IdexOnline 280

aug 13
Retail
Stuller: Introduces Create
Bar Design Solution
Indian Jewelers: Promoting
Lower-Quality Gold Jewelry
Tiffany: Leads Purchases For
Ultra-Wealthy Women

Polished
Dubai Diamond Exchange: To
Open Diamond Control Offce
De Beers: Introduces Forward
Contract Sales
E6: Opens Worlds Largest
Synthetic Diamond R&D Facility
Mining
Kimberley Diamonds: Stops
Work At Ellendale Mine
Sendelingsdrif Mine: To
Start Production In 2014
Rockwell Diamonds: Q1
Output Down 33%
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I DEX MAGAZI NE No. 280
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21
contents: focus
90 Where is the Kimberley
Process headed?
Like any 10-year-old, the Kimberley Process (KP) is no longer
completely a child, but it is still a long way from being fully
grown. Able to act responsibly most of the time, at others it
is prone to tantrums and fts. We take a look at where the KP
stands a decade after its inception.
92 a decade of failure: the united
states and the Kimberley
Process requirements
Industry analyst Chaim Even-Zohar examines the role of the US
in the Kimberley Process and takes it to task for failing to act in
the manner that he believes it should.
104 musical chairs: Will angola
be KP chair in 2015?
Albert Robinson looks at Angolas bid to be vice chair of the
Kimberley Process in 2014, and ultimately chair of the KP in
2015. But with a history of human rights abuses and political
corruption, is the country really suited to lead the KP in its
second decade?
110 KP ngos under attacK
NGOs and the diamond industry have often been at odds with
each other, but the KP was one place that both sectors seemed
to be working together. Peter Meeus, chairman of the Dubai
Diamond Exchange, however, spoke out against the NGOs at the
recent Angola centenary diamond conference, accusing their work
of being destructive to an industry that had taken such major
steps to clean itself up. Albert Robinson explains all.
116 susPended from business: the
central african rePublic
After dealing with hotspots such as Venezuela and Zimbabwe,
the Central African Republic is the latest country to come
under KP scrutiny. It was suspended in May, but calls for its
suspension originally came back in 2003. Danielle Max tracks
a decade of dispute.
92
A DECADE Of fAILURE
104
MUSICAL ChAIRS
110
KP NGOS UNDER ATTACK
22
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IDEX MAGAZI NE No. 280
contents
64
35
84
80 123
26 letter from the editor
by Danielle Max
28 ideX online india oPens
bdb service center
30 marKet snaPshot
A quick glance at the events of the past month
35 memo
retail et cetera
41 retail rendezvous: Pure beauty
48 ideX online research:
brand loyalty
by Ken Gassman
52 retail bytes
60 facets
64 hot trends for fall and Winter
by Amanda Gizzi
66 celebrity choices
Polished
69 Polished neWs
74 Polished diamond Prices
77 ideX online rough rePort
80 Kashmir saPPhires
by Luigi Costantini
the ideX diamond rePort
84 a Womans eye
86 melloW yelloW
by the Gemewizard Team
mining
123 mining neWs
128 Profile
Arun Shah, Chairman, Ankit Gems Pvt Ltd
130 advertisers list
702. 233.6120 | agsl ab.com | 8917 West Sahara Avenue, Las Vegas, NV 89117
TRUST,
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and
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YOU CAN TRULY HAVE IT ALL:
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that consumers already know and love
THE AMERICAN GEM SOCIETY.
w w w. i d e x o n l i n e . c o m
AUGUS T 2013
VOL. 29 No. 280
EDITORIAL DEPARTMENT
EDITOR-IN-CHIEF Danielle Max
IDEX ONLINE EDITOR-IN-CHIEF Albert Robinson
IDEX ONLINE RESEARCH Ken Gassman
INTERNATIONAL CORRESPONDENTS Tamar Katzav, Edahn Golan
COPY EDITOR Robin Miller
ART DEPARTMENT
GRAPHIC DESIGN Alexandra Quinn
PRINTING Meiri
MARKETING DEPARTMENT
SALES ADVERTISING MANAGERS Yaron Barzilay, Osnat Davidov,
Anish Kuriakose, Avivit Morhaim,
PRODUCTION & CIRCULATION Helena Dorsht
ACCOUNT MANAGER Rinat Oz
Founding Editor and Publisher of Mazal UBracha: Chaim Even-Zohar
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Magazine. Reprints of individual articles are obtainable on application to the editor. All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or
by any means without the prior written permission of the Copyright owner.
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magazine
I NCORP ORAT I NG MAZ AL U' BRACHA
26
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Behind the Times
by Danielle Max
f a Luddite is a person who opposes
technical or technological change, is
there a word for someone who is simply
being left behind by technology?
I am half afraid that if I were to try to fnd
a defnition of such a person in the dictionary, I would
come across a picture and description of myself.
A number of times in the past, this column has been
a very public forum allowing me to admit my failings,
as well as letting me trumpet my triumphs. Alas, I
have to add yet another failing to the list I am being
left behind by social media, and I am more than a
little ashamed of the situation.
Te sad fact is there really is no reason for me to
be so far behind the curve. I actually have a Twitter
account (dormant) and a Pinterest account (equally
stagnant). Tats not to say I dont spend a lot of time
drooling over boards and pictures on Pinterest, as I
dream of my life somewhere in the country, spending
my days crafting, pickling and making preserves.
In addition, I have started numerous blogs, but my
enthusiasm for documenting my life usually wanes
after a couple of entries or so.
What makes it even sadder is that looking back at my
Twitter history, in May 2009, I tweeted about wanting
to increase my social media skills set
However, the real truth of this confession is that in
these pages, I have urged companies more than
once to up their social media presence and to start
connecting with their consumers in a more fun,
friendly and accessible way, and all the while, I have
been hiding behind my non-active Twitter handle
(that would be @daniellemax, by the way).
But no more. I am a woman on a mission. A mission to
fnally get to grips with social media before I become
a social media outcast. Te self-promotion game is
on. And I hope you will follow along with me.
I would love to hear from you about how you are
using social media in your company and how you
are looking at diferent communication methods to
increase your business. Do you think social media is
a must, or is it proving to be a hassle without showing
any real results?
Please let me know all your thoughts and opinions at
[email protected].
l
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However, the real truth of this

confession is that in these pages
I have urged companies more
than once to up their social media
presence and to start connecting with
their consumers in a more fun, friendly
and accessible way, and all the while,
I have been hiding behind my non-
active Twitter handle (that would be
@daniellemax, by the way).
Diamond Tower, Suite 470-472 (4th foor) P.O.Box 536, 54 Bezalel St. Ramat Gan 52521 Israel Tel: 972-3-7522200 Fax: 972-3-7522204
Emai l :moi sh@dds-di amonds.com www.dds-diamonds.com HK: 852-5195-9141 Toll free U.S.A: 1-866-6795361
28
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IDEX Online India has ofcially opened
its new Service Center in the Bharat
Diamond Bourse (BDB).
Te opening ceremony was presided
over by BDB president Anoop Mehta, who cut the
ribbon, together with Milan Parikh, BDB vice president
and Arun Shah, the BDBs honorary secretary.
I am delighted to ofcially open the new IDEX Online
India Service Center, said Mehta. Tis is an important
development for the company and an excellent new
addition to the BDB, he added.
Milan Parikh cut the ribbon of the new ofces Kiosk,
which ofers a fast and streamlined diamond search
service for visitors to the bourse.
I
IDEX Online India managing director Yaron Barzilay
said the new Service Center in the bourse would make
it easier to access existing and potential new clients.
Te India ofce runs the IDEX Online Diamond Buying
Service. Using this concierge service, buyers go online,
choose and purchase the stones they want to buy
from IDEX Onlines worldwide database of more than
500,000 polished diamonds. IDEX Online takes care of
This is an important development

for the company and an excellent
new addition to the BDB.
IDEX Online India
Opens BDB Service Center
Anoop Mehta, president of the
BDB, opening the new IDEX
Online India Service Center
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29
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idex online india
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the rest of the process from collecting the diamonds,
authenticating the stones, consolidating them into a
single package and delivering them to the buyer.
By consolidating them into a single package, buyers
can order stones from a range of suppliers in a single
geographical location. Tis means that they only need
to pay a single shipping charge rather than multiple
shipping fees. IDEX Online India has been granted
ofcial permission to export diamonds.
In our new ofce, we also provide our authentication
service whereby each stone is authenticated by a
certifed gemologist to ensure it matches its certifcate
and to guarantee that it matches the diamond bought
online, said Barzilay.
Te Service Center also ofers Guaranteed Diamond
Transactions (GDT), the platform that allows
wholesalers and jewelers to buy and sell polished
diamonds for cash with immediate delivery, which
allows companies to trade diamonds with partners
they may not know in full confdence and security, he
added. IDEX
Te Service Center was designed by
10U design. IDEX
FOR LIVE UPDATES
WWW. I DEXONLI NE. COM
V
I
S
I
T
Welcoming Shreyans Dholakia,
Shree Ramkrishna Export
Shailesh Shah, IDEX India customer
relationship manager, during the
diamond authentication process
30
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market
snapshot
by Albert robinson
the month in review
With the prices of precious metals standing still following declines since the start of the
year, and polished diamond prices similarly failing to take off, American shoppers are
enjoying jewelry prices that have little upward momentum behind them. Consequently,
where stores have attempted to raise prices, they have seen shoppers stay away.
Polished wholesale diamond prices rose slightly in June for the second straight month,
according to the IDEX Online Polished Diamond Index. However, as with jewelry, the
upward movement was somewhat anemic.
JEWELRY
Sales of jewelry and watches in the US rose strongly
for a second consecutive month in April, shooting up
12.6 percent. Meanwhile, revised statistics indicate that
sales in 2012 were better than previously reported.
Specialty jewelers in the United States once again saw
a rise in market share, with sales surging 17.7 percent
year-over-year in April, while total jewelry and watch
sales jumped 12.6 percent.
Last month, we said we believed that the vigorous rise
in sales showed the ongoing improvement in the US
economy. Tis month, it is clear that the economy is
indeed trending upwards.
PERFORMANCE
+8.0%
Since last November, jewelry sales have risen at
a monthly pace of more than 8 percent. Te only
exception was in February when
they jumped by 7.5 percent,
according to the revised fgures.
Tis compares with a leap in sales
in February 2012, when retailers
posted an 11.8 percent gain.
+9.9%
In the period from October 2012 to
April 2013, growth in watch sales in
the US was higher than for jewelry,
according to fgures from the US
Department of Commerce.
Watch sales in April soared 16.6
percent higher, while jewelry sales
increased 12.2 percent.
Source: IDEX Online Research
350
300
250
200
150
100
2012 2011 2010 2013
Gold
Silver
Platinum
Diamonds
J M A A M J J S O N D J F M J F M A A M J S O N D J F A A M J J S O N D
Index of Diamond & Precious Metals Prices
June 2010 June 2013 by month
150
140
130
120
110
2012 2011
2013
IDEX Online Polished Diamond Price Index
PEAK
July 2011
146.7
June 2013
134.5
2011 Avg
135.8
2013 Avg to date
133.6
2012 Avg
136.8
|
31
14000
13000
12000
11000
10000
Jewelry Share Index U.S.
Jul 03, 2012 Jul 01, 2013 by month
Blue Nile [NILE], Charles & Colvard [CTHR], Movado Group [MOV], Signet Jewelers Limited
[SIG], Tiffany & Co. [TIF], Zale Corporation [ZLC]
12000
11000
13000
14000
Jewelry Share Index Europe
Jul 03, 2012 Jul 01, 2013 by month
Bulgari [BUL], Damiani [DMN], LVMH [LVMH], PPR [PP], Richemont SA [CFR], Theo Fennell [TFL]
12000
13000
11000
10000
9000
Jewelry Share Index India
Jul 03, 2012 Jul 01, 2013 by month
Classic Diamond [BOM:523200], Gitanjali Gems [BOM:532715], Goldiam International
[BOM:526729], Rajesh Exports [BOM:531500], Su-Raj Diamonds [BOM:507892],
Suashish Diamonds [BOM:526733]
8500
9500
10000
9000
8000
7500
Mining Share Index
Jul 03, 2012 Jul 01, 2013 by month
African Diamonds, Anglo American [LON:AAL], BHP Billiton [NYSE:BHP], Firestone Diamonds
[LON:FDI], Gem Diamonds [LON:GEMD], Harry Winston [NYSE:HWD], Petra Diamonds
[LON:PDL], Rio Tinto plc [NYSE:RIO], Rockwell Diamonds [TSE:RDI]
+8620.32 (+73.72%)
+1883.59 (+19.77%)
-1883.17 (-24.35%)
-1885.09 (-23.62%)
2012 2013
A S O N D M M J J F A J J J
2012 2013
2012 2013
2012 2013
8000
|
MARkEt sNAPshOt
|
OUtLOOk
American shoppers continue to show
a strong interest in jewelry. Prices are
hardly rising, if at all, meaning retailers
have a reason to restock and refresh
inventory. Tis is a positive trend that we
expect to see continue throughout the
summer and beyond.
POLIshED PRICEs
Prices of polished diamonds rose by
1.0 percent in June, according to the
IDEX Online Polished Diamond Index.
Te Index averaged 134.6, a 0.2 percent
month-over-month increase.
Tis is the second consecutive month
that the Index has risen on a month-over-
month basis. Year-over-year, the Index
slipped by 3.8 percent, completing a year
of such decreases.
Te IDEX Online Polished Diamond Index
began the month at 133.7 and fnished at
132.2. Polished diamond prices tend to
increase when there are large trade fairs,
and the JCK Las Vegas show at the end of
May and start of June was a major factor
behind the rises.
Strong demand for jewelry among US
consumers in the frst half of this year
led to a rise in demand for polished
diamonds and jewelry by retailers. Tis
was the economic factor behind the
rising prices in June. Strong, but not wild
demand in Las Vegas gave wholesalers
the confdence to adhere to their asking
prices. Although there was a degree of
compromise to close deals, the overall
result was an increase in prices.
WINNERs AND LOsERs
Te Index increased by 1.0 percent in June
from May. Tat compares with a slight
rise of 0.2 percent in May on the April
fgure, and a 1.5 decline in April compared
with March. Te changes in month-over-
month prices are trending upwards.
32
|
Since August 2011, following the peak in diamond
prices that took place in July 2011, the Index rose
in eight months only, and fell in the other 15. As a
result, there has been an 8.2-percent drop since the
July peak. Tree of the eight rises were in the last four
months, possibly related to the fact that the American
economy is showing signs of recovery.
OUtLOOk
We are expecting an improvement in prices of
polished diamonds in the short term, and the rise in
June gives us extra confdence that our prediction of a
more optimistic market, which we have been voicing
for a number months, is correct.
Tis is boosted by a recent World Wealth Report by
Capgemini and RBC that found
that High Net Worth Individuals
in all markets gave jewelry, gems
and watches as their preferred
Investment of Passion (IoP) with
an average 31.6-percent allocation
among their IoP holdings.
In Asia-Pacifc (excluding Japan),
this fgure stood at 33.5 percent and
in the Middle East at 35.0 percent.
Tis far exceeded investment in
luxury and other collectables such
as cars.
ROUGh DIAMONDs
Te rough trading sector remains somewhat
problematic. With prices reaching record levels, the
market is being extremely selective in the goods it is
buying, and it appears to be willing to wait rather than
jump in and buy.
Te US market, in particular, is sticking with what it
knows best and with the type of diamonds needed in
bridal jewelry its main breadwinner. Tis typically
means round stones of 0.50-2 carats in the mid-color
range and VS-SI clarity. In other words, good, but not
spectacular diamonds.
OUR OUtLOOk
As the summer months arrive, a slowdown in activity
can be expected in the market. Rough prices are, for
the most part, showing slight increases. It appears that
even the major producers are cognizant of the fact that
there is a limit to how much prices can be raised.
WORth kNOWING
Okavango Diamond Company:
Belongs to the Botswana government and was
established in 2011 to sell part of the countrys annual
rough diamond output. By 2016, it will be selling 15
percent of Botswanas rough stones and will be a
signifcant global rough diamond selling organization.
350
300
250
200
150
100
2012 2011 2010 2013
Gold
Silver
Platinum
Diamonds
J M A A M J J S O N D J F M J F M A A M J S O N D J F A A M J J S O N D
Index of Diamond & Precious Metals Prices
June 2010 June 2013 by month
150
140
130
120
110
2012 2011
2013
IDEX Online Polished Diamond Price Index
PEAK
July 2011
146.7
June 2013
134.5
2011 Avg
135.8
2013 Avg to date
133.6
2012 Avg
136.8
|
MARkEt sNAPshOt
|
As an important producer, we have been
instrumental in the Washington Declaration,
aimed to improve the situation of artisanal
miners on our continent. The Washington
Declaration was a welcome complement to the
earlier Moscow Declaration. We are ready as a
vice chair to take up an even more engaging
role in the future.
Paulo MVika, chair of the Kimberley Process
Working Group of Artisanal and Alluvial
Producers, on Angolas plans to become vice
chair of the process in 2014 and chair in 2015.

qUOtE
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33
LINGO
REACh Regulations European Union regulations that concern the registration, evaluation, authorization and
restriction of chemicals.
In particular, a revised legal standard for testing articles for compliance with nickel release limits, which became
effective in the EU on March 31 this year and replaces an earlier standard from 1998.
The regulations apply to articles intended to come into prolonged and direct contact with the skin, including
most articles of jewelry and watches. Earrings and other types of jewelry used in body piercings have even lower
permitted release limits than articles worn against the skin.
IDEX Online India has offcially opened its new Service Center in the Bharat Diamond Bourse (BDB). The opening
ceremony was presided over by BDB president Anoop Mehta, who cut the ribbon, together with Milan Parikh,
BDB vice president, and Arun Shah, the BDBs honorary secretary. IDEX Online India managing director Yaron
Barzilay said the new Service Center in the bourse would make it easier to access existing and potential new
clients. To fnd out more about the new center, go to page 28.
Yaron Barzilay, managing director IDEX Online
India, with Rajesh Shah (Raju Bhai), Venus Jewel
(second from right) and Venus Jewel staff
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Hall No:- 1
Booth No:- LD 1H029 - 31, 1G030 - 032
,
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35
rom an organizational point of view, the
recent Angolan Diamond Centenary
Conference, held to celebrate 100 years
since diamonds were frst discovered
in the country, was an outstanding
success. With all due respect to diamond conferences
held elsewhere, few, if any, could succeed in bringing in
800 people from across the globe to listen to speakers
from all the diamond centers. Interestingly, Israel was
the only diamond center that did not have an ofcial
representative at the event.
Of most interest and surprise was the candid way
the local speakers approached the conference. Te
overriding theme was Angolas desire to attract foreign
investors. Te countrys political and business leaders
obviously believe that it is still regarded with a great
deal of suspicion and misunderstanding abroad. And,
as a result, they were willing to give out information in
a way that caught many listeners by surprise.
Te frst speaker, vice-president Manuel Domingos
Vicente, was something of a coup for the organizers.
Almost before most people had settled in their chairs,
he boldly stated that Angola is seeking to be appointed
as vice chair of the Kimberley Process (KP) for 2014
and chair in 2015.
In an admirable admission, he did not try to cover up
Angolas unsavory past nor the confict diamond-fueled
civil war that killed and maimed tens of thousands from
1975 to 2002. He explained that the government had
invested great eforts in eradicating the trade in confict
diamonds, and was continuing to do so.
With an eye to human rights groups, he said the
government was aiming to end illegal mining in the
country in a responsible and humane manner. Reports
over the past decade have, however, suggested that the
Angolan authorities have been anything but gentle in
dealing with illegal miners, who have fooded across
the countrys porous and enormously long frontier
with the Democratic Republic of Congo.
F
Angola Takes Diamond
Industry by Surprise
by Albert Robinson
He said the government is also aiming to encourage
artisanal mining in line with KP guidelines, thereby
raising the standard of living of thousands of
Angolans currently panning diamonds for a pittance.
Furthermore, he stressed the importance of the
diamond sector to the countrys national economy,
saying it had a high priority in Angolas long-term
economic strategy through to 2025.
