Diamond World (DW) May - June 2020
Why Covid-19 will make people fall in love with diamonds all over again | Ban is good - Industry welcomes ban on rough imports | Hong Kong jewellery industry show mettle| An Irrevocable Loss - Arun R. Mehta, Rosy Blue Group
Why Covid-19 will make people fall in love with diamonds all over again | Ban is good - Industry welcomes ban on rough imports | Hong Kong jewellery industry show mettle| An Irrevocable Loss - Arun R. Mehta, Rosy Blue Group
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FOunDER: Late Vidya Vinod Kala<br />
Alok Kala<br />
Editor and Publisher<br />
Arpit Kala<br />
Associate Publisher<br />
Vijetha Rangabashyam<br />
Senior Editor<br />
Sugandha R<br />
Features Editor<br />
Gunjan Jain<br />
Business & Marketing<br />
Dhananjay Kokate<br />
Graphic Designer<br />
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Vol. 47 # 4 • MAy-JUNE <strong>2020</strong><br />
Why the demand for diamonds will still be relevant?<br />
<strong>Diamond</strong>s will continue to<br />
light up people’s lives with<br />
its sparkle and here’s why<br />
As long as love and happiness remain key to people, diamonds will stay<br />
relevant. No pandemic can bring down the allure of diamonds. With weddings<br />
being downsized world over, people saving from not spending on<br />
vacations and other avenues of entertainment, more money can be spent<br />
on buying diamond jewellery. It is up to the industry as to how they can<br />
win back their rightful market share says Vijetha Rangabashyam<br />
66 | Cover Story<br />
Owner :<br />
International Journal House<br />
Publisher and Printer: Alok Kala<br />
Printed at :<br />
Thomson Press India Ltd., Faridabad<br />
Published from :<br />
Journal House,<br />
A-95, Janta Colony,<br />
Jaipur<br />
34<br />
34 | In MeMorIaM<br />
Remembering late Shri<br />
Arunbhai Mehta<br />
Visionary, Leader,<br />
Philanthropist… A Real Gem
82 | sPecial rePort<br />
Ban on rough diamonds<br />
78<br />
To Import or to not Import<br />
82<br />
78 | Personality<br />
David Kellie, CEO, Natural<br />
<strong>Diamond</strong> Council<br />
“There is nothing else in the world<br />
that connects emotions, memories<br />
and moments like diamonds”<br />
94<br />
94 | sPecial Feature<br />
Online jewellery auctions<br />
The Rich are finding Happiness<br />
in Precious Baubles<br />
88<br />
98<br />
88 | sPecial rePort<br />
Hong Kong market<br />
The View from Hong Kong<br />
108 | Design stuDio<br />
Selim Mouzannar<br />
Bearer of Legacy<br />
98 | the rock talk<br />
Hot Trends<br />
Auction pieces, elephant motif,<br />
gold & multicolour jewellery<br />
108
editorial<br />
Sparkle of<br />
Hope<br />
No pandemic can bring down the lure of diamonds.<br />
<strong>Diamond</strong> as a product speaks for itself. Despite the<br />
pandemic diamonds are holding onto their sheen.<br />
Markets across the globe are yet to open up to their<br />
normal levels. Indian jewellers are doing their best to woo customers<br />
and bring the shine back in their business. It will take some time.<br />
The current edition of <strong>Diamond</strong> <strong>World</strong> discusses how the pandemic<br />
cannot dampen joy and how despite the gloom in the market, things<br />
will pick up eventually. Associations and trade bodies are gearing up<br />
to talk for the industry – they are representing the difficulties faced by<br />
the industry to the government without mincing words. Among other<br />
sections, we have market report from Hong Kong, there’s a special<br />
feature on auctions across the globe, Beirut-based Selim Mouzannar’s<br />
designs and insights open up new vistas of imagination for Indian<br />
designers.<br />
Passing away of Late Shri Arunbhai Mehta, a great businessman of<br />
virtue and a visionary leader has left a void in the industry – we bring<br />
glimpses from the life and work of this great diamantaire and pay our<br />
tribute to the memory of a lifetime, which will inspire and awe our<br />
readers.<br />
All in all, we bring rays of hope and insights to regain your<br />
composure in these trying times.<br />
Happy Reading!<br />
Editor<br />
Alok Kala<br />
DiamonD WorlD | may-june <strong>2020</strong> | 19
Round & About<br />
Rough & Mining<br />
Lucapa<br />
discovers 171ct<br />
gem-quality<br />
white diamond<br />
at Lulo<br />
The 171 carat gem-quality<br />
white stone is the 15th +100<br />
carat diamond recovered to<br />
date from Lulo and the 2nd +100<br />
carat diamond recovered for <strong>2020</strong>.<br />
It is also the 4th largest diamond<br />
recovered to date since activities<br />
began at Lulo. This 171 carat white<br />
diamond was recovered from Mining<br />
Block 6 as scaled mining operations<br />
recommenced at Lulo. Mining Block<br />
6 has now produced 6 +100 carat<br />
diamonds.<br />
Lucapa Managing Director<br />
Stephen Wetherall commented:<br />
“The recovery of this 171 carat gemquality<br />
white diamond continues<br />
to underpin the potential of the<br />
kimberlite exploration programme<br />
as drilling of the high-priority<br />
kimberlites in the Canguige<br />
catchment continues.”<br />
ALRoSA reports its <strong>May</strong><br />
<strong>2020</strong> diamond sales results<br />
in <strong>May</strong> <strong>2020</strong>, ALROSA Group<br />
sold $40.1 million worth of<br />
rough and polished diamonds.<br />
The revenue from rough diamond<br />
sales sequentially grew to $36.2<br />
million, and from polished<br />
diamond sales −to $3.9 million.<br />
Said, Evgeny Agureev, ALROSA Deputy CEO, “Despite a<br />
noticeable increase compared to April, sales in <strong>May</strong> were<br />
expectedly low, as ALROSA remains committed to its price<br />
over volume strategy, allowing the cutters, who are just<br />
resuming their work, to reduce the accumulated rough and<br />
polished diamond stock.”<br />
Mountain Province lowers<br />
production for <strong>2020</strong><br />
The revised production guidance reflects the challenges<br />
of COVID-19 pandemic and the impact on operations<br />
and logistics at the Gahcho Kué Mine, and the necessity<br />
to implement changes to operating policies and procedures<br />
to minimize the risk of infection. These changes included<br />
protecting the workforce by isolating vulnerable employees,<br />
implementing travel restrictions to and from the mine, revising<br />
health and safety protocols, including on site self isolation,<br />
social distancing, and ongoing testing of all employees.<br />
Said, Stuart Brown, the Company's President and Chief<br />
Executive Officer,<br />
“The new forecast for<br />
the year <strong>2020</strong> is the<br />
result of a tremendous<br />
amount of effort to<br />
maintain production at<br />
the mine.”<br />
20 | may-june <strong>2020</strong> | DiamonD WorlD
RoUGh & MininG<br />
Rough prices of<br />
Petra <strong>Diamond</strong>s<br />
down by 27%<br />
The Company chose to only sell a portion<br />
of its South African goods, representing<br />
ca. 75 per cent by volume and ca. 50<br />
per cent by value. The remaining goods were<br />
exported to Antwerp and of these, ca. 75 per<br />
cent were subsequently sold<br />
at the Company’s Antwerp<br />
marketing office.<br />
Rough diamond prices<br />
achieved at Petra’s fifth<br />
sales cycle were down ca.<br />
27 per cent overall on a likefor-like<br />
basis in comparison to those achieved<br />
at the fourth sales cycle in February <strong>2020</strong>.A<br />
total of 24,254 carats, comprising higher value<br />
+10.8 carat single stones as well as parcels<br />
across the size were withdrawn and will be<br />
sold privately or at a subsequent sales cycle,<br />
when market conditions allow.<br />
Gemfields reports<br />
revenue USD216.2<br />
million for 2019<br />
Gemfields announced audited<br />
financial results for the year ended<br />
31 December 2019.<br />
Sean Gilbertson, CEO of Gemfields,<br />
commented: “We are pleased to report a strong<br />
set of results for the 2019 financial year, with<br />
the team delivering record group revenues<br />
and a healthy growth in operating profit.”
POLISHED DIAMONDS<br />
Anna Hu’s jewels sold<br />
by <strong>Diamond</strong>s That Care<br />
to raise funds against<br />
Covid-19<br />
Three diamond jewellery pieces designed<br />
by Chinese jewellery artist Anna Hu were<br />
offered at an online charity auction, to raise<br />
up to $420,000 for the families of health-care<br />
workers who lost their lives to Covid-19. The online<br />
auction will run through July 13.<br />
The jewellery pieces include an 18k white-gold<br />
and 18k red-gold heart-shaped necklace with 305<br />
fancy colour and colourless diamonds, weighing<br />
a total weight of 77 carats. It is centered with<br />
a 27.02-carat pear-shaped fancy brown-yellow<br />
diamond and has an estimated value of between<br />
US$257,800 and US$386,700.<br />
Hu created these unique pieces exclusively<br />
for this charity project using rich brown<br />
diamonds extracted by ALROSA in Yakutia,<br />
a region in the Siberian Far East. Proceeds<br />
from the sale will assist healthcare workers<br />
who continue to work at the center of efforts to<br />
combat the pandemic. The project is organized<br />
in cooperation with the nonprofit charitable<br />
organisation <strong>Diamond</strong>s Do Good.<br />
Board President of <strong>Diamond</strong>s Do Good, Anna<br />
Martin says: “We are honoured to be associated<br />
with this project which will spread positivity and<br />
hope and show that diamonds truly do good”.
Round & About<br />
POLISHED DIAMONDS<br />
3ct blue diamond<br />
goes unsold at<br />
Sotheby's auction<br />
The Part II Magnificent<br />
Jewels & Nobel Jewels<br />
Geneva was not a success<br />
as many lots went unsold. Just<br />
when we thought all is well in<br />
the world of live digital auction,<br />
Sotheby's hit a roadblock with<br />
its Part II Magnificent Jewels &<br />
Nobel Jewels Geneva. Many lots<br />
went unsold including a 3.01<br />
ct fancy vivid blue diamond<br />
with VS1 clarity. The auction<br />
house withdrew the diamond<br />
from sale. It was estimated to<br />
be sold for $4.3 – $6.3 million.<br />
Many pieces with fancy colour<br />
diamonds went unsold.<br />
28.86ct D colour diamond<br />
sells for $2,115,000<br />
Christie’s Jewels Online (<strong>June</strong> 16-30) totaled<br />
$4,164,500, with 100% sold by value, 93% sold by<br />
lot, achieving 140% hammer above low estimate,<br />
and 64% of lots selling at or above their high estimate.<br />
Estimated at $1-2m, the 28.86 Carat, D Color <strong>Diamond</strong><br />
was the highest valued lot ever offered in a Christie’s online<br />
sale. The impressive stone received bids immediately upon<br />
the sale going live on <strong>June</strong> 16. After a fierce competition of<br />
31 bids, from four countries spanning Asia to America, the<br />
exceptional stone sold for $2,115,000, setting the new record<br />
for a jewel sold in an online auction.<br />
SRK Knowledge Foundation<br />
extends relief operation<br />
SRK Knowledge Foundation (SRKKF), the CSR arm of<br />
Shree Ramkrishna Exports Pvt Ltd (SRK) - initiated an<br />
emergency relief operation in the cyclone hit coastal<br />
areas of Maharashtra last week.<br />
The team of SRKKF visited 40 villages of the affected areas<br />
and provided 200 Food kits, each of 43 kgs comprising of<br />
Daily essential food items like 15 kg wheat flour, 10 kg rice, 7<br />
kg pulses, 500 gm tea, 3 kg sugar, 1.5 kg dry spices and 5 kg<br />
cooking oil. Along with this, 200 numbers of Solar lights were<br />
also provided to light up houses and help charge the smart phone<br />
batteries. With this, SRKKF reached homes of over 100 SRK<br />
family members working at various of its units. Needy families<br />
were also sought out and the remaining food packets and lights<br />
were distributed amongst them too.<br />
24 | may-june <strong>2020</strong> | DiamonD WorlD
Round & About<br />
Lab & TechnoLogy<br />
Lucara <strong>Diamond</strong> corp expands<br />
collaboration with Sarine on clara<br />
clara is a digital, web<br />
based rough diamond<br />
sales platform that<br />
uses Sarine's Galaxy® /<br />
Advisor® derived possible<br />
planning solutions together with<br />
proprietary matching analytics to<br />
sell individual rough diamonds<br />
directly. Sarine Technologies Ltd<br />
announces that it has expanded<br />
its collaboration with Clara<br />
<strong>Diamond</strong> Solutions Corporation<br />
David Block, CEO of the Group<br />
commented, "We are excited to<br />
have another producer opt into our<br />
unique provenance initiative.”<br />
HRD Antwerp announces 17th edition<br />
of HRD Awards<br />
hRD Antwerp announced the 17th edition<br />
of the HRD Awards, with the results being<br />
declared on 21st <strong>June</strong> <strong>2020</strong> on HRD<br />
Antwerp’s social media pages. The theme of the <strong>2020</strong><br />
awards was HAPPINESS - A New Beginning, which<br />
would be an inspiration for others in the current<br />
global crisis.<br />
Ellen Joncheere – CEO, HRD Antwerp states “The<br />
enormous response we received from across the globe<br />
brings across one strong message - we are together<br />
no matter from where we are or who we are.”<br />
26 | may-june <strong>2020</strong> | DiamonD WorlD
Lab & TechnoLogy<br />
Round & About<br />
GIA New York laboratory reopens<br />
The GIA (Gemological Institute of America)<br />
gem identification and grading laboratory in<br />
New York City reopened on Monday, <strong>June</strong> 29.<br />
The 11 global GIA laboratories are open, gradually<br />
adding hours and extra shifts to meet the increasing<br />
demand for services.<br />
GIA schools in Taipei and Hong Kong are open<br />
and all other GIA schools are preparing to welcome<br />
back on-campus students in the near future.<br />
“As restrictions are lifted and the global gem and<br />
jewelry industry begins to recover, we are safely<br />
reopening GIA locations, returning staff to work and<br />
preparing to engage in our mission-driven activities,”<br />
said Susan Jacques, GIA president and CEO.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 27
Round & About<br />
AssociATion & TrADe BoDies<br />
<strong>Diamond</strong><br />
Producers<br />
Association<br />
rebrands itself<br />
as 'Only Natural<br />
<strong>Diamond</strong>s'<br />
The DPA will be called "Natural<br />
<strong>Diamond</strong> Council" and will be<br />
armed with a new consumerfacing<br />
identity and digital platform.<br />
The world’s leading diamond producers<br />
today launched the Natural <strong>Diamond</strong><br />
Council (NDC), formerly known as<br />
the <strong>Diamond</strong> Producers Association<br />
(DPA), in USA<br />
and Europe. The<br />
NDC will promote<br />
the desirability of<br />
natural diamonds<br />
and support the<br />
integrity of the<br />
natural diamond<br />
jewellery<br />
industry.<br />
Richa Singh,<br />
Managing<br />
Director, India,<br />
said: “Our endeavour is to create the<br />
natural diamond dream in India by<br />
being both emotionally and culturally<br />
relevant. In India each piece of<br />
jewellery we buy has strong meaning<br />
and emotions attached to it.”<br />
WFDB launches<br />
digital campaign<br />
The campaign, which will run on social media<br />
and search engines, is focused on targeting<br />
jewellers, major brands, manufacturers and<br />
other diamond buyers in the United States.<br />
The <strong>World</strong> Federation of <strong>Diamond</strong> Bourses<br />
(WFDB) is launching an international digital<br />
marketing campaign to introduce Get <strong>Diamond</strong>s<br />
to jewelry retailers. The campaign, which will<br />
run on social media and search engines, is<br />
focused in the first stage on jewellers, major<br />
brands, manufacturers and other diamond buyers<br />
in the United States.The WFDB says that it's<br />
US campaign is only the first step in a greater<br />
marketing effort that is intended to reach markets<br />
in Asia, Europe, Latin America and Australia.<br />
28 | may-june <strong>2020</strong> | DiamonD WorlD
Round & About<br />
AssociAtion & trAde Bodies<br />
GJEPC contributes<br />
Rs 20 lacs to UP Govt<br />
GJEPC had allocated a fund of Rs.51<br />
crore to fight against Covid-19 and<br />
help the disadvantaged workers of<br />
the industry.<br />
In their continuous endeavour to<br />
support the fight against Covid-19, GJEPC<br />
contributed a sum of INR 20 lakhs to the Uttar<br />
Pradesh Government, which will be used in<br />
the CSR activities by the state government.<br />
GJEPC has also donated INR 21 crore to<br />
the PM Cares Fund, to support the country’s<br />
