Amitabh Bachchan Unveils Kalyan Jewellers' Ahmedabad Showroom
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Amitabh Bachchan Unveils Kalyan Jewellers’ Ahmedabad Showroom
silver, platinum, category that is fraught with
diamond and pearl questionable practices.”
jewellery. The company has
Kalyan Jewellers earmarked H300 crore
chairman and to open three more
managing director showrooms in Rajkot,
T.S. Kalyanaraman Vadodara and Surat by
said, “We at Kalyan March 2013. The company
try to give the best plans to open 100 stores
to our consumers across the world by 2015.
through our products It currently has 37 stores
and services. spread across the southern
Customers are our Indian states of Kerala,
pride and the Kalyan Tamil Nadu, Karnataka and
Bollywood superstar Amitabh Bachchan inaugurating Kalyan Jewellers’ store Jewellers store is Andhra Pradesh.
in Ahmedabad, as Kalyan Jewellers chairman T.S. Kalyanaraman (second from
left) looks on.
our endeavour to Kalyan Jewellers
make their shopping generated a turnover of
Kalyan Jewellers brand Ahmedabad, Gujarat on experience hassle-free, H9,437 crore for the fiscal
ambassador Amitabh September 17, in time for comfortable and unique. year that ended March 31,
Bachchan launched the festive season. The Our company and its 2012, and is targeting a
the brand’s first store 20,000-sq-ft showroom products are synonymous turnover of H16,000 crore
outside southern India in offers hallmarked gold, with trust and purity in a for the next financial year.
Monique Lhuillier Designs Bridal Jewellery For Blue Nile
Internationally renowned fashion and bridal designer
Monique Lhuillier has entered into an exclusive
partnership with online jewellery retailer Blue Nile to
create an exclusive bridal jewellery collection.
Monique Lhuillier Fine Jewelry will launch in October
with an assortment of engagement rings and wedding
bands. Inspired by the designer's romantic, couture bridal
creations, the collection embodies the sophistication,
elegance and femininity that define the brand. Each
platinum piece will be set with Blue Nile diamonds.
“There is no symbol of love more permanent or
meaningful than an engagement ring,” said Lhuillier. “To
know that I continue to touch the lives of so many brides
is a very special feeling.”
“When it comes to prestige, youth, and a compelling
design vision that inspires today's brides, no other
designer compares,” said Blue Nile CEO and president
Harvey Kanter. “We are proud to partner with Monique
and bring this exclusive bridal collection to our customers
and the world.”
Available worldwide exclusively at Blue Nile, Monique
Lhuillier Fine Jewelry will launch in October with
engagement rings and wedding bands ranging in price
from $2,000 to $5,000. For Valentine's Day, additional
pieces, including earrings, necklaces and pendants will The Monique Lhuillier Fine Jewelry Collection is available exclusively
be unveiled. at Blue Nile.
22 INTERNATIONAL october 2012
SPECTRUM
Poonam Soni Debuts Platinum Collection
Square platinum coin
(Left to right) Gautam Singhania, Gulshan Grover, Poonam Soni,
Raveena Tandon and Nawaz Singhania at the unveiling.
Jewellery designer Poonam Soni launched a signature
platinum collection that takes traditional Indian motifs
in gold and marries them with the white metal. The
launch party at the Raymond Showroom in Mumbai
on September 6th was attended by celebrities such as Four-coin pendant
Raveena Tandon, Tara Sharma, Sabira Merchant, Rael
Padamsee, Amrita Raichand, Deepika Gehani, Gulshan from 2005. The women’s range of jewellery uses platinum
Grover, Deepti Bhatnagar, Nawaz Singhania, Gautam coins imprinted with snake motifs along with diamonds
Singhania, Laxman Shrestha, Rashmi Uday Singh, Aditya and coloured gemstones. The highlight of the collection is
Hitkari and Divya Palat among others. the fusion of platinum with the vilandi (jadtar) studded in
The new line includes seven platinum coins that are gold. The coins also feature prominently in a line of men’s
an extension of her iconic ‘Gaudi Revived’ collection accessories like cufflinks, buttons and tie pins.
HP Launches Multifunction Printer For Jewellers
Tech giant HP has launched a multifunction printer (print,
scan, copy) that addresses the specialised needs of
jewellers. Priced at H42,899, the HP TopShot LaserJet
Pro M275 is capable of capturing high-quality images
of 3-D objects such as ornaments for immediate use in
presentations or marketing materials. The printer can
also email the images directly to customers or upload
them to a website, at the touch of a button.
“Usually customers used to capture the image of the
product through the digital camera and then transfer it to
their laptop/desktop for internet marketing/mailing to the
customer’s email ID or for marketing presentations and
collaterals. This three-step process has been simplified
by HP through the HP TopShot LaserJet Pro M275,” the
firm said.
The printer uses an 8-mega pixel camera fitted with a
high-quality optical lens and a high-resolution sensor that
can generate images with enhanced depth-of-focus.
INTERNATIONAL october 2012 23
SPECTRUM
Lagu Bandhu Opens Eighth Store In Borivali
Mumbai-based jewellery retailer Lagu Bandhu opened its latest showroom in the suburb of Borivali last month, in
keeping with the company’s expansion strategy of opening one new showroom every year.
The 1,500-sq-ft store stocks the latest designs in diamonds and other gemstones. The jeweller said it uses diamonds of
VVS clarity and F-G colour grades, starting from H63,000 per carat.
