IdexOnline 281

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Retail
Blue Nile: Mark Vadon Exits
Company
Charles & Colvard: Signs
Amazon Distribution Deal
Tara Jewellers: Opens First
Shop-In-Shop Showroom

Polished
IIJS: Gold Jewelry a Hit,
Diamonds Less So
Rio Tinto Diamonds: Jean-
Marc Lieberherr Appointed MD
GIA: Launches Search For New
President And CEO
Mining
De Beers: H1 Production
Increases 1 Million Carats
Petra: Production Up Record
21% In Fiscal 2013
Gem Diamonds: Leteng
Sales Down 4%
idex
online
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Edahn Golan Explains Just
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Market Is So Moody
Sep 13
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Photographed by Andrea Klarin
The DTC logo is a trade mark
used under licence from DTC
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OF HOURS
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FOR TIMELESS BEAUTY
I DEX MAGAZI NE No. 281
|
21
contents: focus
88 the changing face of the
DiamonD Bourse
Like many things from our past, the diamond bourse as the
only place to trade diamonds and as a place solely to trade
diamonds is long gone. This month, we look at the changing
face of the diamond bourse and take a look at one of the
iconic if not the most iconic symbols of the trade.
90 traDing Places: the role
of the traDing halls in
Doing Business
It could be one of the effects of globalization or, as competition
becomes ever fercer and proft margins increasingly slimmer, it
might be the perceived need among diamantaires for increased
confdentiality, but have trading halls become irrelevant to the
modern diamond business? Albert Robinson investigates.
96 its a small WorlD after all
IDEX Magazine editor-in-chief Danielle Max spoke to WFDB
president Ernest Blom about some of the changes taking
place in the WFDB and to Rami Baron, a member of the of the
executive council of the WFDB about one of the organizations
initiatives the World Diamond Mark.
104 traDe shoW on the
traDing floor
Imitation, it would appear, is the sincerest form of fattery
in the diamond business, as it is in any other. When a good
idea catches on, it spreads quickly. And the trend of using
a diamond exchange as a trade show venue is one of those
ideas. Albert Robinson looks at this growing phenomenon.
110 oh (a Bourse in) canaDa!
While countries such as Israel, Belgium and the US have
long had central diamond bourses, other countries are
just beginning to get in on the trading act. Among them is
Canada, which offcially launched trading in January of 2010.
Since then, its trading power has grown and grown. Danielle
Max put some questions to Diamond Bourse of Canada (DBC)
president David Gavin.
90
TRADInG PLACES
96
ITS A SMALL WoRLD AFTER ALL
104
TRADE ShoW on ThE TRADInG FLooR
Cover Image: Jonathan Torgovnik for IDI
22
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contents
58
39
74
86 126
26 letter from the eDitor
by Danielle Max
28 market snaPshot
A quick glance at the events of the past month
33 memo
retail et cetera
39 retail renDezvous: Pure Beauty
48 the Porte Point of vieW:
innovative JeWelry sale
creates instant cash floW
by James Porte
50 retail Bytes
58 facets
PolisheD
63 PolisheD neWs
70 PolisheD DiamonD Prices
74 hoW to avoiD Damage to
gemstones: Part iv
by Claudio Russo
86 ruBy Prices: is the Party over?
by Menahem Sevdermish, FGA D.Litt. and Guy Borenstein, FGA
80 iDeX online rough rePort
the iDeX DiamonD rePort
mining
119 mining neWs
126 Profile
Arun Shah, Chairman, Ankit Gems Pvt Ltd
128 aDvertisers list
THAILAND
Saraff Enterprises Co., Ltd.
Jay Vijay Diamond Co., Ltd.
919/448-449, 37th Fl., Silom Rd.,
Bangrak, Bangkok, 10500, Thailand
Tel : +66 (2) 2369491
Fax : +66 (2) 2361918
E-mail : ravi.agrawal@saraffgroup.com
HONG KONG
SARAFF OVERSEAS LTD.
Room No.701,7TH Floor,
RISE Commercial BLDG,
Graville RD,
5-11 Graville Circuit,
T.S.T., KowloonN, HONG KONG
Tel : +852 27221117
Fax : +852 27221115
E-mail : hasti@saraffgroup.com
INDIA
Saraff Solitaires (Mumbai, India)
Office No: DE5080A, Tower D,
East Core, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra (East)
Mumbai-400051, India
Tel: +91 (22) 40230905
Email : kanhaiya@saraffgroup.com
Saraff Solitaires (Chennai, India)
113, Challa Mall, 1st Floor, 11,
Sir Thyagaraya Road, T. Nagar,
Chennai 600 017- India
Tel: +91 (44) 43502575
Email : bd.manager@saraffgroup.com

MEET US AT :
September : Bangkok Gems & Jewellery Fair (6-10 September,Bangkok) Booth #EE35,37 FF36,38
September : Hong Kong Jewellery & Gem Fair (11-15 September, Asia-World Expo )
November : Mumbai Jewellery & Gem Fair (27-29 November)
November : Hongkong International Jewellery Manufacturer Show (November 28 - 1 December)
March 2014 : Hongkong International Jewellery Show (5-9 March 2014)
CHENNAI
MUMBAI BANGKOK
HONG KONG
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October 25 27, 2013 P
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Meet the international
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MunichShow_Anz-Gem-IDEX_210x270_4c_1.indd 1 08.07.2013 13:33:44
w w w. i d e x o n l i n e . c o m
S eptember 2013
VOL. 29 No. 281
EDITORIAL DEPARTMENT
EDITOR-IN-CHIEF Danielle Max
IDEX ONLINE EDITOR-IN-CHIEF Albert Robinson
IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENTS Tamar Katzav, Edahn Golan
COPY EDITOR Robin Miller
ART DEPARTMENT
GRAPHIC DESIGN Alexandra Quinn
PRINTING Meiri
MARKETING DEPARTMENT
SALES ADVERTISING MANAGERS Yaron Barzilay, Osnat Davidov,
Anish Kuriakose, Avivit Morhaim,
PRODUCTION & CIRCULATION Helena Dorsht
ACCOUNT MANAGER Ronit Erlich
Founding Editor and Publisher of Mazal UBracha: Chaim Even-Zohar
IDEX USA
7 WEST 45TH ST. SUITE # 1602, NEW YORK, N.Y. 10036, U.S.A.
TEL: +1-212-382-3528, FAX: +1-212-382-2671
IDEX BELGIUM
74 LANGE HERENTALSESTRAAT, 2018, ANTWERP, BELGIUM
TEL: +32-3-234-1157, FAX: +32-3-234-2463
IDEX ISRAEL
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TEL: +972-3-575-7455, FAX: +972-3-751-1203
IDEX INDIA
EC-02, GROUND FLOOR,TOWER E, CENTRE CORE, G BLOCK,
BHARAT DIAMOND BOURSE,BANDRA KURLA COMPLEX,
BANDRA (E), MUMBAI - 400051
TEL: +91-226-127-3333, FAX: +91-226-742-6662
MAILING ADDRESS
IDEX MAGAZINE, P.O. BOX 3107, RAMAT GAN, 52130, ISRAEL
E-MAIL: MAGAZINE@IDEXONLINE.COM
IDEX Magazine is published in Israel by Idex Online S.A. and incorporates Mazal UBracha Diamonds
Magazine. Reprints of individual articles are obtainable on application to the editor. All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or
by any means without the prior written permission of the Copyright owner.
PUBLISHED BY IDEX ONLINE S.A.
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magazine
I NCORP ORAT I NG MAZ AL U' BRACHA
26
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Changing Times
And Not
Necessarily for
the Better
by Danielle Max
his months magazine takes a good look
at the changing face of the traditional
diamond bourse. From a place where
people would meet and talk and chat
and schmooze and do business, these
days, diamond traders are just as likely
to be holed up in their ofces conducting business
from behind the screen of a computer.
Like everything else in life, the only constant is
change, and the move away from the busy trading
foor to other means of business may be a problem for
those who look back to better and easier times with
nostalgia, but really, its nothing more than life doing
what it does. Changing.
Believe me, I am a supporter of change. But not when
it makes things more difcult. Modern life, with all its
labor-saving, time-saving, efort-saving devices and
means of communication, has somehow ended up
being just as labor, time and efort consuming as before.
To wit. For the last four days I have been locked in
a battle with a supplier of computer products that
are supposed to substantially improve the work
flow between IDEX Magazine HQ and our talented
graphic designer. I am sure that said product from
said company (I ll mention no names, but should
you ever download PDFs, you ll know who I am
talking about) would greatly improve my life, but
for some reason, the order is not going through, the
credit card is not being charged, and I am spending
hours waiting for customer service to respond to
my pleas, questions and queries.
Of course, because this is the Brave New World, there
is no actual phone number to contact, no human
being to sort out the issue in minutes. Instead,
there is a no doubt extremely hardworking back
ofce team that is trying to help via a chat system.
Unfortunately, we seem to be speaking (or should that
be writing) two diferent types of English, and so the
war of words wages endlessly on.
I have no doubt that the issue will eventually be
resolved, and my life will indeed be much easier, but
until that happens, I will continue to bemoan every
minute spent in front of the computer screen, and I
will look back with nostalgia to easier times
l
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T
Like everything else in life, the only

constant is change, and the move
away from the busy trading foor to
other means of business may be a
problem for those who look back to
better and easier times with nostalgia,
but really, its nothing more than life
doing what it does. Changing.

Diamond Tower, Suite 470-472 (4th oor) P.O.Box 536, 54 Bezalel St. Ramat Gan 52521 Israel Tel: 972-3-7522200 Fax: 972-3-7522204
Emai l : moi sh@dds-di amonds. com www.dds-diamonds.com HK: 852-5195-9141 Toll free U.S.A: 1-866-6795361
Please visit us at:
Hong Kong Show
September 11th to 15th
At the Israeli pavilion
Booth no. 9C17
28
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market
snapshot
by Albert robinson
the month in review
There appears to be no stopping American jewelry consumers. Jewelry and watch sales
in the United States surged 8.8 percent year-over-year in May, totaling more than
$6.8 billion. Shoppers continue to take advantage of prices that are, for the most part,
standing still. Indeed, jewelry sales are so strong they surpassed the rise in overall U.S.
retail sales of 5 percent in May. With the economy apparently on the mend, American
consumers discretionary spending is rising.
Meanwhile, polished diamond prices declined in July after two consecutive months of
increases, according to the IDEX Online Polished Diamond Index. That could have been
the result of the industry taking a breather, or simply a slowdown as diamantaires headed
off on summer vacation.
JEWELRY
Jewelry sales, excluding watches, totaled $5.9 billion
in May, rising 8.6 percent year-over-year. For the frst
fve months of 2013, jewelry sales are estimated to
total $24.3 billion, up 9.2 percent year-over-year.
Since November 2012, total jewelry sales have been
growing by some 8 percent monthly, compared to less
than the 6 percent monthly year-over-year growth
experienced during most of 2012.
PERFORMANCE
+8.6%
Jewelry sales came to $5.9 billion in
May, rising 8.6 percent year-over-
year. For January-May 2013, jewelry
sales are estimated to reach $24.3
billion, a powerful rise of 9.2 percent
over the same period last year.
+10.2%
Watch sales in May increased by
10.2 percent compared to the year-
earlier fgure, totaling $912 million,
according to statistics published by
the US Department of Commerce.
Source: IDEX Online Research
350
300
250
200
150
100
2012 2011 2010 2013
Gold
Silver
Platinum
Diamonds
J M A A M J J S O N D J F M J F M A A M J S O N D J F A A M J J S O N D
Index of Diamond & Precious Metals Prices
July 2010 July 2013 by month
150
140
130
120
110
2012 2011
2013
IDEX Online Polished Diamond Price Index
PEAK
July 2011
146.7
July 2013
132.4
2011 Avg
135.8
2013 Avg to date
133.6
2012 Avg
136.8
|
29
14000
13000
12000
11000
10000
Jewelry Share Index U.S.
Aug 08, 2012 Aug 07, 2013 by month
Blue Nile [NILE], Charles & Colvard [CTHR], Movado Group [MOV], Signet Jewelers Limited
[SIG], Tiffany & Co. [TIF], Zale Corporation [ZLC]
12000
11000
13000
14000
Jewelry Share Index Europe
Aug 08, 2012 Aug 07, 2013 by month
Bulgari [BUL], Damiani [DMN], LVMH [LVMH], PPR [PP], Richemont SA [CFR], Theo Fennell [TFL]
12000
13000
11000
10000
9000
Jewelry Share Index India
Aug 08, 2012 Aug 07, 2013 by month
Classic Diamond [BOM:523200], Gitanjali Gems [BOM:532715], Goldiam International
[BOM:526729], Rajesh Exports [BOM:531500], Su-Raj Diamonds [BOM:507892],
Suashish Diamonds [BOM:526733]
8500
9500
10000
9000
8000
7500
Mining Share Index
Aug 08, 2012 Aug 07, 2013 by month
African Diamonds, Anglo American [LON:AAL], BHP Billiton [NYSE:BHP], Firestone Diamonds
[LON:FDI], Gem Diamonds [LON:GEMD], Harry Winston [NYSE:HWD], Petra Diamonds
[LON:PDL], Rio Tinto plc [NYSE:RIO], Rockwell Diamonds [TSE:RDI]
+7138.63 (71.39%)
+3103.54 (31.04%)
-4305.51 (-43.06%)
-1868.98 (-18.66%)
2012 2013
A A S O N D M M J J F A J J
2012 2013
2012 2013
2012 2013
8000
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MARkEt sNAPshOt
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In the January-May period of this
year, specialty jewelers raised their
market share slightly compared
to 2011 and 2012, and now hold
approximately 45 percent of the
market compared with less than 44
percent in 2011 and 2012.
OUtLOOk
With the American economy believed
to have shown stronger growth in
the second quarter than initially
estimated and the trade gap declining,
US consumer confdence appears to
be rising and consumers feel more
comfortable about spending with
jewelry being one of the big winners.
POLIshED PRICEs
Polished diamond prices slipped in
July, according to the IDEX Online
Polished Diamond Index. Te Index
averaged 132.4 during the month,
down 3.1 percent year-over-year and
1.7 percent compared to the previous
month.
Tis decrease came after two months
of rising prices. Te IDEX Online
Polished Diamond Index has climbed
eight times since the start of last
year, and recorded 11 declines. Te
overall efect is a 4.6-percent drop
since January 2012, and a 0.4-percent
decline so far this year.
After rising jewelry sales in the frst
fve months of 2013, in the past couple
of months sales have dropped back
somewhat, leading to a feeling of
uncertainty among both retailers,
and further up the diamond pipeline,
leading to Julys decrease.
In an indication of demand for
polished diamonds at JCK Las Vegas,
US polished diamond exports rose
at historic levels in June, according
to ofcial fgures. Polished exports
jumped 12.6 percent compared to
30
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the year before to $2.56 billion indicating that
companies in all the major diamond hubs struggled
to sell goods at the show.
WINNERs AND LOsERs
Te changes in month-over-month prices are still
heading upward despite the decline in July. With all
the ups (eight) and downs (16) since August 2011, the
cumulative efect is a 9.5-percent decline since the
July 2011 peak. Tree of the eight increases took place
in the last fve months, however, as the US economy
continues to show that it is recovering.
OUtLOOk
Are developments in July the start of a new trend
or is the industry just taking
a breather after price rises in
the previous two months? Or
were they a result of a drop in
demand as the industry in all the
diamond trading centers headed
of for a summer break? We will
need to wait another month to
see where the trend lies.
American jewelry retailers have
done well this year up until
now, and it seems reasonable
to assume that will continue
into the third quarter.
ROUGh DIAMONDs
The rough trading business remains difficult, with
manufacturers being caught between a rock and a
hard place. On one side, the miners are continuously
raising prices, and on the other, polished prices are
stuck in a rut.
The global economy is still in a relatively fragile
state. The Indian manufacturing sector is struggling
with the rupee falling to all-time lows against the US
dollar, and Chinese growth is apparently slipping
back.
OUR OUtLOOk
With the summer here, the diamond industry seems to
be very much in a wait-and-see mode ahead of the fall
and the start of the critical holiday sales season.
WORth kNOWING
Ponahalo holdings: A Black Economic Empowerment
(BEE) partner of De Beers Consolidated Mines (DBCM)
in South Africa. Under the countrys benefciation
measures, it bought a 26-percent stake in the miner.
It is now set to acquire a 26-percent holding in the
Diamond Trading Company South Africa (DTC SA).
350
300
250
200
150
100
2012 2011 2010 2013
Gold
Silver
Platinum
Diamonds
J M A A M J J S O N D J F M J F M A A M J S O N D J F A A M J J S O N D
Index of Diamond & Precious Metals Prices
July 2010 July 2013 by month
150
140
130
120
110
2012 2011
2013
IDEX Online Polished Diamond Price Index
PEAK
July 2011
146.7
July 2013
132.4
2011 Avg
135.8
2013 Avg to date
133.6
2012 Avg
136.8
|
MARkEt sNAPshOt
|
Consumers want assurances that the gems that
they wear, the diamond ring that a groom slips
on his brides fnger on the wedding day, has
not been produced in a way that has caused
people to suffer.
US Assistant Secretary for Economic and
Business Affairs, Jose W. Fernandez speaking
at Living Up To Diamonds, a discussion panel
held by the Jewelers of America at the JA New
York summer show.

qUOtE
|
31
LINGO
tiger kidnapping A tiger kidnapping, or tiger robbery, involves two separate crimes. The frst usually involves an
abduction of a person. Instead of demanding money, the captors demand that a second crime, such as theft, be
committed on their behalf. The person held hostage is kept by the captors until their demands are met.
This ruby and diamond bow pendant is part of an Elizabethan jewelry stockpile of 500 items found by pure chance in
a cellar in East London in 1912 that is to go on display at the Museum of London from October to April 2014.
It is thought that the jewelry was hidden by goldsmiths who were sent to fght in the English Civil War, which began
in 1642, and who hid the items expecting to return to collect them. However, experts believe the owners did not
survive the confict since the jewelry remained in its hiding place until it was discovered when workmen knocked
down some buildings in the Cheapside area of east London. The area was known for its jewelry shops in the 17th
century. Although the Great Fire of London destroyed the buildings, the cellars survived.
|
MARkEt sNAPshOt
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PhOtO OF thE MONth
Image: Museum of London
BRINGING BACK BASICS
You call them basics, but keeping them in the showcase during the holiday season is
nearly impossible. Dont discount the fact that these best sellers could be your staples.
Have exactly what your customers are looking for this season with the help of Stullers
virtual diamond stud earring, diamond hoop earring and pearl stud earring
easy ordering. Have them on hand or well ship them on demand.
Call 800-877-7777 or visit stuller.com/earrings.
|
33
1
Rough diamond prices have remained frm.
Miners, namely De Beers and Alrosa, which
supply nearly 50 percent of the global output by
volume and a similar amount by value, so far have
refused to lower their prices. Traditionally, when
a price correction is needed, instead of reducing
prices, assortments of rough diamond parcels are
improved. Tis creates a de-facto price reduction.
During the upcoming sales weeks (after this
magazine goes to print) by De Beers and Alrosa,
assortment improvement may very well take
place, but this is just papering over the cracks.
Rough Prices and Choked
Jewelry Sales
by Edahn Golan
2
Polished diamond prices are sliding. Te price
of raw material may be steady, but the resultant
product is sold for less. Price declines are an
important signal to the market that consumers
are not willing to pay so much for diamonds. Tis
is mainly true for the bread and butter items
0.3-2 carats VS-SI rounds in a wide range of colors.
M
E
M
O
34
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memo
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3
Te US economy, despite the gloomy talk, is
improving. Unemployment is slowly declining,
infation is at bay, the stock markets are rising,
housing starts are up year-over-year and jewelry
sales are rising month-to-month. Yet retailers are
reluctant to pay more for diamonds.
4
Retailers know their customers. If American
retailers are resisting further price increases, even
after gold prices have cooled, they are refecting
a sentiment that is coming from their clients. It
is difcult to claim that retailers misunderstand
their clients at a time when they are showing
signifcant improvements in sales, at least in
the high single digits every month on a year-
over-year basis. At the same time, expenditure
on diamond jewelry as a percentage of total real
income is declining.
If the economic situation is improving, and overall
jewelry sales are rising, but diamond jewelry sales
are stagnating, then maybe it is time to consider
the fundamentals. Are consumers actually
interested in diamonds? Are these gems slowly
losing their appeal and becoming less fashionable?
Or are pricing issues blocking marketing eforts?
5
Polished prices are above pre-crises levels. Te
IDEX Online Polished Diamond Index has been
hovering around 133-134 for about a year now.
In August 2008, at their peak before the 2008
economic collapse, rising prices pushed the
Index to an average of 128.9. Currently, prices are
on average 3.5 percent higher.
6
Todays higher polished prices are not generating
better margins. In fact, nobody is better of
with the higher prices. De Beers, despite a rise
in production, reported that sales in the frst
half of the year were unchanged year-over-year
at $3 billion. At higher rough diamond prices,
this means that De Beers actually sold fewer
diamonds by volume.
Polished diamond prices are artifcially high. Not
because De Beers is manipulating the market, or
for any other such sinister reason, but because
manufacturers have no choice the price of
rough is high.
If polished diamond prices continue to slide,
which would be bad news for the diamond
trade, they may reach a more palatable level for
consumers, resulting in improved sales. Instead
of scrambling to block sliding polished diamond
prices, rough diamond prices should pull back.
Tis should not be done hastily, but to allow prices
to slide to a reasonable level. Tis will invigorate
sales all along the pipeline and allow diamond
jewelry to recapture lost market share. IDEX
FOR LIVE UPDATES
WWW. I DEXONLI NE. COM
V
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Nobody is better off with the higher

