemporary spin and be sure to tell an authentic story. Or they should seek out bona fide vintage jewellery items, and offer them at their stores alongside new merchandise. GENDER-AWARE AND GENDER NEUTRAL Gen Z is most probably the most gender-aware and gender-diverse population in human history. A Pew Research Centre study conducted this year found that about 35 percent of Gen Z individuals polled said that they know someone who prefers that others use gender-neutral pronouns when referring to them.

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The digital world has opened its eyes to differing points of view, attitudes and cultures. There is no “ideal,” not for hairstyles, dressing, jewellery or anything. Members of Gen Z don’t want to be classified. They want to be fluid. One thing today, and tomorrow, maybe, something different. Gender neutral products, campaigns, and spokespeople are becoming commonplace. Mac and NYX cosmetics, for example, now incorporate males in their advertising campaigns, realizing that marketing should appeal to people across the gender spectrum. Brands like Fluide cosmetics founded by Laura Kraber were inspired by the activism of Gen Z with regards to LGBTQ and gender identity issues. Kraber says she wanted to create Fluide to represent and reflect the diverse identities of teenagers today, supporting their self-expression and offering an authentic, inclusive beauty brand.

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Gender neutral clothing is on the rise. H&M, Sketchers, ASOS all acknowledge there is no single idea of fashion. The jewellery industry needs to adapt. Take a step back from pieces for men or women. Who will be the first to design a perfect gender-neutral ring or necklace, which will be the iconic piece of the 2020s? CELEBRATING DIVERSITY AND IMPERFECTION We need to embrace authenticity and inclusivity through our marketing, including the models that we employ. We all need to update our marketing thinking and collateral. Gen Z celebrate individuality and wants to engage in visual media as varied and diverse as the modern world. Six out of 10 of its members say that they like seeing ads that show diverse families. They want to see people who look like them and their friends. They want to see real people in real situations in advertising. Celebrate diversity in all its forms. Use models of different sizes, of different colours, with different physical features, different ages and wearing different clothes. The more you reflect the melting pot of life, the better. And the models do not need to be perfect. Indeed, in general perfection is considered to be artificial. ‘FRIENDLY’ BRAND NAMES AND PERSONAL More and more companies are using human sounding brand names to appeal to Gen Z. Ollie is a fresh dog food delivery company, Billie a personal care brand, and Casper a sleeping product brand. These sound more like friends than do most classic brands. Gen Z has little interest in the aspirational marketing of the past, rather preferring brands that are authentic, relatable and have a purpose. Its members seem to like brands that reflect their own persona. 62

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in advertising they want to see real life, and on social media they often prefer normal rather than famous. Brands need to stand for something. Their intentions must be real. WORD OF MOUTH IS IMPORTANT AND MORE SO REVIEWS Members of Gen Z like recommendations from people they trust, and especially friends. Some luxury brands are using pop up stores to build brand familiarity and increase word of mouth marketing opportunities. Experimental retail is also great as people talk about what they’ve seen and experienced. More than 80 percent of Gen Z customers read reviews before they buy products, and especially Gen Z women, where some 21 percent are reading more than 10 such reviews before buying. So, an opportunity exists here for the jewellery industry. Since jewellery is often entwined with life’s milestones, like graduation and marriage, getting Gen Z to share their experiences with friends is a huge opportunity. With genuine opinions from the very people who your clients identify with, you can build trust in your business very quickly. GEN ZS ARE SOCIALLY CONSCIOUS Social impact is very important to members of Gen Z. They expect you to do good things and support those in need in your local community. You must walk the talk and support the issues people care about, with climate change being at the top of the agenda. Gen Z craves environmentally friendly products. Some 82 percent of its members are more likely to buy a product with good environmental credentials. What’s more, Nielsen research shows that 77 percent are prepared to pay more for environmentally friendly products. Almost one third of Gen Zs have boycotted a company they perceive as guilty of unsustainable practices.

They want to know who handled the product and how it was made. The pipeline to the market must be transparent. THEY ARE FINANCIALLY SAVVY Gen Z loves luxury as much as previous generations, but they are wary of buying on credit, having seen the disastrous impact this had on their parents. So, don’t think that offering financing deals is the answer to boosting sales in the future. They are more likely to save up for their next piece of jewellery rather than buying early on credit. Gen Z is prepared to splurge but it must be worth it. The more added value the better, and that can come from its environmental credentials or its social value. Gen Z understand money more than those before them thanks to the financial crisis of 2008. Businesses need to take this economic literacy seriously, to be trusted and build longterm relationships, particularly as the members of Gen Z mature, gaining more spending power. AND FINALLY... If you really want to keep up with this ever-changing world it might be best to have a 20-year-old mentor. In today’s disruptive environment turning mentoring upside down might be the one way to keep your finger on the pulse of the market. And for the umpteenth time, do not discount the impact of climate change. It is quite rightly Gen Z’s greatest concern. It is also an area where CIBJO can help, as we have since 2011 when we launched our Greenhouse Gas Initiative. At the upcoming CIBJO Congress in Bahrain in November, we plan to present these challenges in greater detail.

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ASEAN GEMS & JEWELLERY ASSOCIATION CONFERENCE ISTANBUL 2019 The Association of Southeast Asian Nations (more commonly known as ASEAN) is an intergovernmental organization aimed primarily at promoting economic growth and regional stability among its members. There are currently 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.

uring the past decade, the Turkish Jewellery Exporters’ Association (JTR) has actively participated in the “ASEAN Gem & Jewellery Summit,” a summit of the leadership of jewellery associaitons from ASEAN countries, with the explicit goal to advance the Turkish jewellery sector, to foster new relationships and ties and to promote Turkey’s interest. In 2018, the seventh ASEAN Gems & Jewellery Association Conference was held in China. This year, Tukey has the honour of hosting the 2019 edition of this conference takes place this year in Istanbul between 9 October. The event coincides with Istanbul Jewelry Show.

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The purpose of the conference is to share information, spread and share knowledge about the participants’ mutual industries, their capabilities, jewellery products and markets. This year, a large number of delegations, both from ASEAN countries, as well as from countries that seek improve and develop their commercial relationships with ASEAN country members, will come to Istanbul to take part in the 8th ASEAN Gems & Jewellery Association Conference. Thr partipcipating countries, are among others, Australia, China, Hong Kong, India, Israel, Italy, Japan, South Korea, New Zealand, Sri Lanka, Taiwan and Turkey.

Representatives from the USA, the European Community, Canada, Russia, as well as Switzerland, Norway and Pakistan will also attend, with the purpose to gather information and enter into dialgoue with the attending countries’ associations. The representatives of all attending countries will spend their time networking, discuss new ways and proposals to eliminate obstacles in doing business,and look at, compare and try to asses how to harmonize their import and export regimes, so to lower the threshold for mutual business deals. For Turkey, the ASEAN Gems & Jewellery Association Conference is a unique opportunity to showcase the Turkish

jewellery sector, demonstrate its manufacturing capabilities, display its capacity for growth and show its export strength and further potentional. The synergy created by means of the hosting of ASEAN Gems & Jewellery Association Conference will no doubt help propel Turkey’s; industry forward and result in a sustainable increase of jewellery exports from Turkey. About 45 countries are expected to attend, among them dlegations of theose countries’ most important jewellery importers. A total of 235 people are expected to participate in the ASEAN Gems & Jewellery Accociation Summit which is planned to be hosted by JTR between 9 October 2019.

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ARE YOU READY FORTHE CHANGE IN JEWELRY EXPORTS?

It is inevitable to adapt to the changing order of the global world.

