IDEX Hindi Mar 2011 Low Res

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1/53

Mar 11

INDIA RETAIL

MUMBAI DIAMOND

MARKET REPORT

De Beers Price Hike ThrowsMumbai Market Into Tizzy

SPEcIAl

REPORT

Get Ready for theParadigm Shift

SPOTlIGHT

Origin Determines ThePrice Of Some olouredGemstones

DIAMOND RETA

BENcHMARK

A price list to assureyour customers

What IsJewellerysAttraction?

The need fovalue proposition

that matter today


2/532 IDEX MagazInE InDIa REtaIl | nO

magazine india retail

Contentsmarch

07 FrOm ThE EDITOrS DESKthe need to ge Peope Excied abou Jeweery ai

08mUmBaI DIamOND marKET rEPOrTDe Beers Price Hie throws Mumbi Mre Io tiy

12 SPEcIaL rEPOrTge Redy for he Prdim Shif

Your customer might go about shopping very differently

this year

16 SPOTLIGhTOrii Deermies the Price Of Some Cooured gemsoes

Market reality despite lack of scientic exactitude &

copycat stones

20rETaIL ET cETEra

27DIamOND rETaIL BENchmarKa dimod price is o ssure your cusomers

34cOVEr STOrYWh Is Jeweery's arcio?

The need to develop value propositions that matter today

54POLIShED DIamOND PrIcES

56US marKET WINDOW

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www . i d e x o n l i n e . c o m

mar c h 2 0 1 1VOL. 1 No. 04

EditOriaL dEpartmENt

EDItOR-In-CHIEF Vinod Kuiyn

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Pinted by SaP Pintes, Lowe Pel, mubi 400 013

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3/53IDEX MagazInE InDIa REtaIl | nO 04: EDItOR

From the

Editors Desk

Take away the idea of intrinsic value and for

a surprisingly large number of jewellery

retailers, they have a product with no value

proposition at all. The hard truth is, unless fine jewellery

can be sold with value propositions other than itsintrinsic value, it is a product category destined for

the endangered list.

Value propositions are hard to pin down, but they are

backbone of adding value to almost any product category

in the world. Add up the cost of materials, design and

labour, even factor in a cost for its utility value and youll

still get a total that is a just a tiny fraction of the retail

price of a Rolls Royce car, a pair of Gucci shoes or a

Rolex watch. Yet some of the most expensive jewellery

in India is still sold on a cost-plus basis.

This means that the industry tacitly acknowledges that

it is the raw material and not the product that it so

painstakingly crafts, that holds value. This is a very

dangerous place to be. The materials that are ascribed

so much intrinsic value particularly gold are

now being increasingly sold by banks and financial

institutions who command a premium on the price

that jewellery retailers would be unable to get, simply

because they are able to assure the consumer about

the purity of the gold.

And younger women today arent interested in jewellery

as a product category unless it offers them a value

they are interested in an added fashion quotient,

the knowledge that buying it made the world a better

place in some small way because the product and

materials it was made from are sourced through a fair

trade system, or simply something that gives joy in the

wearing, because it is something really special. Just

saying that it has great intrinsic value isnt going to

excite anyone.

But this isnt to say that the Indian consumer is no longer

interested in jewellery. On the contrary. India is one ofthe worlds two fastest growing jewellery consumption

markets. But it is worth remembering two things here.

The backbone of this demand is still the gigantic Indian

bridal market. After this comes social and religious

demand, spearheaded as usual by Diwali. In-between

though, theres something of a trough. Jewellery doesnt

any longer head the list of things consumers desire the

most. Even plain gold bullion doesnt make it to the top

ownership of a house or flat and a good education

for ones children rank higher.

This slippage is very significant. If social mores change

as they rapidly are right now the bridal and socio-

religious markets could evaporate at an alarming rate.

What jewellery retailers need to do right now, is to

get the Indian consumer really excited again about

jewellery.

The Need To Get People ExcitedAbout Jewellery Again

Vinod KuriyanEditor

Correction: We regret that through oversight,

we did not credit h.koppdelaney who c r e a t e d

the cover image of our February

issue. Our thanks to the artist for

his kind permission to use the

image. More of his work may

be found at http://ww w.flickr.

com/photos/h-k-d/

Feb11

Cover-Outlines.indd 1

03-Feb-11 5:44:15PM


4/53

By Vinay Parekh

4 IDEX MagazInE InDIa REtaIl | nO 04: MUMBaI DIaMOnD MaRKEt REP

MumbaiDIaMOnD MaRKEt REPORt

The steep hike in rough diamond prices by

the De Beers Diamond Trading Company

(DTC) in February, has resulted in an overall

increase in Indian rough diamond prices by about

14 percent. In some categories like the -2 sieve size

(0.01 carat and below), the hike is at an astonishing 22

percent. This has resulted in considerable confusion

in the market as no one is sure if the polished market

is ready to absorb even higher prices.

While the steady demand coupled with polished

diamond shortages have resulted in a sellers market,

the beginnings of a resistance to the high prices was

already being reported by manufacturers. What will

happen now in the wake of the most recent rough

price hikes is still unclear. Many worry that demand

may fall off sharply as buyers will certainly not absorb

a hike of this scale.

Heavy buying by Indians is expected at the Hong

Kong show as dealers will tr y and snap up polished at

existing prices before any production from the more

expensive rough begins to come onto the market.

Many industry watchers expect a price correction

in March as the ability of diamond firms to hold on

to their inventories while they ask for higher prices

will be tested severely.

De Beers Price Hike ThrowsMumbai Market Into Tizzy


5/53MagazInE InDIa REtaIl | nO 04: MUMBaI DIaMOnD MaRKEt REPORt

Size in Ct. (Sieve) Comments Forward Call

-0.01 (-2 ) Very ood demd for SI+ oods. good demd

for piqu oods. Over very ood demd

cross he bord. Very ho ceory. Very

difcult to nd at sam pric vr wk.

