Heera Zhaveraat | January 2018 by heerazhaveraat

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EDITOR-IN-CHIEF'S DESK

Diamond Industry hopes high for

ACHCHHE DIN IN 2018 US tax reforms to boost Diamond export: GJEPC

ncreased trade inquiry from overseas markets like china And US has already improved sentiments at diamonds manufacturing units, now exporeters are also expecting happy days ahead. As per the market sources, diamond exporters eyes gains from US tax reforms. :India’s diamonds traders are eyeing an increase in business from the tax reforms in the United States that they believe will lead to an increase in the disposable income of Americans and consequently higher spending on lifestyle products including diamond jewellery. Simultaneously, the Gem & Jewellery Export Promotion Council has partnered with the Diamond Producers Association comprising leading diamond miners to embark on an international campaign to to boost diamond consumption across the globe. These twin factors have raised expectations among gems and jewellery exporters of a better 2018-19 than the current financial year. Gems and jewellery exports in the first seven months of the current fiscal fell 13.18 per cent in rupee terms over the previous year and 11 per cent in dollar terms, although exports of cut and polished diamonds went up 7 per cent in volume terms to 214.05 lakh carats.

India’s diamonds traders are eyeing an increase in business from the tax reforms in the United States that they believe will lead to an increase in the disposable income of Americans and consequently higher spending on lifestyle products including diamond jewellery.

“We are expecting that the $1.5-trillion tax bill of (President Donald) Trump will boost the US economy and increase the purchasing power of Americans,” said Praveen Shankar Pandya, chairman of the Gem & Jewellery Export Promotion Council. “This will help Indian diamond exports to the US, the biggest market for us. We expect 2018-19 to be a better year for us,” he said. According to Rapaport Weekly report published on December 7, diamond trading has been steady with a positive momentum ahead of the Christmas-New Year holiday season. It said that dealers are filling local and international orders, and retailers are capitalising on jewellery stacking and layering fashion trend this season. Pandya said that exporters had held meetings with diamond miners such as De Beers, ALROSA and Rio Tinto about the demand scenario. “Pricing of rough diamonds depends on many things. We have asked them to consider stability in prices in FY19. However, it all depends on supply-demand scenario,” he said. The sentiment is improving at diamond manufacturing units across the country thanks to demand from the US and China, traders said. Manufacturers are focusing on small stones to keep factories operational at required levels, they said. “Inventory at the units is slowly declining as manufacturing remains below capacity and holiday orders get filled. Rough diamond demand remains stable as cutters start to prepare for anticipated rise in first-quarter sales,” said a trader, who did not wish to be identified. 

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GLITTERING NEWS

GSI EXPANDS SYNTHETIC DIAMOND JEWELRY TESTING SERVICES TO REACH CLIENTS WORLDWIDE

Debbie Azar Co-Founder- GSI

emological Science International (GSI), one of the world’s leading gemological institutions, today announced it has expanded its’ synthetic testing services for finished diamond jewelry to Hong Kong, India, New York and Dubai. This service is offered to manufacturers and retailers that wish to have goods as small as melee set in finished jewelry tested. At the same time, GSI’s loose diamond testing services continues to be offered at all of GSI’s facilities around the world. This is the latest in a series of services that GSI offers to the jewelry trade to address industry current concerns. “At GSI, we put our customers’ needs first and foremost,” said Debbie Azar, GSI Co - Founder. “We are therefore taking every step necessary to provide the most state of the art services and offerings that allow all levels of our trade to guarantee the validity of their products.” GSI does not require clients to have their diamonds and/or finished diamond jewelry graded by the lab, or have any certificate for that matter, in order to order to have their diamonds and/or finished diamond jewelry tested for synthetics. n

Vallabhbhai Patel, Chairman, Kiran Gems Pvt. Ltd supports the families of ‘Bharat kay Veer’. Killed in Battle with Glory

o care, nurture and empathize with a martyr’s family is anational duty of every citizen. Keeping these ethos in mind, Shree. Vallabhbhai Patel, C h a i rm a n o f K i r a n G e m s P v t . LtdsupportsMaruti Veer JavanTrust by generously donating Rs. 2 crores for uplifting the families of Bharat kay Veer. When a soldier sacrifices his life to protect the nation, their families are often left with little means of financial support. Maruti Veer Javan Trust provides for their kid’s education, family’s health and other basic necessities as well as during festive season the trust would send them gifts as a symbol of love. Smt. Laxmiben V. Patel (left) and Shree.Vallabhbhai Patel offeringcheque to MorariBapu during the Ramkatha organized by Maruti Veer JavanTrust for the Families of Indian Soldiers.

Heera Zhaveraat | January - 2018 | 18

Let us remind ourselves that we have an obligation to live every day, let us together help the families of the soldiers “divide their sadness”, let us bring joy on their face and embrace them with love. Kiran Gems practices Triple Bottom Line - People, Planet and Profit philosophy at two levels - CSR integrated into core business strategy and Philanthropy. n

Highlighting segmented products in the emerging niche markets.

TRADE NEWS

Largest laboratory diamond for sale MiaDonna's 6.28 carat lab-grown diamond officially on the market

The 6.28 carat, J-color, VS2 clarity, cushion-cut lab-grown diamond retails for $52,000. An identical earth-mined diamond can cost as much as $105,000, according to RapNet, the global diamond network. This is a huge saving at a critical time of the year when 25 percent of American proposals occur.

he Largest Laboratory-Grown-inthe-USA Diamond is officially for sale. Last year, MiaDonna unveiled the 6.28 carat grown diamond as part of their campaign focused on saving blood diamond war orphans through The Greener Diamond Foundation. This lab-created diamond is a true technological marvel and indistinguishable, even under a microscope, from a mined diamond. According to the Federal Trade Commission, lab-grown diamonds are chemically, optically and physically identical to earth-mined diamonds. The 6.28 carat, J-color, VS2 clarity, cushion-cut lab-grown diamond retails for $52,000. An identical earth-mined diamond can cost as much as $105,000, according to RapNet, the global diamond network. This is a huge saving at a critical time of the year when 25 percent of American proposals occur.

“As a company and industry we've come so far. When we started MiaDonna over a decade ago, we could only grow diamonds to up to a quarter carat in size and yellow in color,” said Anna-Mieke Anderson, MiaDonna & Company CEO. “I'm so excited that one of our customers will now be able to own and wear a true scientific breakthrough.” MiaDonna is a foundation-first organization that works in unison with its charity, The Greener Diamond Foundation. Five percent of profits from every MiaDonna purchase are used to fund educational, mentorship, agricultural, and urgent relief programs in damaged diamond mining communities. n

Diamond industry focuses Refund! Interactive session on GST & refund mechanism held!

ecently, BDB & GJEPC organised an interactive session on GST & Refund mechanism at BDB. GST team made their detailed presentation on GST, related provisions & Refund procedure under the leadership of Shri Vijay Rishi, Commissioner, GST, Mumbai (East). In a question & answer session numbers of diamantaires asked related query & asked clarification. De facto the GST procedure was set & that to collect & fillup refund online and that was set in such a manner requires no visit at GST office personally. Yet, because of fewer technical issues, one can download the form online but to claim refund one has to submit the form personally in the GST office. In the row of personally refund procedure, some of the diamantaires feared the room corruption may arouse.

Heera Zhaveraat | January - 2018 | 20

In his reply, Shri Vijay said, clap is a formation of two hands! Single player can not complete corrupt channel. If any diamantaire finds such practice, do not involve & directly visit the office of the Commissioner. “I am available 24 by 7. I would share my mobile for the smooth approach & any player can approach in the context. The session witnessed detailed & very theoretical presentation on GST & Refund procedures with all those related forms-n-formats, attachments & the

related office for refund in the context of export. Shri Mehul Shah, BDB coordinated officials & exporters during the session & Q& A session too. Shri Vijay ensured exporters their refund issues would be settle soon if any refund is delayed! He also invited BDB leaders to stay in touch & insisted to organise such sessions for the smooth running of business! (Exclusively inked by Nayan Jani, veteran gem-n-jewellery industry & trade media.) n

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NEW APPOINTMENT

GJEPC welcomes the Newly Elected Chairman and Vice Chairman for 2018-2020 Shri Pramod Kumar Agarwal elected as the Chairman of GJEPC Shri Colin Shah elected as the Vice Chairman

Profile

he election results for the Chairmanship and Vice Chairmanship of GJEPC was announced today. Shri Pramod Kumar Agarwal has been elected as the Chairman and Shri Colin Shah has been elected as the Vice Chairman of GJEPC for the period of 2018 to 2020. Thanking the industry and GJPEC members for electing him, the new GJEPC Chairman, Shri Pramod Kumar Agarwal said, “It is my proud privilege to be nominated and elected as Chairman of the very dynamic GJEPC. I am committed to bring in a favorable environment for the Indian gem & jewellery Currently, the industry is at a trade and business in the next 2 years tenure. My special critical juncture, where it emphasis would be on facilitating a definitive and stable taxation for Diamonds through Presumptive Taxation. needs to be more organized Others would include reduction in GST Rates for cut and and transparent in terms of polished diamonds and withdrawal of GST on supply of doing business which would Gold & Silver for export purposes. I would also work help it to achieve a more towards exploring New Resources for Rough Diamond dynamic role in our and Coloured Gemstones while streamlining the existing supply. I strongly believe that Generic Diamond and economy. MSME sector of Diamond Jewellery Promotion is a must for the Industry this industry has contributed to attain growth. It would be my sincere effort to work immensely for the success closely with the industry and the Govt. to bring in reforms of this industry, and it would that would provide Indian G & J industry a competitive be our responsibility to edge in the world market.” facilitate better infrastructure “Currently, the industry is at a critical juncture, where it and affordable access to needs to be more organized and transparent in terms of latest technology and doing business which would help it to achieve a more dynamic role in our economy. MSME sector of this enhance production in terms industry has contributed immensely for the success of this of quality and quantity at industry, and it would be our responsibility to facilitate that level. better infrastructure and affordable access to latest Mr. Pramod Agarwal, Chairman technology and enhance production in terms of quality and quantity at that level”, Mr. Pramod Agarwal added. Vice Chairman Shri Colin Shah said, “First of all I would like to thank our industry members for giving me this opportunity to serve you. I believe that to achieve the next level of growth and to be competitive in the world market, the Indian gem and jewellery industry needs a complete transformation. For example, improved infrastructure by setting up Jewellery Parks across the country, modernize GJEPC education institutes by setting up Jewellery University. Also we should improve industry’s image with banks and the Govt. I will work towards bringing in policy reforms that are conducive for the trade and business” Following Regional Chairman are elected un opposed, Western Region - Shri Ashok Gajera, Gujarat Region - Shri Dinesh Navadia , Rajasthan Region :Shri Nirmal Kumar Bardia, Eastern Region : Shri Prakash Chandra Pincha , Southern Region : Shri Mahendra Kumar Tayal. Shri Ashok Sheth was elected as the Regional Chairman for Delhi . Following Members are elected in Diamond Panel :1. Shri Manish Jivani, 2. Shri Milan T Choksi, 3. Shri Sanju S Kothari; Diamond Reserved Category elected un opposed: Shri Russell A Mehta Silver Jewellery ( MSME) : unopposed Shri Rambabu Gupta ; Colour Gem Stone , unopposed Shri Vijay Kedia Heera Zhaveraat | January - 2018 | 24

Pramod Agarwal: Chairman Mr. Pramod Agarwal has more than 30 years of experience in the gem & jewellery industry. He has worked as a Member of Committee of Administration in GJEPC for many years and was Regional Chairman of GJEPC –Rajasthan Region before getting elected as Chairman at National level. He has also looked after the GJEPC’s institute -Indian Institute of Gem and Jewellery, Jaipur for almost 5 years as its Chairman. Apart from this he was associated with other trade bodies like GJF, Jewellers Association, Jaipur. During his convenorship of the Jewellers Association Show – JAS.

Colin Shah: Vice Chairman Mr. Colin Shah has served GJEPC as convener, Awards Sub-committee in the past. Colin Shah, Managing Director, Kama Schachter Jewelry Pvt. Ltd., established Kama Jewellery in the year 1996. What started off as a modest manufacturing set up has now grown into two state-of-the-art factories and a diamond office in Mumbai with sales offices in India and US. He is a visionary with an in-depth knowledge about the gem & jewellery industry.

IN FOCUS

Diamcor sold 4,353 carats of rough

iamcor Mining announces the results of the tender and sale of rough diamonds recovered prior to November 9, 2017 from ongoing exercises being performed at the Company's Krone-Endora at Venetia Project. The Company sold 4,353.91 carats of rough diamonds for gross proceeds of USD $864,546.09, resulting in an average price of USD $198.57 per carat. The lower number of carats tendered and sold is attributable to a reduction in the volume of material being processed due to the previously announced water recovery issues associated with excessively suspense properties of the very fine kimberlitic clay materials, along with a shorter time frame between tender dates during the quarter. Despite the limited processing volumes, the Project continued to demonstrate its potential for the recovery of larger rough diamonds. Of the total rough diamonds tendered and sold, 3 individual rough diamonds were in the specials category (+10.8

carats) with the largest being 25.02 carats, 19 individual rough diamonds being over 5 carats in size, and 182 individual rough diamonds being over 2 carats in size. The average dollar per carat of $198.57 for the rough diamonds tendered and sold in the current period increased compared to the previous quarter ended September 30th, 2017, in which the average dollar per carat of rough diamonds sold and tendered was reported as $171.70. The increase in the average dollar per carat is attributable partially to the quality of the 25.02 carat rough diamond tendered and sold, and demonstrates the positive impact that larger rough diamonds can have on the Company's revenues. In addition, increased attendance at the tenders and demand during the period was reported as having a positive impact on the pricing of certain categories of rough diamonds from the previous quarter. n

DDE to get new chair in 2018! Ahmed Bin Sulayem takes over presidency of the Dubai Diamond Exchange

he Dubai Diamond Exchange (DDE), a DMCC (Dubai Multi Commodities Centre) platform, confirmed further to its announcement that Peter Meeus will step down as Chairman of the Dubai Diamond Exchange as of 31 January 2018. Ahmed Bin Sulayem, Executive Chairman, DMCC, will assume the Chairmanship going forward with the ambition to further elevate Dubai's role as the global marketplace for diamond trade. Peter Meeus has been nominated Honorary Chairman. Over twelve years ago, DMCC's Mr. Bin Sulayem began putting in place the infrastructure necessary to create an international marketplace for diamonds in Dubai. Since then, the Dubai diamond trade, under the auspices of the Dubai Diamond Exchange, has grown at a significant rate and positioned the Emirate as one of the leading rough and polished diamond trading hubs globally. The value of diamonds handled through Dubai has grown from 3.5 billion US dollars in 2003 to over 26 billion US Dollars in 2016. Located in the iconic Almas Tower, DDE is the home to over 1,000 regional and international precious gems companies. As a trade facilitator and market maker for diamond and coloured stones businesses, the DDE is the only bourse in the Middle East affiliated with the World Federation of Diamond Bourses (WFDB). The DDE brings together several large scale initiatives, such as rough and polished diamond tenders and Heera Zhaveraat | January - 2018 | 24

trade benefits for pearls and coloured stones. Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “The opportunities and challenges for the Dubai Diamond Exchange are of a different nature going forward. In the past 12 years, we built the foundation of a solid exchange, attracting over 1,000 members operating out of the Almas Tower. Not only do we want to consolidate this position, but it is also our ambition to grow further and make Dubai a unique and interconnected hub with the rest of the world. Our proximity to Africa, as well as the unique logistical infrastructure which Emirates Airlines provides to hundreds of destinations worldwide, is crucial in the development of Dubai as a leading diamond centre.” Peter Meeus said: “I have been extremely privileged to work in such a dynamic environment as Dubai for the last 12 years. With the help of the Dubai government, we have been able to establish a unique facility which today is one of the top three trading centres of diamonds in the world. This has been an extraordinary experience with many challenges, especially when the financial crisis hit us in 2008, but Dubai has shown its resilience and flexibility to come through even from the worst possible situations. I am convinced that the Dubai Diamond Exchange has a great future ahead and I'm proud to have been able to participate in its growth since its inception in 2004.” n

TRADE NEWS

A matter of urgency! Firestone sells over 3mn cts of rough!

Needed to address ahead of announcing hallmarking mandatory!

irestone Diamond, a new diamond producer with operations focused in Lesotho , announces its final audited results for the year ended. On 30 June 2017, Firestone achieved commercial production at the Liqhobong Mine, which is expected to achieve production in excess of 800K carats per annum, which was previously one million! Liqhobong Diamond Mine reached successful in construction & accordingly operational ramp-up commenced in October 2016. First sale conducted in Antwerp in February 2017, First-plus 100 carat diamond recovered in April 2017. Commercial production achieved on 30 June 2017 where 2 646 640 Lost Time Injury free hours recorded with zero-LTI record maintained & 365 891 carats recovered. Out of the total, 310 376 carats sold at an average price of US$90 per carat generating revenue of US$27.8 million! n

SGB Series- XIV-Issue Price of Rs 2881

ccording to the circular issued by RBI, the Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week.

For the subscription period from December 26, 2017 to December 27, 2017 with settlement on January 01, 2018, the nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewelers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. December 20 to 22, 2017 works out to Rs 2881/(Rupees Two thousand Eight Hundred and Eighty One only)- per gram. Government of India, in consultation with the Reserve Bank of India, has decided to offer discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be Rs 2831/- (Rupees Two Thousand Eight Hundred and Thirty One only) per gram of gold. n Heera Zhaveraat | January - 2018 | 26

ccording to the report ‘Mandatory hallmarking: Global practices and road map for India’ published by World Gold Council says, Mandatory approach may appropriate for China like countries, where state controls are tight, enforcement mechanisms are strong and trade unions are weak. However, it would be extremely challenging to implement in India mandatory pan India because of three reasons. First, there are insufficient numbers of AHCs, particularly outside the major cities, Second, even among established AHCs, hallmarking practices vary and effectiveness is not guaranteed & Third, enforcement and supervision remain relatively weak. For these clear reasons, we strongly believe that a gradual roll-out of mandatory hallmarking would prove most beneficial to India, structured in three phases. The first phase could cover India’s 22 largest cities, ranging from Mumbai and New Delhi to Nagpur and Patna. The second phase, beginning a year later, could cover around 700 district headquarters. The third phase would begin one or two years further out, during which the programme could be rolled out across India. Such an approach would give the Indian market time to adapt to mandatory hallmarking across the value chain, including manufacturers, retailers and consumers. It would allow the BIS to establish AHCs where they are needed and it would give the government time to create the necessary regulatory infrastructure to take mandatory hallmarking from an ambition to a reality. We would anticipate that the first phase would be relatively straightforward. Hallmarking is already being practised in most large cities, AHCs are established and awareness is high. But, while New Delhi and Mumbai have more than 50 AHCs between them and most other metropolitan centres have several hallmarking offices, several of India’s large cities still do not have any AHCs. This needs to be addressed as a matter of urgency. In addition, a significant amount of work needs to be done to increase trust in AHCs, improve supervision of these centres and ensure compliance with new requirements. It will also be necessary to increase hallmarking capacity substantially to ensure that there are sufficient AHCs across India to cope with increased demand. And consumer awareness will have to be increased, particularly in rural areas. We would suggest initiatives including seminars and road shows. “In order to ensure that mandatory hallmarking is regulated and monitored appropriately, the BIS would need to expand current capacity 60fold”, says the report. n

TRADE NEWS

Fekola Mine starts gold production! B2Gold Achieves Commercial Production Gold Production to date is about 80K Oz

2Gold announced that the Fekola Mine in Mali achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the schedule announced in the Optimized Feasibility Study. Ramp up to full-scale production at Fekola remains ahead of schedule with gold production well above budget in each of the ramp-up months, beating original recovery, grade and plant availaility estimates in the OFS design. To November 30, 2017, the Fekola Mine has produced approximately 80,000 ounces of gold, approximately 158% above budget, that was expected of 31,000 ounces. Gold production from the Fekola Mine in 2017 is now forecast to be between 100,000 and 110,000 ounces, far

surpassing the upper end of the original guidance of 45,000 to 55,000 ounces. Based on current assumptions and updates to B2Gold's current year guidance and long-term mine plans, the Company is now projecting consolidated gold production in 2017 of between 580,000 and 625,000 ounces. In 2018, consolidated gold production is forecast to be between 925,000 and 975,000 ounces. This represents an increase in annual consolidated gold production of approximately 58% for B2Gold in 2018 versus 2017. Annual consolidated cash operating costs and allin sustaining costs for 2018 are forecast to decrease in 2018 to approximately $525 per ounce and $800 per ounce, respectively.

SGB Series III price of Rs. 2,890 First gold pour scheduled Price with Settlement on December 18, 2017

by Hummingbird

or the next subscription carried during the period of December 11-13, 2017 of the Series III of Sovereign Gold Bonds 2017-18, the issue price remained of Rs.2,890 (Rupees Two thousand Eight hundred Ninety only) – per gram with Settlement on December 18, 2017 said the government. The Government of India in consultation with the Reserve Bank of India (RBI), has also decided to allow discount of Rs 50 (Rupees Fifty) per gram from the issue price to those investors who apply online and the payment is made through digital mode. Earlier, the Government of India, in consultation with the Reserve Bank of India, had floated Series III of Sovereign Gold Bonds 2017-18, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monday after each subscription period. n

Heera Zhaveraat | January - 2018 | 28

ummingbird Resources announces that ore commissioning has commenced at the Yanfolila Gold Mine in Mali. Introduction of ore to the mill and the carbon in leach process plant from the runof-mine pad stockpile has commenced. First gold production expected before the end of December and Commercial ramp up during Q1 2018 with a target of delivering c.130,000 ounces of gold during the first full year of production. Dan Betts, CEO of Hummingbird, commented “Ore commissioning represents the final step ahead of first gold production at Yanfolila. Everybody on site is totally focused on a smooth ramp up of the plant as we look to move into the production phase. This is a key transitional moment for Hummingbird, transforming the Company from a developer to a producer. Our first year’s production is expected to be around 130,000oz of gold, which is projected to generate around US$70m of free cash flow at a US$1,250 gold price.” n

TRADE NEWS

Dynasty of 51.38 carats remained unsold! Four polished diamonds were sold at the first Alrosa auction

he first auction for the sale of The Dynasty collection has been finalized with an average premium of 30% to reserve prices. More than 130 companies and private clients registered to participate in bidding. Four polished diamonds were sold; the prices and buyers are not disclosed by agreement of the parties. In accordance with the company's strategy, the goal of the first auction was to

evaluate the upper bound of the price range that might be offered to the market. Therefore, the announced reserve prices far exceeded the expectations of the participants provided during the fourmonth international roadshow of the collection. However, the excess of final prices for four gemstones over the reserve prices averaged about 30%; and the maximum excess totalled 52%.