challenge against the pandemic. GJEPC is<br />
helping daily wage workers of the industry<br />
by transferring Rs.1,500 in the form of<br />
Direct Benefit Transfer (DBT) directly into<br />
their individual bank accounts.<br />
Shri Ashok Seth, Regional Chairman<br />
- North, GJEPC, on behalf of the Council<br />
members, met Chief Minister of Uttar<br />
Pradesh, Yogi Adityanath, and contributed<br />
Rs. 20 lakh to augment the financial<br />
resources of the State Government for the<br />
welfare of its people.<br />
Colin Shah, Chairman<br />
Vipul Shah, Vice Chairman<br />
GJePc elects new<br />
chairman and vice<br />
chairman<br />
Gem Jewellery Export Promotion Council<br />
(GJEPC) has appointed Colin Shah<br />
as the new chairman for the next two<br />
years from 2019 to 2021. Shah will take over<br />
from the outgoing chairman Pramod Kumar<br />
Agrawal. Vipul Shah will be the Vice Chairman<br />
(uncontested).<br />
The other key appointments include:<br />
Regional Chairman – Northern region, Ashok<br />
Seth; Eastern region, Prakash Chandra Pincha;<br />
Southern region, Mahender Tayal; Western<br />
region, Ashokbhai Gajera; Gujarat region,<br />
Dineshbai Navadiya and Rajasthan region,<br />
Nirmal Kumar Bardiya.<br />
Along with various panel convenors: Silver<br />
panel - Ram Babu Gupta, Synthetics Panel<br />
- Badrinarayanan Gupta, Jewellery Panel -<br />
Suvankar Sen, <strong>Diamond</strong> Panel - Chirag Lakhi,<br />
Gold / Jewellery Panel - Shailesh Sangani, colour<br />
stone panel - Mahendar Agarawal (Derewala).<br />
30 | may-june <strong>2020</strong> | DiamonD WorlD
Round & About<br />
Retail and ecommeRce<br />
de Beers Jewellers<br />
unveils new customer<br />
centric ecommerce<br />
de Beers announced the launch of its entirely<br />
customer centric website, debeers.com. With a<br />
unique offering among the fine jewellery industry,<br />
this unveiling affirms De Beers’ position as the Home of<br />
<strong>Diamond</strong>s. The new website, available in English, French<br />
and Chinese (simplified and traditional), is expanding<br />
the product selection available for purchase to include<br />
the wide range of De Beers jewellery and, for the first<br />
time, engagement rings and solitaires from the entry price<br />
points of My First De Beers collection up to $250,000, as<br />
well as extending its delivery capabilities to clients to 15<br />
markets.<br />
François Delage, Chief Executive Officer at De Beers<br />
Jewellers said: “Our new site enables our clients to<br />
discover andacquire diamond jewellery through a rich<br />
content experience.”<br />
Tata's Zoya<br />
opens flagship<br />
store in<br />
Bengaluru<br />
amidst Covid-19<br />
over the last decade,<br />
this luxury Maison,<br />
with artistry and<br />
craftsmanship at its core,<br />
has been redefining the way<br />
fine jewellery is experienced<br />
in India. Located in the ‘it’<br />
neighbourhood of Vittal Mallya<br />
Road in the heart of the city,<br />
all 3300 square feet of this<br />
boutique speak with a quiet<br />
eloquence of a love for fine<br />
jewellery.“Zoya is a brand with<br />
its heart in India and an eye<br />
on the world”, says Business<br />
Head, Amanpreet Ahluwalia.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 31
Round & About<br />
Retail and ecommeRce<br />
Forevermark diamonds stands by its<br />
commitment to protect the environment<br />
at the heart of a<br />
Forevermark diamond<br />
lies a continuing<br />
commitment to integrity.<br />
Forevermark’s promise of<br />
beautiful, rare and responsibly<br />
sourced diamonds goes a lot<br />
deeper than just ensuring the<br />
diamonds are conflict free.<br />
De Beers Group is running a<br />
ground-breaking, multimilliondollar<br />
research programme<br />
focused on using kimberlite rock<br />
to capture carbon dioxide from<br />
the atmosphere and establish a<br />
carbonneutral mine. “Every day<br />
Forevermark and the De Beers<br />
Group commits to protecting<br />
the natural world and positively<br />
impacting the countries<br />
where our natural diamonds<br />
are sourced. A Forevermark<br />
diamond is a lifelong reflection<br />
of the beauty, perfection and<br />
infinite variety of nature,”<br />
said Sachin Jain, President,<br />
Forevermark India.<br />
Tiffany-LVMH deal on the rocks<br />
the LVMH board met<br />
on <strong>June</strong> 2 to discuss its<br />
takeover of Tiffany & Co.<br />
It’s said that the $16.2 billion<br />
deal was less certain than before<br />
Covid-19.<br />
The panel of directors<br />
“focused its attention on the<br />
development of the pandemic<br />
and its potential impact on<br />
the results and perspectives of<br />
Tiffany & Co. with respect<br />
to the agreement that links the<br />
two groups,” LVMH said in a brief<br />
statement on <strong>June</strong> 5.<br />
LVMH had agreed in November<br />
last year to buy the New Yorkbased<br />
jeweller for $135 per share.<br />
Directors of LVMH also<br />
expressed concerns about<br />
Tiffany’s ability to cover all<br />
its debts by the time the<br />
transaction closed, which was<br />
due to happen in mid-<strong>2020</strong>.<br />
Meanwhile, Bernard<br />
Arnault, LVMH’s CEO and<br />
chairman, is exploring ways of<br />
pressuring Tiffany to lower the<br />
selling price, Reuters reported on<br />
<strong>June</strong> 4. As per recent reports the<br />
takeover is uncertain as of now.<br />
32 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
Remembering Late Shri Arunbhai Mehta<br />
(9 January, 1940 – 14 <strong>June</strong>, <strong>2020</strong>)<br />
Visionary, leader,<br />
philanthropist…<br />
a real Gem<br />
Diamantaire par excellence, a businessman of virtue and champion<br />
of the masses, Late Shri Arunbhai Mehta was all of these and more.<br />
Here are some memoirs compiled from his great life and work<br />
34 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
He was born in Patan, Gujarat,<br />
in January 1940, the son of<br />
Ramniklalji Mehta, who was in<br />
the diamond business. He grew up with<br />
two brothers, Harshadbhai and Dilipbhai,<br />
and one sister.<br />
In 1960, he co-founded B. Arunkumar<br />
& Co in Mumbai, with his maternal<br />
uncle Bhanuchandra Bhansali, and<br />
Ramniklal Mehta (1920–2002). In<br />
1970, his brother Dilipbhai Mehta set<br />
up Rosy Blue in Belgium.<br />
Mehta was the senior director of Rosy<br />
Blue. He was a founding member of the<br />
<strong>Diamond</strong> Exporters Association Ltd, and<br />
its vice-president. He was a member of the<br />
managing committee of the Bharat <strong>Diamond</strong><br />
Bourse. For 20 years he was a member of<br />
the managing committee of the Gem &<br />
Jewellery Export Promotion Council.<br />
It was with profound sadness that the<br />
industry read the news about the passing<br />
away of Arunkumar R Mehta. Arunbhai,<br />
an industry stalwart and highly respected<br />
community leader was a guiding force<br />
and mentor to many. He was 80 and is<br />
survived by his wife Rajnika, son Russell<br />
and daughters Amita Samir Mehta and<br />
With trade leaders & Rajiv Gandhi<br />
Arunbhai receiving award from commerce<br />
minister Dinesh Singh<br />
During the <strong>World</strong> <strong>Diamond</strong> Congress<br />
Alpa Nishit Kothari, daughter-in-law<br />
Mona, and sons-in-law Samir Mehta and<br />
Nishit Kothari, along with many grand<br />
and great grandchildren. He is also<br />
survived by his brothers Harshad and<br />
Dilip Mehta.<br />
end of an era<br />
The demise of this great visionary and<br />
industry veteran at the age of 80 in<br />
Girgaum, Mumbai marks the end of<br />
era and passing away of a beacon who<br />
ensured that diamonds processed in<br />
India reached out all across the world<br />
and secured admiration for their quality<br />
and finesse.<br />
The history of the Indian diamond<br />
industry would have been different<br />
without Arunbhai’s key contributions. In<br />
the late 1970s he was one of the pioneers<br />
of its modernization and rapid growth<br />
phase, allowing him to not just grow the<br />
company he co-founded – Rosy Blue, but<br />
also the industry as a whole.<br />
With his vision and business acumen,<br />
he was able to seize opportunities but<br />
above all else he always prioritized high<br />
integrity and business ethics; helping<br />
the industry, like Rosy Blue, gain a<br />
favourable and trustworthy reputation.<br />
His participation and efforts in a number<br />
of trade organisations contributed<br />
immensely to the growth of the whole<br />
industry. He was a member of the<br />
DiamonD WorlD | may-june <strong>2020</strong> | 35
In MeMorIaM<br />
Arunbhai welcoming a<br />
diamantaire from overseas<br />
Managing Committee of Bharat <strong>Diamond</strong><br />
Bourse for a long period. He was also<br />
associated with the Bombay (now Mumbai)<br />
<strong>Diamond</strong> Merchants Association and a<br />
member of the Working Committee of<br />
The Gem and Jewellery Export Promotion<br />
Council for over 20 years.<br />
Arunbhai will not be remembered<br />
only for his business prowess; but over<br />
time, his experience, wisdom, honesty<br />
and most importantly willingness led to<br />
him becoming a mentor and contributing<br />
to the training and guidance of several<br />
of our country’s leading diamantaires.<br />
His approach was practical, simple and<br />
effective, leading him to be one of the<br />
most sought after advisors and problem<br />
solvers - be it for personal or professional<br />
issues, and it is testament to his immense<br />
humility that he never declined to<br />
support someone who sought his counsel.<br />
For those who knew him, he was always<br />
a phone call away: no problem or<br />
discussion was ever delayed or avoided.<br />
The Brainchild behind a<br />
<strong>Diamond</strong> Empire<br />
In the late 50s, a 19-year-old moved<br />
to Bombay to start his career as<br />
a trainee in a diamond firm. He<br />
learnt the ropes of the diamond trade<br />
by understanding the nuances of every<br />
aspect of diamond manufacturing. He<br />
worked in cutting, sorting polished<br />
diamonds and even learned the basics<br />
of boiling rough diamonds, cleaning<br />
the stones and making parcels. Having<br />
learnt how each department of diamond<br />
manufacturing functions, Arunbhai<br />
started out as a broker<br />
and a diamond dealer. In<br />
1960, along with his uncle<br />
Bhanuchandra Bhansali,<br />
he founded the company<br />
B.Arunkumar & Company<br />
with a mere Rs.25,000<br />
investment worth of rough<br />
diamonds.<br />
The Indo-China war that<br />
held between 1962-63 was a big<br />
blow for the diamond trade. With<br />
prices decreasing by 20 per cent and<br />
all that unsold inventory, Arunbhai<br />
swiftly decided to turn their attention<br />
overseas. the company’s was no looking<br />
back. The company began to focus<br />
all its energies into exports. In the<br />
late 60s, Arubhai’s brothers Harshad<br />
and Dilip Mehta joined the company.<br />
As the business grew, they realised<br />
they needed a presence in Antwerp.<br />
Dilipbhai Mehta, the youngest brother<br />
moved to Antwerp. B. Arunkumar &<br />
Co. became a De Beers sightholder in<br />
1969.<br />
At every step of the way, the company<br />
was first to innovate and experiment<br />
under the guidance of Arunbhai. It kept<br />
improving its manufacturing prowess<br />
and in the 80s, the company decided<br />
to make its foray into gem-set jewellery<br />
for the overseas market. In 1987, along<br />
with Conwood Group, the company set<br />
up Intergold, a jewellery manufacturing<br />
unit in SEEPZ, Mumbai. The group took<br />
so many manufacturing units under its<br />
wing and today is the largest exporter<br />
of jewellery in the country.<br />
Before the inception of<br />
Rosy Blue, Arunkumar<br />
Mehta used go to Antwerp<br />
to buy diamonds from<br />
Gembel’s Kirtilal Mehta<br />
till the 1960s.<br />
In 1973, he spun<br />
off Rosy Blue from B.<br />
Arunkumar and Co, which<br />
he had founded with Bhanuchandra<br />
Bhansali. In the beginning, Rosy Blue<br />
was to be an Antwerp-based satellite<br />
office for rough procurement and<br />
polished distribution. Dilip Mehta ran<br />
Rosy Blue for many years since its<br />
inception.<br />
In 2000, it changed its name to the<br />
Rosy Blue Group, paying homage to the<br />
two rarest diamond colours. The Rosy<br />
Blue Group now has a global presence<br />
in more than 12 countries and recently<br />
took a position in Leo Schachter. At<br />
present, Shri Arunkumar Mehta’s son<br />
Russell Mehta is at the helm of Rosy<br />
Blue Group.<br />
Arunbhai receiving Award from former<br />
Commerce Secretary Abid Hussain<br />
36 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
Arunbhai with De Beers Chairman Nicky Oppenheimer and Anthony Oppenheimer and trade leaders<br />
Achievements & Accomplishments<br />
Shri Arunbhai Mehta was active in the industry,<br />
serving as a member of the managing committee of the<br />
Bharat <strong>Diamond</strong> Bourse and member of the working<br />
committee of the Gem & Jewellery Export Promotion Council<br />
(GJEPC) for more than two decades. He also contributed to<br />
a number of charities designed to support and promote his<br />
local community. He won the Lifetime Achievement Award<br />
from the GJEPC in 2007.<br />
Arunbhai lived a life of service which in later years became<br />
dedicated to philanthropy. He was the founding-member of<br />
the influential body <strong>Diamond</strong> Exporters Association Ltd.<br />
besides being active with the Bharat <strong>Diamond</strong> Bourse, the<br />
Gems and Jewellery Export Promotion Council, Rajkamal<br />
Rikhabchand Charitable Trust, Bombay <strong>Diamond</strong> Merchants<br />
Association Relief Fund and was involved with other<br />
prominent organisations.<br />
Arunbhai supported causes like education and medicine.<br />
Many of his endeavours were focused on the growth and<br />
development of the Banskantha region, and the Palanpuri<br />
community as a whole. Notably, he served as Chairman of<br />
Palanpur Samaj Kendra, Mumbai and of Vidyamandir Trust,<br />
Palanpur for several years, and he was also associated<br />
with Sir Kikabhai Premchand Trust, Banaskantha District<br />
Kelavani Mandal and the Gem and Jewellery National Relief<br />
Foundation.<br />
At the inauguration of S.G.Jhaveri <strong>Diamond</strong> Hall at BDB<br />
with Sharad Pawar<br />
38 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
names of associations and<br />
trade bodies Late Shri arun<br />
Mehta was affiliated with<br />
• Bharat <strong>Diamond</strong> Bourse (BDB)<br />
• <strong>Diamond</strong> Exporter’s Association Limited<br />
(DEAL)<br />
• Gem & Jewellery Export Promotion<br />
Council (GJEPC)<br />
• Mumbai <strong>Diamond</strong> Merchant’s<br />
Association (MDMA)<br />
• Palanpur Samaj Kendra, Mumbai (PSK)<br />
• Vidyamandir Trust, Palanpur (VMT)<br />
• All India Gem and Jewellery Domestic<br />
Council (GJC)<br />
• Banaskantha District Kelavani Mandal,<br />
Palanpur<br />
• Brihad Mumbai Vardhman Sthanakvasi<br />
Jain Mahasangh<br />
• Conwest and Manjula S. Badani Jain<br />
Hospital, Mumbai<br />
• Dariyapuri Sthanakvasi Jain Samiti,<br />
Ahmedabad<br />
• Gem & Jewellery National Relief<br />
Foundation (GJNRF)<br />
• Lok Niketan Trust, Palanpur<br />
• Mahavir Health & Medical Relief Society,<br />
Surat<br />
• Sarvodaya Ashram, Sanali<br />
• Saurashtra Medical & Educational<br />
Charitable Trust, Project Life, Rajkot<br />
• Shree Vardhaman Sthanakvasi Jain<br />
Shravak Sangh (Walkeshwar), Mumbai<br />
• Shri Mahavir Charitable Trust,<br />
Ahmedabad<br />
• Shri Sacchiyay Mataji Trust, Mumbai<br />
• Sir Kikabhai Premchand and S.R. Mehta<br />
Hospital, Mumbai<br />
• Vision Foundation India, Mumbai<br />
• <strong>World</strong> Jain Confederation, Mumbai<br />
• Zaveri Mangalji Vamalshi Dispensary -<br />
Parikh Hospital, Palanpur<br />
DiamonD WorlD | may-june <strong>2020</strong> | 39
In MeMorIaM<br />
A Saga of Successes<br />
A throwback of an exclusive interview with him in 2007, on the occasion of him<br />
winning the Life-time Achievement Award<br />
decided to set-up a partnership with me for<br />
a diamond cutting unit in Mumbai. This is<br />
how we started in 1960 our company – B.<br />
Arunkumar & Company and set- up its first<br />
tiny manufacturing unit in Mumbai. Initial<br />
business activity was quite limited. This<br />
is evident from the fact that we purchased<br />
rough worth about Rs. 25,000-30,000, cut<br />
and polished it and sold the same in the<br />
market. This yielded small profit, but added<br />
