VOL 1 ISSUE 6 | JULY 2016 | PRICE : Rs. 200
RNI : MAHENG/2016/66630 | SUBSCRIBER COPY NOT FOR SALE
I N D I A’ S P R E M I U M M AG A Z I N E O N T H E B U S I N E S S O F J E W E L L E RY
IIJS 2016 SPECIAL ISSUE
ALSO FEATURING
SWAROVSKI PRESENTS GEM VISIONS TREND DIRECTIONS 2017
HALLMARK 92.5 SILVER JEWELLERY
MANUFACTURER OF ALL TYPES OF INDIAN CZ SIVLER JEWELLERY
MUMBAI
|
KARNATAKA
TIARA FASHION JEWELLERY 2/69, Sahyog Building, Opp Lohana Mahajan Wadi, SV Road, Kandivali (W), Mumbai 400 067 M : 9323714440, 9664714440. T : 022 28660762, 28660763 E : tiarafashionjewellery@gmail.com
|
KERALA
|
TAMIL NADU
|
GUJARAT
TIARA JEWELS 24, 2nd Floor, Rangaswamy Temple Street, Bangalore - 560 053 M : 9845577759, 9900160708. T : 080 40943177 E : tiarajewellery@gmail.com
REDEFINING RULES OF JEWELLERY BUSINESS For the first time in India 100% return | exchange | buy back Free logistics delivery pan India Excise registered products All products below 2 lakh UID code compliance 99.9% stone less
(0.1% error and omission in weighing scale)
100% track record for BIS hallmarking 1st ethical jewellery manufacturer in India RM JEWELLERY THE JEWELLERS' JEWELLER
www.rmjewellery.com
Balaji Complex, 2nd Floor, 81, Ibrahim Sahib Street, Bangalore - 560 001. +91-80-2558 2364 | 2559 4364 | 99027 74400
Email : info@rmjewellery.com
We are now in Delhi too. Contact : Shekhar Guru, +91 98110 58591
4th - 8th AUGUST,
2016
F RO M T H E P U B L I S H E R
VOL 1 ISSUE 6 JULY 2016 RNI : MAHENG / 2016 / 66630
From the Publisher
O
ver the past decades, the GJEPC has emerged as one of the prominent counciles and helped create a fitting atmosphere to provide a boost for gems & jewellery exports by creating an enabling environment through its interaction with the Government and other agencies, by creating awareness and branding of the Indian industry and its products in India and abroad and by providing the necessary inputs for both the industry and its product to keep developing and improving.Through its initiatives GJEPC has been helping the industry grow in the right direction and at the right pace. At the time of the council reaching 50 years of service to the trade , JewelBuzz presents a tribute to GJEPC in a special coverstory and salutes the council and the people behind it for their contribution to the growth of the industry.
Publisher VIVEK KABRA Editor ASHIKA KABRA Content Creation & Design PENITUP.COM PHANI GIRISH ROOPESH MAVICHERY SUCHITHRA PILLAI ADVISORY BOARD RAJENDRA JAIN Swarovski Gemstones Business VISHAL GANDHI Tiara Fashion Jewellery Business Developement ANUP BHANDARI +91 99875 54474 anup@jewelbuzz.in
The issue also features Swarovski presents Gem Visions Trend Directions 2017 and special article on understanding luxury marketing, among other regular features.
AM MEDIA HOUSE Corporate Office : 2/69, Sahyog Building, SV Road, Opp. Lohana Samaj Wadi, Kandivali (w), Mumbai - 400 067. India mail@jewelbuzz.in www.jewelbuzz.in
Wishing the industry a prosporous and successful IIJS 2016.
Registered Office : N- 10/2, Ganpati Niwas, Bangur Nagar, Goregaon (W), Mumbai - 400 090 Jaipur : # 2032, BTC House, Pitleyon Ka Chowk, Johari Bazar, Jaipur - 302003
Vivek Kabra
vivek@jewelbuzz.in
8
JEWELBUZZ | JULY 2016
/JewelBuzzMag
Printed at : JAYANT PRINTERY LLP 352/354, Muralidhar Temple Compound, Near Thakurdwar PO, J.S.S Road, Mumbai - 400002
I N T HI S I SS U E
VOL 1 ISSUE 6 | JULY 2016 | PRICE : Rs. 200
RNI : MAHENG/2016/66630 | SUBSCRIBER COPY NOT FOR SALE
I N D I A’ S P R E M I U M M AG A Z I N E O N T H E B U S I N E S S O F J E W E L L E RY
IN THIS ISSUE
IIJS 2016 SPECIAL ISSUE
VOL 1 ISSUE 6 JULY 2016
ALSO FEATURING
SWAROVSKI PRESENTS GEM VISIONS TREND DIRECTIONS 2017
EVENTFUL GJF | KGK
14 16
CENTRE STAGE LATEST COLLECTIONS
INTERVIEW - PRAVEEN SHANKAR PANDYA
SWAROVSKI PRESENTS GEM VISIONS TREND DIRECTIONS 2017
HAPPENINGS IN INDIA GJ INDUSTRY
MARK YOUR DATES
12
JEWELBUZZ | JULY 2016
COVER STORY INTERVIEW - SANJAY KOTHARI
GUEST ARTICLE JEWELLERY: LUXURY V/S COMMODITY?
64 68
EXHIBITIONS LIST
50 YEARS OF GJEPC
52 56
INDIA NEWS
COVER STORY
46 48
GEMVISIONS
GJSCI | WHP
18 26
COVER STORY
EVENTFUL
72
GLOBAL NEWS HAPPENINGS IN GLOBAL GJ INDUSTRY
EVENTFUL
PM urges Gems and Jewellery Industry to work towards establishing a global presence T
he Prime Minister Narendra Modi, today urged the Gems and Jewellery sector in India to look beyond the domestic market and establish a global presence. Speaking at a felicitation function organized for the Prime Minister, by the All India Gems and Jewellery Trade Federation, Narendra Modi called for innovation and skill development to achieve this objective. He noted that there is an increasing global demand for handmade jewellery. Recalling recent issues related to excise duty, the Prime Minister said these issues gave an opportunity for the Gems and Jewellery industry to better understand the working of the Government, and it also gave the Government an opportunity to better understand the intricacies of the sector. He said both have won over each other. The Prime Minister called upon all those with undisclosed income, to declare it before the September 30th deadline.
KGK Group receives the excellence award 2016 K
GK Group’s Chairman and visionary Navrattan Kothari, was recently felicitated with the Excellence Award 2016 in Hong Kong by the Sarjan Group. He was bestowed with this honour for remarkably augmenting the Gems & Jewellery industry at a global level, with his insights, experience and acumen. The observance took place at the Sarjan Annual Award Function on 19th June 2016 and the award was presented by Rashmikant Donda, President, Sarjan Group.
Navrattan Kothari has been leading KGK since 1960’s. He has transformed the landscape of Jewellery trading and manufacturing over the last 50 years. Under his astute guidance KGK has evolved into a modern multinational that operates to world-class standards with state-of-the-art infrastructure. His leadership has enabled KGK to innovate and expand into numerous markets and achieve global growth and recognition. Kothari has built a company that is inspired by life and humanity, which places the highest value on trust, integrity, ethics and corporate responsibility. As Chairman, Kothari steers the company and enlightens and inspires the team worldwide. 14
JEWELBUZZ | JULY 2016
EVENTFUL
Aiming to ‘Skill India’
GJSCI creates a pathway for Gems and Jewellery Industry for World Skills Competition
Speaking on the occasion, Binit Bhatt, C.O.O, GJSCI said, ‘The core aim of GJSCI is to skill the gems and jewellery sector as well as attract more talent to the industry and it was exciting to see young talent coming forward to represent our industry. It just reassures us that we are on the right track in building the aspirational value amongst the youth to make a career in one of the growth sectors of the country’
S
anjoy Pramanik, Asrof Jamal and Sweta Singh won the India Skill 2016 for Gems and Jewellery category that was hosted at Pragati Maidan, New Delhi. The winners who were trained and coached by GJSCI won the prize money of Rs. 1,00,000, Rs. 75,000 and Rs. 25,000 respectively and the prize was given away by Shri. Rajiv Pratap Rudy, Hon’ble Minister, Ministry of Skill Development and Entrepreneurship in the esteemed presence of Prem Kothari, Chairman, GJSCI & other dignitaries from NSDC & the Ministry. Winners of the event will now represent Indian Jewellery Industry at World Skill Competition 2017 that will be hosted in Abu Dhabi. The winners will be provided required training to enhance their designing skills and groom their talent for the global event next year. The exercise will not only bring Indian skills of Gems and Jewellery industry on a global platform but also encourage youth to enter the industry.
WHP Jewellers launches ‘9Ratna’ A Genuine and Certified Gemstone brand
W
HP Jewellers, known for trust and quality since more than a century reinstate their core values with the launch of their first Gemstone brand 9Ratna. Realizing precious gemstones are difficult to access at a realistic price for an Indian consumer, 9Ratna was conceived. 9Ratna offers a wide range of Yellow Sapphires, Blue Sapphires, Rubies, Corals, Emeralds, Cats Eye, Gomed, Diamonds and Pearls in different carats and masterful cuts that add definition to the precious stone. It also enables the consumers to set the stones in the precious metal of their choice that includes platinum, gold and silver. The precious Nine Ratnas are symbolic of health, happiness, prosperity and peace of mind and hold a significant value in a consumer’s life due the astrological sentiments attached to a gemstone. 16
JEWELBUZZ | JULY 2016
IIJS 2015 - Hall No. 6 India International Jewellery Show Bombay Exhibition Centre-Mumbai 4TH -8TH AUGUST, 2016
Rahil Muhimtule, Brand Director, WHP Jewellers commented, ‘9Ratna is the first national brand from the house of WHP. The brand promises 100% Genuine & Certified gemstones from a galore of 55 exclusive designs in rings and lockets. The brand is unique in a way as it allows a consumer to opt for a 15 days trial period just in case he doesn’t find the gemstone suitable for him.’
C E N T RE STAGE
VELVETCASE
WHP JEWELLERS MUMBAI
18
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
19
C E N T RE STAGE
TANYA RASTOGI FOR LALA JUGAL KISHORE JEWELLERS LUCKNOW
20
JEWELBUZZ | JULY 2016
C E N T RE STAGE
JEWELSIFY.COM
22
JEWELBUZZ | JULY 2016
P RO F I L E
CHAIN EXPERTS & JEWELLERS PVT. LTD
Encyclopedia of Chains
C
hain Experts is a leading
leverage on their networks.
jewellery right here in India could
name in gold chain
Currently we have six distributors
be described as our visionary
manufacturing. It stands
and 14 dealers across India. The
approach. Driven by the passion,
for - International Quality
number is likely to be three fold
we have evolved ourselves in
Standards, Consistent Supply,
by the end of the year.
various regions of India and
Wide and User-friendly Designs. We have been serving across
created new benchmarks in The zest for making world-class
India with niche in gold chains. It
Chains and Jewellery that reects excellence in designs and quality.
surely speaks about our strong foundation!