Including the recent Borivali opening, Lagu Bandhu has a total of eight showrooms. It has a store in Thane, Dombivali,
Pune and Panjim (Goa). It has three more stores located in the bustling central Mumbai area of Dadar, one each
specialising in diamonds, studded jewellery and gold jewellery.
Varuna D Jani’s ‘Vow Initiative’ Empowers
Budding Designers
Jewellery designer Varuna D Jani launched a new venture called the
Vow Initiative, which aims to provide a platform for up-and-coming
jewellery designers in the country. The jeweller recently held an
orientation programme in Mumbai for 10 students who were chosen
after a rigorous selection process.
The year-long Vow Initiative programme will instruct the students
to respond to global fashion trends and will provide exposure by
organising fashion shows and through personal interaction with
customers. The students will also be given hands-on training with
raw materials, technology, production, construction, finishes, design
methodologies, etc.
At the end of the year, four top students will be given an inventory of
150 carats of diamonds to create their own collection under their own
exclusive label, which will be displayed at the Vow Designer Lounge.
The Lounge will stock “designer jewellery at affordable prices” of
up to H5 lakh. In the next five years, Varuna D Jani intends to have two
such showrooms – each measuring a minimum of 1,500-sq-ft – in all
the major cities.
24 INTERNATIONAL october 2012
SPECTRUM
Kays Jewels Introduces Forevermark Jewellery
Indian city of Kanpur. On is a promise to all the
the occasion, Bollywood valued customers of the
actor Juhi Chawla unveiled city who want to possess
a new collection set with diamonds without
Forevermark diamonds. worrying about quality
“Forevermark signifies and authenticity. Inspired
beauty, inspiration and by timeless Indian motifs
integrity that every woman and crafted to perfection,
stands for. I personally the current collection is
prefer delicate designs specially designed to suit
as they go well with any the Indian sensibilities.”
occasion and outfit. The Forevermark India
current designs are classy managing director Sachin
and match the sensibility of Jain noted, “We are also
a modern Indian woman. I pleased to partner with
(Left to right) Forevermark India managing director Sachin Jain,
am sure everyone in Kanpur Kays Jewels for their mutual
actor Juhi Chawla and Kays Jewels director Ravi Kapoor at the
Forevermark launch. will be elated to experience passion for diamonds and
the indulgence at Kays their expertise in creating
Jewellery retailer Kays September 8, marking the Jewels,” Chawla said. beautiful designs both
Jewels Pvt. Ltd. unveiled launch of the De Beers Kays Jewels director Ravi in contemporary and
the Forevermark brand on brand in the northern Kapoor said, “Forevermark traditional designs”.
PC Jeweller Sponsors Delhi Couture Week
Katrina Kaif walked for Manish Malhotra. PCJ managing director Balram Garg with
Pooja Garg.
Delhi-based jewellery retailer PC Jeweller (PCJ) sponsored the recently concluded Delhi Couture Week, a five-day
fashion event that showcased designs by leading names such as Manish Malhotra, JJ Valaya, Sabyasachi, Varun Bahl
and Rohit Bal. The showstoppers included stars like Sridevi, Katrina Kaif, Madhuri Dixit Nene, Sharmila Tagore and
Sonam Kapoor.
26 INTERNATIONAL october 2012
SPECTRUM
Aurelsa’s First Fairtrade Gold Shipment To UK’s Ingle & Rhode
Ingle & Rhode co-founder Tim Ingle said: “This historic
first shipment reflects the continued increase in consumer
demand for jewellery made with certified Fairtrade &
Fairmined gold, and Aurelsa will significantly improve
availability of this type of product to both jewellers and
consumers. Fairtrade & Fairmined gold makes jewellery
all the more beautiful for having been produced without
human or environmental exploitation.”
Aurelsa is only the fourth gold producer in the world
to obtain Fairtrade & Fairmined status, following in the
footsteps of the Cotapata Mining Cooperative in Bolivia,
Sotrami in Peru, and Oro Verde in Colombia.
Fairtrade & Fairmined gold was launched in the UK on
February 14, 2011, with the aim of ensuring that artisanal
and small-scale miners can produce and sell gold without
being exploited by middlemen, while working with fair pay
London-based ethical bespoke jeweller Ingle & Rhode and conditions, without child labour, and without polluting
recently received the first ever batch of certified Fairtrade the environment.
& Fairmined gold from the Relave small-scale gold mining Achieving Fairtrade & Fairmined gold certification means
community (Aurelsa) in Peru. Aurelsa received Fairtrade that Aurelsa will now receive a guaranteed Fairtrade
& Fairmined gold certification in May 2012 following a Minimum Price, set at 95% of the London fix (the price set
series of independent audits by FLO-Cert, the leading by the London Bullion Market Association or LBMA), as well
international social certification body that is responsible as a Fairtrade premium payment, set at 10% of the London
for verifying compliance with the Fairtrade & Fairmined fix, and which is democratically reinvested in community
gold standards. projects and improving mining operations.
GIA Hosts Seminar On ‘Healing Properties of Navratnas’
Bandra Kurla retail jewellery and we are
Complex. thankful that Bhojwani
In addition shared details about each
to describing gemstone with our alumni,”
the healing said Manoj Singhania,
properties education director of GIA
associated with in India and the Middle
these particular East. “The seminar was
gemstones, beneficial to retail jewellers
Bhojwani who learned how to market
emphasised birthstones more effectively
gemstone to clients.”
dimensions Bhojwani, an astro-
and proper gemmologist and heritage
Indira Bhojwani giving the lecture on gemstones. metals for jeweller, has been in the
retail jewellery purposes. retail jewellery industry
The Gemological Institute ‘Romance of Gemstones’ The seminar concluded for more than 15 years.
of America (GIA) and its in mid-September. The with traditional Indian palm Passionate about gemstones
Mumbai Alumni Chapter interactive session was led readings and Bhojwani and period jewellery,
hosted a special seminar by Indira Bhojwani, director prescribed gemstones to she conducts events for
on the ‘Healing Power of Pure Skies Jewels, and audience volunteers. corporations that focus on
of Navratnas’ (nine took place at the institute’s “The navratnas are an preserving the heritage of
gemstones) and the Mumbai campus in the important part of Indian Indian jewellery.
