Vol - 4 Issue 1, 2014
Shri. Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra
felicitates winners of the India Gem & Jewellery Awards
INTERVIEW SEEKING TO BUILD A PARTNERSHIP : SACHIN JAIN COVER COURTESY :
PLATINUM JEWELRY RULES THE RED CARPET AT THE 72nd ANNUAL GOLDEN GLOBE AWARDS
Gold Jewellery demand likely to rise 10% in 2015: ICRA report Jewellers demand Narendra Modi Government to cut import duty on gold
329, Amrut Diamond House, Tata Road No. 1, Opera House, Mumbai - 400 004. Tel. : 022-65063222 / 28610086 Fax: 022-2367 2485 Email : bhomiyagems@yahoo.com www.shreebhomiyagems.com For Sales Enquiry : 09819620977, 09619141563
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CONTENT PN Gadgil's Valentine collection
INDUSTRY WATCH World Diamond Conference concludes on an optimistic Note
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Gems & Jewelry Export Promotion Council presents a '3-Year Make in India' action plan for the Gem & Jewellery Industry to the MOC & I
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Gold Jewellery demand likely to rise 10% in 2015: ICRA report
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Vol: 4, Issue 1, 2014 Price : Rs. 100/-
Owner, Publisher, Printer & Editor Prashant Bharatkumar Rathod
UK Correspondent : Jayant Raniga
AWARD HONOUR GJF Presents 5th National Jewellery Awards On 21st February 2015
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Shri. Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra felicitates winners of the India Gem & Jewellery Awards
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FOREVERMARK DIAMONDS AT THE 72ND GOLDEN GLOBE AWARDS
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PLATINUM JEWELRY RULES THE RED CARPET AT THE 72nd ANNUAL GOLDEN GLOBE AWARDS
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DUBAI SECTION GUJARAT Correspondent : Pravin Tailor 91-84608505000 email:- m2mgujarat@gmail.com
REGD. OFFICE : M/s. Blue Diamond Media Amba Ashish, Punit Society, Navdurga 30 Feet Road, Sorathiya Wadi, Rajkot - 360002
Cell : +91-9328223900 Mumbai : +91-9833023900 email : editor@minestomarket.com prashant022@gmail.com web:www.minestomarket.net
Dubai Diamond Exchange (DDE) Supports DE BEERS Diamond Financing Seminar
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Shanghai Welcomes Dubai And DMCC To 2014 China Gold And Precious Metals Summit
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EDGE-UP-INDUSTRY Jewellers demand Narendra Modi Government to cut import duty on gold
INTERVIEW SEEKING TO BUILD A PARTNERSHIP : SACHIN JAIN
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WEDDING SEASON PLATINUM BLESSINGS FOR INDIA THIS WEDDING SEASON
(please note that the image use in magazine, which is for illustration purposes only)
12 | Mines to Market | Nov-Dec’ 2014
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SHORT NEWS Kiran Gems signs Long Term Supply contract with ALROSA at WDC.
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GJEPC Looking To Boost Indo-Russia Ties In the Diamond Sector
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Consumer Marketing Of Diamonds to Be High On World Diamond Conference Agenda
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GOLD JEWELLERY export biz to return to SEZS Mines to Market Magazine is printed and published by Prashant Rathod at Blue Diamond Media.
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NEW LAUNCH Entice comes to the City of Gardens With the Grand Opening of Entice's Boutique in Bengaluru
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P.N. Gadgil Jewellers expansions to opening 9 Stores in 9 Months
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EDITORIAL DESK
Surat Diamond Bourse on fast track after long awaited
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oundation stone for the proposed Surat Diamond Bourse (SDB) will be laid on February 15, 2015 instead of February 8, 2015 as earlier announced.
“The foundation stone will be laid by Anandiben Patel, Honourable Chief Minister of Gujarat as earlier announced. We will be displaying three models of the proposed SDB at the time of ceremony”, said Dinesh Navadiya, President, Surat Diamond Association. Having set up a company run by a 31-member committee comprising leading diamond polishing and trading players, SDB will soon witness a foundation stone-laying ceremony. To be set up in roughly four years, the project will give the country its second exchange for the product, after Mumbai's Bharat Diamond Bourse (BDB). The likely investment is Rs 1.25 lakh crore. The project is part of the 2,000-acre Surat Dream City, being set up on the lines of the Gujarat International Finance Tec-City (GIFT City). “Around 12,000 diamond merchants have signed up for the project. Spread across 100 acres, the bourse will see offices and trading zones in an area of 15 million sq ft. We will soon be issuing tenders and later contracts for construction work on the bourse,” said Mathurbhai Savani, one of the members at SDB. Sectoral sources stated that, among others, SDB is in talks with Larsen & Toubro, the engineering and construction major.
Around 12,000 diamond merchants have signed up for the project. Spread across 100 acres, the bourse will see offices and trading zones in an area of 15 million sq ft. We will soon be issuing tenders and later contracts for construction work on the bourse.
According to members of the Surat Diamond Association (SDA), the project intends to attract global traders, including from West Asia. SDB functionaries had addressed traders and brokers at Bharat Diamond Bourse last week on the progress. A functionary of the latter in Mumbai said the diamond industry was one and they needed more of such infrastructure. Surat is the country's largest diamond processing hub. As mentioned, the bourse will be part of the Surat Dream City, meant to offer other infrastructure backbone such as hotels, hospitals, financial institutions and other ancillary services. It is being said that the state government's Gujarat Infrastructure Development Board will launch a Special Purpose Vehicle (SPV) for the latter project, planned in three phases. The SPV is also likely to see Surat Diamond Bourse as an anchor company. Surat may get international airport soon as our prime minster Mr.Narendra Modi may be announce on Foundation stone ceremony. Surat may get direct flight available to Dubai, London, Belgium, Hongkong , Antwerp.
Prashant Rathod editor@minestomarket.net visit us at : www.minestomarket.net
Mines to Market | Nov-Dec’ 2014 | 13
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World Diamond Conference concludes on an optimistic Note India unites the global diamond industry to address challenges and forecasts trends in this first ever global convention GOI approves Special Notified Zone for the gem & jewellery sector in India World Diamond Conference was organized by The Gem & Jewellery Export Promotion Council in association with Ministry of Commerce and Industry Government of India and the World Diamond Mark Foundation
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he Gem & Jewellery Export Promotion Council (GJEPC), the apex body of gems and jewellery trade in India, in association with the Ministry of Commerce and Industry, GOI and World Diamond Mark Foundation (WDMF) organized the first ever-global congregation of Diamond leaders in India at the “World Diamond Conference” in New Delhi on December 11 and 12, 2014 at Vigyan Bhawan, New Delhi, India. The two day conference saw industry leaders participating from all across the world. H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India attended the inaugural function on December 11, 2014. Commenting on the end of the two day conference, Mr.Vipul Shah, Chairman of The Gem & Jewellry Export Promotion Council said, “It gives me immense pleasure to announce that the first ever global congregation of the diamond industry, World Diamond Conference, has been extremely well received. It is a proud moment for us as India brought the
14 | Mines to Market | Nov-Dec’ 2014
global diamond industry together at one platform, for creating the common objective for generic market. I am hopeful that the impetus provided by the Conference will help the industry aim towards better and a brighter tomorrow. ” The conference saw several crucial industry friendly announcements n Shri Narendra Modi, Prime Minister of India, announced the acceptance of the industry's proposal for a Special Notified Zone that will help miners bring roughs on consignment basis display and book orders from local buyers. GJEPC's proposes to conduct weekly auctioning of rough diamonds in collaboration with Bharat Diamond Bourse (BDB) at Mumbai. The main objective is to provide producers direct access to Indian market and vice versa. India cuts & polishes more than 90% of rough diamonds in terms of carats and more than 70% in terms of value n Russia's Alrosa finalized three year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Illya Raschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. The 12
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companies selected as cliental of the Russian miner are: Rosy Blue, Diamond India Ltd, Jasani, KiranGems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star. During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three year period will reach US$ 2.1 billion. This represents a massive fivefold hike in the current direct supplies of rough from Alrosa to India and will provide a huge boost to the Indian manufacturers n Banks and the gems and jewelry industry together pledged greater transparency in the business practices and new vistas of marketing were explored n Shri Narendra Modi, Prime Minister of India announced a
first-ever in the history of global diamond industry Introduction of outsourcing of polishing services by India to cater to the needs of the worldwide diamond industry needs
On this occasion Mr.Alex Popov, Chairman and CEO, World Diamond Mark Foundation said, “I think this inaugural Wo r l d D i a m o n d C o n f e r e n c e i s a t r e m e n d o u s achievement and I congratulate The Gem and Jewellery Export Promotion Council for picking up the seemingly impossible idea and making it to the conclusion that it has come to today. I am grateful to the Indian Government and to Alrosa for their effort and I think this conference has put the cornerstone of the real generic diamond market in the world.” The World Diamond Conference in India was organized at the Vigyan Bhawan in New Delhi on December 11-12, 2014. The World Diamond Conference is partnered by ALROSA Russia , Shree Ramakrishna Exports, Shree Harikrishna Exports, Jasani Group. KGK Diamonds, Mahendra Brothers, Karp Impex, J.B.Brothers, Dimexon, Sheetal Manufacturing, Asian Star, Dianco, Jewelex, Rosy Blue, HRD. n
Kiran Gems Private Limited has bagged the 'Federation of Indian Export Organisations (FIEO) Niryat Shree Award 2013-14'.
K
iran Gems, the world's largest manufacturer of diamonds, has been conferred with the coveted 'Niryat Shree' award for the year 2010-11 and 2011-12 by the Federation of Indian Export Organisations (FIEO). Kiran Gems was endowed with the Silver Trophy in the Gems & Jewellery – NonMSME category. The award was given by Hon'ble President of India, Shri Pranab Mukhrejee, at a function organized by the FIEO in New Delhi on 1st Dec 2014, evening. Receiving the award, Mr. Mavji Patel, Managing Director, Kiran Gems said, “We are extremely proud to receive this award from FIEO, the apex body of export promotion organizations in India. This recognition is an acknowledgement of our continuous efforts to contribute towards making India the manufacturing and export hub for Polished Diamonds.” Kiran Gems manufactured 5.3 million carats of rough diamonds across its 167 units in Surat and Ahmedabad in the past financial year. The company exported polished diamonds & diamond jewellery to more than 60 countries across USA, Europe, Middle East, Latin America and Asia Pacific. Currently, it is the number one exporter of Cut & Polished Diamonds in the country and has been awarded for the sixth year in row for same by Gems and Jewellery Export Promotion Council of India. One can find out more about the company from its corporate website www.kirangems.com. n visit us at : www.minestomarket.net
We are extremely proud to receive this award from FIEO, the apex body of export promotion organizations in India. This recognition is an acknowledgement of our continuous efforts to contribute towards making India the manufacturing and export hub for Polished Diamonds.
Mines to Market | Nov-Dec’ 2014 | 15
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Gems & Jewelry Export Promotion Council presents a
'3-Year Make in India' action plan for the Gem & Jewellery Industry to the MOC & I GJEPC's Framework for Stimulating Investments for Make in India
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n the heels of the recently concluded World Diamond Conference, a highly successful and globally appreciated conclave, Gems & Jewelry Export Promotion Council (GJEPC), the apex body of gems and jewellery exports in India, presents a memorandum outlining the 1 year and 3 year action plan for the gem and jewellery sector. The memorandum is a conclusive action plan and recommendations on the basis of the proposals made at the “World Diamond Conference” inaugurated by H.E. Vladimir Putin, Hon. President of Russia and Shri. Narendra Modi, Prime Minister India. As per the agenda laid out, GJEPC's thrust areas for year 1 will mainly include implementation of the much awaited turnover taxation system for Indian Diamond Industry and implementation of Special Notified Zone in Bharat Diamond Bourse to facilitate smooth movement of rough diamonds on consignment basis by RBI approved overseas diamond miners. 16 | Mines to Market | Nov-Dec’ 2014
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facilitate smooth movement of rough diamonds on consignment basis by RBI approved overseas diamond miners c)
Hike in drawback rates for gold and silver in the backdrop of prevailing 10% import duty d) Abolition of import duty on cut and polished coloured gemstones e) Establishment of Common facility Centres across the country f)
Expansion of skill development activities in gems and jewellery sector
g) Inclusion of Gem & Jewellery Sector under Interest Subvention Scheme h) Separate ITC HS Code for man made diamond to protect the interest of natural diamond industry Action Plan for Next 3 Years a)
In the mid-term, GJEPC will champion the mission to further industry growth and strongly establish India as a global diamond trading hub. This includes skill and talent development, working with the GOI to commission exploration programmes and surveys to ascertain availability of rough diamonds and coloured gemstones in India. The Government of India may spearhead initiatives to legalise current mining activity through an appropriate licensing framework and develop a regulatory framework for new mining and exploration Commenting on GJEPC's charter, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “Narendra Modi, Prime Minister India's acceptance of the industry's proposal for a Special Notified Zone, is symbolic of GJEPC's efforts to promote India as the International Diamond Trading Hub globally and considered as a milestone for the 'Make in India' campaign. We have successfully formed the Gem & Jewellery Skill Council of India and our industry boasts of the largest employment contributor with a skilled force of 3.4 million in India, and this will only get further augmented by the implementation of the SNZ in India, due to GOI's patronage of the Make in India cause”. GJEPC's Charter to propagate Make in India cause in gem and jewellery sector Action Plan for Year 1 a) Implementation of Turnover based Taxation System for Indian Diamond Industry b) Implementation of Special Notified Zone in Bharat Diamond Bourse under the supervision of GJEPC to visit us at : www.minestomarket.net
Persist with direct procurement of diamond roughs and coloured gemstone roughs through Government interactions b) Commission exploration programmes and surveys to ascertain availability of rough diamonds and coloured gemstones in India - GOI c) Skill development programmes may be aggressively extended and expanded in the entire country d) Government of India may spearhead initiatives to legalise current mining activity through an appropriate licensing framework and develop a regulatory framework fir new mining and exploration e) Formation of a convention centre in Mumbai f) Promote ties with jewellery centres like Italy and Turkey g) Tap other potential markets for gems and jewellery products On the above lines Vice Chiarman, Shri Pankaj Parekh and Executive Director, Sabyasachi Ray presented them at a workshop yesterday at Vigyan Bhavan, New Delhi organised by Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce & Industry, Government of India to finalise such plans for Make in India initiative by the Govt. The Sectoral Workshop for the G&J sector in the morning was attended by Mrs. Nirmala Sitharaman, Hon'ble Minister of State for Commerce (Independent Charge), Commerce Secretary, Shri Rajiv Kher and other important Govt. officials who finlaised Govt. short and mid-term plan for the gem & jewellery sector for the government based on consultation with different other industry bodies like FICCI, AIGJF and others. Such plan finalised was presented before the honourable Prime Minister Shri Narendrabhai Modi and honourable Finance Minister , Mr. Arun Jaitley and other ministers of the Government in the evening alongwith other sectors who are part of the Make in India programme of the Government. Honourable Prime Minister termed it as the Public Private Initiative in decision making in the Govt. and to drive manufacturing in India and important step forward. n Mines to Market | Nov-Dec’ 2014 | 17
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Panama Diamond Exchange and Fiera di Vicenza agree to cooperate, On projects that advance Latin America's Gemstone and Jewelry sectors
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iera di Vicenza, the leading Italian jewelry trade fair organizer, and the Panama Diamond Exchange, have agreed to join forces in the organization of events that will promote the trade in gemstones and jewelry in Latin America. A Memorandum of Understanding detailing the two organization's future cooperation was signed on Friday, December 5, 2014, on the trading floor of PDE's soon-to-be-inaugurated headquarters, by PDE Founding Chairman Eli Izhakoff and Fiera di Vicenza President Matteo Marzotto. According to the MOU, PDE and Fiera di Vicenza will formulate a strategic plan and conduct a feasibility study for projects that include trade fairs, symposiums and industry forums, which will take place in Panama and promote the diamond, gemstone and jewelry business in a region that includes Mexico, Central America, South America and the islands of the Caribbean. The joint program will begin in 2015. The signing ceremony was the first official event to be held in the Phase I building of the Panama Diamond 18 | Mines to Market | Nov-Dec’ 2014
Exchange, which will open for business at the end of the month. Mr. Marzotto was accompanied by Corrado Facco, Managing Director of Fiera di Vicenza, and leading representatives of the Italian jewelry sector, including Dr. Gaetano Cavalieri, President of CIBJO, the World Jewellery Confederation, and Roberto Coin, one of the world's most prominent brandname jewelry designers and manufacturers. Both Dr. Cavalieri and Mr. Coin are PDE directors.They were joined at the podium by Dr. Luciano Pataro, a PDE director from Panama and Erez Akerman, PDE President. "The significance of this agreement, being signed in this new facility, cannot be understated," said Mr. Izhakoff, during the ceremony. "The involvement in PDE's mission of Fiera di Vicenza, which represents Italian luxury at its finest, emphasizes that we are not just building offices, but rather an industry. Our goal, through the development of the Latin American gemstone and jewelry trade, is to grow the pie for everyone. As a key industry service provider, Fiera di Vicenza's contribution can be invaluable."