We are strongly focused on consumer preferences for
We have switched over to the distributorship model, two years ago. This is because we see a huge potential for organized players (of the industry) to participate. The future lies in the organized segment. With the vision to go Pan India, Chain Experts are pursuing to establish a syndicate of strong distributors & dealers and 24
JEWELBUZZ | JULY 2016
Chains and Jewelleries. This has VISION: Build a world class organization and deliver the highest level of people experience. MISSION: Manufacture and Distribute, quality and variety of Gold Chains and CZ Jewellery.
resulted in an amazing range that is second to none and one that shines with pride of success achieved indigenously. With this creativity, innovation and inclination, we at Chain Experts are committed to the future of this industry and pledge to bring the revolution in the B2B environment.
COV ER STO RY
THE GEM & JEW ELLERY EXP ORT P R OMOTION COU N CI L
INDIA INTERNATIONAL JEW ELLERY SHOW I NDI A I N TERNATIONAL J E WELLERY W EEK
(GJEP C) WAS SET UP BY THE MINISTRY O F COM M E RCE , GOVER NMENT OF INDIA (GOI) IN 1966. I T WAS ONE OF SEVER AL EXP ORT P R OMOTI ON COUNCILS ( EP CS) LAUNCHED BY TH E
S I GNATURE IIJS
INDIAN GOVER NMENT, TO BO OST TH E COUNTRY ’S EXP ORT THR UST, W H E N
DE S I GN I NS PI RAT I O NS SEMINAR
INDIA’S P OST-INDEP ENDEN CE E CON OM Y
I NDI GE M & J E WE LLERY MA CHI NE RY EX PO
BEGAN MAKING FOR AYS I N TH E INTER NATIONAL MAR KETS . GJE P C
I N D I AN GE M & J E WE L L E RY AWARDS
WAS GR ANTED AUTONOM OU S
WO RL D DI A MO ND CO NF E RE NCE
STATUS IN 1998 .GJEP C H AS OV E R THE Y EAR S EFFECTIVE LY M OU L D E D
T HE A RT I S A N - J E WE L LERY DE S I GN AWA RDS
THE SCATTER ED EFFORTS OF INDIVIDUAL EXP ORTER S TO M A K E
I NDI A PAVI L I ON IN I NT E RNAT I O NA L S H OW S
THE GEM AND JEW ELLERY S E CTOR A
BUYE R-S E L L E R MEETS
P OW ER FUL ENGINE DR IV I N G I N D I A’ S EXP ORT-LED GR OW TH. W IT H M ORE
A DVI S ORY ROLE
THAN 6,0 0 0 MEMBER S SP R E A D A L L OV E R
NO DA L A GE NCY F OR KIMBERLY PRO CE S S CE RT I F I CATION SCHEME
THE COUNTRY, THE COUNCIL IS P RI M A RI LY INVOLVED IN P R OMOTING THE IN D I A N GE M &
T RA I NI NG AND RESEARCH VARIED INTERESTS
JEW ELLERY P R ODUCTS TO THE INTE RN ATI ON A L MAR KET AND LEVER AGE THEIR INTER NATI ON A L R ELATIONSHIP S.
26
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
27
COV ER STO RY
T
he GJEPC’s promotional
gems and jewellery centres in other
role in maintaining the data
activities include organising
parts of the world, are some of the
and paperwork of the flow of all
a number of important trade
other trade promotion activities the
diamonds certified as “conflict-free”
impart knowledge about latest
Council undertakes.
going in and out of the country.
developments or issues in related
shows held in the country like the
GJEPC INITIATIVES
individual associated with the Indian Gems and Jewellery industry to achieve their full potential”. And we truly believe that GJEPC is contributing the best to the industry and sincerely living it with the
(IIJS), Signature IIJS, India Gem &
As the singular apex body of the
The Council has set up various
Council has held seminars to
Jewellery Machinery Expo (IGJME).
industry in India, the GJEPC is the
institutes across the country,
encourage companies to follow
voice of the industry, taking its
foremost among them the Indian
the highest standards in business
On the international front, the
issues to the government and
Institute of Gems & Jewellery (IIGJ)
practices and ethics, thereby
Global Gem & Jewellery Fair
seeking appropriate measures
imparting international quality
maintaining the best standards in
(GGJF) was organised in Dubai in
for resolving them.It also makes
courses for training artisans and
the industry.
association with DMCC. The GJEPC
representations to the GoI from
designers for this industry.
also organises India Pavilions
time to time for policy intervention
The various gemmological
The India Gem & Jewellery Awards
at various leading international
and to shape the EXIM policy of
institutes under its umbrella like
are a recognition of achievement
shows like JCK Las Vegas, Basel,
the country. It plays an advisory
the Gemmological Institute of India
and excellence within the industry
Vicenzaoro, the Hong Kong Show
role when the Government calls
(GII), Gem Testing Laboratory,
and acted as a spur to improve
and several others worldwide.
upon it for information or advice
Jaipur and the Indian Gemmological
performance. New categories like
on matters related to the gems and
Institute, New Delhi and Indian
Woman Entrepreneur, Socially
jewellery industry internationally.
Diamond Institute in Surat,
Responsible company have kept
undertake research, training and
the Awards categories relevant.
certification activities.
In order to encourage artisans,
Various promotional activities
mission. IIJS and IIJW are the two
undertaken by the GJEPC, over
excellent business platforms and opportunities created by the GJEPC in promoting the B2B and B2C industry respectively. Whenever we talk about GJEPC, one can never forget a true legendary leader Mr. Sanjay Kothari and his sincere dedication and contribution to the industry. He is truly an inspiration for the Gems & Jewellery fraternity and he was the one who made
organised by the Council
fields. From time to time the
India International Jewellery Show
GJEPC mission is “To enable every
Regular seminars and conferences
the years, have significantly and
It has been mandated by the
positively impacted the increase of
GoI as the nodal agency for the
craftsmen and designers to aspire
exports from US$ 28 million in 1966
Kimberley Process Certification
higher heights in innovation and
-67 to US$ 35 billion in 2013-2014.
Scheme (KPCS), and plays a key
design creativity, the Council has been holding an annual design
The Mines to Market conferences
competition which has today
both for the diamond industry as
evolved into The Artisan Jewellery
well as for the coloured gemstone
Design Awards.
industry have served as significant platforms of interaction between the
The GJEPC has launched its CSR
main stakeholders in both areas.
activity – Jewellers for Hope -- with an annual Charity Event, which
everyone believe in GJEPC.
The India International Jewellery
Our best wishes to the GJEPC team for their future endeavours! Rajendra Jain Managing Director, India SWAROVSKI GEMSTONES
makes a donation to one particular
“An integral part of the jewellery
Week is a jewellery fashion
industry, GJEPC has many feathers
extravaganza highlighting the
to its hat with the IIJS being one of
Buyer-Seller Meets Advisory Role
Charity Organisation every year. Through its various functions and
design capabilities of the jewellery
“GJEPC has been instrumental in
the most respected and appreciated
industry, attracting both fashion
creating a stage for jewellers to put
amongst all. A platform to showcase
enthusiasts and buyers from India
forth their craftsmanship at various
jewellery expertise in terms of design,
and abroad.
national and international shows
trends and craftsmanship, it brings
for B2B as well B2C purpose.
together the best of the best from the
Various region-specific Buyer-Seller
The organisation has also been a
industry under one roof and gives
environment through its interaction
Meets; delegations to important
strong voice for the industry to the
a chance for sellers and buyers to
with the Government and other
government with regard to regulations
interact and work towards sustainable
agencies and bodies; by creating
and introduction of new taxes.”
business relationships.”
awareness and branding of the
Nodal Agency for Kimberley Process Certification Scheme Training and Research
activities, the GJEPC helps forge a fitting atmosphere to provide a boost for gems & jewellery exports: by creating an enabling
Indian industry and its products in
upto 1986
28
JEWELBUZZ | JULY 2016
upto 2011
current logo
Rajeev Sheth
Rajesh Tulsiani
Chairman & Managing Director,
Co founder, Dwarkadas Chandumal
Tara Jewels Ltd.
Jewellers.
Indian Gemmological Institute
India and abroad; and by providing the necessary inputs for both the industry and its product to keep
Varied Interests
developing and improving.
JULY 2016 | JEWELBUZZ
29
COV ER STO RY
1966 { FLASH BACK }
[ ONE OF THE FIRST MEETINGS OF PROMOTERS ]
India International Jewellery Show GJEPC’s flagship jewellery trade event ‘India International Jewellery Show’ is Asia’s largest trade show, where the industry once again converged in large numbers (upwards of 30,000 trade visitors). Country pavilions, networking events, informative education seminars formed a part of the event with the view to attract thousands of industry professionals and retailers. This platform provides an unparalleled opportunity to discover the various facets of the Indian gem and jewellery industry – especially the surge in its business and economic growth. The 33rd edition is scheduled in Mumbai from 4th8th August, 2016.
“IIJS is very important for buying & planning our inventory for the festive season which starts from September and also for the bridal season which starts in November. I have been visiting the IIJS Show every year ever since it started. It helps us keep abreast of the latest jewellery design trends and innovations in jewellery manufacturing & craftsmanship. It also gives us an opportunity to explore new potential suppliers and sometimes even if you find one new supplier, it can add a new dimension to your repertoire of designs.” Ishu Datwani Founder, Anmol Jewellers
30
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
31
1977
{ FLASH BACK }
COV ER STO RY
[ Note on membership details ]
1978
1977
{ FLASH BACK }
[ 10th anniversary celebrations ]
{ FLASH BACK }
[ Note on Export Performance ]
of All India jewellers associations ]
1978
[ First ever convention
{ FLASH BACK }
[ Plan to set up jewellery design centre ]
“IIJS is now very vital platform for jewellery industry, trade shows
{ FLASH BACK }
“IIJS is an important platform for the
1980
1979
{ FLASH BACK }
such as IIJS make it possible for
[ Representation to setup a Diamond Bourse/Exchange]
“IIJS has amassed so much popularity
retailers to get a sense of the latest
that not only the industry, but
design trends in gold, white gold,
even end clients are aware of its
gemstones and platinum. The new
importance. So IIJS has now become
technology/devices to sharpen the
the official marker for the kick-off of
production capacity and enhance the
the season, even in the minds of end
overall quality of the jewellery excites
consumers. Other than the actual
me at this show. Above all, I have an
wedding season, it is the single event
emotional bond with IIJS - the pride of
capable of such influence.”
Indian jewellery industry.”