Angola intends to develop its diamond industry
beyond mining and to expand into cutting and
polishing stones and creating a large jewelry
manufacturing sector, said the countrys Geology and
Mines minister, Francisco Queiroz. Te government
believes the diamond industry can play a large role
in the economic development of the country by
providing employment and contributing further
funds to the government through taxes and royalties,
he stated.
Allied to that, he explained that Angola is believed
to have 1,000 diamond areas, but just three diamond
mines, including the Catoca mine. And that huge
mine alone is responsible for 87 percent of Angolas
diamonds. As a result, the country would like to
enter into cooperation agreements with foreign and
domestic investors to develop its diamond sector.
In an admirable admission, he did not

try to cover up the countrys unsavory
past nor the confict diamond-fueled
civil war that killed and maimed tens
of thousands from 1975 to 2002. He
explained that the government had
invested great efforts in eradicating the
trade in confict diamonds, and was
continuing to do so.
M
E
M
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memo
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While it seems likely that Angola will become
vice chair of the KP at the next KPCS Plenary in
Johannesburg in December under the chair of South
Africa, the question of whether it should be allowed
to take over such a prestigious position was a point of
discussion, given the countrys human rights situation
and political record.
A report published prior to the conference by the
Bonn International Center for Conversion (BICC)
made allegations of human rights abuses. Te
report says there is a business and security network
connecting the government, army generals and some
international businesses in the Angolan diamond
sector. It also alleges large-scale human rights
violations in the country connected with the network
of security and mining actors.
Given its political situation, its reputation for
widespread corruption and its lack of fnancial
transparency, the country might not appear to be a
leading candidate to lead the KP.
Political power is concentrated in the hands of
President Jose Eduardo dos Santos, who controls a
malleable parliament and judiciary, has been in power
for 33 years and last year won a new fve-year term.
His daughter is, according to Forbes magazine, the
richest woman in the whole of Africa, worth around
$2 billion. And just recently, the president appointed
his son to run the countrys $5 billion sovereign
wealth fund. Te country is Africas second-largest oil
producer, but millions of people live in poverty.
But is any of this relevant to Angola taking charge of
the KP? Probably not. You are looking at this issue
in completely the wrong way, two leading diamond
industry ofcials told me. Africans as a whole, not
just Angolans, see themselves as having been treated
as little more than slaves for hundreds of years, while
their countries were raped. Tey have an extremely
deep-seated suspicion of the west and its motives. Even
African countries who may be appalled by the actions
of other states on the continent will automatically side
with them due to a shared history and grievances that
rightly stretch back for several centuries.
Angola as KP chair in 2015? You better be prepared to
go to your nearest Angolan consulate for a visa to visit
Luanda. IDEX
Image: Courtesy Endiama
C
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IDEX Double Page [ad BGJF 52nd] sep 2013 Final.pdf 1 1/7/2556 15:22:42
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IDEX Double Page [ad BGJF 52nd] sep 2013 Final.pdf 1 1/7/2556 15:22:42
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41
Retail Rendezvous:
Pure Beauty!
Gaga for dada
Te Matisse collection from Dada Arrigoni features a
gothic style with earrings and rings in black gold, diamonds
and dark grey, white or peach moonstone. Dada says
her creations are inspired by past emotions, memories,
impressions and moments in life.
Retail et
CeteRa
|
retail et cetera > retai l rendezvous
|
Nice and Spicy
Nutmeg was once worth more than its weight in gold.
Gumuchians new gold Nutmeg collection features a range
of bangles, earrings and rings in red, yellow and white
18-karat gold and diamonds. Tese items are sure to add
a great deal of spice and favor to any outft.
Oh Mia, Oh My-a
Popular Indian retail chain Tanishq
redefnes contemporary work wear jewelry
by introducing Mia 3.0, a collection especially
targeted at younger women. Te pieces are
made of 18- and 22-karat gold and are trendy,
lightweight, stylish and lighter on the pocket.
42
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retail et cetera > retai l rendezvous
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The Wings of a Dove
Te Love Doves collection from Loretta Castro
features a range of rings including an eye-catching
18-karat yellow gold ring with a 104-carat cushion-
cut kunzite from Afghanistan accented with diamonds
weighing 0.59 carats. Another version features a
92-carat cushion-cut Morganite from Mozambique
accented with diamonds weighing 0.59 carats.
Fope and Glory
Te new collection from Italian jewelry brand FOPE, MiaLuce, is
inspired by the natural world and comprises three sets of statement
jewels: Wood (18-karat rose gold), Moss (18-karat yellow gold)
and Stone (18-karat white gold). Every piece is adorned with
rows of diamonds, averaging 5.50 karats. Each MiaLuce set,
which includes a bracelet, lariat, ring, earrings and one exclusive
necklace design, is handcrafted by master goldsmiths and gem
setters in Vicenza.
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retail et cetera

> retai l rendezvous
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Sapphire Surprise
Te Omi Gems family dates back fve generations to
Burma in the early 1900s. With such experience of
high quality gems, its no surprise that this sapphire
and diamond bracelet handcrafted with 9.40 carats
of round sapphires and accented with 4.64 carats of
brilliant diamond rounds set in platinum from Omi
Priv is pure perfection.
Fashion Vice
Te Chrie and collection of jewelry from My Vice is inspired by the purity of gold.
Chries rich fretwork features minutely outlined roses that create a play of see-
through lacy spaces; the diamond cutting highlights the extraordinary sheen of
surfaces and enhances the precious contrast between white and yellow gold.
Sting Like a Bee
Tistle & Bees Burlap and Gemstone collection combines a dynamic
new texture, reminiscent of an intricate piece of burlap fabric, with
a colorful selection of fne multi-tonal gemstones. Stacking bangles
pair iolite with blue topaz, citrine with lemon quartz, chrome diopsite
with peridot and multi-shades of ameythysts and rhodolite for a
dramatic and versatile look. Coordinating staking rings, pendant and
link necklaces, coupled with burlap-textured bangles and earrings
complete this collection. IDEX
Whats something most people dont know about your job? Its the only business in the world conducted on trust. You sell 1 to 5
million dollars just on the telephone, without even a signature.
A diamond dealers most valuable asset? Reputation. Yes, you need a sense of artistic value and a knack for design, but the most
essential part is integrity. You cant survive without it.
What has doing business in Hong Kong taught you about the Asian market? Its one of the strongest in the world. Every day, there
are new millionaires and new businesses. Asians are very investment-conscious. Diamonds are safer and more proftable than money in a bank.
All-time favorite purchase? Most recently, a 100+ ct. D FL. Incredible brilliance and scintillation. Such a beauty. People fell down when
they saw it.
Did it arrive with a grading report? Ha, ha. GIA, of course. What responsible businessman, with a good reputation and name, would sell
a diamond without a GIA report?
Why is a GIA evaluation so important to ones reputation? Its the most reliable, authentic, dependable gem institute in the world.
People know that, especially in the Far East. Remember what I said about reputation? A GIA report is crucial.
Business words to the wise? Selling is an idea game. The more knowledge you have, the more confdence you feel.
GIA gratefully acknowledges those who use our resources to further world
expertise in gems. Invest in your success at WWW.GIA.eDu
ephraim zion of Dehres Limited handles
more diamonds in a day than most people see in a lifetime.
Here he discusses the power of reputation, global diamond investment
and why a GIA report is vital to any business built on integrity.
zion_IDEX_2013.indd 1 5/21/13 8:19 AM
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ewelers wrestle with the question to
brand or not to brand? If they choose
to focus on branding, the next question
is Do I team up with a national brand,
or do I create my own brand?
Tere is no easy answer to any of these questions, and the
conclusion may be diferent for each jeweler, depending
on a complex set of circumstances and factors.
US Market Moving to Branding
Te US jewelry industry is clearly moving toward
branding. Watch brands proliferate and represent
most of the revenues in the fne watch market. Jewelry,
however, is still largely unbranded, though many
producers and retailers are beginning to focus on
brands and branding.
Te advantages of branding
are simple: 1) it helps bring
credibility to a product that
is infrequently purchased by
uninformed consumers; 2)
it reinforces the value of the
merchandise; 3) it creates a
diferentiated product; and
4) it can help support higher
retail margins.
Branding
appealS to
YoUng ShopperS
Marketing experts have long
held the belief that if a brand
captures the attention and
loyalty of a young consumer,
those consumers are likely to
remain loyal to that brand for
the rest of their lives.
However, this sweeping statement does not apply to
all consumers. Baby Boomers those Americans born
between 1946 and 1964 have always loved brands.
Whether it is a car, apparel or an appliance, they like
branded goods.
But Boomers are not particularly loyal to any given
brand. Tey often buy the hot label of today. When
that brand is no longer relevant, or seems to have lost
its desirability, they fnd a new brand. For example,
Boomers no longer shop at Tom McCann shoe
stores or Roses, nor do they wear Hush Puppies. Tose
brands of the 1960s and 1970s have been replaced by
Wal-Mart, Google and Apple brands that are more
relevant today.
retai l et cetera
IDEX ONLINE RESEARCH:
Millennials Are Most Loyal to Brands
By Ken Gassman
J
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retail et cetera > i dex onli ne research
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Millennials More Brand loyal
In contrast to their Boomer parents, American
Millennial consumers those born between 1983 and
2001 are more loyal to brands, according to recent
research. While many Millennials are still young the
youngest have not yet graduated from high school
there are indications that they want brands that they
can trust for life.
Matt Tornhill, founder and president of Te Boomer
Project, notes that You want [consumers] to buy your
product because once they do, theyll likely be stuck
in their ways. He notes, however, that this appears to
apply more to Millennials than to Boomers.
Millennials, Tornhill notes, have a narrower set of
brand choices than older consumers, since they want
a brand that will help them ft into their social network.
While brand loyalty seems to be relatively easy to
develop, Tornhill also says that brand loyalty is a
feeting thing, so you have to be relevant to whomever
you are talking to.
In the jewelry industry, Pandora has developed a
loyal following of consumers. De Beers is trying to
create brand loyalty for its Forevermark goods, with
some early initial success, according to our sample
of independent jewelers. Tifany has always been
a highly recognized brand, and it stays relevant
by creating a stream of new products every year,
whether the economy is booming or in a recession.
Jewelers should Focus
on Millennials
Millennial consumers especially the 25-to-30 year
old Millennials have more money than their parents
at this young age. Many of them are DINKS Double-
Income, No-Kids. Tey often work in technology jobs,
which is one of the highest paid professions in the US.
And, best of all, they appear to be much more loyal to
brands than any of their predecessor demographic
segments, including the Silent Generation (1929-
1945), Boomers (1946-1964) and Gen-X (1965-1982).
Final data from the US governments Consumer
Expenditure Survey shows that young consumers 25-
34 years old which includes the youngest Gen-Xers
and the leading edge Millennials spend 123 percent
of the national annual average jewelry expenditure,
more than any other age group of American shoppers.
For jewelers, this means that Millennial shoppers
have tremendous lifetime value as customers, but
this is only true if the jeweler can create a brand and
stay relevant. IDEX
Marketing experts have long held

the belief that if a brand can
capture the attention and loyalty
of a young consumer, those
consumers will likely remain loyal to
that brand for the rest of their lives.
THAILAND
Saraff Enterprises Co., Ltd.
Jay Vijay Diamond Co., Ltd.
919/448-449, 37th Fl., Silom Rd.,
Bangrak, Bangkok, 10500, Thailand
Tel : +66 (2) 2369491
Fax : +66 (2) 2361918
E-mail : [email protected]
HONG KONG
SARAFF OVERSEAS LTD.
Room No.701,7TH Floor,
RISE Commercial BLDG,
Graville RD,
5-11 Graville Circuit,
T.S.T., KowloonN, HONG KONG
Tel : +852 27221117
Fax : +852 27221115
E-mail : [email protected]
INDIA
Saraff Solitaires (Mumbai, India)
Office No: DE5080A, Tower D,
East Core, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra (East)
Mumbai-400051, India
Tel: +91 (22) 40230905
Email : [email protected]
Saraff Solitaires (Chennai, India)
113, Challa Mall, 1st Floor, 11,
Sir Thyagaraya Road, T. Nagar,
Chennai 600 017- India
Tel: +91 (44) 43502575
Email : [email protected]

MEET US AT :
August : India International Jewellery Show (8-12 August) Booth No.5Q085 (Thailand Pavilion)
September : Bangkok Gems & Jewellery Fair (6-10 September,Bangkok) Booth #EE35,37 FF36,38
September : Hong Kong Jewellery & Gem Fair (11-15 September, Asia-World Expo )
November : Mumbai Jewellery & Gem Fair (27-29 November)
November : Hongkong International Jewellery Manufacturer Show (November 28 - 1 December)
March 2014 : Hongkong International Jewellery Show (5-9 March 2014)
CHENNAI
MUMBAI BANGKOK
HONG KONG
52
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retai l et cetera
Retail
Bytes
Tiffany Leads Purchases for
uLTra-WeaLThy Women
Forget Breakfast at Tifanys, ultra-wealthy women are
ordering lunch, dinner and a midnight snack at the
luxury jeweler. According to the latest survey by the
Luxury Institute, Tifany & Co. is the go-to jewelry
brand for individuals with a minimum net worth of
$5 million.
David Yurman and Cartier follow Tifany in the
spending stakes. And its not just because of product
ofering. Te survey found that the three market
leaders are also the top three jewelers where ultra-
wealthy women have a preferred salesperson.
Relationship selling is not something exclusive to
markets like high-end automobiles, real estate and
wealth management services, said Luxury Institute
CEO Milton Pedraza. Even in luxury jewelry and
fashion, relationships cultivated by trust and an
understanding of customer preferences can help
boost both the frequency and size of sales.
Te survey also found that ultra-wealthy men are
less likely than women to build relationships with
salespeople.
Pentamillionaire men and women both agree that the
top ways salespeople build lasting relationships are
by making them feel comfortable, communicating
honestly, earning their trust and recognizing them on
store visits.
More than half of ultra-wealthy women who purchase
from both jewelry and fashion brands say they
appreciate handwritten thank you notes. IDEX
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 [email protected] www.pinchasi.com
please vi si t us at the september hong kong jewellery & gem fai r 11- 15 september 2013 hal l 5 a15
54
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reTaiL eT ceTera > retai l bytes
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Ja Lobbies LaWmakers on criTicaL issues
Te Jewelers of America Political Action Committee
(JAPAC) visited Washington, D.C. recently with a
delegation of jewelers. Tis marked the third time that
JAPAC has led a delegation of retailers to the capital.
Te days discussion focused on sales tax fairness.
In May, the Senate passed the Marketplace Fairness
Act of 2013. Tis legislation is designed to close
the Internet sales tax loophole that continues to
hurt traditional jewelry businesses. It is now being
considered by the House of Representatives, where it
faces stronger opposition than in the Senate.
Te margins on diamonds have narrowed, and
the diference between in-store sales tax and online
tax-free prices can keep me from closing a lot of
sales, explained Bill Farmer of Farmers Jewelers in
Lexington, KY in support of the Act. Its bad business
for independent jewelers like me to have to compete
for customers sales due to an unfair tax advantage.
Tis is a critical time for jewelry businesses, with
legislators seriously considering the passage of the
frst Fairness Act, the ongoing threat of LIFO [last
in, frst out accounting method] repeal and the
possibility of major tax reform in the near-term, said
JA president & CEO David J. Bonaparte. Te Capitol
Hill fy-in was a great opportunity to get these issues
and especially jewelers views on them in front of key
decision-makers in D.C.
Senator Dick Durbin (D-IL), a co-sponsor of the
Marketplace Fairness Act, met with the JAPAC group
and advised them to keep pressing for passage of the bill.
Youve got to explain to the House members what this
means to local businesses and tell them, You say youre
for small business, prove it to me, he urged.
Besides e-fairness, discussions also focused on
protection of LIFO. With tax reform and deficit
reduction at the top of the agenda in D.C., LIFO
repeal is an attractive revenue-raising option for
some legislators and the Obama administration,
which has repeatedly sought repeal.
Te meetings were part of a day-long agenda that
included presentations from a D.C. fundraiser and a
staf representative from the US Senate Committee on
Small Business and Entrepreneurship. IDEX
haRd woRk pays off.
manufacturer i mport - export poli shed di amonds i n all si zes and quali ti es
manufacturer of large si zes, rounds and fanci es, up to 25. 00 cts
schupstraat 1/7 2018 antwerpen belgium tel + 32 3 231 21 47 [email protected] www.pinchasi.com
please vi si t us at the september hong kong jewellery & gem fai r 11- 15 september 2013 hal l 5 a15
56
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Image: Tiffany & Co.
indian JeWeLers PromoTing
LoWer-QuaLiTy goLd JeWeLry
In a bid to help independent retail jewelers connect
more with their customers during the selling process,
DTC Sightholder Stuller has launched Create Bar, a
turnkey custom design solution that personalizes the
jewelry buying experience and enables jewelers to
easily brand themselves.
Te Create Bar features a design bar, barstools, LED
lighting, personalized signage, jewelry prototypes
and loose gemstones, tools, hardware including
a computer, TV, iPad, keyboard, mouse and color
printer CounterSketch Studio and Stuller Showcase
software, marketing support and in-store training,
installation and technical support.
Te company said that the Create Bar was motivated
by research that showed that although shoppers
enjoyed experiencing individual interactive selling
tools, such as prototypes or custom design programs,
Leading Indian jewelry brands such as Titan Industries
and Gitanjali Gems are strongly promoting diamond
jewelry made with lower amounts of gold and opening
more outlets abroad, such as in Singapore and Dubai,
in an efort to boost sales.
We are moving to diamond jewelry more aggressively,
introducing lower-carat jewelry and also pushing
silver jewelry, said Gitanjali Gems chairman and
managing director Mehul Choksi in comments cited
by Te Indian Express.
Gold is traditionally a large element in Indian brides
wedding gifts and dowries, as well as for religious
rituals. However, increased gold imports have led to a
soaring current account defcit.
Consequently, India has increased import duties on
gold and tightened credit for gold importers since
May, when a record 162 tons of gold was imported.
A reduction in gold jewelry purchases due to higher
prices, together with a falling rupee, is making life
difcult for jewelers, who have seen declining sales.
Jewelers are thinking of introducing 14-karat jewelry,
said Haresh Soni, chairman of the All India Gems and
Jewellery Trade Federation. Low-karat jewelry will
help us to control imports as well.
Diamond jewelry uses 20-25 percent less gold
compared to a normal 22-karat piece, said Choksi.
Demand for jewelry with lower-quality gold is seen
coming mainly from younger consumers, who are less
concerned about jewelry purchases of 22-karat gold,
according to the report. IDEX
sTuLLer inTroduces
creaTe bar design
soLuTion for
indePendenT reTaiLers
they wanted a more connected shopping experience.
Tis led Stuller to build a solution combining
low-cost inventory and an increased customer
experience through its digital tools, Stuller.com and
CounterSketch Studio.
Jewelers need a way to connect with todays tech-
savvy generation. And the Create Bar presents them
with the tools they need to obtain and develop a
relationship with this market segment, said Maren
Rosen, executive director of bridal and jewelry.
Other industries such as fashion and electronics are
already ofering this type of personalization. IDEX
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58
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rio TinTo diamonds Launches neW camPaign
for nazraana in india
Rio Tinto Diamonds has launched a new consumer
advertising campaign for Nazraana, its marketing
initiative to promote afordable diamond gifts in India.
Using the tag line, Te heart that gifts a diamond,
shines like a diamond, the consumer campaign
includes print, digital and cinema advertising.
Te company said that the new campaign is designed to
tap into the emotions and timelessness associated
with diamonds.
According to Vikram Merchant, manager of Rio Tinto
Diamonds India Representative Ofce, Te new
consumer advertising campaign is the next stage in
the companys market development activities focused
on promoting domestic demand for diamonds in
India.
Since launching the Nazraana concept, we have
seen and continue to see, strong growth in this new
market segment. Tis is good news for diamond
suppliers, manufacturers, designers and, ultimately,
the Indian consumer.
Nazraana, which takes its reference from royal gift giving
rituals of past eras, and weaves it into the gift giving
occasions of modern India, is also supported by its
brand ambassador, Bollywood actress Yaami Gautam.
Te consumer advertising campaign was launched
on July 1 and will be implemented throughout the
remainder of 2013.