As to the largest gemstone, The Dynasty diamond, the market was not prepared for the significant excess of the average price per carat, given the polished diamond's weight of 51.38 carats. Alrosa's strategy for large gemstones is focused on maximizing the price; therefore, this diamond was withdrawn from sale. Yury Okoemov, Alrosa Vice President: “Given the informed policy of maximizing the reserve prices for large polished diamonds, the final prices for four gemstones exceeding the reserve prices by about 30% in average confirms the high level of interest from the market and gives us rise to further develop this business. The roadshow of the collection lasted for four months, the sales cycle of such gemstones on the market is two-three years, and therefore we will follow the requirements of the approved strategy. Timing and terms of the second auction for the largest diamond will be announced additionally”. n

Peace diamond sold for US$ 6.5mn 14th largest diamond at 709 carats purse by Graff Diamonds

n un dated handout photo made available by the Peace Diamond showing the Peace Diamond which is the world's 14th largest diamond at 709 carats. Discovered by impoverished diggers in Sierra Leone. Media Reports on 04 December 2017 state that the 709 carats Peace Diamond has been auctioned in New York, USA on 04 December 2017 and has been sold to Laurence Graff, chairman of Graff Diamonds. Well announced auction held & resultant the 709 carat rough announced sold for 6.5 million US dollars or 5.5 million Euros, with all the auction proceeds going directly to the government of Sierra Leone and the artisanal diggers. The Peace Diamond will provide vital life-saving infrastructure to the diggers and their communities who currently have no clean water, electricity, medical facilities, schools, and roads. It will help the poorest people in the world and provide hope for a better future. Sierra Leone's Minister of Mines the Hon. Alhaji Minkailu Mansaray had said just ahead of auction that “This diamond will improve the lives of our people. It represents a future of peace and prosperity as this natural resource of Sierra Leone

Heera Zhaveraat | January - 2018 | 30

brings direct benefit to the people of Sierra Leone,” said the Minister. A Peace Diamond Press Conference will be held in New York City on November 21. “All of the proceeds from the sale of the Peace Diamond, the world's 14 largest, will go to provide life-saving infrastructure such as clean water and electricity to some of the poorest people in the world. There is a reason G-D gave diamonds to the poorest in the world and made the richest desire them. n

DIAMONDS

DeBeers focuses Diamond Traceability Diamond traceability underpinned by blockchain!Bruce Cleaver

As the first traceability platform to span the entire diamond value chain, the solution we are developing aims to provide unprecedented levels of confidence and assurance for all stakeholders. Imagine a world where the unique journey of a

n a world of fleeting connections and disposable luxury, diamonds must stand for enduring value that is grounded in confidence. Confidence that a diamond has been responsibly sourced, confidence in its value and confidence that it is the real thing. But expectations about the meaning of confidence are evolving, and our future as an industry depends on our ability to understand this shift, embrace it, and meet the challenges it presents. Now more than ever, consumers expect to know more about their luxury goods, the route they have travelled, their authenticity, and whether they have been a force for good in the world. Commercial players in the industry expect a modernised trading environment where goods can be bought, sold and shipped with increased trust and decreased cost. Retailers expect to have the tools and information necessary to trace the unique journey of a diamond. And lenders to the industry expect increased transparency from those to whom they lend. To grow as an industry, these should not just be the expectations others have of us, but the expectations we have of ourselves. Indeed, these expectations must serve only as a starting point for an industry in which trust is part of the product's very proposition. And at just the moment that these changing expectations are converging to shape our future, new technology is emerging that can enable the diamond industry to respond in ways that were previously unimaginable. “This is why I am excited to share with you that we are investing in a new platform that will provide a single, immutable record that traces a diamond's individual journey through the value chain” says Bruce Cleaver This diamond traceability platform is underpinned by blockchain technology, which allows for a highly secure digital register that creates a tamper-proof and permanent record of interactions – in this instance, a diamond's path through the value chain. In a blockchain, each event or transaction is registered in a database backed by advanced information security technology. This chain maintains a record of the activities that have taken place, the order they occurred in, who they occurred between and what they involved. However, and what is most unique about this project, is that the system is able to verify activity on the chain without needing to reveal sensitive details to the wider community. As a result, participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty. Once established, the blockchain will operate as a shared platform, on top of which a range of solutions could be built. It can be thought of as akin to a smartphone and a range of apps – once the base blockchain technology is established, participants in the ecosystem can build applications for various uses, whether that's as a trading platform, financial assurance tool or consumerfacing solution. Heera Zhaveraat | January - 2018 | 34

diamond, from its beginnings as an unpolished gift of nature to its ultimate purchase as a symbol of life's most meaningful moments, can be captured in a way that is as everlasting as the diamond itself. We have made significant progress, and while we don't yet have all the answers, the vision and principles guiding our work are clear. The platform will be: n Respectful

of privacy: we understand the importance of privacy for anyone who participates in the blockchain, so the solution combines transparency with privacy of sensitive information.

n An immutable record of journey: consumers should be able

to know there is an accurate register of a diamond's journey that provides assurance of its provenance and authenticity. n A foundation for trust: industry participants should have complete confidence in their dealings with each other through an unchangeable register of interactions and improved visibility at all stages in the value chain. n Open and independent: we can only build trust in one diamond if we build trust in all diamonds, and any traceability solution will only be effective if it is accessible for all. n Collaborative: if the platform is to benefit all, then it must be developed through ongoing engagement with industry leaders willing to share their insights and perspectives. Secure: data security is paramount and protection of commercially-sensitive information must be upheld. Most importantly, the traceability platform will be inclusive – a shared resource for registered members of the diamond industry, benefiting all those who expect to buy and sell with confidence. Bruce Cleaver said: “I am mindful that this news may spark more questions than it answers. This is new technology and this is a complex industry, so we have more work to do before we are ready to launch the platform.” In the months ahead, we will continue to work with leaders from across the industry and share our progress with you. In the process we will no doubt make some mistakes, but we will continue to collaborate, learn and persevere. So while we may not yet have a fully-formed solution, I wanted to use this opportunity to share this vision, and update you on our progress to date and our commitment to deliver innovation that advances confidence in the diamond industry. Unique, rare and finite, diamonds hold a story one billion years in the making. It is a story of nature, authenticity, craftsmanship and love. It is a story that predates us and will endure long after us. It is a story that has yet to be fully told, and we believe it is a story whose day has come. n

SHOW TALK

Inhorgenta Munich 2018 on! To run on the fast lane from February 16 to 19 2018

iessing, Georg Jensen, Piero Milano, Fraleoni, Qayten, Paul Wild and other well-known brands could be attracted to Inhorgenta Munich as new exhibitors for 2018 until now. In total, more than 1,000 jewelry, precious stone and watch dealers from over 30 countries have signed up for the trade show to be held in Munich from February 16 to 19, 2018, which corresponds to an outstanding sevenpercent increase in bookings. And demand remains high. “Munich is and remains the top location for a trade show like Inhorgenta Munich”, says Klaus Dittrich, Chairman and CEO of Messe München. “Exhibitors and visitors alike appreciate the infrastructure, but above all the diversity, quality and the unique program—all this exists only here in this form”. According to Klaus Dittrich, particularly the glamorous Jewelry Shows, the coveted Inhorgenta Award and pioneering forums like the “Digital Forum” or the “Future Lab” are special features. The increasing number of applications also reflects the fact that Inhorgenta Munich is very popular with this mix: up to now, 1,000 bookings and 178 applications for 2018 have been received from new exhibitors. They all appreciate Inhorgenta Munich as an optimum platform for their product presentations—and the concept of a trade show consistently orientated towards the needs of its exhibitors and visitors. Marketing Manager Anne Wild from the colored gemstone specialist Paul Wild, who will be one of the new exhibitors in 2018, is equally convinced of this orientation. She is happy to be among the participants: “Inhorgenta Munich is one of the most important trade shows in spring”, she says, “Due to the favorable development in the domestic marked, we have resolved to take advantage of Inhorgenta Munich again for customer care and new customer acquisition”. In her eyes, the trade show is a good place to present topical highlights in a pleasant

Heera Zhaveraat | January - 2018 | 36

Germany needs a strong key trade show, and the most important brands should be present”. According to Sandro Erl, this also promotes networks, “I like to come to Inhorgenta Munich in order to cultivate existing contacts and discover new ideas and trends

atmosphere. That's just like Sandro Erl, Managing Director of Niessing: “Germany needs a strong key trade show, and the most important brands should be present”. According to Sandro Erl, this also promotes networks, “I like to come to Inhorgenta Munich in order to cultivate existing contacts and discover new ideas and trends”, reports Anja Heiden, WEMPE Management. Visitors emphasize the great locational advantage repeatedly. They feel good in the Isar metropolis and, besides the optimum infrastructure, they appreciate the way in which personal dealings are based on partnership at eye level. “As an inhabitant of Munich, I am proud on the fact that our city has offered the jewelry and watches industry a platform for decades”, says Stephan Lindner, Juwelier J. B. Fridrich, Munich. Some 27,500 trade visitors from 70 countries attended Inhorgenta Munich 2017. 90 percent of them were decision-

makers or had an influence on purchasing and procurement decisions. “This will be the case in 2018 again”, says Messe CEO Dittrich. “We also intend to put a strong focus on the watch segment—that is where we want to continue to grow”. Inhorgenta Munich is to be a driving force for products and therefore presents itself with many highlights, as at previous editions: for instance, Jewelry Shows full of fascinating effects, in which international models will present luxurious jewelry. Presented in seven categories this year, the Inhorgenta Award generates a great deal of media interest that goes far beyond the confines of the industry. The prize winners will be selected by a jury whose members are just as prominent as they are professionally competent: top model Franziska Knuppe, actor Barbara Becker and top designer Markus Hilzinger, among others, will sit on the panel. The exclusive Award Gala at the Munich Postpalast will be presented by Alexander Mazza. At the Inhorgenta Forum, well-known industry experts will clarify important questions in lectures, seminars and panel discussions. Attendees may look forward to exciting contributions and food for thought from experts like Nikolaus Röttger, Editor-in-Chief of the magazine “Wired”. Messe München CEO Dittrich is full of optimism: “We are eagerly looking forward to 2018 and the great number of new exhibitors and visitors”, he says. “In a common and united effort, it is so much more fun to face up to the big changes in our industry.” n

CUTTING EDGE

WGC launches Mandatory hallmarking Report India can maximise the benefits of mandatory hallmarking

his report covers key stages in the hallmarking journey in order to ascertain what works best in other jurisdictions and how India can maximise the benefits of mandatory hallmarking. Gold has played an integral role in Indian tradition and culture for centuries. Presented as a gift at festivals, weddings and births, acquired by families as a means of saving and aspired after as an object of beauty, gold is considered both an investment and an adornment across India. Product integrity is a key attribute of gold industry and it is not evident in India. The benefits of gold hallmarking are widely recognised. Policymakers, regulators and global market participants acknowledge that hallmarked gold instils trust in domestic consumers and boosts confidence among international purchasers. This could have widespread ramifications in India, helping to formalise the national gold industry, bolster consumer faith in the market and ensure that Indian jewellers play a leading role on the world stage. Greater maturity and international acceptance should encourage considerable industry expansion, benefiting the domestic economy and delivering significant job creation. Against that background, the Bureau of Indian Standards (BIS) introduced voluntary hallmarking of gold jewellery back in April 2000, supported by the World Gold Council. Over the following years, the World Gold Council and others undertook extensive research to make the case for mandatory hallmarking. And in March 2016, the Indian government introduced a bill enabling legislation for mandatory gold hallmarking. The report advocates mandatory of hallmarking & says: Under global best practice, countries with mandatory hallmarking require bullion to be hallmarked too, before it is circulated in the market. This has two key benefits: it protects small manufacturers, who may lack the infrastructure to test for purity themselves. And any sub-standard gold is identified at source, before penetrating the wider market. We would therefore advocate that India should move towards mandatory hallmarking of bullion. At the occasion of the Report launch Somasundaram PR, Managing Director, India, World Gold Council said: “The gold industry in India is at the cusp of transformation, as transparency, standards and Heera Zhaveraat | January - 2018 | 38

This could have widespread ramifications in India, helping to formalise the national gold industry, bolster consumer faith in the market and ensure that Indian jewellers play a leading role on the world stage. Greater maturity and international acceptance should encourage considerable industry expansion, benefiting the domestic economy and delivering significant job creation.

infrastructure begin to define the next phase of reforms. It is time to take hallmarking forward along the path to mandatory enforcement, leaving no room for debate around purity and safeguarding the interests of the consumer. A re g u l a t o r y p u s h t o w a rd s a p h a s e d implementation of mandatory hallmarking should be underpinned by a strong consumer pull, through consumer awareness programmes. This will boost the brand image of Indian jewellery manufacturing and aid the industry’s ‘Make in India’ ambition to grow jewellery exports sizably.” Readers note, sooner the report would be upload.

WATCH OUT

AWDC and GJEPC Announce Collaboration Join forces in rolling out MyKYCBank Project

Design solutions competition by Alrosa Alrosa to hold open competition to resume production at Mir deposit

lrosa is planning to hold an open competition for design solutions to form a concept of resumption of diamond mining at Mir deposit. The decision was announced in follow-up the research and technology seminar in Yakutniproalmaz Institute. The participants also outlined three focus areas for the development of technical solutions to ensure the safety of underground mining operations at the deposit. The seminar was attended by 70 specialists from structural subdivisions, including Mirny Mine Construction Trust engaged in the construction of underground mines, Mirny and Udachny Mining and Processing Divisions, Vilyuiskaya and Mirny Exploration Expeditions, Yakutniproalmaz Institute, and NTC NOVOTEK. Former Alrosa's specialists who have extensive experience and are well acquainted with the problems of underground construction and mining attended the seminar. Experts presented 16 reports with more than 30 possible approaches and options for the resumption of mining at the deposit. During the discussion of reports and speeches, the seminar participants outlined three major directions of further development of technical and technological approaches to the safe resumption of mining at the deposit. The first of them provides for the restoration of existing openings (shafts) and pit bottom roadways ensuring the maximum possible use of the existing surface complex infrastructure. The second approach involves the construction of new shafts to the full depth of explored reserves, with the priority mining of deep levels and simultaneous creation of an integrated drainage system from the deposit through a drainage shaft and dewatering wells. The third approach provides for the cutback of walls of Mir open-pit mine to ensure the access to its bottom and create effective water pumping with subsequent underground mining. For a detailed and comprehensive study of approaches to solving the problem of resumption of mining and preparation of the final technical design, Alrosa is planning to hold an open competition for design solutions, expecting to engage a wide range of specialized organizations, scientists and experts. The competition will reveal the best technical solution or a set of solutions to be applied while developing the concept of resumption of mining at Mir deposit. This concept will form the basis of the technological regulations and technical design for the safe and cost-effective development of the deposit reserves. Alrosa President Sergey Ivanov said, â&#x20AC;&#x153;Our core task is to ensure the complete safety of operations at Mir deposit, therefore we need a perfect design solution. We will get involved the entire leading scientific community, both Russian and international experts, in the development of the underground mine restoration project. We expect to receive the vision of the future project in the III quarter of next year.â&#x20AC;? n

Heera Zhaveraat | January - 2018 | 40

n Dec 1st, the Antwerp World Diamond Centre (AWDC) and the Gem andJewellery Export Promotion Council (GJEPC) have announced they will join forces in rolling out an industry-wide KnowYour-Customer (KYC) exchange platform, MyKYCBank. The MyKYCBank platform, which had been launched by the GJEPC through an independent subsidiary,provides a centralized platform for companies in the industry to complete and manage theirKYC in line with global standards. Users can easily and quickly share their own KYC data among trade connections as well as banks and other financial intermediaries.Through the collaboration between the two authorized industry bodies AWDC and GJEPC, the MyKYCBank will encompass the members of the world's largest diamond trade and manufacturingcommunities, Antwerp and India. The platform will become a powerful tool that can significantly reduce compliance costs for users, bring greater transparency in the industry and build confidence ofother stakeholders in the industry, such as financial institutions and government. n

TRADE NEWS

Armenia-EBRD at Cooperation!

rime Minister Karen Karapetyan received a delegation from the European Bank for Reconstruction and Development (EBRD), led by EBRD Vice President Alain Pilloux. Highly appreciative of the 25-year-long bilateral cooperation, the Prime Minister noted that EBRD is one of Armenia's key partners. â&#x20AC;&#x153;It is crucial that most of the programs in our partnership portfolio seek to promote private sector competitiveness,

Hallmarking issues to be addressed Industry to represent issues on Hallmarking with the BIS

and the same logic is placed at the core of the EBRD-Armenia cooperation strategy for 2015-2019,â&#x20AC;? the Premier pointed out. Karen Karapetyan thanked the Bank for the assistance provided in the development of the public-private sector partnership concept and a relevant legislative package, as well as for the large amount of technical assistance extended in a number of areas. Reaffirming his government's willingness to follow up the ongoing effective cooperation, the Prime Minister highlighted the need for implementing new public-private partnership projects and investment programs in a number of priority areas. The Prime Minister and the EBRD Vice President discussed issues related to both current and prospective programs. Karen Karapetyan suggested considering possibilities for the furtherance of cooperation in information technologies, power engineering, agriculture, light industry, tourism, jewelry and pharmaceuticals, taking into account the great potential inherent in these sectors. Alain Pilloux advised that a new EBRD Armenia office director had been named who will take office in January, 2018. n

CIBJO supports De Beers blockchain CIBJO President expresses support for to develop diamond traceability system

IBJO President Gaetano Cavalieri has voiced the World Jewellery Confederation's support for a De Beers development project that employs blockchain technology, which was announced on December 4 by the group's CEO, Bruce Cleaver. When operational, it should enable a diamond's journey through the value chain to be recorded in a secure digital registry by all parties handling the stone, thus creating a transparent method of traceability that is accessible to the entire gemstone and jewellery business. "This has the potential of being a game changer, with new technologies offering solutions to a challenge that has been notoriously difficult to achieve to date," said Dr. Cavalieri. "While we still are waiting for more information from De Beers about how specifically the system can be applied to diamonds, we are well aware of blockchain's capacity to record for perpetuity chains of transactions, allowing goods to be traced back to their source. CIBJO strongly advocates for the creation of monitored chains of custody, Dr. Cavalieri said, with the goal being to defend the ethical integrity of products in the gemstone and jewellery trades. At the same time, the confederation has in past expressed concern that more cumbersome due-diligence systems that have been created to meet this objective may disadvantage smaller and medium-sized companies, which lack the resources to put them in place. However, a cloud-based blockchain platform, which is both tamper-proof and accessible to all members of trade, has the potential of eliminating financial barriers of entry, while also being more reliable and effective than a paper-based trail. â&#x20AC;&#x153;We greatly appreciate the investment that De Beers is making on behalf of the industry in general. I have expressed these thoughts to Mr. Cleaver, and also offered the support of CIBJO and our members during the development process. If successful, this should be a tool that works to all of our benefit, and also that of our consumers," said Dr. Cavalieri. n Heera Zhaveraat | January - 2018 | 42

he meeting of all stakeholders, members of industry bodies from GJF, IBJA, SSBC, Coimbatore Jewellery Manufacturer Association, Mr Rajesh Khosla (MMTC PAMP), Mr C R Narsimhan from Tanishq along with members of Indian Association of Hallmarking (IAHC) Centre was held today on 21st December, 2017. All the stakeholders welcome Hallmarking. A detailed discussion on various issues and concerns on hallmarking were discussed. There was general consensus on most issues and there were some issues that were unanimously resolved on the matters of UID. It was agreed upon by all stakeholders that provision of UID in the present circumstances are not possible to be implemented at the present as it will create disruption and disarray as Industry is not geared to go ahead with the same. It was also resolved that joint delegation to represent this issues on Hallmarking with the BIS, before any proposals have been finalised by BIS. Said, Nitin Khandelwal, Chairman-GJF in a Joint statement. n

NEW LAUNCH

NEWLYWEDS ZAHEER KHAN AND SAGARIKA GHATGE UNVEIL A SPECIALLY CURATED PLATINUM EVARA COLLECTION AT ABARAN JEWELLERS

ewlyweds, Zaheer Khan and Sagarika Ghatge today unveiled an exquisite new range of Platinum Evara collection at Abaran store in Bangalore. The new range features designs inspired by international trends made for the sartorial choices of the modern bride and groom. The beautiful couple were joined by Mr. Pratap Kamath, Managing Director, Abaran Jewellery and Kamna Chowdhury, Director Consumer Insights & Marketing, Platinum Guild International (PGI) at the launch. Known for their panache and style, Zaheer and Sagarika tried out some of the finest and intricate designs from the specially curated Platinum Evara collection. Elated to launch this range, Sagarika said, “I love platinum Evara designs for its minimalistic yet elegant style. I have always preferred jewellery that is versatile in nature and can be worn for different occasions. These designs complement both Indian and western attires”. She added, “Platinum is an exclusive and rare metal that can make anyone feel special just like I did when Zaheer's mother gifted this precious piece of jewellery to me”. The ace cricketer Zaheer Khan said, “My mother's choice to bless Sagarika with platinum jewellery was truly a heartfelt moment for me. As for my preference for platinum jewellery, I love the fact that Platinum stays true to its promise of offering exclusivity with its unique and contemporary designs. It's subtle and minimal, and that's my style.” The versatility and the understated elegance of this collection by Platinum Evara celebrates the global design trend of “Modern Feminine” for women and “Bold Minimalism” for men. It explores fluidity through interlinks – specifically, interlinking various classic motifs to create the elegant and a contemporary collection which compliments the post wedding lifestyle of today's bride. The men's pieces from this collection is inspired by

Preethi Kamath, Pratap Kamath, Zaheer Khan, Sagarika Ghatge and Kamna Chowdhury

Zaheer Khan and Sagarika Ghatge

My mother's choice to bless Sagarika with platinum jewellery was truly a heartfelt moment for me. As for my preference for platinum jewellery, I love the fact that Platinum stays true to its promise of offering exclusivity with its unique and contemporary designs. It's subtle and minimal, and that's my style.

geometrical forms and patterns with a bold interplay of lines, structures and dual tones crafted for the discerning urban man. Addressing the media, Mr. Pratap Kamath, Managing Director, Abaran said, “We are honoured to have Zaheer Khan and Sagarika at our store to launch this exquisite range of Platinum Evara collection. Platinum is progressively becoming the metal of choice for young India. The contemporary and minimalistic designs are appealing the young bride and grooms today who desire jewellery that is exclusive and carries an emotional charm”. Speaking on the occasion, Kamna Chowdhury, Director Consumer Insights & Marketing, Platinum Guild International (PGI), said, “Our guests today, Zaheer and Sagarika are a true reflection of the values Platinum Evara stands for. It is an interpretation of a relationship that is built on deep inclusive love and equality between two individuals and their families. Evara is more than an exquisite range of Platinum wedding jewellery. It offers an opportunity for dual gifting for the modern bride and the groom from the parents, in-laws or from the elders in the family”. This curated range comprises of necklaces, earrings and bracelets for the bride, and chains and bracelets for the groom. n

Heera Zhaveraat | January - 2018 | 43

TRADE NEWS

-way Bill to be mandatory!