Tanya Rastogi
Aditya Pethe
Director, Lala Jugal Kishore
Director, WHP Jewellers
Jewellers
32
JEWELBUZZ | JULY 2016
us to understand the current trends in the market, latest manufacturing techniques and innovative jewellery collections. Visiting tradeshows opens up avenues to varieties which were never thought of, this is especially important in Jadau and kundan jewellery, where the manufacturers and karigars are based out of Mumbai, it gives a different aspect and thought to initiate new designs.” Samir Sagar Director, Manubhai Jewellers
JULY 2016 | JEWELBUZZ
33
COV ER STO RY
{ FLASH BACK }
1981 [ Meeting with World Bank Representative]
JEWELBUZZ | JULY 2016
India International Jewellery Week The Council, in its endeavor to promote India as the “Innovation & Design Destination” for Jewellery organizes the India International Jewellery Week (IIJW). IIJW showcases India’s finest in jewellery, be it design or innovation supported by top of the line craftsmanship, technology and quality to the customers
1983
{ FLASH BACK }
around the globe. The show features top
[ Indo Japan Trade Relationship ]
designers & design houses presenting a visual treat for the eyes at a five days event wherein India’s top catwalk queens sashay down the ramp under the direction of ace choreographers. Leading Bollywood stars of the silver screen and TV artists also dazzle at the show with glittering presence.
[ First ever India Gems & Jewellery Fair ]
1985
1982
{ FLASH BACK }
[ Gold Jewellery Scheme ]
34
[ Removal of Import Duty on Raw Pearls]
{ FLASH BACK }
1981
{ FLASH BACK }
1979
{ FLASH BACK }
[ Task force on Gem & Jewellery industry ]
JULY 2016 | JEWELBUZZ
35
[ First issue of
[ Jewel Yatra 1988 ]
Signature IIJS The Signature platform showcases the highest quality, cutting edge designs and superior craftsmanship by the participants. This is a B2B event where exhibitors have an opportunity to discover the latest trends, meet with the leading manufacturers and plan their collections and
1989
{ FLASH BACK }
inventories. After the culmination of the festive season, jewelers look forward to re-stocking their stores with the trendiest jewellery collections
[ Inhorgenta 1989 ]
which is accomplished with style at Signature every year. GJEPC organised its 9th edition of Signature in gem & jewellery capital of India, Mumbai and was held from February 5th to 8th, 2016. An exclusive jewellery event, it showcased India’s finest in top-of-the-line jewellery design & manufacturing.
[ Internatioanl Pearls & Bangles Festival At Hyderabad. ]
JEWELBUZZ | JULY 2016
1991
{ FLASH BACK }
{ FLASH BACK }
1989
{ FLASH BACK }
[ Winners of first Indian International Jewellery Design Competition ]
1990 36
{ FLASH BACK }
Solitare InternationaL ]
1988
1987
{ FLASH BACK }
COV ER STO RY
[ Silver Jubilee Celebration ]
JULY 2016 | JEWELBUZZ
37
1993
{ FLASH BACK }
COV ER STO RY
1992
{ FLASH BACK }
[ Major Events in 1992 - 93 ]
[ 20th Annual Award Function ]
Design Inspirations Seminar Gem & Jewellery Export Promotion Council (GJEPC) organised the Trend Seminar, ‘Design Inspirations 2016 at ITC Maratha, Mumbai on 9th & 10th February 2016. The seminar witnessed eminent speakers from the industry
1993
{ FLASH BACK }
sharing their views on the future of the global gem & jewellery industry.
[ Jewel in the Crown ]
& Jewellery Industry on latest jewellery trends of specific markets namely
1995
{ FLASH BACK }
Europe and USA and India as well.
1996
{ FLASH BACK }
38
The two day seminar aimed at educating the members & students of Gem
JEWELBUZZ | JULY 2016
[ Internet ]
[ Memberhships of CIBJO ]
India Gem & Jewellery Machinery Expo The India Gem & Jewellery Machinery Expo (IGJME), organized by GJEPC, features leading international and domestic manufacturers and suppliers of machinery, technology, allied products and services such as packaging, IT & Software, etc. The 3rd edition of IGJME was held in conjunction with the 9th edition of Signature from 5th – 8th February 2016 at Bombay Exhibition Centre which was attended by 15,000 visitors.
JULY 2016 | JEWELBUZZ
39
[ Meeting with the Prime Minister ]
{ FLASH BACK }
2012 2001 1998 1995 1998
{ FLASH BACK }
COV ER STO RY
[ IIJS date changed ]
India Gem & Jewellery Awards GJEPC’s India Gem & Jewellery Awards, which is exclusively open for GJEPC members, felicitates excellent and meritorious performances of gems and jewellery exporters, on the basis of their export performance, value
[ GIA ]
parameters during the financial year. GJEPC concluded the 42st Indian Gem & Jewellery Awards on 12 March in Jaipur felicitating the best performers during the year 2014-15.
[ India’s Net Export of
Gem & Jewellery for the last 10 years ]
{ FLASH BACK }
{ FLASH BACK }
{ FLASH BACK }
additions, employment generation and investment on R&D among other
World Diamond Conference In our endeavor to promote Diamond trade, GJEPC in association with World Diamond Mark organised the first ever World Diamond Conference on 11th & 12th December, 2014 at Vigyaan Bhawan, New Delhi. World Diamond Conference was held with an objective of bringing together the leading miners, diamantaires, retailers from across the globe on a platform to discuss the supply and demand issues faced by the Global Diamond Industry. Representatives from mining companies like Al-Rosa, De Beers, Rio Tinto along with the global retail giants attended the two day conference..
40
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
41
COV ER STO RY
Buyer-Seller Meets One of GJEPC’s core initiatives is the Buyer Seller Meets where the idea is to provide a platform to the Indian Gemstone/Diamond/Gold Manufacturers to engage in meaningful discussions about critical business issues and explore opportunities for initiating distribution / Supplies to lead chains in the international country. The BSM also helps the Indian manufacturers in exploring the possibilities of displaying their Gemstones & Gemstone jewelry for local consumers in international outlets and explore acquisition. This year’s BSMs include the Indo-China Gemstone BSM- Jaipur, India Diamond & Color stone Show and 4th Indo-USA Diamond Jewellery Buyer Seller Meet.
The Artisan - Jewellery Design Awards The Gem and Jewellery Export Promotion Council (GJEPC) organized it’s first-ever “The Artisan - Jewellery Design Awards” on 20th January, 2015 in Mumbai. Conceptualized with the objective to recognize and reward the very best talent in the industry, it invites finest designers to push their boundaries and create true masterpieces. The award celebrates the highest levels of artistry, innovation and individuality, elevating designers to their rightful status of artists.
Advisory Role A critical area of activity of the Council has also been aiding better interaction and understanding between the trade and the Government. The Council takes up relevant issues with Government and Agencies connected with exports and submit documents for consideration and inclusion in the EXIM Policy. The Council also grants membership, registration certificates and performs other roles as per the Exim Policy
Trade Facilitator The Council undertakes direct promotional activities like organizing joint participation in international jewelry shows, sending and hosting trade delegations and sustained image building exercises through advertisements
INDIA PAVILION in International shows
abroad, publications and audio-visuals. GJEPC also invites countries to explore areas of co-operation in supply of
GJEPC initiates participation from the Indian gem & jewellery industry in
rough diamonds and rough colored stones as well as offers co-operation in
various international shows including Vicenzaoro Winter/Spring, Hong
sourcing of finished jewellery or Indian manufactured jewellery. To this end,
Kong International Jewellery Show, India Show-Lahore, Basel World, JCK
the Council regularly communicates with Indian Embassies, Trade Bodies
Las Vegas, Jewellery Arabia, Singapore International Jewellery Expo and
and Associations in various countries to identify potential partners and
Bangkok Gems & Jewelry Fair amongst others to boost trade relations in
buyers in the respective markets through Advertising and PR activities as well
these countries.
as buyer seller meets undertaken in the International and Domestic target markets especially in USA, Middle East, Asia, Europe and CIS nations.
42
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
43
COV ER STO RY
MFG of 92.5 Hallmark Silver �r��le�� Jewellery & Payal
Nodal Agency for Kimberly Process Certification Scheme GJEPC works closely with the Government of India and the Trade Industry to implement and oversee the Kimberly Process Certification Scheme. To that effect, the Council has been appointed as the Nodal Agency in India under the Kimberly Process Certification Scheme.
Training and Research The Gems & Jewellery Export Promotion Council runs a number of
Jaipur Factory
institutes that provide training in all aspects of manufacture and design in Mumbai, Delhi, Surat and Jaipur. These training programs are being conducted to ensure that the Indian industry achieves the highest levels of technical excellence. Expanding its role and taking on the onus of improving skill sets for the Industry, GJEPC has entered into MoU’s with the Government of Gujarat and the Gemological Institute of America to set up and run G & J institutes. Indian Gemmological Institute
The World of Silver aims to educate the people of India on everything they need to know about their Silver purchase. The World of Silver aims to maximize the industry's growth by monitoring and encouraging Silver consumption. Currently, only a handful of people with a specialized knowledge or interest understand silver's asset value.
Varied Interests
https://www.facebook.com/worldofsilver
The Council also publishes a number of brochures, statistical booklets, trade
Launched the World's rst Motorcycle Made of Silver in 2013. Rolls Royce featured Silver Emporium in their Coffee Table Book in 2013. In 2013 & 2015 India Bullion and Jeweller's Association (IBJA) awarded Silver Emporium as the 'Best Silver Manufacturer' in the Industry. In 2014 & 2015 Gem and Jewellery Trade Council of India (GJTCI) Awarded Silver Emporium as the 'Best Silver Manufacturer' in India.
directories and a bi-monthly magazine. Solitaire International is one of India’s best and most informed publications on the gem and jewellery industry and is produced by GJEPC, which is distributed internationally as well as to its members. The Council has also developed its own promotional audiovisual film- ‘India – Your First Choice’, which is dubbed in various international languages as well as screened at various trade shows.
www.silverempo.com
44
JEWELBUZZ | JULY 2016
REGISTERED OFFICE & SHOWROOM Silver Emporium Pvt Ltd. Chambar Bhavan, 1st Floor, Opp. Abhinandan Market, 232/234, Kalbadevi Road, Mumbai-400 002. Tel : +91-22-6157 0000 (30 Lines) 2240 0914 |2241 2712 Fax : +91-22-2240 4803
SILVER EMPORIUM EXIM LLP SHOWROOM : Shop No:199, Venkatachalam Street Behind Yellow Pages (Off. R.K.Salai) Mylapore, Chennai-600 004. Tel: +91-44-4335 6057 Email : chennai@silverempo.com
SILVER EMPORIUM TRENDZ LLP SHOWROOM : 4A/5A, Grd Flr Siddharth Bldg., Factory Lane Off. L.T.Marg, Borivali (W) Mumbai-400 092. Tel : +91-22-2898 4990 | 2898 4997 Email : borivali@silverempo.com
SILVER EMPORIUM SOUTHEX LLP SILVER EMPORIUM ARTIFACTS LLP SHOWROOM : 6-3-862/A & B SHOWROOM : 402, 1st Flr, Rajshree Shop No.6, Lal Bunglow Market (Next to Saklajee Market) Ameerpet, Hyderabad - 500 016 Near Avenue Road Circle Tel : +91-40-4020 3397 Avenue Road, Banglore - 560 002 Email : hyderabad@silverempo.com Tel : +91-4172 5151 | 4172 5152 Email : bangalore@silverempo.com
SEPL MANUFACTURING FACILITY & SHOWROOM : G1-795, Industries Area, Sitapura, Tonk Road, Jaipur-302 022 Email : jaipur@silverempo.com
COV ER STO RY
50 YEARS OF GJEPC AN INTERVIEW WITH
PRAVEEN SHANKAR PANDYA CHAIRMAN - GJEPC
This has been one of the most interesting and interactive interviews in a very long time. Seated on his work-desk sorting diamonds on a rainy Saturday afternoon, PRAVEEN SHANKAR PANDYA , Chairman GJEPC, not only educated us but also opened our eyes in very many ways with insights in the gems and jewellery industry in an exclusive interview with Prernaa Makhariaa exclusively for JewelBuzz. He is the Director of Shankar Group of Industries, which includes Revashankar Gems Ltd, Shankar Jewels Ltd, Shan Gold Ltd, Naqsh, Shankar Packaging Ltd and Shankar Realty Pvt. Ltd. How do you describe the journey
via MMTC. To do business and for
successful in gem cutting. It started
of GJEPC in its 50th year since
instance getting forex was tough.
with Emerald cutting and then into
inception?