Nazraana jewelry is made from hallmarked 14-
and 18-karat gold or 925 silver and set with natural
diamonds. IDEX
mouaWad Launches onLine JeWeLry
auThenTiciTy cerTificaTion
Luxury jewelry company Mouawad has launched
an online authentication service. Te Mouawad
Certifcate of Authenticity (COA) allows owners of
Mouawad jewelry with a COA to check the origin and
full details of their item.
To access the new service, users enter the items
reference number available on their receipt or, in
some cases, on the piece itself. Once it is accessed,
the COA immediately appears. Certifcation details
are accompanied by a picture and description of the
item, details of the collection the piece comes from, as
well as authentication of the gemstones and precious
materials used for example, the type of stone, metals
and carat weights.
Since taking the helm at Mouawad, we have been
committed to developing and harnessing leading
industry technologies that beneft our clientele, said
Pascal Mouawad, guardian of the Mouawad retail
division. Te Mouawad Certifcate of Authenticity
allows our patrons to verify any pieces they own
with just one click, giving them the reassurance
and guarantee that they are indeed handcrafted by
Mouawad.
Mouawad operates 16 retail outlets throughout the
world. Te company is currently expanding its presence
in the Gulf region with new generation boutiques
recently opened in Kuwait City, Doha and Muscat. IDEX
Nazraana Jewelry
Untitled-2 1 12-10-03 10:28 PM
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retai l et cetera
Facets
Reuven Kaufman has been re-elected president of
the Diamond Dealers Club of New York, Americas
largest diamond trading exchange.
Basant Johari was re-elected as vice president,
Jacob Zupnick was re-elected as treasurer, and Elliot
Krischer was elected as DDC secretary.
Elected to serve on the board of directors were:
Israel Ashkenazy, Shmuel Isaac Bornstein, Solomon
Cohen, Gary Dimenstein, Abraham Einhorn, Meilech
Fastag, Jack Friedman, Dov Fruchter, Michael Gross,
Isaac Jacob, Moshe Lax, Robert Moskovitz, Efraim
Reiss, Sol Rybak, Aaron Vagdani and Moshe Zwiebel.
Elected to the Control Committee were: Gershon
Fruchter, Isaac Lesser and Charlie Oh.
Te Diamond Dealers Club is fortunate to have for
the next two years an outstanding group of ofcers
and directors, said Kaufman. Under their leadership
and guidance, we look forward to the Club playing
an innovative role in helping bring about the success
of our membership and industry. IDEX
Visitor returns $32 Million
Bag of DiaMonDs at HK fair
A diamond dealer had a lucky escape after leaving a
bag of diamonds worth $32 million in a caf at the
Hong Kong Jewellery & Gem Fair.
Fortunately for the unnamed Israeli trader, the bag
of diamonds was found by Shenzen tourist Fu Zhuli,
who not only returned the gems, but also berated
the dealer for being so careless in the frst place,
reported the Shenzhen Daily.
Fu told the paper that she had decided to take a break
at the show and sat down in one of the fairs cafes. She
saw two foreigners chatting and only once they had
left did she see that they had left a black bag behind.
After she opened the bag, the surprised jewelry
enthusiast found what she described as a trove of good
quality, soy-bean-sized roughs.
She guarded the bag for two hours until one of the
foreigners ran back into the caf.
The shirt on his back was soaked with sweat,
and his face was pale. He rushed in and saw the
bag with me and leaned forward, uttered some
incoherent words and kept bowing and saying
thank you in Putonghua, she said.
I told him off for being so careless and leaving
something so precious behind.
As for whether she had considered taking the bag,
Fu told the paper that she is a Christian and that
her husband who works in the Shenzen police
force, had told her to report the finding to police
immediately.
I never thought of doing that, I just felt like [the
men] would come back to get it so I just sat there and
waited, Fu said. I am a very honest, simple person
and I believe in sincerity. IDEX
reuVen KaufMan
re-electeD PresiDent
of DDc
62
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retail et cetera > facets
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alex Woo Brings luxury
anD style to tHe Majors
New York-based designer Alex Woo has created
a Major League Baseball-themed collection for
women. Te collection marks the MLBs frst
professional sports licensing agreement.
Te line, which is made in the US, consists of
pendants featuring the logos of each of the 30
Major League teams. Te pendants are made from
eco-friendly sterling silver, 14-karat yellow gold or
14-karat white gold with diamonds.
I am so proud to be partnering with MLB to design
my frst professional sports icons that acknowledge
and celebrate all their female fans, said Woo, who
is best known for her Little Icons range of jewelry.
Tere are so many good things we think of when
we share those long-lasting memories, like our frst
baseball game and what is more American, and
iconic than baseball?
Hari KrisHna exPorts
celeBrates
21st anniVersary
Our fans are our most important asset, so creating
oferings that are designed specifcally for our signifcant
female fan base is critical, said Howard Smith, senior
vice president, Major League Baseball. IDEX
Diamond manufacturer Hari Krishna Exports
recently celebrated its 21st anniversary. Tis has
been a year of celebrations for the company which
moved to its new 25,000 square foot head ofce
on the 17th foor of Te Capital at Bandra Kurla
Complex, Mumbai in February.
Twenty-one years ago, in 1992, we started this
company with few employees and a meager turnover
of Rs. 1 crore [~$166,150] and today have reached to
Rs. 2,500 crore [~$500 million] with more than 5,000
employees, said managing director Ghanshyam
Dholakia.
Its been an awesome journey so far. Every member
of this Hari Krishna family has contributed to our
rapid growth and success I wish all the employees
a very happy anniversary and hope to achieve greater
heights in the near future, he added. IDEX
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retai l et cetera
Trend reporT:
Trendy and Timeless
by Amanda Gizzi, Jewelers of America
Glorious Gold
With gold prices dropping, consumer demand for gold will
undoubtedly increase. Where consumers were once rushing to sell
their broken and outdated gold jewelry, they will now be looking to
add gold jewelry back to their accessory wardrobes. Look for bold,
larger-scale pendants to be a key style for the upcoming season.
When worn on a longer chain, pendants are the perfect accessory
for the turtleneck sweaters that will be popular this fall and winter.
Multi-fnger and elongated knuckleduster-style rings will shine in
yellow gold. For earrings, stock up on yellow gold hoops accented
with diamonds. Bangles in a variety of widths with diferent textures
and tones remain the hot choice for the wrist.
or fall and winter, fashions will be diverse.
Whether your sense of style is trendy or
timeless, fashion and fne jewelry will have
something fresh, yet familiar to ofer. Here
are a few of the hot jewelry fashions that will
feature in the upcoming seasons:
F
Alexandra Mor Oval
Hoop Diamond Earrings
Stuller Yellow Gold
Vintage Dangle Pendant
Just Jules Bangles
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retail et cetera > trend report
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colorful enGaGement
Bridal jewelry is getting a little more colorful. While white diamonds still
reign, colored diamonds are infusing a jolt of color, which gives brides-
to-be an additional way to showcase their sense of style. Champagne,
chocolate and black diamonds are being mostly used as accent
stones, but can also be found as the center stone for the bride who
wants something diferent. Yellow diamonds are a sunny alternative
to the darker, earth tones of chocolate and champagne. In addition to
colored diamond engagement rings, colored diamonds are also being
incorporated in wedding bands for men and women. IDEX
Stuller Yellow Gold
Vintage Dangle Pendant
rainbow of color
Gemstones in all their varieties and brilliant colors speak to everyone
diferently, as if calling their rightful owners by name. With so many gemstone
varieties available, what stones should you stock this season? Tere is one
special gemstone that single-handedly gives of a multitude of color opal.
As well as the magnifcent color display that opals provide, they are extremely
intriguing. Boulder opals are being set in traditional designs as well as fashion-
forward pendants and rings. In addition to these stones, black, white and
matrix opals are also going to be hot this fall.
Amanda Gizzi is the director of public relations and special events for Jewelers of America (JA), the national trade association for
businesses serving the fne jewelry marketplace, with the primary purpose of improving consumer confdence in the jewelry industry. JAs
consumer education arm, Jewelry Information Center (JIC), has provided public relations and marketing services on behalf of the fne jewelry
and watch industry since 1946. JICs website, www.JIC.org, is the online source for fne jewelry and watch information, trends and shopping
tips. Visit www.jewelers.org and www.JIC.org for more information. Amanda can be contacted at [email protected].
Pamela Huizenga Jewelry
Boulder Opal Gold
Pendant
Todd Reed Yellow
Diamond Engagement Ring
Mercury Ring Eterno Amor
Collection in Color
K. Brunini
Opal Earrings
Australian actress Toni Collette was back on the red
carpet at the premier of her latest movie, Te Way
Way Back. Te Oscar-nominated actress wore a black
J Brand jumpsuit and Stuart Weitzman shoes to the
premiere during the 2013 Los Angeles Film Festival
held at Regal Cinemas L.A. Live. She glammed up
the outft with a stack of bracelets from Norman
Silverman including a selection of 18-karat white
gold diamond bands and an 18-karat white gold 11-
row diamond cuf.
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retai l et cetera
Celebrity Choices
Emmy Rossum wore Amrapali pav diamond

earrings to the Showtimes Shameless Los
Angeles special screening held at the Leonard
H. Goldenson Theatre in North Hollywood,
California. The actress stars as Fiona Gallagher
in the dramedy.
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retail et cetera > celebri ty choi ces
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Carmen Electra lived up to her name with an
electric white dress at the premier of Tis is the
End in Westwood, California. She matched her
sparkling waistband with 18-karat pav reversible
Ava earrings from Carrera y Carrera and an 18-karat
yellow gold diamond ring from the same designer.
Singer Janelle Monae opted for a range of
jewelry designers to accessorize her outft and
updo at the 2013 BET Awards held at the Nokia
Teatre L.A. Live on June 30. She chose a ring
from Demarco, a necklace from Katerina Maxine
and a Norman Silverman earring.

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69
Dubai DiamonD ExchangE to opEn
DiamonD control officE
polished
Dubai plans to open a new diamond ofce to
accurately track the value of its trade in polished
stones. Te Diamond Control Ofce is to open under
the authority of the Dubai Multi Commodities Centre
(DMCC) by the end of this year. Te move is seen as
helping the emirate take a big step toward attracting
further fnancing for its diamond industry.
Te ofce at the DMCCs Dubai Diamond Exchange
(DDE) will allow for a more thorough valuation of
the precious stones moving through the emirate. It is
also designed to win the confdence of major fnancial
institutions, as Dubai aims for a bigger share of the
global diamond trade as it moves east.
We are basically going to establish a special diamond
control ofce for polished diamonds, which will mean
that in the future, all polished diamonds will have one
point of entry, said DDE chairman Peter Meeus.
A similar system already exists to monitor the trade in
rough diamonds through the UAE in the form of the
countrys Kimberley Process ofce, which implements
a global certifcation scheme that seeks to prevent the
trade of confict diamonds.
Te addition of a new process certifying the trade
in polished stones promises to insert Dubai into
global diamond trade twice. First, channeling rough
diamonds for cutting and polishing in China and
India and then moving the polished gems to markets
around the world.
We are basically going to the next stage in Dubai with
regards to the development of our diamond business,
Meeus explained. Because if millions of diamonds,
big and small, are coming, you need a dedicated ofce
that can value them properly. And on the basis of that
valuation, banks actually extend credit.
Te opening of the new ofce before the end of the
year will mean the proper valuation of what comes
in and what goes out, he added.
Te emirates increasing capabilities come at a
time of a huge shift in the global diamond trade.
Te Diamond Trading Company is transferring its
operations from London to Botswana in a move that
is likely to have huge consequences for Dubai, said
Meeus. IDEX
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polishED > news
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Te Tai government is lifting the 20-percent tax on
imported gems and jewelry products to be sold at the
Bangkok Gems and Jewelry Fair in September.
Foreign exhibitors will be allowed to bring in and
sell gems and jewelry from other countries duty-free,
while local exhibitors can reduce their selling prices
after cutting down on imported parts and product
costs.
We are privileged to have the government working
alongside us so directly, said the president of the
Tai Gem and Jewelry Traders
Association (TGJTA) and chairman
of the Gems, Jewelry and Precious
Metal Confederation of Tailand,
Somchai Phornchindarak. He said
the government decision followed
strong lobbying by the TGJTA.
Te temporary concession has been
granted for a temporary period
of 15 days before and after the
show. Products covered include
pearls, precious stones and metals,
imitation jewelry and coins all
categories that fall under the
International Trade Commission
(ITC)s Harmonized System Code,
Chapter 71.
Te import duty-free incentive
applies only to exhibitors endorsed
by the TGJTA, while the regular
7-percent VAT still applies to all
exhibitors, local and foreign.
Te show also ofers a Zero VAT
Pavilion, where buyers are exempted
from paying the 7-percent VAT
imposed on rough gems and raw
materials imported into Tailand
for manufacturing.
Te February version of the show
saw the introduction of a Business
Matching Service. Tis is a scheme to
help foreign buyers identify, locate
and communicate with exhibitors
before the start of the fair.
thai govt tEmporarily lifting 20% tax
on importED gEms anD JEwElry
As part of the scheme, customers are assisted by staf
members to view suppliers profles, see their latest
products and select those whom they wish to meet.
Te service is free of charge and conducted online. In
return, sellers are able to learn about the buyers and
prepare ofers ahead of time.
Tere were more than 30,000 visitors to the last
Bangkok Gems and Jewelry Fair in February. Te
bi-annual event is regarded as the worlds ffth- and
Asias second-largest trade show in the gems and
jewelry market. IDEX
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Botswana Rough
diamond expoRts
dRop in may
element six opens woRlds laRgest
synthetic diamond R&d Facility
Botswana exported $267.7 million of rough diamonds
in May, compared with $402.2 million in April,
according to Bank of Botswana fgures.
Te bank reported that rough exports in the frst
quarter of the year reached $718.9 million compared
to $826.8 million in the year-earlier period.
Te central bank did not publish fgures relating to
polished exports in April or May in its latest release.
However, in the frst quarter, exports of polished
diamonds were $102.0 million compared to $160.5
million in the year-earlier period.
Total diamond exports in the frst three months of
this year were $1.771 billion a signifcant rise on the
$1.018 billion recorded a year before indicating the
rising volume of diamonds being exported from the
country as the Diamond Trading Company (DTC)
shifts its operations to Gaborone from London.
Tat move is expected to be completed in either
September or October, with the frst DTC Sight taking
place in Botswana in November, according to executive
vice president of De Beers Global Sightholder Sales
Varda Shine. IDEX
Synthetic diamond company Element Six, part of
the De Beers Group of Companies, has opened what
it called the worlds largest and most sophisticated
synthetic diamond research and development facility.
Te $32m Global Innovation Center (GIC) located
at Harwell, near Oxford in the UK, was opened by
Science Minister David Willetts MP and Philippe
Mellier, chairman of Element Six and CEO of De Beers.
Te 500-square meter facility, which employs more
than 100 scientists and technologists, consolidates
Element Sixs global innovation teams into one
integrated center.
Element Six said the center will develop a pipeline
of innovative synthetic diamond and related
supermaterial products for industries from oil and gas
drilling to precision machining and electronics. It said
the new GIC will allow for the rapid development of
customized material within abrasive and technology
applications, which will enable extreme leaps in end-
application performance and productivity.
Facilities at the GIC include modeling and design,
materials preparation, a High Pressure High
Temperature (HPHT) synthesis press hall, Chemical
Vapour Deposition reactor synthesis labs, post-
synthesis processing ( for example, polishing, cutting
and shaping), materials analysis/characterization
and end application testing.
Our new state-of-the-art Global Innovation Center
will consolidate and strengthen our innovation
capability, said Walter Huehn, Element Six CEO.
For the frst time in the global synthetic diamond
industry, we can partner with customers to rapidly
design, manufacture and test market-ready solutions
all under one roof. Quite simply, the GIC puts Element
Six at the forefront of diamond technology.
While Element Six supplies lab-made diamonds for
industrial use, there are some concerns in the industry
that it is using its expertise to supply the gem-quality
sector as well. IDEX
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73
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polished > news
|
de BeeRs intRoduces FoRwaRd contRact
sales FoR auction customeRs
indian govt agRees to industRy demand
oveR tax-FRee Re-impoRts
De Beers recently announced that it will begin
providing its rough diamond auction customers with
an opportunity to determine the volume of goods
they want to purchase over a given period through the
introduction of forward contract sales.
Approximately 10 percent of De Beers rough
diamonds are currently sold through its
auction platform.
Te company said the introduction of forward
contract sales will enable its customers to
engage in forward planning, and help them
meet their business requirements.
Te company also announced that as part of
its attempt to focus on the needs of existing
customers while building a long-term ofering
to emerging market customers in India and
the Far East, it will relocate the purchasing,
production and sales base for its auctions
to Singapore. Te move will take efect from
November 2013.
Ofering forward contract sales through our
auction platform, and moving the base of our
auction sales to Singapore, will further enhance
our compelling proposition to a diversifed
global customer base, support our position as
the leading distributor of rough diamonds via
online auctions, and deepen our insight into
rough diamond demand, said Philippe Mellier, CEO of
the De Beers Group.
Te company said it will continue to operate its
existing network of auction viewing ofces in
Antwerp, Israel, Dubai and Hong Kong. It will also
continue to hold spot auction events. IDEX
Te Indian government is allowing small polished
diamonds for certifcation and re-import to be exported
tax free.
Cut and polished diamonds of 0.10 carat or above
can be exported and thereafter re-imported duty free
after certifcation by authorized laboratories, the
Directorate General of Foreign Trade (DGFT) said.
Gems and Jewellery Export Promotion Council
chairman Vipul Shah said the move would increase
exports of small diamonds.
Shah said that the Indian diamond sector had been
pressing the government to permit the export
of polished diamonds of 0.10 carats for grading,
certifcation and re-importation without being subject
to taxation.
International players like the watch industry always
ask for certifed small-sized diamonds and it was not
allowed earlier, he said in comments cited by Te
Economic Times. Now Indian small-sized diamonds
will get space in the international market, IDEX
Sorting Debswana Diamonds
Image: Courtesy De Beers Group
74
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POLI SHED
Polished Diamond Prices:
Up 1% in June
by Edahn Golan
rices of polished diamonds increased
on average by 1 percent in July
compared to May, according to the
IDEX Online Polished Diamond Index.
Tis was the second consecutive
month that the Index has increased on a month-
over-month basis. Year-over-year, the Index declined
3.8 percent, completing a year of such declines.
Good jewelry demand in the US during the frst
half of the year resulted in increased retail demand
for polished diamonds and jewelry, the economic
factor behind the rising prices in June. Te good,
although not amazing, demand at JCK Las Vegas
gave wholesalers enough confdence to hold on to
their asking prices. Tey had to compromise a little
to close deals, but the overall result was an increase
in prices.
Te price Index for almost all key sizes of round
diamonds increased in June on a month-over-month
basis. Te Index for the important 1-carat rounds
increased a robust 1.2 percent compared to May
while 5-carat rounds jumped by 3 percent in June.
Four-carat rounds lost 2.7 percent of their value in
June compared to May, and 0.5-carats declined by
1.1 percent.
On a year-over-year basis, the price Index for round
goods declined for all key sizes during the month.
One-carat rounds are lagging 4.4 percent behind
their prices a year ago; the average price of 2-carat
rounds is 5.3 percent lower, and the price of 5-carat
rounds is 12.9 percent below where it stood a year
ago, despite the recent increase in price.
Consumers continued interest in square cuts,
especially princess-shaped diamonds, is a matter
of size over price. Compared to rounds of the same
size, color and clarity, princesses cost less, and
consumers are willing to make the shift from the
traditional rounds for the beneft of their wallets.
