IDEX India Retail Magazine October 2011

Oct 11
INDIA RETAIL
Could Diamond
Values Drive Sales?
Indians Increasingly Prefer Primary

Gold To Jewellery
SPECIAL
REPORT
MARKET
REPORT
industry
news
An Industry-Sponsored
Lab To Grade Already
Mounted Diamonds
Cautious Mood
Slows Mumbai
Market
AGTA Spectrum
Awards Adds Palladium
Prestige Awards
Diamond
Retail
Benchmark
A price list to assure
your customers
Full Page
Page template.indd
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04-May-11 10:24:22
12:13:52AM
PM
06-Feb-11
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Contents
OCTOBER
05 FROM THE EDITORS DESK

A Second Chance That Must Be Seized
magazine india retail
OCTOBER 2011
VOL. 1 No. 11
Editorial Department
08 MUMBAI DIAMOND MARKET REPORT

Cautious Mood Slows Mumbai Market
12 SPECIAL REPORT
An Industry-Sponsored Lab To Grade Already Mounted

Diamonds
21 RETAIL ET CETERA
27 DIAMOND RETAIL BENCHMARK
A diamond price list to assure your customers
34 COVER STORY
Could Diamond Values Drive Sales?
50 POLISHED DIAMOND PRICES

Prices Stall and Slip Slightly
53 INDUSTRY NEWS
AGTA Adds Palladium Prestige Awards
56 TRENDS REPORT
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16
EDITOR-IN-CHIEF Vinod Kuriyan

Editors Edahn Golan, Danielle Max
IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENT
Tamar Katzav
ADMINISTRATION & MARKETING
Managing Director Yaron Barzilay
Marketing Manager Kuldip Bedi
SALES MANAGERS
Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay

PRODUCTION & CIRCULATION Helena Dorsht
ACCOUNT MANAGER Rinat Oz
ART DEPARTMENT
GRAPHIC DESIGNERS
Boris Mandelis (Red Designer Studio)

Ilana Akselrod (Red Designer Studio)
Liran Brenner (Red Designer Studio)
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IDEX Magazine - India Retail is published in India by

Idex Online S.A.. 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
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Published by Yaron Barzilay for IDEX Online S.A
ISSN 0334-6838
2003 IDEX ONLINE S.A.
www.idexonline.com
4
IDEX Magazine India Retail | NO 11
From the
Editors Desk
A Second Chance
That Must Be Seized
hat industry watchers have long being

saying is finally happening. The Indian
consumer, while still holding a strong
belief in gold as an investment and a hedge against
inflation, increasingly is turning away from jewellery
as the medium through which to acquire this gold.
This is bad news for the jewellery industry. This year,
while it looks as though Indians are going to consume
a record amount of the yellow metal, pushing imports
up to and perhaps well past the 1,000-tonne mark,
the outlook for jewellery sales is not so good. In fact,
the pundits are shaking their heads and predicting
poorer-than-usual sales over the festival period this
year.
The industry has let its product ride on the intrinsic
value of the fabricating material. Profits have come
more due to the appreciation in the price of gold
than in healthy margins for a well designed and
manufactured product that the consumer ascribes a
variety of other values to besides the intrinsic value of
the gold that went into making it. But then, for literally
thousands of years, the Indian consumer never really
cared about design and other value propositions.
All the consumer wanted was an assurance that the
jewellery retailer had indeed put as much of the yellow
metal into the product that he claimed he had.
The problem is, the Indian consumers outlook has
changed and the jewellery retail industry, has been
slow to pick up on the new way of seeing things. It
hasnt helped that the industry has also not done
anything toward building up consumer confidence in
itself. So it isnt anybody elses fault that the consumer,
IDEX Magazine India Retail | NO 11: EDITOR
having decided that gold is so expensive now that it is

only worthwhile buying it in primary form, chooses to
buy bars and biscuits from a variety of other sources
like banks and financial institutions as well. And even
those that are still buying this primary gold from the
jewellery retail industry, arent exactly doing it any
favours. How much margin can the industry generate
on primary gold?
In a cut-throat commercial world that is usually
unforgiving of mistakes, the jewellery retail industry
has had another window of opportunity opened for
it. Consumers are beginning to view diamonds the
way they once only viewed gold. But here again, the
key is to generate consumer confidence to the level
that the average person wouldnt hesitate to pick up
a diamond as something that is not only beautiful,
but also holds value. Clear communications to the
consumer with transparent pricing and objective,
third-party grading are essential. An easy way to
source and sell diamonds too is another must no
consumer wants to be saddled with an immovable
white elephant.
The industry has access to all of these requirements
and it should seize the opportunity with both hands.
In this regard, it is heartening to see the industry
taking collective action to assure the consumer about
diamonds. Read the Special Report.
Vinod Kuriyan
Editor
5
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Prices
are in
Rupee
JUNE 1st 2011
IF
4,50,000 DIAMONDS ON OFFER ONLINE.
THE DI
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0 L108028 95319
8 5086
92 11438
5 5719
5 3178
07 4153
133447
28 9531
VS2
01 1207
0 4450
E
1
8 2543
3 1016
38 1143
12709276255 50837
9 7625
3 3178
57218 5086020 31788
127092 114383
101674
7629011 4153
165220 152511 133447
365730 J 177929SI1
J 146223 133508 127150 108078 95363 89005 82648 4649
74 9531
0 M 95319 88965
120738
83 1016
5 5719
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8 2543
334736
20 3719
114383
9 8896
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74 9531
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1
SI3120738 114383
0 2543
285145
29 3471
10802869901 50837
5 7625
50860 44503
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95319
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146156
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K 133508 120793 114435 95363 89005 76290 69933 4153
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0 N 88965 82610
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2541139801
33 3099
101674
5 5083
51 2107
28 3471
95319
95319
5 8261
I2
41 2727
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95319
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33 3223
88965
88965 63546 44482
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44503 38145
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108028 95319I388965 82610 69901
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L 114435 108078 101720 89005 82648 69933 635753719
L 133447
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241754
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117777
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IF VVS 82610 7625
1983
44
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7
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62
41 2851
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1 6354
17356795319 82610 676255
36 303738145 31788
25430
69901 63546
57191 381285 82610
1 VVS
M 95363 89005 82648 76290 69933 63575 57218 50860
M 11438351108028
223157101674 95319
D 7883
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6 4448
111579
42 2789
2 VS1
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19216
12 6579
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I 2789
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167368 82610 69901
61 5710
47 260331788 25430
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50837 31773 VS2
N 76290 69933 63575 63575 57218 57218 50860
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E 651757191 57191
51 2355
57191
105380
61 4531
61 1859
50 2479
38128
SI1
54
55 2107
J 2107
57191
24 4096
64 1611
52I22293 I3
SI2
11 5214 I2
SI2 60SI3
IF60 1921
I3
VS169 VS2 6818
SI1 7 FSI2
SI3 6145I1
VVS1 VVS2
50837
74 3848
204561 I1
56 2107
SI3
105380
614511
03 4158
63 1735
31773
198362
45 3289
60
K 1859
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5834
61988 328981 254495
67 1487
81 3910
81 2544
17976674386 D 19216
75 4841142765 86901
788312
409674 384845
204837
64210760
453124
657961 571061
D 632279 483507 415320 365730 334736 285145 254151
3 1673
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53 3600
G 5214
71 9918
179766179766 117777
95 2048
173567
60 3972
68 1549
I3
173567
03 4779
17 3165
1
L 1549
37 1427
60 3724
70 1425
66 2420
68 1549
154970 74386 E1673
53 4096136558 80693
8 H316566 242080
70 198362
651754
3910536198
198630
614511 521403
415881
360017
E 464911 415320 371929 347133 309941 272748 241754
65 8690
31 3413
73 9298
148771 173567 111579
422088
80 1986
148771
74 3662
70 1363
95 3041
142573
1
M
2 6198
30 1365
397260
24 3413
74 1301
52 2358
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74 1239583475 484160
8 I 304152 235873
73 1363
223157
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192423
192163 167368
105380
397260
F 415320 378128 347133 322338 291344 254151 1425
58 8069
372431130351 80693
95 3165
75 8678
353809
73 1924
130175
76 11777
74 1301
347602
66 2793
3
3 5578
N 1301
23 1303
335188
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75
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322774
23 2234
9 J 279323 223459
75 1239
Discl aime
61988 G 76
521403
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74486
229356 204561
185964 161169 1239
105380
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316566
124144
G 371929 334736 309941 285145 260350
3103
51
11157
80
76
80693
291738
291738
59 1862
80585
59 2979
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76 1177
9 1053
market r: This Diam
266909
15 12414
279323
55789
45 2731
80 8058
11157
77
data from
ond173567
of Diam210760
192163
61988 H 9422088
266909 211044
173801
99181
347602
117936 74486
2669
211044
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105380397260 372431
16 2607
4 7448
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Reta il 14877111157
5 6818322774 291738
9 1053
09 2544
the
173801
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6
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73 1924
73 2234
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1 9918 335188 1310359
(WFD154970tradi
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161387
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92982
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I 278947 260350 247952 229356 210760
73 2296
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59 21104
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rs Worl
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22 6827
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01 167593108 62072
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Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around
Color
& Clarity
-s the
India
is basedFede
on
e head
sho
& Clari
Jthe
A the
k, depe
55865
andDRB
uld,
N A2011- Carat,
ht 200
quar
nding ratio n (GJF) ty - the
tered
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem U
& Jewelry
Trade Federation
as well
as othe
the World
Federation
sell
r
R Y 1st
9 (GJF),
in Tel
at
, as well DRB India
by WFsupply
ess cons on dema
discbusin
Aviv
2 0 10
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending
on demand and
at time
of
transaction;
oun
Israe
DB and
iderationsnd and supp as the Worl is base
l, ts
d
com
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly
The
aAll
IDE Xbywith
parofed. This is publily at time of d Federatioon
view
This and
price
list reflects
suggested
prices
for polished
diamonds.
may,house
andheadquartered
should, sell
at Aviv
discounts
compared
to this
list.toFor
Onl ine
India Gems
Jewellery
Trade Federation
(GJF), a retail
trade body
headquartered
in Mumbai,
and IDEX, aDiamonds
diamond research
in Tel
Israel, with
a view of unbiased
service
the more
consumer
n
to this shed
unbia
trans
S.A . Allsed
servi
list. jointly by action;
education on prices and discounts please visit www.diamondSRP.com. Copyright 2009 by WFDB and IDEX Online S.A. All rights reserved.
the mor The All
29
righ tsce toFor
JUNE 1st 2011
e
rese consumer
D R A F T J A N U A R Y 1st 2 0 10
rve d.
29
DRB.indd 29
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DEX Online News
IDEX Publishing
Market-Driven Wholesale
Diamond Price Report
hud Cohen, chairman of IDEX Online,

recently announced the publication of the
IDEX Diamond Price Report.
The IDEX Diamond Price Report

will be published weekly. It will
provide the global polished
diamond industry with a reliable,
transparent and unbiased pricing
report that is updated based on
price changes in the market.
Responding to growing calls

from within the global diamond
industry, the IDEX Diamond
Price Report is an analysis of
asking prices for higher-quality
diamonds in the international
wholesale markets.
The report is based on price
changes as reflected by the
global trade on IDEXs trading
platform at www.IDEXOnline.com.
Mr. Cohen commented, What is perfect about our
price report is that it takes hundreds of thousands
of data points from thousands of industry players,

and applies widely acceptable statistical tools to
generate the report. It is driven solely by objective
and consistent methodologies.
Mr. Cohen added, Objectivity
and transparency in the
diamond industry has always
been one of IDEXs core
values. It is high time the
industry receives a price tool
that is 100 percent driven by
the market. We look forward
to continuing to answer our
customers needs.
The IDEX Diamond Price
Report includes rounds and
fancy cuts, ranging in sizes
from 0.18 carats to 5.99
carats.
The Report is available
only to diamond-industry
professionals at www.
idexonline.com/prices and will be inside IDEX
Magazine from the next issue.
Fo r f u rt h e r i n f o r m at ion about t he IDEX Diam ond