I salute people in that era that
semi-precious and now most of
made things systemic and went
the gemstones i.e. precious and
It has been a unique story, way
into building business for India.
semiprecious. Its offering a job to
back more so from 1970. Back then
Diamonds then was a vertical
over 3,00,000 people and is the
the any products from the jewellery
available to the rich and famous,
largest gem cutting center in the
industry of India wasn’t significant
and now a democratization of
world. That became a laurel for us.
in the world markets. Diamond
diamonds has been achieved
exports was approx. 35cr then and
which makes it available to
Unfortunately until 1992 the gold
now a staggering 1,35,000cr. Israel,
various segments of people. Raw
control act was kept the industry
Belgium and Amsterdam were the
materials weren’t easily available.
underground. Imagine one unable
only diamond cutting centers. India
China, Thailand, Vietnam tried to
to keep gold beyond 10gms and
was questioned as a diamond-
intrude and compete into taking
how one could somebody run the
cutting center. India increased its
the business away from India.
factory that required gold worth
knowledge of turning near gem
China has been successful to a
millions. Eventually post 1992
into gem quality diamond, while
certain extent. A combination
gold for export could be traded
as they were only turning gem
of manufacturing, selling and
as a free commodity, which grew
into gem quality. Earlier there was
marketing has kept the industry in
avenues for the jewellery industry.
strict control on the imports with
India going. Similarly in gemstones,
Today we probably export worth
various formalities and importing
Jaipur was a center that was
47,000 Cr as compared to China
46
JEWELBUZZ | JULY 2016
at 1,20,000cr. We target being
market – be it quality, hallmarking,
of commerce has also played a key
number 1 in the next 5 years. To
no porosity, no exploiting labor,
role. Their aim has been to update
attain the same we have to reform
factory compliant to international
and create better infrastructure,
many things in the industry. We
markets, workers adhering to their
focusing on exports, marketing
have all the capabilities in the
standards is essential.
abroad. Along side in this process
industry, but one has to have the
the domestic industry too gears up.
mindset and the infrastructure for
I am trying to create a mindset for
E.g. the council has supported in
exports. We seem to be so satisfied
the jewelers in India to create an
a big way and knowing the same,
in the domestic market that we
infrastructure. I have requested
the diamond industry has stood by
don’t want to graduate to the next
the council and taken upon to
them like a rock. The jewelers have
level, as this level is acceptable to
build few jewellery parks where all
looked up to the council with great
the Indian clients.
the facilities, clearances are given
respect when there were crisis for
under one roof and extend these
excise exemption.
In the recent jewelers meeting with the PM Narendra Modi at Rashtrapati Bhavan, he mentioned Indian jewelers are sufficied with selling in the Indian markets and are not looking at the international markets. How could the council help in promoting the indian artisans an, craftsman and designers overseas? If you want to sell something you produce, you may not necessarily be able to sell. If you have the
I salute people in that era that made things systemic and went into building business for India.
capability to produce something the customer overseas wants to buy. Internationally consumers
facilities for creating an institute of
may not want to buy the Indian
the gems and jewellery. So once
Usually its said when we talk of
bridal jewellery or jewellery with
we have the jewellery parks ready,
gems and jewellery, one tends to
hi polishes or shines. Their taste
things will fall in place and we
think about gold and diamonds.
is very different. For instance, the
believe people will open up to the
People don’t talk much about
American market is different from
world markets.
silver. Why so?
of diamond, finish along with other
We have tried requesting the same
Gold and silver go hand in hand.
factors. Some companies may be
to the Prime Minister too in the
We have a separate silver panel
the best in the country however
meeting that was held.
in the council and are more than
Europe in terms of design, quality
they may still not have the expertise
willing to solve any issues faced
to cater the world markets.
In these 50 years how imp has
by an individual. Silver is used not
Jewelers in Seepz who deal in the
the role of Gjepc played in the
only in jewellery but has also been
export markets will understand
gems & jewellery industry?
a part in various forms like artifacts
the international markets. Or
etc. Silver jewellery along with other
players in China will understand.
They have played a very important
forms is growing rapidly in the
The approach to understand that
role. Not only GJEPC but the ministry
domestic market.
JULY 2016 | JEWELBUZZ
47
COV ER STO RY
50 YEARS OF GJEPC AN INTERVIEW WITH
SANJAY KOTHARI
PAST CHAIRMAN - GJEPC
Was Jewel Yatra the earlier form
safe ourselves and handle the
by the Govt of India because we
of IIJS ?
customers by ourselves. Now it
are formed by Govt and sponsored
has changed. People have started
by the Govt. If jewelers want have
Yes, Jewel Yatra was mainly a B2C
placing trust on people and
a venture of going into exports or
show. Though there were lot of
operating 50 showrooms from
opening a showroom anywhere in
people coming to the show, they
sitting in one office. Someone gave
the world, they can take the help of
were mainly coming to see the
me a good similarity when he said,
the Council.
jewellery and not to buy. When I
do you think a bank manager will
became chairman in 2001, we have
count the money in a bank? The
How do you sum up your
converted it into B2B in 2003 or
CEOs and MDs of the Jewellers
association with GJEPC.
2004. There was a lot of resistance
should think on the same lines.
and people were against the move.
His association with GJEPC spans over two decades. He had held many positions in the council and played a very key role in the initiatives which shaped up the way the industry operates. Sanjay Kothari, Past Chairman, GJEPC and one of the most respected personalities of Indian Jewellery industry shares his experience in an interview to Phani Girish exclusively for JewelBuzz.
I have told them to give me one
For those few jewelers who are
truth, I was a medical student. I
year and if it is not successful, we
not completely aware of the
wanted to be a doctor. But due
can revert back to B2C. It is on
support provided by GJEPC,
to some circumstances, I could
record that I have told them that
what is the best way to get the
not complete it and joined this
this year there are 400 stalls, there
support from GJEPC.
business. So after establishing
will be 800 stalls next year and If they want to export and get
serve the industry which has given
out to be true and IIJS has been
international exposure, they should
me so much. Due that, I have been
phenomenal. It is one of the largest
become members of GJEPC. Apart
working since about 20 years in the
shows in the world. Europeans much due to Baselworld and JCK Las Vegas shows but lot of people are coming from neighboring
You have been an important
GJEPC is the only body which handles
GJEPC is recognized in all the
countries like Pakistan, Bangladesh,
part of the Council. How do you
KP certification. It is otherwise the
international forums and bodies,
Sri Lanka, Bangladesh, Dubai,
describe the journey of GJEPC
government which endorses the
members of the council are already
Middle East,. This is what we have
since last 50 years
certification in other countries. If
there in the World Diamond
achieved.
you take Dubai, Hongkong etc, KP
Bourse. We being the largest on
GJEPC ‘s main job is to liaise
certification issuing authority is a
the diamond industry, everyone is
What do you think is the major
between the government and
government agency. In India, KP
in touch with us.
difference between earlier
members of the trade. If there are
certification for diamond imports is
any issues or difficulties faced by
handled by GJEPC.
current generation of jewelers? What are the important milestones in this journey so far.
myself, I thought this is the time to
1600 stalls third year. It turned
and Americans were not visiting
the members, formation of policies
Extremely satisfied. To tell you the
The new generation which have
“I have told them that this year there are 400 stalls, there will be 800 stalls next year and 1600 stalls third year. It turned out to be true and IIJS has been phenomenal.”
come are tech savvy. They have
etc GJEPC takes care of them. This
In addition to the efforts to
was the primary role played by
promote industry worldwide, KP
KP certification, removal of license
improved the technology to a great
GJEPC till 1990-91. After 1991, the
certification etc, GJEPC has also
system and hurdles to imports
extent. They know what is the
from IIJS and Signature, there are
council. I have been chairman for
liberalsation era has started and
working hard to streamline Gold
of rough diamonds etc are few
requirement of the consumers.
20 international exhibitions we
about 6 to 7 years and then vice
since policy issues were not that
issues which are sensitive. The
milestones. But the important
The studies and research is going
take part under the umbrella of
chairman. I have handled almost
challenging, GJEPC has started the
Council had convinced government
ones would be the liberlisation of
on and on the basis of that they
the council. We are holding trend
all portfolios. And people working
promotional efforts. Conducting
that this is an export oriented
the economy in 1991 after that
have developed their factories and
forecasting seminars, there are
with me have been extremely
exhibitions like IIJS, Signature
business and should not be looked
import of machinery for jewellery
showrooms and everything. They
institutes which are run by the
cooperative and they have lent
and participating in international
as a conduit to generating black
manufacturing was made free ,
have got the pulse and they are
council in Delhi, Mumbai, Jaipur
their support to a great extent. I
exhibition had begun along with
money and there is a real business
license to import rough diamonds
moving towards professionalism
and Surat. So if they become
am totally satisfied with my tenure
many other initiatives. Members
that is happening in gold. The
was taken away with and
and corporatisation. Earlier we
member, it is a great advantage. If
in GJEPC. I am focusing my energies
are benefited to a great extent by
council has been doing an excellent
converting IIJS into B2B from B2C
used to handle everything. In our
they have any difficulty, council is
towards IIGJ now.
these initiatives.
job towards this.
in 2004.
forefathers’ time we used to open
the only one which is recognized
48
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
49
HALLMARK 92.5 SILVER JEWELLERY
MEMBERSHIP
OPENS
32 18977
Call : +91 983
TIARA FASHION JEWELLERY 2/69, Sahyog Building, Opp Lohana Mahajan Wadi, SV Road, Kandivali (W), Mumbai 400 067 M : 9323714440, 9664714440. T : 022 28660762, 28660763 E : tiarafashionjewellery@gmail.com
MUMBAI | KARNATAKA | KERALA | TAMIL NADU | GUJARAT
MANUFACTURER OF ALL TYPES OF INDIAN CZ SIVLER JEWELLERY
TIARA JEWELS 24, 2nd Floor, Rangaswamy Temple Street, Bangalore - 560 053 M : 9845577759, 9900160708. T : 080 40943177 E : tiarajewellery@gmail.com
G EM V I SI O N S
SWAROVSKI PRESENTS GEM VISIONS TREN D DIRECTIONS 2017 Megatrends & Design Directions Elega
S
ntly Defined & Stunningly Illustrated
warovski is pleased to present its 2017 edition of Gem Visions offering a detailed examination of the
jewellery. Key to driving this over-
cultural megatrends that are currently shaping design directions for the fine and bridge jewellery industry.