Abdullah TÜTÜNCÜ

Nadir Metal Rafineri Chairman of the Board

n order to use the control mechanism on gold by the world financial authorities more effectively in our sector, various regulations have been introduced and sector players such as miners, refineries, banks and financial institutions have been subject to many obligations. Nadir Metal Rafineri Chairman of the Board of Directors Abdullah Tütüncü emphasizes that this change will affect all of those in the jewelry supply chain very soon. Nadir Metal Rafineri Chairman of the Board Tütüncü stated that they are in a work aimed at sustainability of the sector, which started with training seminars in cooperation with IMMIB (İstanbul Mineral And Metals Exporters’ Association) in order to raise awareness for jewelers, especially for exporters, so that the sector is not affected negatively by this process. In particular, it is of great importance for the sustainability of jewelers to obtain certificates through independent audits by accredited to the institutions accepted by the representatives of the sector around the world within the responsible jewelery supply chain and by complying with the determined standards.

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As is known, in most countries, gold is a financial instrument through the eyes of the banks and is generally kept in record. In particular, the fact that gold is physically easy to store and be traded can be converted very quickly into different currencies,providing a currency feature of gold Because of this feature of gold, the financial authorities of the world are creating many legal obligations in order to control the channels other than the stock market and banks. The main purpose of these authorities is to control the money and the assets that replace the money in the world due to strategic factors such as politics, security and domination. Within the scope of the control of gold, which is such an important issue, many obligations have already been imposed over the years to miners, refineries, banks and financial institutions. In gold jewelery production, the fact that Turkey takes place in the first three countries along with India and Italy in the world, shows these obligations will soon become mandatory for all those involved in our country’s jewelry supply chain.

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What Should Jewelers Do?

Jewelers in the jewelery supply chain must be prepared for these obligations in advance, without waiting for these obligations to be introduced by local legislation, and each jeweler should determine his / her own working criteria and customer acceptance standards and rules. While doing this, it will be beneficial to cooperate with the organizations representing Turkish jewelery sector, utilizing from the existing standards in the world and to establish the audit system according to the characteristics of the sector and the dynamics of the country. In this context, Nadir Metal has started its works in cooperation with IMMIB and actively participates in all kinds of public-private cooperation in order to make our country’s jewelery sector sustainable, supporting stakeholder participation. If the sector does not participate in these activities today, we will face obstacles in the export phase tomorrow. These obligations are also the problem of foreign buyers and their compliance with these standards has been made compulsory and they are prohibited from working with persons and sub-suppliers who cannot comply with the standards. For example, one of them is the regulation on imports of precious metals (gold, tin, tungsten, tantalum) from abroad to the European Union, which will come into force as of 1 January 2021. Currently, we see the effects of international standards on the jewelery sector in our country through the legal regulations promulgated within the scope of the fight against money laundering and audits conducted from time to time by MASAK. (The Financial Crimes Investigation Board). However, the scope we are talking about is much wider. The issue is not only about money laundering. The sensitivity of the subject is related tThe sensitivity of the subject is related to the circulation of the gold, replacement with money and it can be physically outside the banking system.

New Agenda Waiting for Exporters:

Responsible Gold Supply Chain Today, among the changing and developing issues related to the jewelery sector especially in the jewelry supply chain from mine to retail include; human rights violations, laundering of crime proceeds and contributing to the financing of terrorism, bribery and corruption, combating 68

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the negative impact on the environment. In order to raise awareness of the actors in the jewelery supply chain, Institutions that cooperate with OECD and represent the sector worldwide set standards for those who are members of these organizations to ensure that they carry out their activities in accordance with these standards. As one of the founding members of OECD (Organisation For Economic Cooperation and Development ) our country actively participates and contributes to the work of OECD . The OECD’s international regulatory actions and initiatives and recommendations are the following: - OECD Convention on the Prevention of Bribery in International Business Transactions, - Prevention of Money Laundering, Financial Action Group, - Corporate Governance Principles. However, OECD expects member countries to comply with these rules by issuing a more detailed and comprehensive “Compliance Guide for Responsible Supply Chain for Mines of Conflict Affected and High Risk Areas” regulating the supply of gold, which is based on these regulations and recommendations. Such arrangements, prepared in the light of recommendations OECD and FATF, directly affect those in the gold supply chain, day by day this situation is gaining momentum and influencing a broad segment reaching from mine to retail.

New regulations will affect everyone

Turkey, already covered in gold jewelThe necessary awareness could not be formed in Turkey due to most of the companies that are in the gold jewelery supply chain can not be directly integrated by itself into international developments on responsible gold supply. It has been aimed to contribute to the formation of this awareness through the training seminars that started in cooperation with Nadir Metal and IMMIB and which will continue in the future. It should not be forgotten that the more the sector participation in these studies, the faster and more effective solutions to the problems faced by the sector will be. If we do this, the place and importance of the sector in the world gold market will increase, and those in the supply chain will be able to compete in both domestic and foreign markets, sustain their trade and grow in a sustainable manner. Thus, we will have done our duty against both our country and our sector.

IN PARTICULAR, IT IS OF GREAT IMPORTANCE FOR THE SUSTAINABILITY OF JEWELERS TO OBTAIN CERTIFICATES THROUGH INDEPENDENT AUDITS BY ACCREDITED TO THE INSTITUTIONS ACCEPTED BY THE REPRESENTATIVES OF THE SECTOR AROUND THE WORLD WITHIN THE RESPONSIBLE JEWELERY SUPPLY CHAIN AND BY COMPLYING WITH THE DETERMINED STANDARDS.

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THE 20TH OVERSEAS STORE OF ALTINBAŞ IS NOW OPEN IN ALBANIA The leading and innovative brand of the Jewelry Sector has opened its 20th overseas store in Tirana, the capital of Albania.

ltınbaş, the leading brand of Turkey’s jewelry sector presents its distinguished designs globally with the new store established in Tirana, Albania. With this second store in the Albanian capital, Altınbaş expands its store network across the Balkans. Ensuring its presence at numerous top fashion and jewelry destinations of the world, Altınbaş will present its most favorite collections to jewelry enthusiasts at the new store the Brand has set up in Tirana. Boasting an area of 102 sqm, this new concept store offers a unique and new shopping experience to Altınbaş’s guests from all over the Balkans while exuding an unmistakable aura of class and quality thanks to its new window display design. Arranging its offerings in four main categories as Gift, Fashion, Jewelry and Wedding in addition to collections, Altınbaş makes it easy for jewelry shoppers to find what they are exactly looking for.

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We will continue investing abroad

Explaining this investment in Tirana, Altınbaş Board Chairman İmam Altınbaş said; “We have been graced by the favor of the region as the jewelry brand with the most stores in the Balkans, and we aim to increase our stores abroad, based on demand.” Underlining their particular focus on Serbia, Croatia, Montenegro and Slovenia, İmam Altınbaş mentioned; “We have opened up the path for Turkey’s jewelry sector in the Balkans. I think investments can be made in these countries in other industries along with jewelry. Turkey is a production and exports oriented country, we wield significant manufacturing power. I believe our potential allows for a huge surge in exports. Altınbaş will continue its contribution to Turkey’s exports and thereby Turkey’s economy. We will expand our store network inside and outside the country.”

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VICENZAORO SEPTEMBER 2019

A BOOM IN FOREIGN VISITORS WITH A 10% INCREASE

This extremely important figure follows up on the already positive trend of January 2019 and September 2018. The IEG expo is of key importance for the sector’s business on the international scenario.

n edition with great world-level figures, VOS Vicenzaoro September 2019 – the Jewellery Boutique Show, the international expo of jewellery and gold organized by IEG - Italian Exhibition Group S.p.A. – ended today at Vicenza expo centre with approximately 1,300 brands participating. In fact, there was a 10% increase at VOS in foreign trade members, who arrived from 117 nations worldwide - in line with the already exceptionally positive trend of the last two editions - highlighting IEG’s ability to adopt a “system” approach to the promotion and growth of a sector increasingly orientated towards export. Overall the rise in foreign trade members was led by the Middle East (+23%), North America (+22%), Russia and Ukraine (+19%) and Asia (+18%) with

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a particular increase by Japan (+43%). Europe, which is still the most numerous source of trade visitors for Vicenzaoro (accounting for 59%), remained steady with signs of a particularly positive nature from Portugal (+51%), Romania (+28%) and Austria (+9%). During the 5 expo days, over 500 buyers were hosted in Vicenza from all over the world, thanks to the support of the Ministry for Economic Development via the ITA Agency. At the opening of VOS 19, an agreement was also signed with AFEMO - Association of gold machinery manufacturers – for the promotion of a highly acclaimed sector: T-Evolution, the exhibition’s technological and innovative core, thus had an even higher profile at the expo centre, complemented by a busy program of workshops and seminars.