Shortags will intnsif. Production will not b

sufcint to mt th growing dmand. Prics

ar on th ris, will go up b 3%-4%.

-0.02 (+2-6.5) Very ood demand for SI+ oods. good demand

for piqu oods. Hottest cateory. Prices reach to

a new high every week, mainly for VS+ goods.

Severe shortages will be felt as demand level

is much higher than supply. Prices will increase

very often & may go up by 4%-5%.Stars will be

coslier h melee.

0.03-0.07

(+6.5-11)

Vr good dmand for SI+ & piqu goods. -8sieve is i more demd. Currey his ceory

is o s ho s srs.

Ovrall dmand will b lss as compard tostars. Prics ma go up b 2%-3%.

0.08-0.14 (+11-14) Very ood demd for SI+ oods. good demd

for piqu oods.

Activit will rmain stabl. Prics will go up b

2%-3%.

0.15-0.17

(+14-15.5)

Very ood demd for SI+ oods. good demd

for piqu oods.

Activit will rmain stabl with shortags of

oods.

0.18-0.22 (1/5) good demd for SI1+ oods. Ovrall low activit xcpt VS+ goods will b

see i his ceory.

0.23-0.29 (1/4) good demd for VS+ & piqu oods.

Demd for VS+ oods is miy for oc

markt.

Activit will rmain stabl. Shortags will b flt

for VS+ goods. Prics will go up b 2%-3% for

VS+ oods.

0.30 (1/3) Good dmand for VS+ & piqu goods. G-J col. is

i more demd.

Dmand will rmain stabl. Prics will go up b

2%-3%.

0.40 (3/8) Good dmand for VS+/G-J col. Dmand & prics will rmain stabl. +0.45

carat will b difcult to nd.

0.50 (1/2) Vr good dmand for SI+/J+ col. Good dmand

for I1/I2.

Dmand & prics will go up. Bttr dmand can

b sn for D-F col.

0.75 (3/4) Good dmand for I1/I2 & VS+/G-J col. +0.80

cr i more demd.

Shortags will b sn for +0.90 carat.

Prics will go up b 2%-3%.

1.00 (4/4) Over very ood demd cross he bord. H

lowr colors ar mor in dmand.

Svr shortags will b sn for H lowr col.


+3.00 Good dmand for SI1+/ H-K col. Dmand for

VS/I-K col. incrasing in +5 carat sizs.

Shortags will b sn in far sizs.


M UM BAI D I AM OND T RADI NG I N Fe BRUARy


6/536 Magazine india Retail | nO 04: MUMBai diaMOnd MaRKet ReP

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7/53

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Magazine india Retail | nO 04: MUMBai diaMOnd MaRKet RePORt

_w~B {ham ~mOma H$m H$mamo~ma


8/53


9/53


10/5310 Magazine india Retail | nO 04: SPeCial RePO

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11/53ideX Magazine india Retail | nO 04: SPeCial RePORt

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12/53

Spotlight

12 IDEX MagazInE InDIa REtaIl | nO 04: spOtlIg

Some gemstones can command a premium

just because they were sourced from a specific

mining area. While originally, geographic

origin was important because it signified a specific colour

or look, the issue has become complicated by the fact

that stones from new geographic locations have been

found to have the same colour and look as those from

premium areas.

So after the usual determination of colour, clarity, carat

weight and cut, all of which

are, of course, still essential to

the valuation of a stone, con-

sumers and jewellery manufac-

turers have to part with some

extra cash if the stone has beensourced from a premium geo-

graphic location.

Rubies, sapphires and emeralds

show price variations based on

origin. I couldnt quote you a

specific price difference, one

Jaipur gem dealer said, but in

the bigger and more expensive

stones, there is a huge difference

in price. If you have a certificate that

verifies a stone as a Burma ruby or Kashmir sapphire, the

price differential is even greater. For emeralds, what the

trade knows as old mine stones from India, have been

determined by gemmologists to be of Colombian origin.

Colombian stones fetch the highest prices amongst em-

eralds today.

Apart from Colombian stones that are bought and sold

from current mine production, the old mine stones

mainly recovered from the recycled jewellery for erst-

while maharajahs and nobles also fetch premiums

both in India and overseas.

Another Jaipur dealer added amethyst, fire opal, garnets

including the demantoid variety, rhodolite, peridot, alex-

andrite and chalcedony to the list of gemstones that have

price variations based on origin. Price variations could be

anywhere from 30- to 200 per cent, he said, adding, the

consumer too pays a premium for stones based on origin.

Tourmaline is another gemstone

that has major price differentials

based on origin. First discovered

in 1989 and introduced to the

international gemstone fraternityat the Tucson gemstone show

in 1990, the vivid electric blue

tourmalines from the Brazilian

state of Paraiba made such an im-

pact that within the four days of

the show, wholesale prices rock-

eted from a few hundred dollars a

carat to over $2,000! The hue and

intensity of colour of the Paraiba

stones had never been seen be-

fore.

In a way, say many experts, premium pricing based on

the origin of a gemstone is really all about colour. Like

the Paraiba tourmalines, rubies from Mogok in Burma

(and not even the Mong Hsu region) have a colour that

isnt seen in any other rubies, while the sapphires from

the mountainous terrain of Kashmir have been described

as having a cornflower blue that is seen in stones from

no other region.