arching theme of merging polarities
Throughout the year, Gem Visions, the industry-leading trend and design service, conducts detailed
is Generation Y, otherwise known
investigations into the ways in which the zeitgeist is evolving due to these cultural trends that seek to drive
as the Millennials. Confident and all
it into new and sometimes challenging design directions. Swarovski’s team of select industry experts has analyzed
embracing with a strong desire for a
the results and extracted the four dominant themes governing jewellery design.
positive work-life balance, these new
EasyTransForm TomaszDonocik
consumers feel free to accommodate and actually play with the extremes and contradictions that life throws MEGATREND: THE MILLENNIALS &
at them. Their growing purchasing
THE MERGING OF POLARITIES
power demands that the jewellery market responds by offering jewellery
The age-old concept of polarities,
that is fresh, vibrant and above all
the attraction of complementary
daring.
opposites that is a basic tenet in many of the world’s major philosophies, has
THE FOUR MAJOR TREND
once again surfaced as a dominant
DIRECTIONS FOR 2107
megatrend. Rather than reigning apart
Existence CsabaHegedus
52
JEWELBUZZ | JULY 2016
as exclusive poles of a spectrum like
In the ‘Existence’ trend, science meets
fossils found in raw rocks etched with the markings of time. ‘Existence’
art vs. science, natural vs. man-made,
spirituality in a dance of exploration
appeals to inquisitive and demanding consumers who are aesthetically
young vs. old, antique vs. avant-garde
that seeks to integrate the hidden
sophisticated, possessing a taste for cool contemporary and the eternal
or even the real vs. the virtual, the
and perhaps mystical aspects of
organic. These are people who demand ethical luxury. In searching
mutual fascination of the opposites
the planet into a grand story that
for jewels that connect the earth and time, they are explorers, time-
is causing them to gravitate towards
celebrates life on earth set within
travellers within their own lives who view jewels as a way of connecting
each other. This fusion is creating
the context of the wider universe.
to earth’s wild places, or through to another age.
a new world vision that is finding a
Inspiration comes from a multitude of
distinct voice with which to elucidate
treasures, from life in overtly dramatic
Stones and materials exhibiting a natural patina only acquired over
newfound categories and concepts for
landscapes, to extinct animals and
eons are an expression of this theme and include: agates, grey dendritic
JULY 2016 | JEWELBUZZ
53
G EM V I SI O N S
diamonds, moonstones, amber,
by pop art, surrealism, contemporary music and street-art. At a time
coral, pearl, lava stone, bone, fossils,
when the jewellery industry is searching for new retail platforms,
HauteGems DanielaVillegas
shells, fossilized wood, jet, obsidian,
new markets, and innovative ways of presenting the entire concept
quartz and marble. Perfect ‘Existence’
multi-faceted lives. Above all, they
candidates are metallic minerals like
should aim to express their changing
marcasite or bi-colored gemstones set
moods and styles. The perfect jewel
in metals that are oxidized, or otherwise
unites fashion and function in a
treated with state-of-the-art processes.
contemporary classic that can also
Colors are similarly drawn from nature:
become a new everyday basic when
chartreuse, moss green, snakeskin
matched with a corresponding touch
green, mint green, light-blue grey, lava
of playfulness for character and
red, lava grey, deep charcoal and ivory.
individuality. This can be achieved with
Look to organic cuts, shallow rose-cuts,
high-tech ceramics, transparent and
slices, domed cabochons. Especially
translucent materials like rock crystal,
apt are the round cuts inspired by the
or dichromatic stones like ametrine.
lens of the eye and exhibiting special
Iridescent materials or gems with
mandala-like light effects.
shifting light and color, like opals, rainbow moonstones and labradorite
‘Haute Gems’ celebrates the resurgence
are also on-trend, as are frosted
of opulence as seen in monumentally
finishes. Look for small and sweet,
spectacular jewels that shout pure
casual diamond accents and a variety
drama. Very contemporary in look and
of mixed metals in an uplifting palette
feel, the theme is strongly supported
of fresh brights and pastel tones
by a spirit of cultivated connoisseurship
such as tangerines and lilacs. Ombre
based in a deep love of the couture. Focus is on gems of exceptional
by deep pink stones, especially pink tourmalines, peridots, yellow
brilliance and beauty, on dramatic
beryls, topaz, amethyst and jade. ‘Haute Gems’ stones are impeccably
sweeps of intense color, and on
cut works of art especially exemplified in the noble marquise cut, or
stunning craftsmanship that reinforces
in princess or square cuts assembled in modern mosaics to intensify
the strong play of light and line. This
color. Surrounding metalwork reminiscent of exquisite lace, and silk
new extravagance is never brash
embroideries is made possible by employing advanced technologies.
but rather closely aligned to culture,
Add to the mix, black gold, and patinated silver, as well as invisible
fashion, architecture, literature and
settings.
especially the art of dance. ‘Easy-Trans-Form’ is one of the most significant shifts in fine jewellery, a ‘Haute Gems’ defines the cultivated,
turning away from formality towards an easy opulence that is exhibited
fashion-conscious consumer who
at even the highest levels of jewellery design. The extra dimensions
seeks a jewel with an in-the-moment
of how a jewel feels on the skin, how it moves on and with the body,
excitement that can also speak to
combined with the personal pleasure it brings to the wearer, have
the future and fulfill the role of a
become key considerations in design and manufacture. Jewels are
modern day heirloom. Stones are
highlighted with moving parts and lockets are being re-invented. Mixing
strongly contrasted using a dramatic
and matching is the order of the day. The way in which jewels are
palette of pure classic gem colors.
combined forges a preferred mark of individuality, a truly personal style
Regal rubies lead the way followed
statement. ‘Easy-Trans-Form’ is part of a new desire for versatility in jewellery, for jewels that adapt and transform, that work together with women’s
54
JEWELBUZZ | JULY 2016
effects, frosted colors, iridescent accents and bi-colored gemstones
of jewellery buying and wearing, the Millennials’ strong desire for personalization is giving brands the golden opportunity to learn about the consumer, their lives, their dreams and desires, and their shopping habits, preferences and obsessions. As consumers tear down barriers and challenge preconceptions of a jewel’s preciousness, designers are responding with a more diverse range of materials than ever before seen in jewellery. The man-made is being celebrated, opening the way for the inclusion of a broadening range of materials including synthetic diamonds, vibrantly colored cubic zirconia, acrylic, resin, corian, composite materials, 3-D printing materials, faceted howlite (naturally colored or dyed), turquoise, black diamonds, brown diamonds, lapis lazuli, brilliant lacquers, enamels, crystals and chains. New styles of settings seem to disappear, so that little or no metal is visible. Silver is popular, also rose gold, black and brown gold, even green gold. A bold, vivid palette with black as a strong graphic accent comes into play along with a range of arty pastels. There is a strong emphasis on blues, especially lapis, and on shades of camel and caramel. Stones are being set free of constraints to dangle loosely from a bracelet, necklace or earring. Briolettes, drop-shapes, petal-shapes, carved stones and candy-like cabochons are also perfectly at home in this theme.
also work well. Cuts focus on the baguette and its variations, modern geometric cuts that can be stacked or
SelfArt Ibling
fitted together in channels. ‘Self-Art’ is a completely new approach to self-expression through jewellery. Generation Y, today’s young adults, has a very individual way of communicating and consuming that radically differs from that of any other age group. This demands a whole new generation of jewels to engage with their laid-back aesthetic that prizes a rustic, hand-made, sustainable style, rich in meaning and personal expression. Consequently, some designers are revisiting vintage and ritualistic aspects of jewellery, while other designers are taking a multipronged approach influenced
JULY 2016 | JEWELBUZZ
55
G UE ST A R T I C L E
unless one doesn’t respect it, how
1. High Price
will they convince their customer
generations. E.g. Hermes originally
and command a price? So the
2. Rarity / Exclusivity – In FMCG
made horse saddles and grew
question still is, “If we are in the
market it may be about pushing
to FMCG because of their hi-end
business of Luxury or in the
/ selling as many units one can.
quality. They made excellent
business of Commodity?”
However in luxury it’s the time
leather and knew exactly what to
that is considered. Exclusivity
do with it.
What is Luxury? Luxury Product – Selling as an investment or selling the design?
JEWELLERY: Luxury V/S Commodity?
families hailing with a legacy over
of product is when one is made to wait for it. E.g. Hermes takes
5. Superfluous – India is rich
approx. 6 months to make a bag,
its culture and history. Aspiring
not because they do not have the
and upcoming designers need
technology or manpower to make
to create history. Its important
To some luxury may be making
it. Like wise customized jewellery
to create a story and market the
an expensive purchase, to some it
pieces take longer to make so
story as we are selling lifestyle.
may be an unnecessary purchase
the anticipation in waiting for
Luxury is a desire; it’s not a need.
while to some it could be having
the product may be classified as
Hence it needn’t be sold like a
knowledge of a quality product
luxury.
commodity.
each the term, “Luxury” has a
3. Quality – Having a hi-end
6. Aesthetics – Along with good
different definition. According to
timeless quality is essential and
quality, also comes good looks. An
Khyati Sidhwani, Luxury originates
there cannot be a compromise
appealing product can be easily
from being cultural. Europeans
on it.
sold.
and then making a purchase. For
Understanding Luxury Marketing
Picture Courtesy : Tiffany
understand luxury marketing very well, be it luggage, footwear,
4. Heritage – Its important to
jewellery or apparels. They
talk about the company history
often use the term, “heritage”
and where the brand originates.
which talks about the history of
Very few in India talk about their
the company and its journey of
legacy. It is easier for business
making into a successful brand. Just as we say in economics Quantity and demand go hand in hand. Price will increase with scarcity of product and too much
O
product will decrease the price. ften Jewellery
building a luxury brand and how
of minimal margins being left.
designers have raised
one should not only build but also
When a customer walks into a
a concern of their
sell a great story.
jewellery store, jewelers tend to
designs no longer
first mention the inventory i.e. the
being valued, its seems no more
Among various topics, Nirupa
X kgs of gold, Y carats of diamonds
a form of Luxury and has turned
Bhatt, MD – GIA India and Middle
their store carries. It sounds like
into a commodity. In my opinion,
East mentioned how jewelers
selling commodity then jewellery.
the definition of Luxury to every
tend to give the customers
Did you know- Tiffany’s highest
person may be different. At a
detailed bifurcations than selling
selling product is a silver spoon in
recent seminar held by Womens
on MRP. According to her, very
their stores?