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An integral part of the expo consisted precisely in talk shows and appointments with key international players on sustainability, innovation and technical and digital training. Therefore, a showcase covering the entire product chain, a business format with concrete results, thanks also to the international attendance, an excellent variety of business and cultural events and an exceptionally high media profile are in short the key reasons for the success of VOS19. As well as these, there was also VIOFF, Vicenzaoro’s program of Out-ofshow events. “Golden Arts” with original installations – thanks to Dalì Universe – from the genius of Dalì. An exceptional event throughout the old town centre, a collaboration between of Vicenza Municipality and IEG, which also featured dance, music, theatre and literary events which ensured that the sector’s thousands of international trade members’ visit was unique and unrepeatable. At VOS19, the issue of sustainability was to the fore: in the year in which the ten-year association with CIBJO, the World Jewellery Confederation was celebrated, traceability, ethical trading and protection of the environment in the jewellery product chain were at the heart of VISIO.NEXT, with the opening talk show entitled “Spreading Sustainability”. Moderated by the editor of Sole 24 Ore, Fabio Tamburini, speakers included Matteo Ward, CEO and CMO, WRÅD, Simonetta Di Tommaso, official with the Ministry for Economic Development, Will Kahn, Jewellery Market Director of 74

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Moda Operandi and Contributing Editor with Town and Country Magazine, and Cristina Squarcialupi, Vice President, UnoAerre Industries. VOS is also eagerly awaited for the previews of new trends: at the presentation of the TrendBook 2021+ of Trendvision Jewellery+ Forecasting, the IEG international luxury observatory, moderated by Lynn Yaeger, the famous fashion editor of Vogue USA, the following interacted with Paola De Luca: Lauren Kulchinsky Levison - vice president, Chief Style Officer, curator of Mayfair Rocks and the youngest member of National Jeweller’s Hall of Fame; Katerina Perez – influencer, successful journalist and an expert of the sector; Alba Cappellieri – director of the Vicenza Jewellery Museum and professor at Milan Polytechnic. There was also an important focus on technology with the CIBJO seminar linked with solutions for responsible procurement and the talk show of the Club degli Orafi dedicated to digital tools, new technology and virtual reality, which are revolutionizing the jewellery sector. A constant element at the expo is training: there was a very large attendance at the Digital Talks, in collaboration with Confcommercio Federpreziosi, and the Gem Talks held by the Italian Gemmological Institute with the patronage of CIBJO, Borsa Diamanti d’Italia, Confcommercio Federpreziosi and Associazione Gemmologica Italiana.

THERE WAS A 10% INCREASE AT VOS IN FOREIGN TRADE MEMBERS, WHO ARRIVED FROM 117 NATIONS WORLDWIDE IN LINE WITH THE ALREADY EXCEPTIONALLY POSITIVE TREND OF THE LAST TWO EDITIONS HIGHLIGHTING IEG’S ABILITY TO ADOPT A “SYSTEM” APPROACH TO THE PROMOTION AND GROWTH OF A SECTOR INCREASINGLY ORIENTATED TOWARDS EXPORT.

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INDUSTRY DISRUPTION TAKES CENTRE STAGE AT DMCC’S SOLD OUT DUBAI DIAMOND CONFERENCE

• Nearly 400 delegates from across the globe welcomed at Almas Conference Centre to discuss disruption in the diamond industry • Nemesis International unveils world’s largest ‘D Coloured’ polished diamond certified by GIA • Synova announces ground-breaking automatic cutting and shaping solution for diamond manufacturers • Conference follows unveiling of the new Dubai Diamond Exchange, the largest diamond auction facility of its kind in the world

MCC, the world’s leading free zone for commodities trade and enterprise, today hosted its flagship Dubai Diamond Conference (DDC) welcoming nearly 400 government officials, financiers, retailers and investors. Held under the theme Disruption in Diamonds: Harnessing Innovation and Technology, delegates and participants spent the day at a unique dialogue-based conference discussing the impact of technological developments on the diamond industry and exploring opportunities for creating positive change in the sector.

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With the diamond industry at an inflection point, the conference is a crucial platform for experts to openly debate and question how major disruptive forces, such as automated manufacturing and labgrown diamonds, are and will continue to affect the industry. In his keynote address, H.E. Ahmed Ali Al Sayegh, Minister of State, UAE, highlighted: “Located at the crossroads of the world, the UAE has become a global economic hub. We have curated a worldclass, business-friendly environment that invites

investment. Companies that come here can access some of the fastest-growing markets in Africa, the Middle East, Asia and beyond – while also easily reaching the important cornerstone markets of the West.” “Tourism, finance, trade and logistics are all key pillars of the UAE’s diverse and growing economy. Another critical sector that drives our sustainable growth is diamonds. In less than two decades, Dubai has become one of the largest diamond trading hubs in existence. I have no doubt that Dubai will one day be the largest, and I am confident because

we in the UAE have seen this story time and time again,” he added. Inaugurating the conference, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Diamonds currently occupy an important place in the economy, but let’s remember, this wasn’t always the case. Twenty years ago, there was practically zero diamond trade in Dubai. Fast forward to today, Dubai is the fastestgrowing, and one of the most successful diamond trade hubs in existence. With the vision of His Highness, the track record of DMCC, and

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WOJ the city’s connection to the industry, as evidenced by your presence today, it will be no time before Dubai becomes the world’s number one diamond trading hub.” He added: “Diamond trade is facing pressure from multiple directions, and general sentiment among traders, suppliers, financiers and those on in retail, is low to say the least. But if we are to have any chance of success, it will be through facing the facts, understanding the technology shaping manufacturing, analysing shifts in consumer preference and adapting accordingly. DMCC and Dubai want to be at the heart of the industry’s response to the issues the market is facing today. It is why we are here, and it is why we have assembled you.” Sergey Ivanov, Chief Executive Officer, ALROSA, added: “The current disruptions that we are facing will help guide our industry towards a more efficient way of operating. Increasingly, consumers want to know more about individual diamonds to ensure they are sustainably sourced and that they have had a positive impact on the communities that they came from. In identifying each diamond with a digital passport, we demonstrate how truly unique mined stones are and simultaneously guarantee where they originated from.” First on the agenda was a discussion around automated manufacturing in the diamond industry. Increased automation and technological advancements are a global phenomenon affecting every sector, and the diamond supply chain is no exception. Panellists agreed that this trend shows no signs of 78

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abating and that companies need to stay ahead of the curve by adapting to these developments fast. Discussing the topic was Bernold Richerzhagen, Founder and CEO, Synova; David Block, CEO, Sarine; Faried Sallie, Head of Technology, De Beers Group; and Tom Moses, Executive Vice President and Chief Laboratory and Research, GIA. The advent of lab-grown diamonds, a controversial topic that has gained much traction over the past few years, was the focus of the second panel. With the technologies used to create lab-grown diamonds continuing to improve, they are becoming highly costeffective at a time when costs of mining are increasing. On the panel were Amish Shah, President, ALTR Created Diamonds; Bill Shor, Managing Partner, Caspian VC (CVC); Stephen Lussier, Chairman and Executive Vice President, De Beers; and Stuart Brown, CEO, Mountain Province. Relying on the expertise of prominent bankers and miners, the final panel addressed the state of the market in light of all these disruptions and how these could be put into context. Discussing this were Biju Patnaik, Senior Vice President, ABN AMRO N.V; Davy Blomaert,

