Heera Zhaveraat | February 2024

BE PART OF THE SPLENDID LEGACY

SOLID CONSUMER DEMAND FOR DIAMONDS DEBEERS

INDIA THE TOP NINTH IN THE GLOBE IN TERMS OF GOLD RESERVES!

GJC PRESENTS PMI EXHIBITION

PGI ANNOUNCES ORGANIZATIONAL CHANGES

MAHARASHTRA STATE & GJEPC SIGN HISTORIC MOU

Contents

NATURAL DIAMOND COUNCIL’S SPARKLING JOURNEY IN THE UAE____________18

GSI SHOWCASES ITS EXPERTISE IN TESTING ENORMOUS GEMSTONES AND ARTISTIC CARVINGS______________________________________________________20

SARINE LAUNCHES FULLY AUTOMATED NEW PLANNING SOLUTION___________32

BOTSWANA REJECTS G7 CALLS FOR CHANGES IN DIAMOND PROTOCOLS_____34

THE INDUSTRY DEMONSTRATED ABILITY TO STRENGTHEN 2024______________35

BOTSWANA DIAMONDS DISCOVERED HIGH-GRADE ANOMALY________________37

MOTHAE SOLD 10,947 CARATS OF ROUGH IN 4Q____________________________39

SOLID CONSUMER DEMAND FOR DIAMONDS: DEBEERS_____________________41

GJC PROUDLY PRESENTS PMI EXHIBITION_________________________________46

PLATINUM GUILD INTERNATIONAL ANNOUNCES ORGANIZATIONAL CHANGES__48

PLATINUM JEWELLERY PRODUCTION TO JUMP 8% IN INDIA__________________49

LEIBISH OFFERS GREEN EMERALDS WITH PINK DIAMOND___________________50

ARTISAN JEWELLERY DESIGN AWARDS CELEBRATE & HONOUR DESIGN & CRAFTSMANSHIP________________________________________________________54

MAHARASHTRA STATE & GJEPC SIGN HISTORIC MOU_______________________57

DGFT URGES GJEPC TO POPULARIZE JEWELLERY EXPORTS THRU’ E-COMMERCE___________________________________________________________60

LDB ANNOUNCES CHANGES IN LEADERSHIP_______________________________64

MATTEO FARSURA APPOINTED ITALIAN EXHIBITION GROUP’S GLOBAL EXHIBITION MANAGER___________________________________________________65

THE GIA GEMOLITE NXT MICROSCOPE LAUNC ED!__________________________66

ESTABLISHING THE NASDAQ FOR DIAMONDS______________________________ 73

TWIN JEWELLERY SHOWS RETURN IN 1TWO SHOWS, TWO VENUES• MODE____75

PETRA PRODUCES 1.43 MILLION CARATS DIAMOND FOR 1H 2024 _____________78

JMAIIE 2024 - AN EXCLUSIVE JEWELLERY MACHINERY EXHIBITION____________80

CELEBRATE THE MONTH OF LOVE WITH PLATINUM DAYS OF LOVE___________85

GOVINDBHAI DHOLAKIA NOMINATED FOR THE HOUSE OF ELDERS!___________91

OVER 1000 DESIGNER ENTER IGI EXPRESSIONS____________________________92

RBI RATE ALLOWS PLAYERS TO HEDGE PRICE OF GOLD____________________94

INDIA THE TOP NINTH IN THE GLOBE IN TERMS OF GOLD RESERVES!________101

HOW AI IS SHAPING THE DIAMOND INDUSTRY

Rajesh M Bajaj CEO/Chief Editor

Recently, INN published the report, Artificial Intelligence Outlook 2023! That report said that on a global scale, Markets and Markets predicts that the AI industry will experience a compound annual growth rate of 36.2 per cent between 2022 and 2027 to reach a market value of more than US$407 billion. `

In the context of Artificial Intelligence (AI), the Hari Krishna Exports say the very first revolution in diamond manufacturing came around the early 2000s when a group of Israeli developers realized that when the shape, size, colour, etc., characteristics of the diamond were thought of as data, a programmable automation system (Artificial Intelligence) could take over the production decisions.

On this occasion, one can celebrate a silver jubilee of a journey in the diamond industry with AI. Today, the diamond industry is experiencing a transformative wave driven by Artificial Intelligence, fundamentally altering how diamonds are mined, graded, and refined.

AI has revolutionized diamond mining by streamlining operations and enhancing efficiency. Advanced AI algorithms accurately predict the locations of diamond deposits, significantly reducing exploration time and cost. Furthermore, AI aids in categorizing rough diamonds based on size, shape, colour and clarity, facilitating informed decision-making for manufacturers.

AI integrates drilling rigs’ geological tracking devices, drones, and real-time data sensors to optimize mining planning and decision-making. By leveraging AI and machine learning, production costs decrease, and mining operations become more manageable.

AI transforms diamond cutting and refining processes, enabling manufacturers to produce symmetrical cuts and higher-quality diamonds. High-resolution cameras and sensors

powered by AI scan diamonds, guiding manufacturers in achieving precise cuts, thereby enhancing efficiency and producing diamonds of superior quality with increased market value.

AI-driven technologies optimize inventory management by ensuring accuracy and maximizing polished output and profitability for diamond producers.

AI-powered devices also enhance grading precision, ensuring consistency and reliability in determining diamonds’ quality attributes, including colour, clarity, cut, and carat weight. Additionally, AI aids in identifying lab-grown diamonds, enhancing transparency and authenticity in the supply chain.

AI streamlines the diamond grading process, expediting it for manufacturers and ensuring optimal quality for consumers. AI-driven grading technology offers swift and precise diamond evaluations, minimizing time-consuming manual processes. Advanced scanning and machine-learning algorithms enable rapid and accurate grading without extensive lab equipment, saving time and resources.

Sarine said, “Automated diamond grading is the future. Powered by artificial intelligence-based technologies and years of in-depth research, Sarine Lab diamond grading overcomes the inconsistencies of human observation to deliver grading results that set a new standard in accuracy, consistency and repeatability, creating more precise methods to communicate a diamond’s true value to the consumer.”

AI systems analyze data efficiently, facilitating optimal inventory management and production decisions. By aligning manufacturing processes with grading data and consumer demands, producers can effectively tailor their offerings to target markets, thereby maximizing profits.

AI’s integration into the diamond industry marks a paradigm shift, enhancing productivity, quality, and profitability across the value chain. From mining and grading to cutting and inventory management, AI’s transformative impact underscores its pivotal role in shaping the future of the diamond industry.

AI influences sales and improves understanding of buyer desire, demand, and buying habits! Any such precise analysis suggests offering a buyer all those products and services and improving the sales chart with a growing attitude!

AI is shaping the industry from mining and manufacturing up to the market!

NATURAL DIAMOND COUNCIL’S SPARKLING JOURNEY IN THE UAE

In a dazzling display of solidarity, the Natural Diamond Council (NDC) has found unwavering support from esteemed co-op partners including Malabar Gold & Diamonds, Jawhara Jewellery, and La Marquise Jewellery, as they embarked on a journey to promote the natural diamond category in the UAE region.

Expanding its vision to the UAE market, the NDC had conducted a soft launch earlier, highlighting the values and transparency inherent in the natural diamond industry.

Through a concerted effort to dispel myths and present facts about diamonds, the council aims to captivate the attention of young luxury consumers by sharing inspiring narratives via PR channels, a newly launched website, and various social platforms.

Since its debut in the UAE market in the latter half of 2022, the Natural Diamond Council

has forged strong alliances with prominent retail players, Malabar Gold & Diamonds, Jawhara Jewellery, and La Marquise Jewellery, setting the stage for a vibrant presence in the region.

These industry leaders have demonstrated remarkable dedication in championing the natural diamond category across diverse media platforms. Their steadfast support for NDC’s campaigns and unwavering commitment to realizing the natural diamond dream have laid the groundwork for a promising future in the UAE market, ensuring that both natural diamonds and the NDC continue to sparkle in the region.

Kiran Jewels India

GSI SHOWCASES ITS EXPERTISE IN TESTING ENORMOUS GEMSTONES AND ARTISTIC CARVINGS

Gemological Science International, a leading global gemological laboratory, recently received a colossal carving of Lord Ganesha measuring an astounding 62 x 34 x 30 cm and weighing a remarkable 68.200 kilograms.

The sheer size of the carving posed challenges for gemological testing, necessitating innovative approaches for using instruments during testing. Despite the weight and size limitations, GSI’s team of expert gemologists conducted various tests on the large carving using basic and advanced spectroscopy instruments.

The intricacies of the carving, featuring a distinctive brownish-red color and numerous spots of blue, hinted at the presence of Ruby and Kyanite.

Carving’s opaque nature limiting passage of light only through a fiber-optic light source, revealed twin planes, granular texture and minor dot-like inclusions confirming the natural and

unheated nature of the specimen, with no signs of treatment. Portable spectroscope confirmed the presence of chromium and iron absorption in the brownish-red section. Portable Raman confirmed the presence of both Ruby and Kyanite.

Despite its appearance as a single piece, meticulous inspection uncovered that the carving comprised of several assembled pieces.

“We, at GSI, take pride in our ability to display our expertise when presented with monumental challenges. The recent certification of the Lord Ganesha carving showcases not only our commitment to precision but also the experience required to navigate the complexities of gemological testing on such a grand scale. As the colored stone industry flourishes in Jaipur, we remain dedicated to pushing boundaries and providing our clients with unparalleled services backed by state-of-the-art equipment.” says Ramit Kapur, Managing Director, GSI India.

MORE THAN SPARKLE OF DIAMONDS: BDB FIREFIGHTERS GLITTERS, SNAGGING

25% OF NATIONAL AWARDS!

This year’s All India Fire Service Sports & Fire Service Meet witnessed a blaze of talent from the Bharat Diamond Bourse (BDB) Department of Security & Fire Safety. Held from February 1st to 4th at Gujarat University, Ahmedabad, the event saw 850 firefighters push their limits in various sports and fire drills. The meet kicked off with a Grand Opening Ceremony, attended by dignitaries like the Director General Fire Service Civil Defense and Home Guards, the ViceChancellor of Gujarat University, and esteemed guests from the fire and sports fraternity. 33 teams from state fire services, PSUs, and private industries across India participated, with the BDB team demonstrating exceptional skill and spirit. Notably, last year’s 2nd Runner-Up in the “Toughest Firefighter Alive” category, Rohtas Morya, continued his stellar performance.

BDB President, Shri Anoop Mehta, expressed immense pride in the team’s performance: “This is a remarkable achievement,

a testament to the dedication and commitment of our fire and security personnel. Their outstanding performance not only showcases their physical prowess but also their unwavering spirit and teamwork.“

BDB Vice-President, Shri Mehul Shah, echoed the sentiment: “We are incredibly proud of our firefighters. Their success in this prestigious competition inspires us all and sets a new benchmark for excellence in fire and safety services.“

With this remarkable victory, the BDB Department of Security & Fire Safety has cemented its position as a leader in fire safety and sportsmanship. Their dedication and talent are an inspiration to all!

GSI CAUTIONS TRADE: SURGE IN UNDISCLOSED COLORED LABORATORY GROWN DIAMONDS

February 5, 2024 (New York, NY): Gemological Science International (GSI), a global leader in diamond and jewelry certification, has raised a red flag over a notable increase in undisclosed laboratory-grown brown, yellow, and pink diamonds infiltrating natural diamond jewelry and posing as natural diamonds.

“Over the past several months, our team has seen a rise in laboratory-grown colored diamonds, primarily in brown, yellow, and pink , being mixed in with natural-colored diamonds in jewelry,” says Debbie Azar, President, and CoFounder of GSI.

“The challenge arises as most jewelry screening equipment in the market is designed to screen white near-colorless diamonds” , Azar adds.

GSI utilizes a proprietary process for screening and detection of finished diamond jewelry. This process includes distinctive knowledge and expertise, advanced equipment and most recently AI enabled equipment all of which enabled us to detect these undisclosed laboratory grown colored diamonds.

Many of the undisclosed laboratory grown colored diamonds detected by GSI were Type

IIA with a single nitrogen. All were mounted in jewelry and vary in size, ranging from melee and as large as 1ct.

In some instances, the undisclosed labgrown colored diamonds were intentionally cut to mimic natural diamonds. Severe fractures, pinpoint clouds, and polished-over “naturals” were observed, including distinct brown grain lines. These features closely resemble those found in natural diamonds, potentially passing standard gemological observation.

GSI continues to stress the importance of using proper processes, equipment and expertise when identifying diamonds.

The advancing technology in diamond growth is contributing to increased success by growers to replicate natural diamonds more and more. GSI remains a global leader in testing and detecting undisclosed lab-grown diamonds in finished jewelry, ensuring the integrity of the industry. Currently, GSI is the only major laboratory that offers screening and detection for finished diamond jewelry globally and at scalescreening millions of diamonds each year.

THE 2024 KP CHAIR MEETING HELD KP CSC OPENING REMARKS IN DUBAI

The Civil Society Coalition (CSC) extends its congratulations to Honourable Ahmed Bin Sulayem on the start of his second term as Kimberley Process (KP) Chair.

As the United Arab Emirates assumes KP chairmanship, we encourage you to prioritise accelerating KP reform efforts and addressing critical issues such as human rights violations, transparency, traceability, and the fight against money laundering in the diamond trade. The Civil Society Coalition is committed to working collaboratively with you to make the diamond industry fair, sustainable, and ethical for all.

The diamond industry is facing significant challenges today. Associations with conflict and despair are back at the forefront. Communities living among diamond riches fail to see and feel any benefits. Only with serious reform will the KP be able to turn the tide.

The KP Civil Society Coalition (CSC) has been advocating for KP reform for a long time and is concerned that the much-needed reforms will once again not get a fair chance. In this way, the KP risks undermining the foundations of the industry it claims to protect. For over 20 years, the narrow definition of conflict diamonds has been a contentious issue, and it’s more than time to bring the Kimberley Process (KP) up to date with the current reality.

Implementing the Frame7 Responsible Sourcing Principles is critical and urgent. These are nice words on paper, but they need to be turned into action to have any impact. Therefore, we urge all KP participants to incorporate Frame7 into their peer review process, enabling progress to be reported annually and evaluated during peer review visits.

Civil society is disappointed with the KP’s

inability to seriously examine its current and potential contribution to exacerbating or mitigating ongoing conflicts, in particular, Russia’s war against Ukraine and the long-lasting conflict in the Central African Republic (CAR). How can the KP be taken seriously if it can’t even discuss the role of diamonds in financing the Russia-Ukraine war?

What role does the KP still play in preventing conflicts if it can’t have a single constructive discussion on developing a way forward for the CAR? To break this stalemate, we must adopt a comprehensive roadmap for CAR that includes continuous monitoring, technical assistance, on-theground reviews, and improved regional cooperation between mining authorities, law enforcement, industry, and civil society.

On the positive side, the current diamond sector crisis is giving a much-needed push forward to efforts to improve traceability. Without knowing where a diamond is from, one cannot credibly claim it has done good or stopped diamonds from causing conflict or human rights violations.

The KP is currently complicating rather than facilitating efforts to make the diamond supply chain more transparent. The widely-used mixed origin certificates blind jewellers and consumers who want to make sure their purchases don’t contribute to harm. Another approach is possible, and developing it should be a priority for the KP.

Our last plenary meeting in Zimbabwe brought to light a critical issue that we must address, although we unfortunately did not agree on the final communique. It’s time to genuinely reorient the KP towards communities, making them the primary beneficiaries of this process. We still hope diamondaffected communities will have a place in a dedicated KP special forum.

This can, however, not be a one-off exercise. Still, it should be a profound and ongoing effort to address the root causes of poverty, neglect, and desperation among communities living in or near diamond mining operations. It’s only through these efforts that we can make the KP relevant once again.

GIA IDENTIFIED THE TWO ROBBED DIAMONDS

GIA assisted in the recovery of two diamonds, each more than four carats that were stolen with other pieces of jewelry from a home in Colorado in June 2023. Detectives from the Boulder County Sheriff’s Office (BCSO) recovered the stolen jewelry and made an arrest after GIA identified the two diamonds as matching those reported stolen. According to the BCSO, the six pieces of stolen jewelry had a combined value of over $475,000.

“GIA often receives requests from law enforcement to help them recover GIA-graded diamonds that are reported lost or stolen,” said Christina Yates, GIA associate general counsel responsible for this aspect of GIA’s work with law enforcement. “This is an important part of our consumer protection mission.”

In this case, the stolen diamonds ended up with an uninvolved wholesale diamond dealer who sent them to GIA for grading. According to a December 8, 2023 press release from the BCSO, GIA, positively identified the gems as having been reported stolen. That information was instrumental in the sheriff’s office making an arrest in the case.

GIA started providing training to law enforcement in 1965, beginning with the FBI, the Customs Service and the Federal Trade Commission. Over time, the training expanded to include local, state and international police agencies. In the last 15 years, nearly 400 officers from Belgium, Brazil, Canada, Dubai, Germany, Hong Kong, India, Israel, Malaysia, Mongolia, South Africa, Switzerland, Thailand, the United Kingdom, and the U.S. participated in GIA-led training.

PROMOTIONAL PRICING ON GIA JADE REPORT

TheGemological Institute of America (GIA) is offering exclusive promotional pricing for GIA Jade Report services from Feb. 12 to March 31, 2024. During this time, clients will receive a 20% discount on new GIA Jade Report submissions.

The 20% discount applies to loose or mounted stones, carvings suitable for jewelry and bangles up to 999.99 carats. Furthermore, beads in strands or other jewelry are included in this promotion. There is a three-bead minimum per report.

“GIA is committed to meeting the evolving needs of the industry and consumers. This promotional pricing for the updated GIA Jade Report offers a substantial cost advantage and emphasizes our dedication to delivering unparalleled gemological services,” said Shane McClure, global director of colored stone services.

SARINE LAUNCHES FULLY AUTOMATED NEW PLANNING SOLUTION

Sarine Technologies announces the launch of the Most Valuable Planning software, which yet again redefines the limits of rough diamond planning, generating up to 5% added value from the polished diamonds derived. Sarine has again revolutionised the planning of rough diamonds with its launch of the Most Valuable Planning (MVP) software.

