IGI Diamonds Destined For The Moon · unique IGI grading report numbers – engraving work and vessel construction will commence in the fall. “IGI is excited to play a role in such

IGI Diamonds Destined For The MoonThe International Gemological Institute (IGI) said it has become a patron of Moon Arts, a Carnegie Mellon programme that aims to advance the presence of human culture in space and facilitate never-before-realised opportunities for art and exploration. IGI is providing various loose diamonds – ranging from melee to 1-carat in size – to be micro-engraved with art and, ultimately, sent to the moon as part of a mission planned for 2015.

Moon Arts was featured at the Fourth International Space Arts Workshop (ISAW4) on May 20-22 at the NASA Research Park in

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California. The workshop – convened by Carnegie Mellon Professor of Art, Moon Arts Group leader and space art pioneer, Lowry Burgess – focuses on space exploration and the challenges it brings to the arts as humanity moves closer to occupying other parts of the solar system.

Diamonds were chosen to be part of the art project because they are extremely durable – allowing for detailed inscription – yet lightweight – ideal for space cargo. Once the Institute has delivered the stones – which will first be laser-inscribed with the unique IGI grading report

numbers – engraving work and vessel construction will commence in the fall.

“IGI is excited to play a role in such a fascinating endeavour,” said IGI president & CEO Jerry Ehrenwald. “We are eager

to follow the progress of Moon Arts as it continues to blaze the trail for space art and look forward to finding new ways for the diamond industry to be involved in exploration of the solar system.”

Rio Tinto Diamonds Debuts ‘User-Friendly’ Sales PlatformRio Tinto Diamonds launched a new sales platform for a portion of its Canadian Diavik production. Whilst the majority of Rio Tinto’s diamond production continues to be sold through supply agreements with designated Select Diamantaires, the company has now developed

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a mechanism for the distribution of the proportion of production sold outside the supply agreements.

Using a proprietary auction mechanism, specific product segments are offered for sale to a wider community of invited companies.

According to Patrick Coppens, general manager of sales for Rio Tinto Diamonds, “The new auction platform complements our existing business model of placing a majority of our production through supply agreements, with a more limited proportion of production made available for sale to a wider selection of customers. The design of the platform is based on extensive customer feedback, which clearly stated that our customers would value a user-friendly and time-efficient system.”

The new auction platform is built on the latest technology available and provides customers great flexibility in bidding and convenience of use. Participants can now easily manage their product portfolio and budget allocation decisions in real time, while getting instant feedback on their bids. The platform is aimed at increasing the efficiency for diamantaires’ rough sourcing activities and providing them with a positive experience.

The first application of the platform occurred in April and Rio Tinto Diamonds reported a record participation, strong sale results and positive customer feedback.

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Swiss luxury goods group Richemont said jewellery sales by its brands Cartier and Van Cleef & Arpels for the year ended March 31, 2013 were nothing short of “remarkable”. Jewellery sales during the year grew by 13% to €5.206 billion compared with €4.590 billion a year earlier. Operating results rose 20% to €1.81 billion in the twelve-month period.

“The jewellery maisons and the specialist watchmakers have reported remarkable growth in sales and profits, despite the continuing strength of the Swiss franc and historically high cost of precious metals and stones,” said Richemont chairman Johann Rupert.

“Both Cartier and Van Cleef & Arpels generated remarkable results. The maisons’ boutique networks reported good growth and also benefitted from further openings. Demand for jewellery was particularly strong; demand for Cartier’s watch collections was solid, tempered by lower wholesale orders for steel watches. The significant increase in sales and positive gross margin development generated an operating margin of 35%,” Richemont noted.

The company’s watch brands, including Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, posted sales of €2.75 billion, a year-on-year increase of 18%. Richemont said the result reflected growing worldwide interest in haute horlogerie. Reported separately, Montblanc’s sales increased 6% to €766 million, primarily driven by demand for watches and favourable currency effects.

Jewellery retail chain D’damas expanded its network across North India with the launch of a D’damas World store in Lucknow at a prime location on Shahnajaf Road, Hazratganj. Bollywood actress Sonakshi Sinha is the D’damas brand ambassador.

The store is spread across 4,000 sq ft and will have separate gold and diamond sections offering BIS hallmarked jewellery and international laboratory certified diamond

Indu necklace owned by the Maharani of Baroda. Designed by Van Cleef & Arpels Paris, France, 1950.

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Richemont’s overall group sales increased by 14% to €10.150 billion and profit for the year rose by 30% to €2.005 billion. “The enduring appeal of our maisons and their growth potential lead us to look forward to the future with a degree of optimism. Therefore our investments will continue to focus on the differentiation of our maisons, the expansion and integration of their respective manufacturing facilities, and the adaption of their distribution strategies to the constantly changing customer environment in growth markets and tourist destinations,” Rupert noted.

Cartier & Van Cleef Annual Sales +13% To €5.2 Bn

D’damas World Inaugurates Store In Lucknow


jewellery under different sub brands and collections such as Lamhe, Glitterati, Vivaaha, DER and Solitaire.

As part of the ‘Great Indian Wedding Carnival’, D’damas will offer up to 15% discounts on all jewellery purchases of I10,000 and above until June 2. Prizes will include a Maruti Swift Dzire car, holiday packages from makemytrip.com, watches from Italian brand Morellato and jewellery from Lucera.

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Rare Red Diamonds Part Of Rio’s Argyle Tender

AWDC Pleased With Brussels Robbery Breakthrough

Rio Tinto said it would showcase three fancy red diamonds at its annual Argyle Pink Diamonds Tender for the first time in the 30-year history of the Argyle diamond mine. Debuting at a world exclusive preview in Sydney, the three red diamonds from the Argyle mine represent the pinnacle of value and ultimate rarity in the diamond industry, the company said.

Argyle Pink Diamonds manager Josephine Johnson said, “Since mining began in 1983, only six diamonds certified as fancy red by the Gemmological Institute of America (GIA) have been presented for sale at the annual Tender. To have three of these rare red diamonds in one Tender is a very special moment in time.”

The Argyle Pink Diamonds Tender showcases the best of a year’s production from the Argyle mine in Western Australia. The hero of the collection, a 1.56-carat round gem is Argyle Phoenix, named in honour of the newly commissioned Argyle underground mine.

“The intrinsic beauty and unrivalled colour intensity of this red diamond is symbolic of its East Kimberley birthplace and the treasures that lie within the depths of the new underground mine,” Johnson said.

The 2013 Tender collection is notable for its unique combination of colours and sizes.

For the first time in eight years there is a diamond greater than 3 carats – the 3.02-carat radiant, fancy intense orangy pink diamond, named Argyle Imperial.

Equally unusual is the 0.71-carat blue heart-shaped diamond, Argyle Celestial, which is expected to be sold with

The Belgian authorities have made 31 arrests in connection with the diamond robbery at Brussels Airport that took place on February 18, 2013. The arrests were made in Belgium, France and Switzerland. Armed robbers had taken off with around $50 million-worth in diamonds, both rough and polished stones.

Immediately after the robbery, cooperation was set up between the federal judicial authorities of the Brussels and Asse regions while authorities in France, Switzerland and Luxemburg were closely involved in the investigation.

Some 250 police officers executed 40 raids, mostly in and around the Brussels area and arrested 24 individuals. Approximately 10 of them are known to be involved in the Brussels robbery. Swiss authorities recovered diamonds, some of which are confirmed to have been part of the stolen parcels.

Ari Epstein, CEO of the Antwerp World Diamond Centre, commented, “The breakthrough in the investigation is very good news. The developments the Belgian authorities communicated are very important and hopeful for the ongoing investigation.”


