December 2010

magazine
India retail

Can You Assure

Your Customer
About The
Diamond?

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! ta
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N R r re
Special Report Mumbai Diamond a su
Market Report ondhmto as ers
ame nce listustom
Predicting Higher
Diamond Prices What’s hot; what’s available i
D B pric ur c
Next Diwali & how much it costs
A yo
 Contents
DEcember magazine india retail

05 From the Editor’s Desk DEcember 2010

by Vinod Kuriyan VOL. 1 No. 01

06 Mumbai Diamond Market Report
Strong Dollar, Financial Upheavals Damp Trading
In Mumbai
10 Special Report
Predicting Higher Diamond Prices Next Diwali
11 Diamond Retail Benchmark
A diamond price list to assure your customers
Editorial Department
EDITOR-IN-CHIEF Vinod Kuriyan
Editors Edahn Golan, Danielle Max
IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENTS
Tamar Katzav, Whitney Hepp
ADMINISTRATION & MARKETING
Managing Director Yaron Barzilay
Marketing Manager Kuldip Bedi
SALES MANAGERS
Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay
PRODUCTION & CIRCULATION Helena Dorsht, Vera Podolny
ACCOUNT MANAGER Shuly Dori

18 Cover Story
Can You Assure Your Customer About The
Diamond? She’s Sure About the Gold
ART DEPARTMENT
GRAPHIC DESIGNERS
Boris Mandelis (Red Designer Studio)
Ilana Akselrod (Red Designer Studio)
Printed by SAP Printers, Lower Parel, Mumbai 400 013

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2 IDEX Magazine – India Retail | NO 01

 From the
Editor’s Desk
The Vital Need To Bolster Belief
B
elief in the intangible requires a lot of work. To
maintain that belief, the believer has to know
that his or her belief is shared by others and
that there is no variance in this shared belief. Without
this certainty, without the assured support of one’s peers
in endorsing and participating in the same belief, one
stands alone and in danger of ridicule. No one wants
to stand alone and no one wants to be ridiculed.
Diamonds are essentially a belief system. Their value is
in the eye of the beholder and this value is maintained
because enough people around the world perceive that
value as something worth holding. In today’s competitive
world, there are a myriad other luxury products that
all offer the consumer some intangible value -- an
experience, the approval of others, some social mark
that sets them apart or even a neighbour’s envy. All of
these products carry with them the promise that the
stated attributed, whatever it is, will be delivered without
fail. And all of them make good on that delivery.
Apart from their symbolism in the relationship between
men and women, diamonds offer their owners the
perception of great beauty and very importantly, the
perception of great value. All of these attributes require
universal acceptance in order to even exist. Universal
acceptance of these attributes is in turn based on
widespread and unvarying adherence to a specified
set of rules in assessing value. Use different rules and
you destroy the attributes themselves because they no
longer have universal acceptance.
Diamonds in India are today teetering on the edge of
a dangerous precipice because in different parts of
the country, they are assessed and valued differently.
This is causing a great deal of consumer angst and
poses the poses the imminent threat of the diamond’s
attributes being rejected altogether because they are
not universally accepted.
IDEX Magazine – India Retail | NO 01: EDITOR
It is to the Indian jewellery retail industry’s credit that it
recognizes this danger and is willing to take immediate
corrective action. But it is faced with a daunting task. It
needs to quickly and collectively institute a nationwide
system of ensuring that both the assessment and the
perceived value of the diamonds it sells is based on
common systems that will return the same results
anywhere in the country. The grading of diamonds
and the way they are priced need to be standardized
on a common platform. This is far more easily said
than done and the pitfalls are many.
The very first is the reality that no matter how hard one
tries, not everyone can be convinced to make the necessary
change. Which then throws up the first hurdle. Won’t the
willing adopter of a nationwide system be at a disadvantage
in his own market if his nearest rival refuses to accept the
system and continues to his own arbitrary rules?
The answer is yes, in the short term, adopting a standard
grading and pricing system might be a disadvantage
when faced with competition that doesn’t adhere to
the same rules. But in the long term, adopting and
adhering to standardization is a clear advantage. This
is borne out by the “one gold price” policy adopted
by the vast majority of retailers under the umbrella of
the All India Gems & Jewellery Trade Federation (GJF).
Those who have refused to abide by the one-price norm
have, after enjoying a short advantage, only succeeded
in shrinking their own profit margins.
So our exhortation is, go for it! Whatever the short-
term problems, you’ll be a winner in the end. And if
we don’t adopt standardization as an industry, we all
stand to lose a great deal more. ■
Vinod Kuriyan
Editor
3
 Mumbai
Diamond MARKET REPORT
Strong Dollar, Financial Upheavals
Damp Trading In Mumbai
T
he Mumbai diamond market is experiencing
a slowdown just before Diwali due a
combination of factors. A prime reason is
the rupee, that has strengthened a great deal against
the US dollar. Manufacturers who bought rough
some weeks ago, did so when it took over Rs.46 to
buy a single greenback. Today, the dollar is trading
at just over Rs.44. What this means is that in dollar
terms, the same goods fetch manufacturers, who
have converted rupees to dollars to buy rough and
now want value addition that adds up to a decent
margin in rupee terms, so much less, that in some
categories, margins would be completely wiped
out unless polished selling prices were pushed up.
Their attempts to do so have been met with strong
4 IDEX Magazine – India Retail | NO 01: MUMBAI DIAMOND MARKET REPORT
resistance from both domestic and international
buyers, thus stalling transactions.
Additionally, the recent bank defaults by some big
players have resulted in raids by the tax authorities
in the Opera House diamond district, knocking a
lot of momentum out of usual trading. As if this
weren’t enough, there have also been several failures
among smaller operators and together with the raids,
they have damped trading all round.
There is disappointment that the end stretch of
the run-up to Diwali has ended so disappointingly,
particularly as the period from September to mid
October had been strong. ■
 M U M B A I D I A M O N D T R A D I NG

Size in Ct. (Sieve) Comments Forward Call

▲ -0.01 (-2 ) Very good demand for SI+ goods. Shortages & prices are likely to increase. Prices
Good demand for lower piqué goods.Very hot may go up by 2%-3%.
category overall.

▲ -0.02 (+2-6.5) Very good demand for SI+ goods. Shortages & prices are on the rise.Prices may
Good demand for lower piqué goods. Demand go up by 2%-3%..
for +4 sieve is improving.

▲ 0.03-0.07 Good demand for lower piqué & SI+ goods.+8 Has been the hottest category in the recent
(+6.5-11) sieve is the most wanted sieve, though the past. Some signs of prices softening in the near
focus is now shifting to -8 sieve.. future.

▲ 0.08-0.14 (+11-14) Good demand for piqué & SI1+ goods. Activity will remain stable.

▲ 0.15-0.17 Good demand for piqué & SI1+ goods. Activity will remain stable, with shortages of
(+14-15.5) goods.

▲ 0.18-0.22 (1/5) Fair demand for SI1+ goods. Overall, low activity will be seen in this
category.

▲ 0.23-0.29 (1/4) Good demand for VS+ & piqué goods. Due to shortages, price for VS+ goods may go
Demand for VS+ goods mainly for domestic up by 1%-2%.
market.

▲ 0.30 (1/3) Good demand for VS+ & piqué goods. Demand & prices will remain stable.
Demand for VS+ goods mainly for domestic
market. G-J colours in greater demand.

▲ 0.40 (3/8) Good demand for VS+/G-J col. Demand & prices will remain stable.+0.45 ct.
Demand for this category is mainly for the will be difficult to find.
domestic market.

▲ 0.50 (1/2) Good demand for I2+/G-J col. Overall, every Demand & prices will remain stable. Better
clarity in good demand. demand seen for D&F colours.

▲ 0.75 (3/4) Good demand for I1/I2 & VVV/VS clarity.+0.80 Demand for +0.90 ct. expected to increase as
ct. In greater demand. an alternative to 1 carat.

▲ 1.00 (4/4) Overall very good activity across the board. Severe shortages will be seen for I-L colours as
Shortages seen in H & lower colours. northern market is heavily buying these colours
only.

▲ +3.00 Some demand for VVS/VS H-K colours. Demand Demand & activity will depend upon asking
for VS/J-K colours increasing in +5 carat sizes. prices. Higher asking prices may see lower
activity overall.