The next generation planning algorithm, currently introduced for very small rough diamonds of half a carat and below, generates significant added value to the polished output, dependent also on the quality of the rough on which it is applied. Initial beta runs show up to 5% additional value.

The new planning solution is a fully automated cloud-based service, thus also reducing the manpower involved in the planning process, bringing additional cost-savings and efficiencies to the manufacturer. The development of the paradigm will continue so as to be applicable to rough diamonds in the 50-90 points range later this year, and will be further extended in 2025 to larger sizes.

MVP will be offered as an optional service to the Advisor 8.0 rough planning software package, and will be charged on a per-use basis. As the domain which MVP addresses is very extensive (tens of millions of stones of these sizes are scanned annually on Sarine Galaxy systems and hundreds of millions are polished) and its added value significant, we expect a new recurring revenue stream to be generated from its adoption over time.

We also expect the MVP to drive additional sales of the Galaxy Meteorite Plus and reduce the appeal of illegally infringed IP systems. The MVP is, as aforementioned, cloud based, which provides an additional layer of IP protection in this highly competitive segment.

Concurrent with the extension of MVP to the 50-90 point segment of stones, we will introduce later this year a new model Galaxy Meteor Plus, with similar throughput and automation benefits as implemented in the Galaxy Meteorite Plus model.

Sarine’s CEO, David Block, added: “We always have been and remain dedicated to leading the way in the technological evolution, and often revolution, of the diamond industry value chain. The MVP is a development we have been working on for years, which has now reached maturity due also to advances in cloud computing.

Having broken the barrier, we will now extend this radically new offering to additional qualities and ranges of rough diamonds, wherein the challenges are commensurate with the size and complexity of the stones analysed. But the benefits are also commensurate with these factors, so that we can expect to see even more significant added value, as the stones’ sizes increase.

We expect a growing recurring revenue stream from the introduction of our planning as a service MVP paradigm, as well as a new impetus to Galaxy system sales for the smaller sizes. We are already running demos in India and have a backlog of interested customers through the end of the quarter and into Q2.”

BOTSWANA REJECTS G7 CALLS FOR CHANGES IN DIAMOND PROTOCOLS

In a recent diplomatic standoff, the Botswana government firmly rejected demands from the G7 nations—comprising the United Kingdom, Canada, France, Germany, Italy, the United States of America, and the European Union to alter its diamond trade practices. Delegates from these influential countries visited Botswana last week, urging transparency in the diamond industry and seeking assurances that Russian diamonds are not being illicitly sold through alternative channels.

The G7 nations, currently focused on tightening sanctions against Russia, have proposed the certification of diamonds in Antwerp, Belgium, to ensure accountability. However, media has learned that discussions between the nations proved tense, with Botswana expressing concerns that such a move would undermine the established Kimberly Process, a multilateral trade regime founded in 2003.

FANCY COLOR YELLOW DIAMONDS GREW 4% IN 2023!

The Fancy Color Research Foundation (FCRF) announced the results of the Q4 2023 Fancy Color Diamond Index (FCDI).

In 2023, the market for fancy color diamonds (FCD) demonstrated steady growth, with the average price increasing by 2.2%.

Leading this growth were Fancy Yellow diamonds, which experienced the most significant annual rise. Vivid Yellow diamonds also had a notable increase, with their value rising by 4.3% over the year. Notably, Fancy Vivid Pink 1-carat diamonds

underwent a remarkable surge in value, with a substantial increase of 12.0%.

Over the last year, the Yellow category has shown significant growth, with an annual increase of 4.0%, mainly in the first three quarters. The Vivid category led the annual growth with a 5.3% rise, underscoring its strong market performance throughout the year. The Yellow diamond segment saw varied performance across different sizes.

The 8-carat Fancy Vivid Yellow category led the annual growth with an impressive 10.1% rise (0.7% in Q4), marking the highest increase within the Yellow category. The 1.5-carat Fancy Yellow decreased by 0.5% annually, as well as the Fancy Intense Yellow 8-carat category.

Since the establishment of the Fancy Color Research Foundation, there has been a significant uptrend in all Fancy Color Diamonds, marking an impressive surge of 212.7%. Yellow diamonds experienced a notable increase of 59.1%, Pink diamonds exhibited a surge of 398.4% and Blue diamonds showed a substantial increase of 250%.

AGD DIAMONDS UNEARTH

Atthe Mining and Processing Plant named after, V. Grib JSC AGD Diamonds produced a gem-quality diamond weighing 54.27 carats. This is the first extra-large diamond (+50 cm) mined by the company in 2024, and the 43rd among the unique extra-large diamonds mined at the mine. V. Grib since the beginning of industrial development.

JSC AGD Diamonds is the second diamond mining company in Russia. In terms of production volume, the field named after. V. Grib is one of the ten largest in the world. Innovative technologies for kimberlite enrichment allow AGD Diamonds JSC to regularly produce high-quality diamonds.

AGD Diamonds, successor to JSC Arkhangelskgeoldobycha, more than 400 deposits have been discovered and explored,

54.27 CARATS DIAMOND DE BEERS AND UN WOMEN EXTEND PARTNERSHIP

primarily oil, gas, diamonds, oil shale, drinking and balneological waters, non-ferrous , rare and precious metals, raw materials for the production of cement, slate, brick, sand and gravel materials for the construction of roads and the development of oil fields

DeBeers Group and United Nations (UN) Women announced a three year extension of their partnership to empower women entrepreneurs in southern Africa at a ceremony in Gaborone, Botswana!

Since 2017, the AWOME programme, which has been renamed EntreprenHER, has supported almost 2,500 women entrepreneurs of microenterprises in Botswana, Namibia and South Africa to grow and formalise their businesses, create more jobs and generate more secure incomes.

Dignitaries at the event included Her Excellency Neo Jane Masisi, First Lady of the Republic of Botswana; Minister of Youth, Gender, Sports, Arts and Culture in Botswana, Honourable Tumiso Rakgare; Minister of Labour and Home Affairs, Honourable Anna Maria Mokgethi; Deputy Minister of Gender Equality, Poverty Eradication and Social Welfare, Republic of Namibia, Honourable Bennadette Jagger; UN Women Representative, South Africa Multi-Country Office, Aleta Miller; the UN Botswana Resident Coordinator, Zia Choudhury; De Beers Group Vice President Corporate Affairs Ms. Otsile Mabeo and Chairperson of the National Gender Commission, Mrs Joy Phumaphi.

The next phase of the programme will support an additional 1,500 women entrepreneurs across the three countries through capacity building in areas covering business and life skills, networking and mentoring. Building on learnings to date, the programme will now include a greater focus on digital literacy and will also introduce small grants and loans for eligible businesses, as access to finance was ranked a key barrier to growth by past participants.

In Botswana and Namibia, the EntreprenHER programme is delivered in collaboration with each country’s gender ministries. Namibia’s First Lady, Monica Geingos, has praised the programme for its ability to empower grassroots women entrepreneurs.

DEBEERS PRODUCTION DECREASED BY 3% IN 2023

Rough diamond production decreased by 3% to 7.9 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations, partly offset by higher production from Botswana.

In Botswana, production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance. Production in Namibia decreased by 4% to 0.6 million carats, due to marginally lower grades at the land operations.

In South Africa, production decreased by 54% to 0.4 million carats, due to the planned end of Venetia’s open pit operations in December 2022. Venetia will continue to process lower grade surface stockpiles as the underground operations ramp-up production over the next few years.

Production in Canada decreased by 3% to 0.8 million carats, due to planned treatment of lower grade ore.

De Beers offered full flexibility for rough diamond allocations in Sights 9 and 10, as Sightholders continued to take a cautious approach to their purchasing during the quarter as a result of the prevailing market conditions and extended cutting and polishing factory closures in India; this followed a two month voluntary import moratorium on rough diamonds into India during the period.

Consequently, rough diamond sales totalled 2.7 million carats (2.7 million carats on a consolidated basis) from two Sights, compared with 7.3 million carats (6.6 million carats on a consolidated basis) from two Sights in Q4 2022, and 7.4 million carats (6.7 million carats on a consolidated basis)(1) from three Sights in Q3 2023.

The full year consolidated average realised price decreased by 25% to $147/ct (2022: $197/ct), reflecting a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index.

MOU TO ADVANCE ANGOLA’S DIAMOND SECTOR

DeBeers Group, Angola’s National Mineral Resource Agency, Angola’s state-owned diamond company, Endiama, and Angola’s state-owned diamond trading company, Sodiam, signed a Memorandum of Understanding (MoU) to advance Angola’s diamond sector with a focus on increasing diamond production, supporting the growth of alluvial diamond mining and enhancing social development opportunities for the benefit of Angola’s citizens.

The signing took place at the Mining Indaba in Cape Town, South Africa. The MoU extends De Beers Group’s partnership with Angola following the signing of two Mineral Investment Contracts (MICs) in 2022 for licence areas in north-eastern Angola where exploration activities are now under way.

It sets out key areas where the parties agree to work together to consider shared initiatives. These include reviewing a number of kimberlite deposits to reassess their economic attractiveness through the application of new De Beers technologies, promoting the transparency and traceability of diamond production, and identifying opportunities to build local community capacity by leveraging De Beers Group’s Building Forever sustainability framework.

ENDIAMA TO INTERNATIONALIZE THE DIAMOND BUSINESS

In a recent announcement, José Ganga Júnior, the Chairman of Angola’s National Diamond Company, Endiama, unveiled ambitious plans to internationalize the diamond sub-sector business.

Addressing the media during a press conference in Luanda Province, Júnior emphasized the strategic move as a pivotal step to broaden horizons and invigorate the Angolan diamond industry.

Highlighting the unique circumstance that Endiama currently lacks a foreign representative despite its significant size and corporate objectives, Júnior articulated the company’s intention to establish a global presence. “We intend to establish antennas or production facilities in key international locations such as Dubai, China, and Hong Kong to propel our industry to new heights,” he stated.

As part of the company’s vision for the upcoming year, Júnior revealed plans to inaugurate a state-of-the-art Endiama diamond cutting plant. Significantly, this facility will operate independently without any external shareholdings or partnerships, underscoring the company’s commitment to autonomous growth.

Providing insight into the impact of Endiama’s initiatives, Júnior shared that since the company’s inception, over 20,000 jobs have been generated, surpassing the previous count of 12,000. Additionally, he disclosed that the current diamond cutting capacity in the country stands at approximately 480,000 carats, aligning with the installed capacity of seven factories.

This strategic internationalization and expansion plan not only signal Endiama’s commitment to becoming a global player but also positions Angola to play a more prominent role in the international diamond market.

BOTSWANA DIAMONDS DISCOVERED HIGH GRADE ANOMALY

Botswana Diamonds said about the high grade anomaly discovered close to KX36 kimberlite pipe in Botswana and presented its’ highlights,

1: Gravity survey discovers high-grade anomaly similar in size to the KX36 diamond discovery in the Kalahari.

2: The anomaly has a strong gravity signature which gives us confidence that it will prove to be a kimberlite.

3: Three other anomalies are being modelled with results expected in February & 4: The likelihood of a cluster of kimberlites is growing.

Chairman, John Teeling, commented, “This is the first strong indication of additional kimberlites around the KX36 discovery. Kimberlites come in clusters, but extensive exploration has to date not been successful. The anomaly has a strong gravity signature which gives us confidence that when drilled, it will prove to be a kimberlite. The anomaly sits on a structure like all the other kimberlites in the Kalahari, which further increases confidence. It is early days but very good news”.

Botswana Diamonds plc (BOD), is very pleased to announce that a gravity survey has now been completed over four high-grade geophysical targets that had good magnetic response in a previous survey undertaken by the Company.

Preliminary results from this gravity survey show that at least one of the four targets, which is located six kilometres south of the existing KX36 diamond discovery, has an excellent gravity response similar to that of known kimberlites and similar in size to KX36.

The survey on the KX36 size anomaly is being repeated and correlated with previous results for confirmation. Next steps will be a drilling plan.

MOUNTAIN PROVINCE SALES 2.7 MN CTS IN FY 2023

Mountain Province Diamonds announces production and sales results for the fourth quarter ended December 31, 2023 and full-year 2023 (FY 2023) from the Gahcho Kué Diamond Mine (GK Mine).

According to the FY 2023 Highlights, in 2023, approximately 2.7 million carats were sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 million (US243.7 million). This compares to 2.7 million carats sold at an average value of $146 per carat (US$112 per carat) for total proceeds of $388.8 million (US$297.3 million) in FY 2022.

Ore mined on a FY 2023 basis was 3.8 million tonnes against the revised guidance of 3.1 – 3.6 million tonnes. Ore processed on a FY 2023 basis was 3.25 million tonnes against guidance of 3.2 – 3.5 million tonnes.

FY 2023 production of 5.6 million carats against guidance of 5.6 – 6.1 million carats.

Mark Wall, the Company’s President and Chief Executive Officer, commented: “Q4 2023 was the highest carat producing quarter of 2023. The mid-year major shutdown of the processing facility contributed to this result by delivering an average H2 operating plant utilization rate (“OPU”) of 84%, which was well above the average H1 2023 performance of 73%.

We expect to carry this momentum into 2024 notwithstanding some expected seasonal reduction in performance numbers in the early months, due to cold weather. Mining in Q4 2023 was also the best quarter of 2023 with approximately 9.8 million tonnes mined which was, in part, driven by improved haul truck availability, as a result of maintenance improvement initiatives.

DIAVIK DIAMOND MINE PLANE CRASH TOLL SIX LIVES

the update, Rio Tinto said, we have been informed by authorities that four team members from our Diavik diamond mine and two airline crew members have died in a plane crash near Fort Smith, Northwest Territories, Canada. Another member of our Diavik team survived the crash and received treatment in hospital. The charter flight was on its way to Diavik.

Rio Tinto Chief Executive Jakob Stausholm said: “We are feeling numb with the devastating news that we have lost dear friends and colleagues. I extend our deepest sympathy to the families, friends, and loved ones of those who have been affected by this tragedy. I am heading to the Northwest Territories to be with our team and to offer our full support.

“We will be working closely with authorities over the coming days, weeks and months, to support their efforts to understand the full facts of what has happened.” Earlier, just upon a breaking the plane crash news, immediately Rio Tinto issued the statement.

Rio Tinto Chief Executive, Jakob Stausholm said “I would like to extend our deepest sympathy to the families, friends, and loved ones of those who have been affected by this tragedy. As a company we are absolutely devastated by this news and offering our full support to our people and the community who are grieving today.

In a row, Burgundy Diamond Mines said, there were no Burgundy employees or contractors on the flight; however, this sad event touches the lives of many people living and working in the Northwest Territories including those associated with Ekati Diamond Mine which Burgundy owns and operates.

MOTHAE SOLD 10,947 CARATS OF ROUGH IN 4Q

Lucapa Diamond Company present its quarterly activities report for the period ended 31 December 2023-the Q4 Quarter. Key takeaway of the Diamond Production and Sales listed,

1: Full Year Group guidance achieved,

2: Full year rough revenue (100% project) US$102.2 million (A$154.3 million),

3: Q4 rough diamond revenue (100% project) US$40.8 million (A$63.1 million).

4: FY Mothae records in tonnes processed and mined, carats recovered and price per carat,

5: Mothae recovered 8,314 carats and sold 10,947 carats for US$541/carat in Q4,

6: Lulo recovered 7,640 carats and sold 5,653 carats for US$6,170/carat in Q4,

7: 11 Lulo diamonds fetched US$32.7 million at two tenders in Q4,

8: Two Type IIa diamonds weighing 208 and 235 carats recovered from Lulo in Q4

9: Q4 average price for both operations - US$2,458 per carat.

Managing Director, Nick Selby, commented: “Both mines delivered a solid

performance against processing and production targets in Q4 and we are pleased with the full year results which saw group guidance achieved. Mothae performed well despite experiencing a lower dollar per carat average in Q4, which impacted its overall diamond price for the year. Lulo had a good run which saw its high-value recoveries attract firm prices at tender.”

At the beginning of the Quarter, mining continued in the high-grade lizeria (floodplain) areas. In October, two large Type IIa diamonds were recovered from the lizerias, weighing 123 carats and 208 carats respectively.

Towards the end of the Quarter, as the wet season intensified, mining shifted to the terraces where access was easier.

Two exceptional stone tenders were conducted during the Quarter in Luanda by Sodiam E.P. The first, in October, featured seven high value diamonds ranging from a ten-carat pink to a 180-carat white Type IIa. The parcel, which also contained a 66-carat pink fetched a total of US$15.7 million (A$24.5 million) at an average price per carat of US$29,401.

BRUGUNDY SALES OVER 1,789K CARATS OF DIAMONDS IN 4Q

During the December quarter, 1,789,503 carats were sold for total proceeds of $166 million, with an average selling price of $93 per carat. These results compare to Q4 2022 where 1,273,725 carats were sold for total proceeds of $121 million, with an average selling price of $95 per carat.

Total revenue for Q4 CY23 was slightly lower than previously reported December quarter sales of $170 million due to some amounts not being paid by customers prior to quarter close, however all outstanding funds were received in early January.

Despite some market softening in the sales of cut and polished diamonds, and the resulting decline in demand for rough diamonds, Ekati product has continued to generate strong buyer interest and high sell- through rates. The quality of the Ekati product and Canadian provenance remain highly valued in the market, supporting the Company’s sales events in line with its vertically integrated business model to capture margins across the full diamond value chain.

The increased focus on provenance and traceability is highlighted by the ongoing efforts of the G7 sanctions to restrict the flow of Russian diamonds, which should further restrict the supply of natural diamonds to the market, ultimately leading to increased prices.

The Company completed four auction sale events in the December quarter including one for special stones. During the December quarter the company sold all available rough diamond inventory except for the special stones that are consolidated for those special auctions held at specified times throughout the year.

The remaining rough diamond inventory consists of product that is not yet ready for sale but continues to progress through the normal production process managed by the Company.