Inter-State e-way Bill to be made compulsory from 1st of February, 2018

Lucara Operating Outlook 2018

ucara Diamond provides their operating guidance for 2018 & claims; revenue is forecast at $170 million to $200 million.Karowe operating cash costs are expected to remain around $38.0 - $42.0 per tonne processed as the Company continues to advance the major push back to fully access south lobe ore. The performance of the Company's mining contractor has improved, and ore mined is forecast to increase to between 2.5 - 2.8 million tonnes in 2018 from 2017 forecast of between 1.4 - 1.6 million tonnes ore mined.Based on the positive results from the Preliminary Economic Analysis for a potential underground mine at Karowe, the Company is continuing with a Pre-Feasibility Study which we expect to release in Q2, 2018. William Lamb, President and Chief Executive Officer commented "The Company is forecasting to mine robust volumes from the high value south lobe and continuing waste mining to complete the push back at the Karowe mine to fully access south lobe ore. In 2018, we continue to advance our internal growth projects including the pre-feasibility study for an underground mine at Karowe as well as our exploration portfolio. Following the successful completion of the MDR and sub-middles projects as well as the expected completion of the cut 2 waste push back in early 2019, operating and capital costs is forecast to be significantly reduced going forward contributing to free cash flow in future periods". The Company forecasts revenue of between $170 million to $200 million, excluding the sale of significant high quality exceptional stones. Diamonds recovered and sold are forecast between 270,000 to 290,000 carats. The recovery of these high value diamonds can positively impact the Company's revenue. To date the Karowe mine has produced and sold the world's two highest value rough diamonds, the Lesedi La Rona and the Constellation for a combined value of $116.1 million dollars as well as selling 7 rough diamonds in excess of $10 million each. â&#x20AC;&#x153;We remain on track to achieve the Company's 2017 production guidance. For 2018, the Company is forecasting ore mined guidance at to 2.5 - 2.8 million tonnes compared to 2017 forecast of 1.4 - 1.6 million tonnes.The Karowe mine is forecast to process between 2.4 - 2.7 million tonnes of ore, producing between 270,000 and 290,000 carats. It is expected that the mill feed will comprise up to 85% south lobe ore during 2018. The South lobe grades are lower than the Centre and North lobes resulting in lower diamond recoveries however the overall higher diamond quality and value from the south lobe as compared to the Centre and North lobes results in higher average sales prices and resulting revenues and cash flows. n Heera Zhaveraat | January - 2018 | 44

he System to be ready by 16th of January, 2018; The Uniform System of e-way Bill for Inter-State as well as Intra-State movement will be implemented across the country by 1st June, 2018. The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the States were authorized to continue their own separate e-way Bill systems. However, it was represented by the trade and transporters that this is causing undue hardship in the Inter-State movement of goods and therefore, bringing in an early all India system of eway Bill has become a necessity.

The GST Council today reviewed the progress of readiness of hardware and software required for the introduction of nationwide e-way Bill System. After discussions with all the States, the following decisions were taken :1: The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018. Trade and transporters can start using this system on a voluntary basis from 16th January, 2018. 2: The Rules for implementation of nationwide e-way Bill system for Inter-State movement of goods on a compulsory basis will be notified with effect from 1st February, 2018. This will bring uniformity across the States for seamless inter-State movement of goods. 3: While the System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018, the States may choose their own timings for implementation of e-way Bill for intra-State movement of goods on any date before 1st June, 2018. There are certain States which are already having system of e-way Bill for intra-State as well as inter-State movement and some of those States can be early adopters of national e-way Bill system for intra-State movement also. But in any case, the Uniform System of e-way Bill for inter-State as well as intra-State movement will be implemented across the country by 1st June, 2018. n

SHINING LIGHT

Dharmaj launch Multi set-up station Diamond Processing Machinery for Sawing and Four-P

harmaj Groups of companies Organized “Be a Part of Green Revolution” on grand scale at Samasth Patidar Samaj Hall, Katargam. The stage was set for launching of its two most awaited products by Diamond Industry since 22 long years. The company prides itself on making a “Non-Stop Multi Set-up station”, Diamond Processing Machine which will be useful by the small, medium and large diamond companies across India for sawing and Four-PTM The event commenced at 6.30 pm. It saw the attendance of well know personalities from the Diamond F r a t e rn i t y o f S u r a t , N a v s a r i , Ahmedabad, Mumbai and Visnagar. The guests were greeted with a welcome

kit for becoming a part of our Green Revolution. On this Launch Mr. Prakash Rakholia. Founder of our company was requested to address the audience to share his purpose for Organizing this Grand Product Launch. He shared his gratitude with these words “We are Committed towards our vision and today you all are going to witness a Green Revolution in Diamond Industry through our two New Products”. He concluded by giving the audience an overview about Dharmaj Company. The event was followed by the inauguration of Triumph Non-stop and Four-PTM Non-Stop by our chief guests. Event was carried further by a Technical Presentation by Mr. Barat

Kotadia Partner of our company. With years of experience in this field, he gave a detailed presentation on working and benefit of Triumph Non-Stop and FourPTM Non-stop, Machine with a ZeroSetting Time and Alternate Diamond Sawing and Diamond Pie Sawing set-up station. Keeping in mind the value of MultiSetup station Mr. Prakash Rakholia reveal price of Triumph Non-Stop and Four-PTM and its launching offer to the audience. “Our company is going to bring a Green Revolution in Diamond Industry through Green Laser and along with that Dharmaj Company will plant a tree whenever any customer buys a machine from us so we invite all of our customer to Be a part of Green Revolution”. Kaushik Savalia Marketing Head of Dharmaj Company revealed this offer on this occasion. The launch concluded with dinner and Unplugged live music at around 10 pm along with group photo session of our team along with guest. With more than 100's of installations of Laser Four-PTM Diamond Machine and Diamond Sawing Machine. We are constantly moving towards fulfillment of our vision and betterment of the Diamond Industry. n

Heera Zhaveraat | January - 2018 | 45

Shri Praveenshankar Pandya, Chairman, GJEPC and Shri Anoop V Mehta, President BDB, inaugurated the Kiosk

Gemmological Institute of India inaugurated its new R & D and services facility

emmological Institute of India (GII) inaugurated its new R & D and services facility at T2-WC-B1 near Central Bank of India, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra East Mumbai 400051. A special mention may be made of GII’s endeavours to make synthetic diamond screening easily accessible to all members of the Gem & Jewellery trade. A Self operated Kiosk service for detection of HPHT/CVD from diamonds, first of its kind, has been put in to operation by having QCHK++(AdC) unit developed by GII. The Kiosk service has been established by GII, keeping in mind, the need to provide an opportunity for the small time traders to assess the goods instantly at a nominal charge. The service also has facilities to take out colour prints of images of the test results for their reference.

This centre has been dedicated to trade by Shri Anoopbhai Mehta, Shri Ashokbhai Gajera. Shri Praveenshankar Pandya, Shri Ashishbhai Mehta and Shri Sanjaybhai Kothari graced the occasion. It may be recalled that as a part of its contribution towards making natural diamond supply chain free of mixing with synthetic diamonds even in melee star size and in diamond studded jewellery, GII started diamond detection and resources centre at DDRC Centre in SG Jhaveri Hall (BDB) in August 2014 in an area of 150 Sq. ft. This continues to serve as a synthetic diamond detection centre. Since then GII has made long strides and to-day it spreads over 2800 Sq. ft. This R & D and services centre is yet another attempt of GII to put its expertise at the service of all members of Gem and Jewellery trade. 

Ruchita Sharma joins GJEPC as Executive Director, Marketing & Publicity

Hotels and Resorts, Taj Hotels Palaces and Resorts. s. Ruchita Sharma joined the Gem & Ruchita understands what makes family businesses Jewellery Export Promotion Council as successful in emerging markets, maintaining their the Executive Director, Promotions, brand values and ethos and profitability. Marketing and Business Development. She has over 20 years of experience spread across Marketing, Ruchita was named among ‘50 most talented Retail Operations and Communications. professionals of India by CMO Council as well as 50 Most Talented CMOs of India by World Marketing Speaking about her new role at GJEPC, Ruchita Congress. She has represented India at India Business Sharma said, “A robust Promotion and Marketing Forum at London Business School and other ecosystem is vital for the growth of the Indian gem prestigious luxury platforms as well as curated &jewellery export sector. Over the years, GJEPC has Ruchita Sharma roundtables of Luxury in depth discussions with done an excellent job to take this industry to the current stature that it enjoys today through its various promotional Altagamma and Comite Colbert MOU with Indian chamber of activities globally, including participation in international commerce FICCI which fetched “Make in India” business worth exhibitions, organizing Buyer-seller meets (BSMs), etc. Our focus US$ 20 million. Apart from that, she is an avid traveler and would be to give maximum mileage by enhancing our reach in the freelance writer. Her book ‘Ultimate Luxury’ in association with existing markets and tapping new ones, thus furthering the growth American Express was released in November 2008. of industry.” At GJEPC, Ruchita will be responsible for National Events, Chief Executive Director Mr. Sabyasachi Ray said, “We are happy to International Events, Promotions Marketing & Business have Ruchita Sharma, who has in-depth luxury and premium Development, Logistics, International ventures. experience in emerging markets. I am sure that with kind of expertise Ruchita is an IIM, Ahmedabad - Essec Paris Luxury Management she comes with, the promotional and business development activates Graduate; Paris, (Ahmedabad 2010), she completed her MBA in of the council will get a boost in the coming days.” Marketing from Amity, Noida, India 2001; an English literature In the past, Ruchita has worked closely with family run global Graduate from Lady Sri Ram College, Delhi. 1995; she has also organizations such as Swarovski, Salvatore Ferragamo, Oberoi done a tourism major from IATA-Geneva.  Heera Zhaveraat | January - 2018 | 46

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MARKET REPORT

As all assets class and their performance are under tally route, participants have started guessing best picks for coming Year. Falling US Dollar, Flattening US yield curve due to soft inflation, EM led this year against DM. During 2017, Global Equities have continued to rally, unfazed by geopolitical tensions in Korea and the Middle East, rate hikes and balance sheet reduction by the US Federal Reserve, political turmoil in Spain, political stalemate in Germany, concerns over high debt levels in China.

Heera Zhaveraat | January - 2018 | 49

GOING ON

Ancient Beauty, Bold Future DPA–Rapaport published a special report!

he Diamond Producers Association, in conjunction with Rapaport, has published a special report about diamonds available here, illuminating the special characteristics that make them so highly prized and valuable, as well as dispelling some of the myths and misconceptions about the mining industry. In the Report, you can find out more about: The long-term fascination diamonds have held – “Diamonds have been valued for their spiritual powers for millennia, and people have gone to extraordinary lengths to acquire them.” The qualities that make diamonds the ultimate symbol of romance – “The prospect of owning something older than the dinosaurs with beauty and mystical qualities. Man has always been attracted to the rare and beautiful, and a fine quality or intensely colored diamond is extremely rare.” How inclusions tell us the story of the diamond – how it formed, what it went through in the earth, and how it got to surface, as well as information about the age of our planet – “Some geologists spend their entire careers studying one type of diamond inclusion and its implications.” The importance of the story of diamonds – “Runyan also talks to customers about the origins of the diamond, emphasizing the “incredible journey” each of these rare stones has made over billions of years.” The truth about diamonds - debunking the myths about the industry, everything from the prevalence of conflict diamonds to the industry operating as a monopoly and supposed stockpiles of diamonds in vaults in London – “Misunderstandings of the situation start at a basic level, with many still presuming miners are extracting diamonds by hand. People don't understand that formalised diamond mining is a highly automated process, moving millions of tons of rock per year. Miners operating large earth loaders in open pits or underground would never even see a diamond” Diamonds do good – from funding hospitals to keeping conflict stones out of Heera Zhaveraat | January - 2018 | 50

the pipeline, the industry is investing in the future of its mining communities – “The diamond industry has the potential to influence and affect all the Sustainable Development Goals, given its global scale and diverse operations.” Responsible sourcing – the growing initiatives to trace diamonds from mine to market gives consumers confidence in the product they're buying – “Mining has gotten a bad rap, which historically may have been true, but it's just not true anymore. That message has to get out to the consumer.” Finally, the DPA's marketing platform is based around “Real is Rare” – a rallying cry for the industry: “It is exciting — and even intriguing — to see how much “Real is Rare, Real is a Diamond” resonates with consumers in every market, regardless of culture, gender or age. The growing need for genuine meaning and truthfulness in our lives, in our relationships, in what we do and buy, is a universal phenomenon and a longterm trend. Diamonds have a uniquely genuine story to tell that goes back billions of years, involving incredible forces of nature and millions of women and men whose lives

are supported and enhanced by diamonds. This story is very relevant today and will become increasingly so. It is our collective responsibility to make sure that consumers, especially younger generations of consumers, hear it.” Part of the DPA's mandate is to educate consumers about the “diamonds do good” story, including the fact that the diamond mining industry directly and indirectly supports some 10 million people worldwide. Each of us member companies will do our part to ensure that we communicate how we are operating sustainably, with great care for the environment, in partnership with our local communities, and in support of the United Nations' Sustainable Development Goals. n

Fura Gems Announces Private Placement

ura Gems intends to complete a private placement offering of common shares of the Company at a price of CAD$0.60 per share for gross proceeds of up to CAD$12.5 million (the Offering ). In connection with the Offering, Fura has entered into a letter of engagement with Hannam & Partners (H&P) appointing H&P as Fura's financial adviser. The proceeds of the Offering will be used to complete the acquisition of the Coscuez emerald mine, as previously announced on October 29, 2017, and for general corporate purposes. The closing date of the Offering is expected to occur on or about December 20, 2017 and remains subject to a number of conditions, including without limitation, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All Fura common shares issued pursuant to the Offering will be subject to a regulatory hold period of four months and one day. n

AWARD -N- HONOR

SWAROVSKI GEMSTONES Presents

GJTCI Excellence Awards at Ahmedabad

JTCI Excellence Awards is one of the ways to encourage and boost the jewellery industry and people related to it, GJTCI organize GJTCI Excellence Awards to recognize and felicitate the uniqueness and unmatched craftsmanship of our Jewellery Industry Witnessing the triumph and doles of previous four Excellence Awards shows, GJTCI organized Fifth Edition of Excellence Awards on 6th January 2018 at YMCA International, Ahmedabad. This event was presented by SWAROVSKI GEMSTONES and powered by GIA. All veteran jewellers’ and representatives from leading jewellery associations came from different destinations to witness the grandeur event and celebrate the shimmer of the industry. GJTCI Excellence Awards recognizes and honors the BEST in the Indian Gem & Jewellery Industry. It is the reward of the hard work, uniqueness and unmatched quality and craftsmanship that entrepreneurs strive to achieve throughout the year. Excellence Awards are given away to celebrate the contribution of individuals as well as business houses at the Award event. Unlike traditional awards that focus only on jewellery products and design, these innovative awards shall also focus on the people that make up the industry and take the industry to different heights as well as people who fulfill their social responsibilities through their business. We also recognize and appreciate the efforts of the people at root i.e. craftsmen and jewelry designers whose work goes hidden many a times. At Swarovski this forms the core belief that Jewellery has been an essential part of India's culture and traditions. Hence it has become an age-old and an ever-growing

Mr. Nitin Khandelwal- Lifetime Achievement Award

industry here in India. And like every industry, it also requires enthusiastic efforts to invigorate talent and skills. Some of the Jewellers who were awarded for their commendable contribution towards Jewellery Industry include: Mr. Nitin Khandelwal, Chairman GJFLifetime Achievement Award Mr. Paresh Jain- Veera Gold for Best Gold Jewellery Manufacturer Mr. Sachu Razakh- Amy Exports & Imports for Youth Entrepreneur of the Year “This year, apart from exclusivity in jewellery, we also look upto individuals from jewellery industry with social welfare and felicitate their efforts to make the

Mr. Sachu T. RussakAmy Exports & Imports for Youth Entrepreneur of the Year

society a better place to live in” says Shri Shantibhai PatelPresident-GJTCI. Rajendra Jain, Managing Director, Swarovski Gemstones Business, India said Being a proud member of the fraternity I personally cherish and look forward to every opportunity to encourage talent and motivate passion in every aspect of Jewellery. It has therefore been a pleasure for Swarovski to support in presenting the (GJTCI) Gem & Jewellery trade council Awards 2018. I proudly like to congratulate Swarovski Gemstones’ branding partner Mr. Paresh Jain- Veera Gold & Mr. Sachu Razakh- Amy Exports and Imports on bagging the welldeserved Awards. My hearty congratulations to Nitin ji Kha n d e l w a l - C h a i rm a n G J F f o r achieving the life time achievement award for his incredible contributions to the Industry and compliments to all other awardees as well.  Award Winner of GJTCI Excellence Awards 2018

Mr. Paresh Jain-Veera Gold - Best Gold Jewellery Manufacturer

Heera Zhaveraat | January - 2018 | 51

SHOW TIME

SGCCI OPTIMISTIC AFTER B2B SPARKLE JEWELLERY SHOW

The Diamond City is inching closer towards having a world-class Surat Diamond Bourse (SDB), which is going to change the face of Surat's diamond industry. With international air connectivity in the offing, Surat's diamond industry will be all glittering in the coming year

onsulate General of Russian Federation (Mumbai) AndreiZhiltsov, has invited diamond and jewellery manufacturers of the city to set up manufacturing units in Russia to strengthen bilateral business model for exchange of rough diamonds. Mr. Zhiltsov along with Mr. Mahendra Gandhi President of The Mumbai Diamond Merchants Association and Mr. Sevanti Shah Chairman Venus Jewels inaugurated the gems and jewellery event 'Sparkle-2017' at Surat International Exhibition and Convention Centre (SIECC). Mr. Gandhi stated that the B2B event will go a long way in attracting buyers from across the country and around the world as Surat is world's largest diamond manufacturing centre.

The B2B event will go a long way in attracting buyers from across the country and around the world as Surat is world's largest diamond manufacturing centre.

SHOW TIME

"Russia is the world leader with 25 per cent share in rough diamond production. Russian companies, including Alrosa, are unable to sell rough diamonds directly in India due to some unresolved tax issues by Indian government, but the diamond companies can get their due share of rough diamonds by setting up diamond manufacturing units in Russia," Zhiltsov said. Zhiltsov added, "The Russian Federation government is keen to support Indian diamond manufacturers in setting up units in Russia.” For the first time, Southern Gujarat Chamber of Commerce and Industry (SGCCI) has changed the format of Sparkle event from B2C to B2B. Only bulk buyers were allowed to visit the exhibition, while general public were barred from entering. “The Diamond City is inching closer towards having a worldclass Surat Diamond Bourse (SDB), which is going to change the face of Surat's diamond industry. With international air connectivity in the offing, Surat's diamond industry will be all glittering in the coming years," CA PM Shah President SGCCI said. 

