mines to market

Vol - 4 Issue 1, 2014 

Shri. Devendra Fadnavis, 

Hon'ble Chief Minister of Maharashtra 

felicitates winners of the 

India Gem & Jewellery Awards 

INTERVIEW SEEKING TO BUILD A PARTNERSHIP : SACHIN JAIN 

COVER COURTESY : 

PLATINUM JEWELRY RULES THE RED CARPET AT THE 72nd ANNUAL GOLDEN GLOBE AWARDS 

Gold Jewellery demand likely to rise 10% in 2015: ICRA report 

Jewellers demand Narendra Modi Government to cut import duty on gold

329, Amrut Diamond House, Tata Road No. 1, Opera House, Mumbai - 400 004. 

Tel. : 022-65063222 / 28610086 Fax: 022-2367 2485 

Email : bhomiyagems@yahoo.com www.shreebhomiyagems.com 

For Sales Enquiry : 09819620977, 09619141563

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Other useful information about hotels, hospitals, 

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www.diamonddirectory.in

CONTENT 

PN Gadgil's Valentine collection 

INDUSTRY WATCH 

World Diamond Conference concludes on an optimistic Note 

Gems & Jewelry Export Promotion Council presents a '3-Year Make in India' 

action plan for the Gem & Jewellery Industry to the MOC & I 16 

14 

Vol: 4, Issue 1, 2014 

Price : Rs. 100/- 

Owner, Publisher, Printer & Editor 

Prashant Bharatkumar Rathod 

UK Correspondent : 

Jayant Raniga 

GUJARAT Correspondent : 

Pravin Tailor 

91-84608505000 

email:- m2mgujarat@gmail.com 

REGD. OFFICE : 

M/s. Blue Diamond Media 

Amba Ashish, Punit Society, 

Navdurga 30 Feet Road, 

Sorathiya Wadi, Rajkot - 360002 

Cell : +91-9328223900 

Mumbai : +91-9833023900 

email : editor@minestomarket.com 

prashant022@gmail.com 

web:www.minestomarket.net 

Mines to Market Magazine is printed and 

published by Prashant Rathod at 

Blue Diamond Media. 

(please note that the image use in magazine, 

which is for illustration purposes only) 

Gold Jewellery demand likely to rise 10% in 2015: ICRA report 18 

AWARD HONOUR 

GJF Presents 5th National Jewellery Awards On 21st February 2015 24 

Shri. Devendra Fadnavis, Hon'ble Chief Minister of Maharashtra felicitates 

winners of the India Gem & Jewellery Awards 25 

FOREVERMARK DIAMONDS AT THE 72ND GOLDEN GLOBE AWARDS 30 

PLATINUM JEWELRY RULES THE RED CARPET 

AT THE 72nd ANNUAL GOLDEN GLOBE AWARDS 32 

DUBAI SECTION 

Dubai Diamond Exchange (DDE) Supports DE BEERS Diamond Financing Seminar 35 

Shanghai Welcomes Dubai And DMCC To 2014 China Gold And Precious Metals Summit 36 

EDGE-UP-INDUSTRY 

Jewellers demand Narendra Modi Government to cut import duty on gold 37 

INTERVIEW 

SEEKING TO BUILD A PARTNERSHIP : SACHIN JAIN 38 

WEDDING SEASON 

PLATINUM BLESSINGS FOR INDIA THIS WEDDING SEASON 40 

SHORT NEWS 

Kiran Gems signs Long Term Supply contract with ALROSA at WDC. 

GJEPC Looking To Boost Indo-Russia Ties In the Diamond Sector 

Consumer Marketing Of Diamonds to Be High On World Diamond Conference Agenda 

GOLD JEWELLERY export biz to return to SEZS 

NEW LAUNCH 

Entice comes to the City of Gardens With the Grand Opening of Entice's Boutique in Bengaluru 

P.N. Gadgil Jewellers expansions to opening 9 Stores in 9 Months 

43 

45 

45 

46 

54 

56 

12 | Mines to Market | Nov-Dec’ 2014 

visit us at : www.minestomarket.net

EDITORIAL DESK 

Surat Diamond Bourse 

on fast track 

after long awaited 

oundation stone for the proposed Surat Diamond Bourse 

(SDB) will be laid on February 15, 2015 instead of February 8, 

2015 as earlier announced. F“The foundation stone will be laid by Anandiben Patel, Honourable 

Chief Minister of Gujarat as earlier announced. We will be displaying 

three models of the proposed SDB at the time of ceremony”, said 

Dinesh Navadiya, President, Surat Diamond Association. 

Having set up a company run by a 31-member committee comprising 

leading diamond polishing and trading players, SDB will soon 

witness a foundation stone-laying ceremony. To be set up in roughly 

four years, the project will give the country its second exchange for 

the product, after Mumbai's Bharat Diamond Bourse (BDB). The 

likely investment is Rs 1.25 lakh crore. 

The project is part of the 2,000-acre Surat Dream City, being set up on 

the lines of the Gujarat International Finance Tec-City (GIFT City). 

“Around 12,000 diamond merchants have signed up for the project. 

Spread across 100 acres, the bourse will see offices and trading zones 

in an area of 15 million sq ft. We will soon be issuing tenders and later 

contracts for construction work on the bourse,” said Mathurbhai 

Savani, one of the members at SDB. 

Sectoral sources stated that, among others, SDB is in talks with Larsen 

& Toubro, the engineering and construction major. 

According to members of the Surat Diamond Association (SDA), the 

project intends to attract global traders, including from West Asia. 

SDB functionaries had addressed traders and brokers at Bharat 

Diamond Bourse last week on the progress. A functionary of the latter 

in Mumbai said the diamond industry was one and they needed more 

of such infrastructure. 

Surat is the country's largest diamond processing hub. As mentioned, 

the bourse will be part of the Surat Dream City, meant to offer other 

infrastructure backbone such as hotels, hospitals, financial 

institutions and other ancillary services. It is being said that the state 

government's Gujarat Infrastructure Development Board will launch 

a Special Purpose Vehicle (SPV) for the latter project, planned in three 

phases. The SPV is also likely to see Surat Diamond Bourse as an 

anchor company. 

Surat may get international airport soon as our prime minster 

Mr.Narendra Modi may be announce on Foundation stone ceremony. 

Surat may get direct flight available to Dubai, London, Belgium, 

Hongkong , Antwerp. 

Around 12,000 

diamond merchants 

have signed up for the 

project. Spread across 

100 acres, the bourse 

will see offices and 

trading zones in an area 

of 15 million sq ft. We 

will soon be issuing 

tenders and later 

contracts for 

construction work on 

the bourse. 

Prashant Rathod 

editor@minestomarket.net 

visit us at : www.minestomarket.net 

Mines to Market | Nov-Dec’ 2014 | 13


www.diamondmarket.net 

World Diamond Conference 

concludes on an optimistic Note 

India unites the global diamond industry to address challenges 

and forecasts trends in this first ever global convention 

GOI approves Special Notified Zone for the gem & jewellery sector in India 

World Diamond Conference was organized by The Gem & Jewellery Export 

Promotion Council in association with Ministry of Commerce and Industry 

Government of India and the World Diamond Mark Foundation 

he Gem & Jewellery Export Promotion Council 

(GJEPC), the apex body of gems and jewellery trade in 

TIndia, in association with the Ministry of Commerce 

and Industry, GOI and World Diamond Mark Foundation 

(WDMF) organized the first ever-global congregation of 

Diamond leaders in India at the “World Diamond Conference” 

in New Delhi on December 11 and 12, 2014 at Vigyan 

Bhawan, New Delhi, India. The two day conference saw 

industry leaders participating from all across the world. H.E. 

Vladimir Putin, Hon. President of Russian Federation and Shri 

Narendra Modi, Prime Minister India attended the inaugural 

function on December 11, 2014. 

Commenting on the end of the two day conference, Mr.Vipul 

Shah, Chairman of The Gem & Jewellry Export Promotion 

Council said, “It gives me immense pleasure to announce that 

the first ever global congregation of the diamond industry, 

World Diamond Conference, has been extremely well 

received. It is a proud moment for us as India brought the 

global diamond industry together at one platform, for creating 

the common objective for generic market. I am hopeful that 

the impetus provided by the Conference will help the industry 

aim towards better and a brighter tomorrow. ” 

The conference saw several crucial industry friendly 

announcements 

Shri Narendra Modi, Prime Minister of India, announced 

the acceptance of the industry's proposal for a Special 

Notified Zone that will help miners bring roughs on 

consignment basis display and book orders from local 

buyers. GJEPC's proposes to conduct weekly auctioning 

of rough diamonds in collaboration with Bharat Diamond 

Bourse (BDB) at Mumbai. The main objective is to 

provide producers direct access to Indian market and vice 

versa. India cuts & polishes more than 90% of rough 

diamonds in terms of carats and more than 70% in terms 

of value 

Russia's Alrosa finalized three year contracts for direct 

rough supply to 12 Indian diamond companies beginning 

2015. The agreements were signed by Illya Raschin, 

Acting President of Alrosa with the respective heads of 

each of the companies in the presence of Shri Siddharth, 

Joint Secretary, Dept. of Commerce, Ministry of 

Commerce & Industry, Government of India. The 12 

14 | Mines to Market | Nov-Dec’ 2014 visit us at : www.minestomarket.net



companies selected as cliental of the Russian miner are: 

Rosy Blue, Diamond India Ltd, Jasani, KiranGems, Shree 

Ramkrishna Exports, Hari Krishna Exports, KGK, 

Dimexon, Venus Jewel, Karp Impex, Sheetal 

Manufacturing and Asian Star. During the new contract 

period, the estimated direct sales from Alrosa to Indian 

companies will be about US$ 700 million, and the total for 

the three year period will reach US$ 2.1 billion. This 

represents a massive fivefold hike in the current direct 

supplies of rough from Alrosa to India and will provide a 

huge boost to the Indian manufacturers 

Banks and the gems and jewelry industry together pledged 

greater transparency in the business practices and new 

vistas of marketing were explored 

Shri Narendra Modi, Prime Minister of India announced a 

first-ever in the history of global diamond industry - 

Introduction of outsourcing of polishing services by India to 

cater to the needs of the worldwide diamond industry needs 

On this occasion Mr.Alex Popov, Chairman and CEO, World 

Diamond Mark Foundation said, “I think this inaugural 

World Diamond Conference is a tremendous 

achievement and I congratulate The Gem and Jewellery 

Export Promotion Council for picking up the seemingly 

impossible idea and making it to the conclusion that it 

has come to today. I am grateful to the Indian 

Government and to Alrosa for their effort and I think this 

conference has put the cornerstone of the real generic 

diamond market in the world.” 

The World Diamond Conference in India was organized at the 

Vigyan Bhawan in New Delhi on December 11-12, 2014. 

The World Diamond Conference is partnered by ALROSA 

Russia , Shree Ramakrishna Exports, Shree Harikrishna 

Exports, Jasani Group. KGK Diamonds, Mahendra Brothers, 

Karp Impex, J.B.Brothers, Dimexon, Sheetal Manufacturing, 

Asian Star, Dianco, Jewelex, Rosy Blue, HRD. 

Kiran Gems Private Limited has bagged the 

'Federation of Indian Export Organisations (FIEO) 

Niryat Shree Award 2013-14'. 

iran Gems, the world's largest 

manufacturer of diamonds, has 

Kbeen conferred with the coveted 

'Niryat Shree' award for the year 2010-11 

and 2011-12 by the Federation of Indian 

Export Organisations (FIEO). Kiran 

Gems was endowed with the Silver 

Trophy in the Gems & Jewellery – Non- 

MSME category. 

The award was given by Hon'ble 

President of India, Shri Pranab 

Mukhrejee, at a function organized by the 

FIEO in New Delhi on 1st Dec 2014, 

evening. 

Receiving the award, Mr. Mavji Patel, 

Managing Director, Kiran Gems said, 

“We are extremely proud to receive this 

award from FIEO, the apex body of 

export promotion organizations in India. This recognition is an 

acknowledgement of our continuous efforts to contribute towards making 

India the manufacturing and export hub for Polished Diamonds.” 

Kiran Gems manufactured 5.3 million carats of rough diamonds across its 

167 units in Surat and Ahmedabad in the past financial year. The company 

exported polished diamonds & diamond jewellery to more than 60 countries 

across USA, Europe, Middle East, Latin America and Asia Pacific. 

Currently, it is the number one exporter of Cut & Polished Diamonds in the 

country and has been awarded for the sixth year in row for same by Gems 

and Jewellery Export Promotion Council of India. One can find out more 

about the company from its corporate website www.kirangems.com. 


We are extremely proud to receive 

this award from FIEO, the apex 

body of export promotion 

organizations in India. This 

recognition is an acknowledgement 

of our continuous efforts to 

contribute towards making India the 

manufacturing and export hub for 

Polished Diamonds. 




Gems & Jewelry Export Promotion Council 

presents a 

'3-Year Make in India' 

action plan for the Gem & 

Jewellery Industry to the MOC & I 

GJEPC's Framework for Stimulating 

Investments for Make in India 

n the heels of the recently concluded World Diamond Conference, 

a highly successful and globally appreciated conclave, Gems & 

Jewelry Export Promotion Council (GJEPC), the apex body of 

Ogems and jewellery exports in India, presents a memorandum outlining the 

1 year and 3 year action plan for the gem and jewellery sector. The 

memorandum is a conclusive action plan and recommendations on the basis 

of the proposals made at the “World Diamond Conference” inaugurated by 

H.E. Vladimir Putin, Hon. President of Russia and Shri. Narendra Modi, 

Prime Minister India. 

As per the agenda laid out, GJEPC's thrust areas for year 1 will mainly 

include implementation of the much awaited turnover taxation system for 

Indian Diamond Industry and implementation of Special Notified Zone in 

Bharat Diamond Bourse to facilitate smooth movement of rough diamonds 

on consignment basis by RBI approved overseas diamond miners. 




In the mid-term, GJEPC will champion the mission to further 

industry growth and strongly establish India as a global 

diamond trading hub. This includes skill and talent 

development, working with the GOI to commission 

exploration programmes and surveys to ascertain availability 

of rough diamonds and coloured gemstones in India. The 

Government of India may spearhead initiatives to legalise 

current mining activity through an appropriate licensing 

framework and develop a regulatory framework for new 

mining and exploration 

Commenting on GJEPC's charter, Vipul Shah, Chairman of 

Gem & Jewelry Export Promotion Council said, “Narendra 

Modi, Prime Minister India's acceptance of the industry's 

proposal for a Special Notified Zone, is symbolic of GJEPC's 

efforts to promote India as the International Diamond Trading 

Hub globally and considered as a milestone for the 'Make in 

India' campaign. We have successfully formed the Gem & 

Jewellery Skill Council of India and our industry boasts of the 

largest employment contributor with a skilled force of 3.4 

million in India, and this will only get further augmented by the 

implementation of the SNZ in India, due to GOI's patronage of 

the Make in India cause”. 

GJEPC's Charter to propagate Make in India cause in gem and 

jewellery sector 

Action Plan for Year 1 

a) Implementation of Turnover based Taxation System for 

Indian Diamond Industry 

b) Implementation of Special Notified Zone in Bharat 

Diamond Bourse under the supervision of GJEPC to 


facilitate smooth movement of rough diamonds on 

consignment basis by RBI approved overseas diamond 

miners 

c) Hike in drawback rates for gold and silver in the backdrop 

of prevailing 10% import duty 

d) Abolition of import duty on cut and polished coloured 

gemstones 

e) Establishment of Common facility Centres across the 

country 

f) Expansion of skill development activities in gems and 

jewellery sector 

g) Inclusion of Gem & Jewellery Sector under Interest 

Subvention Scheme 

h) Separate ITC HS Code for man made diamond to protect 

the interest of natural diamond industry 

Action Plan for Next 3 Years 

a) Persist with direct procurement of diamond roughs and 

coloured gemstone roughs through Government 

interactions 

b) Commission exploration programmes and surveys to 

ascertain availability of rough diamonds and coloured 

gemstones in India - GOI 

c) Skill development programmes may be aggressively 

extended and expanded in the entire country 

d) Government of India may spearhead initiatives to legalise 

current mining activity through an appropriate licensing 

framework and develop a regulatory framework fir new 

mining and exploration 

e) Formation of a convention centre in Mumbai 

f) Promote ties with jewellery centres like Italy and Turkey 

g) Tap other potential markets for gems and jewellery 

products 

On the above lines Vice Chiarman, Shri Pankaj Parekh and 

Executive Director, Sabyasachi Ray presented them at a 

workshop yesterday at Vigyan Bhavan, New Delhi organised 

by Department of Industrial Policy and Promotion (DIPP) of 

the Ministry of Commerce & Industry, Government of India to 

finalise such plans for Make in India initiative by the Govt. 

The Sectoral Workshop for the G&J sector in the morning was 

attended by Mrs. Nirmala Sitharaman, Hon'ble Minister of 

State for Commerce (Independent Charge), Commerce 

Secretary, Shri Rajiv Kher and other important Govt. officials 

who finlaised Govt. short and mid-term plan for the gem & 

jewellery sector for the government based on consultation 

with different other industry bodies like FICCI, AIGJF and 

others. Such plan finalised was presented before the 

honourable Prime Minister Shri Narendrabhai Modi and 

honourable Finance Minister , Mr. Arun Jaitley and other 

ministers of the Government in the evening alongwith other 

sectors who are part of the Make in India programme of the 

Government. Honourable Prime Minister termed it as the 

Public Private Initiative in decision making in the Govt. and to 

drive manufacturing in India and important step forward. 




Panama Diamond Exchange and Fiera di Vicenza 

agree to cooperate, On projects that advance 

Latin America's Gemstone and Jewelry sectors 

iera di Vicenza, the leading 

Italian jewelry trade fair 

organizer, and the Panama FDiamond Exchange, have agreed to join 

forces in the organization of events that 

will promote the trade in gemstones and 

j e w e l r y i n L a t i n A m e r i c a . A 

Memorandum of Understanding 

detailing the two organization's future 

cooperation was signed on Friday, 

December 5, 2014, on the trading floor 

of PDE's soon-to-be-inaugurated 

headquarters, by PDE Founding 

Chairman Eli Izhakoff and Fiera di 

Vicenza President Matteo Marzotto. 