According to the MOU, PDE and Fiera di Vicenza will formulate a strategic plan and conduct a feasibility study for projects that include trade fairs, symposiums and industry forums, which will take place in Panama and promote the diamond, gemstone and jewelry business in a region that includes Mexico, Central America, South America and the islands of the Caribbean. The joint program will begin in 2015.
Erez Akerman PDE President
Dr. Gaetano Cavalieri President of CIBJO
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INDUSTRY WATCH "When you look from this beautiful new facility out across Panama's rising skyline, you see the future of Latin America," said Mr. Marzotto. "We are keen to be part of that future. While we always will be rooted in Italy, Fiera di Vicenza is going international, working with key regional partners, like PDE, to grow and enrich the jewelry business around the world. We, too, are not just selling physical space at trade shows, but rather providing the business with relevant and quality content, so that the buyer and the exhibitor's experiences are enriched, focused and made more efficient and value adding. We are already doing this in Italy, with our new VICENZAORO The Boutique Show format we are launching this January, and with our new super-show in the United Arab Emirates, VICENZAORO Dubai, which will debut in April, and which is being done in a joint venture with the Dubai World Trade Center.” Prior to the signing of the Memorandum of Understanding, the PDE leadership and the Italian visitors were hosted by Panama's Minister of the Presidency, Álvaro Alemán, at the Presidential Palace in Panama City's government quarter. Mr. Alemán, who was accompanied at the meeting by Néstor González, Panama's Vice Minister of Commerce, emphasized the government's strong and ongoing support for the Panama Diamond Exchange, and its program to establish Panama both as the primary gemstone and jewelry trading center in Latin America, and the region's gateway to the world markets. He warmly welcomed Mr. Marzotto, Mr. Facco and the other Italian visitors, stressed that their involvement in the project will contribute to its success. Later, at a packed evening reception attended by PDE members, representatives of Panama's business community and diplomatic corps, including the Italian ambassador in Panama, Mr. Izhakoff awarded honorary PDE membership to both Mr. Marzotto and Mr. Facco, and presented both of them with personalized official entry tags into the new Panama Gem & J e w e l l e r y C e n t e r, w h e r e t h e visit us at : www.minestomarket.net
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The involvement in PDE's mission of Fiera di Vicenza, which represents Italian luxury at its finest, emphasizes that we are not just building offices, but rather an industry. Our goal, through the development of the Latin American gemstone and jewelry trade, is to grow the pie for everyone. As a key industry service provider, Fiera di Vicenza's contribution can be invaluable.
headquarters and trading floor of Latin America's only recognized diamond exchange are headquartered. Noting that just several months ago he was honored by Fiera di Vicenza, when he was named a recipient of the prestigious Andrea Palladio International Jewelry Award for lifetime achievement in Corporate Social Responsibility, Mr. Izhakoff expressed his pleasure at being able to reciprocate, noting that the involvement in Panama of organizations like Fiera di Vicenza will contribute to the growth a responsible and ethical gemstone and jewellery trade in Latin America. Over the coming weeks, companies will be taking up residence in the Phase I building of the Panama Gem & Jewellery Center, which includes 61 offices, vaults
and secure transportation facilities, as well as the Panama Diamond Exchange, including its administrative offices and 300 square-meter trading floor. Construction of the Phase II building will begin in 2015, with a finish date scheduled for 2017. It includes an iconic office tower, where the offices and trading floor of the Panama Diamond Exchange will be located in the low-rise base of the complex, along with a luxury commercial center, with banks, specialized support services, restaurants and shops, including high-end retail jewelry stores. The $200 million-Panama Gem & Jewelry Center is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America. It is being established by Grupo VerdeAzul, one of Panama's leading property companies, headed by Alberto Vallarino, the country's former Minister of Economy and Finance. The entire complex will be located in the Vaguil Free Zone, which was established by an act of the Panamanian parliament for the benefit of the international gem and jewellery trade, and exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax. It is projected to directly generate 3,000 jobs in the Panama and generate billions of U.S. dollars for the local economy. n Mines to Market | Nov-Dec’ 2014 | 19
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Gold Jewellery
demand likely to rise in 2015: ICRA report
10%
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ewellery demand in the domestic market is expected to rise by 10 per cent to $32 billion in 2015 on the back of improving consumer sentiments, says a report by ICRA. "We expect domestic demand for gold jewellery to rise 10 per cent in calender year 2015 to $32 billion on the back of subdued pick up during 2014," the rating agency said in 'Indian Gold Jewellery Retail Industry' survey. The demand has been stable since Q4 of CY13 and lower prices, easing regulations and improving consumer sentiment are likely to provide impetus in the coming months, it said. The last quarter of CY2014 is likely to make up for the initial demand slump and the aggregate demand for the year is estimated at $29 billion, the report added. Indian domestic gold jewellery in the retail segment had seen the demand at $1 billion in CY2013. India, amongst the two largest consumers globally along with China, would witness sustained growth owing to cultural affinity, demographic diversity, rising disposable and preferred investment vehicle that are seen as the main growth drivers for the retail jewellery industry, it added. "It is interesting to note the rising share of organised players in the retail jewellery segment to 20 per cent from 11 per cent," the report said. However, sustained pressure on prices that resulted into postponement of purchases is one major concern of jewellers, as some also believe that any re-introduction of restrictive policies and plateauing of demand sentiment are other possible concerns over the near term. 20 | Mines to Market | Nov-Dec’ 2014
The industry expects to record robust volume growth driven by improving industry sentiments amid easing regulatory norms and envisaged expansion plans by jewellers during the next 12 months, the ICRA report said. Volatility in the gold prices and prudent management of financial profile given incremental expansion plans are also seen as the immediate challenges for the industry. Further, it said, the import volume is expected to remain firm, with 20:80 scheme being withdrawn, and help meet bulk of the requirements by substituting a portion of illegal imports and recycled volumes.
Gradual easing of restrictions aided by RBI's notification in May 2014 allowing premier or star trading houses to import bullion under the 20:80 rule has helped imports a stage smart recovery, it pointed out. ICRA said the Industry expects gold prices to remain largely range bound around current levels, owing to a strong US dollar, weak crude prices and related low inflation expectations limiting price increases. However, the expected improvement in physical demand from China and India may pull the domestic prices higher, reflecting their expectations of the domestic currency. n
India, amongst the two largest consumers globally along with China, would witness sustained growth owing to cultural affinity, demographic diversity, rising disposable and preferred investment vehicle that are seen as the main growth drivers for the retail jewellery industry
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STEPHEN LUSSIER: “INDIA’S INNOVATION AND ENERGY UNDERPIN THE SUCCESS OF THE GLOBAL DIAMOND INDUSTRY” New survey highlights rapid growth of diamond consumption inIndia’s middle class
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ndia is quickly developing a diamond consumer market to complement its pre-eminence as a diamond polishing centre, Stephen Lussier, Executive Vice President of Marketing for The De Beers Group of Companies, will say later this morning in an address to the World Diamond Conference in New Delhi. Announcing the results of De Beers’ recent Consumer Diamond Purchasing Survey in India, Mr Lussier will highlight that the acquisition rate for diamonds in India’s middle class has risen sharply from two per cent in 2002, to nine per cent in 2014. He will also stress the favourable environment for further diamond consumption growth in India, noting that the country’s number of middle class households is forecast to grow by a compound annual rate of 12 per cent over the next decade. The Indian market “serves as a microcosm” for trends in other markets, Mr Lussier will say – pointing to projected global demand growth for diamonds, which “continue to captivate consumers the world over”. However, Mr Lussier, who is also CEO of Forevermark, will caution that increased competition from other luxury products means the diamond industry must capitalise on opportunities in areas such as online marketing and branding if it is to maximise its potential. Underlining De Beers’ commitment to India, Mr Lussier will say that it has invested nearly $10 million in a state-of-the-art inscription and grading operation in Surat, which has the initial capacity to inscribe 400,000 diamonds – dramatically improving the service for its Indian-based Forevermark partners. Mr Lussier will show how Forevermark, the diamond brand from The De Beers Group of Companies, has positioned itself successfully, noting: “Our promise of diamonds that are beautiful, rare and responsibly sourced is driven by consumer insight and backed-up by a commitment to ensure our operations live up to our promise”. In closing, Mr Lussier will emphasise his confidence for the future of diamonds in India, stating that the Indian diamond industry and government can work together to “lead diamonds into a period of unprecedented growth”. n visit us at : www.minestomarket.net
Stephen Lussier, CEO, Forevermark
it has invested nearly $10 million in a state-of-the-art inscription and grading operation in Surat, which has the initial capacity to inscribe 400,000 diamonds – dramatically improving the service for its Indianbased Forevermark partners.
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INDUSTRY WATCH
"As a country, we will now know how much we are going to make before cutting and polishing our diamonds," he said. "The new equipment will enable us to cut and polish all diamonds mined in this country before marketing.”
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he Zimbabwe Diamond Technology Centre has signed a multi-million dollar deal with Indian company Sahajanand Laser Technology Limited for the supply of state-of-the-art diamond cutting and polishing equipment. Zimbabwe Diamond Technology Centre Chairman Lovemore Kurotwi said the deal was aimed at the speedy implementation of the country's economic plan Zim-Asset which prioritizes beneficiation of minerals locally. The equipment is expected in the country before the end of January, The Herald newspaper reported. "Cutting and polishing of diamond is now scientific and the equipment that we are getting from India is a total solution to beneficiation of our diamonds," he said. "As a country, we will now know how much we are going to make before cutting and polishing our diamonds," he said. "The new equipment will enable us to cut and polish all diamonds mined in this country before marketing." The Southern Gujarat Chamber of Commerce and Industry in India has invited officials from the Zimbabwe Diamond Technology Centre to visit
22 | Mines to Market | Nov-Dec’ 2014
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Zimbabwe Signs Deal For Polishing Equipment With Indian Firm the state at the start of next month where it will show its diamond polishing and jewelry products. "For us it is a learning process to see how others are doing in the diamond industry," Kurotwi said. Recently, the executive head of the Non-Aligned Movement (NAM), Professor Arun Kulshreshtha advised Zimbabwe to stop exporting rough diamonds as the country could add value to its precious stones by polishing them domestically. Sarine Ships First Galaxy Ultra System to Indian Firm Sarine Technologies Ltd., a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement and grading of diamonds and gems, has shipped the first Galaxy™ Ultra system to VNR Enterprises in India. The Galaxy™ Ultra is the most advanced product available for the automated detection and mapping of internal features in rough diamonds up to single micron resolution, enabling the planner to achieve VVS, and up to IF quality stones, the firm said in a statement.
