idex india retail december2011
TRANSCRIPT
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Dec 11
MUMBAI
DIAMOND MARKET
REPORTSurprisingly Strong PricesAfter Diwali
INDUSTRY
NEWS
GJEPC Working onRoad Map for ColouredGemstones Revival
SPECIAL
REPORT
Worlds Premier DiamondFamily Exits IconicDiamond Company
DIAMONDRETAIL
BENCHMARA Price List to Assure YCustomers
WHATTHE INDIAN CONSUMER
NOW WANTS
1ST
ANNIVERSARY
ISSUE!
Letter From the Chairman
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magazine india retail
05FROM THE EDITORS DESK
Rules, Benchmarks & The Importance Of Belief In
The Industry
06CHAIRMANS LETTER
10MUMBAI DIAMOND MARKET
REPORT
Surprisingly Strong Prices After Diwali
14SPECIAL REPORT
Worlds Premier Diamond Family Exits Iconic
Diamond Company
23RETAIL ET CETERA
27DIAMOND RETAIL BENCHMARK
40COVER STORY
What The Indian Consumer Now Wants
52INDUSTRY NEWSGJEPC Working on Road Map for Colored Gemstones
Revival
55ONLINE RESEARCH
High Income Households Essential To Jewelry
Industry
08 MoAa_Z n
12_w~Bhram ~mOma H$s [anmoQ>
Xrdmbr Ho$ ~mX H$s_V _| Am`OZH$ $n go CN>mb
34{deof [anmoQ>X{Z`m H$m _wI hram n[adma {V{>V hram H$nZr go~mha
46AmdaU H$Wm^maVr` Cn^mo$m A~ `m MmhVo h
w w w . i d e x o n l i n e . c o m
d e c e m b e r 2 0 1 1VOL. 1 No. 13
Editorial Department
EDITOR-IN-CHIEF Vino Kuiyan
EDITORs eahn Golan, danill max
IDEX ONLINE REsEARCH Kn Gassan
INTERNATIONAL CORREsPONDENT
Taa Katzav
ADMINIsTRATION & MARKETING
managing dito Yaon bazilay
makting manag Kulip bisALEs MANAGERs
Anish Kuiakos, Osnat daviov, Avivit mohai, Yaon bazilay
PRODUCTION & CIRCULATION Hlna dosht
ACCOUNT MANAGER rinat Oz
ART DEPARTMENT
GRAPHIC DEsIGNERs
bois manlis (rd mia goup)
Ta Kau (rd mia goup)
PRINTED by SAP Pints, Low Pal, muai 400 013
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HOUsE, MUMbAI 400 004, INDIATEL: +91-22-6633-2187, FAX: +91-22-6633-2186
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IdeX magazin - Inia rtail is pulish in Inia y Ix Onlin S.A.. rpintsof iniviual atils a otainal on appliation to th ito. All ights sv.No pat of this puliation ay pou, sto in a tival syst otansitt in any fo o y any ans without th pio wittn pission of
th copyight own.
PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A
ISSN 0334-6838
2003 IDEX ONLINE S.A.
CONTENTS
DECEMBER
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Editor
IDEX MAGAZINEINDIA RETAIL
|NO 13: EDITOR
As our chairman rightly observes in his letter in this, our
anniversary issue, this industry is all about people. To
believe that you are in the business of selling a product is
to make a very big mistake indeed. The gem and jewellery
industrys products have no utility value at all. Theyre all
about emotion and belief. The industry sell intangibles.
It stands to reason then that what gives the industrys
products value is a set of agreed on qualities and attributes
and the price that society sets on them. And while many
of these attributes like the colour, clarity, cut and carat
weight of a gemstone can actually be quantied and
certied, what remains unclear is value in rupee terms that
society sets on these at any given time.
This is why price benchmarks are so important to the
well-being of the gem and jewellery industry. Without
benchmarks, society cannot value the product and the
result is uncertainty, which in turn rocks the beliefs that arethe actual attributes the consumer values.
The customer, as we all know, is the linchpin of our
business. So it comes as no surprise at all to note that a
key element in the survival and thriving of the gem and
jewellery industry, is a good understanding of not only
what the consumer wants, but what she or he believes in as
being important, the aspirations that drive her or him and
what, above all, would encapsulate all of this in a product
and bring satisfaction in the consumer owning it.
What the Indian consumer believes in and values today
is very different from what the norm was just a few years
ago. If you havent caught that change and understood it,you run the risk of alienating and ultimately losing your
customer.
One of the companies that understood this well over
a century ago and set about building a globe-girdling
empire is the diamond mining giant De Beers. Starting
with the enigmatic Cecil John Rhodes, who rst set up a
system to regulate the ow of diamonds and ensure that
prices remained high, and through three generations of
the Oppenheimer family that took over the reins of the
company some 80 years ago, De Beers has never forgotten
that it is only selling intangibles. It positioned the diamondas a symbol of the relationship between men and women
and gave the world one of the greatest slogans of all time
A Diamond Is Forever.
Now that the Oppenheimers are exiting De Beers after
all these decades, its worth revisiting the story of how
diamonds came to be what they are today. We have that
great story for you. idEX
rulEs, BEnchmarks & thE importancE
of BEliEf in thE industry
byVINoD KurIyAN
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ChairmanS
Letter
6IDEX MAGAZINE
INDIA RETAIL|
NO 13: CHAIRMANS LET
Dear Friends and Colleagues,
It has been a busy year for us all, full of changes and surprises.
The nancial markets are changing quickly, governments
in some countries are nding it difcult to manage their
economies, and consumers are constantly looking to be
reassured that the products they are spending their hard
earned money on is indeed well spent. They need to knowthat they are buying a quality product that will last and remain
valuable, one that was created with care and without causing
any harm.
As business owners and managers, we need to navigate the
turbulent seas of ever changing needs, requirements and
threats as well as opportunities. It was with those issues in
mind that we set out, with the cooperation of the All India
Gems & Jewellery Trade Federation (GJF), to create this
magazine.
To manage in challenging global environments, we are always
in need of a steady source of reliable information. We want
to have easy access to knowledge, have the opportunity to
nd out how others tackled issues we are just facing, and
learn more about the business environment we operate in. Ofno less importance, we need to trust that this information is
unbiased, keeping us, the readers, as the top priority.
Last year we launched this magazine with all this in mind. The
hard data comes from the IDEX Online trading platform,
enabling us to distill large volumes of data into concise,
meaningful information. Our international team of writers is
well versed in the global industry, and brings you the latest,
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INDIA RETAIL|
NO 13: CHAIRMANS LETTER
most important information for running a diamond and
jewellery business. We also have some in-depth analysis to
give you more when you need it.
It is our goal to introduce to the Indian retailers, the best
tools available to the industry:
The DRB, a selling and educational diamond-pricing tool
for consumers. This retail price benchmarking system givesretailers a solid framework to educate and reassure consumers
about what prices they should pay for diamonds throughout
the country.
An IDEX 100% guarantee for diamond transactions.
Guaranteed Diamond Transaction (GDT) takes the
uncertainty out of a diamond purchase. It allows you to
spot the best diamond deal available from the local and
international diamond markets and buy it with condence
with just a mouse-click
Best of all, now you can show on your website, the largest
diamond selection provided by IDEX, with your margin.
A comprehensive suite of tools that include pricing
information and trading platforms is also at your service
for when you need it.
It is my sincere hope that you have found IDEX India Retail
a useful source of information and ideas and that you choose
to continue with us in the many years to come.
Sincerely,
Ehud D. Cohen, Chairman
IDEX Online
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8IDEX MAGAZINE
INDIA RETAIL|
NO 13: CHAIRMANS LET
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INDIA RETAIL|
NO 13: CHAIRMANS LETTER
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MUMBAIDIAMOND MARKET
REPORT
by VINAY PAREKH
SURPRISINgly STRONg PRIcES
AfTER DIwAlI
Much to everyones surprise, polished diamond prices
rmed up between 2 and 4 percent after Diwali. Just before
the festival, sellers were willing to do deals just to get
inventory moving. Just after the holidays, they were holding
rm to their asking prices.
Part of the rise could be attributed to a rise in rough
diamond prices. There is usually some rming just after
Diwali as those manufacturers wanting to restart their
factories after Diwali will have to buy rough even if it isnt
at the prices they actually want. Rough diamond dealers
know this and see this period as an opportunity to recover
some ground on prices. At the time of reporting, rough
prices had risen between 8- and 10 percent.
Polished diamond dealers saw this period immediately after
the festival as a window of opportunity to claw back some
lost pricing ground. There is some Christmas demand fromoverseas and the ongoing Indian marriage season is also
a good demand generator. Polished from new production
wont come onto the market for another month. Those
who couldnt sell the polished that came out of expensive
July rough during Diwali, would naturally try and recover
some ground. Asking prices are up between 3 and 5
percent. Whether this rally will be sustained or not remains
to be seen.
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11/60IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPORT
-0.01(-2 ) Good demand for Top colors VS-SI & white
natts. Fair demand for white SI & piqu
goods.
Overall demand & prices will remain stable.
Prices for top shades & natts will remain
relatively firm.
-0.02(+2-6.5) Good demand for Top colors VVS-SI & white
natts. Fair demand for white SI & piqu
goods.
Demand & prices for top colors will remain
strong. Some shortages will be experienced due
to low productions.
0.03-0.07 (+6.5-11) Fair demand for Top colors VS-SI goods.
Some demand for piqu goods.