According to the MOU, PDE and Fiera 

di Vicenza will formulate a strategic plan 

and conduct a feasibility study for projects 

that include trade fairs, symposiums and 

industry forums, which will take place in 

Panama and promote the diamond, 

gemstone and jewelry business in a region 

that includes Mexico, Central America, 

South America and the islands of the 

Caribbean. The joint program will begin 

in 2015. 

The signing ceremony was the first 

official event to be held in the Phase I 

building of the Panama Diamond 

Exchange, which will open for business 

at the end of the month. Mr. Marzotto 

was accompanied by Corrado Facco, 

Managing Director of Fiera di Vicenza, 

and leading representatives of the Italian 

jewelry sector, including Dr. Gaetano 

Cavalieri, President of CIBJO, the 

World Jewellery Confederation, and 

Roberto Coin, one of the world's most 

prominent brandname jewelry designers 

and manufacturers. Both Dr. Cavalieri 

and Mr. Coin are PDE directors.They 

were joined at the podium by Dr. 

Luciano Pataro, a PDE director from 

Panama and Erez Akerman, PDE 

President. 

"The significance of this agreement, 

being signed in this new facility, cannot 

be understated," said Mr. Izhakoff, 

during the ceremony. "The involvement 

in PDE's mission of Fiera di Vicenza, 

which represents Italian luxury at its 

finest, emphasizes that we are not just 

building offices, but rather an industry. 

Our goal, through the development of 

the Latin American gemstone and 

jewelry trade, is to grow the pie for 

everyone. As a key industry service 

provider, Fiera di Vicenza's contribution 

can be invaluable." 

According to the MOU, 

PDE and Fiera di 

Vicenza will formulate 

a strategic plan and 

conduct a feasibility 

study for projects that 

include trade fairs, 

symposiums and 

industry forums, which 

will take place in 

Panama and promote 

the diamond, gemstone 

and jewelry business in 

a region that includes 

Mexico, Central 

America, South 

America and the islands 

of the Caribbean. The 

joint program will begin 

in 2015. 

Erez Akerman 

PDE President 

Dr. Gaetano Cavalieri 

President of CIBJO 




"When you look from this beautiful new 

facility out across Panama's rising 

skyline, you see the future of Latin 

America," said Mr. Marzotto. "We are 

keen to be part of that future. While we 

always will be rooted in Italy, Fiera di 

Vicenza is going international, working 

with key regional partners, like PDE, to 

grow and enrich the jewelry business 

around the world. We, too, are not just 

selling physical space at trade shows, 

but rather providing the business with 

relevant and quality content, so that the 

buyer and the exhibitor's experiences are 

enriched, focused and made more 

efficient and value adding. We are 

already doing this in Italy, with our new 

VICENZAORO The Boutique Show 

format we are launching this January, 

and with our new super-show in the 

United Arab Emirates, VICENZAORO 

Dubai, which will debut in April, and 

which is being done in a joint venture 

with the Dubai World Trade Center.” 

Prior to the signing of the Memorandum 

of Understanding, the PDE leadership 

and the Italian visitors were hosted by 

Panama's Minister of the Presidency, 

Álvaro Alemán, at the Presidential 

Palace in Panama City's government 

quarter. 

Mr. Alemán, who was accompanied at 

the meeting by Néstor González, 

Panama's Vice Minister of Commerce, 

emphasized the government's strong 

and ongoing support for the Panama 

Diamond Exchange, and its program to 

establish Panama both as the primary 

gemstone and jewelry trading center in 

Latin America, and the region's gateway 

to the world markets. He warmly 

welcomed Mr. Marzotto, Mr. Facco and 

the other Italian visitors, stressed that 

their involvement in the project will 

contribute to its success. 

Later, at a packed evening reception 

a t t e n d e d b y P D E m e m b e r s , 

representatives of Panama's business 

community and diplomatic corps, 

including the Italian ambassador in 

Panama, Mr. Izhakoff awarded honorary 

PDE membership to both Mr. Marzotto 

and Mr. Facco, and presented both of 

them with personalized official entry 

tags into the new Panama Gem & 

J e w e l l e r y C e n t e r, w h e r e t h e 


The involvement in PDE's 

mission of Fiera di Vicenza, 

which represents Italian 

luxury at its finest, 

emphasizes that we are not 

just building offices, but 

rather an industry. Our goal, 

through the development of 

the Latin American gemstone 

and jewelry trade, is to grow 

the pie for everyone. As a 

key industry service provider, 

Fiera di Vicenza's 

contribution can be 

invaluable. 

headquarters and trading floor of Latin 

America's only recognized diamond 

exchange are headquartered. 

Noting that just several months ago he 

was honored by Fiera di Vicenza, when 

he was named a recipient of the prestigious 

Andrea Palladio International Jewelry 

Award for lifetime achievement in 

Corporate Social Responsibility, Mr. 

Izhakoff expressed his pleasure at being 

able to reciprocate, noting that the 

involvement in Panama of organizations 

like Fiera di Vicenza will contribute to the 

growth a responsible and ethical gemstone 

and jewellery trade in Latin America. 

Over the coming weeks, companies will 

be taking up residence in the Phase I 

building of the Panama Gem & Jewellery 

Center, which includes 61 offices, vaults 

and secure transportation facilities, as 

well as the Panama Diamond Exchange, 

including its administrative offices and 

300 square-meter trading floor. 

Construction of the Phase II building will 

begin in 2015, with a finish date 

scheduled for 2017. It includes an iconic 

office tower, where the offices and 

trading floor of the Panama Diamond 

Exchange will be located in the low-rise 

base of the complex, along with a luxury 

commercial center, with banks, 

specialized support services, restaurants 

and shops, including high-end retail 

jewelry stores. 

The $200 million-Panama Gem & 

Jewelry Center is the largest and most 

ambitious development project ever 

undertaken on behalf of the jewelry and 

gemstone trades in Latin America. It is 

being established by Grupo VerdeAzul, 

one of Panama's leading property 

companies, headed by Alberto Vallarino, 

the country's former Minister of 

Economy and Finance. 

The entire complex will be located in the 

Vaguil Free Zone, which was established 

by an act of the Panamanian parliament 

for the benefit of the international gem 

and jewellery trade, and exempts 

transactions conducted within its area 

from payments of customs duties and 

taxes, and corporations registered in the 

Free Zone from paying company tax. It is 

projected to directly generate 3,000 jobs 

in the Panama and generate billions of 

U.S. dollars for the local economy. 




Gold Jewellery 

demand likely to rise 

10%in 2015: ICRA report 

ewellery demand in the domestic 

market is expected to rise by 10 per 

Jcent to $32 billion in 2015 on the 

back of improving consumer 

sentiments, says a report by ICRA. 

"We expect domestic demand for gold 

jewellery to rise 10 per cent in calender 

year 2015 to $32 billion on the back of 

subdued pick up during 2014," the 

rating agency said in 'Indian Gold 

Jewellery Retail Industry' survey. 

The demand has been stable since Q4 of 

CY13 and lower prices, easing 

regulations and improving consumer 

sentiment are likely to provide impetus 

in the coming months, it said. 

The last quarter of CY2014 is likely to 

make up for the initial demand slump 

and the aggregate demand for the year is 

estimated at $29 billion, the report 

added. 

Indian domestic gold jewellery in the 

retail segment had seen the demand at 

$1 billion in CY2013. 

India, amongst the two largest 

consumers globally along with China, 

would witness sustained growth owing 

to cultural affinity, demographic 

diversity, rising disposable and 

preferred investment vehicle that are 

seen as the main growth drivers for the 

retail jewellery industry, it added. 

"It is interesting to note the rising share 

of organised players in the retail 

jewellery segment to 20 per cent from 

11 per cent," the report said. 

However, sustained pressure on prices 

that resulted into postponement of 

purchases is one major concern of 

jewellers, as some also believe that any 

re-introduction of restrictive policies and 

plateauing of demand sentiment are other 

possible concerns over the near term. 

The industry expects to record robust 

volume growth driven by improving 

industry sentiments amid easing 

regulatory norms and envisaged 

expansion plans by jewellers during the 

next 12 months, the ICRA report said. 

Volatility in the gold prices and prudent 

management of financial profile given 

incremental expansion plans are also 

seen as the immediate challenges for 

the industry. 

Further, it said, the import volume is 

expected to remain firm, with 20:80 

scheme being withdrawn, and help 

meet bulk of the requirements by 

substituting a portion of illegal imports 

and recycled volumes. 

India, amongst the two 

largest consumers 

globally along with 

China, would witness 

sustained growth 

owing to cultural 

affinity, demographic 

diversity, rising 

disposable and 

preferred investment 

vehicle that are seen as 

the main growth 

drivers for the retail 

jewellery industry 

Gradual easing of restrictions aided by 

RBI's notification in May 2014 

allowing premier or star trading houses 

to import bullion under the 20:80 rule 

has helped imports a stage smart 

recovery, it pointed out. 

ICRA said the Industry expects gold 

prices to remain largely range bound 

around current levels, owing to a 

strong US dollar, weak crude prices 

and related low inflation expectations 

limiting price increases. 

However, the expected improvement 

in physical demand from China and 

India may pull the domestic prices 

higher, reflecting their expectations of 

the domestic currency. 




STEPHEN LUSSIER: “INDIA’S INNOVATION AND 

ENERGY UNDERPIN THE SUCCESS OF 

THE GLOBAL DIAMOND INDUSTRY” 

New survey highlights rapid growth of diamond consumption inIndia’s middle class 

ndia is quickly developing a diamond consumer market to 

complement its pre-eminence as a diamond polishing 

Icentre, Stephen Lussier, Executive Vice President of 

Marketing for The De Beers Group of Companies, will say later 

this morning in an address to the World Diamond Conference in 

New Delhi. 

Announcing the results of De Beers’ recent Consumer 

Diamond Purchasing Survey in India, Mr Lussier will highlight 

that the acquisition rate for diamonds in India’s middle class has 

risen sharply from two per cent in 2002, to nine per cent in 2014. 

He will also stress the favourable environment for further 

diamond consumption growth in India, noting that the 

country’s number of middle class households is forecast to 

grow by a compound annual rate of 12 per cent over the next 

decade. 

The Indian market “serves as a microcosm” for trends in other 

markets, Mr Lussier will say – pointing to projected global 

demand growth for diamonds, which “continue to captivate 

consumers the world over”. 

However, Mr Lussier, who is also CEO of Forevermark, will 

caution that increased competition from other luxury products 

means the diamond industry must capitalise on opportunities in 

areas such as online marketing and branding if it is to maximise 

its potential. 

Underlining De Beers’ commitment to India, Mr Lussier will 

say that it has invested nearly $10 million in a state-of-the-art 

inscription and grading operation in Surat, which has the initial 

capacity to inscribe 400,000 diamonds – dramatically 

improving the service for its Indian-based Forevermark 

partners. 

Mr Lussier will show how Forevermark, the diamond brand 

from The De Beers Group of Companies, has positioned itself 

successfully, noting: “Our promise of diamonds that are 

beautiful, rare and responsibly sourced is driven by consumer 

insight and backed-up by a commitment to ensure our 

operations live up to our promise”. 

In closing, Mr Lussier will emphasise his confidence for the 

future of diamonds in India, stating that the Indian diamond 

industry and government can work together to “lead diamonds 

into a period of unprecedented growth”. 

Stephen Lussier, CEO, Forevermark 

it has invested nearly $10 million in 

a state-of-the-art inscription and 

grading operation in Surat, which 

has the initial capacity to inscribe 

400,000 diamonds – dramatically 

improving the service for its Indianbased 

Forevermark partners. 





"As a country, we will 

now know how much we 

are going to make 

before cutting and 

polishing our diamonds," 

he said. "The new 

equipment will enable us 

to cut and polish all 

diamonds mined in this 

country before 

marketing.” 

Zimbabwe Signs Deal For 

Polishing Equipment 

With Indian Firm 

he Zimbabwe Diamond 

Technology Centre has signed a 

multi-million dollar deal with TIndian company Sahajanand Laser 

Technology Limited for the supply of 

state-of-the-art diamond cutting and 

polishing equipment. 

Zimbabwe Diamond Technology 

Centre Chairman Lovemore Kurotwi 

said the deal was aimed at the speedy 

implementation of the country's 

economic plan Zim-Asset which 

prioritizes beneficiation of minerals 

locally. 

The equipment is expected in the 

country before the end of January, The 

Herald newspaper reported. 

"Cutting and polishing of diamond is 

now scientific and the equipment that 

we are getting from India is a total 

solution to beneficiation of our 

diamonds," he said. 

"As a country, we will now know how 

much we are going to make before 

cutting and polishing our diamonds," he 

said. "The new equipment will enable 

us to cut and polish all diamonds mined 

in this country before marketing." 

The Southern Gujarat Chamber of 

Commerce and Industry in India has 

invited officials from the Zimbabwe 

Diamond Technology Centre to visit 

the state at the start of next month where 

it will show its diamond polishing and 

jewelry products. 

"For us it is a learning process to see 

how others are doing in the diamond 

industry," Kurotwi said. 

Recently, the executive head of the 

Non-Aligned Movement (NAM), 

Professor Arun Kulshreshtha advised 

Zimbabwe to stop exporting rough 

diamonds as the country could add 

value to its precious stones by polishing 

them domestically. 

Sarine Ships First Galaxy Ultra System 

to Indian Firm 

Sarine Technologies Ltd., a worldwide 

l e a d e r i n t h e d e v e l o p m e n t , 

manufacturing, marketing and sale of 

precision technology products for the 

evaluation, planning, processing, 

measurement and grading of diamonds 

and gems, has shipped the first 

Galaxy Ultra system to VNR 

Enterprises in India. 

The Galaxy Ultra is the most 

advanced product available for the 

automated detection and mapping of 

internal features in rough diamonds up 

to single micron resolution, enabling the 

planner to achieve VVS, and up to IF 

quality stones, the firm said in a 

statement. 

"The Galaxy Ultra provides our 

customers a dual solution, alternating 

between conventional and highresolution 

near microscopic modes, 

substituting the need for manual 

microscopic inspection during 

planning," the company said. 

Ramesh M. Asodariya, Managing 

Director, of VNR Enterprises, said, 

“We are a rapidly growing company 

committed to providing an optimal 

working environment, while utilizing 

the most advanced technologies in 

order to increase our yield and perfect 

our production. The Galaxy Ultra 

system offers significant advantages to 

our planning process.” 

Sarine Chief Executive Officer Uzi 

Levami said, "The Galaxy Ultra 

which has been offered in select service 

centers since mid-2014, offers users a 

completely new level of automated 

inclusion detection, which is far more 

cost-effective than any other 

technology available. We are extremely 

pleased that customers are now 

beginning to acquire this system for inhouse 

use, as it is a clear vote of 

confidence in the value proposition 

embodied in the Galaxy Ultra." 



FICCI and World Gold Council release 

‘Why India Needs a Gold Policy' report 


he Federation of Indian Chambers of Commerce and 

Industry (FICCI) and the World Gold Council today 

Treleased a report that highlights key policy 

recommendations to monetise India's large stock of household 

gold. The report titled 'Why India needs a gold policy' makes 

seven key recommendations for an effective 'India Gold Policy': 

1. Establish an India Gold Exchange to ensure pricing 

standardisation, increase transparency and improve supply 

and demand analysis. 

2. Establish a Gold Board to manage imports, encourage 

exports and facilitate development of the infrastructure 

needed to ensure the Indian gold market functions to 

maximum effect. 

3. Develop accredited refineries in line with international 

standards including upscaling the current domestic 

refineries. 

4. Allow Indian banks to use gold as part of their liquidity 

reserves. This would incentivise them to introduce goldbased 

savings products. 

5. Drive monetisation of gold by incentivising banks, revitalise 

Gold Deposit Schemes, introduce gold-backed investment 

and savings products. 

6. Create a more active marketing strategy for Indian 

handcrafted jewellery. This could boost exports and highlight 

India's expertise in this highly-valued sector e.g. by 

promoting handcrafted 'India-made jewellery' like the Swissmade 

watches. 

7. Drive the standardisation of gold so that buyers and sellers 

can have faith in both the quality and price of their products. 

Introduce guidelines for compulsory quality certification of 

all forms of gold to encourage accountability and foster an 

environment of trust. 

The report also assesses the policies adopted in countries like 

Turkey and China; that have faced challenges similar to India and 

have devised public policies which have monetised the local 

stock of gold to positive effect. 

Dr. A Didar Singh, Secretary General, FICCI said, “Gold has 

always been an integral part of the socio-economic ethos of the 

Indian household. The consumption of gold has always been 

greatly intertwined with the Indian household's financial planning 

goals and has, through generations, remained an obvious and 

natural choice of saving of all households. Through this report 

we have re-examined many assumptions around gold and have 

also suggested ways of monetising this asset. We hope that this 

report will form the basis for formulating a comprehensive public 

policy on gold.” 

Commenting at the launch of the policy report Somasundaram 

PR, Managing Director, India, World Gold Council said: 

“Demand for gold in India is interwoven with culture, tradition, 

the desire for beauty and financial protection. It would be futile to 

control gold demand knowing how much the passion for gold 

drives savings itself. We believe the solution to meeting India's 

enduring appetite for gold lies not in restricting the import of gold, 

but in making better use of the gold that is already in the country, 

making it a productive fungible asset class like any other financial 


savings. The need of the hour is to reengage 

all stakeholders to develop a 

coherent long-term 'India Gold 

Policy' that results in a robust 

infrastructure for gold, drives 

standardisation and transparency, encourages gold-based 

investment products and supports the economic priorities of the 

country. With India at the centre of the global gold eco-system, it 

is imperative that we find ways of mobilising and monetising the 

22,000 tonnes of gold in Indian households to fund economic 

growth.” 