Head – Diamond Business Corporate and Institutional Banking, NBF; and Jim Pounds, Executive Vice President, Diamonds of Dominion Diamond Mines. World’s largest D colour graded stone unveiled During the conference, Nemesis International, a Dubai based diamond trading company, revealed the world’s largest “D coloured” diamond ever certified by GIA. The diamond comes from the world’s most valuable rough diamond “The Constellation”, which weighs 812.77 carats and was purchased at the record price of US$63 million. The evaluation, mapping and polishing process took over 18 months to complete, using the most technologically advanced equipment available to the diamond industry today. The three processes were mainly completed in the UAE by Almas Diamond Services, a sister company of Nemesis International providing state-of-the-art services to the industry out of Almas Tower in Dubai. The final result of this incredible journey is eight perfectly polished stones. Ground-breaking Automatic Cutting and Shaping Solution Synova, a Swiss-based provider of advanced laser

cutting systems, announced the launch of a groundbreaking automatic cutting and shaping solution for diamond manufacturers – the DaVinci Diamond Factory. The system covers virtually the complete Rough-to-Polish process, substantially decreasing diamond production time by combining several manufacturing processes into one machine. It also reduces polishing processes to a final finishing step. Dr Bernold Richerzhagen, Synova Founder and CEO, said: “DaVinci is the first automated laser full faceting solution for round brilliants on the market. It will revolutionise the diamond manufacturing industry because the system covers virtually the complete Roughto-Polish process. Several cost, skill and labour-intensive steps in the polishing phase such as crown and pavilion blocking, girdle bruting or recurrent quality checks become redundant.” The Dubai Diamond Award The Dubai Diamond Award, the inaugural edition of an award initiated by DMCC, was presented to Dorothee Gizenga, in recognition of her significant contribution to the development of the global diamond industry. Gizenga is the founding Executive Director of the Diamond Development Initiative (DDI) and was recently appointed as Regional Director to lead DDI’s expansion in Africa. With this award, DMCC seeks to underline its commitment to the international diamond community and inspire collective action for its sustainable growth.

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ZEN DIAMOND CELEBRATES THE OPENING OF ITS FIRST STORE IN USA Z

en Diamond, a well-known Turkish diamond jewellery manufacturer with a deep-rooted family tradition in jewellery making that has been passed down during many generations, opened its first U.S store at Westfield Garden State Plaza, in Bergen County, New Jersey, in September.

“During the past three years we have been growing constantly abroad with stores in cities like Dusseldorf, Cologne, Hamburg, Dubai, Abu Dhabi, and also in Kuwait. Establishing a presence at this pre-eminent mall that is hailed as one of the most influential malls in the country for prominent brands, is very important in our growth strategy as a global diamond jewellery brand and underscores the importance of the US market,” said Emil Guzelis, CEO of Zen Diamond. “We have designed the store with the warmth and elegance that make our jewellery collections a pleasure to explore, and we look forward to welcoming everyone to the Zen shopping experience.” Visitors will discover various designs featuring diamonds and coloured gemstones. Among them is a broad wedding collection, 80

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ranging from engagement rings to wedding bands, as well as eternity rings for those cherished moments in life, such as anniversaries and other special occasions. Modern or classic, many diamond models in different styles are available. Models designed with Forevermark diamonds attract the attention of visitors in the Zen Diamond store In its new store, Zen Diamond also introduced its Forevermark line. Zen Diamond is an Authorised Jeweller of Forevermark, the diamond brand of De Beers Group. Every Forevermark inscribed diamond is completely natural, hand-selected and comes with a promise that it is beautiful, rare and responsibly sourced. Selected by hand, less than 1 percent of the world’s diamonds are eligible to become a Forevermark diamond. Every step of its journey adheres to strict criteria, calling on master craftsmen and the most experienced of experts to ensure that only the most beautiful diamonds are chosen to be inscribed as Forevermark. Elegant designs featuring beautiful Forevermark diamonds are waiting for welcoming their new owners.

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MARKETING AND DESIGN CHALLENGE VAV DIAMOND’S SURREAL EVENT AT ISTANBUL JEWELLERY SHOW ROCKS The booth prepared by the brand to emphasize their reasonable prices, with its “Surreal Prices” slogan. Vav Diamond was founded in Istanbul, in 2004. Since the beginning, the company has been designing and trending jewellery with highest quality gemstones and aimed to make the diamond accessible to everyone. At VAV Diamond, you can find beautifully designed jewellery for every budget.

Sell with confidance. Even small diamonds are certified by HRD Antwerp’ new ID Card… Vav Diamond always assures the authenticity of its stones with globally valid certificates available through independent laboratories. Now even small pieces are certified by HRD Antwerp’ new ID Card. The new HRD ID Card provides buyers with complete quality assurance, allowing diamonds to trade safely without requiring physical examination. At Istanbul Jewellery Show, VAV Diamond is unveiling the personality hidden in every precious stone.

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INDIA’S DIAMOND POLISHERS FACING MASSIVE JOB LOSSES

he ongoing slump in the global diamond industry is having a negative impact on jobs in the expansive diamond manufacturing industry of India. The world’s largest cutting and polishing centre appears to be heading toward an employment crisis, at least in the short-term. Estimates from industry insiders are that the diamond industry in Gujarat have seen job losses of up to 10%-15% already, with more on the way if consumer demand does not pick up in the near future. The Gujarat Diamond Workers’ Union (GDWU) has stated that more than 250 diamond units in Surat and other diamond cutting and polishing centres across Gujarat have closed this year, according to the Times of India (TOI), leading to as many as 40,000 job losses. The GDWU is reportedly asking for financial assistance to the workers that have been made redundant. The vice-president of GDWU, Bhavesh Tank, told TOI that “The situation of the diamond workers is going to be worse after the Diwali vacation” (Diwali is on Oct. 27, with manufacturing units typically closing for a month). “The majority of units have decreased production by almost 70%” and he fears that many of the small and medium manufacturers will not reopen after the holiday. India’s cut and polished diamond exports declined by more than 18% year-on-year in July, and for

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the fiscal year to date (April-July 2019), polished diamond exports have tumbled 17.5% to $6.70 billion as against the $8.13 billion exported over the same months last year, and are down 14% from January-July. For the calendar year to date, rough imports have declined by 26%, the lowest level since 2015, as manufacturers have been cautious about buying more rough to polish with so much polished already in the system. A De Beers sightholder told the TOI, “Surat’s industry is sitting on a huge stockpile of polished diamonds, which are waiting to be cleared. In such a situation, there is no need to process new stones as the demand is subdued. The first casualty would be the workers.”

SYNOVA LAUNCHES AUTOMATED DIAMOND CUTTER

Additionally, the prices of polished diamonds have dropped 6%10% in the past four months due to weak demand and the industry does not foresee demand picking up soon, though Babu Gujarati, president of the Surat Diamond Association, told TOI that a “positive atmosphere” is returning, adding “we feel that the slowdown period will end soon.” Colin Shah, the Vice-Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said that “A slowdown in global demand, coupled with liquidity crisis, has affected the trade. Though demand in the US and Europe is steady, demand has dropped by 15-20 percent in China, which is a major market.”

“Several cost-, skill- and labor-intensive steps in the polishing phase, such as crown and pavilion blocking, girdle bruting or recurrent quality checks, become redundant,” noted Bernold Richerzhagen, Synova’s founder and CEO.