to our confidence.<br />
Receiving Life Time Achievement Award from Kamal Nath, former<br />
Union Cabinet Minister of Commerce<br />
What is your age, sir ? How were you<br />
attracted to this business?<br />
I was born at Patan (N. Gujarat) in January<br />
1940, now I am 67. Apart from our parents,<br />
there were four members in the familythree<br />
brothers – myself, Harshadbhai and<br />
Dilipbhai – and one sister.<br />
After studying upto SSC, I joined a college<br />
for higher studies. My father, Ramniklalji<br />
Mehta was doing some diamond business.<br />
His friends advised him to induct me into<br />
this business. This changed the course of<br />
my life. Subsequently, I got some training in<br />
the Ratanchand Laxmichand & Company’s<br />
diamond units in Surat and Navsari. For a<br />
few months I went to Pondicherry where<br />
in my uncle’s firm I got some training for<br />
accounts and import business.<br />
When and How did you launch your<br />
own diamond business?<br />
Even today I remember well that in 1958<br />
I purchased one diamond for Rs. 25 and<br />
sold it at Rs. 27! This was my first brush<br />
with this business. Subsequently, I started<br />
purchasing –polished gemstones from<br />
some units and selling them in the market.<br />
This gave me enough experience about<br />
assortment and marketing.<br />
When did you start manufacturing<br />
activity ?<br />
My maternal uncle Bhanuchandra<br />
Bhansali was doing some business in<br />
rough diamonds with his son-in-law. He<br />
When did you start business in<br />
antwerp ?<br />
In 1970 Dilipbhai went to Belgium to settle<br />
down there. He set-up the Rosy Blue firm<br />
there.<br />
When did your firm become a DTC-<br />
Sightholder?<br />
Our firm became a DTC Sightholder in<br />
1969. Thus we started getting rough stones<br />
from this all important direct source.<br />
Do you get rough from other<br />
producers too ?<br />
There are five major producers of rough in<br />
the world at present. Rosy Blue is getting<br />
rough from all of them.<br />
When did you start jewellery<br />
manufacturing business ?<br />
We turned our attention to this activity<br />
around 1985. At present jewellery accounts<br />
for the major share of Rosy Blue business.<br />
What is the philosophy of the rosy<br />
Blue Group ?<br />
It has been the philosophy of our group<br />
to spend regularly a part of our earnings<br />
on education, healthcare and charitable<br />
objectives. All members of the Rosy Blue<br />
Group share this humanitarian view.<br />
40 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
What have been the important milestones in the<br />
progress of your Group ?<br />
In 1969 our group obtained DTC’s approval as its Sighthoder.<br />
This was a noteworthy event in the Group’s history. Another<br />
equally memorable milestone was the opening of its Antwerp<br />
office in 1973. On the whole the company’s progress has been<br />
smooth without any obstacles. This is a matter of happiness<br />
for us.<br />
What about rosy Blue’s business policy ?<br />
We believe in a business policy that none of our clients should<br />
incur a loss. Ours is a family business. As the time passes, senior<br />
members step aside encouraging the younger generation to take<br />
up more responsibilities.<br />
What are your dreams after achieving such<br />
outstanding success?<br />
After achieving this much growth over the last four decades,<br />
one does not foresee similar growth prospects in the coming<br />
years as no new large diamond mines are coming up. So, while<br />
continuing our present activities we are exploring possibilities of<br />
diversification into some other areas as well. We are encouraging<br />
the younger generation to get the necessary education needed for<br />
such other activities. We feel that India provides the best place<br />
for such other activities as well.<br />
While prices of rough continue rising, polished prices<br />
seem to be dragging behind. What are the reasons ?<br />
The main reason for this situation is that diamond producers had<br />
earlier started the policy of restocking and stepping up supplies<br />
to market. All these supplies were cut and polished within a<br />
relatively shorter time as the manufacturing capacity had been<br />
greatly enlarged during the earlier years. However there has been<br />
no corresponding improvement in offtake at the retail level. This<br />
has led to considerable accumulations of stock in the pipeline.<br />
Once the pipeline gets cleared, prices of polished diamonds are<br />
bound to rise like those of all other goods.<br />
other than diamonds and business, what are your<br />
interests?<br />
My other subject of choice is reading.<br />
What is your message to the diamond industry ?<br />
Those who are already established in the business should make<br />
room for the new generation in time. Those who are contemplating<br />
to enter this business for the first time may do well to remember,<br />
capital requirements have gone up considerably in this business.<br />
Besides, teamwork is quite necessary for success.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 41
In MeMorIaM<br />
Remembering a Gentleman Par<br />
Excellence – A Tribute<br />
Arunbhai’s closest associates pen down their memories associated with him<br />
Dilip Mehta, Brother<br />
Our father, Shri Ramniklal<br />
Mehta had a hard childhood<br />
and lost his parents when he<br />
was just two years of age. As a result,<br />
Hiteshbhai’s (of H Dipak & Co.) great<br />
grandfather played a great role in<br />
bringing up my father.<br />
Arunbhai was wise, not just smart.<br />
A smart person gets out of a difficult<br />
situation easily, whereas a wise person<br />
never lands in a difficult situation. He was<br />
my eldest brother, ten years my senior.<br />
He was my confidante, partner and buddy<br />
in my growing up years. He often treated<br />
me like a son, rather than a younger<br />
brother. He looked after all of us younger<br />
siblings lovingly. Everyone believed<br />
that he always took my side during any<br />
discussion. I too liked to believe it. But<br />
in reality he was truly impartial and<br />
when it came to matters of ethics he was<br />
totally just. In business, he was a great<br />
visionary – he believed in hard work and<br />
team spirit. During my learning years,<br />
he was my mentor and I looked up to<br />
him for sound advice in many cases. He<br />
always told me ‘know your numbers well.<br />
Never overlook the importance of sound<br />
accounting knowledge – you must know<br />
your accounts very well. He was a great<br />
believer in the power of team effort and<br />
therefore nurtured and valued people.<br />
These are values I recall to this day –<br />
ones which have seen the whole family in<br />
good stead in every situation.<br />
He was my eldest<br />
brother, ten years<br />
my senior. He was<br />
my confidante,<br />
partner and buddy<br />
in my growing up<br />
years. He often<br />
treated me like a<br />
son, rather than a<br />
younger brother<br />
Former diamantaire and film producer<br />
Bharat Shah, a close family friend<br />
Arunbhai used to help everyone in the<br />
market. He was revered by the whole<br />
diamond trading fraternity, in India<br />
and abroad. He was very active in social field.<br />
People swore by his philanthropy and till date<br />
respect his commitment to the society. He<br />
knew how to manage business, personal life<br />
and societal commitments better than anyone<br />
else. Arunbhai has been the forerunner to take<br />
diamond industry to new highs. His visionary<br />
attitude and ability to think for the benefit of<br />
the whole fraternity are qualities of a great<br />
business leader. He was very well respected<br />
by all.<br />
He knew how to manage business, personal life<br />
and societal commitments better than anyone else<br />
42 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
Ashish K. Mehta, Partner, Kantilal Chhotalal<br />
Arunbhai was a visionary, and<br />
had anuncanny business<br />
acumen rooted in an ethical<br />
and humanitarian approach. He led the<br />
Rosy Blue group with amazing focus,<br />
impeccable integrity and outstanding<br />
leadership.<br />
Arunbhai also played a prominent<br />
role in steering the Indian diamond<br />
industry through these exciting times.<br />
At a personal level, his immense<br />
contribution lay in training and guiding<br />
many of the country’s successful<br />
diamantaires, and remained a mentor<br />
for many of the next generation. Many<br />
of them also recall how he would easily<br />
analyse the most complex of issues and<br />
offer practical advice and suggestion on<br />
how to overcome problems. Arunbhai<br />
selflessly dedicated efforts to the<br />
growth and sustenance of the industry<br />
through his involvement in numerous<br />
trade organisations.<br />
He actively participated in a range<br />
of charitable organizations, adding<br />
immense value through his guidance<br />
and leadership. He was a leader sans<br />
comparison: his effective, nurturing<br />
style successfully unlocked people’s<br />
potential and even enthusiasm. He was<br />
associated with several organisations in<br />
the field of education, healthcare and<br />
religion. I had the privilege of working<br />
very closely with him.<br />
I worked closely with him particularly<br />
in Vidyamandir Trust, Palanpur. For<br />
several years we visited Palanpur<br />
jointly in the winter and spent a lot<br />
of time with the management, staff,<br />
parents and teachers. The Vidyamandir<br />
family always keenly looked forward to<br />
his annual inspiring speech. He was a<br />
source of inspiration to all.<br />
He was a person with great clarity<br />
of thought and vision. Endowed with<br />
uncanny ability to assess problems with<br />
great simplicity, he arrived at practical<br />
and sustainable solutions. For those<br />
who knew him, he was always a phone<br />
call away: no problem or discussion<br />
was ever delayed or avoided.<br />
He would easily<br />
analyse the most<br />
complex of issues and<br />
offer practical advice<br />
and suggestion on how<br />
to overcome problems<br />
Alok Kala, Publisher, <strong>Diamond</strong> <strong>World</strong><br />
I<br />
have known Arunbhai since 1975,<br />
it is over four decades now. I recall<br />
his charitable nature. He was a<br />
man of few words. He was known to be<br />
forthright and spoke to the point. His<br />
concentration on his work and focused<br />
attitude was always appreciated. I recall,<br />
back in the early 90s when we were<br />
working on raising funds for a Cancer<br />
hospital in Jaipur, my father wrote to him<br />
for a donation, he immediately sent a<br />
cheque of Rs five lakhs. It was quite an<br />
impressive donation back then. He was<br />
a great philanthropist and did not shirk<br />
away from any of his responsibilities.<br />
He used to be a good guide in various<br />
business matters, for which trade leaders<br />
used to consult him. He was offered many<br />
honorary positions in various associations<br />
quite often. But he chose to work behind<br />
the scenes, without any titles. His words<br />
were greatly revered by the gems and<br />
jewellery fraternity across the world.<br />
He used to be a good<br />
guide in various<br />
business matters, for<br />
which trade leaders<br />
used to consult him.<br />
He was offered many<br />
honorary positions in<br />
various associations<br />
quite often. But he<br />
chose to work behind<br />
the scenes, without<br />
any titles<br />
DiamonD WorlD | may-june <strong>2020</strong> | 43
In MeMorIaM<br />
Life &<br />
Times of<br />
Arunbhai<br />
Mehta in<br />
Pictures<br />
A friendly cricket match between DTC and Indian diamond team - Arunbhai<br />
seen with Nigel Wisden<br />
With his uncle late Shri Bhanuchandra Bhansali<br />
44 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
Arunbhai with GJEPC Knowledge Delegation Overseas<br />
Arunbhai with Benjamin Bonas<br />
Arunbhai (far right) with GJEPC working committee in Jaipur<br />
DiamonD WorlD | may-june <strong>2020</strong> | 51
In MeMorIaM<br />
Antwerp diamond market observes a few minutes of silence as a mark of condolence<br />
(Left- right) Sanjay Virani, Prakash Goti, Vipul Sutariya, Piyush Patel, Laljibhai<br />
Patel and Late Shri Arunbhai Mehta<br />
Laljibhai Patel with Arunbhai during a<br />
visit to Surat <strong>Diamond</strong> Bourse<br />
Arunbhai with the Nawab of Palanpur<br />
Arunbhai & Ghanshyambhai at the Opening of Hari Krishna Exports<br />
New Office<br />
52 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
At the inauguration of IIJS Signature show<br />
Arunbhai receiving an award for <strong>Diamond</strong> Exports<br />
With Anoop Mehta, President BDB & Milind Deora, Congress Leader<br />
At an event (left corner) where MDMA is felicitating BJP member Ashish Shelar<br />
54 | may-june <strong>2020</strong> | DiamonD WorlD
In MeMorIaM<br />
With late Shri Mafatlal Mehta of Jayam<br />
At IIGJ Inauguration<br />
Welcoming Shobha L. Chary, Member (Customs & EP)<br />
Arunbhai with brothers Dilip & Harshad Mehta<br />
With son Russell Mehta & grand son Viraj Mehta<br />
DiamonD WorlD | may-june <strong>2020</strong> | 55
Cover Story<br />
Why the demand for diamonds will still be relevant?<br />
<strong>Diamond</strong>s will continue to<br />
light up people’s lives with<br />
its sparkle and here’s why<br />
As long as love and happiness remain key to people, diamonds<br />
will stay relevant. No pandemic can bring down the allure of<br />
diamonds. With weddings being downsized world over, people<br />
saving from not spending on vacations and other avenues of<br />
entertainment, more money can be spent on buying diamond<br />
jewellery. It is up to the industry as to how they can win back their<br />
rightful market share says Vijetha Rangabashyam<br />
66 | may-june <strong>2020</strong> | DiamonD WorlD
Cover Story<br />
The very first day Mumbai-based jeweller Anmol opened<br />
its store, the owner got a call from a celebrity client. She<br />
wanted to purchase diamond jewellery to gift to a friend on<br />
her birthday. After short listing two pieces over a video call, she<br />
asked to send both pieces to her residence, to pick one. She ended<br />
up buying both pieces of jewellery, one for herself and one for her<br />
friend. <strong>Diamond</strong> as a product speaks for itself. If a client makes an<br />
emotional connect with a piece of diamond jewellery, she may even<br />
exceed her budget by a few lakhs, rather than not buying a piece<br />
at all. So, we as an industry have an undue advantage of dealing<br />
with this beautiful, precious, rare and natural gemstone, which is<br />
a miracle. But are we doing enough to promote it? There needs<br />
to be a concerted effort by the industry to win back people’s<br />
trust and faith in diamonds. The truth is, the industry<br />
is in dire need for a strong, exhaustive campaign<br />
that promotes diamond jewellery, not just as an<br />
emotional asset but also as a financial asset.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 67
Cover Story<br />
Basically, we<br />
have to portray<br />
diamonds as a<br />
safe investment.<br />
We used to do<br />
it in the past.<br />
People don’t want<br />
to make impulse<br />
purchases on EMIs<br />
anymore. This is<br />
the perfect time<br />
to let people know<br />
that diamonds are<br />
a safe investment<br />
and that we need<br />
to go back to our<br />
roots, and do<br />
what our parents<br />
and grandparents<br />
did. And with<br />
diamonds, one can<br />
buy it, wear it and<br />
still think of it as a<br />
safe investment<br />
Alkesh Shah,<br />
Gold Star Jewellery<br />
Pandemic doesn’t deter<br />
people from celebrating<br />
Weddings may not be “big-fat” but<br />
there will still be weddings. Parents<br />
may not want to cater food for a<br />
pack of thousand but they would<br />
never want to compromise on the<br />
jewellery they want to gift their<br />
daughter on her special day. And no<br />
matter the scale of this pandemic,<br />
people would still want to celebrate<br />
special moments like birthdays<br />
and anniversaries in a small yet<br />
memorable way. “Until women exist<br />
in this world, diamonds will never go<br />
out of demand. After the pandemic,<br />
men are spending more time with<br />
their life partners and gifting has<br />
become more prevalent,” says Sunit<br />
Hirawat of Sunvim Exports. The fact<br />
that they are not in a position to go<br />
out and celebrate it lavishly may in<br />
fact be a reason for them to splurge<br />
a bit more and buy their loved<br />