28 INTERNATIONAL october 2012
SPECTRUM
Aishwarya Rai Inaugurates Kalyan
Jewellers’ Kochi Store
GJTCI & Gujarat Govt. To Set Up
Training Centre
The Gem & Jewellery Trade Council of India (GJTCI)
signed a memorandum of understanding with the Gujarat
government on September 20 for establishing a state-
of-the-art training centre in Ahmedabad. The agreement
was signed during an event titled ‘Industry Responsive
Skill Convention: Making Gujarat a Skill Hub’ that was
inaugurated by Gujarat chief minister Narendra Modi
Bollywood actress Aishwarya Rai Bachchan recently (centre) in Gandhinagar.
inaugurated Kerala-based Kalyan Jewellers’s 36th In addition to jewellery designing and diamond grading
showroom in Kochi. The 20,000-sq-ft store is spread courses already being offered by the GJTCI, in three
over three floors and offers a variety of studded gold months’ time the new training centre will begin courses on
and silver jewellery as well as gift articles, said T.S. sales & marketing, and innovative ways to export. “Gujarat
Kalyanaraman, chairman and managing director of is the hub of diamond processing and specialises in the
Kalyan Jewellers. manufacture of gold, studded and kundan jewellery. The
Kalyan Jewellers recently signed up Amitabh Bachchan local industry will require skilled manpower at various
and Aishwarya Rai Bachchan as its brand ambassadors. levels, and the new institute aims to empower the new
The company has 37 branches spread over Kerala, Tamil generation that wants to enter this sector,” noted GJTCI
Nadu, Karnataka and Andhra Pradesh. president Shantibhai Patel (third from left).
Swarovski To Decorate Pune Luxury Skyscraper
and other crystal celebrate their success with
products. beautiful, exclusive designs
David White, for their personal spaces.
global vice Swarovski has always been
president synonymous with crystal,
marketing and beauty and lifestyle and
sales, Swarovski through the marvelling of
Lighting, said, Gateway Towers 1, we will
“India is a very attempt to add sparkle to
exciting and people’s everyday lives
interesting market, with beautiful crystal and
with many brand lighting products.”
connoisseurs Gateway Towers 1 will
who hold a deep be among the tallest
appreciation skyscrapers in and around
for beauty and Pune at a height of 150
luxury. As India metres or 45 storeys.
evolves, we Spread across 14 acres,
Swarovski, a fashion and a high-end residential expect Swarovski lighting the $2 billion project will
lifestyle accessories brand, building, Gateway Towers and interior products to boast a futuristic design
has collaborated with 1, in Pune. Swarovski will emerge as a perfect fit for and promises to be one
township developer City embellish the interiors of those discerning Indian of India’s most iconic
Corporation Ltd. to adorn the towers with light fixtures customers who want to residential buildings.
30 INTERNATIONAL october 2012
Dubai To Host
Jewellery
Week
© Monique Creations Inc
In November
SPECTRUM
T
he seventeenth edition of the unique and previously unavailable designers Monique Creations Inc., with a presence in
Dubai International Jewellery and jewellery collections. This year's DIJW Mumbai, specialises in solitaire jewellery
Week (DIJW), a premier includes both jewellers with a presence and has been participating at DIJW for the
consumer show featuring in the region and those showcasing their past four years. Manager Kavita Bajaj said,
international jewellers and designers, will collections here for the first time," said "Dubai is a key location for us as it is so
run from November 21 to 24 at the Dubai Trixee Loh, senior vice president, DWTC, central to the billions of consumers around
World Trade Centre (DWTC). With the organiser of the event. the region and South Asia. Participating
the largest collection of one-off jewellery With many jewellery analysts expecting at this event gives us considerable access
pieces, luxury collections, unique watches luxury sales to climb by the end of the year, to our global customer base. Monique
and stylish designs, the show is expected to the show will provide leading retailers Creations Inc. will be previewing the
attract thousands of visitors this year. Last and manufacturers the perfect platform to biggest and latest one-of-a-kind designs
year the show attracted more than 20,000 showcase their collections. at this year's exhibition, and we expect a
visitors. New York-based international jeweller record response in Dubai this year."
DIJW 2012 will feature over 200
© Dhamani Jewels
exhibitors from 20 countries presenting
collections of fine jewellery and watches.
National pavilions representing retailers
from Hong Kong, India, Italy, Korea,
Lebanon, Singapore, Thailand, Turkey and
the United Kingdom will be taking part in
the exhibition.
“There is no doubt that the region's
penchant for fine jewellery is substantial,
across all cultures and age groups. With
the world's top jewellers and luxury brands
available in most of our shopping malls in
the UAE, there is growing appeal for new,
Amit Dhamani, CEO, Dhamani
Jewels, added, "We are delighted to be
participating at the Dubai International
Jewellery Week for the twelfth consecutive
year. Dhamani Jewels is recognised as one
of the largest fine jewellery retail groups
in the region, and we are thrilled to be
launching an exclusive new jewellery
collection during the show."
