Sept / Oct 2014

C o m i n g S o o n

EDITORIAL DESK

Gold hits 4-year low on selling pressure following Fed's QE withdrawal

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n last month, Gold hit nearly four year low price, due to wary investors unwinding their positions ahead of possible "sooner than expected" interest rate hike in the United States.

With indications of recovery in the US economy which was supported by the Fed's move to withdraw quantitative easing (QE) completely, as the immediate response traders offloaded their positions.

After hitting the low of $1170.5 an oz gold recovered a bit, as the last trading was $1175.2 an oz but around $30 decline from previous close of Thursday, was $1199 an oz.

Gnanasekar Thiagarajan(Director of Commtrendz Research):"The bullion has breached previous most important support level of $1180 an oz and therefore, miners and sovereign nations have started hedging. Consequently, further decline cannot be ruled out.so, may see the next initial support level of $1145 an oz and then, $1100 an oz thereafter after breaching the first support level".

In the Multi Commodity Exchange (MCX), Gold hit to trade at Rs 26071 per 10 gms, almost 18-month low.

“There has been a considerable improvement in outlook for the labour markets since the beginning of asset purchase program” said The FOMC (Federal Open Market Committee) in its statement of 29th October 2014 .

The Committee estimates that there is sufficient underlying strength in the economy to support ongoing progress towards maximum employment in respect to price stability.

As, the central bank maintains its existing policy of reinvesting its principal payments from holdings of debt and asset backed securities agencies along with rolling over maturing treasury securities at auction. This policy will help for the holdings of longer term securities at good levels and also for maintenance of accommodative financial conditions.

The strike by the platinum workers was unprecedented, and it was resorted to at a stage where some of its impacts would become irreparable. These impacts would not only harm the companies, but also employees, local businesses, suppliers and communities at large.

Prathamesh Mallya the Sr. Research Analyst of Angel Commodities Broking: "We expect gold prices to trade lower owing to strength in the dollar index after the Federal Reserve ended its asset-purchase program. Also, plunge in SPDR gold holdings will act as a negative factor".

“Economic growth has been expanding at a moderate pace. Labor market in the US has improved somewhat further on the back of readings of solid jobs gains and lower unemployment rate”, hinted by the FOMC in a meeting in the month of September.

The monthly bond purchases which stood at $85 billion till December 2013 was scaled back by $10 billion each in the last eight meetings (i.e. Dec'13, Jan'14, Mar'14, Apr'14, Jun'14, Jul'14, Sep'14 and Oct'14) and currently points at nil.

The Federal Reserve have decided to rescale the final round of bond buying program. The central bank had decisioned to go with its end of QE program, due to expectations that underutilization of labor resources if gradually diminishing.

Household spending is increasing moderately and fixed investment in business in advancing but recovery in the housing sector is at a slower spped. Inflation has been running below the central banks longer run objective, however inflation expectations for longer term has been stable.

Silver is also facing selling pressure. Silver prices hit $16 an oz in the international market translating thereby, at Rs 35620 a kg on the Multi Commodity Exchange (MCX) for near month delivery.

Thiagarajan said: gold and silver having more potential for upside and limited potential for downside.

Prashant Rathod editor@minestomarket.net visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 09

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What are your views on the mining aspect of gold globally? Where is it headed?

I think we gone to see partiality client in gold mining over the next few years. I think that the gold mining has a highest challenges with last couple of years and with cost implantation is high and gold price is coming down it makes life challenging for gold miners and what you see is number of counting right of 16 company is really focus on operating official name on deliberating barriers to their investor until out stake holders and I think in that spirit you gone a see graduate client in out given cost and what result require. So, I think globally there will be a small decline in next few years. I think I will be global I think will see increasing production in some of the front year market and some of the area haven been as why they produce in last and why they exploits in last few year but globally I think you see little decline on supply side.

How can local mining of existing gold reserves can feed in to India' insatiable demand for gold? Especially since India has only 3 working gold mines?

I think line of 2020 vision we launch recently I think as future of Indian gold mining their might be opportunity to look and understand whether that opportunity expand its size. In the gold mining sector there are 3 mines and they might be potential and I think long term government policy will support domestic gold industry is something to look at and consider one of the areas where I do a lot of work on it around benefit of gold mining bring an addition to production the itself create a greater supply of domestic gold good think for Indian gold market but beyond that you

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looking for job and you looking for some other benefits that responsible gold mining can bring. I done a lot of work for making it internationally and looking in many countries u have seen there is provision of healthier care, hospital, electricity these are all some of the associate benefits with responsible gold mining can bring and could be look at could interesting to be consider in an Indian contacts.

What are your views on responsible mining and value distribution?

I think responsible mining is hugely important and all gold mining companies should operate responsible and actually we can for fronting to helping to define what responsible mining look like and means. Particular in relation we wish you around conflict.

So, looking at other natural resources that of highly valued and occasionally and fortunately mean to conflict and I think conflict free mining is critical and it will be taken and lead define what is conflict free gold mining is. In term of value distribution we look at report and we publish report last year we look at the money that we spent by responsible gold

In the gold mining sector there are 3 mines and they might be potential and I think long term government policy will support domestic gold industry is something to look at and consider one of the areas where I do a lot of work on it around benefit of gold mining bring an addition to production the itself create a greater supply of domestic gold good think for Indian gold market but beyond that you looking for job and you looking for some other benefits that responsible gold mining can bring.

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mining company it's just serve and selection of gold mining company not everybody last few years we look at the 13 members of the company between them we spent 55billions US dollars in the economy we are operating and that 55billion of that approximately 70% we spent on local supplier and approximately 80% in country. So, I think gold mining industry can be really big drive brought brother economic development can help support local business, source and medium enterprises, supplying, construction, safety clotting or equipment used in mining side and I think that is an important aspects of gold store and this are big number of gold mining company spent.

The WGC in its Vision 2020 document has suggested that 40 percent of India's gold demand can be met through domestic stocks, and 60 percent from imports and mining. What are your views on the same?

I think it's great question its hugely important to think about the raw and the fundamental role that gold play in India gold in Indian raw extremely lengthen always will be and Indian gold industry shown itself it can really deliver when itself mean doing something. The performer is usually important is usually impressive so, I think there is big potential for role of domestic sources energy or role of mining in India as we talk about it require that level of ambition and could search long term planning to make it happen.

25,000 tones of gold, needs more gold refineries for monetizing and Indian Gov. started attracting foreign direct investment (FDI) in the sector, according to industry experts do you think gold demand in India can overtake China's gold demand – given the current policy curbs on gold?

Both India and China have fantastic gold markets and the level of demand is stacering cross the two countries. I have been in China few weeks ago you see the level of excitement and you come to India and you just beloved away by gold trade, by the creativity, by the designs,

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by the passion gold existence in the country. So I am going to stick both markets and I am not sure which one is going to overtake. They are right a lead on long term but I think both of them usually existing. What I think is important for India and I seriously excellently brilliantly securrently in the vision 2020 how India continuous to grows export markets. How there can be somebody's beautiful jewellery has an opportunity to explore it and I think their few things needs to be happen to payable to realize that level of ambition.

I think the confident in the gold and hallmarking is increasing image of hallmarking is important. So, everybody is confident in gold transparency around what you buy or what you are buying you knows that hugely important. I think getting more refiners presented by LBMA (London Bullion Market Association) is important because that also will give confident to extra load on export market and allowed more international trade it is very positive for India . India has a fabulous gold industry their opportunity to explore very large their need to be few more developments and I am very confident Indian gold sector do that.

They want anything they can do it just around realizing opportunity and putting in place tools makes that happen.

Both India and China have fantastic gold markets and the level of demand is stacering cross the two countries. I have been in China few weeks ago you see the level of excitement and you come to India and you just beloved away by gold trade, by the creativity, by the designs, by the passion gold existence in the country.

Mines to Market | Sept-Oct’ 2014 | 13

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refiner or more new refiner I think that important for long term benefit of gold industries in India. Particular stability to export and this ambition to have a 40% export to be supportive by refiner that internationally accepted and now that I think that important about LBMA accreditation. LBMA accreditation is one of the quality of gold is hugely important. Look at procedure the company have an place to make sure that they are not buying in gold form that purely conflict so this element of responsible gold guidance is included in LBMA one of the thing you need to demonstration if you are a LBMA creditor refiner is your conformer is to responsible to prove gold guidance and I think that hugely important to gain to give confident to supply chain to this gold is not going to conflict.

The government must liberalize 80:20 rule being CAD under control and overall economic sentiment improving.

But Import duty proved a big hurdle and opened a parallel economy in terms of gold smuggling so what do you thinks about?

MMTC-PAMP is the first and the only London Bullion Markets Association accredited gold and silver refinery in the country. A joint venture between stateowned MMTC and Switzerland-based PAMP SA, has set up its refinery near Gurgaon – what role can this refinery play and how many more such refineries are required in India? Do you agree with the fact that they are world's most modern gold refinery?

Unfortunately I haven't visited MMTC park refinery and can't speak about the technology of their what I can speak is the role that LBMA plays is an important of LBMA creidation to be able participate in international markets and now it is critical the LBMA critisation is international recognize as if you like gold standard for refinery so, think it is hugely that India now has a LBMA credited refiner. I think they're going forward having more refinery you will get that critisation are existing 14 | Mines to Market | Sept-Oct’ 2014

I think Indian government clearly think a lot of about the role gold plays in India and I think is hugely important role in India that is right to put a lot of attention

on role of gold in India and I think more attention need to be paid. How gold can be monetize and what the long term output for Indian gold industry look like and really what be in vision 2020 I think all links to this question how does the role plays role in Indian society in addition to people saving in addition to the role gold plays in wedding were does it hugely important. How does gold play role supporting sustainable long term social economic development and I think government thinking about the issue and I think that's important. I think on topic of smuggling it is important that across the trade people look that where their gold comes from and that it is produce the high standard given the work we turn around conflict and cutting the linking of gold and conflict you know absolutely can source gold not like to conflict you have confident it's not like to conflict LBMA is responsible gold mining government we just talking about an indeed conflict free gold standard that we develop the conflict free gold standard apply for miners LBMA responsible gold giddiness supply to refiners I think there is very important trade known their gold they using isn't going to conflict. I think smuggling that might be concern about

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where there gold comes from there is the question people should ask themselves.

What is the social - economic contribution and the impact of gold on the growth of a developing economy?

Could you share a few examples?

Absolutely so the quiet a lot of work I do to looking at developing economy and thinking about the role that gold plays it help me those economy to grow so looking like country Tanzania which have last decades has really developed their gold mining industry very significantly 10years ago there is very little gold mining in term and today gold mining industry has become over 30% exports of the country and if you look at the country and u look at what there is meant in terms of job, road, building, in terms of health care you see how the country has change from over the last decades and has become a really shinning light in term of role large scale gold mining can play in supporting social economic development. Foreign direct investment it's been huge in Tanzania around last 15 years and Tanzania is not only the example there is the country like Ghana in like Asian contacts and in central Asia there is the number of countries like Kkrepublic, Mongolia ,in all of u can see the gold mining that help support to development of small and medium enterprises they help the money into government revenues pays taxes they brings in foreign direct investment and they brings in foreign exchange that hugely important for countries to develop over the long term but also support the community to health care to electrification to group Sanitation. So I think there is the some of the models that are interesting to look and learn from in terms of understanding brought aspects how responsible mining can support social development in developing economy.

What is the direct and indirect impact of gold on the society?

Gold has a hugely impact on society I think it has a quantify one on quantify who also looking quantifiable side we do some work on commission beta be seen undertaken peace to research for us looking at direct quantifiable benefits of gold and typical gold mining supply chain and not research showed the conservatively because we only look at 13 largest producer in the 15 largest consuming country so conservatively 210 billion dollar value.

looking at direct quantifiable benefits of gold and typical gold mining supply chain and not research showed the conservatively because we only look at 13 largest producer in the 15 largest consuming country so conservatively 210 billion dollar value added that's approximately size of economy of huge city like Beijing or something like that and that itself so, I think the actually numbers are very significant just direct value add you then the indirect value add and you look at the people not directly employed they are independent they supporting industries and that again will be more collaborate 210billion dollar and then the all economy their they also just want to call their company

equivalent and that the very important accepts of people lives of their satisfaction from having good important time in their lives event of wedding but also the emotional security the gold plays of the people knowing that their gold go back also. I think you can quantify direct you can fax you can look to accepts indirect constitutively and then actually it much broader picture how gold plays such an important role in so many people lives and therefore, I think important to think about the police over the long term given important of gold industry clearly in India but actually so many country in the world. n

Gold has a hugely impact on society I think it has a quantify one on quantify who also looking quantifiable side we do some work on commission beta be seen undertaken peace to research for us visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 15

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GJEPC meets with Finance Ministry to urge for Diamond Trade Facilitation in India

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delegation under the leadership of Shri Vipul Shah, Chairman GJEPC met Shri Saurabhbhai Patel, Hon. Minister of Finance, Government of Gujarat to represent the Diamond trade issue on 8th October, 2014. The delegation consistedof Shri Chandrakant Sanghavi, Regional Chairman, Gujarat , Shri Ajesh Mehta, C o - C o n v e n o r, D i a m o n d P a n e l Committee of GJEPC, Shri Aagam Sanghavi, Chairman, IDI, Shri Sabyasachi Ray, Executive Director, GJEPC Smt. Jilpa Sheth, Asst. Director, GJEPC and Shri Pranay Narvekar, Pharos Beam Consultants.

Shri Vipul Shah informed the minister that to turn India into a trading hub of rough diamonds and mitigate the income tax assessment issues faced by the industry it is essential that India promulgate turnover taxation regime coupled with consignment import of rough diamonds as it is prevalent in countries like Belgium and Israel. He mentioned that the introduction of Presumptive Taxation System will simplify the tax computing mechanism and avoid litigations resulting in collection of higher quantum of income 16 | Mines to Market | Sept-Oct’ 2014

tax. Shri Ray referredto the recommendation made on this respect by the Sivaraman Committee based on which the Govt. had introduced a benign taxation system with an impractical net profit rate because of which it was not successful. He emphasised that the introduction of Turnover based taxationsystem would help in attracting the foreign diamond mining companies to trade the rough diamonds in India and make it the Diamond Trading Hub. Members requested for introduction of Turnover Taxwith net profit calculated for computation of prevalent income tax @ 2% of turnover for trading activity and 3% of turnover for manufacturing activity.

Shri Chandrakant Sanghavi mentioned that coupled with that the consignment import of rough diamonds in diamond bourses in India should be introduced.

Though the Foreign Trade Policy allows the same but due to the absence of Custom Notification, free import and sale of rough diamond on consignment basis is not possible in India due to which the diamond manufacturers of Gujarat have to travel to Dubai , Belgium or Israel to purchase raw material and which incurs huge extra costs. Members urged Saurabhbhai for declaring designated areas in the diamond bourses as special notified zone where import and trading of rough diamonds will be allowed thus helping the mining companies to bring their rough supplies directly for trading in India.

Shri Ajesh Mehta raised his concern with respect to availability of finance to the industry from banks as ECGC is unable to guarantee the export credit extended to the industry by the PSU banks based on such internal directives. Due to that PSU banks have started asking for extra collaterals for additional lines which will be highly detrimental for growth of exports from the sector. ECGC in turn is constrained by their sectorial limits and capital ratios. Shri Vipul Shah mentioned that the Industry is caught between bank's unwillingness to extend credit without ECGC guarantee and ECGC's unwillingness to extend limits of the existing guarantees and requested to take up with the central Government for their intervention on the matter to break the deadlock in the interest of manufacturers of diamonds from Gujarat.

Shri Aagam Sanghavi apprised the Minister of receipt of summons and showcauses by trade members for payment of import duties and service tax

by DRI as well as DGCEI for import of diamond planning and mapping machines from Israel. The issue at stake is taxability of the software that has been downloaded for such machines. The Customs authorities have alleged that the price of such software paid by membersshould be part of the assessiblevalue for computation of import duty for such machines which were not paid. On the other hand central excise/service tax officers are of the view that the provision of software is an independent service and hence service tax has to be paid on such downloading of software. As the demand from Service Tax authorities had been raised earlier most of the members have laid the service tax and now is feeling harassed on receipt of notices, summons and showcauses notice for same imports for which service tax has already been paid.Members sought support of the State Government to seek clarification from the central Govt. in the l a rg e r i n t e r e s t o f the diamond manufacturers of the state. Hon. Minister discussed the issues in detail and assured to support the trade to take up issues with the central Government especially Smt. NirmalaSitaraman, Hon. Minister of State for Commerce & Industry, Govt. of India. n visit us at : www.minestomarket.net

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World Gold Council report highlights responsible gold mining's continuing constructive impact on host economies

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he World Gold Council yesterday released its second Responsible G o l d M i n i n g a n d Va l u e Distribution report at the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development in Geneva. This edition of the report reinforces the continuing contribution responsible gold mining can make in supporting economic development in host countries.