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a matching heart-shaped fancy pink diamond from the collection.

The 2013 Argyle Pink Diamonds Tender comprises 64 diamonds, including 58 pink diamonds, three fancy red diamonds and three blue diamonds. All 64 diamonds in this year's collection were cut and polished in Western Australia by Rio Tinto’s master craftsmen.

The collection also comprises six ‘hero diamonds’ selected for their unsurpassed beauty and named to ensure there is a permanent record of their contribution to the history of world’s most important diamonds.

Tender viewings will be held in Perth and Hong Kong with previews in Sydney, New York and Tokyo. Bids close on October 8, 2013.

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Amore Jewels Opens Corporate Office In Chennai

Lesotho’s King Letsie III Visits AntwerpPetra's 25.5-carat Blue Diamond Fetches $17 mn

Diamond manufacturer Amore Jewels, a part of the Israel-based DTC sightholder Niru Group, announced the opening of its new corporate office at Prashanth Real Gold Tower in T. Nagar, Chennai last month. The move is expected to help the company in serving customers in the southern region.

Amore Jewels managing director Shanti Barmecha said, “Our new office has got a very positive response from our valued customers. We look forward to developing closer working relationships with the local customers and clientele in the future.”

The Chennai office is equipped with an in-house jewellery studio for exhibiting high-end diamond jewellery. The company has an 18,000-sq-ft manufacturing facility in Mumbai that employs 300 workers. It specialises in princess-, baguette- and trapezium-cut diamond jewellery.

The Belgium diamond sector recently welcomed King Letsie III of Lesotho to Antwerp, underscoring the robust trade relationships the two have shared over the past decades.

Antwerp World Diamond Centre (AWDC) CEO Ari Epstein commented, “In terms of value, 96.2% diamonds mined in Lesotho pass through Antwerp, which is quite impressive. In addition, since the opening of the Antwerp Diamond Tender Facility in October 2012, half of the goods offered, were diamonds from Lesotho. Needless to say, we are very pleased Antwerp is the preferred trading partner of Lesotho.”

Lesotho is a relatively small diamond producer but its importance for the global diamond industry cannot be underestimated. In 2011, Antwerp imported a vast majority of Lesotho’s total rough diamond production, estimated at a total of 114,525.60 carats worth $352 million.

Petra Diamonds unearthed a 25.5-carat blue diamond at the Cullinan mine in South Africa. It sold for $16.9 million or $663,144 per carat following a highly competitive sales process. Blue diamonds are among the rarest and most highly coveted of all diamonds. Since Petra acquired the mine, it has produced a number of blue diamonds, including the ‘Star of Josephine’ a 26.6-carat rough stone which sold for $9.49 million.


(From left) King Letsie III of Lesotho greets Belgian honorary consul of Lesotho Marc Tombeur; AWDC president Stephane Fischler; and AWDC CEO Ari Epstein.

Gitanjali Jewels Launches Two Stores In Bangalore

these pieces for just about every occasion.”

The two new outlets are located in the lush surroundings of Dispensary Road and HRBR Layout.

Gitanjali Jewels VP of retail marketing, Karthikeyan Vishnu, added, “It is a

Gitanjali Jewels, the flagship retail arm of the Gitanjali Group, launched two new jewellery stores in Bangalore in mid-May. The brand now has a total of 97 stores across India and six in the garden city.

Kannada film actress

Ragini Dwivedi, who was present at the inauguration of the two stores, said, “Every piece from the collection of Gitanjali Jewels has been made for real women. They exude grace and charm and they are hence, priceless. I can wear

moment of pride for all of us at Gitanjali Jewels as we keep true to our vision of dreaming big while allowing our customers to dream big too. Today, Gitanjali Jewels is helping millions all across the subcontinent wear the jewels they desire.”

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Charles & Colvard Q1 Jewellery Sales Rise 25%rose 56% to $6.5 million. Loose moissanite gemstone sales increased 77% to approximately $4.3 million.

The company recorded a net income of $306,000, or $0.02 per diluted share, in the first quarter of 2013, representing an approximate $682,000 improvement, relative to a net loss of $376,000, or $0.02 per share, in the first quarter of 2012. Operating expenses increased $234,000, or 8%, during the first quarter of 2013 when compared to the same period of 2012. Of this increase, sales and marketing expenses increased $744,000, or 50%.

This increase was primarily due to the company’s ongoing investments in marketing and branding initiatives to better position Charles & Colvard’s product lines in the marketplace, as well as marketing investments and key strategic personnel additions in support of its direct-to-consumer Moissanite.com e-commerce and Lulu Avenue home party businesses.

“We are extremely pleased with our first quarter revenue and earnings and cash flow, which represents Charles & Colvard’s strongest first quarter performance since my coming on board,” stated Randy McCullough, chief executive officer of Charles & Colvard. “With quarterly revenue growth of 56% and profit growth of 181%, we’re seeing the results of our innovative efforts on all fronts.

Charles & Colvard reported a 15% rise in finished jewellery sales to approximately $2.2 million in the first quarter of 2013, compared to $1.7 million last year. Overall net sales

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Nizam’s First Jewellery Store Opens In DelhiThe Gitanjali Group’s Nizam jewellery brand opened its first exclusive store-in-store in one of the most popular shopping areas of Delhi at GK1 Market. The two-storeyed outlet showcases handcrafted jadau, kundan, rose-cut, Victorian and high-end bridal jewellery crafted in gold and set with diamonds and coloured stones, inspired by the rich cultural heritage of the golden era.

Sanjay Banerjee, president – luxury divison, Gitanjali Brands, said, “The store is an obvious outcome of the rise in demand for jadau and coloured stone jewellery. It has been strategically located at one of the most upmarket shopping areas of Delhi and offers its customers a wide choice in range as well as designs.”

The range encompasses jadau and kundan jewellery in 22-karat gold, rose-cut jewellery in 22-karat and 18-karat gold, and Victorian jewellery in 925 silver with 14-karat gold. The store will also house a high-end Parineeta bridal jewellery line for the modern bride.


Zale Appoints Terry Burman As Chairman

Zale Corporation announced that Terry Burman, a prominent jewellery industry veteran with over 30 years of experience, has been appointed as a director and as chairman of the board, effective May 31, 2013. John Lowe, who has served as chairman for the past five years, will remain on the board.

Burman was the chief executive officer of Signet Jewelers Limited from 2000 to January 2011. He joined Signet in 1995 as the chairman and chief executive officer of Sterling Jewelers Inc., a US division of Signet. Before joining Signet, Burman held executive positions, including president and chief executive officer, with Barry's Jewelers, which now does business as Samuels Jewelers.

Commenting on his appointment, Burman said, “I am delighted to assume the role of chairman of the board at Zale at such an important point in their turnaround programme. I am looking forward to working with Zale's management and board to refine the company's strategy and priorities to drive profitable growth and create shareholder value.”

Burman has received numerous jewellery industry awards, including the American Gem Society Lifetime Achievement Award in 2010 and is the former chairman of Jewelers of America.

Theo Killion, chief executive officer of Zale Corporation, said, “Terry's track record and industry knowledge make him uniquely qualified to contribute to Zale as we execute our plans for long-term growth and shareholder value.”

In related news, Zale reported net earnings of $5 million for the third quarter ended April 30, 2013, compared to a net loss of $5 million a year earlier. Revenues were $443 million, down 0.4% compared to $445 million in the third quarter of fiscal 2012.

For the nine months ended April 30, 2013, revenues were $1.47 billion, an increase of $11 million compared to the same period last year. Year-to-date net earnings were $18 million, compared to a net loss of $8 million in the same period last year.