This year's event introduces a VIP
Lounge with exclusive access for VIPs,
and the ultra-premium Designer Avenue,
which will feature limited edition and
bespoke luxury jewellery from around the
world.
Emerging jewellery design talent will
be showcased during the show through
the fourth annual Dubai Jewellery Design
© KGK Diamonds & Jewellery LLC
Awards, with the winning entries to be
crafted and put on display.
DIJW will also welcome for the first
time Fiera di Vicenza, which signed a
strategic partnership that strengthens
the emirate’s commitment towards the
Italian and European gold and jewellery
businesses. n
INTERNATIONAL october 2012 33
SPECTRUM
Gitanjali Installs Gold, Silver ATM At Mumbai’s Lalbaugcha Raja
The Gitanjali Group joined hands with Lalbaugcha
Raja Ganeshotsav Mandal to install a gold
and silver coin dispensing machine near the
revered idol for Mumbai’s most celebrated
festival of Ganeshotsav.
Embossed with an image of the famous
statue, the gold and silver coins could
be withdrawn from Gitanjali’s vending
machine during all ten days of the festival.
Gitanjali Lifestyle CFO Vijay Shanker,
Lalbaugcha Raja Ganeshotsav Mandal
secretary Sudhir Salvi, and actress Sayali
Bhagat unveiled the machine.
“We got an overwhelming response from consumers
after the launch of the second kiosk at Siddhivinayak Temple. Devotees flock to
Lalbaugcha Raja in huge numbers every Ganeshotsav. With this gold and silver
coin vending machine, people can take home a symbol of the blessings and good
luck from Lalbaugcha Raja, the fulfiller of all wishes!” Shanker said.
The kiosk is a part of Gitanjali’s ‘Go for Gold’ umbrella branding to promote
the purchase of gold – whether in the form of jewellery or coins and bars. The
Actress Sayali Bhagat unveiling Gitanjali’s
gold and silver coin vending machine at vending machine accepts credit cards, debit cards and cash, and offers products
Lalbaugcha Raja. at current market rates.
De Beers Opens First Store In Shanghai
De Beers Diamond Jewellers are proud to continue to
opened a new store in the build the brand in China
heart of Shanghai's most with the opening of our
prosperous financial area first store in Shanghai after
Lujiazui in the Pudong the successful openings
district on August 30. The in Beijing, Tianjin and
new showroom marks the Dalian. As the sole diamond
brand’s fourth store in China. jewellery specialists, we
The new 75-sq-m space are delighted to share
will display solitaires, our exceptional passion
timeless classics and and expertise in diamond
unique high jewellery selection, craftsmanship (Left to right) De Beers Institute of Diamonds president Andrew
creations. For this occasion, and diamond jewellery Coxon, Shu Qi and Francois Delage do the honours.
De Beers displayed the design with one of the most
Talisman Crown that was discerning markets.” delighted to be able to join New York, Printemps and
specially designed for the Award-winning actress, De Beers for the opening Galeries Lafayette in Paris,
celebration of the Queen’s Shu Qi was in attendance of the first Shanghai store Shin Kong Place in Beijing,
diamond jubilee along with to celebrate the opening and these timeless, elegant The Landmark in Hong Kong
the Talisman Wonder. A set in Shanghai, wearing De creations from De Beers are and Ginza in Tokyo. De
of eight unique Talisman Beers jewellery including a joy to wear.” Beers Diamond Jewellers
Medals were exclusively the Arpeggia necklace De Beers has a was established in 2001 as
created to celebrate the and bracelet crafted in worldwide presence with an independently managed
Shanghai store opening. yellow gold with white and stores located in the most and operated joint venture
François Delage, CEO fancy-coloured diamonds, sought-after locations between LVMH Moët
of De Beers Diamond and two solitaire rings. including Old Bond Street Hennessy Louis Vuitton and
Jewellers, commented, “We Shu Qi commented, “I am in London, Fifth Avenue in De Beers.
34 INTERNATIONAL october 2012
SPECTRUM
De Beers Unveils Imaginary Nature Collection In Asia
De Beers Diamond Jewellers unveiled its high jewellery
collection Imaginary Nature for the first time in Asia on
September 10. The high profile event was attended by
award-winning actress, Gigi Leung and Taiwanese actress
and model Bianca Bai.
Francois Delage, CEO of De Beers Diamond Jewellers,
commented, “We wanted through Imaginary Nature to
truly establish our legitimacy as a jeweller and to express
our vision through a strong creative and contemporary
gesture. Our unique designs inspired by our DNA bring to
life our brand essence – the jeweller of light – by creating
exquisite pieces, moments and movements from a journey
from earth to light. The eight one-of-a-kind creations
sublime our diamond mastery and jewellery know-how,
and we are delighted to now unveil them in Asia”
Gigi Leung, who wore the De Beers Arpeggia collection,
commented, “It is so refreshing to see a contemporary
take on high jewellery; the three-dimensional aspect and
Taiwanese actress and model Bianca Bai (left) and actress Gigi Leung the interplay of light between different diamond cuts is
(right) wore pieces from the Imaginary Nature Collection at the launch. truly unique.”
TBZ Opens Showroom In Vadodara
Jewellery retailer
Tribhovandas Bhimji
Zaveri Limited (TBZ)
opened its brand
new showroom
at Racecourse
Road, Vadodara on
August 16 on the
auspicious jewellery-
buying occasion
of Gurupushya
Nakshatra. With this
addition, TBZ now
has 15 showrooms in
10 cities across five
states.