As well as providing greater transparency and consistency on the data and analysis companies provide to investors and stakeholders about the economic impact of gold mining, this report offers real-life examples of how responsible mining can make a positive contribution to national infrastructure, businesses and local communities in host countries, Based on data from 15 World Gold Council members, of the US$47bn paid out in 2013, almost 80% of that total spend (US$37.4bn) was incurred in the country of operation. From that spend, US$26.4bn (71%) went to suppliers, US$6.3bn (17%) on wages and US$4.7bn (12%) to the government in taxes and royalties. An additional US$3.8bn was paid to providers of capital (including dividends and interest).

Commenting on the report Terry Heymann, Managing Director of Gold for Development at the World Gold Council said: “Collaborative efforts from a range of stakeholders are needed to support sustained social and economic development. This report shows the continuing commitment of responsible gold miners to helping stakeholders understand the economics of mining. By developing a consistent and transparent approach to reporting costs and providing comprehensive insights on the monies paid to governments, businesses and employees, the report seeks to address concerns of a 'trust and data deficit' and highlight the contribution gold mining companies are making to national economies.”

contribution to development we need to focus on how these payments to suppliers can benefit local business even more as well as promoting economic diversification through the use of local content.”

Glenn Gemerts, Chair of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development commented: “There is a growing trend of collaboration between governments and mining companies.

This positive development is the result of work by people directly involved in the

One of the interesting facts in the report is the relative level of payments to suppliers. In order to maximise mining's contribution to development we need to focus on how these payments to suppliers can benefit local business even more as well as promoting economic diversification through the use of local content.

industry, and of better Corporate Social Responsibility policies that have been put in place by mining companies.”

The World Gold Council has worked with member companies to generate a common 'Guidance note on expenditure definitions' - which was used to develop the data in the report. This body of work is intended to provide greater consistency and transparency in the information companies provide to investors and stakeholders about the economics of gold mining and demonstrates responsible miners' willingness to work collaboratively as an industry to achieve this.

Information from 87 producing gold mines and 60 'non-producing operations' including exploration activities, premine development and closed mine sites, across 26 different countries was used to produce the report, which aims to support the ongoing dialogue between governments and industry on the transformational potential of responsible gold mining. n

Christopher Sheldon of the World Bank said: “One of the interesting facts in the report is the relative level of payments to suppliers. In order to maximise mining's visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 17

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GLOBAL DIAMOND DEMAND REACHES RECORD LEVELS Report highlights need for industry investment to sustain future success

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lobal demand for diamond jewellery reached a record high of US$79 billion in 2013 according to the inaugural Diamond Insight Report, published today by The De Beers Group of Companies.

Demand is expected to continue to grow over the long-term, driven by the ongoing economic recovery in the US (the world's largest diamond jewellery market) and the growth of the middle classes in developing markets such as China and India. Sales of polished diamonds in the US increased seven per cent in 2013, while both India and China have seen their domestic diamond jewellery markets grow by a compound annual growth rate of 12 per cent in local currency terms between 2008 and 2013.

The report cautions that while diamonds retain their special allure with consumers around the world, future demand levels cannot be taken for granted. The overall category is facing increasingly strong and sophisticated competition from other luxury categories, with diamonds' share of advertising voice in the US market having reduced within its competitive set.

Global rough diamond production in 2013 increased by seven per cent in carat terms over 2012 levels to a total of around 145 million carats. However, this remains well below the 2005 peak of around 175 million carats. The report further

18 | Mines to Market | Sept-Oct’ 2014

highlights that a forecast reduction in supply from existing sources will likely not be matched by new production coming on-stream in the years ahead and diamond supply is expected to plateau in the second half of the decade before declining from 2020 onwards.

Meanwhile, as mining moves deeper into the earth and towards more remote locations, the extraction process is becoming increasingly complex and costly. The three principal input costs – labour, electricity and diesel – have all seen increases well above local inflation levels in the main diamond producing countries over the last decade and this trend is set to continue.

Substantial investment will be required in diamond production, technology and branding, marketing and retail standards if the industry is to sustain its recent levels of success into the future, the report says.The report also reveals that: China is the world's fastest growing market for diamond jewellery sales, with the number of diamond jewellery retail doors in the country increasing by almost 30 per cent between 2010 and 2013.

Online has become an increasingly important channel for the diamond industry. Over one in six diamond jewellery purchases in the US was made online in 2013 and in China the internet is already used by a quarter of acquirers for research purposes before purchase.

Diamonds were a major contributor to the economic performance of producing nations in 2013. In Botswana, diamonds represented more than 25 per cent of GDP and over 75 per cent of overall exports, whereas in Namibia they represented eight per cent of GDP and almost 20 per cent of all exports.

Philippe Mellier, Chief Executive, De Beers Group, said: “Consumer demand remains the one true source of value for the diamond industry. With demand forecast to increase further from 2013's record levels, the opportunity for growth is clear. But this must not be seen as cause for complacency. The industry will continue to lose ground to other categories if it does not invest significantly in production, marketing and technology.” n

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Gold, diamonds fuelling conflict in Central African Republic: UN experts

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old and diamond sales are being used to finance conflict in Central African Republic and United Nations peacekeepers should monitor miningsites to clamp down on illicit trade, a UN panel of experts said.

In a report, the panel also said the peacekeeping mission (MINUSCA) should deploy troops to the remote north of the country and use drones to monitor the rebel-controlled region to put an end to simmering violence there.

The mission, which launched in September, is operating at only two-thirds of its planned 12,000-strong capacity.

Central African Republic was plunged into chaos when northern, mostly Muslim Seleka rebels seized control of the majority Christian country in March 2013, prompting a vicious backlash by the largely Christian 'anti-balaka' militia.

The panel said that some 3,000 people had been killed between December 2013 when the UN Security Council imposed an arms embargo - and August this year.

following months of killing of civilians, looting and rape.

In their northern enclave, the former Seleka fighters are imposing taxes on a wide range of goods from gold mining to coffee, livestock, and diamonds to fund their operations, the report found.

The number of civilian deaths was falling, however, the panel said.

The Kimberley Process - a group of 81 countries, including all the major diamond producers, formed to prevent 'blood diamonds' from funding conflict imposed an export ban on raw gems from Central African Republic last year.

But since then, an additional 140,000 carats of diamonds, valued at US $24 million, had been smuggled out of the country, the panel estimated.

Seleka fighters withdrew from the south of the country, including the capital Bangui, after their leader Michel Djotodia resigned the presidency in January under international pressure

Former Seleka fighters were issuing mining licences to gold miners at the Ndassima mine near the rebels' headquarters of Bambari, in the centre of the country, it said.

The report found that there had been no progress on disarming the rebel factions since March and that any hopes of achieving peace were being complicated by splits within both the former Seleka rebels and the anti-balaka militia.

It suggested that interim President Catherine Panza's decision to name representatives of the armed groups to cabinet roles may have fuelled conflict.

"Competition among political representatives of armed groups for ministerial positions, as well as among military commanders for control of resources, accounts for of the recent infighting between former components of Seleka and rival factions of antibalaka," said the report, dated October 29 but only made public this week.

The panel found that attacks on civilians by armed groups and former Seleka units under the command of Brigadier General Mahamat Alkhatim - including burning of villages and forced displacement - had created a buffer zone between Chad and northern Central African Republic.

The panel did not find significant violations of a UN arms embargo imposed in December. n

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Mines to Market | Sept-Oct’ 2014 | 19

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Zimbabwe Diamond Exports in Sharp Decline as Easy Pickings Run Out

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ndustrial grade diamonds dominate Zimbabwe’s gem exports, although sales sharply declined to $188 million in 2013 from nearly $658 million in the previous year.

The decline was due to weakening demand from the United Arab Emirates, China and Belgium as mining companies in Marange scaled down operations, according to trade data.

Figures obtained from the International Trade Centre, a joint agency of the World Trade Organisation and the United Nations, show that exports of the unprocessed gems had been on an upward trend since 2009 before dropping last year.

The country’s diamonds are produced by five mines in the Marange diamond fields to the east of the country, as well as Rio Tinto’s Murowa mine.

The figures indicate that rough industrial diamonds export to the UAE and China more than halved to $127 million and $30 million, respectively, while the sale of the gems to Belgium also fell to $30 million from $83 million.

Malaysia and Mozambique were the country’s new diamond export markets, accounting for a modest $131,000.

The ITC figures, however, also show that exports of unsorted and unworked diamonds amounted to $139 million in 2013, up from $7,8 million previously.

The export of precious stones and metals – mostly gold, diamonds and platinum – raked in $970 million in 2013, down from $1,4 billion the previous year, with South Africa being the major market, according to the trade data.

Marange diamond miners, who have been engaged in open cast operations, last year said they had hit hard rock and that alluvial

deposits were thinning out on their allocated concessions. They also said the deep seated conglomerate diamonds were not commercially viable.

Last week, Mbada Diamonds, a joint venture between South Africa’s New Reclamation Group owned Grandwell Holdings and the government’s mining investment vehicle Zimbabwe Mining Development Corporation, said it was importing new machinery to mine the deep-seated deposits.

Meanwhile the country will hold local diamond sales next month after conducting four diamond auctions outside the country; three at the Belgium based Antwerp World Diamond Centre (AWDC) as well as in Dubai.

The third sale of diamonds amounting to 500,000 carats, closed in Belgium last month.The mining sector, now the main driver of the economy accounting for over 60 percent of foreign currency generated is seen registering a negative 1,9 percent growth – after an initial growth projection of 10,7 percent for the year – due to weakening commodity prices. n

H.K. Impex Pvt Ltd Moves to its State of the Art Office in Hong Kong

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.K.Impex Pvt.Ltd. moved to its newly designed office overlooking the Kowloon bay on 5th floor of Hilder Centre located in Kowloon, HongKong,on 20th September 2014.

The new office was inaugurated by Mr. Paul Rowley-Executive Vice President ? and his team from De Beers Group in the presence of distinguished guests and dignitaries from the banking and diamond fraternity. The newly designed office is fully equipped with cutting edge equipment, familiar warmth of traditional hospitality which wafts out at every corner. It has a spacious conference room and client meeting rooms which are designed in a way that uplifts the experience of the customer. Mr. Ghanshyam Dholakia and Mr. Savji Dholakia the directors of the company, along with other members of the Hari Krishna family, were present on the occasion.In his address, Mr. Paul Rowley wished H.K. Impex every success in its endeavor. Speaking at the inauguration, Mr. Ghanshyam Dholakia said that the new office offered a better buying experience for valued clients and a better working environment for the our employees. He added that. It would certainly boost productivity and thereby profitability. n 20 | Mines to Market | Sept-Oct’ 2014

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Kiran Gems Won The Prestigious “Manufacturer Of The Year – Diamond Cutting & Polishing” Title In JNA Awards 2014.

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iran Gems Private Limited, the world’s largest manufacturer of diamonds, has been recognized in JNA Awards 2014 for the title award category “Manufacturer of the Year – Diamond Cutting & Polishing”. The award was given on Tuesday evening, 16 September 2014 during the gala event organised by JNA and the whole industry was invited. Mr. Rajesh Lakhani – Director, Kiran Gems & Mr. Gautam Gopani – Director Kiran Export received the award on behalf of the company.

Kiran Gems won this award for its excellence in business performance through demonstrating strong financial performance, raising the existing high product quality standards even further, innovative management practices, best HR practices and state of the art manufacturing. The major challenge had been the coordination of this wide spread group and direct the focus toward the ultimate goal of “being a preffered supplier for our customers”. The company had significant growth in production, reach and foot print, customer base and made export to more than 30 countries in the said period.

Kiran Gems maintained its technology and market leadership position through the above said activities. The company has cut through a tough competition to achieve this prestigious award. Mr. Rajesh Lakhani – Director, Kiran Gems ascribed the award to the whole team of Kiran Gems saying “This is the recognition of hard work of all employees of Kiran and I congratulate them all.” n

Statement by the Founding Owners of E.G.L. Platinum

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enahem Sevdermish and Avi Meirom, the founding owners of the EGL Platinum laboratory, have issued the following statement in response to the RapNet and Polygon press releases, respectively distributed on September 9 and 15, 2014, regarding the delisting of EGL diamond certificates.

EGL Platinum supports RapNet’s and Polygon’s intentions to sanction any laboratory that issues over-graded certification, undermining consumer confidence in the diamond industry and its certification system. We believe that EGL Platinum has been unintentionally associated with the laboratories suspected of over-grading practices and we are committed to working with RapNet, Polygon and similar organizations to ensure the integrity of all listed diamond grading reports.

When EGL’s founder, Guy Margel, established the group, he provided all associated laboratories with color master sets and guidelines for diamond grading that meet the European standards. It is important to note that the EGL Platinum laboratory has always visit us at : www.minestomarket.net

complied strictly with the prescribed guidelines.

While it can be legitimately stated that there are nominal differences between the various dominant grading standards currently in use, and that any grading report, which ultimately requires human judgment, may include a minor degree of subjective variance, these factors can in no way explain the difference of three to four grades that reportedly have been recorded on certificates.

Our laboratory was founded as GIPS in 1975, by ourselves and the Israel Precious Stones and Diamonds Exchange. We joined EGL in 1981, after signing a licensing agreement with Mr. Margel, upon which we changed our name to the European Gemological Center (EGC). As a member of the group, we have always remained independent, faithful to our gemological standards and our strict ethical code.

In 2011, after becoming concerned about the possibility of over-grading practices by certain of the labs issuing standard EGL certificates, we acted to disassociate ourselves from those organizations, and we began issuing

certificates under the EGL Platinum brand, for which we maintained a strict and independent operating protocol and quality assurance system. We would point out that, in establishing EGL Platinum, we did not replace the existing color master set, nor did we adjust our clarity benchmarks. Over the past three years, many thousands of EGL Platinum grading reports have been issued and we have never been accused of any malpractice in our grading and/or certification.

We proudly and faithfully serve the diamond and gemstone trade in Israel as a primary provider of gemological knowledge and expertise, both through our laboratory and our associated college. Many members of the Israeli trade have gained their knowledge base through our organization.

We shall appeal to both RapNet and Polygon to re-list the EGL Platinum grading reports. As we will demonstrate, EGL Platinum grading reports have always been associated with the principles of professionalism, accuracy and integrity, and we firmly stand behind each one of them. n Mines to Market | Sept-Oct’ 2014 | 21

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Hari Krishna Exports Pvt. Ltd. Wins the Respected Jewellery News Asia Award 2014

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ari Krishna Exports Pvt. Ltd. won the most coveted JNA Award in the category “Outstanding Enterprise of the Year” for the year 2014.

“We are honored to be the recipient of theJNA Award. Winning the award definitely validates the growth of our company.We have been able to achieve it due to the constant support of our suppliers ,customers, bankers,associates and employees.It also motivates us to perform and serve better in the coming years” said Mr. Ghanshyam Dholakia the Managing Director of Hari Krishna Exports Pvt. Ltd. “This recognition is a reflection of our company’s vision and strategies which have been aimed at continuous growth and progress and are well-imbibed in all our employees. The implementation of the vision throughout the organization is well planned through accurate policies and guidelines”.added the Managing Director. n

World Gold Council and Shanghai Gold Exchange Announce Future Cooperation to Develop China’s Gold Market

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t an event today to mark the start of Shanghai Gold Exchange’s gold trading in the city’s freetrade zone (SFTZ) and the creation of the International Board, the Shanghai Gold Exchange and the World Gold Council have stated they will be actively cooperating to develop the SFTZ as an international hub for gold and to work together to develop the gold market in the region. The event was attended by Zhou Xiaochuan, Governor of the People’s Bank of China, Mr. Xu Luode, the Chairman of Shanghai Gold Exchange and Aram Shishmanian, CEO of the World Gold Council.