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Rio Tinto Promotes Diamond Jewellery Design Innovation In China

Rio Tinto confirmed its commitment to support innovation as a driver of growth in the Chinese diamond industry and the important role that design will play in developing new categories for diamond jewellery consumption.

At a press conference in Hong Kong, Rio Tinto acknowledged the accelerating pace of change in the Chinese diamond jewellery market, a prime destination for the smaller, affordable diamonds from its Argyle diamond mine in Australia.

GJTCI To Host Gujarat Jewellery Show In SeptemberThe Gem & Jewellery Trade Council of India (GJTCI) said it will host the fifth edition of the Gujarat International Jewellery Show (GIJS) at the YMCA International Center in Ahmedabad from September 20 to 22.

The show will have approximately 90 stalls. The participants will include gem and jewellery exporters, manufacturers, importers and business houses. According to the organisers, the event this year will mainly focus on kundan and diamond jewellery.

The 700-member strong GJTCI works for the development and prosperity of the Indian gem and jewellery industry by organising seminars, workshops, lectures, exhibitions, foreign trade delegations, etc.

Blue Nile Q1 Sales Increase 17% To $97.1 Mn Blue Nile, the leading online retailer of diamonds and fine jewellery, reported a 17% increase in sales to $97.1 million for the first quarter ended March 31, 2013. Net income totalled $832,000 for the quarter versus $154,000 a year ago. Operating income for the quarter totalled $1.2 million, representing an operating margin of 1.2% of net sales.

The company reported a gross profit of $17.6 million for the quarter. As a percent of net sales, gross profit totalled 18.2% compared to 18.4% for the first quarter of 2012.

International net stood at $17.6 million an increase of 24.8% compared to the same period last year. Excluding the impact from changes in foreign exchange rates, international net sales increased 25.9%.

“We are pleased to announce significant revenue growth along with expanding profitability in the first quarter of 2013,” said Harvey Kanter, president and chief executive officer. “Clearly our value proposition continues to resonate

with consumers, both in the US and internationally. We look to build on this momentum through our ongoing investments to enhance our customers’ website experience, present a deep assortment of compelling products, and provide world-class customer service.”

According to Rita Maltez, manager of Rio Tinto Diamonds, Greater China Representative Office, “In the three years since establishing our presence on the ground in Hong Kong we have seen tremendous changes in the market best demonstrated by the growth in diamond fashion jewellery.”

Rio Tinto is currently working with a range of Chinese jewellery designers to create jewellery collections utilising Argyle diamonds.


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GIA Launches Book On PearlsGIA unveiled their latest book, ‘Splendour and Science of Pearls’ at the Institute’s regional headquarters in Mumbai and at GIA’s facility in Dubai. Pearls, a symbol of wealth and status for thousands of years and among the best-loved gems of all time, have been chronicled in a 149-page book replete with decades of research, compelling photography and historical anecdotes.

Dona Dirlam, director of GIA’s Richard T. Liddicoat Gemological Library and Information Center, and Robert Weldon, GIA’s manager of Photography and Visual Communications, formally presented the book to 70 GIA alumni and students in Mumbai. Dirlam and

to debut the pearl book in these historically prominent pearling regions,” Dirlam said. “For more than 60 years, GIA has worked to develop a comprehensive

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Weldon – who are among the several co-authors and are the book’s principal editors – presented the book to Nirupa Bhatt, managing director of GIA in India and the Middle East, and Tom Moses, GIA senior vice president of laboratory and research.

Dirlam and Weldon then presented the book to 40 GIA alumni and students, as well as GIA board of governors member Amit Dhamani, CEO and managing director of Dhamani Jewels Group, at the institute’s facility in Dubai.

“India and the Middle East have a long-standing appreciation for pearls and other gems, and both are important markets for the gem and jewellery industry. We’re pleased

system for evaluating pearls, and to educate the public on this beautiful gem. This book is truly a testament to these dedicated efforts.”

IGI Conducts First Polished Grading Course In HyderabadThe International Gemological Institute (IGI), an independent laboratory for testing and grading gemstones and fine

jewellery, completed its first polished diamond grading course in Hyderabad between April 15 and 26.

The polished diamond

grading course is a short-term practical grading programme which involves the intricacies of diamond grading and empowers the

students on topics like the 4C’s, treatments, synthetics and pricing.

IGI managing director Tehmasp Printer said, “IGI emphasises on educating and imparting knowledge which brings in awareness across the board. This leads to greater transparency and induces buying confidence in consumers. For the last ten years IGI certification has helped diamond traders by authenticating the quality of diamonds and gemstones. We wish to serve the industry better by giving the industry a set of informed and trained professionals.”

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Tanishq Annual Sales Up 15% To J8,107.99 CroreLeading Indian jewellery retail chain Tanishq, a division of Titan Industries, said jewellery sales including its three major brands – Tanishq, GoldPlus and Zoya – rose by 16.3% to H2,093.28 crore in the fourth quarter that ended March 31, 2013. For the full 2012-13 fiscal year, Tanishq’s sales rose 15% to H8,107.99 crore.

In the year, Titan’s overall group net sales grew 14.5% to H10,009 crore, while its net profit grew by 20.8% to H725.18 crore. For the fourth quarter, Titan Industries reported a 14.8% growth in sales to H2,593.13 crore, while net profit saw a 28.2% jump to H184.97 crore.

Titan managing director Bhaskar Bhat stated, “The year 2012-13 was a challenging year given the economic environment

Kalyan Jewellers Opens Its Fourth Showroom In Gujaratin Gujarat, after setting up showrooms in Ahmedabad, Vadodara and Rajkot. The showroom was inaugurated by Narottambhai Patel (pictured here in white), an MLA in Surat.

Speaking on the occasion, Kalyan

Jewellers managing director T.S. Kalyanaraman (third from right) said, “The

As a part of its national expansion plans, Kalyan Jewellers opened its 49th

showroom in the country, in Surat. This is Kalyan Jewellers’ fourth showroom

launch of our new store is a glaring example of Kalyan Jewellers’ success and the prized appreciation of customers that the brand has won over the years. We are hopeful that Kalyan Jewellers’ tryst with Gujarat will make more jewellery aficionados appreciate the brand and its unparalleled collection of jewellery.”

Kalyan Jewellers plan to open showrooms in Nagpur and Pune as well, and aims to have 100 stores spread across India by 2015.

that was subdued and other adverse factors like the high price of gold that impacted our jewellery business. It has, however, been a fruitful year for Titan Industries and healthy growth in the fourth quarter in particular, was very encouraging with 28% growth in profit. Given the high expectations of all our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans.”

Titan’s watch sales rose 1.5% to H419.87 crore during the quarter, and grew nearly 10% to H1,675.87 crore.

Titan Industries aggressively expanded its retail network by adding 126 stores in their watches, jewellery and eyewear segments in the year.

Portal to the Argyle underground diamond mine.

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Rio Tinto Opens Argyle Underground Mine


io Tinto has officially opened its new Argyle underground diamond mine in the east Kimberley region of Western

Australia. Western Australia’s minister for mines and petroleum, Bill Marmion attended the commissioning ceremony and was joined by traditional owners, government representatives, Rio Tinto executives and employees.

The move from open pit mining to an underground operation will extend the life of Argyle until at least 2020. The $2.2 billion underground mine uses the latest in block caving technology and is the first of its kind in Western Australia. The average annual production over the life of the underground mine is likely to be 20 million carats per year.

Rio Tinto diamonds and minerals chief executive Alan Davies said the Argyle mine had produced some of the world’s most spectacular diamonds and had delivered many benefits to the local region.