Overall demand & prices will remain soft.
0.08-0.14(+11-14) Fair demand for SI & piqu goods.
Some demand for VVS/VS goods.
Demand & prices will remain soft.
0.30(1/3) Fair demand for VS-SI goods.
Some demand for piqu goods.
Demand is likely to improve. Prices will remain
firm.
0.50(1/2) Good demand for SI+/J+ col.
Fair demand for I1 & lower goods.
Overall demand & Prices will be stable.
0.75(3/4) Good demand for +0.90 carat SI+/F-J col.Fair demand for I1-I2/J+ col.
Demand & prices for VS-SI /+0.90 cts. willremain firm.
1.00(4/4) Good demand for VS & SI / F-L col.
Fair demand for I1 & lower piqu goods.
Overall demand & prices will be stable. Demand
for lower colors will be stronger.
0.15-0.17(+14-15.5) Fair demand for SI+ & piqu goods. Demand & prices will remain soft.
0.18-0.22(1/5) Fair demand for SI1+ & piqu goods. Demand & prices will remain soft.
0.23-0.29(1/4) Fair demand for SI1+ & piqu goods. Overall demand & prices will be lower.
0.40(3/8) Fair demand for VS-SI goods. Overall demand & Prices will be stable.
+3.00 Fair demand for SI/G-K colors. Overall demand & prices will remain low.
MUMBAI DIAMOND TRADING IN NOVEMBER
Size in Carat(Sieve)
Comments Forward Call
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12/6012 IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPO
{dZ` nmaoI mam
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13/60IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPORT
-0.01(-2 ) Q>mn H$bg VS-SI VWm g\o$X ZQg H$sAN>r _mJ&g\o$XSI VWm {nH$ _mbm| H$s ghr _mJ&
Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zrah|Jr& Q>mn eoSg VWm ZQg H$s H$s_VVwbZm_H$ $n go _O~yV ~Zr ahoJr&
-0.02(+2-6.5) Q>mn H$bgVVS-SI VWm g\o$X ZQg H$s AN>r _mJ&
g\o$XSI VWm {nH$ _mbm| H$s ghr _mJ&Q>mn H$bgH$s Hw$b {_bmH$a _mJ VWm H$s_VpWV ~Zr ah|Jr& H$_ CnmXZ Ho$ H$maH$WmoS>r H$_r {XImB nS>oJr&
0.03-0.07 (+6.5-11) Q>mn H$bgVS-SI _mbm| H$s AN>r _mJ&
{ng _mbm| H$s WmoS>r _mJ&
Hw$b {_bmH$a _mJ VWm H$s_V Z_ah|Jr&
0.08-0.14(+11-14) SI VWm {nH$ _mbm| H$s ghr _mJ&
VVS/VS _mbm| H$s WmoS>r _mJ&_mJ VWm H$s_V Z_ ahoJr&
0.30(1/3) VS-SI _mbm| H$s ghr _mJ&
{nH$ _mbm| H$s WmoS>r _mJ&_mJ _| gwYma H$s g^mdZm h& H$s_V pWaahoJr&
0.50(1/2) SI+/J+ H$bg H$s AN>r _mJ&
I1 VWm bmoAa _mJm| H$s AN>r _mJ&Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zr ah|Jr&
0.75(3/4) +0.90 H$aoQ> SI+/F-J H$bgH$s AN>r _mJ&I1-I2/J+ col. H$s ghr _mJ&
VS-SI/+0.90cts. H$s _mJ VWm H$s_V pWV _O~yV ahoJr&
1.00(4/4) VS VWmSI/F-L H$bgH$s AN>r _mJ&
I1 VWm bmo`a {nH$ _mbm| H$s ghr _mJ&Hw$b {_bmH$a _mJ VWm H$s_V pWa ahoJr&bmo a H$bgH$s _mJ _O~yV ahoJr&
0.15-0.17(+14-15.5) SI+ VWm {nH$ _mbm| H$s ghr _mJ& _mJ VWm H$s_V Z_ ahoJr&
0.18-0.22(1/5) SI1+ VWm {nH$ _mbm| H$s ghr _mJ& _mJ VWm H$s_V Z_ ahoJr&
0.23-0.29(1/4) SI1+ VWm {nH$ _mbm| H$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V H$_ ahoJr&
0.40(3/8) VS-SI _mbm| H$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zr ah|Jr&
+3.00 SI/G-K H$bgH$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V H$_ ahoJr&
Zd~a _mh _| _w~B H$m hrao `mnmaAmH$ma H$aQ> _|(grd)
{Q>nUr \$madS> H$m b
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Worlds Premier diamond
Family exits iconic diamond
comPany
In a momentous event, mining major Anglo American
agreed to buy the Oppenheimer familys 40 percent
interest in De Beers, the worlds leading diamond miner.
The history of diamonds in the modern era is entwined
with the history of De Beers, which was founded in 1888 by
British businessman and imperialist Cecil John Rhodes
after who the erstwhile Rhodesia, present-day Zimbabwe
was named. The Oppenheimers wrested control of De
Beers in 1927 and have managed the mining group eversince. Anglo American, which the Oppenheimers founded,
has been the more or less silent partner in De Beers these
last 80 years or so.
Rhodes began by renting water pumps to miners who had
swarmed all over the Kimberley area during the diamond
rush of 1871. When an 83.5 carat diamond was found,
Rhodes decided to get directly involved in diamond
a Rhodes Realised that the keyto pRofitable diamond mining
was to ensuRe that diamond
p R i c e s R e m a i n e d h i g h . h e
stRuck a deal with a gRoup of
london meRchants known asthe diamond syndicate. the
syndicate would buy a fixed
quantity of diamonds eveRy
yeaR foR an agReed pRice. it
was a masteR stRoke.
memo
14IDEX MAGAZINE
INDIA RETAIL|
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sPecial rePort
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mining. He began buying up the claims of small miners inthe area. Soon, funded by Lord Nathan Mayer Rothschild,
Rhodes was able to consolidate his holdings by buying up
a large number of claims. De Beers Consolidated Mines
was formed by the merger of Rhodes holdings with those
of Barney Barnato. The rm was named after the farm of
brothers Johannes and Diederik de Beer, who owned the
farm on which many of the new mining claims that were
outside the Kimberley mine were situated.
Rhodes realised that the key to protable diamond mining
was to ensure that diamond prices remained high. He
struck a deal with a group of London merchants known asthe Diamond Syndicate. The Syndicate would buy a xed
quantity of diamonds every year for an agreed price. It was
a master stroke. Rhodes was assured of a good price for his
diamonds and in turn ensured that diamond supply never
exceeded the xed quota.
In 1902, the year Rhodes died, De Beers controlled 90
percent of the worlds diamond production. That same
year, however, the Cullinan mine was founded and the
owner refused to join the De Beers cartel. Instead, he sold
his production to two independent dealers, the brothers
Bernard and Ernest Oppenheimer, who had founded amining group called Anglo American with the help of the
US nancier J.P. Morgan.
The Cullinan mine soon equalled De Beers in its output.
It also yielded the worlds largest rough diamond,
name ttingly enough, the Cullinan Diamond. Ernest
Oppenheimer was soon appointed the local agent for
the Diamond Syndicate. His political power grew too,
culminating in his being appointed mayor of Kimberleyin 1912. But Oppenheimer too realised that competition
and increased production were detrimental to the future of
diamonds. He once noted, Common sense tells us that the
only way to increase the value of diamonds is to make them
scarce, that is to reduce production.
that same yeaR, howeveR, the
cullinan mine was founded
and the owneR Refused to join
the de beeRs caRtel. instead,
h e s o l d h i s p R o d u c t i o n t otwo independent dealeRs, the
bRotheRs beRnaRd and eRnest
oppenheimeR, who had founded
a mining gRoup called anglo
ameRican with the help of the
us financieR j.p. moRgan.
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which only mined and sold rough diamonds, launched a
global advertising campaign promoting diamonds and
positioning them as a symbol of the relationship between
men and women. The famousA Diamond Is Foreverslogan
was coined in 1947 by a young copywriter named Frances
Gerety of the N.W. Ayer advertising agency for De Beers.
In 2000, Advertising Agemagazine named A Diamond Is
Foreverthe best advertising slogan of the 20th century.
In keeping with its philosophy of controlling diamond
supply and maintaining prices, De Beers did not sell its
production in the open market. Instead, it entered intolong-term contracts with chosen diamond cutting rms The Cullinan mine was merged with De Beers during
World War I. In 1926, Ernest Oppenheimer bought a seat
on the board of De Beers. In 1927, he wrested control of
the company.
Throughout the 20th century, under the control of the
Oppenheimer family, beginning with Ernest, followed by
his son Harry and nally his grandson Nicholas (Nicky),
De Beers followed the principle of controlling supply and
maintaining high prices. Whatever diamonds they didnt
mine, De Beers agreed to market for the mine owners. Up
until the last decade of the century, De Beers was estimatedto control some 85 percent of the supply of the worlds
diamonds.
Just after World War II, with global peace and spreading
prosperity, De Beers realised that something needed to
be done to keep consumer demand strong and growing
throughout the world if diamond prices were to stay
strong. In another strategically telling move, De Beers,
thRoughout the 20th centuRy,
u n d e R t h e c o n t R o l o f t h e
oppenheimeR family, beginning
with eRnest, followed by his
son h aRRy and f inal l y h isgRandson nicholas (nicky), de
beeRs followed the pRinciple
of cont Rol l ing suppl y and
m a i n t a i n i n g h i g h p R i c e s .
w h a t e v e R d i a m o n d s t h e y
didnt mine, de beeRs agReed to
maRket foR the mine owneRs.