RIO TINTO QUIT FROM THE FORT À LA CORNE

to the agreement dated November 28, 2023 entered into between Star Diamond and RTEC.

Star Diamond and RTEC have worked together diligently to submit the documentation required to complete the transfer of the Permit to Operate for the Fort à la Corne properties. This process requires that an updated Decommissioning and Reclamation Plan be submitted to the Saskatchewan Ministry of the Environment (MoE) for its approval.

Star Diamond and RTEC have been in active discussions with the MoE and, based upon those discussions, Star Diamond believes that all documents required by the MoE have been submitted for its review. Based upon discussions with the MoE, Star Diamond currently expects that the transfer of the Permit to Operate will be completed prior to the end of March 2024.

tStar Diamond CEO Ewan Mason said: “We are pleased that the MoE has committed to move the review process forward expeditiously. While we anticipate that Star Diamond will take full possession of the Project in March, we are not waiting for this transfer to be completed to execute upon our plan and are well underway with the revised Mineral Resource and Pre-feasibility Study previously announced. Our staff is also busy examining the requirements for site security, monitoring and maintenance so that the handover from RTEC to Star Diamond proceeds seamlessly”.

Completion of the transactions contemplated by the Agreement is subject to various closing conditions including receipt of all required Governmental approvals and the approval of the Toronto Stock Exchange for the issuance of additional common shares of Star Diamond to RTEC.

BOD BAGS DOKOWAYO KIMBERLITE PIPES LICENSE

Botswana Diamonds plc announces that a consortium of BOD, acting as operator (30%), Michelo Shakantu (15%) and the Conros Corporation owned by the Chandaria family (5%), collectively known as Diamonds of Eswatini Pty Ltd, has been awarded a Prospecting License over the diamondiferous Dokowayo kimberlites in Eswatini in partnership with The Ingwenyama (His Excellency, King Mswati III, 25%).

The Government of Eswatini (25%). Eswatini was formerly called Swaziland and is a kingdom sitting between the borders of South Africa and Mozambique. Nil consideration was payable by BOD for its 30% interest.

The Prospecting License of just under 4,000 hectares is for an initial period of one year and renewable for a further year. There are at least two kimberlite pipes and three kimberlite dykes on the Prospecting License, the largest of which (K1) is a pipe of approximately 600 metres in diameter.

`K1 was mined by Transhex between 19861996 when 720,222 carats were recovered. The mine

was well known for producing fancy pink and Type IIA diamonds and the largest stone recovered was 146 carats. There are also significant tailings dumps on the property as well as a stockpile of unprocessed kimberlite. The kimberlite resource has been internally estimated at over 10 million tonnes to a depth of 200m and the dumps are estimated to contain 2 Mt.

The plan is to undertake an immediate, updated full desktop review and analysis of secondary sources. Following this, bulk sampling of the dumps and kimberlite stockpile is envisaged as the next step forward

SOLID CONSUMER DEMAND FOR DIAMONDS: DEBEERS

DeBeers Group announced the value of rough diamond sales for the first sales cycle of 2024. The provisional rough diamond sales figure quoted for Cycle 1 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, CEO, De Beers Group, said: “Solid consumer demand for diamonds in the United States over the year-end holiday season has certainly helped to stabilise the industry and we are seeing polished diamond prices increasing again.

Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024. However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover.”

(1) Cycle 1 2024 provisional sales value represents sales as at 30 January 2024.

(2) Cycle 10 2023 actual sales value represents sales between the dates of 9 November and 19 December.

(3) Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

DE BEERS LATEST AMS MICRO INSTRUMENT LAUNCHED

DeBeers Group Ignite has officially launched its latest diamond verification instrument, AMS Micro, one of the first devices to offer rapid, automated and autonomous screening of high volumes of the smallest melee diamonds.

AMS Micro complements De Beers

Group Ignite’s comprehensive suite of diamond verification instruments, which provide solutions for screening diamonds of all sizes to underpin confidence in diamond companies’ product integrity.

Following more than two years of development and rigorous testing, AMS Micro can screen up to 2,500 diamonds per hour in the 0.6mm to 0.9mm size range, automatically separating natural diamonds from lab-grown diamonds and other materials with a zero per cent false positive rate and a referral rate of less than three per cent. These high accuracy rates have the potential to deliver savings of up to 50 per cent on laboratory costs, depending on screening volumes.

The speeds and accuracy achieved by AMS Micro are made possible by a first-of-itskind ‘robotic arm’ automated feed and dispense function, which requires no specialist expertise or outside supervision to operate and can save users on average five days for every 100 carats screened.

GAHCHO KUÉ SALES

2,717,742 CARATS DIAMONDS

IN

FY 2023

Mountain Province Diamonds announces production and sales results for the fourth quarter ended December 31, 2023 (Q4 2023), and Full-Year 2023 (FY 2023) from the Gahcho Kué Diamond Mine (GK Mine). According to the fact and figures, 9,831,021 total tonnes mined during the Quarter, a 3% decrease on comparable period (Q4 2022: 10,144,844). 37,147,350 total tonnes mined during FY 2023, a 9% increase from comparable period (FY 2022: 33,947,188).

The Gahcho Kué Diamond Mine, 1,572,696 carats recovered during the Quarter at an average grade of 1.84 carats per tonne, 3% lower than comparable quarter (Q4 2022: 1,621,800 carats at 1.96). 5,557,655 carats recovered during FY 2023 at an average grade of 1.71 carats per tonne, 1% higher than comparable period (FY 2022: 5,519,309 carats at 1.78).

Q4 2023 diamond sales totaled 917,757 carats sold at an average value of $87 per carat (US$64 per carat) for total proceeds of $79.8 million (US$58.9 million) in comparison to 757,830 carats sold at an average value of $127 per carat (US$94 per carat) for total proceeds of $96.3 million (US$71.3 million) in Q4 2022. The lower average value per carat sold in Q4 2023 was the result of the mix of goods sold, reflecting the sale of a finer set of goods held back from previous quarters.

During FY 2023, 2,717,742 carats were sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 million (US$243.8 million) in comparison to 2,656,387 carats sold at an average value of $146 per carat (US$112 per carat) for total proceeds of $388.8 million (US$297.3 million) in FY 2022.

DIAMONDS ARE PERFECT. OR ARE THEY?

Diamonds are perhaps the most coveted and romanticized gemstones in human history. Its appeal lies in its purity of provenance and its remarkable beauty. Its rarity adds to its status and value. But not all diamonds are created alike. Having formed under the earth’s crust millions of years ago, under tremendous heat and pressure, diamonds are an allotrope of pure carbon. However, certain impurities and imperfections are almost always there, as in any naturally formed gemstones. A colourless flawless diamond is an extreme rarity and is most highly priced.

Therefore, cut and polished diamonds are graded on extent of presence of natural imperfections as well as for manufacturing precision and these parameters determine its value in the market. These parameters are numerous and each impact its beauty and value in some way. Most international gem labs grade on 40 parameters but in practice diamond traders worldwide test on more than 100 parameters to value diamonds that they sell and buy. But it is almost impossible for common customers to keep track of these numerous parameters except of course the common 4Cs, and thus they end up not getting the full picture or the true value for their purchase. This is also why many customers don’t get the true value for their diamonds when they want to exchange or resell. This has created a lot of apprehension and discomfort among the diamond buyers especially the ones for solitaire diamond. And adding to this uncertainty is the advent of lab grown diamonds in the market.

Divine Solitaires is the perfect answer to all these concerns. It understands that its customers are not just any luxury consumers but are conscious wealth creators and have deep emotional connect with their purchase. They need assurance and peace of mind for they deeply value the diamond as a prized possession. Only a branded product can give the experience and value that these customers seek. Over the years Divine has established the quality and price transparency of its natural diamond solitaire jewellery in a way that no other jeweller or jewellery brand could have

done in the solitaire jewellery segment. It is the undisputed leader in solitaire jewellery both in its expanse of offerings and in its groundbreaking initiatives that have transformed solitaire jewellery retail landscape in the country.

Available at 181+ jewellery stores in 100+ cities and towns in India, Divine Solitaires natural diamond solitaires and solitaire jewellery are backed by unmatched 123 parameters Quality Guarantee Certificate® and are exclusively sold via a transparent nationwide pricing system that guarantees true value always. Every diamond is carefully curated to qualify to Divine Solitaires quality standards so that customers can rest assured that they are buying only the best. Each diamond is also guaranteed to be precision cut to (Ex.Ex.Ex.)Plus® and always displays Hearts and Arrows pattern which is a hallmark of perfection and is present only 1% of world’s diamonds. Its beauty is unparalleled and is a sight to behold.

So yes, diamonds are the most prized of all gemstones, but each diamond is also unique in its own way. It has taken millions of years to form and come up the earth’s crust for humans to find and cut them into brilliant gemstones. But they are not always perfect and branded diamonds from Divine Solitaires makes it easy and simple to buy one with complete peace of mind and always at its true value.

GJC PROUDLY PRESENTS PMI EXHIBITION

The All India Gem and Jewellery Domestic Council proudly presents the much-anticipated Preferred Manufacturers of India (PMI) exhibition, a three-day event, being organized from February 6th to 8th, 2024, at the prestigious Hyatt Regency in Gurugram. The event was inaugurated with great enthusiasm by distinguished guests Vibha Rani, Director & Head BIS, Faridabad, and R Arulanandan Ji, Director of the Ministry of Commerce & Industry.

The exhibition features a dazzling display of 46 stalls, showcasing their craftsmanship and received a roaring start with approximately 150 leading jewellers from across the country. This congregation of talent and expertise is a testament to the thriving jewellery industry in India and its ability to set global standards. Attendees can expect to explore a diverse array of exquisite pieces, ranging from traditional to contemporary styles, all under one roof.

Saiyam Mehra, Chairman (GJC), expressed his excitement about the event, stating, “PMI stands as an exclusive exhibition, not merely a showcase; it embodies a celebration of the rich heritage and craftsmanship that our nation proudly boasts. This platform allows us to unveil the pinnacle of Indian jewellery to the world.”

Rajesh Rokde, Vice Chairman (GJC), echoed this sentiment, adding, “PMI serves as the quintessence of exclusivity, bringing together the industry’s finest minds and talents. It acts as a melting pot of innovation and tradition, laying the foundation for the future of Indian jewellery.”

Madan Kothari, Convenor of PMI, emphasized the significance of the event in promoting India’s reputation as a global hub for quality jewellery manufacturing. He remarked, “PMI brings together the best manufacturers in the country, offering visitors an unparalleled opportunity to witness the richness and diversity of Indian jewellery heritage. During this PMI, we will be honouring the Jewels of the North, acknowledging and celebrating their contributions in the jewellery industry.”

Joint Convenor of PMI, Chetan Thadeshwar, highlighted the importance of such platforms in driving innovation and excellence across jewellery craftsmanship. “Events like PMI not only showcase existing talent but also inspire jewellers to push boundaries and explore new avenues of creativity, this time we are excited to present a fashion show - highlighting exclusive designs. Prepare for an evening of unparalleled glamour and style, promising to be unforgettable as part of our PMI” he remarked.

The PMI exhibition at Hyatt Regency Gurugram is set to captivate jewellery enthusiasts and industry professionals alike with its stunning displays and insightful interactions by making it Industry’s favourite business + leisure event. Don’t miss this extraordinary opportunity to witness the epitome of Indian jewellery craftsmanship. This exhibition promises to be a journey through the finest creations and innovations, setting the stage for a bright and promising future for the Indian jewellery industry.

PLATINUM GUILD INTERNATIONAL ANNOUNCES ORGANIZATIONAL CHANGES

New York – Platinum Guild International, the jewelry industry’s authority on the world’s most precious metal, announced today that its longtime chief executive, Huw Daniel, will retire at the end of March, after twenty one years with the organization.

Originally from Wales, Mr. Daniel spent a large portion of his career in advertising, working in both Europe and Asia, for notable clients such as British Airways and Proctor & Gamble, prior to joining PGI. His first introduction to the jewelry industry was his tenure with DeBeers in Asia Pacific, where he worked on campaigns for eleven global markets.

Having started his tenure in 2003 as president of PGI USA, Mr. Daniel rose to the position of CEO in 2015.

On becoming CEO, Mr. Daniel shared, “It allowed me to leverage all the great people at PGI to build a high performing global team focused on driving innovation and value creation for the jewellery industry with platinum.”

When asked how PGI’s role within the industry has changed during his time at the helm, he noted “Our organization has evolved from a marketing/PR/event machine to a business partner with the jewelry industry. Platinum will always be a small part of the industry due to its natural rarity, but it can be a very important driver of differentiation and profitability. PGI’s focus today is to enable our partners to get the maximum incremental return from this superb material.”

Mr. Daniel will be retiring after more than two decades with Platinum Guild International. He will be succeeded by Mr. Schlick.

PGI has named a successor, Mr. Tim Schlick, the organization’s current Chief Operating Officer, who will begin his tenure as Chief Executive Officer on April 4, 2024. Having been a valued member of PGI since 2015, when he joined as Chief Strategy Officer, the transition is expected to be seamless.

Benny Oeyen, Executive Head, Market Development, PGMs, for Anglo American, who support Platinum Guild International via dedicated funding, commented “It has been a pleasure to work with Huw over the years and I thank him for his unwavering commitment to developing the demand for platinum jewelry globally.” He continued, “My congratulations to Tim on his new role and I look forward to continuing to work closely together, as our relationship with Platinum Guild is fundamental to building and supporting platinum’s growth in the jewelry sector.”

Mr. Schlick’s vision for the future includes building on the strong foundation established by Mr. Daniel. He explained, “To me, the next logical step is to apply what we have built over the years to unlock more opportunities for the trade, and by doing so, create incremental value for both our partners and sponsors, scaling the value we create.”

PLATINUM JEWELLERY PRODUCTION TO JUMP 8% IN INDIA

World Platinum Investment Council (WPIC) said in their 3Q report that the global jewellery demand is expected to contract by 3% (-48 koz) in 2023 to reach 1,852 koz. We have trimmed our European forecast growth for 2023 from the last Platinum Quarterly, from +4% to now show +2%, due to weaker-than-expected results for mass market / bridal jewellery, in part due to caution over stock build.

Growth, therefore, is ever more dependent on the still strong luxury jewellery and watch brands. Demand in North America remains forecast to dip slightly due to a normalisation in the number of weddings post COVID, consumer expenditure shifts and caution over stocks. The drop has been kept small due to wider price differentials to gold, which means platinum’s market share within bridal is felt to have grown notably.

As seen in the quarter Japanese demand for platinum jewellery disappointed compared to gold. Improvements in other segments failed to offset a weak bridal market. We have lowered our forecast for China in 2023, from a 7% to a 13% decline, to 420 koz to reflect a worsethan-expected Q3’23 performance and growing consumer preferences for quasi-investment and value-preservation gold product collections.

In India, we estimate 2023 fabrication to be around 184 koz, up 8% year-on-year. Aside from ongoing store expansions, retailers have started to actively promote platinum jewellery in order to help improve their profits by offering high-margin products. They are also focusing on the younger generation by offering innovative, light-weight everyday wear, and bi-metal (gold & platinum) jewellery options.

In 2024, despite global economic growth that is expected to be slower than 2023, at 3% based on the most recent IMF forecast, we expect the platinum market to remain in a deficit of 353 koz. The contraction of 718 koz compared to 2023 will result from higher supply, from both mine and secondary sources, as well as lower investment and industrial demand.

Overall demand will contract 6% (-487 koz) to 7,663 koz due to fewer chemical and glass plant expansion anticipated. In addition, we forecast some ETF liquidations as high interest rates continue to place pressure on non-yielding assets. Meanwhile, supply is expected to improve by 3% (+231 koz) as both South African mine supply and global autocatalyst scrap supply improve.

LEIBISH OFFER GREEN EMERALDS WITH PINK DIAMOND

Legendary French jeweler Jacques Cartier was a master at mixing materials in contrasting shapes and colors which became synonymous with his brand. This extraordinary legacy has continued radiating throughout the industry for generations.

Muzo emeralds exhibit a vibrantly saturated true green hue that are irresistible for savvy collectors. When you add to that the exotic spice of an Intense or Vivid Argyle pink diamond---one cannot resist its dramatic effect. The brilliant use of complementary colors in jewelry design like the pink and green combination are the stuff of dreams.

The Perfect Couple! Muzo emeralds for example, with exciting Argyle pink diamonds or pink sapphires are another superb combination. In order to bring the magical power to fully shimmer- you must use the finest quality of natural materials.

Argyle pink diamonds offer up the rarest and most exciting colors that man can imagine. And now the famed mine is closed forever. It’s like a miniature painting from an Impressionist master from the past century, The carefully

selected gemstone colors are juxtaposed with the skill of a masterful artist’s intention. Have you ever considered why these stunning jewels create such an electrical energy between the two colors?

Muzo emeralds exhibit a vibrantly saturated true green hue that are irresistible for savvy collectors. When you add to that the exotic spice of an Intense or Vivid Argyle pink diamond---one cannot resist its dramatic effect. The brilliant use of complementary colors in jewelry design like the pink and green combination are the stuff of dreams.

Obviously we select the finest no-oil Colombian Muzo emeralds that are worthy of our original designs. The quality of these stones becomes ever more apparent as the carat size increases. Pairing these alongside lively pink diamonds make both stones even more exciting.

Perhaps we can draw similarities in the chemistry between a man and a woman, too. The purely genetic mix between distant ethnicities like a man from Samarkand and a woman from Switzerland creates a powerfully strong genetic combination in of their offspring.

CHAMPIONING TALENT: GJEPC’S ARTISAN JEWELLERY DESIGN

AWARDS CELEBRATE & HONOUR DESIGN & CRAFTSMANSHIP

National, 14th February 2024: The 7th edition of The Artisan Jewellery Design Awards, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and powered by GIA, challenged designers to tap uncharted territory by integrating unusual materials and cherished objects into their jewellery designs, to infuse their pieces with a unique identity.

