Ahmed Bin Sulayem Appointed UAE Chair Of The …€¦ · Ahmed Bin Sulayem Appointed UAE Chair Of The Kimberley Process ... renowned author Jay Vasavda; and founder of Hari Krishna

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Ahmed Bin Sulayem Appointed UAE Chair Of The Kimberley ProcessThe UAE Ministry of Economy has officially appointed Ahmed Bin Sulayem as the UAE’s chair of the Kimberley Process (KP) for 2016. Present at the official handover in Dubai was Angola’s Bernardo Campos, the former chair of the Kimberley Process.

The KP officially appointed the UAE as chair in November 2015. The UAE will lead the UN-mandated organisation, set up in 2003, that now has 54 participants representing 81 countries. Sulayem will be officially responsible for chairing the KP in 2016, carrying out official duties and implementing new initiatives in-line with the organisation’s aims and objectives.

Commenting on his appointment, Bin Sulayem said, “It is a great honour to have been appointed Kimberley Process chair by both the KP and the UAE, with the great responsibility to implement the KP’s vision and plans for the diamond industry in 2016. The UAE will use this opportunity

commodities hub for over a decade and has a deep understanding of the diamond industry. 2016 will be a unique opportunity for all KP participants to get first-hand experience of UAE’s and Dubai’s infrastructure and trading community and we look forward to building upon the KP’s success to date as well as implementing new initiatives.”

Bin Sulayem also highlighted that in the years since the establishment of the KP, Dubai’s diamond trade has thrived. It grew from initial trade figures of $5 million in 2003 to over $35 billion in 2014.

to focus on areas that will have the greatest impact on growth and development, in addition to sustaining the core values of the organisation.”

Bin Sulayem went on to outline the objectives for the coming year. As KP chair, he aims to strengthen the ties between government, industry decision makers and the KP’s civil society, which includes representatives from key non-governmental organisations. He also expressed his goal to assist newly admitted countries, along with those that seek to join the KP, with technical assistance, training and consensus building through seminars and conferences.

His Excellency Abdullah Al Saleh, under-secretary of the UAE Ministry of Economy, commented, “The UAE is honoured to have been elected KP chair by its fellow members. It was a practical and straightforward decision to appoint Ahmed Bin Sulayem as chair. He has led Dubai’s drive to become a global

Today, Dubai is one of the most influential rough and polished diamond trading hubs across the globe, providing a base for all forms of trade, financing and logistics.

In a formal ceremony to hand over the chairmanship to the UAE, Angola’s Bernardo Campos, who served, on behalf of Angola, as KP chair 2015, congratulated Ahmed Bin Sulayem and voiced his support.

“It has been a great honour to represent the Kimberley Process and to work alongside the UAE. We have a shared goal to set about consolidating the achievements of the last 12 years and strengthening the ties between all three pillars of government, industry and civil society. As I hand over the chair today, I am confident the UAE will strengthen these ties further in 2016 as well as implement their own vision and plans. 2016 will be an important and exciting year for our industry,” Campos noted.

GJSCI Pledges Its Support To The Chennai FloodsThe Gem & Jewellery Skill Council of India (GJSCI) pledged its support for the recent Chennai floods and donated I1,00,001 towards the Prime Minister’s National Relief Fund to aid all the people affected by this unprecedented calamity. Premkumar Kothari, chairman, GJSCI said, “We at GJSCI have been deeply saddened by the natural calamity which has struck Chennai and its surrounding areas. We hope that our small contribution will be helpful in getting families out of these difficult times. We also urge everyone to kindly do what they can in their capacity to help our fellow citizens in this need of the hour.”

Binit Bhatt, COO, GJSCI, along with his staff.

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GJF Calls PAN Card Requirement Impractical, DiscriminatoryThe All India Gems and Jewellery Trade Federation (GJF), the national trade federation for the promotion and growth of trade in the gems and jewellery sector, has expressed dissatisfaction over the requirement of a PAN card on any transaction of I2 lakh and above.

In a statement, GJF chairman, Sreedhar GV said, “This is not practical and will discriminate against 70% of rural buyers including farmers as they are not under the tax net and therefore do not possess PAN cards. We urge the government to remove the PAN card requirement in the jewellery sector and maintain status-quo on

PAN card restriction is not fair and justifiable under law as it is tantamount to discrimination against a large section of the population who don’t have PAN card numbers. In India, hardly 8-10% of the population have PAN cards and a large number of rural buyers will be deprived of buying jewellery items for marriages and other functions. The government needs to come up with more trade and industry-friendly policies whereby industries can develop and grow to build the economy.”