The Mayor of
Vadodara, Jyotiben wedding collection, the shopping experience Vadodara showroom marks
Pandya, inaugurated Surprise collection and that suits various festive the company’s sustained
the new TBZ showroom temple jewellery among occasions and moments efforts in expanding
alongside TBZ chairman others. of joy and celebration. Our its base in the state of
and managing director “We had received an trendy jewellery products Gujarat. The opening of
Shrikant Zaveri, and TBZ overwhelming response are designed to meet the showroom is also
marketing head Kiran from the people of the people's aspirations timed to serve customers
Dixit. The new showroom Vadodara during a jewellery through its elegance, style during the festive season,
showcases a wide range exhibition in the past. and modernity,” Zaveri which includes Navratri,
of jewellery for men and Now our new showroom noted. Dussera, Pushyanakshatra,
women, including a new will provide the unique The launch of TBZ’s Dhanteras and Diwali.
36 INTERNATIONAL october 2012SPECTRUM
Tiffany Q2 Net Profit +2% To $887 Mn
Luxury jeweller Tiffany & Co. Tiffany’s chairman and
reported a net profit of $92 chief executive officer, said,
million on worldwide net “These second quarter
sales of $887 million in line results met the expectations
with company expectations contained in our previously-
for the second quarter that reported financial guidance.
ended July 31, 2012. Both Not surprisingly, sales second quarter and 13% to ending January 31, 2013,
earnings and revenues rose growth has been affected $300 million in the first half. Tiffany expects net earnings
2% above the prior year. by economic weakness in a “We also anticipated the of $454-$473 million, and a
On a constant-exchange- number of markets and by reduced operating margin 6-7% increase in worldwide
rate basis that excludes the a very challenging prior- in the quarter, adjusted for net sales.
effect of translating foreign- year comparison to a 30% nonrecurring items, due to Kowalski added, “We
currency-denominated sales increase in worldwide net continued, but moderating, think it is only prudent to
into US dollars, worldwide sales.” high product input costs and maintain a cautious near-
net sales increased 3% and Second-quarter sales a lack of sales leverage on term outlook about global
comparable store sales in the Americas region fixed costs. The resulting economic conditions and
declined 1%. declined 1% to $434 million decline in net earnings, the effects on customer
In the first half of the fiscal in the second quarter and when compared with last spending, with year-over-year
year, worldwide net sales rose 1% to $820 million in year's earnings excluding growth comparisons in the
increased 4% to $1.7 billion. the first half. In the Asia- nonrecurring costs, was in next few months also being
On a constant-exchange- Pacific region, total sales line with our expectations pressured by the strong
rate basis, worldwide net rose 1% to $174 million and was on top of a 58% increases we experienced
sales and comparable in the second quarter and increase in last year's second last year. At the same
store sales rose 5% and 1% 8% to $369 million in the quarter,” Kowalski noted. time, we are determined to
respectively. Tiffany’s net first half. Sales in Europe As of July 31, 2012, further strengthen Tiffany's
earnings in the six-month declined 1% to $100 million the company operated competitive position
period increased 1% to in the second quarter and 260 stores – 106 in the by expanding our store
$173 million, or $1.36 per increased 1% to $188 Americas, 61 in Asia-Pacific, and customer base and
diluted share, from $171 million in the first six 55 in Japan, 33 in Europe introducing enticing new
million, or $1.32 per diluted months of the fiscal year. In and five in the UAE – designs, all intended to
share, a year ago. Japan, total sales increased compared with 236 stores generate solid long-term
Michael J. Kowalski, 11% to $159 million in the a year ago. For the full year financial performance.”
RJC Certifies Gemological Science International
The Responsible Jewellery Council (RJC) announced that Gemological Science
International (GSI), a leading international gem laboratory, has achieved
certification by meeting the highest ethical, social and environmental standards
established by the RJC’s Member Certification system.
“RJC warmly congratulates GSI on its certification. The verification assessment
was conducted by UL Responsible Sourcing, one of the independent third-
party auditing firms accredited to the RJC’s Member Certification system,” said
Michael Rae, RJC’s chief executive officer.
© Amineimo | Dreamstime.com
“GSI is very proud to join RJC certified members that includes leaders of the
jewellery industry all over the world. Our goals as a gemmological laboratory
are very much aligned with the mission of the RJC: to reinforce consumer and
stakeholder confidence in jewellery products, and to protect the reputation and
integrity of the jewellery industry. Integrity is one of the main building blocks of
our organisation’s foundation. To GSI this means a focus on ethical behaviour,
involvement in the industry, reputation, and transparency,” added Mark
Gershburg, founder and CEO of GSI.
38 INTERNATIONAL october 2012SPECTRUM
Rio Tinto H1 Diamond Revenue +12%
Rio Tinto said its revenue Zimbabwe (77.8%). be 14.6 million carats. diamond mine underground
from diamond operations During the first half of Diamond production at project is expected to
grew 12% to $350 million 2012, the group’s overall Argyle was 24% higher than extend the mine life to
for the first six months of diamond output rose 18% the first half of 2011, due at least 2019. Originally
2012 on the back of strong to 6.167 million carats, primarily to the impact of approved in 2005, the
production levels. Rio compared with 5.232 heavy rains and flooding in project was slowed in 2009
Tinto's diamond interests million carats in the March 2011. Construction and restarted in September
include Argyle in Australia same period last year. In of the underground mine 2010. The total approved
(100%), Diavik in Canada 2012, Rio Tinto’s share of at Argyle is proceeding and capital cost of the project is
(60%) and Murowa in production is expected to production is scheduled $2.2 billion, of which $0.9
to commence in the first billion is remaining to be
half of 2013, the company spent. An additional $0.6
noted. Diavik’s production billion was approved in
was 8% higher than the November 2011, primarily
2011 first half due to higher reflecting the impact of
open pit volumes and a record 2010/11 wet
improved grades. season and adverse
“Demand for rough exchange movements.
diamonds saw a modest Production is expected to
slowdown in the first half commence in the first half
of 2012 across established of 2013 with full production
and emerging markets. in 2014.