Actress and style icon Sonam Kapoor graced GJEPC’s 7th edition of Artisan Jewellery Design Awards in Mumbai and presented awards to winners. Sonam Kapoor graced the stage with an aura of elegance and charisma along Mr. Vipul Shah (Chairman, GJEPC); Mr. Kirit Bhansali (Vice Chairman, GJEPC); Mr. Sriram Natarajan (Managing Director, GIA India); Mr. Milan Chokshi (Convener, Promotions & Marketing, GJEPC); Mr. Sabyasachi Ray (Executive Director, GJEPC) bestowed the coveted awards upon 6 Artisan winners.

The concept of ‘Objet Trouvé’ centred around crafting jewellery pieces that capture the essence of treasured objects from the past within a contemporary context.

Actress & style icon Sonam Kapoor said, “I am proud to be a part of the jewellery industry, which showcases India’s excellence in design and craftsmanship to the world. The Artisan Awards is a great initiative by the GJEPC to nurture and celebrate young talent, who are pushing the

boundaries of creativity and innovation.”

Vipul Shah, Chairman, GJEPC, notes, “The Artisan Jewellery Design Awards, now in its 7th edition, stands as a beacon for creative expression in the jewellery design realm. It offers a coveted platform for talented individuals to unleash their creativity and showcase their innovative designs.”

Milan Chokshi, Convener, Promotions & Marketing, GJEPC, said, “Fine jewellery is the foremost amongst all art forms, revered for not only its craft and material value, but also its emotional and aesthetic resonance. It transcends mere material worth, personifying a labour of love for the designer and artisan who infuse it with life through their skilled craftsmanship.”

Sriram Natarajan, Managing Director, GIA India: GIA India is pleased to support The Artisan Awards – a platform that fosters a space where creativity in jewellery design thrives. Embracing the themes of ‘Unusual Materials’ and ‘Objet Trouve,’ this initiative by the Gem and Jewellery Export Promotion Council (GJEPC) aligns with our commitment to pushing artistic boundaries. Our continued support reflects the shared values of celebrating creative expression and advancing jewellery designing arts on a global scale.

UNUSUAL MATERIALS

First Runner-up

The curvaceous black gold bracelet is designed with areca palm leaves and studded with diamonds.

Designed by Ahalya Vijayakumar; Manufactured by Vummidi Bangaru Jewellers

Inspired by the Konark Sun Temple, the stylised spherical earrings employ wood, gold, natural white sapphires, and citrine.

Designed by Dipali Ghadigaonkar

Manufactured by KP Sanghvi Jewels Pvt. Ltd.

OBJET TROUVÉ

The gold danglers use the manjadi kuru, or lucky seeds (Adenanthera pavonine), capturing the essence of pure innocence and joy from childhood.

Designed by Yamini Devasree; Manufactured by Vummidi Bangaru Jewellers

Crafted from fine leather, moss agate, gold and diamonds, the pair of reversible pair of cufflinks features a discreetly positioned SIM card chip tying up fashion and function.

Designed by Aparna Kesarkar; Manufactured by Laxmi Dia Jewel Pvt. Ltd.

Second Runner-up

First Runner-up

Second Runner-up

Made from pinecone wood, the hair accessory features two pinecones looped with 22-karat gold diamond-studded cords of varying lengths.

Designed by Rashmi Kaushik; Manufactured by Kiran Jewels

The earrings are crafted from genuine one-rupee notes, featuring 10-paise old, scalloped coins as posts encased in gold. The folded earrings are adorned with diamonds.

Designed by Vijay Indulkar; Manufactured by Walking Tree Venture Pvt. Ltd.

GIB SECURES A MINING BENEFITS AGREEMENT

Gibb River Diamonds Limited (GIB) has secured a Mining Benefits Agreement with the Bunuba Dawangarri

Aboriginal Corporation, the Traditional Owners for the Ellendale Diamond Project area, in the West Kimberley region of Western Australia.

The grant of mining leases M04/475, M04/476 and M04/477 are now pending internal processing at the WA Mines Department (DMIRS), including the signature of the Minister for Mines, the Hon. David Michael MLA.

M04/475, M04/476 and M04/477 are the three key leases at the heart of developing the Ellendale Diamond Project.

GIB looks forward to a long and mutually beneficial working arrangement with the Bunuba People.

GIB continues to focus on the permitting work required to allow mining to re-commence. This work will be greatly assisted by the upcoming grant of the mining leases.

MOTHAE SALES 10,947 CARATS

DIAMOND

Lucapa meets full year group guidance following solid Q4. Guidance extended of Lulo & Mothae diamond mine. Diamond Production and Sales highlights said,

1: Full year rough revenue (100% project) US$102.2 million (A$154.3 million),

2: Q4 rough diamond revenue (100% project) US$40.8 million (A$63.1 million).

3: FY Mothae records in tonnes processed and mined, carats recovered and price per carat,

4: Mothae recovered 8,314 carats and sold 10,947 carats for US$541/carat in Q4.

5: Lulo recovered 7,640 carats and sold 5,653 carats for US$6,170/carat in Q4.

6: 11 Lulo diamonds fetched US$32.7 million at two tenders in Q4,

7: Two Type IIa diamonds weighing 208 and 235 carats recovered from Lulo in Q4 &

8: Q4 average price for both operationsUS$2,458 per carat.

IN 4Q 2023

Lulo ended the year well above guidance for both volume processed and rough price per carat at 625,548m3 and US$2,700 respectively. Lulo set new annual records for volumes processed and mined. Carats recovered was within 3 percent of the forecast.

Mothae met full year guidance in all categories except price per carat mainly due to the absence of quality Type

IIa diamond recoveries during Q4.

MAHARASHTRA STATE & GJEPC SIGN HISTORIC MOU

Davos witnesses the design of the world’s largest IJP

The Gem & Jewellery Export Promotion Council (GJEPC) and the Government of Maharashtra marked a significant milestone with the official signing of a Memorandum of Understanding (MoU) during the World Economic Forum 2024. The agreement paves the way for the development of India’s first and largest India Jewellery Park (IJP) in Navi Mumbai.

The MoU was signed by Hon’ble Chief Minister of Maharashtra Eknath Shinde and GJEPC Chairman Vipul Shah in the presence of Uday Samant, Hon’ble Minister of Industries; Dr. Harshdeep Kamble, IAS, Principal Secretary of Industries; Shrikant Shinde, Member of the Lok Sabha; Bhushan Gagrani, Principal Secretary, Urban Development Department, and Vipin Sharma, CEO, MIDC; Kirit Bhansali, Vice Chairman, GJEPC and Sabyasachi Ray, Executive Director, GJEPC.

Hon’ble Chief Minister of Maharashtra, Eknath Shinde, in his remarks on the MoU with GJEPC, expressed, “Maharashtra has consistently been a leader in trade and business, including its prominent role in gem and jewellery exports. The state contributes a significant 72% to India’s overall gem and jewellery exports, showcasing its prominent role in this industry.

Jewellery Park in Navi Mumbai is a dream project of Maharashtra set to generate 1 lakh jobs

in the sector. This initiative is poised to further elevate the gem and jewellery trade within the state, making significant contributions to the nation’s economy. I assure you that the government will extend support to GJEPC in all possible ways, fostering a thriving environment for this critical sector.”

Vipul Shah, Chairman, GJEPC said, “Jewellery Park in Navi Mumbai is a dream project for Maharashtra and India which is in line with our beloved Prime Minister Shri Narendra Modi’s vision of Make in India.”

Talking about the MoU with Maharashtra Govt, Vipul Shah added, “This collaboration is an immense privilege and a source of great pride, representing a shared commitment with the Maharashtra Government to propel the gem and jewellery industry to new heights.

This will be a game changer for not only the state of Maharashtra but also the Indian economy as the visionary project comes with a substantial investment of Rs. 50,000 crores and is expected to generate 1 lakh new jobs in the sector.

It will vitalize the economic system with new skills, new technology, quantum growth in exports, and enhance the country’s GDP. Additionally, it will attract substantial Foreign Direct Investment (FDI) from international

jewellery brands, gold refineries, machine manufacturers, logistics support providers, etc.

The sunrise sector of lab-grown diamonds has been given special incentives for setting up units in the park, which will enhance India’s dominance internationally.”

Expressing GJEPC commitment to complete the work of Jewellery Park in 36 months within the start of the project, Vipul Shah extended gratitude to Hon’ble Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for invaluable support, acknowledging the facilitation of necessary permissions, registrations, approvals, clearances, and fiscal incentives from relevant state departments.

This collaboration aligns with existing policies, rules, and regulations, underscoring the shared commitment to the success of the project.

Kirit Bhansali, Vice Chairman of GJEPC, expressed gratitude, stating, “Embarking on a colossal project like Jewellery Park would have been impossible without the steadfast support of Maharashtra Government. I extend my sincere thanks to both Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their assurance and support in initiating

this project. I am confident that their continued support will guide us to the successful completion of the project.”

In the heart of the Mahape industrial area, the Government of Maharashtra has allocated a 21-acre land to GJEPC. India Jewellery Park is envisioned to be a comprehensive hub, offering state-of-the-art infrastructure and ancillary facilities, along with a skilled workforce, to manufacturers in the gems and jewellery industry.

The park aims to establish an end-to-end jewellery manufacturing ecosystem by providing integrated services under one roof, including security, logistics, refineries, machinery, and more. The facilities encompass various essential components such as a Customs office, effluent treatment plant, compound wall, centralized vaulting system, water supply, workshops, and allied utilities.

One of the key objectives is to support Micro, Small, and Medium Enterprises (MSMEs), fostering the creation of additional job opportunities within the employmentintensive gems and jewellery sector. Through these initiatives, India Jewellery Park aims to catalyse growth, efficiency, and innovation in the country’s vibrant jewellery industry.

VAHAN JEWELRY LAUNCHES FIRST IN-STORE BOUTIQUE!

VahanJewelry has introduced an in-store boutique concept at Joyce’s Jewelry, a 7,000-square-foot freestanding store in Uniontown, PA. During a holiday shopping event on December 2nd, Joyce’s Jewelry launched the new boutique to its clientele with a resounding response.

Sleek and modern with clean lines, the in-store boutique highlighted an array of Vahan Jewelry’s most popular styles and collections. Designed with bright lighting, it’s equipped with sliding cases to elevate customer presentations.

A south-western Pennsylvania jewelry institution for more than 40 years, Joyce Katzeff founded Joyce’s Jewelry alongside her husband, David. Their son Brandon now serves as CEO. “As one of our bestselling and favorite brands, Vahan Jewelry is our longest brand partner.

DGFT URGES GJEPC TO POPULARIZE JEWELLERY EXPORTS THRU’

E-COMMERCE

India’s gold jewellery ecosystem stands strong in infrastructure, policies, exports, retail, design, and innovation, and is poised for a significant role on the global stage. Mr. Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, Govt. of India urged GJEPC to popularize Indian jewellery exports through e-commerce; and to position India as top supplier, design creator & value-adding hub for gold jewellery. These were the key takeaway from the India Gold & Jewellery Summit, the two-day (23-24 January) organised by Gem & Jewellery Export Promotion Council (GJEPC) at Bharat Mandapam in the Capital. The Summit aims to enhance and expand the role of gold in the economic growth of the country. World Gold Council was the lead partner for the Summit.

Marking their presence at the inaugural were Mr. Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, Govt. of India; Mr. Vipul Shah, Chairman, GJEPC; Mr. Somasundaram PR, Regional CEO, India, World Gold Council; Mr. R. Arulanandan, Director, Department of Commerce, Union Ministry of Commerce & Industry, Govt. of India,; Mr. Kirit Bhansali, Vice Chairman, GJEPC; Dr. Nawal Kishore Agarwal, Convener, Jewellery Panel, GJEPC among others.

The main theme for the 4th edition of India Gold & Jewellery Summit 2024 was Theme- Raise Gold’s Role In Economic Growth. The inaugural day of the summit featured various sessions, including discussions on leveraging the IndiaUAE Comprehensive Economic Partnership Agreement (CEPA) for export growth, enhancing India’s competitiveness through design and innovation, and ensuring the secure supply of gold through digitization. On the second day of IGJS 2024, the focus shifted to topics such as promoting compliance through responsible reporting in India, exploring the sustainable coexistence of independent stores and organized retail, and addressing global compliance through responsible sourcing.

Mr. Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, said, “India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tons, there’s a pressing need for streamlining exports.”

TOP TEN KEY TAKEAWAYS FROM DGFT AT THE IGJS 2024

Key insights from the exclusive interactive session featuring Santosh Kumar Sarangi, DG, Director General of Foreign Trade (DGFT) at the Ministry of Commerce & Industry, Government of India. Here is the top ten key takeaways!

1. India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability.

2. Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tons, there’s a pressing need for streamlining.

3. India currently holds the position of the 4th largest exporter. With immense potential, the aim should be to become the foremost exporter globally.

4. Drawing a parallel with Switzerland, we need champions in India investing in creative designs catering to Western tastes.

5. Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and valueadded provider of gold jewellery.

6. Challenges related to ICR rules, tariff rate quotas, and other obstacles will be addressed in tandem with the gems and jewellery division in DOC.

7. Integration of CAD, CAM, and AI for design creation, sourcing, and virtual presentation to customers is essential for future growth.

8. GJEPC urged to take the lead in creating a virtual exhibition centre to showcase new designs in a three-dimensional environment, thereby supporting small and medium-level jewellers, and securing international purchase orders.

9. The potential of e-commerce in cross-border transactions is vast, with estimates predicting a rise to 2 trillion dollars by 2030. To encourage this platform, the consignment value for e-commerce exports is increased to Rs.10,00,000.

10. GJEPC urged to organize outreach programs in interior regions to facilitate understanding and adoption of e-commerce platforms.

LDB ANNOUNCES CHANGES IN LEADERSHIP

The London Diamond Bourse is pleased to announce significant changes within its Council of Management aimed at ensuring the continued growth and success of the organisation. After careful consideration and unanimous approval from the committee, the following decisions were made:

Joint Presidency, during last year’s annual general meeting, Alan Cohen, the current President, announced that this year would mark his final term in office. As President, Alan holds key positions within the World Federation of Diamond Bourses’ Executive Council and the World Diamond Council, among others.

To allow Alan to focus on these critical responsibilities, and with unanimous support from the committee, it has been decided that, effective January 18, 2024, the current Vice President, David Troostwyk, will assume the role

of Joint President alongside Alan until the 2024 AGM when Alan will officially step down.

Commenting on his new position, Troostwyk said, “I am delighted my peers have put their trust in me to lead the London Diamond Bourse as their joint President. Working alongside President Alan Cohen for the remainder of his term, I look forward to learning and contributing to the valuable work he has undertaken for the Bourse.

My aim is to further enhance the value we offer to our members. I am enthusiastic about the opportunity and committed to the continued success of the London Diamond Bourse.”

This decision was made with a strategic focus on the organisation’s growth and future endeavours, as well as to allow Alan to concentrate on addressing current industry challenges.

HISTORIC APPOINTMENT OF FIRST FEMALE VICE PRESIDENT

Following the vacancy created by Mr. Troostwyk’s move to Joint President, the committee is delighted to announce the election of Ms. Charlotte Rose as the new Vice President. This appointment is historic as Ms. Rose becomes the first female Vice President in the history of the London Diamond Bourse. Charlotte has been an active and valuable member of the committee, and her election reflects the commitment to diversity within the organisation.

Commenting on her election. Ms. Rose said, “I am honoured and excited to have been appointed the first female Vice President of the

London Diamond Bourse. This is a pivotal moment not just in my career, but for the industry as a whole. I look forward to working alongside David and Alan to further drive collaborative efforts that elevate the bourses standing, and contribute to the industry as a whole.”

Alan Cohen, President, commented, “I fully support the vote taken today by the LDB committee in making David, joint President and Charlotte Vice president! This is a wonderful move in the right direction for the LDB. They both have my fullest backing.”

Commenting on the changes at Executive Level, COO Stacey Aylott said, “These leadership changes will bring fresh perspectives, strengthen the leadership team, and ultimately benefit the entire membership. I am looking forward to a seamless transition, under the joint leadership of Mr. Cohen and Mr. Troostwyk, as well as the dynamic contribution of Vice President Ms. Charlotte Rose.”

MATTEO FARSURA APPOINTED ITALIAN EXHIBITION GROUP’S GLOBAL EXHIBITION MANAGER OF THE JEWELLERY & FASHION DIVISION

Rimini/Vicenza (Italy), 22nd February 2024 – Passing of the baton within Italian Exhibition Group (IEG), Jewellery & Fashion Division.

IEG MarcoCarniello

Chief Business Officer

While the Global Exhibition Director of the Jewellery & Fashion division, Marco Carniello, takes on the role of Chief Business Officer at the helm of IEG’s new Business Division that will coordinate all the industries headed by the exhibition player, Matteo Farsura, former Exhibition Manager of Vicenzaoro, will take over the lead of the Jewellery & Fashion Division.

As Global Exhibition Manager, Farsura will manage the shows on IEG’s Jewellery Agenda: in Italy Vicenzaoro, Oroarezzo, T.Gold, The Italian Jewelry Summit, Valenza Gem Forum, VO’Clock Privé and VO Vintage as well as the JGTD and SIJE in Dubai and Singapore respectively. He will also be responsible for FIMAST, which is also part of IEG’s J&F division.

Born in the Italian city of Padua in 1975, Matteo Farsura has been working at IEG since 2017, where he initially helped develop the technology segment, then went on to the Arezzo events and finally Vicenzaoro. After his scientific studies, a degree in Business Administration at the Cà Foscari University in Venice, and an MBA from the CUOA Foundation with the US University of Michigan Dearborn (International Program), he developed managerial skills in the luxury and event organisation fields, working - among others - for a leading Italian fashion jewellery company, and drawing inspiration from the values of sport he gained from his consolidated experience in rugby both as a player and a coach.

Matteo Farsura

Global Exhibition Manager J&F

THE GIA GEMOLITE NXT MICROSCOPE LAUNCHED!

GIA’s (Gemological Institute of America) Gemolite NXT, the new gemological microscope that redefines industry standards, is available for purchase. GIA is offering a limitedtime discount through the end of the AGTA GemFair Tuscon show for all purchases of this innovative instrument. Visit store.GIA.edu to sign up for the interest list.