The recommendations in the report are backed by data driven 

analytics, for which, the World Gold Council commissioned 

FICCI, who conducted a widespread survey of Indian consumers 

to discover why they buy gold, why they sell it and how they 

would respond to initiatives aimed at monetising gold in India. 

The survey was conducted with 5000 respondents across India, 

including roundtable discussions and extensive interviews with 

stakeholders from the industry. 

Key findings of the survey include the following: 

Consumers' continue to buy gold whatever the fiscal 

circumstances – 77% of respondents bought gold at 

least once during 2013 and more than half bought 

more gold in 2013 than the previous year 

Indian consumers buy gold as an investment as well as 

an adornment – 77% of respondents bought gold as a 

safe investment and 53% consider it primarily an 

adornment; and 50% believe that gold is both 

Gold demand is not dependent on price fluctuations - 

Among respondents, 19% said they would buy more 

gold if prices rose and 34% said they would do 

nothing. Only 14% said they would stop buying gold 

if prices increased, while just 6% said they would sell 

Gold is an integral part of the family budget - The 

purchase of gold jewellery and coins comprises 8% of 

daily consumption of a household, which is only 

marginally behind medical expenses and education 

Consumers' attitude towards utilising gold as an 

investment product – 50% of respondents said they 

would be willing to deposit their gold to earn interest 

while a further 12% said they might do so. More than a 

third of respondents would be willing to deposit 26- 

50% of gold in their possession while 3% would 

deposit between 76% and 100% of their gold 

Among the respondents' savings and investments, 

gold products lie just behind cash, bank deposits and 

other mainstream savings accounts 

· Consumers' view on gold monetisation – 49% of 

respondents said they would be willing to deposit their 

gold to earn interest, 73% said they were happy to 

receive different gold from their initial deposit while 

62% said they would prefer cash or India branded 

coins at maturity. 


AWARD HONOUR 


GJF Presents 5th National Jewellery 

Awards On 21st February 2015 

he All India Gems and Jewellery 

TradeFederation (GJF), the 

Tnational trade body for the 

promotion and growth of trade in Gems 

and Jewellery Industry across India, 

presents the most prestigious National 

Jewellery Awards (NJA 2015) in the 

gems & jewellery (G&J) industry. This 

annual award ceremony is aimed at 

recognizing the immense talent, 

innovation and creativity of its members, 

associates and students presently 

studying in gems & jewellery institutes. 

NJA 2015 comprises four different 

segments and 26 award categories. The 

four different segments are:Retailer 

Awards (For GJF members only); 

Manufacturer Awards (For GJF members 

only);Jewellers Awards(Open to all in the 

industry fraternity) andStudents Award 

(For students presently studying in a 

gems & jewellery institute) 

NJA Students Award is a special 

recognition to acknowledge and 

encourage the creative skills of youth in 

the gems & jewellery industry. The 

awards numbering 10 will carry a 

Scholarship worth of Rs 15 lakh which 

wouldhelp student to further their 

careeraspirations. 

Each category of the awards has a 

personalized timeline andappropriate 

assessment process in order to define the 

excellence of the winner in the most 

adequate procedure that will propel the 

vital recognition that one accurately 

earns. 

GJF will also unveil an exclusive 

directory of all participatingjewellery 

designs “NJA Design Digest 2015” which 

will showcase all the master pieces of 

NJA 2015 participants. NJA Design 

Digest 2015 will be circulated to all GJF 

members and associations across India. 

Mr. Haresh Soni, Chairman, GJF, said, 

“GJF is pleased to host the 5thNJA 2015 

Awards. The gems and jewellery industry 

has significantly contributed to the 

growth of Indian economy in the last five 

years. The industry has gained global 

popularity because of its talented 

craftsmen, jeweler designs, its superior 

practices in cutting and polishing fine 

diamonds and precious stones and its 

cost-efficiencies. 

NJA 2015 is about crafting inspiration, 

passion, devotion and motivation for the 

industry. Honoring the innovation and 

creativity that inspires the flair of such 

talent is the core objective of GJF NJA 

2015 will honor every aspect, 

contribution and endeavor that goes in 

encouraging & enhancing innovation, 

creating masterpieces and setting new 

Mr. Haresh Soni, Chairman, GJF 

benchmarks in achieving business 

growth in the G&J industry.” 

Mr. Nitin Kadam, Chairman, NJA 

Committee, GJF, said “NJA 2015 is a 

testimony of our commitment to 

thegrowth and development of the gems 

and jewellery industry. These awards are 

a stellar example of GJF´s unbiased and 

relentless efforts for the welfare of gems 

and jewellery industry and the people 

engaged in the industry, which has won it 

accolades and an unquestionable 

credibility for being fair, supportive and 

appreciative towards the industry” 

Mr. Manish Jain, Vice Chairman, GJF 

said “The trust and faith of its members, 

industry and government have 

undoubtedly contributed to this nonprofit 

organization's growth in the sector 

and established NJA Awards as the most 

prestigious & coveted in the industry,” 

The Award Categories 

The 2 Categories in Jewellers Awards are: 1. Paramparik Jewellery of the Year (North, South, Central- East and West,); 2. Unique 

Jewellery Design of the Year (Manufactured with precious metals & stones). 

The Jewellers Awards (Open to all in the industry fraternity) shall be selected by assessment procedure drawn by a very specialized 

jury constituting of experts who merit in specialized aspects of craftsmanship and design & innovation. Members can apply for the 

Jewellers Awards section by filling up the details on the application form. (Application forms available at www.nja.co.in). 

The 15 Categories in Retailer Awards are: 1.Best Diamond Jewellery of the Year -In Vogue; 2.Best Diamond Jewellery of the Year 

–Bridal; 3.Best Gold Jewellery of the Year-In Vogue; 4.Best Gold Jewellery of the Year-Bridal; 5.Best Jadau Jewellery of the Year- 

Precious stones; 6.Best Jadau Jewellery of the Year- Non- Precious stones; 7. 

Best Colored stone Jewellery of the Year; 8.Best Unique & Innovative promotion of the Year; 9.Best Advertising Campaign of the 

Year – Print; 10.Best Advertising Campaign of the Year – Audio Visual; 11.Best single store of the Year (North, South, West, Central- 

East); and 12.Best Retail chain of the Year. 

The 5 Categories in Manufacturer Awards are: 1. Best Diamond Jewellery Design of the Year; 2. Best Gold Jewellery Design of the 

Year; 3. Best Jadau Jewellery Design of the Year; 4. Best Platinum Jewellery Design of the Year; 5. Best C Z Jewellery Design of the 

Year (Manufactured with precious metals). The Manufacturer Awards shall be selected by assessment procedure drawn by a very 

specialized jury constituting of experts who merit in specialized aspects of craftsmanship and design & innovation. Members can 

apply for the Manufacturer Awards section by filling up the details on the application form. (Application forms available at 

www.nja.co.in). 



AWARD HONOUR 

Shri. Devendra Fadnavis, 

Hon'ble Chief Minister of Maharashtra 

felicitates winners of the India Gem & Jewellery Awards 

GJEPC hosts the 41st edition of IGJA in Mumbai 

He adds, “Beginning last year, GJEPC 

has added new categories honoring 

women entrepreneurship, CSR 

initiatives and innovations undertaken 

by nominees, besides extending 

segmental awards to include small and 

medium businesses”. 

he Gem & Jewellery Export 

Promotion Council (GJEPC) 

Thosted the 'India Gem & 

Jewellery Awards (IGJA)' 2014, its first 

event for year 2015 that recognised and 

rewarded star performers of the Indian 

gem and jewelery sector, in the presence 

of Hon'ble Chief Minister of 

Maharashtra, Shri. Devendra Fadnavis. 

GJEPC's IGJA has become one of the 

foremost recognition platforms for the 

jewellery sector in India to encourage 

exports and award excellence in 

manufacturing, finance and innovation. 

The jury members, who selected the 

winners include: Smt. Nirupa Bhatt, 

Managing Director (India & ME), GIA, 

Mr M Narendra, former CMD, Indian 

Overseas Bank and Mr. Pawan Bindal, 

Director, Dun & Bradstreet. 

Gracing the award function, Hon'ble 

Chief Minister Shri. Devendra Fadnavis 

stated, “The winners of IGJA are the real 

gems who have given the much needed 

boost and taken the industry to the next 

level. We would be honored to partner 

with the gem and jewelry industry that 

has earned us so much of foreign 

currency and given employment which 

truly adds value to our economy. 

Considering the issues faced by the 

industry we will soon have a joint 

discussion with the Prime Minister and 

the Finance Minister along with some of 

the leaders of gem & jewelry industry to 

resolve the issues. I'm glad to see the 

industry progress internationally and 

wish it expands in Maharashtra as well”. 

Congratulating the winners and industry 

for their participation, Vipul Shah, 

Chairman, GJEPC said, “The India 

Gem and Jewellery Awards recognizes 

the business leaders across categories. 

Hon'ble Chief Minister's prompt 

consideration & assurance towards 

resolving gem & Jewellery sector 

challenges such as bank guarantee for 

VAT , lending licence to ABN Amro, 

Convention centre in Mumbai, are much 

appreciated by the trade. GJEPC is 

committed to support the state 

Government in planning a roadmap to 

overcome challenges faced by the 

Industry and help drive the exports 

from the state of Maharashtra.” 

Hon’ble Chief Minister Shri. Devendra Fadnavis 

at India Gem & Jewellery Award 

The winners of IGJA are the 

real gems who have given the 

much needed boost and taken 

the industry to the next level. 

We would be honored to 

partner with the gem and 

jewelry industry that has 

earned us so much of foreign 

currency and given 

employment which truly adds 

value to our economy. 

Considering the issues faced by 

the industry we will soon have 

a joint discussion with the 

Prime Minister and the Finance 

Minister along with some of 

the leaders of gem & jewelry 

industry to resolve the issues. 

I'm glad to see the industry 

progress internationally and 

wish it expands in Maharashtra 



AWARD HONOUR 


The India Gem and Jewellery Awards recognizes the 

business leaders across categories. Hon'ble Chief Minister's 

prompt consideration & assurance towards resolving gem & 

Jewellery sector challenges such as bank guarantee for VAT 

, lending licence to ABN Amro, Convention centre in 

Mumbai, are much appreciated by the trade. GJEPC is 

committed to support the state Government in planning a 

roadmap to overcome challenges faced by the Industry and 

help drive the exports from the state of Maharashtra. 

Colin Shah, Convenor, IGJA says, 

“The India Gem and Jewellery 

industry is a classic example of 

'Make in India' and Making India 

Proud. And the India Gems & 

Jewellery Awards aim to boost this 

passion and excellence in the trade. 

In addition to honouring super 

performances in the area of 

manufacturing, designing and 

innovation among others, we have 

new categories honouring women 

entrepreneurship, CSR initiatives 

and innovations, besides extending 

segmental awards to include small 

& medium businesses”. 

As every year, this year too, the 

selection process followed a 

rigorous methodology and judging 

criteria based on a proprietary 

quantitative model developed by 

D&B and an independent jury 

consisting of senior members from 

Dun & Bradstreet, Indian Overseas 

Bank and GIA to select the final 

winners. 

- Vipul Shah, Chairman, GJEPC 

Salient features of IGJA 2014 include: 

Introduction of small, medium large 

category in diamond & precious 

metal with an objective to encourage 

entrepreneurship at every level and 

recognize MSME sector 

Minimum number of application 

criteria to make the process more 

robust and ensure fair competition 

Minimum export criteria to bring in 

more clarity & transparency to 

nominees 

Awards to foreign buyers to recognize 

their contribution to Indian Gem & 

Jewellery Industry. 

Third part assessment Appointment 

of D&B to ensure the selection 

process moves to the next level by an 

expert organization who will bring in 

more transparency & authenticity in 

the selection process of the awardees. 

Introduction of Jury process, 

representing from different fields to 

ensure judging on broader aspects at 

the time of finalizing the winners. 

On the basis of the response received 

last year, GJEPC has decided to 

continue with the 3 categories, 

namely Most Innovative Company, 

Most Socially Responsible Company, 

Best Women Entrepreneur. 

GJEPC's India Gem & Jewellery 

Awards, remodeled last year, has 

gained recognition and popularity from 

across the country and the world. 

Please refer annexure for winners list 

as per categories. 

IGJA 2014 was sponsored by GIA, copartnered 

by Malca Amit JK & Kiran 

Gems Pvt. Ltd. and knowledge partner 

was D & B. 

Hon'ble Prime Minister at the recently 

concluded World Diamond Conference 

announced the creation of Special 

Notified Zones in Mumbai & Surat to 

accelerate the import and trading of 

rough diamonds in India to give a boost 

to the diamond and studded jewellery 

manufacturing industry in the country. 

GJEPC along with the representatives 

from the Indian Government will visit 

the Special Notified Zones in Belgium 

and Dubai to take the project further 

and give it a shape by this budget. 

GJEPC in coordination with the GOI 

hopes to understand/ replicate a timetested 

model in India. 

Another milestone achieved by GJEPC 

is the establishment of GJSCI, under 

t h e a e g i s o f N a t i o n a l S k i l l 

Development Council (NSDC) and in 

collaboration with other associations 

of the gems and jewellery sector in the 

country. This will ensure aspiring 

talents get training as per international 

standards, resulting in the best artisans 

and much needed skill to develop and 

give quality and state of the art 

products to the world. 

Keeping the pursuit of community 

welfare on, GJEPC launched its own 

CSR platform - “Jewellers of Hope” 

that's supports an NGO every year. In 

the first year, the Council was able to 

contribute Rs.1cr.to Make a Wish 

Foundation. 



AWARD HONOUR 

Kiran Gems wins3 prestigious IGJ Awards 2014 

he year 2014 marked Kiran Gems' 7th consecutive 

win as the Largest Exporter (cut and polished 

diamonds large) at the prestigious India Gem & 

TJewellery Awards held on 29th January 2015 in Mumbai. 

The India Gem & Jewellery Awards are organized by the 

Gem & Jewellery Export Promotion Council to felicitate the 

excellent and meritorious performances of gems and 

jewellery exporters. This is a much awaited award function 

in the gem & jewellery industry. The Honourable Chief 

Minister of Maharashtra, Mr. Devendra Fadnavis, was the 

Chief Guest of the evening. 

Kiran Gems, the world's largest manufacturer of diamonds, 

has been recognized for its outstanding performance in 3 

coveted categories. It has been conferred with the Highest 

Turnover and Largest Exporter Awards in the cut and 

polished diamonds large category as well as the Largest 

Importer Award Second Place for Kiran Exports (Hong 

Kong) Ltd. These awards were graciously accepted by the 

group's chairman, Mr. Vallabhbhai Patel and directors, Mr. 

Dinesh Lakhani and Mr. Rajesh Lakhani, respectively. 

Elated Mr. Vallabhbhai Patel, Group Chairman, said that “These awards are recognition of the hard work put in by all at Kiran. I 

congratulate all and am humbled to accept this on their behalf”. Director Mr. Dinesh Lakhani said, “ “The Council's initiative of 

introducing theme based awards, has enabled coverage of a wider spectrum of our industry and have also given recognition to smaller 

and upcoming players”.Director Rajesh Lakhani said for the Kiran Exports “Awards state the satisfaction of our customers and 

dedication of our employees. I thank and congratulate them”. 

Kiran Gems is a global company with offices in Mumbai, Antwerp, Dubai, HK, New York, Shanghai and Shenzhen. It supplies loose 

and certified diamonds to the best known jewellery retailers, diamond jewellery manufacturers, watch manufacturers and brands 

globally. 

Laxmi Diamond win IGJA Awards - 2013-14 

n recognition of the business excellence that is 

demonstrated by the entrepreneurs who make up 

the Indian Gems and Jewellery industry, the India IGem & Jewellery Awards 2014 (IGJA) was hosted on 

29th January at NCPA. The Awards were conferred in 

recognition of the excellent and meritorious 

performances of the Industry and financial Institutions 

supporting it, amongst other categories. The 

prestigious awards were given away by the Chief 

Minister of Maharashtra, Shri Devendra Fadnavis. 

The Annual Award scheme of the GJEPC has 

undergone a change in recent years, and the focus is no 

longer on export turnover alone. Qualitative factors 

related to the company's performance such as 

innovation, R&D, CSR activity and others have also 

been given importance in selecting the final winners. 

The India Gem & Jewellery Awards is the ultimate 

Vasantbhai and Rakesh Gajera of Laxmi Diamond 

Pvt. Ltd., receiving the award from Chief Minister 

of Maharashtra, Shri Devendra Fadnavis 


recognition for the outstanding performers from within the industry. There is no 

greater motivation than the recognition which the Award brings. 

We, Laxmi Diamond Private Ltd., and Shree Ramkrishna Exports Private Ltd., are 

the joint winners of the 'Most Socially Responsible Company' at India Gem and 

Jewellery Awards. We are very happy to be recognized by GJEPC, which is an apex body 

of Gems & Jewellery Industry, representing almost 6000 exporters in the sector. We are 

very proud to state that we have been regular receiver of GJEPC awards consecutively, 

right from 1999-2000 except for the year 2007-08 and 2012-13 Awards. 


AWARD HONOUR 


st 

Hari Krishna Group Bags four Awards in the most coveted 41 GJEPC Awards 

etting a new record in the history of 

Diamond Industry Hari Krishna Group won 

four awards at the 41st GJEPC Awards Night Sheld at NCPA on 29th January 2015. The award 

was presented by the Honorable Chief Minister of 

Maharashtra Shri.Devendra Fadnavis. 

The categories in which the Group won the awards 

were " Best Growing Company of the Year", " Cut 

and Polished Diamonds - Highest Turnover"? for 

Hari Krishna Exports Pvt.Ltd. and "Precious 

Metal"and “Most Innovative Company"for H.K. 

Designs. 

“The company has consistently been winning 

awards for the past 12 years. It was indeed a proud 

moment for the company and was highly 

motivating as well to receive this prestigious 

award”said Mr Dholakia. 