Jewellery Association (WJA),
few designers have accepted
Khyati Sindhwani, a graduate in
the concept of MRP working for
Further added Nirupa ji, “One
Luxury Management from The
them. With rising competition and
needs to know and respect their
International University of Monaco
increase in consumer awareness,
product. They need to respect
highlighted the key essentials for
the diamond industry is worried
what they are selling, because
56
JEWELBUZZ | JULY 2016
However, It doesn’t work the same with luxury goods. There are various factors involved in making a good quality luxury product.
6 key words to Luxury
JULY 2016 | JEWELBUZZ
57
G UE ST A R T I C L E
Renaissance Brands - These
to move out of a traditional name
are the brands that sell marketing
Selling Ceremony
This is because generally
space to buy luxury. Once you
understand the concept of story
and cannot work on that. The
consumers don’t like product
reach your social belongings, then
telling, heritage products and
stories. They have done in-depth
name has to be available and has
The concept of Selling Ceremony
information unless they want to
you will probably start thinking
are will wait for a good quality
research over years, way back in
to be engaging. The story has to
is considered much more
be told about it.
luxury. That’s when you think
product to be manufactured.
history on the brands that existed.
be built around the brand. Its not
important than the product
about the cool brands in the
Brands in this segment don’t
Based on this they have created
necessary the name has to be
or selling the story. Its about
5. They will also pay attention
market and which one to get.
talk about factory manufacturing
brands.
real, you can also give a fictional
creating an all round experience.
if you have come alone or
name and build a story around it.
Creating and Selling Luxury Brands
but skilled craftsmanship, family
Internationally usually one has
accompanied by someone. E.g.
Self Actualization- Being at the
traditions and heritage. People
This leads them to buy the story
to go through approx. 6 months
Family, husband, friend, etc.
top of the pyramid, here starts the
some times pay higher price even
and not just the product.
training of the steps to interact
core luxury. People in this space
for a damaged piece because it
are actual luxury consumers.
is handmade and they value the
They genuinely understand the
work.
3. Defining the core target
with the customer. Every brand
1. Market Research – One needs
group – One needs to know who
may have their own unique selling
to study and know geographically
their target audience is. Where
in which countries, cities or area
do they see the brand
they want to set themselves.
heading? We all
6. Who has the spending power?
ceremony and the experience they want a customer to get. E.g. Right from the moment
7. Some stores may not talk
craftsmanship and making of the
to you in your local language
product be it jewellery, watches,
2. Parvenus – Some consumers
even if they know it, as it may be
bags or other products. Luxury
love to show off. They are
design and if the consumer
begins with self-actualization and
concerned with the brand, not
connects with you, they will come
consumers here buy product for
quality product. Their aim is to
back. If the consumer doesn’t
what it is and not the price.
buy the latest style / fashion
derogatory.
a customer walks into a luxury store, till they are in the store and escorted back into their car. This is the most essential, it’s the key
Picture Courtesy : Tiffany
are developing your brand
Bvlgari
when you
Picture Courtesy : Tiffany
and everything needs to be taken care Cartier
of. Steps will
about creating a 360-degree
be broken in the
experience. If two different
following ways, the
It’s all
jewellery brands make a different
Indian consumers are diversified,
may dream of taking
i.e. cultures and states. One
brand on a global platform,
should know who their customer
however that will come at a later
connect with the brand they may
is. Is it a new product being
stage. Detailed information and
2. After a min or two, ask them if
not come back.
launched or exists in the market.
knowledge of your customer
they need help.
What will you be offering or how
audience, who you want to do
will you be differentiated from
business is essential.
another brand?
1. Greet the customer, say Hello.
3. If no, then they will step aside
Maslow’s Hierarchy Of Needs
until the customer is in the store.
brand. They buy because everyone can see the brand they are carrying.
1. Patricians – These are the
3. Poseurs – Some consumers
self-actualization consumers.
are unable afford I high value
Physiological, Safety, Social
They understand the quality,
product but enjoy posing the
Belonging- Luxury consumers
make and craftsmanship of
knock offs. This concept may
and wait around and not leave 4. Making the brand identity
Han, Nunes & Dreze – The 4 P’s In Luxury Marketing
2. Developing A Striking Brand
visible – At this stage marketing
Concept – the imp step. Its
starts. This s when the brand can
4. If customer seems impatient,
start off as social belonging. This is
the product. E.g. In jewellery
not necessarily be applicable
starts with the brand name. eg.
be launched or will be in the pre
they will strike a conversation
when one is working towards their
they may have knowledge on
in jewellery as one can make
Tribuvandas bhimji became tbz,
launch stage.
with them, not necessary about
basic needs and physiological
diamonds, gemstones and hi
out precious and non-precious
jewellery but other than jewellery.
needs. One may not be in the
quality craftsmanship. They
jewellery.
PN gadgil become PNG. We have
58
JEWELBUZZ | JULY 2016
JULY 2016 | JEWELBUZZ
59
G UE ST A R T I C L E
However when planning a marketing strategy, one has to consider them as they may
Online with Offline: The Way Forward
successful in doing it. Upcoming brands should target the millennia’s even when they online.
possibly be a poser because they cannot afford the brand
In the recent times it’s highly
Flagship stores Louis Vuitton,
but aspire to be the parvenus
important to have an online
Mikimoto, Christian Dior are made
and eventually the patricians.
presence. In India, jewelrs and
like museums. They usually make
E.g. Some hi-end jewellery stores
consumers are still adapting to
these to market the brand and
sell baby products like silver
it. Alongside, having integration
not just to sell. Its said flagship
spoons, charm bracelets etc so
with offline is equally important to
stores/museums have the highest
the customer stays for life as they
create a 360-degee experience.
investment and lowest return
grow from an infant to an adult.
Jewellers can build and interactive
Creating the right atmosphere
platform / app to experiment and
starts with creating the right look
4. Proletarian – They are low Picture Courtesy : Tiffany
in wealth and may not want to attract status. They really engage or may aspire to engage with
Chopard
luxury.
new newdimension dimensionof of of
AAA
bRILLIANcE bRILLIANcE bRILLIANcE PURE PUREbRILLIANcE bRILLIANcESwAROVSkI SwAROVSkIZIRcONIA ZIRcONIA PURE bRILLIANcE SwAROVSkI ZIRcONIA ASASbRILLIANT bRILLIANTASASA ADIAmOND DIAmOND AS bRILLIANT AS A DIAmOND LASER LASERENGRAVING ENGRAVINGGUARANTEES GUARANTEES LASER ENGRAVING GUARANTEES UNIQUE UNIQUE QUALITY QUALITYAND AND ORIGIN ORIGIN UNIQUE QUALITY AND ORIGIN
Target Audience e.g. on where general luxury product ads can be shown-
show how the jewellery looks on a
and presence, even if it is the
Cars – News channels
consumer without the consumer
store building.
Business products, Men – Forbes
actually having to wear it. At the
magazines or business magazines
same when these products are
Women/Housewives – Vogue
sold, keeping in mind to retain the
magazine etc.
exclusivity and price points. i.e.
Having a good visual
Another option being, PR
luxury shouldn’t be online for the
merchandising and store layout is
companies host private events
scarcity factor.
important. Luxury stores cannot
Visual merchandising
have cramped up products.
at jewellery stores for their clients. These events may also be
Tiffany has recently started
They need to be well spaced
promotional and not necessarily
selling their jewellery online with
out. The idea is to create a great
conversional.
great marketing and has been
atmosphere.
60
JEWELBUZZ | JULY 2016
Authorized Authorized distributors distributors forfor indiA: indiA: Authorized distributors for indiA: sign sign internAtionAl internAtionAl rAmnArAin rAmnArAin & co. & co. mumbAi: mumbAi: T +T 9122 + 9122 3245 3245 3596 3596 / F/ +F 9122 + 9122 2345 2345 3596 3596 / SIGN.mUmbAI@GmAIL.cOm / SIGN.mUmbAI@GmAIL.cOm JAipur: JAipur:T + 91141 + 91141 2573 2573 500 500 / F/ +F 91141 + 91141 2574 2574 500 500 / JAIPUR@RAmNARAIN.cOm / JAIPUR@RAmNARAIN.cOm sign internAtionAl rAmnArAin &T co. chennAi: chennAi: T + T 9144 + 9144 2538 2538 2286 2286 F + F 9144 + 9144 3255 3255 0063 0063 / SIGN.chENNAI@GmAIL.cOm / SIGN.chENNAI@GmAIL.cOm mumbAi: T + 9122 2345 6700 / F/ /F+F+ 9122 2342 5421 / mUmbAI@RAmNARAIN.cOm mumbAi: T 9122 2345 6700 + 91141 9122 2342 5421 // mUmbAI@RAmNARAIN.cOm mumbAi: T + 9122 3245 3596 / F + 9122 2345 3596 SIGN.mUmbAI@GmAIL.cOm JAipur: T + + 91141 2573 500 2574 500 JAIPUR@RAmNARAIN.cOm trichy: 2702 361 / /FF/+F+91431 2701 228 / /SURESh@RAmNARAIN.cOm trichy:TT ++T 91431 + 91431 2702 361 +9122 91431 2701 228 / SURESh@RAmNARAIN.cOm chennAi: T + 9144 2538 2286 F + 9144 3255 0063 / SIGN.chENNAI@GmAIL.cOm mumbAi: 9122 2345 6700 2342 5421 mUmbAI@RAmNARAIN.cOm trichy: T + 91431 2702 361 / F + 91431 2701 228 / SURESh@RAmNARAIN.cOm SIGNITY SIGNITY INDIA INDIA PVT. PVT. LTD. LTD. / 302 / 302 & 303, & 303, b -bwING - wING / SAGAR / SAGAR TEch TEch PLAZA PLAZA / ANDhERI-kURLA / ANDhERI-kURLA ROAD ROAD / SAkI / SAkI NAkA NAkA mAIN mAIN JN./ANDhERI JN./ANDhERI (EAST) / mUmbAI-400 072 / INDIA / / (EAST) / mUmbAI-400 072 / INDIA T +91 22 2851 6876 F +91 22&22 2851 1675 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com T +91 22 2851 6876 F +91 2851 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com SIGNITY INDIA PVT. LTD. / 302 303, b -1675 wING / SAGAR TEch PLAZA / ANDhERI-kURLA ROAD / SAkI NAkA mAIN JN./ANDhERI (EAST) / mUmbAI-400 072 / INDIA / T +91 22 2851 6876 F +91 22 2851 1675 / OFFIcE@SIGNITY.IN / www.swArovski-gemstones.com
G UE ST A R T I C L E
Media Tools 1. PR is much
Chaumet
are higher.
be or is he in the luxury segment?
People seem
Is he aspiring to be a luxury seller?
to purchase aimlessly.
more important tool
Diamonds came billions of years ago. How many of us are actually
than TVC because for In India, people tend
luxury brands targeting
selling diamonds than presenting
to think jewellery as an
it? How many are selling stories
investment. Global market
and selling collections than just
the direct buyer is important than a Tvc.
Story telling is very important.
2. Social media is big with
trends tends to be selling
luxury. People surfing and
on Mrp. Few years ago,
presenting the product?
seeing online get motivated to buy it. 3. Newsletters, offers, preview emails are being sent to loyal consumers.