"The Galaxy™ Ultra provides our customers a dual solution, alternating between conventional and highresolution near microscopic modes, substituting the need for manual microscopic inspection during planning," the company said. Ramesh M. Asodariya, Managing Director, of VNR Enterprises, said, “We are a rapidly growing company committed to providing an optimal working environment, while utilizing the most advanced technologies in order to increase our yield and perfect our production. The Galaxy™ Ultra system offers significant advantages to our planning process.” Sarine Chief Executive Officer Uzi Levami said, "The Galaxy™ Ultra which has been offered in select service centers since mid-2014, offers users a completely new level of automated inclusion detection, which is far more c o s t - e ff e c t i v e t h a n a n y o t h e r technology available. We are extremely pleased that customers are now beginning to acquire this system for inhouse use, as it is a clear vote of confidence in the value proposition embodied in the Galaxy™ Ultra." n
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FICCI and World Gold Council release ‘Why India Needs a Gold Policy' report
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he Federation of Indian Chambers of Commerce and Industry (FICCI) and the World Gold Council today released a report that highlights key policy recommendations to monetise India's large stock of household gold. The report titled 'Why India needs a gold policy' makes seven key recommendations for an effective 'India Gold Policy': 1. Establish an India Gold Exchange to ensure pricing standardisation, increase transparency and improve supply and demand analysis. 2. Establish a Gold Board to manage imports, encourage exports and facilitate development of the infrastructure needed to ensure the Indian gold market functions to maximum effect. 3. Develop accredited refineries in line with international standards including upscaling the current domestic refineries. 4. Allow Indian banks to use gold as part of their liquidity reserves. This would incentivise them to introduce goldbased savings products. 5. Drive monetisation of gold by incentivising banks, revitalise Gold Deposit Schemes, introduce gold-backed investment and savings products. 6. Create a more active marketing strategy for Indian handcrafted jewellery. This could boost exports and highlight India's expertise in this highly-valued sector e.g. by promoting handcrafted 'India-made jewellery' like the Swissmade watches. 7. Drive the standardisation of gold so that buyers and sellers can have faith in both the quality and price of their products. Introduce guidelines for compulsory quality certification of all forms of gold to encourage accountability and foster an environment of trust. The report also assesses the policies adopted in countries like Turkey and China; that have faced challenges similar to India and have devised public policies which have monetised the local stock of gold to positive effect. Dr. A Didar Singh, Secretary General, FICCI said, “Gold has always been an integral part of the socio-economic ethos of the Indian household. The consumption of gold has always been greatly intertwined with the Indian household's financial planning goals and has, through generations, remained an obvious and natural choice of saving of all households. Through this report we have re-examined many assumptions around gold and have also suggested ways of monetising this asset. We hope that this report will form the basis for formulating a comprehensive public policy on gold.” Commenting at the launch of the policy report Somasundaram PR, Managing Director, India, World Gold Council said: “Demand for gold in India is interwoven with culture, tradition, the desire for beauty and financial protection. It would be futile to control gold demand knowing how much the passion for gold drives savings itself. We believe the solution to meeting India's enduring appetite for gold lies not in restricting the import of gold, but in making better use of the gold that is already in the country, making it a productive fungible asset class like any other financial visit us at : www.minestomarket.net
savings. The need of the hour is to reengage all stakeholders to develop a coherent long-term 'India Gold Policy' that results in a robust infrastructure for gold, drives standardisation and transparency, encourages gold-based investment products and supports the economic priorities of the country. With India at the centre of the global gold eco-system, it is imperative that we find ways of mobilising and monetising the 22,000 tonnes of gold in Indian households to fund economic growth.” The recommendations in the report are backed by data driven analytics, for which, the World Gold Council commissioned FICCI, who conducted a widespread survey of Indian consumers to discover why they buy gold, why they sell it and how they would respond to initiatives aimed at monetising gold in India. The survey was conducted with 5000 respondents across India, including roundtable discussions and extensive interviews with stakeholders from the industry. n
Key findings of the survey include the following: n Consumers' continue to buy gold whatever the fiscal circumstances – 77% of respondents bought gold at least once during 2013 and more than half bought more gold in 2013 than the previous year n Indian consumers buy gold as an investment as well as an adornment – 77% of respondents bought gold as a safe investment and 53% consider it primarily an adornment; and 50% believe that gold is both n Gold demand is not dependent on price fluctuations Among respondents, 19% said they would buy more gold if prices rose and 34% said they would do nothing. Only 14% said they would stop buying gold if prices increased, while just 6% said they would sell n Gold is an integral part of the family budget - The purchase of gold jewellery and coins comprises 8% of daily consumption of a household, which is only marginally behind medical expenses and education n Consumers' attitude towards utilising gold as an investment product – 50% of respondents said they would be willing to deposit their gold to earn interest while a further 12% said they might do so. More than a third of respondents would be willing to deposit 2650% of gold in their possession while 3% would deposit between 76% and 100% of their gold n Among the respondents' savings and investments, gold products lie just behind cash, bank deposits and other mainstream savings accounts · Consumers' view on gold monetisation – 49% of respondents said they would be willing to deposit their gold to earn interest, 73% said they were happy to receive different gold from their initial deposit while 62% said they would prefer cash or India branded coins at maturity. Mines to Market | Nov-Dec’ 2014 | 23
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GJF Presents 5th National Jewellery Awards On 21st February 2015
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he All India Gems and Jewellery TradeFederation (GJF), the national trade body for the promotion and growth of trade in Gems and Jewellery Industry across India, presents the most prestigious National Jewellery Awards (NJA 2015) in the gems & jewellery (G&J) industry. This annual award ceremony is aimed at recognizing the immense talent, innovation and creativity of its members, associates and students presently studying in gems & jewellery institutes. NJA 2015 comprises four different segments and 26 award categories. The four different segments are:Retailer Awards (For GJF members only); Manufacturer Awards (For GJF members only);Jewellers Awards(Open to all in the industry fraternity) andStudents Award (For students presently studying in a gems & jewellery institute) NJA Students Award is a special recognition to acknowledge and encourage the creative skills of youth in the gems & jewellery industry. The awards numbering 10 will carry a Scholarship worth of Rs 15 lakh which wouldhelp student to further their careeraspirations. Each category of the awards has a personalized timeline andappropriate
assessment process in order to define the excellence of the winner in the most adequate procedure that will propel the vital recognition that one accurately earns. GJF will also unveil an exclusive directory of all participatingjewellery designs “NJA Design Digest 2015” which will showcase all the master pieces of NJA 2015 participants. NJA Design Digest 2015 will be circulated to all GJF members and associations across India. Mr. Haresh Soni, Chairman, GJF, said, “GJF is pleased to host the 5thNJA 2015 Awards. The gems and jewellery industry has significantly contributed to the growth of Indian economy in the last five years. The industry has gained global popularity because of its talented craftsmen, jeweler designs, its superior practices in cutting and polishing fine diamonds and precious stones and its cost-efficiencies. NJA 2015 is about crafting inspiration, passion, devotion and motivation for the industry. Honoring the innovation and creativity that inspires the flair of such talent is the core objective of GJF NJA 2015 will honor every aspect, contribution and endeavor that goes in encouraging & enhancing innovation, creating masterpieces and setting new
Mr. Haresh Soni, Chairman, GJF
benchmarks in achieving business growth in the G&J industry.” Mr. Nitin Kadam, Chairman, NJA Committee, GJF, said “NJA 2015 is a testimony of our commitment to thegrowth and development of the gems and jewellery industry. These awards are a stellar example of GJF´s unbiased and relentless efforts for the welfare of gems and jewellery industry and the people engaged in the industry, which has won it accolades and an unquestionable credibility for being fair, supportive and appreciative towards the industry” Mr. Manish Jain, Vice Chairman, GJF said “The trust and faith of its members, industry and government have undoubtedly contributed to this nonprofit organization's growth in the sector and established NJA Awards as the most prestigious & coveted in the industry,” n
The Award Categories The 2 Categories in Jewellers Awards are: 1. Paramparik Jewellery of the Year (North, South, Central- East and West,); 2. Unique Jewellery Design of the Year (Manufactured with precious metals & stones). The Jewellers Awards (Open to all in the industry fraternity) shall be selected by assessment procedure drawn by a very specialized jury constituting of experts who merit in specialized aspects of craftsmanship and design & innovation. Members can apply for the Jewellers Awards section by filling up the details on the application form. (Application forms available at www.nja.co.in). The 15 Categories in Retailer Awards are: 1.Best Diamond Jewellery of the Year -In Vogue; 2.Best Diamond Jewellery of the Year –Bridal; 3.Best Gold Jewellery of the Year-In Vogue; 4.Best Gold Jewellery of the Year-Bridal; 5.Best Jadau Jewellery of the YearPrecious stones; 6.Best Jadau Jewellery of the Year- Non- Precious stones; 7. Best Colored stone Jewellery of the Year; 8.Best Unique & Innovative promotion of the Year; 9.Best Advertising Campaign of the Year – Print; 10.Best Advertising Campaign of the Year – Audio Visual; 11.Best single store of the Year (North, South, West, CentralEast); and 12.Best Retail chain of the Year. The 5 Categories in Manufacturer Awards are: 1. Best Diamond Jewellery Design of the Year; 2. Best Gold Jewellery Design of the Year; 3. Best Jadau Jewellery Design of the Year; 4. Best Platinum Jewellery Design of the Year; 5. Best C Z Jewellery Design of the Year (Manufactured with precious metals). The Manufacturer Awards shall be selected by assessment procedure drawn by a very specialized jury constituting of experts who merit in specialized aspects of craftsmanship and design & innovation. Members can apply for the Manufacturer Awards section by filling up the details on the application form. (Application forms available at www.nja.co.in). 24 | Mines to Market | Nov-Dec’ 2014
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Shri. Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra
felicitates winners of the India Gem & Jewellery Awards GJEPC hosts the 41st edition of IGJA in Mumbai He adds, “Beginning last year, GJEPC has added new categories honoring women entrepreneurship, CSR initiatives and innovations undertaken by nominees, besides extending segmental awards to include small and medium businesses”.
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he Gem & Jewellery Export Promotion Council (GJEPC) hosted the 'India Gem & Jewellery Awards (IGJA)' 2014, its first event for year 2015 that recognised and rewarded star performers of the Indian gem and jewelery sector, in the presence of Hon'ble Chief Minister of Maharashtra, Shri. Devendra Fadnavis. GJEPC's IGJA has become one of the foremost recognition platforms for the jewellery sector in India to encourage exports and award excellence in manufacturing, finance and innovation. The jury members, who selected the winners include: Smt. Nirupa Bhatt, Managing Director (India & ME), GIA, Mr M Narendra, former CMD, Indian Overseas Bank and Mr. Pawan Bindal, Director, Dun & Bradstreet. Gracing the award function, Hon'ble Chief Minister Shri. Devendra Fadnavis stated, “The winners of IGJA are the real gems who have given the much needed boost and taken the industry to the next level. We would be honored to partner with the gem and jewelry industry that has earned us so much of foreign visit us at : www.minestomarket.net
currency and given employment which truly adds value to our economy. Considering the issues faced by the industry we will soon have a joint discussion with the Prime Minister and the Finance Minister along with some of the leaders of gem & jewelry industry to resolve the issues. I'm glad to see the industry progress internationally and wish it expands in Maharashtra as well”. Congratulating the winners and industry for their participation, Vipul Shah, Chairman, GJEPC said, “The India Gem and Jewellery Awards recognizes the business leaders across categories. Hon'ble Chief Minister's prompt consideration & assurance towards resolving gem & Jewellery sector challenges such as bank guarantee for VAT , lending licence to ABN Amro, Convention centre in Mumbai, are much appreciated by the trade. GJEPC is committed to support the state Government in planning a roadmap to overcome challenges faced by the Industry and help drive the exports from the state of Maharashtra.”
Hon’ble Chief Minister Shri. Devendra Fadnavis at India Gem & Jewellery Award
The winners of IGJA are the real gems who have given the much needed boost and taken the industry to the next level. We would be honored to partner with the gem and jewelry industry that has earned us so much of foreign currency and given employment which truly adds value to our economy. Considering the issues faced by the industry we will soon have a joint discussion with the Prime Minister and the Finance Minister along with some of the leaders of gem & jewelry industry to resolve the issues. I'm glad to see the industry progress internationally and wish it expands in Maharashtra
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The India Gem and Jewellery Awards recognizes the business leaders across categories. Hon'ble Chief Minister's prompt consideration & assurance towards resolving gem & Jewellery sector challenges such as bank guarantee for VAT , lending licence to ABN Amro, Convention centre in Mumbai, are much appreciated by the trade. GJEPC is committed to support the state Government in planning a roadmap to overcome challenges faced by the Industry and help drive the exports from the state of Maharashtra. - Vipul Shah, Chairman, GJEPC
Colin Shah, Convenor, IGJA says, “The India Gem and Jewellery industry is a classic example of 'Make in India' and Making India Proud. And the India Gems & Jewellery Awards aim to boost this passion and excellence in the trade. In addition to honouring super performances in the area of manufacturing, designing and innovation among others, we have new categories honouring women entrepreneurship, CSR initiatives and innovations, besides extending segmental awards to include small & medium businesses”. As every year, this year too, the selection process followed a rigorous methodology and judging criteria based on a proprietary quantitative model developed by D&B and an independent jury consisting of senior members from Dun & Bradstreet, Indian Overseas Bank and GIA to select the final winners.
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Salient features of IGJA 2014 include: Introduction of small, medium large category in diamond & precious metal with an objective to encourage entrepreneurship at every level and recognize MSME sector Minimum number of application criteria to make the process more robust and ensure fair competition Minimum export criteria to bring in more clarity & transparency to nominees Awards to foreign buyers to recognize their contribution to Indian Gem & Jewellery Industry. Third part assessment Appointment of D&B to ensure the selection process moves to the next level by an expert organization who will bring in more transparency & authenticity in the selection process of the awardees. Introduction of Jury process, representing from different fields to ensure judging on broader aspects at the time of finalizing the winners. On the basis of the response received last year, GJEPC has decided to continue with the 3 categories, namely Most Innovative Company, Most Socially Responsible Company, Best Women Entrepreneur.
GJEPC's India Gem & Jewellery Awards, remodeled last year, has gained recognition and popularity from across the country and the world. Please refer annexure for winners list as per categories. IGJA 2014 was sponsored by GIA, copartnered by Malca Amit JK & Kiran Gems Pvt. Ltd. and knowledge partner was D & B. Hon'ble Prime Minister at the recently concluded World Diamond Conference announced the creation of Special Notified Zones in Mumbai & Surat to accelerate the import and trading of rough diamonds in India to give a boost to the diamond and studded jewellery manufacturing industry in the country. GJEPC along with the representatives from the Indian Government will visit the Special Notified Zones in Belgium and Dubai to take the project further and give it a shape by this budget. GJEPC in coordination with the GOI hopes to understand/ replicate a timetested model in India. Another milestone achieved by GJEPC is the establishment of GJSCI, under the aegis of National Skill Development Council (NSDC) and in collaboration with other associations of the gems and jewellery sector in the country. This will ensure aspiring talents get training as per international standards, resulting in the best artisans and much needed skill to develop and give quality and state of the art products to the world. Keeping the pursuit of community welfare on, GJEPC launched its own CSR platform - “Jewellers of Hope” that's supports an NGO every year. In the first year, the Council was able to contribute Rs.1cr.to Make a Wish Foundation. n
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Kiran Gems wins3 prestigious IGJ Awards 2014
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he year 2014 marked Kiran Gems' 7th consecutive win as the Largest Exporter (cut and polished diamonds large) at the prestigious India Gem & Jewellery Awards held on 29th January 2015 in Mumbai. The India Gem & Jewellery Awards are organized by the Gem & Jewellery Export Promotion Council to felicitate the excellent and meritorious performances of gems and jewellery exporters. This is a much awaited award function in the gem & jewellery industry. The Honourable Chief Minister of Maharashtra, Mr. Devendra Fadnavis, was the Chief Guest of the evening. Kiran Gems, the world's largest manufacturer of diamonds, has been recognized for its outstanding performance in 3 coveted categories. It has been conferred with the Highest Turnover and Largest Exporter Awards in the cut and polished diamonds large category as well as the Largest Importer Award Second Place for Kiran Exports (Hong Kong) Ltd. These awards were graciously accepted by the group's chairman, Mr. Vallabhbhai Patel and directors, Mr. Dinesh Lakhani and Mr. Rajesh Lakhani, respectively. Elated Mr. Vallabhbhai Patel, Group Chairman, said that “These awards are recognition of the hard work put in by all at Kiran. I congratulate all and am humbled to accept this on their behalf”. Director Mr. Dinesh Lakhani said, “ “The Council's initiative of introducing theme based awards, has enabled coverage of a wider spectrum of our industry and have also given recognition to smaller and upcoming players”.Director Rajesh Lakhani said for the Kiran Exports “Awards state the satisfaction of our customers and dedication of our employees. I thank and congratulate them”. Kiran Gems is a global company with offices in Mumbai, Antwerp, Dubai, HK, New York, Shanghai and Shenzhen. It supplies loose and certified diamonds to the best known jewellery retailers, diamond jewellery manufacturers, watch manufacturers and brands globally. n
Laxmi Diamond win IGJA Awards - 2013-14
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n recognition of the business excellence that is demonstrated by the entrepreneurs who make up the Indian Gems and Jewellery industry, the India Gem & Jewellery Awards 2014 (IGJA) was hosted on 29th January at NCPA. The Awards were conferred in recognition of the excellent and meritorious performances of the Industry and financial Institutions supporting it, amongst other categories. The prestigious awards were given away by the Chief Minister of Maharashtra, Shri Devendra Fadnavis. The Annual Award scheme of the GJEPC has undergone a change in recent years, and the focus is no longer on export turnover alone. Qualitative factors related to the company's performance such as innovation, R&D, CSR activity and others have also been given importance in selecting the final winners. The India Gem & Jewellery Awards is the ultimate Vasantbhai and Rakesh Gajera of Laxmi Diamond Pvt. Ltd., receiving the award from Chief Minister of Maharashtra, Shri Devendra Fadnavis
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recognition for the outstanding performers from within the industry. There is no greater motivation than the recognition which the Award brings. We, Laxmi Diamond Private Ltd., and Shree Ramkrishna Exports Private Ltd., are the joint winners of the 'Most Socially Responsible Company' at India Gem and Jewellery Awards. We are very happy to be recognized by GJEPC, which is an apex body of Gems & Jewellery Industry, representing almost 6000 exporters in the sector. We are very proud to state that we have been regular receiver of GJEPC awards consecutively, right from 1999-2000 except for the year 2007-08 and 2012-13 Awards. n Mines to Market | Nov-Dec’ 2014 | 27
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Hari Krishna Group Bags four Awards in the most coveted 41st GJEPC Awards
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etting a new record in the history of Diamond Industry Hari Krishna Group won four awards at the 41st GJEPC Awards Night held at NCPA on 29th January 2015. The award was presented by the Honorable Chief Minister of Maharashtra Shri.Devendra Fadnavis. The categories in which the Group won the awards were " Best Growing Company of the Year", " Cut and Polished Diamonds - Highest Turnover"? for Hari Krishna Exports Pvt.Ltd. and "Precious Metal"and “Most Innovative Company"for H.K. Designs. “The company has consistently been winning awards for the past 12 years. It was indeed a proud moment for the company and was highly motivating as well to receive this prestigious award”said Mr Dholakia. n
GJEPC Awarded SRK, “Exporter of the Year” 2014
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he Year 2014 has been a Year of SRK. It began with the Celebration of SRK Founder, Mr. Govind Dholakia completing 50 Years in Diamond Industry & now see off with Three Prestigious Awards by GJEPC. For the Second time SRK is Awarded “Exporter of the Year”along with,“Cut & Polished Diamonds Highest Turnover” & “Most Socially Responsible Company”. The Apex body of the Gem & Jewellery IndustryIndia,GJEPC (Gems & Jewellery Export Promotion Council) Conferred Indian Diamantaires with awards in various Categories. The Time was to acknowledge various Initiatives, Innovations, and Milestones& Hardwork of fellow People of industry. The event took place last night at NCPA, Mumbai India. SRK -Integration of Technology & Manpower, Flexibility to act as per dynamic Market situation in NO time helps SRK to Grab the Highest Opportunity in Good Times & also help to Sustain Weak Time. This Sharp Edge Over others always help SRK to create milestones. “It is always an Honor to receive prestigious Awards by the Apex body of the Industry.We are thankful To Our 7000 SRK Family Members including 2000 esteemed Customers, Banking Partners & Industry Companionswho's invaluable Support & Trust in SRK, made us see the day. The Awards is a Recognition to the Skills, Talent & Hard Work of SRK Family MembersWho really put their Heart in crafting One Masterpiece. When a shining version of stone, I hold in my hand it brings a hidden smile on face, it is only because each one is crafted with Integrity” Mr. Rahul Dholakia, MD SRK Exports. n
Cut & Polished Diamonds - Highest Turn Over -Mr. Shreyans Dholakia & Mr. Akshay Dholakia
Exporter of the Year - Mr. Prabhu Dholakia & Mr. Sanjay Ukani
Most Socially responsible Company - Mrs. & Mr. Rahul Dholakia 28 | Mines to Market | Nov-Dec’ 2014
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Annexure : IGJA 2014 Winners List
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ALERT: FOREVERMARK DIAMONDS AT THE 72ND GOLDEN GLOBE AWARDS Forevermark by Galili & Co. Diamond Line Bracelet with Round Brilliant Forevermark Diamonds set in 18k White Gold
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Frances O'Connor Forevermark by Premier Gem The Center of My Universe Ring with 10.11 Cushion Cut Forevermark Diamond set in Platinum
Forevermark Chandelier Earrings with Round Brilliant Forevermark Diamonds set in 18k White Gold
orevermark, the diamond brand that comes with a promise of beauty, rarity and responsibly-sourced diamonds from The De Beers Group of Companies, appeared on the red carpet at the 72nd Annual Golden Globe Awards, most notably on Golden Globe Presenter Kate Hudson, Nominee Frances O'Connor, and E! Host Giuliana Rancic. Large diamond earrings and cocktail rings quickly emerged as a red carpet favorite. Kate Hudson presented wearing Forevermark Exceptional Diamond Earrings by Slane. A selection of some of the most exquisite and rare diamonds in the world, Forevermark Exceptional Diamonds were forged within the earth over a billion years ago. She complemented the look with a diamond ring with a 14.58 carat Oval Forevermark diamond and diamond line bracelet. Stacked diamond bracelets proved to be a favorite red carpet trend. Golden Globe nominee Frances O'Connor embraced multiple bracelets, donning three Forevermark diamond bracelets. The star completed her look with diamond chandelier earrings and a 10.11 cushion cut Forevermark diamond ring. Giuliana Rancic reported live wearing four Forevermark diamond bangles, with 10 carat diamond studs and 13.56 radiant Forevermark diamond ring.