ones something of lasting value.<br />
<strong>Diamond</strong> jewellery retailer Orra has<br />
created an heirloom trousseau box<br />
called the Generation’s Box, which<br />
can be passed on as heirloom from<br />
one generation to the other. The box<br />
starts at around Rs 6 lacs. Michelle<br />
Demaree, founder of Beverly Hills<br />
based Miss <strong>Diamond</strong> Ring believes<br />
that every diamond represents<br />
one couple’s unique love story.<br />
“Couples will never stop falling in<br />
love and couples will never stop<br />
getting engaged. People want to feel<br />
happy, they want to feel important,<br />
they seek pleasureable experiences<br />
and items that create lasting joy and<br />
meaning. People will never stop<br />
wanting this – ever,” says Michelle.<br />
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Cover Story<br />
The Carpe Diem<br />
mentality<br />
If this pandemic has taught us<br />
one thing, it is the fact that life is<br />
uncertain and fickle. So, people<br />
want to make the most of it. Michelle<br />
sold a 10 ct radiant 3-stone ring to<br />
a client from Florida who wanted<br />
to impress his girlfriend who fell in<br />
love with a few 7-13 ct stones from<br />
the inventory Demaree had put<br />
together for the couple exclusively.<br />
“My average clientele purchase<br />
rings in the 3-10 carat range.<br />
Clients see a window of opportunity<br />
to propose, especially with the<br />
threat of a resurgence of Covid<br />
in the Fall, so it seems consumer<br />
mentality is Carpe Diem, life is<br />
short, love cannot be quarantined -<br />
let’s do this!” says Michelle.<br />
It is still a materialistic<br />
world!<br />
The truth is, the wealthy continue<br />
to remain wealthy, even after<br />
the pandemic. <strong>World</strong> over, these<br />
wealthy folks are stuck at home, not<br />
being able to visit their favourite<br />
holiday destination or spend their<br />
summers in a luxurious retreat.<br />
There is a lot of pent up frustration,<br />
of not being able to lead a life that<br />
they believe is normal, which is all<br />
getting channeled towards buying<br />
expensive baubles. The recently<br />
held online jewellery auctions are<br />
a testament to this. “Trends may<br />
change but timelessness is going<br />
to be very important, especially in<br />
this fickle world. People are going<br />
to be relooking at what is important<br />
in their lives now. Something that is<br />
Customers have<br />
realised that gold<br />
and diamonds are<br />
an investment and<br />
they hold their<br />
value. We need<br />
to capitlise on<br />
the timelessness.<br />
People are not<br />
spending money<br />
carelessly – they<br />
want to obviously<br />
spend their savings<br />
on something<br />
prudently, so we<br />
have to give them<br />
that opportunity.<br />
Trends may change<br />
but timelessness<br />
is going to be<br />
very important,<br />
especially in this<br />
fickle world<br />
Dipu Mehta, Orra<br />
DiamonD WorlD | may-june <strong>2020</strong> | 69
Cover Story<br />
We should learn a<br />
lot from the mutual<br />
fund industry. In 4<br />
years, mutual fund<br />
hasn’t given anyone<br />
any returns. But<br />
the way people<br />
are being pulled<br />
towards investing<br />
in mutual funds<br />
is great because<br />
their marketing is<br />
so good. Now every<br />
graduate, fresh out<br />
of college, with<br />
his first job, wants<br />
to open a mutual<br />
fund account. This<br />
kind of initiative<br />
is not there in the<br />
diamond industry<br />
Sunit Hirawat,<br />
Sunvim Exports<br />
timeless resonate more with them.<br />
We have not seen a downward<br />
trend in terms of ticket size for our<br />
diamond products, it has stayed<br />
where it was pre-Covid,” says<br />
Dipu Mehta of Orra. The diamond<br />
industry world over needs to<br />
capitalise on this and gain back its<br />
market share. “<strong>Diamond</strong>s do the<br />
same thing that exercise, alcohol,<br />
drugs, sugar/sweets, sex, luxury<br />
spending does - they give people<br />
pleasure - that daily sought after<br />
dopamine, oxytocin, serotonin, and<br />
endorphins. If a pandemic threatens<br />
to take away each individual’s<br />
happiness, what does the brain do?<br />
It goes treasure hunting for pleasure<br />
“pleasure hunting”, which is why<br />
alcohol sales are up and the rich<br />
are still spending and in some cases<br />
even more frivolously than before,”<br />
adds Michelle.<br />
<strong>Diamond</strong>s – a solid<br />
investment vehicle<br />
Any luxury item one buys, be it a<br />
handbag or a car, the minute one<br />
makes the purchase, the value<br />
of the item depreciates by 15-20<br />
per cent. This is not the case with<br />
diamonds. Alkesh Shah of Gold<br />
Star Jewellery believes that the<br />
industry needs to go back to basics.<br />
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Cover Story<br />
“We have to portray diamonds as a<br />
safe investment. During uncertain<br />
times, savings is important. People<br />
don’t want to make impulse<br />
purchases on EMIs anymore. This is<br />
the perfect time to let people know<br />
that diamonds are a safe investment<br />
and that we need to go back to our<br />
roots, and do what our parents and<br />
grandparents did. The resale value<br />
of gold and diamonds has only gone<br />
up. And with diamonds, one can<br />
buy it, wear it and still think of it<br />
as a safe investment,” says Alkesh.<br />
In the heydays, jewellers in India<br />
would always convert gold buying<br />
customers into diamond buying<br />
customers because that’s where the<br />
money was. “We need to get that<br />
back in practice,” adds Alkesh.<br />
Customers have realised that gold<br />
and diamonds are an investment<br />
and they hold their value. There<br />
was a lot of predisposed buying<br />
happening but now people have<br />
this inherent need to feel safe.<br />
“People are not spending money<br />
carelessly – they want to obviously<br />
spend their savings on something<br />
prudently, so we have to give them<br />
at opportunity. People are picking<br />
up solitaires and we are also going<br />
to be focusing on simple jewellery,”<br />
adds Dipu. People who have<br />
purchased solitaires a few years ago<br />
have made some money on it, may<br />
be not a lot. But people who have<br />
invested in real estate, equities<br />
or bonds have lost a lot of money.<br />
And diamonds are also a great<br />
investment against the dollar. “We<br />
haven’t really promoted diamonds<br />
as an investment and we should do<br />
that. We should learn a lot from the<br />
mutual fund industry. In 4 years,<br />
mutual fund hasn’t given anyone<br />
any returns. But the way people are<br />
being pulled towards investing in<br />
Buying diamond<br />
jewellery has always<br />
been about the<br />
sentiment. There<br />
are times when a<br />
consumer will walk<br />
into the store with<br />
a particular budget<br />
in mind and she will<br />
even exceed their<br />
budget if they like the<br />
product, because of<br />
the sentiment. What<br />
we need now is for<br />
the sentiment to come<br />
back. The biggest<br />
impediment right now<br />
is fear. So, rather than<br />
asking a client if they<br />
are safe and okay,<br />
we talk to a client as<br />
though everything is<br />
normal, you need to<br />
give the client a picture<br />
that things are normal<br />
Ishu Datwani, Anmol<br />
Jewellers<br />
DiamonD WorlD | may-june <strong>2020</strong> | 71
Cover Story<br />
We are all pleasure<br />
seeking people,<br />
so those who can,<br />
will acquire their<br />
“happy things and<br />
experiences” from<br />
all avenues possible<br />
and that includes a<br />
sparkling diamond<br />
bauble. Around<br />
60% of my calls are<br />
for ovals, 20% are<br />
for radiants, 10%<br />
cushions and the<br />
final 10% rounds.<br />
The thin, simple<br />
solitaire setting<br />
trend is strong, I<br />
would say around<br />
75% of my calls<br />
are for that setting,<br />
the remainder are<br />
generally 3 stone<br />
rings<br />
Michelle Demaree,<br />
Miss <strong>Diamond</strong> Ring<br />
mutual funds is great because their<br />
marketing is so good. Now every<br />
graduate, fresh out of college, with<br />
his first job, wants to open a mutual<br />
fund account. This kind of initiative<br />
is not there in the diamond industry<br />
because the market is also very<br />
scattered,” adds Sunit.<br />
A strong need for “selfexpression”<br />
People have also had a lot of<br />
time on their hands during this<br />
lockdown. There has been a lot of<br />
product and brand discovery that<br />
has been happening. Clients are<br />
more likely to go for brands whose<br />
ideology and sense of aesthetic<br />
resonate with them. “Once the<br />
lockdown started to ease, we really<br />
felt people’s need for joy and happy<br />
moments, they wanted to “treat<br />
themselves” in an act of self-love,<br />
so it seems they are more open to<br />
discovering new brands and pieces,<br />
and thus happily we have noticed<br />
more activity and interest around<br />
the brand,” says Parisian jeweller<br />
Marie Mas. People will continue<br />
to express themselves with their<br />
choice of clothing and accessory<br />
and they will continue to seek<br />
72 | may-june <strong>2020</strong> | DiamonD WorlD
Cover Story<br />
happiness through the sparkle of a<br />
diamond that is irreplaceable. Even<br />
though people are stuck in their<br />
homes, the need to feel beautiful is<br />
still very real. And when this is all<br />
over, women would want to flaunt<br />
their favourite purchases during<br />
their outing.<br />
As lockdown eased in Europe,<br />
Marie noticed that clients showed<br />
an increased interest in pieces from<br />
her new collection ‘The Wave’. “It<br />
is an ode to harmony, femininity<br />
and deceptive simplicity. I think it<br />
is the surprise, joy and excitement<br />
which our best seller “Queen Wave<br />
ring” brings, that it has attracted<br />
the interest of clients in the postpandemic<br />
world. It is my belief that<br />
people buy fine jewellery because<br />
they fall in love with it and because<br />
the piece means something special to<br />
them. So, I don’t think fine jewellery<br />
creation and client interest will stop,<br />
I think people will gravitate to buy<br />
something which carries that special<br />
personal meaning—which can be<br />
found in designer jewellery, carefully<br />
crafted,” adds Marie.<br />
Loyal clients would want<br />
to support their favourite<br />
brands<br />
A strong brand connect is now more<br />
important than before. All that<br />
equity a brand has created for so<br />
many years will now reap its rewards<br />
as no faithful customer would want<br />
their favourite brands to go out<br />
of business. This pandemic has<br />
not affected everybody financially<br />
and if people are inclined towards<br />
purchasing diamond jewellery, they<br />
may as well support brands that they<br />
have had previously bought from.<br />
“I had a bridal client who walked<br />
into our store with her mother. Her<br />
wedding was scheduled for July 12th<br />
and she was so nervous because she<br />
felt jewellery stores wouldn’t open<br />
by then. So, she came in the minute<br />
we opened, spent a good three hours<br />
and bought her jewellery. Though it<br />
was purely need based, I didn’t see<br />
a difference in her sentiment,” says<br />
Ishu Datwani of Anmol.<br />
It is my belief that<br />
people buy fine<br />
jewellery because<br />
they fall in love with it<br />
and because the piece<br />
means something<br />
special to them. So,<br />
I don’t think fine<br />
jewellery creation and<br />
client interest will<br />
stop, I think people<br />
will gravitate to buy<br />
something which<br />
carries that special<br />
personal meaning—<br />
This time has given<br />
us an opportunity<br />
to reflect and really<br />
connect with our<br />
private clients, getting<br />
to know them better—<br />
which is one of my<br />
favourite things to do<br />
and is key to an honest<br />
and strong foundation<br />
for the brand<br />
Marie Mas, Marie Mas<br />
Jewelry<br />
DiamonD WorlD | may-june <strong>2020</strong> | 73
Personality<br />
David Kellie, CEO, Natural <strong>Diamond</strong> Council<br />
There is nothing else in<br />
the world that connects<br />
emotions, memories and<br />
moments like diamonds<br />
David Kellie, CEO, Natural <strong>Diamond</strong> Council (DPA), talks about the<br />
reason and timeliness behind the new rebranding strategy, why<br />
diamonds will be relevant in connecting people in the near and<br />
long-term future, potential plans for the Indian market and more<br />
78 | may-june <strong>2020</strong> | DiamonD WorlD
Personality<br />
Why was the decision to rebrand<br />
<strong>Diamond</strong> Producers Association<br />
implemented now?<br />
The world was changing even before<br />
Coronavirus, fairly dramatically. I started<br />
my role back in December 2019. We were<br />
already two or three months into this strategy<br />
and positioning before Coronavirus. But<br />
obviously, the impact of Coronavirus has<br />
both accentuated and accelerated in terms<br />
of what we were doing. So why did we want<br />
to do it? A number of reasons. First of all,<br />
we wanted to speak to a younger audience in<br />
the major markets in the world, particularly<br />
in the U.S.<br />
The average age of the diamond jewellery<br />
shopper is in the mid forties, and there’s<br />
a generation of potential consumers that<br />
has grown up without having the major<br />
advertising campaigns presented to them.<br />
Secondly, the tone and the values with which<br />
the audience engages has also changed and<br />
subjects like sustainability are very strong<br />
in the in the minds of these consumers.<br />
And finally, this is the Digital Age and in<br />
all honesty, it has been slow to evolve into<br />
the digital revolution. And we really see the<br />
opportunity with this consumer, whether<br />
it be through websites, or social media<br />
platforms, to develop in the digital world.<br />
For many years now the DPA has<br />
built on the ideas ‘Real and Rare’. As<br />
part of the new strategy the tagline<br />
Real is Rare has been dropped. Does<br />
this mean both these words are not<br />
relevant anymore?<br />
No, I think the real and rare are still very<br />
relevant. But we also want to talk about all<br />
of the other properties that make diamonds<br />
individual. Being real is one of them. There<br />
are many other facets of a diamond that<br />
make it unique when you compare it with<br />
other products that consumers spend their<br />
hard earned income on. So for us, it was<br />
about keeping it real and individual, and<br />
also expanding that to give us a platform<br />
to be able to talk about all the other unique<br />
aspects of a diamond.<br />
The rebranding strategy also involves<br />
a lot of marketing through content.<br />
How do you see this as an effective<br />
tool to communicate with your target<br />
audience?<br />
We are catering to an audience which is<br />
digesting content every hour, every day of<br />
the year. And traditionally, many brands<br />
worked with campaigns which were seen<br />
at a specific time of the year and then went<br />
quiet through the rest of the year. But the<br />
shopper is looking at our industry every day<br />
of the year, and we have to be present every<br />
day of the year and that we also have such<br />
The average age<br />
of the diamond<br />
jewellery<br />
shopper is in the<br />
mid forties, and<br />
there’s<br />
a generation<br />
of potential<br />
consumers that<br />
has grown up<br />
without having<br />
the major<br />
advertising<br />
campaigns<br />
presented to<br />
them<br />
amazing content. I came into this industry<br />
from outside. I was in fashion before. I<br />
thought it was incredible, the amazing<br />
amount of stories, whether they are about the<br />
industry and supply chain - where diamonds<br />
originate from, the stories of epic diamonds,<br />
etc. There are just so many great stories. I<br />
was a bit frustrated to see that there are all<br />
these great stories, but we don’t have the<br />
platforms to be able to talk to the consumer<br />
about them. So, that’s why content was part<br />
of our strategic planning setup so early. We<br />
had to create these platforms that allowed us<br />
to talk about all of the great things that are<br />
done in our industry and to do that in a way<br />
that really inspires consumers and educates<br />