“The new Argyle underground mine has allowed us to extend the life

of this iconic asset for Rio Tinto and Western Australia. I am proud that we can continue our contribution to local employment and the economic development of the East Kimberley region, as we have over the past quarter of a century,” he commented.

With 70% of the workforce living locally, Argyle is one of the largest contributors to the East Kimberley economy. Indigenous Australians account for one in four members of the local workforce.

Argyle diamond mine managing director Kim Truter said, “The Argyle diamond mine is a world-class resource which has been strongly supported by Rio Tinto since exploration began in the 1970s.”

“A new chapter begins at Argyle and I am proud to acknowledge the many men and women who have contributed to the discovery and development of the mine and the production of some of the best diamonds the world has ever seen,” he added.

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Around 40 km of tunnels have been built to the highest safety standards.

The move from open pit mining to an underground operation will extend the life of Argyle until at least 2020. The average annual production over the life of the underground mine is likely to be 20 million carats per year.”

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Kering Acquires Italian Jewellery Group PomellatoFrench luxury and sport brand group Kering (previously known as PPR) has acquired a major stake in the Italy-based Pomellato group after signing an agreement with RA.MO S.p.A. The transaction which is subject to the approval of the competition authorities is expected to be finalised in the coming weeks.

Pomellato, whose 2012 revenues reached €146 million, is one of Europe’s major jewellery groups, with

a strong international position. The company’s success is based on the personality and unmistakeable style of its creations unique in their blend of colours, stones and extraordinary shapes as well as their fine craftsmanship. The Pomellato group is a profitable and growing Italian business with two brands, Pomellato and Dodo, the first positioned within the fine jewellery segment and the latter within the accessible jewellery segment. Its distribution network includes 86 mono-brand stores (45 Pomellato, 41 Dodo) as well as approximately 600 independent points of sale around the world.

François-Henri Pinault, chairman and CEO of Kering,

commented, “Synonymous with Italian style, Pomellato and Dodo rank among the most beautiful and innovative jewellery brands in the world. I am delighted that they are joining our portfolio of luxury brands. We have great ambitions for the Pomellato group, which, with access to our expertise and know-how, will be able to step up the pace of its growth and expand its geographic footprint while preserving the values that underpin its Italian identity.”

With this acquisition, Kering is extending and reinforcing its portfolio of luxury brands in the high growth jewellery market. The Pomellato group enjoys significant growth potential and Kering will support the development and international expansion of its two brands. The group will also benefit from Kering’s expertise and resources in real estate, distribution, media, brand management, etc.

Andrea Morante, CEO of Pomellato, commented, “Becoming global brands is no longer an option for Pomellato and Dodo; it is a necessity. With this consideration in mind, we have undertaken a lengthy review of our best strategic alternatives and reached the conclusion that joining Kering was far and away the most favourable course of action. First, we will instantly join one of the most prestigious groups in the world; second, we will have a unique opportunity to preserve and enhance the Pomellato and Dodo success stories on a global scale.”

Pomellato CEO Andrea Morante was a speaker at the Mint Luxury conference in Mumbai a couple of years ago.


IIGJ Mumbai Hosts Sixth Convocation For Diploma StudentsJewellery Export Promotion Council (GJEPC), attended the award ceremony along with IIGJ chairman Vasant Mehta; IIGJ director Nirmal Kumar Barmecha; IIGJ convenor Prabir Chatterjee; IIGJ Tardeo convenor Namita Pandya; GJEPC executive director Sabyasachi Ray, and IIGJ head Col. S.K. Arora (Retd).

The audience witnessed a short clip of the students’ work, which was also showcased at Glimpz 2012 and IIJS 2012. The Best Student trophy was awarded to Arti Agarwal while Madhumeet Gadh and Prashant Villait were declared second and third runners-up, respectively.

Students of IIGJ Tardeo received their certificates as well. Vasant Mehta gave the students a word of advice and reiterated the GJEPC’s commitment to support IIGJ in training talented individuals to emerge and further the growth of the industry. Mehta stated that the GJEPC was committed to harnessing the creative energy of the youth in order to meet the rising demand for skilled manpower in the gem and jewellery industry.

Posing with the graduating class are (from left, front row) S.K. Arora, Sabyasachi Ray, Vipul Shah, Vasant Mehta, Prabir Chatterjee and an IIGJ official.

The Indian Institute of Gems and Jewellery (IIGJ), Mumbai held its sixth convocation of the three-year diploma course in jewellery design and manufacture technology at the D. Navinchandra Auditorium in mid-May.

The chief guest Vipul Shah, chairman of the Gem &

KP Chair To Address Angola Diamond Conference

The Kimberley Process chair, South African Ambassador Whelile Nhlapo has accepted to be a keynote speaker at the Angolan Diamond Centenary Conference 2013 in Luanda on June 20 and 21.

“I look forward to an opportunity to present to the conference the vision which this chairmanship has sought to pursue at a time when many new initiatives around the

minerals in African producing countries take place,” said Nhlapo. “The Kimberley Process was a crucial development in Africa’s beneficiation efforts and we should all watch closely that these efforts continue to be pursued by all actors in the diamond and jewellery scene.”

Angola is a participant of the Kimberley Process Certification Scheme (KPCS), a unique joint initiative by governments, the diamond industry and NGOs to prevent conflict diamonds from entering the legitimate supply chain.

Carlos Sumbula, chairman of Endiama and organiser of the Angolan Diamond Centenary Conference, said, “As a member of the KPCS, customers can rest assured that

diamonds mined in Angola are from conflict-free sources. Our country, since the inception of the Kimberley Process, has been a strong defender of the KP core principles. This conference celebrating the first discovery of diamonds in Angola in 1912 will be an excellent forum to once more underline our strong commitments to uphold the highest possible standards for mining our precious products.”

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Sarin Sees Record Revenue In Q1 2013Sarin Technologies Ltd, a worldwide leader in diamond processing equipment, announced a record revenue of $20.2 million in the first quarter of 2013, year-on-year increase of 2.7%. Notably, Sarin’s first-quarter revenue from India dropped 6.3% to $15.5 million compared with the same period last year, but grew 46% versus

support the growing product pipeline and new product launches. Due to tax benefits associated with the group’s export-oriented sales, effective tax rate declined during the quarter. Aided by higher sales volume, improved gross profit margin and lower tax rate, net profit rose 3% to $8.1 million.

The diamond manufacturing sector was

the fourth quarter of 2012.In line with the increase

in revenue, gross profit rose by 4% to $14.6 million and gross profit margin improved slightly to 72% due to changes in product mix. The group incurred higher operating expenses as research and development as well as sales and marketing activities increased to

bolstered by positive price adjustments of rough and polished diamonds in late 2012. In addition, recent market developments, such as better than expected orders from US diamond jewellery retailers and robust demand for polished diamonds by the growing middle classes in China and India, added further optimism, Sarin stated.

Gemesis Presents World’s Largest, Whitest Synthetic DiamondGemesis Diamond Company, a manufacturer of synthetic diamonds, said it has produced the world’s largest, whitest lab-created diamond which weighs 1.29 carats. The emerald-cut synthetic diamond of E colour and VVS2 clarity has a retail value of $7,633.

Certified by the International Gemological Institute (IGI), this diamond is classified as the purest Type IIa, which is extremely rare in nature.

“This is a significant milestone,” stated Gemesis director of marketing Martin DeRoy. “Gemesis is proud to offer this new choice – lab-created diamonds that possess the same exceptional quality, colour and clarity as mined diamonds. We look forward to continuing to produce high colours (D to F) in larger sizes, with increased regularity in the near future.”