A technology provider part-owned by De Beers has unveiled an automated cutting machine that, it claims, will significantly speed up diamond manufacturing and reduce costs. Synova’s DaVinci system is the market’s first automated instrument that can produce all 57 facets of a round brilliant diamond in one process, the Swiss company said Thursday. The user only needs to perform one final polishing stage to finish the stone.

The machine, currently intended for rough stones from 0.50 to 10 carats, gives manufacturers increased flexibility to adapt their production levels to business needs, such as seasonal demand, Synova explained.

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“PEOPLE REALLY WANT A REAL DIAMOND,” SAYS SIGNET CEO “What our research indicates, though, is that for that very special purchase of a diamond engagement ring, people really want a real diamond.”

ignet CEO Virginia ‘Gina’ Drosos recently spoke with Yahoo Finance about digital marketing and millennials, providing some candid perspectives about the thought process of the retail giant. Perhaps her most ringing comment, however, was about laboratorygrown diamonds. Asked whether Signet would consider carrying the fabricated stones, she first appeared to hedge, saying, “At Signet, we are always looking at trends and things we think our customers might be interested in,” then adding, “What our research indicates, though, is that for that very special purchase of a diamond engagement ring, people really want a real diamond.”

Virginia Drosos CEO, Signet

Drosos also discussed the company’s expansion of its digital marketing efforts, noting that Signet had doubled its digital spend while cutting TV advertising from more than twothirds of their total advertising to less than half. “That is important because we can much better target customers in digital. Less than two percent of Americans will get engaged in the next year, so blasting out a new TV ad is not nearly as targeted and as efficient as when we can target people with digital marketing.” Yahoo interviewer Julia La Roche, a millennial herself, asked how Signet is adapting to an environment where people have been delaying getting married, and where “some of us are forgoing the engagement ring altogether.” Drosos says, “There are some things that are very different about millennials, but there are some things that are the same. One thing that is the same is that millennial consumers are equally as likely to want to commemorate their engagement with a diamond ring. They are getting married on average three years later, on average it is now 27 for women and 29 for men. Very often they have a very different, less linear path of their relationship than their parents did. In fact, 40% of our bridal shoppers already have kids. These are important things for us to know.”

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Q2 2019

Gold Demand Trends Jewellery

Modest growth in Q2 jewellery demand, up 2% to 531.7t • H1 demand was marginally firmer at 1,061.9t – a four-year high • Indian demand was boosted early in the quarter by the wedding season and festival buying, before slowing sharply as the gold price rallied in June • Chinese jewellery consumption followed a similar pattern: modest growth in April and May was followed by a collapse in demand as gold prices rocketed and consumer sentiment withered. Gold jewellery consumption in Q2 2019 of 531.7t was 2% higher than Q2 2018. Total H1 demand of 1,061.9t was up 1% on last year’s 1,048.2t. Much of this growth came from India, where the jewellery market improved from the low base of 2018. There were a few areas of modest improvement, including the US and a handful of Middle Eastern countries, but the June price rally curtailed jewellery demand across many markets. The sharp rise in the US dollar gold price in June was replicated – if not exceeded – by the gold price in other currencies. This had mixed implications for demand in those markets where retail prices more closely respond to the underlying gold price, including much of Asia and the Middle East. For consumers who saw it as the beginning of an extended rally, it was a signal to buy before prices rose further. For others, it was a signal to hold off and wait for prices to settle or fall back.

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World Gold Council | Gold Demand Trends Q2 2019 | August 2019

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Central bank buying and ETF inflows were key growth dri

India

Indian jewellery demand had its best quarter of y-o-y growth since Q2 2017. Demand gained 18.7t (12%), to 168.6t compared with 149.9t in Q2 2018, largely due to two factors: a higher number of auspicious wedding days compared with 2018, and local gold prices moving lower from the levels seen in February and March.

Indian jewellery demand had its best Jewellery y-o-y growthgrew sincemarginally Q2 2017. to 1,062t Demand gained 18.7t (12%), to 168.6t compared with 149.9t in Q2 2018

Central banks ETFs Wedding season and festival-buying spurred lower intra-year bought by 374t (+57% y-o-y) gold prices grew quarter by 108t of

in April and May. In a similar trend to Q1, a higher number of auspicious wedding days in Q2 compared with last year (37 vs. 21) was a boon to India’s jewellery market during the first two months of the quarter.

Central banks bought 224t of gold (net) in Q2

+224t

Holdings of gold-back 2,548t - the highest 2013

3,000 2,500 2,000 1,500 1,000 500

The fact that this coincided with a fall in gold prices from Q1 magnified the positive impact: prices dropped to around Rs31,500-31,600/10g compared with Rs 32,000/10g at the end of March. And with prices almost Rs2000/10g lower thanWorld the seen February, consumers rushed to purchase gold on3 GoldRs33,500/10g Council | Gold Demand Trends Q2 2019 in | August 2019 the auspicious day of Akshaya Tritiya (7 May). Purchases were strong in southern and western India; the southern states Karnataka, Tamil continued Nadu andtoKerala Globalof official gold reserves grow at a rapid pace, witnessed particularly robust Akshaya as aTritiya diversesales. range of countries added to their holdings. But India was not without its headwinds. The slowing economic environment and restrictions on the movement Bar of cash duringinvestment the elections were a drag & coin sank to aon demand in April and May. As the wedding season came to an end, the monsoon three-year low of 219t in Q2 set in. And then the gold price rocketed. Demand fizzled out in June as the gold price took off, reaching new highs. June Mirroring the rise in the US dollar price, the domestic gold price traced a steep gold price upward trajectory, breaching Rs33,500/10g by 20 June to reach a near-record Rs34,006/10g. With such lofty domestic prices, demand almost ground to a halt in the last ten days of the quarter. Retailers ran promotional campaigns to attract consumers – for example, offering discounts on labour charges – but consumers steered clear, wary of the sharp price volatility. In its quarterly update, Titan commented that, “The quarter witnessed a tough macro-economic environment 3 year low with consumption being hit. Very high gold prices particularly in June also impacted growth in the Jewellery industry.”

North America

Europe

Healthy Q2 inflows (+67t) were large listed ETFs, which grew to a record h

A strong quarter in India saw Q2 jewellery demand grow 12% to 169t

Gold mul

12% growth

219t

As demand tailed off sharply, the price discount in the local market reached US$23/oz by the end of the quarter – a level not seen since August 2016. Profit-taking cameAtocontributory the fore as thefactor gold to the Higher customs duty curbs the outlook for Q3. price shot up in June. subdued demand in June was an expectation among consumers that the Indian government would announce a reduction in customs duty on gold in its early

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Healthy wedding and festival sales boosted demand, before the June price rally brought it to a virtual halt.

US$ gold pr the first tim in some ma

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July budget. As it transpired, these hopes were entirely unfounded: the duty on gold was raised by 2.5%. Although we do not expect this to have a long-term impact on gold demand in India, we do see it having a dampening impact on Q3, particularly as gold prices have remained elevated.

China

China’s jewellery market saw a third consecutive quarter of y-o-y decline. Jewellery demand in Q2 dropped 4% y-o-y to 137.8t. When combined with the relatively soft Q1 number, this resulted in a 3% decline in H1 demand, to 321.4t. In what is traditionally a seasonally slow quarter, Chinese jewellery demand was relatively upbeat in April and May as showrooms tempted consumers with promotions and continued innovation/development of premium products. But demand ground to a halt once the June price rally began and retailer’s promotional efforts could not tempt consumers back. Reportedly, showrooms were deserted as the quarter came to a close. Notwithstanding the difficult conditions witnessed in the final few weeks of the quarter, the retail landscape continues to develop as leading brands expand their networks and extend their reach into lower-tier cities. Chow Tai Fook, for example, opened a net 115 stores in mainland China during the quarter. Consumers continue to shift their attention towards the more innovative and higher-purity, premium ranges that have been developed by the industry in recent years, and in part this reflects the efforts of the trade in promoting these higher-margin products. Sales of ultra-high purity, 99.999% pure gold jewellery continued to grow, as did the new “5G” gold sector – although the latter remains small compared with other categories.