The Chinese gold market has grown exponentially in the last 10 years and China is now the largest market for both gold supply and demand. China’s rapid economic growth combined with the acceleration of China’s financial reforms provide a solid foundation for the internationalisation of the gold market and the country’s deep rooted pro-gold culture will continue to accelerate gold demand. The country’s economic growth (with annual GDP of 7.5%), growing middle class as well as rapid urbanisation 22 | Mines to Market | Sept-Oct’ 2014

and effective government policy support are key factors fuelling gold demand in China, which is likely to grow by 20 per cent within the next three years.

Zhou Xiaochuan, Governor of the People’s Bank of China (PBoC), commented “The launch of the International Board is integral to the construction of the Free Trade Zone and of China’s financial market. It will accelerate the internationalisation of China’s gold market. PBoC will continuously provide policy support to the Shanghai Gold Exchange to build up a multi-layer financial market. “ Aram Shishmanian, CEO of the World Gold Council, said: “The growth of the Shanghai Gold Exchange to become the world’s largest physical gold exchange provides compelling evidence that the future for gold is physical. As the market shifts from west to east, the expansion of strong gold trading hubs in Asia will improve price discovery, liquidity, transparency and efficiency; all of which will transform the landscape of the global gold market. As a major global market, this will enable China to take its rightful place in the world gold market.

“The development of the International Board, opening up the Chinese market to global investors is a significant first step towards the internationalisation of China’s gold market which already accounts for 30 per cent of global demand. The World Gold Council’s role is to use its global expertise to help support and grow that market on the international stage.”

This collaboration follows on from a partnership signed between the China Gold Association and the World Gold Council in Beijing last week at the China Gold Congress and Expo, which they jointly sponsored. This partnership seeks to promote further international enterprise in China and to enhance the global understanding of China’s role within the global supply chain. n visit us at : www.minestomarket.net

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Hari Krishna Exports Pvt. Ltd. sets a record in the Diamond Industry by rolling out Huge Diwali Incentives for its Employees

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ari Krishna Exports Pvt.ltd. organised an incentive program followed by dinner for the employees in its Surat and Mumbai office on 19th Oct 2014.Such an event is one of the first in the Diamond Industry wherein Cars,Flats, Foreign trips and SIva Collection-Kisna Diamond Jewellery were rewarded to employees with outstanding performance and 100% Attendance In Surat the incentives given were 424 Fiat Punto Car, 207Flats and 570 SIva Collection-Kisna Diamond Jewellery to 1201 employees of the manufacturing unit.The incentives were rolled out in a way where in those who had cars but not their own home were given flats,those whose had flats were given cars and lastly those who had both were given Kisna Diamond Jewellery.

In Mumbai 86 employees were rewarded as well which included foreign trips with their families and SIva CollectionKisna Diamond Jewellery.

"All our dreams have come true only through our workers. A target was set for all the employees and they have achieved it.

This is a big day for the entire Hari Krishna family. Today all these employees of the company have strengthen the fundamental moral of the company and of the Diamond industry proving to the world that they are capable of fulfilling their dreams. The company's growth lies in the employee's dedication towards their work by giving in their heart and soul 100% to it and hence, to further motivate and encourage them, the company rewarded them.” said Mr Dholakia. n

BVC Logistics launched “Jewellery EXIM Handbook”

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VC Logistics, market leaders in providing integrated solutions within gems & jewellery trade over the past five decades has pioneered critical offerings in niche sectors.

BVC Logistics launched a book called ‘BVC Jewellery Exim Handbook’ which is an initiative to help Indian companies in the business of diamonds and jewellery to start and grow international sales. With globalization of businesses, international trade procedures and documentation have changed and this handbook summarizes the current applicable regulation.

The handbook is a compilation of information on various procedures related to export of jewellery. It contains information related to documentation, statutory requirements, duties, taxes, permissions and RBI rules and regulations. This handbook will aid businesses to expand their network and customers beyond India.

Says Yogesh Bansode and Bharat Badani, from BVC, “BVC has always been in the forefront with regards to smooth facilitation of trade processes. This is yet another such initiative from Team BVC and we earnestly believe that this Handbook will enrich the logistics’ experiences of our esteemed Customers in the D&J trade.”

The BVC Exim Handbook is a valuable resource for exporters, importers, logistics managers and entrepreneurs. n visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 23

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BVC Logistics wins the 'Best Logistics Company 2014' award at the 2nd edition of India International Bullion Summit edition of India International Bullion Summit, Awards Night and Fashion Show Sahara Star hotel, Mumbai. This year's event attracted industry's expert from all over India where they discussed India's major and pivotal role in this industry and how presently we are the largest market for Bullion and Jewellery in the world. This 2-day summit was an initiative of IBJA to bring the vast International Bullion and Jewellery Industry together to explore all avenues of cooperation.

Mr. Prithviraj Kothari, Vice President, IBJA and Managing Director, RSBL (Riddhi Siddhi Bullon Limited) presented the award to Mr. Uday Chinai, Chairman & Managing Director, BVC Ventures and Mr. Bhavik Chinai, Director, BVC Ventures.

L to R- Mr. Bhavik Chinai with Mr. Prithviraj Kothari & Mr. Uday Chinai.

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VC Logistics won the 'Best Logistics Company 2014' award at India International Bullion Summit. India Bullion and Jewellers Association Ltd. had this year's 66th Foundation Day mega events, which included the 2nd

BVC Logistics is a market leader in providing integrated logistic solutions within express, contract, industrial project and ocean & air cargo. Over the past five decades, they have pioneered critical offerings in niche sectors and benchmarked quality standards, standardized processes and operational excellence across various services. This has helped them emerge as a market leader within several verticals.n

Kiran Gems organized Blood Donation Camp in Support of Humanity.

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iran Gems, the world's largest manufacturer of diamonds, conducted a blood donation drive on October, 10, 2014 in association with Umang Foundation (NGO) & Sir J.J. Mahanagar Raktapedhi in support of Humanity. This blood camp event took place in Kiran Gems own office in 'The Capital' 10th floor. It was an open event and everyone interested towards donation were welcomed. The drive started at 9:20 am in the morning and lasted till 6:15 pm in the evening and had an overwhelming response from the

24 | Mines to Market | Sept-Oct’ 2014

employees of the Kiran Gems and other companies in the industry.

Enthusiastic participants including employees and their families, team of brokers and assorters and other companies' employees participated in this noble cause. The program continued for the whole day. Every donor donated approximately 350 ml of blood after passing through preliminary medical tests like BP, HB, weight-check, etc.

The top brass of Kiran Gems actively participated during the event which included Mr Vallabhbhai Patel-

Chairman, Mr Mavji Patel- MD, Mr Dinesh Lakhani- Director, Mr Rajesh Lakhani- Director and Mr Kalpesh Lakhani- Director. They, along with the volunteers of Kiran Gems ensured that every donor of blood was taken care well.

Mr Dinesh Lakhani, Director- Kiran Gems said, “This event presented us with a unique opportunity to do something selfless and that goes beyond just monetary donation. I am so happy that employees of Kiran and other companies are actively participating in this noble cause.” n

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ANGLO AMERICAN: DE BEERS' Q3 ROUGH DIAMOND OUTPUT GROWS 6%

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e Beers diamond production increased by 6 percent in the third quarter of 2014 to 8.2 million carats, according to Anglo American's production report for the third quarter ended September 30, 2014.

The increase was primarily due to a strong performance at Debswana's Jwaneng in Botswana, where higher grade material was accessed. This was partially offset by slightly lower production across operations in Canada and South Africa, including the Voorspoed mine, where a focus on waste movement to clear an area of unstable ground resulted in lower output. In addition, a planned plant upgrade at the Venetia mine in South Africa and a 19day strike at Namdeb's land operations in Namibia negatively impacted production volumes.

The Gahcho Kué project in Canada is progressing successfully through permitting and licensing, recently securing the Land Use Permit and ministerial approval of the Water License, notes Anglo American, which holds an 85 percent interest in De Beers.

First production at Gahcho Kué is expected in the second half of 2016, with full commercial production expected in 2017.

In Botswana, Debswana, De Beers' joint venture with the government of Botswana, produced 6.224 million carats during the third, up 14 percent year over year. For the nine-month period, Debswana produced 18.248 million carats, up 12 percent in volume. Namdeb Holdings, De Beers' joint venture with the government of Namibia, recorded output of 449,000 carats during the third quarter, a slight 1 percent increase year over year. For the first nine months of the year, Namdeb produced 1.390 million carats, up 7 percent year over year. In South Africa, De Beers Consolidated Mines (DBCM) experienced a 17 percent volume decrease in the third quarter to

1.126 million carats. For the nine-month period, DBCM produced 3.232 million carats, up 8 percent year over year.

Meanwhile, De Beers Canada produced 394,000 carats during the period, a 19 percent decrease in volume year over year. The company had a 1 percent fall in output of 1.369 million carats for the first nine months of the year. Overall, De Beers' production during the first nine months of 2014 grew 10 percent to 24.2 million carats.

Anglo American has increased its fullyear production guidance for diamonds to approximately 32 million carats, against a previous forecast of 31-32 million carats. n

PETRA SELLS 232-CARAT CULLINAN DIAMOND FOR $15.2M

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etra Diamonds Limited has sold the exceptional 232.08-carat white diamond that was recovered at the Cullinan mine in South Africa in September 2014 for US$15,219,219 million (US$65,577 per carat) to multinational diamond company Diacore.

"We are delighted to have achieved the sales result for this exceptional white stone, which is an outstanding example of the very high quality, large diamonds produced at Cullinan," says Johan Dippenaar, CEO of Petra. visit us at : www.minestomarket.net

The Cullinan mine is a source of large, highquality Type II gem diamonds and has produced just under 800 stones of greater than 100 carats, over 130 stones weighing more than 200 carats and more than a quarter of all the world's diamonds of greater than 400 carats. It is also the world's only significant source of truly rare and highly valuable blue diamonds.

In September, Petra sold a 122.52-carat blue diamond recovered from Cullinan in June for a value equivalent to US$27.6 million, or US$225,269 per carat. n Mines to Market | Sept-Oct’ 2014 | 25

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GSI CONDUCTS INTENSIVE ONE-DAY SESSION IN NASHIK

India’s Diamond Exports Rise 11%, Jewellery Exports Up 36% in September

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eptember was a good month for Indian exporters with significant increases in the exports of cut & polished diamonds and gold jewellery (plain & studded), the two largest segments in the g & j sector.

Exports of cut & polished diamonds from the country during the month were up 11.19% year on year to US$ 2,663.66 mn from US$ 2,395.50 mn a year ago, with cumulative exports between AprilSeptember 2014 at US$ 12,083.78 mn lagging marginally below the US$ 12,434.60 mn exported during the comparative period a year ago.

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emological Science International (GSI) a fullservice, high-tech lab designed specifically to meet the rapidly changing needs of the jewelry industry, conducted an intensive one-day programme, which included Seminar followed by practical Workshop and Hi-Tea for Adgaonkar Saraf Jewellers in Nashik.

Seminar was designed to enhance the skills and building up-to-date knowledge on current and relevant topics related to the gems and jewellery industry. The workshop incorporated practical session, which enabled the participants to learn techniques and concepts to strengthen their business prospects in the industry.

The session was successful and well appreciated by the Adgaonkar Jewellers.

According to Ashish Kekede, CEO, Adgaonkar Jewellers, “Seminar was an interactive session which covered topics on Selling Techniques and Diamond, which will definitely help our sales representatives in the long term stability.

The workshop was conducted by professionally skilled gemologist of GSI, aimed to acquire understanding and learning about the hidden facts of Diamond. The session ended on Hi-Tea, where everyone socialized with each other over sumptuous dishes.” Mr. Kekede added, “I believe, this seminar 26 | Mines to Market | Sept-Oct’ 2014

and workshop will empower all our employees to operate our business in a more professional manner and attract more consumers to the jewellery store.”

Seminar was an interactive session which covered topics on Selling Techniques and Diamond, which will definitely help our sales representatives in the long term stability. The workshop was conducted by professionally skilled gemologist of GSI, aimed to acquire understanding and learning about the hidden facts of Diamond.

Mr. Mark Gershburg, CEO, GSI, said, “The session specially conceived and developed by GSI aimed at imparting knowledge to participants on various issues related to the regulatory framework of best practices for conducting jewellery business. It has been specially designed to empower store sales representatives to manage their business more effectively and efficiently.”

GSI hold seminars and workshops in different cities to create awareness among the consumers and the industry. n

Similarly, exports of gold jewellery (studded and plain) from India showed a significant 36% leap during the month reaching US$ 955.13 mn as against US$ 699.71 mn of a year ago. For the first six months of the Indian financial year, cumulative gold jewellery exports stood at US$ 4,570.89 mn, up from US$ 3,623.65 mn for the same period a year ago.

Export of coloured gemstones in Apr-Sept 2014 declined to US$ 224.36 mn from US$ 351.99 mn the previous year and that of silver jewellery in the same period rose by 31.65% year-on-year to US$ 1044.87 mn from US$ 793.68 mn in 2013. n visit us at : www.minestomarket.net

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Rio Tinto celebrates Chow Tai Fook milestone with diamond masterpiece and new jewellery collection

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iamonds from Rio Tinto's Argyle mine in Western Australia will be showcased across China in an unprecedented fashion from next month, headlined by a special white and champagne diamond encrusted tiara.

The masterpiece, titled “Nature's Glow”, has been crafted as a tribute to the strategic partnership between Rio Tinto and pre-eminent Chinese jeweller, Chow Tai Fook, on the occasion of the jeweller's 85th anniversary.

Inspired by the beauty and natural wonders of Australia, the one-of-a-kind tiara will be displayed in key cities in China, a symbol of the innovative partnership that now has Chow Tai Fook retailing Argyle diamonds from the majority of its 2000 stores in Greater China. Rio Tinto Diamonds managing director Jean-Marc Lieberherr said, “Chow Tai Fook is one of the great jewellery companies of the world and over the past five years Rio Tinto has been

Fook Sunshine' collection, will be launched in October, promoted under the banner of 'Light up your life with Australian Diamonds'.

delighted to work with it to develop the fashion jewellery market in China. This powerful partnership has enabled opportunities to grow the Chinese market for diamonds in ways we could only dream of less than five years ago.”

The partnership between Rio Tinto and Chow Tai Fook, inaugurated at the Shanghai World Expo in 2010, has led to five Chow Tai Fook fashion jewellery collections featuring Argyle diamonds.

The most recent collection, the 'Chow Tai

The 'Chow Tai Fook Sunshine' collection comprises a selection of diamond jewellery with the design inspiration coming from the beauty, rich heritage and natural wonders of Australia. Each jewellery piece is accompanied by a Certificate of Authenticity assuring customers of the origin of their diamonds and their journey from one of the most remote parts of Australia.

Chow Tai Fook Jewellery Ltd managing director Kent Wong said “We are very proud of our partnership with Rio Tinto and we are delighted to launch the 'Chow Tai Fook Sunshine' collection. These jewellery pieces are exquisite examples of the creative collaboration that exists between Australia and China –beautiful Australian diamonds have found their way into the finest of bespoke Chinese jewellery.” n

Panama's Minister of Presidency meets with PDE's Founding Chairman, expresses Government's support for new Latin American trading center

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anama's Minister of the Presidency, Álvaro Alemán, has met with Eli Izhakoff, Founding Chairman of the Panama Diamond Exchange and also Hon. President of World Diamond Council, the World Federation of Diamond Bourses, and CIBJO, the World Jewelry Confederation.

The minister expressed the commitment of the Government of Panama for the establishment in Panama City of Latin America's first dedicated diamond, colored gemstone and jewelry center, which soon will open in the prestigious Santa Maria Business District.

Joining Mr. Izhakoff at the meeting with the minister on Friday, October 10, were Erez Akerman, PDE President; Diego Vallarino, Vice President of Real Estate Development at Grupo VerdeAzul, which visit us at : www.minestomarket.net

is developing the Panama Gem & Jewelry Center; and Juan Manuel Henriquez, the General Manager of the Panama Gem & Jewelry Center project at Grupo VerdeAzul.

The $200 million Panama Gem & Jewelry Center, which will be anchored by the Panama Diamond Exchange, the region's first and only official recognized diamond bourse, is the largest and most ambitious development project ever undertaken on behalf of the jewelry and gemstone trades in Latin America.