Magazine – India Retail | NO 01: MUMBAI DIAMOND MARKET REPORT 5

 Special Report
Predicting Higher Diamond Prices
Next Diwali
Despite differences in perspective, leading opinion in both the diamond processing
and jewellery retail industries predicts higher diamond prices by Diwali next year.
A look at why they are so confident about higher prices.
W
hat will diamond prices be during Diwali
2011? The diamond and jewellery
retailing industries’ overwhelming
answer to that question has been “higher”. One
diamond dealer, who requested anonymity,
noted that higher prices were widely
expected for a variety of reasons. First,
he said, despite the many publicly
voiced fears of a double-dip recession
in the US, the industry doesn’t
really see any major threat to the
fragile recovery of the American
EMERALD JEWEL
economy. This doesn’t mean INDUSTRIES
they expect any growth out of
the US market, but rather that
things will remain stable, with
no drop from current levels of
demand. This status quo, coupled
with strong growth in eastern markets,
particularly China and India’s own domestic
market, means almost certainly that diamond
prices will be higher by Diwali 2011.
Another factor that many other diamond dealers
have noted, is that the current shortfalls in diamond
production are likely to be exacerbated as workers
migrate away from the diamond polishing industry
to agriculture and agriculture-based industries.
This is because the diamond industry is no longer
the top-paying among comparable industries that
employed untrained labour and agriculture, with a
good monsoon and surging consumer demand, is able
to pay comparable or even better prices. Once these
workers, leave, industry watchers note, they never
come back to polishing diamonds. This is testified
8 IDEX Magazine – India Retail | NO 01: SPECIAL REPORT
By Vinod Kuriyan
to by the fact that the diamond polishing factories in
centres like Surat have not been able to come back up
to full production capacity because the labour that
left during the recession, has not come back even to
this day. With more likely to walk away from the
industry, production shortages are only likely
to get worse.
“The only way this can be remedied,”
this diamond dealer noted, “is if the
diamond industry pays its workers
more. And the only way they can
pay their workers more is if either
rough prices go down or polished
prices go up.” Both of these options,
the diamond dealer notes, are tough
asks in the current market and so he
thinks the result will be a combination
of the two. A limited reduction in polished
prices and a small increase in polished prices.
Explaining this, he notes that the mining
companies are going to strongly resist going
down with rough prices, but will probably have
to do so to some extent as they will face a sharp
fade in demand if cutting centres like India don’t
see current prices as being viable. Given the fragile
nature of the recovery in the US market and the
lack of comparable purchasing power in the growth
markets like India and China, raising polished prices
too is a difficult proposition. However, continued
growth in the Indian and Chinese consuming markets
coupled with a continued but slow recovery in the
US, will probably allow a small rise in polished prices,
he notes.
 Mehul Choksi, chairman and managing director
of the Gitanjali group, which apart from being a
giant diamond manufacturer, is also one of India’s
top jewellery retail chains, is emphatic when he
says, “I don’t see any problems in the medium term.
Diamond prices are definitely going to be higher by
Diwali 2011.”
It must be noted though that the diamond
manufacturing industry doesn’t see prices rising as
a result of a smooth upward pressure. Most expect
current price levels to remain unchanged through
to the end of the Christmas buying season this
year. January 2011 is when they
expect the price corrections
to happen as manufacturing
demand fades rapidly in the
post-Christmas period. Rough
prices will then probably have to
undergo a downward correction,
most think. Later, as production
shortages get worse, there will
be a steady but strong upward
pressure on polished prices.
The Indian diamond jewellery
retail industry, however, sees
diamond prices in the medium
term as being affected by factors
like the general state of the
economy and the strength of the
rupee, that affect the consumer’s
purchasing power. Coupled with Srinivasan: Scope for modest increase only
this, they see the perception of
value and a willingness or resistance to paying more
for a product as being significant in determining
diamond prices in the medium term.
Ravinath Mohandas of V.N.M. Jewel Crafts in
Kochi thinks that economic conditions will be
the determining factor for diamond prices in the
medium term. “People are, in a small way, turning
to diamonds. Diamond sales won’t match those of
gold as long as gold prices stay high. However, if
there is a crash in the price of gold but the economic
conditions are good, diamonds will sell even if
their prices are higher.” He observes, however,
that a consumer perception that diamonds aren’t
worth higher prices could be a real damper to any
significant price appreciation. This perception could
come about because there is a real chance that other
IDEX Magazine – India Retail | NO 01: SPECIAL REPORT
products are seen as better investments. Diamonds,
he believes, will not fall behind other products in
terms of the customer satisfaction they offer.
Mohandas thinks that a shortage of diamonds, as
many experts predict is almost a certainty in the
medium- to long-term future, could well lead to a
significant market for recycled diamonds in India, the
way there is in gold. His prediction is that diamonds
won’t appreciate more than between 10- and 15
percent by Diwali 2011. “As the rupee appreciates,
it will be difficult for Indian diamond prices to go
up substantially,” he notes.
K Srinivasan of Emerald Jewel
Industry India Pvt. Ltd. of
Coimbatore, however, doesn’t
think there is much scope for a
rise in diamond prices in India.
“India is a very price sensitive
market,” he notes, adding, “it
resists any kind of price rise.” In
answer to a question whether
diamonds would be considered
value for money even with higher
prices as they help offset the high
price of gold in jewellery, he notes
that diamonds are not considered
an investment and so wouldn’t
be considered as helping offset
the high gold prices. He states
succinctly that higher diamond
prices will bring trading volumes
down. He does think, however,
that Indians would be willing to pay more for
diamonds as against higher prices for rubies, emeralds,
sapphires and other coloured gemstones.
Srinivasan thinks that by Diwali 2011, diamond prices
in India will be at least 5 percent higher than they
were during the festival this year.
Suresh V.N., diamond manager for the Joyalukkas
group, thinks diamond prices in India will go up due
to the country’s fast-paced growth. “While a weak
dollar against the rupee will affect rough diamond
prices,” he says, “the appreciation of the rupee will
give Indians greater purchasing power and Indian
consumers will be able to take a 30 percent rise in
diamond prices. So we are expecting this industry
to outperform expectations in the near future.” ■
9
 DR AF T – DECEMBER 1st 2010

The Diamond Retail Benchmark

Diamond Retail Benchmark for Polished Diamonds

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

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 172562 141884 122711 107372 99703 76694 65190 57521 49851 38347 26843 D 198358 163094 141054 123422 114607 88159 74935 66119 57303 44079 30856

Round 1/4 (0.23-0.28)

Round 1/5 (0.18-0.22)

E 145719 130380 111207 99703 92033 72860 61355 57521 46017 34512 23008 E 167502 149870 127830 114607 105791 83751 70527 66119 52895 39672 26448
F 138050 126546 103537 92033 84364 69025 57521 53686 42182 30678 23008 F 158686 145462 119015 105791 96975 79343 66119 61711 48487 35264 26448
G 126546 111207 95868 84364 72860 61355 53686 49851 38347 30678 19174 G 145462 127830 110199 96975 83751 70527 61711 57303 44079 35264 22040
H 111207 99703 88198 76694 65190 57521 49851 46017 34512 26843 19174 H 127830 114607 101383 88159 74935 66119 57303 52895 39672 30856 22040
I 92033 80529 76694 69025 57521 53686 46017 42182 34512 26843 19174 I 105791 92567 88159 79343 66119 61711 52895 48487 39672 30856 22040
J 69025 65190 61355 53686 49851 46017 42182 38347 30678 26843 15339 J 79343 74935 70527 61711 57303 52895 48487 44079 35264 30856 17632
K 61355 57521 53686 46017 42182 38347 34512 34512 30678 23008 15339 K 70527 66119 61711 52895 48487 44079 39672 39672 35264 26448 17632
L 49851 46017 46017 42182 42182 38347 34512 26843 23008 19174 11504 L 57303 52895 52895 48487 48487 44079 39672 30856 26448 22040 13224
M 42182 42182 38347 34512 34512 30678 26843 23008 19174 15339 11504 M 48487 48487 44079 39672 39672 35264 30856 26448 22040 17632 13224
N 38347 34512 30678 26843 26843 23008 19174 19174 15339 11504 11504 N 44079 39672 35264 30856 30856 26448 22040 22040 17632 13224 13224
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 241053 198199 171416 149989 139275 107135 91065 80351 69638 53567 37497 D 279432 236442 204200 182705 150463 118221 107474 96726 75232 59111 42989

Round 3/8 (0.38-0.44)

Round 1/3 (0.29-0.37)

E 203556 182129 155346 139275 128562 101778 85708 80351 64281 48211 32140 E 236442 209574 182705 171958 145089 112847 96726 91353 69858 53737 37616
F 192843 176772 144632 128562 117848 96421 80351 74994 58924 42854 32140 F 225695 204200 177332 161211 134342 107474 91353 85979 69858 53737 37616
G 176772 155346 133919 117848 101778 85708 74994 69638 53567 42854 26784 G 204200 177332 155837 139716 118221 102100 85979 80605 64484 48363 32242
H 155346 139275 123205 107135 91065 80351 69638 64281 48211 37497 26784 H 182705 161211 139716 123595 107474 96726 80605 75232 59111 48363 32242
I 128562 112492 107135 96421 80351 74994 64281 58924 48211 37497 26784 I 155837 134342 123595 107474 96726 85979 75232 69858 53737 42989 32242
J 96421 91065 85708 74994 69638 64281 58924 53567 42854 37497 21427 J 123595 112847 107474 91353 80605 75232 69858 64484 48363 42989 26868
K 85708 80351 74994 64281 58924 53567 48211 48211 42854 32140 21427 K 112847 102100 96726 80605 75232 64484 59111 53737 42989 37616 26868
L 69638 64281 64281 58924 58924 53567 48211 37497 32140 26784 16070 L 96726 91353 85979 75232 69858 59111 53737 48363 37616 32242 21495
M 58924 58924 53567 48211 48211 42854 37497 32140 26784 21427 16070 M 80605 75232 69858 64484 59111 53737 48363 42989 32242 26868 21495
N 53567 48211 42854 37497 37497 32140 26784 26784 21427 16070 16070 N 64484 59111 53737 53737 48363 48363 42989 37616 26868 21495 21495
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 294323 249042 215082 192442 158482 124521 113201 101881 79241 62261 45280 D 454908 349502 305121 244097 227454 188620 149787 138691 110953 88762 61024