Diamnd digges camp, Kimbele, 1873
Eal pht f diamnd sting at the De Bees mine.
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product they received. While a few succeeded, many of
these moves downstream ended in failure because diamond
processors dont necessarily know enough about jewellery
development and manufacture, design, branding and retail
to make those ventures a success.
around the world. These rms were chosen for, among
other things, their nancial strength as much as their
diamond processing expertise. These select few companies
were and still are known as sightholders. They buy their
rough diamonds from De Beers at ten annual sales, called
sights (as that is when the diamond dealers actually get
to see the goods).
At rst, with an 85 percent control of the worlds diamond
supply, De Beers acted as a true monopoly, making it
mandatory for the sightholders to buy a minimum xed
value at every sight. And in order to ensure that goods from
every mine that was selling through the De Beers system
got out into the market, sightholders didnt always get
what they had asked for. Instead, they had to take goods
they didnt want, because De Beers wanted to make sure
everything under its control got to market.
All that changed in 2000, when Russias government-
owned Alrosa and the Rio Tinto owned mines of Argyle
in Australia and Diavik in Canada decided to sell outside
the system. The De Beers monopoly was effectively
ended. With its market share down to less than half the
worlds supply, De Beers then switched from trying to
control the supply of rough diamonds to controlling the
way it distributed them. It launched an initiative called the
Supplier of Choice, promising rough supplies to only
those that it deemed had done something in their own right
to raise the value of the product.
Diamond processing companies rushed to move
downstream, rst into jewellery manufacture and then
into branding and even retail to maximise the value of the
Today, De Beers controls under 40 percent of the worlds
diamond supply and has, naturally, now moved out of
global generic promotions. It has instead, launched its ownbrand of diamonds, Forevermark, providing a certied
audit trail for these stones all the way from the mine to
the retail counter. It promotes the fact that these diamonds
have been ethically mined, with fair wages to workers and
that the mining process is as environmentally green as
it possibly can be. Forevermark diamonds are also of a
certied minimum quality, most being in the upper bracket.
They are inscribed with a proprietary De Beers system. The
inscription can be viewed through a special viewer provided
by the select retailers who sell these diamonds set in jewellery.
Through all these changes, the Oppenheimer family hasbeen at the helm of De Beers. On November 4, Anglo
American, which until then held a 45 percent share in De
Beers, entered into an agreement with CHL and Centhold
International Limited (CIL), together representing the
Oppenheimer family interests to acquire their 40 percent
interest in DB Investments and De Beers SA, the holding
company for the familys De Beers holdings, for a total cash
consideration of $5.1 billion (Rs.25,003 crore), subject
in keeping with its philosophy
o f c o n t R o l l i n g d i a m o n d
s u p p l y a n d m a i n t a i n i n g
pRices, de beeRs did not sell
its pRoduction in the open
maRket. instead, it enteRed
i n t o l o n g - t e R m c o n t R a c t s
with chosen diamond cutting
fiRms aRound the woRld. these
fiRms weRe chosen foR, among
otheR things, theiR financial
st Rengt h as m uch as t h eiR
diamond pRocessing expeRtise.
Si Enest oppenheime.
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t o d a y , d e b e e R s c o n t R o l s
u n d e R 4 0 p e R c e n t o f t h e
woRlds diamond supply and
has, natuRally, now moved out
of global geneRic pRomotions.
it has instead, launched its
o w n b R a n d o f d i a m o n d s ,
f o R e v e R m a R k , p R o v i d i n g a
ceRtified audit tRail foR these
stones all the way fRom the
mine to the Retail counteR. it
pRomotes the fact that thesediamonds have been ethically
m i n e d , w i t h f a i R w a g e s t o
woRkeRs and that the mining
pRocess is as enviRonmentally
gReen as it possibly can be.
The wlds lagest diamnd, a 3,106 caat gh stne, was fnd in 1905 b mine spevisFedeick Wells (ight) and was named afte Si Thmas Cllinan (left) wh pened the mine.
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to certain conditions. This will raise Anglo Americans
holdings in De Beers to 85 percent. The government of
Botswana, which holds a 15 percent share in De Beers,
has a preemption agreement allowing it rst buying rights
to increase its holdings to 25 percent. Should it exercise
this right, then Anglo Americans holdings will stand at
75 percent and the sale price will correspondingly be
reduced.
Cynthia Carroll, Chief Executive of Anglo American,
said: This transaction is a unique opportunity for Anglo
American to consolidate control of the worlds leading
diamond company De Beers. Todays announcement
marks our commitment to an industry with highly
attractive long term supply and demand fundamentals.
Underpinned by the security of supply offered by a new
10-year sales agreement with our partner, the Government
of the Republic of Botswana, this forms a compelling
proposition. De Beers management team has led the
business successfully through the nancial crisis and into a
stable position and it is now well placed for the future, with
improving performance throughout 2011. I believe that
the benets brought by Anglo Americans scale, technical,
operational and exploration expertise and nancial
resources, combined with the unquestionable leadership
of De Beers business and iconic brand will enable De
Beers to enhance its position across the diamond pipeline
and capture the potential presented by a rapidly evolving
diamond market.
Nicky Oppenheimer, representing the Oppenheimerfamily interests, said: This has been a momentous and
difcult decision as my family has been in the diamond
industry for more than 100 years and part of De Beers for
over 80 years. After careful and deliberate consideration of
the offer, and what is in the best interests of the family,
we unanimously agreed to accept Anglo Americans offer.
Anglo American is the natural home for our stake as they
have been major shareholders in De Beers since 1926 and
have a deep knowledge of the diamond business. I am
certain that Anglo American will provide strong support to
Philippe Mellier (the current De Beers CEO) and the De
Beers management team.
The Minister of Minerals, Energy, and Water Resources,
Dr. Ponatshego H Kedikilwe, on behalf of the Republic
of Botswana said: The diamond industry is a major
contributor to our economy in Botswana. We are grateful to
the Oppenheimer family for their vision and contribution
to the diamond industry and to Botswana and we will
proudly take forward that legacy with Anglo American. We
Sting gh diamnds at DTC Btswana.
rgh diamnds
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cynthia caRRoll, chief executive of anglo ameRican, said: this tRansaction
is a unique oppoRtunity foR anglo ameRican to consolidate contRol of the
woRlds leading diamond company de beeRs. todays announcement maRks
ouR commitment to an industRy with highly attRactive long teRm supply and
demand fundamentals. undeRpinned by the secuRity of supply offeRed by a new
10-yeaR sales agReement with ouR paRtneR, the goveRnment of the Republic of
botswana, this foRms a compelling pRoposition.
remarkable achievement. We look forward to increasing ourinvolvement in the business and building strong links and
relationships with De Beers Sightholders and partners.
A clause in the agreement states that Anglo American will
pay the Oppenheimers $75 million (Rs.368 crore) if for any
reason the sale doesnt close. The agreement will kick in by
the middle of 2012 if the government of Botswana has not
by then exercised its option to increase its holdings. idex
look forward to building on the excellent relationship wehave with Anglo American, both through our ownership of
De Beers and through the Debswana joint venture.
Sir John Parker, Chairman of Anglo American, added:
The purchase of an incremental interest in De Beers
is fully aligned with the Boards strategic priorities. The
value created in De Beers and the diamond industry by
the Oppenheimer family over the past century has been a
DTC Btswana sting facilit.
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retAiLet
ceterA
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deceMber deLiGhts
when its Cold outside, let these beAutiful new
jewellery desiGns wArM you uP. As usuAl, theres
soMethinG here for eVeryone, froM eArrinGs to
brACelets And rinGs.
uni-desiGns new
oFFerinGs in white GoLd
& pLAtinuM
jewelry by uni-desiGn
Uni-Designs new offerings move away from the yellow
gold look and feature both white gold and platinum in a
range featuring rings and pendants.
This stunning 18K white gold ring features 136 pav set
diamonds weighing 1.076 carats surround a dazzling 1
carat ruby.
This delicately crafted pendant in white gold is a scintillating
duet between a 23.5 carat prong-set emerald surrounded by
154 round diamonds weighing 1.45 carats.
Impeccable craftsmanship is the hallmark of this graceful
platinum solitaire set. The channel-set diamonds stand
strong and serene with diamond weights of 0.14carats and
0.11 carats respectively.
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GeoArt by Cynthia Gale recently launched the ArtKnots
Collection featuring an assortment of colored freshwater
pearls, beaded accent gemstone strands and S-Hooks. The
S-Hooks are used to mix and match pearl strands and
have varied decorative elements including a oral pattern,
feathers, a nude goddess, ligree with white pearl, double
Celtic hearts and a sterling silver and 14 karat-plated two
tone quatrefoil. Says Cynthia Gale, ArtKnots offers the
GeoArt customer an opportunity to get creativewhat
woman doesnt want to customize her accessories to suit
her mood and wardrobe?
Mix And MAtch
jewelry by GeoArt by CynthiA GAle
Fireworks!
jewelry by AnGelique de PAris
Innovative Angelique de Paris has once again set offdesign reworks with these Starburst bangles. The wrist
pieces are rendered in sterling silver and accented in
gemstone cabochons in amethyst or pink, yellow or green
tourmaline with white topaz. In the words of the designer,
Exquisite luminosity and translucence capped with a
cabochon celestial star will transport you to another land.