Speaking on the PAN card issue, Bachhraj Bamalwa, director, GJF, said, “The gems and jewellery sector is not a generator of black

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application of TCS on sales of bullion on I2 lakh and on I5 lakh of jewellery. We also emphasise the need to reduce import duties on bullion, gems, jewellery and jewellery machinery.”

Sreedhar further added, “The gems and jewellery sector is not a source to attract black money since there is a value addition of 15-20% in developing the products while bullion is a preferred segment for investment by black money holders. Today, people buy jewellery items not only for their daily use but also for essential purposes like festive and religious functions including marriages.”

“The GJF believes that the decision on imposing

money. More than 80% of the value of jewellery is in its raw materials like gold and silver which are legitimately imported into the country.”

Ashok Minawala, director, GJF, said, “We will be facing problems in encouraging buyers to visit our showrooms since the new imposition of the PAN card requirement. It is a negative step for the industry as this will neutralise the benefits arising out of the monetisation scheme which is positive. As of March 31, 2015, there are approximately 22.3 crore PAN cards issued in India. Will it be justifiable to ask for a PAN card to approximately 89-90% of the population who do not possess one?”

Hari Krishna Exports’ Ongoing Charitable Acts Hari Krishna Exports Pvt. Ltd. organised ‘Bandhan Snehna’ for 66 lucky couples in early December last year. The event took place in the presence of dignitaries including yoga guru Ramdevji maharaj; Gujarat minister Nanubhai Vanani; renowned author Jay Vasavda; and founder of Hari Krishna Exports Pvt. Ltd., Savji Dholakia.

Dholakia said, “We started the tradition of mass marriage (samuh lagan) a few years ago after I got invitations to attend 20 marriages from staff members during the wedding season. I thought, instead of people

spending enormous amounts on their weddings, why not have a single ceremony which turns out to be economical and magnificent as well?”

More than 7,500 guests attended the function to bless the 66 newly-wed couples, who received a trousseau kit comprising diamond jewellery and household items.

The company believes in nurturing its employees and securing their future. A single cheque of I1 crore was granted to the family of a deceased diamond artist as the company had safeguarded the employee by purchasing a life insurance policy for him.

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Alrosa Holds Meeting With Long-term Clientssummarise the preliminary results of 2015 and discuss current diamond market trends.

The attendees discussed the practice of supply under long-term contracts. Zharkov noted that long-term contracts will remain the cornerstone of the company’s sales policy. Such a diamond sales system provides the company and its clients with stable rough diamond supply and protects it from market fluctuations which are particularly topical in a weakening market.

Considering the market conditions, throughout the year Alrosa followed a conservative sales policy, having cut down prices and rough diamond sale volumes. According to experts, rough diamond demand is showing signs of recovery, and market stabilisation can be expected in 2016.

The attendees emphasised the necessity to implement generic marketing programs in order to stimulate the demand for polished diamonds in the medium term. For this purpose, in 2015, the largest global diamond mining companies, including Alrosa, established the Diamond Producers Association (DPA). The Association is expected to submit the first draft of its marketing strategy in the second quarter of 2016.

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Alrosa’s management, headed by President Andrey Zharkov, held a meeting with long-term clients to

Chow Tai Fook Directors Win HK Institute Of Directors Awards Chow Tai Fook Jewellery Group Limited, the largest jeweller listed in Hong Kong and one of the world’s top few by market capitalisation with 86 years’ heritage, is pleased to announce that both managing director Kent Wong and finance director cum company secretary Hamilton Cheng garnered coveted accolades at the award presentation ceremony of Directors Of The Year Awards 2015 on December 8 organised by The Hong Kong Institute of Directors (HKIoD) in recognition of their outstanding leadership and contribution in practising and promoting good corporate governance in the company. They have excelled themselves by winning two out of the three awards in the Individual Director category.