P ri ce R e p o rt g o to www.ide x online .com/p rice s ,
o r e m a i l pr ice s @ide x online .com .
IDEX Magazine India Retail | NO 11: RETAIL ET CETERA
Mumbai
Diamond MARKET REPORT
Cautious Mood
Slows Mumbai Market
eptember is usually one of the most

hectic months in the year for the Mumbai
diamond market. What with Christmas
orders from export markets and Diwali
demand from the domestic market, both diamond
manufacturing and dealing are usually at a frenetic
pace. Not this year. At the time of reporting, there
is very low demand and worse, no one seems sure
what polished prices ought to be.
There has been a decline in polished prices, with
the prices of the larger sizes having declined more
than those of the smaller goods. Rough diamond
prices have also declined steeply, further adding to
the price uncertainty.
By Vinay Parekh
Adding to this is a liquidity crisis, which is placing
further downward pressure on prices. Caution is the
watchword in the market today. Industry players
are hoping for some last minute demand to lift the
market out of the doldrums.
The September Hong Kong show normally provides
a shot in the arm for diamond trading, but this year,
the price uncertainty has meant that there isnt likely
to be much demand generation there.
Industry players are now not so sure about how this
years Diwali sales will go. Analysts say however, that
the situation is not as bad as it was in 2008 as in general,
most players dont have high inventory levels.
IDEX Magazine India Retail | NO 11: MUMBAI DIAMOND MARKET REPORT
M U M B A I D I A M O N D T R A D I NG I N S E P T E M B E R
Size in Ct. (Sieve)
Comments
Forward Call
-0.01 (-2 )
Good demand for SI & piqu goods. Better

demand for top shades & white natts.
Demand & prices are likely to be soft. Heavy

pressure on the prices as demand is low.
Prices for top shades & natts will remain
relatively firm.
-0.02 (+2-6.5)
Good demand for SI & piqu goods. Low

demand for VVS/VS goods. Better demand for
top shades & white natts.
Demand for VVS/VS is expected to pick up

due to festive season Diwali, but will be price
sensitive.
0.03-0.07
(+6.5-11)
Good demand for SI & piqu goods. Steady

demand for top shades & white natts. -9 sieves
are in more demand.
Demand is expected to pick up. Prices will

remain soft.
0.08-0.14 (+11-14)
Good demand for SI+ & piqu goods. Some

demand for VVS/VS goods particularly for 0.10 ct.
Demand will be stable with some softness in

prices.
0.15-0.17
(+14-15.5)
Good demand for SI+ & piqu goods. Some

demand for VVS/VS goods.
Demand will be stable with some softness in

prices.
0.18-0.22 (1/5)
Fair demand for SI+ & piqu goods.
Overall demand & prices will be lower.
0.23-0.29 (1/4)
Overall demand & prices will be lower.
0.30 (1/3)
Overall demand & Prices will be soft.
0.40 (3/8)
Fair demand for SI+/F-J col.
Overall demand & Prices will be soft.
0.50 (1/2)
Good demand for SI+/J+ col. Fair demand for

I1 & lower goods.
Demand & activity will be low. Some softness

in prices will be seen.
Good demand for +0.90 carat SI+/F-J col. Fair

demand for I1-I2/J+ col.
Demand for VS-SI /+0.90 ct. will remain

stable. Some softness in prices expected.
1.00 (4/4)
Good demand for VS & SI goods. Fair demand

for I1 & lower goods.
Overall uncertainty in the prices will continue.

Prices depend upon outcome of Hong Kong show.
+3.00
Fair demand for SI/G-K colors. Very low
Overall very low demand & uncertainty in

the prices will be seen. Prices depend upon
outcome of Hong Kong show.
0.75 (3/4)
demand for +5 carat sizes.
IDEX Magazine India Retail | NO 11: MUMBAI DIAMOND MARKET REPORT
_w~B hram
~mOma H$s [anmoQ>
gVH$Vm Zo {H$`m _w~B ~mOma H$mo _Xm

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AmH$ma Ho$ _mb _| A{YH$ {JamdQ> ahr& IwaXao hrao H$s H$s_V| ^r
VoOr go {Jat, Cgna H$s_V H$s A{ZpMVVm ^r N>mB ahr&
BgHo$ Abmdm VabVm gH$Q> ^r ahm, {Oggo H$s_Vm| na Ama ^r
{JamdQ> AmB& AmO ~mOma _| g^r gmdYmZr ~aV aho h& CmoJ
10
Ho$ {XJO Amem H$a aho h {H$ A{V_ g_` _| AmB _mJ go em`X
~mOma _| Hw$N> _O~yVr AmE&
{gV~a _| hmoZo dmbm hmJH$mJ emo gm_m`V: hrao `dgm`
Ho$ {bE EH$ AZw_mZ XmZ H$aVm h, na Bg gmb H$s_V
H$s A{ZpMVVm go _mJ A{YH$ hmoZo H$s H$moB g^mdZm
Zht h&
A~ Bg CmoJ Ho$ {XJOm| H$mo {Xdmbr _| hmoZo dmbr {~H$s
H$mo boH$a H$moB âmogm Zht h& hmbm{H$ {dbofH$m| H$m
_mZZm h {H$ pW{V CVZr J^ra Zht h {OVZr df 2008
_| Wr; AmO A{YH$Va {XJOm| Ho$ nmg CM Bd|Q>ar Va
Zht h&
Magazine India Retail | NO 11: MUMBAI DIAMOND MARKET REPORT
_w~B {ham ~mOma H$m H$mamo~ma

H$aoQ> gmBO
(grd)
{Q>n{U`m
^mdr X`
-0.01
SI VWm {nH$ _mbm| Ho$ {bE AN>r _mJ&

Q>mn eoS>g VWm g\o$X ZQ>g H$s ~ohVa _mJ&
_mJ VWm H$s_Vm| Ho$ Z_ ahZo H$s g^mdZm h&

_mJ H$_ ahZo Ho$ H$maU H$s_Vm| na H$m\$s X~md& Q>mn eoS>g
VWm ZQ>g Ho$ {bE H$s_V| AnojmH$V T> ah|Jr&
(-2)
-0.02
(+2-6.5)
0.03-0.07
(+6.5-11)
0.08-0.14
(+11-14)
0.15-0.17
(+14-15.5)
0.18-0.22
(1/5)
0.23-0.29
(1/4)
0.30
(1/3)
SI VWm
{nH$ _mbm| Ho$ {bE AN>r _mJ&

{Xdmbr Ho$ _mg_ Ho$ H$maU VVS/VS H$s _mJ ~ToJr, na
_mbm| H$s H$_ _mJ& Q>mn eoS>g VWm g\o$X ZQ>g _y` Ho$ {V gdoXZerb ah|Jo&>
H$s ~ohVa _mJ&
VVS/VS
>VWm {nH$ _mbm| Ho$ {bE AN>r _mJ& Q>mn eoS>g VWm _mJ Ho$ ~T>Zo H$s g^mdZm h& H$s_V Z_ ~Zr ahoJr&
g\o$X ZQ>g H$s ~ohVa _mJ&
-9 grg H$s A{YH$ _mJ&
SI
H$s_Vm| _| Hw$N> Z_u Ho$ gmW hr _mJ pWa ahoJr&

VVS/VS _mbm| H$s WmoS>r AN>r _mJ Img H$a 0.10ct.
Ho$ {bE&
SI >VWm
VWm {nH$ _mbm| Ho$ {bE AN>r _mJ&

H$s WmoS>r _mJ&
SI
SI + VWm
SI +
Hw$b {_bmH$a _mJ VWm H$s_V H$_ ah|Jr&
VWm {nH$ _mbm| Ho$ {bE AN>r _mJ&
Hw$b {_bmH$a _mJ VWm H$s_V H$_ ahoJr&
SI + VWm
SI +/F-J col. H$s
0.50
SI +/ J + col. H$s
0.75
(3/4)
I1 VWm
AN>r _mJ&
+ 0.90 H$aQ> SI +/ F-J col. H$s

I1-I2/J+ col. H$s
VS & SI
(4/4)
I1 VWm
AN>r _mJ&
AN>r _mJ&
_mbm| H$s AN>r _mJ&

bmoAa _mbmo H$s AN>r _mJ&
SI / G-K H$bg
H$s AN>r _mJ&

+5 H$aQ> gmBO H$s H$m\$s H$_ _mJ&
Magazine India Retail | NO 11: MUMBAI DIAMOND MARKET REPORT

AN>r _mJ&
bmoAa _mbmo H$s AN>r _mJ&
1.00
+3.00
_mbm| H$s_Vm| _| Hw$N> Z_u Ho$ gmW hr _mJ pWa ahoJr&
0.40 (3/8)
(1/2)
VVS/VS
_mJ VWm J{V{dYr Yr_r ahoJr&

H$s_Vm| _| Hw$N> Z_u {XImB nS>oJr&
VS-SI /+0.90 ct. H$s
_mJ pWa ahoJr&

H$s_Vm| _| Hw$N> Z_u H$s g^mdZm&
H$s_Vm| _| Hw$b {_bmH$a A{ZpMVVm ~Zr ahoJr&

H$s_V hmJH$mJ emo Ho$ ZVrOo na {Zâ H$aoJr&
Hw$b {_bmH$a _mJ H$_ ahoJr VWm H$s_Vm| _| A{ZpMVVm
~Zr ahoJr&
H$s_V hmJH$mJ emo Ho$ ZVrOo na {Zâ H$aoJr&
11
Special Report
Nitin Kadam inaugurates the take-in window
Collective Effort To
Generate Consumer
Confidence
An Industry-Sponsored Lab To Grade Already Mounted Diamonds
By Vinod Kuriyan
he Indian gem and jewellery industry

recently took firm collective action to
address the issue of consumer confidence
by inaugurating an industry-sponsored initiative to
provide objective certification of diamonds that had
already been set in jewellery. The Gemmological
Institute of India (GII), an educational institute
12
and gem testing laboratory sponsored by the Gem

& Jewellery Export Promotion Council (GJEPC),
inaugurated on September 6th, a laboratory and takein window for both loose diamond and diamond-set
jewellery grading at the Indian Institute of Gems
& Jewellery (IIGJ) another educational institution
sponsored by the GJEPC.
IDEX Magazine India Retail | NO 09: SPECIAL REPORT
Demand from Indian consumers for certification

of diamonds and gemstones is growing. However,
those already owning jewellery have no way of
estimating the grades of the diamonds in them
something crucial when one is considering the
valuation of a piece for either a buy-back deal or
onward sale. But while no exact certification is
possible, providing a good estimate of the range
of a diamonds colour and clarity is definitely
possible with already set stones.
The new take-in window and laboratory is
intended to service local demand from jewellery
retailers located in Mumbais northern surburbs.
Located near the SEEPZ export zone, the IIGJ
provides the ideal geographic location to fulfill this
demand. K.T. Ramachandran, executive secretary
and chief gemmologist of the GII, explained that
the jewellery grading service will only cover the
diamonds that are set in a piece of jewellery.
The purity of the gold and the colour and clarity
grades of any coloured gemstones in the piece of
jewellery will not be covered and will remain as
per the manufacturers declaration, he said. Our
certificate specifies that only the diamond have
been graded. Asked how diamonds that have
already been set in jewellery could be accurately
Ramachandran - Quick consumer assurance
graded, Ramachandran explained that the

colour and clarity of the diamonds set in
the jewellery will be estimated in a band
rather than as a specific determination.
Well just grade them as either VVS or
VS, he said, there wont be any breakup into VVS1 and VVS2 as we do for
individual, unset stones. The colour too
will be designated as a band G to I, for
example.
Kirtilal Doshi at the inaugural function
The idea, he explained, was so that

jewellery retailers with product that was set
with uncertified diamonds, could quickly
assure customers that the colour and clarity
grades were indeed in the bands that they
claimed. For an exact grade, Ramachandran
said, a stone would have to be examined
unmounted. The GII has for long graded
and certified unmounted diamonds and
coloured gemstones at its laboratory,
13
Grading at the GII
currently located in the Opera House diamond

district of Mumbai.
Speaking at the occasion, Kirtilal Doshi, the retired
chairman of the De Beers Diamond Trading Company
(DTC) sightholding Shrenuj Group, who has also
long been the chairman of the GII, said that it was
imperative that the gem and jewellery industry took
collective action to address the needs of consumers.
The GII being a non-profit organisation supported
by the gem and jewellery industry, provided the
ideal platform for such an initiative, he said.
We are living in
times that are
both, exciting
as well as
challenging
for the diamond
industry
14
We are living in times that are both, exciting as well