150
140
130
120
2011 2012 2013
A M M J J S O N D A A M J J S O N D J F M A J F
2011 2011 2012 2013
M A A M J J S O N D A J S O N D J F M A M J J F M A A M J J S O N D J F
PEAK
July 2011
146.7
June 2013
134.5
2011 Avg
135.8
2012 Avg
136.8
2013 Avg to date
133.5
Figure 1: IDEX Online Polished Diamond Price Index
Figure 2: Long-Term Princess Trend by Sizes
4.0 Ct
5.0 Ct
3.0 Ct
2.0 Ct
1.0 Ct
1.5 Ct
0.5 Ct
350
300
250
200
150
100
P
Full Page template.indd 102 17-Oct-11 3:40:36 PM
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polished > poli shed di amond pri ces
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150
140
130
120
2011 2012 2013
A M M J J S O N D A A M J J S O N D J F M A J F
2011 2011 2012 2013
M A A M J J S O N D A J S O N D J F M A M J J F M A A M J J S O N D J F
PEAK
July 2011
146.7
June 2013
134.5
2011 Avg
135.8
2012 Avg
136.8
2013 Avg to date
133.5
Figure 1: IDEX Online Polished Diamond Price Index
Figure 2: Long-Term Princess Trend by Sizes
4.0 Ct
5.0 Ct
3.0 Ct
2.0 Ct
1.0 Ct
1.5 Ct
0.5 Ct
350
300
250
200
150
100
On a year-over-year basis, the three key-size princess-
shape diamond categories noticeably increased,
mostly the 1.5-carats, which rose by 12.3 percent
compared to June 2012.
outlook
Last issue, we wrote that after months of forecasting
a lackluster market in the short term, we are now
upgrading that forecast to a cautiously optimistic one.
We fully expect an improvement in prices of polished
diamonds and the improvement seen in June gives us
additional confdence about our prediction.
US retailers enjoyed a good run in the frst quarter of
2013, and the most recent information indicates that
the trend continued into the second quarter. Solid
demand from China, Japan and India provides an
additional reason to expect a moderate improvement
in the coming months.
We expect polished diamond prices to increase in
the long term. IDEX
The full analysis of polished diamond prices is
available to IDEX Online Research subscribers and
IDEX Online members.
Contact [email protected] for more information
on how to subscribe or to become a member.
|
77
here is a passage in the Talmud (the
central text of Judaism) that says,
More than the calf wants to suckle,
the cow wants to nurse. Todays rough
diamond market is a good example of
this: the miners want to feed manufacturers rough
more than the manufacturers want to buy it. As a
result, goods are trading at low prices, and many are
unwanted.
An estimated 5-10 percent of the goods by value
were left on the table at the last DTC Sight. Tis was
because Sightholders either found their prices too
high, or they were unable to fnd buyers for them on
the secondary market, which usually pays more for
the goods.
Currently, De Beers rough diamond prices are
considered high. As one insider said, Not enough
goods were left on the table, meaning that if
Sightholders had turned down more goods, De Beers
may have better understood that prices are too high.
Te market is clearly reacting to this situation. Both
Antwerp and Mumbai saw a reduction in rough trade
in May compared to April. Rough diamond imports into
Antwerp dropped 26 percent, and exports declined 20
percent. In India, imports fell more than 14.5 percent
and exports by nearly 44.5 percent.
If trading in the secondary market infuences DTCs
price-setting policies, which it seems to do when
prices increase, then the low premiums Sightholders
were paid should lead the way to price declines.
poli shed
Rough Diamond Market Report:
Unwanted Goods and Low Prices
By Edahn Golan
T
Image: DeBeers
78
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polished > rough di amond market report
|
Following the June Sight, estimated at $550 million
after goods were returned, trading was limited and at
very low premiums, especially for the cheaper goods.
Even the most popular boxes did not see high demand.
For example, Crystals 2.5-4 cts were in low demand,
with ofers for the box standing at 2 percent below DTC
list price, according to rough diamond brokers Bluedax.
low premiums
Many boxes were selling for credit rather than cash.
Select MB 2.5-4 cts sold at a 4-percent premium for
cash payment, a 5-percent premium at 30 days credit
and 6-percent for 60 days credit. Cubes -7+5 sold for
a 1-percent premium at 120 days, the kind of payment
terms US retailers received prior to the 2008 crisis.
Following are some other items:
It is worth remembering that such small premiums
do not translate into proft. Sightholders pay their
brokers a 1-percent fee and give the DTC another 1.5
percent for Value Added Services (VAS), commonly
referred to in the market as the DTC Tax, on top of
the price of the goods. Tis means that anything sold
for less than a 3-percent premium is actually a loss.
Terefore, an item that sold at list price for 60-days
credit is a triple loss the brokers fee, VAS and the cost
of the money were outright expenses. Sightholders,
who are generally willing to pay just to look good to
the DTC, ofoad diamonds to generate a turnover for
the bank and, thereby, look capable to De Beers.
It is not clear, however, if the DTC really increased
prices at the last Sight. Te box composition changed
somewhat because of availability. Te consensus,
though, is that prices were somewhat adjusted.
Alrosa, on the other hand, did increase prices.
According to an estimate by Dudu Harary, the co-
founder of Bluedax, Alrosas prices increased by about
3 percent on average.
Botswana, Bhp Billiton, rio
tinto difficult to do Business
Everyone agrees that the level of proftability remains
near zero, that the price of rough diamonds is too high
and polished prices are barely allowing the industry
to squeeze out a minimal margin. Tis is already old
news. What is compounding this is the uncertainty.
Manufacturers are not altogether happy about
the DTCs move to Botswana. They fear greater
government involvement influencing the companys
policies. A recent meeting in London that included
Sightholders and Botswana government officials
left DTCs clients with even less confidence about
the move.
Dominion ( formerly Harry Winston) decided to
kill the BHP Billiton tender system, and dismissed
many capable people on BHPs Antwerp team. Tis
decreased transparency goes against what the banks
and society are looking for, although many traders
prefer a contracted supply system to tenders. For
some reason, there is a level of wariness among traders
relating to Dominion and its team. Tis is something
that the company needs to address, and the sooner
the better, as far as its reputation is concerned.
Cubes 3 grs +7 sold at list +1.5 percent cash
Cubes 4-8 4-percent premium for cash payment
Collection 2.5-4 cts 3 percent at 60-days credit
MB Clivage 3 grs +7 at list for 60-days credit
MB High 3 grs +7 sold for cash at list
MB High -7 +3 4-percent premium, 60-days credit
MB Low -7+3 at list, 60 days credit
Select MB 5-14.8 cts sold at a 2.5-4 percent premium
for cash payment
Everyone agrees that the level of
proftability remains near zero, that
the price of rough diamonds is too
high and polished prices are barely
allowing the industry to squeeze out
a minimal margin. This is already old
news. What is compounding this is
the uncertainty.
|
79
|
polished > rough di amond market report
|
outlook
Decent demand for jewelry and loose polished
diamonds at the Las Vegas show should translate
into a certain increase in diamond manufacturing.
Even if that converts into an increase in demand
for rough, prices are already high enough and
retailers are not paying more for polished to keep
the lid on prices, at least in the short term.
In the longer term, manufacturers and wholesalers
need to educate retailers about fuctuating rough
prices and the need to increase prices of polished
on occasion. Retailers learned how to accept this
when it came to gold. And there is no reason they
cannot also accept it for diamonds especially if it
is not abused by manufacturers. Tis can be easily
addressed by transparency in polished diamond
selling prices. IDEX
Demand for Key DTC Boxes Following June Sight
Article Demand Remarks on Demand
Fine 2.5-4 cts & Fine 5-14.8 cts Low demand for 2.5-4 cts
and medium demand for
5-14.8 cts
Lower demand from last month. Trading at or just
above list.
Crystals 2.5-4 cts
& Crystals 5-14.8 cts
Low demand for both
boxes.
Lower demand compared to previous Sight. Trading at list.
Commercial 2.5-4 cts and 5-14.8
cts
Low demand for 2.5-4
cts and high demand
for 5-14.8 cts
Same demand compared to previous Sight. 2.5-4 cts
trading at low single digits, and 5-14.8 cts trading at high
single digits.
Spotted Sawables 4-8 gr Medium demand Higher demand compared to previous Sight. Trading at low
single digits.
Chips 4-8 gr Medium demand Better demand compared to last Sight. Trading at medium
single digits.
Colored Sawables 4-8 gr &
Colored 2.5-14.8 cts
Medium demand for both
sizes
Same demand compared to previous Sight. Trading at mid-
single digits.
Makeables High 3 gr +7 Low demand Same demand compared to last Sight. Trading at list.
Preparers Low 3-6 gr Medium demand Higher demand than last Sight. Trading at mid-single digits.
1st Color Rejections (H-L)
+11/+7
Very low demand Lower demand compared to previous Sight. Trading
below list.
1st Color Rejections (H-L) -7+3 Low demand Lower demand than last Sight. Trading below list.
80
|
ashmir Sapphires are like a mythical
phoenix; everyone talks about them,
but no one knows where they are
found or even if they ever will be. Yet
myths sometimes become reality. Te
question is, would you be able to recognize it if it did?
Imagine that you have just come across a piece of
period jewelry dominated by a large beautiful blue
stone (Better not ask why the owner wants to get
rid of it; it would be too painful for either of you to
mention this).
Te setting turns out to be of elegant and exquisite
craftsmanship, apparently dating back to the Art
Nouveau period. Now check it on a refractometer. It
will clearly indicate the species and variety: sapphire
corundum. You might also want to check under the
microscope to make sure the stone is not synthetic.
Once you are sure it is genuine, make your best
ofer and encourage the handover of the object in
question. Now examine your gem more carefully.
On closer inspection, the color of this sapphire will
irresistibly attract your attention. It is velvety blue in
appearance, due to its soft, almost fufy translucency.
You hurry back to the microscope, and now you
begin to understand the origin of this translucency.
A widespread scattering of micro-particles (perhaps
of rutile?), like clouds of pulverulent material, which
is called the Tyndall efect, and a series of areas
with fat blue or colorless zoning, alternating with
hazy-turbid, sometimes milky, whitish zoning.
You might also fnd some difused light engendered
by a series of fat inclusions, extended to the
entire stone, linearly or randomly placed, arrays
of crystallographically-oriented fat plates with a
diferent refractive index, which induce a disturbing
efect in the transmission of light inside the gem.
Te question that fits through your brain at this point
is: is it by chance a Kashmir sapphire? Surely not
after all, they disappeared after a period of splendor
between 1880 and the early 1900s. Didnt those
pegmatites from the Zanskar range in northwest
India long ago stop revealing their hidden treasure
to the world, creating and fueling the myth of the
increasingly rare Kashmir sapphire?
In fact, Kashmir sapphires are so well hidden that it
took an avalanche that began at 5,000 meters above
sea level, to bring them into the open in 1880 or so,
at 4,000 meters. Tey are so well concealed that
extraction is still sporadic and random, since, given
the logistical difculties, no mining company has
undertaken any investment in the region.
K
POLI SHED
Kashmir Sapphires:
Yesterday and
Todays Phoenix
by Luigi Costantini, Managing Director,
Italy Training Dept.
IGI International Gemological Institute
|
81
|
POLISHED > kashmi r sapphi res
|
|
81
Te sapphire is so unique the color remains the
same under varying lighting conditions that a
couple of years ago, one fetched $145,000 per carat
at a Christies auction in Hong Kong. True, it was
a 26.41-carat piece, and bonbons like that are not
found every day on a street corner, but mostly in
jewelry stores of yesteryear.
Tese stones are expensive because of their rarity, as
well as their unique beauty. Te Kashmir sapphire is
the rarest of all sapphires in quantitative terms in
relation to its feld of origin, which is one of the most
special from a geological point of view that creates
very typical inclusions that clearly stand out from other
deposits of magmatic and metamorphic origin.
In short, a monster sapphire, born out of small
lenticular pegmatites in amphibolite rocks that
underwent intense regional metamorphism during
a period of signifcant tectonic activity, associated
with the wider Himalayan orogeny.
So what are you now seeing under your microscope?
Striated, elongated, prismatic crystals of green
tourmaline, so common in the Kashmir? Stumpy
zircon crystals with corroded surfaces? Short
acicular crystals of rutile? Plagioclase in small,
colorless, absorbed crystals? Black cubic uraninite
crystals? Or even feather and veil-like healed
fractures, consisting of a network of channels flled
with fuid solutions?
Is this a Kashmir sapphire? Im feeling faint, not least
of all because they say that the government of the
Indian state of Jammu and Kashmir holds regular
auctions and the material for these sales comes from
the same Padder mines located in inaccessible
rocky plateaus 4,000 meters above sea level as the
mythical, dreamlike, phoenix stones of centuries past.
For one of these blue gems, whose carat weight is
not even revealed, the local government would ask
you to shell out a good $900,000. Besides, carats are
not trifes; there are even stones above 40 carats,
although for the most part they are under 10.
In a nutshell, friends, the phoenix is with us again.
Terefore, look carefully into that microscope, because
if the sapphire you chanced upon does have those
characteristics, you will realize that myths sometimes
do become reality. IDEX
Kashmir sapphires are so well
hidden that it took an avalanche
that began at 5,000 meters
above sea level to bring them into
the open in 1800 or so at
4,000 meters.
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Visit us at IIJSIndia International Jewellery Show
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from August 8-12, 2013.
EURO-02576-Ad-Idex-210x270-Innovation.indd 1 3/07/13 10:14
55.0 45.5 40.0 35.5 29.5 25.5 24.5 23.5 19.5 15.0 10.5
46.0 41.0 34.5 32.5 27.0 24.0 21.5 18.5 15.5 10.0 8.5
40.5 38.5 31.5 29.5 26.0 22.0 20.0 17.0 14.5 9.0 8.0
38.0 33.0 29.5 28.0 24.5 21.5 19.0 16.0 13.5 8.5 8.0
32.5 31.0 27.5 26.0 24.0 21.0 18.0 15.0 13.5 8.5 7.5
29.0 25.5 24.5 23.0 21.0 19.5 16.5 14.5 13.5 8.0 7.5
24.0 21.5 20.5 19.0 17.5 17.0 15.5 14.0 13.0 8.0 6.5
20.0 19.5 18.5 17.0 16.0 15.5 14.5 13.5 9.5 7.5 6.0
19.0 17.5 17.0 16.0 15.5 15.0 12.0 11.5 9.0 6.5 5.5
17.0 16.0 15.5 14.5 14.0 13.0 11.5 10.0 8.0 6.5 5.0
15.0 14.5 14.0 13.5 12.5 11.0 10.5 9.5 8.0 6.5 5.0
ROUNDS 0.40-0.44
ROUNDS 0.80-0.89 ROUNDS 0.70-0.79
105.5 81.0 71.0 63.5 59.5 48.0 41.0 36.0 31.5 22.5 14.5
82.5 70.5 63.0 59.0 53.5 46.0 38.5 34.5 28.0 21.0 14.0
68.5 63.0 58.0 56.5 49.5 45.0 37.5 34.0 27.5 20.5 13.5
64.0 57.5 55.5 49.0 44.5 40.0 34.5 31.5 26.5 20.5 13.0
55.0 54.0 49.0 44.5 42.0 38.0 33.0 30.0 24.5 18.0 11.0
44.5 42.5 42.0 40.5 37.5 33.5 27.5 25.5 21.0 13.5 9.5
34.0 33.0 31.5 29.5 28.5 27.0 24.5 23.5 19.0 11.5 9.0
27.0 25.5 24.5 23.5 22.0 20.5 19.0 18.5 15.5 10.5 8.0
26.0 25.0 23.0 21.5 21.0 20.0 17.5 17.0 15.0 10.0 8.0
25.5 24.0 22.5 21.0 20.5 19.5 16.5 16.0 13.5 9.5 8.0
23.5 23.0 22.0 20.5 20.0 19.0 16.0 14.0 11.0 8.5 7.0
120.0 95.5 79.0 73.0 67.5 54.0 43.5 39.0 33.5 24.5 15.0
97.5 81.0 71.0 65.0 59.5 50.0 41.5 36.5 31.5 22.5 14.5
79.5 74.0 64.0 63.0 55.5 49.0 40.5 36.0 30.0 22.0 14.0
69.0 64.0 60.0 55.0 49.0 44.0 38.0 32.5 28.0 20.5 13.5
61.0 57.0 54.0 50.0 45.0 41.0 35.5 32.0 25.0 18.0 11.5
51.0 47.5 44.5 43.5 41.0 35.5 31.5 28.5 21.5 14.0 10.0
38.5 36.5 36.0 32.0 31.0 29.0 28.0 25.5 19.5 12.0 9.0
33.0 29.0 28.5 25.5 24.5 22.0 20.0 19.0 16.0 11.0 8.0
32.0 27.5 26.0 22.5 21.5 20.5 19.0 18.5 15.0 10.5 8.0
31.5 27.0 24.5 22.0 21.0 20.0 17.5 17.0 14.0 9.5 8.0
28.5 25.5 22.5 21.0 20.5 19.5 16.5 14.5 11.5 8.5 8.0
ROUNDS
IDEX DIAMOND PRICE REPORT
IDEX analysis of asking prices f or higher-quality di amonds in the international wholesale markets
In hundreds of USD per carat I Updated weekly I www.idexonline.com/prices I email: [email protected] I Page 1/2
Prices of actual transactions may vary significantly from this report. Prices are affected by various factors including but not limited to diamond quality, certification & geography.
IDEX does not guarantee the accuracy nor the validity of this information. Copyright 2011 by IDEX Online, S.A. All rights reserved.
25-JUL-2013
33.0 25.5 24.5 20.5 18.5 16.5 13.5 10.5 9.0 7.5 6.0
23.0 22.0 21.5 19.5 18.0 15.5 13.0 9.5 8.0 6.5 5.5
22.0 21.0 20.5 17.5 17.0 14.0 12.5 9.0 8.0 6.5 5.5
21.0 18.5 18.0 17.0 16.0 12.0 11.5 8.5 8.0 6.5 5.5
19.5 18.0 17.5 15.5 15.0 11.5 10.5 8.0 7.5 6.0 5.0
19.0 17.5 16.0 14.5 13.5 10.5 9.5 7.5 7.0 6.0 5.0
17.0 16.5 13.0 10.5 9.5 8.5 8.0 7.0 6.5 5.5 4.5
12.5 11.5 10.0 9.0 8.0 7.5 7.0 6.5 6.0 5.0 4.0
10.0 9.5 9.0 8.5 7.5 7.0 6.5 6.0 5.0 4.0 3.5
9.5 9.0 8.5 8.0 7.0 6.5 6.0 5.5 4.5 3.5 2.5
8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.0 3.5 2.5
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ROUNDS 0.18-0.22 25-Jul-13
IF VVS1 VVS2 VS1 VS2 SI1 SI2 SI3 I1 I2 I3
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ROUNDS 0.45-0.49 25-Jul-13
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25-Jul-13
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ROUNDS 0.30-0.39 25-Jul-13
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25-Jul-13
22-Sep-11
35.0 27.0 25.0 21.5 20.0 18.0 15.5 11.0 10.0 8.5 7.0
27.0 24.0 23.0 20.5 19.5 16.5 14.5 10.5 9.5 8.0 6.0
25.0 23.0 22.5 20.0 19.0 15.5 13.5 10.0 8.0 7.5 6.0
23.0 21.5 20.5 19.5 18.0 14.5 12.5 9.5 8.0 7.5 6.0
21.0 19.5 19.0 18.0 17.0 14.0 11.0 9.0 8.0 7.0 5.5
20.0 19.0 17.0 16.5 15.5 13.0 10.5 8.5 8.0 7.0 5.5
19.5 17.5 14.0 12.0 11.0 10.0 9.5 8.0 7.5 6.5 5.0
14.5 12.5 11.0 10.0 9.0 8.5 8.0 7.5 7.0 6.0 4.5
11.5 10.5 9.5 9.0 8.5 8.0 7.5 7.0 6.0 5.0 4.0
11.0 10.0 9.0 8.5 8.0 7.5 7.0 6.5 5.0 4.0 3.0
10.0 9.0 8.5 8.0 7.5 6.5 6.0 5.5 5.0 4.0 3.0
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ROUNDS 0.23-0.29 25-Jul-13
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ROUNDS 0.50-0.69 25-Jul-13
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25-Jul-13
Increases are shown in green, decreases in red.