Serving as a trading hub for both regional and international companies, the center will serve a market that today is worth $8 billion, and comprises 11,500 retail jewelry outlets located in 20 countries and 23 islands. Construction of Phase 1 of the center is almost complete, with the

first building set to open in December.

"The Government of Panama is firmly committed to positioning our country as the primary diamond, gemstone and jewelry hub for all of Latin America, and we will provide both the support and resources to make this happen," said Mr. Alemán. "In this respect, we consider the Panama Diamond Exchange and the Panama Gem & Jewelry Center to be projects of national importance, and we will do as is required to ensure that they grow and develop along with the jewelry sector in the entire region.” n Mines to Market | Sept-Oct’ 2014 | 27

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Kalyan Jewellers announces Rs. 1200 crores Investment from Warburg Pincus

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alyan Jewellers, the most trusted jewellery brand announced that an affiliate of Warburg Pincus – a leading private equity firm focused on growth investing - has invested Rs. 1200 crores in the company.

Founded in 1993 and Headquartered in Thrissur (Kerala), Kalyan Jewellers is one of the largest manufacturing and distribution Company in the country. In India, Kalyan Jewellers has established presence across all major markets in South India, Maharashtra, Gujarat, National Capital Region (NCR) and Punjab. Presently, it has a network of 55 exclusive outlets in India and 6 exclusive outlets in the United Arab Emirates designed to provide customers with a unique, premium shopping experience.

Mr Amitabh Bachchan and Mrs Aishwarya Rai Bachchan have represented the brand in the national front since 2012.

Kalyan is pursuing a two pronged approach its distribution and product strategy. In the domestic market, the company plans to enhance the number of exclusive outlets in existing markets as also foray into newer regions with emphasis on the North and the West of the

28 | Mines to Market | Sept-Oct’ 2014

country. Kalyan also plans to rapidly scale up its global presence in the Middle East (foray into Kuwait and Qatar) and South East Asia (foray into Singapore and Malaysia). Kalyan will add over 28 new outlets in the next six months enhancing its distribution network significantly. The company's customer centric approach will be enhanced by offering more choices in the bespoke design segment and strengthening its ability to offer affordable studded jewellery to the consumers.

Highlights of the investment:1. T h e l a rg e s t P r i v a t e E q u i t y investment in the Jewellery manufacturing and distribution industry in the Country.

2.

3.

T h e l a rg e s t P r i v a t e E q u i t y investment into the state of Kerala thus far.

Eyes Rs. 25000 crores revenue; Foray into new market, enhanced global presence to drive growth

Mr. T S Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers, said, “We are delighted to welcome Warburg Pincus as our growth partner.

Jewellery is one of the largest consumption categories in India, and Kalyan Jewellers has created a unique position as one of the largest and the most trusted jewellery brands in India. We continue to be guided by our core values of integrity, transparency and customer focus that have enabled us to gain our customers' trust over the past two decades. We look forward to working with Warburg Pincus as we continue to build on our foundation and move onto our next phase of growth.”

Mr. Vishal Mahadevia, Managing Director and Co-head India, Warburg Pincus, said, “Mr. Kalyanaraman along with his sons, Mr Rajesh Kalyanaraman and Mr.Ramesh Kalyanaraman and the entire team have undoubtedly built a market-leading brand and an organization of scale.

Warburg Pincus' investment in Kalyan Jewellers is the largest private equity investment into the jewellery industry in India, and is an acknowledgment of the company's highly-talented team, its

pioneering role within the industry, and its commitment to the highest levels of customer service. We are excited to partner with the team at Kalyan Jewellers as they continue to grow the business going forward.”

Kalyan has set industry level benchmarks on customer experience, innovations, transparent pricing.

Kalyan's leadership position in the industry is defined by its customer centric business model that includes many “firsts” such as: n the

first to introduce BIS certification of gold jewellery; n the first to introduce a customer loyalty program , which today has more than two million members; and n the first to pioneer the use of detailed

price tags, thus demystifying making charges and providing increased transparency to customers, which has become a best practice in the industry. n The first to introduce the concept of neighbourhood customer service centers in the jewellery industry under the My Kalyan brand Mr. Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers said, “Kalyan Jewellers is a growth story of a home grown company from the 'real India' which has leveraged the capabilities of Indian craftsmanship and built a trusted brand.”

“Kalyan Jewellers is excited about its next phase of growth as we continue to challenge conventional beliefs and practices in the industry and create a strategy which will shift the paradigm in the industry” added Mr. Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers. n visit us at : www.minestomarket.net

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THE IIDGR SHOWCASES NEW AUTOMATED MELEE SCREENING DEVICE IN GREATER CHINA

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he De Beers Group of Companies' International Institute of Diamond Grading & Research (IIDGR) showcased the new Automated Melee Screening (AMS) device to great reception at this September's Shenzhen International Jewellery Fair and Hong Kong Jewellery & Gem Fair.

The new AMS device which can take up to 500 carats at once is a spectrometer based system that screens round brilliant diamonds from 0.01 –

World Diamond Council names Patricia Syvrud as Executive Director

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he World Diamond Council (WDC) has named Patricia Syvrud, founder and president of Joia Consulting, LLC, as its first Executive Director, effective October 31, 2014. Syvrud will report to the Executive Committee of the WDC Board of Directors and will assist the President of the WDC. She will be responsible for representing the WDC in the Kimberley Process, as well as providing overall leadership and strategic direction to the organization.

The WDC Board appointed a screening committee that reviewed the large number of applications for the Executive Director position from around the world. Interest in the position was high, and the WDC Board was pleased and appreciative of the interest from so many high level applicants.

0.2cts for potential synthetics and simulants. It automatically feeds, measures and dispenses at a rate of 360 stones per hour and is the result of several years of development, exhaustive testing and production. The device has already been installed successfully across key worldwide diamond trading hubs to increase trade and consumer confidence in this category of diamond.

Jonathan Kendall, President of The IIDGR, commented: “The De Beers Group of Companies is committed to sustaining trust in diamonds across the industry. It is essential that all synthetics and simulants are fully disclosed to ensure confidence and transparency is maintained within the trade. The AMS device, the latest instrument to be developed by De Beers is able to aid in this assurance by screening melee and detecting all synthetics and simulants tested.”

The IIDGR also promoted responsible practices in diamond grading at the two fairs and demonstrated the Institute's other proprietary detection instruments: n DiamondSureTM - a screening device to determine natural 0.10-10 carat diamonds from synthetics and simulants. n DiamondViewTM - a desktop based device designed to look at any stones that have been referred by DiamondSure™. n DiamondPlusTM - a device that screens for type II HPHT treated natural diamonds and CVD synthetics.

Jonathan Kendall added, “We are the leading manufacturers of detection instruments for the diamond industry. Our proprietary equipment is used as the de-facto standard by government agencies, gemmology laboratories, Diamantaires, jewellery manufacturers and jewellery retailers all over the world.” n

"The important work of the WDC was reflected in the caliber of the applicants for the Executive Director position," stated Edward Asscher, President of the WDC. "Patricia's breadth and depth of knowledge of the jewelry industry, as well as her previous experience in working with n o n - p r o f it an d in ter n atio n al organizations make her an obvious choice in this new position for the WDC. The entire board sees this appointment as further professionalizing the WDC and looks forward to working with her to continue to enhance the credibility and stature of the WDC in the international arena." n

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Mines to Market | Sept-Oct’ 2014 | 29

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Chinese diamond mine struggles to pay wages

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NJIN Diamond Mine workers in Chiadzwa have returned to work after management promised to pay their outstanding salaries for September, The Source has established.

Over 200 workers at the mine downed tools last week demanding to be paid their outstanding salaries for September as well as for October amid claims that the company, which three years ago claimed to be largest producer of diamonds in the world, was facing viability problems.

Anjin, one of the seven firms licensed to mine the vast government-controlled Marange diamond field, is a joint venture between China's Anhui Foreign Economic Construction (Group) Co and Zimbabwean state entities and began operations in 2009.

Marange firms have, since 2013, reported diminishing alluvial diamond deposits in the area.

The miners, who have been engaged in open cast operations, said they had hit hard rock and that deep seated conglomerate diamonds were not commercially viable.

Workers, who declined to be named for fear of victimisation, told The Source on Friday that they had entered into a written agreement with management which promised to pay the outstanding salaries for September on October 30 and for this month on November 20. “We returned to work after management promised us that they would pay our 30 | Mines to Market | Sept-Oct’ 2014

balance salaries for September at the end of this month. We have a written agreement and if they fail to pay we will go back on strike,� said a worker who declined to be named.

According to a workers union official, the lowest paid worker at Anjin earns $310 monthly, but employees were only paid between $120 and $130 for September.

Another worker said the company was ambivalent about pay dates saying it had negotiated a loan but was unsure when it would receive the money.

Anjin officials were not immediately available to comment.

Zimbabwe Diamonds and Allied Workers Union president Cosmas Sunguro recently told The Source that workers in the diamond sector were experiencing many challenges, including late payment of wages and salaries and firms refusing to disclose production figures, thus compromising the union's bargaining powers.

He said some workers were made to work for 12 hours instead of the stipulated eight hours, while accidents in the workplace were also on the increase.

Last month, Mines Minister Walter Chidhakwa said the government had started the process of integrating Marange, Gye Nyame and Kusena into one company.

The government has said it wants up to two miners to operate in the area to minimise leakages and improve accountability.

Trans Hex Completes Namaqualand Mines Acquisition

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rans Hex has completed its acquisition of the Namaqualand mines from De Beers Consolidated Mines (DBCM). The company announced that the deal closed on October 28.

DBCM initially agreed to sell Namaqualand to Trans Hex in a transaction valued at $21.2 million in May 2011. Closure of the deal was delayed subject to the fulfillment of a number of conditions, including all necessary statutory and regulatory approvals.

Emerald Panther Investments (EPI) 78 Ltd. , in which Trans Hex owns a 40 percent interest, acquired all assets and liabilities related to Namaqualand from DBCM with all outstanding conditions precedent fulfilled.

DBCM initially agreed to sell Namaqualand to Trans Hex in a transaction valued at $21.2 million in May 2011. Closure of the deal was delayed subject to the fulfillment of a number of conditions, including all necessary statutory and regulatory approvals.

In September, Emerald Panther Investments signed a sales agreement amendment with DBCM providing for the creation of a special purpose vehicle, which will house the state's 20 percent interest in the project and in EPI. EPI's acquisition of the Namaqualand mines is expected to increase the life of mine of Trans Hex's South African operations to 14 years. n visit us at : www.minestomarket.net

INTERVIEW

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PGI fuelled

the desire for

Platinum Jewellery in

India

- Ms. Vaishali Banerjee, Country Manager India, Platinum Guild International (PGI)

India's gems and jewellery industry is among the top growing segments of the Indian economy and platinum forms a niche, but integral part of it. There is an evolving domestic market for platinum though it is at a very nascent stage and has been steadily growing over the decade since its launch in 2000.

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What do you think about platinum contribution in India?

India's gems and jewellery industry is among the top growing segments of the Indian economy and platinum forms a niche, but integral part of it. There is an evolving domestic market for platinum though it is at a very nascent stage and has been steadily growing over the decade since its launch in 2000.

When platinum jewellery was launched in India, the market was limited but the domestic jewellery market has evolved with support from partners. Trained manpower, additional skillset, specialised technology, assurance and quality control aided in growth and PGI fuelled the desire for platinum jewellery in India and its

innovative marketing program led to an encouraging result and a steady market growth while paving the way for many more leading manufacturers to invest in platinum jewellery production.

Today, platinum is available across 800+ stores, in top 30 metros and expanding across Tier 2 cities in India.

Current research conducted with consumers across India, shows that familiarisation and knowledge about platinum has grown and the desire to own platinum is much higher with the belief in platinum growing stronger. Platinum is purchased as a gift of love could be between couples, parent daughter or child, siblings, etc. or as self-reward (self-purchase) and normally platinum is Mines to Market | Sept-Oct’ 2014 | 31

INTERVIEW

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What are the challenges do you find against growth of the branded j e w e l l e r y a n d w h a t a re y o u r suggestions to solve them?

One of the biggest challenges is lack of depth of knowledge on the qualities of the metal that set it apart from other metals.

While the consumers know about platinum being a precious metal, they don't understand why it is a precious metal.

symbolic of milestones occasions in a consumers life. There are many occasions in a woman's life where she gets jewellery and platinum is meant for the most special of them.

How you see growth of Indian market as far global market?

India has a massive growth potential and is headed for exponential growth. India is the 4th largest platinum market after China, Japan and U.S. which all together account for the highest platinum consumption globally of 92% of the global demand As per the Retail Trade Barometer conducted earlier this year, retailers are bullish about platinum in 2014 and have estimated a 35% growth.

Platinum is a symbolic piece of jewellery bought at key milestone occasions in the consumer's life.

From our past experience we have seen that no matter how subdued the consumer sentiment is precious moments are always celebrated. And some of these moments will belong to platinum. So we are certain that the coming season will see a growth in platinum sales.

Currently we are very dependent on the metal attribute education at a store level.

H o w e v e r, g i v e n t h a t p l a t i n u m distribution is selective and will remain so, it becomes imperative that we are able to deliver this message outside of the store to lower the chances of miscommunication as well.

PGI along with partners have been successful at utilising digital media and integrating marketing programmes that have positioned platinum well amongst the younger audience and making it emotionally significant for them. Key retail partners have amplified the Platinum Day of Love programme through their own marketing programmes and have ensured that there is a range of platinum love bands at their store with a trained sales person to maximise conversions.

On the back of market intelligence and consumer research, PGI and a few trade partners have opened a new segment with men's jewellery, which has seen exceptional growth (albeit of a small base), resulting in strong growth figures for the category.

And to ensure product visibility, platinum zones have been created, which differentiates the platinum product in store. Over and above the mass media campaigns we are very active in the digital and social media space considering our audience is online and we get an opportunity to directly connect with them.

What is the USP of your brand and why consumers should buy it?

Platinum is a symbolic piece of jewellery bought at key milestone occasions in the consumer's life and platinum jewellery is becoming a must-have in the wardrobe of an Indian woman. Today it forms a significant part of the gift of love segment between couples, parent-daughter or child, siblings and other milestone occasions.

32 | Mines to Market | Sept-Oct’ 2014

Besides that, the population ratio of 70% less than 45 years works to platinum's advantage. As platinum appeals to the younger audience and the target group is more likely to buy a piece of jewellery for emotional reasons rather than just an investment product. They identify strongly with this precious white metal for its inherent qualities and modern outlook being the key motivators.

The market has been built of the back of a successful marketing campaign based around the concept of 'Platinum Day of Love'. The recent research shows an increasing interest for platinum jewellery with the Indian market achieving a 35 per cent increase last year, making it the world's fourth largest platinum jewellery market.

How would it affect your sale during festive & wedding seasons?

The design language of platinum has been able to create a balance of tradition and modernity, offering a product which is an expression of modernity through tradition. Platinum appeals to the younger audience who is more educated and aware of international trends and willing to try out newer options. There is also a growing trend of young brides who are looking at platinum as a part of their wedding trousseau.

There is also an increasing desire for men's jewellery, which presents an additional opportunity for platinum. At the regional level partners and PGI are looking at further developing the men's segment after witnessing a robust growth last year. Young men today are not only looking at bands in platinum, but are also taking to platinum chains, and bracelets.

The plans are on the anvil of launching an exciting new segment in platinum. The PGI has put in over a year of qualitative and quantitative research to identify the consumer insight, need-gaps, understand visit us at : www.minestomarket.net

INTERVIEW

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The awareness of platinum increased because of the 360 degree integrated marketing programme of Platinum Day of Love that has been running even this year. This has built a deep emotionalconnect with the consumer and made platinum relevant in their life.

key motivators to arrive at the final design, product and marketing strategy for the new segment. The industry can now look forward to an exciting new offering in platinum that will soon be on the shelves by the end of the year.

What would be your marketing strategy to increase the sale?

The awareness of platinum increased because of the 360 degree integrated marketing programme of Platinum Day of Love that has been running even this year. This has built a deep emotionalconnect with the consumer and made platinum relevant in their life. Over and above the mass media campaigns we are very active in the digital and social media space considering our audience is online and we get an opportunity to directly connect with them.

The design language of platinum has been able to create a balance of tradition and modernity, offering a product which is an expression of modernity through tradition. Platinum appeals to the younger audience who is more educated and aware of international trends and willing to try out newer options. There is also a growing trend of young brides who are looking at platinum as a part of their wedding trousseau.