The long term outlook for On March 27, 2012 Rio
diamonds remains robust; Tinto announced a strategic
short term fluctuations review of its diamond
will continue in line with business that will include
economy cycles and global exploring a range of options
conditions,” Rio Tinto said. for potential divestment of
Meanwhile, the Argyle its diamonds interests.
TBZ Wins Bombay Bullion Association Award
Mumbai-based jewellery retailer Tribhovandas
Bhimji Zaveri Ltd. (TBZ) won an award for the ‘Best
Branded Traditional Jewellery Brand of the Year
2012’ from the Bombay Bullion Association at
the 9th India International Gold Convention held
recently in Hyderabad. The award was presented
to TBZ chairman and managing director Shrikant
Zaveri (third from left) by Dr. Anup Pujari, IAS,
director general of foreign trade, department of
commerce, the chief guest on the occasion.
Zaveri commented, “At TBZ, our focus is
constantly on encouraging innovation and
excellence in the branded jewellery business. This
helps us keep pace with the times and stay relevant
to Gen-X while being embedded in the minds and
hearts of the decision makers and influencers. The
award recognises our efforts to be synonymous
with tradition, trust and timelessness while being
an encouragement for times to come.”
40 INTERNATIONAL october 2012SPECTRUM
Malabar Gold Signs Suriya As Brand Ambassador
Kerala-based jewellery
retailer Malabar Gold &
Diamonds has signed
renowned South Indian
actor Suriya (centre) as
its brand ambassador.
Malabar Gold & Diamonds
chairman M.P. Ahammed
(second from left) together
with the actor launched the
firm’s latest CSR initiative
of providing educational
scholarships to girl students
in Tamil Nadu.
At present, the jeweller
has five showrooms in
Tamil Nadu in the cities
of Chennai, Coimbatore,
Erode, Madurai and
Salem. Malabar Gold & announced a four-year turnover to H30,000 crore. Ahmedabad, Punjab and
Diamonds aims to set up expansion plan to raise As part of the plan, the Haryana. The group also
35 showrooms across Tamil its retail network to 220 company is investing about intends to spread its
Nadu by 2015 with supply outlets from 70 with an H500 crore to roll out more overseas retail network
chain centres at Chennai, investment of H3,500 crore. than 20 retail outlets across the Gulf region,
Coimbatore, Madurai and The programme is expected this year. Its domestic Indonesia, Malaysia,
Tiruchirappalli. to create 15,000 jobs and expansion plan includes Thailand, Singapore, China,
The company also triple the company’s annual cities like Delhi, Mumbai, Sri Lanka, the US and UK.
Ekati Annual Revenue -30% On Lower Output
Mining major BHP Billiton said the revenues from its Ekati diamond
operations in Canada declined by a third to $707 million for the
fiscal year that ended June 30 owing to a drop in output. Underlying
earnings before interest, taxation, depreciation and amortisation
plunged 48% to $363 million, while capital expenditure grew 80% to
$97 million.
Ekati’s annual diamond production fell 29% to 1.784 million
carats, and had an average value of $396.3 per carat. “As
anticipated, diamond production in the 2012 financial year was
lower than the prior period. Ekati production is forecast to remain
constrained in the medium term as the operations extract lower
grade material, consistent with the mine plan,” BHP Billiton said. The
decline in Ekati’s production was the major contributing factor to the
compression of operating margins, it added.
Regarding its disinvestment plans, BHP said the “review of our
diamond business is ongoing” adding that “assets must earn their
right to remain in the portfolio”.
The company said that the Ekati Misery Open Pit Project, which
© A. Legaree
consists of a pushback of the existing Misery open pit which was
mined from 2001 to 2005, is expected to begin initial production by
2015 for a total cost of $323 million.
42 INTERNATIONAL october 2012SPECTRUM
GIA Opens Diamond Grading Lab In Israel
appointments,
eliminating
the need to
wait on-site to
submit stones
for grading
services. They
will also be
able to monitor
the progress of
their services
online. If
reservations are
not available,
clients will be
able to submit
stones through
GIA LabDirect
consolidators
who will provide
take-in services.
The Gemological Institute the opening, the minister of year for the Israeli diamond Consolidators will also
of America (GIA) opened a foreign affairs and deputy industry.” take in diamonds larger
diamond grading laboratory prime minister Avigdor Avraham Traub, president than 2.99 carats, fancy
in Ramat Gan early last Liberman said that the of IsDMA, said GIA reports colour diamonds, coloured
month, making this the opening of the GIA lab in are highly respected and gemstones and pearls.