Heera Zhaveraat | January - 2018 | 53

EDGE UP EDUCATION

Aamir Khan and Deepak Parekh (HDFC) Attend 70th Anniversary Celebrations of Vidyamandir Trust, Palanpur Well-wishers of the trust from across the world and Vidyamandir students participate in large numbers

Mr. Amir Khan at the Library

Mr. Amir Khan and Mr. Deepak Parekh visiting the Institutions

t a simple, yet spectacular function held to celebrate the beginning of the 70th anniversary celebrations of the Vidyamandir Trust, Palanpur, Actor and Humanitarian Padmabhushan Aamir Khan won the hearts of the audience with his deep, but easy-to-grasp insights into education and life. At the same time, the exceptional work done by the Trust over the last seven decades won applause from the him and other dignitaries including Padmabhushan Deepak Parekh (Chairman, HDFC Group) and Haribhai Chaudhary, distinguished alumni and Union Minister of State for Coal & Mines, among others, gathered in the city for this special occasion. Addressing an audience of well-wishers, staff and students of various educational institutions run by the Trust in the city, Aamir in discussion with Trust Chairman Russell Mehta and responding to questions raised by the students, said that

Mr. Amir Khan in conversation with Mr. Russel Mehta, Chairman Vidyamandir Trust, Palanpur

while formal education may come to an end, “gaining knowledge and learning is a continuous and ongoing process”. Congratulating the institution on its philosophy and approach, he particularly appreciated how it was encouraging

children to question and thirst for knowledge, to grow by studying and on the sports field and to learn not only from books, but through doing. Advising those gathered not to view success only as “earning a name or lots of money”, but also by the ability to “bring a smile to someone’s face” and to “understand someone’s sorrows and help them”, he said, success often comes “when you are passionate and enjoy what you are doing and put in your best effort to do it well”. He suggested that teachers and parents should not encourage unhealthy competition merely for marks, but also assess individuals by what they have done for others, adding that the world will be a

Mr. Amir Khan with Disabled children at Mamtamandir Heera Zhaveraat | January - 2018 | 54

EDGE UP EDUCATION

Mr. Deepak Parekh Chairman HDFC Group addressing the gathering

Students at the gathering

Mr. Ashish K Mehta Managing Trustee, Vidyamandir Trust addressing guests

The work being done here in transforming lives and training children has achieved a lot because it emanates from, and is sustained by, love and commitment

Mr. Rohan Shah, Senior Advocate, Supreme Court and Bombay High Court addressing gathering

Heera Zhaveraat | January - 2018 | 55

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Excellence Award Winne

Mr. Ramniwas Dhoot Chairma

n (IMP Powers Ltd.) as Udy

Mr. Laxminarayan Biyani of

og Yogi

Future Group as Sabarmati

Sant Award

Mr. Ganpat Kothari of Koth ari group of industries as Valu

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Ms. Reena Shukla, Organizer RKL Excellence Award

RKL Excellence Awards received encouraging response from Social and business fraternity and we are thankful to them. Rajasthan ke ladle,B2C hindi language monthly magazine inspired its members, readers, industry &Government has undoubtedly contributed for the growth of this apex mission encouraged and boosted the Mumbai based Rajasthani business fraternity and social people related to it.

Rajasthan ke ladle under the auspices of Anmol Publication is considered to be Rajasthani communityâ&#x20AC;&#x2122;s biggest and widest award show that recognizes all sector of the industry and offers a platform where true revolutionary talent of the industry are appreciated and encouraged to stimulate growth and creativity of the Mumbai based Rajasthani Samaj. The RKL Excellence Awards for 2018 comprises of Total 9 Award categories that includes dignitaries who were awarded for their commendable contribution towards society namely Mr. Ramniwas Dhoot Chairman (IMP Powers Ltd.) as Udyog Yogi, Mr. Swaroopchand Goyal, Senior Social worker as Best Nation Friendly Award, Mr. Laxminarayan Biyani of Future Group as Sabarmati Sant Award, Smt. Sangita Kailash Agarwalof Creative Group of Companies as Best Business Friendly Award, Mr. Ganpat Kothari of Kothari group of industries as Value Added Award, Mr. Rajendra Holani as Samajshreshthi Award, Mr. Mitaram Jangid of Sumit Group of Companies as Community Mentor Award, Smt. Nisha Suman Jain as Gangaur Award and Smt. Uma Ishwariprasad Bagaria, Advocate High Court as Gangotri Award. ď Ž Heera Zhaveraat | January - 2018 | 57

Mr. Mitaram Jangid of Sumit Gro up of Companies as Commun ity Mentor Award

Mr. Rajendra Holani as Sam

ajshreshthi Award

Smt. Nisha Suman Jain as

Smt. Uma Ishwariprasad Bag

Gangaur Award

aria, Advocate High Court

as Gangotri Award

TRADE NEWS

30 International auctions in 2018 Alrosa offers special size rough

lrosa to hold 30 international auctions for the sale of special size rough diamonds in 2018! In 2018, PJSC Alrosa is planning to hold 30 international auctions for the sale of special size natural rough diamonds over 10.8 carats. Two auctions will be held in New York where Alrosa’s trade office will resume its full-scale operation. Five auctions will be held in the I quarter, ten – in II, six in III, and nine auctions in the IV quarter. The largest number of auctions, eleven, will be held in Moscow. In April and September, the Company will hold auctions in Vladivostok. It is also planned to hold auctions in the largest international diamond trading centers where Alrosa’s sales offices operate. Two of them will be held in Antwerp (Belgium), four – in Dubai (United Arab Emirates), six – in Ramat Gan (Israel), three – in Hong Kong (PRC). Two more auctions – in May and October – will be held in Alrosa’s trade office in New York that will resume its full-scale operation early in 2018. “Russian laws stipulate that special size rough diamonds over 10.8 carats can be sold only at auctions. Such diamonds are

traditionally in high demand both on Russian and international markets – as a rule, 60 to 100 companies from different countries take part in auctions for their sale”, said Yevgeny Agureev, Director of the United Selling Organization of Alrosa. “Preliminary figures indicate that in 2017 the Company sold 153 thousand carats worth almost USD 365 million at international auctions for special size rough diamonds ” Yevgeny adds. The complete schedule of international auctions for the sale of special size rough diamonds in 2018 is posted on Alrosa’s sales website. n

Rough viewing from January 03!

Dominion Diamond Marketing N.V will make available a wide range of Sawables, Makeable, Clivages, White, Brown, Coloured rough diamond sales parcels for inspection at the SNZ facility in the Bharat Diamond Bourse. After the completion of the viewing process; the tender/auction will take place in Antwerp, Belgium and invoices generated by Dominion Diamond Marketing NV.

ominion Diamond Marketing N.V. announces its intention to conduct viewings of its rough diamond sales parcels at the Special Notified Zone located within the Bharat Diamond Bourse in Mumbai from Jan 3rd – Jan 8th, 2018. Dominion Diamond Marketing N.V will make available a wide range of Sawables, Makeable, Clivages, White, Brown, Coloured rough diamond sales parcels for inspection at the SNZ facility in the Bharat Diamond Bourse. After the completion of the viewing process; the tender/auction will take place in Antwerp, Belgium and invoices generated by Dominion Diamond Marketing NV. The rough diamond size classes available for viewing are, A:. 2.5-4Cts, B: 2.5-10Cts, C: 5-10Cts & D: +10.8Cts. In order to participate in the viewings and tender, it is mandatory that your organisation complete Dominion Diamond Marketing NV, Know Your Client form. Dominion Diamond Mines is a Canadian diamond mining company with ownership interests in two major producing diamond mines situated approximately 200 kilometers south of the Arctic Circle in Canada’s Northwest Territories. n Heera Zhaveraat | January - 2018 | 59

TRADE NEWS

India KP Chair in 2019 India Chair for Ad-hoc Committee on Review & Reforms for KPCS

delegation consisting of Government officials and Gem & Jewellery Export Promotion Council (GJEPC) representatives led by Joint Secretary, Department of Commerce, Government of India attended the KP Plenary Session held at Brisbane, Australia from 914 December, 2017. In one of a landmark decisions favoring India’s leading position in Diamonds globally, India was appointed as the Kimberly Process (KP) Vice Chair for 2018 & Chair for 2019 in the last plenary held in Dubai in November, 2016. The EU will be KP Chair for 2018. The Kimberley Process is a joint Government, International Diamond Industry and Civil Society initiative to stem the flow of Conflict Diamonds. “Conflict Diamonds” means rough diamonds used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments. It is also described in the United Nations Security Council (UNSC) resolutions. The KPCS came to into effect from 1st January, 2003 and evolved into an effective mechanism for stopping the trade in conflict diamonds. India is the founding member of KPCS. At present, KPCS has 54 members representing 81 countries including the EU with 28 members. India is one of the founding members of the KPCS and was Chair of the KPCS for the year 2008. At the Brisbane Plenary, India was selected as Chair for the Ad Hoc The Kimberley Process is a joint Government, International Diamond Industry and Civil Society initiative to stem the flow of Conflict Diamonds. “Conflict Diamonds” means rough diamonds used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments. It is also described in the United Nations Security Council (UNSC) resolutions.

Committee on Review & Reforms (AHCRR) to reform the process for the Kimberley Process Certification Scheme. Angola will be the Vice Chair of this Ad-hoc Committee and will work with India and other members of the Committee (which includes Past Chairing countries & Civil Society, WDC, ADPA, DDI etc.) on the Reform issues related to changes in core document, expansion of scope of the KP, permanent secretariat office, multi donor fund issues etc. The Indian representation at the meet emphasized on the guidelines for reconciliation in the working group on statistics and framework for information sharing in KPCS to eradicate the scourge of forged certificates of KPCS and to make it more secured. India proposed a system of procedure to make the peer review visits more professional and administratively efficient. Members were encouraged for introduction of measures of enforcement like My KYC Bank to enhance responsible sourcing in terms of ensuring financial transparency and giving technological solutions for differentiation between natural and lab grown diamonds by introducing affordable machines for detection to the industry. n

Firestone granted Option Period

irestone Diamonds, a new diamond producer with operations focused in Lesotho , announces that, as provided for in the contractual agreements between the parties, the Group has agreed to extend the option period granted to Amulet Diamond Corporation to purchase Firestone's BK11 asset until 31 December 2018. Bk11 is a diamond asset in Botswana , currently on care and maintenance. As previously announced, Amulet is funding the construction and operation of a bulk sampling plant at the BK11 mine during the option period to further assess the deposit. Amulet has made steady progress towards completing the bulk sampling plant but due to unforeseen equipment delivery delays, Amulet requested an extension to the option period which has been granted by Firestone. n Heera Zhaveraat | January - 2018 | 60

SPECIAL REPORT

Concluded KP agreed, change is urgent and Vital to meet consumer expectations!

ssistant Minister for Trade, Tourism and Investment, the Hon Keith Pitt MP opened the Kimberley Process Plenary meeting in Brisbane on behalf of the Minister for Foreign Affairs, the Hon. Julie Bishop MP. The Plenary meeting is the second and final meeting Australia will host for the Process in 2017. With 2017 Plenary Session of the Kimberley Process drawing to a close, the World Diamond Council (WDC), the industry representatives of the KP focused on preventing conflict diamonds from entering the legitimate global supply chain and protecting the value of diamonds, today extended praise and gratitude to Participants at the gathering, for embracing the spirit of collaboration and open dialogue around KP reform. “This week we spoke openly and transparently about areas of the KP in need of the most urgent reform, and I am pleased that we have come together and agreed the way forward for us both as the Kimberley Process and as the diamond industry,” said Stephane Fischler, Acting President of the WDC. “Many important proposals have now been agreed to, and we salute the positive and constructive spirit present during this Plenary that has contributed to secure these outcomes.” Mr. Fischler spoke about the need for the diamond community to unite, to collaborate, and to act. “I keep using the same words, as I believe them to be a key to our common future, and I think we have made great strides in this regard this week,” he said. During the Plenary session, Participants had engaging discussions about expanding the meaning and scope of conflict diamonds. The WDC remained firm that all KP Participants must do what is necessary to expand the scope in order to secure better governance, and the security and development of stakeholders, so as to ensure consumer confidence in diamonds. Consensus was reached on the creation of an Ad Hoc Review and Reform Committee, an important commitment according to the WDC. “We have all agreed change is urgent and vital to meet consumer expectations and we look forward for the decisions made this week to be translated into meaningful progress,” added Mr. Fischler. Also discussed this week was the need for a permanent secretariat, a crucial mechanism for strengthening the long-term implementation of the Kimberly Process Certification Scheme. Many internal and external of the KP have expressed a desire to improve the implementation of KP-approved decisions, more effectively restore KPCS implementation, and better support development projects in Participant countries. Having such a secretariat based in a neutral country will make this possible. Finally, Participants shared a vision for KPCS

reform with the goal of making it a lasting reality and strengthening the KPCS minimum standards, by making the peer review mechanism stronger. Fischler added, “Disappointment is part of any process, but maintaining our commitment to progress is our duty. That is why we at WDC are saddened by IMPACT's announcement on their decision to leave the Civil Society Coalition (CSC), and therefore the KP family. Since IMPACT is one of many member organizations of the CSC, an important Observer group within the Kimberley Process tripartite structure, we are disappointed to hear that they will not be participating in the important upcoming reform discussions within the framework of the KP. We will miss their individual contributions; however, we welcome the fact that IMPACT will continue engaging with industry on our common goal to protect the integrity of the diamond value chain.”Mr. Fischler expressed gratitude to the Chair of the KP for facilitating and leading the

Spoke openly and transparently about areas of The KP in need of the most urgent reform!

Keith Pitt

discussions at this year's KP Plenary session. He acknowledged and thanked the Australian Department of Foreign Affairs and Trade for organizing and hosting the successful event. He thanked the Chinese Participants for their impressive work on the Compendium on Rules and Procedures. Mr. Fischler also extended thanks to all the chairs of working groups for their leadership commitment and wished the European Union and India all the best as the KP Chairs for 2018 and 2019 respectively. In his closing remarks, Mr. Fischler said, “While we are industry, more importantly we also represent the voice of our consumers. The KP is the backbone of the industry. We are proud of what is has achieved and are looking forward to working closely with governments to strengthen the protection and support for those most at risk. This is essential to maintain and grow consumer confidence in the industry and allow us all to build a stronger story together.” Mr. Fischler added, “We realize that as the WDC we are an Observer, not a Participant. We don't have a vote, but we do have a voice, and we intend to continue to use it. We look forward to the second of three years in this cycle of the KPCS review and you can count on the active participation and support of the WDC.” n

With 2017 Plenary Session of the Kimberley Process drawing to a close, the World Diamond Council (WDC), the industry representatives of the KP focused on preventing conflict diamonds from entering the legitimate global supply chain and protecting the value of diamonds, today extended praise and gratitude to Participants at the gathering, for embracing the spirit of collaboration and open dialogue around KP reform.

Heera Zhaveraat | January - 2018 | 61

TRADE NEWS

Graff acquires the Meya Prosperity Acquired total four of the most important diamonds in 2017!

And that was unearthed just five days after final sign-off of the newly-built mining plant. Such a discovery marks a promising future for the region, and the mine is hopeful that the unearthed treasure and future discoveries will lead to substantial change and development for Sierra Leone.

ollowing an exciting year of important diamond acquisitions, we have purchased a 476 carat stone from Sierra Leone, further enhancing our repertoire of famous and historic diamonds. The 29th largest diamond ever uncovered, and the 5th largest from Sierra Leone; the Meya Prosperity diamond was recently discovered in the Kono District by Meya Mining. And that was unearthed just five days after final sign-off of the newlybuilt mining plant. Such a discovery marks a promising future for the region, and the mine is hopeful that the unearthed treasure and future discoveries will lead to substantial change and development for Sierra Leone. Commenting on the purchase, Laurence Graff said: â&#x20AC;&#x153;This year we have acquired four of the most important diamonds in history, we are extremely proud to be the custodians of such exceptionally rare stones. Our expert team will now spend time analysing the Meya Prosperity, and the coming months will bring much excitement as we begin to unveil the results of cutting and polishing these incredible stones. We will soon reveal some of the most fabulous and valuable diamonds that the world has ever seen.â&#x20AC;? We have now acquired, cut and polished the majority of the top 21 largest stones of the 21st century, reaffirming our unrivalled reputation for the creating the most fabulous jewels in the world. n

RBI reiterates earlier PCA framework! RBI Clarification on Banks under Prompt Corrective Action (PCA)

he Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of the banks for the general public. It is further clarified that the Reserve Bank, under its supervisory framework, uses various measures/tools to maintain sound financial health of banks. PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise and is initiated once

Heera Zhaveraat | January - 2018 | 62

such thresholds as relating to capital, asset quality etc. are breached. Its objective is to facilitate the banks to take corrective measures including those prescribed by the Reserve Bank, in a timely manner, in order to restore their financial health. The framework also provides an opportunity to the Reserve Bank to pay focussed attention on such banks by engaging with the management more closely in those areas. The PCA framework is, thus, intended to encourage banks to eschew certain riskier activities and focus on conserving capital so that their balance sheets can become stronger. The Reserve Bank has emphasized that the PCA framework has been in operation since December 2002 and the guidelines issued on April 13, 2017 is only a revised version of the earlier framework. n

The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of the banks for the general public.

TRADE NEWS

New Consumer Protection Bill in parliament! Government focuses Emerging Digital Markets: Issues & Challenges for Consumer Protection

ri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution said that the new Consumer Protection Bill has been approved by the cabinet and is likely to be introduced in the present session of parliament. Shri Paswan said that the enactment of BIS act 2016 and Consumer Protection Bill are historical events in the history of consumer movements. It was stated by Shri Ram Vilas Paswan in his presidential address on the occasion of National Consumer Day 2017 with the theme 'Emerging Digital Markets: Issues & Challenges for Consumer Protection' organized by Department of Consumer

Affairs in New Delhi. The Union Minister further stated that exiting Consumer Protection Act enacted in 1986 is 31 years old. Meanwhile, the whole scenario the market has changed. No one imagined that smart phones will become a complete world in itself and the future of the digital world in the next 25 years is also not predictable.

Three important steps have taken by Department of Consumer Affairs to protect consumers in the online world: the amendments to the Legal Metrology (Packaged Commodities) Rules, 2011 have been made making it mandatory that goods displayed by the seller on ecommerce platform shall contain declarations required under the Rules. Main e-commerce companies have been brought to convergence platform. Standing Committee on the new C o n s u m e r P ro t e c t i o n B i l l h a s recommended formulating rules on ecommerce. n

Digital Strategy for a B2B World

n a strategic study by Ouriel Lancry, Ryan Morrissey, Tom Shannon, Andy Bankert and Lucy Cummings of Bain & Company focuses, digital Strategy for a B2B World! It's easy to see why so many view companies like Uber, Amazon and Google as the business models of the future. They've rede?ned their industries. They've rewired the customer experience. They're not afraid to fail fast, learn from mistakes and make the changes necessary to stay well ahead of the market. None of this is news to leaders of industrial and other business-tobusiness (B2B) companies. But these executives also know full well that what works in the consumer realm doesn't always translate in a B2B context. Failing fast? That's problematic in industries such as chemical processing or offshore drilling, where the smallest mistake can trigger epic disaster. Moving quickly? We'll get back to you when our channel partners get back to us. Rede?ning the industry? Easier said than done in a business like aviation, where many stakeholders operate in a

complex, interdependent ecosystem. The truth is B2B is different than businessto-consumer (B2C) when it comes to digital strategy, and it requires a different approach. There are many lessons to be learned from digital innovators like Amazon, and the opportunities are very real. But simple comparisons to what works for these digital standouts aren't always useful in an industrial setting and often come off as naive or impractical,

feeding the notion that digital is more hype than reality. This gets in the way of deciding how digital can, in fact, transform important parts of a business and makes it hard to create alignment around the right path forward. Every company, of course, has its own starting point along each of these pathways and must de?ne for itself the most ambitious destination. But executives can start by asking themselves some key questions: 1: Is everyone in our organization moving toward a clear digital vision, or are our efforts too disconnected and diffused? In other words, are we blinded by 1,000 points of light? 2: Have we reconciled the dreamer and doer perspectives in our company by striking the best balance between nearand long-term digital priorities? 3: Have we laid out the right steppingstones to help us make immediate digital progress while moving us a l o n g t h e p a t h t o l o n g - t e rm transformation? n Heera Zhaveraat | January - 2018 | 63

CONTRIBUTIONS

Some of the major sectors benefited & in the list there is no gem-n-jewellery exports! Further, the validity period of Duty Credit Scrips has been increased from 18 to 24 months and GST rates on transfer/sale of scrips has been reduced to zero.