Indian Consumer: Show --- Show You Know Under global situations its said, Indian consumers generally like showing off their purchases. Things have though started to change. Picture Courtesy : Chanel
One is now from the “show off’ to the “show you know” category i.e. They are buying the product because they know about the product, story, quality, where it comes from. Celebrities seem to be the biggest influencers in India. Fortunately or unfortunately people buy things in India based
Blue Nile started selling jewellery
The moment you make someone
on what the celebrities have.
online and it seemed alien to
feel special, they will repeatedly
Entrepreneurs are young and
customers. However they are
come to your store. They will value
can be in the space where they
beginning to adapt to it.
what you are selling!
are still establishing themselves. They are spending economy and
Among the above, there was
acentric buyers.
another concern raised.
Businessman and Top
Should the Gold price charts be
Executives – They may not
removed from jewellery stores?
necessarily purchase as much as
As soon as a consumer walks into
their wives and kids are.
a store and looks at the chart, by
Nuevo rich – The crowd that
far most of them tend to calculate
splurges and has the new age
their budget, before looking at the
money. In India, Mumbai may
product.
Jewelry Designer, Graduate Diamonds,
Secondly, does a jeweler want to
Gemologist - GII
have the best economy but Delhi and Punjab is where the sales
62
JEWELBUZZ | JULY 2016
Prernaa Makhariaa AJP - GIA, Jewelry Manufacturing - SNDT,
I N D I A N E WS
GJEPC Organises Seminar on Gold Procurement in Delhi
Indian gold standard bars in the works
Govt promises helping hand to bullion industry
T
he local bullion trade is considering introducing Indian gold standard bars which can be traded on commodity exchanges as well as exported, taking a cue from the LBMA (London Bullion Market Association) good delivery standards for the yellow metal.
T
he Gem & Jewellery Export Promotion Council’s Delhi Regional Office recently held a seminar in the capital as a forum to provide information and a platform for addressing queries and problems on the gold procurement front. The meet, titled “Awareness Seminar on Policy and Procedures for Availability of Gold”, was held on 25th July, 2016 at the India International Centre, New Delhi. Shri Manoj Dwivedi, Joint Secretary, Ministry of Commerce and Industry (MoC&I), Government of India (GoI), graced the event as the Chief Guest.
T
Senior representatives of Shri Anand Trivedi and Shri Ashwini Kapoor from MMTC; Shri Prem Nath from the Bank of Nova Scotia; Shri Nirakar Chand from Diamond India Limited; Shri Anil K.Chadha from STC were invited.Various schemes under the Foreign Trade Policy (FTP) notified by the GoI which are operational and are being run and by their respective organisation are discussed..
Last weekend, at a convention organised by the Bullion Federation, Arjun Ram Meghwal, minister of state for finance, said the government would look into all concerns raised by the industry and to promote the ‘Make in India’ programme in jewellery.
VelvetCase closed a sale of Rs 1.62 Cr of jewellery over WhatsApp
T
he experience of a young bride from Mumbai, who came across jewellery site VelvetCase looking for bridal jewellery designs, defined the problem statement, the solution, as well as VelvetCase’s destiny. After searching for designs on the website, she got in touch with the customer care team to see it through. The customer care team at VelvetCase constituted jewellery experts, who guided the bride with how 3D printing works, and how 64
JEWELBUZZ | JULY 2016
N
The seminar dwelled on the policy and procedures streamlined by the Government of India for procuring duty free gold from the nominated agencies/banks.
it would be beneficial in the entire jewellery making process. At this point, she involved her family, who then got on a WhatsApp group with one of these in-house designers. The bride was sent over a thousand designs on the group, as the ‘shaadi waala ghar’ had the traditional experience of picking out the choicest of jewels. She did end up selecting a range of designs for a whopping sale of Rs 1.62 crore was closed by the portal.
he central government is considering how to promote gold mining and get more money into research and development for gold and jewellery.
A committee has been formed to work on the guideline for introducing the Indian gold standard bar. It comprises MMTC PAMP gold refinery Managing Director Rajesh Khosla, Indian Association for Hallmarking president Harshad Ajmera, Association of Gold Refiners and Mints Secretary James Jose, Suresh Lawat who owns a refining unit at Rudrapur in Uttarakhand and Anil Kansara of the Gujarat Gold Centre. These bars will be manufactured from the dore bar, or impure gold imported by refiners, and scrap gold that households sell. “Sometimes, the good delivery standards set out by LBMA become difficult to meet. So, we have decided to come up with Indian gold standard bars which will be tradeable on the MCX,” Haresh Acharya, secretary of the Bullion Federation, told ET. “The bars produced from dore gold and scrap gold will be certified by BIS. There will be a penalty clause if any refiner fails to comply with the standards.” Once the good delivery standards are in place, the metal and commodity exchanges shall apply to the regulatory authorities for permission to trade the bars and delivery in the spot markets.
NSE receives 341 kgs worth of subscription bids for 4th tranche of gold bond scheme
Industry representatives have been assured a look at issues such as the flow of unaccounted money into gold, high duties and other items related to export.
The Bullion Federation has asked that before the proposed national goods and services tax (GST) is implemented, the customs duty be cut to five per cent; the minimum excise in GST would be 14 per cent. The jewellery industry is still unable to digest a 12.5 per cent duty. The government has asked the Federation for a list of all such issues, with explanations and possible solutions, within a month. The Gems and Jewellery Federation had a meeting with the prime minister last Saturday, in which he’d urged them to llok beyond the domestic market and to embrace innovation and technology..
Forevermark Aims for 30% Growth in India in 2016
D
e Beers’ jewelry brand Forevermark is expecting a 30-percent increase in sales in India, according to an interview with the company’s CEO Stephen Lussier in The Economic Times. Lussier said that demand in India had grown exponentially; showing a 35-percent increase in 2015, but
expectations had been lowered for 2016, partly due to the 42-day jewelry strike earlier in the year. The Forevermark CEO said that the company was the primary diamond brand in the country, and would look to expand and deepen the relationship with its jewelry partners. .
ational Stock Exchange of India Limited (NSE) has received about 341 kgs worth of subscription bids for the fourth tranche of sovereign gold bond scheme, through its distribution network spread across India. Bids were received during the
five day window that ended on 22 July 2016. The bonds issued by RBI on behalf of the Government of India. An initial estimate shows that the total collection stands at 341.6 kgs and is worth Rs 106.5 crs, the numbers are subject to verification by RBI and other authorities. Earlier, the central bank has appointed NSE as ‘Receiving Office’ for collecting subscription bids from investors. The exchange has received around 8000 applications. The exchange has been able to garner large market share due to its nation-wide presence, simplified procedures, extensive engagements with stakeholder etc. NSE leveraged its presence in more than 2500 cities in India and ensured all their capital market segment players were able to participate in the Government’s initiative. The exchange has organised around 1000 programs across India in last one month to popularise the product. The time tested e-ipo platform of the exchange was enhanced with simple procedures to handle the entire order acceptance. JULY 2016 | JEWELBUZZ
65
I N D I A N E WS
GIA Starts Kolhapur Diamond Grading Course
Jewellery E-Tailer Bluestone Raises Additional Funding of US$ 30 Mn
I
n what is referred to as Series D round of funding, Bluestone, the Bangalore-based jewellery e-tailer, has raised about US$ 30 milllion (Rs. 200 crore) additional funding, the company announced in a press note recently.
T
he Gemological Institute of America (GIA) in collaboration with local jewelry organizations has started a diamond grading course in the southern Maharashtra city of Kolhapur, according to a report in The Times of India. Approximately 30,000 people are involved in the jewelry business in Kolhapur, Hupari and other areas. Hupari is prominent in silver ornament-making. Future foundation courses in jewelry are thought to include, sales executive
(gems and jewelry), hand sketch designer (basic), product development manager, gemstone processing (final shaper and calibrator), gemstone supervisor (faceting and polishing), hand-made golden gem set jewelry, raw matieral procurement manager, cast and diamond set jewelry, design merchandiser and hand-made gold gems set jewelry cast make. “As many as 20 craftsmen participated in the first week-long course, said, Kolhapur Zilla Saraf Sangh president Bharat Oswal. “This is the first such initiative in southern Maharashtra.”
Cut gold import duty by 5% to bring back demand: Industry to PM Modi
G
ems and jewellery industry asked Prime Minister Narendra Modi to reduce gold import duty to 5% to check shift of business to neighbouring countries besides seeking separate ministry for the sector. The other demands were setting up of jewellery park in line with the Information Technology Parks; jewellery university and a separate 66
JEWELBUZZ | JULY 2016
gold policy. Speaking at the felicitation function organised for the Prime Minister, All India Gems and Jewellery Trade Federation (GJF) Chairman G V Sreedhar said: “There are challenges in the sector. High import duty is affecting our topline and economy as a whole. I request you to consider reducing it to 5% from 10%”.
It is learnt that IIFL, Accel Partners along with Kalaari Capital, RB Investments and IvyCap Ventures participated in this round of funding. Founded by Gaurav Singh Kushwaha and Vidya Nataraj in 2011, Bluestone Is an online jewellery marketplace that “showcases high quality fine jewellery”. With a wide range of jewellery in over 5,000 unique designs, it has been reaching over 20,000 destinations across the country. Customers can shop online for jewellery 24/7 and the e-tailer offers a 30-day money back policy and lifetime exchanges. Bluestone also boasts of a “home try-on facility” which can be availed of by customers in 16 cities. “We are now targeting a four-fold increase in revenues to touch Rs 1000 Cr by 2018 and we want to achieve this goal in a profitable and sustainable manner,” commented Kushwaha. The additional funds will be utilised “to grow the category and strengthen its leadership position”, the company indicated. This will include scaling up its 5,000 unique jewellery designs to 30,000 designs in the next three years. “With design, manufacturing and logistics capabilities built in-house, the brand is able to quickly expand its manufacturing capabilities and customize its design offerings as per market trends,” the company said.
G LO BA L N E WS
Thailand Gems & Jewelry Fair postponed to 2017
Lab Grown Diamonds Pose Threat to Melee Prices
WJA Names Winners at Awards for Excellence Gala on July 25
L
ab-grown diamonds will probably develop into a niche that would put pressure on the prices of melee diamonds in the long term, according to research by Morgan Stanley.
T
he Thai Gem and Jewelry Traders Association (TGJTA) announced that the planned inaugural Thailand Gems & Jewelry Fair for 7th – 11th September 2016 has been postponed to 2017 due to certain unfortunate difficulties. Due to a dispute that had risen regarding the organization venue, the TGJTA is unable to secure the necessary space to organize the fair during the stated timeframe.
The official statement said, “We had hoped to resolve the issue by now but unfortunately, despite our full efforts we regretfully were unable to within the necessary timeframe, despite our full readiness and preparations. Therefore, the TGJTA is now shifting our full focus to begin planning and secure another exhibition venue to prepare to organize the Thailand Gems & Jewelry Fair in 2017 instead.