Highly rated by the judging panel of the awards as a strategic leader and an outstanding practitioner of corporate governance, responsible for building a corporate culture that empowers employees to follow internal procedures for proper checks and balances and timely disclosure, managing director Wong attributed the honour to the board and the staff of the group. He said, “Chow Tai Fook, having 86 years’ of heritage, is very young as a listed company. It is indeed a significant testimony to our dedication to corporate governance excellence with the full support of the board of directors. Behind every innovative step we take to conduct our business, we stand firm in upholding our core value of

sincerity and eternity that echoes the importance of disclosure in corporate governance and the ultimate business sustainability for long-term benefits to our shareholders and other stakeholders. I am most grateful to HKIoD for endorsing Chow Tai Fook’s relentless efforts in corporate governance and encouraging us to move forward.”

Cheng, finance director cum company secretary, has been named an exemplary executive director with strategic thinking who plays a vital role in transforming a conventional family-owned company into a corporate with overseas presence run by systematic management engaging scientific analyses and performance indicators, and improving the group’s risk management and internal controls, according to the judges.

“We firmly believe that good governance is critical to achieving continuous business development while meeting obligations towards shareholders and other stakeholders. We take pride in being able to institute a sound governance framework and introduce good practices that embrace transparency, accountability and integrity. Our goal is to develop a path that addresses the uniqueness of such companies in the practice of good corporate governance in tandem with the pursuit of sustainable value-creation for shareholders and other stakeholders,” Cheng remarked.

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Gemfields Realises $19.2 Mn At Jaipur Emerald Auction

Gemfields plc announced the results of its auction of predominantly lower quality rough emerald extracted by Kagem Mining Ltd. in Zambia, which is 75% owned by Gemfields and 25% by the Government of the Republic of Zambia. The auction was held in Jaipur from November 18-21, 2015, and the proceeds of this auction will be fully repatriated to Kagem Mining Ltd in Zambia, and with all royalties due to the Government of the Republic of Zambia being paid on the full sales price achieved at the auction.

A total of 29 companies placed bids in Gemfields’ second auction of Kagem production in the current financial year. This has been the first auction of predominantly lower quality rough emerald outside Zambia since June 2012. The auction saw 5.07 million carats of

lower quality emerald extracted from Kagem placed on offer, with 18 of the 23 lots offered being sold, generating auction revenues of $19.2 million. The auction realised an overall average value of $4.32 per carat, a new record for lower quality auctions. The company’s 20 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $379 million in total revenues.

Ian Harebottle, CEO of Gemfields, commented, “Our return to Jaipur has delivered a knock-out result at a time when global commodity and diamond prices are experiencing well-documented difficulties. Despite the volatility across international financial markets, demand for, and prices of, emeralds, clearly remain as robust as ever. The counter-market cyclicality often associated with precious gemstones, and their reputation as a store of value in turbulent times, have once again shone through.

“Kagem is a partnership between the Zambian government and Gemfields, and we’d like to thank the government for their vision and support in internationalising the Zambian emerald industry and for supporting an ‘international auction circuit’ that will see Lusaka remain one of the key hubs for hosting emerald auctions in order to ensure we reach an expanded client base to optimise the prices achieved.”

On the sidelines of the auction, the Jaipur event was also used to host a traded emerald auction of predominantly higher quality emeralds originating from Zambia and Brazil and obtained by Gemfields in the open market from various sources. The traded auction yielded additional gross revenue of $1.1 million with 20,400 carats sold.

GII’s K.T. Ramchandran Felicitated At Geologists’ MeetK.T. Ramchandran, chief gemmologist and executive secretary of the Gemmological Institute of India (GII), Mumbai, was bestowed with the Lifetime Achievement award in gemmology at the 20th National Convention of Economic Geologists held at the Jivaji University of Gwalior, Madhya Pradesh.

The event, jointly organised by the South Asian Association of Economic Geologists (SAAEG), was presided by Prof. Sangeeta Shukla, vice chancellor, Jivaji University. Dr. Harbans Singh, director general of the Geological Survey of India was the chief guest.

The convention organised two days of seminars on various aspects of geology and gemmology. The conference also witnessed a round table conference where senior bureaucrats were also present. The conference drafted a prospecting policy to be submitted to the government department. Dr. K.L. Rai, president of SAAEG,

Dr. A.N. Singh, national convener SAAEG, Dr. A.S. Bhalla, chairman, SAAEG-Gwalior chapter and Dr. S.N. Mohapatra spoke on the occasion.