GJEPC Awarded SRK, “Exporter of the Year” 2014 

he Year 2014 has been a Year of SRK. It began with 

the Celebration of SRK Founder, Mr. Govind 

Dholakia completing 50 Years in Diamond Industry T& now see off with Three Prestigious Awards by GJEPC. 

For the Second time SRK is Awarded “Exporter of the 

Year”along with,“Cut & Polished Diamonds Highest 

Turnover” & “Most Socially Responsible Company”. 

The Apex body of the Gem & Jewellery Industry- 

India,GJEPC (Gems & Jewellery Export Promotion 

Council) Conferred Indian Diamantaires with awards in 

various Categories. The Time was to acknowledge various 

Initiatives, Innovations, and Milestones& Hardwork of 

fellow People of industry. The event took place last night at 

NCPA, Mumbai India. 

SRK -Integration of Technology & Manpower, Flexibility to 

act as per dynamic Market situation in NO time helps SRK 

to Grab the Highest Opportunity in Good Times & also help 

to Sustain Weak Time. This Sharp Edge Over others always 

help SRK to create milestones. 

“It is always an Honor to receive prestigious Awards by the 

Apex body of the Industry.We are thankful To Our 7000 

SRK Family Members including 2000 esteemed Customers, 

Banking Partners & Industry Companionswho's invaluable 

Support & Trust in SRK, made us see the day. The Awards 

is a Recognition to the Skills, Talent & Hard Work of SRK 

Family MembersWho really put their Heart in crafting One 

Masterpiece. When a shining version of stone, I hold in my 

hand it brings a hidden smile on face, it is only because each 

one is crafted with Integrity” Mr. Rahul Dholakia, MD 

SRK Exports. 

Cut & Polished Diamonds - Highest Turn Over -- 

Mr. Shreyans Dholakia & Mr. Akshay Dholakia 

Exporter of the Year - Mr. Prabhu Dholakia & Mr. Sanjay Ukani 

Most Socially responsible Company - Mrs. & Mr. Rahul Dholakia 



Annexure : IGJA 2014 Winners List 

AWARD HONOUR 



AWARD HONOUR 


ALERT: 

FOREVERMARK DIAMONDS 

AT THE 

72ND GOLDEN 

GLOBE AWARDS 

Forevermark by Galili & Co. Diamond Line Bracelet with Round Brilliant Forevermark 

Diamonds set in 18k White Gold 

Forevermark by Premier Gem The Center of My 

Universe Ring with 10.11 Cushion Cut Forevermark 

Diamond set in Platinum 

Forevermark Chandelier Earrings with Round 

Brilliant Forevermark Diamonds set in 18k 

White Gold 

Frances O'Connor 

orevermark, the diamond brand that 

comes with a promise of beauty, rarity and 

Fresponsibly-sourced diamonds from The 

De Beers Group of Companies, appeared on the 

red carpet at the 72nd Annual Golden Globe 

Awards, most notably on Golden Globe 

Presenter Kate Hudson, Nominee Frances 

O'Connor, and E! Host Giuliana Rancic. 

Large diamond earrings and cocktail rings 

quickly emerged as a red carpet favorite. Kate 

Hudson presented wearing Forevermark 

Exceptional Diamond Earrings by Slane. A 

selection of some of the most exquisite and rare 

diamonds in the world, Forevermark 

Exceptional Diamonds were forged within the 

earth over a billion years ago. She 

complemented the look with a diamond ring 

with a 14.58 carat Oval Forevermark diamond 

and diamond line bracelet. 

Stacked diamond bracelets proved to be a 

favorite red carpet trend. Golden Globe nominee 

Frances O'Connor embraced multiple bracelets, 

donning three Forevermark diamond bracelets. 

The star completed her look with diamond 

chandelier earrings and a 10.11 cushion cut 

Forevermark diamond ring. Giuliana Rancic 

reported live wearing four Forevermark 

diamond bangles, with 10 carat diamond studs 

and 13.56 radiant Forevermark diamond ring. 

Forevermark Diamond Bangles with Round Brilliant 

Forevermark Diamonds set in 18k White Gold 

Forevermark Eternity 

Bands with Round 

Brilliant Forevermark 

Diamonds set in 18k 

White Gold 

Forevermark Diamond 

Bangles with Round 

Brilliant Forevermark 

Diamonds set in 18k 

White Gold 



AWARD HONOUR 

Giuliana Rancic in Forevermark Diamonds 

at the 2015 Golden Globes 

Forevermark Bangles 

with Round Brilliant 

Forevermark Diamonds 

set in 18k White Gold 

Talent who wore Forevermark 

included: 

Actress and Golden Globe Presenter 

Kate Hudson sparkled in Forevermark 

Exceptional Diamond Earrings by Slane 

with a 9.24 Round Brilliant Forevermark 

Exceptional Diamond, 10.14 Round 

Brilliant Exceptional Diamond and 2.66 

ctw Round Brilliant Diamonds, Diamond 

Ring with 14.58 ct Oval Forevermark 

diamond, and Forevermark diamond 

Line Bracelet. 

Golden Globe Nominee Frances 

O'Connor (The Missing) stunned in a 

Forevermark by Premier Gem The Center 

of My Universe Ring with 10.11 

Cushion Cut Forevermark diamond, 

Forevermark by Galili & Co. diamond 

Line Bracelet, Forevermark by 

Rahaminov Line Bracelet, Chandelier 

Earrings, Diamond Eternity Bands, and 

Diamond Bangles. 

E! Host Giuliana Rancic dazzled in a 

40.79 ctw Forevermark by Leo Schachter 

Three Row Diamond Cuff Bracelet, 

Forevermark by Premier Gem The Center 

of My Universe Diamond Bangle, 10 

ctw Diamond Stud Earrings, 13.56 

Radiant Cut Forevermark Diamond Ring, 

and Diamond Bangles. 

Later in the evening, stars including Paz 

Vega celebrated the Golden Globe 

festivities in Forevermark diamonds. 

Forevermark Diamond Stud Earrings with 10ctw 

Round Brilliant Forevermark Diamonds set in Platinum 

Forevermark Diamond Ring with 13.56 Radiant Cut 

Forevermark Diamond set in Platinum 

Forevermark by Leo Schacter Three Row 

Diamond Cuff Bracelet with 40.79 Round Brilliant 

Forevermark Diamonds set in 18k White Gold 

Forevermark by Premier Gem The 

Center of My UniverseTM Three 

Stone Bangle with Round Brilliant 

Forevermark Diamonds set in 18k 

White Gold 

Forevermark Diamond Line 

Bracelet with Round Brilliant 

Forevermark Diamonds set 

in Platinum 

Forevermark Diamond Ring with 14.58 

ct Oval Forevermark Diamond with 

Pear diamonds set in Plainum 

Kate Hudson in Forevermark at 

the 2015 Golden Globe Awards 



AWARD HONOUR 


PLATINUM JEWELRY RULES THE RED CARPET AT 

nd 

THE 72 ANNUAL GOLDEN GLOBE AWARDS 

ollywood's biggest television and movie stars celebrated their achievements 

wearing platinum jewelry at the 72nd Annual Golden Globe Awards and related 

Hparties this evening. 

From the stacked bracelets as seen on host Amy Poehler, to Lorde's statement necklace, A- 

list celebrities chose to showcase their jewels in naturally white platinum settings that truly 

enhance the brilliance of diamonds and colored gemstones. Platinum jewelry is the choice 

accessory for celebrities to capture the most special, glamorous and memorable moments. 

Following is a list of stars who celebrated tonight's achievements in PLATINUM: 

Amy Poehler in Platinum by Beladora, the co-host of the 72nd Annual Golden Globe 

Awards said, "On Hollywood's biggest night it's important I look like a boss...The platinum 

jewels made me feel like I was wearing a million bucks.” 

*Red carpet look 

Platinum and diamond earrings, 

signed by Tiffany & Co. 

Platinum and 7.7 carat diamond 

necklace with South Sea pearl 

Stacked platinum and diamond 

bracelets 

Reese Witherspoon in Platinum by Tiffany & Co. 

Platinum and diamond earrings 

($600,000) 

Platinum and 6.75 carat diamond 

ring ($695,000) 

Amy Adams in Platinum by Tiffany & Co. 

Platinum and diamond drop earrings ($240,000) 

Platinum and diamond five-row bracelet ($180,000) 

Platinum and 2.12 carat square cushion modified brilliant 

diamond ring ($100,000) 

Diane Kruger 

in Platinum by Kwiat 

Platinum and 

diamond cluster 

earrings 

Platinum and 

diamond bracelets 

Julianne Moore 

in Platinum by Chopard 

Platinum and diamond cluster 

earrings (14.70 carats) 

Platinum and asscher cut diamond 

line bracelet (44.08 carats) 

Platinum and oval cut diamond 

eternity band (7.7 carats) 


eternity band (24.30 carats) 




Abo ut Platinum Jewelry 

Platinu m i s the id eal choi ce for red 

carpet jewelry because it holds 

diamo nds and precious gemst 

ones 

more securely than any other met 

al. It 

i s n ot only t he highes t quality met al , 

but it s density make s it on e of the mos 

t 

durab le and enduri ng preci ous metal s . 

Platin um is also naturally whit e , 

unli ke white gol d, which me ans it wil 

l 

not cast any ti nt onto a di amond or 

gemsto ne, allowing the stone' 

s 

genuine col or t ospark le brightly. 

Sienna Miller in Platinum by Tiffany & Co. 

Platinum and diamond drop earrings 

($22,000) 

Platinum and baguette diamond bow 

bangle ($100,000) 

Lorde in Platinum by Neil Lane 

Platinum and diamond necklace (100 

carats), and rings 

Platinum and diamond rings 

Kerry Washington in Platinum by Neil Lane 

Platinum ear studs with black and white 

diamonds 

Allison Williams in Platinum by Cartier 


Amal Clooney in Platinum by Harry 

Winston 

Platinum and diamond drop earrings 

(29.62 carats) 

Cindy Crawford in Platinum by Harry 


Platinum earrings with micropave 

diamonds and cushion cut sapphire 

(22.08 carat center stone) 

Platinum and diamond link bracelet 

Rosamund Pike in Platinum by Fred 

Leighton 

Platinum stud earrings with round 

brilliant diamonds (4.30 carats) 

Art Deco platinum ring with a marquise 

diamonds, and emerald (4 carats) 

Maria Menounos in Platinum by Chopard 

Platinum and diamond chandelier 


Platinum and diamond bracelet (34.91 

carats) 

Platinum and ashoka cut diamond line 

bracelet (8.41 carats) 


tennis bracelet (13.44 carats) 

Katherine Heigl in Platinum by Neil Lane 

Platinum earrings with lapis and black 

onyx 

Platinum ring with diamonds and 

sapphire 

Platinum and diamond ring 

Platinum and diamond bracelet 

Platinum bracelet with diamonds and 

sapphire 

Robin Wright in Platinum by Harry 


Platinum and round brilliant diamond ear 

studs 

Platinum and diamond bracelet 

Amanda Peet in Platinum by Cartier 


Tina Fey in Platinum by Fred Leighton 

1930's platinum and diamond clip 

earrings 

Antique platinum ring with cushion cut 

diamonds and onyx (9 carats) 

Ellie Kemper in Platinum by Neil Lane 


3 platinum and diamond bracelets 

Colin Firth in Platinum by Neil Lane 

Platinum and pearl shirt stud set 


Christine Baranski in Platinum by Fred 

Leighton 

1950's platinum and diamond cluster 

earrings (15 carats) 

1950's platinum and diamond bracelet 

(40 carats) 

Viola Davis in Platinum by Fred Leighton 

1950's platinum and diamond swirl 


1950's Old mine platinum and diamond 

cuff (39 carats) 

Jessica Lange in Platinum by Harry 


Platinum and cushion-cut diamond 

earrings with micropave (5.12 carats 

each) 

Platinum and diamond rings 

Zosia Mamet in Platinum by Harry 


Platinum and round brilliant diamond ear 

studs 

Platinum and diamond necklace 


Colin Firth in Platinum by Neil Lane 

Platinum and pearl shirt stud set 

John Krasinski in Platinum by Neil Lane 

Platinum and diamond cufflinks 





Diamond Will Dignify Devotion: 

SRK Honored His Holiness 

The 14th Dalai Lama with Santokbaa Award. 

RK Welcomed New Year with His Holiness theDalai Lama, who visited SRK Empire. The Messenger of 

Peace & Kindness headed to SRK Surat Based Manufacturing Facility on 1-1-2015. It was for the first time 

Sthat Global Icon & Spiritual Leader Toured Diamond City, Surat. 

SRK Foundation established by Mr. Govind Dholakia (Founder & Chairman SRK), felicitatedHis HolinessThe 

14thDalai Lama, Tenzin Gyatsowith Santokbaa AwardOn 2-January -2014. His Holiness theDalai Lama (Noble 

Prize Winner 1989) wasconferred with the Honour for his Efforts to Make World a Peaceful Place & restlessly 

spreading only one religion, which is religion of Kindness. 

Lighting of the lamp at the 7th Santokbaa Award L-R Govind Dholakia, His 

Holiness The Dalai Lama, His Excellence Gujarat Governor OP Kohli 

His Holiness The Dalai Lama being presented with the 7th Santokbaa Award 

trophy by Gujarat Governor OP Kohki and Shri Govind Dholakia 

The Santokbaa Award was conferred to His Holiness the Dalai Lama by the hands of O P Kohli – Governor of 

Gujarat State.SRK Foundation Handed over Cheque Worth Rs 2500000 and a Diamond Studded Trophy to His 

Holiness. 

Santokbaa Awardis given to luminary Personalities who has served Society with Compassion, Truth, Dedication & 

Selflessness & Whose efforts have brought Smile on other's face. The Award is in Memory of SRK Founder Mr. 

Govind Dholakia's Late Mother “Santokbaa” 

In Past Santokbaa Award has been conferred to Personalities like Dr. Sam Pitroda (Father of Indian Telecom 

Revolution), Dr. Verghese Kurian (AMUL Founder & Father of White Revolution in India), Dr. HL Trivedi 

(Globally Renowned Kidney Transplant Surgeon), Professor M.S. Swaminathan (Father of Green Revolution in 

India), Shri Narayan Desai (Renowned Gandhian and Humanitarian)&Smt. Poornimaben Pakvasa (Freedom 

Fighter and Woman Empowerer). These Personalities Uplifted the Standards of Humanity & Worked Selflessly for 

the Betterment of Society. 

His Holiness, During His Two And A Half day Tour to Surat also interacted with Students and Fellow Tibetans at 

Seminar organized by SRK Foundation. He also spoke on 'Ethics in Business in Current Century' at a session, with 

prominent business personalities across the country. 



DUBAI SECTION 

DUBAI DIAMOND EXCHANGE (DDE) 

SUPPORTS DE BEERS DIAMOND 

FINANCING SEMINAR 

De Beers Bankers 

Executive Briefing 

on diamond 

financing hosted at 

Almas Tower 

he Dubai Diamond Exchange 

(DDE), a DMCC platform, 

Tplayed host to the De Beers 

Bankers Executive Briefing with over 60 

delegates representing leading UAE 

based banks and financial institutions. 

The seminar aimed to raise awareness of 

diamond financing and how Dubai and its 

banks and financial institutions can 

further support the diamond trade. 

The Executive Briefing was led by 

Howard Davies, Head of Commercial 

Development for De Beers, who noted: 

“The demand for diamonds will continue 

to grow in real value terms driven by the 

effect of the US economic recovery and 

the continued growth of emerging 

markets, in particular China. In addition, 

the digital space is increasingly 

becoming an essential channel for both 

research and sales of diamond jewellery 

to consumers. Dubai has already 

cemented its position as a leading global 

diamond hub at the centre of the trade and 

as a high end jewellery consumer market 

– now is the time for banks and financial 

institutions to further invest in the 

appropriate financing structures that will 

enable further growth”. 

“Today marked an important milestone 

for the diamond industry in Dubai as it 

brought global industry leaders and the 

financial institutions of the future 

together to address requirements for 


funding but also to highlight how traders and financiers can further collaborate to 

ensure continuous growth”, Sonu Parikh, CEO, Diarough, added. 

The DDE, by providing the diamond industry with world-class infrastructure, products 

and services required to trade with confidence, has quickly emerged as a key hub for the 

diamond industry globally. 

“It is a combination of the global shift in the flow of diamonds and Dubai's foresight to 

build the infrastructure and the business friendly environment needed for the diamond 

industry to succeed, that has led to the thriving global marketplace we see in Dubai today. 

“With the recent shifts in the set of key players that have traditionally financed the 

diamond industry, we see an opportunity for local and regional banks and financial 

institutions to provide liquidity to this industry. We therefore very much welcome that 

De Beers are providing guidance to local and regional institutions. Financing to the 

industry needs to evolve towards more transparent and securitised methods of 

financing”, said Franco Bosoni, Director – Commodity Services, DMCC. 

Dubai Diamond Exchange (DDE) is a DMCC platform and a leading diamond centre 

based in Almas Tower. From buyers to sellers to service providers - everything the industry 

require in terms of infrastructure and a marketplace is available under one roof in a secure 

environment at Almas Tower including: DDE, vaulting, boiling, polishing, certification, 

transport and logistics services and the Kimberley Process Certification Scheme. 


DUBAI SECTION 


SHANGHAI WELCOMES DUBAI AND 

DMCC TO 2014 CHINA GOLD AND 

PRECIOUS METALS SUMMIT 

-Dubai's 'Connecting Global Trade and Enterprise' themed Pavilion attracts hundreds of visitors 

MCC, one of the world's leading commodity hubs for 

trade and enterprise and the largest and fastest 

Dgrowing Free Zone in the UAE, attended the 9th 

annual China Gold and Precious Metals Summit with a Dubai 

trade delegation. 