prices. De Beers, despite a rise in
production, reported that sales in the
frst half of the year were unchanged
year-over-year at $3 billion. At higher
rough diamond prices, this means that
De Beers actually sold fewer diamonds
by volume.
Specialists in Round & Fancy Shapes From 0.50ct to 3.00ct
www.ankitgems.com
Los Angeles New York Hong Kong
800.437.5421 info@almordesign.com www.almordesign.com
Natural
Pink & Fancy Color
Diamond Jewelry.
Most of our Pink
& Fancy Color
Diamond Jewelry
come with
their own
GIA Certificate.
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Retail
Rendezvous:
Pure Beauty!
Retail et
CeteRa
Queen For a day
QueenD laced jewelry by Dada Arrigoni combines textiles with
semi-precious stones for an out there fashion choice. Tese
earrings, bracelets and necklaces are easily and elegantly worn
every day.
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natural Beauty
Te Natura line from Korlof is inspired by nature and its magnifcent landscapes, in all its many
guises. Te ring and pendant, made out of 18-karat pink gold, are set with white diamonds and
fossil plant materials for a truly natural take on fashion.
always Change
Te newest addition to the La Cathdrale Collection from Claude Tibaudeau features an
interchangeable band concept that can be inserted from underneath the ring. Tis allows for
multiple combinations of anniversary bands set with either diamonds or colored stones, and also
diferent metal color options. Te bands are available in platinum or 18-karat white gold.
all that Glistens is
For Berge Abajian, CEO and head designer for Bergio International, Inc., all that glistens is
gold yellow, pink and white, along with fawless diamonds, sapphires, and emeralds. Te brand
makes all its products in America using only 18-karat gold.
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Within Reach
Dont think that silver is second best. Lafonn ofers extravagant designs in sterling silver. Te
company says, Te moment you touch and handle our jewelry, you will experience the diference.
We say, fashion-forward pieces at an afordable price.
Historical Renaissance
Mathon Pariss Demoiselle collection is realized with the plique--jour technique, which confers
an Art Nouveau style to the dragonfy, its emblematic brand motif. Tis technique, which is similar
to enameling, has been in use since the days of the Byzantine Empire. Te collection marries color
and light. It comes as a ring or necklace and is available in two versions: grey gold, blue sapphires and
diamonds or yellow gold, tsavorites and diamonds.
Travel Treasure
Tis travel ring set from Guy Laroche Joaillerie features an 18-karat white gold ring studded with
diamonds and three interchangeable ceramic band rings either faceted and smooth allowing the
wearers to change the look according to her mood.
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retail et cetera

> retai l rendezvous
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At the Bottom of the Ocean
An incredible journey to the bottom of the sea led to the creation of H.Sterns new Iris collection.
Te beautiful gold Pompilius line is just one of the new elements of the Iris collection. Te
Nautilus pompilius is a mollusk in the cephalopod (octopus) family and has a very special
story; according to the ancient legends, it is the sign of good luck.
Full of Joy
Piropo Joyas recently launched the Orgullo (Pride) collection, featuring pieces with an elegant
and highly feminine aesthetic. Plaited silver wire captures the current trend for plaited hair.
Orgullo is made of a plaited silver two-toned choker, bracelet and earrings plated in rose and
yellow gold.
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THE WORLDS
LEADING MANUFACTURER
OF FINE DIAMONDS
w
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c
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The DTC logo is a trade mark used under licence from the DTC
Ramat Gan
Tel: (972) 3 576 6222
Fax: (972) 3 575 3569
ramatgan@lsdco.com
New York
Tel: (212) 688 2000
(800) 223 2082
Fax: (212) 688 3345
newyork@lsdco.com
Hong Kong
Tel: (852) 2180 7370-72
Fax: (852) 2180 7373
hongkong@lsdco.com
Shanghai
Tel: (021) 616 50199
Fax: (021) 616 50198
china@lsdco.com
Mumbai
Tel: (91) 22 4345 9999
Fax: (91) 22 2363 1037
mumbai@lsdco.com
Geneva
Tel: (41) 79 458 67 46
Fax: (41) 22 940 12 92
geneva@lsdco.com
Dubai
Tel: (971) 4 226 5565
Fax: (971) 4 226 5633
dubai@lsdco.com
Botswana
Tel: (267) 592 0986
Fax: (267) 592 1159
botswana@lsdco.com
Bangkok
Tel: (662) 261 1444
Fax: (662) 259 1696
bangkok@lsdco.com
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am not a big percentage of discount
advocate, but when a creatively
executed sale results in tens of
thousands of dollars of merchandise
being sold in only 60 minutes, I cant
argue with success.
Further, imagine the power of a sale that results
in one customer spending the night camping out
in front of the store to guarantee a first-in-line
position to buy an engagement ring, not to mention
another 80 customers waiting in line before the
store even opened.
While many consumers are numb to the word SALE,
the 60 percent of for 60 minutes sale verbiage has
caught the attention of many jewelry consumers.
However, if a store regularly promotes discounting,
the credibility of this sale will not resonate in the
same way as when a store holds the reins on store
discounting and sales.
Derek Varriale, owner of Designer Jewelers in
Westborough, Massachusetts, was stunned to see
a photo taken by his store manager about an hour
before the store opened. Dereks father, who started
the business more than 40 years ago, was even more
surprised about the success of the promotion and
acknowledged that he had been skeptical that this
sort of sale would work.
To communicate the 60 percent of for 60 minutes
sale, the store combined a direct mail postcard, in-
store signage, newspaper ads and some social media
exposure.
Designer Jewelers was able to further the benefts of
this efort by handing out time-stamped cards and
asking each customer to fll out their name, birthday,
anniversary date and email address for future
marketing eforts.
Tis event demonstrates that even during the slow
dog days of summer consumers can be stimulated
to buy jewelry, given the right marketing message,
media mix and store commitment to the event.
What a way to generate cash fow, said the happy
store owner at the end of the hour. IDEX
retai l et cetera
The Porte Point of View:
Innovative Jewelry Sale
Creates Instant Cash Flow
By James Porte
I
Porte Marketing Group is a leader in providing turnkey
manufacturing solutions to jewelry retailers and manufacturers.
Founded by James S. Porte in 1989, the company provides
research, consulting, seminars, printing, photography and
graphic design services for the jewelry industry. For further
information, contact James Porte at jporte01@aol.com or go to
www.portemarketing.com
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arketing is a strategic business
tool, not just something to make
businesses look pretty. My job is to
have my fnger on the pulse of the
diamond industry and to help my
clients adapt, utilize and innovate this knowledge
through strategic business and brand choices. Tis
includes exposing them to the realities of downstream
B2B and consumer patterns, new technologies and
emerging trends.
In general, it seems that diamond industry businesses
do not think about how technology and mobile
commerce might afect commerce in the future, or
how they can be two steps ahead of the competition
in using technology. Te focus is upstream and so
while technology is invested in making diamond
manufacturing more efcient; the sales side is largely
ignored, e.g. diamond industry apps where they do
exist tend to be ugly and clunky.
Marketing research and technological innovation
combined with strategic well-planned marketing
choices offer a core source of competitive
advantage. There is money to be made and new
customers to be had through e-commerce and
m-commerce technology.
Take Blue Nile for example. Look at how a choice to
enter into the retail market suddenly changed the
industry and created a huge proft center for the
company. It had frst mover advantage and saw where
the industry was going, or perhaps more to the point,
M
retai l et cetera
Maximizing Proft
Potential Through
Technology
By Rebecca F.A. Smith of rFaS consulting
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retail et cetera > maxi mi zi ng profi t potenti al though technology
|
Rebecca Smith is the founder of RFAS Consulting, a specialist
consultancy offering strategic marketing, business development,
creative and PR services throughout the international diamond
pipeline, from mine to shop foor. www.rfasconsulting.com
where it could go. Is there room for another set up
similar to Blue Nile? Yes. Undoubtedly. But this is not
the only way to make money.
Diamond manufacturers also need to understand
the power of Google. Customers now search online
before they buy. Tey can learn about the 4Cs, and
before you know it, they become quasi-gemologists,
armed with information and understanding that
allows them to shop around at their leisure until
they fnd what they want at
the price that suits them.
Consumers are also becoming
aware of the Kimberley Process
and inevitably its faws
which means businesses need
to develop and promote their
own ethical stance beyond the
Kimberley Process.
Technology is opening the
diamond industry up like
never before resistance
is futile. Wherever there is
WiFi or data roaming, people
have access to a world of
information. Incredibly,
most Sightholders dont even
have mobile versions of their
sites or inventory log ins, let
alone apps.
Te 2013 Mobile World
Congress held in Barcelona
discussed mobile marketing at
length. Te mobile ecosystem
is expanding at lightning
speed, with endless innovation
and new applications of mobile
technology. From contactless payments and augmented
reality to embedded devices and connected cities
mobile technology is changing the global landscape and
economic environment. Te impact mobile will have on
the world is seemingly limitless.
In 2013, the top marketing tool will continue to be the
mobile phone. It is now up to brands to create a long-
term engagement strategy by understanding who
their mobile customer is, how they prefer to engage,
which tools work best and what content resonates
most efectively.
It is estimated that by 2020 half of all payments will
be transacted via mobile. While this is a level of
sophistication that the diamond industry is not ready
for, it is also an indicator of where to strive.
I always hear people in the industry saying, We
have exceptional customer service. But values that
companies pride themselves on can very quickly
become outdated in the face of technology. No matter
where you sit in the diamond pipeline, people simply
want service efciency, excellence, choice and speed.
Imparting business values through technology is
actually the easy part.
Customer service is a series
of activities designed to
enhance the level of customer
satisfaction that is, the
feeling that a product or
service has met the customers
expectations. So it stands to
reason that a customer service
experience can change the
entire perception a customer
has of an organization. In
the future, this will not be
dependent on employees who
can adjust themselves to the
personality of the client.
Mobile and e-commerce are
becoming such that customer
service experiences will now
be dependent on the ease
with which people can seek
information and buy and sell,
track and trace and have their
queries dealt with on the
move, without having to talk
to anybody.
Knowing your customer
will become more akin to understanding human-to-
keyboard interaction. Maybe not today, maybe not
tomorrow, but soon. It is a reality and in the next two
years, this reality will become very evident. It is time
to get e-smart and e-fective. IDEX
I always hear people in the