There is also an increasing desire for men's jewellery, which presents an additional opportunity for platinum. At the regional level partners and PGI are looking at further developing the men's segment after witnessing a robust growth last year. Young men today are not only looking at bands in platinum, but are also visit us at : www.minestomarket.net

taking to platinum chains, and bracelets.

The plans are on the anvil of launching an exciting new segment in platinum. The PGI has put in over a year of qualitative and quantitative research to identify the consumer insight, need-gaps, understand key motivators to arrive at the final design, product and marketing strategy for the new segment. The industry can now look forward to an exciting new offering in platinum that will soon be on the shelves by the end of the year.

Additional Info: The first important factor to gain acceptance in the mind of the consumers is aiming at high quality product and offering uniqueness in design. Hence PGI identified reputed manufacturers to deliver on product excellence that was crucial to drive category growth. Since the launch, these manufacturers have invested in capacity, skilled labour, designers and getting the best technology given it is a premium offering. The next step was to partner with reputed, large jewellery retailers in the country, who could retail the product. These retailers are stocking a mix of platinum jewellery designs and enabling a premium product experience in platinum to the consumer.

Building on their credibility platinum has managed to set a foothold in the minds of the audience.

programme was launched in 2009 on the basis of this, which built a deep emotional-connect with the consumer and made platinum relevant in her life.

The campaign was supported by an excellent product, Platinum Love Bands and it has been successful in developing the gift of love market for platinum across India. Platinum love bands or couple rings are very popular and seen as an expression of love to commemorate special occasions amongst couples and is the largest selling segment.

PGI have also ensured that the fundamentals were strong by creating awareness and equipping consumers with information on the metal to make an informed decision. Hence PGI provides Retail Sales Training and conducts a Quality Assurance programme to support 950 platinum and to assure consumers of high quality and pure platinum jewellery, following global industry standards.

The Indian platinum market has achieved a growth momentum and the real potential is yet to be realized, which will be done over a period of time. The market growth will be secure and substantive, if platinum continues to remain an important part of the retailers and manufacturers business development strategy. n

PGI plays a role of thought leadership to the jewellery industry with consumer insight through research that provides a direction for the trade. As an organisation we are able to identify need-gaps, understand key motivators, using tools of market research and also test consumer confidence through our brand track. Then you develop a marketing communications programme strategy on the back of it that would inspire your audience and build desire for platinum jewellery. The Platinum Day of Love Mines to Market | Sept-Oct’ 2014 | 33

UK SECTION

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UK Jewellery Market is Very Exciting at the Moment - Mr. Mehul Lodhiya As a honorary coordinator in the UK for the Gem & Jewellery Export Promotion Council , you are an Indian jewellery industry's representative in the UK. What do you think about for jewellery market trends in UK? The Uk jewellery market is very exciting at the moment. While the UK has been seen as a traditional and conservative market, both the main stream and the south Asian jewellery market i.e. 22kt jewellery are seeing good demand for Indian manufactured jewellery. The South asian Jewellers in the UK look to India for trends and inspiration in ideas and respects India's leadership in design of hand made gold jewellery. There is a lot of scope for more designer jewellery to filter through to the UK and many progressive Jewellers here have been taking positive steps to align with such global trends.

You have a double role now as you also automatically represent the UK jewellers in the IIJS, whowere the part of your delegation, What did you find in India IIJS 2014?

Mr. Mehul Lodhiya “ Honorary coordinator in the UK for Gem & Jewellery Export Promotion Council of India”

The Uk jewellery market is very exciting at the moment. While the UK has been seen as a traditional and conservative market, both the main stream and the south Asian jewellery market i.e. 22kt jewellery are seeing good demand for Indian manufactured jewellery. The South asian Jewellers in the UK look to India for trends and inspiration in ideas and respects India's leadership in design of

This show was actually very motivating as after the council had a road show prior to the IIJS and the executive director Mr. Sabyasachi took an initiative to be here during the road show and give the presentation on the working of Indian jewellery industry, GJEPC & IIJS, a good number of jewellers were motivated to attend the show for the first time. We had around 80 jewellery companies who attended the road show. They really were motivated and amazed with the way the Indian jewellery industry is growing. The IIJW also had a great impact and here is where they got to know the trends.

What are the differences between UKcollection and India?

Now scenario has been change for last 2 or 3 years in India so do you think India will mark as world jewellery leaders in the near future?

As I told you before the UK market is very conservative. The Main stream and the diamond jewellery market mainly consists of the Engagement rings and wedding bands. The 22kt Asian jewellery market still demands the shining yellow gold jewellery. But now there are few jewellers who is trying to do something different than the typical jewellery and cop up with the ongoing trends in India.

India is already there in the top slot of the world as far as diamonds & jewellery market is concerned.

What do you think about the IIJW? IIJW is actually the trend setter platform and there is a value addition by the glamour industry & Bollywood getting involved.

The way council has taken the IIJW to this level is highly appreciated.

Do your delegation find any new trends,news outlook for UK marketin the near future?

Our delegation was really happy and definitely they found new trends and were also inspired by the IIJS & IIJW aswell. n

34 | Mines to Market | Sept-Oct’ 2014

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Rio Tinto's Argyle Pink Diamonds Tender delivers exceptional results

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io Tinto's 30th anniversary collection of 54 rare pink and red diamonds from its Argyle diamond mine has delivered exceptional results, achieving the highest average price per carat since the Tender began in 1984.

With a record number of more than 600 bids, the collection was internationally popular with successful bids for the rare diamonds submitted from ten countries.

Rio Tinto Diamonds managing director Jean-Marc Lieberherr said "We are delighted with this result which reflects the global appeal and enduring value for these increasingly rare and iconic gems."

The Argyle Pink Diamonds Tender has been a landmark event on the global diamonds calendar since its inception in Antwerp 1984. Whilst bids and total values remain confidential, it can be revealed that overall prices for Argyle's signature pink diamonds have more than tripled since the year 2000.

The most valuable diamond in the 2014 collection is the Argyle Cardinal™, a spectacular 1.21 carat radiant cut Fancy Red diamond which was sold to one of Argyle's exclusive retailers or Select Atelier™, Glenn Bakker Jewels for an undisclosed value.

Buyer Glenn Bakker said "This red diamond is of exceptional rarity and as its custodian I am humbled to be a part of its incredible journey that spans more than 1.6 billion years. It gives

me the rarest of opportunities to develop a creation that will dignify its place in Australian history."

In its 30 year history the Argyle Pink Diamonds Tender has offered only 13 Fancy Red diamonds, with just three of these gems larger than one carat.

Argyle Pink Diamonds manager Josephine Johnson said "Each of these rare diamonds is a miniature masterpiece and appreciation of their value and beauty continues to rise." n

Inaugural World Diamond Conference to take place in Delhi, India

T

he World Diamond Mark Foundation (WDMF), in close cooperation with the Gem & Jewellery Export Promotion Council (GJEPC), India, will organize an i n t e r n a t i o n a l Wo r l d D i a m o n d Conference supported by the Ministry of Commerce and Industry, Government of India, in December, with its heart at the future of diamonds and diamond jewellery in the global luxury consumer market.

The conference will be held in New Delhi December 11-12, 2014.

The event, which will be attended by representatives of the world's leading mining countries, major diamond producers, diamond and jewellery manufacturers, retailers and industry interest organizations, will focus on the most urgent issue that worries the international diamond industry and trade: the revival of consumer enthusiasm for diamonds and the consequent increase of visit us at : www.minestomarket.net

market share for diamond jewellery in the luxury sector. The World Diamond Mark Foundation, together with its early adopters and supporters, believes it holds the keys to the vehicle that will help boost consumer demand for diamonds and diamond jewellery.

programmes will fall on fertile ground. We have high expectations of this event!"

GJEPC Chairman Vipul Shah said.

"The global diamond industry is subject to challenging times," WDMF Chairman Alex Popov stated. "Consumer demand for the category needs tremendous boost and thus Global Marketing is a significant area that needs detailed deliberation. The World Diamond Conference is an effort to consolidate the industry under one roof and plan way forward," Popov stated.

"The conference's timing and location are very important as they coincide with the highly important state visit of President Vladimir Putin to India and his meetings with Indian Prime Minister Narendra Modi," Popov continued.

"The conference's timing and location were more proof of India's changing role in the global gem and jewellery industry and trade," GJEPC Chairman Vipul Shah said.

"India is not only the world's major diamond producer; we are also a huge manufacturer of jewellery and, last but not least, an enormous, expanding consumer market. Also, with our economy growing strongly and with a middle class that continues to expand and develop a taste for luxury, a lot of the WDMF's marketing and promotion

"Naturally, among the common interests of both countries is diamond industry and trade, and they may be expected to explore more close cooperation. We therefore hope that major players and institutions in Russia's diamond industry, such as Alrosa, Gokhran, Smolensk Kristall, Grib and others as well as representatives of the Ministry of Finance, Government of the Sakha Republic, and so forth, will be present during the President's visit and also grasp this unique opportunity to join our two day conference," Popov, who is also the president of the Moscow Diamond Bourse, concluded. n Mines to Market | Sept-Oct’ 2014 | 35

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ALROSA's net profit went up 3% in the first 9 months of 2014

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LROSA increased its net profit by 3% in the first 9 months of 2014 compared to January-September 2013, according to the Russian Accounting Standards (RAS), driving it to RUB 23.514 billion, Finmarket reports citing the company financial statement.

ALROSA's revenue in the first 9 months reached more than RUB 116 billion against RUB 100 billion a year earlier.

The reporting of ALROSA done in line with the Russian Accounting Standards is not consolidated and does not take into account the performance of the miner's subsidiaries, the largest of which are ALROSA Nyurba, Almazy Anabara, Nizhne-Lenskoye and Severalmaz. The 33-percent share held by ALROSA in Angola's Catoca is not taken into consideration in ALROSA's financial statements under the International Financial Reporting Standards (IFRS).

ALROSA produced 36.9 million carats of diamonds in 2013 (up 7% y-o-y).

The company accounts for 27% of the worlds' diamond production by volume. n

World Diamond Mark Foundation Signs Deal With Turkish Body

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he World Diamond Mark Foundation (WDMF), and the Turkish Jewellery Exporters Association (JTR) signed a Memorandum of Understanding (MoU) during a joint press conference announcing the stepping up of cooperation.

The MoU was signed in the presence of other Turkish partners, including Borsa Istanbul and HRD Antwerp Turkey. The partners also introduced a new, jointly produced international diamond and jewelry trade magazine, called the World Diamond Magazine which aims to advance the WDMF's objectives.

The cooperation with JTR comes in the wake of a recent agreement with Borsa Ýstanbul to implement the programs of the World Diamond Mark in Turkey.

"In practical terms, this means that the WDM's first pilot program for accredited retail members, Authorized Diamond Dealers (ADDs), will begin in Turkey, one of the most exciting, and rapidly growing luxury product consumer markets," said WDMF Chairman Alex Popov.

36 | Mines to Market | Sept-Oct’ 2014

"The cooperation with the Turkish Jewellery Exporters Association and its mother organization, the Turkish Exporters Union (MIB), are a direct outcome of that endeavor, and it is only because of their support, infrastructure and inspiring enthusiasm that we are going to make it all happen in Turkey.

J T R C h a i r m a n Ay h a n G ü n e r commented: "The cooperation between WDMF, JTR and MIB is like fitting our hand into a perfect glove. Turkey, in recent years, has taken giant steps in the jewelry sector and its exports have risen rapidly, throughout the world. Our own, domestic market is also expanding rapidly, much helped by an influx of tourists who also buy jewelry.

"At the same time, we feel that there is a lot of room to not only improve our marketing, but also broaden our educational, branding and promotional efforts. For instance, the cooperation with HRD Antwerp is a good example of efforts we are making to improve the quality of diamond and diamond jewelry retailing and we are happy the HRD

Antwerp has signed a MoU with WDM and will form the backbone of both the diamond grading activities and educational efforts in Turkey. And with the WDM programs, in particular the WDM's Authorized Diamond Dealers programs for retail jewelers, we will be making headway in the generic promotion of diamonds and diamond jewelry. This will be good both for the domestic and exports markets of our products," he added.

Meanwhile, Çetin Ali Donmez, Vice President of Borsa Istanbul, noted that last June, during the 36th World Diamond Congress in Antwerp, Borsa Istanbul and the WDMF signed a memorandum of understanding to advance the implementation of the World Diamond Mark's programs in Turkey. "Borsa Istanbul aims to be an active representative of the World Diamond Mark in Turkey, and to help improve and increase diamond trading, a significant component of Turkey's jewelry industry, and to protect and educate retail jewelers and consumers," Çetin said. n visit us at : www.minestomarket.net

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De Beers maintains Exploration Expenditure in SA, says not selling Voorspoed mine

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e Beers said it will maintain its diamond exploration expenditure in South Africa of between R30 million ($2.7 million) and R35 million ($3.2 million) a year, as it seeks to find the next diamond mine for the group. Mining Weekly quoted the chief executive of the South African arm of the diamond group, De Beers Consolidation Mines (DBCM), Phillip Barton as saying that they had the human resources, geological data and infrastructure to support ongoing exploration projects.

"We've got to find the next mine for De Beers,” he said. We're starting to get the turnover on ground that we require and we're finding kimberlites.” He noted that the company scaled down its exploration expenditure due to the global economic meltdown of 2008. However, the situation had now improved to the current levels, Mining Weekly reports.

Meanwhile, DBCM has refuted reports that it was planning to offload its Voorspoed mine, also in South Africa. DBCM was currently mining at Venetia and Voorspoed.

“Voorspoed is not in the market,” said Barton.

“Why would you want to dispose of a mine that is putting profit on the table?”

Voorspoed's current life-of-mine extends to 2021. n

Rio Tinto Extends CEO's Tenure

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io Tinto's board has extended the tenure of its CEO, Sam Walsh, and the chief financial officer, Chris Lynch, providing a strong endorsement of their leadership, the group's strategy and its focus on driving shareholder value.

Rio Tinto's chairman, Jan du Plessis, said, “For quite some time, Sam has made no secret of the fact that he loves his job and would like to continue well beyond next year. Given his performance and his enthusiasm to continue in the role, the decision to extend his tenure has been an easy one for the board. In addition, over the past 18 months, Chris has played a crucial role working with Sam and I am therefore pleased that we have agreed with both of them to replace their fixed term retirement dates with long-term, open-ended commitments to the company.

“Since their appointments early last year, Sam and Chris have led a transformation of the business and established a track record of delivering on their promises. Rio Tinto has increased cash flows from operations, achieved significant operating cash cost improvements, reduced net debt and refocused capital expenditure on projects with the most compelling returns.“In September, the board met for our annual strategy review session and it is clear we are on a path to generate significant long-term value for shareholders. The board believes Sam and Chris are the best team to lead us into the next phase of the delivery of our strategy.”

Walsh said, “I am very pleased to continue as chief executive of this great business with our world class people and assets. I will be ensuring my executive team and our 60,000-plus employees around the world all remain focused on continuing to deliver outstanding performance for all of our shareholders, driven by improved safety and productivity, value-enhancing growth and disciplined capital allocation.”

Lynch said, “There is no doubt we have made some great progress but we all appreciate the job is far from complete. There will be no complacency as we pursue value and I am looking forward to continuing to work with Sam and the team to further enhance the performance of the business.” n

Forevermark opens new outlet in Botswana

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he South African Forevermark licensee partner Caratco has opened a new Jewel Africa outlet in Botswana. De Beer's Jwaneng mine, in Botswana, was the world's richest mine and one of the sources of Forevermark diamonds.

Mining Weekly reports that the new outlet located at Maun International visit us at : www.minestomarket.net

Airport would only sell Forevermark diamonds and tanzanite, which can be bought loose or set in jewellery. “Caratco is proud to open a Jewel Africa outlet in Botswana since the country is of great

significance to De Beers, Forevermark and the diamond industry globally,” said Caratco chief executive Tim Watson.