Origin Determines The Price OfSome Coloured Gemstones

Market reality despite lack of scientific exactitude & copycat stones

By Vinod Kuriyan

WhERE fIRE-Opal Is MInED MakEs a DIffEREncE tO Its pRIcE


13/53IDEX MagazInE InDIa REtaIl | nO 04: spOtlIght

pERIDOt Is anOthER stOnE that Is pRIcED

accORDIng tO Its ORIgIn

The Gemological Institute of America (GIA), which for

years had resisted referring to a stones origin, main-

taining that its intrinsic quality was the most impor-

tant factor in determining its price, added country of

origin to its colored gemstone reports in 2006 because

technology had advanced sufficiently by then to make

such determinations with far more certainty than be-fore. The GIA noted in a communication, Determining

country-of-origin requires analyzing a combination of

properties such as inclusions, trace-element chemis-

try, spectral characteristics and internal growth

structures. Additionally, determin-

ing origins from these properties

requires studying thousands

of stones whose origins are

known, which allows the

GIA to assign these prop-

erties to specific locales. It

is a complex process that

the Institute, with its de-

cades of experience as well

as advanced technological

capabilities and global data-

base, is uniquely qualified to

address.

The biggest problem, however, is that

the tell-tale gemmological signs that

disclose origin in a gemstone are not

always present and no laboratory can state the origin ofevery stone it tests with certainty. And even when they

do, there are anomalies. Cut a piece of rough in two

and send both pieces for testing and you could get two

different determinations of origin, says one gem dealer.

For a stone you know is from a specific region to fetch

a good price, you need trust among gemstone dealers. In

many cases a dealers reputation is more reliable than a

certificate.

The science of determining origin is also not exact.

Geology doesnt respect national boundaries. The ruby

deposit in Vietnam is geologically almost identical to

Burmas deposit. Laboratories determine origin based

on a combination of factors like characteristic inclusions

and an analytical database of known stones from the

specific region. So for a laboratory to be able to state the

origin of the stone with any certainty, it needs to have a

comprehensive database of stones that gives it the largest

possible sample with the greatest variety and permuta-

tions possible.

Given the lack of exactitude in scientific determina-

tion, trust in gem dealers assumes major importance.

Between 2- and 5 percent of the tourmalines from Mo -

zambique also display the electric blue colour of the

Paraiba stones. Selling a stone as just another tourmaline

will mean realising a much lower price than if it was sold

as a Paraiba stone. These economic pressures have lednaturally, to the controversial practice of labelling some

Mozambique stones as Paraiba tourmalines.

Ive seen some sapphires from Sri Lanka that have the

same colour and characteristics as the much-vaunted

Kashmir stones, and though we are not involved

in pricing, I ve noticed that these stones fetch

much less in the marketplace than the

ones that carry the Kashmir label, one

gemmologist from a laboratory said.

Im not at all involved in the commer-

cial considerations, but to my mind it

appears it is more about the rarity of

rubies from Mogok or sapphires from

Kashmir that probably generate these

price differences, he adds.

Ultimately, it is the consumer who makes

the determination of price based on origin

mainly because a stone from a particular region

looks better, says a gem dealer, adding, a con-

sumer will automatically pick up a Kashmir sap-

phire because of that particular soothing blue.

But if stones from other locales could be palmed off as

those from premium areas because they look similar, the

consumers trust and confidence could be shaken. The

dealer acknowledges that the consumers eye could be

mistakenly drawn to the small percentage of sapphires

from other regions that have the

same look.

However, the pricing of coloured

gemstones based on their origin

is a marketplace reality. While it

fetches better prices for dealers, the

practice also carries the risk of

damaging consumer confidence

because of the lack of certainty in scientific determination

of origin and the economic pressures to fudge the labels of

stones with similar looks. Trust is obviously a major factor.

But without a means to ensure compliance to norms, the

coloured gemstone industry is vulnerable.

MOgkOk RubIEs cOst thE MOst


14/53


15/53ideX Magazine india Retail | nO 04: spOtlight

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E{_{WQ> H$s H$s_V| BgHo$moV Ho$ AZwgma AcJ-

AcJ hmoVr h&


16/53


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18/53


19/53


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21/53

opulenT orGaniCS

Jewlery and nature go together in perfect harmony.

Designers, such as those contributing to this years

Gold Expressions collection, have long takeninspiration from the ocean, the forests and the

mountains. These pieces, say the WGC, brilliantly

harness our rediscovered love of all the planet

has to offer, mixing treasured gold with a myriad

of precious accent stones, fit for a modern-day

goddess.

JEWELry By DanIELa nErI

FOr GOLD ExprESSIOnS

JEWELry By GrazIELLa


JEWELry By FarO


IDEx MaGazInE InDIa rETaIL | nO 04: rETaIL ET CETEra


22/53


23/53

For the first time ever, Indian diamond jewellery retailershave a retail benchmark for diamond prices, enabling

them to assure their consumers about the retail prices

being charged for diamonds. The endorsement of the All

India Gems & Jewellery Trade Federation (GJF) makes

the benchmark prices accepted countrywide, giving the

consumer further confidence to buy diamonds.

The Diamond Retail Benchmark (DRB) is derived from up-

to-date market data using an objective and fully transparent

system. Standard retail mark-ups across the country have

been factored in to ensure that the norms of every geographic

market in the country are accounted for.

The diamond category is one of the few retail sectors that

up to now has not had a credible retail price benchmark

for consumers. For consumers, many of them first-

time diamond buyers, the purchase of a diamond may

sometimes prove to be a confusing experience. As a

luxury product that is bought to celebrate major lifeevents and which will accompany them everywhere,

confidence is essential. Consumers should be able to

buy a diamond with the confidence of knowing they

paid a fair price.

The DRB presents a retail price benchmark for a diamond

based on each of the 4Cs Cut, Carat, Colour and Clarity.

The DRB should be used as background information

only. Actual prices are determined by the sellers.

Your input will only make the system better. We urge

you to contact us at anytime with your comments,

suggestions and questions.