Forevermark Diamond Bangles with Round Brilliant Forevermark Diamonds set in 18k White Gold
Forevermark Eternity Bands with Round Brilliant Forevermark Diamonds set in 18k White Gold
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Forevermark Diamond Bangles with Round Brilliant Forevermark Diamonds set in 18k White Gold
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Giuliana Rancic in Forevermark Diamonds at the 2015 Golden Globes
Forevermark Bangles with Round Brilliant Forevermark Diamonds set in 18k White Gold
Talent who wore Forevermark included: Actress and Golden Globe Presenter Kate Hudson sparkled in Forevermark Exceptional Diamond Earrings by Slane with a 9.24 Round Brilliant Forevermark Exceptional Diamond, 10.14 Round Brilliant Exceptional Diamond and 2.66 ctw Round Brilliant Diamonds, Diamond Ring with 14.58 ct Oval Forevermark diamond, and Forevermark diamond Line Bracelet. Golden Globe Nominee Frances O'Connor (The Missing) stunned in a Forevermark by Premier Gem The Center of My Universe™ Ring with 10.11 Cushion Cut Forevermark diamond, Forevermark by Galili & Co. diamond Line Bracelet, Forevermark by Rahaminov Line Bracelet, Chandelier Earrings, Diamond Eternity Bands, and Diamond Bangles.
Forevermark Diamond Ring with 13.56 Radiant Cut Forevermark Diamond set in Platinum
Forevermark by Leo Schacter Three Row Diamond Cuff Bracelet with 40.79 Round Brilliant Forevermark Diamonds set in 18k White Gold Forevermark Diamond Stud Earrings with 10ctw Round Brilliant Forevermark Diamonds set in Platinum
Forevermark by Premier Gem The Center of My UniverseTM Three Stone Bangle with Round Brilliant Forevermark Diamonds set in 18k White Gold
E! Host Giuliana Rancic dazzled in a 40.79 ctw Forevermark by Leo Schachter Three Row Diamond Cuff Bracelet, Forevermark by Premier Gem The Center of My Universe™ Diamond Bangle, 10 ctw Diamond Stud Earrings, 13.56 Radiant Cut Forevermark Diamond Ring, and Diamond Bangles. Later in the evening, stars including Paz Vega celebrated the Golden Globe festivities in Forevermark diamonds. n Forevermark Diamond Line Bracelet with Round Brilliant Forevermark Diamonds set in Platinum
Forevermark Diamond Ring with 14.58 ct Oval Forevermark Diamond with Pear diamonds set in Plainum
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Kate Hudson in Forevermark at the 2015 Golden Globe Awards
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PLATINUM JEWELRY RULES THE RED CARPET AT nd nd THE 72 ANNUAL GOLDEN GLOBE AWARDS
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ollywood's biggest television and movie stars celebrated their achievements wearing platinum jewelry at the 72nd Annual Golden Globe Awards and related parties this evening.
*Red carpet look
From the stacked bracelets as seen on host Amy Poehler, to Lorde's statement necklace, Alist celebrities chose to showcase their jewels in naturally white platinum settings that truly enhance the brilliance of diamonds and colored gemstones. Platinum jewelry is the choice accessory for celebrities to capture the most special, glamorous and memorable moments. Following is a list of stars who celebrated tonight's achievements in PLATINUM: Amy Poehler in Platinum by Beladora, the co-host of the 72nd Annual Golden Globe Awards said, "On Hollywood's biggest night it's important I look like a boss...The platinum jewels made me feel like I was wearing a million bucks.�
Platinum and diamond earrings, signed by Tiffany & Co. Platinum and 7.7 carat diamond necklace with South Sea pearl Stacked platinum and diamond bracelets
Reese Witherspoon in Platinum by Tiffany & Co. Platinum and diamond earrings ($600,000) Platinum and 6.75 carat diamond ring ($695,000)
Amy Adams in Platinum by Tiffany & Co. Platinum and diamond drop earrings ($240,000) Platinum and diamond five-row bracelet ($180,000) Platinum and 2.12 carat square cushion modified brilliant diamond ring ($100,000)
Diane Kruger in Platinum by Kwiat Platinum and diamond cluster earrings Platinum and diamond bracelets
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Julianne Moore in Platinum by Chopard Platinum and diamond cluster earrings (14.70 carats) Platinum and asscher cut diamond line bracelet (44.08 carats) Platinum and oval cut diamond eternity band (7.7 carats) Platinum and asscher cut diamond eternity band (24.30 carats)
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lry inum Jewe About Plat for
red oice e ideal ch it holds h t s i m u n Plati cause welry be stones carpet je ious gem l. It c e r p d n a s ther meta diamond than any o ity metal, y l e r u c e s more t qual the highes most is not only makes it one of the y t i tals. s but its den nduring precious me e, t e d n w a rally hi durable also natu ans it will is m u n e Plati ich m d or te gold, wh unlike whi tint onto a diamon ' s y n a to e s ne not cast o w in g t h tly. ll a , e n o t gems le brigh lor to spark genuine co
Amal Clooney in Platinum by Harry Winston Platinum and diamond drop earrings (29.62 carats) Cindy Crawford in Platinum by Harry Winston Platinum earrings with micropave diamonds and cushion cut sapphire (22.08 carat center stone) Platinum and diamond link bracelet Rosamund Pike in Platinum by Fred Leighton Platinum stud earrings with round brilliant diamonds (4.30 carats) Art Deco platinum ring with a marquise diamonds, and emerald (4 carats) Maria Menounos in Platinum by Chopard Platinum and diamond chandelier earrings (17.71 carats) Platinum and diamond bracelet (34.91 carats) Platinum and ashoka cut diamond line bracelet (8.41 carats)
Platinum and diamond drop earrings ($22,000) Platinum and baguette diamond bow bangle ($100,000)
Platinum and diamond necklace (100 carats), and rings Platinum and diamond rings Kerry Washington in Platinum by Neil Lane Platinum ear studs with black and white diamonds Allison Williams in Platinum by Cartier Platinum and diamond earrings
Platinum and diamond ring Christine Baranski in Platinum by Fred Leighton 1950's platinum and diamond cluster earrings (15 carats)
Katherine Heigl in Platinum by Neil Lane
1950's platinum and diamond bracelet (40 carats) Viola Davis in Platinum by Fred Leighton
Platinum ring with diamonds and sapphire
1950's platinum and diamond swirl earrings (6.5 carats)
Platinum and diamond ring
1950's Old mine platinum and diamond cuff (39 carats)
Platinum and diamond bracelet Platinum bracelet with diamonds and sapphire Robin Wright in Platinum by Harry Winston Platinum and round brilliant diamond ear studs Platinum and diamond bracelet
Lorde in Platinum by Neil Lane
Platinum and pearl shirt stud set
Platinum and asscher cut diamond tennis bracelet (13.44 carats) Platinum earrings with lapis and black onyx
Sienna Miller in Platinum by Tiffany & Co.
Colin Firth in Platinum by Neil Lane
Amanda Peet in Platinum by Cartier Platinum and diamond earrings Tina Fey in Platinum by Fred Leighton 1930's platinum and diamond clip earrings Antique platinum ring with cushion cut diamonds and onyx (9 carats) Ellie Kemper in Platinum by Neil Lane Platinum and diamond earrings
Jessica Lange in Platinum by Harry Winston Platinum and cushion-cut diamond earrings with micropave (5.12 carats each) Platinum and diamond rings Zosia Mamet in Platinum by Harry Winston Platinum and round brilliant diamond ear studs Platinum and diamond necklace Platinum and diamond ring Colin Firth in Platinum by Neil Lane Platinum and pearl shirt stud set John Krasinski in Platinum by Neil Lane Platinum and diamond cufflinks
3 platinum and diamond bracelets
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Diamond Will Dignify Devotion: SRK Honored His Holiness The 14th Dalai Lama with Santokbaa Award.
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RK Welcomed New Year with His Holiness theDalai Lama, who visited SRK Empire. The Messenger of Peace & Kindness headed to SRK Surat Based Manufacturing Facility on 1-1-2015. It was for the first time that Global Icon & Spiritual Leader Toured Diamond City, Surat.
SRK Foundation established by Mr. Govind Dholakia (Founder & Chairman SRK), felicitatedHis HolinessThe 14thDalai Lama, Tenzin Gyatsowith Santokbaa AwardOn 2-January -2014. His Holiness theDalai Lama (Noble Prize Winner 1989) wasconferred with the Honour for his Efforts to Make World a Peaceful Place & restlessly spreading only one religion, which is religion of Kindness.
Lighting of the lamp at the 7th Santokbaa Award L-R Govind Dholakia, His Holiness The Dalai Lama, His Excellence Gujarat Governor OP Kohli
His Holiness The Dalai Lama being presented with the 7th Santokbaa Award trophy by Gujarat Governor OP Kohki and Shri Govind Dholakia
The Santokbaa Award was conferred to His Holiness the Dalai Lama by the hands of O P Kohli – Governor of Gujarat State.SRK Foundation Handed over Cheque Worth Rs 2500000 and a Diamond Studded Trophy to His Holiness. Santokbaa Awardis given to luminary Personalities who has served Society with Compassion, Truth, Dedication & Selflessness & Whose efforts have brought Smile on other's face. The Award is in Memory of SRK Founder Mr. Govind Dholakia's Late Mother “Santokbaa” In Past Santokbaa Award has been conferred to Personalities like Dr. Sam Pitroda (Father of Indian Telecom Revolution), Dr. Verghese Kurian (AMUL Founder & Father of White Revolution in India), Dr. HL Trivedi (Globally Renowned Kidney Transplant Surgeon), Professor M.S. Swaminathan (Father of Green Revolution in India), Shri Narayan Desai (Renowned Gandhian and Humanitarian)&Smt. Poornimaben Pakvasa (Freedom Fighter and Woman Empowerer). These Personalities Uplifted the Standards of Humanity & Worked Selflessly for the Betterment of Society. His Holiness, During His Two And A Half day Tour to Surat also interacted with Students and Fellow Tibetans at Seminar organized by SRK Foundation. He also spoke on 'Ethics in Business in Current Century' at a session, with prominent business personalities across the country. n
34 | Mines to Market | Nov-Dec’ 2014
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DUBAI SECTION
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DUBAI DIAMOND EXCHANGE (DDE) SUPPORTS DE BEERS DIAMOND FINANCING SEMINAR De Beers Bankers Executive Briefing on diamond financing hosted at Almas Tower
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he Dubai Diamond Exchange (DDE), a DMCC platform, played host to the De Beers Bankers Executive Briefing with over 60 delegates representing leading UAE based banks and financial institutions. The seminar aimed to raise awareness of diamond financing and how Dubai and its banks and financial institutions can further support the diamond trade. The Executive Briefing was led by Howard Davies, Head of Commercial Development for De Beers, who noted: “The demand for diamonds will continue to grow in real value terms driven by the effect of the US economic recovery and the continued growth of emerging markets, in particular China. In addition, the digital space is increasingly becoming an essential channel for both research and sales of diamond jewellery to consumers. Dubai has already cemented its position as a leading global diamond hub at the centre of the trade and as a high end jewellery consumer market – now is the time for banks and financial institutions to further invest in the appropriate financing structures that will enable further growth”.
“It is a combination of the global shift in the flow of diamonds and Dubai's foresight to build the infrastructure and the business friendly environment needed for the diamond industry to succeed, that has led to the thriving global marketplace we see in Dubai today. “With the recent shifts in the set of key players that have traditionally financed the diamond industry, we see an opportunity for local and regional banks and financial institutions to provide liquidity to this industry. We therefore very much welcome that De Beers are providing guidance to local and regional institutions. Financing to the industry needs to evolve towards more transparent and securitised methods of financing”, said Franco Bosoni, Director – Commodity Services, DMCC.
“Today marked an important milestone for the diamond industry in Dubai as it brought global industry leaders and the financial institutions of the future together to address requirements for
Dubai Diamond Exchange (DDE) is a DMCC platform and a leading diamond centre based in Almas Tower. From buyers to sellers to service providers - everything the industry require in terms of infrastructure and a marketplace is available under one roof in a secure environment at Almas Tower including: DDE, vaulting, boiling, polishing, certification, transport and logistics services and the Kimberley Process Certification Scheme. n
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funding but also to highlight how traders and financiers can further collaborate to ensure continuous growth”, Sonu Parikh, CEO, Diarough, added. The DDE, by providing the diamond industry with world-class infrastructure, products and services required to trade with confidence, has quickly emerged as a key hub for the diamond industry globally.