Watson said there was a “big demand” for Forevermark diamonds internationally. Caratco's operations included manufacturing, wholesale and retail. Its stores in Cape Town and Johannesburg served as flagship Forevermark showrooms. n Mines to Market | Sept-Oct’ 2014 | 37

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World Diamond Council concludes 2014 Annual General Meeting in Antwerp,pledges support for Ebola-affected countries and dealing with issues raised by FATF

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he World Diamond Council (WDC) has concluded its 2014 Annual General Meeting in Antwerp, Belgium, during which the WDC members considered and discussed a range of issues associated with the role played by industry within the Kimberley Process (KP), and related matters, including banking policies when confronted with inconsistent implementation of KP standards by companies and countries. Also considered were the supply chain risks impacting on KP compliance.

The Annual General Meeting, which gathered together in Belgium WDC members from around the world, was hosted by the Antwerp World Diamond Center (AWDC).

The formal Annual General Meeting on October 30 focused on preparations for the upcoming Kimberley Process Plenary, scheduled to take place in Guangzhou, China, November 10 to 14.

Discussions centered on the Ebola crisis and providing support to the impacted countries in West Africa. The WDC members agreed to encourage the KP Plenary to address subjects mentioned in a Financial ActionTask Force report, which were raised in a letter sent to the Kimberley Process Chair earlier this month by the FATF. The two-day event started on October 29 with an all day workshop, where attendees created "break out" groups to discuss industry issues and their impact on the KP. The session employed an open and fluid discussion format, which was designed to engender a broad and candid engagement by members, on a wide range of subjects concerned with risk in the diamond supply chain.

The participants in the session concluded that better education and communication about KP should be ongoing and better shared with the WDC membership, the greater industry and the public. Members also agreed that WDC policies and positions within KPCS committees should be more consistently coordinated and communicated to WDC members.

38 | Mines to Market | Sept-Oct’ 2014

The 2014 Annual General Meeting of the World Diamond Council in session in Antwerp.

Edward Asscher, WDC President, addressing the meeting. To his left is Stephane Fischler, President of the AWDC, host of the Annual General Meeting.

The brainstorming session was based on issues raised by WDC members, who expressed a high degree of concern about how KP compliance issues could affect bankability and liquidity in the industry and the reputation of diamond companies.

"The WDC Annual General Meeting brings around the table a representative cross-section of the diamond pipeline, including all the major mining companies, mid-stream manufacturers and wholesalers, and key jewelry retailers," said Edward Asscher, WDC

President. "It provided an excellent opportunity to take a broad look at the various challenges facing our business."

"A successful outcome of the WDC AGM is the future development of a clear strategic plan for the WDC so that our voice at the KP is clear, unified and strong," said Mr. Asscher. "We are looking at ways to broaden our membership base moving forward, and to fully incorporate the concerns and priorities of the entire diamond pipeline in the Kimberley Process Certification Scheme (KPCS)."

An expected highlight of the event was to be an address by Philippe Mellier, CEO of De Beers. Due to travel delays, Mr. Mellier was unable to travel to Belgium, however his speech was shared with the membership by Andrew Bone, Head of Government and Industry Relations for the De Beers Group and the WDC Vice President. "The KP is our primary safeguard and the WDC is an essential element of a credible KP," stated Mellier in his speech. "De Beers has always, and continues to give its full support to both.� n

A 'break out' group of WDC members during the brainstorming session on October 29.

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SRK Exports Inaugurates Santokba Medical Centre

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he Santokba Medical Centre, a state-of-the-art facility for medical care and treatment that was named after Govind Dholakia's late mother, “Shree Santokba,” in Lathi Village was inaugurated by renowned religious preacher Shree Morari Bapu. Set up in Gujarat state at “Laljidada No Vadlo” (meaning: under the shadow of late Shree Laljidada – the father of Dholakia) the center is a not-for-profit initiative by Dholakia, the chairman of Shree Ramkrishna (SRK) Exports, and was established to treat those who cannot afford medical care.

Patients will be treated at the subsidized rate and the money that accrues will be utilized to support the institution. The rest of the center's expenses will be covered by “Matrushri Santokba Laljibhai Dholakia Charitable Trust.” The center has the best of technology, equipment and treatment protocols, and these have been put in place in consultation and collaboration with specialists.

SRK, which has been running medical and educational centers for many years, undertook the initiative to acquaint remote areas with the best in life saving treatment and technology at almost a negligible cost. On the auspicious inaugural day, Bapu said, “It is very difficult to do business as well as serve society at the same time. Govindbhai is one of his kind who is integrating both. Whether it is Surat City or this home town, Govindbhai is always ahead in queue when it comes to uphold society.”

Govindbhai is servicing society with both of his hands for the past three decades. On the occasion, through kindness and inspiring optimism, Dholakia announced adopting 50 children of the village, whose entire educational expenses will be covered. Known for his generosity and, as a humble being, Dholakia also allocated special funds for supporting girls' education, upliftment of widows and supporting needy women. Nearly 200 people were aided by the initiative.

Being graced by the god with a thousand hands, Govindbhai is servicing society with both of his hands for the past three decades. On the occasion, through kindness and inspiring optimism, Dholakia announced adopting 50 children of the village, whose entire educational expenses will be covered.

Known for his generosity and, as a humble being, Dholakia also allocated special funds for supporting girls' education, upliftment of widows and supporting needy women. Nearly 200 people were aided by the initiative.

Being the trustee of almost 75 trusts, Dholakia is the example of an Ideal philanthropist who believes that, one does not need a reason to help someone. There is no exact time and place to extend a helping hand. n visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 39

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Antwerp World Diamond Centre attends summits in Angola

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his week the Antwerp World Diamond Centre (AWDC) has embarked on a mission to Angola, who will become chairman of the Kimberley Process (KP) next year.

AWDC has planned a number of important meetings with the Minister of Mines, the Minister of Economy and the f u t u r e P r e s i d e n t o f t h e K P. In support of Angola's KP chairmanship, AWDC, as requested by the Angolan government, is also organizing a number of workshops on the Kimberley Process Certification Scheme.

Fourteen years ago, Antwerp was the first to start the battle against the trade in conflict diamonds, which were used to fund, among other things, the civil war in Angola. With its 'No weapons for diamonds' campaign, Antwerp made it clear that it did not and would not support the trade in conflict diamonds. “At the same time, the Antwerp Diamond High

Council (currently known as AWDC) assisted Angola in the development of an efficient and stringent control system, so that the Angolan government would one day be able to continue its diamond trade in a controlled manner,” says Ari Epstein, CEO of the AWDC. Thanks to this control system, the UN withdrew its sanctions against Angola in 2002. Now that Angola is set to become chairman of the KP next year, the country has invited the Antwerp diamond sector to a number of important meetings. "This comes as no surprise, because Antwerp is the world's most transparent trading center for diamonds. As chairman of the KP, Angola will be at the helm of the key mechanism that ensures transparency in the diamond trade," says Epstein. As a member of the World Diamond Council (WDC), AWDC plays an active and constructive role in the KP. AWDC is also the point of contact for the Secretariat of

the KP, and will assist Angola in dealing with the practical aspects of the KP chairmanship.

AWDC will take part in a number of important meetings to strengthen the bilateral trade relations with Angola. In terms of value, Angola is now the world's fifth largest diamond producing country.

In 2013, Angola produced 8.6 million carats of rough diamonds with a total value of $1.2 billion. n

Antwerp Diamond Night in Shanghai

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he Belgian city of Antwerp and the Chinese city of Shanghai celebrated the 30th anniversary of their sisterhood ties with a spectacular fashion show in Shanghai, fully accessorized with diamonds. The exclusive evening was organized by the Antwerp World Diamond Centre and provided an excellent opportunity for Antwerp diamond traders traveled to Shanghai to network with the Chinese diamond traders.

Antwerp fashion designers Ann Demeulemeester, Haider Ackermann and Jean-Paul Lespagnard showed a number of unique pieces that they had carefully selected from their collection for this 'Diamond Night'. Diamond jewelry from Antwerp, provided by diamond company Casa Gi, added sparkle to the clothes on the runway. The entire evening was sponsored by Silk Road Diamonds.

"China is the fastest growing market for diamonds," says Margaux Donckier, spokeswoman for the Antwerp World Diamond Centre. "A good relationship with the Shanghai Diamond Exchange is therefore of great importance for the 40 | Mines to Market | Sept-Oct’ 2014

Antwerp diamond sector.

Last year, Antwerp exported 1,8 million carats of polished diamonds to China and Hong Kong, with a value of $3,7 billion.

Behind this success are the growing Chinese middleclass and young Chinese couples, who believe that a diamond ring is a prerequisite for a good marriage.

During the mission, the Antwerp World Diamond Centre signed several MOUs with the Shanghai Diamond Exchange, aiming to improve cooperation between the two trading centers even more in the years to come. The mission concluded with a so-called 'Diamond Night', where the participating Antwerp diamond traders had the opportunity to meet their Chinese counterparts.

Silk Road Diamonds, the generous sponsor of the Antwerp Diamond Night stated: “This mission personifies everything we stand for as BelgianChinese company: establishing a link between Antwerp and China, just like the Silk Road connected the East and the West ages ago. We are honored to have sponsored this event.”

The AWDC also strongly believes in the mutual benefits of trade relations between China and Antwerp. "With over 550 years worth of knowledge and experience, Antwerp guarantees excellent quality, a controlled and transparent trade and good prices," says Margaux Donckier. "This is why the Chinese like to do business with Antwerp, which is of course beneficial for the industry in our country."

The Antwerp diamond district is home to more than 1,700 diamond companies, creating 6600 direct jobs and 32,600 indirect jobs. Diamonds represent 5% of Belgian exports of and 15% of Belgian exports outside the EU. This makes diamonds the most important Belgian export outside the EU. n visit us at : www.minestomarket.net

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GOLD RUSH! EXPANDED DUBAI INTERNATIONAL JEWELLERY WEEK PROMISES 'RETAIL BONANZA' Unique Sales Platform for Fine Jewellery, Precious Stones and Metals, Diamonds and Pearls is 25% Bigger than 2013

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ubai International Jewellery Week 2014will leverage a global downturn in the price of gold and growing consumer demand for diamonds to further amplify Dubai's status as one of the world's leading international trading and retail hubs for fine jewellery, precious stones and metals, diamonds and pearls.

Having attracted more than 380 exhibitors and over 800 brands from 30 countriesincluding 100 new-to-show companies, the 19th edition of the Middle East's most influential jewellery event- which returns to Dubai World Trade Centre (DWTC) from 3-6 December - stands to be 25 per cent larger than last year.

With increased disposable income and surging tourism driving the UAE's relentless appetite for jewellery spending, country representationat the 2014 show is 15 per cent up on last year.

Thailand alone has committed to a 42 per cent year-on-year increase in floorspace, while pavilions from Lebanon, Hong Kong and India are 28, 18 and 16 per cent up on last year, respectively. visit us at : www.minestomarket.net

“Our exciting exhibitor and brand lineup this year reflects Dubai International Jewellery Week's standing as a strategic entry point into the highly-lucrative regional jewellery sector,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, DWTC. “Visitors will have the opportunity to buy some of the most beautiful, creative jewellery designs from around the world – in both the super-luxury and affordable brackets.”

According to GFMS, a leading independent precious metals consultancy in global gold, silver, platinum and palladium market research, the price of gold is forecast to average $1,270 per ounce this year – 10 per cent lower than the 2013 average of $1,411.23. The GFMS forecast mirrors varying predictions from leading international banks, with Deutsche Bank forecasting an average price of $1,141 per ounce for this year, Barclays predicting an average price of $1,205 per ounce and HSBC the least bearish at $1,292 per ounce.

With Dubai now firmly established as one of the world's leading gold retail destinations – the Emirate accounts for approximately 25% of global physical gold trade – Dubai International Jewellery Week organisers are anticipating a 'retail bonanza'.

“Dubai International Jewellery Week offers consumers a unique platform to support local and regional talent while also discovering stunning one-of-a-kind design pieces and the latest trends from around the world,” added LohMirmand.

“With more than 800 international jewellery brands at this year's event, every budget is catered for. With December a traditional consumer spending peak, we're anticipating a retail bonanza as crowds get the jump on endof-year purchases.”

Elsewhere at Dubai International Jewellery Week, the renowned 'Dazzling Avenue' returns with 42 per cent more companies occupying the dedicated area for purveyors of loose diamonds, diamond jewellery, coloured gems and precious stones.

The growth in diamond-based retailers at the show reflects growth in the trade volume of rough diamonds in Dubai andincreasing global demand for diamond jewellery – international diamond sales generated a record high of $79 billion in 2013 according to the 'Diamond Insight Report' published by the De Beers Group of Companies.

According to trade statistics from the UAE Kimberly Process Office, the first nine months of the year saw Dubai's rough diamond trading increase by eight per cent to 108 million carats at a value of US$10.5 billion – an increase of 15 per cent against the same period last year. A total of 58 million carats were imported from January to September at a value of US$ 4.2 billion, while export in the same period was at 50 million carats with a value of US$ 5.4 billion.

Mines to Market | Sept-Oct’ 2014 | 41

EVENT

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Tanzania diamond-mine expansions on track

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In-line with Dubai International Jewellery Week's standing as a platform for global jewellery trade players to source new products from an array of international brands, the popular Hosted Buyer Programme also returns with more than 100 top-level buyers from Russia, Ukraine, Kazakhstan, CIS countries, Turkey, Macedonia, Greece, KSA, Bahrain, Kuwait and Qatardue to meet with exhibitors of their choice for focused one-to-one appointments.

Running alongside the event is the sixth Jewellery Design Awards, which reward amateur and professional designers from across the world for excellence in jewellery design, innovation and creativity. The awards will see 10 winners crowned in 'Emerging Designers' and 'Professional Group' categories, including two new accolades for 'Best Festive-Inspired Jewellery Design' and 'Best Futuristic Jewellery Design'. Open to UAE nationals only, the awards for 'Best Emirati Jewellery Design' in both categories are expected to be draw entries from established and emerging Emirati jewellery design artisans.

Winners of the Jewellery Design Awards walk away with a trophy and prizes awarded by GIA Middle East, the world's foremost authority in gemology.

GIA Middle East , IGI Dubai, Australian South Sea Pearls and Rapaportwill also be conducting daily seminars at Dubai International Jewellery Week giving visitors to opportunity learn all there is to know about diamonds and jewellery, from making the perfect purchase to the challenges of grading and identifying mounted diamonds. n

42 | Mines to Market | Sept-Oct’ 2014

iamond miner Petra Diamonds’ expan-sion plans for its Williamson mine, in Tanzania’s Shinyanga region, remain on track.

The aim is to ramp up tonnage throughput to about five-million tonnes a year from the 2017 financial year and, at a grade of about 6 ct for every hundred tonnes, delivery of 300 000 ct/y is expected.

“The Williamson mine is the world’s largest economic kimberlite mine by surface area at 146 ha and is Tanzania’s only important diamond producer. “Despite the mine having been operated continuously since 1940, the pit is only 90 m at its deepest point, owing to the large size of the deposit,” according to the company’s website.

The Mwadui kimberlite pipe, upon which the mine is based, contains a diamond resource of about 33.1-million carats.

The expansion plan follows the completion of the initial development programme at Williamson, which entailed a substantial rebuild of the existing plant and major pitreshaping work. Production at the mine started in the fourth quarter of the 2012 financial year.

The company reported last year that these improvements “will be as a result of a focus on the plant design to deliver energy efficiency and water-recovery circuit improvements, resulting in the ability to increase throughput”.

Meanwhile, Petra Diamonds notes that output at the mine increased by about 15%, with production of 188 465 ct for the 2014 financial year. Production for the 2013 financial year was 164 376 ct.

However, the company notes that the run-of-mine grades decreased by 5%, “partly owing to excessive rainfall during quarter three of the 2014 financial year – which led to higher-grade production areas being made inaccessible – as well as plant constraints, which are being addressed”.

The Williamson mine has also been known for very rare pink stones, according to the company’s website. “Petra Diamonds recovered a high-quality 16.4 ct pink diamond at the mine in the first quarter of the 2015 financial year and the diamond was included in the company’s first sales tender of the financial year,” the company states. The diamond was sold for $2.2-million.

Petra Diamonds’ portfolio includes a full range of kimberlite operations, and combines major underground pipe mines with a low-tonnage, high-grade fissure mine, as well as one large high-volume opencast mine. n visit us at : www.minestomarket.net

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JET GEMS refines opulence with the timeless Bridal collection Marque de beau -A Bridal Jewellery collection by Pradeep Jethani THIS wedding season, JET GEMS presents a fusion of contemporary and classic jewellery offering a covetousness to the Bride with the Marque de beau - a carnival of colours and the razzle –dazzle of vibrant baubles. JET GEMS Bridal collection flawlessly condenses a doyen trend with natural expressions and a dash of traditional character with modern motifs, precious stones and skilled craftsmanship. Giving the Bride an edge of the bridal pieces delicately capture her desire to step away from traditions but also stay true to the grandeur and elegance on her wedding day.