as challenging for the diamond industry. While we
are witnessing immense potential being unearthed
in the emerging economies of India, China, Russia
and Brazil on the one hand, we are also feeling the
heat of economic uncertainty in the mature markets
of the US, Japan and Europe on the other. This may
be a unique business situation, but I am sure this
is a transitional phase, observed.
He went on to say, In these times, it is most
important to take a longer-term view, and the
long-term growth of our business rests on the
end consumer. Let us not forget that while the
production pipeline may be subjected to speculative
loading and unloading, the consumer buys only
when needed. The consumer has the option of
buying other items of luxury and lifestyle and is not
bound to buy diamonds for any utilitarian purpose.
Therefore, in my humble opinion, whatever we do
must be done with the focus on its adding value to
the end consumer.
In this context, todays event assumes a very great
significance. We are here to witness the inauguration
of a certification laboratory for diamond-studded
jewellery. It is a giant leap in enhancing consumer

confidence. While diamond certification has been
gaining visibility for many years now, it is jewellery
that the consumer buys. The consumer wants to be
certain beyond any doubt about the authenticity
and quality of the material used in this product that
carries substantial prestige for the owner.
Talking about assuring consumers in a way that
made more sense to the uninitiated, Doshi said,
It will be more meaningful for consumers to see
images of their jewellery on certificates along
with the vital details of the diamonds and the
metal. It will be the difference between generic
jewellery and a prestigious jewellery product. The
fact that the certification is premised on world
class standards will attract consumers who have
traditionally stayed away from diamond jewellery
due to the lack of availability of trusted sources.
With an internationally recognized certificate, this
bottleneck will be overcome.
Doshi was all praise for the GII. The GII has been
at the forefront of many initiatives in education,
research and testing. This industry-sponsored
institute is committed to protecting the interests of
the consumer in more ways than one. Todays move
into jewellery certification is one such initiative
directed at protecting the consumers interests and
ensuring that the industry gains as a whole. The
impeccable credentials built up by the GII over
the past many years will be an additional factor in
generating consumer faith that these are the most
objective grading certificates in the industry. This
marks a new beginning and I am sure it will be
welcomed by our retail partners in the trade as a
tool to enhance customer loyalty.
Chief guest at the function Nitin Kadam, chairman
and managing director of Kadam & Kadam Jewellers
as well as Chintamani Jewellers and a founderdirector of the All India Gems and Jewellery Trade
Federation (GJF), stated that the importance of
consumer assurance could not be emphasized
Visit
Demand from
Indian consumers
for certification
of diamonds
and gemstones
is growing.
However, those
already owning
jewellery
have no way of
estimating the
grades of the
diamonds in them
strongly enough. The consumer doesnt have a
great deal of faith in the jeweller, he said with
surprising candour, and a third-party certificate
from an institution like the GII is something that will
drive away all those doubts, he said. He observed
that wider acceptance of the practice of third-party
certification would only grow consumer confidence
in the industry as a whole. He praised the GII for its
four-decade-long service in the industry, addressing
its certification needs and providing much-needed
education to those who made the industry their
profession.
Kadam too felt that a non-profit organisation like
the GII performing these services for consumers
would go a long way towards building up overall
trust and confidence in the industry.
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15
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Nitin Kadam inaugurates the take-in window
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Magazine India Retail | NO 11: SPECIAL REPORT
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Ramachandran - Quick consumer assurance
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17
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19
Full Page template.indd 102
03-Sep-11 8:42:28 PM
Et Cetera
Retail
Festive Offerings
Some of the new launches and styles
that are intended to catch the consumer's
eye over the festival season.
Jewelry by Masriera
Art Nouveau Autumn

These sophisticated and elegant earrings from Masriera
are small pieces of art to be worn and shown on the special
occasions that life always offers to us. The Masriera brand
represents the richness of the Art Nouveau universe.
These earrings are made of 18 karat yellow gold and
feature brilliant cut diamonds, aquamarines and fired
enamel.
21
Oro Launches Into The 18Kt

Gold Bangle Market
Asserting its domination in the bangle market, Oro
now has set its sights on bringing the spotlight onto
the 18kt gold segment in India and directing the
consumers attention to it. As the leader in machinemade bangle manufacturing in India, Oro will be reintroducing its exquisite product designs from 22- to
18-karat, where each product in 18k will replicate
the exact look and finish its counterpart in 22k. Its
collection includes classics, movables, enamel, girls,
openables, entwined and links. Products in 22k are
out of the economic reach of certain price conscious
consumers groups. In price terms, 18k gold bangles
are upto 40 percent cheaper than the 22k variety
and hence they are sought after by price-conscious
consumers.
This is an opportune time to introduce our 18k
designs in the market since the price of gold has shot
through the roof. This makes 22k unaffordable for
some consumer groups. Being a staggering 40 percent
cheaper than 22k gold products, the 18k range is
a definite winner, said Avinash Pahuja, director of
marketing and operations for Raia Jewels Pvt. Ltd.
22
New York +1-212-644-9030
LoS ANGeLeS +1-213-612-0822
ISrAeL
+972-3-755-0000
JAPAN
HoNG koN
+852-2522-9050
cHINA
+86-21-504-70555
BeLGIUM
+32-3-231-4327
INDIA
+91-22-6610-6613
+81-3-3839-1301
BoTSwANA +267-316-0891
w w w. D A L U M I . c o M
When the source turns into inspiration
Platinum rings for men
Platinum The Choice of

Discerning Men
24
Platinum adds a dash of sophistication for gentlemen everywhere

with its mens range, says the Platinum Guild International (PGI).
This exclusive collection for men, available at a number of
different retail outlets, encompasses smart, understated platinum
pieces, crafted to suit the gentlemans taste. The platinum range
for men includes charismatic rings, striking bracelets and chains,
just right for the debonair man. Textured platinum rings with
smart patterns studded with flush set diamonds, in a subtle
matte finish to add that extra dynamism to the ring. Geometric
designs in bracelets, crafted with alternating matte and high
polish links resulting from sheer genius. The platinum collection
for men also includes light weight platinum chains, handsomely
crafted for masculine sensibilities.
Todays man is at ease when indulging in jewellery to enhance his
style quotient, making a definitive statement, says the PGI. And
platinum has started to become a rage to amongst discerning
men especially in metros. The look of platinum and its weight
appeals to men as it is understated, yet sophisticated and elegant.
The heft and weight of the metal can make for a substantive
piece of jewellery without signs of being ostentatious. Platinum
appeals to the mans sense of practicality as the metal withstand
the rigors of daily wear. It is a highly precious and valuable
metal and therefore satisfies the price and value consideration
as platinum offers the wearer exclusivity and unmatched status.
VBJs Multifaceted Offering

In Platinum, Diamonds &
Gold
Vummidi Bangaru Jewellers have launched two ranges
of jewellery one celebrating platinum and the other
diamonds set in yellow and white gold. Platinum, says
VBJ, though known to some of the most ancient
civilizations, is still called the new metal. Platinum
is a true charmer, its beauty has charmed kings and
alchemists of yesteryears and pop divas and movie
stars of modern days as well. Considered the symbol of
purity, its is one of the rarest metals on earth. The VBJ
collection ranges from the traditional to contemporary
concepts. The platinum offering includes a range for
men.
VBJs diamond collection Zita, is designed and crafted
by international experts. Zita outstandingly brings out
the spectacular beauty of the micro setting technique
in yellow and white gold through a collection of lightweight, contemporary diamond jewellery.
Silver is not only considered an auspicious element
and an integral part of our culture, today, it has also
emerged as one of the fastest appreciating investment
options.
VBJ says its silver line is a tasteful way of enhancing
lifestyle while adding to ones assets. It features a massive
range of articles crafted with 925 quality Sterling silver
for every occasion and purpose. Our range includes a
wide collection of idols and puja accessories for both
home and temples. VBJ Silver has been a favourite
choice for bridal jewellery as well as stylish and modern
jewellery. The offering also includes an extensive range
of tableware for fine dining.
25
Celebrating the past.

Resourcing the future.
Celebrating 20 years of diamonds in Canada.
BHP Billiton proudly announces production of our 50 millionth carat at EKATI Diamond Mine in Canadas
Northwest Territories.
This significant milestone also marks the 20th anniversary of the discovery of the Point Lake kimberlite pipe by
geologists Charles Fipke, Dr. Stewart Blusson, and BHP Billiton. The Point Lake announcement sparked the largest
staking rush in North American history and marked a new chapter in the resources industry in Northern Canada.
We have helped redefine and reshape an industry and would like to invite you to become part of the future. For
information on purchasing rough diamonds from BHP Billiton, please first join the Responsible Jewellery Council
(www.responsiblejewellery.com), then contact Antony Dear (antony.r.dear@bhpbilliton.com) requesting an
Expression of Interest Form.
Learn more about us at bhpbilliton.com
DEAR, Antony (29-Jun-11) - IDEX.indd 1
26/07/2011 8:02:19 AM
About the IDEX Online Diamond Retail Benchmark

For the first time ever, Indian diamond jewellery retailers
have a retail benchmark for diamond prices, enabling
them to assure their consumers about the retail prices
being charged for diamonds. The endorsement of the All
India Gems & Jewellery Trade Federation (GJF) makes
the benchmark prices accepted countrywide, giving the
consumer further confidence to buy diamonds.
The Diamond Retail Benchmark (DRB) is derived from upto-date market data using an objective and fully transparent
system. Standard retail mark-ups across the country have
been factored in to ensure that the norms of every geographic
market in the country are accounted for.
The diamond category is one of the few retail sectors that
up to now has not had a credible retail price benchmark
for consumers. For consumers, many of them firsttime diamond buyers, the purchase of a diamond may
sometimes prove to be a confusing experience. As a
luxury product that is bought to celebrate major life

events and which will accompany them everywhere,
confidence is essential. Consumers should be able to
buy a diamond with the confidence of knowing they
paid a fair price.
The DRB presents a retail price benchmark for a diamond
based on each of the 4Cs Cut, Carat, Colour and Clarity.
The DRB should be used as background information
only. Actual prices are determined by the sellers.
Your input will only make the system better. We urge
you to contact us at anytime with your comments,
suggestions and questions.
IDEX Online
Call us at (022) 6633 2187
Fax us at (022) 6633 2186
Email us at mumbai@idexonline.com
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27
Full Page template.indd 102
11-Sep-11 12:08:22 PM
OC TOBER 1st 2011
THE DIAMOND RETAIL BENCHMARK - INDIA