We agree!
To make this stunning mandarin garnet ring from the Soire
CollectionbyVictor Mayer, authentic re enamel is fused
on gold at temperatures of more than 800 centigrade. The
design of the ring is highly inuenced by the iconography
and the style of art deco jewelry.
jewelry by ViCtor MAyer
GorGeous GArnet
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jewelry by Anil MAloo of los AnGeles-bAsed bAGGins, inC.
LiGht oF My LiFe
The Aurora Eclipseearrings by pearl jewelry designer Anil
Maloo of Los Angeles-based Baggins, Inc. are crafted
in 18 karat white gold with black rhodium nish and areencrusted with 8.16 carats of light cognac diamonds that
are pav set upside down. The pearls are round, white
South Sea pearls measuring more than 13mm in diameter.
Over the last 20 years, diamond companyDalumi has
developed a specialization in natural yellow diamonds, as
these beautiful pieces from the Golden Diamonds Collection
attest. The collection consists of exquisitely designed 18
karat white and yellow gold rings and pendants featuring
yellow diamonds sized at 1 carat and above. Each piece is
tailor-made based on the unique features of the selected
center diamond.
jewelry by dAluMi
rArity Meets speciALity
For those women who are not afraid of drawing attention
to themselves, this multi-colored gemstone hinged bracelet
from Stuller is the perfect piece to wear with any Outt.
Its colourful hues will be the perfect match for any fashion
choice! The cuff bracelet is made of sterling silver andenhanced with genuine amethyst, citrine, mozambique
garnet, peridot and sky blue topaz.
jewelry by stuller
rAinbow briGht
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Cheque for the purchase of the Kimberley mines
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The Kimberley mine in 1872
Early photo of diamond sorting at De Beers.
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H$m {ZU` {b`m& Bggo S>r ~r`gH$m EH$m{YH$ma ^mdr $n goI_ hAm& X{Z`m ^a Ho$ hrao H$s Amny{V_| A~ S>r ~r`gH$m{hgm KQ>H$a AmYm ah J`m& A~ BgZo H$o hrao Ho$ {Z`UH$mo N>moS>H$a CZHo$ {dVaU Ho$ VarHo$ na {Z`U H$m`_ H$aZoH$m `mg {H$`m& BgZo gbm`a Am\$ MmBg Zm_H$ EH$ nhbH$s, {OgHo$ VhV Ho$db Ch| hr H$o hrao H$m Amny{V H$s OmE{Ohm|Zo AnZo A{YH$ma _| CnmX Ho$ _y` H$mo ~T>mZo Ho$ {bEHw$N> {H$`m hmo& hram mgoqgJ H$n{Z`m Xgao jom| _| Hy$X n S>t, Ogo nhbo doAm yfU {Z_mU _| AmB {\$a CZHo$ ~mqS>J _| Ama V~ [aQ>ob _|^r, Vm{H$ Ch| m CnmX Ho$ _y` H$mo A{YH$V_ {H$`m OmgHo$& Bg_| Ohm Hw$N> H$mo g\$bVm {_br Vmo H$B H$mo Ag\$bVm H$m gm_Zm H$aZm n S>m `m| {H$ hrao Ho$ mgo ga H$mo Am yfU{dH$mg VWm {Z_mU, {S>OmBZ, ~mqS>J d [aQ>ob H$m n`m AZw dZht Wm&
AmO S>r ~r`g X{Z`m ^a Ho$ hrao H$s Amny{V H$m40 {VeV{hgo H$mo {Z`{V H$aVm h, Eogo _| dm^m{dH$ h {H$ `h bmo~bOoZ[aH$ mo_moeZ go ~mha {ZH$b J`m& BgHo$ ~Xbo BgZo hram|H$m AnZm ~mS> \$maEda_mH$ bmM {H$`m, {OgZo IXmZ go boH$a[aQ>ob H$mCQ>a VH$ OmZo H$s {H$`m H$m EH$ m_m{UV Am{S>Q> Q>obXmZ {H$`m& BgZo Bg V` H$mo ~T>mdm {X`m {H$ `o hrao Z{VH$$n go {ZH$mbo JE h, {Og_| _OXam| H$mo C{MV _OXar Xr JBVWm IwXmBH$s {H$`m ha g d $n go n`mdaU {hVfr Wr&\$maEda_mH$ S>m_`Sg r EH$ `yZV_ JwUdVm Ho$ {bE m_m{UVh, {OZ_| go A{YH$Va D$Mo Va Ho$ h& CZna S>r ~r`g {gQ>_
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$n _| H$m` {H$`m, {OgHo$ VhV gmBQ>hmoS>gH$mo `oH$ gmBQ>na EH$ `yZV_ V` _y` Ho$ hrao IarXZo hr hmoVo Wo& Ama `hgw{Z{V H$aZo Ho$ {bE {H$ S>r ~r`g{gQ>_ Ho$ O[aE `oH$IXmZ go {ZH$bo _mb H$mo ~mOma {_bo, gmBQ> hmoS>g H$mo H$^rdh Zhr {_bm Omo do MmhVo Wo& ~Xbo _| Ch| do _mb boZo nS>VoWo Omo do Zht boZm MmhVo, `m|{H$ S>r ~r`g`h MmhVm Wm {H$BgHo$ {Z`U dmbr ha MrO H$mo ~mOma {_bo&
AmQ>{b`m Ho$ AJmBb _| VWm H$mZmS>m _| {S>`m{dH$ _| [a`mo qQ>Q>moH$s dm{_d dmbr IXmZm| Zo Bg {gQ>_ Ho$ ~mha {~H$s H$aZo
Harry and Nicholas Oppenheimer.
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Nicholas (Nicky) Oppenheimer.
H$m dm{_d N>nm hmoVm h& o A{^boI EH$ {deof VarHo$ go XoImOm gH$Vm h, Omo BZ hram| H$mo dobar _| ~oMZo dmbo Hw$N> MwqZXm[aQ>obg mam CnbY H$am`m h&
`{n `o g^r n[adVZ Ho$ {bhmO go AmonoZho_a n[adma na S>r
~r`gH$m {Z`U ahm& 4 Zd~a H$mo E|bmo A_o[aH$Z (Omo V~VH$ S>r ~r`g _|45% H$s {hgoXmar aIVm Wm) Zo CHL VWmg|Q>hmoS> BQ>aZoeZb {b{_Q>oS> (CIL), Ho$ gmW EH$ H$ama {H$`m,{OgHo$ VhV Bhm|Zo Amono Zho_a n[adma mam S>r~r BdoQ>_|Q> VWm S>r~r`gEgE (Bg n[adma Ho$ S>r ~r`g hmopS>g H$mhmopS>J H$nZr) Ho$ 40% {hgo H$s IarX H$s, {OgH$s Hw$bH$s_V5.1 Aa~ (Rs.25,003 H$amoS>) Wm, Ama `h Hw$N> eVm]Ho$ AYrZ Wm& Bggo S>r ~r`g _| E|bmo A_o[aH$Z H$s hmopS>J~T>H$a 85% hmo OmEJr& S>r ~r`g _|15% H$s {hgoXmar aIZodmbr ~moQgdmZm gaH$ma Zo EH$ H$ama {H$`m h, {OgHo$ VhV
Bgo AnZr hmopS>g ~T>mH$a 25% H$aZo Ho$ {bE W_ IarXA{YH$ma m hAm& `{X `h Bg A{YH$ma H$mo bmJy H$aVm h,V~ E|bmo A_o[aH$Z H$s hmopS>g75% na Am OmEJr VWm gobH$s_V Cgr AZw$n H$_ hmo OmEJr&
E|bmo A_o[aH$Z H$s qg{W`m H$amob Ho$ _wVm{~H$, `h Q>mOeZE|bmo A_o[aH$Z Ho$ {bE X{Z`m Ho$ _wI hram H$nZr S>r ~r`g_|AnZo {Z`U ~T>mZo H$m EH$ AZmoIm Adga h& AmO H$s KmofUm
H$m\$s AmH$fH$ h Omo XrK H$mb H$s Amny{VVWm _mJ \$S>m_|Q>gdmbo EH$ CmoJ Ho$ {V h_mar {V~Vm H$mo XemVr h& AnZonmQ>Zg~moQ gdmZm JUam` H$s gaH$ma Ho$ gmW10 gmb Ho$EH$ ZE gog g_PmVo mam noe H$s JB _mJ gwajm Ho$ H$maUEH$ _O~yar dmbm Vmd {Z{_V hAm h& S>r ~r`g~YZ Q>r_
Zo `dgm` H$mo {dmr` gH$Q> Ho$ Xma _| g\$bVmnydH$ gMm{bV{H$`m Ama Bgo EH$ Wm`r pW{V XmZ H$s& nyao2011 _| AN>oXeZ Ho$ gmW hr A~ `h ~ohVa ^{d` Ho$ {bE V ma h& _wPobJVm h {H$ E|bmo A_o[aH$m Ho$ Ho$b, VH$ZrH$s, gMmbZ VWmImoO XjVm Ama {dmr` ggmYZ mam m bm^ Ama S>r ~r`gH$s {ZamnX ZoVd j_Vm Ho$ gmW `dgm` VWm {V{>V ~mS> Ho$H$maU S>r ~r`gAnZm WmZ nyao S>m`_S> nmBnbmBZ _| _O~yVH$aoJm d VoOr go ~T>Vo hrao ~mOma mam VwV g mdZmAm| H$mCn`moJ H$aoJm&
AmonoZho_a n[adma Ho$ {V{Z{Y {ZH$s AmonoZho_a Zo H$hm: `hEH$ `mXJma Ama H${R>Z \$gbm ahm `m| {H$ _oam n[adma hramCmoJ _| 100 dfm]go A{YH$ g_` go h Ama `h bJ^J80dfm]go S>r ~r`g H$m {hgm h& Am\$a Ho$ {bE gmdYmZrnydH$Ama gmoM-g_PH$a {bE \$gbo Ho$ ~mX, Omo {H$ n[adma Ho$ {hV _| A{YH$ Wm, h_Zo gdg_{V go E|bmo A_o[aH$Z H$mAm\$a drH$ma {H$`m& E|bmo A_o[aH$Z h_mao {hgo Ho$ {bEEH$ dm^m{dH$ WmZ Wm `m|{H$ BgH$m1926 go hr S>r ~r`g
AmonoZho_a n[adma Ho$ {V{Z{Y {ZH$sAmonoZho_a Zo H$hm: `h EH$ `mXJmaAma H${R>Z \$gbm ahm `m|{H$ _oam
n[adma hram CmoJ _| 100 dfm] goA{YH$ g_` go h Ama `h bJ^J80 dfm] go S>r ~r`g H$m {hgm h& Am\$a Ho$ {bE gmdYmZrnydH$Ama gmo M-g_PH$a {bE \$gbo Ho$ ~mX, Omo {H$ n[adma Ho$ {hV
_| A{YH$ Wm, h_Zo gdg_{V goE|bmo A_o[aH$Z H$m Am\$a drH$ma{H$`m&
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Rough diamonds at De Beers.