Key Highlights of Mid Term Review of FTP Issue of Gold availability for exporters, resolved!

hile restoring the benefits under the export promotion schemes of duty free imports under Advanced Authorisation, Export Promotion Capital Goods and 100 percent Export Oriented Units and thus resolving the problem of blocked working capital for exporters following the roll out of GST, the FTP review has focused on increasing the incentives for labour intensive MSME sectors. Export incentives under Merchandise Exports from India (MEIS) have been increased by 2 percent across the board for labour intensive MSME sectors leading to additional annual incentive of Rs. 4,567 crore. This is in addition to the already announced increase in MEIS incentives from 2 percent to 4 percent for Ready-made Garments and Made Ups in the labour intensive Textiles Sector with an additional annual incentive of Rs. 2,743 crore. Further, incentives under Services Exports from India Scheme (SEIS) have also been increases by 2% percent leading to additional annual incentive of Rs. 1,140 crore. Thus, incentives under the two schemes have been increased by 33.8 percent (Rs. 8,450 cr) from the existing incentives of Rs. 25,000 crore leading to boost in exports from the labour intensive sectors and increased employment opportunities. Some of the major sectors benefited & in the list there is no gem-n-jewellery exports! Further, the validity period of Duty Credit Scrips has been increased Heera Zhaveraat | January - 2018 | 64

from 18 to 24 months and GST rates on transfer/sale of scrips has been reduced to zero. Issue of Gold availability for exporters has been resolved by allowing Specified Nominated Agencies to import Gold without payment of IGST. Support to Export Credit Guarantee Corporation is also being enhanced to increase insurance cover to exporters particularly MSME's exploring new or difficult markets. A new scheme of Self-Assessment based duty free procurement of inputs required for exports has been introduced. There will be no need of Standard Input Output Norms in such cases and this will eliminate delays. It is based on trust. Exporters will self-certify the requirement of duty free raw materials/ inputs. The scheme would initially be available to the Authorized Economic Operators (AEOs) and will get expanded as more exporters join the AEO program. The scheme will improve ease of doing business. Contact@DGFT service has been launched on the DGFT website as a single window contact point for exporters and importers for resolving all foreign trade related issues and also to give suggestions. Exporters/Importers can track status of their queries through the assigned reference number. Feedback mechanism has also been provided. High level monitoring of disposal is being ensured A State-of-the-Art Trade Analytics division has been set up in DGFT for

data based policy actions. The initiative envisages processing trade information from DGCIS and other national and international databases related to India's key export markets and identify specific policy interventions. A new Logistics Division has been created in the Department of Commerce to develop and co-ordinate integrated development of the logistics sector, by way of policy changes, improvement in existing p ro c e d u re s , i d e n t i f i c a t i o n o f bottlenecks and gaps, and introduction of technology based interventions in this sector. These steps would improve India's ranking in the Logistics Performance Index (LPI) and promote exports and enhanced growth. Focus will be given to Ease of Trading across borders. A professional team to handhold, assist and support exporters in their export related problems, accessing export market and meeting regulatory requirements. The team will also examine the procedures and processes in clearances related to trading across borders for their simplification and rationalization and track progress. Dwell time at ICDs, ports and airports is being closely monitored in coordination with Customs, and infrastructure Ministries. The Foreign Trade Policy will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports. n

TRADE NEWS

Alrosa recovers 98.63 carat diamond A large gem-quality diamond from Jubilee pipe

How IMPACT left KP plenary! Remarks from Impact' on boycott of KP Plenary, Brisbane, Australia!

lrosa has recovered a large gemquality diamond of 98.63 carats from Jubilee (Yubileynaya) pipe. The company's business unit Aikhal Mining and Processing Division (MPD) extracted this diamond at the processing plant No.14. A transparent yellow-tinted octahedron crystal with inclusions of olivine, graphite and sulphide measures 28.96 ? 28.03 ? 27.30 mm. Director of the United Selling Organization (USO) Alrosa Evgeny Agureev: “One more discovery weighing almost 100 carats confirms the fact that Jubilee pipe today is Alrosa's absolute leader in the recovery of large gem-quality diamonds. According to our information, more than twenty large rough diamonds over 50 carats have been extracted from Jubilee since the beginning of 2017. We are waiting a new stone to be delivered to USO for a detailed examination and valuation.” Jubilee pipe was discovered in 1975 and ranks among the largest primary diamond deposits both in Yakutia and abroad. The deposit is traditionally Alrosa's leader in the recovery of large diamonds. Unique names are often given to the facts of recovery of such stones. For instance, in the fall this year the fact of recovery of another 51.91-carat rough diamond from Jubilee was named “Russian Ambassador Andrey Karlov”. In November, the fact of recovery of 68.66-carat diamond was named after the two-time world champion on freestyle wrestling Victor Lebedev. n

s a Kimberley Process civil society member, our calls for change were always welcomed, debated-and then time and again, real, effective, and meaningful change has evaded the Kimberley Process. This year was no different, despite our calls that the time to act was now. After careful evaluation over the past year and this past week, we have come to the decision that we cannot wait any longer to act. We at Impact are announcing our organization's withdrawal from the Kimberley Process. We h a v e c o m e t o t h e conclusion that the Kimberley Process has lost its will to be an effective mechanism for responsible diamond governance. The Kimberley P ro c e s s — a n d i t s Certificate—has lost its legitimacy. The internal controls that governments conform to, do not provide the evidence of traceability and due diligence needed to ensure a clean, conflict-free, and legal diamond supply chain. Consumers have been given a false confidence about where their diamonds come from. This stops now. We are dismayed by a growing tolerance for personalized attacks against civil society members of the KP and attempts to undermine the independence and credibility of the Coalition. These attacks have caused irreparable damage to the foundation of what was once celebrated as a strong collaboration between governments, industry, and civil society. Impact will continue working with the Kimberley Process members who genuinely seek to end the trade of conflict and illicit diamonds, through traceability and due diligence, whether through the KP or other initiatives. The organization will collaborate with civil society members in diamond producing countries. In particular, Impact will work in continued solidarity with KP Civil Society Coalition members on the effective implementation of internal controls for diamonds and other conflict-prone minerals, as well as support countries to implement measures to end illicit trade. Our decision to leave the KP was not made lightly. But consumers are being sold something that is not real and respect for independent civil society has been eroded. Dear colleagues in government, in industry. Money laundering, synthetics, human rights violations, illicit trade, formalization of artisanal miners-you risk being overtaken by these emerging issues if you keep clinging on to the idea of the KP from 2003. That KP is obsolete. Your failure to reform has made it so. The world has shifted and consumers want confidence in their supply chain. We will continue to work towards bringing them evidence of full traceability and due diligence for diamonds. n Heera Zhaveraat | January - 2018 | 65

INDUSTRY INSIGHT

Story behind a Sale of 709 carat!

he public will recall that an uncut diamond weighing 709 carats was found in Koryardu village, Tankoro chiefdom in Kono district, Eastern Sierra Leone on Tuesday 14th March 2017. On the instructions of His Excellency the President, Dr. Ernest Bai Koroma, the diamond was put on sale by international tender inside Sierra Leone on 11th May 2017. The bid was conducted in public in a very transparent manner. However, none of the bids submitted matched the reserved price. The highest bid submitted then was US$7,077,777 and not US$7.8 million as has been erroneously reported. The National Minerals Agency wishes to state for the information of the public that it does diamond valuation through a tripartite valuation process; the value submitted by the owner of the diamond, the value submitted by NMA valuers after examining the diamond, and the value submitted by the independent valuers. The Agency then accepts the highest of the three values as the value for royalty computation. In the case of the 709-carat diamond, the values arrived at by the three parties, prior to the tender at the Bank of Sierra Leone complex. Price by NMA Valuers was of US$ million while Independent Valuers assessed the price of US$ 5.8 million and Pastor Momoh and team placed the value of US$ 30million! Even though Pastor Momoh's value was considered unrealistic and probably based on social media hype, the Agency did not sell the diamond below his reserved price in order not to fuel speculations of deliberate undervaluation. This was evident by the thunderous applause that accompanied the rejection of the US$7,077,777 bid, even though the NMA considered it realistic. Consequent upon the above, Government decided to explore the possibility of having a similar bidding exercise in one of the renowned diamond markets in the world, such as Antwerp, Tel Aviv or New York, and encouraged all the bidders to review their bids upwards and participate in the next bidding round. Government subsequently appointed Rapaport as the marketing and sales agent following a credible and transparent Heera Zhaveraat | January - 2018 | 66

procurement process. On 4th December 2017, the Rapaport Group, acting as auctioneers on behalf of the Government of Sierra Leone sold the 709-carat Peace Diamond by International Tender in New York. The diamond was sold for US$6,536,360. Prior to the tender process, the diamond was displayed in Tel Aviv, Antwerp and New York, and over 70 diamond dealers from all over the world viewed the diamond. Rapaport and the Government of Sierra Leone also conducted massive publicity to attract the international diamond market. Despite the above publicity and the relatively large number of viewers, only seven dealers submitted bids for the diamond. After the tender process, it emerged that the highest bid submitted was

industry can attest to the fact that the value of a diamond reduces after every unsuccessful auction or tender. A case in point is the 1,109-carat Lucara diamond. During the first round of auction, the owners of the Lucara diamond rejected an offer of US$ 61million, because it was below the reserved price of US$ 70million; only to eventually sell it for US$ 53million to Graff Diamonds at the second auction. Government also noted that Rapaport had already displayed the Peace Diamond in all the international diamond centres, and all the notable dealers in the industry were given the opportunity to view it and decide on whether to bid or not; there was therefore no new market to target for another tender. The third option involves a lot of time (up to 18 months) and money, with no guarantee that it will make any

The Agency then accepts the highest of the three values as the value for royalty computation. In the case of the 709-carat diamond, the values arrived at by the three parties, prior to the tender at the Bank of Sierra Leone complex.

US$6,536,360. It is important to state here that the dealer who submitted the US$ 7,077,777 bid in Sierra Leone, also participated in the New York tender, but submitted a bid which was half of what he was willing to pay during the first bidding round. This was presumably due to enhanced knowledge of the quality of the diamond from the transparent sale process. The above scenario left Government with three options: (1) to sell the diamond even though it had earlier rejected a higher offer; (2) to call off the sale and conduct another tender; (3) to do value addition by polishing the diamond.

significant difference. The risk of damage during cutting and polishing is also real. The most attractive option therefore was to sell the diamond for the highest bid offered, particularly as the unsuccessful bids were all below US$4 million. It is important to note that the value of a diamond is not based on carat alone, but on other factors such as colour, clarity and cut (known as the four Cs). Of these the carat, which is basically the weight, is the least significant. For example, the recently found 476-carat diamond in Kono is valued at US$ 12 million, even though it is of a far lesser weight (carat) than the Peace Diamond.

Government considered the second option unattractive because knowledgeable sources in the diamond

It was based on all the above factors that Government considered the selling of the Peace Diamond for the highest bid of US$ 6, 536,360 as the most acceptable option. n

NEWS WRAP

WorldSkills 2017 Winners felicitated MSDE Felicitates Winners from India

riving the youth to take up skill training programs and encouraging their participation at global platforms such as WorldSkills International Competition, the Ministry of Skill Development and Entrepreneurship (MSDE) felicitated the Indian team that has won laurels at the WorldSkills 2017. The felicitation and award ceremony was organized in New Delhi in the august presence of Minister for Skill Development & Entrepreneurship Shri Dharmendra Pradhan. The Ministry disbursed reward money worth Rs. 50 lakhs amongst winners and their respective trainers, in various categories, for their participation in WorldSkills International Competition, that was held in Abu Dhabi in October this year. Led by National Skill Development Corporation (NSDC) under the guidance of MSDE, a team of 28 participants represented India in 26 skill categories at the skills competition. These talented and skilled millennials hailing from different corners of the country, had competed at the WorldSkills Competition against their peers at the global level. The competition had drawn 1,300 young contestants from 59 WorldSkills’ member countries and regions, showcasing their talent across 51 skills competitions.

Shri Dharmendra Pradhan. Minister - Skill Development & Entrepreneurship

It is encouraging to see the passion, efforts and dedication of these young competitors that has made the nation proud. Such competitions not only give opportunities to candidates to represent the country at global platforms, but also raise the benchmarks of skilling. We truly believe that these Skill India ambassadors would inspire many others to take up skill training, which is the key to garner success and respect in the society.

The Ministry disbursed reward money worth Rs. 50 lakhs amongst winners and their respective trainers, in various categories, for their participation in WorldSkills International Competition, that was held in Abu Dhabi in October this year.

Applauding the accomplishments of the participants, Shri Dharmendra Pradhan said, “It is encouraging to see the passion, efforts and dedication of these young competitors that has made the nation proud. Such competitions not only give opportunities to candidates to represent the country at global platforms, but also raise the benchmarks of skilling. We truly believe that these Skill India ambassadors would inspire many others to take up skill training, which is the key to garner success and respect in the society.” Shri Pradhan further added, “It is the need of the hour to respect and celebrate skilled individuals. The talent or skills must not be confined to any rigorous framework. Essence of human qualities like hard work, honesty and simplicity are of great value to the working ecosystem. We are certain that we will see much stronger participation in the forthcoming competitions. It is heartening to note that non-conventional skills such as Patisserie and Confectionary, Bricklaying, Mechatronics, Jewellery Designing are the new mainstream.” In his congratulatory remarks for the Indian Team, Shri Anantkumar Hegde, Minister of State for Skill Development & Entrepreneurship said, “These young boys and girls have spent years preparing to compete at the global level to ensure their skills meet the global level. It is commendable that we had participation from some of the most remote locations in the country, and these young stars have outperformed their global counterparts, entirely by their talent. We urge these talented millennials to contribute further by leading as role models and encouraging many others.” Heera Zhaveraat | January - 2018 | 68

Team India exhibited exemplary performance at the competition by winning One Silver for Patisserie and Confectionary (Mohit Dudeja), One Bronze for Prototype Modelling (Kiran Sudhakar) and Nine Medallions of Excellence. Showcasing its best performance, Indian contingent ranked amongst the top 20 countries at the WorldSkills competition at Abu Dhabi. Mohit Dudeja from Delhi NCR was rewarded with Rs. Eight Lakhs for winning a Silver in Patisserie and Confectionary skills. He is also the winner of the “Best of Nation” award for scoring highest amongst the India contingent. He ranked above his peers from other countries such as China, Switzerland, Canada, Korea and UK. Kiran Sudhakar, who hails from Bangalore, was awarded a cheque of Rs. Six Lakhs for winning a Bronze in Prototype Modelling. Eleven other competitors were rewarded with Rs. Two Lakhs each for winning Nine Medallions for Excellence in trades such as mechatronics, brick-laying, restaurant service, automobile technology, jewellery, graphic design technology, mobile robotics, beauty therapy and car painting. The experts, who had trained the winners were also felicitated with reward money in various categories - Rs 3 lakhs (for Silver), Rs. 2 lakhs (for Bronze) and Rs. 1 lakh each (for medallions of excellence). On this occasion, WorldSkills India Guidelines and Handbook was also released. The book outlays the structure for governance and operations of skill competitions in the country. n

SPOT LIGHT

Mandatory Hallmarking:

Global practices and road map for India Recently the WGC published the above report in III chapters, wide in around 30 pages! Whole of the report is accommodated with the key & choicest part for readers!

Effective implementation: Benefits of mandatory hallmarking are compelling: for consumers hallmarking provides confidence that the gold they purchase has integrity. For retailers, hallmarking enhances the relationship of trust. For manufacturers, hallmarking raises their stature and relevance. And for governments, hallmarking contributes to the development of a robust, internationally respected industry, with the potential to create jobs and bolster economic growth. These factors apply to any country with a meaningful gold market but they are particularly applicable to India, whose people have a cultural, social and economic affinity to gold. Gold has played a central role in India for thousands of years. And, because gold is highly regarded as both an adornment and an investment, Indian households own around 23,000 tonnes of gold. Yet under-caratage remains widespread. Gold jewellery is, on average, 10-15% less pure than consumers believe it to be and there are significant differences from region to region. Mandatory hallmarking should rectify this issue, dramatically transforming the Indian gold jewellery market in the eyes of both domestic households and international consumers. However, in order to achieve the desired outcome –an internationally recognised industry with a reputation for excellence and value – mandatory hallmarking needs to be properly implemented.

Here four considerations come into play: 1: Who should take responsibility for hallmarking, manufacturers or retailers?

2: Who should own India's Assaying and Hallmarking Centres (AHCs)? 3: Should hallmarking be phased in over several years or implemented in one go? 4: How should policymakers raise consumer awareness of the benefits of mandatory hallmarking? Taking responsibility for the hallmarking process: Responsibility for hallmarking can either lie with manufacturers – who produce gold jewellery – or retailers – who sell it. Putting the onus on manufacturers has several clear advantages: 1: They produce jewellery in large batches, creating economies of scale in the hallmarking process 2: There are fewer manufacturers than retailers. This facilitates the hallmarking process, increasing the likelihood that all gold in circulation is hallmarked 3: Retailers are more likely to support mandatory hallmarking if manufacturers are responsible for it 4: Retailers do not have to carry out independent quality checks on their suppliers 5: The potential for fraud is reduced. To that end, major gold-consuming countries, including China, the UAE, the US, the UK, France, Spain and the Netherlands all place the onus for hallmarking on their manufacturers. India by contrast puts the onus directly onto the retail sector. This minimises the risk of items being tampered with after the hallmarking process, thereby delivering optimum consumer protection and simplifying complaint resolution. There are several drawbacks to this system, however. 1: It is significantly less efficient, because retailers deal in smaller quantities of gold. This drives up the cost of hallmarking 2: It places responsibility for hallmarking and complaint resolution entirely on the retail community, many of whom are ill-equipped to deal with this burden Heera Zhaveraat | January - 2018 | 69

SPOT LIGHT

Hallmarking exemptions

Grades for hallmarking

Most regulators allow a 3-digit fineness stamp to indicate purity of gold. Some examples

Most regulators allow hallmarking exemptions dependent upon weight of gold contained in the item

- UK, China: 999, 990, 916, 750, 585, 375 - Italy: 750, 585, 375. All articles above 750 are also accepted

Some examples of exemptions in grams of gold

- Spain: 999, 916, 750, 585, 375

Some regulators also allow a caratage stamp to indicate fineness. Some examples

- Netherlands : 0.5 gms of gold - UK : 1 gm of gold - Spain, France : 3 gms of gold

- USA : 22k, 18k, 14k, 10k - Iran : 22k, 18k, 14k.

What happens to jewellery of sub-grade quality? AHCs are empowered by regulators to melt any jewellery that does not meet the hallmarking reqirements

AHCs can also melt jewellery that is found to be lower quality than stated for hallmarking However, AHCs rarely implement this in practice and work with the manufacturer to eliminate the reason behind non-compliance.

It means that only the gold items sold to retail customers are hallmarked, thereby excluding bullion and other gold products in circulation

It exposes smaller retailers to potential fraud from larger manufacturers 5: It is more difficult to enforce because retailers are widely dispersed. An objective assessment of both models would conclude that manufacturers are best suited to taking responsibility for the hallmarking process. They are larger, better resourced and easier to monitor. That is why countries besides India pursue this model. And that is why it would make logical sense for India to shift to this model over time. In the short-term, however, there is a certain logic to retailers taking responsibility for hallmarking in India. The gold supply chain is particularly long and complex, the potential for fraud along the way is proportionately greater and consumers are best protected if hallmarking is carried out by the retail community. Over the long-term, however, we would expect the Indian gold industry to mature and develop, shortening the supply chain and bringing India more in line with other large goldconsuming nations. Under such circumstances, it would clearly make sense for manufacturers to assume responsibility for hallmarking.

Ownership of Assaying and Hallmarking Centres: Assaying and Hallmarking Centres (AHCs) are at the very nexus of the hallmarking process. It is these centres which ensure that proper procedures are followed and that hallmarked items are appropriately carated. There are three different ownership models for AHCs: government owned, independently owned and manufacturer owned.

Government ownership: Under the first model, government agencies own and operate AHCs, giving them total control of the hallmarking infrastructure and process.

Heera Zhaveraat | January - 2018 | 70

Hallmarking of bullion

Geographies with mandatory hallmarking require bullion to be also hallmarking before it is circulated in the market This results in two key benefits - Protection of small scale manufacturers who do not have the infrastructure to test for purity themselves - Sub-standard gold will be caught at bullion stage before it goes deep into circulation.

This has certain advantages: quality control can be more easily maintained; procedural changes can be more easily introduced, and cost considerations are less relevant, as the centres can be subsidised by the state. Most Chinese AHCs are government owned and the model is pursued by the UAE, Bahrain, Egypt, Japan and Sri Lanka as well. Although there are clear benefits to government ownership, there are drawbacks too. Third party freight services are responsible for transferring the gold once it has left the AHCs, incurring heightened fraud and corruption risk. Governmentowned AHCs tend to be less able to cater to regions where jewellery sources are widely dispersed. And their processes tend to be centralised so they may be unable to handle diverse or highly individualised jewellery designs.

Manufacturer ownership: Under the manufacturer-driven model, manufacturers carry out the hallmarking process and certify the resultant items. This introduces an element of efficiency into the process and it can be implemented quickly, even in large countries. However, there are clear disadvantages too. Manufacturers have to be closely supervised, considerable pressure is imposed on the judiciary to ensure the integrity of the system is maintained and smaller manufacturers may find the burden excessive. Perhaps not surprisingly therefore, this model is most closely associated with the US and Germany â&#x20AC;&#x201C; both mature, well regulated markets.

Independent ownership: The third, most widely adopted model, centres on independent offices, licensed to operate by government or state regulators. This model, India's chosen practice, is also followed by the UK, many European countries, Hong Kong and Singapore. Refined in these jurisdictions over many years, it has several advantages but it creates a number of challenges too.

SPOT LIGHT

Having established voluntary hallmarking in 1989, China introduced various changes to hallmarking standards between 2000 and 2012, during which time the country also made several advances in hallmarking technology.

When assay offices are franchised, large geographical areas can be covered and processes can be locally tailored, based on overarching standards set by the hallmarking authority. Small manufacturers are also spared the challenge of performing hallmarking themselves. However, independent offices need to be adequately supervised, as there is the potential for collusion with manufacturers and/or retailers, which may lead to items being under-carated. Importantly too, franchised offices need to be economically viable. India's privately owned AHCs endeavour to make profits but, with a significant rural population, there can be local mismatches between supply and demand, disincentivising the establishment of offices in sparsely-populated or widely dispersed areas. Conversely, AHCs tend to cluster in large metropolitan centres. More than 60% of hallmarking centres are concentrated in India's top 20 cities and there is further concentration within the cities themselves. This results in price-cutting and poor practice in concentrated areas and little awareness of or access to hallmarking elsewhere in the country. We believe the independent ownership is best suited to India. However, government initiatives and support may be needed to ensure that there are sufficient AHCs in rural regions and to prevent overconcentration in urban areas.

Approaches to implementation: In essence, there are two ways to roll out mandatory hallmarking â&#x20AC;&#x201C; phased over several years or implemented in a much shorter timeframe. To assess the advantages and disadvantages of each approach, we have considered implementation in other parts of the world and India's own particular circumstances. Looking across the globe, most countries where hallmarking is mandatory introduced the concept decades or even centuries ago. China is the exception.

And for governments, hallmarking contributes to the development of a robust, internationally respected industry, with the potential to create jobs and bolster economic growth. These factors apply to any country with a meaningful gold market but they are particularly applicable to India, whose people have a cultural, social and economic affinity to gold.