“Developed in conjunction with GIA’s Global Research Team, this microscope is packed with cutting-edge features, designed for optimal performance and customization, catering to the needs of gemologists and scientists in various settings, whether grading diamonds or colored stones, in a laboratory or retail environment,” said Anthony Brown, GIA director of instruments operations.

“The research team set out to create a microscope that preserves the ergonomic advantages of its predecessor, incorporates modern LED lighting technology for extended illumination, and enhances functionality with added features like fiber optic light,” said Dr. Wuyi Wang, GIA vice president of research and development.

Key Features of the GIA Gemolite NXT include,

1: LED Lighting: One of the only professional-grade microscopes with adjustable LED lighting, the GIA Gemolite NXT remains cool to the touch. The LED well light offers various options for viewing different gemstone features, accommodating techniques such as darkfield, brightfield, diffused, reflected, and polarized lighting.

2: Optics and Magnification: The microscope includes a set of 10X oculars for increased total magnification up to 50x, soft eyecups and a specially designed optics pod that is optimal for use with diamonds and colored gemstones.

3: Ergonomic Design: The GIA Gemolite NXT features an ergonomic, adjustable focus column with large focus knobs, ensuring ease of use. The rotating base with a stationary power cord enhances the user experience.

4: LCD Digital Display: The level of illumination for each light source is displayed on an LCD digital screen adding a modern touch to the microscope.

The GIA Gemolite NXT Professional edition includes all of the above features plus two interchangeable fiber optic lights, LED illuminated overhead lamp, 15X oculars for a total magnification of 75x, soft eyecups and adjustable armrests for enhanced ergonomics.

At AGTA GemFair Tuscon stop by the GIA Instruments booth #1714 in the GemHall. Also experience GIA’s Education and Research up close in GIA’s main booth on the Galleria level with over 15 unique demonstrations and presentations held Wednesday through Saturday. The new microscopes will be available for demonstrations at both GIA booths.

HOW THE BULLION BEHAVES NOW

Bullion Player Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) viewed that, on the Valentine’s day“Yesterday, US released CPI inflation data, which fell to 3.1% YoY, down from 3.4% the previous month and the core CPI number, which came in at 3.9%.

Following this data release, US Treasury yields edged higher, with the 10-year yield reaching

4.32% and the 2-year rate rising to 4.654%, the largest one-day increase in the last 9 months. After the positive US CPI report, traders in financial markets pushed back their forecasts for interest rate cuts to June from May.

Inflation is dropping, but not fast enough for Fed policymakers to start lowering interest rates soon, which is pressurizing bullion prices. Gold prices are trading on the lower edge of the range around $2000 (Rs 61500), if prices break this range, immediate support would be $1980 (Rs 61000) in the short-term.”

Federal Reserve Vice Chair for Supervision Michael Barr said the US central bank needs to see more data indicating inflation is heading back to 2% before it begins lowering interest rates. According to CME FedWatch tool, investors are now expecting only 37% odds of a quarter point Fed rate cut in May 2024 FOMC meeting.

GEO POLITICAL SCENARIO PUSHES GOLD, THE ESSENTIAL METAL

Matthew Piepenburg, partner-Von Greyerz and advisor, Grant Williams along with Andy Schectman and Jay Martin in the opening presentation at the recent Vancouver Resource Investment Conference to discuss the truly tectonic shifts in the global political and financial playing field.

The panel gives specific attention to the now undeniable and growing trend toward dedollarization and the rise of the BRICS+ trading alliances outside of the USD. The evidence of the shift away from the USD and UST in the wake of the 2022 Putin sanctions is literally everywhere, from Main Street and the bond market to global currency, energy and gold markets.

For longer-term investors seeking to prepare for these changes, this special panel makes it clear that change is not just coming, it is already here. Knowing where currency and bond markets are moving, as well as global trade, the extent and implications of these changes won’t be scary but opportunistic. Of course, gold will play a central role in the new world unfolding before our very eyes.

INFLATION RISKS SEEP BACK ON GOLD TREND!

In the Gold Market Commentary for the month of January, World Gold Council (WGC) said, Inflation risks seep back in! Protestations from some Fed members and a couple of hot data prints, appear to have finally doused expectations for a March Fed rate cut, coupled with a hawkish ECB turn.

Falling rates (typically at the longer end of the curve, see here) are on average good for gold, but the first Fed cut after a hiking cycle has been a bit of a damp squib in the past, producing near-

term rallies only if and when a material economic or equity correction has ensued, pushing longer maturity yields lower.

This makes sense if the cut is highly anticipated, or if it is bathed in soft-landing rhetoric. After all, recessions historically didn’t become evident until sometime after that first cut, if they materialised at all.

Helter Skelter Shelter: Rents are not forecast to fall much in 2024 and are likely to contribute 17-20bps to core inflation in January and February. That leaves almost no room for other contributions before core inflation exceeds the Fed’s target. The Red Sea tensions have started to impact freight costs, which could lead to more general supply-chain pressures that were a major cause of the inflation surge in 2022, particularly in Europe.

And while, at this juncture, US core Personal Consumption Expenditures (PCE) on a 3- and 6-month annualised basis look right on cue for cuts, the inflation genie may not be firmly back in the bottle.

SGB SCHEME 2023-24 (SERIES IV) OPEN TODAY!

Sovereign Gold Bond (SGB) Scheme 2023-24 (Series IV) will open for subscription from 12th-16th February, 2024

In terms of Government of India Notification No.4(6)-B(W&M)/2023 dated December 08, 2023, Sovereign Gold Bonds 202324 (Series IV) will be opened for subscription during the period February 12-16, 2024 with Settlement date February 21, 2024.

The issue price of the Bond during the subscription period shall be Rs 6,263 (Rupees Six Thousand Two Hundred Sixty Three only) per gram, as also published by RBI.

The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode.

For such investors the issue price of Gold Bond will be Rs 6,213 (Rupees Six Thousand Two Hundred Thirteen only) per gram of gold.

COMMODITY PRICE GAZING AND GOLD TREND

Ravindra Rao, Head - Commodity Research at Kotak Securities, draw the gold trend & said, “Comex Gold prices extended previous week’s declines and fell for the third consecutive day on Monday [February 12], tracking a stronger greenback and higher yields ahead of the much awaited US CPI data. Persistent ETF outflows are also adding pressure on gold prices…

By sharing commodity insight, market overview of Kotak Securities Limited view that, Comex Gold prices extended previous week’s declines and fell for the third consecutive day on Monday, tracking a stronger greenback and higher yields ahead of the much awaited US CPI data. Persistent ETF outflows are also adding pressure on gold prices.

KGK SUISSE, THE FIRST TO BUY DEBEERS AMS MICRO

Readers are aware that recently, De Beers Group Ignite has officially launched its latest diamond verification instrument, AMS Micro, one of the first devices to offer rapid, automated and autonomous screening of high volumes of the smallest melee diamonds.

First-of-its-kind device offers rapid, automated screening of large volumes of the smallest melee diamonds; KGK Suisse to take delivery of first instrument! The first AMS Micro instrument will be delivered to the Swiss office of leading diamond manufacturer and De Beers Group Sightholder, KGK, at the end of February.

Patrik Schäfer, CEO of KGK’s Swiss office, said: “As one of the world’s leading diamantaires, the integrity of the diamonds we sell is of utmost importance. The AMS Micro eliminates the human error element in testing diamonds below 0.9mm and offers automised reports which prove the results of the testing.

In doing so, the AMS Micro provides a missing link in the chain of test traceability outside of the laboratories. AMS Micro will help us to

increase our volumes and delivery turnaround times to our customers, which addresses a key pain point for us currently.

WDC WELCOMES FIVE

The World Diamond Council is proud to enter into its ranks five new members, each committed to protecting the integrity of the diamond supply chain. They are the Grandview Klein Group, Hari Krishna Exports, the Owl Financial Group, the Sheetal Group and the Stargems Group.

Membership in the WDC enables companies and organizations in the diamond industry to demonstrate their commitment to a responsible supply chain, and their active involvement in the development of a socially conscious and sustainable industry. It additionally indicates that they are part of the industry’s leadership, providing them a voice in the Kimberley Process, and a place at table where decisions affecting the entire diamond sector are taken.

WDC members are committed companies and professional organizations from along the

NEW MEMBERS

entire value chain. They include rough diamond producers, rough and polished diamond traders, jewelry manufacturers, wholesalers and retailers, and also service providers such as banks, logistic specialists and industry analysts. Many of the industry’s largest corporations are represented, as are medium and small-sized companies.

PETRA TENDER 4, GREW 4%

OVER 3FY 2023!

The Company announces the sales results of its fourth tender cycle of FY 2024 in which 428.9kcts were sold for US$47.8 million, a 4.0% increase in like-for-like prices compared to Tender 3 FY 2024 which closed in December 2023. These results exclude a 14.76ct exceptional colour and clarity blue gemstone recovered from the Cullinan Mine which the Company intends to sell on a standalone tender basis expected to close towards the end of this month.

Total revenue YTD FY 2024 from rough diamond sales is US$235.6 million, compared to US$278.5 million in the first four tenders of FY 2023, excluding Koffiefontein. Year-on-year volume variances were affected by the deferral of certain FY 2023 sale parcels sold as part of Tender 1 of FY 2024.

Like-for-like rough diamond prices improved by 4.0% on Tender 3 FY 2024, with higher prices achieved across all size categories, barring the 5 to 10.8ct size range where prices were largely flat compared to the previous tender.

Average like-for-like prices were down 9.2% yearto-date compared to the equivalent four tenders of FY 2023.

The balance of price movements is attributable to product mix, with both Williamson and Finsch benefiting from an improved product mix compared to the previous tender

GOLD DEMAND 2023 FELL DOWN TO 5% YOY

The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding OTC) fell to 4,448t in 2023, down just 5% from a notably strong 2022. When factoring in demand from the OTC markets and other sources, total demand climbed to a new annual record at 4,899t. Investment from this more opaque source of demand supported 2023’s highest annual average gold price on record.

The central bank buying streak continued on from 2022 at a blistering rate. Demand reached 1,037t last year, making it the second highest on record, down just 45t on the previous year. In contrast to robust OTC and central bank demand, ETF outflows continued in 2023, losing 244t in a third consecutive year of decline, with outflows in Europe dominating the picture.

Turning to bar and coin investment, demand was subdued and down 3% as strength in some markets worked to offset weakness elsewhere. European demand continued to

plumet, down 59% year-on-year. This decline was offset by a strong postCOVID recovery in China, where annual demand was up 28% to 280t; combined with notable increases in India (185t), Turkey (160t), and the US (113t).

The global jewellery market proved to be remarkably resilient amidst record-high prices as demand inched up by 3t year-on-year. China played an important role, recording a 17% increase in demand for gold, as it recovered from COVID-19 lockdowns, offsetting a 9% decrease in India.

Mine production was relatively flat in 2023, up 1%. Recycling increased by 9%, which was lower than expected given the high gold price and drove total supply up 3%.

Louise Street, Senior Markets Analyst at the World Gold Council, commented, “Unwavering demand from central banks has been supportive of gold demand again this year and helped offset weakness in other areas of the market, keeping 2023 demand well above the ten-year moving average.”

“In addition to monetary policy, geopolitical uncertainty is often a key driver of gold demand and in 2024 we expect this to have a pronounced impact on the market. Ongoing conflicts, trade tensions and over 60 elections taking place around the world, are likely to encourage investors to turn to gold for its proven track-record as a safe haven asset.

“We know that central banks often cite gold’s performance in times of crisis as a reason to buy, which suggests demand from this sector will stay high this year and may help to offset a slowdown in consumer demand due to elevated gold prices and slowing economic growth.”

JA OPENS NOMINATIONS FOR 20 UNDER 40

Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, is seeking nominations for the best and brightest rising talents in jewelry retail to be featured on Jewelers of America’s 20 Under 40 list. The list, which was first created in 2022, highlights jewelers who exemplify leadership skills and a commitment to elevating jewelry retail for tomorrow’s jewelry consumers.

A panel of judges will review all candidates based on the following criteria: successful in their chosen field, demonstrates leadership characteristics and an innovative mindset, potential to improve their community, and a commitment to the Jewelers of America Code of Professional Practices and professional ethics.

Jewelers of America’s 20 Under 40 in

Jewelry Retail is sponsored by Jewelers Mutual Group and Synchrony. Individuals may selfnominate or be nominated by an industry colleague. Nominations are being accepted through March 22, 2024. Full rules and details can be found here or you can contact Jewelers of America’s Member Services.

ESTABLISHING THE NASDAQ FOR DIAMONDS

Liquid Diamonds, a business-to-business diamond sourcing platform for jewelry and diamond businesses, is bringing price transparency and liquidity to diamonds. With the goal of enabling diamond buyers to make quick and easy transactions at fair market value, the company’s state-of-the-art platform also allows suppliers to instantly liquidate their inventory, yielding a win-win for all parties involved.

Founded in 2018 by a triumvirate in the tech world, including Kashyap Mehta, whose family has been an integral part of India’s diamond industry for generations, Mark Molloy, a technologist and inventor, and Chetan Gupta, the company’s Chief Technology Officer, Liquid Diamonds patented reverse auction system (US Patent 7792723) enables wholesale diamond buyers and retail jewelers alike to purchase diamonds to fulfill their orders, while also protecting their margins.

Unlike trading platforms such as RapNet and Idex, Liquid Diamonds ensures diamond buyers achieve the best possible prices from multiple suppliers as they compete for sellers’ business. Liquid Diamonds key offerings revolve around helping diamond buyers, whether in wholesale or retail businesses, to source the right diamonds at the right time at the best possible price.

STEPPE GOLD ACQUIRES BOROO GOLD MONGOLIA

Steppe Gold announced the acquisition of the Boroo Gold mine in Mongolia. With this acquisition, Steppe Gold becomes the country’s largest gold producer, providing a strong platform for further growth in Mongolia with the goal of owning a portfolio of projects at various stages of development.

Boroo Gold produces over 60,000 oz annually and has an expected mine life beyond 2030, averaging 50-60k oz over the next seven years, with strong operating margins and an AISC of ~$1,000. This strong cash flow will provide the needed financial support for Steppe Gold to complete the ATO Expansion on time and on budget.

On completion of the Boroo Gold LLC acquisition, gold production is expected to triple over the next two years to 90,000 oz per annum and 160,000 oz by 2026, with ATO Phase 2 Expansion coming into production.

Steppe Gold is well-positioned to create a mid-tier gold producer, focusing on continuous growth in our production profile and exploration

portfolios in Mongolia. The core of the Steppe Gold team remains in place, and we are excited to work with the Boroo Singapore team to build a world class company and national mining champion in our home country of Mongolia.

“We built ATO Gold Mine in our home country from project to production within two years and we reached 100,000 oz production milestone by 2023. With our landmark nondilutive project financing of $150 million, and our EPC contract in place, we are now accelerating the development of Phase 2 Expansion,” said Bataa, Chairman and CEO Tumur-Ochir- Steppe Gold.

GOLD PRICES PARED EARLY GAINS AND CLOSED LOWER!

Ravindra Rao, Head - Commodity Research at Kotak Securities said, COMEX Gold prices pared early gains and closed lower on 24 January, Wednesday, as robust economic data from US prompted investors to pare March Fed rate cut wagers, which now stands at 41% compared with almost 70% a week ago.

The greenback and treasury yields pared some early losses after data showed US factory activity unexpectedly jumped to 50.3 in January 2024, the highest since October 2022 Today, all eye are on the ECB policy meeting and a slew of economic data from the US, including US Q4 GDP estimates, weekly jobless claims and durable goods orders which might provide more cues on Fed’s policy path.”

Kotak Securities Limited (KSL), are one of India’s oldest stock broking company, offering full-fledged investment services across asset classes, including equity, debt, mutual funds, commodities and currencies - through a single-login platform. Our pan-India presence, technologyfirst approach and simplified investment solutions makes us a preferred choice for millions of investors across India.

TWIN JEWELLERY SHOWS RETURN IN 1TWO SHOWS, TWO VENUES• MODE

Events gather 4,000 + exhibitors with top brands presenting the latest trends

• Twin jewellery events restore ‘two shows, two venues’ formatforthe firsttime since the pandemic.

• Themed Be Part of the Splendid Legacy, the 40th Hong Kong International Jewellery Show and 10th Hong Kong

• International Diamond, Gem & Pearl Show are expected to attract over 4,000 exhibitors from more than 40 counties and regions, drawing enthusiastic responses.

• Over 60% of exhibitors from overseas, reaffirming international popularity of the shows.

• More than 30 seminars, events and parades, including analysis of jewellery market trends by FRED, an LVMH jewellery brand

• Hong Kong’s Fine Jewellery Exports rebounded 23% to HK$87.8 billion last year, 40% higher than pre-pandemic.

The 40th Hong Kong International Jewellery Show and 10th Hong Kong International Diamond, Gem & Pearl Show, organised by the Hong Kong Trade Development Council (HKTDC), will return to the two fairs, two venues format for the first time since the pandemic, presenting the world’s premier jewellery trade platform. The Diamond, Gem & Pearl show will run at Asia World-Expo from 27 February to 2 March, while the Jewellery Fair will be held at the Hong Kong Convention and Exhibition Centre from 29 February to 4 March, bringing sourcing and global trade opportunities for industry players.

Fine jewellery exports rebound

Hong Kong’s fine jewellery exports rebounded significantly last year, rising 23% to HK$87.8 billion (US$11.2 billion) compared to

2022, and 40% higher than pre-pandemic 2019, with strong growth in exports to Mainland China, which recorded a year-on-year increase of more than 20%, and the United States and Switzerland,

Sophia Chong (centre), Deputy Executive Director of the HKTDC, Lawrence Ma (left), Chairman, HKTDC Hong Kong International Jewellery Show and Hong Kong International Diamond, Gem & Pearl Show Fair Organising Committee, and Winston Chow (right), Chairman, HKTDC Jewellery Advisory Committee, attended today’s (20 February) press conference to introduce the twin jewellery shows

The twin jewellery shows press conference was supported by members of the HKTDC’s Hong Kong International Jewellery Show and Hong Kong International Diamond, Gem & Pearl Show organising committees. Sophia Chong (front, centre), HKTDC’s Deputy Executive Director, together with other members of the committees, posed for a group photo with celebrities

which increased 16% and 82% year-on-year respectively.