IDEX Online

Call us at (022) 6633 2187

Fax us at (022) 6633 2186

Email us at [email protected]

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AmBSo>g AmZcmBZ(022) 6633 2187 na gnH$ H$a|&(022) 6633 2186 \$g na gnH$ H$a|&[email protected] na B_oc H$a|

AmBSo>g AmZcmBZ hram [aQ>oc ~|M_mH$-EH$

OmZH$mar

About the IDeX onlIne DIAmonD RetAIl benchmARk


24/53

This price list reflects suggested retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list. For more

education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.D R A F T J A N U A R Y 1st 2 0 10

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3

D 193593 159177 137666 120458 111854 86041 73135 64531 55927 43021 30115

e 163479 146270 124760 111854 103250 81739 68833 64531 51625 38719 25812

F 154875 141968 116156 103250 94646 77437 64531 60229 47323 34417 25812

G 141968 124760 107552 94646 81739 68833 60229 55927 43021 34417 21510

h 124760 111854 98948 86041 73135 64531 55927 51625 38719 30115 21510

I 103250 90344 86041 77437 64531 60229 51625 47323 38719 30115 21510

J 77437 73135 68833 60229 55927 51625 47323 43021 34417 30115 17208

k 68833 64531 60229 51625 47323 43021 38719 38719 34417 25812 17208

l 55927 51625 51625 47323 47323 43021 38719 30115 25812 21510 12906

m 47323 47323 43021 38719 38719 34417 30115 25812 21510 17208 12906

n 38719 43021 34417 30115 30115 25812 21510 21510 17208 12906 12906Round

1/5

(0.18-

0.22)


D 231779 190574 164821 144218 133917 103013 87561 77260 66958 51506 36055

e 195725 175122 149369 133917 123616 97862 82410 77260 61808 46356 30904

F 185423 169971 139067 123616 113314 92712 77260 72109 56657 41205 30904

G 169971 149369 128766 113314 97862 82410 72109 66958 51506 41205 25753

h 149369 133917 118465 103013 87561 77260 66958 61808 46356 36055 25753

I 123616 108164 103013 92712 77260 72109 61808 56657 46356 36055 25753

J 92712 87561 82410 72109 66958 61808 56657 51506 41205 36055 20603

k 82410 77260 72109 61808 56657 51506 46356 46356 41205 30904 20603

l 66958 61808 61808 56657 56657 51506 46356 36055 30904 25753 15452

m 56657 56657 51506 46356 46356 41205 36055 30904 25753 20603 15452

n 46356 51506 41205 36055 36055 30904 25753 25753 20603 15452 15452

/

Round

-1/2

(0.45-0.49)

/


D 306960 259735 224317 200705 165286 129868 118062 106255 82643 64934 47225

e 259735 230220 200705 188898 159383 123965 106255 100352 76740 59031 41322

F 247929 224317 194802 177092 147577 118062 100352 94449 76740 59031 41322

G 224317 194802 171189 153480 129868 112158 94449 88546 70837 53128 35418

h 200705 177092 153480 135771 118062 106255 88546 82643 64934 53128 35418

I 171189 147577 135771 118062 106255 94449 82643 76740 59031 47225 35418

J 135771 123965 118062 100352 88546 82643 76740 70837 53128 47225 29515

k 123965 112158 106255 88546 82643 70837 64934 59031 47225 41322 29515

l 106255 100352 94449 82643 76740 64934 59031 53128 41322 35418 23612

m 88546 82643 76740 70837 64934 59031 53128 47225 35418 29515 23612

n 70837 64934 59031 59031 53128 53128 47225 41322 29515 23612 23612


D 464234356668 311377 249101 232117 192487 152858 141535 113228 90582 62275

e 345345 311377 288731 237779 209472 175503 141535 130212 107567 84921 56614

F 311377 288731 266086 226456 198149 158519 130212 118889 101905 79260 56614

G 277408 254763 237779 209472 175503 141535 113228 107567 96244 73598 50953

h 249101 226456 203810 181165 152858 130212 107567 101905 90582 67937 50953

I 203810 186826 169842 147196 130212 113228 101905 96244 84921 67937 50953

J 158519 147196 135873 118889 113228 101905 90582 84921 79260 67937 45291

k 135873 130212 124551 107567 101905 90582 84921 79260 73598 62275 45291

l 118889 113228 107567 101905 96244 84921 79260 73598 62275 56614 39630

m 101905 96244 90582 84921 84921 73598 67937 62275 56614 50953 33968

n 84921 79260 73598 67937 73598 62275 56614 50953 50953 45291 28307


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e 208473 186528 159098 142639 131667 104236 87778 82292 65834 49375 32917

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G 181042 159098 137153 120695 104236 87778 76806 71320 54861 43889 27431

h 159098 142639 126181 109723 93264 82292 71320 65834 49375 38403 27431

I 131667 115209 109723 98750 82292 76806 65834 60347 49375 38403 27431

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k 87778 82292 76806 65834 60347 54861 49375 49375 43889 32917 21945

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m 60347 60347 54861 49375 49375 43889 38403 32917 27431 21945 16458

n 49375 54861 43889 38403 38403 32917 27431 27431 21945 16458 16458Round

1/3

(0.29-

0.37)