Round 1/2+ (0.50-0.69)

Round -1/2 (0.45-0.49)

E 249042 220742 192442 181122 152822 118861 101881 96221 73581 56601 39620 E 338407 305121 282930 233001 205263 171977 138691 127596 105405 83215 55477
F 237722 215082 186782 169802 141501 113201 96221 90561 73581 56601 39620 F 305121 282930 260740 221906 194168 155334 127596 116501 99858 77667 55477
G 215082 186782 164142 147161 124521 107541 90561 84901 67921 50941 33960 G 271835 249644 233001 205263 171977 138691 110953 105405 94310 72119 49929
H 192442 169802 147161 130181 113201 101881 84901 79241 62261 50941 33960 H 244097 221906 199716 177525 149787 127596 105405 99858 88762 66572 49929
I 164142 141501 130181 113201 101881 90561 79241 73581 56601 45280 33960 I 199716 183073 166430 144239 127596 110953 99858 94310 83215 66572 49929
J 130181 118861 113201 96221 84901 79241 73581 67921 50941 45280 28300 J 155334 144239 133144 116501 110953 99858 88762 83215 77667 66572 44381
K 118861 107541 101881 84901 79241 67921 62261 56601 45280 39620 28300 K 133144 127596 122048 105405 99858 88762 83215 77667 72119 61024 44381
L 101881 96221 90561 79241 73581 62261 56601 50941 39620 33960 22640 L 116501 110953 105405 99858 94310 83215 77667 72119 61024 55477 38834
M 84901 79241 73581 67921 62261 56601 50941 45280 33960 28300 22640 M 99858 94310 88762 83215 83215 72119 66572 61024 55477 49929 33286
N 67921 62261 56601 56601 50941 50941 45280 39620 28300 22640 22640 N 83215 77667 72119 72119 66572 61024 55477 49929 49929 44381 27738
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 561957 429732 369129 325054 297507 253432 225885 187319 159772 104678 66113 D 672760 561516 487354 386705 349623 328434 280758 217190 174812 121838 74163
Round 0.90 (0.90-0.99)
Round 3/4 (0.70-0.89)

E 413204 369129 330563 308525 275469 242413 214866 176300 154263 99169 66113 E 556219 524435 444975 354921 333731 307245 270163 206596 169514 116541 68865
F 369129 336072 308525 286488 258941 225885 198338 170791 148753 93660 60603 F 524435 497948 413191 339029 317839 291353 259569 201298 164217 111244 68865
G 330563 297507 275469 253432 231394 203847 181810 165282 143244 93660 55094 G 444975 407894 349623 312542 291353 270163 238380 190704 158920 105946 63568
H 297507 269960 247922 225885 209357 187319 170791 154263 132225 88150 55094 H 360218 339029 317839 296650 275461 248974 227785 180109 148325 100649 63568
I 247922 231394 220375 203847 187319 170791 148753 137735 126716 82641 55094 I 301947 286055 264866 254272 233082 222488 201298 164217 137730 95352 58271
J 187319 181810 176300 159772 154263 148753 137735 121206 115697 77131 49584 J 248974 238380 227785 217190 201298 196001 180109 148325 127136 90054 58271
K 165282 159772 154263 137735 132225 121206 110188 104678 93660 71622 49584 K 206596 201298 190704 180109 169514 164217 148325 127136 100649 79460 52973
L 137735 132225 126716 121206 115697 110188 99169 93660 71622 60603 44075 L 174812 169514 164217 153622 148325 143028 132433 116541 95352 74163 47676
M 126716 121206 115697 110188 104678 99169 93660 88150 66113 55094 38566 M 158920 153622 148325 143028 137730 132433 121838 105946 90054 68865 47676
N 115697 110188 104678 99169 93660 88150 88150 82641 60603 49584 33056 N 143028 137730 132433 132433 127136 121838 111244 95352 84757 63568 47676

This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list.
This
For price
morelist reflects suggested
education retaildiscounts
on prices and prices forplease
polished
visitdiamonds. Diamonds may,
www.idexonline.com. and should,
Copyright 2009sell
byatIDEX
discounts
Onlinecompared to thisreserved.
S.A. All rights list. For more
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.
12 DR AF T – DECEMBER 1st 2010
D R A F T – J A N U A R Y 1st 2 0 10
 DR AF T – DECEMBER 1 s t 2010

The Diamond Retail Benchmark

Diamond Retail Benchmark for Polished Diamonds

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

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 1271674935864 798237 605559 473437 401871 335810 264244 225708 154142 88081 D 1521186 1231707 1135214 868438 698156 561931 459761 351916 278127 175958 102169
Round 4/4 (1.00-1.49)

Round 1.50 (1.50-1.99)

E 869803 820257 693640 556013 445912 374346 319295 247729 214698 148637 82576 E 1203326 1152242 964932 817354 664100 539226 437057 334888 266775 170282 96493
F 787227 715661 633084 506468 423891 357830 302780 236719 203688 143132 77071 F 1044396 953579 908171 749241 635720 510846 408677 323536 255423 164606 90817
G 556013 533993 511973 445912 396366 335810 291769 225708 198183 137627 71566 G 732213 715185 681128 618691 556255 465438 380297 300832 244071 158930 85141
H 462427 440407 412881 374346 341315 319295 280759 220203 187173 132122 71566 H 590311 573283 556255 505170 471114 431381 363268 278127 232719 153254 85141
I 396366 385356 357830 319295 302780 286264 253234 203688 170658 121112 66061 I 522198 516522 499494 442733 408677 380297 323536 255423 221367 141902 79465
J 330305 319295 308285 291769 264244 253234 236719 181668 148637 110102 66061 J 431381 425705 408677 368944 334888 323536 283803 227043 187310 130550 79465
K 297274 286264 275254 264244 225708 220203 198183 165152 137627 99091 60556 K 351916 340564 329212 323536 289479 266775 244071 204338 170282 119197 73789
L 264244 253234 247729 236719 209193 198183 176163 154142 126617 88081 55051 L 317860 306508 295156 278127 255423 244071 221367 187310 153254 113521 68113
M 220203 214698 203688 192678 170658 159647 143132 121112 110102 82576 55051 M 266775 261099 249747 244071 215691 204338 187310 158930 136226 102169 68113
N 176163 176163 159647 148637 132122 121838 111244 95352 93586 77071 55051 N 215691 215691 204338 190128 175958 164606 153254 130550 119197 90817 68113
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 2167494 1750252 1576852 1289659 937441 715273 585223 400986 314287 184237 102956 D 2446665 1975682 1779949 1455766 1058183 807399 660600 452633 354766 207967 116217
Round 2.00 (2.00-2.49)

Round 2.50 (2.50-2.99)

E 1696064 1587689 1354684 1154191 899510 699017 568967 390149 303449 178818 97537 E 1914515 1792182 1529166 1302849 1015366 789049 642250 440400 342533 201850 110100
F 1490152 1343846 1208378 1018722 861579 661086 531036 373893 292612 173400 92119 F 1682082 1516932 1364016 1149933 972549 746233 599433 422050 330300 195733 103983
G 1072910 986210 899510 823648 753204 617736 509361 352218 276356 167981 92119 G 1211099 1113233 1015366 929733 850216 697299 574966 397583 311950 189617 103983
H 834485 780298 726111 688179 639411 552711 476849 325124 260099 162562 86700 H 941966 880799 819633 776816 721766 623900 538266 367000 293600 183500 97867
I 677342 655667 617736 568967 525617 476849 433499 298030 249262 151725 81281 I 764583 740116 697299 642250 593316 538266 489333 336416 281366 171267 91750
J 541874 520199 498524 466011 433499 395568 368474 270937 227587 135468 81281 J 611666 587200 562733 526033 489333 446516 415933 305833 256900 152917 91750
K 487686 471430 455174 422661 395568 357637 330543 260099 195074 130050 75862 K 550500 532150 513800 477100 446516 403700 373116 293600 220200 146800 85633
L 379311 368474 357637 341380 308868 281774 254681 216749 167981 124631 70444 L 428166 415933 403700 385350 348650 318066 287483 244666 189617 140683 79517
M 325124 319705 314287 308868 265518 238424 216749 189656 140887 113793 70444 M 367000 360883 354766 348650 299716 269133 244666 214083 159033 128450 79517
N 270937 270937 270937 246524 222168 195074 178818 162562 119197 102956 70444 N 305833 305833 305833 278276 250783 220200 201850 183500 128450 116217 79517