Mines to Market | Nov-Dec’ 2014 | 35
DUBAI SECTION
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SHANGHAI WELCOMES DUBAI AND DMCC TO 2014 CHINA GOLD AND PRECIOUS METALS SUMMIT -Dubai's 'Connecting Global Trade and Enterprise' themed Pavilion attracts hundreds of visitors
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MCC, one of the world's leading commodity hubs for trade and enterprise and the largest and fastest growing Free Zone in the UAE, attended the 9th annual China Gold and Precious Metals Summit with a Dubai trade delegation. Franco Bosoni, Director, Commodity Services, DMCC said: “DMCC recognises the major role that China plays in the UAE and global bullion trade. Attending the China Gold and Precious Metals Summit was certainly the next natural step as it enables us to discuss best practices and explore new avenues where Dubai's bullion sector in particular can further complement the development of this evolving market. “The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is the Dubai Government Authority committed to developing these ideal conditions for trade and enterprise; we look forward to further developing our bilateral trade relations with Shanghai and mainland China to encourage future growth.” The Dubai delegation included representatives from DMCC, Al Etihad Gold, Brinks, Gulf Gold Refinery, Panis and Shah Associates DMCC and Kaloti Jewellery International who all came together to showcase the scope and breadth of Dubai's bullion market and its ability to facilitate international trade through its 'Dubai Pavilion' at the China Gold and Precious Metals Summit in Shanghai with the 'Connecting global trade and enterprise' theme. David Huang, General Manager, IGVISION, conference organiser added: “We are pleased to welcome DMCC to Shanghai as a China Gold and Precious Metals Summit sponsor and strategic
36 | Mines to Market | Nov-Dec’ 2014
Franco Bosoni, Director, Commodity Services, DMCC, attends the 9th annual China Gold and Precious Metals Summit in Shanghai 3-4 December with Dubai trade delegation. Dubai's 'Connecting Global Trade and Enterprise' themed Pavilion attracted hundreds of visitors.
partner as they play a key role in leading the gold and precious metals eco-system for trade in the UAE and Middle East. “For the first time, the summit features a 'Dubai Pavilion”, a hall showcasing several Dubai organisations and how their products and services benefit the gold and precious metals trading community in particular. The Pavilion has attracted a lot of interest and we look forward to this initiative growing in the years to come as industry participants from around the globe learn more about the trade platforms and facilities available in Dubai and investigate potential opportunities for growth and investment.” DMCC has a strong track record in trade facilitation and development and delivery of world-class products, services, infrastructure and standards to support and grow commodities trade. As a result industry participants benefit from market infrastructure and physical facilities such as a thriving Free Zone, gold and diamond vaults, refineries and secure transport; trading platforms like the Dubai Gold & Commodities Exchange, Dubai Diamond Exchange, the Dubai Pearl Exchange and DMCC Tradeflow, the dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities; the DMCC Tea Centre, standards such as the Dubai Good Delivery standard for gold and a range of commodities backed financial investment tools. www.dmcc.ae n visit us at : www.minestomarket.net
EDGE-UP-INDUSTRY
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Jewellers demand Narendra Modi Government to cut import duty on gold I
ndia's 2014 gold imports are estimated to have dropped 13% from last year despite a surge in November, data that jewellers hope would encourage the government to consider a cut in the metal's import duty. Gold attracts 10% import duty in India where most of the demand is met through imports. The duty has been kept high to discourage its imports, one of the top contributors to the nation's currentaccount deficit. Industry executives expect the fall in imports to help reduce the blame on gold for widening the deficit. "Imports in 2014 will not be more than 650 tonnes, which is much less than 750 tonnes that we imported last year," Bachhraj Bamalwa, director of the All India Gem & Jewellery Trade Federation, told ET. "This will give a big relief to the government on the CAD front. We now want the government to reduce the import duty on gold to the earlier level of 2%." The government had increased the duty to 10% in installments, from 2% in early 2012. Gold imports surged 38% from the previous month to 151.58 tonnes in November, as trading houses brought in huge volumes in anticipation that the government would tighten import rules after the current-account gap widened in visit us at : www.minestomarket.net
the July-September period. In the second fiscal quarter, the deficit increased to $10.1 billion, or 2.1% of gross domestic product, from $7.8 billion, or 1.7% of GDP, between April and June. But much to the surprise of the industry, the government removed the 80:20 rule that the industry had blamed for hurting jewellery trade. The rule, introduced in 2013, was also aimed at bringing down inbound shipments and narrow the current-account deficit. Under it, importers had to ensure that 20% of the gold they bring in was exported after adding value, such as by making jewellery with it. Excess imports in November have resulted in a glut in the market as there are no takers of gold now. Premium - extra money buyers need to
pay for quick delivery - has disappeared and importers are being forced to sell gold at a discount. Ketan Shroff, spokesman for the India Bullion & Jewellery Association, said December imports have fallen drastically to 15-20 tonnes. "There is enough gold in the market but the demand is very slow. We can see some demand coming in if prices come down to Rs 25,000-25,500 per 10 gm. That can only happen if import duty comes down and the rupee gets stronger against dollar," Shroff said. At present, gold is trading at Rs 26,800-27,100 per 10 gm. Bamalwa said if import duty is lowered, then the Indian jewellery trade will attract NRI buyers who have now shifted purchases to Dubai and Singapore. "NRI business is a substantially big business for us," he said. According to World Gold Council figures, India's demand for gold in the July-September period rose to 31% in value terms at Rs 56,219.3 crore - jewellery sales rose 51% but demand for gold as investment dropped 16%. Between January and September, demand declined 23% to Rs 155,636.6 crore in value, while volume fell 18% to 619.5 tonnes. Local demand is met through a mix of imported and recycled gold. n Mines to Market | Nov-Dec’ 2014 | 37
INTERVIEW
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What do you think about Forevermark's contribution in India? Forevermark sets an incredibly high benchmark and only less than 1% of the world's diamonds are eligible fulfil this criteria. The Forevermark promise is in fact a measure of its quality, rarity and ethical sourcing. Each diamond is carefully selected by experts that put it through an extensive process before it is chosen to be a Forevermark diamond. Forevermark works with 140 top retailers across India and I am proud to say we have brought in a several levels of modernity in the retail sector as well as focused attention on training and development. Our expertise have ensure that in partnership with the retailers we provide a world class shopping experience for our consumers What are the major key roles for Indian diamond market? In supply and demand chain? And do you think about price hike more & more from supply? The Indian diamond market is the 3rd largest market in the world. The Indian diamond market has traditionally been a supply market. However, there has been a change in that trend as the acceptance of diamonds in consumer consumption is rising.
SEEKING TO BUILD A PARTNERSHIP
: SACHIN JAIN
38 | Mines to Market | Nov-Dec’ 2014
I do not see any drastic price rise in the near future but I do see more respect and focus on creativity and craftsmanship which will benefit retailers. Do you think now Indian market will change in the near future market? Lately Indians have shown appreciation for minimalistic pieces with contemporary designs. Acceptance of diamond jewellery is growing dramatically in India, the diamond share in the jewellery industry has seen a 15 – 20% growth. One of the primary reasons is that consumers are not just looking at buying jewellery for traditional or investment purpose.
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INTERVIEW
Consumers are looking to purchase into something with an emotional connect as well as multiple aesthetic compatibility. We have observed that tastes have been modernised, consumers need for jewellery involves subtle and delicate pieces and hence single solitaire, modern versatile jewellery which has the multi – wearability option which can be worn at different occasions is what they will prefer What are the initiativesyou take for your client for marketing strategy in Indian platform? India needs more aggressive marketing initiatives. We support the brand through advertising, PR, CRM, digital marketing and visual merchandising. We aim at building a powerful marketing collective to excite and reassure people about the joutney of their diamonds and rather than working with it generically. Digital media has boomed and become a very important platform for Forevemark. The in-store spaces has also provided incredible value for our partners. We are looking to maintain the image of the diamond dream and to continue generating excitement amongst consumers for diamonds. Do you have any planning for increase Forevermark Store in India? We have the a unique business model, where we have a partnership between the jewellers, and the diamantaires. At present we are in Ahmedabad, Amritsar, Bengaluru, Bhubaneshwar, Chennai, Cochin, Hyderabad, Jalandhar, Kanpur, Kolkata, Ludhiana, Meerut, Mumbai, New Delhi/ NCR, Panipat, Pune, Vadodara and Vishakhapatnam. Currently, we have a fair representation in all the four zones of India- with 140 leading authorized jewellers across 21 markets. Forevermark has made sure that its growth has been a steady one. We want to be the largest diamond brand in the world. In India our plans are to expand our presence in about 35 cities across India, including Tier 2 and Tier 3 locations and we are working towards it. We see ourselves being present across the entire country in the next 5 years in partnership with leading jewellers. What is your view of synthetic diamonds? Synthetic diamonds are a reality and are here to stay. The industry must be united and have a clear view on synthetics. It is important the use of synthetics in jewellery be declared.Consumers must have access to full disclosure with regard to the details of the jewellery piece they are purchasing. What are the medium and long-term challenges that the jewellery market is facing from the point of view of your company? The lack of trained staff is well-acknowledged challenge facing Indian manufacturers and retailers which requires greater discretion and knowledge on the part of a
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Seeking to build a partnership between leading jewelers, diamantaires and Forevermark based upon our mutual passion for diamonds and our long-term view of our industry salesperson. Investment in training and acquiring soft skills is vital and will definitely ensure the best possible interactivity for the consumer at the point of same. The organized segment of the jewellery industry is very small in number. This provides an excellent opportunity for the Indian players to manufacture and sell their jewellery through the retail channels that are fast catching up in the Indian markets. Further, this move will also provide an organised structure to the largely unorganised gems and jewellery sector and lead to further growth of the sector. Also, there is competition from other industries as trends indicate spending and consumption shifts towards a particular lifestyle. It is imperative that brand strategies be relooked and tailored for the new age where the media consumption has shifted focus to the digital platform. We must work towards providing our consumers world class facilities and services in our efforts to get them to showcasing the best retail experience. What kind of retailers have been you pitching the range to so far? As I have always said, for us it's importantthat our partners, who are leaders in the jewellery retail space, also meet our stringent requirements of business, social and environmental integrity. It's critical that our partners share the same passion for diamonds and a long term perspective to the industry as us. Just like we take meticulous care while selecting a Forevermark diamond we also devote a lot of time and effort while choosing the jewelers we want to partner with. Forevermark diamonds are only available with a few exclusive Authorised Forevermark Jewellers who are passionate about creating the finest designs inspired by these exceptional diamonds, who have a history of integrity and trust, who are focused on diamonds and have the quality environments and skilled sales associates necessary to sell diamonds with the Forevermark. We are seeking to build a partnership between leading jewelers, diamantaires and Forevermark based upon our mutual passion for diamonds and our long-term view of our industry. n
Mines to Market | Nov-Dec’ 2014 | 39
WEDDING SEASON
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PLATINUM BLESSINGS FOR INDIA THIS WEDDING SEASON EVARA Platinum Blessings for the modern Bride and Groom unveiled in Mumbai The Platinum Evara campaign stars, Amrita Puri and Smaran Sahu showcase the Elegant Range of Jewellery
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latinum Guild International (India) today introduced EVARA Platinum Blessings the much awaited foray of platinum in the bridal jewellery segment in the style capital of India Mumbai. Introduced with an exquisite range of jewellery for men and women, EVARA Platinum Blessings taps into the massive growth potential of the bridal jewellery market to offer an opportunity for dual gifting for the modern bride and the groom from the parents, in-laws or from the elders in the family, who wish to bless the couple.
Michael Foley, Jewellery & Product Designer, Foley Designs at the launch of EVARA Platinum Blessings for the modern Bride and Groom in Mumbai
Showcasing the Platinum Evara range of jewellery in all its splendour, were the stars of the EVARA Platinum Blessings campaign; actress Amrita Puri and fashion model SmaranSahu. At the launch, Vaishali Banerjee, Country Manager India, Platinum Guild International and Michael Foley, Jewellery & Product Designer, Foley Designs elaborated on the concept and the emotion behind EVARA Platinum Blessings. Built on platinum heritage and infused with cultural relevance integral to Indian weddings the name EVARA is rooted in Sanskrit and stands for blessings and carries with it the platinum promise of
The Platinum Evara campaign stars, Amrita Puri and Smaran Sahu showcase the elegant range of jewellery.
everlasting love. Love is at the heart of every Platinum Evara design as each piece has a 'Platinum Bond' that holds multiple strands of platinum together, symbolic of a coming together to create a beautiful new relationship.
The Platinum Evara campaign stars, Amrita Puri and Smaran Sahu showcase the elegant range of jewellery
40 | Mines to Market | Nov-Dec’ 2014
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WEDDING SEASON
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Vaishali Banerjee, Country Manager India, Platinum Guild International said, “We have seen phenomenal success of the platinum programmes till date and how well it has resonated with young India, making platinum a must-have in their wardrobe. So we step forward and embark on a new journey to create and build another platinum milestone with EVARA Platinum Blessings, a blessing of everlasting love from the parents to the bridal couple at the wedding.” She further added, “Platinum bridal is not about traditional wedding day jewellery. Platinum is about emotions and expressions of love and it was very important to stay true to platinum and form a differentiated position in the bridal jewellery segment, which is highly cluttered and traditional. So in a space that is so social and outward, with emphasis on display of wealth and status, platinum had to define a place that is personal, special and emotional. Hence the creation of EVARA Platinum Blessings, a space unique to platinum and most definitely in the wedding domain. And because blessings are always everlasting and all about love.” Michael Foley, Jewellery & Product Designer, Foley Designs said, “Platinum Evara brings a contemporary expression to ornamentation with a sense of sophistication. The first challenge of taking platinum into bridal wear was to filter several design directions to create a universal concept that stays unique to platinum and its core essence. The journey began with building design concepts depicting the symbolic essence of everlasting bonds. The platinum bond, a soft contoured design form, did seem to converge from a series of evolutionary refinements, making it versatile to women's and men's jewellery. The intent of every piece in Evara is to symbolically create a bond representing the convergence of two families and subsequently building new relationships. The strands are versatile elements that could take any form such as ropes, links, chains all depicting the confluence of families.” Speaking on Evara, Actress Amrita Puri said, “I think Platinum Evara is a great way for parents to bless a newly married couple with everlasting love. I love this Platinum Bond, as it signifies the coming together of 2 families. What I like about visit us at : www.minestomarket.net
I think Platinum Evara is a great way for parents to bless a newly married couple with everlasting love. I love this Platinum Bond, as it signifies the coming together of 2 families. What I like about the Platinum EVARA is that it has been designed for me. It can be worn beyond just the wedding occasions. the Platinum EVARA is that it has been designed for me. It can be worn beyond just the wedding occasions. I can team it up with almost anything in my wardrobe be it Indian, Western or Formal. But what is even more special is that every time I would wear this, I would be carrying with me my parents love and blessings. I think I would be very touched if my parents gifted me Platinum EVARA when I decide to get married.” Smaran Sahu from the Platinum EVARA campaign added, “The blessings of parents are very significant during any marriage and I think Platinum EVARA is a modern way for parents to express this thought. Personally I don't wear a lot of jewellery, but when I saw EVARA, I immediately took to the designs. It's minimal, elegant and my personal favourite is the Platinum EVARA Chain it's very versatile and something I could wear every day.” Platinum Evara jewellery has been designed keeping in mind that it can be worn beyond just the wedding occasions. So post marriage, right from a promotion or a new venture to a baby shower or an anniversary and so on, key milestones are designed with blessings and made of precious platinum. The concept of Platinum Evara will be promoted through a robust 360-degree campaign to inspire
About Platinum Guild International: Founded in the year 1975, Platinum Guild International (PGI) isdedicated to promoting platinum jewellery to the consumers and the jewellery trade worldwide. Headquartered in London, PGI has been providing support to the world's major jewellery markets for over 35 years. The India office was set up in September 2000 and runs a comprehensive marketing programme to build desire for platinum jewellery. Also provides platinum Retail Sales Training and conducts a unique Quality Assurance programme to ensure quality and purity of platinum jewellery amongst consumers and trade.
an emotional connect for platinum wedding jewellery. This will be supported by a strong trade programme that will deliver a superior consumer experience in-store with dedicated branded Platinum Evara zones. Availability: Leading platinum authorised retailers across India such as ORRA, WamanHariPethe, Popley Jewellers, Chintamani, Manubhai, Joyalukkas, Malabar Gold & Diamonds,Senco Gold & Diamonds amongst others. In order to assure consumers of the purity of platinum jewellery, Platinum Guild India Pvt. Ltd. has appointed Underwriters Laboratories (UL Inc, USA) to audit and monitor its Quality Assurance Scheme. Under this scheme, all authentic platinum jewellery in India comes with a Quality Assurance Card and bears the purity hallmark of “Pt 950” stamped inside the piece. This also serves as an assurance of a ‘buy back’ programme. n
Look for the Pt 950 engraving as a hallmark of purity on every platinum jewellery Mines to Market | Nov-Dec’ 2014 | 41
INDUSTRY REPORT
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Govt to introduce alfa-numeric code for Jewellery soon
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he central government is “actively considering” introduction of a nine-digit alphanumeric identity code for every jewelleryitem manufactured in India, to fix purity and traceability. The code is proposed to be encrypted on every ornament. The major aim is to protect consumers from being duped, through tracing of the origin, certifying and assaying of ornaments. At present, some organised retailers sell ornaments with the Bureau of Indian Standard (BIS) hallmark, at a premium to local jewellers. Mandating an alphanumeric code is an attempt to fix a uniform standard for ornaments and make these resaleable at a uniform price. Currently, prices vary from one jeweller to another and so do ornaments' resale value. Raosaheb Patil Danve, the Union minister of state for consumer affairs, said in the Lok Sabha on Tuesday, “The government is actively considering a proposal under which all hallmarking and assaying centres will assign a unique nine-character code to jewellery, for purity and traceability.” BIS has issued around 14,000 licences to assayers and certification agencies since jewellery hallmarking was sought to be made mandatory in 2000. The agency has achieved around 30 per cent of hallmarking of ornaments made in India.