Diamond Retail Benchmark for Polished Diamonds
Powered by www.idexonline.com
Round 3/4 (0.70-0.89)
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
E 187513 167775 143102 128299 118429 93757 78953 74018 59215 44411 29607 E 229529 205368 175167 157046 144965 114764 96644 90603 72483 54362 36241
F 177644 162840 133233 118429 108560 88822 74018 69084 54280 39476 29607 F 217448 199328 163086 144965 132885 108724 90603 84563 66443 48322 36241
G 162840 143102 123364 108560 93757 78953 69084 64149 49346 39476 24673 G 199328 175167 151006 132885 114764 96644 84563 78523 60402 48322 30201
H 143102 128299 113495 98691 83887 74018 64149 59215 44411 34542 24673 H 175167 157046 138925 120805 102684 90603 78523 72483 54362 42282 30201
I 118429 103626 98691 88822 74018 69084 59215 54280 44411 34542 24673 I 144965 126845 120805 108724 90603 84563 72483 66443 54362 42282 30201
J 88822 83887 78953 69084 64149 59215 54280 49346 39476 34542 19738 J 108724 102684 96644 84563 78523 72483 66443 60402 48322 42282 24161
K 78953 74018 69084 59215 54280 49346 44411 44411 39476 29607 19738 K 96644 90603 84563 72483 66443 60402 54362 54362 48322 36241 24161
L 64149 59215 59215 54280 54280 49346 44411 34542 29607 24673 14804 L 78523 72483 72483 66443 66443 60402 54362 42282 36241 30201 18121
M 54280 54280 49346 44411 44411 39476 34542 29607 24673 19738 14804 M 66443 66443 60402 54362 54362 48322 42282 36241 30201 24161 18121
N 44411 49346 39476 34542 34542 29607 24673 24673 19738 14804 14804 N 54362 60402 48322 42282 42282 36241 30201 30201 24161 18121
SI2
I1
I3
SI2
I1
SI3
I2
SI3
I2
18121
I3
D 313273 257580 222772 194925 181002 139232 118348 104424 90501 69616 48731 D 355689 300968 259927 232566 191525 150484 136804 123123 95762 75242 54721
E 264541 236695 201887 181002 167079 132271 111386 104424 83539 62655 41770 E 300968 266767 232566 218886 184685 143644 123123 116283 88922 68402 47881
F 250618 229733 187964 167079 153156 125309 104424 97463 76578 55693 41770 F 287287 259927 225726 205205 171004 136804 116283 109443 88922 68402 47881
G 229733 201887 174040 153156 132271 111386 97463 90501 69616 55693 34808 G 259927 225726 198365 177845 150484 129963 109443 102603 82082 61562 41041
H 201887 181002 160117 139232 118348 104424 90501 83539 62655 48731 34808 H 232566 205205 177845 157324 136804 123123 102603 95762 75242 61562 41041
I 167079 146194 139232 125309 104424 97463 83539 76578 62655 48731 34808 I 198365 171004 157324 136804 123123 109443 95762 88922 68402 54721 41041
J 125309 118348 111386 97463 90501 83539 76578 69616 55693 48731 27846 J 157324 143644 136804 116283 102603 95762 88922 82082 61562 54721 34201
K 111386 104424 97463 83539 76578 69616 62655 62655 55693 41770 27846 K 143644 129963 123123 102603 95762 82082 75242 68402 55693 47881 34201
L
Round 1/4 (0.23-0.28)
VS1
90501 83539 83539 76578 76578 69616 62655 48731 41770 34808 20885 L 123123 116283 109443 95762 88922 75242 68402 61562 47881 41041 27361
M 76578 76578 69616 62655 62655 55693 48731 41770 34808 27846 20885 M 102603 95762 88922 82082 75242 68402 61562 54721 41041 34201 27361
N 62655 69616 55693 48731 48731 41770 34808 34808 27846 20885 20885 N 82082 75242 68402 68402 61562 61562 54721 47881 34201 27361 27361
SI2
I1
I3
SI2
I1
I3
SI3
I2
SI3
I2
D 383818 324769 280482 250958 206671 162384 147622 132860 103336 81192 59049 D 659289 506527 442206 353765 329644 273364 217083 201003 160802 128642 88441
E 324769 287863 250958 236196 199290 155003 132860 125479 95954 73811 51668 E 490447 442206 410046 337685 297484 249243 201003 184923 152762 120602 80401
F 310007 280482 243577 221433 184528 147622 125479 118098 95954 73811 51668 F 442206 410046 377885 321604 281404 225123 184923 168842 144722 112562 80401
G 280482 243577 214052 191909 162384 140241 118098 110717 88573 66430 44287 G 393965 361805 337685 297484 249243 201003 160802 152762 136682 104521 72361
H 250958 221433 191909 169766 147622 132860 110717 103336 81192 66430 44287 H 353765 321604 289444 257283 217083 184923 152762 144722 128642 96481 72361
I 214052 184528 169766 147622 132860 118098 103336 95954 73811 59049 44287 I 289444 265324 241203 209043 184923 160802 144722 136682 120602 96481 72361
J 169766 155003 147622 125479 110717 103336 95954 88573 66430 59049 36906 J 225123 209043 192963 168842 160802 144722 128642 120602 112562 96481 64321
K 155003 140241 132860 110717 103336 88573 81192 73811 59049 51668 36906 K 192963 184923 176882 152762 144722 128642 120602 112562 104521 88441 64321
L 132860 125479 118098 103336 95954 81192 73811 66430 51668 44287 29524 L 168842 160802 152762 144722 136682 120602 112562 104521 88441 80401 56281
M 110717 103336 95954 88573 81192 73811 66430 59049 44287 36906 29524 M 144722 136682 128642 120602 120602 104521 96481 88441 80401 72361 48241
N 88573 81192 73811 73811 66430 66430 59049 51668 36906 29524 29524 N 120602 112562 104521 96481 104521 88441 80401 72361 72361 64321 40201
SI2
I1
I3
SI2
I1
I3
SI3
I2
SI3
I2
D 812465 621297 533678 469955 430129 366406 326579 270822 230995 151342 95584 D 974555 813408 705977 560177 506462 475767 406704 314620 253231 176494 107431
E 597401 533678 477921 446059 398267 350475 310648 254891 223030 143376 95584 E 805734 759692 644587 514135 483441 445072 391357 299273 245557 168821 99758
F 533678 485886446059 414198 374371 326579 286752 246926 215064 135411 87619 F 759692 721324 598545 491114 460420 422051 376009 291599 237883 161147 99758
G 477921 430129 398267 366406 334544 294718 262856 238960 207099 135411 79653 G 644587 590872 506462 452746 422051 391357 345315 276252 230210 153473 92084
H 430129 390302 358440 326579 302683 270822 246926 223030 191168 127445 79653 H 521809 491114 460420 429725 399030 360662 329967 260904 214862 145800 92084
I 358440 334544 318614 294718 270822 246926 215064 199134 183203 119480 79653 I 437399 414378 383683 368336 337641 322294 291599 237883 199515 138126 84410
J 270822 262856 254891 230995 223030 215064 199134 175238 167272 111515 71688 J 360662 345315 329967 314620 291599 283925 260904 214862 184168 130452 84410
K 238960 230995 223030 199134 191168 175238 159307 151342 135411 103549 71688 K 299273 291599 276252 260904 245557 237883 214862 184168 145800 115105 76737
L 199134 191168 183203 175238 167272 159307 143376 135411 103549 87619 63723 L 253231 245557 237883 222536 214862 207189 191841 168821 138126 107431 69063
M 183203 175238 167272 159307 151342 143376 135411 127445 95584 79653 55757 M 230210 222536 214862 207189 199515 191841 176494 153473 130452 99758 69063
N 167272 159307 151342 143376 135411 127445 127445 119480 87619 71688 47792 N 207189 199515 191841 191841 184168 176494 161147 138126 122779 92084 69063
Round 3/8 (0.38-0.44)
VVS1 VVS2
Round 1/2+ (0.50-0.69)
Round -1/2 (0.45-0.49)
Round 1/3 (0.29-0.37)
Round 1/5 (0.18-0.22)
IF
D 222055 182579 157906 138168 128299 98691 83887 74018 64149 49346 34542 D 271810 223488 193287 169126 157046 120805 102684 90603 78523 60402 42282
Round 0.90 (0.90-0.99)
Disclaimer: This Diamond Retail Benchmark India (DRB) is an informational and educational tool for diamond consumers. Organized around the the 4Cs - Carat, Cut, Color & Clarity - the DRB India is based on
market data from the diamond trading centers Worldwide and market research assessment of customary retail mark-ups. Endorsed by the All India Gem & Jewelry Trade Federation (GJF), as well as the World Federation
of Diamond Bourses (WFDB) The DRB should be used as background information only. Actual diamond sale prices may be differ compared to this benchmark, depending on demand and supply at time of transaction;
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The
All India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer
OC TOBER 1st 2011
29
OC TOBER 1st 2011

Round 4.00 (4.00-4.99)
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 1814402 1335274 1138910 864001 675492 573382 479128 377019 322037 219927 125673 D 2046722 1657233 1527404 1168464 939354 756065 618599 473495 374214 236748 137466
E 1241019 1170328 989674 793310 636219 534110 455564 353455 306328 212073 117818 E 1619048 1550315 1298294 1099731 893531 725517 588051 450584 358940 229111 129829
F 1123201 1021092 903274 722619 604801 510546 432000 337746 290618 204218 109964 F 1405212 1283019 1221923 1008087 855346 687332 549865 435310 343666 221474 122192
G 793310 761892 730473 636219 565528 479128 416291 322037 282764 196364 102109 G 985176 962265 916442 832435 748428 626236 511680 404762 328392 213837 114555
H 659782 628364 589092 534110 486982 455564 400582 314182 267055 188509 102109 H 794250 771339 748428 679695 633873 580414 488769 374214 313118 206200 114555
I 565528 549819 510546 455564 432000 408437 361309 290618 243491 172800 94255 I 702606 694969 672058 595688 549865 511680 435310 343666 297844 190926 106918
J 471273 455564 439855 416291 377019 361309 337746 259200 212073 157091 94255 J 580414 572777 549865 496406 450584 435310 381851 305481 252022 175651 106918
K 424146 408437 392728 377019 322037 314182 282764 235637 196364 141382 86400 K 473495 458221 442947 435310 389488 358940 328392 274933 229111 160377 99281
L 377019 361309 353455 337746 298473 282764 251346 219927 180655 125673 78546 L 427673 412399 397125 374214 343666 328392 297844 252022 206200 152740 91644
M 314182 306328 290618 274909 243491 227782 204218 172800 157091 117818 78546 M 358940 351303 336029 328392 290207 274933 252022 213837 183288 137466 91644
N 251346 251346 227782 212073 188509 176494 161147 138126 133527 109964 78546 N 290207 290207 274933 255813 236748 221474 206200 175651 160377 122192 91644
IF
SI2
I1
I3
SI2
I1
I3
VVS1 VVS2 VS1 VS2 SI1
SI3
I2
SI3
I2
D 2931884 2367496 2132945 1744471 1268040 967522 791609 542398 425123 249210 139264 D 3282800 2650861 2388237 1953266 1419811 1083324 886356 607318 476006 279038 155933
E 2294199 2147605 1832427 1561228 1216732 945532 769619 527739 410464 241880 131935 E 2568791 2404651 2051750 1748091 1362362 1058703 861735 590904 459592 270831 147726
F 2015670 1817768 1634525 1377985 1165424 894225 718311 505750 395804 234551 124605 F 2256925 2035336 1830161 1542916 1304913 1001254 804286 566283 443178 262624 139519
G 1451282 1334007 1216732 1114116 1018830 835587 688993 476431 373815 227221 124605 G 1624986 1493674 1362362 1247464 1140773 935598 771458 533455 418557 254417 139519
H 1128775 1055478 982181 930873 864906 747630 645014 439783 351826 219891 117275 H 1263878 1181808 1099738 1042289 968426 837114 722216 492420 393936 246210 131312
I
916214 886895 835587 769619 710982 645014 586377 403134 337167 205232 109946 I 1025875 993047 935598 861735 796079 722216 656560 451385 377522 229796 123105
732971 703652 674333 630355 586377 535069 498420 366485 307848 183243 109946 J
820700 787872 755044 705802 656560 599111 558076 410350 344694 205175 123105
K 659674 637685 615696 571717 535069 483761 447112 351826 263870 175913 102616 K 738630 714009 689388 640146 599111 541662 500627 393936 295452 196968 114898
L 513080 498420 483761 461772 417793 381145 344496 293188 227221 168583 95286 L 574490 558076 541662 517041 467799 426764 385729 328280 254417 188761 106691
M 439783 432453 425123 417793 359156 322507 293188 256540 190572 153924 95286 M 492420 484213 476006 467799 402143 361108 328280 287245 213382 172347 106691
N 366485 366485 366485 333463 300518 263870 241880 219891 160377 139264 95286 N 410350 410350 410350 373375 336487 295452 270831 246210 172347 155933 106691
IF
SI2
I1
I3
IF
SI2
I1
I3
SI3
I2
SI3
I2
D 5112110 3961474 3517658 2720431 2153332 1421857 1052010 690381 591755 312315 172595 D 5471040 4239616 3764639 2911438 2304522 1521688 1125873 738854 633304 334244 184714
E 3879286 3525876 2958777 2367022 1980737 1339669 994478 657506 550661 304097 164377 E 4151658 3773434 3166518 2533215 2119808 1433729 1064302 703671 589324 325448 175918
F 33450623082060 2597149 2153332 1841017 1257480 953384 624631 517786 287659 156158 F 3579925 3298457 2779500 2304522 1970278 1345770 1020323 668487 554141 307856 167122
G 2679337 2408116 2169770 1931424 1619109 1134198 904071 591755 493130 279440 147939 G 2867458 2577194 2322114 2067033 1732789 1213832 967547 633304 527753 299060 158326
H 2030050 1947862 1808142 1578015 1356106 978040 862977 558880 468473 271221 147939 H 2172583 2084625 1935095 1688810 1451321 1046710 923568 598120 501365 290264 158326
I 1446513 1405419 1356106 1216386 1035572 854758 747913 509567 435598 254784 139720 I 1548076 1504096 1451321 1301791 1108281 914772 800425 545345 466182 272672 149530
J 1175292 1158854 1117760 1010916 912290 739694 657506 468473 386285 230127 131501 J 1257811 1240220 1196240 1081894 976343 791630 703671 501365 413407 246285 140734
K 1084885 1035572 994478 904071 813664 632850 550661 427379 345191 213689 131501 K 1161057 1108281 1064302 967547 870793 677283 589324 457386 369427 228693 140734
L 813664 772570 731476 698600 632850 476692 402722 353410 271221 205471 123282 L 870793 826813 782834 747650 677283 510161 430998 378223 290264 219897 131938
M 673944 657506 632850 591755 542443 427379 361628 320534 238346 189033 123282 M 721263 703671 677283 633304 580528 457386 387019 343039 255081 202305 131938
N 534224 542443 534224 484911 452035 378066 320534 287659 205471 172595 123282 N 571732 580528 571732 518957 483774 404611 343039 307856 219897 184714 131938
IF
SI2
I1
I3
IF
SI2
I1
I3
VVS1 VVS2 VS1 VS2
SI1
SI3
I2
SI3
I2
D 5621470 4467351 40848053293780 2587043 1575568 1134668 738854 633304 334244 184714 D 8221384 6225246 5602721 4716300 3586283 2185603 1481879 744323 633304 334244 184714
E 4454383 4065354 3514229 2943653 2444399 1517213 1102249 703671 589324 325448 175918 E 6164347 55485894885465 4229107 338328620232051434513 703723 589324 325448 175918
F 4019967 3507746 3164103 2723204 2236917 1439408 1076314 668487 554141 307856 167122 F 5413257 4871932 4465937 3958444 2909626 1847274 1373614 676657 554141 307856 167122
G 3034427 2723204 2554624 2405497 1964597 1277312 992024 633304 527753 299060 158326 G 4059943 3653949 3362986 3092323 2571297 1705176 1299182 649591 527753 299060 158326
H 2308239 2191531 2042403 1899759 1595019 1141152 923568 598120 501365 290264 158326 H 3247954 2943459 2706629 2435966 2036738 1481879 1170617 598120 501365 290264 158326
I 1666341 1582052 1517213 1400505 1225442 953121 810477 545345 466182 272672 149530 I 2341234 2192369 2117937 1894640 1705176 1251816 1014986 545345 466182 272672 149530
J 1342150 1277312 1238409 1141152 1011476 836413 706736 501365 413407 246285 140734 J 1759309 1671343 1556311 1488646 1420980 1116484 899954 501365 413407 246285 140734
K 1161057 1108281 1064302 967547 870793 680801 602995 457386 369427 228693 140734 K 1373614 1272115 1211216 1143551 1075885 879654 744323 457386 369427 228693 140734
L 870793 826813 782834 747650 677283 510161 430998 378223 290264 219897 131938 L 1008219 967620 920254 879654 811989 676657 514259 378223 290963 219897 131938
M 721263 703671 677283 633304 580528 457386 387019 343039 255081 202305 131938 M 872888 832288 798455 764623 730790 608991 460127 343039 255081 202305 131938
N 571732 580528 571732 518957 483774 404611 343039 307856 219897 184714 131938 N 737556 696957 676657 649591 649591 541326 405994 307856 219897 184714 131938
Round 1.50 (1.50-1.99)
VS1
Round 2.50 (2.50-2.99)
VVS1 VVS2
Round 3.50 (3.50-3.99)
Round 3.00 (3.00-3.49)
Round 2.00 (2.00-2.49)
Round 4/4 (1.00-1.49)
IF
Round 5.00 (5.00-5.99)
source of the diamond certificate; fluorescence; cut specifications; payment and other terms of business; foreign exchange rates; special stones and other business considerations. This is published jointly by The All
India Gems and Jewellery Trade Federation (GJF), a trade body headquartered in Mumbai, and IDEX, a diamond research house headquartered in Tel Aviv Israel, with a view of unbiased service to the consumer
30
OC TOBER 1st 2011
OC TOBER 1st 2011

SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
F 110194 102032 85707 73463 65300 61219 53057 53057 40813 28569 20406 F 130986 121283 101878 87324 77621 72770 63067 63067 48513 33959 24257
G 102032 89788 77544 69382 61219 57138 48975 48975 36731 28569 20406 G 121283 106729 92175 82472 72770 67919 58216 58216 43662 33959 24257
H 81625 77544 69382 65300 57138 53057 44894 44894 32650 24488 20406 H 97026 92175 82472 77621 67919 63067 53365 53365 38811 29108 24257
I 65300 61219 57138 57138 53057 48975 40813 40813 32650 24488 16325 I
77621 72770 67919 67919 63067 58216 48513 48513 38811 29108 19405
J 53057 48975 48975 44894 44894 40813 36731 36731 28569 20406 16325 J 63067 58216 58216 53365 53365 48513 43662 43662 33959 24257 19405
K 44894 40813 36731 36731 36731 32650 28569 28569 24488 20406 16325 K 53365 48513 43662 43662 43662 38811 33959 33959 29108 24257 19405
L 40813 36731 36731 32650 32650 32650 28569 24488 16325 16325 12244 L 48513 43662 43662 38811 38811 38811 33959 29108 19405 19405 14554
M 36731 36731 36731 32650 32650 32650 28569 24488 16325 12244 12244 M 43662 43662 43662 38811 38811 38811 33959 29108 19405 14554 14554
N 36731 36731 36731 32650 32650 32650 28569 24488 16325 12244 12244 N 43662 43662 43662 38811 38811 38811 33959 29108 19405 14554 14554
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 172671 161531 144821 133681 111401 100261 83551 77981 66840 50130 33420 D 178978 164466149955 140280 120931 106419 96745 87070 66840 50130 38698
E 161531 150391 133681 111401 94691 89121 77981 77981 61270 44560 33420 E 164466 154792 140280130606 116094 96745 87070 82233 61270 44560 33861
F 150391 139251 116971 100261 89121 83551 72410 72410 55700 38990 27850 F 154792 145117 130606 120931 111257 91908 82233 77396 55700 38990 29023
G 139251 122541 105831 94691 83551 77981 66840 66840 50130 38990 27850 G 145117 130606 120931 111257 101582 87070 72559 72559 50130 38990 29023
H 111401 105831 94691 89121 77981 72410 61270 61270 44560 33420 27850 H 125768 116094 106419 101582 91908 82233 67721 67721 44560 33861 29023
I
89121 83551 77981 77981 72410 66840 55700 55700 44560 33420 22280 I 101582 96745 91908 87070 77396 72559 62884 62884 44560 33861 24186
72410 66840 66840 61270 61270 55700 50130 50130 38990 27850 22280 J
82233 77396 77396 72559 62884 58047 53210 53210 38990 29023 24186
K 61270 55700 50130 50130 50130 44560 38990 38990 33420 27850 22280 K 72559 62884 58047 53210 53210 48372 38990 38990 33420 27850 24186
L 55700 50130 50130 44560 44560 44560 38990 33420 22280 22280 16710 L 62884 58047 53210 48372 48372 44560 38990 33861 29023 24186 19349
M 50130 50130 50130 44560 44560 44560 38990 33420 22280 16710 16710 M 53210 50130 50130 44560 44560 44560 38990 33420 24186 19349 19349
N 50130 50130 50130 44560 44560 44560 38990 33420 22280 16710 16710 N 50130 50130 50130 44560 44560 44560 38990 33420 22280 19351 19349
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 185320 170294 155268 145251 125216 110190 100173 90156 66840 50130 40069 D 272097 231026 210490189954 174553 143749 123214 112946 97544 77009 56473
E 170294 160277 145251 135233 120207 100173 90156 85147 61270 45078 35061 E 236159 210490195088 169419 154017 128348 102678 102678 92410 71875 51339
F 160277 150259 135233 125216 115199 95164 85147 80138 55700 40069 30052 F 210490195088 174553 159151 143749 123214 97544 97544 87276 66741 51339
G 150259 135233 125216 115199 105182 90156 75130 75130 50130 40069 30052 G 195088 174553 159151 143749 128348 112946 92410 92410 77009 61607 46205
H 130225 120207 110190 105182 95164 85147 70121 70121 45078 35061 30052 H 174553 159151 148883 133481 123214 97544 87276 87276 71875 56473 46205
I 105182 100173 95164 90156 80138 75130 65112 65112 45078 35061 25043 I 148883 133481 128348 118080 107812 97544 87276 82142 66741 56473 41071
J
85147 80138 80138 75130 65112 60104 55095 55095 40069 30052 25043 J 118080 107812 102678 97544 92410 87276 82142 71875 61607 56473 41071
K 75130 65112 60104 55095 55095 50086 40069 40069 33420 27850 25043 K 92410 82142 82142 77009 77009 71875 66741 66741 56473 51339 35937
L
65112 60104 55095 50086 50086 45078 40069 35061 30052 25043 20035 L
77009 71875 71875 66741 66741 66741 61607 61607 51339 46205 35937
M 55095 50130 50130 45078 45078 44560 38990 33420 25043 20035 20035 M 61607 61607 61607 56473 56473 56473 51339 51339 46205 41071 30803
N 50130 50130 50130 44560 44560 44560 38990 33420 22280 20037 20035 N 51339 51339 51339 46205 46205 46205 41071 41071 41071 35937 25670
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
Fancy 1/4 (0.23-0.28)
SI2
Fancy 3/8 (0.38-0.44)
Fancy 1/3 (0.29-0.37)
SI1
E 118357 110194 97950 81625 69382 65300 57138 57138 44894 32650 24488 E 140688130986 116432 97026 82472 77621 67919 67919 53365 38811 29108
IF
Fancy -1/2 (0.45-0.49)
VS2
D 126519 118357 106113 97950 81625 73463 61219 57138 48975 36731 24488 D 150391 140688 126134 116432 97026 87324 72770 67919 58216 43662 29108
IF
Fancy 3/4 (0.70-0.89)
VVS1 VVS2 VS1
Fancy 1/2+ (0.50-0.69)
Fancy 1/5 (0.18-0.22)
IF
I3
D 362937283389268474253559238644 213785 183954 169039 129265 89491 59661 D 419823 331953 322190302663 283137 268492234320190385 141568 102515 63462
E 288361268474258531238644218757 188926 164067 154124 124294 84520 54689 E 331953 322190 302663288018 273373 253847 219675 180622 136687 97633 58580
F 273446 258531 248587228700203841 178983 154124 144181 119322 79548 54689 F 322190302663 283137 273373 258728244083214793 175740 136687 92752 58580
G 258531 243615 228700208813 188926159096 144181 139209 114350 79548 49717 G 302663 283137 273373 263610 244083 224557 200148 170858 131805 87870 53698
H 233672 213785 208813193898169039 144181 134237 129265 104407 74576 49717 H 263610244083234320 224557 209912 200148 175740 161095 122042 87870 53698
I 198870 183954 178983 164067 139209 124294 114350 109378 94463 69604 44746 I 234320 219675 214793205030 190385 185503 161095 141568 117160 82988 48817
J 159096 149152 144181 134237 129265 119322 99435 94463 79548 64633 44746 J 200148 195267 190385 180622 175740 165977 146450 126923 102515 73225 48817
K 134237 124294 119322 114350 109378 99435 89491 84520 69604 59661 39774 K 161095 156213 151332 146450 146450 136687 126923 112278 87870 63462 43935
L 109378 104407 99435 94463 94463 89491 84520 74576 59661 49717 39774 L 126923 122042 117160 112278 112278 107397 102515 92752 68343 53698 39774
M 84520 84520 84520 79548 79548 79548 74576 74576 49717 44746 34802 M 97633 97633 97633 92752 92752 92752 87870 82988 53698 48817 39053
N 69600 69600 69604 64633 64633 64632 64633 41071 41071 39774 29830 N 78107 78107 78107 73225 73225 73225 73225 73225 41071 39774 39053
Fancy 0.90 (0.90-0.99)
OC TOBER 1st 2011
31
OC TOBER 1st 2011

SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
F 401463 386218 376054 355727 320154 284582243927 203273 152454 106718 66064 F 539762523406507049 479788457980 430719 354389278059 207181 130851 76330
G 386218 376054360809335400304909264254228682 193109 142291 101636 60982 G 523406507049 479788 463432 430719 392554 332581 267155 201729 125399 70878
H 320154 299827284582269336 243927223600 198191 182945 137209 96554 60982 H 425267 414363 398006 381650 359841 332581 288964239894 179921 119947 65426
I 274418 264254 254091 243927 223600 203273 177864 167700 132127 91473 55900 I 365294354389348937 332581 316224299868250799 218086 169016 114495 65426
J 233764223600 213436 203273 193109 177864 157536 142291 111800 76227 55900 J 283511 278059 272607 261703 250799239894 207181 179921 141756 103591 59974
K 193109 188027 182945 177864 167700 157536 142291 127045 101636 66064 50818 K 245346239894234442223538 212634 207181 185373 158112 125399 92686 59974
L 157536 152454 147373 142291 132127 121964 116882 101636 81309 60982 45736 L 207181 201729 196277 190825 174469 169016 152660 130851 109043 81782 54521
M 137209 132127 127045 121964 116882 106718 101636 96554 71145 55900 45736 M 174469 169016 163564 158112 147208 141756 130851 119947 92686 76330 49069
N 116882 111800 106718 101636 101636 91473 86391 73225 60982 50818 45736 N 141756 136304 130851 125399 119947 114495 109043 109043 76330 70878 45736
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 1304884 948530 875163 796556 744151 602657 440202 330151 256784 151974 94329 D 14283661038290 957981 871934 814570 659687 481859 361394 281084 166356 103255
E 948530 875163 796556 744151 670784 576455 429721 319670 251544 146734 89088 E 1038290 957981 871934 814570 734261 631005 470386 349921 275348 160620 97519
F 875163 796556 744151 670784 618379 550252 419240 309189 241063 141493 89088 F 957981 871934 814570 734261 676896 602323 458913 338448 263875 154883 97519
G 775594 723189 670784 618379 592176 497847 403518 293468 230582 136253 83848 G 848989 791625 734261 676896 648214 544959 441704 321239 252402 149147 91783
H 623619 571214 518809 492607 466404 419240 345873 262025 209620 131012 78607 H 682633 625269 567905 539223 510541 458913 378603 286821 229456 143410 86046
I 492607 466404 440202 413999 387797 366835 314430 246303 193898 125772 78607 I 539223 510541 481859 453176 424494 401549 344185 269611 212247 137674 86046
J 377316 361594 345873 330151 309189 293468 262025 199139 157215 115291 73367 J 413022 395812 378603 361394 338448 321239 286821 217984 172092 126201 80310
K 319670 303949 293468 277746 272506 262025 241063 178177 141493 110050 68126 K 349921 332712 321239 304030 298293 286821 263875 195038 154883 120465 74573
L 230582 220101 209620 193898 188658 183417 172936 146734 120531 99569 62886 L 252402 240929 229456 212247 206511 200774 189302 160620 131937 108992 68837
M 188658 178177 167696 162455 157215 157215 146734 131012 110050 94329 57645 M 206511 195038 183565 177829 172092 172092 160620 143410 120465 103255 63101
N 146734 136304 136260 131012 130989 120508 120531 115291 99569 89088 52405 N 160620 149147 149154 143410 143385 131912 131937 126201 108992 97519 57364
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 23619831908844 1676611 1376407 1178159 843970 577751 464467 396496 209576 118949 D 251764320346421787104 1467116 1255803 899590 615826 495076 422626 223388 126788
E 1840874 1693604 1557662 1297108 1104524 815649 549430 441810 368175 198248 113285 E 1962192 1805217 1660316 1382591 1177315 869402 585639 470926 392438 211313 120750
F 1602976 15066841376407 1195152 1019561 759006 526773 424817 351182 186919 107620 F 1708617 1605979 1467116 1273915 1086753 809027 561489 452814 374326 199238 114713
G 1416057 1319765 1246130 1042218 911941 674043 515445 402160 334189 175591 101956 G 1509379 1406741 1328253 1110903 972040 718464 549414 428664 356213 187163 108675
H 1172495 1115853 1013897 872291 747678 566423 475795 368175 305868 164263 101956 H 1249765 1189390 1080715 929777 796952 603751 507151 392438 326026 175088 108675
I 894948 843970 798656 730685 600408 498452 413489 328525 277547 152934 96292 I 953927 899590 851289 778839 639976 531301 440739 350176 295838 163013 102638
J 640058 611737 583415 543766 492788 396496 345518 266219 220905 141606 90628 J 682239 652052 621864 579601 525264 422626 368288 283763 235463 150938 96600
K 515445 498452 475795 458802 407824 339854 300204 237898 198248 130277 84963 K 549414 531301 507151 489039 434701 362251 319988 253576 211313 138863 90563
L 373839 356846 339854 311532 294540 243562 220905 192584 164263 118949 73635 L 398476 380363 362251 332063 313951 259613 235463 205275 175088 126788 78488
M 277547 266219 249226 232233 220905 186919 169927 152934 135941 113285 67971 M 295838 283763 265651 247538 235463 199238 181125 163013 144900 120750 72450
N 181255 175591 158598 152934 147270 131912 131937 126201 108992 107620 62306 N 193200 187163 169050 163013 156975 138863 131937 126201 114713 114713 66413
IF
VVS1 VVS2 VS1
VS2
SI1
SI2
SI3
I1
I2
I3
IF
VVS1 VVS2
VS1
VS2
SI1
SI2
SI3
I1
I2
I3
D 32000362582485232423720547601785283 1077907 741061 538953 437900 235792 134738 D 4679826 3565582 3275878293046324067681454089 941536 612834 456840 261847 150423
E 2509502 2324237 2172656 1886337 16561591038608 712990 510883 409829 224564 129124 E 3504298 3264736 3008460 2707614 22452021403948 913680 579407 428984 250705 139281
F 2268096 2172656 2004233 1729142 1470894 971239 690534 482812 387373 213336 123510 F 2980604 2785611 2618474 23956251944356 1275810 863539 557122 412270 239563 128138
G 1920022 1740370 1594404 1521421 1274400 898256 673692 454742 364916 202108 117896 G 244019522284892089208 1894215 1604512 1142100 824541 534837 389986 228420 122567
H 1566333 1476508 1352998 1257558 1061065 785974 595094 415443 342460 190879 112282 H 2117064 1949928 1754935 1604512 1381663 991677 713116 484696 367701 217278 116996
I 1150890 1100363 1038608 965625 903870 684920 522111 364916 297547 179651 106668 I 1442946 1337093 1253525 1142100 1047390 779971 601692 428984 339845 206135 106668
J
Fancy 1.50 (1.50-1.99)
SI2
Fancy 2.50 (2.50-2.99)
Fancy 2.00 (2.00-2.49)
SI1
E 447200 401463 386218 370973 340482 294745 249009208354 157536 106718 66064 E 588831 539762 523406507049 479788 447076 370746288964218086 136304 81782
IF
Fancy 3.00 (3.00-3.49)
VS2
D 665718 447200401463 381136 350645 309991 259173 213436 162618 111800 71145 D 855986588831 539762523406490693457980 376198 294416 223538 141756 81782
IF
Fancy 4.00 (4.00-4.99)
VVS1 VVS2 VS1
Fancy 3.50 (3.50-3.99)
Fancy 4/4 (1.00-1.49)
IF
836501 802816 774746 729833 696148 555796 454742 314389 252634 168423 96600 J 1041818 991677 935965 869111 807827 646262 540409 378843 306417 189422 100282
K 662464 628779 600708 578252 538953 432286 387373 297547 230178 151581 90563 K 830112 791113 752115 696403 668547 529266 451269 350987 278561 172708 94711
L 471584 460356 449128 426671 409829 331232 291933 241406 190879 134738 84211 L 584978 557122 529266 512552 501410 401128 334273 300846 245134 155994 89140
M 370530 353688 342460 331232 325618 269477 235792 196493 157195 123510 78597 M 490268 473554 445698 423413 401128 334273 289704 233991 183850 139281 83568
N 269477 247020 246979 235792 235764 207722 179651 151581 123510 114713 72983 N 395557 389986 362129 334273 300846 267419 245134 167137 123510 122567 77997
Fancy 5.00 (5.00-5.99)
32
OC TOBER 1st 2011
Could Diamond
Values Drive Sales?
Indians Increasingly Prefer Primary
Gold To Jewellery
he dizzyingly high price of gold
has not meant good news for the
Indian jewellery retail industry.
While Indian consumers have,
for thousands of years, bought
gold mainly in jewellery form,
that has now changed. Prithiviraj
Kothari, president of the Bombay Bullion
Association, recently said in an interview that
an increasing number of consumers were now
buying primary gold in the form of bars and
biscuits for investment purposes and decreasing
their consumption of gold jewellery. Two to
three years back, 85 percent of gold consumption
was in jewellery form. Now that has fallen to 70
percent. Investment demand is continuously
rising due to higher making charges and
wastage, he said, adding that in the coming
years, the shift towards buying more primary
gold for investment will continue.
34
Idex Magazine India Retail | NO 11: COVER STORY
Jewellery manufacturers have, on the other hand, reported

an increased demand for product made from metals other
than gold. Silver jewellery set with diamonds is now a major
new force in the Indian jewellery market. With gold this
high, even platinum is looking good as an alternate material,
many jewellery manufacturers have reported. Consumers are
increasingly looking at alternates. The problem is, however,
that the prices of diamonds are currently in a state of flux and
the uncertainty has made retailers reluctant to buy diamond
jewellery.
But this short-term uncertainty apart, there are indicators
in the market that high net worth individuals are willing to
buy large, expensive diamonds and hold them as investments
for eventual use in family weddings that might take place
several years later. Conveying the long-term prospects of
diamond prices in an open and transparent manner could
help accelerate this trend. One industry analyst points out
that the prices of polished diamonds have over the long term
performed a steady climb. And given that supply is going to
fall short of demand at an accelerating rate going into the
future, the steady climb could become steeper and still be
sustained.
Given that the price of gold is not now even remotely
connected to the buying behaviour of the Indian consumer,
the jewellery retail industrys best bet might lie in how it
offers the consumer value with jewellery set with diamonds
and coloured gemstones. But a lot has to change in the retail
industry if this is to be successfully done. To begin with,
retailers need to shed their reliance on the price of gold to
keep their businesses profitable.
One jewellery manufacturer, asking anonymity, observed,
We in the jewellery retail industry have to change our
mindset about gold. Even now, we there are so many among
us who buy gold in quantity, because theyre banking on
the yellow metal to deliver profits even if they do their jobs
as retailers badly. The stock of gold is the crutch they lean
on even if all the jewellery in their showrooms fails to sell.
Eventually, something will sell and these retailers depend
on the assurance that the gold they had bought so long ago,
will by now have appreciated in value through the roof.
This, the jewellery manufacturer observed, has worked well
for as long as one can remember in India. But, he cautions,
times are changing and the Indian consumer can no longer
be taken for granted to buy gold jewellery at any cost.
idex Magazine India Retail | NO 11: COVER STORY
35
Could D
iamond Values Drive Sales?
Gold Buying Patterns
Have Changed
Kothari, in his observations

on gold consumption in India,
bolsters this argument when
he points to another significant
change in Indian consumer
behaviour. Now people are
not only buying (gold) during
festivals. They buy throughout
the year. Whenever they get an
opportunity, they buy, he said.
36
Kothari, in his observations on gold consumption

in India, bolsters this argument when he points
to another significant change in Indian consumer
behaviour. Now people are not only buying (gold)
during festivals. They buy throughout the year.
Whenever they get an opportunity, they buy, he
said. This constant buying had meant that India had
imported over 500 tonnes of the yellow metal in the
first six months of this year, Kothari noted. In 2010,
India had imported 958 tonnes and a recent Reuters
poll had forecast a 12% drop in this figure. However,
the Bombay Bullion Associations forecast in the poll
was that gold imports would be between 950 and
1,000 tonnes.
Kothari now says that imports for the year will probably
top the 1,000-tonne mark but that the high price of
gold may actually hit sales of gold jewellery during the
crucial Diwali and Dhanteras festival periods which
normally see the years highest value jewellery sales
taking place.
Another key change that may have repercussions on
the jewellery retail industry is in the sale of scrap gold
primarily in the form of sales of old jewellery to
either generate cash or to provide the raw material for
new product. Kothari observed that despite the record
high prices of gold, scrap sales have not risen in India.
Despite record high prices, scrap sales are not