eighth in the institute’s Israel reaffirms the trade and very much in demand “By offering services
global network. Located in business cooperation that by both the trade and focused on the needs of
the diamond centre in Tel Israel enjoys with the United consumers. “Having a GIA our clients, it is our hope
Aviv, the new lab began States. “Israel is a world lab facility on-site in Israel that the presence of a
accepting diamonds for leader in diamonds, one will save the diamond trade GIA grading laboratory in
grading directly from clients of our principal industrial both precious time and Ramat Gan will support the
on September 4. exports. The U.S. is our costs,” he said. continued success of the
“Opening a GIA grading largest market for polished The new GIA facility will Israeli diamond industry,”
laboratory in Israel – one diamonds. A GIA lab in initially offer Diamond said Tom Moses, senior vice
of the most important Israel’s diamond centre Dossier and Diamond president of GIA Laboratory
countries in the global enables us to better meet Grading Report services and Research. “The new
diamond trade – is a proud the needs of this market.” for colourless diamonds reservation system will add
achievement for GIA,” said “The opening of the up to 2.99 carats. Related to our customer service and
Donna Baker, GIA president GIA facility is of major secondary services that may be expanded to other
and CEO. “On behalf of significance to the Israeli meet the immediate needs locations in the future.”
everyone at GIA I am Diamond Industry and of the local market – GIA began its global
honoured that we will now advances our position as a including re-examination, expansion in 2008, adding
serve the Israeli diamond global diamond trading hub,” updates and verification diamond grading services
community close to their said Moti Ganz, chairman – will also be offered. to its Bangkok laboratory
home here in Ramat Gan.” of IDI. “By cutting down Additional services may be and opening new laboratory
Speaking earlier at a waiting time for GIA reports added at a later date. facilities in Johannesburg,
ceremony in Ramat Gan, diamantaires will be able to With the introduction of South Africa; Gaborone,
Israel, hosted by the Israel turn over their goods faster the reservation system for Botswana; and Mumbai,
Diamond Institute (IDI) and make more of a profit. direct submission, clients India. In 2010, a lab opened
and the Israel Diamond We estimate that this will submitting stones to GIA in in Hong Kong and a ninth
Manufacturing Association translate into savings of Israel will be able schedule facility is slated to open in
(IsDMA) to commemorate $30 million-$50 million a drop-off and pick-up Japan later this year.
44 INTERNATIONAL october 2012SPECTRUM
A
ustralia’s gold output fell of their deposits by treating slightly lower East in Victoria and is also taking a 10%
slightly in the 2011-12 grade ore,” Close said. “What is most interest in Citigold Corp at Charters
financial year compared with critical is the margin between sales prices Towers. Currently, LionGold’s purchase of
the previous corresponding and costs.” Bass Metals’ Hellyer interests in Tasmania
period, Melbourne-based gold mining For the June quarter 2012, gold output is in dispute. However, LionGold’s bid
consultant Surbiton Associates Pty Ltd said totalled 65 tonnes, some 4% greater than for Navigator Resources which operates
in its Australian Gold Quarterly Review. in the previous quarter. “We saw a rise in Bronzewing in Western Australia was
Output for 2011-12 was 261 tonnes, output in the June quarter and the next few unsuccessful.
which was 11 tonnes or 4% less than a year quarters are looking pretty positive as well,” “As well as the Singapore-based
ago. At the current spot price, the value Close noted. “Regis Resources has just LionGold Corp’s recent forays, Chinese
of the 2011-12 year’s gold production, poured the first gold at Garden Well which owned Xijin Mining has just taken over
at around $14.5 billion, contributes alone will add around 240,000 ounces to Norton Gold valuing the company at about
significantly to Australia’s exports, it noted. annual production.” A$215 million,” Close said. “Canadian
“The fall in production was not Close added that takeover activity had based Crocodile Gold, which has Union
surprising given the higher gold prices,” increased recently in the Australian gold Reefs in the Northern Territory, has now
said Dr Sandra Close, a director of Surbiton sector, which is currently around 60% also acquired both Fosterville and Stawell
© Dumont Dominique | Dreamstime.com
Associates. “However, with several new and foreign-controlled. “Overseas investors are in Victoria, previously owned by AuRico.”
rejuvenated projects coming on stream showing considerable interest in Australian While much of the activity has
in late-2012 and in 2013, we should see gold operations,” Close remarked. originated offshore, one recently
production rise.” “Lately, there have been various bids and announced takeover will see the
The average Australian dollar spot gold takeovers by overseas companies of both amalgamation of two Australia-based
price for 2011-12 was around A$1,620 local and foreign-owned gold producing companies. “Silver Lake Resources’
per ounce, which was more than $230 per companies.” takeover of Integra Mining will create a
ounce higher than for the 2010-11 year. The Singapore-based LionGold Corp significant locally listed producer,” Close
“Overall, producers took advantage of has taken over Castlemaine Goldfields said. “Their combined output will be
the higher gold prices and made the most which is ramping up production at Ballarat around 400,000 ounces of gold annually.” n
INTERNATIONAL october 2012 47SPECTRUM
Zale Q4 Sales +8% To $407 Mn
US-based jewellery retail officer Theo Killion said, Jewellers, registered
chain Zale Corporation “In the fourth quarter, we comparable store sales
said revenues for its fourth made significant progress growth of 2%.
fiscal quarter that ended in returning Zale to For the full fiscal year,
July 31 rose 8% year-on- profitability. We recorded Zale’s revenues increased
year to $407 million. The our seventh consecutive 7.1% to $1.87 billion, while
jeweller’s fourth-quarter quarter of positive comps, its net loss shrank to $27.3
net loss narrowed to $19.7 reported a sizeable million in the twelve-month
million, from $32.6 million improvement in operating period to July 31, 2012,
a year ago. margin and strengthened from $112.3 million last
Comparable store our capital structure. We year. In the fiscal year
sales increased 8.3%, look forward to building on 2012, comparable store
following a 9.8% rise in the this momentum in 2013.” sales increased 6.9%,
same period last year. At Comparable store sales following an 8.1% rise
constant exchange rates, at Zale’s US fine jewellery in 2011. “Based on the
which exclude the effect brands, consisting of current momentum of
of translating Canadian Zales Jewelers, Zales the business and the
currency denominated Outlet and Gordon’s recent debt refinancing,
sales into US dollars, Jewelers, increased 11.2%. the company expects
comparable store sales Its Canadian brands, to achieve positive net
increased 9.2%, Zale said. consisting of Peoples income for fiscal year
Zale chief executive Jewellers and Mappins 2013,” Zale said.