K.T. Ramchandran, chief gemmologist of GII, Mumbai, receives the Lifetime Achievement award by the Association of Economic Geologists. (From left) Dr. A.N. Singh, K.T. Ramchadran, Dr. K.L. Rai, Prof. Sangeeta Shukla, Dr. Harbans Singh, Dr. A.S. Bhalla, Dr. S.N. Mohapatra at the award ceremony.

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Kalyan Jewellers Pledges Support For Govt. Housing Programme

Kalyan Jewellers has promised to support the Indian government’s Housing for All: Mission 2022 programme. T.S. Kalyanaraman, chairman and managing director of Kalyan Jewellers, met the Prime Minister of India, Narendra Modi and informed about the company’s endeavours in supporting housing for the underprivileged, as part of its corporate social responsibility undertakings.

As part of its commitment, Kalyan Jewellers will develop 1,000 houses in the initial phase and has earmarked I20 crore towards this effort. Kalyanaraman met the Prime Minister along with the executive directors of Kalyan Jewellers, Rajesh Kalyanaraman, Ramesh Kalyanaraman and the MD of Kalyan Developers, Karthik R. He discussed the housing initiatives for weaker sections being undertaken in Thrissur where Kalyan Jewellers is currently

developing 100 houses as part of the Zero Landless Kerala initiative of the Kerala state government.

The framework of implementation includes a nodal agency working in close coordination with the government, civic authorities and agencies, self-help groups and other non-governmental bodies. Gujarat, Punjab, Telangana and Andhra Pradesh are among the states identified for developing the initiative. Kalyan Jewellers will continue to augment its efforts and build several hundred houses in the future.

“It was a privilege to meet the Prime Minister Narendra Modi and make our humble commitment towards the government’s vision of housing for all. We also briefly discussed some of the issues plaguing the jewellery industry and sought his early intervention in ensuring that the industry realises its true potential,” said Kalyanaraman.

Some of the submissions made to the Prime Minister on the industry included the GST bill, the concerns of local artisans and craftsmen, BIS hallmarking, etc.

Kalyanaraman recommended that the state GST at the retail level should not be more than the current rate which is 1%. He also requested that all input taxes including CGST and IGST to be set off against SGST. He also suggested the benefits of earmarking a certain area in industrial zones for jewellery manufacturing units and promoting artisans and craftsmen under the Make in India initiative. A move to make BIS hallmarking compulsory in jewellery retail business was also proposed. He also called on the government to regulate and monitor the trend of free gifts and promotional offers in attracting customers. The adoption of a standard approach to implement the Legal Metrology Act was also put forward as an area of concern.

Manubhai Jewellers Celebrates Retail Employees DayManubhai Jewellers, one of Mumbai’s leading jewellery retailers, planned a surprise to show its gratitude towards the sales team by celebrating Retail Employees Day (RED) at the store.

Directors Samir Sagar and Hiren Sagar planned an entire event and created a special video showcasing the team spirit of the Manubhai Jewellers family. They personally looked into the event flow, creating personalised mugs as a small token to express their gratitude towards every member of the Manubhai family, organised snacks and created some memories for the Manubhai family.

Samir Sagar said, “Every year, we try to imbibe the spirit of enthusiasm among our staff as we believe that without their hard work and endurance, we may never have been able to accomplish the sales that we do. With every season

Samir Sagar, director, Manubhai Jewellers with the sales team celebrating Red Day.

that passes, we try to create memorable moments not only for our customers but also our employees and one such initiative is celebrating this day with them. We personally believe that our staff is our family and hence we do try to make them feel special.”

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Sequel Logistics Awarded Business Excellence Award Sequel Logistics has been named best in the mid-corporate segment for excellence in logistics and transportation at the Dun & Bradstreet SME Business Excellence Awards 2015 held on November 23, 2015. The awards felicitated India’s leading small and medium enterprises for their significant achievement and contribution over the years. The occasion also marked the launch of Dun & Bradstreet’s premier publication, Leading SMEs of India 2015 by chief guest, Jayant Sinha, minister of state for finance, ministry of finance. Also present at the event were K. Venkataraman, MD & CEO, Karur Vysya Bank; and Rajesh Mirchandani, chief executive officer, Dun and Bradstreet South Asia Middle East Limited along with other leading names from the SME industry.