D 284222 240496 207701 185838 153043 120248 109316 98385 76521 60124 43726

e 240496 213167 185838 174906 147577 114782 98385 92919 71056 54658 38261

F 229564 207701 180372 163974 136645 109316 92919 87453 71056 54658 38261

G 207701 180372 158509 142111 120248 103850 87453 81987 65590 49192 32795

h 185838 163974 142111 125714 109316 98385 81987 76521 60124 49192 32795

I 158509 136645 125714 109316 98385 87453 76521 71056 54658 43726 32795

J 125714 114782 109316 92919 81987 76521 71056 65590 49192 43726 27329

k 114782 103850 98385 81987 76521 65590 60124 54658 43889 38261 27329

l 98385 92919 87453 76521 71056 60124 54658 49192 38261 32795 21863

m 81987 76521 71056 65590 60124 54658 49192 43726 32795 27329 21863

n 65590 60124 54658 54658 49192 49192 43726 38261 27329 21863 21863

/


D 577621 441710 379418 334114 305800 260496 232181 192540 164226 107596 67955

e 424722 379418 339777 317125 283148 249170 220855 181215 158563 101933 67955

F 379418 345440 317125 294474 266159 232181 203866 175552 152900 96270 62292

G 339777 305800 283148 260496 237844 209529 186877 169889 147237 96270 56630

h 305800 277485 254833 232181 215192 192540 175552 158563 135911 90607 56630

I 254833 237844 226518 209529 192540 175552 152900 141574 130248 84944 56630

J 192540 186877 181215 164226 158563 152900 141574 124585 118922 79281 50967

k 169889 164226 158563 141574 135911 124585 113259 107596 96270 73618 50967

l 141574 135911 130248 124585 118922 113259 101933 96270 73618 62292 45304

m 130248 124585 118922 113259 107596 101933 96270 90607 67955 56630 39641

n 118922 113259 107596 101933 96270 90607 90607 84944 62292 50967 33978Round

3/4

(0.70-0.89)


D 710761 593234 514882 408548369372 346986 296617 229458 184686 128721 78352

e 587637 554058 470110 374969 352582 324600285424 218265 179089 123124 72755

F 554058 526075 436531 358179 335793 307810 274231 212669 173493 117527 72755

G 470110 430934 369372 330196 307810 285424 251845 201476 167896 111931 67159

h 380565 358179 335793 313407 291020 263038 240651 190283 156703 106334 67159

I 319003 302213 279827 268634246248 235055 212669 173493 145510 100738 61562

J 263038 251845 240651 229458 212669 207072 190283 156703 134317 95141 61562

k 218265 212669 201476 190283 179089 173493 156703 134317 106334 83948 55965

l 184686 179089 173493 162300 156703 151107 139914 123124 100738 78352 50369

m 167896 162300 156703 151107 145510 139914 128721 111931 95141 72755 50369

n 151107 145510 139914 139914 134317 128721 117527 100738 89545 67159 50369

Prices are in Rupees Per Carat Powered by www.idexonline.c

DRAFT MARCH 1st 2011

the DIAmonD RetAIl benchmARk - InDIA

DIAmonD RetAIl benchmARk FoR PolISheD DIAmonDS


Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is basmarket data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Fedof Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transasource of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by T

India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consu


25/53

Prices are in Rupees Per Carat Powered by www.idexonline.c



D 1342508987993 842700 639290499808 424256 354515 278963 238281 162728 92988

e 918252 865947 732277 586984 470750 395197 337080 261528 226657 156917 87176

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G 586984 563737 540490 470750 418444 354515 308021 238281 209222 145293 75552

h 488185 464938 435879 395197 360327 337080 296398 232469 197599 139481 75552

I 418444 406821 377762 337080 319645 302210 267339 215034 180163 127858 69741

J 348703 337080 325457 308021 278963 267339 249904 191787 156917 116234 69741

k 313833 302210 290586 278963 238281 232469 209222 174352 145293 104611 63929

l 278963 267339 261528 249904220846 209222 185975 162728 133670 92988 58117

m 232469 226657 215034 203410 180163 168540 151105 127858 116234 87176 58117

n 185975 185975 168540 156917 139481 128721 117527 100738 98799 81364 58117Round

4/4

(1.0

0-1.4

9)


D 1625568 1316225 1213111 928030 746063 600490 491310 376064 297212 188032 109180

e 1285897 1231307 1031144 873440 709670 576228 467048 357868 285081 181967 103114

F 1116062 1019013 970489 800653 679342 545900 436720 345737 272950 175901 97049

G 782456 764260 727866 661145 594424 497375 406392 321474 260819 169836 90983

h 630818 612621 594424 539834 503441 460982 388195 297212 248688 163770 90983

I 558031 551965 533769 473113 436720 406392 345737 272950 236557 151639 84918

J 460982 454917 436720 394261 357868 345737 303278 242622 200163 139508 84918

k 376064 363933 351802 345737 309343 285081 260819 218360 181967 127377 78852

l 339671 327540 315409 297212 272950 260819 236557 200163 163770 121311 72787

m 285081 279015 266884 260819 230491 218360 200163 169836 145573 109180 72787

n 230491 230491 218360 203174 188032 175901 163770 139508 127377 97049 72787

Round

3.0

0

(3.0

0-3.4

9)


D 3941442 3054301 2712118 2097455 1660222 1096253 811101 532285 456244 240795 133071

e 2990933 2718454 2281220 1824976 1527150 1032886 766744 506938 424560 234459 126734

F 2579046 2376271 2002405 1660222 1419426 969519 735060 481591 399214 221785 120398

G 2065772 1856660 1672895 1489130 1248334 874468 697040 456244 380203 215449 114061

h 1565171 1501803 1394079 1216651 1045559 754070 665356 430897 361193 209112 114061

I 1115263 1083580 1045559 937835 798427 659019 576642 392877 335846 196438 107724

J 906151 893478 861794 779417 703376 570305 506938 361193 297826 177428 101388

k 836447 798427 766744 697040 627336 487928 424560 329510 266142 164755 101388

l 627336 595652 563968 538621 487928 367530 310499 272479 209112 158418 95051

m 519611 506938 487928 456244 418224 329510 278816 247132 183765 145745 95051

n 411887 418224 411887 373867 348520 291489 247132 221785 158418 133071 95051


D 4183032 3241514 2878357 2226019 1761985 1163448 860817 564911 484210 255555 141228

e 3174263 28850822421048 1936838 1620757 1096197 813741 538011 450584 248830 134503