80.5 60.5 52.5 47.5 42.0 34.0 29.0 27.0 22.0 21.0 14.0
58.5 53.0 48.0 45.0 38.5 31.5 26.0 24.5 20.5 19.0 12.5
53.0 49.5 45.0 42.5 37.5 29.5 25.0 23.5 19.5 18.0 12.0
50.5 44.0 42.5 39.5 34.0 27.5 24.0 22.5 19.0 17.5 11.5
45.0 41.0 38.5 35.0 31.5 27.0 23.0 21.5 18.0 14.5 10.5
37.5 36.0 33.0 30.5 27.0 23.0 20.0 18.0 14.0 10.0 8.0
30.0 29.0 27.0 25.0 22.0 20.0 18.5 17.0 13.0 9.0 8.0
24.5 23.5 21.5 19.5 19.0 17.5 16.5 15.5 13.0 8.0 8.0
23.0 22.0 19.5 19.0 18.5 17.0 15.0 14.0 12.0 8.0 6.5
22.5 21.5 19.0 18.5 18.0 16.0 14.0 13.5 11.0 8.0 6.5
22.0 21.0 18.5 18.0 16.5 15.5 13.5 11.5 8.5 8.0 6.5
38.5 30.5 26.5 24.0 22.5 19.5 17.5 15.0 14.0 11.0 8.0
30.0 28.0 24.5 22.0 20.5 18.0 17.0 14.5 14.0 9.0 7.5
27.5 26.5 23.0 21.0 20.0 17.5 16.5 14.0 13.0 9.0 6.5
25.0 24.0 21.5 20.5 19.0 17.0 16.0 13.0 12.0 8.5 6.5
23.0 21.5 20.5 19.0 18.5 16.5 15.5 12.5 11.5 8.0 6.5
20.5 19.5 18.0 17.5 16.5 15.5 14.5 12.0 10.0 8.0 6.0
20.0 18.0 16.5 15.5 14.5 14.0 13.0 11.5 9.0 7.0 5.5
16.0 15.5 14.5 14.0 13.5 12.5 11.5 10.5 8.0 6.5 5.0
15.0 14.0 13.5 13.0 12.0 11.0 9.5 8.5 7.5 6.0 4.5
13.0 12.5 12.0 11.5 11.0 10.5 8.5 7.0 6.0 4.5 3.5
12.5 12.0 11.5 11.0 10.5 7.5 6.5 6.0 5.0 4.0 3.0
43.0 37.0 32.0 31.0 26.0 22.5 20.5 19.0 15.0 12.0 9.0
35.5 33.0 30.5 28.0 24.5 21.0 19.5 16.5 14.5 9.0 8.5
32.5 32.0 30.0 26.0 24.0 20.5 18.5 16.0 13.5 9.0 8.0
30.5 28.5 28.0 24.0 23.0 19.5 18.0 15.0 13.5 8.5 7.5
27.5 26.5 25.0 23.5 21.0 19.0 17.0 14.5 13.0 8.5 7.5
23.5 22.5 21.5 21.0 19.0 18.0 15.5 13.0 12.0 8.0 7.5
21.0 20.5 19.0 18.0 16.0 15.0 13.5 12.0 10.0 7.5 6.0
19.5 18.5 17.0 16.0 15.0 14.5 12.5 11.0 9.0 7.0 5.5
18.0 17.0 16.5 15.0 13.5 12.5 11.0 9.0 8.0 6.0 5.0
16.0 15.5 15.0 14.0 13.0 11.5 9.5 7.5 6.5 5.0 4.0
14.5 14.0 13.5 12.5 12.0 10.5 9.0 7.0 6.5 5.0 4.0
ROUNDS 3.00-3.99
ROUNDS 1.50-1.99
ROUNDS 1.00-1.24
25-Jul-13
1628 1217 907 674 489 330 229 127 99 57 29
1285 956 767 619 456 302 205 110 89 49 23
972 759 697 558 433 287 190 107 87 45 22
753 529 490 454 404 276 177 106 86 42 20
574 411 389 364 306 224 166 97 77 40 20
436 338 324 287 268 203 136 89 67 38 20
334 288 264 233 226 167 122 79 60 36 19
246 216 211 185 166 121 101 70 54 30 19
187 160 140 132 120 107 80 60 48 28 19
144 120 109 101 96 84 67 53 43 27 18
108 102 92 76 63 58 50 47 38 26 18
1395 1111 852 633 456 297 205 113 94 52 26
1224 863 622 556 448 258 194 107 87 48 22
912 592 508 489 404 246 177 106 85 44 21
714 474 430 373 323 221 173 105 78 41 20
542 366 340 310 262 200 156 95 72 40 20
412 267 255 226 191 162 122 84 64 38 20
323 225 198 178 165 133 109 75 57 35 19
199 189 167 146 126 113 91 66 50 26 19
171 154 131 120 107 86 71 58 44 25 19
136 116 99 92 86 75 61 52 38 25 17
101 91 81 69 57 52 49 45 34 23 16
ROUNDS 2.00-2.99
534 411 351 308 213 167 122 90 73 44 22
373 322 292 253 189 151 114 86 66 40 19
309 280 251 221 183 142 109 85 58 35 16
239 219 204 173 155 129 104 81 56 29 16
191 180 166 156 135 119 99 78 51 26 16
144 136 134 118 110 100 87 72 51 25 15
113 107 105 95 88 82 72 64 50 23 15
100 97 93 88 81 73 62 58 43 19 15
80 77 75 68 63 55 49 43 32 16 14
69 65 64 60 53 45 41 35 26 16 14
65 61 60 57 47 42 36 29 25 16 13
287 206 176 142 123 89 74 66 52 34 18
201 183 142 125 110 84 71 64 48 29 16
160 144 119 115 94 81 68 60 45 27 16
127 117 112 94 87 76 65 57 44 27 16
102 98 88 85 77 71 64 54 44 24 15
84 81 74 71 68 64 59 53 39 21 15
71 67 66 62 59 53 51 48 34 19 14
60 56 55 53 52 46 40 35 29 16 14
51 48 47 46 43 39 35 33 27 16 14
48 44 40 38 35 32 29 28 24 16 14
47 42 38 36 28 27 25 23 20 16 13
25-Jul-13 ROUNDS 0.90-0.99
ROUNDS
IDEX analysis of asking prices for higher-quality diamonds in the international wholesale markets
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25-Jul-13
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ROUNDS 1.25-1.49 25-Jul-13
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25-Jul-13
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ROUNDS 4.00-4.99 25-Jul-13
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25-Jul-13
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ROUNDS 5.00-5.99
25-JUL-2013
1027 703 625 510 370 242 184 107 88 51 25
667 604 496 435 333 235 173 106 85 48 22
549 507 390 340 317 205 154 100 80 44 21
428 365 329 297 255 173 136 98 71 40 20
317 284 270 244 195 161 127 94 70 38 20
230 215 211 190 166 126 114 83 63 36 19
191 184 169 149 137 113 95 74 56 31 18
152 141 138 126 109 95 79 65 49 23 17
115 109 102 95 90 67 59 54 40 22 17
95 91 87 76 70 56 49 42 34 21 17
78 72 64 59 49 47 41 38 31 21 16
330 255 214 186 151 116 88 76 62 39 21
233 207 181 166 137 109 85 74 57 38 19
198 179 160 143 123 107 81 73 56 33 16
156 149 134 120 113 100 77 68 53 29 16
124 118 111 105 100 89 73 64 50 26 16
107 100 93 91 84 77 66 58 45 21 15
87 83 80 76 70 61 56 52 40 20 15
71 68 67 63 56 52 45 39 31 16 15
57 54 52 51 49 44 38 34 27 16 14
52 48 47 43 38 35 33 32 24 16 14
49 47 46 39 35 34 30 28 23 16 13
153 127 107 86 74 68 57 50 40 27 16
127 118 94 78 69 62 53 47 37 24 16
115 104 86 73 68 60 51 45 37 24 15
98 88 70 67 63 56 49 44 36 23 15
79 76 67 60 57 53 45 41 27 19 14
66 59 58 53 50 47 41 37 25 16 12
57 52 49 47 43 39 35 33 21 15 11
40 39 37 36 35 31 30 29 19 14 10
35 34 33 31 30 27 26 25 16 12 10
33 32 31 30 26 24 23 20 16 12 10
32 26 25 23 22 21 19 18 14 11 9
253 188 161 129 110 81 65 60 49 33 18
174 156 130 111 96 75 63 56 47 28 16
143 131 110 107 87 74 62 55 45 27 16
115 108 102 90 82 71 59 54 44 27 16
96 91 86 79 73 65 56 50 41 24 15
79 76 71 67 63 58 50 48 38 20 15
67 66 63 58 55 50 46 42 33 16 14
57 55 54 51 49 43 39 34 29 16 14
47 46 45 44 42 37 34 32 27 16 13
44 42 38 37 34 31 28 27 24 16 12
43 41 37 35 27 26 24 21 18 15 12
THE WORLDS MOST ADVANCED
TECHNOLOGY IS POWERLESS WITHOUT
THE EYE AND HEART TO GUIDE IT.
COMPLETE
CRAFT.
The cutting and polishing of the highest quality
diamonds is how we built our global reputation.
But the unlocking of the unique value and
beauty in each stone is a personal passion.
It is these skilled and passionate individuals
who make Rosy Blue and each of them
understands that delivering complete
excellence in both product and service is
at the core of their craft.
THE DTC SIGHTHOLDER LOGO IS A TRADE MARK
USED UNDER LICENCE FROM THE DE BEERS GROUP
WWW. ROSYBLUE . COM
Email: [email protected] New York 212-382-3528 Antwerp 32-3-2341157
Mumbai 91-22-6633-2187 Hong Kong 852-28400652 Ramat Gan 972-3-5757455
w w w . i d e x o n l i n e . c o m
46.5 30.5 28.0 25.0 23.0 20.0 17.0 16.0 13.0 10.5 8.0
36.0 28.0 24.0 23.5 21.5 19.0 16.5 14.0 11.5 9.0 7.5
30.0 24.5 21.5 21.0 20.5 15.5 15.0 13.0 11.5 8.0 6.5
26.5 22.5 20.0 19.5 18.5 14.0 13.5 11.0 10.5 7.0 6.0
23.0 21.0 19.0 17.0 15.0 13.5 12.0 10.0 9.5 7.0 5.5
22.0 20.0 16.5 15.5 13.5 12.5 11.5 9.5 8.0 6.5 5.5
16.5 15.5 14.0 13.0 12.0 11.5 10.5 9.0 7.5 5.5 4.5
14.5 13.5 12.5 11.5 10.5 10.0 9.5 8.0 7.5 5.0 4.0
12.5 12.0 11.0 9.5 9.0 8.5 8.0 7.5 5.5 4.5 3.5
12.0 11.0 10.0 9.0 8.5 8.0 7.5 6.5 5.5 4.5 3.5
11.0 10.0 9.5 8.5 8.0 7.0 6.5 6.0 5.0 4.5 3.5
FANCIES 0.40-0.44
FANCIES 0.80-0.89 FANCIES 0.70-0.79
71.0 63.5 54.0 50.0 45.0 40.0 33.0 30.5 27.0 18.0 12.0
55.5 52.5 50.0 47.0 41.5 37.0 31.5 29.0 23.5 17.5 11.0
53.0 47.5 45.0 44.0 39.5 35.5 30.0 25.0 23.5 16.5 10.0
48.5 44.0 41.0 39.5 37.5 33.0 28.5 24.0 23.0 15.0 9.5
45.0 40.0 37.5 35.0 34.0 32.5 25.5 23.0 21.0 13.5 8.0
40.0 32.0 31.5 30.0 28.5 28.0 25.0 19.5 18.5 12.0 7.0
28.5 27.0 23.0 22.5 22.0 21.5 20.0 16.0 13.5 7.5 5.5
21.5 20.0 19.5 19.0 17.5 16.5 15.0 13.5 10.5 6.5 4.5
19.5 15.5 14.5 14.0 12.5 11.5 11.0 10.5 8.0 6.0 4.5
18.5 15.0 13.5 12.5 10.5 10.0 9.0 8.0 7.5 5.5 4.0
16.0 13.5 13.0 11.0 10.0 9.0 8.0 7.0 5.5 4.5 3.5
77.5 67.5 59.0 53.5 50.5 43.5 34.5 32.5 32.0 22.0 13.0
64.0 55.5 53.5 51.5 45.0 41.5 33.0 31.0 29.5 21.0 12.0
54.5 52.5 50.0 49.0 44.5 41.0 32.5 29.5 29.0 19.0 11.0
51.0 47.0 45.0 42.0 40.5 36.5 32.0 28.0 27.5 18.0 11.0
45.5 43.0 41.0 38.0 37.5 33.0 29.0 25.0 24.5 15.5 9.5
41.0 35.0 34.0 32.5 32.0 30.5 28.0 22.0 21.0 14.0 8.0
31.5 29.5 28.0 26.5 24.0 23.0 21.5 17.0 15.5 8.0 6.0
23.0 21.5 20.5 19.5 18.5 18.0 17.0 15.5 11.0 7.0 5.0
20.0 17.5 15.5 15.0 14.0 13.5 13.0 12.5 10.0 6.5 4.5
19.0 17.0 15.0 14.0 12.0 11.0 10.5 9.5 8.0 5.5 4.5
17.0 14.5 13.5 11.5 10.5 9.5 8.5 7.5 6.5 5.0 4.0
FANCIES
IDEX analysis of asking prices f or higher-quality di amonds in the international wholesale markets
25-JUL-2013
18.0 16.0 15.5 13.5 12.0 10.5 8.0 7.0 6.0 5.0 4.0
14.5 14.0 13.5 11.0 10.5 8.0 7.5 6.0 5.5 4.5 3.5
12.0 10.5 10.0 9.5 8.5 7.5 7.0 5.5 5.5 4.5 3.5
11.0 10.0 9.5 9.0 8.0 7.0 6.0 5.0 5.0 4.0 3.5
10.5 9.5 9.0 8.5 7.5 6.0 5.5 4.5 4.5 3.5 3.0
10.0 9.0 8.5 8.0 7.0 5.5 5.0 4.0 4.0 3.5 3.0
9.5 8.5 7.5 6.0 5.5 4.5 4.0 3.5 3.5 3.0 2.5
7.0 6.0 5.5 5.0 4.5 4.0 3.5 3.0 3.0 3.0 2.5
5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 2.0 2.0 2.0
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.5 1.5 1.5
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 1.0 1.0 1.0
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FANCIES 0.18-0.22 25-Jul-13
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FANCIES 0.45-0.49 25-Jul-13
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25-Jul-13
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FANCIES 0.30-0.39 25-Jul-13
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25-Jul-13
22-Sep-11
21.0 19.5 19.0 17.0 15.0 12.5 11.5 9.0 8.0 6.0 5.0
19.5 19.0 18.5 15.5 14.5 11.5 10.5 7.5 7.5 5.5 4.0
17.5 17.0 16.5 14.5 14.0 11.0 10.0 7.0 7.0 5.0 4.0
17.0 15.0 14.5 13.5 12.5 10.5 9.5 6.5 6.5 5.0 4.0
15.5 14.5 14.0 13.0 11.5 10.0 8.5 6.0 6.0 5.0 3.5
14.0 13.5 13.0 11.5 9.0 8.5 8.0 5.5 5.5 4.5 3.5
13.0 11.0 10.0 8.0 7.5 7.0 6.5 5.0 5.0 4.0 3.5
10.0 9.0 8.0 7.5 6.5 6.0 5.5 4.5 4.5 4.0 3.0
8.0 7.5 7.0 6.0 5.5 5.0 4.5 4.0 4.0 3.5 2.5
7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.5 2.5 2.0
6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 3.0 2.5 1.5
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FANCIES 0.23-0.29 25-Jul-13
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FANCIES 0.50-0.69 25-Jul-13
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25-Jul-13
F
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56.5 42.5 36.0 32.5 30.0 26.0 22.5 19.5 18.0 13.0 8.5
45.0 35.0 33.0 28.0 26.5 23.0 21.5 18.5 17.5 12.0 7.5
36.0 31.0 29.5 26.0 24.5 22.0 20.5 18.0 17.5 11.5 6.5
31.0 28.0 26.0 25.0 24.0 21.5 19.5 17.0 16.0 11.0 6.5
29.0 25.0 24.5 24.0 23.0 20.0 19.0 16.0 15.5 10.5 6.5
25.0 23.0 22.0 20.5 19.5 18.5 17.0 15.5 13.5 8.0 6.0
20.5 18.5 18.0 17.0 16.5 16.0 15.5 13.5 11.5 7.0 5.5
16.5 15.5 15.0 13.5 13.0 12.5 12.0 11.0 10.0 6.0 4.5
14.5 13.5 12.5 10.5 10.0 9.5 9.0 8.0 6.0 4.5 4.0
14.0 12.5 11.0 10.0 9.0 8.5 8.0 7.5 5.5 4.5 3.5
12.5 10.5 10.0 9.5 8.5 7.5 7.0 6.5 5.0 4.5 3.5
28.5 24.5 21.5 19.5 17.5 16.0 15.0 12.5 11.5 8.0 5.5
25.0 23.5 20.0 18.0 16.5 15.0 13.0 11.0 10.5 7.0 5.0
22.5 20.0 17.5 16.5 16.0 13.5 12.5 10.0 9.0 6.5 4.5
18.0 17.5 17.0 15.5 15.0 13.0 12.0 9.5 9.0 5.5 4.0
17.0 15.5 15.0 14.5 14.0 12.5 10.5 8.5 7.5 5.5 4.0
16.0 14.5 13.5 13.0 12.0 11.5 10.0 7.5 7.0 5.0 4.0
13.5 11.5 10.5 10.0 9.0 8.0 7.5 7.0 6.0 4.5 3.5
10.5 9.5 9.0 8.5 8.0 6.5 6.0 5.5 4.5 4.0 3.0
8.5 8.0 7.5 7.0 6.5 5.5 5.0 4.5 4.5 3.5 3.0
7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.0
7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.5 3.0 1.5
32.5 28.5 25.5 24.5 22.5 19.5 16.0 14.0 12.5 10.0 7.0
29.5 26.0 22.5 22.0 20.5 18.5 15.5 13.0 11.5 8.0 6.5
28.5 24.0 21.0 20.5 19.5 15.0 14.0 12.5 11.0 8.0 6.0
24.0 21.5 19.5 19.0 18.0 13.5 13.0 10.5 9.0 7.0 5.0
21.0 19.0 18.0 16.0 14.5 13.0 11.5 9.5 8.5 6.5 5.0
19.0 18.5 15.5 14.5 13.0 12.0 10.5 9.0 8.0 6.5 5.0
15.5 13.0 12.5 11.5 11.0 10.5 9.5 8.0 7.0 5.5 4.0
13.5 12.5 11.5 10.5 10.0 9.5 8.5 7.0 6.0 4.5 3.5
12.0 11.0 10.5 9.0 8.5 8.0 7.5 6.0 5.0 4.0 3.0
11.0 10.5 9.5 8.5 8.0 7.5 6.0 4.5 4.0 3.0 2.5
9.5 9.0 8.5 8.0 7.5 6.5 5.5 4.0 4.0 3.0 2.5
FANCIES 3.00-3.99
FANCIES 1.50-1.99
FANCIES 1.00-1.24
25-Jul-13
1004 886 726 605 490 316 245 126 102 57 28
876 743 620 511 452 276 167 84 68 37 21
686 579 518 461 392 236 157 81 66 32 16
574 444 397 371 291 213 149 74 60 29 15
401 358 333 296 246 190 127 66 53 27 14
314 277 254 217 201 166 121 64 48 26 14
248 226 178 175 148 142 107 63 40 25 13
178 146 128 127 122 93 76 49 31 20 13
127 104 84 82 74 72 54 36 24 20 13
94 74 66 62 56 53 41 28 24 20 12
67 62 56 47 36 35 32 27 24 19 11
820 692 567 512 398 215 143 86 67 39 21
788 606 480 371 332 194 137 77 63 34 17
507 488 396 335 298 192 109 75 56 30 14
366 343 302 287 260 184 102 70 53 27 13
262 246 245 244 206 160 101 64 50 26 13
160 159 158 157 153 124 96 61 45 22 12
141 136 133 126 115 106 75 55 38 20 12
88 87 86 85 84 83 65 46 30 19 11
72 69 68 67 66 59 51 34 23 16 11
58 56 55 54 52 48 40 26 23 16 11
43 41 39 37 34 33 31 25 23 16 10
FANCIES 2.00-2.99
354 267 240 209 164 129 93 65 50 30 19
282 227 190 178 144 125 92 64 48 28 15
222 203 168 157 136 120 87 63 45 25 12
177 166 155 134 125 104 86 60 45 24 11
138 118 110 106 103 90 79 56 45 22 11
101 95 94 87 83 79 71 52 38 21 11
87 78 77 70 67 62 58 45 33 19 10
67 62 61 57 56 53 51 39 29 16 10
56 50 48 45 42 39 37 30 22 15 10
47 46 42 39 35 28 25 24 18 14 10
39 38 36 33 27 25 22 19 17 13 9
190 145 116 100 83 69 61 49 44 28 16
137 130 97 85 78 68 59 48 38 25 15
119 102 87 81 75 67 58 47 37 22 12
99 84 81 78 73 65 57 44 33 20 11
79 69 66 63 60 58 52 38 31 20 10
67 57 56 55 52 51 47 37 28 16 10
53 46 45 44 43 42 40 34 26 14 10
42 39 36 35 34 33 31 28 18 14 9
36 32 30 28 27 26 25 23 16 14 9
32 31 26 24 23 21 16 15 15 12 9
29 27 24 23 19 18 15 12 10 10 8
25-Jul-13 FANCIES 0.90-0.99
FANCIES
IDEX analysis of asking prices for higher-quality diamonds in the international wholesale markets
F
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25-Jul-13
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FANCIES 1.25-1.49 25-Jul-13
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25-Jul-13
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FANCIES 4.00-4.99 25-Jul-13
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25-Jul-13
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25-Jul-13
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FANCIES 5.00-5.99
25-JUL-2013
699 439 400 320 249 184 125 79 66 36 19
568 373 342 293 231 158 105 71 58 32 16
368 326 271 252 210 152 102 70 51 28 13
292 266 261 214 188 121 101 69 49 25 13
230 218 203 174 144 110 89 59 47 23 12
153 152 149 138 122 97 77 56 39 21 12
131 102 101 100 91 76 66 51 36 20 11
84 83 82 81 69 64 54 43 30 18 10
62 61 58 55 54 46 38 33 23 16 10
52 50 48 45 44 37 33 25 23 14 10
42 40 38 35 30 28 26 24 20 13 9
244 184 156 130 110 93 72 56 46 29 18
179 161 141 118 105 89 71 55 40 25 15
153 134 125 103 97 84 70 54 38 22 12
121 112 100 97 85 78 66 51 37 20 11
102 90 85 81 76 71 63 45 34 20 11
84 75 73 68 64 60 56 42 33 18 10
68 63 58 57 54 52 48 41 29 15 10
54 48 45 42 41 40 39 31 28 14 10
46 37 36 35 31 29 28 24 20 14 10
37 36 34 30 26 24 22 20 18 13 10
32 31 30 28 21 19 18 17 15 13 9
111 80 76 68 56 50 42 39 36 25 13
91 78 67 61 53 49 39 36 33 23 12
85 70 62 56 51 46 37 34 32 20 11
58 57 50 49 48 45 36 32 30 19 11
48 45 44 43 42 41 35 31 29 16 10
47 44 43 40 39 37 33 28 26 15 9
33 32 31 28 27 26 25 23 21 13 8
28 26 25 24 23 22 21 19 16 10 8
26 21 20 19 18 16 15 14 13 9 6
21 19 18 16 14 13 12 11 10 8 6
20 15 14 12 11 10 9 8 8 5 4
176 126 110 89 74 61 49 42 38 25 15
123 110 94 78 71 60 48 39 35 23 14
108 96 81 74 70 59 47 37 33 20 12
82 79 73 69 62 54 46 36 32 20 11
75 64 59 57 54 50 43 33 31 19 10
59 52 50 49 47 43 39 31 28 16 10
45 44 43 42 38 37 35 29 26 13 10
37 36 35 34 33 30 27 25 17 13 9
30 29 28 27 26 25 23 20 16 13 9
22 21 20 19 18 17 15 14 14 11 8
21 20 19 18 17 15 14 11 10 9 8
A Joint Venture with L S Jewelry Group -
A well known Wholesaler in Bangkok
Laxmi Diamond Pvt. Ltd., Bangkok, has an old and
wonderful business association and Joint venture with
a wholesaler of good repute - L S Jewelry Group. L
S Jewellery was established in the year 1932, and the
company has gradually expanded into three sister
concerns - L S Oriental Jewelry, Lee Seng Jewelry and L
S Gems.