_| ~S>r {hgoXmar ahr, Ama hrao Ho$ `dgm` Ho$ ~mao _| JhamAZw d ahm& _wPo ^amogm h {H$ E|bmo A_o[aH$Z {\${bn _o{b`a(S>r ~r`gHo$ _mOyXm grBAmo) VWm S>r ~r`gHo$ ~YZ Q>r_ H$moEH$ _O~yV ghm`Vm XmZ H$aoJm& I{ZO, D$OmVWm Ob ggmYZ _ r S>m. nmoZoQ>meoJmo EMHo$S>r{H$do Zo ~moQgdmZm JUam` H$s Amoa go H$hm: hram `dgm`
E|bmo A_o[aH$Z H$s qg{W`m H$amob Ho$ _wVm{~H$, `h Q>mOeZ E|bmoA_o[aH$Z Ho$ {bE X{Z`m Ho$ _wIhram H $nZr S>r ~r`g _| AnZo {Z U~T>mZo H$m EH$ AZmoIm Adga h&AmO H$s KmofUm H$m\$s AmH$fH$ hOmo XrK H$mb H$s Amny{V VWm _mJ\$S>m_|Q>g dmbo EH$ CmoJ Ho $ {Vh_mar {V~Vm H$mo XemVr h&
~moQdmZm H$s AW`dWm _| EH$ Ah_ y {_H$m {Z^mVm h& h_ AmonoZho_a n[adma H$m CZHo$ {dOZ VWm Bg CmoJ Ama~moQgdmZm _| CZH$s y{_H$m Ho$ {bE ewH$JwOma h Ama h_| Bg {damgV H$mo E|bmo A_o [aH$Z Ho$ gmW Ama AmJo ~T>mZo _| Jd_hgyg hmoVm h& E|bmo A_o[aH$Z Ho$ gmW AnZo ~ohVarZ [aVo
H$mo S>r ~r`g na h_mao dm{_d VWm So>gdmbm g`w$ CnH$_Ho$ O[aE AmJo ~T>mZo Ho$ BNw>H$ h&
E|bmo A_o[aH$Z Ho$ A`j ga OmZ nmH$a Zo H$hm, S>r ~r`g_|~T>r hB{hgoXmar IarXZm nyU$n go ~moS> H$m aUZ{VH$ \$gbmh& AmonoZho_a n[adma mam {nN>bo gXr Ho$ XmamZ S>r ~r`gVWmhram CmoJ _| A{OV _y` EH$ CoIZr` CnbpY ahr& h_AnZo H$m` H$mo `dgm` _| ~T>mZm MmhVo h VWm S>r ~r`g Ho$gmBQ> hmoS>gVWm nmQ>Zg Ho$ gmW _O~yV [aVo ~ZmZm MmhVoh&
Bg g_PmVo _| EH$ AZwN>oX _| CoI h {H$ {X {H$gr H$maUdegob bmoO Zht hmo Vm h, Vmo Eogr pW{V _| E| bmo A_o[aH$ZAmonoZho_a H$mo 75 {_{b`Z (Rs.368 H$amoS>) am{e H$m wJVmZH$aoJm& `{X ~moQgdmZm gaH$ma2012 Ho$ _` VH$ AnZo {hgoH$mo ~T>mZo H$m {dH$n H$mo Zht AmO_mVr h, V~ Bg g_PmVo H$moPQ>H$m bJ gH$Vm h&IDEX
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40IDEX MAGAZINE
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Whatthe IndIan Consumer
noW WantsBY VINOD KURIYAN
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n the rapidly growing Indian luxury goods sector, the
watches and jewellery represent the largest and fastest
growing segments. The reason for this is that the Indian
luxury consumer primarily seeks long term investment
from luxury products. They serve more as assets. These
are the ndings of a study of the Indian luxury sector bymanagement consultants Technopak. Another study by
the group of the Indian consumer in general, however,
indicates that the Indian consumption market is all about
caution and price points.
Having witnessed the global economic slowdown and now
keeping an eye on the uncertain economic situation in both
Europe and the United States, the Indian consumer is now
cautious and very value conscious. Products and services
that deliver maximum value yet pinch the pocket the least
are at the top of preference list.
This is one of ten Indian consumer trends for 2011-12,
outlined in the Technopak study. Elaborating on the rst
trend, the Technopak study notes: To unlock the full
potential of the Indian middle class as consumers and
drivers of growth, marketers must continue to address
issues like limited disposable income. The middle class
wants to enjoy a lifestyle that does not burn a hole in
their pockets. Marketers need to bear this in mind while
designing products and services.
Charmed by modernity in all its gritty glory,todays hyper consumer welcomes innovation,creativity and unconventionality. He or she
is moving away from traditional, social andfamilial structures and feels that now itstime to loosen up. The more experienced andoutspoken consumer is appreciating brandsthat are enterprising, candid and even a bit
more risqu.
I
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42IDEX MAGAZINE
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For the jewellery retail industry (along with a whole range
of other consumer goods), the validity of this rst trend
was driven home this Diwali. Consumer purchasing was
extremely price conscious and much of the buying was
centred on products that would maintain value, if not
grow it. According to the study, this trend is set to continue
into 2012. Whats more, the study identies the middle
class as the growth drivers and thus a segment that cannot
be ignored by anyone selling products and services
jewellery retailers take note.
The study notes: The mass segment is the catalyst of
growth and ignoring this important segment will cost a lot.Companies by following a strategy focused on innovation,
design and usage can develop products and services at
affordable prices. Such products will satisfy the aspiration
for better products and at the same time be cost effective.
Along with the cost consciousness, the Indian consumer
has also got heart. Any product that enables the consumer
to reach out in some way to society; that helps those who
are less fortunate or makes a positive contribution to the
environment, is now favoured by the Indian consumer. The
Technopak study notes: With increased consciousness,
consumers are positively responding to products and
services which have a generous component; especiallythose, portions of which would be donated to a worthy
cause. The ecological and social concerns which existed
earlier, but were never manifested, would gain momentum.
Increased awareness of consumers and at the same time,
efforts by retailers, of connecting with consumers, through
an element of embedded generosity in their products,
would extend an emotional reason to buy. Following
which, giving initiatives that make donating painless, if not
automatic, will be amplied. At the same time, preference
for eco friendly products will also be enhanced.
With initiatives like the Gem & Jewellery NationalRelief Foundation (GJNRF), as well as the tremendous
contributions to social upliftment and poverty alleviation
by individual rms, the gem and jewellery industry in
India is among the most socially aware and active. Yet the
consumer knows very little of this. One marketer observed,
Something simple, like announcing to the customer
that a specic fraction of the sale proceeds will go the
to the GJNRF, for instance, would go a long way toward
motivating the customer to buy.
stAtUs Is A KEY sALEs DRIVEROne of the key drivers of jewellery sales, particularly at the
high end, is status. Big, expensive jewellery has been the
most surere way of conferring status. It might not be that
guaranteed now, going by one of the trends the study has
highlighted. The Indian consumer now values experience
over obviously perceivable expense. To quote the study:
There has been a gradual drift from owning the most
expensive to experiencing the most unique. Taking pride in
sharing the experience of something exceptional is socially
indulging and hence personally attering.
This trend might be new, the study observes, but that doesntmake it permanent. Status symbols are destined to change
with time but the consumers desire to stand out from the
crowd is boundless and permanent. The study advises
product marketers that adding an element to the product
that would help build up the consumers image, would go
a long way to having that product desired. The need is to
gure out how the product can help the consumer show
off his or her new status in the most impressive way.
The study also found that while todays consumers value
and seek out a contemporary look and feel for the products
they buy, they also value Indias rich heritage and theproducts and services associated with that history. Thus
while todays Indian consumers, particularly those below the
age of 35, want the latest in styles and trends to be reected
in their product, they are partial to modern interpretations
of Indian heritage products and processes. This is reected
in the strong consumer demand for traditional kundan,
meena, jadau and polki jewellery, especially those designs
that have been tweaked with modern design interpretations,
even among the below 35 age bracket.