them. It has been a very interesting process<br />
we’ve gone through to get here.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 79
Personality<br />
When we<br />
come out of<br />
this pandemic<br />
– the world<br />
will be more<br />
disconnected,<br />
because of the<br />
norms of social<br />
distancing which<br />
have been forced<br />
upon the whole<br />
human race. In<br />
such a world –<br />
diamonds will<br />
help strengthen<br />
bonds and reestablish<br />
these connections<br />
Who exactly is the new target audience<br />
you are catering to through this new<br />
campaign?<br />
The younger audience we want to address is<br />
now connected globally. They’re all on digital<br />
platforms. They’re all on smartphones. I<br />
think over 80 percent of our traffic coming<br />
onto our platforms is on mobile. Although<br />
culturally they’re different in each market,<br />
the consumer is very much engaging in<br />
global content.<br />
So that’s what we’ve got to speak to them<br />
in. And they all have very similar values<br />
because they are all digesting the same<br />
content. They all want to know about<br />
naturality and sustainability. They want to<br />
know where things have come from. They<br />
all have an obsession with celebrities of the<br />
world. So, the world is getting smaller. And<br />
we think that diamonds play a major part in<br />
that world going forward.<br />
You spoke about celebrities -- is<br />
celebrity endorsement an option that<br />
you’re looking at?<br />
Celebrity endorsement is surely an option<br />
we’re looking at. It’s very important that<br />
these celebrities are able to tell our story.<br />
We aren’t a product brand. So we’re not<br />
showing off products<br />
specifically, which<br />
is typically how<br />
and why product<br />
placement doesn’t<br />
always workwith<br />
celebrities, because<br />
you’re showing a<br />
specific product.<br />
So for us, it’s much more than just about<br />
celebrities and it is about their ability to use<br />
their voice to talk about the values of our<br />
industry.<br />
In India, gold is part of our culture.<br />
The engagement diamond giving<br />
trend, though growing, is still not<br />
widely prevalent. What is your plan<br />
to make diamonds more popular in<br />
India?<br />
I have been to India only twice in my current<br />
role. The Indian market is fascinating.<br />
I was quickly trained in the impact gold<br />
hand in India. For me, diamonds present<br />
a new opportunity. Engagement doesn’t<br />
have the same importance in India, but<br />
as cultures around the world become<br />
connected with each other, there is an<br />
opportunity for engagement rings to grow<br />
in the future. It may not be the same size<br />
as other markets for sure but you can<br />
already see celebrities giving engagement<br />
rings, so that in itself is a sign.<br />
In ten years time, people in retrospect will<br />
feel amazed at the size of the engagement<br />
rings market. Also the connection<br />
between people that diamonds create<br />
is incredible. A diamond helps you<br />
celebrate a moment – a romantic moment,<br />
a gift for someone or marking the birth<br />
of a child – there is nothing else in the<br />
world that connects emotions, memories<br />
and moments like a diamond.<br />
When we come out of this pandemic – the<br />
world will be more disconnected, because<br />
of the norms of<br />
social distancing<br />
which have<br />
been forced<br />
upon the whole<br />
human race. In<br />
such a world –<br />
diamonds will<br />
help strengthen bonds and re-establish<br />
these connections.<br />
What are the budgets chalked out for<br />
the U.S. and Asian markets?<br />
We don’t talk budgets. We are fortunate<br />
to have great financing from our member<br />
companies and at this time of crisis they<br />
are committed to us. All I can say is, it’s a<br />
healthy budget, we are able to do great things<br />
with it – we are already seeing ten times<br />
more of traffic to our website as compared to<br />
what it was a couple of months ago and the<br />
engagement on our social media platforms<br />
has also increased by hundred times. We<br />
have the budget to make an impact and<br />
once we demonstrate that, we will continue<br />
to finance it well.<br />
It is an incredibly tough time for our<br />
industry all over the world. Yet, I believe<br />
in presenting an optimistic vision because<br />
I believe diamonds have a great future in<br />
the long term and they will come back in a<br />
healthy and positive way.<br />
80 | may-june <strong>2020</strong> | DiamonD WorlD
SPECIAL REPORT<br />
Ban on rough diamonds<br />
To impoRt or<br />
To NoT impoRt…<br />
The dilemma whether to import rough diamonds or not had<br />
baffled analysts initially when the ban was suggested and<br />
today, nearly two months later and after further extension of<br />
the ban on imports of roughs the diamond industry in India<br />
unanimously supports it, says R Sugandha<br />
The pandemic has indeed shaken<br />
up the world by its very roots. The<br />
economy has toppled and this<br />
industry is taking a beating world over.<br />
It’s not just a health disaster, the economy<br />
is crumbling, rupee is crashing, stocks<br />
are toppling and demand for diamond<br />
jewellery is yet to gain momentum.<br />
Voluntary moratorium on import<br />
of rough diamonds extended<br />
After nearly two months of the Covid-<br />
19-induced lockdown, Indian diamond<br />
processors have been facing voluntary<br />
moratorium on the import of rough<br />
diamonds which is extending far into July<br />
<strong>2020</strong>. Many diamond units are expecting<br />
the moratorium to mount pressure on<br />
mining companies to reduce the price.<br />
Move to safeguard interests of all<br />
diamond merchants<br />
“This move is a voluntary one, meant<br />
to safeguard the business interest of the<br />
diamond manufacturers and retailers<br />
in turn. It will help them cut down on<br />
import cost. Owing to the lockdown, most<br />
diamond traders have a good inventory.<br />
They don’t need more roughs at the<br />
moment,” explains Vipul Shah, vicechairman<br />
GJEPC.<br />
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SPECIAL REPORT<br />
Need to be more disciplined and<br />
united in these trying times<br />
The ban isn’t mandatory – at the same<br />
time, it has been supported by members<br />
of the diamond fraternity in unison.<br />
Because of the lockdown, business did<br />
not take place for the past few months<br />
and demand-supply equation is still<br />
adjusting itself, which will determine<br />
diamond pricing. “It is difficult to gauge<br />
prices at this time, at B2B level, market<br />
pressures may force some traders to sell<br />
off their excess stock, which may have an<br />
impact on prices,” informs Vipul Shah.<br />
Important to safeguard value of<br />
one’s assets<br />
Every stakeholder has to safeguard the<br />
value of his assets – the diamond supplychain<br />
will get affected, if the industry<br />
doesn’t adhere to this ban. At present, in<br />
the USA and Hong Kong, there has been<br />
some demand for diamonds. Yet, there is<br />
no significant increase in demand from<br />
any market in the world.<br />
Wait and watch continues…<br />
Currently, the condition is indeed<br />
unpredictable and one needs to wait and<br />
watch. “As a council – GJEPC is in talks<br />
with the finance ministry to support our<br />
MSME sector. We are trying to work out a<br />
package for the benefit of this sector. We<br />
are in talks with nationalized banks. We<br />
hope to bring about a good plan for the<br />
benefit of diamond merchants and traders<br />
from the MSME sector,” explained Shah.<br />
<strong>Diamond</strong> trade may revive in<br />
festive season<br />
The apex industry body, Gem and<br />
Jewellery Export Promotion Council<br />
(GJEPC), has called for extension of<br />
this the voluntary moratorium to help<br />
Indian diamond processors ease their<br />
inventory. With demand for diamonds<br />
expected to decline in the monsoon, the<br />
moratorium will offer time to processing<br />
FACT ChECk<br />
India’s gross import of<br />
rough diamonds had<br />
declined by 13.43 per cent<br />
to $12.39 billion between<br />
April 2019 and February<br />
<strong>2020</strong> from a year earlier<br />
This move is a<br />
voluntary one, meant to<br />
safeguard the business<br />
interest of the diamond<br />
manufacturers and<br />
retailers in turn. It will<br />
help them cut down<br />
on import cost. Owing<br />
to the lockdown, most<br />
diamond traders have<br />
a good inventory. They<br />
don’t need more roughs<br />
at the moment<br />
Vipul Shah, Vice<br />
Chairman, GJEPC<br />
units to restore their business activities<br />
for a demand revival during Dussehra<br />
and Diwali.<br />
Exports need to improve<br />
Exports, too, are on a steady decline<br />
because of the lockdown, even as some<br />
shipments have been sent to Hong Kong<br />
last month.<br />
Rough diamonds imported in January<br />
and February are still lying with<br />
processing units. <strong>Diamond</strong> processing<br />
factories, wholesale, and retail stores<br />
were shut for most parts of this ongoing<br />
lockdown.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 83
SPECIAL REPORT<br />
If this voluntary ban<br />
is not supported,<br />
diamond prices are<br />
likely to fall sharply.<br />
In order to avoid this<br />
scenario, it is important<br />
that the whole diamond<br />
industry curtails import<br />
of roughs and also<br />
does not allow overflooding<br />
of market with<br />
diamond inventory.<br />
We have to maintain a<br />
healthy demand and<br />
supply ratio – only then<br />
the prices of diamonds<br />
can be maintained<br />
Vipul Sutariya,<br />
Dharmanandan<br />
<strong>Diamond</strong>s Pvt Ltd<br />
Leading diamond mines cut<br />
supplies<br />
The moratorium has prompted De Beers,<br />
one of the largest rough diamond miners<br />
in the world that contributes around 20<br />
per cent of the total supply, to cut its<br />
production estimates to 25-27 million<br />
carats for the calendar year <strong>2020</strong>, from<br />
32-34 million carats earlier.<br />
Other global miners, including<br />
ALROSA and Rio Tinto, too, have<br />
revised their production forecast for <strong>2020</strong><br />
to avoid inventory building and distress<br />
selling. <strong>Diamond</strong> processors, which had<br />
stored their imported rough diamonds at<br />
their factories abroad, including Dubai,<br />
are now bringing their stock to India.<br />
GJEPC had reported a year-on-year<br />
decline of 11 per cent in the country’s<br />
rough diamond import to 146.4 million<br />
carats (worth $12.7 million) for the<br />
financial year 2019-20. This figure was<br />
165 million carats (worth $15.7 million)<br />
in the previous year.<br />
Labour scarcity affects<br />
manufacturing<br />
“Workers have returned to their<br />
hometown. Hence, diamond processing<br />
factories are witnessing an acute shortage<br />
of karigars. Since the possibility of their<br />
immediate return seems remote, the<br />
voluntary moratorium not only should be<br />
made compulsory but also extended. The<br />
consensus and the anecdotal reference<br />
from coordinated efforts multiple times<br />
over the last decades - when the Global<br />
diamond demand recovered from the<br />
demand shocks, both in volumes and<br />
price terms - dictates that the most<br />
effective solution has been to curtail<br />
the supply, as it fundamentally creates<br />
buoyancy for sustainable future demand<br />
for the retailers, manufacturers and the<br />
miners,” said Dinesh Lakhani, of Kiran<br />
Gems.<br />
This voluntary ban will help diamond<br />
manufacturers to manage the current<br />
lockdown-induced crisis and meet the<br />
banking sector’s reluctance to finance the<br />
sector confidently.<br />
On an average, rough diamonds worth<br />
over $1 billion are imported every<br />
month, and a month’s restraint will allow<br />
processing units to tide over the current<br />
situation at least partially. These units<br />
are also under severe financial stress and<br />
aren’t in a position to restart despite the<br />
NO GAIN HERE<br />
Budget <strong>2020</strong> raised the<br />
BCD (basic customs duty)<br />
on rough coloured like<br />
rubies, sapphires, emerald<br />
and others to 0.5 per cent<br />
from nil<br />
GJEPC said that given<br />
the relatively low value<br />
of imports the levy<br />
would hardly yield the<br />
government any revenue<br />
Imports of semi-precious<br />
stones totalled $571.32<br />
million in FY19<br />
84 | may-june <strong>2020</strong> | DiamonD WorlD
SPECIAL REPORT<br />
government’s go-ahead. The lockdown,<br />
has rendered thousands of workers<br />
jobless and forced them to return to their<br />
native places.<br />
As a solution and to protect the interests<br />
of the industry during this crisis, it was<br />
suggested by the GJEPC that individual<br />
members consider the option of curtailing<br />
imports of rough diamonds from <strong>May</strong> 15.<br />
India has a monopoly in cutting and<br />
polishing diamonds, with 14 out of 15<br />
stones in the world being processed here.<br />
However, the industry is now seeking to<br />
cutback domestic inventories and also<br />
import of rough diamonds.<br />
Recently, several companies that<br />
get diamonds processed and export<br />
the polished stones, made some<br />
representations to the GJEPC. The<br />
Council responded to their call and also<br />
discussed possible steps to strengthen<br />
the Indian diamond industry.<br />
“Such a curtailment of imports will help<br />
the industry face the challenges arising<br />
out of the drop in demand in the global<br />
gems and jewellery market,” explained<br />
Vipul Shah. However, it left the decision<br />
to individual importers.<br />
This move will send a signal to the<br />
banks that the diamond industry will not<br />
increase its indebtedness at a this crucial<br />
time. This, they hope will reassure<br />
bankers and prompt them not to reduce<br />
credit exposure to the industry.<br />
IMPORT VALUE<br />
Quantity (in million carats)<br />
200<br />
150<br />
100<br />
50<br />
0<br />
Source: GJPEC<br />
16.8<br />
146.2<br />
14.0<br />
17.1<br />
<strong>Diamond</strong> industry is financially<br />
sound<br />
The Indian industry’s total indebtedness<br />
to banks is not excessively high—it<br />
currently stands at around $9.5 billion.<br />
The industry has honoured a major<br />
portion of its debts to the banks, and if<br />
the diamond sector tides over the next<br />
three months, the situation should be<br />
under control. It is expected that demand<br />
will be restored by 2021.<br />
According to the council, another<br />
aspect of the move to curtail import is<br />
that, it will allow fewer rough diamonds<br />
to enter the pipeline and the producer<br />
companies will face lesser strain and<br />
indirectly share in the financing burden,<br />
thus contributing to a faster restoration<br />
18.9<br />
15.7<br />
- value (in $billion)<br />
12.7<br />
138.4 153.3 187.7 165.0 146.4<br />
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20#<br />
20<br />
15<br />
10<br />
5<br />
0<br />
#provisional<br />
MSME units too have<br />
enough stock, because<br />
there has been no<br />
demand for the past<br />
two months at least,<br />
even if government<br />
has relaxed norms<br />
in some regions, a<br />
majority of diamond<br />
trade takes place from<br />
Surat, Delhi, Mumbai,<br />
Kolkata, and some<br />
metro cities of India –<br />
in all of these cities the<br />
demand for diamonds<br />
is yet to pick up<br />
Priyal Shankar,<br />
Shivam Jewels<br />
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SPECIAL REPORT<br />
of normalcy in an otherwise healthy<br />
business.<br />
Just before the lockdown, the industry<br />
saw a sharp fall in FY20 exports due<br />
to the global slowdown. The lockdown<br />
was announced when banks were to<br />
review financial limits for FY21 and the<br />
industry was hoping for relief from them.<br />
However, the lockdown which followed<br />
unprecedented virus attack across<br />
globe, demanded stringent discipline by<br />
industry players and hence, curtailment<br />
of rough diamond imports was proposed.<br />
This will also help improve industry<br />
financials and release of working capital<br />
stuck in inventories.<br />
Speaking about the voluntary ban, Vipul<br />
Sutariya, Director at Dharmanandan<br />
<strong>Diamond</strong>s Pvt Ltd., said, “This voluntary<br />