Having set the stage for widespread adoption of hallmarking practices, the government introduced mandatory hallmarking in February 2015, giving jewellers 15 months to ensure existing stock was hallmarked and to establish appropriate processes for future hallmarking. In May 2016, hallmarking became mandatory across China, following which the sale of nonhallmarked gold jewellery was forbidden. This approach may have been appropriate for China, where state controls are tight, enforcement mechanisms are strong and trade unions are weak. However, it would be extremely challenging to implement in India. 1: First, there are insufficient numbers of AHCs, particularly outside the major cities 2: Second, even among established AHCs, hallmarking practices vary and effectiveness is not guaranteed 3: Third, enforcement and supervision remain relatively weak. For these clear reasons, we strongly believe that a gradual roll-out of mandatory hallmarking would prove most beneficial to India, structured in three phases. The first phase could cover India's 22 largest cities, ranging from Mumbai and New Delhi to Nagpur and Patna. The second phase, beginning a year later, could cover around 700 district headquarters. The third phase would begin one or two years further out, during which the programme could be rolled out across India. Such an approach would give the Indian market time to adapt to mandatory hallmarking across the value chain, including manufacturers, retailers and consumers. It would allow the BIS to establish AHCs where they are needed and it would give the government time to create the necessary regulatory infrastructure to take mandatory hallmarking from an ambition to a reality. We would anticipate that the first phase would be relatively straightforward. Heera Zhaveraat | January - 2018 | 71

SPOT LIGHT Hallmarking is already being practised in most large cities, AHCs are established and awareness is high. But, while New Delhi and Mumbai have more than 50 AHCs between them and most other metropolitan centres have several hallmarking offices, several of India's large cities still do not have any AHCs. This needs to be addressed as a matter of urgency. In addition, a significant amount of work needs to be done to increase trust in AHCs, improve supervision of these centres and ensure compliance with new requirements. It will also be necessary to increase hallmarking capacity substantially to ensure that there are sufficient AHCs across India to cope with increased demand. And consumer awareness will have to be increased, particularly in rural areas. We would suggest initiatives including seminars and road shows.

Raising awareness: Many consumers are unaware of BIS hallmarking, particularly those living in rural areas. According to recent surveys, even among educated consumers, only half are interested in or use BIS hallmarks. This needs to change to ensure that mandatory hallmarking delivers the desired outcomes: promoting trust in Indian gold both at home and abroad. To that end, we believe the government and the BIS need to

develop and implement widespread consumer awareness strategy. Questionnaires and focus groups could identify gaps in awareness and major concerns. Seminars, road shows, advertising and stalls within retail outlets could be used to drive awareness of hallmarking and explain why it is beneficial. The advantages of hallmarking may also need to be effectively communicated to the retail community, given that their support is an essential plank in the creation of a strong hallmarking infrastructure. Many retailers may be concerned about the additional costs and responsibilities associated with mandatory hallmarking. They may therefore need guidance and support, particularly in the short-term. Academics, gold loan companies, NGOs and the media could further help to propagate the message that mandatory hallmarking works to the benefit of all stakeholders.

KEY FINDINGS: 1: Retailers should take responsibility for hallmarking in India in the short-term 2: In the long-term manufacturers should assume responsibility for hallmarking 3: Mandatory hallmarking should be implemented gradually over several years 4: Mandatory hallmarking should be extended to bullion 5: All of India's major cities should have at least one AHC to ensure that hallmarking can be effectively rolled out in metropolitan centres 6: Over time, hallmarking capacity will need to increase substantially to cope with increased demand 7: Independent ownership of AHCs is best suited to India, with government support 8: A consumer awareness campaign should be implemented, with a particular focus on rural areas 9: Retailers may also benefit from effective communication about the benefits of hallmarking. The last part of the report, III: Regulatory architecture, focuses on regulations with related nations examples & by the end one can find out key findings: 1: Effective hallmarking infrastructure relies on rigorous enforcement and supervision Heera Zhaveraat | January - 2018 | 72

2: A multi-layered approach works best, involving several different regulatory and supervisory bodies 3: The BIS is severely under-resourced, particularly as it is responsible for policymaking, regulation, supervision and monitoring of the gold industry and oversees 19K plus Indian standards 4: In order to ensure that mandatory hallmarking is regulated and monitored appropriately, the BIS would need to expand current capacity 60-fold 5: Otherwise, alternative solutions need to be considered 6: Photo certificates or a robust technology solution to improve traceability and eliminate counterfeit hallmarking would encourage enforcement across the value chain 7: Better training for AHCs would encourage support for mandatory hallmarking 8: Alleviating the burden on the BIS by allowing large manufacturers to self-certify their jewellery could damage trust in the hallmarking process 9: Manufacturers, retailers, refineries and assaying centres should be registered, even if retailers take initial responsibility for hallmarking.

SPOT LIGHT

The benefits of gold hallmarking are widely recognised. This could have widespread ramifications in India, helping to formalise the national gold industry, bolster consumer faith in the market and ensure that Indian jewellers play a leading role on the world stage.

SUMMARY:

his report covers key stages in the hallmarking journey in order to ascertain what works best in other jurisdictions and how India can maximise the benefits of mandatory hallmarking. Gold has played an integral role in Indian tradition and culture for centuries. The benefits of gold hallmarking are widely recognised. This could have widespread ramifications in India, helping to formalise the national gold industry, bolster consumer faith in the market and ensure that Indian jewellers play a leading role on the world stage. Greater maturity and international acceptance should encourage considerable industry expansion, benefiting the domestic economy and delivering significant job creation. Against that background, the Bureau of Indian Standards (BIS) introduced voluntary hallmarking of gold jewellery back in April 2000, supported by the World Gold Council. Over the following years, the World Gold Council and others undertook extensive research to make the case for mandatory hallmarking. And in March 2016, the Indian government introduced a bill enabling legislation for mandatory gold hallmarking. Three further steps have been taken since then. In January of this year, the BIS revised the standards around hallmarking, stipulating that jewellers with a licence to sell hallmarked jewellery could only sell it in grades of 14 karat, 18 karat, and 22 karat. In April 2017, the BIS released draft Hallmarking Regulations, a key stage in the government's ongoing consultation with industry. And in the same month, the BIS specified that, as of 1 June, dorĂŠ â&#x20AC;&#x201C; semi-pure gold â&#x20AC;&#x201C; could only be imported by refineries with a valid licence. These steps all point in one direction, suggesting that

mandatory gold hallmarking should soon become a reality in India. This is an extremely significant moment in India's centuries-long relationship with gold. It has the capacity to transform the Indian gold industry, making it stronger, larger, better appreciated and substantially more profitable. However, effective execution is essential in order to maximise the opportunities that lie ahead. We believe the challenges centre on five key steps: 1: Ensuring that hallmarking is carried out in such a way that it is efficient, cost-effective and recognised both at home and abroad, 2: Ensuring that appropriate sectors of the industry are charged with carrying out the hallmarking process, 3: Ensuring that the correct ownership model is pursued for Assaying and Hallmarking Centres (AHCs), 4: Considering how best to implement mandatory hallmarking in a country as large and diverse as India 5: Assessing how best to supervise and regulate, mandatory hallmarking to ensure that the industry supports the process and adheres to it. Looking ahead to the next decade and beyond, it is clear that the Indian gold industry is at a cusp. If mandatory hallmarking is implemented properly, the positive effects could be enormous. However, if the exercise is poorly done, market participants will fail to support it, consumers will lose faith in it and international players will turn their backs on it. In order to maximise the upside and minimise the risks associated with failure, we would advocate the following

KEY STEPS: 1:

3: 4: 5: 6:

Credibility of hallmarking to be raised through tighter enforcement and a technology solution to eliminate counterfeit hallmarking, This should be backed by massive consumer awareness of the risks of purchasing non hallmarked jewellery and benefits of hallmarking, A dedicated unit should be set up within the BIS to focus on the hallmarking of precious metals, The supervisory infrastructure will need to be materially strengthened, Fines for non-compliance should be substantially increased, The number of AHCs should be substantially increased,

Sampling should be dynamic to encourage good conduct among retailers and manufacturers, 8: The onus for hallmarking should ultimately move from retailers to manufacturers, 9: Scope the universe of jewellery retailers and manufacturers to extend hallmarking, 10: Define and promote good delivery standards and responsible sourcing to bring integrity to whole supply chain, 11: Promote infrastructure to increase competency and training in assaying, 12: Rigorous self regulatory mechanism by industry to complement regulatory framework in the initial three year period. Heera Zhaveraat | January - 2018 | 73

TRADE NEWS

People: Our Greatest Asset, Available At CIBJO Employee recruitment, motivation and retention guide for jewellery industry now available for downloading "People: Our Greatest Asset," an employee recruitment, motivation and retention guide prepared specifically for the jewellery industry is now available for downloading on the CIBJO website. Authored by Jonathan Kendall, President of the CIBJO Marketing & Education Commission, the 60-page book provides a practical approach to the employment and induction of professional staff, reward and recognition systems for motivating and retaining valued employees, and problem solving. It was first introduced at the 2017 CIBJO Congress in Bangkok, Thailand, in November. Including insights from industry figures from around the world, the guide is divided into six chapters, dealing with motivation, recruitment, leadership and teamwork, training and development, reward and recognition, and troubleshooting. Each chapter includes practical toolkits, some of which can be printed and used in the workplace, among them employee selfassessment and manager-assessment forms, templates for recruitment ads and job offers, interview questionnaires, interviewee assessment forms, job application forms, staff induction checklists, employee training and development records, and much more. "People are any business' greatest asset," explained Mr. Kendall. "This guide has been developed to help all types of companies in the jewellery trade to recruit, develop, motivate and reward their people. As an industry, we need to make sure our employees are

motivated and engaged. Today the levels of competition are greater than ever, and when our consumers enter our jewellery environments, it's vitally important they are met by happy, positive and supportive staff.” “Although managing teams is never simple," Mr. Kendall added, " 'People: Our Greatest Asset' is intended to help make the job more efficient and effective. It is a useful reference guide that applies best practice for thinking and implementing employment and employee strategies.” "People: Our Greatest Asset, is a valuable addition to the series of business guides CIBJO has produced for the jewellery industry, and it is the first that focuses specifically on employee relations," said CIBJO President Gaetano Cavalieri. "This is a subject of critical importance, because ultimately any business is only as good as the people who work for it. In producing this guide, Jonathan Kendall has broken the topic down into it most basic components, and then provided real-world tools for company owners and managers to use. We are proud to be able to make it available to the industry.” The new book can be downloaded from the CIBJO for a fee of 19.90 Swiss francs. Members of organisations that are members of CIBJO are entitled to receive 'People: Our Greatest Asset' free of charge. They are recommended to contact the organisations of which they are members to arrange delivery of the documents by email. n

Sale of Guinea Assets over by Stellar! Focuses Tongo-Tonguma asset of 4.5 million carat diamonds

tellar Diamonds, the diamond development company focused on Sierra Leone and reported that, further to its announcement, it has completed the disposal of its Guinea assets to BDG Capital. Stellar has received the balance of the sale proceeds of US$366,000 which is the net cash after the US$500K advance previously made by BDG Capital to Stellar and deduction of certain tax, retrenchment and legal costs from the agreed transaction price of US$1,250K. Chief Executive Karl Smithson commented: “We are delighted that the Guinea disposal has closed which now allows us to fully focus on the development of the 4.5 million carat high grade and high value Tongo-Tonguma kimberlite project in Sierra Leone. Heera Zhaveraat | January - 2018 | 74

The disposal of our Guinea assets not only brings in additional working capital to the Company but going forwards also saves approximately US$70K in costs per month. We would like to wish BDG Capital every success in advancing the Guinea project.” n

ANALYSIS

THE GLOBAL DIAMOND INDUSTRY 2017 The enduring story in a changing world!

T Rough prices rose and polished prices fell, again putting pressure on cutting and polishing companies. The midstream segment's future health will depend on the interplay of rough and polished prices as well as the segment's ability to make continued operational improvements.

his work was commissioned by AWDC and prepared by Bain & Company and AWDC. It is based on secondary market research, analysis of financial information available or provided to Bain & Company and AWDC, and a range of interviews with customers, competitors and industry experts. The outlook for 2017 is stable across the different segments of the value chain. The revenue of rough diamond producers declined only slightly in the first half of the year, reflecting a return to normal trading conditions. Retail sales are sending positive signals across the key markets of the US, China and India. Rough prices rose and polished prices fell, again putting pressure on cutting and polishing companies. The midstream segment's future health will depend on the interplay of rough and polished prices as well as the segment's ability to make continued operational improvements. On that front, midstream players are focusing mainly on reducing days to market and improving rough-to-polished yields. There are three key, persistent challenges facing the diamond industry, and the industry is renewing efforts to turn them into opportunities. 1: One of the most urgent challenges is the slowdown in demand for diamond jewelry. 2: The second challenge is the mounting risk that lab-grown diamonds will illegally infiltrate the natural diamond supply chain or legally erode natural diamonds' market share. 3: The third challenge is the financial stability of the midstream segment of the value chain. The diamond market's long-term outlook remains positive. We expect demand for rough diamonds to grow 1% to 4% annually, relying on strong fundamentals in the US, the continued growth of the middle class in China and India, and the strong and growing desire of consumers for diamond jewelry. The rough diamond supply is expected to remain stable through 2030.

Heera Zhaveraat | January - 2018 | 75

ANALYSIS

1: Recent developments in the diamond industry: Following a difficult 2015, diamond producers staged a strong recovery in 2016, posting a 20% revenue increase. Demand for rough diamonds bounced back after the cutting and polishing segment cleared excessive surplus inventories in 2015. The top five producers' aggregate 2016 operating profit rose about 3%. Cutting and polishing revenues decreased slightly in 2016 amid tepid demand for polished diamonds. According to industry executives, however, the segment's average profitability turned upward after slipping steadily for several years. After declining in 2015 and 2016, rough-diamond prices turned upward in 2017. Polished diamond prices, which also declined in 2015 and 2016, stabilized in 2017. Global retail sales of diamond jewelry remained flat in US dollar terms in 2016. In line with continued moderate growth in the domestic economy, retail demand in the US, the largest diamond jewelry market, was stable. The outlook for 2017 is stable across the segments of the diamond value chain. Rough-diamond suppliers posted a 3% revenue decline in the first half of 2017, as lower-priced assortments made up an increased share of their sales. The cutting and polishing segment's revenue is expected to stay flat in 2017. The revenues of major retail chains in key markets are trending up amid healthy macroeconomic fundamentals. Retail demand in India turned upward in 2017, after demonetization of largedenomination currency notes at the end of 2016 supported strengthening of organized jewelry retail. The medium-term outlook is stable. If previous years are any guide, roughdiamond producers' announced plans will likely not materialize in full, which should support rough prices. A broadbased marketing push to stimulate consumer demand remains an industry imperative. With medium- and long-term macroeconomic fundamentals looking strong, consumers should be encouraged to continue to choose diamond jewelry.

Heera Zhaveraat | January - 2018 | 76

2: Rough-diamond production: Extending the trend of the past eight years, global rough diamond production volume remained relatively flat in 2016 at 127 million carats. The largest production increases occurred in Canada, where the Gahcho KuĂŠ mine came on line and the Ekati mine ramped up production, and in South Africa, where the Kimberley mine increased underground mining and tailings processing. The largest drops occurred in Russia and Zimbabwe. Alrosa's closure of the Udachnaya mine's open pit accounted for the fall in Russia; Zimbabwe's drop followed a production halt at seven of nine deposits while the industry struggled to consolidate. Three large new mines, Gahcho KuĂŠ and Renard in Canada and Liqhobong in Lesotho, started production in 2016. At their peak, their combined production is expected to exceed 8 million carats per year and offset declining production in depleting mines. Miners' plans and actual production volumes in the first half of 2017 suggest an increase in full-year production volume, despite volume declines in some countries. In Russia, Mirny mine, which produced more than 3 million carats per year, was flooded. The mine is not expected to resume operations in the next few years. Diamond producers reduced their prices in 2016, while rough-diamond sales increased 20%. They had pulled back sales in 2015 in response to slowing global demand for diamond jewelry and a subsequent drop in polished prices. Although both Alrosa and De Beers cut production in 2016, their combined

market share increased to about 70% from about 60% in 2015 as they sold off accumulated inventories amid improving demand. In 2016, the top five producers, except Rio Tinto and Dominion Diamond, reported increases in their EBIT margins (earnings before interest and taxes). In the first half of 2017, Dominion Diamond's EBIT turned positive again. Alrosa's EBIT margin remained the highest in the segment. Upstream players face increasingly complex geological and technical challenges as their mining operations go deeper and into more difficult terrain. To control costs, miners are investing in operating efficiencies and turning to digital innovations.

World rough diamond sales by producers including sale of inventories | $ billions YOY change CAGR [2010-2015] [2015-2016] 20% 1%

- 16 - 15 - 12

- 15

- 14

- 12 7%

Petra Diamonds

12%

39%

Dominion Diamond

-1%

-21%

Rio Tinto

-12%

De Beers

37%

ALROSA

28%

Other

ANALYSIS Rough-diamond price index, 2004 price = 100

Polished-diamond price index, 2004 price = 100

200

250

CAGR -4% CAGR +5%

CAGR +1%

200

150

Polished diamonds

-3%

Rough diamonds

150 CAGR -6% 100

CAGR +9%

CAGR +2%

100 +3%

50 2004

2005

2006

2007

2008

2009

2010

2011

2012

2014

2013

2015

2016

HI 2017

CAGR for 2004-2011, 2011-2016, 2004-2016, change of range 2016 to H1 2017

3: Cutting and polishing: The continuing slowdown in global diamond jewelry demand and the resulting downward trajectory of polished diamond prices translated to a slight revenue drop in the cutting and polishing segment in 2016. Despite this drop, the midstream bought 20% more rough diamonds (by value) from producers in 2016 than in 2015. India, the world's largest, lowest-cost cutting and polishing center, gained market share. It now accounts for about 90% of the global polished-diamond manufacturing by value. Already the dominant manufacturer of small stones, the country is gaining share in the more value-added segment of larger stones, mostly at the expense of China. Midstream players' profitability improved in 2016, supported by declining roughdiamond prices. In the first half of 2017, rough-diamond prices increased by 3% while polished-diamond prices decreased by 3%, renewing pressure on midstream margins. To sustain profitability over the long run, the largest cutting and polishing companies are maintaining intensive operational-improvement drives. They remain focused on continuously shortening cutting and polishing cycles and securing financing. They are also implementing new technologies such as automated cutting processes and advanced digital mapping and modelling of diamond cutting to optimize yields.

4: Diamond jewelry retail: The 2016 global diamond jewelry retail market stabilized in US dollar terms after 2015's weak performance. In the US, total diamond jewelry sales grew, according to the US Census Bureau, although revenues at several major jewelry retailers declined. Changing consumer trends, including a shift to the online channel and increasing demand for lower-priced jewelry, might account for this drop.

Major jewelry retailers reported declining sales in the first quarter of 2017, but sales growth resumed in the second quarter supported by the economy acceleration and strengthening consumer confidence. In China, diamond jewelry sales fell in 2016 as the economy slowed, the yuan depreciated the most in a decade and consumer confidence weakened. In the first half of 2017, following the stabilization of the yuan and a jump in consumer confidence, China's large jewelry retail chains saw their sales grow. In India, 2016 was a turbulent year for the jewelry industry. A spring strike by jewelers to protest the introduction of a 1% excise duty and November's demonetization announcement disrupted sales. These events harmed mostly small jewelry retailers, however, as leading highend branded retailers benefited from the shift in traffic to organized retail. This shift also increased consumer protections, which boosted consumers' confidence in the quality and security of jewelry purchases and led to rebounding sales in the first half of 2017. Other key sources of strength were the continuing growth of the middle class and personal incomes. Europe saw a small decline in 2016 because of lower tourist inflows. Sales in Japan remained solid, mainly as a result of strong yen appreciation. Based on trends observed in the US, China, India and Europe, we expect the global

diamond jewelry retail market to return to growth in 2017. This trend parallels the course of the luxury goods market, which fell 1% in 2016 but is expected to grow 5% in 2017. Digitalization remained an important trend in diamond jewelry retail in 2016 and 2017. Signet acquired R2Net, the owner of James Allen, a growing online jewelry retailer and digital solutions provider to the diamond jewelry market. Private equity funds acquired Blue Nile, another leading online retailer. These transactions underscore the potential of the online segment and the Omni Channel model.

5: Margins and inventories in the midstream: The midstream is a critical segment of the diamond value chain. Operating on very thin margins, midstream companies must continuously improve their efficiency to sustain the long-term health of their businesses. Despite the midstream's low average margins, 2016 was a good year for integrated cutting and polishing companies' profitability. Prices for rough diamonds declined faster than polished prices, which allowed for improved profitability compared with 2015. According to industry executives, margins for rough diamond trading ranged from -2% to 4%; for cutting and polishing, 0% to 9%; and for polisheddiamond trading, 1% to 6%.

Diamond jewelry

Polished diamonds

Rough diamonds Rough-diamond sales

Cutting and polishing

Jewelry manufacturing

Retail sales

Global revenues by value-chain segment, $

-2% +20%

+1%

+3%

2015

2016

2017E*

YOY change 2015-2016

YOY change 2016-2017E*

Heera Zhaveraat | January - 2018 | 77

ANALYSIS Economic growth and the expansion of the country's middle class reinforce China's positive long-term demand trend. India is potentially one of the fastest growing of all major diamond jewelry markets through 2030. The continued expansion of bridal diamond jewelry and the middle class will drive demand for diamond jewelry. Companies that maintained a ruthless focus on operational efficiencies and innovations reported profitability at the upper ends of those ranges. In the first half of 2017, prices for rough and polished diamonds again converged. Surplus inventories are putting polished prices and the profitability of the midstream companies under pressure. The level of inventories fluctuated significantly from 2013 through 2015. The midstream accumulated a significant inventory surplus in 2014. In 2015, midstream players unloaded inventories and reduced purchases from rough diamond producers. In 2016, producers' rough-diamond sales increased 20%, returning to normal levels and keeping inventories roughly stable. In the first half of 2017, rough-diamond sales by producers declined 3% while global diamond jewelry retail demand remained stable, resulting in a slight decrease in midstream inventories after stable inventories in 2016.