Franco Bosoni, Director, Commodity Services, DMCC said: 

“DMCC recognises the major role that China plays in the 

UAE and global bullion trade. Attending the China Gold and 

Precious Metals Summit was certainly the next natural step as 

it enables us to discuss best practices and explore new avenues 

where Dubai's bullion sector in particular can further 

complement the development of this evolving market. 

“The most successful markets create conditions that enable 

producers, traders and consumers to thrive. DMCC is the 

Dubai Government Authority committed to developing these 

ideal conditions for trade and enterprise; we look forward to 

further developing our bilateral trade relations with Shanghai 

and mainland China to encourage future growth.” 

The Dubai delegation included representatives from DMCC, 

Al Etihad Gold, Brinks, Gulf Gold Refinery, Panis and Shah 

Associates DMCC and Kaloti Jewellery International who all 

came together to showcase the scope and breadth of Dubai's 

bullion market and its ability to facilitate international trade 

through its 'Dubai Pavilion' at the China Gold and Precious 

Metals Summit in Shanghai with the 'Connecting global trade 

and enterprise' theme. 

David Huang, General Manager, IGVISION, conference 

organiser added: 

“We are pleased to welcome DMCC to Shanghai as a China 

Gold and Precious Metals Summit sponsor and strategic 

th 

Franco Bosoni, Director, Commodity Services, DMCC, attends the 9 

annual China Gold and Precious Metals Summit in Shanghai 3-4 

December with Dubai trade delegation. Dubai's 'Connecting Global Trade 

and Enterprise' themed Pavilion attracted hundreds of visitors. 

partner as they play a key role in leading the gold and precious 

metals eco-system for trade in the UAE and Middle East. 

“For the first time, the summit features a 'Dubai Pavilion”, a 

hall showcasing several Dubai organisations and how their 

products and services benefit the gold and precious metals 

trading community in particular. The Pavilion has attracted a 

lot of interest and we look forward to this initiative growing in 

the years to come as industry participants from around the 

globe learn more about the trade platforms and facilities 

available in Dubai and investigate potential opportunities for 

growth and investment.” 

DMCC has a strong track record in trade facilitation and 

development and delivery of world-class products, services, 

infrastructure and standards to support and grow commodities 

trade. As a result industry participants benefit from market 

infrastructure and physical facilities such as a thriving Free 

Zone, gold and diamond vaults, refineries and secure 

transport; trading platforms like the Dubai Gold & 

Commodities Exchange, Dubai Diamond Exchange, the 

Dubai Pearl Exchange and DMCC Tradeflow, the dedicated 

online platform for registering possession and ownership of 

commodities stored in UAE-based storage facilities; the 

DMCC Tea Centre, standards such as the Dubai Good 

Delivery standard for gold and a range of commodities backed 

financial investment tools. www.dmcc.ae 


EDGE-UP-INDUSTRY 


Jewellers demand 

Narendra Modi Government 

to cut import duty on gold 

ndia's 2014 gold imports are 

estimated to have dropped 13% from 

Ilast year despite a surge in 

November, data that jewellers hope 

would encourage the government to 

consider a cut in the metal's import duty. 

Gold attracts 10% import duty in India 

where most of the demand is met through 

imports. The duty has been kept high to 

discourage its imports, one of the top 

contributors to the nation's currentaccount 

deficit. Industry executives 

expect the fall in imports to help reduce 

the blame on gold for widening the 

deficit. 

"Imports in 2014 will not be more than 

650 tonnes, which is much less than 750 

tonnes that we imported last year," 

Bachhraj Bamalwa, director of the All 

India Gem & Jewellery Trade 

Federation, told ET. "This will give a big 

relief to the government on the CAD 

front. We now want the government to 

reduce the import duty on gold to the 

earlier level of 2%." 

The government had increased the duty 

to 10% in installments, from 2% in early 

2012. Gold imports surged 38% from the 

previous month to 151.58 tonnes in 

November, as trading houses brought in 

huge volumes in anticipation that the 

government would tighten import rules 

after the current-account gap widened in 


the July-September period. In the second 

fiscal quarter, the deficit increased to 

$10.1 billion, or 2.1% of gross domestic 

product, from $7.8 billion, or 1.7% of 

GDP, between April and June. 

But much to the surprise of the industry, 

the government removed the 80:20 rule 

that the industry had blamed for hurting 

jewellery trade. The rule, introduced in 

2013, was also aimed at bringing down 

inbound shipments and narrow the 

current-account deficit. Under it, 

importers had to ensure that 20% of the 

gold they bring in was exported after 

adding value, such as by making 

jewellery with it. Excess imports in 

November have resulted in a glut in the 

market as there are no takers of gold now. 

Premium - extra money buyers need to 

pay for quick delivery - has disappeared 

and importers are being forced to sell 

gold at a discount. 

Ketan Shroff, spokesman for the India 

Bullion & Jewellery Association, said 

December imports have fallen 

drastically to 15-20 tonnes. "There is 

enough gold in the market but the 

demand is very slow. We can see some 

demand coming in if prices come down 

to Rs 25,000-25,500 per 10 gm. 

That can only happen if import duty 

comes down and the rupee gets stronger 

against dollar," Shroff said. At present, 

gold is trading at Rs 26,800-27,100 per 

10 gm. Bamalwa said if import duty is 

lowered, then the Indian jewellery trade 

will attract NRI buyers who have now 

shifted purchases to Dubai and 

Singapore. "NRI business is a 

substantially big business for us," he 

said. According to World Gold 

Council figures, India's demand for 

gold in the July-September period 

rose to 31% in value terms at Rs 

56,219.3 crore - jewellery sales rose 

51% but demand for gold as investment 

dropped 16%. Between January and 

September, demand declined 23% to 

Rs 155,636.6 crore in value, while 

volume fell 18% to 619.5 tonnes. Local 

demand is met through a mix of 

imported and recycled gold. 


INTERVIEW 


SEEKING 

TO BUILD 

A PARTNERSHIP 

: SACHIN JAIN 

What do you think about 

Forevermark's contribution in 

India? 

Forevermark sets an incredibly high 

benchmark and only less than 1% of 

the world's diamonds are eligible 

fulfil this criteria. The Forevermark 

promise is in fact a measure of its 

quality, rarity and ethical sourcing. 

Each diamond is carefully selected 

by experts that put it through an 

extensive process before it is chosen 

to be a Forevermark diamond. 

Forevermark works with 140 top 

retailers across India and I am proud 

to say we have brought in a several 

levels of modernity in the retail 

sector as well as focused attention 

on training and development. 

Our expertise have ensure that in 

partnership with the retailers we 

provide a world class shopping 

experience for our consumers 

What are the major key roles for 

Indian diamond market? In 

supply and demand chain? And 

do you think about price hike 

more & more from supply? 

The Indian diamond market is the 

3rd largest market in the world. The 

Indian diamond market has 

traditionally been a supply market. 

However, there has been a change in 

that trend as the acceptance of 

diamonds in consumer consumption 

is rising. 

I do not see any drastic price rise in 

the near future but I do see more 

respect and focus on creativity and 

craftsmanship which will benefit 

retailers. 

Do you think now Indian market 

will change in the near future 

market? 

Lately Indians have shown 

appreciation for minimalistic pieces 

with contemporary designs. 

Acceptance of diamond jewellery is 

growing dramatically in India, the 

diamond share in the jewellery 

industry has seen a 15 – 20% 

growth. One of the primary reasons 

is that consumers are not just 

looking at buying jewellery for 

traditional or investment purpose. 


INTERVIEW 


Consumers are looking to purchase into something with 

an emotional connect as well as multiple aesthetic 

compatibility. We have observed that tastes have been 

modernised, consumers need for jewellery involves 

subtle and delicate pieces and hence single solitaire, 

modern versatile jewellery which has the multi – wearability 

option which can be worn at different occasions 

is what they will prefer 

What are the initiativesyou take for your client for 

marketing strategy in Indian platform? 

India needs more aggressive marketing initiatives. We 

support the brand through advertising, PR, CRM, digital 

marketing and visual merchandising. We aim at building 

a powerful marketing collective to excite and reassure 

people about the joutney of their diamonds and rather 

than working with it generically. 

Digital media has boomed and become a very important 

platform for Forevemark. The in-store spaces has also 

provided incredible value for our partners. 

We are looking to maintain the image of the diamond 

dream and to continue generating excitement amongst 

consumers for diamonds. 

Do you have any planning for increase Forevermark 

Store in India? 

We have the a unique business model, where we have a 

partnership between the jewellers, and the diamantaires. 

At present we are in Ahmedabad, Amritsar, Bengaluru, 

Bhubaneshwar, Chennai, Cochin, Hyderabad, Jalandhar, 

Kanpur, Kolkata, Ludhiana, Meerut, Mumbai, New 

Delhi/ NCR, Panipat, Pune, Vadodara and 

Vishakhapatnam. Currently, we have a fair 

representation in all the four zones of India- with 140 

leading authorized jewellers across 21 markets. 

Forevermark has made sure that its growth has been a 

steady one. We want to be the largest diamond brand in 

the world. In India our plans are to expand our presence 

in about 35 cities across India, including Tier 2 and Tier 

3 locations and we are working towards it. We see 

ourselves being present across the entire country in the 

next 5 years in partnership with leading jewellers. 

What is your view of synthetic diamonds? 

Synthetic diamonds are a reality and are here to stay. 

The industry must be united and have a clear view on 

synthetics. It is important the use of synthetics in 

jewellery be declared.Consumers must have access to 

full disclosure with regard to the details of the jewellery 

piece they are purchasing. 

What are the medium and long-term challenges that 

the jewellery market is facing from the point of view 

of your company? 

The lack of trained staff is well-acknowledged challenge 

facing Indian manufacturers and retailers which requires 

greater discretion and knowledge on the part of a 

Seeking to build a 

partnership between leading 

jewelers, diamantaires and 

Forevermark based upon our 

mutual passion for diamonds 

and our long-term view of our 

industry 

salesperson. Investment in training and acquiring soft 

skills is vital and will definitely ensure the best possible 

interactivity for the consumer at the point of same. 

The organized segment of the jewellery industry is very 

small in number. This provides an excellent opportunity 

for the Indian players to manufacture and sell their 

jewellery through the retail channels that are fast 

catching up in the Indian markets. Further, this move 

will also provide an organised structure to the largely 

unorganised gems and jewellery sector and lead to 

further growth of the sector. 

Also, there is competition from other industries as trends 

indicate spending and consumption shifts towards a 

particular lifestyle. It is imperative that brand strategies 

be relooked and tailored for the new age where the 

media consumption has shifted focus to the digital 

platform. We must work towards providing our 

consumers world class facilities and services in our 

efforts to get them to showcasing the best retail 

experience. 

What kind of retailers have been you pitching the 

range to so far? 

As I have always said, for us it's importantthat our 

partners, who are leaders in the jewellery retail space, 

also meet our stringent requirements of business, social 

and environmental integrity. It's critical that our partners 

share the same passion for diamonds and a long term 

perspective to the industry as us. 

Just like we take meticulous care while selecting a 

Forevermark diamond we also devote a lot of time and 

effort while choosing the jewelers we want to partner 

with. Forevermark diamonds are only available with a 

few exclusive Authorised Forevermark Jewellers who 

are passionate about creating the finest designs inspired 

by these exceptional diamonds, who have a history of 

integrity and trust, who are focused on diamonds and 

have the quality environments and skilled sales 

associates necessary to sell diamonds with the 

Forevermark. 

We are seeking to build a partnership between leading 

jewelers, diamantaires and Forevermark based upon our 

mutual passion for diamonds and our long-term view of 

our industry. 





PLATINUM BLESSINGS FOR 

INDIA THIS WEDDING SEASON 

EVARA Platinum Blessings for the modern Bride and Groom unveiled in Mumbai 

The Platinum Evara campaign stars, Amrita Puri and Smaran Sahu showcase the Elegant Range of Jewellery 

Michael Foley, Jewellery & Product Designer, 

Foley Designs at the launch of EVARA 

Platinum Blessings for the modern Bride and 

Groom in Mumbai 

latinum Guild International 

(India) today introduced EVARA 

PPlatinum Blessings the much 

awaited foray of platinum in the bridal 

jewellery segment in the style capital of 

India Mumbai. Introduced with an 

exquisite range of jewellery for men and 

women, EVARA Platinum Blessings taps 

into the massive growth potential of the 

bridal jewellery market to offer an 

opportunity for dual gifting for the 

modern bride and the groom from the 

parents, in-laws or from the elders in the 

family, who wish to bless the couple. 

Showcasing the Platinum Evara range of 

jewellery in all its splendour, were the 

stars of the EVARA Platinum Blessings 

campaign; actress Amrita Puri and 

fashion model SmaranSahu. At the 

launch, Vaishali Banerjee, Country 

Manager India, Platinum Guild 

International and Michael Foley, 

Jewellery & Product Designer, Foley 

Designs elaborated on the concept and 

the emotion behind EVARA Platinum 

Blessings. 

Built on platinum heritage and infused 

with cultural relevance integral to Indian 

weddings the name EVARA is rooted in 

Sanskrit and stands for blessings and 

carries with it the platinum promise of 

The Platinum Evara campaign stars, Amrita 

Puri and Smaran Sahu showcase the elegant 

range of jewellery. 

everlasting love. Love is at the heart of 

every Platinum Evara design as each 

piece has a 'Platinum Bond' that holds 

multiple strands of platinum together, 

symbolic of a coming together to create a 

beautiful new relationship. 

The Platinum Evara campaign stars, Amrita Puri and Smaran Sahu showcase the elegant range of jewellery 



Vaishali Banerjee, Country Manager 

India, Platinum Guild International said, 

“We have seen phenomenal success of 

the platinum programmes till date and 

how well it has resonated with young 

India, making platinum a must-have in 

their wardrobe. So we step forward and 

embark on a new journey to create and 

build another platinum milestone with 

EVARA Platinum Blessings, a blessing 

of everlasting love from the parents to the 

bridal couple at the wedding.” 

She further added, “Platinum bridal is not 

about traditional wedding day jewellery. 

Platinum is about emotions and 

expressions of love and it was very 

important to stay true to platinum and 

form a differentiated position in the 

bridal jewellery segment, which is highly 

cluttered and traditional. So in a space 

that is so social and outward, with 

emphasis on display of wealth and status, 

platinum had to define a place that is 

personal, special and emotional. Hence 

the creation of EVARA Platinum 

Blessings, a space unique to platinum and 

most definitely in the wedding domain. 

And because blessings are always 

everlasting and all about love.” 

Michael Foley, Jewellery & Product 

Designer, Foley Designs said, “Platinum 

Evara brings a contemporary expression 

to ornamentation with a sense of 

sophistication. The first challenge of 

taking platinum into bridal wear was to 

filter several design directions to create a 

universal concept that stays unique to 

platinum and its core essence. The 

journey began with building design 

concepts depicting the symbolic essence 

of everlasting bonds. The platinum bond, 

a soft contoured design form, did seem to 

converge from a series of evolutionary 

refinements, making it versatile to 

women's and men's jewellery. The intent 

of every piece in Evara is to symbolically 

create a bond representing the 

convergence of two families and 

subsequently building new relationships. 

The strands are versatile elements that 

could take any form such as ropes, links, 

chains all depicting the confluence of 

families.” 

Speaking on Evara, Actress Amrita Puri 

said, “I think Platinum Evara is a great 

way for parents to bless a newly married 

couple with everlasting love. I love this 

Platinum Bond, as it signifies the coming 

together of 2 families. What I like about 

I think Platinum Evara is a 

great way for parents to 

bless a newly married 

couple with everlasting 

love. I love this Platinum 

Bond, as it signifies the 

coming together of 2 

families. What I like about 

the Platinum EVARA is that 

it has been designed for 

me. It can be worn beyond 

just the wedding occasions. 

the Platinum EVARA is that it has been 

designed for me. It can be worn beyond 

just the wedding occasions. I can team it 

up with almost anything in my wardrobe 

be it Indian, Western or Formal. But what 

is even more special is that every time I 

would wear this, I would be carrying with 

me my parents love and blessings. I think 

I would be very touched if my parents 

gifted me Platinum EVARA when I 

decide to get married.” 

Smaran Sahu from the Platinum EVARA 

campaign added, “The blessings of 

parents are very significant during any 

marriage and I think Platinum EVARA is 

a modern way for parents to express this 

thought. Personally I don't wear a lot of 

jewellery, but when I saw EVARA, I 

immediately took to the designs. It's 

minimal, elegant and my personal 

favourite is the Platinum EVARA Chain 

it's very versatile and something I could 

wear every day.” 

Platinum Evara jewellery has been 

designed keeping in mind that it can be 

worn beyond just the wedding occasions. 

So post marriage, right from a promotion 

or a new venture to a baby shower or an 

anniversary and so on, key milestones are 

designed with blessings and made of 

precious platinum. The concept of 

Platinum Evara will be promoted through 

a robust 360-degree campaign to inspire 


About Platinum Guild International: 

Founded in the year 1975, Platinum 

G u i l d I n t e r n a t i o n a l ( P G I ) 

isdedicated to promoting platinum 

jewellery to the consumers and the 

jewellery trade worldwide. 

Headquartered in London, PGI has 

been providing support to the 

world's major jewellery markets for 

over 35 years. The India office was 

set up in September 2000 and runs a 

c o m p r e h e n s i v e m a r k e t i n g 

programme to build desire for 

platinum jewellery. Also provides 

platinum Retail Sales Training and 

conducts a unique Quality 

Assurance programme to ensure 

quality and purity of platinum 

jewellery amongst consumers and 

trade. 

an emotional connect for platinum 

wedding jewellery. This will be 

supported by a strong trade programme 

that will deliver a superior consumer 

experience in-store with dedicated 

branded Platinum Evara zones. 

Availability: Leading platinum authorised 

retailers across India such as ORRA, 

WamanHariPethe, Popley Jewellers, 

Chintamani, Manubhai, Joyalukkas, 

Malabar Gold & Diamonds,Senco Gold 

& Diamonds amongst others. 