ban can protect price of diamonds. If<br />
this is not supported, diamond prices<br />
are likely to fall sharply. In order to<br />
avoid this scenario, it is important that<br />
the whole diamond industry curtails<br />
import of roughs and also does not allow<br />
over-flooding of market with diamond<br />
inventory. We have to maintain a healthy<br />
demand and supply ratio – only then the<br />
prices of diamonds can be maintained.”<br />
MSMEs too support the move<br />
While the ban hopes to control diamond<br />
prices in the long run and ensures healthy<br />
business environment of the sector, how<br />
will it affect the MSME units, will they be<br />
able to meet the demand, do they really<br />
have enough stock?<br />
“Yes, they too have enough stock,<br />
because there has been no demand for<br />
the past two months at least, even if<br />
government has relaxed norms in some<br />
regions, a majority of diamond trade<br />
takes place from Surat, Delhi, Mumbai,<br />
Kolkata, and some metro cities of India<br />
– in all of these cities the demand for<br />
Workers have<br />
returned to their<br />
hometown. Hence,<br />
diamond processing<br />
factories are<br />
witnessing an acute<br />
shortage of karigars.<br />
Since the possibility<br />
of their immediate<br />
return seems remote,<br />
the voluntary<br />
moratorium not<br />
only should be made<br />
compulsory but also<br />
extended<br />
Dinesh Lakhani,<br />
Kiran Gems<br />
diamonds is yet to pick up,” explains<br />
Priyal Shankar of Shivam Jewels.<br />
The pandemic is a global phenomenon,<br />
so exports have been falling, in such<br />
a case, the only solution for traders<br />
is to control supply. The first step in<br />
controlling supply of finished products<br />
is to control imports of rough diamonds –<br />
which is the core and the most expensive<br />
raw material needed to produce polished<br />
diamonds.<br />
Industry has to remain unified in this<br />
time of crisis and observe discipline<br />
and orderliness in business. “Right<br />
now, the retail demand for diamond<br />
jewellery is practically non-existent.<br />
Hence manufacturers will have to control<br />
imports, there is no point investing a<br />
heavy sum in the raw material – which<br />
cannot be processed for want of adequate<br />
labour, and lack of demand as well,”<br />
explains Priyal.<br />
Mid-level and small scale units will<br />
benefit from this move, as they will be<br />
able to sell off their inventory at a better<br />
price, once markets open.<br />
All in all, despite initially worries about<br />
the effect the voluntary ban would have<br />
had on the gems and jewellery industry –<br />
currently, the stakeholders unanimously<br />
agree that this ban will surely prove to be<br />
good for the industry.<br />
86 | may-june <strong>2020</strong> | DiamonD WorlD
SPECIAL REPORT<br />
Hong Kong Market<br />
THe View fRoM<br />
HonG KonG<br />
It has been a tough road for Hong Kong, with US-<br />
China Trade War, pro-democracy protests and finally,<br />
coronavirus. But thanks to the indefatigable spirit<br />
of Hong Kongers, the city has managed to beat the<br />
virus. In the same spirit, with the support of the<br />
Government that believes in the business capability<br />
of its small and medium scale entrepreneurs, the<br />
jewellery industry will come out of this crisis says<br />
Vijetha Rangabashyam<br />
The slick city has been back in<br />
action for over couple of months<br />
now. Hong Kong is one of the<br />
densest cities in the world with high<br />
rises literally stuck to each other. The<br />
transportation is almost always packed<br />
to the brim. Some of the best restaurants<br />
in Hong Kong barely have space for<br />
people to move around. Be that as it<br />
may, this financial hub whose efficiency<br />
88 | may-june <strong>2020</strong> | DiamonD WorlD
SPECIAL REPORT<br />
Earrings, Oriental Gemco<br />
and skill many countries world over are<br />
dependent on, managed to beat the virus<br />
and its resurgence as well, thanks to its<br />
citizens. Perhaps it was the experience<br />
from SARS and many other epidemics<br />
before that, the people of Hong Kong are<br />
definitely equipped to handle a pandemic<br />
of this scale better than most countries<br />
– they are organized and have a sense<br />
of self-discipline, so much so that even<br />
when the Government banned masks,<br />
Hong Kongers went onto wear masks,<br />
distributing them and encouraging fellow<br />
citizens to wear them.<br />
Life is back to normal today, with<br />
restaurants, bars and stores having<br />
opened up late <strong>June</strong>. However, people are<br />
erring on the side of caution with social<br />
distancing norms in place. It has been<br />
a cruel year for Hong Kong – a bustling<br />
city with thriving economic activities has<br />
been subject to one blow after the other.<br />
The pro-domestic protests that engulfed<br />
the city in 2019 are still ongoing and<br />
the threat of the virus brought the city<br />
to a standstill for nearly 3 months. The<br />
imposition of National Security Law might<br />
spark more confusion and trouble for the<br />
business community in Hong Kong. One<br />
of the biggest revenues for the city is<br />
tourism, which has been badly hit since<br />
March and with the government imposing<br />
restrictions on foreigners flying into the<br />
country, it looks like tourism will remain<br />
affected for the foreseeable future.<br />
An export driven market<br />
Hong Kong depends on the exports<br />
mainly, especially China, U.S. and the<br />
Middle East. The Middle East has been<br />
in a complete lock down and business<br />
from the region is nil. “We’ve been<br />
getting orders from the U.S. mainly from<br />
TV shopping network companies and<br />
some online companies. China has also<br />
completely opened up, so we are getting<br />
steady demand from there as well,” says<br />
Gaurav Nigam of Oriental Gemco. The<br />
survival mode for the jewellery industry<br />
in Hong Kong right now is entirely<br />
through opportunities they are getting<br />
from China as well as the U.S. Until<br />
April, businesses in Hong Kong were<br />
badly hit because of logistical issues and<br />
exports were definitely down and India<br />
being shut completely obviously didn’t<br />
help. Markets started opening up in <strong>May</strong><br />
and in <strong>June</strong>, the market started slowly<br />
picking up. Of course, the market isn’t<br />
booming but it is not all that bad because<br />
all major hubs of jewellery and diamonds<br />
like Antwerp, New York and some parts<br />
of Asia are all open and Europe will<br />
fully open up mid July. “We went into<br />
Fancy colour diamonds, Kunming <strong>Diamond</strong>s<br />
We’ve been getting<br />
orders from the<br />
U.S. mainly from<br />
TV shopping<br />
network companies<br />
and some online<br />
companies. For<br />
most retailers<br />
around the world,<br />
things are looking<br />
bad and Hong Kong<br />
is no different.<br />
When we ask for<br />
payments they<br />
want to return<br />
the goods. But we<br />
are cooperating<br />
with them. We are<br />
being patient and<br />
extending the credit<br />
by six months<br />
Gaurav Nigam,<br />
Oriental Gemco<br />
DiamonD WorlD | may-june <strong>2020</strong> | 89
SPECIAL REPORT<br />
I know of a<br />
retailer who has<br />
created a bench<br />
jeweller concept<br />
for consumers to<br />
build, repair, and/<br />
or polish their<br />
rings as a touch of<br />
personalization.<br />
These are creative<br />
ways in which<br />
retailers are<br />
expanding beyond<br />
conventional<br />
methods<br />
Harsh Maheshwari,<br />
Kunming <strong>Diamond</strong>s<br />
lockdown end of January and before that<br />
we were shut because of Chinese New<br />
Year. We also had the protests, so Hong<br />
Kong has been through a lot. China is<br />
doing extremely well. We don’t have a<br />
presence there but our clients from the<br />
U.S. and Europe who have stores in China<br />
tell us that on some days they have had<br />
record breaking sales. This sentiment has<br />
not trickled into Hong Kong as yet. We<br />
are hearing that the borders will open up<br />
in July, may be things will start looking<br />
up then,” says Harsh Maheshwari of<br />
Kunming <strong>Diamond</strong>s. The jewellery<br />
market in Hong Kong is at least 70 per<br />
cent down.<br />
Jewellers are working on pending<br />
orders as parts of U.S. are opening up.<br />
However, India opening up remains<br />
crucial to Hong Kong jewellery industry’s<br />
health as it is the sourcing hub – if India<br />
doesn’t open up, it will heavily affect the<br />
supply chain and operation will not be<br />
smooth.<br />
largely depends on inflow of tourists from<br />
China and anywhere else in the world.<br />
Jewellery and watch sales plummeted by<br />
69.7 per cent to HKD 2.02 billion ($261<br />
million) in <strong>May</strong>. HK’s largest jeweller<br />
Chow Tai Fook reported a 36.6% drop<br />
in profit but is still optimistic about<br />
demand in Mainland China. The retail<br />
giant is planning to close at least 10-15<br />
stores in HK and Macau, however, as<br />
demand from China seems to be steady,<br />
the company plans to expand using the<br />
franchise model, aiming to open 400-<br />
450 more points of sales by the end<br />
March 2021. Retailer Luk Fook is also<br />
struggling. The decline of same-store<br />
Retail needs resurgence<br />
Closure of Mainland border due to<br />
Covid-19 has affected retail sales in<br />
Hong Kong to a large extent as the city<br />
Earrings, Oriental Gemco<br />
90 | may-june <strong>2020</strong> | DiamonD WorlD
SPECIAL REPORT<br />
sales in the first three weeks narrowed to<br />
around 60 percent, while overall shops in<br />
the mainland market showed progressive<br />
improvements with a less than 20-percent<br />
decline in <strong>June</strong> as compared to the<br />
20-per-cent drop in April to <strong>May</strong> and<br />
40-per-cent drop in March. The retailer<br />
will close five stores in Hong Kong and<br />
open two in Macau.<br />
Tse Sui Luen (TSL) reported HKD<br />
89.8 million ($11.6 million) loss for the<br />
12 months ending March <strong>2020</strong>. The<br />
company stated that it has been one<br />
of the most difficult years, citing the<br />
backdrop of US-China trade war as one<br />
of the major reasons for a steady decline<br />
in sales. Before the onslaught of the<br />
novel coronavirus and the protests, TSL<br />
opened four stores in HK. However,<br />
with the crisis at hand, the company has<br />
realigned its business strategy and cost<br />
effectiveness remains a key priority.<br />
Many retailers have negotiated with<br />
their landlords – their rents have been<br />
significantly cut to tide through the<br />
current period. “For most retailers<br />
around the world, things are looking bad<br />
and Hong Kong is no different. When<br />
we ask for payments they want to return<br />
the goods. But we are cooperating with<br />
them. We are being patient and extending<br />
the credit by six months. I do believe<br />
that nothing will change before second<br />
quarter of 2021. So, if retailers don’t get<br />
support from suppliers and owners of the<br />
place they are renting, they won’t be able<br />
to survive,” says Nigam.<br />
Primed for innovation<br />
When the going gets tough, the tough gets<br />
going. Hong Kong has been a centre for<br />
gems and jewellery for many years and<br />
businesses have gotten complacent – a<br />
Ring, Oriental Gemco<br />
The Government<br />
has given subsidies<br />
and salary packages<br />
to support the<br />
employees. They<br />
have given $9000<br />
to each employee<br />
in Hong Kong<br />
every month, this<br />
will continue for<br />
6 months. India<br />
opening up is<br />
crucial as it is the<br />
hub of sourcing.<br />
There will be major<br />
issues if India<br />
doesn’t open up as<br />
supply chain will<br />
get affected<br />
Zulu Ghevriya,<br />
Prism Group<br />
DiamonD WorlD | may-june <strong>2020</strong> | 91
SPECIAL REPORT<br />
Green and pink fancy colour diamonds, Kunming <strong>Diamond</strong>s<br />
dose of innovation was much needed.<br />
Due to this pandemic, people are slowly<br />
beginning to get creative. However, many<br />
business owners are happy with being<br />
busy tending to customers who are coming<br />
in or having some enquiries. Basic pieces<br />
were getting sold off the shelves, now<br />
people want to think outside the box.<br />
Some retailers are even clearing out some<br />
of their merchandise to make room for<br />
some sort of seminars and educational<br />
programmes for people. ‘‘I know of a<br />
retailer who has created a bench jeweller<br />
concept for consumers to build, repair,<br />
and/or polish their rings as a touch of<br />
personalization. These are creative<br />
ways in which retailers are expanding<br />
beyond conventional methods,” adds<br />
Maheshwari.<br />
Another big setback<br />
The Hong Kong jewellery show, one of the<br />
biggest jewellery events in the world has<br />
been cancelled and this is a major setback<br />
for the jewellery market in Hong Kong. It<br />
is a place where serious business takes<br />
place and this will further lead to downfall<br />
in business numbers, especially for small<br />
and medium businesses. “Established<br />
businesses are able to maneuver through<br />
this crisis and conduct business through<br />
Zoom calls because they already have a<br />
network of clients,” says Maheshwari..<br />
Also, dealing with a niche product like<br />
fancy colour diamonds has given him an<br />
edge. “There’s always been a scarcity in<br />
natural coloured diamonds, but it’s even<br />
more prevalent now. Being a stockist with<br />
a global footprint, we have an advantage<br />
in acting swiftly and delivering on time,”<br />
he adds.<br />
HK Government to the rescue<br />
All said and done, the Hong Kong<br />
government has been extremely<br />
supportive to business owners in rolling<br />
out financial aids and relief packages to<br />
both small and medium scale businesses.<br />
“They understand that the market has<br />
been affected. They have given subsidies<br />
and salary packages to support the<br />
employees. They have given $9000 to<br />
each employee in Hong Kong every<br />
month, this will continue for 6 months,”<br />
says Zulu Ghevriya of Prism Group.<br />
This move has been initiated to ensure<br />
there are no layoffs. The belief and hope<br />
in HK’s business prowess is strong and<br />
undeterred even with coronavirus. The<br />
government is encouraging business to<br />
fully go digital and they are completely<br />
funding any digital initiative undertaken<br />
by companies.<br />
92 | may-june <strong>2020</strong> | DiamonD WorlD
Special Feature<br />
Cartier Gem-Set, <strong>Diamond</strong> and Enamel ‘Tutti Frutti’<br />
Bracelet that sold for $1.3 million at Sotheby’s<br />
Online Jewellery Auctions<br />
The Rich are Finding<br />
Happiness in<br />
Precious Baubles<br />
Online auctions are all the rage with successful sales as<br />
well-to-do collectors are deriving joy out of bidding their<br />
favourite pieces from the comfort of their homes says<br />
Vijetha Rangabashyam<br />
94 | may-june <strong>2020</strong> | DiamonD WorlD
Special Feature<br />
HARRY WINSTON<br />
RUBY AND DIAMOND<br />
NECKLACE<br />
Ultimately, estimates under<br />
$20,000 seems to be a sweet spot<br />
for collectors – the decision of<br />
buying can be independent without<br />
consulting members of the family<br />
as it is not a high octane purchase.<br />
Fewer lots and frequent options seem<br />
to be a winning combination<br />
While most people are<br />
worried in anticipation<br />
about this ongoing dreadful<br />
pandemic and are cloistered within the<br />
walls of their homes, the well to do<br />
female consumers and in some cases<br />
males, who have an affinity towards<br />
jewellery, are having fun with online<br />
digital auctions hosted by world famous<br />
auction houses like Christie’s, Sotheby’s<br />
and the like. The recently held auctions<br />
are a testament to the growing fondness<br />
of rich shoppers towards bidding their<br />
favourite pieces online. <strong>May</strong> be it is the<br />
stress or restlessness, but more number<br />
of women are finding joy in collecting<br />
pieces from their favourite jewellers.<br />
The Thrill of Bidding<br />
Women who are bidding pieces online<br />
are already passionate about jewellery.<br />
They don’t have an outlet, no evening<br />
drinks at a favourite restaurant with<br />