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Alrosa Approves Exploration Joint Ventures In Africa

Jewelers Of America Applauds Senate Action On Sales Tax Fairness

Alrosa’s executive committee approved the establishment of new joint ventures in prospecting and geologic exploration in African countries at a meeting held in late April.

The company is preparing to enter into an agreement with the Angolan diamond mining company Endiama by

Jewelers of America (JA), the national trade association for businesses serving the fine jewellery retail marketplace, applauded the United States Senate, which passed the Marketplace Fairness Act of 2013 on May 6, 2013, by a vote of 69 to 27. If passed by the House, the legislation would finally close an internet sales tax loophole that has hurt traditional jewellery businesses, it noted.

“This is a historic moment in the fight for sales tax fairness,” said president and CEO David J. Bonaparte. “For more than a decade, Jewelers of America has urged Congress to level the playing field between brick-and-mortar jewellers and online retailers. The passage of this legislation in the Senate demonstrates that Congress finally recognises the need for fairness in the marketplace. We hope to see further action this year.”

The Marketplace Fairness Act, S. 743, gives states the option to require the collection of sales and use taxes already owed under state law by out-of-state businesses, rather than rely on consumers to remit those taxes to the states. Currently, brick-and-mortar businesses collect sales and use taxes from customers who make purchases in their stores, but many online and remote retailers do not. If passed by both chambers of Congress and enacted into law, the measure would give states the option to require the collection of these taxes by out-of-state sellers if the state simplifies their sales and use tax systems.

Jewelers of America sent an action alert to its members, urging them to ask their senators to support the legislation that had bipartisan support in the senate, with key

this June. The accord will encompass establishing a joint venture for prospecting, exploration and operation of diamond deposits in Angola, to finalise the selection of diamond prospecting areas, and to work out a geological project statement and performance specifications for the creation of the design and estimate documentation.

Earlier in April, Alrosa’s eventual participation in new prospecting and exploration projects was discussed during the working visit of the company’s president Fyodor Andreev to Angola. Geological material received by Alrosa’s experts in Angola shows evidence of a high potential of discovering new major primary deposits in the country.

The executive committee also approved establishing a joint venture on a parity basis in Botswana in geologic exploration aimed at discovering diamond deposits and subsequent obtaining of the rights for their exploitation. The prospecting operations draft is to be developed by autumn 2013.


co-sponsors including senators Mike Enzi (R-WY), Dick Durban (D-IL) and Lamar Alexander (R-TN). The House of Representatives introduced an identical bill, H.R. 684, in March. That legislation also has bipartisan support, but has yet to come up for a vote.

India & China Drive Q1 Global Gold Jewellery DemandThe latest World Gold Council (WGC) Gold Demand Trends report, which tracks gold consumption during the January-March 2013 period, shows a market driven by diverse global demand, and an appetite for owning gold jewellery that continues to grow.

Total jewellery demand was up 12% year-on-year in the first quarter of 2013, driven in the main by Asian markets. Jewellery demand in China was up 19% on the same period last year and stood at a record 185 tonnes. Demand in both India and the Middle East was up 15% respectively and in the US, demand showed a significant

gold, making purchases in excess of 100 tonnes (109 tonnes) for the seventh consecutive quarter. Overall total global demand for gold in the first quarter was 963 tonnes, down 19% from the fourth quarter of 2012.

“The price drop in April, fuelled by non-physical moves in the market, proved to be the catalyst for a surge of buying that has left many retailers short of stock and refineries introducing waiting lists for deliveries. Putting this into context, sales of bars and coins, jewellery and consumption in the technology sector still make up 81% of the market,” WGC managing director – investment Marcus Grubb commented.

increase, at 6%, for the first time since 2005.

Demand for gold in China and India was also driven by an increase in bar and coin sales, up 22% year-on-year in China and 52% in India. In USA, the demand for bars and coins was up 43% compared with the same quarter in 2012. Globally, bar investment was up 8% while official coins (such as American Eagles and Canadian Maple Leaves) were up 18%. Gold held by gold-backed exchange-traded funds (ETFs), which in 2012 accounted for 6% of the world’s gold demand, fell by 177 tonnes.

Central Banks remained significant acquirers of

“What these figures show is that even before the events of April, the fundamentals of the gold market remain robust with growing demand in India and China, central banks consistently adding gold to their reserves and strong buying of investment products such as gold bars and coins,” he added.

In value terms, gold demand in the first quarter was $ 51 billion, down 23% compared to the fourth quarter of 2012. The average gold price of $1,632/oz was down 5% on the average fourth-quarter 2012 price, and down 3% on the same period the previous year.

OECD Meet Discusses Responsible Supply Chain For Gemstones A multi-stakeholder group comprising some 50 representatives from the industry, civil society and government met at the Organisation for Economic Cooperation and Development (OECD) in Paris to discuss responsible supply chains for precious stones. The meeting on April 30 was hosted by the Fafo Institute for Applied International Studies, Jewelers of America, Signet Jewelers Ltd., the U.K. Foreign and Commonwealth Office and the U.S. Department of State.

The day-long meeting was structured as an open discussion. Some participants stressed the need for ongoing and continuous improvement

in responsible sourcing practices due to evolving risks that the trade in precious stones may be associated with conflict and human rights abuses.

Participants discussed existing company, industry, and multilateral initiatives that support responsible sourcing and opportunities

for harmonisation, noting that international guidelines such as the UN Guiding Principles on Business and Human Rights and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Regions provide frameworks to support responsible

business conduct, including in the precious stones sector. Participants also confirmed that efforts to advance responsible sourcing for precious stones should complement and not undermine or replace existing initiatives, such as the Kimberley Process Certification Scheme and the recent UN initiative for coloured gemstones.

At the conclusion of the meeting, industry, civil society and government representatives expressed an interest in further examining existing and potential due diligence processes in support of responsible sourcing of precious stones, including the artisanal and small-scale mining sectors.

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C. Krishniah Chetty & Sons (CKC), a leading Indian heritage jeweller based in Bangalore, was awarded the JCK Jewelers’ Choice Award 2013 in the category of ‘best earring design’ and was a finalist for ‘best pearl jewellery’. CKC is the only Indian jeweller to win a prize in the prestigious international design competition this year.

The JCK Jewelers’ Choice Awards aims to encourage designers to create innovative yet saleable pieces of jewellery. Since its inception, this competition’s winning designs have set the industry standard for the best work from the most creative designers.

The ‘Emerald Crest’ earrings won the JCK Jewelers’ Choice Awards 2013 for the category ‘best earring design’ ($2501-$10,000). Inspired by the feathers of a peacock, the earrings feature a central pear-shaped emerald elegantly framed


The ‘Emerald Crest’ earrings won the JCK Jewelers’ Choice Awards 2013 for the category ‘best earring design’ ($2,501-$10,000).

by lines of diamonds and emeralds with fine detailing. The indicative price of the earrings is R1,55,000 ($2,786).

The ‘Emerald Crest’ earrings also stood third in a Readers’ Choice Award conducted by W Magazine, which selected among the ten best designs submitted by JCK. Some of the other winners included Le Vian, Mark Shneider, Rahaminov Diamonds, Shenzen SYM Jewellery, Vanna K and Grunberger Jewellers.

CKC managing director Vinod Hayagriv said, “The crowning glory for our design team is when they win the world’s finest award for fine jewellery, chosen by discerning jewellers and international fashion magazines worldwide. We are honoured and, of course, humbled.”

The ‘Queen Conch’ ring designed by Sameena Anjum of CKC was recognised as the finalist and awarded second place in the ‘best pearl jewellery’ category

under $2,500. The pearl is ensconced in a diamond encrusted mount, reminiscent of the waves of a white ocean bringing treasures up to its surface. The soft pink hues and smooth texture of the conch pearl are highlighted by this elegant creation. Its indicative price is R1,22,400 ($2,200).