In order to assure consumers of the purity 

of platinum jewellery, Platinum Guild 

India Pvt. Ltd. has appointed 

Underwriters Laboratories (UL Inc, 

USA) to audit and monitor its Quality 

Assurance Scheme. Under this scheme, 

all authentic platinum jewellery in India 

comes with a Quality Assurance Card 

and bears the purity hallmark of “Pt 950” 

stamped inside the piece. This also serves 

as an assurance of a ‘buy back’ 

programme. 

Look for the Pt 950 

engraving as a hallmark 

of purity on every 

platinum jewellery 



INDUSTRY REPORT 


Govt to introduce alfa-numeric 

code for Jewellery soon 

Rajesh Mehta 

Rajesh Exports 

The government does not have 

adequate infrastructure. In 

remote places, the assaying and 

certifying centres exist at a 

distance of over 100 km. 

Transporting all jewellery to the 

assaying centre will not only be 

difficult but risky. Who will be 

accountable for any theft or any 

such incidence? The 

government should continue 

with the existing system until 

there is adequate infrastructure 

Implementation is next to 

impossible. There are over 

one million jewellery retailers. 

The outcome of the 

government's efforts will have 

no outcome. 

Haresh Soni 

chairman, All India Gems 

& Jewellery Trade Federation 

he central government is “actively considering” 

introduction of a nine-digit alphanumeric identity 

Tcode for every jewelleryitem manufactured in India, 

to fix purity and traceability. The code is proposed to be 

encrypted on every ornament. The major aim is to protect 

consumers from being duped, through tracing of the origin, 

certifying and assaying of ornaments. At present, some 

organised retailers sell ornaments with the Bureau of Indian 

Standard (BIS) hallmark, at a premium to local jewellers. 

Mandating an alphanumeric code is an attempt to fix a 

uniform standard for ornaments and make these resaleable at 

a uniform price. Currently, prices vary from one jeweller to 

another and so do ornaments' resale value. 

Raosaheb Patil Danve, the Union minister of state for 

consumer affairs, said in the Lok Sabha on Tuesday, “The 

government is actively considering a proposal under which 

all hallmarking and assaying centres will assign a unique 

nine-character code to jewellery, for purity and traceability.” 

BIS has issued around 14,000 licences to assayers and 

certification agencies since jewellery hallmarking was 

sought to be made mandatory in 2000. The agency has 

achieved around 30 per cent of hallmarking of ornaments 

made in India. 

“There have been numerous complaints filed with the 

government on cheating by jewellers, with a claim of higher 

caratage of gold in ornaments. In consumers' re-selling, the 

same jewellery is authenticated to be of lower caratage and, 

therefore, a cut in its value. Also, there has been fake 

hallmarking,” said a noted jeweller. According to trade 

sources, the proposal came from the ministry of consumer 

affairs itself. However, the jewellery industry has protested. 

“Implementation is next to impossible. There are over one 

million jewellery retailers. The outcome of the 

government's efforts will have no outcome,” said Rajesh 

Mehta, managing director of Rajesh Exports, which owns 

around 60 retail jewellery stores. According to industry 

sources, the hallmarking of a renowned jeweller is 

duplicated by smaller ones to fetch the premium the former 

enjoys. The government wants to do away with 

duplication. 

“The government does not have adequate infrastructure. In 

remote places, the assaying and certifying centres exist at a 

distance of over 100 km. Transporting all jewellery to the 

assaying centre will not only be difficult but risky. Who 

will be accountable for any theft or any such incidence? 

The government should continue with the existing 

system until there is adequate infrastructure,” said 

Haresh Soni, chairman, All India Gems and Jewellery 

Trade Federation. 



Kiran Gems signs Long Term Supply 

contract with ALROSA at WDC. 

SHORT NEWS 

Alrosa Inks Agreement 

with 12 Indian Companies 

for Direct Rough Supply 

WDMF’s Chairman Mr. Alex Popov (Left) with Mr. Mavji Patel, Kiran Gems Managing Director 

& Mr. Dinesh Lakhani, Kiran Gems Director 

iran Gems, the world's largest manufacturer 

of diamonds, has renewed its contract with 

KRussian miner ALROSA, signing the long 

term supply agreement at the recently concluded 

World Diamond Conference held in Delhi. Pegged as 

a highly momentous and magnanimous conclave in 

the diamond industry worldwide, H.E. Vladimir 

Putin, Hon. President of Russian Federation and Shri 

Narendra Modi, Prime Minister India, attended the 

inaugural function on December 11, 2014. MrMavji 

Patel- MD Kiran Gems and Mr Dinesh Lakhani- 

Director Kiran Gems were present for the event. Mr. 

Dinesh Lakhani said- “ We are happy to renew the 

contract with ALROSA. Being a manufacturer of the 

largest volume, Consistent and Ethical sourcing is 

core to us and ALROSA is a great sourcing partner.” 

Kiran Gems manufactured 5.3 million carats of 

rough in the past year which was sourced from 

various major miners of the world including 

ALROSA. The company has increased its 

manufacturing levels in the current FY based on 

demands from its customers. Kiran Gems is also the 

single largest user of advanced manufacturing 

equipment across its all manufacturing units, spread 

over 1 million sqft in Surat and Ahmedabad. The 

renewed contract with increased supply levels from 

ALROSA would further streamline its sourcing. 

About Kiran Gems: 

Kiran Gems 

manufactured 5.3 

million carats of 

rough in the past 

year which was 

sourced from various 

major miners of the 

world including 

ALROSA. The 

company has 

increased its 

manufacturing levels 

in the current FY 

based on demands 

from its customers. 

Kiran Gems is also 

the single largest user 

of advanced 

manufacturing 

equipment across its 

all manufacturing 

units, spread over 1 

million sqft in Surat 

and Ahmedabad. 

Kiran Gems is the world's largest manufacturer of diamonds. The company exports 

polished diamonds & diamond jewellery to more than 60 countries across USA, Europe, 

Middle East, Latin America and Asia Pacific. Currently, it is the number one exporter of 

Cut & Polished Diamonds in the country and has been awarded for the sixth year in row for 

same by Gems and Jewellery Export Promotion Council of India. One can find out more 

about the company from its corporate website www.kirangems.com. 

t t h e Wo r l d D i a m o n d 

Conference India today, 

ARussia's Alrosa finalised three 

year contracts for direct rough supply to 

12 Indian diamond companies beginning 

2015. The agreements were signed by 

Illya Raschin, Acting President of Alrosa 

with the respective heads of each of the 

companies in the presence of Shri 

Siddharth, Joint Secretary, Dept. of 

Commerce, Ministry of Commerce & 

Industry, Government of India. 

The 12 companies selected as clienta of 

the Russian miner are: Rosy Blue, 

Diamond india Ltd, Jasani, Kiran Gems, 

Shree Ramkrishna Exports, Hari Krishna 

Exports, KGK, Dimexon, Venus Jewel, 

Karp Impex, Sheetal Manufacturing and 

Asian Star. 

During the new contract period, the 

estimated direct sales from Alrosa to 

Indian companies will be about US$ 700 

million, and the total for the three year 

period will reach US$ 2.1 billion. 

This represents a massive fivefold hike in 

the current direct supplies of rough from 

Alrosa to india and will provide a huge 

boost to the Indian manufacturers. 



SHORT NEWS 

Kiran Gems Participates in 

Swachh Bharat Abhiyan through conducting 

Cleaning drive at Juhu beach in Mumbai. 


L to R-Mr Rajesh Lakhani Director Kiran Gems, Mr Vallabhbhai Patel Chairman Kiran Gems, 

Mr Dinesh Lakhani Director Kiran Gems, Mr Mavji Patel MD Kiran Gems Honoring Best Team 

iran Gems, the world's largest 

manufacturer of diamonds, 

Ks u c c e s s f u l l y c o n d u c t e d 

participated in the national initiative 

Swachh Bharat Abhiyan, through 

conducting cleanliness drive at Juhu 

beach in Mumbai on 20/12/2014. The 

company participated with over 900 

employees including the Group chairman 

shreeVallabhbhai Patel, Managing 

Director Shree Machine Patel, Directors 

Shree Dinesh Lakhani, Shree Rajesh 

Lakhani and and Varun Lakhani with 

additional over 90 industry patrons who 

supported the cause from outside. The 

event was scheduled from 8:15 am till 

11:00 am in the morning. The company 

conducted the cleaning activity in an 

organised fashion with 47 employees 

groups covering the whole stretch of the 

beach. The groups were prided with 

safety gears and other cleaning 

equipment. Post the event 6 best 

performing groups were given out 

trophies for the group performance. 

Besides, there were 20 individual 

performances were also recognised. To 

give away the prizes and motivate, Mr. 

Ashish Shelar MLA from BandraVidhan 

Sabha and President Mumbai, from the 

ruling political party with government at 

the center, BJP and Ms. AlkaKerkar 

Mayor of Mumbai were present as the 

chief guest of the events. 

The chief guest Mr. Ashish Shelar said 

"this was wonderful that a private 

company like Kiran Gems is coming 

forward and taking part in the initiative 

with such huge numbers of employees 

and it is commendable." Mr Mavji Patel, 

MD- Kiran Gems Pvt Ltd said " This is 

our country and we should care for it. 

Through this we have learnt two things- 1. 

we should practice cleanliness and 2. we 

should not litter. I appreciate every 

employees' effort today and congratulate 

them for such a great accomplishment.” 

Mr Mavji Patel 

MD- Kiran Gems Pvt Ltd 

This is our country and we 

should care for it. 

Through this we have 

learnt two things- 1. we 

should practice cleanliness 

and 2. we should not 

litter. I appreciate every 

employees' effort today 

and congratulate them for 

such a great 

accomplishment. 



GJEPC Looking To Boost Indo-Russia 

Ties In the Diamond Sector 

gainst the backdrop of the President of Russia's visit to 

the country to hold meetings with the Indian Prime 

AMinister, taken along with the fact that President 

Vladimir Putin will be inaugurating the World Diamond 

Conference being held in New Delhi, the GJEPC will be 

working to strengthen its ties with its Russian counterpart and 

boost trade between the diamond sectors of the two countries. 

The two countries are complementary in nature and it is only natural 

that the two should be partners. Russia is the largest volume producer 

of rough diamonds; India is the biggest cutting and polishing 

diamonds. In 2013, Russia produced 25 per cent of total rough 

diamond produced in carat terms, and 26 per cent by value. The India 

diamond manufacturing centre has a 65 per cent share of the world 

polished market by value; 85 per cent in terms of caratage and a 

stupendous 92 per cent in terms of number of pieces. 

Currently, India imports approximately 90 per cent of its rough 

diamond requirement from trading centres such as EU, Israel 

and UAE; and only 10 per cent of its rough purchase comes 

directly from producing countries like Russia, Australia, Canada 

and Africa. Russia exports 63 per cent of rough diamonds to the 

European Union and only 16 per cent to India. Alrosa has 37 

long-term customers, and only six of them are from India. 

In order to improve this position, the GJEPC is hoping to work 

with the senior representatives from Alrosa, the Russian rough 

diamond sales company, to work out various ways of increasing 

trade between the two countries. 

First on the list is the signing of an MoU between the India and 

Alrosa in which GJEPC hopes the current number of six (direct 

clients) increases. On the other hand the GJEPC will also – 

through the proper channels – work towards a Free Trade 

Agreement for the diamond sector between the two countries; or 

at the very least a restructuring of the tax on the Russian import 

of polished diamonds and jewellery. 

GJEPC will also familiarise mining companies coming to the 

Conference about the proposed Special Notified Zone (SNZ). 

The GJEPC is convinced that such a zone, the first of which the 

GJEPC would like to put up in the Bharat Diamond Bourse, will 

greatly facilitate trading and be a boon for all diamond 

companies in the country. GJEPC hopes that Alrosa will be a 

regular participant in sales at the SNZs. 

The Conference is being organised by The Gem & Jewellery 

Export Promotion Council (GJEPC) in association with the 

World Diamond Mark Foundation (WDMF) and with the 

support from the Ministry of Commerce and Industry, 

Government of India. 


SHORT NEWS 

Consumer Marketing Of Diamonds 

to Be High On World Diamond 

Conference Agenda 

he challenge of enhancing the appeal of diamonds 

among consumers will be one of the key points on the 

Tagenda of the World Diamond Congress, India which 

will take place in New Delhi on December 11-12, 2014. Senior 

representatves of different stakeholders in the diamond pipeline 

– miners, manufacturers, retailers – are all expected to address 

this question from their particular standpoint during the 

discussions. 

The conference is being organised by The Gem & Jewellery 

Export Promotion Council and World Diamond Mark 

Foundation and is supported by the Government of India. 

“There is a need for generic promotion of diamonds,” says 

Sanjay Kothari, Convener, PMBD, GJEPC and one of the 

organisers, “and though attempts were made in the past to forge 

a common platform for this purpose, they could not be 

sustained.” 

Sanjay Kothari, 

Convener, 

PMBD, GJEPC 

The WDMF is an 

initiative of the World 

Federation of Diamond 

Bourses (WFDB) to 

promote diamonds and 

we hope that the 

miners and retailers join 

hands with the 

manufacturers to step 

up promotions like this. 

He further added, “The WDMF is an initiative of the World 

Federation of Diamond Bourses (WFDB) to promote diamonds 

and we hope that the miners and retailers join hands with the 

manufacturers to step up promotions like this.” 

In fact, the dicussions on the first day are entirely devoted to 

addressing the future place of diamonds in the luxury product 

market. The session in which minsiters from mining countries 

and the top leadership of mining companies are participating is 

focused on the theme 'Marketing of Diamonds as a Category – A 

Miner's Perspective', and is likely to see what the organisers have 

described as a “frank and spirited debate” and “a truly open 

discussion about the path the diamond and diamond jewellery 

industry will need to follow toward new growth and 

rejuvenation”. The panel discussion immediately after the 

presentations will be chaired by Chaim Evan-Zohar. 

Subsequent sessions will see a panel of retailers from the US, 

China, India and the Middle East and WDMF chairman, Alex 

Popov tunring their attention to discussing 'Excellence in Retail” 

and “Diamonds as a Luxury Product”. 

“We are hopeful that the conference will help in developing a 

common perspective across the pipeline and bring greater 

agreement among all the different stakeholders on what needs to 

be done to enhance the appeal of diamonds in the minds of 

consumers across the world,” concludes Kothari. 


SHORT NEWS 


GOLD 

JEWELLERY 

export biz to 

return to 

SEZS 

“As per the 80/20 rule, 

80 per cent of the gold 

imported can be used for 

domestic consumption 

provided 20 per cent is 

exported as jewellery. 

This saw more gold being 

imported and then 

exported from the DTA 

units. Most of the 

exporting companies 

have units both in the 

DTA and SEZs and part 

of their business have 

been shifting from SEZ 

to DTA units. 

s the government has scrapped 

the 80/20 rule for gold imports, 

Apart of the gold jewellery 

export business that had moved to 

domestic tariff area (DTA) in the past 

few months is expected to return to 

special economic zones (SEZ). Despite 

a 30 per cent growth till November, 

gold jewellery exports may remain flat 

by the end of the fiscal. 

Historically, DTA accounts for almost 

40 per cent of the gold jewellery exports 

while SEZs make for a higher portion of 

60 per cent. However, since the 80/20 

rule was imposed for gold imports, the 

export business was seen shifting more 

to DTA units. In the past three months, 

the DTA share of exports has moved up 

to 70 per cent. 

As per the export figures published by 

Gem and Jewellery Export Promotion 

Council, gold jewellery exports from 

DTA shot up by 135 per cent to Rs 

16,231 crore between April and 

September 2014 against Rs 6,893 crore 

in the same period last year. During the 

same time, exports from SEZs have 

gone down by 22 per cent to Rs 13,654 

crore from Rs 16,290 crore in the year 

ago period. Between April-November, 

DTA exports went up by 114 per cent 

while SEZ exports declined by 16 per 

cent. 

“As per the 80/20 rule, 80 per cent of 

the gold imported can be used for 

domestic consumption provided 20 per 

cent is exported as jewellery. This saw 

more gold being imported and then 

exported from the DTA units. Most of 

the exporting companies have units 

both in the DTA and SEZs and part of 

their business have been shifting from 

SEZ to DTA units,' said Sabyasachi 

Ray, executive director of GJEPC. 

In the past three months when the 

availability issues of gold were 

resolved after import permission was 

granted to premier trading houses and 

few more banks, gold jewellery 

exports were seen growing. Between 

April and November 2014, it went up 

by 30 per cent against the year-ago 

period. “The 80/20 rule was an 

incentive for the industry to export so 

as to procure gold for the domestic 

market,” he said. 

Jewellery exports for trading purposes, 

which is banned through SEZs, also 

has been taking place through DTAs to 

meet the export requirement as per the 

80/20 rule. 

However, now that government has 

scrapped the 80/20 rule, the industry 

expects the business to come back to 

SEZs. However, the growth in gold 

jewellery exports may not be as high as 

what it has been in the past three 

months. 



UK man finds 

‘Space Diamond' 

worth 12,000 pounds 

SHORT NEWS 

BVC Brinks JV acquires a majority market 

share of Indian Exports of Diamond and jewellery 

The successful joint venture achieves control of 50% of industry 

UK man who was out walking his 

dogs has chanced upon a diamond 

Aworth 12,000 pounds which was 

shot into space more than four months ago 

but went missing after parachuting down to 

Earth. 

Allan Bell, 75, was out walking his dogs, 

Rosie and Dylan, along a country path in the 

village of Brattleby in Lincolnshire, 

England, when Rosie 'got scent of 

something' and shot under a hedge. 

Bell, a retired lorry driver, said Rosie was 

'scrabbling about' for 10 minutes before 

dragging a package - attached to a limp 

orange parachute - out of the hedgerow on 

December 23. 

The diamond, a 'modified cushion brilliant 

cut', was shot around 100,000ft in the air in a 

helium balloon by online diamond retailer 

77 Diamonds on August 7, 'mirror.Co.Uk' 

reported. 