Gold Demand Trends Q2 2019 Central bank buying and ETF inflows were key growth drivers in H1 2019

Central banks bought 374t (+57% y-o-y)

ETFs grew by 108t

Central banks WORLDOFJEWELRY.NET Fallbought 2019

224t of gold (net) in Q2

+224t

Bar & coin weaker at 477t

Jewellery grew marginally to 1,062t

Holdings of gold-backed ETFs reached 2,548t - the highest since Q1 2013 2013 3,000

2019

Chow Tai Fook, for example, opened a net 115 stores in mainland China during the quarter.

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Middle East & Turkey

Middle Eastern demand grew fractionally: several markets across the region improved, led by an 8% recovery in Egypt. Jewellery demand in Egypt registered its sixth consecutive quarter of y-o-y growth amid continued improvement in the domestic economic environment. H1 demand totalled 12.5t – a level last seen in 2016. But the market remains very weak on a historical basis and continued currency stability failed to compensate for the sharp rise in the US dollar gold price, which put the brakes on demand during June. Iran saw a sixth consecutive quarter of weakness: down 5% y-o-y to 6.3t. The country remained in the grip of international sanctions and the beleaguered local currency sent local gold prices soaring – the monthly average price in May was at record highs. With no respite foreseen, there is little optimism in the outlook for the remainder of the year. High gold prices and the challenging economic environment were behind the 4% y-o-y decline in Q2 Turkish jewellery demand. This pushed H1 demand to a three-year low of 18.6t. Weak consumer spending, stubbornly high unemployment and the turbulent political scenario undermined already fragile consumer sentiment. Coupled with continued depreciation of the lira – which pushed local gold prices back up towards 2018’s record highs – the picture for jewellery demand was unsurprisingly weak.

The West

Tenth consecutive quarter of growth in US jewellery demand lifted H1 to a decade high of 53.4t. The world’s third largest jewellery market recovered from the effect of the Q4 2018/Q1 2019 government shutdown and consumer confidence rallied in the first two months of the quarter, before slipping back in June as concerns grew over the trade war with China. Europe saw marginal losses in Q2: demand edged down to 14.3t. Modest improvements in France and Germany failed to match losses in the UK and Italy, due to Brexit concerns and fragile consumer confidence respectively. As a region, Europe accounts for just 3% of global jewellery demand.

Other Asia

Q2 was another quarter of mixed fortunes for the smaller Asian markets: Thailand experienced a sharp fall while Indonesia saw strong gains. Relatively weak economic growth, political instability and stricter controls on high-value transactions knocked jewellery demand in Thailand to its lowest for almost six years. Demand dropped 12% to just 2.2t. Despite the sharp price rise, consumers in Indonesia bought 11.8t of jewellery in Q2 – their highest rate of quarterly buying since Q1 2015. An already healthy rate of economic growth may be bolstered by lower corporate tax rates (a key election pledge of President Joko Widodo), which – over the longer term – bodes well for disposable income and jewellery growth. Vietnamese demand was 2% higher y-o-y, largely due to a strong performance in April and May (when prices were relatively low), and this offset a downturn in June once the price rise began. The healthy economic growth that has continued to support the market, is reflected in the expansion of the retail network. Major jewellers, such as PNJ and DOJI boast aggressive expansion plans, with bold targets for the number of retail outlets they plan to open in 2019/2020. 94

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High gold prices and the challenging economic environment were behind the 4% y-o-y decline in Q2 Turkish jewellery demand. This pushed H1 demand to a three-year low of 18.6t. Weak consumer spending, stubbornly high unemployment and the turbulent political scenario undermined already fragile consumer sentiment. Coupled with continued depreciation of the lira – which pushed local gold prices back up towards 2018’s record highs – the picture for jewellery demand was unsurprisingly weak.

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While this report brings together information from many sources, it is based primarily upon proprietary consumer and trade studies conducted by MVI Marketing, an industry research firm who has been tracking lab-grown diamonds since they first appeared on the market.

LAB-GROWN DIAMONDS ARE ON CONSUMERS’ RADAR Despite the limited marketing resources as compared to investments in marketing for mined diamonds, lab grown diamonds have grown primarily on the backs of consumer demand and their own realization of the product’s value.

LGD CONSUMER AWARENESS*

51%

2010

16%

2012

2014

30%

2016

Even as overall awareness of lab-grown diamonds is growing among fine jewelry consumers of all ages, millennial jewelry buyers are more tuned in to lab-grown than other consumers. AWARENESS OF LAB-GROWN AMONG JEWELRY BUYERS*

2018

*Source: MVI Marketing Consumer Research Studies 2010 – 2018

Now over half of all adult U.S. consumers say they are aware of lab-grown diamonds, as reported in a Fall 2018 survey conducted by MVI Marketing, an industry research firm who has been tracking labgrown since they first appeared on the engagement ring market. In 2010 less than 10% of consumers had even heard of lab-grown diamonds. Consumers have discovered lab-grown diamonds largely on their own, on social media or through the early adopting jewelry retailers who have introduced them to the category and concept. 96

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42%

58% All Yes

65%

35%

Millennials

*Source: MVI Marketing Consumer Research Study Fall 2018

51% 49% Non-Millennials

3 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

This report is issued by the International Grown Diamond Association (IGDA). Founded in 2016, IGDA is a non-profit association which serves as the central point for communication, education, and development of the lab-grown diamond industry. IGDA represents companies that are growing, creating, cutting, polishing and selling lab-grown diamonds with the aim to educate the trade and consumers about these diamonds and encourage proper understanding and promotion through the sharing of clear, accurate information.

International Grown Diamond Association Report

The Lab-Grown Market Today The Lab-Grown Market Today

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68% 46

2009

55%

2016

2018

*Source: MVI Marketing Consumer Research Studies 2013 – 2018

The bridal category—engagement rings—has become the foundation for lab-grown diamonds in the U.S. market. It required the ability to produce higher quality and larger lab-grown goods, many of which are currently created in the U.S. In a Fall 2018 survey conducted by MVI Marketing of millennial consumers actively shopping for engagement rings, 66% of all respondents said they would consider lab-grown diamonds, and 23% said they will definitely buy a ring with lab-grown diamonds. This is indicative of the impact lab-grown diamonds have already made in the mindset of today’s engagement ring customer.

4 INTEREST IN LGD ENGAGEMENT RING*

CONSUMERS WARMING TO LAB-GROWN DIAMONDS Not only has awareness increased dramatically, but attitudes towards and purchase interest in lab-grown diamonds have also increased significantly over the last decade. Among millennials that number is even higher, which isn’t much of a surprise as this demographic group is known for eschewing convention and embracing new technologies and products that have a story that aligns with their values.

64%

68%

66%

25%

Will Consider Male

Female

19%

23%

Will Definitely Buy All

KNOWLEDGE IS CRITICAL

*Source: MVI Marketing Consumer Research Study Fall 2018

Once consumers learned the lab-grown diamonds story, the reaction among millennials was 84% positive (10% higher than non-millennials.) The need for well-trained retail sales associates who understand the lab-grown diamond story cannot be overstated. What consumers liked most about lab-grown diamonds is that they now had a choice in diamonds, and they liked what made these stones different than mined diamonds.

Retailers currently selling lab-grown diamond bridal are not surprised at all. Those who present the option of lab-grown diamonds and effectively share the story behind lab-grown diamonds report an average conversion rate of 6 out of 10 customers. “At Calvin’s Fine Jewelry it’s about giving our customers a choice. We are doing great business with lab-grown diamonds,” said Calvin Smith, an Austin, Texas retailer who’s been seeing consistent sales growth.