6: Key industry challenges: The diamond industry faces three persistent challenges, 1: slowing long-term demand for diamonds, 2: further developments of the lab-grown diamonds field and 3: the financial sustainability of the midstream. Long fuelled by one of the most successful marketing campaigns of all time, diamond industry enjoyed consistent growth through most of the 20th century. Major retailers invest an average of about 10% of revenue in their own marketing programs, which supported growth in their respective diamond jewelry segments. From the early 2000s, however, generic marketing spend by rough diamond producers decreased from 5% to less than 1% of total sales of rough diamonds, while promotional efforts shifted to private brands. The growth of the rough diamond industry has trailed that of luxury products since 2000. Aiming to reverse that trend, rough-diamond players plan to

Heera Zhaveraat | January - 2018 | 78

invest about $150 million in both generic and private-brand marketing in 2017. That sum represents a 50% increase over previous years. Additionally, the industry is renewing its approach to marketing, taking into account evolving customer preferences and marketing channels. The ongoing evolution of the lab-grown diamond market and its potential impact on the market for natural diamonds continue to perturb industry players. Coexistence of markets for natural and synthetic colored gems such as rubies and emeralds for more than a century suggests that markets for natural and lab-grown diamonds can develop in parallel without cannibalizing each other, as does the healthy growth in demand for luxury leather goods despite the widespread availability of replicas. The diamond industry is maintaining its focus on protecting the supply chain from illegal infiltration by lab-grown diamonds by developing cheaper and more effective detection instruments. Fluctuating rough prices, tighter financing terms and stagnant diamond jewelry sales remain a challenge for midstream players, which have stepped up the development of new technologies and pursued operational efficiencies. These moves have enabled the most agile players to attain margins several times greater than the industry average and given them an advantage in obtaining financing.

7: Updated supply and demand model: Global rough-diamond demand is projected to grow at an average annual rate of about 1% to 4% through 2030; supply is projected to grow 0% to 1% per year. Our forecast reflects fundamental supply and demand factors rather than short-term fluctuations. The short-term supply-demand balance depends heavily on the behaviour of major producers and the efficiency of the diamond pipeline. We expect that the US, China and India will remain the leading diamond jewelry

markets and that US diamond jewelry demand will stabilize in 2017. In the longer term, healthy real disposable income growth of 1.5% to 2.5% per year will drive diamond jewelry consumption in the US. We expect demand growth in the Chinese market to resume in 2017. Economic growth and the expansion of the country's middle class reinforce China's positive long-term demand trend. India is potentially one of the fastest growing of all major diamond jewelry markets through 2030. The continued expansion of bridal diamond jewelry and the middle class will drive demand for diamond jewelry. Europe and Japan should remain stable, large diamond jewelry markets where long-term, low-single-digit economic expansion will support modest growth. The rough-diamond supply is highly predictable over a five- to 10-year period. Unlike producers of some other commodities, diamond producers face technical challenges that make it difficult to increase production significantly in the short term. We have based our forecast of the roughdiamond supply on an analysis of existing mines and anticipated production at every planned new mine. We have also included in our forecast the potential supply from additional sources that could be activated if the economics becomes sufficiently attractive. These sources include tailings from older mines, the reopening of distressed mines and the activation of options in resource development plans. Taking into account all announced and additional potential sources, the global supply of rough diamonds is expected to grow an average 0% to 1% per year from 2017 through 2030. n

WATCH OUT

Happy Ocean by Chopard! Radiates colourful delights …

eing one of the most successful collections of the Chopard family, the Happy Sport collection recently launched the Happy Ocean. Sporty yet elegant, the watch makes a perfect companion that is ready to go exploring the ocean, relaxing on a yacht or strolling on the sand with its tasteful owner. A watch that has a strong connection to nautical adventure, the Happy Ocean features a 40 mm 18K white gold case, a navy blue mother-of-pearl dial and is adorned with a bezel set with diamonds, sapphires and either rubies. Five moving diamonds floating with total freedom, like oxygen bubbles or tiny sparkling fish swimming around the beautiful aquarium, bring endless pleasure to the wearer and viewers. To ensure underwater readability, the hour-markers and hour hands are illuminated in blue, with all other indications required for diving in green. The watch is driven by a self-winding Chopard movement, bearing a water resistance up to 100m. The piece comes with an alligator leather strap and a NATO strap in the same navy blue tone. n

Watch with a strategic thickness

reedom in Creation" has always been Italo Fontana's motto since the early steps in the watch industry. As he often states in interviews: “I like the identity and originality of my creations, I do not have an obligation to create the same things that I have always designed, or to continue to do oversized timepieces. When an inspiration comes to me, I see it through. I plan it strategically and I do what I like.” The U-BOAT design and Italo's influence behind it are now so popular that can be recognised in every creation even if not a Heera Zhaveraat | January - 2018 | 80

watch is. Stratos is a Greek word that immediately brings us to the word Strategy: a set of guidelines, tactics and methodologies used to address any problem, to reach its solution or to achieve a predetermined goal. Italo introduces a watch with a smaller size compared to the previous editions and extremely flat. A strategic watch perfect to be worn under a nice tuxedo or a man suit. Gentleman's elegance that perfectly matches the strong and bold character, identity of the U-BOAT brand. The Classico is no doubt one of the most iconic designs conceived by Italo

Fontana. This time he unveils two version of Classico, named Stratos, in sizes 45mm and size 40mm but scaled down to an unusual thickness respectively of 11,70mm and 9,50mm. Both the Stratos watches are in stainless steel featuring distinguishing patented crown on left side, sapphire crystal with anti-reflective coating is secured to the case through a bezel in polished tungsten, the hardest of all metals, and boasting a serial number plate is fixed on the side of the case. The back of the case is sealed with seven external screws, opening U-shaped sapphire fumé crystal allowing the movement to be see. The Stratos is hand winding in the version 40mm and automatic mechanical in the bigger version with an additional counter of the 24 hours of the day. The dial is composed of two superimposed layers, in the version 45mm, and three layers in the smaller version with the upper one in black with luminous beige hands and indexes. Last but not least in both the Stratos models a handmade and hand-finished alligator leather strap, in black for the 45mm and dark brown for the 40mm, with stainless steel tongue buckle. n

WATCH OUT

The essentials of time!

Raymond Weilâ&#x20AC;&#x2122;s Maestro Skeleton

ith the introduction of the new open-worked model, Raymond Weil unveils a new addition to the ever successful maestro collection. The mechanical manoeuvres of the self-winding caliber are revealed through a wide aperture on the dial offering a perfect view of the Swiss Made movement sealed between two sapphire crystals. The Raymond Weil maestro skeleton eschews the extraneous whilst retaining the essentials of time. The maestro Skeleton features a 39.5mm diameter stainless steel case revealing a perfect view of the automatic selfwinding Swiss-Made movement through the wide aperture on the dial. The balance wheel and open-worked spring barrel can be viewed via the front of the watch while additional details are visible via the sapphire case back including the decorated rotor and some of the 27 jewels within the mechanism. The movement is sealed between two sapphire crystal glasses. The dial display includes blued steel hours, minutes and central sweep seconds hands floating above a sea of mechanical parts in motion. The maestro Skeleton has a 38-hour power reserve and is water resistant up to 50 meters. This masterpiece is completed with either a stainless steel bracelet or genuine leather strap, both featuring a double-push security clasp. Raymond Weil plays to its strengths, delivering a virtuoso performance with the introduction of the maestro skeleton, a true representation of the luxury Swiss watchmakerâ&#x20AC;&#x2122;s horological know-how that has been handed-down from generation to generation. n

El Primero Tourbillon Skeleton

enith launches the El Primero Tourbillon Skeleton and reveals the intricacies of the El Primero mechanism through a fascinating chiaroscuro open worked design that is housed in a 45mm rose gold case. Combining a tourbillon with a high-frequency chronograph, the El Primero Calibre 4035 automatic chronograph tourbillon movement is heir to the world's most precise series-made chronograph developed by Zenith in 1969. The watch is revealed through a subtle, dark grey skeletonized dial enlivened by red accents. The swift-paced 5Hz cadence drives the ruthenium-blackened, facetted and luminescent hands sweeping over the hour-markers in the same colour tone. The open worked counters and the minute ring screw-secured to the movement offer a three-dimensional display. The El Primero Skeleton Tourbillon model associates the tourbillon with a high-frequency chronograph in a resolutely futuristic mode. The tourbillon carriage performing one rotation per minute is offset at 11 o'clock, while the open worked chronograph counters form a figure of 8. Offering an over 50-hour power reserve, the brown alligator strap brings out the strong character of the El Primero Tourbillon Skeleton and showcases a uniquely alluring appearance. n Heera Zhaveraat | January - 2018 | 81

NEWS LINE

India has recorded strong growth Growth India at both, economic activity and financial assets

MF and WB released the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA) respectively on their websites. India welcomes assessment of the Indian financial system undertaken by the joint IMF-World Bank team conforming to the highest international standards. The Second comprehensive FSAP has now been successfully conducted for India in 2017. FSAP, a joint program of the International Monetary Fund (IMF) and the World Bank (WB involved in developing countries and region only), undertakes a comprehensive and in-depth analysis of a country's financial sector. Since September 2010, it is being undertaken in 25 jurisdictions (now 29), with systemically important financial sectors, including India, every five years. Last FSAP for India was conducted in 201112 and the report published by IMF on Jan 15, 2013. The FSAP assessment acknowledges that India has recorded strong growth in recent years in both economic activity and financial assets with size of the financial system remaining broadly stable in terms of GDP at about 136 per cent. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed up with improved legal, regulatory, and supervisory frameworks. The FSAP report acknowledges many efforts by Indian authorities like tackling Non-Performing Assets (NPAs), recent recapitalization measures for banks and introduction of special resolution regime,

The Basel III framework and other international norms have been implemented or are being phased in, including stricter regulations on large exposures. It also notes RBI establishing a new Enforcement Department and revising the Prompt Corrective Action (PCA) framework that formalization of National Pension System (NPS) and making the pension sector regulator statutory, passing of Insolvency and Bankruptcy Code and setting up of Insolvency and Bankruptcy Board of India (IBBI), to name a few. It appreciates initiatives such as 'no frills' account (under Jan DhanYojana), promoting digitization, introduction of unique biometric identification number (AADHAAR), currency exchange initiative etc. It also recognizes the improved interagency co-operation since the establishment of Financial Stability and Development Council (FSDC), supported by its SubCommittee and four technical groups and progress in setting up of Financial Data Management Centre (FDMC). FSAP assessment acknowledges that RBI has made substantial progress in strengthening banking supervision by introduction of risk-based supervision in 2013 through a comprehensive and forward-looking Supervisory Program for Assessment of Risk and Capital (SPARC), domestic and cross-border cooperation arrangements, Asset Quality Review (AQR) and the strengthening of regulations in 2015 leading to improved distressed asset recognition, to name a few.

incorporates more prudent risk-tolerance thresholds. The Report notes that risks in shadow banking sector in India were limited and that risks in non-bank financial subsectors appear contained but continue to warrant close monitoring. The recommendations in case of India FSAP are mainly to bring about further improvements in the structure and functioning of the financial system and many of the detailed recommendations are in sync with the authorities' own developmental plans. n

A step ahead towards hassle free trade! ITD suspends an officer for harassing the taxpayer!

complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the taxpayer's Chartered Accountant for favourably completing the assessment. The audio recordings of conversations were also received which, inter alia, mention the bribe amount being demanded by the officers of the Department for settling the case. In order to verify the veracity of the allegations, case records were requisitioned immediately by the Vigilance Directorate of CBDT. On examination of the case records, serious lapses and irregularities were found which led credence to the allegations made against the officer. The matter is under investigation. The Department has zero tolerance to such malpractices and corruption. Pending investigation, the officer has since been placed under suspension. n Heera Zhaveraat | January - 2018 | 82

TRADE NEWS

Government to fight gold smuggling! FM Ask the officers of the DRI to fight the menace of smuggling of sensitive contraband items

he Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley exhorted the officers of the Directorate of Revenue Intelligence (DRI), the premier anti-smuggling intelligence and investigation agency of the country, to keep pace with technology and realign itself to the ever changing economic scenario in order to counter and curb the menace of circulation of Fake Indian Currency Notes (FICN), illicit international trade of wildlife and environmentally sensitive items, clandestine export of antiques and trade-based money laundering offences among others. The Finance Minister Shri Jaitley was addressing the august gathering including senior officers and staff of DRI among others at a function organised to mark the DRI Diamond Jubilee and DRI Foundation Day Celebrations 2017 in New Delhi. The Finance Minister Shri Jaitley asked the officers to find new and innovative techniques to thwart the new ways of smuggling of

sensitive contraband items such as gold and narcotics, and detecting import-export related commercial frauds. He asked them to continue to exhibit the passion and dedication in the light of threat of increased smuggling across the borders and multifarious means of commercial frauds presenting a challenge to DRI, and especially to use the latest technological tools such as data analytics in fighting this challenge successfully. Earlier, the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley congratulated the DRI, its officers and staff on their past performance. He also appreciated the inaugural issue of DRI Publication ‘Smuggling in India Report’ released on the occasion and lauded the idea of presenting DRI Martyr’s Medals, done for the first time. Over the years, as an organisation, the DRI has carved a niche for itself in the field of investigation and law enforcement, adapting and realigning itself to the ever changing economic scenario. DRI occupies a position of eminence in matters of national security and economic health, playing key role in the Government’s efforts against black money, and in protection of environment and preservation of India’s rich and ancient cultural heritage. This year the organisation completed 60 years (Diamond jubilee) of its establishment. A function to commemorate the occasion was organised in the national capital here today. The Finance Minister Shri Jaitley was the Chief Guest of the event and the Minister of State (Finance) Shri Shiv Pratap Shukla was the Guest of Honour. Dr. Hasmukh Adhia, Finance Secretary and Ms. Vanaja N Sarna, Chairperson, CBEC were also present among others on the occasion.

Embarks on an era of innovation…

urators of trend, Anmol embarks on an era of novelty with a spellbinding Mélange collection, a range of transformable Jewellery. A fresh blend of innovation with intricacy, each unique masterpiece symphonically rhymes with eclectic outlooks and occasions of a modern royal woman. Meticulously crafted in 18 K gold, the collection comprises of cocktail Heera Zhaveraat | January - 2018 | 84

neckpieces, earrings, cuffs and rings sculpted in aesthetics of elegance including art décor, crescent-moon and chandeliers, all modular in nature. An epitome of dynamism, the Mélange collection is a kaleidoscopic rendezvous of fine-cut diamonds with vibrant gemstones including Rubies, Emeralds and Pearls set together in distinctive designs. A diamond ring expandable into a celestial-inspired bracelet, an eloquent cuff with changeable pearls in black, grey, white and golden. Statement earrings with assorted gemstones that can be replaced to complement different outfits.A ten facade majesty, a tasseled choker inspired from raindrop motif can be effortlessly transformed into a pendant set, bracelet, floral studs and ring making this zenith of innovation, the showstopper of the collection. The collection has been curated keeping

mind the dynamics of royal women who plays multiple roles. From boardroom to cocktail soiree, a formal gathering to a family celebration, this collection works wonders with traditional as well as cocktail attires. Shine with this luminary jewels that adapts to your need and makes an everlasting statement. The Mélange collection is available at Anmol’s boutique in Bandra.

DESIGN TOUCH

Tradition Dame 7038 model Breguet elegantly greets the world ladies!

or the ladies who appreciate prestigious watchmaking, the selfwinding Tradition Dame 7038 by Breguet will surely make a very top priority of their shopping list. This elegant beauty cum technical mechanism features an ultra-modern, graphic structure exhibiting almost all the movement components on either side of the mainplate. The timepiece is equipped with a central barrel, a subdial at 12 o’clock bearing hands directly driven by the barrel, together with a balancewheel and intermediate wheels forming an arc stretching from 4 to 8 o’clock. The bridge bearing the escapement is reinforced by a handchamfered pare-chute, which is a Breguet invention to protect the balance-staff from shock. The Tradition Dame 7038 displays the hours and minutes on a fine Tahitian mother-of-pearl dial, while the indications are discreetly complemented by the retrograde seconds engraved on the movement face at 10 o’clock. Likewise, another highlight of this timepiece lies in the finishing of the movement, the finest decoration specifically designed for the pleasure of its elegant owner. The NAC treatment typical of the Tradition collection and hitherto appearing in grey, anthracite or golden rose tones, is replaced here by a frosted white movement admirably complemented by an 18-carat white gold case, adorned by a bezel set with brilliant-cut diamonds. n

Temple Jewellery of The Year announced!

enowned Jewellery brand, Aisshpra Gems & Jewels was awarded as the Temple Jewellery of The Year for its intricate craftsmanship at JJS-IJ Jewellers Choice Awards 2017, a platform which recognises and promotes talent and creativity of the most celebrated retail jewellery brands in the industry by felicitating them. The award was received by Mr. Atul Saraf, Director, Aisshpra Gems & Jewels at the hands of Bollywood actress Dia Mirza in esteemed presence of Mr. Shantanu Saraf, Vaibhav Saraf, Director, Aisshpra Gems & Jewels, Rajiv Jain, Convener & others. A scintillating composition of art and divinity narrated with remarkable craftsmanship, the award winning traditional neckpiece is sculpted in the eternity of 22K gold. Inspired from the Chola Dynasty, the statement jewel-piece is depicts the illustrative carvings on the exteriors of heritage temples of India. Traditional Nakshi karigari has been used to transcribe the aesthetics of Gods & Goddesses exemplifying an aura of ecstasy. Mr. Atul Saraf, Director - Aisshpra Gems & Jewels, said, “We are overwhelmed to be honored by one of the prominent platform of the jewellery industry. It is a great feeling to be recognized for what we do and would like to thank the jury for appreciating our efforts and motivating us to raise the bar of exquisivity & exclusivity in our jewellery designs". n Heera Zhaveraat | January - 2018 | 85

DESIGN TOUCH

Glam up the boardroom in Pink! 18K rose gold pendant to enchant by Manubhai Jewellers

anubhai Jewellers delights your work week with Pink-A Rose Gold Jewellery Collection to glam up every day work wear. Crafted in the romanticism of rose-gold, the collection composes of earrings, pendants and statement rings poised with elegance. Lightweight and fanciful, each design is an ode to the multi-tasking modern women. Designed in mesmeric motifs including florals, art- deco and paisley, each jewel is encrusted in 18K rose gold. The jewellery designs are a composition of fine-cut diamonds in various hues of gold. Aesthetically versatile, the collection adapts well with Indian as well as western attire to complement your charm. The Rose gold jewellery collection will augment your everyday wear and is bound to glam up your board room attire. The Pink collection also surprises with some exclusive jewellery masterpieces for glamorous evenings. With hallmarked jewellery and IGI certification, the brand ensures that customers receive the best quality and service consistently. n

Lustrous collection Presented! Diamond nose pins, simply irresistible!

ristine Fire, the Online player is boasting of a unique blend of the hues of gold and the lustre of diamonds, the new collection of nose pins collection is breathtakingly marvelous and a complete expression of arts and aesthetics. Pristine Fire reveals its classic collection of nose pins that are intricately designed in geometric, floral and other exquisite patterns and give a ravishing appeal to your appearance which gels well with both modern and traditional outfits. Each piece is crafted in 18k gold and studded with diamonds certified by SGL. In India, nose pins are not just a fashion statement but have a deep cultural and traditional significance. The beauty of a lady gets enhanced by the nose pin and adds a traditional & rich look to the women who wear it. Crafted to finesse, the new collection is everything you ever wished for. Ethnic yet modern, feminine yet substantial, each pattern has a standout element to it. Boasting of a unique blend of the hues of gold and the lustre of Diamonds, these nose pins are breathtakingly marvelous. A must-have to develop different looks and moods from casual to evening wear, the collection is a delicate and fun piece of jewellery. They are eternally beautiful and personify refinement and elegance. Pristine is manifesting every element of luxury, style and beauty in their new range of nose pins. Perfection and exclusivity describe this collection best and each design is created with uniqueness as the ultimate goal. These diamond nose pins will add to your charm. This exquisite collection is available at affordable prices, ranging from INR 5995/- to 9995/-. n Heera Zhaveraat | January - 2018 | 86

DESIGN TOUCH

Bridal Treasures by

Reliance Jewels

Reliance Jewels an oasis for all your Bridal Jewellery needs

eliance Jewels, a brand synonymous with grandeur and exquisite designs, offers its exclusive wedding collection for brides to be. Weddings are a special occasion for every woman, it’s a day that every girl has dreamed of as a child and wants to look herbest. Dedicated to the celebration of this new phase that a woman steps into, Reliance Jewels has a wide range of exquisite bridal collection for each wedding function for the bride and her family. Nurturing hopes and dreams, experiencing indescribable of emotions, the bride looks forward to her wedding day. To ensure that Reliance Jewels is a part of this special and beautiful moment in a

bride’s life, the brand offers a varied collection with multiple options for each occasion. Almost everything from the bright decor to the floral background, there is an outburst of vibrancy around you during the Mehendifunction. Keeping all this in mind, you can push your style quotient when it comes to choosing your jewellery too.Chaandbalis with a head gear in polki or uncut diamonds complements that feminine yet playful look that is apt for a Mehendifunction. Drop earrings can be the perfect option for the Haldi ceremony, where you want something small and delicate to pair with your simple but traditional outfit. While choosing jewellery for the Sangeet or Cocktail, it is very important to decide if you are selecting a western or an Indowestern outfit because outfit and jewellery complement each other. A gown with minimum embroidery can be enhanced with heavy jewellery or statement neckpieces. But if your gown is very elaborate, then it is best to wear chandelier earrings with a statement bracelet. Statement diamond bracelets with rubies, emeralds or sapphires are an ideal pick for brides to adorn their wrists for an indowestern function. The Engagement ceremony is a day for the bride and the groom to remember for life.

It is a moment sealed with pure love. For this special occasion, grooms may choose diamond solitaire rings with a variety of designs from princess to round, square cut engagement rings for the bride that she would love to flaunt. Delicate solitaire engagement rings in rose gold are also currently trending. For the Wedding Day since it is the most important day of every girl’s life and she wants to look nothing short of royalty and her jewellery plays a vital role in making her feel special. Layered gold or polki neckpieces, maangtikas and earrings complete a Bride’s traditional and demure look for her special day. This bridal collection of jewellery upholds the tradition of unparalleled workmanship, impeccable style and inherent trust for the bride. Remarkably capturing the essence of weddings, the entire collection is an apt choice for brides to give themselves a spellbinding look on their most special days.