The investment bank expects labgrown diamonds to take 15 percent share of the melee market and 7.5 percent share of the larger-gems space. The research estimated the size of the global lab-grown market at $100 to $300 million at a wholesale polished level. At the rough level, it is valued at $75 million to $220 million, which constitutes just 1 percent of the global
The New Jewelry Line Made Especially for Adults With Autism
S T
he venue may have changed in 2016, but the energy and excitement level of attendees remained as potent as ever last night as hundreds gathered at the Women’s Jewelry Association’s Awards for Excellence Gala to celebrate friends and peers in the fine jewelry industry. With floors being refurbished in the usual space at Chelsea Piers, the WJA was forced to relocate the annual affair farther inland to a space as majestic in size and scale as
the evening itself, paving the way for the event to occur at the Hammerstein Ballroom at the Manhattan Center.
elf-stimulatory behavior, also known as stimming, is a common coping and calming mechanism for individuals with autism. Examples include repetitive movements (rocking, shaking, hand flapping) and repetitive sounds (humming, snapping).
After a moving tribute to longtime WJA member Cindy Edelstein, who was instrumental in so many aspects of the organization and for whom the Cindy Edelstein Mentorship Award was named, national president Brandee Dallow announced winners— named below—across 11 categories.
Photo courtesy of Stimtastic
One jewelry designer has created a line of jewelry made especially to aid stimming. rough diamond market. However, production is likely to rise, particularly as China has a large existing capacity for producing these diamonds.
HRD Antwerp Signs Two MoUs To Strengthen its Offerings in China
H
RD Antwerp recently announced the signing of a Memorandum of Understanding (MoU) each, with two bodies, which will help it strengthen its presence in China. One MoU, signed with the SJDA (Shenzen Jewelry Designers Association) refers to the organisation of advanced design courses by HRD Antwerp. “HRD Antwerp will organise its advanced 10-day jewellery design course for SJDA three times per year with 68
JEWELBUZZ | JULY 2016
each course comprising course days in Belgium and course days in Shenzhen, China,” HRD explained. “For 2016, the first course will start on August 30th in Antwerp. Through this unique exchange programme, Chinese designers will have the opportunity to experience Europe’s cultural heritage and learn all about the latest western jewellery design trends and production techniques. This will undoubtedly provide students with a competitive advantage in addition to valuable new creative perspectives.” .
“Conditions are maturing for labgrown diamonds to pose a threat to the diamond mining industry,” the report said. “The market may also be ready for an alternative offering [as] younger consumers have not been exposed to marketing by the diamond industry.” The Morgan Stanley analysts cautioned that ALROSA is “more at risk” than De Beers to the growth in lab-grown diamonds since it has a higher proportional share of melee in its total production. They pointed out that both companies need to invest around $200 million each in marketing, or at least 5 percent of revenue, to combat the threat.
Global ETFs buy more gold than India, China
D
emand by global exchange-traded funds, especially in London and North America, was higher than demand from the world’s two largest consumers, India and China, in the first six months of 2016. Gold prices recovered sharply in 2016, initially due to bargain hunting and later over fears of Britain exiting the Europe Union (EU). High prices and measures by the government like tighter PAN disclosure and an excise duty on gold jewellery, however, suppressed demand in India.India’s demand for jewellery and investment gold was 142 tonnes, 52 per cent lower than the first half of 2015. While
China bought 50 per cent more gold for jewellery than India, it was still 24 per cent lower than in the same period a year ago. The two countries’ investment and jewellery demand together was 505 tonnes, lower than the 568 tonnes of ETF demand globally, according to the June quarterly report by GFMS Thomson Reuters today. ETFs surpassing gold demand in India and China is crucial because these two countries constitute half the world demand. Central banks globally bought less gold this year and supply was high as buyers encashed old gold, the report said.
Cynthia Kim is autistic and wanted to create a line of products for other adults with autism. Her company, Stimtastic, features toys and jewelry designs for adults. “So many businesses that serve the autistic community are either parent/ child focused or have a pathologizing tone,” Kim told the Daily Dot. “My goal for Stimtastic and for the products we sell is to help adults and teens who stim feel not just comfortable but celebrated.” Product categories include chewable jewelry, which is made of nontoxic, food-grade silicone, and fidget jewelry. An example of a fidget jewelry design: a stainless steel spinner ring (pictured) that features two bands, an inner ring that stays snug to your finger and an outer ring that can be fidgeted with and spun around. Most pieces are under $10. JULY 2016 | JEWELBUZZ
69
G LOBA L N E WS
Fischler Elected VP of World Diamond Council
T Barclays Bank Botswana Signs $125 Million Credit Guarantee Agreement
T
he US government has finalized a deal to guarantee loans to Botswana’s diamond manufacturers through a $125 million credit agreement between Barclays Bank Botswana and the Overseas Private Investment Corporation (OPIC), according to a report by Chaim EvenZohar in the latest edition of Diamond Intelligence Briefs. Barclays will take the first tranche out of a total available guarantee of $250 million. An additional $83 million matched banking partner share means that a total of $333
he World Diamond Council’s (WDC) board named Stephane Fischler as its vice-president (VP), meaning he will succeed Andrey Polyakov as president in 2018.
million of credit will be available for Botswana’s manufacturers – and only its manufacturers. The amount is thought to be well above the industry’s foreseeable requirements. Other banks are expected to join the program, meaning that Botswana will also be a source of credit, not just rough diamonds. The agreement comes at a time when banks have been making credit either harder to secure or completely withdrawing from the industry, as shown by the recent Standard Chartered decision.
MJSA to Launch Designer Collaborative
Stephane Fischler Fischler (pictured), a partner in Fischler Diamonds and president of the Antwerp World Diamond Centre, holds other positions in the industry such as such as VP of the International Diamond Council and the Diamond Development Initiative.
J
ewelry making and design trade association, the Manufacturing Jewelers and Suppliers of America (MJSA) has announced its intention to launch the MJSA Designer Collaborative.The idea is to create a community, through which jewelry designers can share ideas, find inspiration and the support needed to improve their businesses. The collaborative will be free of 70
JEWELBUZZ | JULY 2016
charge, and will provide designers with several ways in which to collect: The MJSA Jewelry Designer Network, which will launch on August 1 and is an exclusive online social community that enables designers to share information, solicit ideas and feedback and test new business models and opportunities.Collaborative members will also receive a 50-percent discount on videos, webinars, books, podcasts and other educational matierals.
“Stephane Fischler’s extensive knowledge and experience, not only in the industry, but specifically with the Kimberley Process, is invaluable to the WDC,” said Polyakov. “We now have a great team in place to continue our focus on engaging with and enhancing the Kimberley Process, to the benefit of all concerned.” Separately, Ronnie VanderLinden was reelected treasurer of the WDC for a second term, and Udi Sheintal was chosen to continue as corporate secretary.
E X HI BI T I O N S - I N DI A
Jewellery, Stones & Allied Section
India International Jewellery Show (IIJS) 4 - 8 August 2016 Bombay Exhibition Centre Goregaon, Mumbai
UPCOMING JEWELLERY SHOWS IN INDIA EVENTS CALENDAR
The Gem & Jewellery Export Promotion Council (GJEPC)
Jewellers Association Show (JAS) 20 - 23 August 2016
20 - 23 August 2016
Jaipur Exhibition & Convention Center, Jaipur
Bombay Exhibition Centre, Goregaon East, Mumbai.
The Jewellers Association
abhishek@radiantevents.in
www.jasjaipur.com info@jasjaipur.com +91-141-256 3829
17 - 19 September 2016 Pragati Maidan, New Delhi Jewellery Market jewellerywonder.net jmsales@jewellerymkt.com
Gem and Jewellery India International Exhibition 7 - 9 October 2016
Kolkata Jewellery & Gem Fair 2016
24 - 26 September 2016
Chennai Trade Centre, Chennai
9 -11 December, 2016
Pragati Maidan, New Delhi
UBM India Pvt. Ltd
Eco Park, Rajarhat, Kolkata
UBM India Pvt. Ltd delhi.jewelleryfair.in pankaj.shende@ubm.com +91-22-6172 7182
72
Jewellery Wonder
+91-99710 88668
+91-22-6464 5500
Delhi Jewellery and Gem Fair
The Gem & Jewellery Export Promotion Council (GJEPC)
+91-22-2654 4600
+91-22-2654 4600
iifjs.com/iifjas-mumbai
5 - 8 August 2016 The Lalit Mumbai
iijs@gjepcindia.com
iijs@gjepcindia.com
Radiaant Expositions Ltd
India International Jewellery Show (IIJS)
www.iijs.org
www.iijs.org
India International Fashion Jewellery & Accessories Show
Machinery Section
JEWELBUZZ | JULY 2016
chennai.jewelleryfair.in
UBM India Pvt. Ltd
surendra.singh@ubm.com
kolkata.jewelleryfair.in
+91-22-6172 7318
surendra.singh@ubm.com +91 22 6172 7318
AD INDEX
ADVERTISEMENT’S INDEX Sl No
Name of the Advertiser
City
Page No
1
Aarya 24KT
Mumbai
21
2
Alankar International Pvt. Ltd
Mumbai
9
3
Chain Experts
Mumbai
25
4
Do - It Impex Pvt. Ltd.
Mumbai
76 & 77
5
Euro Cubic Creations Pvt. Ltd.
Mumbai
Cover Gate Fold
6
Facets Srilanka International Gem & Jewellery Show
Srilanka
73
7
GP Jewellers India Pvt Ltd
Mumbai
78
8
Mexx Sterling Silver Jewellery
Mumbai
63
9
Mirella
Mumbai
79
10
Mukti Gold & Diamond
Mumbai
6
11
Pure Platinum
Mumbai
23
12
R.M Jewellery
Bangalore
13
Raj Jewellers
Mumbai
17
14
S.K Seth Jewellers
Mumbai
7
15
S.K Seth Co Jewellers
Mumbai
15
16
S.S. Jewellery
Mumbai
75
17
Sattvam Jewels
Jaipur
67
18
Sterling Silver Jewellery Association (SSJA)
Mumbai
50
19
Shringar House of Mangalsutra
Mumbai
3
20
Silver Emporium Pvt. Ltd.
Mumbai
45
21
Solanki Jewellers
Mumbai
13
22
Swarovski Gemstones Business
Mumbai
61 & 80
23
Tiara Fashion Jewellery
Mumbai
2 & 51
24
Trident Corporation
Mumbai
10 & 11
25
VGS Diamonds & Jewellers
Mumbai
71
4&5
Disclaimer : The above list is not an indication of ranking or any other preference and not part of the agreement. JewelBuzz does not take responsibility of any errors unintentionally occurred.
74
JEWELBUZZ | JULY 2016
KARLIE KLOSS
Brilliant Precision
BORN FROM A TRADITION OF
MASTER CRAFTSMANSHIP
VISIT SWAROVSKI-GEMSTONES.COM
+91 (22) 2851- 6876 / OFFICE.INDIA@SIGNIT Y.COM
AND SIMUL ANT SECTION SIGNIT Y INDIA PV T. LTD.
BOOTH NO: EX 0 08 / 010 – I, II, III, IV IN SYNTHETIC
INDIA INTERNATIONAL JEWELLERY SHOW, 2016