Implementation is next to impossible. There are over one million jewellery retailers. The outcome of the government's efforts will have no outcome. Rajesh Mehta Rajesh Exports
The government does not have adequate infrastructure. In remote places, the assaying and certifying centres exist at a distance of over 100 km. Transporting all jewellery to the assaying centre will not only be difficult but risky. Who will be accountable for any theft or any such incidence? The government should continue with the existing system until there is adequate infrastructure
42 | Mines to Market | Nov-Dec’ 2014
Haresh Soni chairman, All India Gems & Jewellery Trade Federation
“There have been numerous complaints filed with the government on cheating by jewellers, with a claim of higher caratage of gold in ornaments. In consumers' re-selling, the same jewellery is authenticated to be of lower caratage and, therefore, a cut in its value. Also, there has been fake hallmarking,” said a noted jeweller. According to trade sources, the proposal came from the ministry of consumer affairs itself. However, the jewellery industry has protested. “Implementation is next to impossible. There are over one million jewellery retailers. The outcome of the government's efforts will have no outcome,” said Rajesh Mehta, managing director of Rajesh Exports, which owns around 60 retail jewellery stores. According to industry sources, the hallmarking of a renowned jeweller is duplicated by smaller ones to fetch the premium the former enjoys. The government wants to do away with duplication. “The government does not have adequate infrastructure. In remote places, the assaying and certifying centres exist at a distance of over 100 km. Transporting all jewellery to the assaying centre will not only be difficult but risky. Who will be accountable for any theft or any such incidence? The government should continue with the existing system until there is adequate infrastructure,” said Haresh Soni, chairman, All India Gems and Jewellery Trade Federation. n
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SHORT NEWS
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Kiran Gems signs Long Term Supply contract with ALROSA at WDC. Alrosa Inks Agreement with 12 Indian Companies for Direct Rough Supply
WDMF’s Chairman Mr. Alex Popov (Left) with Mr. Mavji Patel, Kiran Gems Managing Director & Mr. Dinesh Lakhani, Kiran Gems Director
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iran Gems, the world's largest manufacturer of diamonds, has renewed its contract with Russian miner ALROSA, signing the long term supply agreement at the recently concluded World Diamond Conference held in Delhi. Pegged as a highly momentous and magnanimous conclave in the diamond industry worldwide, H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India, attended the inaugural function on December 11, 2014. MrMavji Patel- MD Kiran Gems and Mr Dinesh LakhaniDirector Kiran Gems were present for the event. Mr. Dinesh Lakhani said- “ We are happy to renew the contract with ALROSA. Being a manufacturer of the largest volume, Consistent and Ethical sourcing is core to us and ALROSA is a great sourcing partner.”
Kiran Gems manufactured 5.3 million carats of rough in the past year which was sourced from various major miners of the world including ALROSA. The company has increased its manufacturing levels in the current FY Kiran Gems manufactured 5.3 million carats of based on demands rough in the past year which was sourced from from its customers. various major miners of the world including Kiran Gems is also ALROSA. The company has increased its the single largest user manufacturing levels in the current FY based on of advanced demands from its customers. Kiran Gems is also the manufacturing single largest user of advanced manufacturing equipment across its equipment across its all manufacturing units, spread all manufacturing over 1 million sqft in Surat and Ahmedabad. The units, spread over 1 renewed contract with increased supply levels from million sqft in Surat ALROSA would further streamline its sourcing. n and Ahmedabad.
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t t h e Wo r l d D i a m o n d Conference India today, Russia's Alrosa finalised three year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Illya Raschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. The 12 companies selected as clienta of the Russian miner are: Rosy Blue, Diamond india Ltd, Jasani, Kiran Gems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star. During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three year period will reach US$ 2.1 billion. This represents a massive fivefold hike in the current direct supplies of rough from Alrosa to india and will provide a huge boost to the Indian manufacturers. n
About Kiran Gems: Kiran Gems is the world's largest manufacturer of diamonds. The company exports polished diamonds & diamond jewellery to more than 60 countries across USA, Europe, Middle East, Latin America and Asia Pacific. Currently, it is the number one exporter of Cut & Polished Diamonds in the country and has been awarded for the sixth year in row for same by Gems and Jewellery Export Promotion Council of India. One can find out more about the company from its corporate website www.kirangems.com. n visit us at : www.minestomarket.net
Mines to Market | Nov-Dec’ 2014 | 43
SHORT NEWS
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Kiran Gems Participates in Swachh Bharat Abhiyan through conducting Cleaning drive at Juhu beach in Mumbai.
L to R-Mr Rajesh Lakhani Director Kiran Gems, Mr Vallabhbhai Patel Chairman Kiran Gems, Mr Dinesh Lakhani Director Kiran Gems, Mr Mavji Patel MD Kiran Gems Honoring Best Team
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iran Gems, the world's largest manufacturer of diamonds, successfully conducted participated in the national initiative Swachh Bharat Abhiyan, through conducting cleanliness drive at Juhu beach in Mumbai on 20/12/2014. The company participated with over 900 employees including the Group chairman shreeVallabhbhai Patel, Managing Director Shree Machine Patel, Directors Shree Dinesh Lakhani, Shree Rajesh Lakhani and and Varun Lakhani with additional over 90 industry patrons who supported the cause from outside. The event was scheduled from 8:15 am till 11:00 am in the morning. The company conducted the cleaning activity in an organised fashion with 47 employees groups covering the whole stretch of the beach. The groups were prided with safety gears and other cleaning equipment. Post the event 6 best performing groups were given out trophies for the group performance. Besides, there were 20 individual performances were also recognised. To give away the prizes and motivate, Mr. Ashish Shelar MLA from BandraVidhan Sabha and President Mumbai, from the ruling political party with government at the center, BJP and Ms. AlkaKerkar Mayor of Mumbai were present as the chief guest of the events. 44 | Mines to Market | Nov-Dec’ 2014
Mr Mavji Patel The chief guest Mr. Ashish Shelar said MD- Kiran Gems Pvt Ltd "this was wonderful that a private company like Kiran Gems is coming This is our country and we forward and taking part in the initiative should care for it. with such huge numbers of employees Through this we have and it is commendable." Mr Mavji Patel, learnt two things- 1. we MD- Kiran Gems Pvt Ltd said " This is should practice cleanliness our country and we should care for it. and 2. we should not Through this we have learnt two things- 1. litter. I appreciate every we should practice cleanliness and 2. we employees' effort today should not litter. I appreciate every and congratulate them for employees' effort today and congratulate such a great them for such a great accomplishment.� n
accomplishment.
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SHORT NEWS
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GJEPC Looking To Boost Indo-Russia Ties In the Diamond Sector
Consumer Marketing Of Diamonds to Be High On World Diamond Conference Agenda
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he challenge of enhancing the appeal of diamonds among consumers will be one of the key points on the agenda of the World Diamond Congress, India which will take place in New Delhi on December 11-12, 2014. Senior representatves of different stakeholders in the diamond pipeline – miners, manufacturers, retailers – are all expected to address this question from their particular standpoint during the discussions.
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gainst the backdrop of the President of Russia's visit to the country to hold meetings with the Indian Prime Minister, taken along with the fact that President Vladimir Putin will be inaugurating the World Diamond Conference being held in New Delhi, the GJEPC will be working to strengthen its ties with its Russian counterpart and boost trade between the diamond sectors of the two countries. The two countries are complementary in nature and it is only natural that the two should be partners. Russia is the largest volume producer of rough diamonds; India is the biggest cutting and polishing diamonds. In 2013, Russia produced 25 per cent of total rough diamond produced in carat terms, and 26 per cent by value. The India diamond manufacturing centre has a 65 per cent share of the world polished market by value; 85 per cent in terms of caratage and a stupendous 92 per cent in terms of number of pieces. Currently, India imports approximately 90 per cent of its rough diamond requirement from trading centres such as EU, Israel and UAE; and only 10 per cent of its rough purchase comes directly from producing countries like Russia, Australia, Canada and Africa. Russia exports 63 per cent of rough diamonds to the European Union and only 16 per cent to India. Alrosa has 37 long-term customers, and only six of them are from India. In order to improve this position, the GJEPC is hoping to work with the senior representatives from Alrosa, the Russian rough diamond sales company, to work out various ways of increasing trade between the two countries. First on the list is the signing of an MoU between the India and Alrosa in which GJEPC hopes the current number of six (direct clients) increases. On the other hand the GJEPC will also – through the proper channels – work towards a Free Trade Agreement for the diamond sector between the two countries; or at the very least a restructuring of the tax on the Russian import of polished diamonds and jewellery. GJEPC will also familiarise mining companies coming to the Conference about the proposed Special Notified Zone (SNZ). The GJEPC is convinced that such a zone, the first of which the GJEPC would like to put up in the Bharat Diamond Bourse, will greatly facilitate trading and be a boon for all diamond companies in the country. GJEPC hopes that Alrosa will be a regular participant in sales at the SNZs. The Conference is being organised by The Gem & Jewellery Export Promotion Council (GJEPC) in association with the World Diamond Mark Foundation (WDMF) and with the support from the Ministry of Commerce and Industry, Government of India. n visit us at : www.minestomarket.net
The conference is being organised by The Gem & Jewellery Export Promotion Council and World Diamond Mark Foundation and is supported by the Government of India. “There is a need for generic promotion of diamonds,” says Sanjay Kothari, Convener, PMBD, GJEPC and one of the organisers, “and though attempts were made in the past to forge a common platform for this purpose, they could not be sustained.”
Sanjay Kothari, Convener, PMBD, GJEPC
The WDMF is an initiative of the World Federation of Diamond Bourses (WFDB) to promote diamonds and we hope that the miners and retailers join hands with the manufacturers to step up promotions like this.
He further added, “The WDMF is an initiative of the World Federation of Diamond Bourses (WFDB) to promote diamonds and we hope that the miners and retailers join hands with the manufacturers to step up promotions like this.” In fact, the dicussions on the first day are entirely devoted to addressing the future place of diamonds in the luxury product market. The session in which minsiters from mining countries and the top leadership of mining companies are participating is focused on the theme 'Marketing of Diamonds as a Category – A Miner's Perspective', and is likely to see what the organisers have described as a “frank and spirited debate” and “a truly open discussion about the path the diamond and diamond jewellery industry will need to follow toward new growth and rejuvenation”. The panel discussion immediately after the presentations will be chaired by Chaim Evan-Zohar. Subsequent sessions will see a panel of retailers from the US, China, India and the Middle East and WDMF chairman, Alex Popov tunring their attention to discussing 'Excellence in Retail” and “Diamonds as a Luxury Product”. “We are hopeful that the conference will help in developing a common perspective across the pipeline and bring greater agreement among all the different stakeholders on what needs to be done to enhance the appeal of diamonds in the minds of consumers across the world,” concludes Kothari. n Mines to Market | Nov-Dec’ 2014 | 45
SHORT NEWS
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GOLD JEWELLERY export biz to return to
SEZS
DTA exports went up by 114 per cent while SEZ exports declined by 16 per cent.
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“As per the 80/20 rule, 80 per cent of the gold imported can be used for domestic consumption provided 20 per cent is exported as jewellery. This saw more gold being imported and then exported from the DTA units. Most of the exporting companies have units both in the DTA and SEZs and part of their business have been shifting from SEZ to DTA units.
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s the government has scrapped the 80/20 rule for gold imports, part of the gold jewellery export business that had moved to domestic tariff area (DTA) in the past few months is expected to return to special economic zones (SEZ). Despite a 30 per cent growth till November, gold jewellery exports may remain flat by the end of the fiscal. Historically, DTA accounts for almost 40 per cent of the gold jewellery exports while SEZs make for a higher portion of 60 per cent. However, since the 80/20 rule was imposed for gold imports, the export business was seen shifting more to DTA units. In the past three months, the DTA share of exports has moved up to 70 per cent. As per the export figures published by Gem and Jewellery Export Promotion Council, gold jewellery exports from DTA shot up by 135 per cent to Rs 16,231 crore between April and September 2014 against Rs 6,893 crore in the same period last year. During the same time, exports from SEZs have gone down by 22 per cent to Rs 13,654 crore from Rs 16,290 crore in the year ago period. Between April-November,
“As per the 80/20 rule, 80 per cent of the gold imported can be used for domestic consumption provided 20 per cent is exported as jewellery. This saw more gold being imported and then exported from the DTA units. Most of the exporting companies have units both in the DTA and SEZs and part of their business have been shifting from SEZ to DTA units,' said Sabyasachi Ray, executive director of GJEPC. In the past three months when the availability issues of gold were resolved after import permission was granted to premier trading houses and few more banks, gold jewellery exports were seen growing. Between April and November 2014, it went up by 30 per cent against the year-ago period. “The 80/20 rule was an incentive for the industry to export so as to procure gold for the domestic market,” he said. Jewellery exports for trading purposes, which is banned through SEZs, also has been taking place through DTAs to meet the export requirement as per the 80/20 rule. However, now that government has scrapped the 80/20 rule, the industry expects the business to come back to SEZs. However, the growth in gold jewellery exports may not be as high as what it has been in the past three months. n
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SHORT NEWS
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UK man finds ‘Space Diamond' worth 12,000 pounds
BVC Brinks JV acquires a majority market share of Indian Exports of Diamond and jewellery The successful joint venture achieves control of 50% of industry
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UK man who was out walking his dogs has chanced upon a diamond worth 12,000 pounds which was shot into space more than four months ago but went missing after parachuting down to Earth. Allan Bell, 75, was out walking his dogs, Rosie and Dylan, along a country path in the village of Brattleby in Lincolnshire, England, when Rosie 'got scent of something' and shot under a hedge. Bell, a retired lorry driver, said Rosie was 'scrabbling about' for 10 minutes before dragging a package - attached to a limp orange parachute - out of the hedgerow on December 23. The diamond, a 'modified cushion brilliant cut', was shot around 100,000ft in the air in a helium balloon by online diamond retailer 77 Diamonds on August 7, 'mirror.Co.Uk' reported. The plan was for the balloon to pop at the edge of space, where the sky turns dark, sending the sparkler parachuting down to earth, with the lucky finder allowed to keep the diamond worth 12,000 pounds. As the gem parachuted back to earth the GPS signal was momentarily lost and the gem 'vanished'. Bell said he had seen reports on TV about the missing gem and had 'kept his eyes out for it' during his daily dog walks. Bell and his wife called bosses at 77 Diamonds who congratulated them on the find. The couple is planning to sell the diamond and go on a Mediterranean cruise to celebrate their silver wedding anniversary. n
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VC Diamond and Jewellery Services LLP, a joint venture between BVC andBrinksGlobal Serviceshas achieved 50% market share of the Indian export of diamond and jewellery. In FY April '13 to March '14, a report by GJEPC (Gems & Jewellery Export Promotion Council) states that India's gems and jewellery sector recorded a net export of 211743.93 crores (in USD 34993.01 million). The JV, announced in April 2013, was founded with an aim to provide a seamless logistics service for high value goods, throughout India and globally.The JVuses the infrastructure of BVC in India and Brinks Global Services in over 100 countries for door-to-door secure delivery. The JV operates from 8 cities in India directly and indirectly facilities exports and imports from over 30 cities, making it the largest diamond and jewellery supply chain management company in India. BVC fleet of armoured vehicles ensures that goods are delivered securely and BVC Brinks has introduced new services for international e-commerce deliveries since its inception. BVC Brinks management and senior team consists of industry experts who specialize in the high value goods logistics sector. The company has a strong focus towards finding effective scalable solutions for the industry and is devoted to developing value for stakeholders. Mr. Uday Chinai, Chairman and CEO, BVC Diamond and Jewellery Services LLP says, "With the inception of BVC Brinks JV, we wanted to do our best to provide optimum and secure logistics solutions in the high value goods industry. This market leadership of logistics of the Indian export of diamond and jewellery proves that this has been a fruitful alliance. The joint venture has facilitated several value added services for clients and the efforts have been appreciated by the industry. It has helped us in developing new markets globally. The joint venture has and will continue to be promising for all stakeholders.� n
Mr. Uday Chinai Chairman and CEO, BVC Diamond & Jewellery Services LLP
With the inception of BVC Brinks JV, we wanted to do our best to provide optimum and secure logistics solutions in the high value goods industry. This market leadership of logistics of the Indian export of diamond and jewellery proves that this has been a fruitful alliance. The joint venture has facilitated several value added services for clients and the efforts have been appreciated by the industry. It has helped us in developing new markets globally. The joint venture has and will continue to be promising for all stakeholders.