Heera Zhaveraat | January - 2018 | 87

DESIGN TOUCH

Elegance with peacock inspired collection!

A chance to celebrate with an oomph!

ith 2017 coming to an end and the advent of the wedding season, PNG Jewellers is here to give you a chance to celebrate it with an oomph. The brand has returned to captivate you with a mind blowing offer on their diamond jewellery products. The mind blowing offer is accessible over all PNG Jewellers outlets in Pune, Aurangabad, Indore, Goa and Nagpur. The brand is putting forth their range worth of Rs 65K per carat now only at as low as Price of Rs 49K per carat. The alluring offer is on diamond jewellery is accessible for the customers from 24th November onwards and will be valid just till the stocks last.

The brand houses an engaging extent of unrestrained and chic statement pieces that has a loyal fan base for ages. The new collection of diamonds will enable you to flaunt these valuables at every occasion. Their gathering of diamonds will fascinate you with its cuts, everlasting designs and precision. Speaking on the occasion, Mr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers quotes, “Since we are around the corner for new year along with too many winter weddings lined up which only calls for celebration. And India being so rich on culture where jewellery plays an important part, we wanted to make it easier for our customers to go out and celebrate with style, leaving aside the huge amounts they would need to shell out for the same.” So let’s not sit tight for your most loved pieces to get off the racks, and head out to your adjacent PNG store to grab from the best. n

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isshpra gems & jewels illustrate nuances of majesty in an exquisite Jewellery range inspired from the ‘plumage of elegance’. A fascinating compilation of n a t u re & c o u t u re , t h e collection comprises of statement neckpieces and earrings handcrafted in 18 K gold in tones of yellow and white, draped with vibrant Meenakari work that exhibits the aesthetics of a peacock ornamented with Diamonds, Rubies, Blue Sapphires and Pearls. Élan, demure and enticing, Peacock, also known as the royal bird is a celebrated breed with an appearance immensely captivating. The exotic bird is renowned across various cultures including the Romans, Persians and Byzantines. Aisshpra collates the qualities and divine values of the revered bird and brings it with a zest style and eloquence. A combination of sophistication and vivacity, each piece is ruminates result of the flamboyant moods of the national bird of India. Graced with traditional polki work and brilliant cut diamonds thoughtfully set in a myriad of tasseled blue-sapphire beads defining the majestic tail, the designs emit the poise of royalty and precision with all its glory. Keeping in mind the attributes of the modern royal women, the collection is a fine blend of contemporary and antique artistry. Aesthetically versatile, the collection can work wonderson a traditional as well as a western outfit and is apt for elite gatherings, family functions and cocktail soirees. The collection is available at all Aisshpra Gems & Jewels outlets. n

DESIGN TOUCH

Emerald Collection to your treasure trove!

his New Year, bring life to your treasure trove with emerald jewellery collection by Dwarkadas Chandumal Jewellers.

Each spellbinding creation in this collection exudes delicate detailing enthralling each jewellery enthusiast with its craftsmanship and beauty. The intricate and captivating design, perfect balance of neutrality and colored gems is what adds to the appeal of this charming collection. An emerald brings the warmth of new beginning and diamond adds the spark of happiness. This collection is a mélange of dazzling earrings, delightful necklaces and graceful rings, which reflect panache and simplicity. This exquisite collection combines the sparkling emeralds and diamonds in seamless designs to give you that effortless, perfect look this New Year. With design sensibilities that set this long-standing brand apart from its respected contemporaries, it is a marriage of originality and perfect craftsmanship that positions this brand in the heart of its satiated customers. With a huge and diverse collection designed to propagate their “Larger than Life” theory, the brand aims to leave every customer with a token of timeless excellence. n

Sotheby’s leads global jewellery auction! Jewellery auction reaches $551.4mn in 2017

ith worldwide sales for the year totalling $551,300K Sotheby’s Jewellery division is proud to lead the global auction market in this category. As well as strong results for coloured gemstones and signed jewels, major highlights from 2017 include a world auction record for any diamond or gemstone, with The CTF Pink Star ($71.2m, Hong Kong, 4 April) and a world auction record for earrings, with “The Memory of Autumn Leaves” and “The Dream of Autumn Leaves” ($57.4m, Geneva, 15 May). “2017 has been an exceptionally successful year for Jewellery at Sotheby’s, with all four selling centres – Geneva, New York, Hong Kong and London - performing very well. Innovations this year have included the scaling up of our online-only sales, as well as our very successful new Fine Jewels auctions in Geneva, which totalled $8.9 million. We were also very pleased to celebrate the tenth anniversary of our dedicated sales of Noble Jewels in Geneva” said David Bennett, Worldwide Chairman, Sotheby’s Jewellery Division. n Heera Zhaveraat | January - 2018 | 89

DESIGN TOUCH

Manubhai Jewellers revels the season of love with Valentine inspired collection.

uxury Jewellery brand Manubhai Jewellers embodies the essence of romance in their Valentine Inspired collection. The enchanting range comprises of exquisite pendants and earrings crafted in 18 k white gold where each unique design is a meticulous arrangement of diamonds & rubies exemplifying eternal love.

The collection derives its inspiration from motifs of romance including flora, celestial and paisley. Intricately graced with fine cut diamonds and rubies in invisible setting, each jewel piece exudes an elegant charm. The aura of ruby reds makes the prefect addition to a womanâ&#x20AC;&#x2122;s jewellery box. Aesthetically mesmerizing, the collection is curated keeping in mind the flairs of a modern woman and is apt for daily adornment. This Valentine, gift a ruby red collection encrusted with your coveted feelings that will keep reminding her of your love.

Heera Zhaveraat | January - 2018 | 90

DESIGN TOUCH

Exquisite range of Islamic pendants This standout collection depicts the richness of flavors in India, giving it a cultural impression

ven if the Milad un-Nabi or Id-e-Milad 2017 date has been gone values remain same! Festivity remains equal! Just now celebrate the religious occasion’s values of Eid, indulge in style and craftsmanship as Pristine Fire brings to you its new collection of pendants, which celebrates the mystic beauty and exclusive patterns of Islamic religion. Displaying an exquisite ensemble of designs, each piece reflects the idea of Islamic culture with beautifully engraved elements such as the Star and Crescent, which is recognized as the symbol of Islam and “Allah” carved in Urdu which reflects the sacred name of God in Islamic Religion. This collection brings together the clear brilliance of the diamonds embedded in 18k Gold. These pendants are artistically crafted for both men women, highlighting the key attributes of Islamic culture. The range is of the finest quality and workmanship and is a ‘must have’ collection to make every individual feel special. It is light in weight and can be worn with both traditional and western attires. This unique collection from Pristine Fire is an absolute indulgence and creates an inextricable bond between tradition and modernity, joining the strings of style with value. Pristine Fire’s new collection of Islamic Pendants is affordably priced at INR 9,995/- and can be bought online. n

Launches of New Pearl Jewelry

ith the new beginning of the year, Adawna strides into the world of pearls by launching an exquisite assortment of pearl jewelry. Featuring both classic and contemporary designs, this selection has been carefully curated, keeping in mind the modern woman's evolving style sense. Premium craftsmanship and awe-inspiring designs are the highlights of this assortment. Adawna’s pearl jewelry collection is all about timeless grace and sophisticated elegance. It includes simple, minimalist designs. It features earrings with dazzling pearls blended with various coloured stones in different shapes. All blended together to create a classy look.

The collection also showcases the designs handcrafted keeping in mind the other aspects of nature. The adept replication of flowers, patterns of floral and diverse techniques used to create the striking look that perfectly blends with the pearl and resonates its exquisiteness. The earrings provide a variety of choice which a woman can team with all her moods and outfits. Adawna’s collection is meant to be admired and appreciated for the years to come. The focus on quality craftsmanship is clearly defined with craftsmen that are highly skilled and remunerated for their skilful handling of precious metals and gemstones. n

Heera Zhaveraat | January - 2018 | 91

DESIGN TOUCH

An imperial essence collection by Izaara

his party season, make a queen like appearance as Izaara, a premium silver jewellery brand, brings to you its latest Cocktail Jewellery Collection. Keeping in mind the taste of today's fashionistas, each piece of this trend-setting assortment is designed in an imperial essence with a zing of playfulness. Designed for girl with great vivacity, the collection comprises of Cocktail Rings and Earrings carved out in Sterling Silver studded with the magical bling of semi-precious diamonds and stones that is sure to make you feel the stateliness of a modern queen at the cost of minimalism.

This party season, make a queen like appearance as Izaara, a premium silver jewellery brand, brings to you its latest Cocktail Jewellery Collection. The entire range of this cocktail collection appeals to the eyes and the wallet too with its expressive but not expensive influence. Each authentic silver piece is by Izaara bears the monogram of letter 'I' as an identification mark and is curated with anti-tarnish alloys making the wearables 100% skin safe. Don these flirty fashionables to a sundown party or a weekend chill and end up making an ever-trendy statement. The collection is available at Phoenix Market City Mall, WHP Jewellers, Shoppers Stop and online stores. n

Shagun 2018 from 19th January India’s Largest Wedding & Lifestyle Exhibition scheduled!

ndia’s largest Luxury Wedding & Lifestyle Exhibition is all set to enthrall all with their exclusive culmination of some of India's premium Trousseau geniuses, Fine Jewellery Brands and Lifestyle Products under one roof. This upcoming edition would be a glamorous 3-day affair at Juhu, Mumbai from 19th, 20th & 21st January With its each renewed season, Shagun has proven to be countries finest, sought after wedding planning event for all Brides to be. Shagun 2018 will be seen displaying exclusive offerings of more than 70 hand-picked designers specializing in dramatic wedding gowns & evening attire, high-end luxury trousseau wear, one-of-a-kind accessory designers along with some of countries reputed jewellery houses for the upcoming wedding season. Ecstatic on the announcement of Shagun 2018, Bulbeer Gandhi, Event Director– ABEC Exhibitions and Conferences Pvt Ltd - Lifestyle Division said, “Over the past few years, Shagun has become an underlined event in every bride-to-be, bride’s family and friends, including wedding planner’s calendars. Through Shagun we provide an international platform to all our exhibitors to showcase their latest on-trend offerings.” Many trend setting concepts and new wave ideas have emerged from Shagun which have revolutionized the niche and crucial Heera Zhaveraat | January - 2018 | 92

wedding market. At Shagun, we understand that every Bride wants something different and eclectic, thus we emphasize a lot on curating an excellent portfolio of exhibitors from across the world. Shagun indeed is a great place for to-be-brides, their families and friends to come, touch, feel and see what exactly they can expect for each occasion of the wedding. Shagun is no longer just a weddings centric event but have emerged as a crucial must to go place for some of India's leading fashion magazines and bollywood stylists. They have also scouted and sourced for their glamorous editorials & movie star appearances alike. n

Pristine Fire- Stackable Rings

VALENTINE COLLECTION

Stack rings mixed and matched

Fashionable Stack rings by Pristine Fire Chic yet subtle, these stackable rings are a classy addition to your jewellery collection

ristine Fire reveals a whole new range of adeptly crafted diamond rings. These assortment of rings are carved to be worn separately or together as stackable sets. Embellished with natural diamonds certified by SGL, these rings aremade in 18k white, yellow and rose gold. Spotting the latest celebrity trends, stack rings were marked as one of the hottest Jewellery trend of the year. The year 2017 saw celebrities like Katrina Kaif, KritiSanon, Malaika Arora and Shilpa Shetty adorning stackable rings at various red-carpet events. With the end of 2017 and the onset of the party season, amp up your style quotient by adorning these attractive, delicate and trendy jewellery from Pristine Fire.

Pristine Fire- Stackable Rings

Stack rings mixed and matched

Pristine Fire- Stackable Rings

Pristine Fire- Stackable Rings Heera Zhaveraat | January - 2018 | 93

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OPEN PAGE

Jewellery buying, by visiting stores! 64% buyer buys by visiting jewellery shop, JA Consumer and Retail Market Study

ewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, released the results of its US consumer and retail research study conducted by Provoke Insights. The study reveals that the jewelry purchase funnel is different from other high-priced luxury items with the retail jeweler remaining a critical and trusted part of the purchase process. The study- a two-prong survey polling consumers and jewelers – demonstrates that 64% of consumers who purchased jewelry visited a jewelry store to speak to a jeweler during the research process, 26% more than other luxury items. Consumers who speak to a jeweler during the research process are also more likely to buy from a local store rather than online. "When it comes to purchasing jewelry, the results of our survey show that for consumers, seeing is believing and they still rely the on the expertise and knowledge of their jeweler," says Jewelers of America President & CEO David J. Bonaparte. "The jewelry shopping experience is different from other luxury purchases and even in the rise of e-commerce, customers increasingly prioritize the in-store shopping experience.” Following are highlights from Jewelers of America's Fine Jewelry Industry Consumer and Retail Market Study:

Consumer Insights: 1:

Consumers say they will most likely to give gifts of gold (40%) followed by sterling (32%), colored gems and pearls (32%) in the next year. 50% of consumers think that fine jewelry has sentimental value and helps to mark special occasions

43% of consumers purchased or received jewelry as a gift in the past year.

34% of people plan to purchase jewelry in the next year.

22% have purchased jewelry for themselves.

57% of consumers have a piece of jewelry that was passed down to them as a family heirloom. 7: Gold and sterling silver jewelry are primary self-purchase choices (56% and 40%, respectively) while gemstone and diamond jewelry are more desirable to give or receive as gifts. Retailer Insights are, A: 39% of retail jewelers cite e-commerce as their biggest competition, B: Jewelry retailers are still competing with no tax offerings on e-commerce sites, C: Just 34% of retail jewelers have an ecommerce site. However, they are strengthening the in-store experience with well-trained, knowledgeable sales personnel and exemplary customer service.

Peace Diamond Sold to Graff

he Rapaport Group announced the sale of the 709 Carat, Sierra Leone Peace Diamond, the 14th largest diamond ever discovered, to the House of Graff for $6,536,360. The diamond was found by a group of impoverished artisanal diggers in Koryardu, Sierra Leone. The village has no water, electricity, roads, medical or schools facilities. The sale of the Peace Diamond will provide vital lifesaving infrastructure to the area where the diamond was found. The proceeds from the sale of the Peace Diamond will be allocated as follows: 59% will go to the Government of Sierra Leone as taxes, 15% will go to the Diamond Area Community Development Fund for vital infrastructure and 26% will go to the artisanal diggers who found the diamond.

The Rapaport Group, appointed by the government of Sierra Leone to market and auction the diamond, has provided all services free of charge, because it will help the poorest people in the world. “The sale of the Sierra Leone Peace Diamond represents a new future for the people of Sierra Leone. We anticipate a virtuous cycle of development as taxes from the sale provide tangible benefit to the artisanal sector.

This will encourage more diggers to sell their diamonds through legitimate channels increasing tax revenue and vital infrastructure development. I congratulate Laurence Graff for buying this special diamond and encourage the Graff team to promote the idea of the Peace Diamond as a diamond that makes the world a better place.” Said Martin Rapaport Chairman of the Rapaport Group. Commenting on the purchase, Laurence Graff said: “It is an honor to have acquired this magnificent rough diamond - and that its sale will directly benefit a country in desperate need. It is always special to be able to give back to the places that provide us with these beautiful stones”.

Heera Zhaveraat | January - 2018 | 95

TRADE NEWS

TCF for Diamond Clients at ABN Amro

BN Amro announced that Diamond & Jewellery Clients (D&JC) will become part of Trade & Commodity Finance (TCF) within ABN Amro's Commercial & Institutional Banking business. It also announced that Geert van Reisen has been appointed interim Global Head of Diamond & Jewellery Clients, until all internal formalities have been arranged, with effect from 1 December 2017. Geert van Reisen takes over from Erik Jens who has decided to pursue his career outside the bank. Rutger van Nouhuijs, CEO of Corporate & Institutional Banking, said: “We are extremely grateful to Erik for his enthusiasm and energy in successfully transforming various businesses at ABN Amro. I wish him every success with the next steps in his career.' “Our team at D&JC is amazing,” Erik A. Jens commented, “and I gave it my best five years. I would like above all to thank my team and with Geert at the helm, D&JC will have a great and experienced successor. I'd like to thank our clients for their trust. I will continue to be involved in the financing side of the luxury sector going forward.” Geert van Reisen will report to Karin Kersten, Global Head of Trade and Commodity Finance. Karin Kersten: “D&JC and TCF are a logical fit as the trade and financing of diamonds has much in

common with the commodity business.” During his career, Geert van Reisen gained a wealth of experience in various managerial roles in different industries within and outside the Netherlands. At present, Geert is Global Head of Strategy, Risk and Portfolio Management for D&JC. ABN Amro's Diamond & Jewellery Clients has been a leading financial services provider for the diamond and jewellery sector for over 100 years. D&JC provides global sector coverage, reaching clients in the entire value chain. D&JC currently operates out of four locations globally are, Antwerp, Dubai, Hong Kong and New York. n

Collection that poised with Swarovski elements

RJC expands into the silver supply chain

his party season, make a queenie appearance as Izaara, a premium silver jewellery brand, brings to you the an affluent cocktail range, encrusted with the effervescence of Swarovski crystals. Keeping in mind the taste of today’s fashionistas, each piece of this trend-setting assortment is designed in an imperial essence with a zing of playfulness. Designed for girl with great vivacity, the collection comprises of Cocktail Rings and Earrings carved out in Sterling Silver studded with the ecstatic bling of Swarovski crystals that is sure to make you feel the stateliness of a modern queen at the cost of minimalism. The entire range of this cocktail collection appeals to the eyes and the wallet too with its expressive but not expensive influence. Each authentic Silver piece by Izaara bears the monogram of letter ‘I’ as an identification mark and is curated with antitarnish alloys making the wearables 100% skin safe. Don these flirty fashionables to a sundown party or a weekend chill and end up making an ever-trendy statement. The collection is available at Phoenix Market City Mall, WHP Jewellers, Shoppers Stop, and at online stores! n Heera Zhaveraat | January - 2018 | 96

n N o v e m b e r, w e announced the expansion of the RJC material scope to include silver. The expansion into the silver supply chain comes after years working with leading companies in the precious metal supply chains, addressing issues found in the diamond, gold and platinum group metals supply chain. Information relevant to the silver supply chain will be included in the RJC's Code of Practices (COP) standard and is expected to be fully integrated into the COP by the end of 2018. Andrew Bone, Executive Director of the RJC, said, “It is a natural progression for the RJC to include the silver sector, furthering our goal to become a fully integrated jewellery supply chain initiative. The expansion allows us to use the expertise we have gathered through our longstanding work across other precious metal supply chains and will help us better support a sustainable and ethical silver industry”. As the leading standards setting and certification organisation for the fine jewellery and watch supply chain, this expansion adds another key sector to the RJC's remit, helping the Council to widen its authority and reputation across the industry. If you are interested in receiving updates relevant to the silver supply chain, you can now join our exclusive silver supply chain mailing list by registering your details here. It's free and open to anyone who wish to stay up to date with the RJC's work in the silver supply chain. n

DESIGN TOUCH

Diamond Jewelry Collection launched! Designer Lucy Malika launched at Leon's Beverly Hills, Armenia!

esigner Lucy Malika launched her latest Lucy Malika fine diamond jewelry collection at Leon's Beverly Hills, Armenia. Among many visitors was AJA International President Sarkis Nourian who congratulated designer Lucy Malika Kejejian for her passion and dedication towards high end jewelry also thanked Vice-President / owner of Leon's Beverly Hills Mr Chant Leon Haytayan for hosting such an amazing event at his beautiful Beverly Hills flagship store. During the meeting designer Lucy Malika Kejejian thanked AJA president for all the support and leadership she had received throughout the years from AJA also expressed her sincere appreciation to AJA international for bringing all Armenian jewelers worldwide together. Lucy Malika, CEO and Creative Designer of the Fun, Fresh and Fabulous Lucy Malika brand. Married to Toros Kejejian, inventor of the patented Tycoon cut diamond and president of Tycoon Jewelry Inc. Lucy Malika is a marketing guru, public relations representative, gemologist, and, perhaps most exciting of all, celebrity jewelry stylist for countless red carpet events. In 2011, she decided to try her hand at designing her own pieces. What resulted was an exciting, new collection in 14 karat gold and diamonds filled with electric, dainty pieces that are designed to accessorize a woman's diverse lifestyle. This early experiment became the inspiration for the Lucy Malika collection. â&#x20AC;&#x153;It was my deepest desire to provide ladies with high quality jewelry at a fantastic value. I hope you enjoy wearing and collecting the pieces as much as I have", says Lucy Malika. n

Bellissima Collection The collection comprises of elegant neckpieces

nherently Luxe, Anmol rekindles the flame of love with Juliet, an entrancing jewellery range. The collection comprises of elegant neckpieces, statement cuffs, bracelets and earrings, all defined in the opulence of 18 K white gold, graced with the charisma of eclectic-cut diamonds and passionate rubies. Inspired from the timeless saga of Romeo & Juliet, each design from the collection presents an ode to the eternity of love. The fascinating jewels is sculpted in aesthetics of blissful motifs encapsulating the charm of amorousness. Each piece is intricately encrusted with the flamboyance of diamonds in rose-cut, round-cut, princess cut and drop-shaped embellishments. Romanticizing the captivating rubies symphonically placed in invisible, alternate and center settings, this collection is a majestic art that mirrors the great work of Shakespeare.

Keeping in mind the sensibilities of a modern royal, this meticulous amalgamation of intricacy, precision and elegance is the best compliment a woman can get on a date. Gift this exquisite and exclusive token of love of to your special someone and she will live the moment for a lifetime. n Heera Zhaveraat | January - 2018 | 97