Speaking on the occasion, Sharad Jobanputra, chairman and managing director, Sequel Logistics said, “It is an honour to receive this prestigious award for the second time in a row, and for the third time in the last five years. Sequel has relentlessly pursued excellence for more than a decade to win the trust of our customers across the world, in India, the US and Belgium. This recognises our

Sharad Jobanputra, Sequel Logistics chairman and managing director, receiving the award from Jayant Sinha, minister of state for finance.

commitment towards service quality, superior information technology, state-of-the-art infrastructure as well as stringent security processes.”

De Beers Appoints Nimesh Patel As Chief Financial Officer

The De Beers Group of Companies announced the appointment of Nimesh Patel as chief financial officer. Patel succeeds Gareth Mostyn, who will take up the role

of executive head of strategy and corporate affairs in the New Year.

Patel joins from Anglo American where he was group head of corporate finance. Prior to joining Anglo American, he spent 15 years in investment banking at J.P. Morgan and as a managing director at UBS.

“Having been closely involved with De Beers for a number of years in my previous role, I look forward to working with Philippe (Mellier), the executive team and our many partners and stakeholders as we deliver on our strategy and continue to play a leading role in the industry,” said Patel.

Philippe Mellier, chief executive of De Beers, said, “Nimesh has a strong track record of working in senior finance roles in large, complex organisations. I am delighted to welcome him to De Beers at what is an exciting time in the company’s evolution.”

BVC Logistics Named Best Logistics Company 2015 The BVC Logistics team is proud to announce that they have been named the Best Logistics Company 2015 by the Indian Bullion and Jewellery Association of

India (IBJA) Awards 2015. For more than 50 years, BVC Logistics has been a leading industry provider of express logistics, contract logistics, project logistics,

and ocean and air cargo solutions.

Uday Chinai, chairman of BVC Ventures, said, “We’re delighted to be recognised for our contribution to

the industry with this award. We thank IBJA and hope to continue making a difference through innovation and automation.”

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Alrosa Targets Diamond Production Of 39 Mn Ct In 2016

GJTCI Excellence Awards Felicitate Top Performers

The Alrosa supervisory board reviewed and approved the budget of the company and Alrosa Group for 2016. The 2016 mining operations plan is drawn up in accordance with Alrosa’s long-term development programme. Diamond production by Alrosa is expected at up to 39 million carats. The key objectives of the 2016 production programme is to reach the design capacity of the Mir underground mine and put the second start-up complex

The Gem & Jewellery Trade Council of India (GJTCI) held the third edition of the GJTCI Excellence Awards on December 24 in Gandhinagar. The awards felicitated 44 eminent personalities in various categories from the gems and jewellery manufacturing, exporting, services, etc. from across the country for their outstanding achievements.


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of the Udachny underground mine into operation in the second half-year.

Rough diamond sales by Alrosa in 2016 are planned at the level of $3.5 billion taking into account a minimal demand growth. The budget caters for the anti-crisis measures with the cumulative effect of RUB12 billion due to optimisation of operating, investing and financial activities.

The supervisory board also considered matters pertaining to the non-core

assets disposal programme including Alrosa gas assets

and approved a number of transactions.

Petra’s 23.16-carat Pink Diamond Sold Into Partnership

Petra Diamonds Limited announced that the exceptional 23.16-carat pink diamond recovered

from the Williamson mine in Tanzania in November has been sold into a partnership, with Petra receiving $10,050,000 ($433,938 per carat) for the rough stone, as well as retaining a 20% interest in the sales proceeds of the polished diamond.

The diamond was bought by Golden Yellow Diamonds

on behalf of M.A. Anavi Diamond Group, a leading diamond manufacturer and specialist in large and unique coloured diamonds.

“This sale result affirms that the market for high quality coloured diamonds remains robust. Pinks of this size and quality are incredibly rare, but the Williamson mine is known

to produce them from time to time. This bodes well for the future of the mine as we continue to ramp up production and optimise the processing plant. Given the exceptional nature of this pink stone, we are delighted to retain exposure to the uplift in the polished,” said Johan Dippenaar, CEO of Petra.

Joyallukas India, Kalyan Jewellers India, G.R. Thangamaligai Jewellers, Senco Gold, Bholasons Jewellers Gold Souk, A.S. Motiwala, Adgaonkar Saraf, Awesome Sparklers, Manappuram Finance, Khurana Jewellery House, Kirtilal Kalidas Jewellers, Laxmi Jewellery, Krizz, Orra, Punjabi Saraf, Kashi Jewellers, Khanna Jewellers, P.N. Gadgil

The awards witnessed the presence of leading jewellers, government officials and other dignitaries including O.P. Kohli, governor of Gujarat; Dr. Kirit Solanki, Member of Parliament; Mahendra Shah, chairman, Confederation of All India Traders; and Shantibhai Patel, president of GJTCI.