The plan was for the balloon to pop at the 

edge of space, where the sky turns dark, 

sending the sparkler parachuting down to 

earth, with the lucky finder allowed to keep 

the diamond worth 12,000 pounds. 

As the gem parachuted back to earth the 

GPS signal was momentarily lost and the 

gem 'vanished'. 

Bell said he had seen reports on TV about the 

missing gem and had 'kept his eyes out for it' 

during his daily dog walks. 

Bell and his wife called bosses at 77 

Diamonds who congratulated them on the 

find. The couple is planning to sell the 

diamond and go on a Mediterranean cruise 

to celebrate their silver wedding 

anniversary. 

VC Diamond and Jewellery Services 

LLP, a joint venture between BVC 

BandBrinksGlobal Serviceshas 

achieved 50% market share of the Indian 

export of diamond and jewellery. In FY April 

'13 to March '14, a report by GJEPC (Gems & 

Jewellery Export Promotion Council) states 

that India's gems and jewellery sector recorded 

a net export of 211743.93 crores (in USD 

34993.01 million). 

The JV, announced in April 2013, was founded 

with an aim to provide a seamless logistics 

service for high value goods, throughout India 

and globally.The JVuses the infrastructure of 

BVC in India and Brinks Global Services in 

over 100 countries for door-to-door secure 

delivery. The JV operates from 8 cities in India 

directly and indirectly facilities exports and 

imports from over 30 cities, making it the 

largest diamond and jewellery supply chain 

management company in India. 

BVC fleet of armoured vehicles ensures that 

goods are delivered securely and BVC Brinks 

has introduced new services for international 

e-commerce deliveries since its inception. 

BVC Brinks management and senior team 

consists of industry experts who specialize in 

the high value goods logistics sector. The 

company has a strong focus towards finding 

effective scalable solutions for the industry 

and is devoted to developing value for 

stakeholders. 

Mr. Uday Chinai, Chairman and CEO, BVC 

Diamond and Jewellery Services LLP says, 

"With the inception of BVC Brinks JV, we 

wanted to do our best to provide optimum and 

secure logistics solutions in the high value 

goods industry. This market leadership of 

logistics of the Indian export of diamond and 

jewellery proves that this has been a fruitful 

alliance. The joint venture has facilitated several 

value added services for clients and the efforts 

have been appreciated by the industry. It has 

helped us in developing new markets globally. 

The joint venture has and will continue to be 

promising for all stakeholders.” 

Mr. Uday Chinai 

Chairman and CEO, 

BVC Diamond & 

Jewellery Services LLP 

With the inception 

of BVC Brinks JV, 

we wanted to do 

our best to provide 

optimum and secure 

logistics solutions in 

the high value 

goods industry. This 

market leadership 

of logistics of the 

Indian export of 

diamond and 

jewellery proves 

that this has been a 

fruitful alliance. The 

joint venture has 

facilitated several 

value added services 

for clients and the 

efforts have been 

appreciated by the 

industry. It has 

helped us in 

developing new 

markets globally. 

The joint venture 

has and will 

continue to be 

promising for all 

stakeholders. 



SHORT NEWS 


Gemfields completes acquisition of Mozambique's ruby licences 

emfields has completed the acquisition of controlling interests in two 

additional ruby deposits in Mozambique, just over two years after it first 

Gannounced its interest in the licences. The licences were formally issued on 22 

September 2014 and 12 November 2014 respectively to a new company, Megaruma 

Mining, in which Gemfields was a 75 percent shareholder. 

They are valid for an initial period of 25 years. 

"We are delighted to announce the completion of this transaction, which encapsulates 

our great confidence in future global demand for Mozambican rubies, just as our stellar 

Singapore auction results did last week, and our belief in the significance of the ruby 

deposits in this area,” said Gemfields chief executive Ian Harebottle. 

“We look forward to working with all our stakeholders in Mozambique in creating the 

world's pre-eminent ruby supply source." The two licences share a boundary with 

Gemfields' existing 75 percent owned Montepuez ruby deposit and cover about 19,000 

hectares and 15,000 hectares respectively. 

SRK Cricket League 

Celebrates 11th Championship 

he “SRK Cricket League,” organized by SRK 

Exports, is part of the “Family Member 

TRecreation Activity” program each year and 

from December 19 to 21, SRK earned its 11th 

championship (Mumbai Champs). This year, our team 

representing the Mumbai office took home the title. 

The tournament was organized at the SRK Sports 

Complex with eight teams taking part. Each team was 

representing by one department. The cheerful 

environment with an audience of more than 7,000 on 

the field was something that makes one feel the 

experience of an international match. The game 

involves technicality, fun, excitement and facilities -- 

like that of international matches -- having live 

streaming over Internet, a live score board and 

followed by formal award presentation ceremony and 

many prizes for family members. 

“The key component of team formation was that each 

team had one partner as an ICON player for better 

coordination and better attachment with top 

management to induce a sharing culture. It brought all 

of us together and our families, too. The SRK Cricket 

League also aims to make families fitter for tomorrow 

and live healthy lives,” said Jayanti Narola, the 

managing director of SRK. 

Surat may have new diamond 

bourse in 4 years 

ajor diamond industry players in Surat plan to 

accelerate the Surat Diamond Bourse project by 

Madditional financing so that the bourse could start 

operations in four years. 

Diamond companies are going to submit a formal expression 

of interest to the Gujarat government regarding the proposed 

investment. 

The Surat Diamond Bourse intends to invite buyers from 

across the globe to visit the city for business on a single 

paltform. 

The proposed hub will have 22 interconnected buildings of 

more than 20 floors and house more than 10,000 offices. 

Gujarat Infrastructure Development Board will launch a 

special purpose vehicle for this three-phased project in which 

Surat Diamond Bourse is the anchor company. 



SHORT NEWS 

SRK Signs Supply Contract With ALROSA 

RK truly understands the mindset and concerns when 

purchasing diamonds and it is fortune that the company's 

Scustomers share these issues when dealing in diamonds, 

said in the press release received by Rough & Polished. 

It is obvious that a lot of questions arise when one invests in 

such luxurious and precious things as diamonds, for example, 

what kind of rough stone was used, what is its origin, was it 

ethically sourced, the reliability of the brand etc. 

To further help answer these questions, SRK recently signed 

three-year term contract for direct rough supplies from 

Russia's ALROSA. The agreement was signed at The World 

Diamond Conference in Delhi and will run from 2015 to 

2018. The contract was signed between ALROSA's acting 

president, Illya Raschin, and SRK's managing director, 

Jayanti Narola, and Rahul Dholakia. 

The World Diamond Conference - an event that was jointly 

addressed by Russia's President Vladimir Putin and India's 

Prime Minister Narendra Modi - was organized by The 

World Diamond Mark (WDM) and The Gem & Jewellery 

Export Promotion Council (GJEPC) and supported by India's 

Ministry of Commerce and Industry. SRK felt that its 

members should be aware of this development. 

Zimbabwe Diamond Centre signs 

deal with Indian technology firm 

he Zimbabwe Diamond Technology Centre 

last week signed a multi-million dollar deal 

Twith an Indian firm Sahajanand Laser 

Technology Ltd., under which it will receive state-ofthe-art 

diamond cutting and polishing equipment, 

reports The Herald. Chairman of the Zimbabwe 

Diamond Technology Centre Mr. Lovemore 

Kurotwi, yesterday said the deal was consistent with 

speed modernization of the country's local diamond 

polishing industry. 

He described the equipment, which is expected in 

the country before the end of next month, as total 

solution to diamond cutting and polishing 

processes. 

"Cutting and polishing of diamond is now scientific 

and the equipment that we are getting from India is 

a total solution to polishing of our diamonds," said 

Mr. Kurotwi. "The new equipment will enable us to 

cut and polish all diamonds mined in this country 

before marketing." 

Mr Kurotwi said Sahajanand Laser Technology 

was supplying most countries in the world with 

diamond equipment. Meanwhile, the Zimbabwe 

Diamond Technology Centre was invited by the 

Southern Gujarat Chamber of Commerce and 

Industry in India from January 3-6. 

Mr Kurotwi said this would be an opportunity to tap 

knowledge on how other countries were marketing 

polished stones. “For us it is a learning process to 

see how others are doing in the diamond industry," 

he said. Zimbabwe Diamond Technology Centre is 

working with Zimbabwean Government in an 

effort to create a vibrant diamond industry as local 

diamonds accounted for an estimated 30 percent of 

rough gems in the world. 



SHORT NEWS 


De Beers to service Indian clients through 

office in Dubai, Antwerp 

Special Notified Zone insufficient to encourage global diamond miner 

to open trading office in India 

Currently, small diamond 

processors travel to 

Dubai, Belgium and 

Antwerp for inspection of 

rough diamond lots and 

again for participating in 

auctions.Goods sold in a 

special notified zone 

come in the form of 

consignments. In 

transporting unsold 

quantities back to Dubai, 

Antwerp or London, the 

value of goods is added 

to the turnover, on which 

income tax is levied. 

Therefore, global rough 

diamond miners have 

been apprehensive on 

opening offices in India. 

DIndia. 

e Beers, the global diamond 

mining company, says it has no 

plan to open a trading office in 

“The auction sales customers in India are 

serviced out of either Dubai or Antwerp,” 

said a spokesperson, to a Business 

Standard query. 

The Gems and Jewellery Export 

Promotion Council (GJEPC) had been 

pressing the central government to 

declare a large office at the Bharat 

Diamond Bourse in the Bandra Kurla 

Complex of this city as a 'Special Notified 

Zone', to enable global miners such as De 

Beers to bring rough diamonds tax-free 

for auctioning in India. 

Import and export of roughs into such a 

zone is duty-free. 

Commerce and industry ministry 

Nirmala Sitharaman had a discussion in 

October with the revenue secretary on 

this. It appears the declaration of such a 

notified zone at the Bourse is under 

consideration. 

Currently, small diamond processors 

travel to Dubai, Belgium and Antwerp for 

inspection of rough diamond lots and 

again for participating in auctions.Goods 

sold in a special notified zone come in the 

form of consignments. In transporting 

unsold quantities back to Dubai, Antwerp 

or London, the value of goods is added to 

the turnover, on which income tax is 

levied. Therefore, global rough diamond 

miners have been apprehensive on 

opening offices in India. 

“Global miners can take back the unsold 

quantity without any levy in case a 

Special Notified Zone is declared by the 

government,” said Shah. 

Major global trading centres such as 

Dubai, Singapore and Belgium have 

already extended such a facility. De 

Beers contributes around 25 per cent of 

India's rough diamond supply. Well over 

90 per cent of all rough diamonds mined 

in the world are processed in this country. 

Rough diamond import into India was 

estimated at $11,878 million in 

April–November, the first seven months 

of this financial year, compared with 

$16,716 mn in the corresponding period 

last year, 8.5 per cent higher. 

At the recent 'Make in India' meeting of 

business people and policy makers with 

Prime Minister Narendra Modi, GJEPC 

executive director Sabyasachi Ray urged 

the government to introduce a conducive 

taxation regime, at par with other global 

gem and jewellery hubs such as 

Belgium, Israel, UAE, Thailand and 

China. 

The industry has urged the government 

to introduce a Benign Assessment 

Procedure for the diamond industry and 

to reduce the tax rate from the existing 

six per cent to 2.5 per cent, in addition to 

a reduction in import duty on cut and 

polished coloured gemstones from 2.5 

per cent to nil. 



SHORT NEWS 

DMCC welcomes leading global 

diamond mining company ALROSA 

– Arcos East DMCC to Free Zone 

Ahmed Bin Sulayem 

Executive Chairman, DMCC 

The ever increasing 

number of large 

corporates and leading 

market participants such 

as ALROSA – Arcos East 

DMCC choosing to 

operate out of Dubai and 

the DMCC Free Zone 

continue to make a 

significant impact on the 

rapid growth of the 

diamond trade in the 

UAE. 

MCC, one of the world's 

leading commodity hubs for 

Dtrade and enterprise and the 

largest and fastest growing Free Zone in 

the UAE, welcomed ALROSA and its 

subsidiary Arcos East DMCC to Dubai, 

as the company opened their new office 

in Almas Tower. 

A l e x a n d e r E f i m o v, R u s s i a n 

Ambassador to the UAE, Andrey 

Polyakov, Vice President, ALROSA and 

Dmitrii Chizhov, General Director, 

Arcos East were welcomed by Ahmed 

Bin Sulayem, Executive Chairman, 

DMCC; Gautam Sashittal, Chief 

Executive Officer, DMCC; and Peter 

Meeus, Chairman of the Dubai 

Diamond Exchange and other senior 

DMCC officials. 

The ALROSA move further highlights 

the significant role Dubai is serving as 

one of the world's leading diamond hubs 

for trade and its connectivity to 

producing countries in Africa, cutting 

and polishing markets in Asia and 

consuming markets in Europe, North 

America and China. 

Ahmed Bin Sulayem, Executive 

Chairman, DMCC, said: 

“The ever increasing number of large 

corporates and leading market 

participants such as ALROSA – Arcos 

East DMCC choosing to operate out of 

Dubai and the DMCC Free Zone 

continue to make a significant impact on 

the rapid growth of the diamond trade in 

the UAE. 

“ALROSA is one of the world's leaders 

in diamond mining accounting for 

approximately 97 per cent of all Russian 

production, and we wish their 

subsidiary Arcos East DMCC every 

success as they expand and access new 

markets here in Dubai and beyond.” 

Andrey Polyakov, Vice President, 

ALROSA: 

“ALROSA's decision to operate out of 

Dubai and in the DMCC Free Zone is 

another step in a long term expansion 

plan. 

“Dubai connects all major diamond 

production and consumption centres 

globally. From a logistics perspective 

the Emirate has unrivalled ability to 

support the growth ambitions of global 

traders and its international transport 

links makes doing business here 

convenient and efficient. Dubai is no 

doubt one of the most efficient places 

for the trade which is one of many 

reasons why we are opening an office 

here.” 

ALROSA, the Russian world leader in 

diamond mining, joins over 180 Russian 

companies currently based in the Free 

Zone, including Smolensk-Kristall - the 

manufacturers of the prestigious Dubai 

Cut Diamond and Lukoil - one of the 

world's largest oil and gas companies. 

The DMCC Free Zone is home to over 

9,700 member companies in total. 




BVC Logistics Wins 

'Best Logistics Company' 

Award At GJTCI Excellence Awards 


De Beers Group CEO Steps Out to 

Support Forevermark “High Impact" 

Brand Strategy 

L-to-R-Prabhudas Parekh Shilpa - Lifestyle Rajkot, Rajendra Jain - MD Swarovski- 

Gems India, Harsh Arora - National Sales Manager BVC Logistics, Vipul-Shah- 

Chairman GJEPC 

fter a glorious 2014 with three awards to its credit, BVC 

Logistics has started the New Year with yet another 

Afeather in its cap. BVC Logistics, the market leader in 

providing integrated logistics solutions, bagged the 'Best 

Logistics Company' award at the GJTCI Excellence Awards 

held in Mumbai. GJTCI (Gem & Jewellery Trade Council of 

India) organizes the GJTCI Excellence Awards annually with a 

view to felicitate the stalwarts of the Indian jewellery industry 

and to recognize their contribution towards the development 

and growth of the sector. BVC Logistics, established by BVC 

Ventures, has previously won awards at the 2nd India 

International Bullion Summit, GJTCI Awards and Franchise 

Small Business Awards in 2014. The company has a strong team 

of industry experts and network of agents that work towards 

developing value for their stakeholders and finding effective 

and scalable solutions. Along with the gems and jewellery 

industry, BVC Logistics also specializes in other verticals like 

luxury goods, automotive, chemicals, and pharmaceuticals. 

Commenting on the occasion, Mr. Rajesh Neelakanta, 

Executive Director and CEO, BVC Logistics said, "2014 was a 

great year for us and we definitely see this continuing in the New 

Year. We aim to incorporate innovation and excellence in our 

business, so as to be able to provide seamless service to our 

customers. It is an honour to have received this award from the 

GJTCI and this will serve as a token of motivation for us to 

further better our services". Adding to this he said that the prime 

focus for BVC Logistics in 2015 would be to make a stronger 

global impact with its expansion into newer markets. 

About BVC Logistics: 

BVC Logistics is a market leader in providing integrated logistics 

solutions within express and contract logistics, industrial projects, 

customs clearance and ocean and air cargo freight management 

services. Over the past five decades, BVC's network of agents has 

grown significantly and now offers services to over 100 countries. 

With a strong team of industry experts who specialize in verticals 

like luxury goods, gems and jewellery, automotive, chemicals, 

pharmaceuticals, solar, consumer and oil & gas, BVC Logistics is 

devoted to developing value for stakeholders and finding effective, 

scalable solutions. 

hilippe Mellier, Chief Executive, De Beers Group, 

welcomed Forevermark partners during a private 

Pcocktail event in New York addressing the challenges and 

opportunities facing the diamond industry articulated in the 

2014 Diamond Insight Report. The address culminated with 

attention to the strategic reasons behind the emergence of 

diamond brands and growth of Forevermark. 

Mr. Mellier said, “It is undeniable that the consumer landscape 

in the US is changing...There has been a clear increase in 

consumer preference for brands and people are also changing 

how they engage in the retail process”. 

Mr. Mellier continued by summarizing the benefits of the 

Forevermark proposition: “It answers the consumer's growing 

desire for branded products that can be trusted and that can 

evidence their ethical credentials. It has embraced new ways of 

selling and of reaching out to engage with younger consumers. It 

has a high impact marketing approach that operates across a 

number of channels. And it provides reassurance in terms of 

grading and quality. And of course while Forevermark responds 

to the consumer's needs for confidence, trust, quality and 

excitement, it also responds to the retailer's need for a 

differentiated and value-adding proposition.” 

Referring to the inaugural Diamond Insight Report, published 

by The De Beers Group of Companies in September 2014, Mr. 