industry saying, We have
exceptional customer service.
But values that companies pride
themselves on can very quickly
become outdated in the face
of technology. No matter where
you sit in the diamond pipeline,
people simply want service
effciency, excellence, choice
and speed. Imparting business
values through technology is
actually the easy part.
THE WORLDS LARGEST MANUFACTURER OF WHITE DIAMONDS
KIRAN GEMS PVT. LTD. WWW.KIRANGEMS.COM
INFO@ KIRANGEMS.COM
INDIA BELGIUM DUBAI HONGKONG NEW YORK SHANGHAI
AVAILABLE ONLINE : 30 POINTERS TO 2 CARATS.
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Visit us at
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Explore huge inventory of
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Top global manufacturer & supplier of
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50
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Tara Jewellers
Opens First Shop-in-
Shop Showroom
Tara Jewellers has opened its frst shop-
in-shop showroom at the Shoppers
Stop Inorbit Mall Vashi in Mumbai. Te
store is the brands 37th showroom.
Taras new 500-square foot outlet
features bridal, occasion and daily-
wear jewelry in diamonds and gold.
Its traditional pieces include polki
and kundan jewelry such as necklace
sets, pendant sets, rings, bangles and
earrings. It also ofers free gold purity
testing and Golden Return Monthly
Saving Schemes.
Te launch of our frst true shop-
in-shop showroom at Shoppers Stop
Inorbit Mall Vashi is in line with our
growth plans, said Vikram Raizada,
executive director and CEO Retail at
Tara Jewels Ltd.
It is an attempt to continue the
shift towards the organized industry
from the unorganized market, more
so when the customer now looks for
certifed and reliable jewelry along
with enhanced personalized services.
Tis new format is yet another step
forward in our quest to redefne the
way jewelry is purchased in India.
Te company says it has a further 13
showrooms in the pipeline.
De Beers Diamond
Jewellers Re-Opens
Stores in Hong Kong
and Macau
De Beers Diamond Jewellers has
re-opened its landmark store in
Hong Kong and its Macau boutique
following renovations.
Te Greater China region is a key one
for De Beers, and the recent openings
follow the launch of stores in Mainland
China.
De Beers Diamond Jewellers also
has stores in key shopping locations,
including Old Bond Street in London,
retai l et cetera
Retail
Bytes
A master eye for gems born or made? Coming from four generations of jewelers undoubtedly piqued my interest in this great business. But one needs to
constantly train their eye by looking at gems the more you learn, the better you will be at identifying and pricing gems, as well as being an efective salesperson and
well-rounded businessman.
Something most people dont know about you. GIA is what brought me to Christies. After studying in Santa Monica, I attended a GIA Career Fair where I had
my frst interview with the company.
Ok. Defnitely a story there? I started work when I was 17 and fve years into it, I thought I knew pretty much everything there was to know until I enrolled at GIA.
The Institutes meticulous training and high standards exposed me to a whole new world of expertise.
Ultimate sales edge emotion or expertise? Jewelry is an emotional shopping experience, but expertise plays a decisive role. Its wonderful to show people
a brilliant diamond, but it means more when you can follow up with a skillful explanation of the 4Cs exemplifed in that particular gem.
Lean economy. Less jewelry? At the nexus of the downturn in late 2008, we sold the Wittelsbach Blue Diamond for $24 million, a world record price back then
for any gem ever sold at auction. When you have great gems and jewels, the money makes itself available.
Any advice to young Turks? Dont lose the passion that brought you to this business, and above all,
keep learning every day.
Sooner or later, the worlds most
extraordinary gems will cross paths with
RaHul KadaKia.
Here, Christies Senior VP, Head of Jewelry Americas,
shares priceless insight into the jewelry business
and the value of an expert education.
GIA gratefully acknowledges those who use our resources to
further world expertise in gems. Invest in your success at www.giA.eDU
IDEX ISSUE: Specs: 8.2 x 10.6 MATERIALS: PDF/X1A
Osnat Davidov Marketing Manager IDEX USA, Inc 7 West 45th St. Suite #1602 New York, NY, 10036 Tel: +1 212 382 3528
IDEX_FNL 2013.indd 1 2/20/13 11:53 AM
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retail et cetera > retail bytes
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5th Avenue in New York, Printemps
and Galeries Lafayette in Paris, Shin
Kong Place in Beijing, IFC in Shanghai
and Ginza in Tokyo. De Beers has two
stores in Hong Kong: Landmark in
Central and Elements in Kowloon.
PGI Creates
Hint Tool on Re-
launched Website
Trying to fnd the perfect engagement
ring can be almost as hard as fnding
the perfect partner. Platinum Guild
International USA (PGI USA) has
come up with a way of helping that
special someone when it comes to
buying the right ring.
Te Hint Tool is a new feature of PGI
USAs recently re-launched consumer
website: www.preciousplatinum. com.
Users navigating the platinum design
gallery can send a hint to their
intended, indicating any piece of
platinum jewelry from the site by
clicking the Hint Tis link on any
product page.
Clicking on the link prompts a
customizable e-card that can be sent
via email or social media or even
printed for personal delivery.
Surveys fnd that an overwhelming
amount of brides-to-be desire a
platinum setting, said PGI USA
president Huw Daniel.
Te Hint Tool is a way for these brides,
and anyone desiring platinum jewelry,
to not only express a preference of
design, but to distinguish the beneft of
setting it in platinum.
US Online Sales
Jumped 16% to $50
Billion in Q2
US online sales monitoring frm
comScore, Inc. estimates that desktop-
based retail e-commerce sales in
the second quarter grew almost 16
percent year-over-year to $49.8 billion.
Tat marks the 15th consecutive
quarter of positive year-over-year
growth and 11th straight quarter of
double-digit growth.
Te second quarter of 2013 saw a
healthy acceleration in the online
spending growth rate to nearly
16 percent on the strength of a
particularly enthusiastic April from
consumers, said comScore chairman
Gian Fulgoni.
Increased spending growth for the
quarter not only refects the long-
term share shift towards digital
commerce, but also the near-term
signals of sustained improvement in
consumer sentiment. Tis strength
is particularly signifcant since the
second quarter tends to be seasonally
lighter for e-commerce and, as such,
represents a positive indicator for the
back half of the year.
Charles & Colvard
Signs Distribution
Deal With
Amazon.com
In a move that could open up a large
new market for its jewelry, moissanite
supplier Charles & Colvard, Ltd. has
signed a distribution agreement with
Say it with Platinum
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Amazon.com, the worlds largest
e-commerce seller, to directly supply
moissanite fine jewelry to online
retailers.
Amazons commitment to superior
customer service coupled with its
state-of-the-art jewelry shopping
section ofers an ideal platform to
increase awareness of the value and
luxury of moissanite jewelry, said
Charles & Colvard CEO Randy N.
McCullough.
He said his frms cost-efective
alternative to diamonds, together
with Amazons e-commerce expertise
has created a strong partnership.
Te Charles W. Moissanite Signature
Collection on Amazon features jewelry
pieces in 14-karat gold in collaboration
with Charles Winston. Jewelry made of
fne silver is planned for the fall of 2013
and Valentines Day 2014.
Couples Say I Do
With Color
It may be a nice day for a white
wedding, but brides and grooms are
increasingly opting for a splash of color
when it comes to their engagement
and wedding rings.
Some of the hottest styles of bridal
jewelry are those with a jolt of color, said
Amanda Gizzi, spokesperson for Jewelry
Information Center, the consumer
education arm of Jewelers of America.
Hot colors include champagne,
brown, pink, yellow, black and
gray, which are giving a modern yet
timeless twist to engagement rings
and wedding bands.
For engagement rings, color either
fancy color diamonds or gemstones
is being used either as a center stone
or as accent stones; making the ring
far diferent from the traditional white
diamond solitaire.
One popular ring style, says JIC, is the
halo setting, which features a center
stone surrounded by a ring of white
diamonds.
In addition to engagement rings,
colorful wedding bands are also being
embraced by both brides and grooms.
Men and women want a wedding
band that speaks to their individuality,
added Gizzi. Black diamonds are
especially hot in mens rings, as they
are chic yet masculine.
For those who do not want to go all out,
JIC recommends that pairing colored
gemstone or diamond wedding bands
with a white diamond engagement
ring is ideal for those who love color,
but still want a traditional diamond
engagement ring.
Mark Vadon
Exits Blue Nile as
Company Posts
Strong Q2 Results
Online diamond and jewelry retailer
Blue Nile reported a strong second
quarter, boosted by continuing
double-digit growth in engagement
ring sales.
Te frm also announced that founder
and chairman Mark Vadon would be
stepping down at the end of the year.
Blue Nile reported a 19-percent rise in
net sales to $108.0 million from $91.0
million for the period ended June 30.
CEO Harvey Kanter said Blue Nile
saw double-digit growth in revenue in
all three of its business divisions: US
engagement, US non-engagement and
international sales.
54
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Te frm posted a 22-percent jump
over last year for sales of diamond
engagement rings in the United
States, and it was the ffth straight
quarter of double-digit growth for
the category. Te most powerful was
noted in sales of engagement rings
priced at up to $25,000.
Kanter said the retailer was, Te
dominant player in the online space
for engagement rings.
Meanwhile, sales in the non-engagement
sector rose up 11 percent on the year.
Kanter described Mothers Day sales as
extraordinarily successful.
Tere were strong sales of diamond
fashion jewelry, and Blue Nile said
it planned to increase customers
ability to create their own earrings
and pendants. It is also targeting
the expansion of its strong-
selling Monique Lhuillier-branded
engagement rings into the fashion
jewelry category in time for the
holiday season.
Blue Niles overseas sales jumped 19
percent on a constant-exchange rate
basis to $17.1 million, with sales being
strong in the Asia-Pacifc region and
Canada, but much slacker in Europe.
CFO David Binder said the company
is predicting net sales of $440 million
to $470 million for this year compared
with 2012 sales of $400 million.
Regarding Vadons departure, Blue
Nile said it is not the result of any
disagreements or matters related to
the companys policies.
Kanter, who is slated to succeed
Vadon as chairman on December 31,
said that Vadon was comfortable with
stepping down due to his confdence
in the frms management and the
companys continuing growth.
Swatch Expands
Tourbillon Boutique
Network in US
Swiss watch company Te Swatch
Group Ltd is expanding its Tourbillon
Boutique network in Seattle, Dallas
and Las Vegas. Te chain already has
stores in San Francisco, Short Hills,
New York, Chicago, South Coast Plaza
and Beverly Hills.
Te Tourbillon boutiques ofer
collections from luxury watch
brands including Breguet, Blancpain,
Glashutte Original, Jaquet Droz
and Omega, as well as a selection of
exclusive watches and jewelry from
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56
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the Swatch brand in a shop-in-shop
concept that it says enhances the
individuality and engagement of each
brand.
Te new Seattle store, located in the
historic Fairmont Olympic Hotel,
features Te Swatch Group Service
Center, which is designed to ensure
that all clients receive the utmost care
for their timepieces.
Te Tourbillon Boutique Las Vegas has
relocated to a 3,800 square foot space
within Te Shops at Crystals. Te store
will become the largest within the
network.
Tere are 22 Tourbillon locations
worldwide, with nine in the US.
Pandora Reports
Strong Sales
Continue in Q2
Jewelry-maker Pandora said the solid
performance reported for the frst
quarter of this year continued in the
second quarter and into July, with
signifcant revenue growth across all
major regions. Te company said the
main drivers were continued strong
sales of newly launched products and
high replenishment rates.
According to the company,
preliminary results for the second
quarter indicate revenue of
approximately $338 million and an
EBITDA (earnings before interest,
taxes, depreciation and amortization)
margin of approximately 27 percent.
Additionally, like-for-like sales in
Pandoras Concept stores in the second
quarter continued to be healthy with
US sales up 8.8 percent. In the UK, sales
were up 11.6 percent, in Germany up
1.7 percent and in Australia up 22.4
percent compared to the year before.
Pandora said it expects revenue for
2013 to be approximately $1.42 billion
( from a previously guided fgure of
more than $1.28 billion) and expects
an EBITDA margin of approximately
27 percent ( from a previously guided
fgure above 25 percent).
During 2013, Pandora expects to open
approximately 175 Concept stores,
up from its previously announced
estimate of 150.
GemFind Launches
JewelCloud Social
Networking
Platform
GemFind, a jewelry industry
technology provider, has launched
its new JewelCloud social networking
platform aimed at connecting the
jewelry industry.
According to GemFind, the platform
enables independent jewelry retailers
to connect with vendors and meet
them online, and particularly in online
social networks, to allow buyers to
more easily view product information.
Te retail jeweler is driven to the
point of insanity with having to deal
with CDs, thumb drives, data sheets,
light boxes, Photoshop, usernames
and passwords, said Alex Fetanat
CEO of GemFind.
Every vendor has a diferent way in
which they share their content, and
the retail jewelers of the world have
had enough and are ready for a new
approach.
JewelCloud enables retailers to login,
connect with vendors and invite those
not in the cloud to join as well.
Trough JewelCloud, retailers are able
to have conversations with vendors,
schedule appointments, access
marketing materials and synchronize
products from their vendors.
JewelCloud features more than
200,000 products from more than
200 participating manufacturers and
brands, including Hearts On Fire,
A. Link, Andrew Meyer, Color Story,
Eli Jewels, Gem Platinum, Memoire,
Peter Storm, Precision Set, Rembrandt
Charms and Stuller. IDEX
Jewelry by Pandora
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David Yurman
Debuts Fall 2013
Lifestyle Campaign
Fine jewelry and timepiece design
house David Yurman has launched
its Fall 2013 campaign. Te Beauty in
Contrast campaign features models
Kate Upton, Dree Hemingway, Anais
Mali and Catrinel Marlon.
Te company says the new campaign
celebrates the season with a range
of diverse elements that coexist in a
delicate balance elegant and refned
pieces are the perfect counterpoint
to earthy and artisanal designs, new
collections are coupled with iconic
favorites, and minimalism and
abundance mingle efortlessly.
Each of the women who appear
in the campaign are styled in a
contemporary combination of
designs and selections from the Fall
2013 Collection, including Willow
and the new mini version of the
David Yurman Signature Pinky Ring.
Minimalism and abundance are
juxtaposed throughout.
Founder David Yurman said: Trough
design, styling and imagery, we tell a
story of contrast in all its mesmerizing
beauty. Beauty is always more
intriguing in contrast.
Shmuel Schnitzer
to Challenge
Yair Sahar for
Leadership of IDE
Honorary Israel Diamond Exchange
(IDE) president Shmuel Schnitzer has
announced he will be challenging IDE
president Yair Sahar for leadership of
the bourse in elections scheduled for
October 2.
Schnitzer said that reviving the domestic
diamond manufacturing sector was top
of his priorities. Tere are things that
need changing, he said. Bringing back
retai l et cetera
Facets
manufacturing to Israel is important
because there cannot be a diamond
center without manufacturing.
Another critical issue, he said, is that
of industry fnancing since Israeli
banks have provided a relatively small
amount of credit to diamond frms, in
the region of $1.5 billion.
We need to work on the issue of
fnancing for the industry, which
deserves to receive more, given the
responsible way it operates. If you look
at all the problems that have taken place
since the 2008 fnancial crisis, the Israeli
diamond sector has behaved very well
and should be entitled to a higher level
of fnancing.
Schnitzer said another important
target was to reach an agreement with
the Income Tax authority since there
had been no real agreement since the
start of last year. He said that in the
past, relations between the IDE and
the Income Tax authority had been
excellent. For some reason, that is not
David Yurman Fall 2013 Ad Campaign
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59
the case now. I would work to reach an
overall agreement.
Schnitzer is also calling for a limit
on the number of new IDE members.
Tere are currently 3,500 members,
and the new members are creating
too much competition, he said.
Among other issues he would seek to
promote are women members on the
IDE board of directors and a revision
to the IDEs arbitration system, which
has not been altered in a long time.
Schnitzer also said he would build on
the buyers week events.
I have received many calls of support
to run for the presidency, he said,
adding that 2,000 people came to his
media announcement. It is the right
time for me to come back after I took
a time out. Te current leadership
is doing well, but we need some
changes. I believe I have the ability and
experience to improve the situation.
Schnitzer served as IDE president
from 1998 to 2004.
DEF Honoring
Forevermark, JCK
and Fred Meyer
Jewelers
Te Diamond Empowerment Fund
(DEF) will honor Forevermark, JCK
and Fred Meyer Jewelers at its third
annual GOOD Awards for global
leadership and making a positive
diference in communities around
the world.
Te Diamond Empowerment Fund is
very pleased to honor the exemplary
achievements of these great
companies, said Phyllis Bergman,
DEF board president and CEO of
Mercury Ring.
Stephen Lussier, CEO of the De Beers
Forevermark brand, who will accept
the award, said the company is deeply
honored to receive the award. It
refects our commitment to integrity
which is at the core of the Forevermark
brand promise.
Meanwhile, Yancy Weinrich, group
vice president at JCK Events who
will accept the award on behalf of
JCK, said, JCK is committed to the
diamond and jewelry industry, and
giving back must be a priority for all
those involved.
Peter Engel, president of Fred Meyer
Jewelers, said his company was
incredibly proud to be honored by
DEF. Te admirable work of the DEF
especially making a diference in the
lives of young people, is a mission that
Fred Meyer Jewelers strongly supports,
he added.
Te Diamond Empowerment Fund
established the GOOD Awards in
2012 to recognize individuals and
corporations in the diamond and
jewelry industry for outstanding
leadership in the areas of good
corporate citizenship, sustainability
and promoting opportunity in Africa.
Te DEFs third annual GOOD Awards
will be held at the Empire Penthouse
Lounge at 230 Fifth Avenue in New
York City on January 9, 2014.
2.95-Carat Diamond
Found at Crater
of Diamonds State
Park
It was certainly a happy Independence
Day for Terry Staggs of Richmond,
Kentucky, whose July 4 search elicited
a 2.95 carat diamond at Crater of
Diamonds State Park in Arkansas. And
it was a just reward for Staggs, who
has been visiting the park a couple of
times each year for the past 28 years.
Staggs named the brown diamond the
largest he has ever found the Patriot
Diamond in honor of its discovery on
Americas Independence Day.
Mr. Staggs diamond appears to be a
complete crystal, and it is shaped like a
shield. Its about the size of an English
Pea and has a golden brown metallic
appearance, said park interpreter
Waymon Cox.
Cox said that the colors of diamonds
found at the park are white, brown
and yellow, in that order. Because
of their color, brown diamonds are
often difcult to fnd in the dark dirt
of the diamond search area. However,
sunny weather conditions on July 4
GOOD Award Honorees: Forevermark (represented by Lisa
Cochin), Fred Meyer Jewelers (represented by Peter Engel) and JCK
(represented by Yancy Weinrich) with DEF president Phyllis Bergman
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were perfect for this sparkler to catch
Mr. Staggs attention as he searched,
said Cox. Mr. Staggs gem was found
in gravel on the surface of the East
Drain area. Sunlight refecting of the
diamond made it stand out from the
other stones.
Te search area at the Crater of
Diamonds is a 37 -acre plowed feld
that is the eroded surface of the eighth
largest diamond-bearing deposit in
the world in surface area. On average,
two diamonds are found each day at
the park.
Many factors help visitors who like
to surface search for diamonds at
the park, said Cox. Park personnel
regularly plow the diamond search
area to help with natural erosion.
Erosion from heavy rains concentrates
the heavy rocks and minerals, like
diamonds, in the low-lying parts of
the search area and also occasionally
exposes larger diamonds, like the one
found by Mr. Staggs.
Retailers Going
Mobile with
Increased Digital
Marketing Spend
According to a recent survey by
Shop.org/Forrester Research, Inc., 87
percent of online retailers surveyed
have either already implemented or
are planning to implement mobile
email optimization in 2013. Te State
of Retailing Online 2013: Marketing &
Merchandising study also found that
seven in 10 will optimize paid search
for smartphones and tablets (71
percent and 73 percent, respectively).
According to the study, retailers say
that, on average, 28 percent of emails
sent to customers are frst opened on a
smartphone. Tat number increases to
42 percent for small retailers, making
a mobile marketing plan a crucial
business decision.
As consumer adoption of smartphones
and tablets in the United States reaches
critical mass, retailers know that their
marketing mix has to work optimally
for all customer touch points now,
said Shop.org executive director
Vicki Cantrell.
Email has always been one of most
efective customer retention vehicles
in the market, so its no surprise
to see retailers investing to make
email engaging and relevant for the
increasingly mobile consumer.
Te NRF says that across all digital
platforms, email and search are where
four out of fve retailers (80 percent)
are most likely to invest more this
year than last, signaling retailers
understanding that they need to
balance investments and resources in
both retention and acquisition.
As a result, 40 percent of retailers
surveyed say they plan to hire
employees for open positions in
marketing analytics in 2013, refecting
the need to wrestle down volumes
of marketing data to create more
efective interactions and an improved
customer experience.
According to the study, product detail
page improvements, particularly
video oferings, will be a top focus
this year: nearly three-quarters (72
percent) will invest in integrating
video on their sites.
Another 62 percent indicate
that recommendations and
personalization features will be
a priority, including integrating
capabilities to create diferent
home pages and creating unique
pages for their customers based on
purchase history.
Retailers continue to optimize the
customer experience on their site and
to that end have made investments
in A/B testing, product detail page
enhancements and personalization
mainstream, said Forrester Research
vice president and principal analyst
Sucharita Mulpuru.
Going forward, however, we expect
to see much more emphasis on
checkout enhancements, as that is a
key obstacle for direct transactions
on mobile devices. IDEX
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IIJS: Gold Jewelry
a Hit, Diamonds
Less So
Demand for gold jewelry was high
at the International India Jewellery
Show, with consumers considering
the price of gold low. At the same
time, diamond traders reported that
demand for loose stones was limited
to large items.
Te halls of the show were packed