Mr. Peeravat Suraseth and his brother Mr. Thatchawin
Suraseth are the Managing Directors of the group and are
enthusiastic and intelligent persons. Our association with
Mr. Peeravat Suraseth is very old and he is our renowned
customer of very good standing. Their mother, Mrs.
Narumol Suraseth, is the President of L S Jewellery and
under her able guidance, the business runs so smoothly.
Lee Seng Jewelry is the topmost Jewelry manufacturer,
wholesaler and exporter. The Company has received
series of awards as a retailer and are well known in whole
of Bangkok.
The Laxmi Diamond Group, as their business associates,
are amongst the topmost in the Diamond Market. The
company boasts of having set a trend of being the
receiver of various awards consecutively since the last 15
years, as one of the topmost exporters of cut and polished
diamonds. We are amongst the topmost in the market
and look forward to contributing the best o the Industry,
for mutual interest.
Laxmi Diamond Group completed 40 years of its existence
and to celebrate this joyous occasion, an event was
organized on 18th of October 2012, at Surat which was
presided by a delegation from DTC with their CEO, Mrs.
Varda Shine and also accompanied by representatives
from I. Hennig & Company, Mumbai. To commemorate
this wonderful day, ffty employees of Laxmi Diamond
Group from Mumbai and Surat offces, were felicitated.
The evening concluded with a colourful programme of
Raas and Garba, - a very traditional Indian dance, but
thoroughly enjoyed by all the foreigners present, who
could not resist stepping on the dance foor and danced
to glory.
Peerawat Suraseth (First from right)
with his brother and Mother
Vasantbhai and Ashokbhai Gajera Chairman &
M.D. of Laxmi Diamond Group felicitating an
employee of the Orgn. Ms.Varda Shine, CEO of
DTC, London is standing next to Vasantbhai
A
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84
|
he connection between women
and diamonds all too often
lamentably comes at the end of
the diamond pipeline. Tere are
still too few women in management
and positions of responsibility
although that number is growing and there is still
a lack of women working to get diamonds from the
rough stage on their way to the retailers. At Dimexons
Coimbatore factory, however, women form the majority
of the workforce.
When the company started polishing operations, it
employed only a handful of women. Today, they form
the majority of the employees many of whom are the
sole breadwinners for their families. And it is a valuable
lifeline to a region that was hard hit by the downturn in
its predominate trade of textile manufacturing.
Dimexon says it continues to empower women to
learn the skills involved in producing diamonds
because it believes that they have an eye for detail and
that they are precise and dedicated.
Te women who come to work at Dimexon undergo
a comprehensive four-month preparation program
that covers both technical and behavioral training,
including the ethical aspects of producing and
handling diamonds. Te practical instruction provides
an in-depth understanding of the diamond world
from applied on-the-job training to expert advice and
guidance on their role within the organization.
As part of its ongoing training, each woman is assigned
a designated mentor as well as a line manager, providing
them with support during their training.
Te company says that it operates a meritocratic
environment that recognizes individual ability
and achievement. Dimexon has frm initiatives in
place to identify high caliber talent at each level,
T
Dimexon says it continues to

empower women to learn the skills
involved in producing diamonds
because it believes that they have
an eye for detail and that they are
precise and dedicated.
poli shed
A Womans Eye: Empowering
Women in Diamonds
|
85
|
polished > A womAns eye
|
assisting employees to progress through
the organization as part of its ongoing
commitment for succession planning.
Tere are an ever-growing number of
success stories from Dimexons women-
centered focus.
One such example is Revathy, who
started her career as a young operator
almost 24 years ago. She was among
the first to cut and polish the larger
size diamonds including 5-carat stones
a highly skilled and specialized role.
After gaining considerable experience
and working her way upwards through
the company, she took over the
management of large production teams
and now has a more strategic role in the
manufacturing control function.
Te company has been the reason for
positive change in the lives of several
women including myself, by empowering
us with an identity, unearthing our
latent abilities and channeling the
transformation of rural young women
into vibrant and responsible employees,
supervisors, managers and leaders, she says.
Dimexon continues to make a diference not only to
the employee, but by empowering and enhancing the
quality of life of the womens entire family.
Another example is R Kanchanasumathi. Working in
Dimexons Coimbatore diamond cutting and polishing
company literally gave her a life. In 1993, when she frst
joined the company, she had little to call her own. Te
job at Dimexon, initially as a data
operator and today in executive
production, has completely changed
her life. Today, Kanchana has an
MBA from Periyar University, is part
of the management team at the
factory and handles the pipeline for
the Forevermark diamond project.
Following the success of its
healthcare and wellness initiatives,
career and succession planning
and counseling and mentoring
programs, these initiatives are
being further extended to focus
on educational programs for the
children of its employees, as well as
to the wider young community in
rural schools. IDEX
86
|
ellow is considered to be the most
common color among gem-quality
diamonds, including the fancy color
ones. In most cases, the yellow color
is pure and uninfuenced by any
moderator. However, the presence of an additional
moderator may signifcantly infuence the value of
the stone, positively or negatively, depending on the
color of the moderator. Green or orange moderators
generally add to the value of the stone, while brown
or gray moderators have a negative impact on the
diamonds price.
For an experienced gem trader, these facts are clear
and make sense. However, few actually know just how
much infuence each moderator has upon prices.
In other words, how much does a green moderator
upgrade a yellow diamonds value, and how much
does brown downgrade it?
For this months price trends article, we looked
into the influence each moderator has on the price
of yellow diamonds in order to understand the
extent of these price variations. With the help of
GemePrices database, consisting of more than
$200 million worth of GIA-certified yellow colored
diamonds currently available on the Internet, we
performed a thorough analysis of the available data,
and compared the various possible moderators to
a similar pure yellow diamond (which we marked
as the baseline of 100 percent) to understand their
effects on the price.
Te results are shown in Figure 1. As expected, green
and orange moderators generally tend to add value to
the base price. However, when we take a closer look
at the results, we are able to see a profound diference
in the moderators infuence between the paler and
deeper tints.
poli shed
Mellow Yellow
By the Gemewizard Team
Y
Image: Courtesy Liebish & Co.
Few actually know just how much
infuence each moderator has upon
prices. In other words, how much
does a green moderator upgrade a
yellow diamonds value, and how
much does brown downgrade it?
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AbouT GemewizArd
Gemewizard is a pioneer in the development of digital
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Te price of a greenish-yellow diamond hardly
exhibits any moderator infuence at all and remains
comparable to that of a similar pure yellow one. Te
green moderator, however, adds signifcant value. A
green-yellow diamonds price may be upgraded by as
much as 30 percent.
Equivalent results are evident for orange moderators.
Tey appear, however, to add more value to the price
compared to their green counterparts. While an
orangey-yellow diamond is priced approximately the
same or very slightly above a pure yellow diamond,
an orange-yellow one is ofered at approximately 50
percent higher in price.
Te brown and gray moderators, which are considered
less attractive tints to begin with, signifcantly
downgrade the yellow diamonds value. Teir
infuence on the price begins with their very presence
in the stone, regardless of their intensity. Brownish-
and brown-yellow colored diamonds are ofered
at roughly 30 percent and 60 percent discounts
respectively against comparable pure yellow ones.
Gray and grayish moderators have a more moderate
infuence, cutting the price by about 20 percent.
Although this price behavior is expected, the results
provide an understanding of the intensity of each price
variation in the presence of diferent moderators.
For green and orange moderators, an upgrade in
value occurs only when the moderator is prominent.
For brown and gray, the downgrade in price is more
sensitive and reacts to even the slightest tint. IDEX
0
30
60
90
120
150
Figure 1:
Price Variations of
Yellow Diamond Moderators
100%100%
130%
100%
150%
70%
40%
80% 80%
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FOR LIVE UPDATES
WWW. I DEXONLI NE. COM
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Image: Courtesy Liebish & Co.
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Wher e i s t he Ki mber l ey Pr ocess Headed?
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91
L
Like any 10-year old, the Kimberley Process (KP) is no
longer completely a child, but it is still a long way from
being fully grown. Able to act responsibly much of the
time, at others it is prone to tantrums and fits.
The Process was offcially implemented in January 2003
after more than two years of negotiation, discussion
and debate following the conclusion of a forum in
Kimberley South Africa that heralded the beginning
of talks about the direction of a regulating scheme at
governmental levels.
That forum focused on the issues surrounding conflict
diamonds and was a reaction to the war-torn decade
of the 1990s that saw bloody wars take place across
the African continent. In countries such as Liberia,
Angola and Sierra Leone diamonds were used by the
warlords to finance the violence, or in some cases
traded directly for weapons.
A decade later, the Process has grown to include many
of the African countries whose conflicts prompted the
KP to be set up in the first place.
As the Process develops and matures, however, trouble
spots are flaring, and situations and crises continue to
crop up, leading to new challenges and obstacles for
the KP and its participants.
Read on to discover more about a selection of the issues
facing the Kimberley Process in its tenth year of operation.
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While the United States
may not be the only
KP member to do so,
it grossly, totally and
unabashedly violates the
schemes basic minimum
requirements.
T
may not be the only
may not be the only
requirements.
requirements.
The Kimberley Process (KP) has 74 members. While
the United States may not be the only KP member to
do so, it grossly, totally and unabashedly violates the
schemes basic minimum requirements. As one player
remarked at the recent World Diamond Congress
(WDC) meeting, If it were any other country, the
U.S. would demand its immediate suspension or
outright expulsion.
The country is quite irrelevant in terms of the rough
diamond trade, but as it is an important polished
consumer market, the industry and other governments
tend to overlook what the American Government
Accountability Offce (GAO) concluded in 2006:
The US systems for reporting rough diamond statistics
and for controlling imports and exports of these
diamonds are vulnerable to illicit trade.
If one really wants to use the KP to launder money, or
to move confict diamonds into the market, it is an
open secret that one of the easiest ways to do so is
through the United States. There, the government has
fully outsourced its legal and moral obligations to ensure
governmental compliance with the private sector. Any
meat or furniture importer or exporter meeting some
general customs administrative requirements can
apply to become a Kimberley Process Authority in its
own right.
* This article originally appeared in DIB 764
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Te trading data raises serious money-laundering concerns. Last year,
for example, the United States imported around 5.36 million carats of
rough and then re-exported 73 percent of them. Maybe it keeps some
large expensive goods for New York? No way. It imports at $89.52 per
carat (p/c) and exports at $275.90 p/c.
By value, it imports $480 million and re-exports $400 million. And the
few carats (worth $80 million) that are kept in the United States are
worth near to nothing at $20 p/c. Why would rough re-exported from
the United States more than triple in value per carat? I trust that the KP
Review Mission report on the United States, which is due for completion
imminently, will give clear answers.
I am sure that the Review Mission will have noticed that the exports
of rough from the United States were channeled through 11 diferent
customs ofces: Seattle, Philadelphia, New York, New Orleans, Miami
(only for mailed parcels!), Los Angeles, Houston, Cleveland, Chicago,
Bufalo and Boston. Te customs in all these districts must have noticed
that most of the rough exports to places like Israel and Belgium are
classifed as industrials.
But lets look at the US KP system. It is a kind of pyramid scheme. Te US
government has fully outsourced its implementation responsibilities to a
private non-proft authority, the US Kimberley Process Authority (USKPA).
Subsequently, the USKPA has entered into KP Authority licensing agreements
with some 19 (current number) rough diamond exporters and shippers after
these candidate authorities have also been accredited to the Automated
Export System controlled by CBP and the Census Bureau. Basically, in the
US, any Tom, Dick or Harry can become a KP certifcate issuer and handle
diamond exports and imports. It can be a very lucrative business.
DI SCLOSI nG A PeRSOnAL GRI Pe
Unlike other editorials written over the past 40 years, I want to confess
that I hold a personal gripe against the USKPA. As a matter of routine, Eli
Izhakof, the former-chairman of the WDC, submitted my name as the
designated WDC member for last years KP Review Mission of the United
States. Te US objected to my inclusion. Tere were some mumblings
that as I am also a journalist, some secret elements of the fndings could
perhaps enter into the press.
Because of the American (and European) refusal to be reviewed by an
Observer representative who might know something about the subject
under review, the diamond industry had no representation on last years
KP Review Mission of the United States.
(Incidentally, the fact that largely US government-fnanced NGOs
routinely use internal KP materials in their reports is quite okay, because
it has [unfortunately] become standard operating procedure for some
NGOs to blindly advance US governmental objectives. But a journalist
who views the world from a mostly diamond-industry perspective is a
diferent matter.)
Gripe or no gripe what is important, however, is that every fact I disclose
in this article is the truth and nothing but the truth.
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Basically, in the US, any Tom, Dick or Harry
can become a KP certifcate issuer and handle
diamond exports and imports. It can be a very
lucrative business.
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WHAT HAPPeneD TO THe RevI eW
MI SSI On RePORT?
Te KP Review Mission of the United States took place a full eight
months ago (at the time of writing). It was led by India. Te draft
report is still being reviewed by the United States and I would not
be surprised if it is buried. It is my understanding that the report
blasts the US government for its non-compliance. Apparently,
and I am conjecturing here, it confrms what I have been stating for
many years: Te US Kimberley Process fails to meet the minimum
requirements of the KP.
Does that mean that the US needs to be expelled or suspended from
the KP? In a perfect world, the answer would be yes, undoubtedly,
but in a KP political reality, dont hold your breath and have no fear.
Nothing will happen; the US moral righteousness in all KP matters
will not be impaired. Te Review Missions fndings will be wrapped
in cautious constructive language and conveniently ignored.
Again, although it is rather irrelevant in terms of the rough diamond
trade, the United States Kimberley Process is non-touchable. It can
do no wrong.
Nevertheless, the US does not take chances. Recently, it embarked
on a pre-emptive counter ofensive and had a US-friendly NGO,
Partnership Africa-Canada (PAC), conduct a review of the work
of review missions. So whatever this mission discovers might
be attributable to a faulty review methodology or reviewers
comprehension.
vALI DATI nG THe GROSSLy I nvALI D
KI MBeRLey CeRTI fI CATeS
One of the most essential minimal conditions of the KP system
is the governments validation of the export certifcate. If that is
lacking, the certifcate is just a piece of paper or, as one cynical
KP participant pointed out to me just like toilet paper. Just look
at a US KP certifcate.
Will that mean that the US needs to be expelled or suspended from
the KP? In a perfect world, the answer would be yes, undoubtedly,
but in a KP political reality, dont hold your breath and have no fear.
nothing will happen; the US moral righteousness in all KP matters will
not be impaired.
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Tat is not easy: try to fnd a sample certifcate anywhere on
the USKPA website, on the US State Department website or on
the Kimberley Process website. Unless my staf and I overlooked
something, you will not fnd a single specimen. Tank goodness so
many blank certifcates have been sold into the pyramid system.
Pictured here is an original, from which we erased the identifying
number and bar code. Please take out your loupe (or microscope)
and try to decipher the very tiny letters at the very bottom of the
pictured certifcate.
Let me help you read it. It says: Te issuer of this certifcate
accepts no responsibility relating to the accuracy of the data
recorded by the exporter of the referenced shipment. If the issuer
of the certifcate is not responsible for its contents, then who is?
And if the exporter is responsible, why do I need a certifcate? Te
warranty on the invoice should be enough.
Incidentally, that is all the US Kimberley Authority has in any event
just a reliance on warranties. (Tis is the US KP contradiction. For
the rest of the world, the strictest Chain of Custody mechanism is not
good enough. For the US domestic KP, however, reliance on warranties
is more than sufcient.) Of course, the authorities have the right to
inspect the certifcates which must be kept for fve years.
nO PReTenSe Of vALI DATI On WHATSOeveR!
What is the meaning of validation? According to the dictory: To
declare or make legally valid; to mark with an indication of ofcial
sanction; to establish the soundness of; to corroborate.
Isnt the single purpose of the Kimberley Process certifcate
to provide validation for some government ofcial that the
accompanying parcel does indeed contain rough diamonds, in
a tamper-proof case? Isnt the certifcate also supposed to detail
A US Kimberley
Process Certifcate
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the amount of carats, the importer, the exporter, the value of the
diamonds and their origins? (See Box 1).
Te US disregard for even minimal controls of its KP system
would be quite funny, if it was not endangering all of us in the
industry. No tight system can function efectively if it contains
holes or merely one gigantic hole such as the one created by the
United States of America.