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 3833148 2970382 26376002039826 1614606 1066133 788815 517660 443708 234179 129415 D 3833148 2970382 26376002039826 1614606 1066133 788815 517660 443708 234179 129415
Round 3.00 (3.00-3.49)

Round 3.50 (3.50-3.99)

E 2908755 2643763 2218542 1774834 1485191 1004507 745677 493009 412895 228017 123252 E 2908755 2643763 2218542 1774834 1485191 1004507 745677 493009 412895 228017 123252
F 2508185 2310982 1947387 1614606 1380426 942880 714864 468359 388245 215692 117090 F 2508185 2310982 1947387 1614606 1380426 942880 714864 468359 388245 215692 117090
G 2009013 1805647 1626931 1448215 1214036 850441 677888 443708 369757 209529 110927 G 2009013 1805647 1626931 1448215 1214036 850441 677888 443708 369757 209529 110927
H 1522167 1460540 1355776 1183223 1016832 733351 647075 419058 351269 203366 110927 H 1522167 1460540 1355776 1183223 1016832 733351 647075 419058 351269 203366 110927
I 1084621 1053808 1016832 912067 776490 640912 560798 382082 326619 191041 104764 I 1084621 1053808 1016832 912067 776490 640912 560798 382082 326619 191041 104764
J 881254 868929 838116 758002 684051 554636 493009 351269 289643 172553 98602 J 881254 868929 838116 758002 684051 554636 493009 351269 289643 172553 98602
K 813466 776490 745677 677888 610099 474522 412895 320456 258830 160228 98602 K 813466 776490 745677 677888 610099 474522 412895 320456 258830 160228 98602
L 610099 579286 548473 523822 474522 357432 301968 264993 203366 154065 92439 L 610099 579286 548473 523822 474522 357432 301968 264993 203366 154065 92439
M 505335 493009 474522 443708 406733 320456 271155 240342 178716 141740 92439 M 505335 493009 474522 443708 406733 320456 271155 240342 178716 141740 92439
N 406733 400570 400570 363594 338944 283480 240342 215692 154065 129415 92439 N 406733 400570 400570 363594 338944 283480 240342 215692 154065 129415 92439
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 4909391 3901465 3567377 2876552 2259339 1375988 990938 543600 447338 237825 130238 D 7251380 5490757 4941681 4159845 3163154 1927733 1307039 656504 489394 280506 149205
Round 4.00 (4.00-4.99)

Round 5.00 (5.00-5.99)

E 3890140 3550390 3069077 2570777 2134764 1325026 962626 515288 419025 232163 124575 E 543704348939364309051 3730134 2984107 1784496 1265261 620694 459552 268570 137269
F 3510752 3063415 2763302 2378252 1953564 1257076 939976 486975 396375 220838 118913 F 4774571 4297114 3939021 3491405 2566332 1629322 1211547 596821 441648 256633 131301
G 2650052 2378252 2231027 2100789 1715739 1115513 866363 458663 373725 209529 113250 G 3580929 3222836 2966202 2727474 2267921 1503990 1145897 572949 417775 244697 125332
H 2015851 1913926 1783689 1659114 1392976 996601 798413 436013 356738 203850 113250 H 2864743 2596173 2387286 2148557 1796432 1307039 1032501 513266 393902 238729 119364
I 1455263 1381651 1325026 1223101 1070213 832388 707813 413363 339750 192525 107588 I 2065002 1933701 1868051 1671100 1503990 1104120 895232 453584 364061 226792 113396
J 1172138 1115513 1081538 996601 883351 730463 617213 379388 300113 181200 101925 J 1551736 1474149 1372689 1313007 1253325 984755 793772 411807 322284 214856 107428
K 996601 934313 900338 838051 747451 594563 526613 345413 266138 164213 98602 K 1211547 1122024 1068310 1008628 948946 775868 656504 375997 292442 196951 107428
L 685163 651188 622875 594563 526613 424688 368063 288788 215175 158550 92439 L 889264 853455 811677 775868 716186 596821 453584 328252 256633 179046 101460
M 588900 566250 549263 515288 469988 379388 328425 266138 192525 141740 92439 M 769900 734090 704249 674408 644567 537139 405839 292442 220824 161142 101460
N 492638 481313 475650 436013 413363 334088 288788 243488 169875 129415 92439 N 650535 614726 596821 572949 572949 477457 358093 256633 185015 143237 101460

This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list.
For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved.
DR AF T – DECEMBER 1st 2010 13
 DR AF T – DECEMBER 1st 2010

The Diamond Retail Benchmark

Diamond Retail Benchmark for Polished Diamonds

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

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 116763 109230 97930 90397 75331 67798 56498 52731 45198 33899 22599 D 131358 122883 110171 101696 84747 76272 63560 59323 50848 38136 25424

Fancy 1/4 (0.23-0.28)

Fancy 1/5 (0.18-0.22)

E 109230 101696 90397 75331 64031 60265 52731 52731 41432 30132 22599 E 122883 114409 101696 84747 72035 67798 59323 59323 46611 33899 25424
F 101696 94163 79097 67798 60265 56498 48965 48965 37665 26366 18833 F 114409 105934 88984 76272 67798 63560 55086 55086 42374 29661 21187
G 94163 82864 71564 64031 56498 52731 45198 45198 33899 26366 18833 G 105934 93222 80510 72035 63560 59323 50848 50848 38136 29661 21187
H 75331 71564 64031 60265 52731 48965 41432 41432 30132 22599 18833 H 84747 80510 72035 67798 59323 55086 46611 46611 33899 25424 21187
I 60265 56498 52731 52731 48965 45198 37665 37665 30132 22599 15066 I 67798 63560 59323 59323 55086 50848 42374 42374 33899 25424 16949
J 48965 45198 45198 41432 41432 37665 33899 33899 26366 18833 15066 J 55086 50848 50848 46611 46611 42374 38136 38136 29661 21187 16949
K 41432 37665 33899 33899 33899 30132 26366 26366 22599 18833 15066 K 46611 42374 38136 38136 38136 33899 29661 29661 25424 21187 16949
L 37665 33899 33899 30132 30132 30132 26366 22599 15066 15066 11300 L 42374 38136 38136 33899 33899 33899 29661 25424 16949 16949 12712
M 33899 33899 33899 30132 30132 30132 26366 22599 15066 11300 11300 M 38136 38136 38136 33899 33899 33899 29661 25424 16949 12712 12712
N 33899 33899 33899 30132 30132 30132 26366 22599 15066 11300 11300 N 38136 38136 38136 33899 33899 33899 29661 25424 16949 12712 12712
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 147490 137974 123701 114185 95155 85639 71366 66608 57093 42820 28546 D 197952 181902 165851 155151 133751 117701 107001 96301 69551 53500 42800

Fancy 3/8 (0.38-0.44)

Fancy 1/3 (0.29-0.37)

E 137974 128459 114185 95155 80881 76124 66608 66608 52335 38062 28546 E 181902 171201 155151 144451 128401 107001 96301 90951 64201 48150 37450
F 128459 118943 99912 85639 76124 71366 61850 61850 47577 33304 23789 F 171201 160501 144451 133751 123051 101651 90951 85601 58851 42800 32100
G 118943 104670 90397 80881 71366 66608 57093 57093 42820 33304 23789 G 160501 144451 133751 123051 112351 96301 80251 80251 53500 42800 32100
H 95155 90397 80881 76124 66608 61850 52335 52335 38062 28546 23789 H 139101 128401 117701 112351 101651 90951 74901 74901 48150 37450 32100
I 76124 71366 66608 66608 61850 57093 47577 47577 38062 28546 19031 I 112351 107001 101651 96301 85601 80251 69551 69551 48150 37450 26750
J 61850 57093 57093 52335 52335 47577 42820 42820 33304 23789 19031 J 90951 85601 85601 80251 69551 64201 58851 58851 42800 32100 26750
K 52335 47577 42820 42820 42820 38062 33304 33304 28546 23789 19031 K 80251 69551 64201 58851 58851 53500 42800 42800 32100 26750 26750
L 47577 42820 42820 38062 38062 38062 33304 28546 19031 19031 14273 L 69551 64201 58851 53500 53500 48150 42800 37450 32100 26750 21400
M 42820 42820 42820 38062 38062 38062 33304 28546 19031 14273 14273 M 58851 53500 53500 48150 48150 42800 37450 32100 26750 21400 21400
N 42820 42820 42820 38062 38062 38062 33304 28546 19031 14273 14273 N 48150 48150 48150 42800 42800 38062 33304 28546 21400 21403 21400
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 197952 181902 165851 155151 133751 117701 107001 96301 69551 53500 42800 D 258686 219639 200115 180592 165949 136664 117141 107379 92736 73213 53690

Fancy 1/2+ (0.50-0.69)

Fancy -1/2 (0.45-0.49)