girl friends, no hot yoga – the pent<br />
up energy is being channeled towards<br />
chasing jewellery pieces that they have<br />
been eyeing and the thrill of locking<br />
it in a desired price is extremely<br />
gratifying. Maleeva, aged 60 bought a<br />
Tiffany & Co Angela Cummings Gold<br />
‘Rose Petal’ Link Bracelet; according to<br />
an article on New York Times, she had<br />
been impatient to buy the piece and has<br />
been bidding aggressively.<br />
A Safer Investment Choice<br />
Those who are averse to stocks and<br />
real estate right now are investing in<br />
timeless pieces. When everything else<br />
around people is uncertain, deriving joy<br />
from owning exceptional gemstones and<br />
jewellery is the new normal. Historical<br />
pieces are irreplaceable and one of a<br />
kind and people are finding the need to<br />
fill a void in their otherwise mundane<br />
lives with such gorgeous pieces.<br />
JAR ‘GERANIUM’ ALUMINUM EARRINGS<br />
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Special Feature<br />
Who are these Collectors?<br />
Rich housewives and women with<br />
thriving careers between the age of 35<br />
and 60 participate in these auctions.<br />
These are women who know their<br />
jewellery and have an eye for rare,<br />
exquisite pieces by pedigree brands.<br />
By virtue of collecting for several years,<br />
the need to see the piece in the flesh<br />
is less. The trust that they have with<br />
the auction houses and the jewellery<br />
brands is high.<br />
The Matter of Pricing<br />
Auction houses have used the winning<br />
strategy of implementing conservative<br />
pricing as it attracts more bidders.<br />
The current bid for a pair of Geranium<br />
earrings by JAR with an estimate of<br />
$1,500-2000 is $5500. A gorgeous<br />
Cartier coral and diamond brooch with<br />
an estimate of 50,000-80,000 CHF<br />
was sold for 68,750 CHF. Ultimately,<br />
estimates under $20,000 seems to be a<br />
sweet spot for collectors – the decision<br />
of buying can be independent without<br />
consulting members of the family as it<br />
is not a high octane purchase. Fewer<br />
lots and frequent options seem to be a<br />
winning combination.<br />
IMPORTANT FANCY INTENSE<br />
PINK DIAMOND RING SOLD FOR<br />
$3 MILLION<br />
Verdura Emerald and Sapphire Ring<br />
Of Provenance & Pedigree<br />
Pieces from brands with repute and<br />
history do well in these auctions.<br />
Cartier, Tiffany & Co, Van, Cleef &<br />
Arpels, Bulgari are usual suspects,<br />
while brands like David Webb, JAR,<br />
Verdura and Hemmerle also do<br />
extremely well. Pieces whose origins<br />
are unknown don’t do as well unless<br />
they come with a piece of indelible<br />
story, mostly period pieces. Collectors<br />
feel safer and secure when they buy<br />
pieces from known brands at an online<br />
auction.<br />
Innovation Abound<br />
Auction houses are doing everything in<br />
their capacity to make their auctions<br />
more exciting. From private viewings<br />
through video calls to home delivery<br />
to guiding bidders over the phone, an<br />
array of services is made available to<br />
eager bidders. Auction houses like<br />
Doyle are even walking the bidders<br />
through the whole process, by showing<br />
them pieces on Facetime or Zoom –<br />
maintaining a personal connection<br />
with potential collectors has become<br />
important now than before.<br />
<strong>Diamond</strong>s Galore<br />
In an auction by Christie’s a plethora<br />
of diamond jewellery were on sale<br />
including a spectacular diamond ring<br />
of 28.86 carats that sold for $2,115,000<br />
and many diamond pieces from Graff.<br />
A few fancy colour diamond pieces at<br />
Sotheby’s Magnificent Jewellery auction<br />
missed the mark, but an intense pink<br />
diamond ring was sold for $3 million.<br />
Colours of Hope<br />
The demand for Kashmiri sapphires and<br />
Burmese Pigeon blood rubies was high<br />
even before the lockdown. Once the<br />
pandemic came into play, people wanted<br />
to seize the opportunity to get their hands<br />
on such rare investments. An important<br />
Kashmiri sapphire and diamond ring was<br />
sold at a recently held auction for 524,000<br />
CHF well over its estimate of 300,000 -<br />
490,000 CHF.<br />
IMPORTANT SAPPHIRE AND DIAMOND<br />
RING SOLD FOR CHF 5,24,000<br />
CARTIER CORAL AND DIAMOND<br />
BROOCH, CIRCA 1960<br />
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The Rock Talk<br />
Aluminum ‘violet’ earrings, JAR<br />
Gem set diamond<br />
necklace, Michelle<br />
Della Valle<br />
Sapphire &<br />
diamond<br />
bracelet, Graff<br />
Gold and diamond brooch<br />
1950s, Sterlé<br />
Going once, going twice<br />
cherish Forever<br />
These pieces crafted by world class<br />
jewellery brands are decorated with the<br />
finest of gemstones. Their provenance<br />
and story have garnered them a place in<br />
some of the most sought after auction<br />
houses in the world<br />
Emerald, diamond and<br />
sapphire brooch, ‘Double<br />
Aster’ 1956, Verdura<br />
Amazonite diamond ring<br />
<strong>Diamond</strong> leaf brooch,<br />
Boucheron<br />
11.34 ct emerald cut diamond<br />
ring, Harry Winston<br />
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The Rock Talk<br />
Gem set &<br />
diamond<br />
bracelet ‘rose’,<br />
Tiffany & Co<br />
A pair of<br />
diamond,<br />
coloured<br />
diamond,<br />
platinum and<br />
gold earrings<br />
An Art Deco<br />
diamond, emerald,<br />
platinum and gold<br />
brooch, Janesich<br />
A Ruby, diamond, platinum and<br />
gold brooch, Aletto Brothers<br />
Gem set flower ring, Chanel<br />
A Suite of enamel, multigem,<br />
diamond<br />
and gold turban<br />
jewellery, Tiffany & Co<br />
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The Rock Talk<br />
Hand carved agate & ruby<br />
cufflinks, Steven Fox Jewellery<br />
Gold,<br />
diamond<br />
bracelet,<br />
Cartier<br />
Elephant Motif<br />
Majestic & Magical<br />
A symbol of strength and power, elephants are an epitome of<br />
handsomeness. Their regal and stately appearance has made them<br />
a popular icon in the world of design. Here are a few pieces that<br />
are inspired by this gorgeous animal<br />
Elephant necklace, Van<br />
Cleef & Arpels<br />
Wild elephant brooch, Tiffany & Co<br />
Elephant pendant necklace,<br />
Cedille<br />
Amethyst &<br />
enamel elephant<br />
pendant necklace,<br />
Bulgari<br />
Elephant ring from Maneater<br />
collection, Wendy Brand<br />
Coral, diamond, emerald &<br />
sapphire elephant bangle<br />
ring, David Webb<br />
Elephant ring, Boucheron<br />
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The Rock Talk<br />
Roman Barocco necklace,<br />
Roberto Coin<br />
Ring from sun set<br />
copia collection,<br />
Palmiero<br />
Dynamite bracelet, Stephen Webster<br />
San Lorenzo, Damiani<br />
Bracelet, Mattia Cielo<br />
Anello oro<br />
rosa e<br />
brillanti,<br />
Davite E<br />
Delucchi<br />
Gold Jewellery<br />
The Golden hour<br />
Who can resist the charm of this<br />
yellow metal? The only precious<br />
item whose price kept soaring<br />
despite the economic gloom<br />
across the world! From stackable<br />
rings to spiral bracelets, here are<br />
our favourite pieces<br />
Rings, Roberto Coin<br />
Ring, Schaffrath<br />
Love nest earrings, Fope<br />
Eka anniversario<br />
bracelets, Fope<br />
Dynamite<br />
earrings,<br />
Stephen<br />
Webster<br />
Pair of bracelets,<br />
Gioielliamo<br />
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The Rock Talk<br />
Handcarved 18 kt<br />
gold bracelet with<br />
multi-coloured<br />
sapphires<br />
including<br />
diamonds,<br />
tsavorite garnets,<br />
blue sapphires,<br />
orange sapphires,<br />
and pink<br />
sapphires, Page<br />
Sargisson<br />
Prism pendants in platinum, set with tsavorites, spessartites or<br />
coloured sapphires with diamonds, Tiffany & Co<br />
Multi Sapphire 18 karat gold<br />
earrings, Meghna Jewels<br />
Cirque large baguette square<br />
stacking band with rainbow<br />
gemstones, Jane Taylor<br />
Multicolor sapphire &<br />
diamond ring, Ross Simon<br />
Multicolored<br />
Sapphire<br />
Necklace<br />
Multicolour Jewellery<br />
Rainbow love<br />
Colours give us hope. They<br />
are everywhere, in Nature,<br />
in paintings, in edifices and<br />
beautiful gemstones that are<br />
priceless. These pieces with a<br />
smattering of colours remind<br />
of us a time that was filled with<br />
happiness and cheer<br />
Gold sapphire diamond<br />
floral ring, Bulgari<br />
Multicolor<br />
sapphire<br />
necklace,<br />
Bahina<br />
18 k gold sapphire earrings, Essere<br />
18 kt yellow gold 3-row shaker ring<br />
with diamonds and multicolor<br />
sapphires, Hammerman Brothers<br />
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<strong>DW</strong> Promotion<br />
Limelight Lab-Grown <strong>Diamond</strong>s<br />
HOW LAB GROWN CVD<br />
DIAMONDS CAN BE INDIA’s<br />
ACE CARD IN GLOBAL GEMS &<br />
JEWELLERY INDUSTRY<br />
In the time of crisis, lab-grown CVD diamonds can be<br />
India’s answer to growth and success<br />
In times when the global diamond<br />
industry had been challenged with<br />
declining natural diamond prices<br />
driven by decreased global consumption,<br />
geopolitical tensions, reduced<br />
financial aid from banking institutions,<br />
demonetisation struggles in India and a<br />
collective scale-back of production by the<br />
miners worldwide, lab grown diamonds<br />
have seem to emerge slowly as a ray of<br />
hope and establish a growing footprint in<br />
the gems and jewellery industry.<br />
2019, particularly, was the year for labgrown<br />
diamonds. India, alone, witnessed<br />
a sharp rise in LGD exports worth $443<br />
million which were up by 102% y/y.<br />
Even at the start of <strong>2020</strong>, lab-grown<br />
diamond exports in India were up by 60%<br />
y/y, while natural diamond exports were<br />
down by 41% y/y.<br />
Whilst the lab-grown diamond industry<br />
had seen a significant price correction in<br />
recent years with the technology evolving<br />
and the cost of technology coming down,<br />
lab-grown diamond prices, particularly<br />
CVD diamonds, have now stabilized. In<br />
fact, CVD diamonds above 1ct saw a 29%<br />
price rise in the last quarter of 2019 driven<br />
by significant demand and limited supply.<br />
Globally, estimated at INR 13,300<br />
Cr currently, the lab-grown diamond<br />
jewellery market is expected to<br />
rapidly rise to INR 36,000 Cr by<br />
2023 and exceed INR 1,00,000 Cr<br />
by 2035, says a recent report by<br />
renowned analyst, Paul Zimnisky.<br />
These hefty numbers are not<br />
just what adds on to the prospect<br />
of diamonds created using the<br />
CVD technology, the major shift in<br />
consumer consumption patterns is a<br />
great contributor to the rise in demand<br />
for lab grown CVD diamonds.<br />
Millennials and Gen Z as<br />
purchasers of luxury including<br />
diamonds, are steering away from<br />
natural diamonds because of their higher<br />
environment and social costs and increasingly<br />
leaning towards sustainable luxury. As a<br />
result, consumers are now exploring real<br />
diamonds that are grown in laboratories as<br />
the new alternative for engagement rings as<br />
well everyday luxury wear as it comes with<br />
the added benefit of being ethical, affordable,<br />
sustainable and more environment-friendly<br />
product.<br />
With the largest population of Millennials<br />
in the world, India is perceived to become the<br />
largest market for lab grown diamonds in the<br />
future.<br />
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<strong>DW</strong> Promotion<br />
India remains critical to the<br />
growth of the lab grown CVD<br />
industry<br />
A known fact is that India and China are<br />
currently the world’s largest exporters of lab<br />
grown diamonds and that India is also one of<br />
the strongest players producing or growing the<br />
lab grown diamonds.<br />
India particularly specialises in the<br />
CVD technology that exactly replicates<br />
the environment below the surface, above<br />
in a reactor and produces lab grown CVD<br />
diamonds – certified as the purest type of<br />
diamonds (Type IIa).<br />
On the other hand, China produces lab<br />
grown HPHT diamonds that are created<br />
using graphite and a molten metal influx not<br />
resulting in the purest type of diamonds (NOT<br />
CLASSIFIED as Type IIa).<br />
What is interesting to know is that in<br />
the current lab grown polished diamond<br />
production of 2 million carats, over 90%<br />
of it is under 0.18cts, majority of which are<br />
Chinese diamonds.<br />
Whilst, so far China has progressed with<br />
significant rise in volumes of star melee<br />
diamonds, bulk production of higher quality<br />
and bigger solitaires (0.30cts and above)<br />
with the HPHT technology still remains a<br />
challenge.<br />
India, whilst may not have achieved the<br />
same volumes yet, with its homegrown scalable<br />
CVD technology has certainly surpassed<br />
China in terms of producing superior quality<br />
(Type IIa) and bigger solitaires.<br />
As the economy slowly opens post lockdown,<br />
the implementation of several financial<br />
measures adopted by the Indian government<br />
and the RBI to boost lending and increase<br />
liquidity is likely to revive the economy faster<br />
than anticipated. In such times of recovery,<br />
industries that focus on the domestic market<br />
and homegrown “MakeInIndia” products are<br />
likely to have a speedy recovery compared to<br />
industries that have dependency on foreign<br />
markets.<br />
Given the scalable production of lab grown CVD<br />
diamonds occurring in India, a robust strategy<br />
with a visionary approach and government<br />
assistance in place can help India make bigger strides in<br />
offering this choice to consumers domestically but also<br />
capture a bigger share of the world market for lab grown<br />
diamonds. With domestic production, cutting, polishing<br />
and manufacturing of CVD diamonds and our existing<br />
abilities of domestically designing and crafting to the<br />
sensibilities of the overseas market, the country is poised<br />
to capture the opportunity locally as well as be the biggest<br />
foreign exchange earner going forward<br />
Pooja Sheth, MD & Founder of Limelight <strong>Diamond</strong>s,<br />
the first luxury brand in India offering lab grown CVD<br />
diamond jewellery<br />
5 reasons why CVD diamonds can be INDIA’s<br />
golden opportunity for revival post crisis<br />
1. Opening up a new segment of AFFORDABLE LUXURY<br />
Majority of the polished natural diamonds are currently consumed by US and<br />
China, as per the latest DeBeers <strong>Diamond</strong> Insight Report, 2019. India only<br />
consumes 5% of the polished natural diamonds. This is largely a reflection of<br />
majority of the Indian population not being able to afford natural diamonds.<br />
Lab grown CVD diamonds, with its affordable price points, is an opportunity<br />
for every jewellery retailer to offer a new choice to consumers who have always<br />
aspired to purchase a diamond.<br />
Source: De Beers <strong>Diamond</strong> Insight Report, 2019<br />
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<strong>DW</strong> Promotion<br />
Source: Limelight Handcrafted <strong>Diamond</strong>s<br />
2. Increasing ACCEPTANCE<br />
of lab grown CVD diamonds<br />
in India<br />
Indian consumers have begun<br />
embracing lab grown diamond jewellery<br />
mainly due to the wide education drive<br />
on the creation process conducted by<br />
several brands in the country. This<br />
has helped consumers understand that<br />
these diamonds are as REAL as natural<br />
diamonds and originate from a natural<br />
diamond itself – similar to the concept<br />
of IVF technology / test tube babies.<br />
Along with that, the recent campaign<br />
conducted by Limelight <strong>Diamond</strong>s with<br />
support from the Royal Families of<br />
India who have been prime custodians<br />
of some of the most precious diamonds<br />
in the world, and their encouragement<br />
for technology and its ability to produce<br />
the purest Type IIa diamonds through<br />
the CVD process yet saving the planet,<br />
helped the consumers understand that<br />
these are not low in quality but the<br />
purest type of diamonds – maintaining<br />
the aspiration behind the purchase just<br />
like any other precious gemstone.<br />
Moreover, the millennials and Gen Z<br />
of the country have shown even stronger<br />
support for these diamonds because of<br />
their ethical, social and environmental<br />