The modern touches and interpretations are important as
the Technopak study cautions that history and heritagealone are not bulletproof guarantees of continued
consumer demand. The design and product also need to
give the consumer a feeling of being connected with the
modern and contemporary.
In fact, there is a strong movement away from the traditional
and Indian consumers are no longer simply looking to blend
in with established norms. They want to stand out and look
for products that do so too. As the study puts it: The old
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Design thinking will continue toplay a key role as a differentiator.
Anything unique and distinct will
capture greater audience and
would prove to be more effective.
Any medium that eases out
consumers queries and
at the same time is
attractive enough to
delight them, would gainpopularity. It is important
for the brands to keep an
eye on consumers altering
demands and revamp their
communication strategy
in line with consumers
changing aspirations.
IDEX MAGAZINEINDIA RETAIL
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order is changing and yielding place to new. The change
is fast and for all to see. The new age liberal consumer in
emerging economies like India is also positively responding
to the change. Charmed by modernity in all its gritty glory,
todays hyper consumer welcomes innovation, creativity
and unconventionality. He or she is moving away from
traditional, social and familial structures and feels that now
its time to loosen up. The more experienced and outspoken
consumer is appreciating brands that are enterprising,
candid and even a bit more risqu.
The broad spread of more liberal attitudes and increasing
urbanization has given birth to savvy streetwise consumers
who do not hesitate in trying products that push the
boundaries. Consumption for them is a means of reecting
their personality and changing belief system. The very
afuent urban consumer is increasingly looking for
products and services which can give him the thrill and a
sense of eccentricity. No wonder any product or service
that reects change to societys cultural foundations and
established rules, is catching the fancy of new age urbane
consumer. Subsequently, brands are giving importance
to innovative, bold and unusual ideas and concepts and
branding their products accordingly. There has never been
a bigger market for demanding, bold and unconventional
offerings before.
Therefore this ongoing collapse of the established beliefs,
rituals and laws that society held close for years, is seen
bringing into the market, products that are practical,
expressive, cool, bold, unconventional and even naughty.Products are now in tune with the very dynamic culture and
promise passion and excitement to the global consumer.
EAsE & CONVENIENCE A PLUs POINtModern life with its pressures is also affecting consumer
behaviour. Any product or service that can be accessed in the
least possible time, with the least hassles and complications,
gives the customer more control over choice and decision
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and services. Anything that delivers on their wants (and
at times surprises them with some unexpected benet)
is ought to be appreciated by the consumers. Precisely,
anything that instantly supports their needs, apart from
merely providing them with the expected functions would
denitely please them. Offering additional service has
become anonymous with selling, says the study.
How the product is presented to the consumer is now also
of vital importance. Overloaded with a media blitz, Indian
consumers are partial to those products and services
that reach out to them innovatively and perhaps through
non-traditional media channels. The study observes,With the changes in consumers mindset, the traditional
media has begun to stagger. And hence, the brands are
developing newer communication strategies to reach out
to its target consumers. Taking for instance; todays time
pressed consumer seeks out for convenience and easy and
immediate information. Catering to which, brands can
use large digital impressions,
detailing the features of
products. Moreover, digital
kiosks can ease consumers
concerns of seeking details
of a product.
Design thinking will
continue to play a key role
as a differentiator. Anything
unique and distinct will
capture greater audience
and would prove to be more
effective. Any medium that
eases out consumers queries
and at the same time is attractive
enough to delight them, would
gain popularity. It is importantfor the brands to keep an eye
on consumers altering demands
and revamp their communication
strategy in line with consumers
changing aspirations.
Many jewellery brands in other
global markets have begun
using innovative means to reach
gives the customer more control over choice and decision
making and in effect offers more independence in choice
and implementation is today valued by the Indian consumer
particularly the urban one. The study says consumers
prefer those products and services that give them on the
plate benets.
This could mean that a product that offers more in the way
of fringe benets is preferred. If the purchase of a piece
of jewellery also brings with it preferred customer status
for other lifestyle products, or an incentive in the form of
of the buy-back of old jewellery, the recycling of diamonds
and gemstones or a range of many other benets, thatparticular piece or line of jewellery is going to be favoured
by a large number of consumers.
In their fast paced lifestyle, consumers have now begun
to look beyond the given and functional benets of a
product and wish to look for more extended applications
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consumers. As we reported in our last issue, De Beers
Forevermark brand of diamonds is now using a unique
way to reach out to potential customers a digital 3D
system that, with the aid of a webcam, lets a person
virtually try on a piece of jewellery featuring its diamonds
over the internet.
The study reects these innovations, noting that
traditional media has begun to lose ground. In response,
brands have developed new strategies to reach out to
their target customers. The new strategies include the
use of digital kiosks and digital information distribution.
The study notes: Design thinking will continue to play akey role as a differentiator. Anything unique and distinct
will capture greater audience and will prove to be more
effective. Any medium that eases consumers queries and
at the same time is attractive enough to delight them,
would gain popularity. It is important for the brands to
keep an eye on consumers altering demands and revamp
their communication strategy in line with consumers
changing aspirations.
WhAts AGE GOt tO DO WIth It?Among the studys most signicant ndings is that the
target consumer group for all products now includes eventhose who have retired from active economic activity.
These retirees havent lost their purchasing clout and are
now willing to try new products and services just as much
as the younger target groups.
The study points out, The current day older generation
is fast emerging as an exceptional genre with new desires
and anticipation and are increasingly showcasing the
life begins after retirement attitude. As this generation
is becoming more economically stable and largely self
reliant, traditional retirement has gradually become a
thing of the past. Even though the earlier phase of theirlife was rushed with a bundle of responsibilities and life
primarily revolved around tight deadlines at workplace,
bringing up their children and various other pressures,
they did not miss out on a meticulous plan to save up for
a comfortable later life.
And now, when they are free from the burden of
numerous responsibilities, they look forward for ways
to enjoy and LIVE their life without strings. Their
considerations have expanded beyond the constraints
of familial ties. As they become self reliant both
emotionally and economically, they are now condent
to face the various challenges of old age. Long pending
wishes which were close to their hearts, but had taken a
backseat, gain weight and they want to experience all their
unfullled desires. Leading a hassle free life, without any
worries and at the same time enjoying to the fullest has
become their top most priority. This has been possible
because of change in their attitude and a strong nancial
holding.
Thus the Indian consumers tastes and demands haveevolved considerably from what they were just a few years
ago.They continue to evolve and the trend appears to be
towards bringing Indian consumer behaviour more in line
with consumers in the developed countries. However,
domestic demand in India will always have its own unique
avour and those selling products and services need to
stay in tune with them.
The potential is great. The Technopak luxury study
reports that the Indian economy has increased by
Rs.47,78,157 crore ($975 billion over the last 10 years.
It is project to increase by another Rs.88,75,122 crore($1,811 billion) over the next ten years. India has over two
million households earning Rs.49 lakh ($100,000) or more
annually and these households are expected to grow at a
13 percent rate over the coming years.
The segment geared to show tremendous promise over
the next few years is number of households earning
between Rs.24.5 lakh ($50,000) and Rs.49 lakh ($100,000)
annually. The two segments are projected to combine to
contribute signicantly to the growth of the luxury sector
at 20 percent over the next ve years to reach Rs.33,325
crore ($6.8 billion) in 2015 from the current Rs.14,702crore ($3 billion).
Luxury assets currently comprises the largest share of
the luxury market at 65 percent, followed by services
at 22 percent and products at 13 percent. It is clear that
products hold the largest potential for growth and best
opportunity for products and services looking to grow
their Indian market share in the future.