E 181902 171201 155151 144451 128401 107001 96301 90951 64201 48150 37450 E 224520 200115 185473 161069 146426 122022 97617 97617 87856 68332 48809
F 171201 160501 144451 133751 123051 101651 90951 85601 58851 42800 32100 F 200115 185473 165949 151307 136664 117141 92736 92736 82975 63451 48809
G 160501 144451 133751 123051 112351 96301 80251 80251 53500 42800 32100 G 185473 165949 151307 136664 122022 107379 87856 87856 73213 58570 43928
H 139101 128401 117701 112351 101651 90951 74901 74901 48150 37450 32100 H 165949 151307 141545 126902 117141 92736 82975 82975 68332 53690 43928
I 112351 107001 101651 96301 85601 80251 69551 69551 48150 37450 26750 I 141545 126902 122022 112260 102498 92736 82975 78094 63451 53690 39047
J 90951 85601 85601 80251 69551 64201 58851 58851 42800 32100 26750 J 112260 102498 97617 92736 87856 82975 78094 68332 58570 53690 39047
K 80251 69551 64201 58851 58851 53500 42800 42800 32100 26750 26750 K 87856 78094 78094 73213 73213 68332 63451 63451 53690 48809 34166
L 69551 64201 58851 53500 53500 48150 42800 37450 32100 26750 21400 L 73213 68332 68332 63451 63451 63451 58570 58570 48809 43928 34166
M 58851 53500 53500 48150 48150 42800 37450 32100 26750 21400 21400 M 58851 58570 58570 53690 53690 53690 48809 48809 43928 39047 29285
N 48150 48150 48150 42800 42800 38062 33304 28546 21400 21403 21400 N 48809 48809 48809 43928 43928 43928 39047 39047 39047 34166 24404
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 360744 281677 266852 252027 237202 212493 182843 168018 128484 88951 59300 D 403281 318873 309495290738271980 257912 225087182883 135990 98476 60961
Fancy 0.90 (0.90-0.99)
Fancy 3/4 (0.70-0.89)

E 286619266852256969 237202 217435 187785 163076 153193 123543 84009 54359 E 318873309495290738276670262602243844 211019 173505 131301 93786 56272
F 271794 256969247085 227318 202610 177901 153193 143309 118601 79067 54359 F 309495290738271980 262602248534234466206330 168815 131301 89097 56272
G 256969 242143 227318 207552 187785 158134 143309138368 113659 79067 49417 G 290738 271980 262602253223234466 215709 192262 164126 126612 84408 51582
H 232260 212493 207552 192726 168018 143309 133426128484 103776 74126 49417 H 253223234466225087 215709 201641 192262 168815 154747 117233 84408 51582
I 197668 182843 177901 163076 138368 123543 113659 108717 93892 69184 44475 I 225087 211019 206330 196951 182883 178194 154747 135990 112544 79718 46893
J 158134 148251 143309 133426 128484 118601 98834 93892 79067 64242 44475 J 192262 187573 182883 173505 168815 159437 140679 121922 98476 70340 46893
K 133426 123543 118601 113659 108717 98834 88951 84009 69184 59300 39534 K 154747 150058145369 140679 140679 131301 121922 107854 84408 60961 42204
L 108717 103776 98834 93892 93892 88951 84009 74126 59300 49417 39534 L 121922 117233 112544 107854 107854 103165 98476 89097 65650 51582 39534
M 84009 84009 84009 79067 79067 79067 74126 74126 49417 44475 34592 M 93786 93786 93786 89097 89097 89097 84408 79718 51582 46893 37515
N 69180 69180 69184 64242 64242 64241 64242 39529 39534 39534 29650 N 75029 75029 75029 70340 70340 70340 70340 70340 39534 39534 37515

This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list.
For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved.
14 DR AF T – DECEMBER 1st 2010
 DR AF T – DECEMBER 1st 2010

The Diamond Retail Benchmark

Diamond Retail Benchmark for Polished Diamonds

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

IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 596943401000359989 341761 314420 277966 232398 191386 145818 100250 63795 D 774342 532668488279473483443890 414298 340316 266334 202217 128235 73982
Fancy 4/4 (1.00-1.49)

Fancy 1.50 (1.50-1.99)

E 401000359989346318332648305307 264295223284186830 141261 95693 59239 E 532668488279473483458687434026404433335384 261402 197285 123303 73982
F 359989 346318 337205 318977 287080 255182 218727 182273 136705 95693 59239 F 488279473483458687434026414298 389637 320587 251538 187420 118371 69050
G 346318 337205 323534300750273409236955 205057 173159 127591 91136 54682 G 473483458687434026 419230 389637 355112 300859 241674 182488 113439 64117
H 287080268852 255182 241511 218727 200500 177716 164045 123034 86580 54682 H 384705 374841 360044345248325520300859 261402 217013 162760 108507 59185
I 246068236955 227841 218727 200500 182273 159489 150375 118477 82023 50125 I 330452 320587 315655 300859286063 271266 226877 197285 152896 103574 59185
J 209614200500 191386 182273 173159 159489 141261 127591 100250 70340 50125 J 256470 251538 246606 236742 226877 217013 187420 162760 128235 93710 54253
K 173159 168602 164045 159489 150375 141261 127591 113920 91136 60961 45568 K 221945 217013 212081 202217 192352 187420 167692 143031 113439 83846 54253
L 141261 136705 132148 127591 118477 109364 104807 91136 72909 54682 41011 L 187420 182488 177556 172624 157828 152896 138099 118371 98642 73982 49321
M 123034 118477 113920 109364 104807 95693 91136 86580 63795 50125 41011 M 157828 152896 147963 143031 133167 128235 118371 108507 83846 69050 44389
N 104807 100250 95693 91136 91136 82023 77466 70340 54682 45568 41011 N 128235 123303 118371 113439 108507 103574 98642 98642 69050 64117 41011
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 1168406 849323 783630 713244 666320 539625 394161 295621 229927 136079 84463 D 1306214 949497 876055 797367 744909 603271 440650330488 257046 152129 94425
Fancy 2.00 (2.00-2.49)

Fancy 2.50 (2.50-2.99)

E 849323 783630 713244 666320 600626 516163 384776 286236 225235 131387 79771 E 949497 876055 797367 744909 671467 577042 430159 319996 251800 146883 89179
F 783630 713244 666320 600626 553703 492701 375392 276851 215850 126695 79771 F 876055 797367 744909 671467 619009 550813 419667 309504 241309 141638 89179
G 694474 647550 600626 553703 530241 445777 361314 262774 206465 122002 75078 G 776384 723926 671467 619009 592780 498355 403930 293767 230817 136392 83933
H 558395 511471 464547 441085 417623 375392 309698 234620 187696 117310 70386 H 624255 571796 519338 493109 466880 419667 346225 262292 209834 131146 78688
I 441085 417623 394161 370699 347237 328468 281544 220543 173619 112617 70386 I 493109 466880440650 414421 388192 367209 314750 246554 194096 125900 78688
J 337852 323775 309698 295621 276851 262774 234620 178311 140772 103233 65694 J 377700 361963 346225 330488 309504 293767 262292 199342 157375 115408 73442
K 286236 272159 262774 248697 244005 234620 215850 159541 126695 98540 61001 K 319996 304259 293767 278029 272784 262292 241309 178359 141638 110163 68196
L 206465 197081 187696 173619 168926 164234 154849 131387 107925 89155 56309 L 230817 220325 209834 194096 188850 183604 173113 146883 120654 99671 62950
M 168926 159541 150157 145464 140772 140772 131387 117310 98540 84463 51616 M 188850 178359 167867 162621 157375 157375 146883 131146 110163 94425 57704
N 131387 123303 122008 117310 117289 107925 107904 103233 89155 79771 46924 N 146883 136392 136399 131146 131123 120654 120631 115408 99671 89179 52458
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 2055279 1660981 1458903 1197680 1025175 734380 502730 404156 345011 182363 103503 D 2055279 1660981 1458903 1197680 1025175 734380 502730 404156 345011 182363 103503
Fancy 3.00 (3.00-3.49)

Fancy 3.50 (3.50-3.99)

E 1601836 1473689 1355400 1128678 961102 709737 478086 384441 320367 172505 98575 E 1601836 14736891355400 1128678 961102 709737 478086 384441 320367 172505 98575
F 1394829 1311041 1197680 1039961 887171 660449 458371 369654 305581 162648 93646 F 1394829 1311041 1197680 1039961 887171 660449 458371 369654 305581 162648 93646
G 1232181 1148393 1084320 906886 793525 586518 448514 349940 290795 152790 88717 G 1232181 1148393 1084320 906886 793525 586518 448514 349940 290795 152790 88717
H 1020246 970959 882242 759024 650592 492873 414013 320367 266151 142933 88717 H 1020246 970959 882242 759024 650592 492873 414013 320367 266151 142933 88717
I 778739 734380 694950 635806 522445 433728 359797 285866 241508 133076 83788 I 778739 734380 694950 635806 522445 433728 359797 285866 241508 133076 83788
J 556946 532302 507659 473158 428799 345011 300652 231650 192220 123218 78860 J 556946 532302 507659 473158 428799 345011 300652 231650 192220 123218 78860
K 448514 433728 414013 399227 354868 295724 261222 207006 172505 113361 73931 K 448514 433728 414013 399227 354868 295724 261222 207006 172505 113361 73931
L 325296 310510 295724 271080 256294 211935 192220 167577 142933 103503 64073 L 325296 310510 295724 271080 256294 211935 192220 167577 142933 103503 64073
M 241508 231650 216864 202078 192220 162648 147862 133076 118289 98575 59145 M 241508 231650 216864 202078 192220 162648 147862 133076 118289 98575 59145
N 157719 152790 138004 133076 131123 120654 120631 115408 99671 93646 54216 N 157719 152790 138004 133076 131123 120654 120631 115408 99671 93646 54216
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3 IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
D 2858534230688720761991835480 1594761 962875 661976 481437 391168 210629 120359 D 4173807 31800442921665 2613598 2146529 1296861 839730 546570 407443 233534 134158
Fancy 4.00 (4.00-4.99)