A trendsetter for emerging designs, Jet Gems is committed to creating statement pieces that enhance and accentuate the bride's inherent personality while ensuring that she is the cynosure of all eyes on her big day. The vision commences with apledge on the sketch board, thus bringing to life fluid forms whilethe skilled craft lends visual energy with hues of gemstones and precious metals, thus creating a timeless Marque de beau.

The collection integrates bold tones in flamboyant necklaces, harmonised with earrings that epitomise class along with mesmerising must have stylish cuffs.

Dwell in the mystical magic ofdual tones

with polki and kundan jewels or simply be awed by the attention with which the flawless selection of gemstonesis expertly interwoven to create majestic designs any bride would love to adorn.

From subtle to dramatic, classic to contemporary, minimalistic to avantgarde, there is variety of gorgeous styles for every bride,and every occasion be it the sangeet, mehendi, engagement or receptionor traditional functions at temple. Pradeep Jethani with his Midas touch redefines the glory of gold and the dazzling delight of diamonds to transform every bride and encourages her to Just Flaunt it!! n

Cuff From Jet Gems

Bridal Piece From Jet Gems

Necklace

Pair Of Earrings From Jet Gems

visit us at : www.minestomarket.net

Mines to Market | Sept-Oct’ 2014 | 43

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GSI OPENS LABORATORY IN SURAT GEMOLOGICAL Science International (GSI) a full-service, high-tech lab designed specifically to meet the rapidly changing needs of the jewelry industry, has announced the launch of its state-of-the-art laboratory facility at Surat. As a result of growing business and more demand for GSI certification, GSI decided to expand its services by adding another laboratory in Diamond World complex of Surat – the hub of diamond industry.

Mr. Mark Gershburg, CEO of GSI said that the Surat office will offer state-of-the-art equipments and services, advanced technology and convenient delivery options for our clients enabling to better productivity. Hence, would definitely result in faster turnaround time with personalized services for our clients in Surat.

Furthermore, setting a full-service lab will provide an opportunity for GSI of being closer to diamantaires' offices, as well as jewelry manufacturers' factories. By combining innovative thinking, new technology, and traditional values, such as integrity and shared research, GSI has built a gem lab equipped to meet the evolving challenges of the industry. n Mark Gershburg, CEO, GSI

About GSI

The Surat office will offer state-of-theart equipments and services, advanced technology and convenient delivery options for our clients enabling to better productivity. Hence, would definitely result in faster turnaround time with personalized services for our clients in Surat.

44 | Mines to Market | Sept-Oct’ 2014

In 2005 Gemological Science International (GSI) was established in New York City as a full-service, high-tech lab designed specifically to meet the rapidly changing needs of the jewelry industry. With offices in the USA, India, Israel, and Belgium, it is currently one of the world's largest and most technically advanced gem laboratories. GSI is known for its integrity, innovations and its commitment to the highest CSR standards. Visit www.gemscience.net or contact Neha Nangia, Corporate Communications Manager at neha.nangia@gemscience.net

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Forevermark Sparkles At OM Jewellers in Mumbai

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orevermark, the diamond brand from The De Beers Group of Companies celebrated the launch of the Forevermark Experience Zone atOMJewellers,Borivali. In addition, to marking the onset of this festive season, aspectacular range of jewellery designed

by OM Jewellers crafted with spectacular Forevermark diamonds was unveiled by actress Huma Qureshi.

Huma Qureshi looked stunning adorning beautiful jewellery crafted with Forevermark diamonds. She wore dazzling jewellery from Forevermark'sglobally renowned collection.

Speaking at the occasion, Huma Qureshi, said. “I personally love classic jewellery pieces with a twist and I believe Forevermark jewellery at OM Jewellers matches the sensibility of the modern Indian woman. The collection is aweinspiring and perfect for the upcoming Divali season. A Forevermark diamond also signifies beauty, rarity and integrity that every woman stands for. I love diamonds and will definitely look at owning a few pieces this season”.

Each Forevermark diamond is inscribed with a promise; a promise that it is beautiful, rare and responsibly sourced.

Huma Qureshi in Forevermark jewellery

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Huma Qureshi along with M.D.Om Jewellers- Bhavin Jakhia, Sachin Jain President, Forevermark.

Forevermark only partners exclusively with brands such as OM Jewellers who have established their reputation as respectable retailers and who meet the brands particularly stringent requirements of business, social and environmental integrity.

OM Jewellersproudly boast of 75 years of rich heritage and have successfully established a long list of loyal and repeat customerswho have been mesmerized by the exquisite and intricate artistry emerged from the OM Jewellers atelier.

Their majestic and popular designs come in a variety of contemporary and traditional jewellery pieces. Their new collection includes an array of intricately designed and crafted neckpieces, chandelier earrings, cocktail rings and cuffs.

Sachin Jain, President, Forevermark said, “We are pleased to launch The Forevermark Zone at OMJewellers, Borivali today. They are one of the leading retailers when it comes to

jewellery and it was only natural for us to associate with them as they share mutual passion for diamonds and understand the intricacies of craftsmanship at the very core of the Forevermark Promise. We aim to cater to a rich and varied audience and enrich them with a unique and surprisingly different jewellery buying experience by providing them Indian designs set with Forevermark diamonds.”

About the association, Mr. BhavinJakhia, MD, OM Jewellers said, “We, at OM Jewellers have played a pivotal role in establishing the jewellery market @ Borivali; this was made possible due to value proposition to our customers of 100% BIS Hallmark 91.6 gold jewellery in 1999. The association with Forevermark is one of the key milestones planned by OM Jewellers to yet again change the jewellery buying landscape at Borivali. Everyone who walks-in will definitely be spoilt for choice, but also realize the same values with which OM Jewellers set its foundations.” n Mines to Market | Sept-Oct’ 2014 | 45

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Tara Jewellers Launches Six New Shop-in-Shop Format Outlets at Shoppers Stop ~Opens Shop-In-Shop Outlets at Bhopal, Chandigarh, Indore, Jaipur, Jalandhar & Raipur~

occasion related exclusive designs. It will also house signature jewellery collections namely International Bestsellers, Bandhan, Raira amongst others.

As an inaugural offer Tara Jewellers is offering Shoppers Stop customers free gift vouchers of Rs. 500 & Rs. 1000 on diamond jewellery purchases of over Rs. 5,000 and Rs. 10,000 respectively.

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ara Jewellers has opened six more shop-in-shop format outlets showcasing certified diamond and hallmarked gold jewellery exemplifying fine craftsmanship and exquisite designs. The new outlets are located in Shoppers Stop stores in: DB City Mall, Bhopal; Elante Mall, Chandigarh; BPK Star Building, Indore; World Trade Park, Jaipur; MBD Neopolis Mall, Jalandhar; and Ambuja City Center, Raipur.

The collections on offer range from daily wear such as light weight necklace sets, chains, rings, pendants, bracelets, earrings, bangles to more

Vikram Raizada, Executive Director and CEO (Retail) at Tara Jewels Limited says, “Shoppers Stop is a leading chain of department stores in India that enjoys a significant number of footfalls of the relevant customer segment. These launches are in line with our strategy to expand Tara’s retail footprint through the asset light model.

Consumers can continue to expect the high standards of the Tara experience at accessible prices.”

Tara Jewels Ltd, with 18 years of experience in international retail, features affordable luxury collections which are certified quality diamonds by International third party Gem Labs and BIS hallmarked gold.

Tara Jewellers has opened six more shop-in-shop format outlets showcasing certified diamond and hallmarked gold jewellery exemplifying fine craftsmanship and exquisite designs.

46 | Mines to Market | Sept-Oct’ 2014

Shoppers Stop is a leading chain of department stores in India that enjoys a significant number of footfalls of the relevant customer segment. These launches are in line with our strategy to expand Tara’s retail footprint through the asset light model. Consumers can continue to expect the high standards of the Tara experience at accessible prices.

About Tara Jewels Ltd. Incorporated in 2001, the Tara Jewels Ltd is an integrated player from designing, manufacturing to retailing with manufacturing facilities and/or distribution offices in Australia, China, Europe, India and the United States. With a global footprint, the company is internationally recognized and is renowned as the second highest exporter

by Gems and Jewellery Export Promotion Council (India) for studded jewellery from EPZ and EOU complexes for three consecutive years from 2006 to 2009.

In 2010, Tara Jewels Limited introduced a retail store format under the brand name Tara Jewellers, where it now operates company owned & company operated stores in North, Central and West India. Tara Jewellers strives to offer customer centric experience committed to international retail expertise with an aptitude for design excellence and creativity.

The brand has been awarded ‘Luxury Retailer of the Year’ at the Star Retailer Awards 2013, ‘Store Design of the Year’

by Economic Times Retail Awards 2013 and ‘Print Campaign of the Year’ at the Retail Jeweller India Awards 2012. n visit us at : www.minestomarket.net

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This Festive Season Forevermark launches Commitment™ Collection, in association with The House of Rose Forevermark From the De Beers group announced the launch of Commitment collection in association with Rose, to celebrate the upcoming season of festivities.

Life is full of uncertainties, both joyous and challenging. It's our loved ones who hold our hand and guide us through this minefield of life, forever reassuring and loving, forming a commitment that is unspoken and unbridled. The Commitment collection is inspired by this perfect unison of the heart, the mind and the soul.

The design is a symbolic gesture that binds the heart to an everlasting love, reassurance of strength and a promise of commitment.

Three Forevermark diamonds of distinct shapes; princess cut, pear shaped, marquise and round brilliant cut, have been set in an inimitable combination that uniquely define you and come together to celebrate your treasured bond. Each diamond is further enhanced by pave to add sparkling brilliance to the jewel.

Life is full of uncertainties, both joyous and challenging. It's our loved ones who hold our hand and guide us through this minefield of life, forever reassuring and loving, forming a commitment that is unspoken and unbridled.

Moulded in pure 18k white, rose and yellow gold with brilliant Forevermark diamonds, the collection comes with a promise that each diamond is beautiful, rare and responsibly sourced.

The fire in these diamonds reflects the spark ignited in two hearts, with a promise of the highest attributes and the finest craft.

The Forevermark Commitment collection includes pendants, rings and earrings.

Forevermark and The House of Rose have partnered with SWADES Foundation, founded by Ronnie and Zarina Screwvala for the Commitment Collection. A percentage of every single piece sold from the Commitment Collection shall be contributed towards SWADES for women empowerment.

Available at Authorised Forevermark Jewellers across India n

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Mines to Market | Sept-Oct’ 2014 | 47

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VARUNA D JANI PRESENTS THE BRIDAL RANGE ~A symphony of signature jewellery pieces for the new age brides~

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aruna D Jani – The name to reckon with when it comes to innovation and versatility in jewellery brings the bridal range to honour every woman who is set to enter into a marital status- the most important phase of every women's life. The bridal range by Varuna D Jani is a tribute to the new age bride who is well travelled, informed and independent. Keeping in mind the various traits and qualities which amalgamate into a bride's persona, Varuna d Jani's Bridal Collection is divided into three diverse categories- Neo- classic, Chic and Avant-garde.

The Neo- classic Bridal Collection is acombination of classic traditional pieces with intricate detailing taking you back to the ancient era. The designs are simple, conventional and glamorous maintaining the old age charm. Crafted with intricate jali work, diamonds and colored stones the collection spells noble simplicity and calm grandeur just like the neo-classic bride. She is elegant, romantic and inclined to her traditions with a flair for everything classic and timeless.

The Chic Bridal Collection is for the elegantly stylish bride, who is creative and innovative in her approach. She possesses endless freshness and playfulness and is quirky and fun to be with. She lightens the stage with her urban styles and contemporary outlook.

The Chic collection comprises of eccentric designs with a twist and yet at the same time rendering ultimate sophistication. The collection is versatile and this bride knows exactly 48 | Mines to Market | Sept-Oct’ 2014 |

how to add the element of oomph with the perfect medley of color, shine and drama.

creating her dream jewellery for her most special day. My collection is an accolade for the new age woman.”

The Avant-garde Collectionas the name suggests includes trendsetter pieces for the very progressive and radical bride who believes in setting her own trend.

She creates style with confidence and thinks out of the box. She believes in being the change, in doing things differently and setting her own mark and identity. She is the one who can carry off an animal motif with élan and walk the ramp with panache. This collection comprises of signature bracelets, cocktail rings and statement ear rings which are flamboyant and exuberant.

Believing in the concept of 'New Luxury' of 'Personalization and Customization' Varuna D Jani extends her personal touch and expertise to every single bride who walks in to buy Varuna D Jani jewellery. Giving each one her personal time is what makes Varuna D Jani- the brand stand out for its craftsmanship and unique designs.

So walk in to Varuna D Jani Fine Jewellery and meet the adornologist for a quick bridal consultation and let her carve you dream design into reality for your wedding day. n

Talking about the new bridal range Varuna D Jani said, “I believe every woman today is full of strength and optimism. A quintessential Indian bride is the one who wears personalized and customized jewellery to suit her individual identity. She is modern and full of life and a showstopper herself who believes in making a style statement. She is my inspiration for innovation and motivates me into

I believe every woman today is full of strength and optimism. A quintessential Indian bride is the one who wears personalized and customized jewellery to suit her individual identity. She is modern and full of life and a showstopper herself who believes in making a style statement.

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ORRA- India's Leading National Jewellery Brand Now Glitters on Laxmi Road, Pune Actress Amruta Khanvilkar adds a scintillating dazzle to ORRA's second Pune store

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RRA, one of India's finest jewellery retail chain unveiled its 1475 sq ft multi level new generation store at Laxmi Road, Pune today, coinciding with the auspicious occasion of Dussehra.

Renowned Marathi actress Amruta Khanvilkar and Mr. Vijay Jain, CEO and Director, ORRA lit the auspicious inaugural lamp. Adding glamour to the event, super models Surabhi and Sailee displayed a stunning range of glittering diamond jewellery and some stylishly designed award winning platinum jewellery. The showstopper Amruta Khanvilkar looked resplendent in beautifully crafted 22kt magnificent bridal gold antique jewellery. In addition to the stunning jewellery displayed by the models, on showcase was a range of perfectly cut Belgian solitaires, 22kt bridal ensembles in kundan polki, a mélange of elegant Platinum designs and the brands patented design ORRA Crown Star, a 73 facet solitaire.

ORRA is offering some very exciting inaugural offers which coincide with the upcoming festive season. Gold lovers will be treated to Up to 50% off on making charges of a vast array of 22kt gold jewellery and Flat 50% off on making charges of gold bars and coins.

The most enticing offer is free gold or silver coins on purchase of 18kt diamond jewellery above Rs.5000.

Mr. Vijay Jain, CEO, ORRA spoke at the launch, “It gives me immense pleasure to launch our second store in Pune, making this our 10th store in Maharashtra. ORRA has a strong foothold with a consolidated presence across key jewellery hubs in India and has redefined the way jewellery is bought in each of these cities. ORRA maintains the standard of craftsmanship and design expertise throughout all stores but keeping the sentiments of the customers in mind offers jewellery suited to the Pune customer. We offer a great mix of traditional and contemporary designs which most local jewelers may not stock.

Making charges of our gold jewellery are competitive and a combination of our great store experience, competitive prices and exquisite craftsmanship, will make shopping with us a delight.” visit us at : www.minestomarket.net

Customers who walk in to the multi level boutique can choose from a vast array of light weight and heavy designs in 22 karat BIS hallmarked gold jewellery, a range of diamond earrings, bangles, rings, pendants, necklaces and chains in antique, Calcutta, Bombay work and temple jewellery in gold, bridal sets in kundan polki and coloured stones in cutting edge designs. ORRA is famous for its brilliant cut solitaires that are incomparable but most distinctive is the ORRA Crownstar. The Spiritual collection- pendant designs based on deities and spiritual philosophies has been a favourite amongst ORRA customers for over a decade now. ORRA offers not just the most stunning designs in diamonds and gold but has an exquisite range in platinum as well. Being one of the largest retailers of Platinum in India, it has a host of collections in this precious metal. ORRA Platinum Couple Collection (OPC), a set of complementary his and her wedding and engagement rings in timeless platinum was pioneered by ORRA. Whatever the occasion, come to the ORRA boutique at Pune Laxmi Road to experience a world class shopping experience along with taking home jewellery that makes you the centre of attention at every gathering. n Mines to Market | Sept-Oct’ 2014 | | 49

INTERVIEW

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"Designing is my passion” Indra Jadwani

The designs are inspired by the Mughal architectural, motifs in nature, flora, geometric and lattice patterns. Bold, but delicate and elegant, Athena's distinctive designs are an aesthetic blend of the classic and the contemporary. Intricate and striking, dramatic yet feminine, each of these designs is unique and a true master piece.