Mellier said that in the US jewelry market diamonds continue to 

be by far the most coveted of gemstones. He also referenced a 

recent survey amongst Forevermark retailers in which 74 

percent reported their overall diamond jewelry sales were equal 

to, or greater than, the prior year, with 45 percent reporting 

increases of five percent or more. In addition, Authorized 

Forevermark retail doors grew 18% in the last year, demand 

amounting to over 350,000 inscribed diamonds, a 47% growth 

over 2013. 

“In short,” Mr. Mellier concluded, “Forevermark is our way of 

preparing for the future of diamond jewelry retailing. It is our 

way of helping to meet the long-term needs of industry 

stakeholders. It is our way of capturing forever, today.” 



SHORT NEWS 

GSI cooperates with WDMF and DGJG 

at the Dubai Shopping Festival 2015 

Celebrating its 20th 

anniversary in 2015, the Dubai 

Shopping Festival is the largest 

shopping and entertainment 

extravaganza in the Middle 

East. "GSI is proud to be 

associated with this endeavor, 

and we look forward to 

enhancing our business in 

Dubai and the UEA!" 

Gershburg concluded. 

During the past month, Gemological Science International 

(GSI), one of the largest independently owned gemological 

laboratories in the world, has cooperated closely with the World 

Diamond Mark Foundation (WDMF), and the Dubai Gold and 

Jewellery Group (DGJG) to promote the Dubai Shopping 

Festival (DSF). GSI provided diamond grading services for the 

35 diamonds that were raffled during the Dubai Shopping 

Festival. Winners of the daily diamond raffles received their 

diamonds, in an especially designed box that carried the WDM 

and the GSI logos, and included the GSI diamond grading report 

of the diamond. 

DSF started on January 1st and will concluded on February 1st, 

2015. Throughout the festival shoppers could win a one-carat 

diamond or one kilo of gold in daily raffle draw. To be eligible 

for the raffle, shoppers needed to purchase diamond and gold 

jewelry worth AED 500. With their purchase, they then received a coupon to enter the raffle 

draw. 

"DSF is a perfect platform to reach out to the consumers and GSI was happy to cooperate with 

WDM and DGJG and to utilize this opportunity to enhance our company's name, products and 

services amongst the 500 jewelry retail outlets across Dubai which are part of this grand 

promotion," Mark Gershburg, GSI CEO stated. The diamonds distributed during the raffle 

draw are all graded by GSI and sponsored by WDMF. 

Celebrating its 20th anniversary in 2015, the Dubai Shopping Festival is the largest shopping 

and entertainment extravaganza in the Middle East. "GSI is proud to be associated with this 

endeavor, and we look forward to enhancing our business in Dubai and the UEA!" Gershburg 

concluded. 

WDMF Chairman Alex Popov lauded GSI's joining the diamond promotion and marketing 

efforts of the WDM. "We welcome GSI as a partner to our consumer-oriented marketing 

campaigns. GSI is a highly regarded, independent gem lab of impeccable reputation. We look 

forward to taking this relationship and cooperation further!" Popov concluded. 

Former WFDB Alrosa President Fyodor Andreev Passed Away 

The World Federation of Diamond Bourses (WFDB) wishes to express its 

sorrow at the passing away of former Alrosa President Fyodor Andreev on 

January 30, 2015. 

"We knew that Mr Andreev had been sick for the past several months and 

was receiving treatment, but it came as a shock to hear of his death, 

especially at such an early age. On behalf of the WFDB, I would like to pass 

on our sincere condolences to Mr Andreev's family."" said WFDB President 

Ernest Blom. 

Born in 1966, he served in 2002 as first vice president of Alrosa with 

responsibility for finance and economics, before returning to the company as 

its head in 2009. Mr Andreev served as President of Alrosa for five years 

until resigning in September for medical reasons. It was under the 

presidency of Mr. Andreev that relations between Alrosa and the WFDB 

were established, and continue being built upon by both parties. 

Fyodor Andreev will be missed in the diamond industry but remembered for 

his contribution and vision in building a stronger global industry. 



NEW LAUNCH 


A Brand of KGK 

Entice comes to the City of Gardens 

With the Grand Opening of 

Entice's Boutique in Bengaluru 

-6/1, Raja Ram Mohan Roy Road, Richmond Circle, Bengaluru – 

ntice, thefinejewellery brand by 

the century oldKGK group,has 

inaugurated its boutique in the EGarden city- Bengaluru. Renowned 

Bollywood actress, DiaMirza, inaugurated 

the boutique, situated in the choicest 

location of Richmond Circle. This is the 

fifth boutique from the brand in India after 

the success of its Delhi, Mumbai (Opera 

House &Borivali) and Jaipur stores. With 

this sparkling new addition, the total 

number of Entice standalone boutiques 

across the globe has reached 17. 

On the occasion of this grand inauguration 

of the boutique, exquisite Daimond and 

Kundan Polki collectionswere on display. 

The luxurious double-story boutique is 

spread over 3000 square feet area and it 

boasts of a sophisticated and elegant décor. 

T h e b o u t i q u e i n t e r i o r s s p e l l 

opulence,which makes the visit to the 

boutique an altogether indulgent 

experience in itself. The plush interiors 

compliment the fine range of designer 

jewellery; in fact, the beauty of every 

crafted piece is more highlighted in such 

splendid setting. The design and 

adornment of the place is done in a manner 

which makes it modern yet classic while 

being very spacious. The complete 

ambiance exudes the passion, which 

Kothari's have for art and jewellery. 

Entice is heralding a new era of jewellery 

design and retail, inspired from our 

traditional heritage roots, where designs 

meet the growing demand for international 

aesthetics and at the same time make a bold 

statement about India's style leadership on 

the world stage. Entice prides itself in 

L-R Mrs. Manju Kothari, Dia Mirza, Mr. Navrattan Kothari & Mr. Sanjay Kothari at the ribbon cutting ceremony 

~ Inauguration by DiaMirza ~ 

creating irresistible diamond jewellery with 

unrivaled flexibility that oozes of finesse 

and fine craftsmanship. Coalescing 

intricate designs with detailed 

workmanship, the brand redefines the 

meaning of lightweight jewellery. 

Apart from an extensive range of 

handcrafted diamond jewellery, the 

boutique boasts of vast new collections of 

Kundan Polki jewellery. Sculpted out of 

the most eternal materials on this planetgold, 

diamonds & coloured gemstones, 

Entice's new kundan polki collection 

revives the flavor of true Indian 

craftsmanship, comprising of a 

magnificent selection of kundan polki 

jewels created by the experienced 

craftsmen at Entice manufacturing units. 

The complete 

ambiance exudes 

the passion, which 

Kothari's have for 

art and jewellery. 

Dia Mirza lighting the 

lamp during Entice 

Bengaluru store 

launch 

The collection embraces the age-old craft 

of kundan polki jewellery, and styles it to 

suit the modern lifestyles with neckpieces, 

a huge range of earrings, cocktail rings, 

flexible bracelets, bangles and cuffs. With 

each piece in the collection flaunting 

intricate meena (enamel) work on the 

backside, a piece from this collection is a 

must have in the jewellery trousseau. 



“This magnificent boutique is one more 

step towards a progressive retail market in 

India for us. Entice, the luxury jewellery 

brand will always strive to craft the most 

gorgeous pieces of jewellery, which are a 

pride to own. Our gemstones and jewellery 

are of the highest quality standards and the 

designs are unmatchable, hence, making 

them all the more desirable.” says Mr. 

Sanjay Kothari- Vice Chairman, KGK 

Group. 

Mr. Sanjay Kothari, Vice Chairman, KGK 

Group, Dia Mirza & Mrs. Manju Kothari, 

Creative Director, Entice 

This magnificent boutique is 

one more step towards a 

progressive retail market in 

India for us. Entice, the 

luxury jewellery brand will 

always strive to craft the 

most gorgeous pieces of 

jewellery, which are a pride 

to own. Our gemstones and 

jewellery are of the highest 

quality standards and the 

designs are unmatchable, 

hence, making them all the 

more desirable. 

Mr. Manju Kothari –Creative Director, 

Entice adds, “For me, beauty and aesthetics 

are of core importance, be it the jewellery 

or the ambiance of the boutique. This is 

what is reflected in our new boutique 

where all the jewellery pieces on display have 

been specially crafted and radiates Entice's 

signature craftsmanship. I am certain that 

our patrons will have an incredible time 

experiencing the finest of jewels in the lap of 

sheer and pristine luxury, as much as we 

enjoyed in creating.” 

About Entice Jewellery: 

Taking the rich Indian jewellery 

heritage and enhancing it with a 

contemporary twist, Entice 

Jewellery offers a classical yet 

contemporary style; boasting an 

elegant rich look. 'Entice' was 

launched by KGK group at the turn 

of millennium in 2004 in Hong 

Kong. Following a huge success 

with boutiques in Hong Kong & 

China and with an impression that 

India is now modern by design, 

KGK launched its first boutique of 

'Entice' in Jaipur in 2009. Entice 

today has 17 standalone boutiques in 

countries including Hong Kong, 

China and India (Jaipur, Mumbai & 

New Delhi). 

Entice designs meet the mounting 

demand for an internationally 

aesthetic look, lending a unique 

artistic blend to their pieces. 

Associated by the strength of KGK, 

Entice aims to create an unparalleled 

position of credible leadership by 

providing unmatched customer 

delight and exceeding customer 

expectations at every opportunity 

with its precious gems and jewellery. 

About Parent Group KGK: 

The KGK group, established in 1905 

by Kothari family of Jaipur, is a 

global corporation with fully 

integrated operations in the Gems & 

Jewellery industry, with presence 

across 15 countries. A pioneer in the 

world of precious stones, KGK 

G r o u p h a s b e e n s o u r c i n g , 

manufacturing and distributing 

diamonds, colored stones and 

jewellery for decades. Being a De 

Beerssightholder provides it an easy 

access to diamonds at most 

reasonable prices. 



NEW LAUNCH 


P.N. Gadgil Jewellers expansions 

to opening 9 Stores in 9 Months 

ith the overwhelming 

response and love of the 

Wcustomers of P N Gadgil 

Jewellers across India and Worldwide, 

the iconic brand P. N Gadgil Jewellers is 

all set to expand base with as many as 

nine stores over the coming nine months 

across the country as well as the UAE. 

The upcoming stores seek to mark both 

the birth centenary as well as first death 

anniversary of Late. Shri. Dajikaka 

Gadgil and also paying tribute to his 

vision that of taking P. N. Gadgil 

Jewellers tradition of integrity & purity to 

many gold enthusiast and investors as 

possible. 

Mr. Saurabh Gadgil, Managing Director, 

P.N. Gadgil Jewellers said: “The new 

stores are a logical milestone in the 

course of our 183 year old journey which 

is synonymous with able craftsmanship, 

purity, happy occasions, endurance and 

trust. When gold enthusiasts approach 

P.N Gadgil Jewellers, they come with the 

confidence that they are receiving value 

for money in every way. For several 

families, shopping at PNG is a tradition 

across generations. We already have a 

long-standing bond, this just takes it a 

step further.” 

He added: “By taking P.N. Gadgil 

Jewellers to addresses as diverse as 

Panvel, Panaji, Nanded, Chandrapur, 

Baramati, Hubli, Indore , Akluj and 

Dubai, we are simply reaching out to our 

cherished customers, who know their 

hard earned savings are safe with us. The 

P.N. Gadgil Jewellers brand has strong 

roots, and it’s time to diversify so that the 

fruits can be share with our valued 

customers. So, in all by 11th September 

2015 you will see P.N. Gadgil Jewellers 

with 20 + Stores in 4 States and serving 

more customer” 

Parag Gadgil, Executive Director, P. N. 

Gadgil Jewellers said: “ on 10th January 

2015 and in the remembrance of Late. 

Shri. Dajikaka Gadgil the ‘Second Home 

English Medium School’ located at 

Dhankawadi, Pune will be renamed to 

“Shri. Dajikaka Gadgil School” 

Established in 1832 by Purshottam 

Narayan Gadgil in Sangli, P.N. Gadgil 

Jewellers is more than a store: it is a 

byword for purity of gold and integrity of 

business. Today, the PNG logo enjoys 

instant recognition not only in Pune and 

Maharashtra, but across the country and 

abroad, with its online shopping 

experience adding value to the customer 

service. The group believes its greatest 

legacy is the trust and loyalty of its 

customer base. 

The inauguration of the Stores are as 

follows: 

Panvel – 30th January 2015 – 

Inauguration by Ms. Madhuri Dixit – 

Showroom Area : 2000 sq. ft. 

Panaji, Goa – 1st February 2015 – 

Inauguration by Raveena Tandon – 

Showroom Area :1500 sq. ft. 

Nanded – 7th February 2015 – 

Inauguration by Raveena Tandon – 

Showroom Area : 4000 sq. ft. 

Dubai – 14th February 2015 

Dates and locations for the store launch at 

Chandrapur, Baramati, Hubli, Indore and 

Akluj are yet to be decided and will be 

communicated soon 

Dajikaka Gadgil Museum: 

The Dajikaka Gadgil museum was 

recently launched in the city on 11th 

September 2014to celebrate the birth 

centenary of the late Dajikaka Gadgil. 

The museum tells a story of endurance 

and integrity, about the inception and 

revolution of gold’s purity along with 

Dajikaka’s journey. Gold has to go 

through many stages of refinement for it 

to emerge in the form we widely know it 

today. The depiction of the whole 

process, starting from mining and 

transportation to the refinement and 

distribution is one of the highlights of the 

museum. 

Think Pure Loyalty Program – 

Loyalty Benefits : 

Whoever said loyalty has its benefits, 

sure knew what he was talking about. 

The more you return to P. N. Gadgil 

Jewellers has come up with Think Pure 

Loyalty Program, the more advantages 

and facilities you enjoy, starting with the 

Silver card on new purchases and 

subsequent visits entitle you to the Gold 

Card, followed by the Diamond Card and 

the Platinum Card. 

Gadgil Diamonds Pvt. Ltd: The pioneers 

in the retail jewellery industry, with a 

legacy that speaks about heritage, 

opulence and hard work, P. N. Gadgil 

Jewellers Pvt Ltd is now set to 

exponentially explore the diamond 

jewellery market with their new diamond 

factory. They inaugurated their plush 

new 4000 sq. ft ‘Gadgil Diamond 

Factory’ in Andheri on Friday, 19th 

December 2014 in the presence of Mr. 

Saurabh Gadgil, Managing Director of P. 

N. Gadgil Jewellers Pvt Ltd. A 

quintessential Maharashtrian brand will 

now acquaint their customers with 

breathtaking handmade designs in 

diamond. 



The 183 years old brand stands tall on the 

three most powerful pillars of purity, service 

and quality. Gadgil Diamond Factory is a new 

business venture that will increase the 

diamond jewellery production by 4 times. It 

will present a variety of designs in gold 

jewellery with diamond settings. The designs 

will include exquisite handmade diamond 

jewellery crafted with beautiful solitaires, and 

diamonds in micro settings. All diamonds 

used will be certified by GIA, ICI, SGL 

certification, justifying their standards in 

terms of quality. 

Mr. Vinayak Kamath, CEO, Gadgil Holdings 

Pvt. Ltd. quoted “It has always been a 

challenge to spearhead the ancestral legacy, to 

honour the thoughts inculcated and to keep up 

the great work done by them. It is very 

important to hone your brand as per the 

market needs and this new project will 

broaden our horizons. The Gadgil Diamond 

Factory will design unique and recherché 

handmade diamond jewellery that will 

amalgamate with evolving market. This new 

venture is just the beginning there’s a lot to be 

done.” 

Style Quotient Pvt Ltd: P. N. Gadgil 

Jewellers Launched with Silver Jewellery 

Brand in the year 2010, and post gaining in 

superb response from the market, which 

thought of expansion in the markets across 

Maharashtra. 

Mr. Prasad Kapre, CEO, Style Quotient Pvt. 

Ltd said “The contemporary designs are made 

of semi-precious stones and American 

diamonds. This light weight collection offers 

a variety of necklaces, earrings, bracelets, 

cuffs, rings and oozes of femininity making it 

perfect for a corporate meeting as well as a 

night around town. It’s a sterlin 9 – 5 Fashion 

Jewellery for every working women. 

Starting from Rs.2,500 the collection is a 

fashionistas dream come true as it is not only 

pocket friendly but also girly and 

fashionable.” 

He also said that “ We will now go on an 

expansion mode with the franchise model Pan 

INDIA, with the first model being rolled out 

in Dwarka, New Delhi” 

Atlast, Mr. Parag Gadgil, Executive Director, 

P. N. Gadgil Jewellers conveyed the vote of 

thanks to all the invited guests and said that 

we will surely live up to the vision of Late. 

Shri. Dajikaka Gadgil and we ensure our 

customers that we will serve you in the best 

possible way, as each one of you are the 

contributors of the company’s vision and 

every milestone that we achieve. 


ake your special someone’s wishes come 

true this Valentines with our luminous solid 

Mcut and radiant pieces. This exclusive 

jewellery symbolise exuberance and luxury with a hint 

of adornment. Intricately handcrafted they are elegant 

and timeless and are sure to make your lover’s day 

extra special. From earringsto delicate necklaces, arms 

adornments to charm pendants, you can select a gift 

that will make your Valentine’s Day perfect, with the 

perfect gift for your true love. So, let your love shine 

through this Valentines with our exquisite range. 

The Valentines jewellery range is available across all 

P.N. Gadgil Jewellers outlets as well as on their online 

website www.shop.pngadgil.com 

NEW LAUNCH 

P. N. Gadgil Jewellers Pvt Ltd presents 

their exquisite Valentine’s Collection 

About: P. N. Gadgil Jewellers Pvt Ltd is one of the most reputed jewellers 

with 182 years of excellence in creativity and their warm service for 

customers across the world that have helped a woman discover her beauty. 

Under the leadership of Mr. Saurabh Gadgil a strong visionary, P. N. 

Gadgil Jewellers Pvt Ltd is creating a brand that caters to the taste of modern 

Indian women.

mines to market

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