“It is a moment of great pride for the work our designers have done. This was quite a challenge as jewellers across the globe were participating in the competition and had some fabulous designs to showcase. This year’s competition showcased stellar design craftsmanship,” Hayagriv added.

The Jewelers’ Choice Awards, presented by JCK Magazine, honour excellence in jewellery design and craftsmanship in a variety of categories. Voting was held online through JCK’s website, where retail jewellers worldwide cast votes for their favourites over a three-month duration.

The ‘Queen Conch’ ring designed by Sameena Anjum of CKC won second place in the ‘best pearl jewellery’ category under $2,500.

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Muthoot Pappachan Group Forays Into Retail Jewellery Business

Kristall Celebrates 50th Anniversary

Muthoot Exim - Precious Metals Division, part of the Muthoot Pappachan Group, has made its foray into the jewellery business. The company will soon start retailing hallmarked jewellery of low ticket sizes (2-8 gm) in tamper-proof packaging under the name of Swarnavarsham Jewellery.

The scheme will allow customers to purchase jewellery in a manner

Kristall Production Corporation, Russia's leading diamond manufacturer, celebrated its 50th anniversary on May 24, in Smolensk, with an exclusive, by-invitation-only event. Local diamond industry leaders, government representatives and dignitaries, as well as many foreign guests, predominantly representatives from other diamond manufacturing centres took part in the celebration.

Kristall Production Corporation is the only diamond manufacturer that continued to operate after the fall of the former Soviet Union. Since that time, Kristall has significantly raised its output of polished diamonds. Kristall is on Russia's official list of strategically important corporations and operates under the direct control of the President of Russia. The company is a sightholder of the Diamond Trading

similar to a gold loan. Customers would have to pay a small down payment followed by equated monthly instalments (EMIs) based on one- and two-year plans. The jewellery would be handed over to the customer only after the final payment is made.

The Swarnavarsham jewellery product line includes 22-karat hallmarked gold chains weighing 4-6 gm, earrings

weighing 2 gm, rings weighing 2-3 gm and bangles weighing 6-8 gm.

The company has chosen to launch the scheme in Kerala and Tamil Nadu in the first phase, and will expand to other parts of the country by the third quarter of 2013-14.

Thomas Muthoot, executive director, Muthoot Pappachan Group, said, “Swarnavarsham Jewellery is part of our

concerted strategy to offer value to our esteemed customers, helping them own hallmarked pure gold jewellery in an affordable manner. Our products are structured keeping the customer's interest and requirement in mind. We are well aware that a customer comes to us when he has a need, and is expecting a quick, efficient and hassle-free solution, and subsequent servicing.”

Company (DTC) of the De Beers Group.

Kristall’s CEO, Maxim Shkadov, who is also president of the International Diamond Manufacturers Association (IDMA), said, “Kristall Production Corporation is proof that in spite of the enormous changes Russia has gone through during recent decades – politically, economically and geographically – a solid, well-established company

like Kristall can overcome these difficulties and even thrive. We are very pleased and extremely proud to be celebrating the 50th anniversary of our company, together with our peers and international colleagues.”

Among the Russian dignitaries that participated were Vladimir Zhirinovski, leader of the Liberal Democratic Party of Russia (LDPR), vice-chairman of the State Duma and a member of the Parliamentary

Assembly of the Council of Europe; Anton Siluanov, minister of Finance, the Russian Federation; Sergei Ivanov, chief of staff, Presidential Administration of Russia; Yegor Borisov, president of the Sakha Republic; Alexei Ostrovskiy, governor of Smolensk; Fedor Andreev, president of Alrosa; and Vladimir Rybkin, head of Gokhran, the State Precious Metals and Gems Repository of the Russian Federation.

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Strong Investment Demand Drove Silver Price Higher In 2012

GII Hosts Its Annual Convocation

Robust global silver investor demand was the dominant driver of silver prices last year, accounting for almost a quarter of total silver demand, according to the World Silver Survey 2013, by the Silver Institute. Averaging $31.15 per ounce, 2012’s price level was the second highest on record, behind the average reached in 2011.

While last year was volatile for most precious metals, globally, silver investment rose to a total of 252.7 million troy ounces (Moz). That figure represents approximately $8 billion on a net basis, substantially above the annual average of $1.2 billion over the 2001-10 timeframe, the report stated.

Investors remained significant net buyers of silver in 2012, as evidenced by the 21% increase in implied net silver investment (which includes

The Gemmological Institute of India (GII) held its annual convocation on April 27, 2013 at the Y.B. Chavan Convention Hall in Mumbai. Vipul Shah (left), the chief guest for the evening and chairman of the Gem and Jewellery Export Promotion Council (GJEPC), commented, “GII is one of GJEPC’s most premium projects. The GJEPC is committed to supporting GII in its endeavour to provide exemplary education and research & development in the field of gemmology and will continue to support it financially and mentor it in times to come as well.”

GII chairman Kirtilal K. Doshi (centre), GJEPC executive director Sabyasachi Ray, GII managing trustee Rajendrakumar Shah, Diamond Exporters’ Association president Arvind C. Parikh, and other trustees of the institute attended the event.

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physical bar investment, exchange traded funds and fund activity on Comex) to set an all-time high of 160 Moz. By comparison, in 2004, the level of implied net silver investment was 5.4 Moz.

Global silver ETF demand was robust, hitting a historic high of 631.4 Moz. Total ETF holdings rose to a record $18.9 billion at year-end, up 16% from the figure recorded at year-end 2011.

Buoyant investor interest was also seen in demand for coins and medals at 92.7 Moz in 2012, the third highest level ever recorded. Coin minting in China posted a strong increase, realising a 47% gain over 2011.

Total silver fabrication demand in 2012 dipped to 846.8 Moz, reflecting losses in key areas. Industrial silver fabrication slipped by 4% to 465.9 Moz, the result of the challenging economic

environment seen in many industrialised countries. However, India recorded a 4% gain while China experienced a small increase in industrial demand.

Worldwide jewellery fabrication at 185.6 Moz remained effectively unchanged from 2011, thereby proving far more

resilient than gold with its 4% decline. Growing consumption in India and China for silver jewellery offset softer western markets. Photographic demand for silver fell to 57.8 Moz, while the silverware sector slipped to 44.9 Moz due to ongoing structural factors and economic weakness.

Cavalieri Visits Armenia, Discusses Jewellery Sector Development

Pandora Sees 41% Jump In Q1 Revenue

Gaetano Cavalieri, the president of the World Jewellery Confederation (CIBJO) visited the Armenian capital of Yerevan in April to attend the official inauguration celebrations of president Serzh Sargsyan, who was recently elected for a second term in office. During the visit, he held discussions with senior government and industry officials regarding plans for the development of the Armenian jewellery sector.

This is Cavalieri's second visit in four months to Armenia, where he has joined the leadership of the Armenian Jewellers Association, led by the organisation's president, Gagik Gevorkyan, in their discussions with the government about the infrastructural, regulatory and marketing strategies

Pandora Group reported a revenue of DKK 2.002 billion in the first quarter of 2013, an increase of

necessary to catapult Armenia to the status of a major jewellery centre, with a special focus on Central and Eastern Europe and the western flank of Asia.

“In so many respects Armenia is in an advantageous position. Its geographic location and its peoples’ long tradition in the jewellery industry, both at home and in the very loyal Armenian diaspora, provide it with a tremendous start from which to build. Its government is most supportive, agreeing to the establishment of a duty and tax free zone for the jewellery sector, which not only has the potential to serve as a magnet for the jewellery trades in other countries in the region and around the world, but also will create thousands of jobs at home and serve as

valuable national resource for foreign income,” Cavalieri said.