rising in India and Kothari says they are unlikely
to rise in the current scenario. I dont think scrap
sales will rise because of higher prices. The equity
market is not giving returns, property prices are
steady ... they can sell gold, but where will they
invest their money after selling? he said. Now
prices are going up and up only. So I dont think
Indians will sell old jewellery, he added.
But gold analyst Madhu Sudan Daga, while
agreeing that there is a clear trend towards
greater consumption of primary gold in India,
makes the point that gold jewellery consumption
is nonetheless, in no danger at present and
its consumption in India will maintain its
current levels at least. The simple fact that
we still have a growing population is enough
to maintain demand for gold jewellery, he
observes. The gold jewellery retail industry
is in no imminent danger. But the industry
needs to heed the signs and take steps
to understand and service their clientele
better. There could be some rude surprises
in the future.
If the idea of buying gold jewellery is driven
primarily by the need to store value as it
is in India then why reduce the value of ones
investment by paying making charges to

turn it into jewellery. Also, when one isnt
completely assured about the purity of
the gold being used in jewellery, why buy
it as an investment at all? Why not just buy
primary gold which even the banks , with
their assurance of purity, sell today? Even in a
country where gold jewellery has traditionally
been viewed as part of a womans wealth and
mothers have bought jewellery in anticipation
of daughters weddings that might even be
decades away, these purchases are slowing
down.
Daga acknowledges this, noting that those
purchase decisions, which were traditionally
taken by the wife are now increasingly being
taken jointly with the husband. The investment
motive overrides everything else in the
purchase of gold today, he says.
Given the high price of gold and what
is almost a certainty that it will go up
further, why buy jewellery and lose value
on the making charges as well as living
with suspicion that it may not really be of
the stated karatage? An increasing percentage
of gold purchases today tends to be of bullion bars
or coins.
37

Could D
Can Diamonds Deliver
Value Instead?
Many manufacturers and retailers, who see this clearly,
have made major changes to their product offering. They
have sought ways to reduce the gold content in their
jewellery, while still conveying value to the consumer.
One way they have successfully achieved this is by
changing their product offering from being only plaingold to diamond- and coloured gemstone-set. Diamond
jewellery has begun making strong inroads even into
bridal purchases in India.
But even the switch to

diamonds hasnt been plain
sailing.
Indian diamond manufacturers did not bid for a lot of
the goods that were tendered out to auction by mining
But even the switch to diamonds hasnt been plain sailing.

The price of diamonds, after having slumped dramatically
in 2009, rebounded so strongly over the past year that
many jewellery manufacturers reported that it was
impossible to commit to a price point when signing deals
with clients, because they honestly didnt know what the
price of diamonds might be the next week.
So strongly have diamond prices risen that now, even
the Indian consumer has begun resisting and refusing
to pay any more. It was clear at the India International
Jewellery Show (IIJS) that ran in the beginning of
August that diamond prices werent being accepted by
the Indian market. Loosed diamond dealers at the show
reported that much of their product couldnt be moved
because buyers absolutely refused to pay more.
This resistance fructified into a price correction that had
a knock-on effect on the price of rough diamonds.
38
major BHP Billiton in the middle of August, and the

goods that they did buy, they bought at prices that were
quoted in April this year between 18- and 20 percent
below the June prices for similar rough. The De Beers
Diamond Trading Company (DTC) sight that ran in the
third week of August was a huge one, estimated at some
Rs.3,894 crore ($850 million) and actually incorporated
some price increases. The result was that by the end of
August, sightholders were offering their sight boxes in
the open market at discounts of up to 10 percent and still
there werent any takers.
This has led Indian jewellery retailers to hold back
from buying polished diamonds all the more, as they
now expect polished prices to correct ever further
from the post IIJS levels. This isnt a good time for
diamonds, one diamond dealer confided, whether
prices are high or low is not the question. If we
professionals in the market arent sure about what the
price of diamonds should be, what can we expect the

consumer to think?
The key in all of this, the diamond dealer said, was the
Indian consumer. If the Indian consumer buys diamonds
and diamond jewellery strongly over the festival season,
then the industry can breathe easy. If not, there could be
strong repercussions in the market.
An affirmation of the price resistance to diamonds in
the Indian market came some three weeks after the
show. Manufacturers who had booked orders at the IIJS,
reported that those deals which involved the clients
supplying their own diamonds from inventories they
already held have gone ahead without a hitch. Those
who booked orders that also involved them having to
buy diamonds in the market, reported that clients called
to ask them to hold fabrication until they were sure
about diamond prices.
39

Could D
Could Other Attributes
Sell Diamonds In India

Can anything be done to convince the consumer
that diamonds are worth buying? In the West, the
jewellery industry has become acutely aware that one
of the biggest attributes that consumers expect of their
product is ethical behaviour on the part of the industry.
The consumer wants to be assured that the industry, in
offering a product, is not only doing no wrong, but also
doing something positive in social terms. They want
to be assured that no one in Africa for instance, was
treated badly or paid poor wages when diamond were
mined. They want to know if the mining firms accepted
their social responsibility and did something for the
communities involved in extracting their precious
product. That they built schools for the children,
hospitals or primary health care centres, drilled wells
so people have access to clean water. The consumer is
willing to reward a product that states it has done all
these things.
Industry pundits have pointed out that consumer
confidence and belief in diamonds and jewellery as
being ethical products is one of the keys in helping
jewellery establish itself as a desirable luxury product.
Conflict diamonds and their consequences, money
laundering and the threat of synthetic diamonds and
gemstones being passed off as natural, all undermine
the consumers belief in jewellery.
value to the consumer. Industry watchers say the only

way that consumers in India will buy diamonds strongly
is if the uncertainty in their pricing is put behind and
clear value levels are established.
It is clear then that the retail industry has to try some
different approach to convincing value-conscious
Indian consumers to buy jewellery. Diamonds might just
be the answer to their problems.
Industry
pundits
have
pointed out that consumer
confidence and belief in
diamonds and jewellery as
being ethical products is
one of the keys in helping
jewellery establish itself as
a desirable luxury product.
In India, these issues arent yet a major factor on the

consumers list of demands. The primary driver still is the
ability of jewellery to convey a sense of actual monetary
40
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45

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46
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47

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{~H$s Ho$ A` H$maU ^r h?

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hrao IarX H$aZo bm`H$ h, Hw$N> {H$`m Om gH$Vm h? n{_
_| Am^yfU CmoJ dmVd _| Bg ~mV H$mo boH$a OmJH$ h
{H$ Cn^mo$m CZHo$ CnmXm| H$s Anojm Bg{bE aIVo h {H$
Ch| CmoJ H$s Amoa go Z{VH$ `dhma H$m âmogm ahVm h&
Cn^mo$m Bg ~mV H$m AmmgZ MmhVo h {H$ {H$gr CnmX H$mo
noe H$aVo g_` CmoJ {H$gr H$ma H$m JbV H$m` Zht H$a
ahm h, ~pH$ gm_m{OH$ {bhmO go Hw$N> gH$mam_H$ H$m`
^r H$a ahm h& do Bg ~mV H$m âmogm MmhVo h {H$ CXmhaU
Ho$ {bE A\$sH$m _| hram| Ho$ IZZ Ho$ g_` {H$gr Ho$ gmW
X`dhma Zht {H$`m J`m `m _OXam| H$mo H$_ doVZ Zht Xr
JB& do `h OmZZm MmhVo h {H$ `m IZZ \$_ Zo g_mO
Ho$ {V AnZr {O_oXm[a`m {Z^mB Ama CZHo$ H$s_Vr CnmX
H$mo m H$aZo _| em{_b g_wXm`m| Ho$ {bE Hw$N> ~ohVa {H$`m,
Ogo Chm|Zo ~m| Ho$ {bE Hy$b, AnVmb `m mW{_H$
dm` gw{dYm H|$ Wm{nV {H$`m `m bmoJm| H$mo dN> Ob
_wh`m H$amZo Ho$ {bE Hw$E ImoXo& Eogo H$m` H$aZo dmbo \$_m] Ho$
CnmXm| H$mo IarXZm Cn^mo$m AnZm H$V` _mZVo h&
CmoJ Ho$ n{S>Vm| Zo gHo$V {X`m h {H$ Cn^mo$mAm| H$m hram|
VWm Am^yfUm| _| Z{VH$ CnmX Ho$ $n _| Am_{dmg VWm
âmogm hmoZm Am^yfUm| H$mo d` H$mo EH$ BpN>V {dbm{gVm
dVw Ho$ $n _| Wm{nV H$aZo H$m EH$ Ah_ Hw$Or h&
H$pbQ> hrao VWm CZHo$ n[aUm_, _Zr bmS>[aJ Ama H${_
hram| d aZm| Ho$ IVao B`m{X Zo Am^yfUm| go Cn^mo$mAm| Ho$
{dmg H$mo S>J_Jm`m h&
CmoJ Ho$ {deofk H$hVo h {H$ ^maVr` Cn^mo$m mam hram|

H$s O~aXV IarX {H$E OmZo Ho$ {bE EH$_m VarH$m `h
h {H$ CZH$s H$s_Vm| H$s A{Z{VVm H$mo nrN>o aIm OmE Ama
n> _y` Va Wm{nV {H$`m OmE&
V~ `h n> h {H$ _y` Ho$ {V OmJH$ ^maVr` Cn^mo$mAm|
H$mo Am^yfU H$s IarX hoVw gh_V H$aZo Ho$ {bE [aQ>ob CmoJ
H$mo Hw$N> {^ VarHo$ AnZmZo hm|Jo& hrao CZH$s g_`m Ho$
g_mYmZ hmo gH$Vo h&
CmoJ Ho$ n{S>Vm| Zo gHo$V {X`m

h {H$ Cn^mo$mAm| H$m hram| VWm
Am^yfUm| _| Z{VH$ CnmX Ho$
$n _| Am_{dmg VWm âmogm
hmoZm Am^yfUm| H$mo d` H$mo EH$
BpN>V {dbm{gVm dVw Ho$ $n
_| Wm{nV H$aZo H$m EH$ Ah_
Hw$Or h
^maV _| ò _wo A^r ^r Cn^mo$mAm| H$s _mJ gyMr H$m EH$

_wI _wm Zht h& AmO ^r Cn^mo$mAm| Ho$ {bE _wI dOh
Am^yfU mam _m{H$ _mZ H$m Ehgmg XmZ H$aZm h& Bg
48
49
Global Polished
Diamond Prices
Prices Stall and Slip Slightly
hat quiet hissing

sound you hear
is the air slowly
seeping from the polished
diamond price bubble that has
built up over the past several
months. During August, global
polished diamond prices
softened modestly for the first
time since the current bull
market for diamonds began in
late 2009.
The IDEX Online Global Polished
Diamond Price Index, widely
acknowledged as the most
transparent source of polished
diamond prices, fell by 0.3
percent in Augustvcompared to
July. On a year-over-year basis,
however, diamond prices were
up 24 percent, although this
was a smaller gain than in the
previous month.
Here are highlights of prices
for polished diamonds during
August 2011:
The IDEX Online Global

Polished Diamond Price Index
averaged 146.3 in August, slightly
below Julys record level of 146.7.
50
By Ken Gassman
The IDEX Online Index stood

at just over 145 at the beginning
of September, and there appears
to be little demand to support a
new surge in polished prices near
term.
Polished diamond prices in

August were down by a modest
0.3 percent over July, based
on the average prices for both
months.
Prices declined 1.5 percent

between August 1 and August 31.
At the beginning of the month,
the IDEX Online Index stood at
147.6; it finished at 145.4.
Polished diamond prices in

August were up 21.6 percent for
the first eight months year-todate in 2011.
. Polished diamond prices in