Twin shows feature 36 pavilions

Supported by jewellery trade associ~tions and organisations from all over the world, the fairs feature 36 geographic and industry pavilions from Belgium, Brazil, Mainland China, Colombia, Germany, India, Israel, Italy, Japan, Korea, Singapore, Sri Lanka, Taiwan, Thailand and Tiirkiye while Malaysia debuts. Industry pavilions returning include the Tanzanite Foundation, Asia Pacific Creators Association and International Coloured Gems Association, while the T-GOLD+METS Pavilion (coorganised by Hong Kong Jewellery & Jade Manufacturers’ Association and Italian Exhibition Group) will debut to focus on jewellery manufacturing machinery.

Dedicated zones feature international brands, cultural and creative designs

The Hong Kong International Jewellery Show contains 18 zones, including the Hall of Extraordinary, which features 78 global exhibitors showcasing stunning diamond, gemstone, jade and pearl jewellery. These include. H?ng Kong exhibitor Hatta New World Company L1m1ted (Booth: CEC GH-D06) which will showcase_a_iewellery_ set that carries about 110 carats of Brazilian Para1ba tourmaline pieces (a necklace, a ring and a pair of earrings), worth over HK$15 million. The bright-blue Paraiba is one of the rarest precious stones on Earth.

The Designer Galleria showcases collections and a number of culturally inspired creative designs this year. Japanese exhibitor Jewellery of Raden & Urushi (Booth: CEC lCON-032) presents Mizuhiki, a brooch incorporating traditional Japanese craftsmanship. Inspired by the Japanese art of knotting, the brooch is decorated with a black pearl, diamond and green garnet with knotted lacquerware, giving its traditional design a fashionable touch. Hong Kong exhibitor Charming

Jewellery Ltd (Booth: CEC 1 C-A36) brought its La broderie brand, which features embroidery, a National Intangible Cultural Heritage. Hong Kong embroidery masters used silk threads to create vivid illustrations of butterflies, dragonflies and orchids, sewn together with gold accessories and jewellery pieces, crafting exquisite workmanship and elegant pieces.

The Hall of Fame will feature international brands including Giorgio Visconti from Italy, Chete from Hong Kong, Carrera Y Carrera from Spain and Lao Feng Xiang from Mainland China.

Hong Kong Team fencer Shawn Cheung (third left) and actress Rosita Kwok (third right) led the models to present exquisite jewellery

Set with highly translucent jadeite edged by diamonds and mounted in 18 karat white gold, this diamond necklace, brooch and ring set was presented by United Jewelry Company

The jadeite necklace, ring and earrings set by On Tung Company is magnificent with a graceful and luxurious green colour

BE PART OF THE SPLENDID LEGACY: CELEBRATING THE ANNIVERSARY OF BRILLIANCE AT THE TWIN JEWELLERY SHOWS

The HKTDC Hong Kong International Jewellery Show and HKTDC Hong Kong International Diamond, Gem & Pearl Show will reach their 40th and 10th milestones respectively in 2024. The theme of this year’s event is Be Part of the Splendid Legacy. Apart from thanking all parties for their long-standing support, we hope to encourage more industryplayers to join this annual event and build the next milestone together.

This year’s Hong Kong International Jewellery Show will feature splendid themed zones including the Hall of Extraordinary, Hall of Fame, and Designer Galleria. The Hall of Extraordinary will showcase high-end collections with stunning diamonds, precious stones, jadeite and pearls, from exhibitors representing Australia, Mainland China, Germany, Hong Kong, India, Italy, Japan, Switzerland, Thailand, the UK, and the US.

The Designer Galleria will present a captivating and exciting showcase of hip collections from designers

at the forefront of fashion trends, including respected designers from Austria, Mainland China, France, Hong Kong, Japan, Korea, Taiwan, Thailand, and the US.

Pavilions from several countries such as Mexico and Malaysia will return to the twin jewellery shows. The Hall of Fame will feature an impressive line-up of international brands, including Giorgio Visconti from Italy, Chete from Hong Kong, Carrera Y Carrera from Spain and Lao Feng Xiang from Mainland China.

The Hong Kong International Diamond, Gem & Pearl Show will showcase the finest diamonds and pearls as well as quality gemstones and raw materials for jewellery from various origins in the Hall of Fine Diamond, Treasures of Nature and Treasures of Ocean. The shows will also deliver an all-rounded programme with jewellery parades, seminars, buyer forums and networking events that bring trending market intelligence to industry players.

Photo of Previous Fairs The seminar on “Hong Kong Jewellery Industry Shines over the World”

Photo of Previous Fairs

The insights into the 2024 jewellery trend

PETRA PRODUCES 1.43 MILLION CARATS DIAMOND FOR 1H 2024

Richard Duffy, Chief Executive Officer of Petra, commented, “Production increased 2% in this period as operations continued to stabilise at Finsch and Cullinan Mines and Williamson continued its ramp-up to full production. We remain on track to meet our FY 2024 production guidance of 2.9 - 3.2 Mct.

Although, as announced on 01 November 2023, we expect it will be towards the lower end of guidance. We continue to make good progress on the CC1E development project at Cullinan Mine and the 78-Level Phase II development project at Finsch, and the resumption of the deferred capital programmes remains on target for July 2024.

The replanning and value-engineering work associated with the deferred capital projects continues and, once completed, the Company will inform the market of the expected impact on forward looking guidance.

While we are seeing encouraging indications of price recovery and some stabilisation in the rough diamond market, following actions taken by both producers and the mid-stream, we continue to adopt a cautious approach to the market in the near-term.

Once completed, the additional headroom

afforded by our increased Revolving Credit Facility will enable us to continue our flexible sales approach and position ourselves to take advantage of any market improvements.”

According to the key takeaways of H1 FY 2023, total diamond production increased 2% to 1.43 million carats mainly due to resuming operations at Williamson and increased ROM contribution at Finsch, partially offset by slightly lower grades at the Cullinan Mine.

Revenue amounted to US$187.8 million (H1 FY 2023: US$208.5 million). While as previously announced, like-for-like prices were down 13.3% compared to H1 FY 2023 sales, with the balance of price movements attributable to product mix.

Consolidated net debt increased to US$212.3 million as at 31 December 2023 (30 June 2023: US$176.8 million) due to the timing of closing the Company’s sales tenders, the continued lower diamond pricing environment, working capital funding for the resumption of mining at Williamson and the increasing capex spend profile, as previously announced, to extend the life of our operations at Cullinan Mine and Finsch.

JACOB & CO OPEN NEW BOUTIQUE IN VIETNAM

Located in the famed Peninsula Arcade, the Jacob & Co. Ho Chi Minh City boutique opens in partnership with retail leader JW International Company. The Jacob & Co. boutique hosted an opening ceremony featuring a slew of local celebrities.

Lying on Dong Khoi Street, the most prestigious street for luxury shopping in Vietnam’s capital city, the new 168 sqm space introduces the architecture and design language of Jacob & Co. to Vietnam’s esteemed customers. Opened in partnership with leading retailer JW International Company, the Jacob & Co. boutique will be a

focal point for local high watchmaking and high jewelry patrons.

The Ho Chi Minh City opening is part of a series of Asian Boutique openings for Jacob & Co. On January 19th, the brand opened its first outlet in Hong Kong SAR and on the 21st in Seoul, South Korea. These retail outlets, all of them located in prime real estate areas, illustrate the uninterrupted growth of Jacob & Co. They emphasize Jacob & Co.’s dedication to catering to all of Asia’s high watchmaking and high jewelry aficionados

SILVER JEWELRY TO BOUNCE 6% & SILVERWARE BY 9%

According to the recently published Global Silver Demand Report for 2024, global silver demand is expected to rise 1 percent, pushed higher by the continued strength of industrial end-uses and a recovery in jewelry and silverware demand.

Silver industrial fabrication is forecast to post a 4 percent rise in 2024 to a record 690 million ounces (Moz), building on the all-time highs achieved last year. In line with the trend in recent years, the photovoltaics (P.V.) and automotive industries will remain key drivers of growth this year.

Jewelry demand is expected to record a 6 percent rise, and India will contribute the bulk of gains this year. This follows a sharp pull back in 2022 when Indian demand weakened after a postCOVID surge in 2021. On top of a return to more “normal” levels, a positive economic backdrop and consumers getting used to high rupee silver prices should also underpin growth this year.

In the U.S. and Europe, soft consumer

sentiment may continue to weigh on jewelry consumption, but retailers’ stock replenishment will likely mitigate the impact on fabrication. In line with the jewelry sector, as demand normalizes, a recovery in India will lift global silverware fabrication by 9 percent.

In India and Europe, a modest recovery is expected this year, compared with a depressed 2023 total. In the former, as Indian investors become accustomed to high rupee prices, bargain hunting is expected on price dips. Even with a recovery, Europe’s total volumes will remain near multi-year lows.

JMAIIE 2024 - AN EXCLUSIVE JEWELLERY MACHINERY EXHIBITION

• 250+ manufacturing companies to participate at the exhibition

• 10000+ national visitors from all over India and abroad

• 200+ overseas buyers to attend the exhibition

The 3rd edition of the Jewellery Machinery Allied India International Expo 2024 (JMAIIE 2024), organised by KNC Services, with the valuable support of JMA Forum.

The Exhibition is scheduled from February 9th to 12th, 2024, at the Bombay Exhibition Centre, Goregaon East, Mumbai. JMAIIE is an exclusive jewellery machinery and allied B2B exhibition. It is set to be an outstanding showcase of excellence in jewellery machinery to enhance the technology to help the jewellery industry, and we believe it presents a unique opportunity to strengthen international connections and foster collaborations.

Rajesh Kumar Mishra (IRS),Zonal Development Commissioner-SEEPZ-SEZ, Mumbai (Chief

Guest) said, “I am pleased to see that the concept and organization of JMAIIE is fulfilling the objective of growing the jewellery machinery sector, leading to growth of the Gems and Jewellery industry. My advice to the industry is that there should be an increased focus on skilled labour, maintaining quality and growing the domestic base of jewellery machinery sector. Also a keen observation on the changing trends will further help the business.”

Kevin James, Managing Director, Goodwin Refractory Services India Pvt. Ltd (Guest of Honor) said “JMAIIE continues to be a platform for excellence, creativity and progress. The innovation in manufacturing technology showcased here is key to supporting the jewellery

machinery sector.” He also further committed to extend the support in future as well.

Farhad Sethna, Chairman-JMA Forum, said, “JMAIIE, the exclusive jewellery machinery show has been a tremendous success. It is our endeavour to make it the largest jewellery machinery hub in the world. It provides unmatched opportunities to buyers to see the latest in jewellery machinery and is a platform for manufacturers to promote their products in India and abroad.”

Kranti Nagvekar, Founder of KNC Services, expressed, “I wish to convey my appreciation to both exhibitors and visitors for their incredible support. We expect a huge turnout of both manufacturer and buyers from the industry to attend the largest Jewellery Machinery Exhibition of India. The latest cutting-edge technology in manufacturing seen here is contributing to the PM’s vision of Make in India.”

Michael Donald, Secretary-JMA Forum delivered the vote of thanks.

INTERNATIONAL COIN OFFER BY THE ROYAL CANADIAN MINT

The Royal Canadian Mint announces the International Coin Offer! The Exploration of Ancient Egyptian Culture continues. Anubis: Lord of the Sacred Land. One of the most famous figures of the Ancient Egyptian pantheon, Anubis, was a major part of the transition from life to death and resurrection.

Discover the mysteries of Ancient Egypt in 3 oz. pure silver.

Ancient Egypt’s jackal headed god of funerary rites peers out from the reverse of this 3 oz. coin. Behind the 3D bust of Anubis and on the obverse,

the engraving resembles relief carvings, while the coin’s antique finish gives it a beautiful, aged look.

Special features are, 1: Limited to 1,999 pieces worldwide. 2: All previous issues sold out very quickly. 3: With antique finish and super high relief through 3D Authentic Minting. 4: Display your coin with a beautiful presentation case.

Ancient Egypt god coin composition of 99.9% pure silver, weight- 92.5 g, dimensions- 40 mm x 60 mm, Face Value- 200 Francs, Antique Finish, Country of issue- Djibouti.

The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada’s circulation coins. We are one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale.

GOLD-PLATED SILVER JEWELLERY GAINS TRACTION

Recently, Ketan Dhruv, Director-Bangalore Refinery said, gold’s usage in India for industrial purposes can be broadly divided into two categories – electronics and other industrial. The former covers the use of gold in electrical contacts and printed circuit boards (PCBs), while the latter includes plating and Jari (gold thread).

Looking first at plating, over the last few years the tremendous growth in sales of gold-plated silver jewellery and articles, as well as imitation jewellery (gold-plated brass jewellery), has underpinned the increasing usage of gold potassium cyanide (GPC) in India.

However, not all of this has benefited local GPC producers as most fabricators rely on imported material. For instance, in the first seven months of 2022 alone, India imported nearly 750kg of GPC, equivalent to 510kg of gold in fine-weight terms (gold accounts for 68.2% of GPC).

To minimise costs, thrifting has emerged even in this segment, with the average thickness of gold coatings steadily declining. For instance, watches with a 5-micron (μm) plating thickness a decade ago are now using plating as thin as 0.1 μm.

The key barrier to local GPC production is the 15% import duty on gold bullion compared to that on gold compounds, which includes GPC at 11%. I believe that the government should work towards changing this inverted duty structure so that Indian producers can benefit from a level playing field.

Overall, the duty structure needs to be reviewed for industrial players to boost local industrial usage of gold. With the manufacturing of electronics and PCBs likely to rise and with the demand for plating also growing, there is a need to create a differential import duty structure for the industrial segment.

In our view, this will help domestic fabricators, potentially opening up export markets and, in turn, help to cushion the negative impact of gold imports on India’s current account deficit.

CIBJO PRESENTED SEVEN HYBRID SEMINARS

Jewellery Industry Voices at January Vicenzaoro show!

CIBJO’s popular Jewellery Industry Voices webinar and seminar series kicked off its fifth season at the Vicenzaoro show in Vicenza, Italy, with seven hybrid seminars – in person at the Fiera di Vicenza exposition centre, and simultaneously live streamed. That took place over two days, on Saturday, January 20, 2024, and Sunday, January 21, 2024.

The event is being hosted by the Vicenzaoro organizer, the Italian Exhibition Group (IEG), and is part of a joint CSR and sustainability educational programme for the jewellery industry, presented by CIBJO and IEG, which has been recognized by the Economic and Social Council (ECOSOC) of the United Nations.

The two day programme is as follows, Seminar

1: Technology and Innovation in Responsible Sourcing, Seminar

2: Equality for All, Seminar

3: Actioning the Nature Journey in the Watch and Jewellery Industry, Seminar,

4: Halo to Hammer: Reward and Risk in Social Media Marketing, Seminar.

5: Investigating sustainability principles in the gold jewellery business, Seminar

6: A Common Understanding: Harmonising the Language of Responsible Supply Chains & Semina

7: The role of big data in understanding the diamond market and decision making.

DASSANI BROTHERS UNVEILS JEWELS OF HARMONY COLLECTION

Dassani Brothers, India’s premier designer jewellery brand celebrated for its exquisite craftsmanship and timeless elegance, proudly unveils its latest collection, Jewels of Harmony, in commemoration of the 75th Republic Day. Embracing the rich tapestry of Indian culture, individuals attire themselves in ethnic garments adorned with Indian jewels, creating a splendid festive ensemble that articulates the essence of Indian subculture, fashion, and sophistication.

Meticulously curated with utmost precision, this collection draws inspiration from the three vibrant hues of the Indian flag, seamlessly blending traditional elements with contemporary aesthetics. The collection, aptly named, presents an array of meticulously crafted pieces that mirror the diversity and grace of India. Featuring splendid tricolored gems and intricately detailed gold ornaments, each piece signifies the impeccable craftsmanship synonymous with Indian artistry.

Republic Day holds a special place in the hearts of every Indian, symbolising unity, diversity, and freedom. In homage to this significant occasion, Dassani Brothers proudly introduces a stunning new assortment that reflects the opulent tapestry of our heritage.

The collection draws inspiration from timeless traditions, royalty, and patriotic sensibilities, harmoniously blending traditional craftsmanship with contemporary design in 18KT gold. Embellished with toptier uncut diamonds (Polki), round brilliant cut diamonds, Emerald Mani, Ruby mani, Navratna stones, cultured pearls, and other exquisite gemstones, the collection comprises of gold necklaces, earrings, and bangles, available on Dassani Brothers’ online store with personalised options. From intricately detailed pieces inspired by Indian motifs to modern, chic accessories, it stands as a testament to

Dassani Brothers’ commitment to providing jewellery that transcends time.

Commenting on the launch, Sumit Dassani, Partner at Dassani Brothers, said, “Our Jewels of HarmonyCollection is a tribute to the enduring spirit of our nation. Each meticulously crafted piece embodies the values of Republic Day and serves as a timeless symbol of style and sophistication. Committed to the ‘Make in India’ initiative, Dassani Brothers ensures that every piece in the collection is crafted with precision and passion by skilled Indian artisans. Adorned with intricate details, our traditional gold jewellery pieces reflect the inherent royalty and elegance of our cultural heritage.”

Explore an exclusive array of colours and designs from the collection, available only at www.dassanibrothers.com. For additional information, connect on Facebook and Instagram. Elevate your style with personalised jewellery pieces crafted to perfection through special orders.

PMJ JEWELS, INAUGURATED NEW STORE IN KHAMMAM

Mallu Nandini graces event with P Neeraja

PMJ Jewels, South India’s beloved fine jewelry brand, inaugurated its new store in Khammam with a ceremony graced by Mallu Nandini, wife of Hon’ble Deputy CM Mallu Bhatti Vikramarka, as the chief guest and P Neeraja, Mayor of KMC, as the guest of honor.