“This mission underscores the commitment that we made when we were recognised as the international jewellery sector's representative in

Armenian President Serzh Sargsyan (left) greeting CIBJO president Gaetano Cavalieri. Looking on are Gagik Gevorkyan, president of the Armenian Jewellers Association and executive director Artak Udumyan.

the Economic and Social Council of the United Nations, and according to which the industry will participate in the fulfilment of the Millennium Development Goals. This is the essence of Corporate Social Responsibility,” he added.

40.6% compared to last year. Net profit for the quarter increased 29.6% to DKK 438 million. Gross margin for the quarter totalled DKK 438 million, a 7% decline from 2012.

Revenue from the Americas increased 38% while revenue

from Europe and Asia Pacific increased 50.4% and 26.1% respectively. Earnings before interest,

tax, depreciation and amortisation (EBITDA) increased 60.3% to DKK 643 million for the quarter.

Bjørn Gulden, chief executive of Pandora, commented, “Although it is still early in the year, we have had a strong start. Revenue and earnings increased across all regions, positively impacted by the delivery of the Valentine's Day collection in the first quarter of 2013, instead of, as historically, in the fourth quarter. Even more importantly, our sales in concept stores have

also strengthened with double-digit growth in our four major markets. Some of this increase is due to the fact that Easter was in the first quarter this year compared to the second quarter last year, but we believe most of it is due to better products, improved marketing and better execution in the stores.”

Pandora expects revenue for 2013 to be above DKK 7.2 billion and expects an EBITDA margin above 25%. It plans to open 150 concept stores during the year.

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PC Jeweller Opens Six New Showrooms

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PC Jeweller (PCJ), one of India’s leading jewellery retail chains, opened a total of six showrooms in the months of April and May as part of an expansion drive to extend its footprint beyond the northern region.

PCJ inaugurated its first showroom in Jabalpur on April 11, with a single-floor format across more than 3,000 sq ft, displaying diamond and gold jewellery. Three days later PCJ opened a showroom at Sri Ganga Nagar in Rajasthan. With a double-floor format across more than 5,000 sq ft, this showroom has dedicated floors for diamond and gold jewellery.

On April 20, PCJ opened

capital’s upscale markets for gems and jewellery – taking its Delhi showroom tally to eight.

PCJ managing director Balram Garg said, “Having consolidated our presence in the north, we felt it was time to expand our footprint across other regions in India. Accordingly, we have opened showrooms in cities that seemed suitable for our offerings.”

As all the six cities possess varied cultural backgrounds, PCJ has showcased jewellery as per specific locales. The Jabalpur showroom showcases jewellery that’s a fusion of traditional and contemporary designs.

The Sri Ganga Nagar showroom showcases colourful jewellery infused with traditional and contemporary styling.

The Ahmedabad and Vadodara outlets showcase an exquisite variety and collection of diamond jewellery with designs catering to the traditional and contemporary preferences of people in Gujarat. The Hisar showroom caters to the local population’s predilection for colourful, innovative designs. The Paschim Vihar showroom represents a judicious mix of designer jewellery along with traditional heavy jewellery.

its first showroom in Gujarat at Ahmedabad with a double-floor format spread across 7,800 sq ft. The Ahmedabad showroom’s ground floor harbours a special lounge for high net worth clients. The second showroom in Gujarat, opened at Vadodara on April 27, has a double-floor format with an area of around 7,500 sq ft.

After Gujarat, PCJ opened its fifth showroom in Haryana at Hisar on May 8. This 3,400-sq-ft double-storey format showroom took PCJ’s national tally to 35 showrooms. PCJ then opened showroom number 36 in Delhi on May 11 at Paschim Vihar – one of the

LVMH Q1 Jewelley & Watch Sales Slip 1%LVMH Moët Hennessy Louis Vuitton, the world’s leading high quality products group, reported a 1% decline in sales of jewellery and watches to €624 million for the first quarter of 2013.

The business division, which comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Jewellery, posted an organic first-quarter revenue growth of 2% versus a year ago.

“This performance was achieved in a context of prudent buying by multi-brand retailers. TAG Heuer’s first quarter was marked by the 50th anniversary of its

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Carrera line and the new partnership with McLaren which was announced at the Geneva Motor Show. Hublot and Zenith also had a good start to the year. In jewellery, Bulgari confirmed the success of its Serpenti line and recorded strong revenue growth in its own stores,” the company stated.

LVMH recorded a 6% increase in first quarter 2013 overall group revenue to €6.9 billion. Organic revenue growth for the quarter saw a sharp 7% rise compared to the same period in 2012.

“The group continued

to perform in line with the trends of the second half of 2012 with strong growth in Asia and the United States,

while Europe demonstrates good resistance despite a challenging economic environment,” it said.

Rio Tinto Diamonds Appoints New CFO Rio Tinto announced the appointment of Paul Dean as chief financial officer for Rio Tinto Diamonds. Dean is an experienced finance executive who has held a number of senior roles in publicly listed companies,

most recently as group finance director of Ultra Electronics Holdings plc, an FTSE 250 global electronics business.

Commenting on the new appointment, Bruce Cox, managing director of Rio

Tinto Diamonds said, “I am delighted with Paul’s appointment and his extensive experience will be invaluable in leading the future direction of the diamonds business.”

Prior to this, he was

finance director of Foseco and group financial controller and treasurer of Burmah Castrol plc. Dean, a graduate from Oxford University, will be based in London and will report to Cox.

Dominion Diamond Foresees 11% Rise In 2013 Production Dominion Diamond Corporation revised its 2013 production figures and currently foresees production (on a 100% basis) of approximately 6.6 million carats from the production of approximately 1.6 million tonnes of ore and the processing of approximately 2 million tonnes of material from both mining and stockpiles.

The company foresees an 11% increase in carats produced for calendar 2013, as compared to the previously disclosed plan primarily due to the processing of more stockpiled ore during the calendar year. This plan is subject to further revision at the end of the second quarter.

A new mine plan and budget for the Ekati diamond mine for the next operating period is currently under review. This plan foresees production (on a 100% basis) for the period

from April 10, 2013 to December 31, 2013, 1 million carats from the mining of approximately 3.5 million tonnes from mineral reserve, and the processing of approximately 3.9 million tonnes, with the additional material being made up of diamond bearing kimberlite from a satellite body in the Misery open pit that is excavated as part of the waste stripping as the pit profile is advanced.

Dominion expects rough diamond sales for fiscal 2014 to total $730 million with $365 million each from Diavik and Ekati. The sales figures include $25 million from sales of goods available for sale at January 31, 2013 and $70 million from opening acquisition inventory at the Ekati diamond mine which is expected to be sold towards the end of fiscal 2014.

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Tara Jewellers Expands Retail Presence With Six New StoresTara Jewellers recently launched six new company owned-and-managed stores in North India. In order to enhance its presence in the country, the brand launched new stores in Bhatinda, Jalandhar, Jaipur, Jodhpur, Ludhiana and Udaipur. Tara Jewellers now operates 36 stores in 25 cities across India.

With more store launches in the pipeline, Tara Jewellers will soon have 50 company managed stores across 37 cities in India. Vikram Raizada, executive director and CEO, (retail), Tara Jewellers stated, “At Tara Jewellers, we are expanding both in width of presence and depth of penetration with presence in Tier I, Tier II and Tier III cities. These expansion plans are in line with our growth plans, as we see a shift of consumers from the unorganised to organised markets as they want certified and reliable jewellery and enhanced services.” Vikram Raizada, executive director

and CEO (retail), Tara Jewellers.