F 2737129 2521925 2125142 1761985 1506430 1028945 780115 511110 423683 235380 127778

G 2192393 1970464 1775435 1580406 1324851 928068 739765 484210 403508 228655 121052

h 1661108 1593856 1479529 1291225 1109647 800291 706139 457309 383333 221929 121052

I 1183623 1149998 1109647 995320 847367 699414 611987 416958 356432 208479 114327

J 961694 948244 914618 827191 746490 605262 538011 383333 316081 188304 107602

k 887717 847367 813741 739765 665788 517835 450584 349707 282456 174853 107602

l 665788 632162 598537 571636 517835 390058 329531 289181 221929 168128 100877

m 551461 538011 517835 484210 443859 349707 295906 262280 195029 154678 100877

n 437134 443859 437134 396783 369882 309356 262280 235380 168128 141228 100877


D 2400912 1938737 1746664 14285431038395 792301 648246 444169 348132 204078 114043

e 1878714 17586681500570 1278486 996379 774294 630239 432164 336128 198075 108041

F 1650627 14885661338509 1128429 954363 732278 588223 414157 324123 192073 102039

G 1188452 1092415 996379 912347 834317 684260 564214 390148 306116 186071 102039

h 924351 864328 804306 762290 708269 612233 528201 360137 288109 180068 96036

I 750285 726276 684260 630239 582221 528201 480182 330125 276105 168064 90034

J 600228 576219 552210 516196 480182 438166 408155 300114 252096 150057 90034

k 540205 522198 504192 468178 438166 396151 366139 288109 216082 144055 84032

l 420160 408155 396151 378144 342130 312119 282107 240091 186071 138052 78030

m 360137 354135 348132 342130 294112 264100 240091 210080 156059 126048 78030

n 300114 300114 300114 273072 246093 216082 198075 180068 127377 114043 78030Round

2.0

0

(2.0

0-

2.4

9)


D 2603424 2102265 1893991 1549037 1125981 859130 702924 481633 377496 221291 123663

e 2037179 1907008 1627140 1386323 1080421 839604 683399 468616 364479 214782 117154

F 1789854 1614123 1451409 1223609 1034861 794044 637839 449091 351462 208274 110646

G 1288695 1184558 1080421 989301 904690 741976 611805 423056 331937 201765 110646

h 1002318 937233 872147 826587 768010 663873 572753 390514 312411 195257 104137

I 813570 787536 741976 683399 631330 572753 520685 357971 299394 182240 97628

J 650856 624822 598787 559736 520685 475125 442582 325428 273360 162714 97628

k 585770 566245 546719 507668 475125 429565 397022 312411 234308 156205 91120

l 455599 442582 429565 410039 370988 338445 305902 260342 201765 149697 84611

m 390514 384005 377496 370988 318919 286377 260342 227800 169223 136680 84611

n 325428 325428 325428 296105 266851 234308 214782 195257 136680 123663 84611

Round

4.0

0

(4.0

0-4

.99)


D 499248039674963627754 2925236 2297577 1399276 1007709 564911 484210 255555 141228

e 3955979 3610479 3121020 2614286 2170894 1347451 978918 538011 450584 248830 134503

F 3570170 3115262 2810070 2418503 1986627 1278351 955884 511110 423683 235380 127778

G 2694903 24185032268786 2136344 1744777 1134393 881026 484210 403508 228655 121052

h 2049969 1946319 1813877 1687193 1416552 1013468 811926 457309 383333 221929 121052

I 1479893 1405035 1347451 1243801 1088326 846476 719792 420359 356432 208479 114327

J 1191976 1134393 1099843 1013468 898301 742826 627659 385809 316081 188304 107602

k 1013468 950126 915576 852234 760101 604626 535526 351259 282456 174853 107602

l 696759 662209 633417 604626 535526 431875 374292 293675 221929 168128 100877

m 598867 575834 558559 524009 477942 385809 333984 270642 195784 154678 100877

n 500976 489459 483701 443392 420359 339742 293675 247609 172750 141228 100877


D 7139811 540627648656494095842 3114485 1898073 1286929 646403 484210 276190 146910

e 535338948186384242752 3672742 2938194 1757040 1245794 611144 452482 264437 135157

F 4701110 42309993878416 3437687 2526847 1604254 1192907 587639 434853 252685 129281

G 3525832 3173249 2920565268550922330271480850 1128266 564133 411347 240932 123404

h 2820666 25562282350555 2115499 1768793 1286929 1016615 505369 387842 235055 121052

I 2033230 1903949 1839309 1645388 1480850 1087132 881458 446605 358460 223303 114327

J 1527861 1451468 1351569 1292805 1234041 969604 781560 405471 317325 211550 107602

k 1192907 1104761 1051873 993109 934346 763930 646403 370212 287943 193921 107602

l 875582 840323 799189 763930 705166 587639 446605 323201 252685 176292 100877

m 758054 722796 693414 664032 634650 528875 399594 287943 217426 158662 100877

n 640526 605268 587639 564133 564133 470111 352583 252685 182168 141228 100877

the DIAmonD RetAIl benchmARk - InDIA

DIAmonD RetAIl benchmARk FoR PolISheD DIAmonDS


Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is basmarket data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Fedof Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transsource of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by T

India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consu


26/53


27/53


28/53

What Is

Jewellery'sAttraction?