What first inspired you to pursue a career in jewellery design?

I was always fashion conscious and while graduating in Science from Jai Hind College, I was looking for a career in the creative field. My mother inspired me to design jewelry back in 1997 when it was very new to India. I completed a basic course from GJEPC in 1997 andsince then transformed this desire into profession. I also did advanced studies in jewelry design from SNDT where I was trained under Gavin Fraser Williams and Elizabeth Brown, the very first teachers from London's Decta Institute.Friends and family encouraged me to design exclusive pieces for them, which got me started with customdesigned jewelry but my first job was with a large US-based export house followed by many leading jewelry houses based in SEEPZ. Emerald gave me a platform to showcase my creativity all over again through the launch of their high-end diamond jewelry brand, Athena.

colour stones like Blue Sapphire, Emerald, Ruby and Pearl. Double Earrings, Fringe inspired Pendant sets and Necklaces, Earcuffs, versatile wearable jewellery with changeable colour stones, ornate rings, double rings and modern-wear Kadas and Jhumkas are innovative extensions to the Athena's creative collection.

Tell us something about jewellery collections…

The designs are inspired by the Mughal architectural, motifs in nature, flora, geometric and lattice patterns. Bold, but delicate and elegant, Athena's distinctive designs are an aesthetic blend of the classic and the contemporary. Intricate and striking, dramatic yet feminine, each of these designs is unique and a true master piece.

Every piece is an ensemble of flawless stones and crafting excellence. The Athena collection uses 5-50 Carat diamonds making up Bridal necklaces, Pendant sets, Chandeliers, Cocktail rings, Kadas and Bracelets.

Aesthetically decorated with precious 50 | Mines to Market | Sept-Oct’ 2014

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Though the jewelry is design oriented, I believe it is placed in saleable bracket.

Today's consumer preferdesigner jewlery at reasonable, not exorbitant prices. So the collection starts from 2 lakhs for cocktail rings and chandelier earrings, 4 lakhs for exclusive Kadasand peaks at 50 lakhs for heavy bridal sets.

What is the USP of your collections?

Where do you get inspiration from?

Though the jewelry is design oriented, I believe it is placed in saleable bracket. Today's consumer preferdesigner jewlery at reasonable, not exorbitant prices. So the collection starts from 2 lakhs for cocktail rings and chandelier earrings, 4 lakhs for exclusive Kadasand peaks at 50 lakhs for heavy bridal sets.

A First of its Kind collection, Athena, was designed by myself and uniquely handcrafted by Emerald, bringing alive the essence of articulate patterns and detailing with bold statement pieces.

Thecollection boast unique and modern designs that beautifully complement different styles of Ensembles for the Modern Woman.

What segment of consumers your jewellery is targeting and what is the price range?

I evolve everyday as a designer – being captivated by new forms, shapes and surroundings, architecture, museums… anything that stimulatesme creatively.

I'm always seeking new ideas in people and places around me. My best selling designs have all been inspired by nature. The USP of this collection is creativity – front to back earrings, handcuffs, earcuffs and the one-sided shoulder necklace featured here. These designs are bold, but classy.

What is your ambition and future plans?

I am immensely grateful to Emerald's MD Mr Srinivasan and also Mrs Shakti Srinivasan for this wonderful opportunity to showcase my design talent. I appreciate the trust and support they provided to transform some of my dream designs into the Athena collection. Athena is now, my passion.

I will continue working to make Athena a successful brand. A brand that every woman desires.

Tell us about your success MANTRA! Be honest, be true to your work. The day you can successfully execute your best plans is the day that miracles happen.

Every piece is an ensemble of flawless stones and crafting excellence. The Athena collection uses 5-50 Carat diamonds making up Bridal necklaces, Pendant sets, Chandeliers, Cocktail rings, Kadas and Bracelets. Aesthetically decorated with precious colour stones like Blue Sapphire, Emerald, Ruby and Pearl. Double Earrings, Fringe inspired Pendant sets and Necklaces, Earcuffs, versatile wearable jewellery with changeable colour stones, ornate rings, double rings and modern-wear Kadas and Jhumkas are innovative extensions to the Athena's creative collection.

Any advice to those looking to pursue a career in jewellery design?

I would encourage anyone with a sense of design and a love for precious gems and metals to explore their potential for jewelry design and to make a career of it. n

The Target Clientele is working women and female professionals, company heads, even housewives, a women of substance who takes decisions on her own and seeks classy, exclusive designer jewlery.

An upwardly mobile young woman preparing for her wedding is also a potential buyer.

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3 2 nd Edition of

September Hong Kong Jewellery & Gem Fair welcomed A New Record High Number of Exhibitors and Buyers

T

he September Hong Kong Jewellery & Gem Fair the world's number one fine jewellery event, has yet again lived up to its status as the largest B2B event of its kind in the world.

The seven-day event capped its 32nd edition on 21 September with recordbreaking numbers: 3,695 exhibitors from 49 countries and regions and a total of 59,116 unique buyers from 157 countries and regions, roughly a 12-percent growth.

‘Today, the September Fair is the most influential business-to-business

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jewellery trade event where the most engaged jewellers in the industry access premium quality buyers. It is the ultimate platform for lobbying and agenda-setting for the industry, and for discovering the products and ideas that excite the jewellery market. Moreover, it brings global players together for a thoughtful dialogue,' said Celine Lau, director of Jewellery Fairs, UBM Asia.

Ms Lau continued, 'Demand for diamonds and gemstones were robust.

The 17-percent growth in visitor

numbers from Asia compared to last year's edition tells us that the region continues to be the key driver in the world's jewellery market. Response to the September Fair has been overwhelming; buyers from the Middle East have increased by about 25%, India has increased by about 24 percent and mainland China up by about 23 percent.

We also noticed growth in the number of buyers from other markets, including Africa about 19%, North America about 12% and Europe about 6%.’

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Below is a breakdown of visitor numbers at the Fair, held at the AsiaWorld-Expo from 15 to 19 September and the Hong Kong Convention & Exhibition Centre from 17 to 21 September: The total number of unique visitors l (count once in the entire fair period) over seven days reached 59,116. These visitors came from 157 countries and regions in six continents. More than 131,700 visits were recorded during the Fair. l Hong Kong-based visitors totalled 17,079, accounting for roughly 30 percent of the total number of visitors.

l The Top

The rest of the visitors: 42,037, or roughly 70 percent of the overall total, were from overseas. l Top 10 sources of visitors: the largest group of visitors from outside Hong Kong region came from mainland China.

At 18,310, this edition marks the first time the number of visitors from mainland China surpassed the number of Hong Kong-based visitors. Hong Kong region follows with 17,079; India, 3,867; the United States, 2,211; Taiwan region, 1,776; Thailand, 1,768; Japan, 1,466; the Philippines, 1,093; Korea, 1,075; and Indonesia, 920.

5 countries with highest increase in the number of visitors are:

Country Name

Total no. of visitors

Net Increase

Percentage growth

China, Mainland

18,310

3,411

22.89%

India

3,867

743

23.78%

USA

2,211

249

12.69%

Taiwan region

1,776

146

8.96%

742

104

16.30%

Russian Federation

l During the September Fair period, eight seminars, one diamond auction, one pearl auction and some special events, six conferences

were held at AWE and HKCEC.

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Exhibitor's Quotes ) (AsiaWorld-Expo) ‘We met over 20 new quality local and international buyers at the show.

We noticed more buyers from Europe compared to last year. The visitor profile is broad; the fair's large scale is impressive. We closed many profitable deals during the fair. It's definitely the best B2B jewellery trade event in the world. We will participate in June and next September editions in 2015. We are also considering participating in the Shanghai Fair.’

– Mr Roongsalk Treerojanan, General Manager of Veerasak Gems, a ruby and sapphire wholesaler from Thailand, an exhibitor at the Fine Gem Pavilion at AsiaWorld-Expo ‘Serious buyers visit the September Fair so we can't afford not to participate. The fair is bigger than before and the quality of visitors is imposing. We are satisfied with the business we made, which is more than twice than the previous year. We will participate both the June and the September editions in 2015.'

– Mr Dinesh Vaswani, Buyer at Duarte & Bastos, a gemstones manufacturer and wholesaler from Brazil and exhibitor at the Gemstones Pavilion at AsiaWorld-Expo ‘We are a long-term exhibitor at the September Fair and totally agree that this fair is very important for all professional traders. Most of our top management come to the September Fair to network and learn from esteemed industry experts. We saw a significant growth in the number of visitors from mainland China and North America. We will certainly participate again next year, as well as in the Shanghai Fair.’

– Mr Ramesh Virani (Maldar), Managing Director of HINI Star Ltd, a manufacturer and wholesaler of diamond from India, an exhibitor in the Diamond Pavilion at AsiaWorld-Expo 'The September fair is the world's largest jewellery event. The visitor profile is excellent and organiser services are brilliant. We got orders from mainland Chinese buyers and met some potential buyers from that market as well. We will continue to support the September Fair and also participate the June edition next year.’

– Mr George Lu, Manager of Chii Lih Coral, a wholesaler of coral from Taiwan region, an exhibitor in the Gemstones Pavilion at AsiaWorld-Expo

(Hong Kong Convention & Exhibition Centre) ‘This is my first time to participate in the September Fair. I met some Asian buyers, particularly from mainland China and India. The fair is getting bigger and it's a good platform to explore Asian markets. The excellent organiser's service and product sectorisation impressed us most.

The September Fair is definitely the world's leading B2B jewellery trade event. We will participate again in 2015.'

– Mr Ruslan Futlikov, Director of Vlasta, a manufacturer of gemset jewellery from Ukraine, and an exhibitor in the International Fine Jewellery Pavilion at HKCEC

'This is the 10th time we participated in the September Fair. We met many of our target buyers from Russian Federation.

The fair is large and the security is good. The fair's website is informative so we visit it regularly for updates.

We will join again the June and September editions next year.’

'This is our first year at this Fair. We met many target buyers from the United States, mainland China and Hong Kong region.

The September Fair is large and services available are helpful. We visit the fair's website frequently to keep pace with the fast-moving market.’

– Ms Munisa Arif, Business Manager of Ivy Co Ltd, a wholesaler of diamond jewellery and gemset jewellery from New York, and an exhibitor in the Fine Design Pavilion at HKCEC

– Mr Rafat Szyszko, Owner of Glitter & Eva Stone, manufacturer and designer of diamond jewellery from Poland, and an exhibitor in the Designer Arena at HKCEC

54 | Mines to Market | Sept-Oct’ 2014

‘We met target buyers from United States, Italy and mainland China. The fair is large; its mobile app and fair website are userfriendly and informative.

We will participate again next year.'

– Mr Simona Pacifici, Production Manager at Roberto Demeglio, a manufacturer and wholesaler of diamond jewellery and jewellery timepieces from Italy, and an exhibitor in the International Premier Pavilion at HKCEC

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The Fair enjoys support from major international jewellery organisations including: Advisory Board: v Hong Kong Jewellers' and Goldsmiths' Association

Visitor's Quotes )

v The Hong Kong Jewellery and Jade Manufacturers Association v Hong Kong Jewelry Manufacturers' Association

This is my sixth visit to the September fair. My priority was to visit existing and potential new suppliers. The quality and variety of products were very good and they were competitively priced. I am impressed by the shuttle bus service; it is very thoughtful of the organiser to provide it and the other range of services to buyers like me. The fair separates loose and finished jewellery, which is a brilliant idea. The mobile app is user-friendly; it helped facilitate my trip. I do think the September fair is the most influential B2B jewellery trade event. And from this excellent experience, I am planning to visit UBM's Shenzhen, Shanghai and Jewellery & Gem Fair - Europe jewellery fairs, and definitely, I will visit the September fair again next year.’

v Diamond Federation of Hong Kong, China v Hong Kong Gemstone Manufacturers' Association v Hong Kong Pearl Association

– Mr Marc A. Green, Vice Chairman of Lux Bond & Green from the United States 'We visit this fair regularly. The show houses a lot of quality suppliers of diamonds and fine finished jewellery; services are good and we can acquire update market trends here easily. The product sectorisation makes it easy for us to locate products. We will certainly visit again next year, and consider visiting Jewellery & Gem Fair - Europe in 2015.'

- Ms Suvarna Kadam, Director of Beauty Gem, Inc. from India 'I have visited the September Fair many times to meet my existing and potential new suppliers of diamonds and fine finished jewellery. It's certainly an excellent platform to find new suppliers, update myself with the market trends and to network. The organiser's service is great, particularly the currency exchange service. I will consider visiting UBM's jewellery fairs in Shenzhen, Shanghai and Jewellery & Gem Fair Europe. And definitely, I will visit the September fair again next year.’

– Mr Simon Phillips, Director of Lawrence Blunt Ltd from the United Kingdom 'The September Fair always impresses me with the broad product variety and exhibitors' profile. I was able to find new suppliers, meet existing partners, and update myself with the market trends via the insightful special events. I was also able to network. The product sectorisation, informative fair website, and user-friendly mobile apps assisted me in locating products. I will visit again, definitely.’

– Mr Alex Jeyaraj, Sourcing Executive at Rosy Blue in Dubai 'To see upcoming market trends and meet serious jewellery professionals, the September Fair definitely an event one can't afford to miss. I met some suppliers of diamonds, fine finished jewellery, jewellery timepieces, equipment, packaging and technology from United States and mainland China; they have a wide range of good quality products. I will visit again next year and consider visiting UBM's jewellery event in Shenzhen, Shanghai and Europe in 2015.’

Sponsors: v The Gemmological Association of Hong Kong v Hong Kong Gold & Silver Ornament Workers & Merchants General Union v The Kowloon Pearls, Precious Stones, Jade, Gold and Silver Ornament Merchants Association

International Sponsors: v Gemological Institute of America

- Mr Massimiliano Arostinin, Director of Picador S.R.L. from Italy

v Antwerp World Diamond Center, Belgium

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Mr. Ashok Gajera of Laxmi Diamond attends swearing-in ceremony of CM of Maharashtra

A

Historic moment for BJP revealed itself on 31st October, Friday at Wankhede Stadium when the newly elected Chief Minister of Maharashtra, Shri Devendra Fadnavis took oath at 4:30 p.m. The stadium, hosting the first open air oath-taking ceremony, was declared a no flying zone, Around 2,500 security personnel were deployed and 1100 traffic police monitored smooth flow of traffic. The swearing-in ceremony was a grand affair and Nitin Desai, Bollywood Set Designer changed the venue magically into ancient and modern Maharashtra with monuments, heritage, colour and

grandeur. 34,000 well wishers thronged the venue to see their favourite leader take oath. Around 5000 VVIPs from different fields were invited to witness the ceremony. Shri Narendra Mody, Prime Minister of India, other political heads, Top Industrialists, famous Bollywood personalities, etc., were invited.

Mr. Ashok Gajera, Managing Director of Laxmi Diamond Group was invited as a VIP Guest, He is seen seated with his colleagues, Mr. Arunbhai Shah of Ankit Gems, Vipulbhai Shah of Asian Star and Bharatbhai Shah of B Vijaykumar in the photograph below.

After the swearing-in ceremony, t h e C h i e f M i n i s t e r, M r.

Devendra Fadnavis met some of the VIP guests and Mr. Ashok Gajera was one amongst others, to congratulate him and wish him success. Mr. Fadnavis, is a rare brand in the political circle, a very modest, experienced and quiet person, having RSS upbringing, he lives a very simple life. We wish him good luck and are hopeful of seeing vibrant and positive changes in Maharashtra, under his leadership.

Mr. Ashok Gajera with Mr. Devendra Fadnavis, Chief Minister

56 | Mines to Market | Setp-Oct’ 2014

Mr. Ashok Gajera sitting in VIP row with his friends.

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