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International Grown Diamond Association Report

PURCHASE INTEREST: BRIDAL

A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

CONSUMERS WHO WOULD CHOOSE LGD FOR ENGAGEMENT RING*

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Strongly Agree

37% Agree

22%

Neither Agree nor Disagree

Disagree

1% Strongly Disagree

*Source: MVI Marketing Consumer Research Study Fall 2018

WHAT ARE RETAILERS CARRYING?

PRICE, SIZE & VALUE

The majority of retailers who carry lab-grown diamonds are featuring them in the bridal category. The growers have perfected the right size and quality that consumers seek for their center-stone, and the story of lab-grown diamonds aligns well with the values and interests of the millennial demographic, especially around the issues of social and environmental responsibility.

Price and value are clearly the most important factors in lab-grown diamonds’ favor. MVI Marketing research has shown that consumers expect lab-grown diamonds to be priced 20%–40% less than mined diamonds, and that’s fairly close to the current marketplace reality where lab-grown diamonds are roughly 35% less at retail.

That bodes well for future growth, as the industry has an opportunity to connect with this elusive and conscientious consumer with lab-grown diamonds that will help establish a long-term relationship with them throughout their diamond-jewelry buying lives.

There is a base-level savings when comparing apples to apples that many consumers seem to find irresistible. When consumers were shown 4 different sets of jewelry with prominent center stones, with mined diamonds going head to head with lab-grown with identical sizes and qualities, 70% of consumers picked the labgrown diamond jewelry based on the price being 25% less than for mined stones.

The quality and size of lab-grown diamonds in the marketplace mirror that of mined diamond inventories —essentially the carat+ stones in G-H color and VS2-SI1 goods. There is heavy demand for fancies: 1-carat+ pear shapes, princess cuts and ovals, but very limited supply (particularly for ovals). Also mirroring the mined diamond equivalent in basics, the average quality drops a grade or two in both color and category, and similar qualities are seen in the fashion collections. Matching pairs of fancies for earrings are also in great demand. 100

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Consumers were asked more generally if they would consider a lab-grown diamond because “I can get a bigger diamond for the same price as a smaller mined diamond”, and 74% agreed with the statement. Retailers who are successful have discovered and are positioning lab-grown diamonds as the opportunity to buy a bigger and/or higher quality diamond for the same price they would have spent on a mined diamond.

5 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

37%

International Grown Diamond Association Report

“I CAN GET A BIGGER DIAMOND FOR THE SAME PRICE AS A SMALLER MINED DIAMOND” *

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International Grown Diamond Association Report

When given the option, consumers will choose a higher grade cut in lab-grown versus mined diamonds 71% of the time, with bridal shoppers choosing a better cut lab-grown diamond 82% of the time. The same dynamic persists when considering clarity and color.

YES, I WANT LAB-GROWN

1.4 Carat Mined

1.9 Carat Lab-Grown

Given a choice between a 1.9-carat lab-grown diamond and a 1.4-carat mined diamond for the same price, all other variables being equal, 63% of consumers chose the lab-grown diamond.

WOULD SELECT LGD OVER MINED IF BIGGER*

63%

27%

10%

Yes

Not Sure

82% 71%

75% 67%

65% 58%

Cut

Clarity

Color

Bridal Shoppers

All Respondents

*Source: MVI Marketing Consumer Research Study Fall 2018

“LAB-GROWN DIAMONDS ARE IDENTICAL TO REAL DIAMONDS CHEMICALLY, VISUALLY, AND STRUCTURALLY. CONSUMERS CAN SEE PRECISELY THE SOURCING, CHOOSE THE COLOR AND THE DESIGN THEY HAVE DREAMED OF OWNING WITHOUT SPENDING A FORTUNE.” -CELESTE LEE,

*Source: MVI Marketing Consumer Research Study Fall 2018

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CONSUMER BRAND & TREND EXPERT (BARRONS)

6 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

It is not the discount and savings on a same-size lab-grown versus mined—it is the bigger/better -for-less message that is appearing to be most compelling for consumers. This is consistent with value-conscious millennials especially those shopping for an engagement ring.

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Despite the claims of DeBeers and others that consumers donâ&#x20AC;&#x2122;t expect lab-grown diamonds to be certified, when presented with the revised FTC guidelines for lab-grown diamonds, 56% felt it was now even more important to have lab-grown diamonds certified in the same manner as mined diamonds. In fact only 4% thought it was now less important to have labgrown diamonds graded and certified. This is further evidence that consumers perceive lab-grown diamonds on par with mined diamonds, and just as important to have such significant purchases accompanied by a legitimate grading certificate.

Less

$500+

29%

$1,000+

32% 25% 9%

$4,000+ $6,000+

56% 40%

Same

CERTIFICATION EXPECTATION BY PRICE

$2,000+

IMPORTANCE OF CERTIFICATION More

Itâ&#x20AC;&#x2122;s not just the higher priced or larger lab-grown diamonds that consumers think should be graded and certified. These charts demonstrate that the majority of consumers surveyed feel that lab-grown diamonds starting at $500+ or $1,000 and up should be accompanied by a grading certificate.

*Source: MVI Marketing Consumer Research Study Fall 2018

Similarly, 40% of consumers believe grading should start at quarter-carat and above or half-carat and above sizes, and nearly 1 in 5 consumers say any size lab-grown diamond should be certified.

*Source: MVI Marketing Consumer Research Study Fall 2018

Nearly half of consumers surveyed thought that price was the most important criteria in determining whether lab-grown diamonds should be certified, while 42% thought it was the size/carat weight.

CRITERIA FOR CERTIFICATION

CERTIFICATION EXPECTATION BY SIZE 19%

1/4 ct +

21%

1/2 ct +

25%

1 ct + 48%

Price/$ Value 42%

Size/Carat Emotional Significance

10%

*Source: MVI Marketing Consumer Research Study Fall 2018

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12%

2 ct + 3 ct +

Any Size Diamond

*Source: MVI Marketing Consumer Research Study Fall 2018

19%

7 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

Consumers Want Lab-Grown Diamonds Certified

International Grown Diamond Association Report

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-MICHAEL MILGROM, SVP OF PRODUCT DEVELOPMENT AT RICHLINE (JCKONLINE)

PURCHASE INTEREST IN LGD FASHION JEWELRY*

WHAT DOES THE INTERNET THINK? Another indication of engagement/acceptance is social media activity and how often consumers are actively searching the internet for lab-grown diamonds. Google searches for lab-grown diamonds have tripled in the last decade, as reported in the May 2018 CNBC article Diamond Market May Be Warming to Lab Made Gems, which also maintained that “Millennial U.S. consumers considering lab-grown diamonds as an option grew from 57% in 2016 to 70% in 2017.”

63%

16%

22%

Yes

Not Sure

*Source: MVI Marketing Consumer Research Study Fall 2018

In the MVI Marketing poll, consumers were asked if they had friends, family or celebrities/influencers they follow on social media who are lab-grown diamond owners. Not surprisingly more than twice the number of millennials replied in the affirmative than those in other age groups.

BEYOND BRIDAL While bridal center stones have been the mainstay for lab-grown diamonds so far, most retailers envision rapid expansion into diamond jewelry basics—center stone-centric pieces like studs, solitaire pendants, etc. Most who have established a bridal business in lab-grown diamonds are selling these basics already, and diamond fashion jewelry is also now emerging. Helzberg Diamonds added its own branded fashion collection, Light Heart, after starting out with branded loose lab-grown diamonds from ALTR and then moving into bridal. Consumers appear ready to embrace fashion jewelry made with lab-grown diamonds. Those actively shopping for fashion diamond jewelry expressed a high level of interest in lab-grown diamonds in the MVI Marketing study. 106

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KNOW/FOLLOW PEOPLE WHO OWN LGD?*

63%

28%

46%

Millennials

Non-Millennials

All

*Source: MVI Marketing Consumer Research Study Fall 2018

8 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

“WE THOUGHT THIS WAS JUST A MILLENNIAL PROGRAM. BUT WE WERE PRETTY ASTONISHED THAT ALL DEMOGRAPHICS WERE OPEN TO IT. THIS IS SOMETHING THAT IS NOT GOING AWAY.”