IdeX
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^maVr` Cn^mo$mA~ `m MmhVo h{dZmoX Hw$[a`Z mam
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VoOr go ~T>Vr ^maVr` {dbm{gVm dVwAm| Ho$ jo _| K{S>`m VWmAm yfU VoOr go ~T>Zo dmbo g~go ~S>o joH$ h& BgH$m H$maU`h h {H$ {dbm{gVm dVwAm| Ho$ ^maVr` Cn^mo$m _yb $n go{dbm{gVm dVwAm| go XrKH$mbrZ {Zdoe H$s BN>m aIVo h& `odVwE n[agn{m Ho$ $n _| A{YH$ hmoVr h& `h {ZH$f _ZoO_|Q>H$gQ>| Q> Q>oZmo nH$ mam ^maVr` {dbm{gVm joH$ Ho$ ~mao _| H$amE JE A``Z H$m h& Am_ ^maVr` Cn^mo $m na H$amEJE EH$ A` A``Z XemVm h {H$ ^maVr` Cn^mo$m ~mOmagmdYmZr Ama H$s_V Ho$ _wm| H$mo Ah{_`V XoVm h&
{d Va na N>mE hE Am{WH$ _Xr Ama A~ yamon Ama A_o[aH$mH$s A{Z{V Am{WH$ n[apW{V`m| Ho$ _oZOa ^maVr` Cn^mo$mA~ ~hV gmdYmZr ~aVZo bJo h Ama _y` gdoXr hmo JE h&A{YH$V_ _y` XoZo dmbo CnmX Ama go dmE Omo Cn^mo$m Ho$Oo~m| na H$_ go H$_ ~moP S>mbVo h, mW{_H$Vm gyMr _| CZH$mWmZ D$na ahVm h&
`h2011-2012 Ho$ Xg ^maVr` Cn^mo$m PmZm| _| go EH$h {Ogo Q>oZmonH$ Ho$ A``Z _| aoIm{H$V {H$`m J`m h& nhboPmZ H$mo {dVma go g_PmVo hE Q>oZmonH$ H$m A``Z ~VmVmh: Cn^mo$m Ama {dH$mg Ho$ dmhH$ Ho $ $n _| ^maVr` _`_ dJH$s gnyU j_Vm H$mo gm_Zo bmZo Ho $ {bE ~mOmaH${_`m| (_mH}$Q>g)H$mo gr{_V `mo` Am` H$s g_`m na {ZaVa `mZ XoVo ahZmhmoJm& _`_ dJEogr OrdZebr MmhVm h {Oggo CZHo$ Oo~m| na`mXm ~moP Z nS>o& CnmXm| Ama godmAm| H$mo {S>Om`Z H$aZo Ho$XmamZ ~mOmaH${_ m| H$mo `h V` `mZ _| aIZm Mm{hE&
XaAgb, nman[aH$Vm go Xa hQ>Zo H$m EH$ _O~yV AmXmobZ Omar
h Ama maVr` Cn^mo$m Wm{nV _mZXS>m| Ho$ gmW KwbZo-{_bZoH$s A~ Ama BN>m Zht aIVo& A~ do IwX H$mo AbJ {XImZmMmhVo h Ama Eogm hr do AnZr ngX Ho$ CnmXm| Ho$ {bE r MmhVoh& Ogm {H$ A``Z ~VmVm h& nwamZo PmZ ~Xb aho h AmaZE Ho$ {bE O_rZ V`ma hmo ahr h& n[adVZ H$s aVma VoO hAma `h n> {XImB nS>Vr h&
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IwXam A yfU CmoJ (A` Cn^mo$m dVwAm| H$s gnyUlIbm Ho$ gmW) Ho$ {bE Bg PmZ H$s W_ nw {> Bg {Xdmbr Ho$Adga na hB& Cn^mo$m IarXmar {~Hw$b _y` gdoXr hmoVr h
Ama `mXmVa IarXmar Eogr dVwAm| H$s OmVr h {OZHo$ _y`_| AmJo MbH$a d{ Z ^r hmo, bo{H$Z dh ~aH$ama O$a aho&A``Z Ho$ AZwgma `h PmZ2012 VH$ ~Zo ahZo H$s C_rXh& gmW hr, IwXam Am y fUm| Ho$ `dgm`r `mZ X|- `hA``Z _`_ dJH$mo {dH$mg Ho$ dmhH$ Ho$ $n _| nhMmZ H$aVmh Ama BgH$ma `h dh joH$ h {Ogo CnmX Ama godmAm| Ho$gOZH$VmAm| mam ZOaAXmO Zht {H$`m OmZm Mm{hE&
A``Z Ho$ AZwgma Cn^mo$mAm| H$m EH$ {demb dJ gd{H$m Co aH$ h Am a BVZo _hdnyU dJ H$mo ZOaAXmO H$aZoH$s ^mar H$s_V Mw H$mZr n S> gH$Vr h& ZEnZ, {S>Om`Z Ama
`dhma na H|${V aUZr{V AnZmH$a H$n{Z`m `mdhm[aH$ H$s_Vna CnmXm| Ama godmAm| H$m {Z_mU H$a gH$Vr h& Eogo CnmXJmhH$ H$mo CVar` CnmXm| dmbr gVw{> C{MV H$s_V _| XmZ H$a gH$Vo h& H$s_V H$mo boH$a gdoXZerb hmoZo Ho$ gmW hrgmW ^maVr` Cn^mo$m gX` ^r h& Eogm H$moB^r CnmX OmoCn^mo$m H$mo {H$gr Z {H$gr $n _| g_mO go OmoS>Vm h; {OgH$sdOh go g_mO Ho$ AnojmH$V H$_ m`embr bmoJm| H$s _XX hmoVrh `m {OgH$m n`mdaU H$s ajm _| `moJXmZ ahVm h, ^maVr`Cn^mo$mAm| mam ngX {H$`m OmVm h& Q>oZmonH$ Ho$ A``Z Ho$AZwgma ~T>Vr hB OJH$Vm Ho $ H$maU Cn^mo$m Eogo CnmXm| Ama
godmAm| H$mo ngX H$aZo bJo h {OZH$m CXmaVm Ama OZH$`mUgo Hw$N> Z Hw$N> gamoH$ma hmo, Img H$a dgo CnmX Ama godmE{OZH$s H$s_V H$m EH$ Ae {H$gr ^bo Co` Ho$ {bE IM{H$`mOmVm hmo& nhbo go _mOyX n`mdaUr` Ama gm_m{OH$ gamoH$ma{Oh| H$^r CVZm _hd Zht {X`m J`m, A~ ~S>o _hdnyUhmoVo Om aho h& Cn^mo$mAm| H$s ~T>Vr hB OmJH$Vm Ama gmW hr CnmXm| _| OZH$`mU H$m nw Q> Xo H$a JmhH$m| go OwS>Zo Ho$IwXam `dgm{``m| Ho$ `mg Cn^mo$mAm| H$mo {H$gr dVw H$moIarXZo H$m EH$ ^mdZm_H$ H$maU XmZ H$aVm h& Bg H$maUH$`mUH$mar H$m`m] H$mo gab ~ZmZo Ho$ `mgm| H$mo ~T>m`m OmEJm&gmW hr, n`mdaU {hVfr CnmXm| _| bmoJm| H$s {M ~T>oJr&
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~Z ahm h&
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AmYw{ZH$Vm Ho$ nwQ> Ama AbH$aU _hdnyUh `m|{H$ Q>oZmonH$H$m A``Z h AmJmh H$aVm h {H$ B{Vhmg Ama nanam Cn^mo$m
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H$s _mJ Ho$ {ZaVa ~Zo ahZo H$s JmaQ>r Zht XoVo& {S>Om`Z AmaCnmX ^r Eogo hmoZo Mm{hE Omo Cn^mo$m H$mo AmYw{ZH$Vm Amag_H$mbrZVm go OwS>o hmoZo H$m Ahgmg {XbmE&
^maV Ogr C^aVr hB AW`dWm _| ZE Xma Ho$ AmYw{ZH${M dmbo Cn^mo$m ^r Bg ZE n[adVZ H$m gH$mam_H$ `wmaXo Vo h& AmYw {ZH$Vm Ho$ ha nhby go ^m{dV AmO Ho$ ~b
Cn^mo$m ha Vah Ho$ ZEnZ, aMZm_H$Vm Ama Ja{T>dm{XVmH$m Vho {Xb go dmJV H$aVo h& AmO Ho$ Cn^mo$m nman[aH$,gm_m{OH$ Ama nm[adm[aH$ T>mMo ngX Zht H$aVo Ama Ch| EogmbJVm h {H$ A~ g_` h nanam Ho$ ~YZm| H$mo T>rbm H$aZo H$m& Cn^mo$m {OVZm hr A{YH$ AZw dr Am a Ia hmoVm h dhC_r Ama go ~mS>m| H$m CVZm hr H$m`b hmoVm h&
A{YH$ CXma Ama AmYw{ZH$ d{m Ho$ `mnH$ {dVma Ho$ H$maUAma ~T>Vo h E eharH$aU Ho$ H$maU Eogo Cn^mo$mAm| Ho$ EH$
dJH$m CX` hAm h Omo Eogr Hw$N> AbJ {H$_ H$s dVwAm|H$mo AnZmZm A{YH$ ngX H$aVo h& CZHo$ {bE Cn^moJ AnZo`{$d Ama ~Xbr hB_m`VmAm| H$mo XemZo H$m EH$ O[a`mhmoVm h& A`V gn ehar Cn^mo$m {ZaVa Eogo CnmXm| AmagodmAm| H$s _mJ H$aVo h Omo CZ_| amo_mM nXm H$ao Ama Ch|WmoS>m _mOr ^r X{eV H$ao& Bg_| H$moB h amZr Zht {H$ H$moB^r CnmX Ama godm {Og_| g_mO Ho$ gmH${VH$ AmYma Ama
Wm{nV {Z`_m| _| ~Xbmd H$s PbH$ hmo, AmO Ho$ ehar Cn^mo$mH$mo ngX AmVm h& {\$a, ~mS>m| mam ZE-ZE, ~moS> Ama AZmoIo{dMmam| Ama H$mgoQ> H$mo _hd {X`m OmVm h Ama Cgr AZw$nAnZr _mH}$qQ>J H$s OmVr h& AnanamJV Ama AZmoIo CnmXm| H$mBVZm {demb Ama BVZr `mnH$ _mJm| dmbm ~mOma nhbo H$^r^r Zht XoIm J`m&
Bg{bE g_mO _| g{X`m| go Wm{nV _m`VmAm|, {dYmZm| Ama {Z`_m|_| `h jaU ~mOma Ama CnmXm| _| ^r n[ab{jV hmoZo bJm h bo{H$Z
AmYw{ZH$Vm Ho$ nwQ> Ama AbH$aU