The companies felicitated at the awards included:

Jewellers, Rajesh Exports, Ramesh Chandra Parekh Jewellers, Raniwala Jewellers, Malabar Gold, R.K.R. Gold, Sawansukha Jewellers, Silver Emporium, Surya Gold, Talwarsons Jewellers, Swarnmandir Jewel Designer, Yoube Jewellers, AOJ Media, Shringar House of Mangalsutra, and V.G. Gold Assaying Hallmarking Centre.

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Top Indian Couturiers Design ‘Canvas By Jet Gems’

Jet Gems, a top Mumbai jewellery retail store specialising in customised jewellery, unveiled its new sub-brand called ‘Canvas by Jet Gems’ in December at its flagship store in

Bandra, Mumbai. Pradeep Jethani, proprietor of Jet Gems, roped in top three fashion designers Nishka Lulla, Nikhil Thampi and Nachiket Barve to design jewellery collections for Canvas for the contemporary woman. Canvas features playful jewellery with a modern twist, perfect for those board meetings or after work meet-ups.

Talking about the newly launched Canvas, Jethani said, “With Canvas, Jet Gems is expanding its creative horizons and opening up a world of expression. When artists with different sensibilities come together to create something exclusive, the outcome is bound to be special.”

Nishka Lulla’s collection draws inspiration from nature. Her statement pieces have an edgy twist with the use of red tourmalines, green peridots and aqua blue stones.

Nachiket Barve’s collection features the ‘Diamond Dew Drop’ line wherein the textures of hand-sculpted metal, prominently gold, are rendered in the motifs of lotus and water lily leaves.

Nikhil Thampi adds his signature style, encompassing an interesting mix of long earrings and geometric rings, with an eclectic mix of striking coloured stones in every piece.

(From left) Nikhil Thampi, Pradeep Jethani, Nishka Lulla and Nachiket Barve at the inauguration.

Alrosa & AWDC Reaffirm Relationship At Networking EveningThe excellent collaboration between Antwerp, the leading diamond trade hub and Russian mining giant and the world’s largest diamond producer, Alrosa was once again highlighted at an exclusive networking event in the margins of Alrosa’s diamond tender period.

An important diamond trade centre, Antwerp is home to the largest number of Alrosa’s long-term customers. Alrosa sells approximately 70% of its rough diamond production by means of exclusive contracts with these customers. The evening was organised in cooperation with the Belgian ambassador in Russia, Alex Van Meeuwen, who hosted the event.

Among those in attendance were the governor of the Province of Antwerp, Cathy Berx; the president of Alrosa, Andrey Zharkov; representatives of the AWDC board of directors, Ramesh Patel and Jacques Weisz; representatives from the Gokhran – the State Precious Metals and Gems Repository; and several senior officials from the Russian government. All Alrosa long-term clients were invited to the networking evening. Alrosa president Zharkov emphasised their strong ties with Antwerp, referring to the fact that the very first long-term Alrosa contracts were closed in the city on the Scheldt, and not by coincidence.

AWDC president Stéphane Fischler spoke about the fruitful collaboration between AWDC and Alrosa and about the leadership role that both diamond centres currently fulfil. This leading role will only be further reinforced in the

coming years, according to Fischler, illustrated for instance by the appointment of Alrosa vice president Andrey Polyakov as the next president of the World Diamond Council. During the event, companies without an exclusive contract with Alrosa also received the opportunity to establish contacts with the world’s largest diamond producer.

The networking event with Alrosa was an important occasion for Antwerp diamond traders. Russia is the largest diamond producing country in the world with a total production of 38.3 million carats of rough diamonds in 2014. 24% of all rough diamonds imported to Antwerp come from Russia. Antwerp, and by extension the European Union, is also the most important export market for Russian diamonds.

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IIGJ Andheri Holds Convocation Ceremony

Gemfields Debuts Mozambican Ruby Line At Bergdorf Goodman Salon

The Indian Institute of Gems & Jewellery (IIGJ), Andheri held a convocation ceremony for the graduating students of the ninth three-year diploma course at the D. Navinchandra Auditorium on December 1.