Te downstream importer/exporter cum KP Authority must, of
course, meet some standards set by the USKPA on secure handling
of US KP certifcates, record maintenance, monthly reporting and
other procedures, including ensuring that each invoice includes
the WDC warranty language. Tis is rather odd, as the importer/
exporter is clearly not responsible for the contents of the certifcate
issued by each and every one of the 19 licensed authorities. It is also
required to provide a legally binding guarantee that it will abide by
all KP-related requirements. (Tese 19 KP authorities must follow
Internet announcements on suspension of countries, etc.)
WHO fI nAnCeS THe
I MPLeMenTATI On
Of THe KP?
Here, we have the non-proft business aspect.
At a recent WDC meeting, the USKPA showed
that it had to generate the fnancing of its
operations by itself. Te KP sub-authorities (or
licensee) pays $500 per annum for the license
and can hold and complete stocks of blank KP
certifcates, sold by the USKPA for a nominal
fee of $5 each. Licensees can, in turn, enter into
similar licensing arrangements with individual
rough diamond exporters. With a little money,
one can get a bunch of empty, but numbered,
certifcates.
Down the outsourced KP Authority pyramid,
government supervision, de facto, is zero at
best, there may be some questions long after
the goods have been imported or exported. But
it is not at all clear whether the government
employs ofcials who understand anything
about diamonds in any, or most, of the export
or import destinations ofcials. Tese ofcials
have the right to inspect; but this is done only
sporadically, if at all. (See Box 2)
Almost 10 years ago, a frst KP Review Mission
report, which tiptoed around the subject so as
to not upset the United States in any way shape
or form, politely concluded that, the export
regimewas slightly cumbersome and heavily
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reliant on attestations by the various players at diferent levels.
Tere was little direct involvement by government.
Te KP Mission team then felt that the regime would beneft from
a more hands-on approach by the [government] committee or
someone authorized by it and therefore recommends that periodic
physical inspections of exports are carried out, to ensure that the
description on the certifcate matches the contents of the shipment.
Tis was not done and it must be assumed that this line will reappear
in the current KP Review Mission report (if it ever gets completed),
or published on the Department of States website, as promised more
than once by the US Confict Diamonds KP Coordinator.
SySTeM fULLy I n ACCORDAnCe WI TH US LAWS
Let me be precise. Te Kimberley Process is a voluntary agreement
among member countries. Its legal force comes from the domestic
laws in each country. Everything that is done in the US Kimberley
Process environment is in accordance with US law but it renders the
meaning of the KP meaningless. Tis is in marked contrast to the other
KP participants, where governments keep a hands-on involvement
Box 1
A Certi fi CAte s Mi ni MuM requi reMents
Each certifcate should bear the title Kimberley Process Certifcate
It must contain the following statement: The rough diamonds in this shipment have been
handled in accordance with the provisions of the Kimberley Process Certifcation Scheme
for rough diamonds.
It must state the country of origin for shipment of parcels of unmixed (i.e. from the same) origin.
It may be issued in any language, provided that an English translation is incorporated.
It must contain unique numbering with the Alpha 2 country code, according to ISO 3166-1.
It must be tamper and forgery resistant.
It must have a date of issuance.
It must have a date of expiry.
It needs the name of issuing authority.
It must identify both exporter and importer.
It must list the carat weight.
It must list the value in US$.
It must list the number of parcels in shipment.
It must have the relevant Harmonized Commodity Description and Coding System.
It must have a validation of Certifcate by the Exporting Authority
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and make sure that their certifcates have tangible meaning. In the US,
the government does not see the original KP certifcate received by
importers. Some years ago, it was made obligatory for an importer
to send the certifcate by fax (!) to the US State Department. Tat
is, of course, well after the rough has entered into the United States
and may already have been sold, processed, or exported onwards.
Importers and exporters must also fax a copy of all KP certifcates to
a specifed fax at the US Census Bureau to ensure that the statistics
are correct. Again the government does not see an original. It is
quite easy to make changes on a certifcate that are not detectable
on a poor quality fax. I bet that false certifcates fnd an easy ride
into the United States. Rough diamond importers and exporters
must retain records of all Kimberley Process (US and foreign)
certifcates for fve years but the chances that any government
person will ever see an original in real time are close to zero.
Since 2008, rough diamond importers and exporters must fle an
annual report including total import and/or export activity and
stockpile information with the US State Department. Moreover, all
imports of rough diamonds must be entered by the importer into
an Internet fling system using US Customs and Border Protection
(CBP) Form 3461 (Entry/Immediate Delivery) and CBP Form 7501
(Entry Summary).
Likewise, exports of rough diamonds must be fled in the Automated
Export System (AES) pre-departure, regardless of the export value.
Te AES Internal Transaction Number (ITN) must be placed on the
upper right corner of the Kimberley Process certifcate document.
Box 2
rAnDOM CHeCKs i n KP usA
There are a few random checks on the 19 KP Authorities, and they are conducted by the
privately owned and operated USKPA not by the US government. In 2009, the USKPA
conducted on-site performance reviews of four of the 19 US export licensees.
In 2009, US Customs and Border Protection (CBP) conducted examinations of 89 targeted
rough diamond export shipments, representing 7 percent of the total number of shipments. The
number of inspections in 2010, however, was reduced to only fve.
The CBP conducted 172 physical inspections of inbound shipments in 2009, roughly 15 percent
of the total. The number in 2010 was reduced to 137; 18 shipments were seized for infringement
of the Clean Diamond Trade Act in 2009, and 14 shipments were seized in 2010. Most of the
seizures were said to be cases of misclassifcation and inadequate declaration, but over the two-
year period, six of the seizures were forfeited.
Counterfeit certifcates from the DRC, Sierra Leone, Namibia and Ghana were intercepted
during 2009 and 2010 and the US State Department, CBP and Census Bureau offcials issued
subpoenas to importers and exporters who failed to provide annual reports.
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I am not aware of a KP system in any other country that is as
bureaucratic, that is changed as often and which requires so
much paperwork as in the United States. Layers of private parties
come between the imports/exports and government. However, no
government person sees or inspects the parcel. Following a risk-
based approach, the chance of government randomly checking is
near to zero. It is a joke and, if it was not clear before, one will
now understand why I was not allowed to be on the KP review
mission of the United States. But I have faith in the Mission chair
and members issues will be identifed and, for the sake of all of
us, 10 years after the KP system began, the U.S. will be addressing
these issues. Te KP in the United States ought to meet at least
the KPs Minimum Requirements well before it uses all its moral
force and political acumen to get the system reformed.
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Reactions...
The story above, which was frst published in DIB 764, triggered some remarkable reactions. The US State
Department in a defensive mood viewed our article as having been based on a leaked copy of the draft
of the KPCS US Review Mission Report. Apparently, our article raised the very same issues or drew the same
conclusions as the Review Team. They do not believe that this is just a coincidence. They have closed their eyes
a long time in self-deception, thinking that no one else knows what basically represents public knowledge. At
the time of writing, the review missions leader, India, was in the process of preparing a memo to show that no
draft copy was leaked out.
The US reaction is by itself signifcant. If they believe our article is based on the Review Mission report, a report
they have been sitting on for quite a while, then the government is basically confrming that we were correct,
that what we wrote is true. Thank you, Department of State, for that confrmation not that we needed it, but it
is nice nevertheless.
There are others who are more concerned about the US reaction. By charging there is a leak the United States
will then try to prevent the formal submission and later offcial publication of the mission report. There is a limit
to how long they can stall completing their pre-fnal approval review of the report a report the U.S. doesnt
want to see completed ever, notes one KP Participant.
Indeed, inspired by political considerations, the US has, in the past, suspended or excluded countries on the
sole ground of not meeting the KPCS minimal requirements. They dont want to be on the recipient side when
others wear these shoes. The US was able to postpone the review mission to AFTER the completion of the USs
KPCS chair period in offce. It would have been too great an embarrassment.
In order for my publication not to get entangled again into KPCS affairs (something ex-US KP offcial Brad
Brooks-Rubin accused me of in a recent trade interview), I want to state unequivocally: My story was fully based
on my own personal knowledge of the Kimberley Process workings in general and of those in the United
States. I have not seen, I have not received, I have not been leaked in any way, shape, or form, a draft of the KP
US Review Mission report. I have not seen, received or otherwise been privy to any internal KPCS or Working
Group of Monitors (WGM) communication dealing with the report.
My article also referred to the role of the private US Kimberley Process Authority (USKPA) which authorizes
private exporters to issue KP certifcates. We had offered the USKPA (and the State Department as well, for that
matter) every opportunity to react, respond, clarify or correct our story. Following is the USKPA reaction in full:
Dear Chaim,
Thank you for the opportunity to respond to the article appearing in the June 20 issue of DIB pertaining
to the US compliance with KP minimum requirements. While we are glad you concluded that the
United States Kimberley Process Authority (USKPA) is in full compliance with US law, the following
seeks to correct the record pertaining to the procedures and activities of the USKPA that are reported
in your article.
In 2003, the USKPA and the US government entered into an agreement in which a service would be
provided to facilitate compliance with the Clean Diamond Trade act pertaining to the export of rough
diamonds. The USKPA has not (nor will it) take on the full range of implementation requirements
under the federal law.
The US KP certifcate is not widely displayed in order to prevent counterfeiting. It is perfectly right
that a blank sample is hard to fnd on the internet.
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103
The USKPA is a not-for-proft association and is self-funding. The license fees and cost per certifcate
are kept at a minimum, but are necessary to defray the administrative costs of this service, and may
change from time to time. None of the directors are compensated. The fgures you quote are not
accurate.
The USKPA enters into licensing agreements with those entities who seek to engage in the business
of export of rough diamonds that qualify as "known shippers" under the Transportation Security
Administration's Automated Export System. Common carriers can also become licensed under the
USKPA. In order to become licensed, there is a stringent list of qualifcations and requirements set
out in the contractual agreement, along with consequences for failure to abide by the agreement.
These requirements include a provision that specifcally disallows the provision of US KP Certifcates
to any third party whatsoever. Therefore (except for USKPA licensed common carriers - currently
Brinks Global, Malca-Amit, G4si and Ferrari Express) if a USKPA licensee unlawfully provides a KP
certifcate to a third party, they will lose their license to export rough diamonds using KP Certifcates,
and they will be banned from exporting rough diamonds (unless they use a licensed common carrier).
Depending on the circumstances, there could be other consequences.
At the time of each individual export requiring a KP certifcate, each licensee enters the data (unique
serial number issued by the Automated Export System for each export, the unique serial number
assigned to the KP Certifcate, the name and address of importer and exporter, karat quantity, value,
and more) onto a secure area on the USKPA web site, in real time. Since the government agencies
(CBP, Census, U.S. Department of State, etc.) all have unfettered access to the USKPA web site, they
are alerted immediately that an export of rough diamonds is being prepared. These government
agencies all have access to the USKPA web site, in real time, so that they can monitor, examine and
control exports of rough diamonds as they occur.
This data on the web site can be (and is) used to compare to the data entered on the certifcates
themselves. Therefore, it would be impossible to alter the entries on the KP certifcate without it being
immediately detected by Census upon the Certifcate being faxed to them, and by the importing
authority upon arrival in the country abroad. This data is also used by government agencies as
a basis to confrm the statistical data on imports and exports reported by each KP Participating
country on a quarterly basis.
The agreement into which a licensee enters defnes the "issuer" as the USKPA. The licensee is
identifed in the agreement as the "user". Therefore the user is wholly responsible for the accuracy
of the data entered onto the certifcate, not the USKPA, as is spelled out in the agreement. It might
be best that the USKPA make this more clear in its future re-printing of the US KP Certifcate.
There is a wealth of additional information on the USKPA web site that sets out the procedures
and requirements to become a USKPA licensee (including being subjected to annual performance
reviews by government and the USKPA) by which all licensees are governed. To date, there have
been very few instances of any violations of standards and requirements by the USKPA.
The USKPA is proud of its contributions to the effcient system established to facilitate compliant
exports of rough diamonds from the US.
Respectfully submitted,
Cecilia L. Gardner, Esq.
Dr. Martin Hochbaum
Mark Gershberg
Directors, United States Kimberley Process Authority
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E
xpecting the usual speeches in which members of
the diamond industry and its constituent parts pay
tribute to each other, the recent Angola Centenary
Diamond Conference got off to a powerful start when
Angolas vice-president, Manuel Domingos vicente,
presented a clear message to the conference in his
speech opening proceedings. Angola, the worlds
fifth-largest diamond producer, with close to $1.2
billion in rough exports, is aiming to be appointed
as vice chair of the Kimberley Process (KP) for 2014.
The decision regarding the next KP vice chair will be
made during the next KP Plenary in Johannesburg
in December under the chair of South Africa. next
years chair is China.
The real aim of Angola announcing its desire to be
vice-chair is, however, the bigger prize that follows.
If it is appointed vice chair for 2014, it automatically
becomes chair of the Process in 2015.
The news made waves frstly due to the fact that the
countrys vice-president announced it, but also because
Angola has been something of a sleeping giant. It
was not known to have ambitions on the global stage,
but as the conference took place, it became clear this
was a different Angola one that now recognizes
its infuence as a global producer, but also one that
believes it can be a huge diamond powerhouse if it
can attract foreign investment.
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Speaking with the confdence that comes from being on home
ground, Angolan speakers made it clear that they believe their
country is a natural ft to be KP chair. In a media release put out
after the speech by Domingos Vicente, state-owned diamond
company Endiama presented the case for the country.
Angola chairs the important position of the Working Group of
Artisanal and Alluvial Producers (WGAAP). As an important
producer we have been instrumental in the Washington
Declaration aimed to improve the situation of artisanal miners on
our continent, said WGAAP chair Paulo MVika. We are ready as
a vice chair to take up an even more engaging role in the future.
Meanwhile, in his speech, Domingos Vicente said that although
it was the case that diamonds were widely used to fnance the
countrys terrible 1975-2002 civil war, the situation is very diferent
today. With the end of the confict just over a decade ago and
the institution of free elections, he said the government is taking
great steps in stamping out confict diamonds. Furthermore,
the government is also aiming to eradicate illegal mining in the
country and to encourage artisanal mining.
Domingos Vicente also made it clear that the countrys diamond
industry has a high priority in Angolas long-term economic
strategy through to 2025. With an unemployment rate estimated
at more than 25 percent, the aims of the countrys economic plan
are to bring added value to the national economy, contribute to
diversifcation and to play a part in the sustainable development
of the economy.
To that end, and as part of the countrys medium-term development
plan, a large-scale geological mapping exercise is taking place
to determine possible diamond areas. Endiama chairman and
CEO Antonio Carlos Sumbula said that at least 60 percent of the
countrys diamond reserves have not yet been identifed and that it
needs foreign investment to be able to exploit its potential.
Anticipating possible claims that the countrys human rights record
is not a sparkling one especially where illegal diamond miners
crossing into Angola are concerned and that the countrys business
environment is not transparent enough, ministers attending the
conference, as well as leading diamond industry fgures, were taken
As the conference took place, it became clear this was a different Angola one
that now recognizes its infuence as a global producer, but also one that believes
it can be a huge diamond powerhouse if it can attract foreign investment.
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to meet President Jos Eduardo dos Santos. He assured them of
Angolas commitment to uphold the highest possible standards of
compliance in the countrys diamond business and confrmed the
countrys open attitude to foreign investment.
Te delegation included the ministers of mines of South Africa and
Namibia, Susan Shabangu and Isak Katali, respectively, Kimberley
Process chair Ambassador Welile Nhlapo, former-World Diamond
Council president Eli Izhakof, Alrosa president Fyodor Andreev,
Dubai Multi Commodities Centre executive chairman Ahmed
Bin Sulayem, Angolas minister of Geology and Mines Francisco
Queiroz and Endiama chairman Carlos Sumbula.
President dos Santos assured the delegation that no violation of
human rights linked to diamond exploitation would be allowed. He
also underlined Angolas open attitude towards foreign investment
and a favorable tax regime for diamond companies of 25 percent.
Te assurances given by President dos Santos are the best possible
witness of Angolas strong commitment to the Kimberley Process
Certifcation Scheme (KPCS), said Nhlapo.
Meanwhile, Izhakof said: Angola was one of the frst countries
involved in the establishment of the KPCS, and its continuous
support is essential for the credibility of our unique supply control
mechanism, probably the best in the whole commodities world.
Furthering its cause, Angolas Geology and Mines minister,
Francisco Queiroz, told the conference that the country is believed
to have 1,000 diamond areas, but has just three mines, including the
Catoca mine, which produces 87 percent of Angolas diamonds. As a
Attendees of the Angola
Centenary Diamond Conference
Image: Courtesy endiama
108
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result, the country would like to enter into cooperation agreements
with foreign and domestic investors to develop the sector. Queiroz
said the government is actively involved in eradicating illegal
mining in the country, while also promoting artisanal mining in
line with KP standards.
Furthermore, Queiroz said his ministry was updating its
cooperation in the diamond mining sector with other diamond-
producing states in Southern Africa. We have been working closely
with the KP since it was established, and we would like the support
of the international community to be vice chair next year, he said.
It seems likely that Angola hold the chair in 2015, since it is safe to
assume that the country has already sounded out KP members about
its chances of being selected. A senior Angolan ofcial who requested
anonymity said: We believe our time has come for us to be chair of the
KP. We do not have any confict diamond issues, and we are working to
deal with the illegal diamond miners from the Democratic Republic of
Congo in a humane and considerate way. It is critical that we receive
foreign investment to expand our diamond business, and we believe
our mining code from 2011 can attract western investors. We think
that heading the KP can aid us in this.
endiama chairman and CeO Antonio Carlos Sumbula said that at least 60
percent of the countrys diamond reserves have not yet been identifed and
that it needs foreign investment to be able to exploit its potential.
Attendees of the Angola
Centenary Diamond
Conference
Image: Courtesy endiama
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109
Current KP Participants
Angola Lesotho
Armenia Liberia
Australia Malaysia
Bangladesh Mauritius
Belarus Mexico
Botswana Namibia
Brazil New Zealand
Cambodia Norway
Cameroon Panama
Canada Russian Federation
Central African Republic Sierra Leone
China Singapore
Congo (DRC) South Africa
Congo (ROC) South Korea
Cte d'Ivoire ** Sri Lanka
Croatia Swaziland
European Union Switzerland
Ghana Tanzania
Guinea Thailand
Guyana Togo
India Turkey
Indonesia Ukraine
Israel United Arab Emirates
Japan United States of America
Kazakhstan Venezuela *
Laos Vietnam
Lebanon Zimbabwe
SOURCE: www.kimberleyprocess.com
NOTE: The rough diamond-trading entity of Chinese Taipei has also met the
minimum requirements of the KPCS.
* Venezuela has voluntarily suspended exports and imports of rough diamonds
until further notice.
** Cote d Ivoire is currently under UN sanctions and is not trading in rough
diamonds.
110
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111
S
Since the Kimberley Process is a consensus-based
organization, it has always gone without saying that
criticism by members of the organization of another
member, if it happens at all, has been extremely
muted. The three pillars of the KP are governments,
civil society and the industry.
It therefore came as something of a shock to members
of the global diamond industry and mining ministers
from African producer-states at the recently held Angolan
Diamond Centenary Conference to hear extremely
sharp criticism of the activities of non-governmental
organizations (nGOs). The person doing the criticizing
was Dubai Diamond exchange chairman Peter Meeus,
and he pulled no punches.
Meeus was heavily involved in the meetings on
technical and other issues for certificates and the
chain of warranties that preceded the formation
of the KP. Describing Angola as the cradle of the
KP, he said that on the tenth anniversary of the
establishment of the body, working relations had
changed. There were times when we enjoyed
working together as an industry with the nGOs.
They were fighting for a right and just cause and
especially in Africa people know what that means to
be fighting for a right and just cause.
There were times when
we enjoyed working
together as an industry
with the nGOs. They
were fghting for a
right and just cause
and especially in Africa
people know what that
means to be fghting for
a right and just cause.
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So they had the support of the Africans in the frst place. And it
worked. In 2013, diamonds are the best-controlled commodity
in the world. Te diamond industry doesnt need to take lessons
from any other business. More than 99.5 percent of the diamonds
produced in the world fall under a certifcation regime. Te Central
African Republic, Ivory Coast, Guinea and Venezuela do not
even represent 0.5 percent of the world production. In reality we
probably speak about less than 0.2 percent [as confict diamonds].