_hdnyU h `m| {H$ Q>oZmon H$ H$m
A``Z `h AmJmh H$aVm h {H$
B{Vhmg Ama nanam Cn^mo$m H$s _mJ
Ho$ {ZaVa ~Zo ahZo H$s JmaQ>r Zht
XoVo& {S>Om`Z Ama CnmX
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Omo Cn^mo$m H$moAmYw{ZH$Vm Ama g_
H$mbrZVm go OwS>o hmoZo
H$m Ahgmg {XbmE&
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A``Z Ho$ AZwgma- AnZr Vo O J{V dmbr OrdZe br _|Cn^mo$m A~ CnmX Ho$ V`ewXm Ama {H$`m_H$ bm^m| go naoHw$N> Ama nmZo H$s BN>m aIVo h Ama A{YH$ {dVV AZw`moJm|
Ama godmAm| H$s Amoa C_wI hmoVo h& Cn^mo$mAm| H$s _mJ dmbrH$moB ^r MrO ({OZgo Ch| m` A`m{eV bm^ {_bo) CZHo$ mam
gamhZr` ^r hmoZr Mm{hE& gjon _| H$h| Vmo H$moB^r CnmX, Omo Ho$dbCh| dm{N>V bm^ XoZo H$s ~OmE CZH$s O$aV H$s VH$mb ny{VH$aVrh, Ch| do A{YH$ ngX H$aVo h& A{V[a$ godm XmZ H$aZm CnmXH$s {~H$s H$m Amd`H$ AJ ~Z J`m h&CnmX H$mo Cn^mo$m Ho$ g_j H$go VwV {H$`m OmVm `h^r ~hV _hdnyU h& _r{S>`m Ho$ Mma go ^m{dV ^maVr`Cn^mo$m CZ CnmXm| Ho$ {V PwH$md aIVo h {OZHo$ ~mao _| Ch| Hw$N> ZEnZ Ho$ gmW JananamJV _r{S>`m MZbm|
mam ~Vm`m OmVm h& A``Z Ho$ AZwgma- Cn^mo$m H$s_mZ{gH$Vm _| ~Xbmd Ho$ gmW nman[aH$ _r{S>`m H$s ^y{_H$m H$maJa Zht ahr& Ama Bg{bE A~ b{jV Cn^mo$m VH$nhM ~ZmZo Ho$ {bE ~mS> Ho$ Mma Ho$ ZE-ZE Vma-VarHo$AnZmE OmZo bJo h& CXmhaU Ho$ {bE gr{_V g_` go ~Yo AmO Ho$ Cn^mo$m gw{dYmOZH$, gab Ama d[aV
gyMZm MmhZo bJo h& BgHo$`wma _| ~mS> mam `mnH$ {S>{OQ>b VarH$m| go CnmX H$s {deofVmAm| H$s {dVV
OmZH$m[a`m VwV H$s OmZo bJr h& gmW hr, {S>{OQ>b VarHo$ CnmX Ho$ ~mao _| Cn^mo$m mam {dVV OmZH$mar MmhZo H$s _mJ H$mo~Iy~r nyam H$aVo h&
{S>Om`Z Ho$ ~mao _| gmoMZo Ho$ mam {d^oXrH$maH$ H$s ^y{_H$m {Z^mZm Omar aIr OmEJr& H$moB ^r AZmoIr Ama Zm`m~
MrO AnZr Amoa ~S>r g`m _| bmoJm| H$m `mZ AmH$> H$aoJrAma A{YH$ ^mdr {g hmoJr&
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h ~Xbmd `mdhm[aH$, A{^`{$_ybH$, gwXa, ~moS> Ama AmYw{ZH$h, Ama gmW hr Oam Mwb~wbonZ go `w$ ^r& AmO Ho$ CnmX J{VerbAmYw{ZH$ gH${V Ho$ aJ _| T>bo h Ama d{H$ Cn^mo$m H$mo BZgo C_J
Ama amo_mM H$m AZw d hmoVm h&
gabVm Ama gw{dYm: EH$ gH$mam_H$ nhbyAnZo X~mdm| Ho$ gmW AmYw{ZH$ OrdZebr Cn^mo$m Ho$ `dhmaH$mo ^r ^m{dV H$a ahr h& H$moB ^r CnmX Omo H$_ go H$_~IoS>m| Ama O{Q>bVmAm| Ho$ gmW H$_ go H$_ g_` _| CnbY hmo, Cn^mo $m H$mo, ImgH$a ehar Cn^mo $m H$mo M`Z H$aZoAma {ZU boZo Ho$ _m_bo _| A{YH$ dVVm XmZ H$aVm h&A``Z ~VmVm h {H$ AmO Ho$ Cn^mo$m dgo CnmXm| H$mo `mXmngX H$aVo h Omo Ch| VH$mb Ama `j \$m`Xo H$amE&
BgH$m AW`h r hAm {H$ AZwfJr bm^ XoZo dmbo CnmX A{YH$ngX {H$E OmZo bJo h& `{X IarXo JE Am yfU _| Cn^mo$m H$mQ>oQ>g PbH$Vm hmo `m `h nwamZo Am yfU Ho$ ~Xbo {_bVm hmo `mCg_| hrao `m A` aZm| H$s [agmBpbJ H$s gw{dYm m hmo `m{\$a Eogo hr AZoH$ A` bm^ hm| Vmo Eogm Am yfU Cn^mo$m mamA{YH$ ngX {H$`m OmVm h&
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CZHo$ mam Cn^mo$m H$s ~XbVo hB _mJm| na ZOa aIrOmE CZH$s ~XbVr AmH$mjmAm| Ho$ AZw$n Mma V H$saUZr{V ~ZmBOmE&
Xgao d{H$ ~mOmam| _| Am yfUm| Ho$ AZoH$ ~mS> Cn^mo$mAm| VH$nhM ~ZmZo Ho$ {bE ZE-ZE gmYZm| Ama VarH$m| H$m BVo_mbH$aZo bJo h& Ogm {H$ h_Zo AnZo {nN>bo AH$ _| ~Vm`m WmS>r-~r`a Ho$ hram| Ho$ \$maoda ~mS> A~ AnZo JmhH$m| VH$ nhMZo Ho$ {bE EH$ 3D {S>{OQ>b Umbr H$m BVo_mb H$a aho h{Og_| EH$ do~H$_ Ho $ O[aE BQ>aZoQ> na JmhH$ Am yfUm| Ho$ hram|H$s {deofVmE naI gH$Vo h&
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h& `wma _|, ~mS>m| Zo AnZo b{jV JmhH$m| VH$ nhMZo Ho$ {bEZB aUZr{V`m AnZmB h& ZBaUZr{V`m| _| em{_b h {S>{OQ>b {d{Y`m| H$m BVo _mb Am a gyMZmAm| H$m {S>{OQ>b VarHo$ go{dVaU& A``Z ~VmVm h: {S>Om`Z Ho$ ~mao _| gmoMZo Ho$ mam{d oXrH$maH$ H$s y{_H$m {Z^mZm Omar aIr OmEJr& {S>Om`ZHo$ ~mao _| gmoMZo Ho$ mam {d oXrH$maH$ H$s y{_H$m {Z^mZm OmaraIr OmEJr& H$moB ^r AZmoIr Ama Zm`m~ MrO AnZr Amoa~S>r g`m _| bmoJm| H$m `mZ AmH$> H$aoJr Ama A{YH$ ^mdr{g hmoJr& H$moB ^r _m`_ Omo Cn^mo$m H$s {OkmgmAm| H$mg_mYmZ H$ao Ama gmW hr `h BVZm AmH$fH$ ^r hmo {H$ Ch|
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g mdZmE Anma h& Q>oZmonH$ bOar H$m _mZZm h {H$ {nN>boXg gmbm| _| ^maVr` AW`dWm . 47,78,157 H$amoS> (975{~{b`Z) VH$ Om nhMr h& AnZo Xg gmbm| _| `h ~T>H$a .88,75,122 VH$ (1,811 {~{b`Z) Om nhMoJr& ^maV _|20bmI Ka Eogo h {OZH$s Am_XZr gmbmZm49 bmI (100,000)`m `mXm h Ama C_rX h {H$ AmZo dmbo g_` _| `h 13%H$s Xa go ~T>Vr ahoJr&
AmZo dmbo Hw$N> gmbm| _| dm{fH$ 24.5 bmI . VWm49 bmIHo$ ~rM H$s Am_XZr dmbo n[admam| _| g`m _| H$m\$s d{ hmoJr&`o Xmo goJ_|Q> AJbo 5 gmbm| _| {dbm{gVm jo H$m20% {Z{_V
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{dbm{gVm dVwAm| go OwS>r n[agn{m`m| _| ~S>m {hgm bOar~mOma H$m h, Omo65% h, {OgHo$ ~mX godm jo H$m, Omo22%h Ama {\$a CnmX jo H$m Omo 13% h& `h n> h {H$ CnmXjo Ho$ {dH$mg H$m\$s g mdZm h Ama ^{d` _| ^maVr` ~mOma_| CnmX VWm godm jo H$m ~S>m {hgm ahoJm&IDEX
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8/3/2019 IDEX India Retail December2011
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Indst Nes
IDEX MAGAZINEINDIA RETAIL
|NO 13: INDUSTRY NE
GJEPCWorking on road Map for ColoUred geMstones revival
he the worlds rst-ever Mines to Market
conference for coloured gemstones was held in
Jaipur over November 2 and 3. The event brought togetherstakeholders in the coloured gemstone industry including
miners, cutters and polishers, gem-testing laboratories,
jewellery manufacturers and retailers from all over the
world.
The conference was an initiative of the Gem & Jewellery
Export Promotion Council (GJEPC). As GJEPC chairman
Rajiv Jain pointed out in his opening remarks, th