Fancy 5.00 (5.00-5.99)

E 2241693 2076199 1940794 1685031 1479417 927770 636901 456362 366093 200599 115344 E 3125387 2911727 268316224148462002434 1252142 814886 516757 382599 223597 124220
F 202604919407941790345 1544611 1313923 867590 616842 431288 346033 190569 110329 F 265831824844092335344 2136592 1734117 1137859 770167 496882 367693 213659 114283
G 1715121 1554641 1424252 1359057 1138399 802396 601797 406213 325973 180539 105314 G 2176342 1987527 186330716893981431020 1018608 735385 477007 347817 203722 109314
H 1399177 1318938 1208608 1123354 947830 702096 531587 371108 305913 170509 100299 H 1888151 1739086 1565178 1431020 1232267 884450 636009 432287 327942 193784 104345
I 1028069 982935 927770 862575 807411 611827 466392 325973 265794 160479 95284 I 1286924 1192516 1117984 1018608 934138 695635 536632 382599 303098 183846 95284
J 747231 717141 692066 651946 621857 496482 406213 280838 225674 150449 85255 J 929169 884450 834761 775136 720479 576383 481975 337880 273285 168940 89439
K 591767 561677 536602 516542 481437 386153 346033 265794 205614 135404 80240 K 740354 705572 670790 621102 596258 472038 402474 313036 248441 154033 84470
L 421258 411228 401198 381138 366093 295883 260779 215644 170509 120359 75225 L 521726 496882 472038 457131 447194 357755 298129 268316 218628 139127 79501
M 330988 315943 305913 295883 290868 240719 210629 175524 140419 110329 70210 M 437256 422350 397505 377630 357755 298129 258379 208690 163971 124220 74532
N 240719 220659 220622 210629 210604 185554 160479 135404 110329 100299 65195 N 352786 347817 322973 298129 268316 238503 218628 149065 110329 109314 69563

This price list reflects benchmark retail prices for polished diamonds. Diamonds may, and should, sell at discounts compared to this list.
For more education on prices and discounts please visit www.idexonline.com. Copyright 2009 by IDEX Online S.A. All rights reserved.
DR AF T – DECEMBER 1st 2010 15
 Can You Assure A feature of this
year’s Diwali
Your Customer jewellery sales
About The season has been
the rapid growth
Diamond? of consumer
assurance initiatives
She’s Sure for diamonds all
About the Gold around the country.
And while sales
By Vinod Kuriyan have sparkled,
the call for greater
standardization
in pricing and
assurance schemes
like buy-backs has
never before been
as loud. A report on
the Indian jewellery
retail industry’s
perception of the
need and what’s
being done about it.

16 Magazine – India Retail | NO 01: COVER STORY

 I
ndian jewellery retailers have for centuries maintained
the value of the plain gold jewellery they have sold
buy instituting buy-back programs. Diamonds and
coloured gemstones, however, have long languished
in a confusion of ad hoc schemes instituted by individual
retailers according to their own individual norms. This state
of affairs lasted so long only because diamond jewellery
constituted just a tiny fraction of the total market.
Not any more. Ever since De Beers entered the Indian
consuming market with a slew of diamond brands and
an aggressive umbrella campaign, all around the country,
demand for diamonds has grown exponentially. Diamond
jewellery is today the fastest growing segment in the market.
While there are no official figures, Mehul Choksi, chairman
and managing director of the Gitanjali group, that sells a
raft of branded diamond jewellery all over India, including
Gili, one of India’s first diamonds jewellery brands, as well
as Nakshatra, Asmi and Sangini, erstwhile De Beers brands
that whetted the Indian consumer’s appetite for diamonds,
estimates the size of the Indian diamond jewellery market
at a whopping Rs.25,000- to Rs.30,000 crore ($6-$7 billion).
“The way I calculate it,” he says, “is that the Indian retail
diamond jewellery market consumes roughly Rs.13,312 crore
worth of diamonds ($3 billion), another 4,437 crore ($1
billion) in gold. Factor in a profit margin of approximately
50 percent and you get my estimated total.”
Whatever the actual figure, there is no getting away from
the fact that domestic demand for diamonds has never been
higher. Along with this demand, the need for consumer
assurance too has grown equally fast, spilling over from
the metros and Tier-I cities and pushing decisively into
Tier-II and smaller towns.
These consumer initiatives broadly hinge on two planks –
stone certification and buy-back programs. Together, these
programs help maintain the value of diamond jewellery
and are catalyzing the move to viewing larger or better
quality diamonds as storehouse of value, much the same
way gold has been viewed in the country for millennia.
But an important difference between the plain gold
and diamond jewellery markets is that whereas the first
category is usually held long term and only traded in during
exigencies or occasions like family weddings to generate
either cash or new bridal jewellery, diamond jewellery
buy-backs, especially at the lower, mass-market end ,are
also driven by fashion. Consumers are ready to trade in
their diamond jewellery for newer styles and designs.
Thus consumers of even the mass-market jewellery in
the lower price ranges have a strong requirement for
Magazine – India Retail | NO 01: COVER STORY
assurance programs that guarantee them a holding value
for the product they buy.
Joyalukkas: Offering 100% diamond buy-backs
K. Srinivasan of Emerald Jewel Industry India Pvt. Ltd.,
a manufacturer who supplies retailers, offers certified
diamonds and buy-back schemes for them as a product
and service guarantee, however cautions that in his view,
diamonds are still a long way from gaining the storehouse-
of-value perception that gold enjoys in the country. “There
is nothing to beat gold as an investment option for the
general consumer,” he notes, adding, “diamonds are still far
away as an investment option.” But he nonetheless offers
assurance programs for all sizes of diamonds and affirms
that these initiatives help maintain their value. As he puts
it, “Transparency in the grading systems and in value
certification will help boost consumer confidence and the
move to buying diamonds as an investment tool.”
The Joyalukkas group, another big operator in the southern
market, has also embraced consumer assurance schemes
for diamonds in a big way. According to Suresh V.N.,
the group’s diamond manager, notes, “We at Joyalukkas
have very good sales in diamonds. All our diamonds are
IGI certified and we offer our customers a 100 percent
buy-back guarantee.
But it isn’t only the larger and better stones that are now
being offered with assurance programs. Indeed, even mass-
market diamond jewellery brands are offering consumers
quality assurance. The challenge to consumer assurance
with diamonds, notes Gitanjali’s Choksi, is that there isn’t
a single price to a diamond – the fact that for a stone
of a given size, there could be any number of variations
17

mohandas: Standing behind his own product
in price depending on colour, clarity and cut tends to
disconcert many consumers. According to him, the only
solution to delivering solid consumer assurance is to have
all players subscribing to credible third-party certification
systems. “All consumers want buy-backs, whether or not
they are willing to sell their jewellery,” Choksi says, “but
the foundation of a credible buy-back system is to have
everyone agree to the grading of a diamond, as this is what
determines its price. Third party certification is the only
way to go with this.”
Today, most big brands offer between 80- and 85 percent of
the sale value of their own brand of diamond jewellery as
its buy-back value. They are able to do this in part because
their product is, to begin with sourced either from their
own factories or from dedicated manufacturer partners
who ensure that the brand’s quality standards are met.
Additionally, brands have a large proportion of the diamonds
that are set in their jewellery certified by diamond testing
and grading labs, who bring the much-needed third-party
stamp of assurance to the product. Apart from conveying
value assurance, the buy-back schemes particularly help the
mass-market brands keep sales of their new lines moving,
as consumers are willing to forgo the 20 percent drop in
value to buy newer and more fashionable designs. The
20 percent difference in value helps the brands recycle
the product and use the diamonds for setting in newer,
more contemporary lines. This leads to a fairly sustainable
18
closed loop system that brings a fair measure of stability
with it.
With smaller retailers, who lack the depth of product
lines and geographic spread of their sales, the buy-back
values tend to be lower, at around 75 percent. But all
this is only as long as the brands or retailers are dealing
with their own product. When it comes to other people’s
products, typically, a retailer or brand will cut another
15- or 20 percent from the buy-back value (margin money)
as a hedge against the uncertainty of accepting someone
else’s product at face value. And this really shakes the
consumer’s perception of a diamond’s value.
Another factor complicating matters is the difference in
mark-ups in different geographic markets around the
country. Ravinath Mohandas of VNM Jewel Crafts in
Kochi, who caters to a high end clientele, sells only the
better clarities (VVS+) and colours (G-and-better) to a
market that clearly values the quality of the diamonds
it consumes, regardless of their size. He notes, however,
that major retailers in the Kochi area deal in “E” to “I”
colours. Diamond clarities, however, are usually much
better than what would be accepted in the northern
markets. Even factoring in the differences in product
between his own firm and those of others in the area
Mohandas observes that margins for both diamonds and
gold in the southern markets are on average lower than
what are achieved in the north.
Mohandas reports that diamond prices, instead of firming
up and providing better margins, “have become really
competitive.” He provides his customers with his own
diamond certification and stands behind his own product
to deliver assurance. “Only where solitaires are concerned
do I provide third-party certification – with GIA certificates
only. I have a scheme that lets my customers upgrade their
products.” He does buy back diamonds, but notes candidly
that as far as other people’s products are concerned, he
buys them back only “at a really low price”.
So are diamonds holding their value, in Mohandas’ opinion?
“The various diamond promotion programs we’ve seen in
the country have definitely grown demand for diamonds.
I think that today, diamonds provide women with the
same sort of a value perception as an overseas holiday.
The diamond business is definitely improving,” he adds.
Why, ask many industry watchers, are there so many
differences in consumer assurance programs and the way
consumer confidence is addressed? Why isn’t there a greater
Magazine – India Retail | NO 01: COVER STORY