nearly throughout the event, with
show organizers reporting a record
number of visitors in addition to an
increase in the number of exhibitors.
Te large number of visitors translated
into reportedly high interest in
gold jewelry, specifcally traditional
designs. Bridal sets and religious
artifacts were also in good demand.
Compared to the happy gold jewelry
traders, precious gem traders were less
excited, and loose diamond traders
were somewhat gloomy.
Arriving with low expectations,
diamond traders were not entirely
surprised by the low demand seen at
the show. Limited demand was seen for
1-3 carat rounds in H-L colors, VS-SI1
clarities. Some traders noted demand
for fancy shape goods, mostly hearts,
but also pear and some square shapes.
Diamond traders are facing a tough
period globally, in general, and in
India, in particular. A strong sense of
uncertainty a year before the general
elections, a weakening rupee, a
sagging stock market and declining
real estate market are translating into
cautious purchasing behavior, that is
driving many Indian consumers to a
safe harbor, namely gold.
Only one loose diamond wholesaler
had a busy booth Excel Overseas.
Te trader ofered a guaranteed
buyback program, paying 3 percent to
buyers who sold back a diamond 12-13
months after the purchase.
Asked if it was not concerned about
a decline in diamond prices, the
company said that what it might lose
in limited returns, it would gain in
increased sales.
polished
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Jean-Marc
Lieberherr to Head
Rio Tinto Diamond
Division
Rio Tinto has appointed Jean-Marc
Lieberherr to lead its diamond
business. He will take up the position
of managing director, Diamonds, on
September 1, and will be responsible
for all aspects of the Rio Tinto
Diamonds division.
Lieberherr, who joined Rio Tinto
Diamonds in 2005, was most recently
chief commercial ofcer of the frm.
His appointment is part of a
restructuring of the company
following its decision earlier this
year to retain its diamond business.
Te restructure also includes the
consolidation of diamond-mining
operations under Kim Truter who will
be appointed chief operating ofcer,
reporting to Lieberherr.
Truter is currently managing
director of the Argyle diamond mine
in Australia, and was previously
president of the Diavik diamond mine
in Canada.
New York Lab
Issues Warning
About CVD
Diamonds Detection
Te New York-based gemological
lab Analytical Gemology & Jewelry
(AG&J) has issued a warning that it
is becoming harder to detect CVD
diamonds being sold as natural, type
IIa brown stones. Te lab specializes
in the identifcation of diamonds and
their treatments.
A batch of these stones was recently
submitted by a client as natural
HPHT-treated diamonds, but it
actually contained 75 percent CVD-
grown HPHT-treated diamonds. Te
stones were purchased from a trade
source with which the client had a
longstanding business relationship.
Te batch, consisting of 18 (17 round and
one marquise-cut) diamonds weighing
a total of six carats, ranging in size from
0.14-carat to 0.635mm, color ranging
from F to gray and a clarity range from
VVS to SI, was submitted to the lab at the
end of July. Identifcation was done with
its proprietary diamond testing system,
which can also be used to test melee
diamonds, as previously reported. AG&J
identifed 13 CVD grown HPHT treated
synthetic diamonds.
Te stones were purchased on the
open market in Mumbai as type IIa
brown diamonds. Te buyer used a
portable FTIR instrument to test the
stones during the purchase to ensure
he only bought diamonds that were
type IIa or very low nitrogen type Ia
stones intended for HPHT treatment.
Te HPHT treatment was done at a
facility by means of a cubic press, using
undisclosed parameters. AG&J was,
however, able to conclude from tests
that the HPHT facility tried to enhance
the color by using a range of diferent
time and temperature parameters.
Te client grew suspicious after the
HPHT treatment did not give the
expected results. Several stones from
the parcel turned a gray color, while
the highest color was only I. After
submission to AG&J, it turned out that
13 of the 18 stones were CVD-grown
HPHT treated synthetic diamonds.
Te CVD stones were also produced
using diferent parameters and
reactors, which supports the conclusion
that they came from diferent factories,
indicating that the number of facilities
for CVD diamonds is growing rapidly.
According to AG&Js experience and
research database, as well as reports
from other researchers, none of the
Jean-Marc Lieberherr
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13 diamonds came from the Gemesis
production line.
It was not surprising that the client
could not detect the CVD diamonds
using FTIR spectroscopy, said AG&Js
CEO, Dusan Simic, as this requires
more sophisticated methods that also
have to keep up with changes in the
production of CVD and HPHT-grown
stones, as well as all treatments.
Responding to the trades concern
about rapidly growing occurrences
of synthetic and treated diamonds
mixed in natural batches, and
in mounted jewelry, AG&J has
developed a system for batch
testing diamonds accurately in a
cost-efective way. Te system is
based on internationally accepted
diamond identifcation methods,
such as Raman spectroscopy,
absorbance measurement in the
UV-VIS-NIR range, and FTIR and
Photoluminescence.
Breakthrough
in Kiran Exports
Tiger Kidnapping
Investigation
Belgian authorities have announced
a breakthrough in the investigation
into a so-called tiger kidnapping that
occurred in the city on October 11,
2012. It turns out, however, that the
story may not have been quite what
it seemed, with the investigation
seeming to indicate that the crime
was staged by the alleged victim.
During the incident, three men
entered the home of an employee of
the Indian diamond company Kiran
BVBA. While the mans wife was kept
hostage, the employee was forced to
empty the vaults of the Kiran ofces
in the Hoveniersstraat in the Antwerp
diamond district. Te total value of
the stolen diamonds was estimated at
$13 million.
Between July 22 and 29, fve people
were arrested in connection with their
alleged involvement in the case. Tese
include the prime suspect a 27-year-
old employee at Kiran BVBA, a 29-year-
old middleman of Indian origin, a
48-year-old Armenian, who was hired
to execute the kidnapping and two
Chechens, aged 30 and 43, who were
hired by the Armenian accomplice.
At the time of writing, four of the
suspects remain in custody and
are said to have confessed to their
involvement in the case.
Te alleged middleman was arrested
at Schiphol airport in Amsterdam on
July 30, and procedures to extradite the
man to Belgium were ongoing.
Most of the stolen goods, estimated at
$8.5 million, were recovered during a
raid in Antwerp on July 31.
We cannot comment on individual
cases, but from a general perspective,
we are very pleased with the progress
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that is being made in the investigation.
As the representative organization
of the Antwerp diamond community,
we invest heavily in the security levels
of the Antwerp diamond industry,
and we will continue to do so in
the future, said the Antwerp World
Diamond Centre (AWDC) in an ofcial
statement on the situation.
Te AWDC Security Ofces Anti-Tiger
Kidnapping Program, tailor made for
the Antwerp diamond companies, is
a perfect example of that approach.
A tiger kidnapping still remains an
exception. In the past three years, only
two tiger kidnappings have taken place
in Antwerp, including this case. Te
eforts towards security, prevention
and the intensifed collaboration with
other authorities clearly have paid of.
We are surprised and appalled
to learn that an employee of the
concerned diamond company might
be involved in this case, especially
seeing how confdence is a crucial
element in the diamond trade.
A tiger kidnapping, or tiger robbery,
consists of two separate crimes.
Te frst crime usually involves an
abduction of a person. Instead of
demanding money, the captors
demand that a second crime, such as
theft, be committed on their behalf.
Te person held hostage is kept by the
captors until their demands are met.
Israel in Talks on
Free Trade Deals
with India and China
Israel is negotiating Free Trade
Agreements with India and China,
two important diamond and jewelry
manufacturing and retail centers.
Eli Belotsercovsky, director of
Economic Relations with India in the
Israeli Ministry of Foreign Afairs
,declined to give a timeframe in which
the negotiations, which have been
taking place for more than a year,
would conclude, according to Te
Hindu newspaper.
Israels annual bilateral trade with
China is about $8 billion, and with
India, it amounts to $5 billion.
Diamonds account for about 30-40
percent of the two-way trade between
Israel and India, with most of the rest
being high-tech products.
Te move fts in with the direction of
the Israeli diamond industry, which has
increasingly looked to eastern markets in
recent years following the global fnancial
crisis in 2008 and the slowdown in the US
and European markets.
GIA Launches
Search for New
President and CEO
Te Gemological Institute of America
(GIA) has launched a search for a
new president and CEO following the
departure of Donna M. Baker in June.
Te GIAs board of governors said that
DHR International, the ffth-largest
retained executive search frm in the
US, will undertake a global search for
the Institutes new president.
GIA is an enduring institution with
a strong management team, a global
presence and 1,800 dedicated staf
around the world, said board chair
and interim president and CEO Susan
M. Jacques.
With this strong foundation, I am
confdent that the Institute will
continue to fulfll its mission to
protect the global gem and jewelry
buying public through gemological
research, professional education,
and gem identifcation and grading
laboratory services.
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DHR conducts search assignments
for Fortune 1000 companies, as well
as prominent venture frms and early-
stage companies. DHR will conduct
a global search for a chief executive,
reviewing candidates with experience
from the gem and jewelry industry,
related sectors and those with
applicable global experience.
Nigel Simson to
Replace Mahiar
Borhanjoo at De
Beers
De Beers says Nigel Simson is to take
over from Mahiar Borhanjoo as senior
vice president of Global Sightholder
Fusion Tenders laTesT sale oF rough From
the Kao mine raised $5.8 million, with an overall
average price per carat of $495 at the fully sold
tender. Two large stones of 54.96 carats and 39.79
carats sold for $1.018 million and $1.105 million,
respectively. Other notable lots included two natural
fancy colored pink diamonds of 1.20 carats and 1.90
carats that achieved more than $30,000 per carat.
hrd anTwerp is To launch a synTheTic diamond
Certifcate service starting September 2. The lab
said it decided to launch the new service in a bid to
support consumer confdence. In accordance with
the rules of the International Diamond Council, the
HRD Antwerp certifcate looks noticeably different
from the standard diamond certifcate and mentions
the clear wording Synthetic Diamond Certifcate on
the cover. Each synthetic diamond is laser inscribed as
synthetic, and the presence of the laser inscription is
mentioned on the certifcate, with a statement that
the diamond has been lab-grown.
The reserve Bank oF india (rBi) has Taken
further steps to reduce gold imports, which has
created a record high current account defcit. The
RBI has demanded that all nominated banks and
agencies export at least 20 percent of every batch
of imported gold in all forms, while domestically
making it available only for jewelers. According
to the new RBI guidelines, banks must keep 20
percent of their imported gold in customs bonded
warehouses, and can only import more gold after
exporting a minimum of 75 percent of the gold
from the warehouses.
chicago-Based loose diamond wholesaler
M. Geller Ltd. has become an authorized distributor
for Gemesis, the worlds principal distributor of
gem-quality colorless and fancy color lab-created
diamonds. According to Gemesis director of
operations, Michael Chernick, the company sees
its relationship with M. Geller as the springboard
for creating a heightened presence for lab-created
diamonds within the jewelry industry.
Sales following Borhanjoos decision
not to relocate to Botswana as part
of the transfer of De Beers London-
based sales activity, which is due to be
completed later this year.
Simson brings nearly 30 years of
diamond expertise to the role,
including four years as head of Sales
in De Beers South Africa Sightholder
Sales. Prior to that, he spent nine years
as a key account manager working
with Sightholders based in the major
international cutting centers.
His most recent role at De Beers
was head of Benefciation, based in
London, where he has been closely
involved with Sightholders in southern
African producer countries.
Varda Shine, executive vice president of
De Beers Global Sightholder Sales, said,
Tis is an important time for De Beers
and our Sightholders, and Nigel was
the standout candidate for the role. His
wealth of experience in diamonds, De
Beers and southern Africa make him
perfectly prepared to take the business
forward in this exciting period.
Borhanjoo will remain with the
Diamond Trading Company in the
coming months and will undertake
a detailed handover process with
Simson.
The DTC is due to complete
the transfer of its operations to
Gaborone in September/October,
with the first Sight to be carried out
in November. IDEX
News Round Up
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70
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POLI SHED
Polished Diamond Prices
Up and Down: The Seesaw Effect
by Edahn Golan
rices of polished diamonds decreased
in July, according to the IDEX Online
Polished Diamond Index. Te Index
averaged 132.4 during the month, down
3.1 percent year-over-year and 1.7 percent
compared to the preceding month.
Te drop in July followed two months of increasing
prices, resulting in a seesaw efect in month-over-
month prices since the beginning of 2012.
Since January 2012, the Index has risen only eight
times with an overall 4.6-percent decline since the
start of 2012, and a 0.4-percent decline in 2013, as
Figure 1 illustrates.
Despite the gloomy trade in July, the changes in
month-over-month prices are still trending upwards
due to strong price increases in December 2012 and
May of this year, as Figure 2 shows.
Te price Index of almost all key sizes of round
shape diamonds decreased in July on a month-over-
month basis. Only 0.5-carat rounds increased in July
compared to June, gaining 1.7 percent.
150
140
130
120
2011 2012 2013
A M M J J J S O N D A A M J J S O N D J F M A J F
2.0
1.0
-1.0
-2.0
0
2012 2013
M J J A J S O N D M A J F
PEAK
July 2011
146.7
July 2013
132.4
2011 Avg
135.8
2012 Avg
136.8
2013 Avg to date
133.5
Figure 1: IDEX Online Polished Diamond Price Index
Figure 2: Polished Diamond Price Trends
Percent Change Month-to-Month
-2.4
-2.0
0.1
-0.8
-0.7
1.8
-1.1
-0.1
1.8
-1.5
0.2
1.0
-1.7
P
Te Index for the important 1-carat round category
lost 1.4 percent compared to June. Larger declines
of 2.5 percent-3.5 percent were seen for 1.5-, 2- and
3-carat rounds in July.
On a year-over-year basis, the price Index for round
goods declined for all key sizes during the month.
Full Page template.indd 102 17-Oct-11 3:40:36 PM
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polished > poli shed di amond pri ces
|
150
140
130
120
2011 2012 2013
A M M J J J S O N D A A M J J S O N D J F M A J F
2.0
1.0
-1.0
-2.0
0
2012 2013
M J J A J S O N D M A J F
PEAK
July 2011
146.7
July 2013
132.4
2011 Avg
135.8
2012 Avg
136.8
2013 Avg to date
133.5
Figure 1: IDEX Online Polished Diamond Price Index
Figure 2: Polished Diamond Price Trends
Percent Change Month-to-Month
-2.4
-2.0
0.1
-0.8
-0.7
1.8
-1.1
-0.1
1.8
-1.5
0.2
1.0
-1.7
One-carat rounds are lagging 3.7 percent behind their
prices a year ago; the average price of 2-carat rounds
are 5.7 percent lower, and 5-carat rounds are 11.3
percent below their prices a year ago.
After the price dip in May and the small recovery in
June, the prices of 1-, 1.5- and 2-carat princess-shape
diamonds fell on a month-over-month basis, but this
should not be seen as a reversal for these items.
On a year-over-year basis, the three key-size princess-
shape diamond categories are still exhibiting price
increases, mostly the 1.5-carats, which increased by
9.9 percent compared to July 2013.
Te long-term trend shows that the Index for 1-carat
princesses has been declining since March of this
year, while 1.5-carat and 2-carat princess-shaped
goods have only recently sufered from declines.
outlook
US retailers enjoyed a good run in the first
quarter of 2013, and the most recent information
indicates that the trend continued into the
second quarter. Solid demand from China and
Japan provides an additional reason to expect a
temperate improvement in the coming months.
Lackluster demand from Indian consumers, hurt
by the weakening rupee, is dampening the global
demand outlook.
With the combination of the stock markets
continuing to rise, the improving US economy and
expectations that the slowing Chinese economy
will not deteriorate any further, we expect polished
diamond prices to increase in the long term,
especially with the improving Japanese economy,
which is propelling demand in what is still a leading
diamond consumer market.
The full analysis of polished diamond prices is
available to IDEX Online Research subscribers and
IDEX Online members.
Contact research@idexonline.com for more information
on how to subscribe or to become a member.
FOR LIVE UPDATES
WWW. I DEXONLI NE. COM
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Garnet Group
Te term garnet indicates a group of minerals that share the same crystal structure. Te best known gems
are almandine, pyrope and spessartine, which form the subgroup of piralspite, and grossular, andradite and
uvarovite, which form the subgroup of ugrandite. Garnet crystals form in a cubic system with a 12-faced rhombic
dodecahedron and a 24-faced icostetrahedron and in combinations of these two forms. Tey do not pose any
particular problems in terms of hardness and toughness. Sudden temperature changes can cause fractures.
Tey may be slightly attacked by hydrofuoric acid.
POLI SHED
How to Avoid Damage to Gemstones
Part IV (fnal)
by Claudio russo, Member and Arbitrator of the
Assogemme Scientifc Committee IGI Consultant
Courtesy: lOrafo Italiano
Chemical composition
The general formula for the chemical composition of
the garnet group is X
3
Y
2
(SiO
4
)
3
, where divalent metal
X can be calcium, iron ore or manganese, and trivalent
metal Y may be aluminium, ferric iron or chromium
Hardness 7-8
Toughness Fair to good
Reaction to heat Sudden changes in temperature can cause fractures.
Light stability Stable
Reaction to chemicals Slightly attacked by hydrofuoric acid
Ultrasonic cleaning Generally safe, risky if they contain liquid inclusions
Steam cleaning To be avoided
Reaction to hot water Safe
|
75
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POLISHED > hOw TO avOi d damaGe TO GemSTOneS
|
Zoisite, tanZanite variety
Tanzanite is the blue variety of zoisite and is the most popular gem of this variety. Te gemstones
are cut out of material mined in the Meralani Hills in the district of Lelatema (Tanzania). Te
crystals come in various colours, including blue, green, yellow and dark pink. All these shades
turn blue following a special heat treatment. Stones are heat-treated at 400-500, and treatment
time is inversely proportional to temperature values. Its hardness is between six and seven,
which is why it is easily scratched. It has perfect cleavage following the faces of a prism, along
the direction of elongation, therefore, it should not be exposed to shocks and vibration. Te gem
displays three alternate shades of colors: sapphire blue, purple and sage green.
spinel Group
Tis group refers to a collection of minerals bound by the same type of atomic structure with
metal ions, which may give rise to isomorphic substitutions. Tese include gahnite, hercinite,
chromite, magnetite, pleonaste and ganhospinel. Spinels crystallize in the cubic system,
usually in octahedra, sometimes combined with the faces of a rhombic dodecahedron. Because
of its high resistance to alteration, spinel can usually be cleaned without any problems, both
with ultrasound and steam, and does not react chemically with other substances. Varieties
are listed by adding the relevant color to the word spinel.
Final considerations
These datasheets are intended to recommend that professionals pay particular attention to the risks of induced
damage that may occur while handling gems. in addition to the parameters mentioned in the various sheets, the
internal structure of gemstones should also be considered before any processing stages since the presence of
visible inclusions, in the form of minerals, fractures and /or cleavage planes, may affect their physical integrity. IDEX
Ca
2
al
3
[O(Oh)SiO
4
SiO
7
]
Calcium silicate and aluminium
Chemical
composition
mgal
2
O
4
magnesium aluminate
6-7 Hardness 8
medium to poor Toughness Good
Fractures are formed and the stone begins to
melt under the fame of a blowpipe. Sudden
changes in temperature can cause fractures
Reaction to heat
Light-colored stones may fade under
intense heat
Stable Light stability Stable
attacked by hydrofuoric acid and
hydrochloric acid
Reaction to
chemicals
Stable
To be avoided Ultrasonic cleaning Usually safe
To be avoided Steam cleaning Usually safe
Safe, with gradual temperature changes
Reaction to hot
water
Safe
76
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R
uby dealers remember 2012 as a year
of substantial price rises. Increases
of several percentage points per
month were not uncommon, and, in
a number of cases, at the high-end
of the spectrum, gems doubled in value during the
year. But this has changed so far in 2013, so is the
price fest over?
We decided to look at the movement in ruby prices
through the middle of May. For this purpose, we
referred to the GemeShare
TM
gem database, containing
more than $40 million worth of colored stones, and
extracted the current ruby price information. We then
sorted the data into categories according to sizes
(0.25 to 9.99 carats) and grades (GEM to C), to retrieve
an average price per category. Te average prices
were then compared to the GemePrice price list to
determine any discernible price tendencies.
Looking at Figure 1, we can clearly detect two
inclinations, both of which are associated with the
quality of the gems. One involves the higher graded
rubies, marked as GEM, AAA and AA, and the
other contains the lower graded ones in the A, B
and C quality grades.
Overall, the higher-quality rubies exhibited a price
increase of up to 1 percent in the smaller sizes
up to the 0.33 carats. In larger sizes 0.50 carats to
9.99 carats prices rose slightly, but consistently by
approximately 1 to 2 percent.
However, it appears that the AA to GEM grade
group is subdivided into two kinds of goods
Mozambique-originated rubies and rubies from other
sources. Apparently, over the past several months,
rubies from Mozambique have risen higher in price.
poli shed
Ruby Prices: Is the Party
Over?
By Menahem Sevdermish, FGA D.Litt. and
Guy Borenstein, FGA
The interesting factor causing this
increase is the change in buyers
perceptions regarding rubies from
Mozambique. From being considered
as unpopular low-quality gems,
regardless of whether they had good
color or not, they are developing a
high-quality reputation, hence, the
stronger demand.
78
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polished > ruby pri ces: i s the party over?
|
About gemewizArd
Gemewizard is a pioneer in the development of digital
color-based systems, which provide solutions for professionals
involved in the fancy color diamond, colored gemstone
and jewelry industries, enabling the analysis, description,
communication, pricing and trading of color in gems. The
suite of products developed by Gemewizard is based on the
companys groundbreaking color communication technology
called GemeSquare, which has been endorsed by GIA, and
since 2006, has been incorporated into the GIA curriculum.
http://www.gemewizard.com
Te interesting factor causing this increase is the
change in buyers perceptions regarding rubies from
Mozambique. From being considered as unpopular
low-quality gems, regardless of whether they had