Mines to Market | Nov-Dec’ 2014 | 47
SHORT NEWS
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Gemfields completes acquisition of Mozambique's ruby licences
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emfields has completed the acquisition of controlling interests in two additional ruby deposits in Mozambique, just over two years after it first announced its interest in the licences. The licences were formally issued on 22 September 2014 and 12 November 2014 respectively to a new company, Megaruma Mining, in which Gemfields was a 75 percent shareholder. They are valid for an initial period of 25 years. "We are delighted to announce the completion of this transaction, which encapsulates our great confidence in future global demand for Mozambican rubies, just as our stellar Singapore auction results did last week, and our belief in the significance of the ruby deposits in this area,” said Gemfields chief executive Ian Harebottle. “We look forward to working with all our stakeholders in Mozambique in creating the world's pre-eminent ruby supply source." The two licences share a boundary with Gemfields' existing 75 percent owned Montepuez ruby deposit and cover about 19,000 hectares and 15,000 hectares respectively. n
SRK Cricket League Celebrates 11th Championship
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he “SRK Cricket League,” organized by SRK Exports, is part of the “Family Member Recreation Activity” program each year and from December 19 to 21, SRK earned its 11th championship (Mumbai Champs). This year, our team representing the Mumbai office took home the title. The tournament was organized at the SRK Sports Complex with eight teams taking part. Each team was representing by one department. The cheerful environment with an audience of more than 7,000 on the field was something that makes one feel the experience of an international match. The game involves technicality, fun, excitement and facilities -like that of international matches -- having live streaming over Internet, a live score board and followed by formal award presentation ceremony and many prizes for family members. “The key component of team formation was that each team had one partner as an ICON player for better coordination and better attachment with top management to induce a sharing culture. It brought all of us together and our families, too. The SRK Cricket League also aims to make families fitter for tomorrow and live healthy lives,” said Jayanti Narola, the managing director of SRK. n 48 | Mines to Market | Nov-Dec’ 2014
Surat may have new diamond bourse in 4 years
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ajor diamond industry players in Surat plan to accelerate the Surat Diamond Bourse project by additional financing so that the bourse could start operations in four years. Diamond companies are going to submit a formal expression of interest to the Gujarat government regarding the proposed investment. The Surat Diamond Bourse intends to invite buyers from across the globe to visit the city for business on a single paltform. The proposed hub will have 22 interconnected buildings of more than 20 floors and house more than 10,000 offices. Gujarat Infrastructure Development Board will launch a special purpose vehicle for this three-phased project in which Surat Diamond Bourse is the anchor company. n visit us at : www.minestomarket.net
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SHORT NEWS
SRK Signs Supply Contract With ALROSA
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RK truly understands the mindset and concerns when purchasing diamonds and it is fortune that the company's customers share these issues when dealing in diamonds, said in the press release received by Rough & Polished. It is obvious that a lot of questions arise when one invests in such luxurious and precious things as diamonds, for example, what kind of rough stone was used, what is its origin, was it ethically sourced, the reliability of the brand etc. To further help answer these questions, SRK recently signed three-year term contract for direct rough supplies from Russia's ALROSA. The agreement was signed at The World Diamond Conference in Delhi and will run from 2015 to 2018. The contract was signed between ALROSA's acting
president, Illya Raschin, and SRK's managing director, Jayanti Narola, and Rahul Dholakia. The World Diamond Conference - an event that was jointly addressed by Russia's President Vladimir Putin and India's Prime Minister Narendra Modi - was organized by The World Diamond Mark (WDM) and The Gem & Jewellery Export Promotion Council (GJEPC) and supported by India's Ministry of Commerce and Industry. SRK felt that its members should be aware of this development. n
Zimbabwe Diamond Centre signs deal with Indian technology firm
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he Zimbabwe Diamond Technology Centre last week signed a multi-million dollar deal with an Indian firm Sahajanand Laser Technology Ltd., under which it will receive state-ofthe-art diamond cutting and polishing equipment, reports The Herald. Chairman of the Zimbabwe Diamond Technology Centre Mr. Lovemore Kurotwi, yesterday said the deal was consistent with speed modernization of the country's local diamond polishing industry. He described the equipment, which is expected in the country before the end of next month, as total solution to diamond cutting and polishing processes. "Cutting and polishing of diamond is now scientific and the equipment that we are getting from India is a total solution to polishing of our diamonds," said Mr. Kurotwi. "The new equipment will enable us to cut and polish all diamonds mined in this country before marketing." Mr Kurotwi said Sahajanand Laser Technology was supplying most countries in the world with diamond equipment. Meanwhile, the Zimbabwe Diamond Technology Centre was invited by the Southern Gujarat Chamber of Commerce and Industry in India from January 3-6. Mr Kurotwi said this would be an opportunity to tap knowledge on how other countries were marketing polished stones. “For us it is a learning process to see how others are doing in the diamond industry," he said. Zimbabwe Diamond Technology Centre is working with Zimbabwean Government in an effort to create a vibrant diamond industry as local diamonds accounted for an estimated 30 percent of rough gems in the world. n
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Mines to Market | Nov-Dec’ 2014 | 49
SHORT NEWS
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De Beers to service Indian clients through office in Dubai, Antwerp Special Notified Zone insufficient to encourage global diamond miner to open trading office in India
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Currently, small diamond processors travel to Dubai, Belgium and Antwerp for inspection of rough diamond lots and again for participating in auctions.Goods sold in a special notified zone come in the form of consignments. In transporting unsold quantities back to Dubai, Antwerp or London, the value of goods is added to the turnover, on which income tax is levied. Therefore, global rough diamond miners have been apprehensive on opening offices in India.
50 | Mines to Market | Nov-Dec’ 2014
e Beers, the global diamond mining company, says it has no plan to open a trading office in
India. “The auction sales customers in India are serviced out of either Dubai or Antwerp,” said a spokesperson, to a Business Standard query. The Gems and Jewellery Export Promotion Council (GJEPC) had been pressing the central government to declare a large office at the Bharat Diamond Bourse in the Bandra Kurla Complex of this city as a 'Special Notified Zone', to enable global miners such as De Beers to bring rough diamonds tax-free for auctioning in India. Import and export of roughs into such a zone is duty-free. Commerce and industry ministry Nirmala Sitharaman had a discussion in October with the revenue secretary on this. It appears the declaration of such a notified zone at the Bourse is under consideration. Currently, small diamond processors travel to Dubai, Belgium and Antwerp for inspection of rough diamond lots and again for participating in auctions.Goods sold in a special notified zone come in the form of consignments. In transporting unsold quantities back to Dubai, Antwerp or London, the value of goods is added to the turnover, on which income tax is levied. Therefore, global rough diamond
miners have been apprehensive on opening offices in India. “Global miners can take back the unsold quantity without any levy in case a Special Notified Zone is declared by the government,” said Shah. Major global trading centres such as Dubai, Singapore and Belgium have already extended such a facility. De Beers contributes around 25 per cent of India's rough diamond supply. Well over 90 per cent of all rough diamonds mined in the world are processed in this country. Rough diamond import into India was estimated at $11,878 million in April–November, the first seven months of this financial year, compared with $16,716 mn in the corresponding period last year, 8.5 per cent higher. At the recent 'Make in India' meeting of business people and policy makers with Prime Minister Narendra Modi, GJEPC executive director Sabyasachi Ray urged the government to introduce a conducive taxation regime, at par with other global gem and jewellery hubs such as Belgium, Israel, UAE, Thailand and China. The industry has urged the government to introduce a Benign Assessment Procedure for the diamond industry and to reduce the tax rate from the existing six per cent to 2.5 per cent, in addition to a reduction in import duty on cut and polished coloured gemstones from 2.5 per cent to nil. n visit us at : www.minestomarket.net
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DMCC welcomes leading global diamond mining company ALROSA – Arcos East DMCC to Free Zone
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Ahmed Bin Sulayem Executive Chairman, DMCC
The ever increasing number of large corporates and leading market participants such as ALROSA – Arcos East DMCC choosing to operate out of Dubai and the DMCC Free Zone continue to make a significant impact on the rapid growth of the diamond trade in the UAE. visit us at : www.minestomarket.net
MCC, one of the world's leading commodity hubs for trade and enterprise and the largest and fastest growing Free Zone in the UAE, welcomed ALROSA and its subsidiary Arcos East DMCC to Dubai, as the company opened their new office in Almas Tower. A l e x a n d e r E f i m o v, R u s s i a n Ambassador to the UAE, Andrey Polyakov, Vice President, ALROSA and Dmitrii Chizhov, General Director, Arcos East were welcomed by Ahmed Bin Sulayem, Executive Chairman, DMCC; Gautam Sashittal, Chief Executive Officer, DMCC; and Peter Meeus, Chairman of the Dubai Diamond Exchange and other senior DMCC officials. The ALROSA move further highlights the significant role Dubai is serving as one of the world's leading diamond hubs for trade and its connectivity to producing countries in Africa, cutting and polishing markets in Asia and consuming markets in Europe, North America and China.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “The ever increasing number of large corporates and leading market participants such as ALROSA – Arcos East DMCC choosing to operate out of Dubai and the DMCC Free Zone continue to make a significant impact on the rapid growth of the diamond trade in the UAE. “ALROSA is one of the world's leaders in diamond mining accounting for approximately 97 per cent of all Russian production, and we wish their subsidiary Arcos East DMCC every success as they expand and access new markets here in Dubai and beyond.” Andrey Polyakov, Vice President, ALROSA: “ALROSA's decision to operate out of Dubai and in the DMCC Free Zone is another step in a long term expansion plan. “Dubai connects all major diamond production and consumption centres globally. From a logistics perspective the Emirate has unrivalled ability to support the growth ambitions of global traders and its international transport links makes doing business here convenient and efficient. Dubai is no doubt one of the most efficient places for the trade which is one of many reasons why we are opening an office here.” ALROSA, the Russian world leader in diamond mining, joins over 180 Russian companies currently based in the Free Zone, including Smolensk-Kristall - the manufacturers of the prestigious Dubai Cut Diamond and Lukoil - one of the world's largest oil and gas companies. The DMCC Free Zone is home to over 9,700 member companies in total. n
Mines to Market | Nov-Dec’ 2014 | 51
INDUSTRY WATCH
BVC Logistics Wins 'Best Logistics Company' Award At GJTCI Excellence Awards
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De Beers Group CEO Steps Out to Support Forevermark “High Impact" Brand Strategy
L-to-R-Prabhudas Parekh Shilpa - Lifestyle Rajkot, Rajendra Jain - MD SwarovskiGems India, Harsh Arora - National Sales Manager BVC Logistics, Vipul-ShahChairman GJEPC
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fter a glorious 2014 with three awards to its credit, BVC Logistics has started the New Year with yet another feather in its cap. BVC Logistics, the market leader in providing integrated logistics solutions, bagged the 'Best Logistics Company' award at the GJTCI Excellence Awards held in Mumbai. GJTCI (Gem & Jewellery Trade Council of India) organizes the GJTCI Excellence Awards annually with a view to felicitate the stalwarts of the Indian jewellery industry and to recognize their contribution towards the development and growth of the sector. BVC Logistics, established by BVC Ventures, has previously won awards at the 2nd India International Bullion Summit, GJTCI Awards and Franchise Small Business Awards in 2014. The company has a strong team of industry experts and network of agents that work towards developing value for their stakeholders and finding effective and scalable solutions. Along with the gems and jewellery industry, BVC Logistics also specializes in other verticals like luxury goods, automotive, chemicals, and pharmaceuticals. Commenting on the occasion, Mr. Rajesh Neelakanta, Executive Director and CEO, BVC Logistics said, "2014 was a great year for us and we definitely see this continuing in the New Year. We aim to incorporate innovation and excellence in our business, so as to be able to provide seamless service to our customers. It is an honour to have received this award from the GJTCI and this will serve as a token of motivation for us to further better our services". Adding to this he said that the prime focus for BVC Logistics in 2015 would be to make a stronger global impact with its expansion into newer markets. n About BVC Logistics: BVC Logistics is a market leader in providing integrated logistics solutions within express and contract logistics, industrial projects, customs clearance and ocean and air cargo freight management services. Over the past five decades, BVC's network of agents has grown significantly and now offers services to over 100 countries. With a strong team of industry experts who specialize in verticals like luxury goods, gems and jewellery, automotive, chemicals, pharmaceuticals, solar, consumer and oil & gas, BVC Logistics is devoted to developing value for stakeholders and finding effective, scalable solutions. n 52 | Mines to Market | Nov-Dec’ 2014
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hilippe Mellier, Chief Executive, De Beers Group, welcomed Forevermark partners during a private cocktail event in New York addressing the challenges and opportunities facing the diamond industry articulated in the 2014 Diamond Insight Report. The address culminated with attention to the strategic reasons behind the emergence of diamond brands and growth of Forevermark. Mr. Mellier said, “It is undeniable that the consumer landscape in the US is changing...There has been a clear increase in consumer preference for brands and people are also changing how they engage in the retail process”. Mr. Mellier continued by summarizing the benefits of the Forevermark proposition: “It answers the consumer's growing desire for branded products that can be trusted and that can evidence their ethical credentials. It has embraced new ways of selling and of reaching out to engage with younger consumers. It has a high impact marketing approach that operates across a number of channels. And it provides reassurance in terms of grading and quality. And of course while Forevermark responds to the consumer's needs for confidence, trust, quality and excitement, it also responds to the retailer's need for a differentiated and value-adding proposition.” Referring to the inaugural Diamond Insight Report, published by The De Beers Group of Companies in September 2014, Mr. Mellier said that in the US jewelry market diamonds continue to be by far the most coveted of gemstones. He also referenced a recent survey amongst Forevermark retailers in which 74 percent reported their overall diamond jewelry sales were equal to, or greater than, the prior year, with 45 percent reporting increases of five percent or more. In addition, Authorized Forevermark retail doors grew 18% in the last year, demand amounting to over 350,000 inscribed diamonds, a 47% growth over 2013. “In short,” Mr. Mellier concluded, “Forevermark is our way of preparing for the future of diamond jewelry retailing. It is our way of helping to meet the long-term needs of industry stakeholders. It is our way of capturing forever, today.” n visit us at : www.minestomarket.net
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SHORT NEWS
GSI cooperates with WDMF and DGJG at the Dubai Shopping Festival 2015 During the past month, Gemological Science International (GSI), one of the largest independently owned gemological laboratories in the world, has cooperated closely with the World Diamond Mark Foundation (WDMF), and the Dubai Gold and Jewellery Group (DGJG) to promote the Dubai Shopping Festival (DSF). GSI provided diamond grading services for the 35 diamonds that were raffled during the Dubai Shopping Festival. Winners of the daily diamond raffles received their diamonds, in an especially designed box that carried the WDM and the GSI logos, and included the GSI diamond grading report of the diamond. DSF started on January 1st and will concluded on February 1st, 2015. Throughout the festival shoppers could win a one-carat diamond or one kilo of gold in daily raffle draw. To be eligible for the raffle, shoppers needed to purchase diamond and gold jewelry worth AED 500. With their purchase, they then received a coupon to enter the raffle draw.