vnm jewel crafts
measure of standardisation? “The geographic variety of the
Indian market,” says Kanwaljit Singh of Singh Diamond
in Mumbai, “leads to a great variation in the mark-up on
diamonds at the retail level. In the northern markets, they
love diamonds, but they want the biggest bang for their
buck. So the diamonds are the more inexpensive kind -lower
clarities and colours. But the overall cost of the piece is also
kept down by using lower karatage for the gold and so the
diamonds still constitute up to 60 percent of the component
cost of the jewellery. When you factor in the retail mark-up on
the whole piece after adding making charges, obviously, the
diamond values are marked up by a much higher percentage
than in the southern markets, where they take only the
highest quality – and thus far more expensive diamonds.
A comparison of two similar pieces with a exactly the same
carat weight in diamonds would show a five-fold increase in
the cost of the diamonds for the southern market. Naturally,
when you factor in the total mark-up, the appreciation in
the price of the diamonds is going to be much less. So you
really can’t say that the diamonds are overvalued in one
market and undervalued in the other. It’s in the nature of
the consuming pattern in each market.”
Still, the consuming market could be made to understand
regional differences in prices as long as consumers are
confident of the quality of diamonds they buy. This is
where the Indian market runs into extremely uncertain
territory. Bachhraj Bamalwa of Nemichand Bamalwa in
Kolkata, the incoming president of the All India Gems
& Jewellery Trade Federation (GJF), in his inaugural
address at the GJF’s annual general meeting earlier this
year, highlighted the need for the jewellery retail industry
to convey rock solid quality assurance to consumers when
he asked the question, “Does the Indian market need a
regulatory authority to maintain standards among diamond
grading laboratories?”
Magazine – India Retail | NO 01: COVER STORY
Bamalwa was referring to the fact that in many areas,
there are small, one-room shops that call themselves
“grading laboratories” and offer certificates for as little
as Rs.50. Most of these “labs” have nothing more than a
single microscope and offer certificates that are several
clarity- and colour grades higher than what a reputed
world-class laboratory would. These small shops, he
observed, posed a real threat to consumer confidence,
which is why he was even willing to consider government
regulation of laboratories. Many retailers have seen the
pointlessness of certificates from such “labs” and have,
like Mohandas in Kochi, opted to provide their own
certification and stand behind their own products
instead.
But there is still a strong need for third-party certification.
Which is why Bamalwa posed the question to the GJF’s
general body of whether they should even consider a
government initiative in the matter. The problem with
this idea, though, is that government infrastructure has
been woefully inadequate even with the primary need for
providing gold hallmarking services around the country.
Most of GJF membership present felt that asking the
government to also look after diamond certification was
something of a hopeless cause from the very outset.
While agreeing with this Bamalwa noted that this meant that
retail industry had to collectively do something to provide
this much-needed assurance to the Indian consumer. Most
of the retail industry agrees that collective action needs to
be taken on a combination of initiatives including third-
party certification, good buy-back programs and above all,
standardized pricing for diamonds.
Much of what consumers perceive as value, depends on
their confidence that the perceived value of the product
is uniform throughout the marketplace and that this
value can be unlocked at any time through a standardized
mechanism. Building up this confidence is key to enabling
diamonds compete successfully with the wide range of
luxury products that now aggressively vie for a share of
the consumer’s wallet.
As Gitanjali’s Choksi sums it up, “India is a very big country
and the industry must come together to educate the
consumer on diamonds. All the retailers, manufacturers
and associations should come together to do this on a
massive scale. In our business, providing an investment
guarantee of the product is as important as selling it for
its beauty. There must be trust and confidence created in
the consumer’s mind ■
19
 Et Cetera
Retail

Jewelry by bob export

for gold expressions
True Love Never Dies
Valentine’s Day lies just over the Holiday Hump
and these pieces make a heart of stone burn
red with desire. True love never ends, but lovers
give the gift that lasts forever … jewelry. Reds and
pinks, hearts and arrows – these lasting lovelies
are sure to “be mine.”

Birds of a Feather Stick Together

Remind your lover of the season of love and
spring with these pieces from Bob Export
for Gold Expressions. Pouring down like
droplets of rain, these feathered pieces flock
together with flurries of yellow, white and pink
gold in the Tropical Fantasy collection.

IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA 23

 For the Faint of Heart
Esssenza for Gold Expressions lets contrasting
energies unite in yellow and black gold creating
unique and passionate forms for those whose
romantic preference is less frilly and more edgy.
The Making Love collection uses gold and hermatite
charms to capture the eye and the heart.

Jewelry by esssenza
for gold expressions

I Love Gold!
Naturally, who doesn’t? Israelis designer, Daphna Jewelry by
daphna simon
Simon tenderly hand-crafts 18 karat into romantic
natural elements that bring a calming and sensual
feel to each piece. Why not think out of the
romance box and count the years of your love
using the metaphor of the rings on a tree?

Metallic l’Amour
In the My Way 2 collection, Italian designer
Goldsprit for Gold Expressions solidly
Jewelry by goldspirit expresses the notes of love with bold hearts
for gold expressions shining bright with metallic sheen. Striking and
passionate, the collection’s depth has avant-garde
characteristics.

24 IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA

 Tickled Pink
Nothing says love like pink sapphires
and amethyst jewelry. Al Coro’s design
sparkles in rose and purple rings, earrings and
pendants. There are even surprises underneath
each piece with ornaments inside the rings of
stars, moons and hearts.

Jewelry by al coro

Jewelry by Pacôma

Jewelry by stuller

Ring in the Season

Stuller gives more heart than ever this season
with an array of heart rings for every taste. For
the ambiguous amore, a sterling silver and rose
quartz ring etched with romantic design on
the band. For the bold, a 14 karat white gold
heart shaped amethyst and diamond ring will
ignite the heart in purple passion.

IDEX Magazine – India Retail | NO 01: RETAIL ET CETERA 25

 Global Polished
Diamond Prices
Prices Weaken in Late October
G
lobal polished diamond
prices slipped during the
final week of October,
after holding relatively steady during
the early part of the month. In fact,
prices declined even further due to
the weakening of the dollar.
The IDEX Online Polished Diamond
Price Index averaged 117.8 for
October, ending the month at 117.2,
and remained near that level in the
early days of November.
The IDEX Online Global Polished
Price Index decreased a modest
0.2 percent from September and
increased a strong 8.4 percent over
the average for October 2009.
Uncertain demand for polished
diamonds, especially ahead of the
all-important holiday season in the
U.S. market, appeared to have caused
retailers to cancel backup orders
for diamond jewelry. As a result,
diamond suppliers with excess
goods were forced to reduce prices
in an effort to move inventory.
Weak U.S. Dollar Also
Hurts Diamond Values
There was also more disturbing news.
Globally, diamonds are traded in U.S.
dollars. Since the beginning of the
year, the U.S. dollar has lost at least 5
percent of its value against a basket of
diamond currencies. As a result, real
26
prices of diamonds began to fall when
the U.S. dollar’s decline commenced.
On a constant currency basis, IDEX
Online Research estimates that
global polished diamond prices
since September have fallen by at
least 6 percent, if not more, from
levels earlier this year, on a constant
currency basis.
Rising Gold Price Hurts
Real Diamond Prices
The U.S. dollar has weakened
substantially against the price of
gold. Since January, the price of
gold has risen by 24 percent from
$1,099 to $1,360, although it was
slightly higher in mid-October.
Consequently, the value of the U.S.
dollar has fallen a substantial 24
percent when compared to the
global currency of gold.
119 Daily IDEX Online Polished Price Index
118
117
116
115
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Source: IDEX Online Research
By Ken Gassman
Weak Diamond Prices:
IDEX Online Issues Early
Warning
The IDEX Online Global Polished
Price Index, which is based on
real-time trading data, shows
that polished diamond prices
are softening. In contrast, some
polished diamond price information
published by other services suggests
that prices are “stable.”
Why this dichotomy? IDEX Online
Research reports diamond prices
in real time posted by diamond
suppliers. There are no “market
adjustments.” IDEX Online neither
owns nor trades diamonds.
Demand in A Few Markets
Remains Relatively Stable
Globally, the uncertain economy has
had a negative impact on demand
Graph 1
August 2010
IDEX Magazine – India Retail | NO 01: POLISHED
 Forecasts for near-term diamond
Graph 2 demand are less rosy. We are
U.S. Dollar to Diamond Currencies – 2010 projecting that diamond jewelry
+4.0% 3.4%
sales could be down by as much
+2.0% as 5 percent in the U.S. during
+0.0%
the November-December holiday
season, with unit sales down as
(2.0%)
much as 15 percent.
(4.0%) (3.1%)