Tanishq Q1 Sales +7.8% To K1,775.53 Crore
Tanishq, the jewellery arm maintain its investments
of Titan Industries, said in brand building, retail
revenues for the first quarter network expansion and
of the 2012-13 fiscal year new product introductions
grew by 7.8% year-on-year to to infuse confidence in
H1,775.53 crore. However, consumers.”
revenues fell 1.3% versus In the first quarter,
the preceding three-month jewellery accounted for
period. Tanishq’s first- nearly 80% of Titan’s total
quarter profit before interest group revenue, which rose
and taxes rose 9% to 9.2% to H2,205.65 crore.
H180.55 crore against the Group net profit for the
same period last year. period grew by 8.8% to
“Gold in rupee terms H156.09 crore.
touched its peak at H3,067 The company maintained
per gram of 24 karats the momentum of retail
during this quarter, thus expansion across all its
affecting the growth of businesses and opened 20
jewellery,” the company disappointing by way of eyewear. Looking ahead, stores in the first quarter,
said. “The reduction in sales growth due to several factors like high inflation, ending the period with a
wedding dates during the factors leading to weak a weak rupee and poor retail area of 1.08 million
quarter has also affected consumer sentiment. monsoon are likely to have sq ft nationally. Titan
both watches and jewellery.” Consumer response was an adverse impact on our currently has a total of 847
Titan managing director good only to discount offers targeted growth but Titan stores across the jewellery,
Bhaskar Bhat said, “The thereby impacting margins, Industries will leverage the watches, accessories, and
first quarter has been specially in watches and strength of its brands and eyewear segments.
48 INTERNATIONAL october 2012SPECTRUM
Rio Tinto Launches Nazraana
In Kolkata
Diamond mining major Rio Tinto launched its flagship Indian
diamond initiative, Nazraana, in Kolkata on September 19.
Raima Sen, a leading actress of Bollywood and Bengali
cinema, unveiled the Nazraana collection, which is crafted
using diamonds, 18-karat gold, and 925 silver.
Nazraana jewellery is available at popular gifting price-
Vikram Merchant (right) gifting actress Raima Sen some jewellery
points from H4,999 to H39,999. Rio Tinto Diamonds, from the Nazraana collection.
manager – India, Vikram Merchant said, “The Nazraana
products are beautiful, timeless and affordable. We are promotion that will cover Kolkata, Siliguri and Durgapur,
happy to be associated with the leading jewellers of Bengal and run until the Durga Puja festival. The six participating
in introducing this new gifting category to consumers in retailers – Anjali Jewellers, B.C. Sen Jewellers, Indian Gem
West Bengal.” & Jewellery Creations, Manik Chand Jewellers & Sons, M.P.
The launch event will be followed by a Nazraana Jewellers and Senco-Gold – have a total of 31 outlets.
Oro Introduces Wholesale Trading Club
Oro, one of India’s largest machine-made bangle
manufacturers, launched the largest single-point
distribution office for the wholesaling of gold and platinum
bangles, called the Oro Trading Club (OTC). Situated in the
heart of Mumbai’s Zaveri Bazaar, the OTC will have over
1,500 bangle sets for display at any given time. Bangles
constitute an estimated 30% of the entire jewellery market.
The OTC is targeted at the wholesale market and not
the end customer. It is expected to become a hub for
distributors and retailers, who can now buy hallmarked 18-
karat and 22-karat gold as well as PGI-certified platinum
bangles under one roof.
Oro director Avinash Pahuja said, “The gold industry in
India is fragmented and unorganised. The OTC represents H100 crore within a year, and plans to open similar OTCs in
a step towards organising this industry by creating a single- all metros.
point wholesale outlet that will lead towards creating unity “We also plan to be the first company to introduce the
among distributors.” concept of online selling of ‘live stock’ in all cities in India
The company expects the OTC to generate a turnover of in the near future,” noted Oro director Ravish Pahuja.
SRS Jewells Turnover +25% To K1,800 Crore
SRS Jewells, the flagship brand of gold and diamond in the markets it operates in. This has been the result of a
jewellery manufacturer and retailer SRS Ltd., achieved strategy to position the brand distinctly in the marketplace
a turnover of H1,800 crore for the 2011-12 fiscal year, through creating an aura of trust and excellence in service.”
an increase of 25% versus the previous year. In line with The Mumbai and Ahmedabad operations will be focussed
its strategy to expand the reach of its flagship brand, the on the jewellery and gold bullion wholesale business.
company launched two wholesale outlets of SRS Jewells in Earlier this year, the firm also launched two SRS Jewells
Mumbai and Ahmedabad. retail outlets, one each in Delhi and Faridabad.
Anil Jindal, chairman of the SRS group, said, “The SRS Ltd. managing director Sunil Jindal noted, “We
jewellery vertical has proved itself to be our top-performing aim to further strengthen our position with new retail and
business in terms of revenue, profitability and growth wholesale stores in many more cities of India and establish
potential. SRS Jewells is spreading its footprint to newer SRS Jewells as one of the country’s leading brands in this
geographies and building a formidable reputation for itself segment.”
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