However, Meeus said relations with the NGOs have degraded to a
point well below zero. And its going down further at an amazing
speed. So lets ask a simple question. Why would that be? Why are
the NGOs suddenly so dissatisfed with the accomplishments of
the KP and the diamond industry? Defnitely not because there are
more confict diamonds than there were 12 years ago.
So why is it then? Could it be because the NGOs became a small
business themselves and that the funds available are less so that
the competition for the funds is stronger and the need to tell strong
stories higher.
Could it be that the NGOs themselves are fghting for their own
relevance? Could it be that this is one of the reasons why we are
basically confronted with something I cannot call other than
fantasies some would call it lies which ft perfectly well in a
horror movie but which do not have any factual substance. Like the
story two years ago about the torture camp in Marange. Or like the
story on daily killings in the Lunda provinces in Angola?
Meeus said these stories are then disseminated to news media
around the world, and they serve the interests of the NGOs in
providing good publicity and aiding their fundraising eforts.
Tere is just one problem, however, he said, Tey are blatantly untrue.
Can anyone give me any other reason why the NGOs do not exercise
the same due diligence they ask from rough diamond buyers over their
own story suppliers? Is that due diligence from the NGO side?
Businesses should be accountable. Politicians have to be
accountable. Isnt it time for nGOs to be accountable
also? And after being confronted with the same kind of
fantasies, one can understand that the relations are now
below freezing level.
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113
Businesses should be accountable. Politicians have to be
accountable. Isnt it time for NGOs to be accountable also? And
after being confronted with the same kind of fantasies, one can
understand that the relations are now below freezing level. Because
there are limits to which ends you go to reach your goals. Even for
NGOs.
Meeus said that if he believed for a moment that two years ago
the Zimbabwean military forces in Marange had a torture camp
as reported, I would not set one foot anymore in Zimbabwe. And
neither would a lot of us.
He said he would not be the same person who had worked together
with Global Witness co-founder and co-director Charmian Gooch,
Global Witness co-founder and senior campaigner Alexander
Yearsley, Endiama chairman Antonio Carlos Sumbula and Mark
Van Bockstael, chief ofcer Business Intelligence at the Antwerp
World Diamond Centre if there would was even the most single
moment of doubt that this whole story of a torture camp brought
by the BBC was a terrible and actually unforgivable fantasy cooked
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[up] by some frustrated people in the Civil Society community after
they had left the Kinshasa Intersessional meeting and which was
presented to the BBC and then went around the globe and was
believed by many.
How far do we go before we say no? So indeed its time to come to
a new understanding in the KP. Its time to restore what the initial
gentlemens agreement was all about. So let me come [up] with a
solution rather than keep passing each other the hot potato which
is what is going on now since the US took over the chair [in 2012].
Obviously, human rights are a precious thing which should be
defended by the highest possible instances. But it should also be
examined by instances that can rule above any reasonable doubt.
I cannot give the right to judge over whether human rights have
been violated to organizations that have accused me wrongly about
the existence of torture camps, or more recently, the so-called daily
killings in the Lunda provinces.
However, there are bodies in the world that can objectively judge
such serious issues. Institutions that have in their structure the
experience and institutional memory to judge. Institutions which
we can respect. Institutions which do not depend on funding by
foreign governments which have economic interests. And if we can
agree on all that, then we dont need all that OECD blah blah blah,
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115
which today is being launched to fght
against confict diamonds at a moment
that diamonds are probably the most
confict-free commodity on the planet.
Meeus asked the audience if the time
had not arrived to do away with the
perception of diamonds being a dirty
business. Which business is 100 percent
clean? Which person is 100 percent
perfect? Isnt 99.9 percent pretty well
done? Because today there are hardly
any confict diamonds anymore, he said.
He then asked what was the point
in creating structures and spending
millions of dollars on something that
isnt there?
If there are human rights violations,
they need to be judged by independent
institutions that are really independent
and are respected as such. Tat dont
cook [up] stories for the sake of their
own further existence.
Tat is what we proposed last year to the then KP chair. A message
clearly not understood. So its time to repeat it. Let the KP do
what the KP does when we constructed it some 12 years go. A
certifcation scheme is a certifcation scheme and not a human
rights violation checker. Let judges do what they are used to doing.
Judge infringements. Judge violations. Beyond reasonable doubt.
In all objectivity. Not biased, he concluded.
Speaking after the speech, Meeus said it was time for members
of the KP to come to the fore and tell the NGOs that their work
was destructive to an industry that had taken such far-reaching
steps to clean up the confict diamond issue. If I were to put it
diplomatically, I would say the NGOs are non-specialists. As I
mentioned in the speech, there are other bodies and institutions
that can independently verify claims made in news articles. I
believe that 95 percent on the industry feels this way.
However, former World Diamond Council president Eli Izhakof
told IDEX Magazine that these comments would not help, but
rather would simply increase the tension between the NGOs and
the diamond trade. He said the NGOs played a crucial part in the
work of the KP.
Peter Meeus
116
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117
O
Over the course of its decade-long existence, the KP
has dealt with an ever-changing global hotspot map.
venezuela has been problematic and has voluntarily
suspended imports and exports of rough diamonds
until further notice, while the Cote d Ivoire is under
Un sanctions and is not trading in rough diamonds.
Currently, much of the focus of the KP is on the
Central African Republic (CAR). The overthrow of
the countrys president, francois Bozize, in March
led to fears that rebel activity is being financed by
conflict diamonds, heralding a sad return to the
bloody decade of the 1990s that everyone had
hoped would never return.
We face a situation where confict diamonds continue to fuel
rebel activities to remove elected ofcials from ofce, said South
African diplomat Welile Nhlepo, current chair of the Process.
Taking measures to prevent this happening, the KP suspended the
country from the Process in May.
In June, the new CAR president, Michel Djotodia, disputed the
notion that diamonds were being used in the new regime, saying
that his country would halt trade in diamonds pending reforms to
ensure that they were not used to fnance conficts.
Tere will be no more talk of confict diamonds in Central Africa,
Djotodia told AFP. We will decree a moratorium on the exploitation
and sale of diamonds in order to carry out a precise audit.
He also said that his regime had not received aid from anyone,
especially not from diamond dealers. He added that his Seleka
rebel movement was formed in a northern district of the country,
far away from the countrys diamond areas.
Te mineral-rich, poverty-stricken country said it would increase
the monitoring of diamond trading, creating a centralized
clearinghouse and banning cash sales of the stones.
Alluvially mined diamonds, most of industrial quality, are one of the
CARs main sources of revenue, accounting for around 11 percent
of income in 2011, according to ofcial fgures. In 2011, the CAR
ofcially exported 323,575 carats worth $61.4 million, according
to government statistics. A report by Antwerp-based International
Peace Information Service estimated that around 30 percent of
CAR diamonds leave the country illegally, reported Reuters
Currently, much of the
focus of the KP is on
the Central African
Republic. The overthrow
of the countrys president,
francois Bozize, in
March led to fears that
rebel activity is being
fnanced by confict
diamonds, heralding a
sad return to the bloody
decade of the 1990s that
everyone had hoped
would never return.
118
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Te country is extremely poor and has faced a series of rebellions
and coups since it gained independence in 1960.
While it may seem that the Process has moved swiftly, US Assistant
Secretary of State Jose W. Fernandez said that the confict in the
country was proof that the KP is not living up to its mandate,
reported Reuters.
According to Fernandez, the process has known about armed
groups being involved in the countrys diamond trade since 2010.
Greg Nicolson writing for the Daily Maverick, part of the Guardian
Africa Network took this criticism a stage further. According to an
International Crisis Group briefng in 2010, when former president
Francois Bozize came to power in 2003, he strangled control over
the diamond industry to enrich and empower his own ethnic group,
while failing to use the minerals to alleviate poverty, sparking a war
of rebel groups fghting so their people could have their turn to eat,
wrote Nicolson.
Te corruption from a state government ultimately perpetuated
the very things the Kimberley Process was purportedly against, yet
under Bozize it was okay to export.
Te criticism of the country, however, stretches back even further.
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119
Almost at the foundation of the KP, NGO Global Witness which
resigned from the process in 2011 said that the frst real test of
the KP was the Central African Republic
On March 18, 2003, Global Witness said it was calling on the chair of the
Kimblerly Process (at the time, South Africa) to temporarily suspend
the CAR due to the serious political turmoil the country was facing at
the time.
Te continued participation of the Central African Republic in this
process will seriously undermine eforts to curb the trade in confict
diamonds, which are used to fnance conficts and civil wars, the
NGO stated.
Since rebels have seized power and overthrown a legitimate
government, the Central African Republic is now in violation of the
Kimberley Process and should be banned from trading in diamonds
until constitutional rule is re-established, said Corinna Gilfllan,
campaigner with Global Witness.
Tis situation is a real test of whether the Kimberley Process is doing
its job efectively or [if it is] merely a rubber-stamping exercise.
Sadly, it took more than 10 years for the KP to heed the
suspension call.
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123
Increased Pay Offer Prevents strIke
at de Beers sOuth afrIcan MInes
MINING
Workers at De Beers diamond mines in South
Africa returned to work after the National Union of
Mineworkers (NUM) and management agreed on a
9-percent pay rise.
Around 2,000 workers were due to strike, but reached
an agreement with De Beers Consolidated Mines
(DBCM) just before the action was due to begin,
National Union of Mineworkers (NUM) negotiator
Peter Bailey told AFP.
We then struck a deal and signed a 9 percent across-
the-board increase, Bailey said.
Te NUM had demanded a 13-percent wage rise, but
De Beers ofered 6 percent. De Beers also agreed to
two extra days vacation a year, bringing annual leave
to 23 days, with another two days to be added next year.
Te strike would have hit the Voorspoed, Kimberley
and Venetia mines, as well as DCBMs rough diamond
distribution outlet in the center of the country.
Te South African mining industry in general is
facing high tensions as unions call for higher wages.
Companies say that falling demand for commodities
worldwide and surging costs mean they are unable
to meet unions demands. DBCM has 2,550 workers,
with 1,300 represented by the NUM.
DBCM operations account for just over 15 percent of
De Beers global rough diamond production. IDEX
Prospecting in South Africa
Image: De Beers
124
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MInIng > news
|
sendelIngsdrIf MIne tO start PrOductIOn In 2014
rOckwell dIaMOnds Q1 OutPut
dOwn 33% tO 4,824 carats
Rockwell Diamonds posted a 33-percent drop in
first-quarter diamond production to 4,824 carats,
due mainly to the Tirisano mine being put on a care
and maintenance status last December.
The level of output was also hit by the sale of the
Klipdam mine near Kimberley at the end of March.
Rockwell accepted an unsolicited cash offer to sell
Klipdam for $2.6 million, based on the reasoning
that the mine was considered non-core and the
sale proceeds could be better applied to increase
production from its other properties.
Despite the reductions elsewhere, the Saxendrift
mine production was consistent, and included the
recovery of nine diamonds weighing more than 20
carats, with four exceeding 50 carats.
Rockwells operational performance for the first
quarter of fiscal 2014 reflects the transition of the
company as we have narrowed our focus on growing
the production profile, from specific footprints that
deliver better efficiencies and greater economies of
scale, said CEO and president James Campbell.
Our first such footprint is the Middle Orange River
region. We have a track record of proftably operating
mines in this region, which traditionally yields
high value gem quality diamonds. The operations
at the Saxendrift Hill complex are gaining traction,
while the Niewejaarskraal operations are being
commissioned within three months of presenting
the project proposal to the board, a performance
milestone for the company. IDEX
Diamond miner Namdeb, jointly owned by De Beers
and the Namibian government, said construction
of the ($27.3 million) N$280 million Sendelingsdrif
mine located near the Orange River is making good
progress.
Brand Manager Pauline Thomas told The Economist
that the ramp-up stage of the operation is expected
by the end of this year, and that full production is
expected to start early next year.
Production from Sendelingsdrif is expected to
replace the output of the Daberas mine, producing
45,000 carats annually and extending Orange River
operations beyond 2022.
Namdeb has been working to extend the life of the
low grade, but high value, Daberas mine where it
recovers 35,000-50,000 carats from 2.8 million tons
of ore per year.
Against the background of volatility in global
markets, Namdeb said it remains cautiously
optimistic in the short to medium term and expects
the same level of production as last year of around
560,000 carats from land-based operations.
Besides the Orange River mining area, Namdeb
said it continues to work on life of mine extension
projects which are set to extend the life of
conventional land operations to at least 2023. IDEX
James Campbell
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125
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MInIng > news
|
dIaMcOr tenders gOOds frOM krOne-endOra
at venetIa PrOject
OkavangO says PIlOt
auctIOn a success
Okavango Diamond Company (ODC) said its pilot
sale of approximately 123,000 carats of Debswana
rough diamonds was successful.
Junior miner Diamcor Mining Inc. sold 3,123 carats of
rough diamonds for $415,495, or $133 per carat (p/c),
at its recent tender of goods from the Krone-Endora
at Venetia Project in South Africa.
Diamcor said the rough was recovered in conjunction
with testing and commissioning exercises performed
on the expanded quarrying and in-feld screening
operations at the project.
I am very pleased with our teams ability to achieve
these results given the signifcant challenges they
faced during the quarter, said Diamcor president and
CEO Dean Taylor, referring to the unusual rains seen
at the mine earlier this year.
Te new expanded quarrying and in-feld operations
are more efciently able to process the smaller size
fractions as confrmed by the additional rough
diamonds recovered through the re-treatment of
these previously processed materials, said Taylor.
Te overall dollar per carat achieved for these
exercises certainly exceeded our expectations given
that the challenging operating circumstances of the
quarter were expected to result in a weaker, non-
representative sample consisting of a greater number
of smaller rough diamonds as compared to results
expected during normal operations, he added.
Diamcor Mining Inc.s focus is on the identifcation,
acquisition and operation of unique diamond projects
with near-term production potential such as the
Krone-Endora at Venetia Project. Te miner also has
a long-term strategic alliance with Tifany & Co. IDEX
The objective of the pilot sale was to test the core
systems and processes that have been developed
for auctioning rough diamonds in Gaborone, ahead
of a full launch of commercial sales operations in
September.
Around 50 local and international companies
visited ODCs purpose-built facility in Gaborones
Diamond Technology Park between June 26 and
July 5 to inspect the diamonds before taking part in
the online auction.
All diamond lots offered at the auction were sold,
achieving a total value of approximately $20 million.
The pilot sale gave us the opportunity to test
every aspect of ODCs sales process in a live
environment and to gather important feedback
from our customers, said Toby Frears, managing
director of ODC. While the initial response from
customers has been positive, we will continue to
solicit feedback from all those that participated to
ensure that valuable learnings are captured, and
any necessary enhancements can be made ahead of
our full launch in September.
ODC also announced that its inaugural sale will
take place on October 9, with viewings of diamond
lots scheduled to start on September 23. IDEX
Toby Frears
126
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MInIng > news
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kIMBerley dIaMOnds
susPends wOrk at
ellendale MIne
Fears for safety at the E9 pit led Kimberley Diamonds
to halt work at the Ellendale mine in Western Australia.
Kimberley Diamonds said the suspension at the mine,
known for its output of fancy yellow diamonds, would
have only a slight impact on production and would
not negatively hit its fnancial results.
Te halt in work was caused by slippage of the pit wall
below the main access ramp after routine blast work
in the E9 open pit, which made the ramp unsafe.
The company stressed that there were no workers
in the mine at the time, and there was no damage
to equipment.
Te miner said there are enough ore stockpiles to
continue treatment plant work on high-grade ore for
at least two months. Tere are also sufcient lower-
grade ore stockpiles for one year.
Kimberley Diamonds bought the mine from Gem
Diamonds in April for $15 million.
More than 20,000 carats of fancy yellow diamonds are
mined at Ellendale annually. IDEX
Diamonds In The Rough
Brazil Minerals, Inc., a diamond and gold producer with resources and assets in Brazil, announced that
its 55-percent owned subsidiary, Minerao Duas Barras Ltda. (Duas Barras), sold 155 percent more
rough diamonds in the second quarter ended June 30 than in the frst quarter of 2013. In addition,
the average price realized for rough diamonds from Duas Barras was within a few percentage points
of the average price realized for sales in the frst quarter of 2013.
The Quebec governments Contaminated sites Program (CsP) has taken charge of the Jericho diamond
mine, which was abandoned by shear Diamonds last september. The nunavut water Board said the
CsP had taken charge of immediate environmental protection at the site, including the management
of tailings and fuel and hazardous waste. shear Diamonds has not cleaned up the site despite an
order to do so by a federal government inspector. The company reportedly still owes more than $2
million to the federal government.
De Beers has signed an Impact Beneft Agreement with the north slave Mtis Alliance a non-
proft society that represents the Aboriginal rights-bearing Mtis people of the northwest Territories
for the proposed Gahcho Ku Mine. The agreement puts a framework in place to optimize the
participation of the Alliance in the Gahcho Ku Mine through employment, business opportunities,
training and development and fnancial benefts.
Diamonds from the Ellendale Mine
V
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www.gemworldmunich.com
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Meet the international
Gemworld in Munich !
Europes top show
for gems & jewellery
in autumn
MunichShow_Anz-Gem-IDEX_210x270_4c_1.indd 1 08.07.2013 13:33:44
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What is your greatest regret?
Tat I could not achieve a higher education for myself.
What is your greatest accomplishment?
To make our company stand as one of the largest
export trading houses from a small business set up 25
years ago.
What Word or phrase do you most overuse?
Tis is our companys policy, and we follow it.
Who do you most admire and Why?
Our father of the nation, Mahatma Gandhiji, for his
truth and non-violence.
What is the best piece of advice you have ever
received?
My parents taught me to be faithful to everybody and
to think well before I do anything, because according
to them, I am the only person responsible for my
success and failures.
if you could do any job other than the one
you do noW, What Would it be?
I would love to teach children in a school.
name: Arun Shah
position: Chairman
company name: Ankit Gems Pvt Ltd.
type of business: Manufacturer and exporter of
solitaire diamonds
years in business: 35 years
business philosophy: To satisfy the business
requirements of all our customers in time, thereby
building the trust and goodwill of the company in the
industry.
What are the companys long-term goals?
Getting the best out of our human resources, as well
as technology, and delivering diamonds to the end
consumer at a competitive price. To explore new areas
for our products and to try to do something diferent
from the competition.
What are the greatest changes you have seen
since you joined the industry?
Te development of technology, advertising and
e-marketing.
What Would improve your business in the
future?
Continuous fexibility and innovation in various
aspects of the business.
What is the most difficult business decision
you have ever had to make?
To send my elder son away from me to Antwerp to
develop the rough business.
hoW does the company give back to the
community?
We generously donate to noble cause, as well as stand
besides the trusts and charities that help people
during natural calamities.
Profile
130
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Ankit Gems - Insert 66/67 Laxmi Diamond 83
Asian Star 45 Lucee Diamonds 4
B.V.C. & Co. (India) Pvt. Ltd. 122 M. Suresh 61
Bangkok Gems & Jewelery Fair 38-39 Mahendra Brothers Exports Pvt. Ltd. 49
Bhavani Gems 43 Malca Amit 20
D. Navinchandra 15 Malca Amit Antwerp 34
DDS - Direct Diamond Solutions 27 Millei Diamonds 57
Dharmanandan Diamonds 16-17 National Jeweler 129
Eurostar Diamond Traders N.V 82,132 Priti Gems 89
GemeWizard 87 RDI 11
GemFind 14 Rosy Blue NV - Insert 82/83
GIA - Gemological Institute of America 47 Rubel & Mnasch 131
Hari Krishna Exports 9 Saraff Group 51
HRD Antwerp 71 Sheetal Manufacturing 13
Ideal Brilliant 19 Shimony Diamonds 68
IDI Israel Diamond Institute 24 Shree Ramkrishna Export - Insert 50/51
IGI - International Gemological Institute 75 Tach 7
Instore Magazine 120-121 The Jeweler Magazine 18
Interjewel Pvt. Ltd. 10 TMS (The Munich Show) 127
International Gem Tower 2 Venus Jewel 6
J. Pinchasi & sons 53,55 World Wide Security 59
Y.L. Golan 12
The DTC logo is a trademark used under licence from DTC
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