Celebrating its 20th anniversary in 2015, the Dubai Shopping Festival is the largest shopping and entertainment extravaganza in the Middle East. "GSI is proud to be associated with this endeavor, and we look forward to enhancing our business in Dubai and the UEA!" Gershburg concluded.
"DSF is a perfect platform to reach out to the consumers and GSI was happy to cooperate with WDM and DGJG and to utilize this opportunity to enhance our company's name, products and services amongst the 500 jewelry retail outlets across Dubai which are part of this grand promotion," Mark Gershburg, GSI CEO stated. The diamonds distributed during the raffle draw are all graded by GSI and sponsored by WDMF. Celebrating its 20th anniversary in 2015, the Dubai Shopping Festival is the largest shopping and entertainment extravaganza in the Middle East. "GSI is proud to be associated with this endeavor, and we look forward to enhancing our business in Dubai and the UEA!" Gershburg concluded. WDMF Chairman Alex Popov lauded GSI's joining the diamond promotion and marketing efforts of the WDM. "We welcome GSI as a partner to our consumer-oriented marketing campaigns. GSI is a highly regarded, independent gem lab of impeccable reputation. We look forward to taking this relationship and cooperation further!" Popov concluded. n
Former WFDB Alrosa President Fyodor Andreev Passed Away The World Federation of Diamond Bourses (WFDB) wishes to express its sorrow at the passing away of former Alrosa President Fyodor Andreev on January 30, 2015. "We knew that Mr Andreev had been sick for the past several months and was receiving treatment, but it came as a shock to hear of his death, especially at such an early age. On behalf of the WFDB, I would like to pass on our sincere condolences to Mr Andreev's family."" said WFDB President Ernest Blom. Born in 1966, he served in 2002 as first vice president of Alrosa with responsibility for finance and economics, before returning to the company as its head in 2009. Mr Andreev served as President of Alrosa for five years until resigning in September for medical reasons. It was under the presidency of Mr. Andreev that relations between Alrosa and the WFDB were established, and continue being built upon by both parties. Fyodor Andreev will be missed in the diamond industry but remembered for his contribution and vision in building a stronger global industry. n
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Mines to Market | Nov-Dec’ 2014 | 53
NEW LAUNCH
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A Brand of KGK
Entice comes to the City of Gardens With the Grand Opening of Entice's Boutique in Bengaluru -6/1, Raja Ram Mohan Roy Road, Richmond Circle, Bengaluru –
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ntice, thefinejewellery brand by the century oldKGK group,has inaugurated its boutique in the Garden city- Bengaluru. Renowned Bollywood actress, DiaMirza, inaugurated the boutique, situated in the choicest location of Richmond Circle. This is the fifth boutique from the brand in India after the success of its Delhi, Mumbai (Opera House &Borivali) and Jaipur stores. With this sparkling new addition, the total number of Entice standalone boutiques across the globe has reached 17. On the occasion of this grand inauguration of the boutique, exquisite Daimond and Kundan Polki collectionswere on display. The luxurious double-story boutique is spread over 3000 square feet area and it boasts of a sophisticated and elegant décor. The boutique interiors spell opulence,which makes the visit to the boutique an altogether indulgent experience in itself. The plush interiors compliment the fine range of designer jewellery; in fact, the beauty of every crafted piece is more highlighted in such splendid setting. The design and adornment of the place is done in a manner which makes it modern yet classic while being very spacious. The complete ambiance exudes the passion, which Kothari's have for art and jewellery. Entice is heralding a new era of jewellery design and retail, inspired from our traditional heritage roots, where designs meet the growing demand for international aesthetics and at the same time make a bold statement about India's style leadership on the world stage. Entice prides itself in
Dia Mirza lighting the lamp during Entice Bengaluru store launch
54 | Mines to Market | Nov-Dec’ 2014
L-R Mrs. Manju Kothari, Dia Mirza, Mr. Navrattan Kothari & Mr. Sanjay Kothari at the ribbon cutting ceremony
~ Inauguration by DiaMirza ~ creating irresistible diamond jewellery with unrivaled flexibility that oozes of finesse and fine craftsmanship. Coalescing intricate designs with detailed workmanship, the brand redefines the meaning of lightweight jewellery. Apart from an extensive range of handcrafted diamond jewellery, the boutique boasts of vast new collections of Kundan Polki jewellery. Sculpted out of the most eternal materials on this planetgold, diamonds & coloured gemstones, Entice's new kundan polki collection revives the flavor of true Indian c r a f t s m a n s h i p, c o m p r i s i n g o f a magnificent selection of kundan polki jewels created by the experienced craftsmen at Entice manufacturing units.
The complete ambiance exudes the passion, which Kothari's have for art and jewellery.
The collection embraces the age-old craft of kundan polki jewellery, and styles it to suit the modern lifestyles with neckpieces, a huge range of earrings, cocktail rings, flexible bracelets, bangles and cuffs. With each piece in the collection flaunting intricate meena (enamel) work on the backside, a piece from this collection is a must have in the jewellery trousseau.
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Mr. Sanjay Kothari, Vice Chairman, KGK Group, Dia Mirza & Mrs. Manju Kothari, Creative Director, Entice
“This magnificent boutique is one more step towards a progressive retail market in India for us. Entice, the luxury jewellery brand will always strive to craft the most gorgeous pieces of jewellery, which are a pride to own. Our gemstones and jewellery are of the highest quality standards and the designs are unmatchable, hence, making them all the more desirable.” says Mr. Sanjay Kothari- Vice Chairman, KGK Group.
visit us at : www.minestomarket.net
This magnificent boutique is one more step towards a progressive retail market in India for us. Entice, the luxury jewellery brand will always strive to craft the most gorgeous pieces of jewellery, which are a pride to own. Our gemstones and jewellery are of the highest quality standards and the designs are unmatchable, hence, making them all the more desirable.
Mr. Manju Kothari –Creative Director, Entice adds, “For me, beauty and aesthetics are of core importance, be it the jewellery or the ambiance of the boutique. This is what is reflected in our new boutique where all the jewellery pieces on display have been specially crafted and radiates Entice's signature craftsmanship. I am certain that our patrons will have an incredible time experiencing the finest of jewels in the lap of sheer and pristine luxury, as much as we enjoyed in creating.” n
About Entice Jewellery: Taking the rich Indian jewellery heritage and enhancing it with a contemporary twist, Entice Jewellery offers a classical yet contemporary style; boasting an elegant rich look. 'Entice' was launched by KGK group at the turn of millennium in 2004 in Hong Kong. Following a huge success with boutiques in Hong Kong & China and with an impression that India is now modern by design, KGK launched its first boutique of 'Entice' in Jaipur in 2009. Entice today has 17 standalone boutiques in countries including Hong Kong, China and India (Jaipur, Mumbai & New Delhi). Entice designs meet the mounting demand for an internationally aesthetic look, lending a unique artistic blend to their pieces. Associated by the strength of KGK, Entice aims to create an unparalleled position of credible leadership by providing unmatched customer delight and exceeding customer expectations at every opportunity with its precious gems and jewellery.
About Parent Group KGK: The KGK group, established in 1905 by Kothari family of Jaipur, is a global corporation with fully integrated operations in the Gems & Jewellery industry, with presence across 15 countries. A pioneer in the world of precious stones, KGK Group has been sourcing, manufacturing and distributing diamonds, colored stones and jewellery for decades. Being a De Beerssightholder provides it an easy access to diamonds at most reasonable prices.
Mines to Market | Nov-Dec’ 2014 | 55
NEW LAUNCH
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P.N. Gadgil Jewellers expansions to opening 9 Stores in 9 Months
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ith the overwhelming response and love of the customers of P N Gadgil Jewellers across India and Worldwide, the iconic brand P. N Gadgil Jewellers is all set to expand base with as many as nine stores over the coming nine months across the country as well as the UAE. The upcoming stores seek to mark both the birth centenary as well as first death anniversary of Late. Shri. Dajikaka Gadgil and also paying tribute to his vision that of taking P. N. Gadgil Jewellers tradition of integrity & purity to many gold enthusiast and investors as possible. Mr. Saurabh Gadgil, Managing Director, P.N. Gadgil Jewellers said: “The new stores are a logical milestone in the course of our 183 year old journey which is synonymous with able craftsmanship, purity, happy occasions, endurance and trust. When gold enthusiasts approach P.N Gadgil Jewellers, they come with the confidence that they are receiving value for money in every way. For several families, shopping at PNG is a tradition across generations. We already have a long-standing bond, this just takes it a step further.” He added: “By taking P.N. Gadgil Jewellers to addresses as diverse as Panvel, Panaji, Nanded, Chandrapur, Baramati, Hubli, Indore , Akluj and Dubai, we are simply reaching out to our cherished customers, who know their hard earned savings are safe with us. The P.N. Gadgil Jewellers brand has strong roots, and it’s time to diversify so that the fruits can be share with our valued customers. So, in all by 11th September 2015 you will see P.N. Gadgil Jewellers with 20 + Stores in 4 States and serving more customer” Parag Gadgil, Executive Director, P. N. Gadgil Jewellers said: “ on 10th January 2015 and in the remembrance of Late. Shri. Dajikaka Gadgil the ‘Second Home English Medium School’ located at Dhankawadi, Pune will be renamed to “Shri. Dajikaka Gadgil School” 56 | Mines to Market | Nov-Dec’ 2014
Established in 1832 by Purshottam Narayan Gadgil in Sangli, P.N. Gadgil Jewellers is more than a store: it is a byword for purity of gold and integrity of business. Today, the PNG logo enjoys instant recognition not only in Pune and Maharashtra, but across the country and abroad, with its online shopping experience adding value to the customer service. The group believes its greatest legacy is the trust and loyalty of its customer base. The inauguration of the Stores are as follows: Panvel – 30th January 2015 – Inauguration by Ms. Madhuri Dixit – Showroom Area : 2000 sq. ft. Panaji, Goa – 1st February 2015 – Inauguration by Raveena Tandon – Showroom Area :1500 sq. ft. Nanded – 7th February 2015 – Inauguration by Raveena Tandon – Showroom Area : 4000 sq. ft. Dubai – 14th February 2015 Dates and locations for the store launch at Chandrapur, Baramati, Hubli, Indore and Akluj are yet to be decided and will be communicated soon Dajikaka Gadgil Museum: The Dajikaka Gadgil museum was recently launched in the city on 11th September 2014to celebrate the birth centenary of the late Dajikaka Gadgil. The museum tells a story of endurance and integrity, about the inception and revolution of gold’s purity along with
Dajikaka’s journey. Gold has to go through many stages of refinement for it to emerge in the form we widely know it today. The depiction of the whole process, starting from mining and transportation to the refinement and distribution is one of the highlights of the museum. Think Pure Loyalty Program – Loyalty Benefits : Whoever said loyalty has its benefits, sure knew what he was talking about. The more you return to P. N. Gadgil Jewellers has come up with Think Pure Loyalty Program, the more advantages and facilities you enjoy, starting with the Silver card on new purchases and subsequent visits entitle you to the Gold Card, followed by the Diamond Card and the Platinum Card. Gadgil Diamonds Pvt. Ltd: The pioneers in the retail jewellery industry, with a legacy that speaks about heritage, opulence and hard work, P. N. Gadgil Jewellers Pvt Ltd is now set to exponentially explore the diamond jewellery market with their new diamond factory. They inaugurated their plush new 4000 sq. ft ‘Gadgil Diamond Factory’ in Andheri on Friday, 19th December 2014 in the presence of Mr. Saurabh Gadgil, Managing Director of P. N. Gadgil Jewellers Pvt Ltd. A quintessential Maharashtrian brand will now acquaint their customers with breathtaking handmade designs in diamond. visit us at : www.minestomarket.net
NEW LAUNCH
www.diamondmarket.net
The 183 years old brand stands tall on the three most powerful pillars of purity, service and quality. Gadgil Diamond Factory is a new business venture that will increase the diamond jewellery production by 4 times. It will present a variety of designs in gold jewellery with diamond settings. The designs will include exquisite handmade diamond jewellery crafted with beautiful solitaires, and diamonds in micro settings. All diamonds used will be certified by GIA, ICI, SGL certification, justifying their standards in terms of quality. Mr. Vinayak Kamath, CEO, Gadgil Holdings Pvt. Ltd. quoted “It has always been a challenge to spearhead the ancestral legacy, to honour the thoughts inculcated and to keep up the great work done by them. It is very important to hone your brand as per the market needs and this new project will broaden our horizons. The Gadgil Diamond Factory will design unique and recherché handmade diamond jewellery that will amalgamate with evolving market. This new venture is just the beginning there’s a lot to be done.” Style Quotient Pvt Ltd: P. N. Gadgil Jewellers Launched with Silver Jewellery Brand in the year 2010, and post gaining in superb response from the market, which thought of expansion in the markets across Maharashtra. Mr. Prasad Kapre, CEO, Style Quotient Pvt. Ltd said “The contemporary designs are made of semi-precious stones and American diamonds. This light weight collection offers a variety of necklaces, earrings, bracelets, cuffs, rings and oozes of femininity making it perfect for a corporate meeting as well as a night around town. It’s a sterlin 9 – 5 Fashion Jewellery for every working women. Starting from Rs.2,500 the collection is a fashionistas dream come true as it is not only pocket friendly but also girly and fashionable.” He also said that “ We will now go on an expansion mode with the franchise model Pan INDIA, with the first model being rolled out in Dwarka, New Delhi” Atlast, Mr. Parag Gadgil, Executive Director, P. N. Gadgil Jewellers conveyed the vote of thanks to all the invited guests and said that we will surely live up to the vision of Late. Shri. Dajikaka Gadgil and we ensure our customers that we will serve you in the best possible way, as each one of you are the contributors of the company’s vision and every milestone that we achieve. n visit us at : www.minestomarket.net
P. N. Gadgil Jewellers Pvt Ltd presents their exquisite Valentine’s Collection
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ake your special someone’s wishes come true this Valentines with our luminous solid cut and radiant pieces. This exclusive jewellery symbolise exuberance and luxury with a hint of adornment. Intricately handcrafted they are elegant and timeless and are sure to make your lover’s day extra special. From earringsto delicate necklaces, arms adornments to charm pendants, you can select a gift that will make your Valentine’s Day perfect, with the perfect gift for your true love. So, let your love shine through this Valentines with our exquisite range. The Valentines jewellery range is available across all P.N. Gadgil Jewellers outlets as well as on their online website www.shop.pngadgil.com n
About: P. N. Gadgil Jewellers Pvt Ltd is one of the most reputed jewellers with 182 years of excellence in creativity and their warm service for customers across the world that have helped a woman discover her beauty. Under the leadership of Mr. Saurabh Gadgil a strong visionary, P. N. Gadgil Jewellers Pvt Ltd is creating a brand that caters to the taste of modern Indian women. n Mines to Market | Nov-Dec’ 2014 | 57