good color or not, they are developing a high-quality
reputation, hence, the stronger demand.
Te lower-graded A and B quality gems behaved
similarly. Both grade groups saw moderate price
decreases of up to 2 percent for all categories. For the
lowest quality C-grades, which are highly included,
the price decreased more sharply, by up to 10 percent.
Cabochon cuts sufered an additional price reduction
of approximately 5 percent.
Another perceptible infuence on demand was the
color moderator of the ruby, or its secondary hue.
While A- and B-graded rubies with an orange
moderator continue to be unattractive to buyers,
probably because it is associated with the low-
quality African gems, similarly graded stones with
pink moderators have become widely accepted. Tis
change in attitude can be observed also from the pink
sapphire side of the color border, where prices are
rapidly climbing.
2
GEM to AA A to B C
0
-2
-4
-6
-8
-10
Figure 1:
Price Movement in Rubies from
January through Mid-May 2013
0.25-0.33
carats
0.50-9.99
carats
Tese numbers suggest several interesting
conclusions. First, prices of rubies of up to 0.33
carats are showing a slight (and almost insignifcant)
increase in price, regardless of their grade. Second,
the real prices of the higher quality rubies, from 0.50
carats and up to 9.99 carat, tend to be slightly higher
than those appearing in the currently published
pricelists. Tird and most important, the shortage of
high-quality Burmese rubies have led to a sharp rise
in the Mozambique rubies acceptance.
Te bottom line is that the ruby price fest is defnitely
not over. It still rages on, but with a change in venue.
Te focus now is on southeast Africa. IDEX
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ID&JG_ad_IDEX_210x270mm-Unique_1322 2 16-12-11 12:41
80
|
he dominant characteristic of the
global rough diamond market is not
economic, nor is it technological.
Currently it is emotional. As such,
Sightholders, rough diamond dealers
and many manufacturers are in a bad mood.
Te reasons for this foul mood are few, but they are
well defned: frsthand buyers of rough diamonds
Sightholders, for example claim they are losing
money. Tis is because the prices of rough ofered by
miners remain frm, prices of polished are declining
and proftability is nil.
Adding to this troubling situation is the still-delicate
global economy and the difcult rupee to US dollar
exchange rate. From a manufacturers standpoint,
micro-economic issues, namely changes at De Beers,
are also exacerbating the current state of afairs.
Many in the industry are pointing their fnger at De
Beers CEO Philippe Mellier. Te general sentiment
is that Mellier is too bottom-line oriented and too
focused on upcoming quarterly results rather than on
long-term diamond industry needs.
At a recent meeting, he reiterated that the company
is no longer the custodian of the industry, which
can be understood to mean that it is no longer its
responsibility to put the diamond industry ahead
of its revenues. In the long term, where the industry
goes, so goes De Beers.
Te companys current approach, at least as it is
understood by the industry, also has its benefts. In
the past, traders dared not leave many goods on the
table, if they left them at all. At the last Sight, however,
estimated at $650 million, some 15 percent of the
goods (by value) were turned down. Tis of course
refects the high prices of the goods and reduced
needs of manufacturers.
Why Buy Rough?
Prices did not change much during the July Sight, with
some increases and decreases. Te relatively high
cost of goods and manufacturing, coupled with the
declining polished diamond prices, beg the question
poli shed
Rough Diamond Market Report:
Unwanted Goods and Low Prices
By Edahn Golan
T
The relatively high cost of goods and
manufacturing, coupled with the
declining polished diamond prices,
beg the question of why 85 percent
of the Sight was bought, or why more
goods were not turned down.
A Joint Venture with L S Jewelry Group -
A well known Wholesaler in Bangkok
Laxmi Diamond Pvt. Ltd., Bangkok, has an old and
wonderful business association and Joint venture with
a wholesaler of good repute - L S Jewelry Group. L
S Jewellery was established in the year 1932, and the
company has gradually expanded into three sister
concerns - L S Oriental Jewelry, Lee Seng Jewelry and L
S Gems.
Mr. Peeravat Suraseth and his brother Mr. Thatchawin
Suraseth are the Managing Directors of the group and are
enthusiastic and intelligent persons. Our association with
Mr. Peeravat Suraseth is very old and he is our renowned
customer of very good standing. Their mother, Mrs.
Narumol Suraseth, is the President of L S Jewellery and
under her able guidance, the business runs so smoothly.
Lee Seng Jewelry is the topmost Jewelry manufacturer,
wholesaler and exporter. The Company has received
series of awards as a retailer and are well known in whole
of Bangkok.
The Laxmi Diamond Group, as their business associates,
are amongst the topmost in the Diamond Market. The
company boasts of having set a trend of being the
receiver of various awards consecutively since the last 15
years, as one of the topmost exporters of cut and polished
diamonds. We are amongst the topmost in the market
and look forward to contributing the best o the Industry,
for mutual interest.
Laxmi Diamond Group completed 40 years of its existence
and to celebrate this joyous occasion, an event was
organized on 18th of October 2012, at Surat which was
presided by a delegation from DTC with their CEO, Mrs.
Varda Shine and also accompanied by representatives
from I. Hennig & Company, Mumbai. To commemorate
this wonderful day, ffty employees of Laxmi Diamond
Group from Mumbai and Surat offces, were felicitated.
The evening concluded with a colourful programme of
Raas and Garba, - a very traditional Indian dance, but
thoroughly enjoyed by all the foreigners present, who
could not resist stepping on the dance foor and danced
to glory.
Peerawat Suraseth (First from right)
with his brother and Mother
Vasantbhai and Ashokbhai Gajera Chairman &
M.D. of Laxmi Diamond Group felicitating an
employee of the Orgn. Ms.Varda Shine, CEO of
DTC, London is standing next to Vasantbhai
A
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The DTC logo is a trademark used under licence from DTC
Trusted by the Worlds Most Prestigious Watch & Jewellery Brands.
The beauty of mother nature stays unsurpassed. No wonder
she is the paragon of perfection, Eurostars muse. Thrilled by
her beauty, our ambition is to cut the perfect diamond, our
pride is to guarantee you nothing but the best on this planet.
True masterpieces designed so that you can deliver sparkling
success. Discover how our values shape our diamonds at
www.eurostardiamond.com.
Hong Kong Jewellery & Gem Fair
11-15 September 2013
Asia World Expo | Booth 5B01 (Antwerp Pavilion)
EURO-02612-Ad-Idex-210x270-Masterpieces.indd 1 25/07/13 14:10
53.5 42.5 38.0 34.5 29.5 25.5 24.0 23.5 19.5 15.0 10.5
46.0 39.5 33.5 31.5 27.0 23.5 21.5 18.5 15.5 10.0 8.5
40.5 38.5 31.5 28.5 26.0 22.0 20.0 17.0 14.5 9.0 8.0
36.0 33.0 29.5 27.0 24.5 21.5 18.5 16.0 13.5 8.5 8.0
31.0 30.0 26.5 26.0 24.0 21.0 18.0 15.0 13.5 8.5 7.5
29.0 24.5 23.5 23.0 21.0 19.5 16.5 14.5 13.5 8.0 7.5
23.5 21.0 20.5 19.0 17.5 17.0 15.5 14.0 13.0 8.0 6.5
20.0 19.0 18.0 17.0 16.0 15.5 14.5 13.5 9.5 7.5 6.0
18.5 17.5 17.0 16.0 15.5 15.0 12.0 11.5 9.0 6.5 5.5
17.0 16.0 15.5 14.5 13.5 13.0 11.5 10.0 8.0 6.5 5.0
15.0 14.5 14.0 13.5 12.5 11.0 10.5 9.5 8.0 6.5 5.0
ROUNDS 0.40-0.44
ROUNDS 0.80-0.89 ROUNDS 0.70-0.79
105.5 78.5 69.0 63.5 59.5 48.0 41.0 36.0 31.5 22.5 14.5
80.0 70.5 63.0 59.0 53.5 46.0 38.5 34.5 28.0 21.0 14.0
68.5 61.0 58.0 56.5 49.5 45.0 37.5 34.0 27.5 20.5 13.5
62.0 57.5 55.5 49.0 44.5 40.0 34.5 31.5 26.5 20.5 13.0
55.0 54.0 49.0 44.5 42.0 38.0 33.0 30.0 24.5 18.0 11.5
44.5 42.5 42.0 40.5 37.5 33.5 26.5 25.5 21.0 13.5 9.5
33.5 32.0 30.5 29.5 28.5 27.0 24.5 23.5 19.0 11.5 9.0
26.5 26.0 24.5 23.0 22.0 20.5 19.0 18.5 15.5 10.5 8.0
25.5 23.5 23.0 21.5 21.0 20.0 17.5 17.0 15.0 10.5 8.0
24.5 23.0 22.5 21.0 20.5 19.5 16.5 16.0 13.5 9.5 8.0
23.0 22.5 22.0 20.5 20.0 19.0 16.0 14.0 11.0 8.5 7.0
116.5 95.5 79.0 71.0 65.5 54.0 43.5 39.0 33.5 24.0 15.0
94.5 78.5 71.0 63.0 59.5 50.0 41.5 36.5 31.5 22.0 14.5
79.5 74.0 64.0 61.0 55.5 49.0 40.5 36.0 29.0 21.5 14.0
69.0 62.0 58.0 55.0 49.0 44.0 38.0 32.5 28.0 20.5 13.5
59.0 57.0 54.0 48.5 45.0 41.0 35.5 32.0 25.0 18.5 12.0
49.0 46.0 43.0 42.0 41.0 35.5 31.5 28.5 21.5 14.0 10.0
37.5 34.5 34.0 32.0 31.0 29.0 28.0 25.5 19.5 12.0 9.0
33.0 29.0 28.5 25.0 24.5 21.0 20.0 19.0 16.0 11.0 8.0
32.0 27.5 25.0 22.5 21.5 20.5 19.0 18.5 15.0 10.5 8.0
31.5 27.0 24.5 22.0 21.0 20.0 17.5 17.0 14.0 9.5 8.0
28.5 25.5 22.5 21.0 20.5 19.5 16.5 14.5 11.5 8.5 8.0
ROUNDS
IDEX DIAMOND PRICE REPORT
IDEX analysis of asking prices f or hi gher-quality diamonds i n t he i nternational wholesale markets
In hundreds of USD per carat I Updated weekly I www.idexonline.com/prices I email: prices@idexonline.com I Page 1/2
Prices of actual transactions may vary significantly from this report. Prices are affected by various factors including but not limited to diamond quality, certification & geography.
IDEX does not guarantee the accuracy nor the validity of this information. Copyright 2011 by IDEX Online, S.A. All rights reserved.
22-AUG-2013
31.0 25.5 24.5 21.0 18.5 16.5 13.5 10.5 9.0 7.5 6.0
23.5 23.0 21.5 20.0 18.0 15.5 13.0 10.0 8.0 6.5 5.5
22.5 21.0 20.5 17.5 17.0 14.0 12.5 9.0 8.0 6.5 5.5
20.0 18.5 18.0 17.0 16.0 12.0 11.5 8.5 8.0 6.5 5.5
19.0 18.0 17.5 15.5 15.0 11.5 10.5 8.0 7.5 6.0 5.0
18.5 17.0 16.0 14.5 13.5 10.5 9.5 7.5 7.0 6.0 5.0
17.0 16.5 13.0 10.5 9.5 8.5 8.0 7.0 6.5 5.5 4.5
12.5 11.5 10.0 9.0 8.0 7.5 7.0 6.5 6.0 5.0 4.0
10.0 9.5 9.0 8.5 7.5 7.0 6.5 6.0 5.0 4.0 3.5
9.5 9.0 8.5 8.0 7.0 6.5 6.0 5.5 4.5 3.5 2.5
8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.0 3.5 2.5
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ROUNDS 0.18-0.22 22-Aug-13
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
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ROUNDS 0.45-0.49 22-Aug-13
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22-Aug-13
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ROUNDS 0.30-0.39 22-Aug-13
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22-Aug-13
22-Sep-11
35.0 27.0 25.0 21.5 20.0 18.0 16.0 11.5 10.0 8.5 7.0
28.0 24.0 23.0 20.5 19.5 16.5 15.5 10.5 9.5 8.0 6.0
24.5 23.0 22.5 20.0 19.0 15.5 14.0 10.0 8.0 7.5 6.0
22.5 21.5 20.5 19.5 18.0 14.5 12.5 9.5 8.0 7.5 6.0
21.0 19.5 19.0 18.0 17.0 14.0 11.0 9.0 8.0 7.0 5.5
20.0 18.5 17.0 16.5 14.5 13.0 10.5 8.5 8.0 7.0 5.5
19.5 17.5 14.0 12.0 11.0 10.0 9.5 8.0 7.5 6.5 5.0
14.5 12.5 11.0 10.0 9.0 8.5 8.0 7.5 7.0 6.0 4.5
11.5 10.5 9.5 9.0 8.5 8.0 7.5 7.0 6.0 5.0 4.0
10.5 10.0 9.0 8.5 8.0 7.5 7.0 6.5 5.0 4.0 3.0
10.0 9.0 8.5 8.0 7.5 6.5 6.0 5.5 5.0 4.0 3.0
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ROUNDS 0.23-0.29 22-Aug-13
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ROUNDS 0.50-0.69 22-Aug-13
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22-Aug-13
Increases are shown in green, decreases in red.
78.0 60.5 51.0 47.5 42.0 34.0 29.0 27.0 22.0 20.5 13.5
58.5 53.0 46.5 45.0 38.5 31.5 26.0 24.5 20.5 19.0 12.5
53.0 49.5 45.0 42.5 37.5 29.5 25.0 23.5 19.5 18.0 12.0
50.5 44.0 42.5 39.5 34.0 27.5 24.0 22.5 19.0 17.5 11.5
43.5 41.0 38.5 35.0 31.5 27.0 23.0 21.5 18.0 14.5 11.0
37.5 36.0 33.0 30.5 27.0 23.0 20.0 18.0 14.0 10.0 8.0
29.5 29.0 27.0 25.0 22.0 20.0 18.5 17.0 13.0 9.0 8.0
24.0 23.5 21.5 19.5 19.0 17.5 16.5 15.5 13.0 8.0 8.0
23.0 22.0 19.5 19.0 18.0 17.0 15.0 14.0 12.0 8.0 6.5
22.5 21.0 19.0 18.5 17.0 16.0 14.0 13.5 11.0 8.0 6.5
22.0 20.0 18.5 18.0 16.5 15.5 13.5 11.5 8.5 8.0 6.5
37.5 30.5 26.5 24.0 22.5 19.5 17.5 15.0 14.0 11.0 8.0
30.0 28.0 24.0 22.0 20.5 18.0 17.0 14.5 14.0 9.0 7.5
26.0 25.5 23.0 21.0 20.0 17.5 16.5 14.0 13.0 8.5 6.5
24.5 23.5 21.5 20.5 19.0 17.0 16.0 13.0 12.0 8.5 6.5
22.5 21.5 20.5 19.0 18.5 16.5 15.5 12.5 11.5 8.0 6.5
20.5 19.5 18.0 17.5 16.5 15.5 14.5 12.0 10.0 8.0 6.0
20.0 18.0 16.5 15.5 14.5 14.0 13.0 11.5 9.0 7.0 5.5
16.5 15.5 14.5 14.0 13.5 12.5 11.5 10.5 8.0 6.5 5.0
15.0 14.0 13.5 13.0 12.0 11.0 9.5 8.5 7.5 6.0 4.5
13.0 12.5 12.0 11.5 11.0 10.0 9.0 7.0 6.0 4.5 3.5
12.5 12.0 11.5 11.0 10.5 7.5 6.5 6.0 5.0 4.0 3.0
41.5 36.0 32.0 31.0 26.0 22.5 20.5 19.0 15.5 12.0 9.0
35.5 33.0 29.5 28.0 24.5 21.0 19.5 16.5 14.5 9.0 8.5
32.5 32.0 29.0 25.0 24.0 20.5 18.5 16.0 13.5 9.0 8.0
30.5 28.5 28.0 24.5 23.0 19.5 18.0 15.0 13.5 8.5 7.5
27.5 26.5 25.0 23.5 21.0 19.0 17.0 14.5 13.0 8.5 7.5
23.5 22.5 21.5 21.0 19.0 18.0 15.5 13.0 12.0 8.0 7.5
21.0 20.0 18.5 18.0 16.0 15.0 13.5 12.0 10.0 7.5 6.0
19.5 18.0 17.0 16.0 15.0 14.5 12.5 11.0 9.0 7.0 5.5
18.0 17.0 16.5 15.0 13.5 12.5 11.0 9.0 8.0 6.0 5.0
16.0 15.5 15.0 14.0 13.0 11.5 9.5 7.5 6.5 5.0 4.0
14.5 14.0 13.5 12.5 12.0 10.5 9.0 7.0 6.5 5.0 4.0
ROUNDS 3.00-3.99
ROUNDS 1.50-1.99
ROUNDS 1.00-1.24
22-Aug-13
1628 1217 907 674 489 330 229 127 99 57 29
1285 956 767 619 456 302 205 110 89 49 22
972 759 697 558 433 287 190 107 87 45 21
753 529 490 454 404 276 182 106 83 41 19
574 411 389 364 306 224 171 97 75 38 19
436 338 324 287 268 197 140 84 66 37 19
334 288 264 233 226 167 126 73 58 34 18
246 216 211 185 166 121 98 64 51 27 18
187 160 140 132 120 107 78 59 46 26 18
144 120 109 101 96 84 65 51 42 26 17
108 102 92 76 63 58 50 45 36 25 17
1395 1111 852 633 456 297 205 113 94 52 26
1224 863 622 556 448 258 194 107 87 47 21
912 592 508 489 404 246 177 106 85 44 21
714 474 430 373 313 214 173 105 78 40 19
542 366 340 310 262 200 156 92 71 38 19
412 267 255 219 191 162 122 82 64 37 19
323 225 198 170 165 133 109 71 56 34 18
199 189 167 146 126 113 91 62 50 26 18
171 154 131 120 107 86 71 56 44 25 18
136 116 99 92 86 75 61 50 38 25 17
101 91 81 69 57 52 49 44 34 23 16
ROUNDS 2.00-2.99
518 411 351 308 213 167 122 90 73 44 22
362 312 292 253 189 151 114 86 66 40 19
309 280 251 221 183 142 109 85 58 35 16
239 219 198 173 155 129 104 81 56 29 16
189 175 161 156 135 119 99 78 51 26 16
144 132 126 118 110 100 87 72 51 25 15
110 104 102 92 85 82 72 64 50 23 15
94 91 90 88 81 73 62 58 44 19 15
78 75 73 68 63 55 49 43 32 16 14
69 65 64 60 53 45 41 35 26 16 14
65 61 60 57 47 42 36 29 25 16 13
278 206 171 142 123 89 74 66 52 33 18
201 183 142 125 110 84 71 64 48 29 16
160 144 119 115 94 81 68 60 45 27 16
127 117 112 94 87 76 65 57 44 27 16
102 98 88 85 77 71 64 54 44 24 15
84 77 74 71 68 64 59 53 39 21 15
70 67 66 62 59 53 51 48 34 19 14
60 56 55 53 52 46 40 35 29 16 14
51 48 47 46 43 39 35 33 27 16 14
48 44 40 38 35 30 29 28 21 16 14
47 42 37 36 28 26 24 23 20 16 13
22-Aug-13 ROUNDS 0.90-0.99
ROUNDS
IDEX analysis of asking prices for higher-quality diamonds in the international wholesale markets
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
ROUNDS 1.25-1.49 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
ROUNDS 4.00-4.99 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
ROUNDS 5.00-5.99
22-AUG-2013
1027 703 606 510 370 242 184 107 88 51 24
667 604 496 435 333 235 168 106 85 47 21
533 492 390 340 317 205 154 100 80 44 20
428 365 329 297 255 173 136 98 71 40 19
317 284 270 244 195 161 127 91 70 38 19
230 215 211 190 166 126 114 81 63 36 19
182 173 169 149 137 113 95 70 56 31 18
149 141 138 126 109 95 79 61 49 23 17
115 109 102 95 90 67 59 54 42 22 17
95 91 87 76 70 56 49 42 34 21 17
78 72 64 59 49 47 41 38 31 21 16
320 247 208 180 151 116 88 76 58 36 19
226 207 176 166 137 109 85 74 54 35 18
192 179 160 143 123 107 81 73 53 33 16
156 145 134 120 113 100 77 68 53 29 16
120 114 111 102 100 89 73 64 50 26 16
101 97 90 88 84 77 66 58 45 21 15
87 84 80 74 68 61 56 50 39 20 15
69 66 65 61 56 52 45 39 31 16 15
57 54 52 51 49 44 38 34 27 16 14
50 48 47 42 37 35 33 32 22 16 14
48 47 46 39 35 33 30 28 20 16 13
153 127 107 86 74 68 57 50 40 27 16
123 118 94 78 69 62 55 47 37 24 16
115 104 86 73 68 60 51 45 37 24 15
98 85 70 67 63 56 49 44 35 23 15
77 74 67 60 57 53 45 41 28 21 14
64 59 56 53 50 47 41 37 25 16 12
55 52 48 46 43 39 35 33 21 15 11
40 38 37 36 35 31 30 29 18 14 10
35 34 33 31 30 27 26 25 16 12 10
33 32 31 30 26 24 23 20 16 12 10
32 26 25 23 22 21 18 16 14 11 9
245 182 156 129 110 81 65 60 49 33 18
174 156 130 111 96 75 63 56 47 28 16
143 131 110 104 87 74 62 55 45 27 16
115 108 102 90 82 71 59 54 44 27 16
96 91 86 79 73 65 56 50 41 24 15
77 76 71 67 63 58 50 48 38 20 15
67 66 63 58 55 50 46 42 33 16 14
57 55 54 51 49 43 39 34 29 16 14
47 46 45 44 41 37 33 32 27 16 13
44 42 38 36 34 29 28 27 21 16 12
43 41 36 35 27 25 23 21 18 15 12
THE RIGHT DIAMOND,
OF THE PRECISE QUALITY,
WITH THE PERFECT FINISH
AND IN THE EXACT QUANTITY
THIS IS OUR PROMISE,
EVERY TIME.
Comprehensive and consistent production
of the highest quality diamonds in an array
of styles enables a flawless service,
inspiring trust in our customers.
COMPLETE
COLLECTION.
THE DTC SIGHTHOLDER LOGO IS A TRADE MARK
USED UNDER LICENCE FROM THE DE BEERS GROUP
WWW. ROSYBLUE . COM WWW. ROSYBLUE . COM
Visit us at:
1115 September, 2013
Asia World Expo, Hall 5 Booth 5E13
Emai l : c us t omer s uppor t @i dex onl i ne. c om New Yor k 212- 382- 3528
Antwerp 32-3-2341157 Mumbai 91-22-61273333 Ramat Gan 972-3-5757455
w w w . i d e x o n l i n e . c o m
Visit IDEX Online at International Jewellery
London at booth #I124.
Come and hear industry analyst Edahn Golan
speak about Polished Diamond Prices: The forces
shaping them and using this information to make
better diamond-buying choices.
When: 3 September
Where: The Whitehall Room
48.0 32.5 26.5 25.0 23.0 20.5 17.5 16.5 13.5 11.0 8.0
36.0 28.0 24.0 23.5 21.5 19.0 16.0 14.0 11.5 9.0 7.5
32.0 24.5 21.5 21.0 20.5 15.5 15.0 13.0 11.5 8.0 6.5
26.5 22.5 20.0 19.5 18.5 14.0 13.5 11.0 10.5 7.0 6.0
23.0 21.0 19.0 18.5 15.5 13.5 12.0 10.0 9.5 7.0 5.5
22.0 20.0 16.5 16.0 14.0 12.5 11.5 9.5 8.0 6.5 5.5
16.5 16.0 14.0 13.5 13.0 11.5 10.5 9.0 7.5 5.5 4.5
14.5 13.5 12.5 12.0 11.0 10.0 9.5 8.0 7.5 5.0 4.0
12.5 12.0 11.0 9.5 9.0 8.5 8.0 7.5 5.5 4.5 3.5
12.0 11.0 10.0 9.0 8.5 8.0 7.5 6.5 5.5 4.5 3.5
11.0 10.0 9.5 8.5 8.0 7.0 6.5 6.0 5.0 4.5 3.5
FANCIES 0.40-0.44
FANCIES 0.80-0.89 FANCIES 0.70-0.79
71.0 63.5 54.0 50.0 45.0 40.0 33.0 30.5 27.0 18.0 12.0
54.5 52.5 50.0 47.0 41.5 37.0 31.5 29.0 23.5 17.5 11.0
51.5 46.0 45.0 44.0 39.5 35.5 30.0 25.0 23.5 16.5 10.0
48.5 44.0 41.0 39.5 37.5 33.0 28.5 24.0 23.0 15.0 9.5
45.0 40.0 37.5 35.0 34.0 32.5 26.5 23.5 21.0 13.5 8.0
40.0 32.0 31.5 30.0 28.5 28.0 25.5 20.0 19.0 12.5 7.0
28.5 27.0 23.5 22.5 22.0 21.5 20.5 16.0 13.5 7.5 5.5
21.5 20.0 19.5 19.0 17.5 16.5 15.0 13.5 10.5 6.5 4.5
19.5 15.5 14.5 14.0 12.5 12.0 11.0 10.5 8.0 6.0 4.5
18.5 15.0 13.5 12.5 10.5 10.0 9.0 8.0 7.5 5.5 4.0
16.0 13.5 13.0 11.0 10.0 9.0 8.0 7.0 5.5 4.5 3.5
77.5 67.5 59.0 52.5 50.5 43.5 35.5 34.5 34.0 23.5 13.0
64.0 55.5 53.5 50.0 45.0 41.5 33.0 31.0 29.5 22.5 12.0
54.5 51.0 49.5 49.0 44.5 41.0 32.5 29.5 29.0 19.5 11.0
49.5 45.5 43.5 42.0 40.5 36.5 32.0 28.0 27.5 18.0 11.0
45.5 43.0 41.0 37.0 36.5 33.0 29.0 25.0 24.5 16.0 9.5
41.0 35.0 34.0 32.5 32.0 30.5 28.0 23.5 22.0 14.5 8.0
30.5 28.5 28.0 25.5 24.0 23.0 21.5 17.5 16.0 8.0 6.0
22.5 21.0 20.5 19.5 18.5 18.0 17.0 15.0 11.0 7.0 5.0
20.0 17.0 15.5 15.0 14.0 13.5 13.0 12.5 10.0 6.5 4.5
19.0 16.5 15.0 14.0 12.0 11.0 10.5 9.5 8.0 5.5 4.5
16.5 14.5 13.5 11.5 10.5 9.5 8.5 7.5 6.5 5.0 4.0
FANCIES
IDEX analysis of asking prices f or higher-quality di amonds in the international wholesale markets
22-AUG-2013
18.0 15.5 15.0 13.5 12.0 10.5 8.0 7.0 6.0 5.0 4.0
14.5 14.0 13.5 11.0 10.5 8.0 7.5 6.0 5.5 4.5 3.5
12.0 10.5 10.0 9.5 8.5 7.5 7.0 5.5 5.5 4.5 3.5
11.0 10.0 9.5 9.0 8.0 7.0 6.0 5.0 5.0 4.0 3.5
10.5 9.5 9.0 8.5 7.5 6.0 5.5 4.5 4.5 3.5 3.0
10.0 9.0 8.5 8.0 7.0 5.5 5.0 4.0 4.0 3.5 3.0
9.5 8.5 7.5 6.0 5.5 4.5 4.0 3.5 3.5 3.0 2.5
7.0 6.0 5.5 5.0 4.5 4.0 3.5 3.0 3.0 3.0 2.5
5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 2.0 2.0 2.0
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.5 1.5 1.5
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 1.0 1.0 1.0
D
E
F
G
H
I
J
K
L
M
N
FANCIES 0.18-0.22 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 0.45-0.49 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 0.30-0.39 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
22-Sep-11
21.0 19.5 19.0 17.0 15.0 12.5 11.5 9.0 8.0 6.0 5.0
19.5 19.0 18.5 15.5 14.5 11.5 10.5 7.5 7.5 5.5 4.0
17.5 17.0 16.5 14.5 14.0 11.0 10.0 7.0 7.0 5.0 4.0
17.0 15.0 14.5 13.5 12.5 10.5 9.5 6.5 6.5 5.0 4.0
15.5 14.5 14.0 13.0 11.5 10.0 8.5 6.0 6.0 5.0 3.5
14.0 13.5 13.0 11.5 9.0 8.5 8.0 5.5 5.5 4.5 3.5
13.0 11.0 10.0 8.0 7.5 7.0 6.5 5.0 5.0 4.0 3.5
10.0 9.0 8.0 7.5 6.5 6.0 5.5 4.5 4.5 4.0 3.0
8.0 7.5 7.0 6.0 5.5 5.0 4.5 4.0 4.0 3.5 2.5
7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.5 2.5 2.0
6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 3.0 2.5 1.5
D
E
F
G
H
I
J
K
L
M
N
FANCIES 0.23-0.29 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 0.50-0.69 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
F
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c
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b
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(
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(
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56.5 42.5 36.0 32.5 30.0 26.0 22.5 19.5 18.0 13.0 8.5
45.0 35.0 33.0 28.0 26.5 23.0 21.5 18.5 17.5 12.0 7.5
36.0 31.0 29.5 26.0 25.0 22.5 20.5 18.0 17.5 11.5 6.5
31.0 27.0 26.0 25.0 24.0 21.5 19.5 17.5 17.0 11.0 6.5
29.0 25.0 24.5 24.0 23.0 20.0 19.0 16.0 15.5 10.5 6.5
26.0 23.0 22.0 20.5 19.5 18.5 17.0 15.5 13.5 8.0 6.0
20.0 18.5 18.0 17.0 16.5 16.0 15.5 13.5 11.5 7.0 5.5
16.5 15.5 15.0 13.5 13.0 12.5 12.0 11.0 10.0 6.0 4.5
14.5 13.5 12.5 10.5 10.0 9.5 9.0 8.0 6.0 4.5 4.0
14.0 12.5 11.0 10.0 9.0 8.5 8.0 7.5 5.5 4.5 3.5
12.5 10.5 10.0 9.5 8.5 7.5 7.0 6.5 5.0 4.5 3.5
28.5 24.5 21.0 19.5 17.5 16.5 15.0 12.5 11.0 8.0 5.5
26.0 24.0 20.0 18.5 16.5 15.0 13.0 11.0 10.5 7.0 5.0
22.0 21.0 17.5 16.5 16.0 13.5 12.5 10.0 9.0 6.5 4.5
18.0 17.5 17.0 16.0 15.0 13.0 12.0 9.5 9.0 5.5 4.0
17.0 15.5 15.0 14.5 14.0 12.5 10.5 8.5 7.5 5.5 4.0
16.0 14.5 13.5 13.0 12.0 11.5 10.0 7.5 7.0 5.0 4.0
13.5 11.5 10.5 10.0 9.0 8.0 7.5 7.0 6.0 4.5 3.5
10.5 9.5 9.0 8.5 8.0 6.5 6.0 5.5 4.5 4.0 3.0
8.5 8.0 7.5 7.0 6.5 5.5 5.0 4.5 4.5 3.5 3.0
7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.0
7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.5 3.0 1.5
34.5 28.5 25.5 24.5 22.5 19.5 16.0 13.5 12.5 10.0 7.0
29.5 26.0 22.5 22.0 21.0 18.5 15.5 13.0 11.5 8.0 6.5
28.5 23.5 21.0 20.5 20.0 15.0 14.0 12.5 11.0 8.0 6.0
25.0 21.5 19.5 19.0 18.0 13.5 13.0 10.5 9.5 7.0 5.0
21.0 19.0 18.0 17.5 14.5 13.0 11.5 9.5 8.5 6.5 5.0
19.0 18.5 16.0 14.5 13.0 12.0 10.5 9.0 8.0 6.5 5.0
15.5 13.0 12.5 11.5 11.0 10.5 9.5 8.0 7.0 5.5 4.0
13.5 12.5 11.5 10.5 10.0 9.5 8.5 7.0 6.0 4.5 3.5
12.0 11.5 10.5 9.0 8.5 8.0 7.5 6.0 5.0 4.0 3.0
11.5 10.5 9.5 8.5 8.0 7.5 6.0 4.5 4.0 3.0 2.5
9.5 9.0 8.5 8.0 7.5 6.5 5.5 4.0 4.0 3.0 2.5
FANCIES 3.00-3.99
FANCIES 1.50-1.99
FANCIES 1.00-1.24
22-Aug-13
1004 886 726 605 490 316 245 123 102 57 28
876 743 620 511 452 276 167 84 68 37 21
686 579 518 447 392 236 157 81 66 32 16
574 444 397 382 291 213 149 74 60 29 15
401 358 333 296 246 190 127 66 52 27 14
314 277 254 217 201 166 121 64 48 26 14
248 226 178 175 157 142 107 61 40 25 13
178 146 128 127 118 93 76 49 31 20 13
127 104 84 82 74 72 54 36 24 20 13
94 74 66 62 56 53 41 28 24 20 12
67 62 56 47 36 35 32 27 24 19 11
820 692 567 512 398 215 143 86 67 39 21
788 606 480 371 332 194 137 77 63 34 17
507 488 396 335 298 192 109 75 56 30 14
366 343 302 278 260 184 102 72 53 27 13
262 253 245 244 206 160 101 64 50 26 13
160 159 158 157 153 124 96 61 45 22 12
141 136 133 126 115 106 75 55 38 20 12
88 87 86 85 84 83 65 46 30 19 11
72 69 68 67 66 59 51 34 23 16 11
58 56 55 54 52 48 40 26 23 16 11
43 41 39 37 34 33 31 25 23 16 10
FANCIES 2.00-2.99
343 251 233 209 164 129 93 65 50 30 19
258 227 185 178 144 125 92 64 48 28 15
215 191 168 157 136 120 87 63 45 25 12
172 161 155 134 125 104 86 62 45 24 11
138 114 110 106 103 90 79 56 45 22 11
101 93 91 87 83 79 71 52 38 21 11
87 78 75 68 67 62 58 45 33 19 10
67 62 61 57 56 53 51 39 29 16 10
56 50 48 45 42 40 37 30 22 15 10
47 46 42 39 35 28 25 24 18 14 10
39 38 36 33 27 25 22 19 17 13 9
184 141 113 100 83 69 63 52 45 29 16
137 126 94 85 78 68 59 50 39 26 15
119 102 87 81 75 67 58 49 37 22 12
96 84 81 78 73 65 57 47 35 20 11
79 69 66 63 60 58 52 38 34 20 10
67 57 56 55 52 51 47 37 32 16 10
53 46 45 44 43 42 40 34 29 14 10
42 39 36 35 34 33 31 28 22 14 9
36 32 30 29 28 27 25 23 16 14 9
32 31 26 24 23 22 16 15 15 12 9
29 28 24 23 19 18 15 12 10 10 8
22-Aug-13 FANCIES 0.90-0.99
FANCIES
IDEX analysis of asking prices for higher-quality diamonds in the international wholesale markets
F
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s