By Vinod Kuriyan

28 Idex MagazIne IndIa RetaIl | nO 04: COVeR St


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Consumer NeedUndefined

One of the problems with jewellery retail

and this is a global problem is that

it doesnt seem to have clearly defined theconsumers statement of need and speci-

fied why the purchase of jewellery would fulfil it un-

like the purchase of competing luxury products. As

one analyst put it, It is critical that the jewellery

industry hold its ground. Jewellery marketing is

still pretty much unsophisticated compared

to other luxury products that define their

value proposition clearly. When we look

at jewellery marketing at the top end

companies like Chopard and

Cartier then the definition is

clear, but just one rung down

it all becomes blurred. The

difference is huge when

we compare LVMH and

the average jewel-

lery stores product

merchandising.

And everywhere in the world, jewellery is up against a

vastly expanded array of luxury goods, all aggressively

promoted and all offering a variety of value proposi-

tions that resonate with the needs and aspirations of

todays consumer, particularly the young. A leading

jewellery manufacturer noted, Fifty years ago, a young

lady may have considered a string of pearls as the nec-

essary complement to her new evening gown. Today,

she is just as likely to select an iPod, perfume, a wrist

watch, or maybe she will skip the dance completely and

take a package trip to some exotic location. Every single

one of those items has been very skilfully marketed at

considerable cost. Much of the effort has been invested

in capturing the youthful sector of the marketnamely

people from about the age of 18 to the age of 35.

He went on to say, De Beers likes telling us that buying

a diamond develops an appetite for more diamonds. It is

a lesson worth learning, for it underscores how impor-tant it is to nurture among consumer an appreciation

for fine jewellery when they are still young. There is a

tendency in our industry to focus predominantly upon a

middle-aged audience, because it is reaching the height

of its earning capacity. But, if we do not invest more ef-

fort in developing a youthful and trendy fine jewellery

culture, we will discover that those consumers are not

as attuned to buying jewellery when they reach their

middle ages.

And defining the value proposition also depends clear-ly on what market is being targeted. High-end fashion,

characterised globally by the likes of Bulgari, Cartier

and LVMH use a combination of high intrinsic value,

unmatched craftsmanship and most importantly, a

guarantee of unique design, an iconic image, to entice

consumers. There is however, particularly in todays

post-recession world, a huge cost-conscious market.

These consumers know they cant get exclusive

designs, but they want the maximum value

for their money. The consuming market to-

day appears to be polarised between the

two extremes, with the middle market

having dramatically shrunk. This has

left many retailers wondering what

their value proposition should

be. The interesting thing is

that though this search for

a value proposition is one

that differentiates ones

offering within an

existing market,

Idex MagazIne IndIa RetaIl | nO 04: COVeR StORY


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The Allure Of AnUnchanged Product

Many marketers have stated that while tech-

nology products need to change and offerimprovements or greater capability within

very short periods of time, jewellerys best

appeal to the consumer lies in being able to say that it

is offering something that has remained unchanged for

a very, very long time. But while doing so, it needs to be

able to connect with the needs and aspirations of the

consumer of today. Fair trade jewellery is an example of

this. The product guarantees to the consumer that the

gold has been ethically sourced, has been refined in a way

that has not damaged the environment and that the dia-

monds and gemstones set in it are from sources that have

benefited local communities and most assuredly have not

caused misery and suffering by fuelling conflict and co-

ercion.

A key component of the value proposition of any prod-

uct, however, is the retail experience the shopper un-

dergoes while acquiring it, note marketers. One of their

favourite examples is that of iconic Tiffany jewellery. A

marketer on a mystery buyer mission to the store in

New York City observed that not only was she made to

feel special and close attention paid to her needs while

she was buying a piece of jewellery, she was given the

same sort of treatment when she went back to return

the piece, on the pretext that it didnt really suit her

after all. Even if the jewellery hadnt sold, Tiffany had

made a definitive sale of its brand name to the shop-

per.

With a few exceptions, Indian jewellery retailers are criti-

cised as offering an overall poor experience. Many con-

sumers reported in a survey that the overall experience is

simply one of being offered an investment heres the

piece, and this is what it is worth. They reported that fewretailers took the time to build the value proposition of

their merchandise and let the customer appreciate what

the product offered.

Other data also shows that every year it is the shopping

experience that continues to drive what value in retail is

really all about. Price (or even paying a bit more) is not

the central issue. It never was. It isn't now. If price were

all that mattered, only the cheapest products would sell.

Value is what matters, and value isnt necessarily related to

the price or intrinsic value of the product.

As management guru Peter Drucker once noted, satisfac-

tion and quality and service is not what you put into it.

It's what the customer gets out of it. And diminishing the

shopper's experience won't make it easier, though it will

eventually make the problem go away entirely along

with the customer.

In many developed markets today, consumer confidence

and belief in diamonds and jewellery as being ethical

products is one of the keys in helping jewellery establish

itself as a desirable luxury product. Conflict diamonds

(diamonds that were sourced from countries like Sierra

Leone by militias that tortured and coerced local villag-

ers into mining them) and their consequences, money

laundering and the threat of synthetic diamonds and

gemstones being passed off as natural, all undermine theconsumers belief in jewellery.

These issues are not yet major market drivers in India. But

the very deep penetration of satellite television into Indias

rural heartland has already brought about many changes

in society, including consumer aspirations the value at-

tached to a good education for ones children is one of

these. It will only be a matter of time, say analysts, before

issues like fair trade begin to matter in the Indian market.

But the long-term problem is that merely offering anethical and transparent product might not be enough to

win the consumers disposable income over the lure of

other luxury products. Jewellery has to be able to offer a

value proposition that will make consumers want to buy

it more than anything else. The answers lie in some of the

most complicated and often unfathomable processes in

the world the relationship between a man and a wom-

an, the concept of beauty and the feeling of self-worth.

Jewellery has done well in these churning waters, but past

success is no guarantee of the future.

In a rapidly changing world with rapidly changing values,

jewellery has to reassess and reinvent its value proposi-

tion if it is to survive and succeed.