The event was attended by Ram Reddy, Business Head of PMJ Jewels, and Rajashekhar, the Store Head of PMJ Jewels Khammam. To celebrate the opening, PMJ Jewels offers a special deal for customers purchasing jewelry in the first six days, receiving a complimentary gold coin as a token of appreciation. A wedding jewelry exhibition, featuring exquisite designs, will run untill January 25th.

The new PMJ Jewels store in Khammam reflects the brand’s dedication to outstanding craftsmanship and

stunning designs. It showcases a diverse range of jewelry pieces, including intricately designed necklaces, earrings, rings, and more, catering to the discerning tastes of Khammam customers.

Mallu Nandini expressed her pleasure, saying, “It’s a pleasure to witness the opening of PMJ Jewels’ new store in Khammam.” Ram Reddy shared his excitement about the expansion and the special offer, inviting everyone to experience the brand’s beauty and craftsmanship. Rajashekhar emphasized PMJ Jewels’ commitment to delivering exceptional quality and service, providing a unique and memorable shopping experience for the people of Khammam.

A signature twist motif by Harry Winston!

Adapted from an archival Winston design, this diamond and ruby necklace has a signature twist motif. A perfect representation of the intertwining of two souls, it magnificently frames the neck with 104 round rubies weighing a total of approximately 24.28 carats and 190 round brilliant, 133 marquise, and 22 pear-shaped diamonds weighing a total of approximately 24.70 carats, set in platinum and 18K rose gold.

This exceptional fine jewelry collection chronicles the extraordinary phases of love with diamonds and colorful gemstones. Like an acrostic poem, each letter represents a different phase of love, from the first light of affection, to a passionate obsession, to the ultimate vow and an eternity together. With each phase, the feelings of love grow stronger

and more meaningful.

This gemstone jewelry collection offers a modern interpretation of the signature Harry Winston aesthetic and consists of 39 pieces separated into 4 unique chapters: L Winston Light, O Winston Obsession, V Winston Vow, and E Winston Eternal. Discover all of love’s magnificent possibilities in this exceptional collection of gemstone rings, earrings, and necklaces.

Sparks, the other series of Winston Light, consists of pendants, earrings, and rings that capture the fiery form of a firework bursting in the air and embody the feelings of the very first spark.

CELEBRATE THE MONTH OF LOVE WITH PLATINUM DAYS OF LOVE

~EXQUISITELY CRAFTED PLATINUM JEWELLERY FOR YOU & YOUR LOVED ONE FOR VALENTINE’S DAY~

What better way to celebrate the spirit of love than with the metal that embodies rarity, purity and preciousness - platinum? This Valentine’s Day, immerse yourself in the essence of love with a metal that’s an eternal symbol of commitment.

Few things spell love and thoughtfulness like platinum jewellery. Whether you decide to celebrate a special milestone in your relationship journey on Valentine’s Day or express your love and appreciation for your loved one, you can choose from an array of offerings that Platinum has including his & her rings, and special Valentine’s pendants and chains for women. With platinum’s timeless elegance, this white precious metal is an ideal option to elevate your Valentine’s Day celebrations.

Platinum jewellery, cast in 95% pure, is the ultimate symbol of love. Born of the stars, this mythical naturally white metal stands for a love that is built on modern values like respecting each other’s individuality, rejoicing in each other’s victories, and committing to equally sharing responsibilities, transcending traditional roles and gender expectations. The resplendent white metal, platinum, thus resonates with the new-

age values that define the younger generation’s interpretation of love and togetherness.

Speaking on this occasion, Pallavi Sharma, Business Director, PGI said, “Be it complementary love bands for couples or intricately designed pendants for women, we have collaborated with our design partners to curate an array of design options that are available at PGI authorized retailers for consumers to choose from on this special occasion of Valentine’s Day. The design narrative of the Platinum Days of Love collection is intrinsic to platinum –sleek, contemporary and versatile. While the platinum love bands for couples come in a variety of interesting design options including geometric patterns, statement & central motifs, and solitaires; the range of pendants feature an interplay of unique heart motifs adorned with diamond studded and two-toned textures with an accent of rose gold.”

This Valentine’s Day, embrace the month of love with jewellery that speaks to the heart, as you choose from a variety of platinum jewellery pieces available at PGI authorized retailers across the country.

HK EXPORTS HOSTS A DUAL INITIATIVE IN MUMBAI

Demonstrating a steadfast commitment to community health and solidarity, Hari Krishna Exports Pvt. Ltd., a leading diamond manufacturing company in India, orchestrated a dual initiative comprising a blood donation and eye check-up camp. Held on February 13, 2023, this significant event celebrated the 11th anniversary of the company’s headquarters at The Capital, BKC, Mumbai, aligning with the company’s ethos of well-being and mutual aid, echoing the United Nations’ Sustainable Development Goals.

The initiative, open to all, attracted enthusiastic participation and successfully collected an impressive 400 units of blood and 315 benefitted in eye check-up camp. This blood donation and eye check-up camp is a reflection of Hari Krishna Exports’ ongoing dedication to life-saving missions, contributing to a cumulative total of over 18067 units of blood collected through its various drives in across India.

Distinguished guests including Raju Sir Bhujabal DCP-Mumbai Traffic Police, Vipulbhai Shah, MD-Asian Star Co. / Chairman- GJEPC, Kiritbhai Bhansali Mumbai BJP-Treasurer /Smital Gems, Shriram Natarajan Managing DirectorGIA India, Dinesh Lakhani- Global Director, Kiran Gems and other notable figures from the diamond industry were in attendance, lending their support to the cause and recognizing the company’s efforts toward philanthropy and employee well-being.

KISNA LAUNCHES 1ST SHOWROOM IN NORTHEAST INDIA

Kisna Diamond and Gold Jewellery, a leading name in the exquisite jewellery industry, celebrated the grand opening of its first-ever exclusive franchise showroom in Agartala, Tripura today. With this opening ceremony, Kisna marks the launch of its 18th showroom across India.

The event witnessed the distinguished presence of dignitaries including the Finance Minister, Pranajit Singha Roy, and the Mayor of Agartala, Deepak Majumdar along with

the Founder & Managing Director of Kisna, Ghanshyam Dholakia.

With the new showroom launch, Kisna aims to fulfil its promise and vision of making diamond jewellery accessible to all modern Indian women across the country. Kisna’s newest showroom is designed to offer best and most preferred real diamond and gold collections for each age group.

With unparalleled style, innovative concepts, and impeccable craftsmanship; every piece at the showroom is also curated basis the current trends catering to consumer preferences Speaking at the event, Ghanshyam Dholakia, Founder & Managing Director of Kisna, expressed his gratitude to the dignitaries and the people of Agartala for the warm welcome.

SENCO GOLD & DIAMONDS LAUNCHES SPECIAL ‘SIYARAM COLLECTION’

Senco Gold & Diamonds, has announced the launch of a special ‘SiyaRam Collection’ in honour of the Ram Mandir inauguration in Ayodha on January 22. This collection pays tribute to the enduring bond of devotion between Ram, Sita, Lakshman, and Hanuman, and celebrates the upcoming temple, set to be a beacon of cultural, spiritual, and social unity during the sacred “Pran Pratishtha” of Lord Ram.

The exquisite designs SiyaRam Collection by Senco Gold & Diamonds’ skilled artisans also highlight the use of delicate nakashi craftsmanship, meenakari work, and intricately set diamonds.

Expressing his excitement about unveiling this thoughtful collection, Mr. Suvankar Sen, MD & CEO of Senco Gold& Diamonds, said, ‘The atmosphere of devotion to Lord Ram is palpable everywhere in anticipation of the Ram Mandir inauguration. Drawing inspiration from the magnificence of Ram Mandir, Ram Sita coronation, and the Dus Avatars, our SiyaRam Collection captures the essence of exemplary leadership, companionship, and devotion.

Mrs. Joita Sen, Director and Head of Marketing and Designs at Senco Gold & Diamonds added, ‘Ram Mandir paves the way for showing dedication of devotees all over the world. Our Siya Ram Collection is a perfect tribute to the personification of love, peace and perfection amongst Ram, Sita, Lakshman, and Hanuman.

SENCO, THE FIRST INDIAN JEWELLERY BRAND TO JOIN ONDC

Senco Gold and Diamonds, India’s leading jewellery retailer with eight decades of legacy and over 150+ showrooms nationwide announced that it has joined Open Network for Digital Commerce (ONDC) Network, marking a significant milestone as the first national jewellery brand to showcase hallmarked products on the ONDC platform.

Through this maiden integration, Senco Gold & Diamonds extensive catalogue will be available across various shopping apps within the expanding ONDC Network, facilitating smooth and efficient transactions. This strategic move will have a catalytical impact on Senco Gold and Diamonds and will help the brand to expand its customer base, providing its exquisite and unique designed jewellery by famous karigars of Bengal, to potential buyers across all ONDC seller apps.

This collaboration will also align seamlessly with the company’s visionary commitment to the ‘Make in India’ initiative, thus strengthening its presence across the nation.

Expressing his sheer joy & enthusiasm, about becoming the first jewellery brand in India to join the ONDC Network, Suvankar Sen, MD & CEO, Senco Gold & Diamonds, said, “As pioneers in both product and technological innovation, we take pride in being early adopters of the ONDC Protocol. Through this ground-breaking collaboration, our goal is to establish numerous consumer touchpoints.

Our passion lies in creating jewellery with exceptional craftsmanship and aesthetics that resonate with everyone, including the young upwardly mobile generation. We are confident that the strategic integration with the ONDC network will significantly enhance the accessibility of these meticulously crafted exquisite pieces to consumers nationwide, ensuring a seamless and enjoyable shopping experience.”

KALYAN JEWELLERS REVENUE GREW OVER 34% YOY

The standalone revenue for the company (India) in Q3 FY24, was Rs 4,512 crore, as against Rs 3,219 crore in Q3 of the previous financial year, a growth of over 40%. The India operations recorded PAT of Rs 168 crore for the quarter compared to a PAT of Rs 133 crore for the corresponding period in the previous year, a growth of ~26%.

Total revenue from the Middle East operations during Q3 FY24 was Rs 683 crore

as against Rs 641 crore in Q3 of the previous financial year, a growth of over 6%. The Middle East operations recorded PAT of Rs ~14 crore for the quarter compared to a PAT of Rs ~17 crore for the corresponding period in the previous year.

Candere, recorded a revenue of Rs ~29 crore in Q3 FY24 versus Rs ~44 crore in Q3 FY23. The company recorded a loss of Rs 1.6 crore in Q3 FY24 as against a loss of Rs 1.7 crore in Q3 FY23.

Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “It has been a fantastic financial year so far. Performance across all quarters has been excellent. Consolidated revenue growth for the first nine months of the current financial year is around 31% and revenue growth in India is ~36% driven by robust network expansion along with healthy same-store-salesgrowth.

The ongoing quarter has also started off well and we are looking forward to ending the financial year on a strong note.”

ZAVERI & CO ON BRAND PROMOTION SPREE!

Zaveri & Co. (Rajkotwala), announces its spotlight moment at the glamorous Filmfare Awards 2024. Renowned celebrities Elnaz Norouzi styled by the talented duo Victor Robinson and Sohail Mughal, Taaha Shah Badussha, Mallobika Banerjii, and Nehal Chudasama adorned themselves with exquisite creations from Zaveri & Co.

Established in Central Ahmedabad, Zaveri & Co. has emerged as one of Gujarat’s premier jewellery retail chains, renowned for its unwavering commitment to quality and service excellence.

“At Zaveri & Co. we take pride in curating jewellery that transcends trends and embodies the essence of sophistication Our mission is to craft exceptional jewellery that captivates and connects with people from all walks of life. We are dedicated to delivering unparalleled quality, artistry, and service, ensuring each piece of jewellery we create

is not just an accessory but a cherished keepsake.

We aspire to blend tradition with modernity and commit to using ethically sourced materials, promoting sustainability, and supporting the communities we are a part of. Through our creations, we strive to empower our customers, enabling them to express their unique identities and personal stories.

The jewellery showcased at the Filmfare Awards ranged from contemporary statement pieces to intricately

RELIANCE JEWELS UNVEILS NEW COLLECTION FOR VALENTINE’S DAY

On the occasion of Valentine’s Day, Reliance Jewels, one of the fastest-growing and trusted jewellery brands in India has come up with an exclusive collection. This occasion marks a celebration of companionship across the world. Celebrating the true spirit of Valentine’s day, Reliance Jewels unveiled an exclusive valentine’s Day collection of exquisitely crafted rings, couple bands, and pendants made in 14kt yellow gold, rose gold, and diamond, ideal for everyday wear, serving as a constant reminder of the shared love between the couple.

Valentine’s Day has always symbolized the essence of true love. It represents the bond shared by a couple, their love and appreciation for one another. Reliance Jewels have introduced this collection to represent the strength and accomplishments of women who play multiple roles in today’s world with utmost grace.

GOVINDBHAI DHOLAKIA NOMINATED FOR THE HOUSE OF ELDERS!

Recently, the Bharatiya Janata Party (BJP) announced the list of candidates for the Biennial Election to the Rajya Sabha (RS) from Gujarat and Maharashtra. The Central Election Committee of the Bharatiya Janata Party has approved the seven names for the upcoming biennial Rajya Sabha elections to be held in Gujarat and Maharashtra.

In the List of Rajya Sabha biennial elections 2024 recently, BJP announced four names for Gujarat & three names for Maharashtra. In the list of Gujarat, the very second name announced is Govindbhai Dholakia.

Govindbhai Dholakia, the visionary entrepreneur behind the success of Shree Ramkrishna Exports (SRK), has defied all odds to carve a remarkable legacy in the diamond industry. Born into a humble agricultural family in the remote village of Dudhala, Gujarat, Govind Bhai’s journey epitomises the triumph of perseverance and determination.

Despite growing up with limited resources and facing the challenges of poverty, Govindbhai embarked on his professional journey at the tender age of 13. In 1964, he commenced his career as a diamond Bruiter in Surat, laying the foundation for his future endeavours. Now, at 76 years old, Govind reflects on his upbringing, describing it as both simple and hard a testament to the resilience instilled in him from a young age.

Throughout his illustrious career, Govind has championed the ethos of balance, efficiently managing his personal and professional life. His meticulous time management and commitment to a balanced lifestyle have been instrumental in his success. Yet, Govindbhai humbly acknowledges that his most significant achievements lie not in accolades or titles but in the happiness and fulfilment of his staff members.

On the auspicious day of Ram Navami in 2011, Govindbhai’s lifelong dream became a reality with the inauguration of the SRK Empire, a state-ofthe-art diamond crafting facility in Surat. Spanning over 2,50,000 sq.ft., the SRK Empire symbolises Govindbhai’s unwavering dedication to excellence. In attendance were esteemed guests, including Varda Shine, then CEO of Diamond Trading Company (DTC), marking a significant milestone in Govind’s entrepreneurial journey.

Since then, SRK has emerged as a beacon of innovation and integrity in the diamond industry. With the inauguration of SRK House in 2017, Govind further bolstered the company’s production capacity, solidifying its position as a global leader.

Compilation by: Reena Shukla Director – Bajaj Overseas Limited

Today, Govind Laljibhai Dholakia is a testament to the transformative power of perseverance and resilience. With a net worth of Rs 4,800 crore, his entrepreneurial acumen has propelled Shree Ramkrishna Exports to unparalleled heights, while his commitment to ethical business practices continues to inspire generations.

From humble beginnings to a diamond empire, Govind Dholakia’s journey exemplifies the limitless possibilities that arise when passion meets purpose, and perseverance paves the way for success.

OVER 1000 DESIGNER ENTER IGI EXPRESSIONS

IGIExpressions, the free jewelry design competition hosted by IGI, has attracted 1,141 unique entries this year, the highest total by far. The submissions period, which ended on January 31, had been extended by a week due to surging popular demand.

The online submissions, sent to IGI from a total of 40 different countries, include hand-drawn Sketches, Computer Assisted Design (CAD) files and iPad files. Participants selected their choice of submissions type in one of three design categories, Statement Piece, Convertible Jewelry and Perfume Bottle or Jewelry Box.

“We witness the vital role creativity plays in designing gemstone jewelry that moves and inspires others,” noted IGI CEO Tehmasp Printer. “IGI is pleased to continue encouraging and supporting creative talent on this platform where we invite jewelry enthusiasts around the world to participate and be recognized.”

Each year the IGI Expressions competition boasts a distinguished panel of international judges. This year’s six-person panel boasts a diverse array of global knowledge, experience, and expertise. Punit Balana is an International Fashion Designer who has immersed himself in the pursuit of mastering the techniques of Jaipur’s indigenous crafts since 2001.

Severine Ferrari is the Founder and Editor in Chief of Engagement 101 Magazine and a Parisian transplant to New York City who champions the elevation of marriage proposals and women’s empowerment. Tania Heikal is a Professional gemologist, influencer, and blogger based in the UAE with many years of progressive experience and research in the diamond, gemstone, and jewelry industry.

Pradeep Jethani, the CEO of Jet Gems, is a self-taught high-end jewelry designer and producer of exclusive statement jewelry pieces created with unique combinations of gemstones, diamonds, and metals. Helen Mao is an International Jewelry Consultant, Jewelry Author, and Curator with over 29 years of experience in the Chinese jewelry industry.

Sonal Sawan Sukha, the Co-Founder and Creative Director at Jewel Saga, is a professionally trained jewelry designer and curator of jewelry design courses. This year’s theme was “Abstract Design and Retro Motifs.” Participants were encouraged to draw

inspiration from their everyday surroundings, personal stories, and individual experiences as they approached the fusion of design and theme.

Approximately 50 designs will become competition finalists, from which nine champions will be selected, one in each submission segment, for each of the three categories.

Every person who participates in the competition will receive an official IGI Expressions Participation Certificate. Nine submissions will be selected as winners, and those designs will be fabricated and brought to life. The winning designers will receive a variety of benefits, including an IGI Expressions Champion Trophy, Champion Certificate, 3D prints of their design, recognition via press coverage, exposure on IGI’s GemBlog and social channels, and a $500 check (Sanctioned Regions Excluded).