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p
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i
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b
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(
3
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,

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(
2
0
%
)
,

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(
1
8
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)
,

O
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(
1
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M
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(
9
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H
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(
7
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)
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 1.25-1.49 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 4.00-4.99 22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
22-Aug-13
D
E
F
G
H
I
J
K
L
M
N
FANCIES 5.00-5.99
22-AUG-2013
699 439 400 320 249 184 121 79 66 36 19
534 373 342 293 231 158 105 71 58 32 16
357 326 271 252 204 152 102 70 51 28 13
292 266 261 214 188 121 101 69 49 25 13
230 218 197 174 144 110 89 59 47 23 12
158 152 149 138 122 97 77 56 39 21 12
137 111 107 100 91 76 66 51 36 20 11
84 83 82 81 69 64 53 43 30 18 10
61 59 58 55 54 46 38 33 23 16 10
52 50 48 45 44 37 33 25 22 14 10
42 40 38 35 30 28 26 24 20 13 9
230 184 156 130 110 93 72 56 46 29 18
179 156 133 118 105 89 71 55 40 26 15
144 134 125 103 97 84 70 54 38 22 12
117 112 100 97 85 78 66 51 38 20 11
99 87 85 81 76 71 63 47 36 20 11
84 75 73 68 64 60 56 42 33 19 10
68 63 58 57 54 52 48 41 29 15 10
54 47 45 42 41 40 39 32 28 14 10
46 37 36 35 33 32 28 24 20 14 10
37 36 34 30 28 27 22 20 18 13 10
32 31 30 29 23 22 18 17 15 13 9
103 80 76 64 56 50 42 39 36 25 13
91 78 67 61 53 49 39 36 33 23 12
85 68 60 56 51 46 38 35 32 20 11
58 57 50 49 48 45 37 34 30 19 11
48 45 44 43 42 41 36 32 30 16 10
46 44 43 41 39 37 34 29 27 15 9
33 32 31 28 27 26 25 23 22 13 8
28 26 25 24 23 22 21 19 16 10 8
26 21 20 19 18 16 15 14 13 9 6
21 19 18 16 14 13 12 11 10 8 6
20 15 14 12 11 10 9 8 8 5 4
166 118 107 86 74 61 49 43 37 25 15
115 107 88 78 71 60 48 40 35 23 14
102 90 81 74 70 59 47 37 33 20 12
79 75 73 69 62 54 46 36 32 20 11
71 61 59 57 54 50 43 33 31 19 10
55 52 50 49 47 43 39 32 28 16 10
45 44 43 42 38 37 35 29 26 13 10
37 36 35 34 32 30 27 25 21 13 9
30 29 28 27 26 25 23 20 16 13 9
22 21 20 19 18 17 15 14 14 11 8
21 20 19 18 17 15 14 11 10 9 8
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84
|
Demand for Key DTC Boxes Following July Sight
Article Demand Remarks on Demand
Fine 2.5-4 cts & Fine 5-14.8 cts Low demand for 2.5-4 cts
and medium demand for
5-14.8 cts
Lower demand compared to previous Sight. Trading at or
just above list.
Crystals 2.5-4 cts
& Crystals 5-14.8 cts
Low demand for both boxes Lower demand compared to previous Sight. Trading at list.
Commercial 2.5-4 cts and 5-14.8
cts
Low demand for 2.5-4
cts and high demand for
5-14.8 cts
Same demand compared to previous Sight. 2.5-4 cts
trading at low single digits, and 5-14.8 cts trading at high
single digits.
Spotted Sawables 4-8 gr Medium demand Same demand compared to previous Sight. Trading at low
single digits.
Chips 4-8 gr Medium demand Same demand compared to last Sight. Trading at low single
digits.
Colored Sawables 4-8 gr &
Colored 2.5-14.8 cts
Medium demand for both
sizes
Same demand compared to previous Sight. Trading at mid-
single digits.
Makeables High 3 gr +7 Medium demand Better demand compared to last Sight. Trading at low
single digits above list.
Preparers Low 3-6 gr Medium demand Higher demand then last Sight. Trading at mid-single digits.
1st Color Rejections (H-L)
+11/+7
Very low demand Same demand compared to previous Sight. Trading at
below list.
1st Color Rejections (H-L) -7+3 Low demand Same demand as last Sight. Trading at below list.
|
polished > rough di amond market report
|
of why 85 percent of the Sight was bought, or why
more goods were not turned down.
Sightholders do not want to lose their allocations and
fear that their inability to deal with the goods today
will be seen as an inability to handle the goods in the
future. Some also need to show the banks turnover
to keep their credit intact. At the end of the day, a
business needs to operate, even if its profts from
polishing are only near 1 percent.
Tis last point should not be viewed as an obvious
one. Once again, we are hearing reports that money is
leaving the industry with owners of large companies
investing their cash in other sectors.
demand is low
Firsthand buyers trying to sell rough to the secondary
market are fnding that most boxes are not selling.
Most buyers are Indians who are willing to pay 1-2
percent above list price, according to one source 2-3
percent, according to another at 60-90 days credit.
Tese premiums are true not only for De Beers goods,
but also for Alrosas, which, while not as expensive as
De Beers, are still considered unproftable.
Te goods in demand are the large 5-15 carat color
goods. Tere are mixed reports about demand for 4-8
grainers in VS-SI (commercial) goods, while the 2.5-4
carats parcels are hardly moving.
august sight will Be small
Sightholders have some fexibility about when and
how much of their allocation they get at each Sight.
At the August Sight (held after this article was
written), Sightholders delayed as much as 25 percent
of their allocation, and as far as we know, there are no
requests for ex-plan goods (additional items beyond
the scheduled allocation). IDEX
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The DTC Sightholder logo is a trademark used under license from the De Beers Group. Forevermark
and
are trademarks used under license from the De Beers Group of Companies.
| www.ydILtd.cOM
88
| Back to the Floor: The Changing Face of the Diamond Bourse
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Israel Diamond Exchange Trading Floor
Image: Jonathan Torgovnik for IDI
Back t o t he Fl oor : The Changi ng Face of t he Di amond Bour se
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89
Like many things from our past, the tradition of
the diamond bourse as the only place to trade
diamonds and as a place solely to trade
diamonds is long gone. The period when
traders met everyone that they did business
with face to face, and when they negotiated
long and hard over every transaction until
uttering the word mazal and shaking on a
new deal is now nothing but a distant memory.
Today, many traders do not even venture down
to the trading foor of the major bourses of the
world. They conduct business from their offces,
letting people who want to trade come to them.
In a number of cases, the trading foor is now
just for those people who do not have an offce,
small time diamantaires who carry their offce
in their briefcase. Others do not even maintain
an offce, preferring instead to conduct all their
business through the virtual world of the online
diamond trading platform (such as IDEX Online).
But the bourse is no longer just a place to trade
diamonds in the old-fashioned way. These days,
bourses are looking for all sorts of creative
ways to increase business in their centers and
to make the trading foor the place to be for
doing deals.
This month, we look at the changing face of the
diamond bourse and take a look at the past,
present and even the future of one of the iconic
if not the most iconic symbols of the trade.
T
r
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d
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P
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s
:

The Role
of the
Trading
Halls
in Doing
Business
By Albert Robinson
90
T
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P
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s
:

The Role
of the
Trading
Halls
in Doing
Business
By Albert Robinson
|
91
92
92
The attempt to revive the bourses
trading foors in non-traditional
ways can be traced back almost four
years to the beginning of the Antwerp
Diamond Trade Fair. That event has
been joined by a similar type of trade
fair, the Israel Diamond Week, on the
foor of the Diamond Dealers Club of
New York (DDC) in December, and the
holding in March and late August of a
US & International Diamond Week at
the Israel Diamond Exchange.
The question arises as to what this all
means for the 28 World Federation of
Diamond Bourses (WFDB) affliated
exchanges situated around the globe
in 22 countries. For some years,
trading activity on the foors of the
worlds diamond exchanges has
declined, including those exchanges
formerly known for their hectic levels
of activity, such as those in the United
States, Belgium and Israel.
Clearly, many diamantaires prefer
to carry out business in the relative
calm and privacy of their offces.
That trend has been strengthened
by new technology, the Internet and
instant communications, which all
come together in the form of the
many instant trading platforms that
have been created in the past decade
or less. Hardnosed competition has
led a transformation in the way that
diamantaires do business.
Where trading was once almost
exclusively seen in the halls of the
diamond bourse and on the trading
foor, diamond companies are now
happy to have traders bring goods
from other companies even in the
same bourse to their offces. Its a
little sad to say, but we prefer to stay
in our offces and have goods brought
to us for inspection, said Diamond
Dealers Club of New York president
Reuven Kaufman.
There often isnt the time anymore
to have an unhurried walk around
the bourse, chatting here and there
with friends and acquaintances. Dont
get me wrong, that still happens, but
just not a lot now. The atmosphere
is more tense than in past times.
People feel the pressure more. Its all
about results. We want an effcient
way of operating that creates as little
lost time as possible, and by having
people bring goods to the offces, this
happens, he added.
It could be the effects of globalization or, as competition
becomes ever fercer and proft margins increasingly
slimmer, it might be the perceived need among diamantaires
for increased confdentiality, but have trading halls become
irrelevant to the modern diamond business? A recent trend
of creating tradeshows, as well as other events, on the trading
foor of bourses has put the spotlight on diamond exchanges
and their changing roles.
|
93 Back t o t he Fl oor : The Changi ng Face of t he Di amond Bour se
|
93
The infuence of the younger
generation of diamantaires, who
have entered the business in the past
decade or so, has also added to the
changing trend of working practices.
Using modern business techniques has
brought about mid-scale change in the
diamond sector, in spite of its highly
conservative and traditional nature.
Although personal meetings remain an
important way of doing business, new
methods of conducting transactions
are nevertheless transforming the
diamond sector.
We did not believe in the past that it
would be possible for a diamond to be
sold without the potential buyer seeing
it with their own eyes and feeling and
inspecting it with their own hands,
said former Israel Diamond Exchange
president Avi Paz. But we have
learned in the past decade, with the
introduction of modern technology
and payment methods that provide
guarantees of being able to return the
gem, that this is indeed possible.
Todays diamond business is so
fast-moving that whoever insists on
what are now seen as old-fashioned
working methods fnds himself left
behind. There really is no choice
but to move with the times. The
older members of the exchanges are
not comfortable with this, but they
have to accept it just as the young
generation do, Paz added.
Indeed, some younger members of the
trade seriously ask whether it is still
necessary to go to a diamond bourse
to look for diamonds to buy when a
few computer clicks on an online
trading platform often produce the
exact gem required. I dont always go
to the diamond exchange, said one
Israeli dealer.
If I am stuck for time and need to move
quickly, then I stay at home and work
from the computer and mobile, he
said. I can often track down a stone in
30 minutes or less, while saving myself
travel time and being at home with the
children. This is a huge advantage.
I am not saying that this is what I
would be prepared to do every day,
because you must retain relationships.
You must see people face-to-face,
there is no replacement for that. But
Some younger members of the

trade seriously ask whether
it is still necessary to go to a
diamond bourse to look for
diamonds to buy when a few
computer clicks on an online
trading platform often produce
the exact gem required.
94
94
the diamond exchange is simply not
the vital workplace that it was for my
father and his colleagues. And it is not
just in the Israel diamond exchange
that this is happening. When I go to
buy diamonds in Antwerp, I often
meet the sellers in a caf or restaurant
rather than in their offces.
Former president of the Antwerpsche
Diamantkring CVBA (the Antwerp
rough diamond bourse) David Wahl
confrms the changing face of the
diamond industrys trading patterns.
Its clear that diamond people prefer
their private offces to the bourse,
and increasingly that is where you
are seeing a lot more business being
carried out, he said.
And you can add in the growing
importance of trade shows, where
much more business is being carried
out. You need to be able to reach
a global audience and make new
contacts, and the larger shows enable
you to do that in a highly concentrated
way. That has also caused something
of a blow to the bourses, because at
your home base, how many potential
buyers or sellers do you have that you
do not already know?
Many members of the global diamond
sector believe there has been an
inexorable shift away from the
trading foor. When I started out 20
years ago, you would see many scores
of buyers and brokers on the trading
foor and in the corridors, said an
American diamantaire. Nowadays,
the corridors seem just like those in
any offce building, and the trading
hall is somewhere people go if they
have some spare time. The public
spaces have lost their urgency.
Despite a clear decline in the role of
the bourse as a space for business
transactions to take place, the
exchanges have retained their
importance in one key feld the
judicial aspect. Disputes in the
diamond business are often ultimately
adjudicated by the arbitration boards
of the exchanges. A member of a
bourse who is in contravention of
You must see people face-to-