For now, what matters is that Indian retailers realise that

they can no longer take their customer base for granted

and that they increase their efforts to not only assure con-

sumers, but also understand their wants and aspirations

and come up with value propositions that address these.



38/53

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38 Idex MagazIne IndIa RetaIl | nO 04: COVeR St


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40/5340 Idex MagazIne IndIa RetaIl | nO 04: COVeR St


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49/53IDEX MagazInE InDIa REtaIl | nO 04: POlISHED

The full analysis of The polished diamond prices

is available To ideX online research subscribers

and ideX online members.

For more inFormation on how to subscribe or to become amember, contact [email protected]

Graph 1 illustrates the sharp rise

in polished diamond prices in

January, 2011.

Polished diamond prices rose

sharply in the rst quarter o 2010,

but lost their momentum around

mid-year. Uncertainty about the

all-important holiday selling

season in the U.S. market, as well

as the prospects o a double-

dip recession capped polished

diamond prices or most o the

second hal o 2010.

However, when it became clear

that jewelry and diamond sales

were strong in the November-

December 2010 period, the entire

diamond pipeline began to raiseprices. Further, rough prices have

risen steadily, putting additional

pressure on polished diamond

producers to raise prices.

Prices UP Across The

BoArd ThroUghoUT

JAnUAry

Polished diamond prices rose

nearly uniormly or almost all

sizes during January, with only

hal-carat and smaller prices

lagging somewhat, based on the

IDEX Index.

During the month, prices rose

almost on a daily basis. Since

the end o January, polished

diamond prices have continued

to rise on a daily basis. Graph

2 summarizes dai ly pr ice

movement o polished diamond

prices in January, 2011.

oUTlook: higher

Polished Prices likely

With the threat o a double-dip

recession highly unlikely, and

with a strong holiday selling

season conrming that consumers

are willing to spend on jewelry,

merchants are trying to make up

or lost profts during the 2008-

2009 recessionary period.

Rough diamond prices continue

to rise sharply; this has put

pressure on polished diamond

suppliers to pass along their

higher costs. Retailers are

emboldened to raise prices,

since consumer demand has

strengthened signifcantly.

How high will diamond prices

go? Only time will tell, but our

orecast calls or higher prices

throughout 2011.

The ideX online

diAmond Price indeX

The IDEX Online Diamond Price Index

is a real-time index derived rom actual

asking prices in the global diamond

industry. The IDEX Online Diamond

Price Index objectively refects price

trends as they happen. The Diamond

Index and Diamond Drivers were

ormulated ollowing comprehensive

research and analysis o the IDEX

inventory database, aggregated since

2001. Research and development were

conducted in cooperation with Dr. Avi

Wohl, senior lecturer o Finance at

the Faculty o Management, Tel Aviv

University, Israel.

Further inormation is available

rom IDEX Online Research, contact

[email protected]: IDEX Oie Reserch

gRaPH 2

Daily IDEX Online Polished Price Index

Jury 2011

212019181716151413 242322 28 29 302625 27 3110 11 1298765421 3

122

121

120

119

118

117

116

115


50/5350 IDEX MagazInE InDIa REtaIl | nO 04: U.S. MaRKEt WInD

U.S. Market

Window

T

he margin squeeze at the retail level abated

or jewelers in December. Retail jewelry

prices rose much more than expected, andproducer price ination eased modestly, which was

also unexpected.

Earlier in the year, jewelry suppliers prices were

leaping ahead by double-digit levels month-ater-

month, while retail jewelers were able to edge prices

up by very low single-digit levels. In December, the

gap between supplier prices and retail prices closed

notably, based on data recently released rom the

U.S. Department o Commerce.

However, or the ull year, there was a large disparitybetween jewelry price infation at the retail level versus

jewelry price infation at the supplier level, based on

new data rom the U.S. Department o Commerce.

We continue to believe that the disparity between

retail jewelry price ination and supplier jewelry

price ination is unsustainable. While the gap did

not close completely in December, it narrowed

signifcantly, a trend likely to continue into 2011.Why? Retailers holiday jewelry sales were much

stronger than expected; thus, they are emboldened

to raise jewelry prices in their stores.

December 2010 InflatIon moDerates at

Wholesale

While jewelry suppliers prices continued to rise

sharply during December 2010, the increase was

not as large as in prior months during 2010. With

a gain o only 8.5 percent year-over-year during

the month, December reected the third smallest

monthly ination rate in 2010.

Further, the ination rate o retail jewelry prices

during December +5.4 percent was the largest

monthly ination rate during 2010.

Graph 1 compares the monthly JPPI (red bars) to the

monthly JCPI (blue bars) or 2010.

full Year 2010 JeWelrY PrIce InflatIon

moDest at retaIl, but VerY hIgh at

Wholesale

For the ull year 2010, jewelry producer prices rose at

a rate o 9.3 percent, while jewelry prices at the retaillevel increased by a much more modest 2.1 percent.

Graph 2 compares the annual JPPI (red bars) to

the annual JCPI (blue bars) since 1988. Early in

the decade o the 1990s, jewelry retail prices rose

aster than the underlying wholesale costs. However,

or most o the recent decade, wholesale prices o

jewelry generally rose more rapidly than retail prices

o jewelry, as the graph illustrates.

Gap Closes Between Retail JewelryPrice Inflation and Producer Price

Inflation in December 2010

December

Price Infation

December

2010 vs December 2009

Jewery Producer Prices +8.5%

Jewery Reti Prices +5.4%

tbe 1

Full Year

Price Infation

Full Year

2010 vs 2009

Jewery Producer Prices +9.3%

Jewery Reti Prices +2.1%

tbe 2


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Documents

IDEX Hindi Mar 2011 Low Res