Gemfields’ Lusaka Auction Sees 7% Decline In Average Price The Gemfields Lusaka rough emerald and beryl auction had 17.3 million carats of emerald and beryl extracted from the Kagem Mine in Zambia placed on offer, with 6.3 million carats sold, generating auction revenues of $15.2 million. The Lusaka auction yielded an overall average of $2.42 per carat for the lots sold, 7% lower than that achieved at the previous lower quality emerald auction held in June 2012 in Jaipur.

As the overall quality characteristics and product mix of the gems placed on offer at this auction were substantively similar to those placed on offer at the earlier auction, the results reflect a slight reduction in the relative per carat prices, the first reversal of the historic growth trajectory in lower quality auction prices.

The auction, which was held in Lusaka, Zambia at the request of the Zambian ministry of mines, energy and water development, saw 25 out of the 31

invitees in attendance. The number of declined auction invitations, which was higher than in prior auctions, most notably due to the travel demands placed on clients in reaching Lusaka, typically involving three flights and approaching 24 hours of journey time also contributed to the lower price per carat.

Given the company's continued belief in the long term fundamentals of the emerald market, Gemfields does not sell lots where the bids received do not satisfy its pre-determined minimum reserve prices. The company maintained this strategy at the Lusaka auction, with five lots (representing 64% of the weight offered) remaining unsold. The company's 12 auctions held since July 2009 have generated $175.7 million in aggregate revenues.

Separately, Gemfields reported a 33% rise in production levels to 6.5 million carats in the quarter ending March 31, 2013

compared to 4.9 million carats in the corresponding period last year. During the period, grade increased to 265 carats per tonne from 236 carats per tonne the previous year. Gemfields’ production costs reduced 34% to $0.56 per carat.

Ian Harebottle, CEO of Gemfields, commented, “Gemfields is pleased to report the results of another positive quarter for the company. Gemstone carats produced at Kagem increased 33% when compared to the same quarter in the last financial

year. We also achieved record revenues from our most recent auction of lower quality rough emerald and beryl, despite a small drop in the average per carat price achieved. We continue to seek to address the possible ban on foreign auctions by the ministry of mines in Zambia and – in that light – we are delighted to be hosting the first-of-its-kind ‘2013 Zambian Emerald Summit’ in Lusaka at the end of this month to facilitate discussion among all of the key emerald sector stakeholders.”

DNA coated rough diamond crystals under normal long wave ultraviolet light.

New Technology To Track Precious Stones & Metals From Mine to Market

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Gemprint Corp, a world leader in diamond identification, and DNA Technologies, a company that specialises in DNA-based security markings, have launched a forensic mine to market, chain of custody solution for the gems and jewellery industry.

The process, known as Source Veritas, encompasses patented technologies that both implement a DNA marking and tracking system and multi-level security protocols marking rough diamonds at the mines, and Gemprint Fingerprint Technology for identifying polished diamonds after the cutting process. The process will

allow rough diamonds to be easily identifiable in the marketplace as coming from a specific country or mine.

“As global interests from consumers, governments and NGOs mount for reasonable, cost effective, and secure tracking and identification systems for precious metals, diamonds, and gemstones, our companies found synergy in working together to fortify a responsible supply chain,” said Angelo Palmieri, president of Gemprint Corp.

Gemprint has a 13-year history of assisting governments, law enforcement, diamantaires, NGOs and two of the largest mining companies to help

track chain of custody for diamonds in both Canada and Botswana.

Source Veritas provides a transparent anti-crime, anti-counterfeiting, and anti-terrorism solution to protect diamonds, gemstones and precious metals.

According to Gemprint chairman Donald A. Palmieri, “Our companies DNA and Gemprint are based in two countries representing many of the most important stakeholders in the diamond industry. We are instituting an effort to implement these proven advanced technologies to all customs agencies, law enforcement agencies, and

governments at little cost, who need help in the fight against money laundering, civil wars, corruption, and terrorism where our industry’s products are misused for funding such activities.”

Wendell Smith, chairman of DNA Technologies, added, “Our proposed system to use DNA marking for authentication and identification of legitimate rough diamonds is a natural extension of our DNA Matrix technology, our patents and IP. The DNA Matrix has already been used to protect high value items such as fine art, vintage wines and premium brand names.”

Russian Buyers To Attend Israel Diamond Week Yair Sahar, president of the Israel Diamond Exchange (IDE) and Alex Popov, president of Moscow Diamond Bourse (MDB), have agreed that MDB will organise a delegation of diamond buyers from Russia and CIS countries to take part in the August 26-29 US & International Diamond Week in Tel Aviv.

“Last March, a small delegation of MDB members participated in US & International Diamond Week (IDWI) at the Israel Diamond Exchange, and the participating buyers returned home with very positive reports,” Popov said.

“The luxury market in Russia and the Russian Federation

has great potential, especially because economic growth is now spreading beyond the largest cities in this huge geographical region. This means that there is a steady increase in the public’s purchasing power, also for luxury goods, including diamond jewellery,” Popov noted.

“It is often forgotten that historically, Russia has a strong and deeply rooted appetite for jewellery. While in the large cities, the Western luxury brands have been doing very well, there is also a noted return to Russian-made designer jewellery. In other words, there is a lot of potential that can be turned into sales,” the MDB president concluded.

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Kisna Holds Its Annual Conference for RetailersKisna held its seventh annual conference to felicitate its distributors and retailers who successfully completed the ‘Kisna Privilege Card Loyalty Program’ for the financial year 2012-13. The conference was held on April 20 at Matoshree Club in Mumbai. Jagdeep Kapoor, brand guru and consultant, and Kisna brand ambassador Sayali Bhagat also graced the event.

A part of the Hari Krishna Group, Kisna was launched

in June 2005 and today has more than 5,500 outlets in 374 cities. In Mumbai alone it has more than 1,450 retail outlets. The 3,914 retailers that have enrolled for the programme buy Kisna products every month for 12 consecutive months for agreed amounts in the range of I25,000 to I50,00,000. A lucky draw was held for all the retailers who booked their orders for the new range of Kisna products.

RSBL To Sell Diamond Jewellery RiddiSiddhi Bullions Ltd (RSBL), a Mumbai-based bullion dealer, announced its foray into diamond jewellery under its promoted company RSBL Dia Jewels Pvt. Ltd. The company launched its first collection of diamond jewellery called Sparsh – Touch of Elegance. The nature-inspired rings, pendants, earrings, bracelets, and diamond sets will be crafted in 18-karat gold.

Prithviraj Kothari, managing director of RiddiSiddhi

Bullions, said, “Looking at the current pricing scenario of the diamond jewellery market, I felt it is high time that we have a brand that people can trust, that provides value for money and most importantly, provides transparent prices so that they can buy without any hesitation. Like gold, diamonds have always given good returns. I am proud to bring the Sparsh – Touch of Elegance collection to you.”

Abaran Launches Exclusive Montblanc BoutiqueBangalore-based jewellery retailer Abaran Jewellers opened an exclusive Montblanc boutique at its flagship store in mid-May. The boutique displays writing instruments and luxury accessories ranging from watches to cufflinks and much more. The price range of the luxury pens starts from H21,000.

Abaran CEO Pratap Kamath said, “Over the years, the demand for high performance writing instruments has grown immensely. Keeping in mind the preference and taste of our niche audience, we have launched the boutique that showcases the spectacular Montblanc collection.”

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IGI Diamonds Destined For The Moon · unique IGI grading report numbers – engraving work and vessel construction will commence in the fall. “IGI is excited to play a role in such