(4.7%)
(6.0%) Instead of diamonds and diamond
(8.0%) (6.3%) jewelry, consumers have focused
(8.5%) their spending on less expensive
(10.0%)
silver jewelry and lower-karatage
Euro Rupee Canadian $ SA Rand Australian $
Source: OANDA
gold jewelry. Popular priced fashion
jewelry – mixed metals and a variety
of colored gemstones – seem to
appeal to today’s jewelry shopper.
Graph 3
IDEX Online Polished Diamond Price Index Until demand for diamond jewelry
24 Months solidifies at the retail level in the U.S.
135
Peak August 2008 = 128.9 market, polished diamond prices
130
are expected to trade in a narrow
125 October 2010 = 117.8
range, with little support. Clearly,
120
there is not enough demand to push
115 Average April–November 2009 prices higher. Unfortunately, the risk
108+
110
remains high for downside price
105 movement. ■
100
N D J F M A M J J A S O N D J F M A M J J A S 0
2008 2009 2010

Source: IDEX Online Research By Month

The IDEX Online
Diamond Price Index
The IDEX Online Diamond Price Index
for polished diamonds and diamond for an estimated 10 percent or less is a real-time index derived from actual
jewelry. Not only has the economic of total global demand (by value) asking prices in the global diamond
recovery been characterized by of polished diamonds. In contrast, industry. The IDEX Online Diamond
spikes and dips in demand, but the U.S. market consumes roughly Price Index objectively reflects price
the economy is taking far longer 45 percent, by value, of the world’s trends as they happen. The Diamond
to rebound than in prior recovery polished diamonds and diamond Index and Diamond Drivers were
cycles. As a result, diamantaires jewelry. formulated following comprehensive
are getting mixed signals from research and analysis of the IDEX
the market, with no firm trend or Short-Term Forecast inventory database, aggregated since
2001. Research and development were
pattern emerging. Uncertain
conducted in cooperation with Dr.
The IDEX Online Research survey
Avi Wohl, senior lecturer of Finance at
While demand for diamonds and of retail jewelers shows that the
the Faculty of Management, Tel Aviv
diamond jewelry remains stable in average ticket for an independent University, Israel.
two emerging markets – China and specialty jeweler dropped by 9-10
India – neither of these markets percent during the recession, and is Further information is available from
has a significant impact on global showing no recovery. The only good IDEX Research. The e-mail address is
polished diamond demand or prices. news is that the number of sales diamondprices@idexonline.com.
Together, these two markets account transactions is on the upswing.

IDEX Magazine – India Retail | NO 01: POLISHED 27

ADVERTORIAL

Diam nd
Treatments
P
eople have revered diamond as a precious product Today, penetration with high-energy electrons in a linear
of nature for thousands of years, especially in accelerator is one of two frequently used irradiation techniques.
India where the tradition of diamond trading and Depending on the material and treatment conditions, this
wearing dates back some 3000 years. process usually produces blue or blue-green colors.

In the last half century, scientists have discovered ways to
alter the appearance of natural diamond: namely to improve
clarity and improve or change color. While treatments can
make difficult-to-sell diamonds more attractive, they do
present identification challenges to the industry if sold
undisclosed.
Detection and disclosure is the key. Diamond treatments are
legitimate and can make some diamonds more marketable,
but the need for positive, ethical disclosure is essential to
protect the trade and consumers.
Treatments For Color
Scientists have experimented with many ways to change
and modify diamond color.
Irradiation
Sir William Crookes was the first to change diamond color
by irradiation. He buried diamonds with radium salts for
one year in 1904, which turned them green. Unfortunately,
it also made them highly radioactive.
The other technique involves bombardment with neutrons,
usually in a nuclear reactor. Diamonds treated this way usually
become green, blue-green, or dark green.
Both of these modern processes produce uniform color
without zoning because the electrons and neutrons penetrate
very deeply.
Color-modifying irradiation treatment always comes after
a diamond is cut and polished.
Irradiated colors are sensitive to heat. Technicians use cold
running water to prevent color changes during the irradiation
process, which generates a lot of heat.
After the gem is set, the heat from jewelry repairs, recutting,
or repolishing might also change its color.
A controlled heating and cooling process called annealing,
is another way to change diamond color.

Development of nuclear reactors, particle accelerating

machines, made treatment of stones easier. This caused
damaged to the crystal lattice of diamond, altering light
absorption, therefore the visible color. This treatment
resulted in only shallow penetration of atomic particles
into the diamond, causing distinct color zones.

Researchers developed the linear accelerator in the 1900s.

This also accelerates atomic particles, but along a straight
path rather than a circular one.

28 Magazine – India Retail | NO 01: GIA


When it follows irradiation in a two-step process, annealing
modifies irradiated colors to produce brown, orange, or
yellow. Rarely, it can also produce shades of pink, red, or
purple. In the 1970s, many diamond colors were modified
this way.
Detection
There are some clues to color treatments that you can detect
under magnification, with fairly simple equipment.
Color zoning parallel to facet junctions is one sign of a
cyclotron-irradiated diamond.
If a brilliant cut is irradiated from the pavilion, the color
zone is an umbrella-shaped area around the culet.
If it was treated from the crown, the zone is a dark-colored
ring just inside the girdle.
If you see either type of color zoning, you should send
the diamond to a gemological laboratory for further
testing.
Coatings
One of the earliest methods of treatment was to use an
indelible ink, or a dye called gentian violet, on the culet
or the pavilion of the stone. The girdle was marked by
the moistened pencil or the pavilion was dipped in the
colored solution. The girdle’s matt surface made it easier
to mark or apply various dyes. This would change the
apparent color of the diamond to that of the dye color.
Such coatings can usually be seen with a 10x lens because
they tend to be streaky. They may be removed by water,
alcohol or a commercial jewellery cleaner.
Attempts to improve this treatment by using techniques
used in camera lens and spectacles were made after World
War II.
This changed in recent years with the introduction of a
new coating method developed and marketed by Serenity
Technologies. These modern silica coatings are applied to
polished colorless or near-colorless diamonds and results in
a variety of natural-looking fancy colors, including pinks,
oranges, yellows, blues, and violets.
These coatings are fairly durable, but not permanent. They
can be damaged by the heat and chemicals used during
jewelry repairs and polishing and can also scratch fairly
easily. This means detection and disclosure are vital when
handling coated color-treated diamonds.
Magazine – India Retail | NO 01: GIA
Detection
ADVERTORIAL
Identification of color coatings is often easy with simple 10X
magnification. Some visible features were scratches and
other surface features, such as areas with uncoated spots
or patches.
High Pressure
High Temperature
Advances in diamond synthesis in the late 1990s led scientists
to experiment with ways to modify color of natural diamonds
using combinations of high temperature and high pressure.
The color-altering procedures have been publicized in the
diamond trade as high pressure, high temperature processes,
often abbreviated HPHT.
Those experiments resulted in two different processes. One
improves the color of a relative few brownish diamonds,
making them almost colorless. The other creates green
or yellowish green diamonds from brown stones. The
improvement in color can be dramatic. Brown diamonds
of N to O color, and even Fancy Light brown diamonds, can
attain D to H grades after HPHT.
Today, more colors can be produced: light blues and light
pinks that often resemble natural diamonds.
Detection
Identifying HPHT diamonds involves specialized laboratory
techniques such as spectroscopy and photoluminescence, but
it might be possible to detect some signs with microscope
examination. Those signs include damage caused by the
extreme heat and pressure conditions, like etched or frosted
naturals and fractures that appear frosted or that converted to
graphite, often in areas in fractures and around feathers.
Conclusion
Most color treatments are difficult to detect outside of a
laboratory. It’s best to send diamonds you suspect of being
treated to a well-equipped gemmological laboratory, like the
GIA Laboratory, because sophisticated laboratory equipment
provides the most reliable origin of color identifications. A
spectrophotometer, for example, is a complex and expensive
instruments that reads a gem’s light absorption across the visible,
UV, and infra red ranges. Experienced technicians can detect that
information and usually make an origin-of-color judgment.
Want to learn more?
About GIA Lab Services, email us at lab.giaindia@gia.edu
About GIA training programmes, email us at education.
giaindia@gia.edu
Website - www.giaindia.in
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