benefits as there is no mining involved.<br />
However, a lot more education is still<br />
required to the trade and the consumers<br />
to infuse the confidence of establishing<br />
this as a distinct product category<br />
by the trade and a distinct product<br />
offering/choice to the consumers.<br />
3. Indian MILLENNIAL<br />
– the diamond jewellery<br />
CUSTOMER for next 15-20<br />
years<br />
410 million millennials. The largest<br />
millennial population in the world.<br />
An opportunity that cannot be<br />
missed.<br />
Millennials, those roughly born<br />
between 1980s – 2000’s, and the target<br />
audience of every growing industry, are<br />
increasingly leaning towards spending<br />
less on high value luxury items and<br />
more willing to spend on experiences.<br />
Whilst post Covid era will see some<br />
short term shift in spending from travel<br />
and food into more luxury purchase, the<br />
millennial is likely to remain more price<br />
conscious and will only PURCHASE<br />
WITH A PURPOSE.<br />
On taking a look at their purchasing<br />
preferences, a recent Deloitte report<br />
on Millennials in India states that<br />
climate change & environment has<br />
become the no.1 priority or concern for<br />
them. Statistics also state that 44% of<br />
these millennials are willing to a pay<br />
a premium on sustainable products/<br />
materials. 70% of a survey in U.S.<br />
conducted by MVI Marketing, said the<br />
millennials would consider buying a<br />
lab grown diamond engagement ring as<br />
it provides a bigger stone for the same<br />
money and they would like to save<br />
money on an engagement ring.<br />
“Among consumers in general, and<br />
millennials most specifically, mineddiamonds<br />
have a bad reputation for the<br />
high human cost and environmental<br />
damage that mining operations entail.<br />
This generation is fixated on responsible<br />
sourcing and manufacturing of the<br />
products they buy. Lab-grown diamonds<br />
meet that demand, while mineddiamonds<br />
fall short.” – Forbes.com<br />
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Source: Limelight Handcrafted <strong>Diamond</strong>s<br />
4. Increasing consumer acceptance for<br />
SUSTAINABLE PRODUCTS, especially post<br />
Covid-19<br />
This message has resonated strongly with consumers and the post-<br />
Covid era is likely to see a strong shift in the behaviour, attitudes and<br />
purchasing patterns of consumers. Several studies and analysis,<br />
including the recent Bain & Co report suggests that consumers in<br />
response to the crisis will have an increased environmental and<br />
social consciousness and sustainable alternatives to conventional<br />
products will start having a preference.<br />
CVD <strong>Diamond</strong>s are not just flawless but they do not bear<br />
the burden of mining and save 109 gallons of water and 1,750<br />
tonnes of earth per carat. Land mass and water being the most<br />
precious and stretched resources today.<br />
Even pre-Covid era, with the rising consciousness amongst<br />
consumers for saving the environment, several sustainable<br />
alternatives have emerged across industries such as electric<br />
vehicles, recycled fashion, bamboo brushes and straws etc.<br />
However, all these products are yet to scale and currently<br />
remain more expensive that their conventional counterpart for<br />
the end customer.<br />
Interestingly, the gems & jewellery industry is strongly<br />
placed with a sustainable product like the lab grown diamonds<br />
that are affordable relative to the natural diamonds.<br />
“Women in today’s age make their own choices and decisions.<br />
They have their own independence not just in terms of profession<br />
but are now more empowered in their thoughts and opinions. This<br />
is very much starting to reflect in the trends in the fashion and<br />
jewellery industry where more women are opting for sustainable<br />
options - such as the lab grown CVD diamonds - that allow them<br />
to enjoy several luxuries without damaging the planet for the<br />
future generation. With women getting economically and socially<br />
independent they deserve to celebrate every little achievement and<br />
any big success with a girl’s best friend - a sustainable diamond.” –<br />
Pooja Sheth, MD & Founder of Limelight Handcrafted <strong>Diamond</strong>s.<br />
5. Lab grown CVD diamonds are certified as<br />
the purest Type IIa diamonds<br />
CVD diamonds are classified as the purest type of diamonds<br />
– Type IIa – by world’s leading diamond certifying organisations<br />
such as the SGL labs & IGI.<br />
Type IIa diamonds are devoid of any impurities and almost<br />
entirely composed of carbon. As a result, the brilliance, shine<br />
& lustre of a Type IIa diamond is significantly better than any<br />
other type of diamond. Any such diamond even with a natural<br />
origin has a mention of Type IIa on its certificate and is sold at a<br />
5 – 15% premium in the market. But such diamonds are rare to<br />
find under the earth’s surface as 98% of natural diamonds have<br />
nitrogen impurities. Only 2% of all natural diamonds in the world<br />
have been classified as Type IIa.<br />
The world-famous Koh-i-Noor, 105.6-carat, is a Type IIa<br />
diamond, found from the ancient Golconda mines (now between<br />
Telangana and Andhra Pradesh). Some of the most world famous<br />
Type IIa diamonds have emerged from the Golconda Kullur<br />
mines in India.<br />
However, due to the rarity of Type IIa diamonds, most<br />
consumers do not have access to the purest diamonds. Through<br />
the CVD technology, and only through this technology, the Type<br />
IIa privilege can be brought at the hands of each consumer.<br />
In addition, lab grown diamonds particularly CVD diamonds<br />
have resale value. Brands like Limelight <strong>Diamond</strong>s, offer its<br />
consumers buyback and 100% exchange opportunities.<br />
“The beauty of technology is that it permits you to enjoy<br />
something you could never even dream of. Truly, an industry<br />
revolution, CVD diamonds turn dreams into reality by offering<br />
Type IIa diamonds that belong to the same league as the Koh-i-<br />
Noor at the hand of every consumer. At the same time creating a<br />
new kind of heritage that can protect the legacy of the diamond yet<br />
preserve the planet for a brighter future for all,” says Pooja Sheth.<br />
“India was ONCE one of the largest mines for Type IIa diamonds<br />
and India now ONCE AGAIN stands the chance to be the largest<br />
mine for Type IIa diamonds through the CVD technology.”<br />
Source:<br />
Limelight<br />
Handcrafted<br />
<strong>Diamond</strong><br />
Jewellery<br />
Disclaimer: This article is for advertorial purpose only. All information has been provided by Limelight Lab-Grown <strong>Diamond</strong>s Ltd.<br />
<strong>Diamond</strong> <strong>World</strong> will not be responsible for decisions based on this article.<br />
DiamonD WorlD | may-june <strong>2020</strong> | 107
Design stuDio<br />
Selim Mouzannar<br />
Bearer of Legacy<br />
Embracing the legacy left behind by his forefathers while<br />
ensuring that doesn’t stifle his creative process, Beirut-based<br />
jewellery designer Selim Mouzannar has a one-of-a-kind<br />
personality and his jewellery is just a reflection of that<br />
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Design stuDio<br />
Selim Mouzannar hails from a<br />
family of jewellers who served<br />
the Ottoman Empire since the<br />
19th century. As a child, he spent his<br />
time in his father’s workshop in the<br />
heart of Beirut’s historical jewellery<br />
souks. After studying mineralogy in<br />
France and Belgium, he was hired by<br />
a renowned jewellery group to manage<br />
its workshops in Saudi Arabia. Shortly<br />
after, he went to Thailand where he led<br />
the life of a stone hunter in ruby mines<br />
near the Burmese border. It is here that<br />
he had a life changing experience, of<br />
being stalled by a local militia at the<br />
Cambodian border. This misadventure<br />
made him an eternal advocate of<br />
nonviolence.<br />
Selim is passionate about the Ottoman<br />
and Art Deco architecture from Beirut’s<br />
past – a fertile blend of oriental culture<br />
with traces of the Colonial French<br />
presence. He has put all his energy<br />
into restoring his family home in the<br />
old neighborhood of Ashrafieh, where<br />
he currently lives. It is in the comfort<br />
of his ancient home that he finds his<br />
inspiration. Mouzannar likes to confront<br />
the past with the present, which is why<br />
his jewellery represents a heritage in<br />
perpetual movement.<br />
You come from a family of<br />
jewellers. Is it right to say that<br />
you are naturally inclined towards<br />
jewellery?<br />
I don’t believe that just because one is<br />
born into a family of jewellers, he or she<br />
will have a propensity towards the art.<br />
However, growing up in an environment<br />
filled with jewellery definitely enriched<br />
my creative process.<br />
How do you blend your Lebanese<br />
upbringing and design elements<br />
from the royal courts of Ottoman<br />
– because much of your jewellery<br />
is a cross section between the two?<br />
It is mainly the impact of all the things<br />
I lived through and Beirut is steeped in<br />
history, including 400 years of Ottoman<br />
Empire.<br />
I don’t believe<br />
that just because<br />
one is born<br />
into a family of<br />
jewellers, he or<br />
she will have<br />
a propensity<br />
towards the<br />
art. However,<br />
growing up in<br />
an environment<br />
filled with<br />
jewellery<br />
definitely<br />
enriched my<br />
creative process<br />
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Design stuDio<br />
Fine jewellery<br />
is being<br />
democratised,<br />
it is not about<br />
financial<br />
investment<br />
anymore.<br />
The main<br />
investment<br />
today is to wear<br />
the jewellery<br />
one buys and<br />
to feel good<br />
wearing it<br />
You stand for nonviolence and you<br />
are an eternal optimist – how do<br />
these reflect in your designs?<br />
There is a lot of colour in my jewellery.<br />
I think they represent happiness, peace<br />
and hopefulness.<br />
How would you define your label’s<br />
spirit?<br />
Powerful like the women who wear my<br />
pieces, colourful like the spectrum<br />
of the gems I use, and poetic like the<br />
nostalgia of Beirut and many other<br />
cities.<br />
Can you walk us through your<br />
latest collection?<br />
In my latest collection, I revisited our<br />
Kastak collection with a new version of<br />
charms combined with transparent blue<br />
and rusty red enamel. Each charm has<br />
a meaning of peaceful messages.<br />
From a spark (idea) to how it<br />
becomes a finished piece of<br />
jewellery, can you walk us through<br />
your creative process?<br />
There is no code for the process in my<br />
mind. It could be the sources of what<br />
has impacted my life, mainly nature.<br />
Where do you think high/fine<br />
jewellery stands in the market<br />
today, amidst consumers and what<br />
does the future for this market<br />
look like?<br />
Fine jewellery is being democratised,<br />
it is not about financial investment<br />
anymore. The main investment today is<br />
to wear the jewellery one buys and to<br />
feel good wearing it.<br />
110 | may-june <strong>2020</strong> | DiamonD WorlD
Design stuDio<br />
Define the style sensibility of<br />
the wearer (audience) of your<br />
jewellery.<br />
The women who wear our pieces are<br />
modern, simple, cosmopolitan and<br />
timeless.<br />
What precious stones and metals<br />
do you love working with?<br />
I like working with all natural materials,<br />
including wood. The precious side<br />
comes not only from the financial value<br />
but from the emotion that a jewel can<br />
diffuse. A metal like copper, aluminum<br />
and a natural stone like tourmaline or<br />
chrysoberyl are always interesting to<br />
work with.<br />
In your experience of travelling,<br />
which country has been the most<br />
inspiring and why?<br />
Many cultures and people from many<br />
countries have left a mark in my mind.<br />
The one that is the most inspiring is our<br />
Mother Earth and human beings.<br />
The precious<br />
side comes not<br />
only from the<br />
financial value<br />
but from the<br />
emotion that<br />
a jewel can<br />
diffuse. A metal<br />
like copper,<br />
aluminum and<br />
a natural stone<br />
like tourmaline<br />
or chrysoberyl<br />
are always<br />
interesting to<br />
work with<br />
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GIA AdvertorIAl<br />
Stone Talk<br />
Ruby<br />
Rarity, beauty and an incomparable red colour make ruby one of<br />
the most important gems in the coloured stone market. Because<br />
of these attributes, ruby was called the “king of gems” in ancient<br />
India. Today ruby can command the highest per-carat price of any<br />
coloured stone.<br />
Ruby is a variety of the mineral corundum. In its purest form, the mineral corundum is colourless.<br />
Trace elements that become part of the mineral’s crystal structure cause variations in its colour.<br />
Chromium is the trace element that causes ruby’s red. The more chromium that is present in the<br />
gemstone, the stronger the colour.<br />
The word “ruby” comes from the Latin “ruber,” meaning red. Ancient Hindus believed that<br />
offering fine rubies to the god Krishna assured rebirth as emperors. Burmese warriors thought<br />
it made them invincible in battle. Medieval Europeans maintained that rubies bestowed<br />
health, wisdom, wealth and success in love.<br />
Colour<br />
Colour is the most significant factor in determining a ruby’s value.<br />
Ruby ranges from a saturated red, to dark red and orangey red,<br />
to purplish red. Desirable rubies include pure, vibrant reds<br />
to slightly purplish reds. The most sought-after colour by<br />
collectors worldwide is a deep red sometimes tinged with<br />
a hint of purple. In the trade, such rubies are occasionally<br />
referred to as “pigeon’s blood,” because of their<br />
deep, unmistakable colour.<br />
©2018 GIA. GIA® is a registered trademark of Gemological Institute of America, Inc.<br />
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GIA AdvertorIAl<br />
Clarity<br />
A ruby’s value can be significantly reduced if inclusions,<br />
or clarity characteristics, affect its transparency<br />
or brilliance. However, some natural inclusions<br />
can be expected and they remain as beautiful<br />
markers of the gemstone’s origin. Inclusion-free<br />
ruby is practically nonexistent, so value fluctuates<br />
depending on how visible the inclusions are. Inclusions<br />
can also affect a ruby’s durability, especially<br />
if there is a surface-reaching fracture. Typical<br />
clarity characteristics include thin mineral inclusions<br />
called needles. Rutile needles, or “silk,” can<br />
contribute positively to a gem’s appearance.<br />
Sources<br />
The most famous ruby mines are in Myanmar<br />
(formerly known as Burma). Vietnam, Mozambique,<br />
Madagascar, Kenya, Tajikistan, Afghanistan<br />
and Pakistan are also sources of ruby. The most<br />
renowned rubies, like those from Myanmar, the<br />
Himalayas, and northern Vietnam, typically form in<br />
marble. In other locations, rubies can be found in<br />
basalt rocks. Rubies from these sources can have<br />
higher iron content, which can make the rubies<br />
darker and less intense in colour.<br />
Treatments<br />
Heat treatment is often used to improve the<br />
colour or clarity of a ruby. Heat can also cause<br />
some fractures to “heal” in certain conditions.<br />
Lower quality material may have surface-reaching<br />
fractures that are filled with a glass and repolished.<br />
This treatment is designed to decrease the<br />
visibility of the fractures. All treatments should<br />
be disclosed to the buyer.<br />
To learn more about rubies and other popular<br />
gemstones visit GIA.edu/gem-encyclopedia<br />
This article is provided by GIA (Gemological Institute of America).<br />
GIA.edu<br />
This article is provided by GIA (Gemological Institute of America).<br />
Images Courtesy of: Bear Essentials, Bill Larson, Christie’s<br />
GIA.edu<br />
Learn More About GIA Education Programmes and Laboratory Services in India<br />
GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu<br />
Images Courtesy of: Bear Essentials, Bill Larson, Christie’s<br />
Learn More About GIA Education Programmes and Laboratory Services in India<br />
GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu<br />
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