face, there is no replacement
for that. But the diamond
exchange is simply not
the vital workplace that it
was for my father and his
colleagues.
US/Israel International Diamond Week
Image: Fuchs
|
|
95
the rules cannot trade in another
exchange anywhere in the world.
The ability to implement sanctions is
a very powerful aspect of the role of
diamond exchanges.
The bourse comes into its own in this
respect because judgments are not only
fully enforced at the exchange where
the decision was handed down, but at
every other WFDB-affliated exchange.
The knowledge that judgments
against transgressing members can be
enforced at all other WFDB-member
exchanges gives bourse members a
huge degree of security because they
know that they can trade safely and
with a back-up against transgressors,
explained Wahl.
This is all the more critical because
trading has become increasingly
international in the past decade or
two. It has become second nature to
deal with someone abroad as if he were
in the next offce or the foor below
you. Because judgments are applied
at all bourses that are members of the
WFDB, the decisions are automatically
relayed and applied, he added.
A further vital role of diamond
bourses is to oversee the work of the
Kimberley Process (KP) in their home
country. They make sure that the
rules are followed to the letter, said a
senior Israeli offcial who was involved
with the KP when Israel chaired the
international organization.
Can the worlds diamond exchanges
stay relevant as trading foor activity
declines and the need for open spaces
to meet and carry out business
becomes less important? Clearly,
diamond exchanges everywhere must
adapt to remain relevant to their
membership, and that means creating
new initiatives to persuade members
they have a strong reason to come out
of their offces.
96
96
It's a
After All
The Antwerp Diamond Bourse
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97
The World Federation of Diamond Bourses (WFDB) was founded in
1947. Its aim was to create a unifed body to provide a set of rules for
bourses trading in diamonds both rough and polished and colored
stones to abide by and to champion the collective interests of the
diamond trade. From a handful of bourses in its earliest days, the
WFDB has grown to include 28 bourses and counting from a diverse
range of countries as the desire for diamonds continues to grow.
IDEX Magazine editor-in-chief Danielle Max spoke to WFDB
president Ernest Blom about some of the changes taking place in
the WFDB and to Rami Baron, a member of the executive council
of the WFDB about one of the organizations initiatives the World
Diamond Mark.
The World
Federation of
Diamond Bourses
Danielle Max: How do you see the
role of diamond bourses changing?
Ernest Blom: The role of diamond
bourses is changing, but I think their
role is becoming ever more important
as the diamond trade evolves. As trade
is progressing and becoming more
global, and communications are more
instant and the way we do business is
changing, the way the bourses operate
and how they operate is becoming
ever more important.
For example, here in South Africa,
people are coming to the country on
a weekly basis to attend both rough
and polished tenders, but before I
would take on a new client or deal
with someone, I would want to know
that they are a member of an affliated
bourse. The bourses offer a controlling
aspect and also provide oversight.
How is the role of the WFDB itself
evolving?
The WFDB offers a support function
to all the bourses. It helps to
protect integrity and has assumed a
leadership role. This role is becoming
more relevant in todays trading
environment as it helps protect the
interests of member bourses.
Do you still see a need for the diamond
bourse in the traditional sense, or
do you think that developments in
technology, online trading and so on
makes them something leftover from
a previous age in the industry?
There will always be a need and
necessity for bourses in the traditional
sense, although bourses will need to
be innovative and ahead of the curve
when it comes to technology, online
trading and innovation.
The Antwerp Diamond Bourse
98
98
Ernest Blom
If we look at online trading the
potential challenges faced there
are numerous and if it were not
for the bourses, there would be no
mechanism in place to remedy any
problems. Communication is also
a very important aspect and this is
where a bourse plays a vital role in
reaching the members.
As I said earlier for the bourses
themselves to remain relevant they
need to stay abreast of the latest
developments in this feld. Tradition
and technology need to be married so
as to create a sustainable future for all.
Why are new bourses in such unlikely
countries as Panama and South
Korea, countries without a traditional
heritage of diamond consumption,
joining the WFDB?
A lot of new diamond-consuming
countries have heard about us. They
are more aware of what is happening
in the diamond world, and they have
a desire to be part of a global body.
Countries such as Canada and South
Korea, for example, understand the
benefts of being affliated with the
WFDB. Panama sees itself as the
gateway to South America and wants
to have a foothold on that continent,
while South Korea is actually a very
large consuming market.
Where do you see the new diamond
consuming markets coming up from?
Thats a good question. I wish I had a
crystal ball to see the future! I think
that South America is going to open
up. Brazil especially has a very strong
economy at the moment.
In Istanbul, it was again posited
that the WFDB should become
involved in setting up a pavilion
at international trade shows where
members can exhibit under the
WFDB umbrella. What would be the
beneft of such a move?
Many members fnd that exhibiting at
a trade show or fair is just too costly.
If we look at online
trading the potential
challenges faced there
are numerous, and
if it were not for the
bourses, there would be
no mechanism in place
to remedy any problems.
Communication is also a
very important aspect,
and this is where a
bourse plays a vital role
in reaching the members.

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99
The idea, therefore, is to take space at
various trade shows which ones we
havent decided yet and then rent
space to members who are not able to
exhibit under a national pavilion. We
will probably implement the idea at
the next committee meeting and make
the facility available for members.
Another important issue is the lack of
women in the industry. How can the
WFDB help to increase the number
of women involved in the trading
level of the pipeline? Why do you
think it is that there are no women
represented in the major positions in
the industry?
I am extremely unhappy that there
arent enough women in the industry.
We need more women involved in
leadership roles in the individual
bourses, as the WFDB doesnt directly
say who is on its boards; we get the
people elected by the bourses.
I would certainly like to see more
women taking part in executive
positions, and how to get them to do
so is a vexing question.
One of the things I intend to do is
to encourage younger members to
get into the administration side of
the bourses. Hopefully this will also
appeal to women.
Is there anything else you would like
to add?
I am positioning the WFDB to take
up a leadership role in the diamond
industry. There is a defnite role for us
as a leader, as the WFDB is the largest
industry organization.
A lot of new diamond

consuming countries have
heard about us. They are
more aware of what is
happening in the diamond
world and they have a
desire to be part of a
global body.
The object of the World Federation of Diamond
Bourses is to protect the interests of affliated
bourses and their individual members, and to
further the amicable settlement or arbitration of
differences and disputes between the individual
members of the affliated bourses and between
the affliated bourses.
To further this aim, the WFDB participates in
the promotion of world trade and encourages
the establishment of bourses, with the view
of eventual affliation of all centers where
diamonds are actively traded.
Members of the bourses affliated with the World
Federation of Diamond Bourses pledge themselves
to uphold the traditions, principles of mutual trust,
consideration and friendship which prevail among
the members of the bourses worldwide. They
pledge themselves to abide by and hand down these
principles and to ensure that they will forever serve
as a basis in business relations between members
of the affliated bourses worldwide.
The Role of the WFDB
100
100
Just recently, India offcially threw its
support behind the initiative with a
commitment of funding.
The Mark seems to be taking quite a
bit of time to get off the ground. What
is holding it back? Is it due to the
death of Freddy Hager, who was very
involved in the project?
I was brought up on the slogan all good
things come to those who wait. The
size and scope of this project means
that if we didnt take our time, we
would overlook critical components.
The is a need for the whole industry
to understand and support the World
Diamond Mark willingly and not
from duress or lip service, but to truly
appreciate the enormity of the project,
and the dire consequences if we do not
follow through.
We constantly say our goal is to be
inclusive not exclusivebut what does
this mean? It means, I want you to
be part of the WFDB family if you are
in the diamond world, and if you are
a diamond retailer, I want to share
with you our vision, which is that only
together we grow this industry.
Gone are the monopolies. Everyone
wants a piece of the pie, but the World
Diamond Marks role is to insure this
pie is fresh, healthy, and for want of
a better word Kosher and Halal for
our consumers.
People and other entities, whether they
are major players or organizations,
need time to understand that the WDM
is in their interest and not competition
to whatever they are doing to promote
their own brand of diamonds.
One of the reasons we have taken so
long to bring this to the market has
been the creation of legal entities and
Rami Baron
The World
Diamond Mark
What is the World Diamond Mark
designed to do?
Rami Baron: In simple terms, the goal
of the World Diamond Mark (WDM)
is to ensure the health and growth
of the diamond and jewelry industry
worldwide. It will create a new tier of
membership for the diamond retailer
within either their local bourse or
participating jewelry organization.
Through a simple and pragmatic
system, the diamond retailer will
become an accredited Authorized
Diamond Dealer.
Hand-in-hand with this strategy,
we have invited a major credit card
company to become the offcial
partner of the diamond industry.
The benefts of this relationship are
twofold: reduction in credit card fee
transactions and the tremendous
marketing know-how that credit card
companies can bring to the table.
The marketing campaigns will be funded
by two sources: retail membership fees
and an equal contribution from upstream
participants, such as producers and
interested parties who will see clearly
and transparently that they are not being
expected to shoulder the burden alone of
funding such a plan, as clearly this is not
their sole responsibility. The funding will
be shared equitably, as will the spend on
marketing programs.
|
|
101
the authority entrusted in them to be
able to deal in multilegal jurisdictions.
To launch this project, we need to be
very sure we have the right team and
sponsors, so that we do not get involved
in the backlash of different problems
being faced by the industry today.
Freddy Hager was a visionary, and
when I frst came to him with the
initial ideas, he used his force of will to
make everyone sit up and listen, [and
understood] that there are new ideas
on offer, and so he acted as a catalyst.
He is sorely missed by all.
How is it designed to deal with the
evolving trading reality, for example,
online trading, sales and auctions?
Online trading is not a barrier its
just another method of selling to the
consumer. Every retailer decides for
themselves where and how they want
to sell. Our role is to create excitement,
imbue trust and confdence to the
consumer to choose diamonds for their
luxury acquisition, at the same time,
looking to deal with an Authorized
Diamond Dealer when they do so.
Those who participate in the World
Diamond Mark program will have
a clear and obvious competitive
advantage in the eyes of the consumer.
In 2011, you presented a plan for
expanding the Mark to the retail
sector. Can you talk about that?
Where does that stand?
I think if I expand on what I said
previously, we need to agree that
the retailer is the face of diamonds
to the consumer. The obstacle that
retailers face is that they have neither
resources nor all the skill sets to deal
with the enormous change occurring
in our industry.
It becomes glaringly obvious that if the
WFDB, through our new marketing
arm the World Diamond Mark, does
not assist the jewelry retailer, then we
leave ourselves open for someone else
to do so. This could be any other luxury
product that steps in to provide tools
and marketing to make the retailers
life easier and more proftable.
Is there anything else you would like
to add?
We feel that we have ignited a
spark, which has begun to smolder.
Obviously there is a degree of caution,
and rightly so as this is an ambitious
program. We saw previous attempts,
such as the plan by the International
Diamond Board, which never got off
the ground. The diamond industry
cannot afford to let this happen again.
We are fortunate that our current
president, Ernie Blom, has the vision
and appreciates the importance of this
initiative. Together, we are driving
forward to execute this tremendous
game plan. Only together will we take
the diamond industry into an exciting
and highly proftable phase of its
evolution as the premier symbol of
love to consumers worldwide.
Handshake on the Trading Floor
Israel Diamond Exchange Ltd.
Israel Precious Stones and
Diamonds Exchange Ltd.
New Israel Club for Commerce
in Diamonds Ltd.
Diamant-Club Wien
Istanbul Gold and
Diamond Exchange
Diamond Chamber of Russia
Moscow Diamond Bourse
Diamond Bourse of
Southeast United
States, Inc.
Panama Diamond
Exchange
Diamond Dealers Club
Diamond Club West
Coast, Inc.
Diamant- Und Edelsteinbrse
Idar-Oberstein E.V.
London Diamond
Bourse
Bharat Diamond Bourse
Dubai Diamond
Exchange
of South Africa
Bangkok Diamonds and
Precious Stones Exchange
Hong Kong Diamond
Bourse Ltd.
Shanghai Diamond
Exchange
Tokyo Diamond
Exchange Inc.
Diamond Exchange of
Singapore
of Australia
Borsa Diamanti D'italia
Antwerpsche Diamantkring Cvba
Beurs Voor Diamanthandel Cvba
Diamantclub Van Antwerpen Cvba
Vereniging Beurs Voor Den
Diamanthandel
Vrije Diamanthandel Nv
102
WFDB-Affliated
Diamond Bourses
Source: www.WFDB.com
Israel Diamond Exchange Ltd.
Israel Precious Stones and
Diamonds Exchange Ltd.
New Israel Club for Commerce
in Diamonds Ltd.
Diamant-Club Wien
Istanbul Gold and
Diamond Exchange
Diamond Chamber of Russia
Moscow Diamond Bourse
Diamond Bourse of
Southeast United
States, Inc.
Panama Diamond
Exchange
Diamond Club West
Coast, Inc.
Diamant- Und Edelsteinbrse
Idar-Oberstein E.V.
London Diamond
Bourse
Bharat Diamond Bourse
Dubai Diamond
Exchange
of South Africa
Bangkok Diamonds and
Precious Stones Exchange
Hong Kong Diamond
Bourse Ltd.
Shanghai Diamond
Exchange
Tokyo Diamond
Exchange Inc.
Diamond Exchange of
Singapore
of Australia
Borsa Diamanti D'italia
Antwerpsche Diamantkring Cvba
Beurs Voor Diamanthandel Cvba
Diamantclub Van Antwerpen Cvba
Vereniging Beurs Voor Den
Diamanthandel
Vrije Diamanthandel Nv
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103
104
Trade
Show
Image: Antwerp Diamond Trade Fair
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105
Trade
Show
on the
Trading
Floor
By Albert Robinson
Imitation, it would appear, is the sincerest form of
fattery in the diamond business, just as it is in any
other. When a good idea catches on, it spreads quickly.
And the trend of using a diamond exchange as a trade
show venue is just one of those ideas.
"We have gotten so used to sitting in
the offce and carrying out business
from there that we have forgotten, to
a certain extent, how important the
human aspect is," he said. "And the
show also helps build a great deal of
goodwill and camaraderie. It's also fun
to catch with old friends that you may
not have seen for many years and to
put a face to a name with people with
whom we do business," he added.
The success of the idea of holding a trade
show in the exchange is illustrated by
the numbers. The frst Israel show,
held in March 2013, featured around
150 Israeli diamantaires with specially
constructed booths in the IDE's
trading hall offering around $1 billion
of goods for sale to around 200 foreign
buyers. The largest number of buyers
was from the United States, while
there were also diamantaires from
the United Kingdom, Belgium, South
Africa, India, Hong Kong, Turkey,
Japan, China, Spain, Canada, Russia
and Switzerland.
The August show (held after this
magazine went to print), in contrast,
saw more than 350 Israeli frms
register, with the event expanding
into the polished trading hall from the
rough trading hall. The sellers offered
around $2 billion of goods for sale
to more than 350 foreign buyers. In
addition to a large delegation of buyers
from the United States, there were two
They also offer something else

that has increasingly been lost
in the diamond trade: putting
people together on the trading
hall of bourses to carry out
face-to-face business.
The second edition of the US &
International Diamond Week at the
Israel Diamond Exchange in late
August held just fve months after
the frst such event has put the
spotlight frmly on the trend of using
diamond exchanges as a trade show
venue. And it also points to the many
advantages offered by the bourses as a
location, with high security, matching
buyers and sellers in a highly targeted
way and lowering costs among them.
However, they also offer something
else that has increasingly been
lost in the diamond trade: putting
people together on the trading hall
of bourses to carry out face-to-face
business. This human element was
mentioned repeatedly during and
after the frst buyers' week event. "It
seemed as if people had once again
learned how to talk to each other,"
said Diamond Dealers Club (DDC)
president Reuven Kaufman.
106
buying delegations from India, as well
as a group each from Russia and Hong
Kong.
But the show does not aim simply
to provide a buying and selling
opportunity, but also to create
excitement by bringing in well-
known members of the international
diamond and jewelry trade. The
March show, for example, was opened
by De Beers' executive vice president
of Global Sales, Varda Shine. It also
created waves with the appearance
of globally renowned British jewelry
tycoon Laurence Graff, who is rarely
seen in public.
There was also an auction of special
white and colored diamonds and
gemstones and jewelry, and the news
from a senior Alrosa offcial that the
Russian diamond giant aims to expand
the amount of larger rough goods it
offers for auction in Israel.
The August show also brought in new
elements, such as the frst ever viewing
in Israel of rough diamonds from Rio
Tintos Diavik mine in Canada ahead
of a tender of the stones. In addition,
there were auctions of diamonds by
Fusion Tenders and eDiamonds, and
an auction of diamonds and gemstones
by Tzoffeys 1818 following the success
of the auction held at the conclusion
of the frst buyers week event.
The aim is to hold the shows in Israel
twice a year and also to stage the event
at other diamond bourses or diamond
centers.
The Israeli show was preceded by the
Israel Diamond Week at the DDC in
December 2012. There, too, interest
far exceeded initial expectations.
Although 15 Israeli frms were due to
take part, the fnal fgure was 50, with
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107
108
more than 100 Israeli diamantaires
participating.
Both the events in Israel and the
Diamond Week at the DDC came about
following talks held between Israel
Diamond Exchange president Yair
Sahar and Kaufman while they were
attending a WFDB presidents' meeting
in Mumbai in 2012.
"In a way, the whole concept is based
on a personal relationship that Reuven
and I developed," said Sahar. "We
recognized the potential of the events,
but we did not dream that they would
reach these dimensions. We have seen
that the desire among diamantaires
to meet and network is extraordinary.
This shows the importance of
dialogue both between leaders of the
exchanges and between traders."
Ironically, although promoted as an
international diamond week, much
business was actually transacted
between Israeli buyers and sellers. The
end result was the same, however: an
increase in trade. Ankur Bhansali, vice
president of Aarohi Diamonds Israel
Ltd, described the event as an excellent
way of meeting people diamantaires
both from Israel and abroad.
"I am meeting people that I have
known for a while, but only now can
I put a face to a name. Not only that,
but even though I have known many
of them for quite some time, I am
now discovering exactly what they
require. These are things that I didn't
know before. This market intelligence
gathering and the networking
opportunities that the show provides
are extremely important to all of us,"
Bhansali added.
The move to give new life to the
trading foors of diamond exchanges
can be traced back four years to the
frst Antwerp Diamond Trade Fair.
The initial aim was modest: to create
a by-invitation-only diamond buying
fair for diamantaires and jewelry
manufacturers from Europe with
Antwerp diamond manufacturers. And
the show has since expanded every
year with more guests taking part.
The fourth edition of the event in
January saw more than 500 visitors
from Asia, Europe, the Middle East,
North America and the Russian
Federation. And the 83 exhibition
booths were a large increase from the
several dozen in the event held the
year before. Furthermore, whereas the
We have seen that the desire

among diamantaires to meet
and network is extraordinary.
This shows the importance
of dialogue both between
leaders of the exchanges and
between traders.
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109
frst two shows were held in the trading
hall of the Antwerp Diamond Bourse,
for the past two years it has expanded
into the Diamond Club of Antwerp
as well. And in a new departure, the
show's organizers added educational
breakfast seminars and lectures,
including a speech by award-winning
jewelry designer Reena Ahluwalia, to
provide extra interest and other post-
show opportunities for information
exchange and networking.
The show organizers, recognizing the
potential of the event, have expanded
its marketing program, too, with a
booth at the JCK Show Las Vegas and
at the International India Jewellery
Show in India within the Antwerp
Diamond Pavilion of the Antwerp
World Diamond Centre.
"It would be accurate to say that the
ADTF has led the way in fnding this
new use for diamond bourses," said
a source at the ADTF, who requested
anonymity. "It has created huge
interest in Antwerp, and we have had
requests for information so that it can
be used as a template by other bourses.
"It must be remembered that this
is a very specifc model that might
not be appropriate to all bourses
and diamond centers, however. It
is an exclusive, by-invitation event.
Companies and individuals must
apply to be accepted. If they are
approved, we provide 'airport-to-
airport' service. They are collected
from the airport and taken to their
hotel with all charges covered by the
ADTF. There is a full day of activities,
and there are also evening programs."
London jeweler and manufacturer
David Marshall said the advantages
of the fair included having access
to a wide range of diamonds and
services and an opportunity to meet
people in the business that he does
not see as often as he would like.
"It is important for us to work with
suppliers whom we trust, and so that
we can trace back the source of stones
if need be. It is really important that
we do work with people like the
Antwerp bourse, and people who are
part of that network, so that we have
that confdence.
110
Oh
(A Bourse in)
Canada!
110
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111
(A Bourse in)
Canada!
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111
112
Danielle Max: Canada is obviously
positioned much more as a rough
center. What is the need for a
polished bourse?
David Gavin: Yes, agreed, Canada is
now the third-largest producer of
rough diamonds in the world. The
rough that is extracted from the
ground by the big mining companies
fnds its way into the market place
through mature and established
channels of distribution that have
been created over many years of being
in the industry.
It was important to establish a bourse
in Canada in order to have a neutral
association represent those members
of our industry that may not be
producers, but are smaller players
who were looking for a voice, and to
centralize the diamond business here
in Canada.
There is a need for the polished bourse
as it has become a hub for trading
amongst locally based wholesalers
and allows our members who are not
based here in Toronto a place from
which to work out of when visiting the
city on business.
What services does the bourse offer?
We offer a range of services such as a
bonded warehouse facility that allows
our members to bring in goods for
inspection without having to pay the
5-percent GST import duty on entry.
A fully equipped diamond laboratory,
which includes a Sarin machine,
colibri color grading machine a
diamond sure machine, which was
While countries such as Israel, Belgium and the US have long
had central diamond bourses, other countries are just beginning
to get in on the trading act. Among them is Canada, which
offcially launched trading in January of 2010. Since then, its
trading power has grown. It has seen the launch of an online
trading platform for the sourcing and purchase of Canadian
diamonds from bourse members (which
is based on IDEX OnSite) and it recently
applied to gain membership in the World
Federation of Diamond Bourses, which it
hopes to join in June 2014. To fnd out about
this burgeoning bourse, IDEX Magazine
editor-in-chief, Danielle Max, put some
questions to Diamond Bourse of Canada
(DBC) president David Gavin.
David Gavin
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113
donated by De Beers when we frst
opened microscopes, and so on.
We also offer same day appraising
services for our members, which is
a widely used feature. We provide all
sorts of information for our members
related to travel, taxes, information
about potential customers and a host
of other subjects.
How has the establishment of the
bourse changed the nature of the
Canadian diamond business?
The bourse has raised the profle
of the diamond industry here in
Canada immensely. We have lines of
communication open between ourselves
with both the federal government, as
well as provincial governments, where
we share ideas and continue to work
in raising the profle of the diamond
industry within Canada as well as on
the world stage. An example of this was
last November when I was invited to
accompany our prime Minister Stephen
Harper on a business delegation to India,
where we met with government as well
as industry leaders to open channels
of communication in order to foster
new business and growth between our
two countries.
We have a working relationship
with the Ontario government, and
they have a position on our board
of directors in order for them to
better understand the challenges our
industry continues to face, allowing
them to be better informed.
I was recently accompanied by my
executive directors to visit with the
government of Northwest Territories
this past April to open the lines
of communication and discuss
future possibilities.
Image: Shore Gold
Back t o t he Fl oor : The Changi ng Di amond Bour se
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113
114
We are a young bourse, so we have
a lot of catching up to do with those
more established and older bourses, so
we are mindful of this fact and believe
that our model fts in with where the
business is going.
We have established an online
presence in conjunction with IDEX
Online ibourse.ca where our
Canadian-based manufacturers and
wholesale members can list their
diamonds and trade online. This is
still in its infancy, but has helped raise
our presence within the Canadian
diamond industry.
How has the establishment of the
bourse helped Canada promote its
polished diamond brands? Was this
one of the aims?
Thats a very good question. The
establishment of the DBC came
about due to the fact that the Ontario
government was insightful enough
to see the importance of establishing
a diamond bourse, seeing we are to
become a bourgeoning rough producer.
The majority of founding directors
that own Canadian polished diamond
brands do so in the capacity of their
own respective businesses. What this
in fact means is they are brands within
a brand.
So in answer to your question, yes, I
believe that this was in the minds of
some of the founding directors. The
fact still remains that Canada is the
ideal rough diamond producer. We
are very user friendly with regards to
setting up and doing business here. We
have a developed infrastructure, sound
banks and large growth potential.
We continue to search for the
right ingredient to help develop a
The bourse has raised the profle