International Grown Diamond Association Report

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LGD BRAND AWARENESS* None of These

28%

Diama by Swarovski

24%

Diamond Nexus

22%

Renaissance

20 17%

Pure Grown Diamonds

16%

Diamond Foundry

16%

Agape

New Dawn Diamonds

12%

Clean Origin

11%

Miadonna

11%

Gemifique

Lightbox

ALTR

*Source: MVI Marketing Consumer Research Study Fall 2018

NASCENT BRAND AWARENESS

MISSED OPPORTUNITIES

While there are many emerging consumer-facing lab-grown diamond brands, consumers seem to be developing a base level awareness but no clear leader has yet to rise to the top.

Retailers not yet stocking and promoting lab-grown diamonds are clearly missing an opportunity to present potentially profitable choices to their receptive customers. The MVI Marketing survey revealed that 54% of the engagement ring shoppers surveyed said they were NOT shown lab-grown diamonds when shopping for their engagement/wedding ring. However, if they HAD been shown lab-grown diamonds, 34% said they would have bought it and 47% said maybe.

WHAT TYPE OF STORES SHOULD CARRY LAB-GROWN DIAMONDS? As millennial consumers become aware of lab-grown diamonds, they expect to find them in all the same places they’d see mined diamonds. It’s a point worth noting— while lab-grown diamonds are new to many in the industry, many millennial shoppers will be expecting them as an option the very first time they shop for diamonds. If a retailer they visit doesn’t carry them, there’s a good chance they’ll find one who does.

BUY IF SHOWN?*

STORES MILLENNIALS EXPECT TO SELL LGD* Department Store Local Independant

Mall Retailer

41%

108

49%

19%

36%

Shopping Clubs

Web Only

30%

WORLDOFJEWELRY.NET Fall 2019

34%

Mass Merchandiser

*Source: MVI Marketing Consumer Research Study Fall 2018

Maybe

Yes

*Source: MVI Marketing Consumer Research Study Fall 2018

A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

Made For You

International Grown Diamond Association Report

Brilliant Earth

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– MORGAN STANLEY 2016 RESEARCH REPORT “GAME OF STONES - LAB VS. PIPE”

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In addition to the size/price/value dynamic discussed previously, lab-grown diamond producers have seized an advantage in their marketing strategy: emphasizing claims that lab-grown diamonds are more sustainable. Lab-grown diamond producers have been able to connect with the millennials by promoting themselves as high-tech, innovative and clean. Country of origin has become an issue for the industry because it’s becoming an issue for consumers— especially millennials. In all aspects of their lives they seek brands, companies and products they believe are transparent and socially and environmentally responsible. They avoid goods coming from places with questionable human rights histories and they aren’t keen about the impact of mined diamonds. This could represent an opportunity, as indicated by some of these facts and comparisons between mined and lab-grown diamonds as reported in a 2014 Frost & Sullivan Environmental Impact Analysis. Overall, they found that “Mined diamonds represent 7 times the level of impact as compared to lab-grown diamonds. There is negligible soil displacement and no irreversible environmental damage.”

2.63 tons of mineral waste is extracted from the earth to yield a single carat of gem-quality mined diamond

480 liters of water are used to extract and process 1 carat of mined diamonds, versus 70 liters of water for lab-grown

Mining for a carat of diamonds generates 57,000 grams of carbon emissions, while emissions associated with lab-grown diamond production is not-significant

10 A Diamond Choice 2019 | Lab-Grown Diamonds & The Future Of The Diamond Industry

“MANY OF TODAY’S YOUNGER CONSUMERS AREN’T ONLY OPEN TO ALTERNATIVES, THEY ARE WILLING TO PAY A PREMIUM FOR PRODUCTS THAT HAVE A LOW ENVIRONMENTAL IMPACT OR ARE SOCIALLY RESPONSIBLE.”

International Grown Diamond Association Report

WHAT’S THE ATTRACTION?

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FROST AND SULLIVAN 2014 GLOBAL FORECAST OF LAB-GROWN POLISHED DIAMOND SALES AS A % OF ALL POLISHED DIAMOND SALES

International Grown Diamond Association Report

3.0% 2.2% 1.5%

1.9%

1.0

0.6

0.3%

2014 High Case

Base Case

2015

2016

0.8%

2017

2018

Low Case

It’s difficult to pinpoint exactly the size of the market for lab-grown diamonds, as the dynamics are shifting almost daily and the producers are scattered around the globe. That said, there have been many studies providing estimates and growth projections that while disparate, all lean heavily toward an aggressive growth trend for lab-grown diamonds. A 2016 report by Morgan Stanley estimated the current market size to be between $75 million and $220 million, and taking the midpoint of that range suggested that lab-grown diamonds currently account for approximately 1% of the $14 billion global rough-diamond market. Analysts at Citi have a slightly more generous estimate that lab-grown diamonds currently represent about 2% of the overall rough diamond market but expect that by 2030 that share could climb to 10%. Morgan Stanley’s projections are somewhat more bullish. It looks at the growth rates in two ways—both in the larger diamonds mostly suitable for the bridal or engagement ring category, in which they believe WORLDOFJEWELRY.NET Fall 2019

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1.0%

0.4

0.2

1.4%

lab-grown diamonds can achieve a 7.5% share by 2020, and in smaller gem-quality melee (stones under a half-carat), in which they see lab-grown taking a 15% share in the next couple of years.

PROJECTED LAB-GROWN DIAMOND MARKET SHARE*

1.7%

1.8%

2.0%

2.3%

3.0%

3.8%

10%

2016

2017

2018

2019

2020

2021

2030

*Source: Citi Company Records

The opportunity in smaller stones will be intensified by a dearth of mined diamonds created by the expected closing of Rio Tinto’s Argyle Mine which currently supplies the majority of the world’s small diamonds.

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0.6%

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LGD CONSUMER PURCHASING TREND - SHARE OF MARKET BY CARAT*

2015

2016

*Source: NPD Diamond Tracker. Analyst: Edahn Golan

Research firm NPD Group reported that in 2016 lab-grown diamonds represented 1.6% of the market by carat weight—overall a small piece of the market but one that had tripled in just two years. Another report by researcher Frost & Sullivan indicates the market in 2014 was in the neighborhood of 360,000 carats but believes demand will skyrocket to 20 million carats by 2026. This 2014 global forecast by Frost and Sullivan has turned out to be quite accurate with the high case level having come to fruition in 2018. In this analysis by industry analyst Edahn Golan of NPD, it appears that market share for lab-grown diamonds quadrupled and claimed more than 1% for the first time. The momentum continued with share eclipsing 1.6% by

July 2016, and doubled again by year-end to 3.2%. Paul Zimnisky, an independent diamond industry analyst, offers the most recent perspective estimating the lab-grown diamond jewelry market at $1.9b in 2018 (note this includes jewelry made with polished lab-grown diamonds, while most other estimates focus on rough diamonds) and forecasts the industry to grow at 22% annually to $5.2 billion by 2023 and to $14.9 billion by 2035, equating to a longer-term growth rate of about 9%. Despite the disparity in market size estimates and projections, the one commonality is that all analyses point to significant and rapid growth for lab-grown diamonds.

“LAB-GROWN DIAMONDS ARE NOW A FACT OF LIFE FOR THE INDUSTRY.” -TOM MOSES, EXECUTIVE VICE PRESIDENT OF THE GIA 114

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0.2%

International Grown Diamond Association Report

1.6%

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