July were up 24.1 percent versus
August 2010.
. Polished diamond prices were
mixed, with the price of larger
diamonds 4 carats and above
declining more than diamonds of
2 carats and below.
The graph summarizes polished

diamond prices based on the IDEX
Online Polished Diamond Price
Index for the 24 months since
September 2009.
Polished Diamond Price
Outlook: Bursting Bubble
Or Just A Pause to Refresh?
Last month, we asked the
question, how high is up? We
followed it with a warning about
price bubbles that often form in
a recovery period.
If we had the answer to the
question how high is up? wed be
on a beach in Tahiti, rather than
speculating, along with all the other
diamantaires, about where polished
diamond prices are headed.
Heres what we know:
While De Beers and many

others have kept rough diamond
prices high, after-market trading
indicates that rough diamond
prices have fallen by as much as
20 percent. Further, a recent BHP
Billiton tender resulted in sharply
lower prices for rough gemstones.
If the cost of materials rough
IDEX Magazine India Retail | NO 11: POLISHED
IDEX Online Polished Diamond Price Index
150
140
2009 Year
Average = 109.5
130
2010 Year
Average = 116.0
August 2011
Average = 146.7
120
110
100
O N
2009
A S
2010
M J
2011
Source: IDEX online
diamonds, in this case declines,

then polished prices will likely
continue to soften.
However, as long as consumer

demand remains strong, polished
prices wont fall by much.
Longer term, the supply of rough

diamonds appears to be stable,
although flat, while demand is
expected to continue to rise. This
is a perfect formula for long-term
inflationary pricing at all levels in
the diamond pipeline.
As we said last month, we urge
caution: price cycles are like ocean
tides they rise and they fall.
Polished diamond prices
historically rise rapidly early in a
recovery cycle which began near

the end of the first quarter of 2010
and then increase at a slower
pace, in line with the long-term
annual increase of 3-4 percent.
In the current period, we expect
to see increased volatility in the
diamond market, though not as
volatile as the financial markets.
As long as the diamond market
remains closed, it will not be
subject to the whims of day
traders and speculators. When
diamonds start trading on the
open market, prices will whipsaw.
Get ready: we are edging closer
to opening the diamond trading
markets to those who have no
stake other than making a quick
profit, without regard to anyone
else in the market.
The IDEX Online

Diamond Price Index
The IDEX Online Diamond Price
Index is a real-time index derived
from actual asking prices in the global
diamond industry. The IDEX Online
Diamond Price Index objectively
reflects price trends as they happen.
The Diamond Index and Diamond
Drivers were formulated following
comprehensive research and analysis
of the IDEX inventory database,
aggregated since 2001. Research and
development were conducted in
cooperation with Dr. Avi Wohl, senior
lecturer of Finance at the Faculty of
Management, Tel Aviv University,
Israel.
Further information is available
from IDEX Online Research.
Contact: research@idexonline.com
The full analysis of the polished diamond prices is available Online to

IDEX Online Research subscribers and IDEX Online members.
For more information on how to subscribe, or to become a member,
contact research@idexonline.com
IDEX Magazine India Retail | NO 11: POLISHED
51
Parazar
Di amonD B outi q u e, sin c e 1952

Fancy shaped Diamonds from Vulcan and co., a high-end diamond boutique
since 1952. specializing in matching pairs, layouts and single stones in a
large variety of sizes, Vulcan represents three generations of highly regarded
diamantaires known for their premium Heart, Pear, marquise, oval and trillion cuts.
TLV (972) 3 612 2737 HK (852) 2530 0010
www.vulcan-diamonds.com
VisiT us aT MuMBai JEWELLERY & GEM FaiR

9-11 DECEMBER 2011, BOOTH C50-52
I ndustry News
Forevermark
Is Key Partner In Re-Presentation Of British Crown Jewels
orevermark, the
diamond brand from
De Beers, has partnered
with Historic Royal Palaces, the
independent charity that looks
after the Tower of London and
other historic British palaces, to
support the re-presentation of the
Tower of Londons Jewel House
and the Crown Jewels, the greatest
working collection of Crown Jewels
in the world and a world-renowned
symbol of the British monarchy.
The re-presented Jewel House,
IDEX Magazine India Retail | NO 11: INDUSTRY NEWS
which will open to the public in

early 2012 to coincide with Queen
Elizabeths diamond jubilee and
the London olympic games, and
will give the Crown Jewels a home
fit for the 21st Century, with new
displays showing the jewels like
never before.
the long and fascinating tradition

of coronations of England. The
Crown Jewels, which have been
displayed at the Tower of London
since 1661, are the most powerful
symbols of British Monarchy and
hold deep religious and cultural
significance.
The new exhibition will explore

the importance of the Crown
Jewels to the British Monarchy,
the role of the Tower of London
in protecting these treasures and
The mystique and beauty of the

diamonds and precious jewels in
the collection have always held an
unparalleled allure to visitors to the
Tower of London from across the
53
globe. 2,868 diamonds feature in

the Imperial State Crown alone and
the collection holds some of the
most legendary and extraordinary
diamonds in the world including
the Cullinan I and II (530.2 and
317.4 carats respectively) and the
Koh-i- Nr (105.6 carats).
Forevermark CEO, Stephen
Lussier explained, Forevermark
diamonds are the worlds most
carefully selected diamonds.
We are therefore honored to

be associated with some of
the worlds most famous and
significant historical diamonds
that feature within the Crown
Jewels. Forevermark only partners
with experts who share our
passion for diamonds. We believe
that the natural partnership with
Historic Royal Palaces epitomizes
this and we look forward to
collaborating with them for many
years.
Michael Day, Chief Executive

of Historic Royal Palaces,
said: The Crown Jewels,
renowned for their beauty and
historical significance, capture
the imagination of visitors
worldwide. With all eyes on
London in 2012 for the Queens
diamond jubilee and the olympic
games, De Beers generous
support will enable us to
showcase Britains most prized
treasures in all their glory.
Jaipur Jewellery
Show Gets A Bollywood Face
he Jaipur Jewellery
Show (JJS), a platform
that enables both
business-to-business networking as
well as direct business-to-consumer
contact, has appointed actress Sonal
Chauhan as its brand ambassador.
Located in Jaipur, where Indias
coloured gemstone industry is
located, the JJS is an initiative aimed
primarily at promoting the coloured
gemstone industrys downstream
performance all the way down to

the end consumer.
54
recorded 25,000 unique visitors.
Chauhan was launched as the

shows brand ambassador at a
function to inaugurate the JJSs
new office in Jaipur. Management
intends to increase the display area
of the ninth edition of the show,
which will kick off on December
23 this year and thus accommodate
more participants from a wait-
Managing Committee with Sonal
Visit
list of about 100. Last years show
www.idexonline.com
Sonal Chauhan

AGTA
Spectrum Awards Adds Palladium Prestige Awards
he American Gem Trade Association

(AGTA) has announced the addition of
the Palladium Prestige Awards for the
2012 AGTA Spectrum Awards jewellery design
competition. The Palladium Prestige Awards will
recognize excellence in jewellery design using
palladium as the featured metal.
Green tourmaline
Palladium necklace.
Cynthia Zava, Carrboro,
NC
2011 AGTA Spectrum
Awards 1st Place in
Evening Wear
We are excited about introducing these new

awards for designers who use palladium,
said AGTA CEO Douglas K. Hucker. We had
some prominent pieces created in palladium,
including best of show by Todd Reed and
first place in evening wear by Cynthia Zava,
take top honors in last years competition
and believe that this will only encourage more
designers to enter their work in palladium.
The Palladium Alliance International (PAI) will judge
the pieces within the five current AGTA Spectrum
Awards categories of bridal, classical, business/day
wear, evening wear and mens
wear, then choose a best use
of palladium and colour
award. In order to be
eligible for a Palladium
Aquamarine & Diamond
Palladium Cuff bracelet.
Todd Reed, Boulder, CO
2011 AGTA Spectrum
Awards Best of Show
Prestige Award, the piece must be 950 or better quality

and must make up at least 90 percent of the metal used
in the piece.
As the use of rare, luxurious palladium in fine jewelry
design becomes more prevalent, we are honored to
have the opportunity to acknowledge the work of
skilled artisans and feel the AGTA Spectrum Awards
provide an ideal platform for recognizing the
work of skilled designers. We look forward with
great anticipation to reviewing submissions
of palladium designs, said John Stark,
chairman of the PAI.
The AGTA Spectrum Awards is one of the
most prestigious jewelry design and lapidary
competitions in the world. For almost thirty
years, the Spectrum Awards have been the
benchmark for the industrys leading designers to
measure themselves up against each other. Awards
will be presented in Tucson, Arizona, on February 4,
2012, at the Spectrum Awards Gala during the AGTA
GemFairTM. Entry forms and information can be found
at www.agta.org/awards.
55
rends Report
R
E
T
A
I
L
E
T
C
E
T
E
R
A
The Pendant
Adornment That Never Goes Out Of Fashion
Throughout history they have come and gone. But with

each passing decade, pendants have continously come
back as fashion symbol of the time. Pendants have once
again conjured their way back into Fall 2011 wardrobes
and with a myriad of designs, there is something for every
fashionista. The beauty of a pendant is its versatility and
inherent ability to transform an outfit and give the wearer
the opportunity to express their individuality.
>>
56
R
E
T
A
I
L
E
T
Let your customers have fun with oversized gold medallions

and find their inner bohemian or keep it classic with vintage
tassels and traditional pearls. They can feel the magic with
colossally gorgeous crystals and quartz fit for a style goddess
or take a note from the animal kingdom and accessorize
with pendants inspired from nature and the sea.
C
E
T
E
R
A
Let them show their personality this fall and accessorize

accordingly. Some of the fabulous international selections
available now come from designers Adeler, Baccarat, Bavna,
Carrera y Carrera, Diamond in the Rough, Hellmuth, Isharya,
Kabana, Katerina Maxine, Misaki, M.C.L By Matthew Campbell
Laurenza, Sutra Jewels, Sethi Couture and Tresor.
57
Most trusted independent diamond analysis
For Education details and enrolment contact
Tel: +91-22-40851599 / 1582

Email: education.giaindia@gia.edu
For Laboratory enquiries and registration contact
Tel: +91-22-40851523
Email: lab.giaindia@gia.edu

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Oct 11

Indians Increasingly Prefer Primary

05 FROM THE EDITORS DESK

magazine india retail

08 MUMBAI DIAMOND MARKET REPORT

An Industry-Sponsored Lab To Grade Already Mounted

Could Diamond Values Drive Sales?

50 POLISHED DIAMOND PRICES

AGTA Adds Palladium Prestige Awards

_w~B hram ~mOma H$s [anmoQ>

gVH $ Vm Zo {H$`m _w ~B ~mOma H$mo _ X m

EDITOR-IN-CHIEF Vinod Kuriyan

Anish Kuriakose, Osnat Davidov, Tali Kozik, Yaron Barzilay

Boris Mandelis (Red Designer Studio)

Cn^mo $mAm| H$s {dmg ~hmbr H$m gmPm `mg

`m hram| Ho $ _y ` {~H $ s ~ T >m gH$Vo h ?

IDEX Magazine - India Retail is published in India by

IDEX Magazine India Retail | NO 11

hat industry watchers have long being

IDEX Magazine India Retail | NO 11: EDITOR

having decided that gold is so expensive now that it is

SPECIAL OFFER FOR GJF MEMBERS

JUNE 1st 2011

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Round 1/4 (0.23-0.28)

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DEX Online News

hud Cohen, chairman of IDEX Online,

The IDEX Diamond Price Report

Responding to growing calls

of data points from thousands of industry players,

Fo r f u rt h e r i n f o r m at ion about t he IDEX Diam ond

IDEX Magazine India Retail | NO 11: RETAIL ET CETERA

Diamond MARKET REPORT

eptember is usually one of the most

IDEX Magazine India Retail | NO 11: MUMBAI DIAMOND MARKET REPORT

Size in Ct. (Sieve)

Good demand for SI & piqu goods. Better

Demand & prices are likely to be soft. Heavy

Good demand for SI & piqu goods. Low

Demand for VVS/VS is expected to pick up

Good demand for SI & piqu goods. Steady

Demand is expected to pick up. Prices will

Good demand for SI+ & piqu goods. Some

Demand will be stable with some softness in

Good demand for SI+ & piqu goods. Some

Demand will be stable with some softness in

Fair demand for SI+ & piqu goods.

Overall demand & prices will be lower.

Fair demand for SI+ & piqu goods.

Overall demand & prices will be lower.

Fair demand for SI+ & piqu goods.

Overall demand & Prices will be soft.

Fair demand for SI+/F-J col.