of the diamond industry here
in Canada immensely. We have
lines of communication open
between ourselves with both the
federal government, as well as
provincial governments, where
we share ideas and continue to
work in raising the profle of the
diamond industry within Canada
as well as on the world stage.
A Brooch Presented by Harry Winston to the Duchess
of Cambridge on a Visit to Canada
|
115
national Canadian diamond brand
internationally, and believe we will be
there in due course.
In such a large country, is one
bourse enough, or should there be
more in the different regions?
Canada is a very large country with a
number of provinces that stretch from
the Atlantic in the east to the Pacifc
on the west and the Arctic to the north.
I would say it makes sense to have as
you put it more bourse in the different
regions, but the aim of our bourse is
to promote Canada and its developing
diamond industry on all levels. Wouldnt
it just be a duplication of efforts if there
was more than one bourse? In this
instance, I dont believe the maxim
strength in numbers applies.
How does the bourse promote the
diamond business both in Canada
and internationally?
Simple. The mere fact that the bourse
was established tells you that the
diamond community in Canada felt
it important to have a centralized
association, which would add
credibility to our members when doing
business at both home and abroad and
show that they meet the strict criteria
now required to be in the business and
a member of a bourse.
Who is coming to trade at the
bourse? Where would you like to
see more business coming from?
This is a two-part question. We
hopefully will get the opportunity to
start trading in rough diamonds in the
near future. We believe this will help
in raising our profle and attracting a
wider audience from the international
diamond community.
We have a number of companies
from the US who are coming to trade
polished diamonds here in Canada and
suspect distance may be preventing
other diamond traders from joining
us at our weekly trading days.
We have had contact with a number
of companies from India, Israel, China
and Europe, and we continue to build
on these relationships.
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119
Rio Tinto Posts
Jump in Diamond
Revenues in H1
Mining giant Rio Tinto said revenues
from its diamond operations in the
frst half of this year totaled $403
million compared with $350 million
a year earlier. Te miner posted a net
proft of $5 million from its diamond
business in the frst six months of
this year compared with a loss of $24
million in the same period last year.
Meanwhile, earnings before interest,
tax, depreciation and amortization
(EBITDA) soared to $95 million from
$35 million last year.
Average prices declined for nearly
all of Rio Tintos major commodities,
with the exception of diamonds,
the firm said in its financial report.
Diamond production increased 20
per cent compared with 2012, first
half, mainly reflecting increased
tonnes processed and higher
grades at Argyle following the
commissioning of the underground
mine in April 2013. Diavik has
completed the transition to a fully
underground mine, with all three
pipes now at full production.
Rio Tinto reported that capital
expenditure on its diamond division
dropped to $184 million during the
period from $273 million a year before.
Te frm ofcially began underground
mine operations at its fully owned
at Argyle mine in Western Australia
earlier this year.
Diamond production in the frst half
of the year came to 7.37 million carats
compared with 6.17 million carats
last year.
Te miner said the medium- to
long-term market fundamentals for
diamonds remain robust, fueled by
growing demand for luxury goods in
Asia and continuing strong demand
in North America. Te high-quality
diamond business is well positioned
to capitalize on the positive market
outlook.
MINING
Diamonds from the Argyle Diamond Mine
Image: Rio Tinto Diamonds
120
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mining > news
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De Beers Reports
Rise of 1 Million
Carats in H1 to 14.3
Million Carats
De Beers reported that its production
increased by nearly one million carats
to 14.3 million carats in the frst half
of 2013 from 13.4 million carats in the
year-earlier period, owing to improved
ore grades at the Orapa and Jwaneng
mines in Botswana.
Total sales of $3.3 billion were
unchanged from a year earlier, while
rough diamond sales of $3.0 billion
were also unchanged.
After a 12-percent decline in De Beers
rough diamond prices during the
second half of 2012, prices increased
by 6 percent in the frst six months of
2013, the miner said.
Te realized average price to June
2013 was 2 percent higher than for
the same period in 2012, driven by
an improved product mix, more than
ofsetting the lower price index, the
company commented.
Looking forward, De Beers said that
with full recovery from the Jwaneng
slope failure and Venetia mine
fooding expected during the second
half of 2013, it continues to anticipate
full-year production will recover to be
broadly in line with 2012, subject to
market conditions.
De Beers expects moderate growth
in diamond jewelry demand in
the remaining six months of 2013,
supported by improving sentiment
in the US market and continued
growth in China, albeit at a lower
rate. Conditions in India and Japan
remain more uncertain due, in part,
to the continuing volatility of their
currencies, which is expected to afect
growth in US dollar terms.
According to the company, Overall,
despite the fragility of the global
economic recovery, macro-economic
conditions are generally supportive of
global growth in the polished diamond
market in 2013 at levels slightly above
2012.
De Beers said that retailer results for
the early part of this year were mixed
in the key consumer markets. Te
USA exhibited encouraging growth.
Growth in China continued though
at a slower pace and was somewhat
patchy. Polished prices edged up
on the back of moderate retailer re-
stocking, but high cutting center
stock, tight midstream liquidity and a
weakening rupee continued to create
challenges for the rough market.
The Jwaneng Mine
Image: De Beers
Untitled-1 1 13-02-17 9:23 PM
122
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mining > news
|
Gem Diamonds
Leteng Sales
Down 4%
Gem Diamonds sold 4 percent fewer
diamonds from the Leteng mine in
Lesotho, with 47,065 carats sold in
the frst half of 2013. Sales amounted
to $81.9 million in the period down
from $82.6 million a year before.
Te average price per carat was $1,741
for the frst fve tenders of 2013, down
from $1,690 a year before.
Te frm said that nine rough
diamonds achieved a value of more
than $1 million each, and 44 rough
diamonds achieved prices greater
than $20,000 per carat.
A total of 252 rough diamonds greater
than 10.8 carats in size were recovered,
equating to 67 percent of Letsengs
revenue for the period.
Following the half-year period, a
tender in July achieved an average
price per carat of $2,202.
Tree diamonds over 100 carats in
size were recovered during the period:
a 164-carat white diamond, which was
sold for $9 million in a partnership
arrangement, a 103-carat yellow
diamond, which was sold for $810,000
and a 100-carat white diamond, which
was sold for $6.45 million in July.
Te company said that 2013 started
positively for the rough diamond
market. Rough prices beneftted from
improved polished trading conditions
after reasonable end of year holiday
season sales and expectations that
rough diamond supply would reduce
in the short term.
Gem Diamonds owns 70 percent
of Letseng Diamonds (Pty) Ltd in
partnership with the government of
the Kingdom of Lesotho, which owns
the remaining 30 percent.
Petra Diamonds
Records Production
Rise of 21% in Fiscal
2013
Petra Diamonds reported that
production rose 21 percent to
2,668,305 carats in its 2013 fscal year,
slightly above the revised market
guidance of 2.65 million carats.
Revenue jumped 27 percent to $402.7
million from $316.9 million.
Te miner expects production in fscal
2014 of 2.9 million to 3 million carats.
Petra said that diamond debtors, as
a result of increased volumes and
the companys largest tender to date
shortly before the end of its fscal year,
were $75.0 million compared with
$24.5 million a year earlier.
Diamond inventories, due to increased
production, were around $35.0
million, up from about $24.3 million in
the previous year.
Capital expenditure was $201.2 million
from $138.0 million a year before
which was in line with expectations
and in accordance with the roll-out of
the groups expansion programs.
Cash on hand as of year-end was down
$26.2 million from $37.4 million a year
before.
Tis is another solid result for
Petra, as the company continues to
deliver further signifcant production
increases and revenue growth, said
CEO Johan Dippenaar.
Our capital expenditure for the year
refects the ongoing roll out of our
expansion plans. We remain on track
to deliver on our growth plans to reach
annual production of circa fve million
carats by FY 2019.
Johan Dippenaar
Image: Petra Diamonds
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123
De Beers Publishes
2012 Report to
Society
Te De Beers Group has published
its 2012 Report to Society which
summarizes its performance in
operating responsibly and sustainably
across the diamond pipeline.
Te report outlines changes in De
Beers sustainability strategy resulting
from the integration with Anglo
American plc, the sales agreement
with the government of Botswana
and other key developments across
economics, ethics, employees,
communities and environment
performance areas.
Our understanding of sustainability
is shaped by the issues that matter to
the people touched by our product, as
it travels from our mines, through the
value chain, until it is ultimately given as
a gift of love or personal achievement,
said CEO Philippe Mellier.
Tese issues include the expectation
of consumers that the diamonds they
purchase have been brought to them
in a manner consistent with these
values. Tey also include the objectives
of our partner governments and
communities to realize in full the social
and economic benefts that diamond
mining can generate, both during
mining operations, and in catalyzing
socio-economic activity that delivers
value long after the diamond resource
has been exhausted.
Te miner said that the 2012
performance highlights included the
payment of $3.9 billion or 74.9 percent
of total diamond sales revenues to
stakeholders in Africa, including
governments, suppliers, employees,
and shareholders. Te 2011 fgure was
$4.37 billion or 68.4 percent.
Global expenditure on community
social investment totaled $39.3
million, down from $42.6 million in
2011. Tis included in-kind social
investment, philanthropic and socio-
economic program expenditure,
social and labor plans in South Africa
and Impact Beneft Agreements with
Aboriginal communities in Canada.
De Beers continues to manage
almost 200,000 hectares of company-
owned land, specifcally set aside for
biodiversity conservation fve times
more land than the frms mining area
of 40,806 hectares.
Kennady Diamonds
Announces
Exceptional
Diamond Recovery
Results
Kennady Diamonds Inc. has
announced exceptional diamond
recovery results from samples of drill
core from the Kelvin and Faraday
kimberlites located at the Kennady
North diamond project in Canadas
Northwest Territories.
Te core was recovered during a
successful 5,000 meter drill program
undertaken last winter.
Te largest three diamonds recovered
are a 2.48-carat of-white transparent
octahedral, a 0.90-carat of-white
transparent irregular and a 0.75-carat
of-white transparent octahedral. Te
company said that the recovery of three
diamonds of this size and quality from a
1.1 ton sample was highly encouraging.
Besides the high frequency of large
diamonds, approximately 64 percent
of the recovered diamonds are
classifed as white and transparent,
the frm said in a statement.
Almost all the white diamonds
have either no inclusions or only
minor inclusions. In addition,
approximately 3 percent of the
diamonds are classified as yellow
and transparent with either no or
only minor inclusions. The bulk of
the balance of the diamonds are
classified as off-white. Only seven
microdiamonds (out of 8,708)
are described as either brown or
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mining > news
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Pupils at Jwaneng Mine School, funded by Debswana
Image: De Beers
124
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South AfricAn blAck empowerment firm
Ponahalo Holdings, which owns 26 percent of De Beers
Consolidated Mines (DBCM), is acquiring 26 percent the
Diamond Trading Company South Africa (DTC SA). The
DTC SA business will be transferred as a going concern
under section 197 of the Labour Relations Act, and
there will not be any changes to employees terms and
conditions. De Beers said the acquisition will improve
DBCMs cash fows and strengthen its balance sheet.
AngolAn diAmond mining compAny SociedAde
Mineira do Catoca plans to distribute all of its 2012
proft of $131.7 million to its shareholders, according
to the companys annual report and accounts, cited by
Angolan weekly newspaper Expanso. According to
the report, state-owned diamond company Endiama
and Russian state company Almazzi Rossi Sakha
(Alrosa) will each receive $43.2 million, while LLI
Holding, a subsidiary of the frm belonging to Israeli
tycoon Lev Leviev will receive $23.7 million, and
Brazilian group Odebrecht will receive $21.6 million.
the mAckenzie VAlley enVironmentAl impAct
Review Board (MVEIRB) has concluded the Gahcho Kue
Environmental Impact Assessment and has recommended
approval of the proposed Gahcho Kue diamond mine
subject to measures and follow-up programs. The
Gahcho Kue Project is a joint venture between De Beers,
with 51 percent, and Mountain Province Diamonds with
49 percent. Located at Kannady Lake, the Gahcho Kue
Project will recover an average of 4.5 million carats of
diamonds annually over an 11-year life of mine.
ShAreS in South AfricAn miner trAnS hex fell
by more than 5 percent on the Johannesburg Stock
Exchange after the frm said that the acquisition of the
Namaqualand mines from De Beers had still not been
fnalized. The original agreement was made in May
2011 and then renegotiated in August 2012. Trans Hex
is buying Namaqualand Mines through the 50-percent
owned Emerald Panther Investments. De Beers
Namaqualand unit produced 97,000 carats in 2010 its
last operating year before being closed down.
|
mining > news
|
gray. Together with grade, these
characteristics are key value drivers.
Patrick Evans, Kennady Diamonds
CEO, said, Te infll drilling at Kelvin
and Faraday is designed to advance our
plans to declare a maiden resource at
Kennady North. Based on these very
encouraging results, the Company is
now also examining the options to fast-
track a bulk sample of the Kelvin and
Faraday kimberlites.
Lucara Diamond
Corp. Reports
Revenues and Proft
for Q2 and H1
Diamond miner Lucara Diamond
Corp. reported revenues of $47.2
million for the second quarter and
$79.7 million for the half-year period.
Net income for the second quarter
totaled $22.7 million compared with a
loss of $7.6 million a year earlier. For
the frst six months of this year, net
income was $28.8 million from a loss
of $11.8 million a year earlier.
Te company completed its frst large
and exceptional stone tender, along
with two regular tenders, achieving
gross proceeds of $49.3 million during
the second quarter. Full-year proceeds
to date are $81.8 million.
Te diamond sales completed during
the second quarter included a tender
of large and exceptional stones held in
May consisting of 15 single stone lots.
All stones were sold for gross proceeds
of $24.6 million ($30,184 per carat with
a combined weight of 815 carats).
Te companys two regular tenders
during the second quarter totaled
101,637 carats, achieving winning bids
of $24.7 million or $243 per carat.
Te average value of run-of-mine
diamonds recovered and sold during
the quarter was $485 per carat.
During the period, the company
continued to recover a number of
signifcant gem-quality diamonds
from its run of mine production.
Lucara had an exceptional frst six
months of the year with sales proceeds
in excess of $80 million and more than
230,000 carats sold. Following the frst
large and exceptional stone sale, the
Karowe mine has continued to produce
a high proportion of large stones and a
second exceptional stone sale will be held
in September featuring 16 diamonds,
including a pink stone and fve stones
which are over 100 carats each.
According to president and CEO
William Lamb, the proceeds from
this sale are expected to further
strengthen the companys overall
cash position. IDEX
News Round Up
Untitled-2 1 12-10-03 10:28 PM
126
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Today, we are one of the largest manufacturers and
suppliers of certifed diamonds. In the past few years,
we have seen a multifold growth in our certifed
diamond business. We are the largest client of the GIA
in terms of the number of pieces for certifcation.
What is the best piece of advice you have
ever received? My uncles, who are frst generation
entrepreneurs, said, Create a win-win situation in
business, and keep customers happy.
What is your best business tip? My business tip
would be to keep your customers happy and healthy.
Who or What other business or business
people inspire you? My uncles, Shri Vallabhbhai
Patel and Shri Mavji Patel. Tey have been my greatest
source of inspiration for their business acumen,
dedication, integrity and ethical behavior.
What do you most enjoy about your Work?
The fact that we create products, systems and
services that help customers increase their
downstream efficiencies is the most fulfilling part
of my job. We are able to provide freedom to our
customers to do what they do best i.e. create great
jewelry designs and market them. Diamonds are
taken care of by us.
What Would be your dream job?
I am lucky in that respect. It is exactly what I am doing
right now.
What sets your company apart from others in
the industry? Besides our great product oferings,
reliability, availability and quality, it is also the
experience of doing business with Kiran.
What are your plans for your business in the
future? Currently, Kiran is concentrating on building
on the strengths of its newly opened ofces in Delhi,
Kolkata and Shanghai. We are already getting positive
responses from the manufacturers and retailers
of these regions. We have also made some jewelry
company acquisitions in the US, so we will see more
activities from there.
What makes you most proud about your
company? Kiran has an excellent reputation for its
product quality, quantity and the way we do our business.
For fve consequtive years since 2007-2008 Kiran
has been awarded by GJEPC as the largest exporter of
cut and polished diamonds from India.
What is the most difficult business decision
you have ever had to make? It was the decision
to introduce the one price policy for our certifed
diamond business. It was inspired by the thought that
it would establish confdence about pricing among
our customers worldwide.
What is the biggest risk you have ever taken?
In 2008, we expanded into the certifed diamonds
product category in full. We deployed considerable
capital to build a robust infrastructure for the same.
It was a risk in the purview of the prevailing economic
crisis and established market players.
Profile
name: Rajesh Lakhani
position: Vice president
company name: Kiran Gems Private Limited
type of business: Diamond manufacturing and sales
size of business: Group revenue over $1.3 billion
years in business: More than 15 years
business philosophy: Be focused, listen to customers
and offer great value.
128
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ADVERTISERS LIST
Advertiser pAge Advertiser pAge
580 Building 18 Karp Group 8
ABN Amro Bank 79 Kiran Gems Pvt. Ltd - Insert 50/51
Almor Designs 38 Komal Gems NV 5
Aloni Diamonds 35 Kompass Diamonds 121
Ankit Gems - Insert 34/35 Kristall Production Corp. 3
Asian Star 41 Laxmi Diamond 81
Avi Paz Fancy Ltd. 11 Leo Schachter 45
B.V.C. & Co. (India) Pvt. Ltd. 12 Lucee Diamonds 4
Bangkok Gems & Jewelery Fair 116-117 M. Suresh 118
Bhavani Gems 43 Mahendra Brothers Exports Pvt. Ltd. 61
D. Navinchandra 15 Malca Amit 69
DDS - Direct Diamond Solutions 27 Malca Amit Antwerp 14
Dharmanandan Diamonds 16-17 Manak 20
DTC USA 47 Millei Diamonds 130
Eurostar Diamond Traders N.V 82,132 National Jeweler 127
GemeWizard 77 Priti Gems Exports Pvt. Ltd. 87
GemFind 83 RDI 86
GIA - Gemological Institute of America 51 Rosy Blue NV - Insert 82/83
Hari Krishna Exports 9 Rubel & Mnasch 131
HRD Antwerp 65 Saraff Group 23
Ideal Brilliant 19 Sheetal Manufacturing 13
IDI Israel Diamond Institute 73 Shimony Diamonds 62
IDEX Online 82/83,129 Shree Ramkrishna Export - Insert 66/67
IGI - International Gemological Institute 71 Stuller 32
Instore Magazine 36-37 Tach 7
Interjewel Pvt. Ltd. 10 TMS (The Munich Show) 24
International Gem Tower 2 Venus Jewel 6
J. Pinchasi & sons 55,57 World Wide Security 125
YDI 85
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