PGI USA ANNOUNCES RECIPIENTS OF THE GRANT Grant for 2024-2026 Platinum Business Development

Platinum Guild International USA has announced the recipients of the second round of its highly successful business development grant initiative. Launched in 2021, the grant program was designed to turbo-charge the growth of platinum jewelry specifically within the USA, inspiring manufacturers, designers, and retailers to make platinum an important focus of their business.

The initial grant program exceeded expectations, with the three inaugural participants, Helzberg Diamonds, Memoire, and Kwiat, achieving outstanding platinum sales results that ranged from 50% to over 900% growth when compared to the period preceding the grant.

The 2024-2026 Platinum Guild International USA business grant recipients are, 1: A. Jaffe, 2: Frederick Goldman Inc, 3: Miosogno by the Jewelex Group & 4: Robbins Brothers. The reaction from all the recipients was overwhelmingly positive and highlighted

the growth potential for platinum jewelry in the coming months and years.

“We are excited to partner with a fantastic organization like PGI USA,” said Sam Sandberg, chairman of A. Jaffe. “We strongly believe in the platinum story and will continue to advocate for platinum jewelry. We are eager to begin promoting our turn-key platinum program for the upcoming shows, supported by marketing, training, and shelf stock for immediate delivery.”

Jonathan Goldman, CEO of Frederick Goldman Inc. commented, “We are thrilled to receive this grant from Platinum Guild International USA. With the resurgence of platinum as the premier metal in bridal jewelry, we look to partner to create awareness and sell through for our retail partners.”

RBI RATE ALLOW PLAYERS TO HEDGE PRICE OF GOLD

Recently the RBI issue their Monetary Policy Statement, 202324, and announce their Resolution of the Monetary Policy Committee (MPC) of February 6 to 8, 2024. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting (February 8, 2024) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.

Consequently, the standing deposit facility (SDF) rate remains

unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

In the row, Colin Shah, MD, Kama Jewelry said on the RBI’s Monetary Policy decision that, “RBI’s decision to keep the repo rate unchanged at 6.50% is a welcome move which comes as per the industry expectations. With the urban consumption remaining consistently robust along with rural demand gaining momentum, this scenario will act as an enabler in boosting jewellery sales in Indian markets.

FIRST WJA CANADIAN CHAPTER LAUNCHED

The Women’s Jewelry Association (WJA) announces the launch of its first Canadian Chapter, WJA Toronto, and the election of its 2024 Board of Directors, including Co-Presidents Alanna Campbell and Shelbey Dodds.

Last September, WJA partnered with the Canadian Jewelry Association to host its first event in Toronto at the Arcadia Studio. The response was overwhelming, with over seventy-five attendees, many of whom expressed interest in participating in chapter leadership positions. Since that time, WJA conducted interviews with potential candidates and selected Alanna and Shelbey as inaugural presidents of the new chapter for 2024.

“We are overwhelmed by the positive response following the WJA Toronto launch event that took place in September 2023. We have the support of a diverse and extremely talented board. We are incredibly fortunate

to have the support of these and other volunteers to assist in bringing WJA Toronto to life,” says Alanna.

“2024 will be focused on establishing a solid foundation for WJA Toronto. We look forward to hosting a selection of WJA’s signature events as well as growing our membership,” says Shelbey.

GOLD ETF JANUARY BEGAN WITH US$2.8BN OUTFLOWS

Recently, World Gold Council released Gold ETF Commentary & said, 2024 began with continued outflows!

Global physically backed gold ETFs began 2024 with US$2.8bn outflows in January, stretching their losing streak to eight months.

This was equivalent to a 51t reduction in global holdings, which lowered to 3,175t by the end of January. Meanwhile, total Assets Under Management (AUM) fell to US$210bn, a 2% decline due to outflows in the month and a 1% gold price fall.

Overall, North America led global outflows and European funds continued to see heavy losses. Asia captured another inflow while fund flow changes in the other region were limited.

Globally, low-cost gold ETFs saw their eighth consecutive monthly outflow in January, losing US$207mn (-4t). North America (-US$243mn) drove global outflows while low-cost funds in Europe registered inflows (+US$32mn) Following January’s loss, the total AUM of low-cost funds declined by 1% to US$55bn. Meanwhile, their collective holdings fell to 832t, the lowest since April 2021.

As outflows from global gold ETFs continued, trading activities in the market were tepid (-18% m/m). Based on net longs on 26th December 2023. Net longs on COMEX declined to 471t as of January, a 30% decrease compared to the end-2023 level (677t).

BDB BAGS FOUR AWARDS OF ANNUAL GARDEN COMPETITION!

61st Annual Vegetable, Fruit & Flower Show 2024 Award Announced!

Recently, BMC announced the results of the annual garden competition. According to the Bharat Diamond Bourse (BDB), about 45 competitors joined the BMC Garden Competition in the various well announced categories of Indoor and outdoor. In the process announcement, the venue remained; Rani BaugVeermata Jijabai Bhosale Botanical Gardens and Zoo.

According to the Bharat Diamond Bourse, Horticulture and Housekeeping Department, they also participated in the National Society of the Friends of the Tress, 61st Annual Vegetable, Fruit & Flower Show 2024. It’s a point pride to announce that BDB has won four Awards:

1: Section – 4: Gardens - Attached to Office of Government, Semi Government, Municipality, Institutions, Railway Offices / Station, commercial, Establishment - More Than): Price - 1 st

2: Section - 5 (Gardens - Attached to Office of Government, Semi Government Municipality, Institutions, Railway Offices / Station, commercial, Establishment - Less Than): Price - 3 rd

3: Gardens - Podium - Consisting of Lawn Shrubbery, Flowers Bed etc: Price - 3 rd

4: Vertical GardenLess Than 15 sq.mts. Area. : Price - 3 rd

CELEBRATE LOVE THE PLATINUM WAY WITH PLATINUM LOVE BANDS

Wavemaker unveils an innovative campaign for Platinum Love Bands featuring anamorphic outdoors and a unique collaboration with JioSaavn

February 2024: What better way to celebrate this Valentine’s Day than with the metal of love? Platinum Love Bands aims to elevate the celebration of Valentine’s Day, with the ultimate symbol of love - rare platinum. Perfect for those ready to embark on a journey of commitment, or mark a big moment in their relationship journey, these bands will make Valentine’s Day truly unforgettable.

With the ability to make passersby halt in their tracks, gigantic digital screens unveil pairs of exquisitely crafted Platinum Love Bands as they step out of their box. The viewer is treated to a spectacle of animated Platinum Love Bands, elegantly rotating around the box as they showcase their intricate design and craftsmanship. Activated across all key markets these outdoors truly make the jewellery designs larger than life and underline the brand’s tag line – For a love so rare.

But that’s not all! In the spirit of Valentine’s Day, Platinum Love Bands has also collaborated with the leading music streaming service, JioSaavn, to provide consumers with a special opportunity. They can now create custom dedications for their loved ones through #PlatinumLoveJukeBox. The initiative enables couples to curate a personalized playlist for their beloved, selecting songs that deeply resonate with their unique love story and language of love. Once completed, this tailor-made playlist can be easily shared with your partner, accompanied by a heartfelt, personalized message of love. Moreover, sharing this special playlist on various social media platforms becomes an expression of love.

Speaking on these innovative activations, Sujala Martis, Consumer Marketing Director, PGI India shared, “Platinum is the ultimate symbol of modern love. This month of love, the intent was to elevate the upcoming Valentine’s Day experience for our audience, with an

innovative visual experience on one hand via, immersive anamorphic outdoors that make the lure of platinum seem larger than life. And an exciting partnership with JioSaavn on the other, allowing couples to express their love through music by creating their own playlists for each other. Social media today is a loud declaration of one’s relationship status encouraging couples to then share their dedicated playlist on social, completes the loop.”

Conceptualized and executed by Wavemaker, Shekhar Banerjee, Chief Client officer and Office HeadWest, North and East, Wavemaker India said, “Valentine’s Day is a time for creating unforgettable moments and exceptional experiences with the ones we love. We understand the importance of crafting innovative experiences that capture attention and forge meaningful connections. That’s why we’re thrilled to present our latest offering: an immersive journey featuring PGI’s Platinum Love Bands. Our aim is to provide an experience that goes beyond the ordinary, filled with breath-taking visuals and interactive elements that celebrate the beauty of love. We want to fill the air with joy and love for all the couples out there, and this innovative experience is our way of paying tribute to the power of love.”

With immersive and experiential activations, this Valentine’s Day, Platinum Love Bands truly aims to highlight how the metal of love is an ideal option celebrate this month of love.

Shekhar Banerjee, Chief Client officer and Office Head - West, North and East, Wavemaker India

Sujala Martis, Director - Consumer Marketing, Platinum Guild International - India

TANISHQ EXPANDED RETAIL FOOTPRINT!

Tanishq, has expanded its retail footprint in Ahmedabad, Gujarat with the relaunch of its grand store. The store was inaugurated by the esteemed Tanishq Business Partners in Gujarat, Jatin Parekh, Jayanti Patel and Dharmesh Mehta. The store is located at Ahmedabad.

Spanning across, 18,000 sq.ft. the store presents an extensive selection of iconic Tanishq designs across vibrant colour stones, dazzling gold, shining diamonds, exquisite polki, and precious kundan jewellery. The store proudly presents Tanishq’s exclusive festive collection, ‘Dharohar’, drawing inspiration from the heirloom artefacts from the eras gone by, an ode to legacies old and new.

Speaking on the relaunch, Vishal Vyas, Regional Business Manager, Titan Company Limited, said, “We take immense pride in reintroducing our grand store in Ahmedabad today. At Tanishq, customer satisfaction drives every step we take. As the nation’s most cherished jewellery brand, our continuous aspiration has been to remain within reach for our customers.

INDIA’S GOLD DEMAND IN 2023 DECLINED BY 3%

Recently, the World Gold Council (WGC) announce, India’s Gold Demand Statistics for Q4 2023 (Quarter ended, October – December). At the juncture, Somasundaram PR, Regional CEO, India, World Gold Council said, India’s gold demand in 2023 declined by 3% to 747.5 tonnes strongly influenced by rising gold prices.

Although consumer interest remained high, it lagged trade sentiment. October’s price correction during Navratri stimulated a robust consumer response, boosting Diwali sales in November. However, demand declined in December as gold prices resumed an upward trend, resulting in a 9% drop in Q4 jewellery demand compared to Q4 2022.

Bar and coin investment in India rebounded, growing by 7% to 185 tonnes year-on-year. Q4 demand touched 67 tonnes, 64% above the five-year quarterly average. The correction in gold prices led to some robust investment responses in Q3 and Q4, supported by increased interest from physically backed gold ETF investors, setting total holdings in Indian-listed products to a record 42 tonnes by year-end.

Recycling was 20% higher due to low and supportive higher prices but at 117 tonnes, could be considered the normative

expected level. Net gold imports surged by 20% to 780.7 tonnes in 2023, primarily due to substantial inventory building by the trade.

Looking forward to 2024, India’s gold demand should benefit from ongoing positive economic conditions. The subdued demand range of 700-800 tonnes since 2019 attributable to continuous rise in prices, increase in duties, stock market outperformance, near-term elections spending impact and acceptance of elevated price levels, suggest the potential for a spurt in demand in the near future.

However, any short-term impediments to higher demand could arise from another round of sharp price hikes and volatility triggered by global factors.

SILVER ONE ACQUIRES 100% OF PHOENIX SILVER

According to the Phoenix Silver Project, that covers 6,141 hectares along the northern extension of a prolific 30+km long mineralized trend hosting past and current producing silver and copper mines. Very high-grade native silver vein fragments, including a 189 kg (417 lb.) specimen estimated to contain over 70% silver and an 8.5 kg(18.7 lb. ) specimen assaying 459,000 g/t (14,688 oz/t) silver.

These have been interpreted as being near their original source, as silver is very soft and large fragments break apart easily upon transport over even small distances. One vein fragment weighed 189 kg (417 lb.) and was estimated by specific gravity methods to contain 70% silver. Assays

DMCC-QX

LAB

of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver.

A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments.

The southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples. In order to acquire a 100% interest in the Phoenix Silver Project, Silver One paid US$350,000 and issued ten million common shares of Silver One over 3 years to the property vendors. The central portion of the claim block is subject to a 2% NSR, which can be purchased for US$ 1.0 million.

AI ANNOUNCES PARTNERSHIP

DMCC has partnered with the Dubai-based artificial intelligence firm Qx Lab AI as it gears up to launch the DMCC AI Centre later this year.

Through its, Ask Qx- platform, Qx Lab AI offers generative AI capabilities that can be integrated into services such as online chat functions or used by businesses and individuals to enhance productivity. Ask QX’s unique neural architecture offers unprecedented scalability for the product.

That providing a digital infrastructure that can benefit firms by reducing overall computational power costs, building up platform security, and creating a protective shield against potential data breaches. With this groundbreaking technology, QX Lab AI aims to become the first AGI Company in the world to access and leverage 372 billion parameters.

DMCC has created a range of innovationfocused ecosystems to advance Dubai’s status as a driving force in the development and adoption of next-generation technologies and industries. The

DMCC Crypto Centre is home to over 600 Web3 firms, making it the largest concentration of crypto and blockchain companies in the region.

Since its launch in 2023, the DMCC Gaming Centre has welcomed over 100 gaming companies, from developers and publishers to esports teams and software engineers, positioning Dubai as a hub for the immersive form of entertainment.

INDIA THE TOP NINTH IN THE GLOBE IN TERMS OF GOLD RESERVES!

Central Bank buying is the main factor supporting Gold prices to trade above $2000 in the last few months. Central banks around the world have been buying gold with both hands for the last 2-3 years as they want to diversify their reserves out of Dollar to other asset classes.

The Reserve Bank of India has been actively buying around 40 tonnes of gold every year for the last six years. India now stands at ninth position in terms of gold reserves with holdings over 800 tonnes in 2023. India’s central bank has surpassed the central banks of the Netherlands, Turkey, the UK, and Saudi Arabia in terms of gold reserves lately.

As estimated by the World Gold Council, here are the current rankings of gold reserves by country in Q3, 2023.

As estimated by the World Gold Council, here are the current rankings of gold reserves by country in Q3, 2023.

WELCOMING OF CONSTRUCTIVE FEEDBACK ON PLI POLICY

Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal encouraged industry’s constructive feedback and collaborative engagement to shape the policies, procedures and effectiveness of the Production Linked Incentive (PLI) scheme.

While delivering a keynote address at the PLI Perspectives: A Stakeholder Meeting’ organized by the Department for Promotion of Industry & Internal Trade (DPIIT), Ministry of Commerce & Industry yesterday at Bharat Mandapam, New Delhi, he applauded the efforts of all the PLI beneficiaries for driving the vision of the Prime Minister, Shri Narendra Modi, to make India a global hub for manufacturing.

Goyal urged the industry champions to intensify their focus on enhancing competitiveness within their respective sectors, fostering a business environment that stimulates innovation, efficiency, and adaptability. He also emphasized on the importance of the industry’s concentration on prioritizing production of high-quality goods which is aligned with the broader objective of the PLI Scheme, ensuring that the benefits extend to both businesses and consumers.

Goyal further highlighted the imperative of cooperative collaboration where beneficiary companies were urged to work hand-in-hand with the government and fellow stakeholders, creating a collaborative ecosystem for sustainable growth. The Minister further added that the Government Officials of the implementing Ministry/ Department must hold regular consultation and roundtables with their respective PLI beneficiary.

Overall achievement of PLI Schemes was also discussed during the meeting. Actual investment of Rs. 1.07 lakh crore have been realized (till December’23) which has resulted in production/ sales worth Rs. 8.70 lakh crore and employment generation of around 7 lakhs (direct & indirect). Exports have exceeded Rs. 3.40 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals & food processing. Incentive amount of around Rs. 4,415 crore disbursed under PLI Scheme for 8 sectors.

Around 1200 delegates, from beneficiary companies under PLI Scheme for 14 sectors, including the Gem & Jewellery Industry- came together to discuss and chart out the strategy for effective and seamless implementation of PLI Schemes.

ED SEIZED JEWELLERS RS 60.37 CRORE PROPERTIES!

Directorate of Enforcement (ED) has provisionally attached movable properties in the form of Cash, Smuggled Gold Bullion, Smuggled Silver, Gold Ornaments and 02 immovable properties belonging to Vijay Baid, key person acquiring smuggled gold and another bullion trader involved in the activity of smuggling- Prakash Sankhla.

According to the ED, the attached properties are 20.27 Kg gold bullion and gold ornaments valued at Rs.9.65 Crore and 4971.396Kg silver including foreign origin silver valued at Rs.33.55 Crore. Also seized 3 more items.

ED initiated investigation on the basis of a Prosecution Complaint filed by DRI under Section 135 of the Customs Act, 1962.

A professional carrier of gold was caught by DRI while carrying gold smuggled through off routes and illicit channels. DRI recovered Gold from his possession which was of foreign origin and was brought into India for its consumption at Raipur by Vijay Kumar Baid alias Vicky and others.

ED carried out search & seizure operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in August, 2022and seized cash of Rs. 1.41 Crore being proceeds from the sale of smuggled gold; unaccounted gold ornaments worth Rs 6.16 Crore; gold bullion worth Re 2.06 Crore; silver bullion worth Rs 3.90 Crore from Vijay Baid, Sunil Kumar Jain (M/s. Saheli Jewellers), Prakash Sankhla (M/s. Navkar Jewellers), M/s. Sumeet Jewellers and Dheeraj Baid.

In this case, as of now total Proceeds of Crime has been estimated at, Rs 2,60,97,32,341 in the form of foreign origin smuggled gold estimated at 506 Kg worth Rs 2,30,73,55,021and foreign origin smuggled silver estimated at 4479.7 kg worth Rs. 30,23,77,320 as per the analysis of available documents.

As on date, total properties worth Rs 60.37 Crore has been attached/seized by the ED. Further investigation is under progress.