The chief guest Shishir Nevatia, chairman of Sunjewels Pvt. Ltd.; directors of IIGJ, Sanjay Kothari and Nirmal Kumar Barmecha; convenor of IIGJ Tardeo, Namita Pandya; Dr. Avasia and Sanjoy Ghosh graced the occasion. Vasant Mehta, chairman of IIGJ, was unable to attend the ceremony due to ill health.

The ceremony commenced with the lighting of the lamp by the dignitaries, followed by a short clip of the students’ work which was displayed at the GLIMPZ 2015 and IIJS 2015.

Students were later invited on stage to share their experience about their years at the institute. The students were then awarded with their diploma certificates and the best performers were announced. The best student chairman’s trophy was awarded to Tanjul Sarkar, and

Gemfields, the world’s leading supplier of responsibly sourced coloured gemstones, debuted an extraordinary collection of one-of-a-kind and limited edition jewellery at a cocktail party to unveil Bergdorf Goodman’s new Jewellery Salon. The collection, created by a curated group of Bergdorf Goodman jewellery designers, highlighted Gemfields’ new cache of rare Mozambican rubies and Zambian emeralds.

Mad Men actress Christina Hendricks was among the stars attending the event. She sported Jamie Wolf earrings set with Gemfields Mozambican rubies. Solange Knowles wore earrings by Stephen Webster, and Ashley Olsen was seen in Gemfields Mozambican ruby earrings, while Molly Ringwald wore earrings designed by Kimberly McDonald. New York notables, Cornelia Guest and Amy Fine Collins also


Ganesh Santra was declared the second runner-up for their consistent performance during the six semesters.

Kothari’s address encouraged the students to take up jewellery as a career despite the slowdown in the industry. Pandya offered advice to the students who are getting ready to be budding designers. Nevatia was then invited to share his experience and knowledge with the graduating students. The ceremony ended with a note of gratitude by Nirmal Kumar Barmecha.

joined the festivities. DJ and rock star royalty, Alexandra Richards showed off her ruby ring by Stephen Webster as she entertained the evening’s guests with a medley of remixed classics and holiday tunes.

Created for the opening of the new Jewellery Salon, the Gemfields x Bergdorf Goodman collection featured more than 50 pieces of jewellery set with rubies and emeralds. Known for fostering talent and championing creativity within the jewellery industry, Gemfields gave designers unprecedented access to its gemstones, enabling them to create a bracelet, ring, necklace, earrings or jewellery suite of their choice. Participating designers included David Webb, Federica Rettore, G, Ippolita,

Jamie Wolf, Kimberly McDonald, Lauren K, Loree Rodkin, Nikos Koulis, Paolo Costagli, Paul Morelli, Pomellato, Stephen Webster, Sydney Evan, Sylva & Cie, Verdura, Yossi Harari and Yeprem.

The partnership marks the first time that consumers will have the opportunity to shop for a range of unique jewellery featuring Gemfields coloured gemstones in one retail location. Bergdorf Goodman’s new Jewellery Salon includes a specially detailed Viewing Room designed to further enhance the customer experience and provide a more intimate space for shoppers. The Jewellery Salon is part of the renewal of Bergdorf Goodman’s iconic ground floor and marks the luxury retailer’s most important renovation since the late 1990’s.

Linda Fargo, Ashley Olsen, Solange Knowles and Christina Hendricks shine in one-of-a-kind ruby jewellery.

Alexandra Richards showing off a Stephen Webster ring.

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Yoram Dvash Elected Israel Diamond Exchange PresidentYoram Dvash was elected as the new president of the Israel Diamond Exchange (IDE) replacing incumbent president Shmuel Schnitzer, who served a single two-year term. In the elections of the IDE presidency and board of directors, Dvash won with 1,080 votes, against his opponent, Arnon Juwal, who drew 761 votes.

A first-generation diamantaire, Dvash launched his own diamond manufacturing and trading business in 1991, Dvash Diamonds Ltd., which specialises in manufacturing larger stones, squares and rounds, in sizes up to 5 carats. Dvash has been a member of the Israel Diamond Manufacturers Association (IsDMA) since 2000 and an IsDMA board member since 2011. He also served a term on the board of the Israel Diamond Institute.

Dvash first joined the board of directors of the Israel Diamond Exchange in 2013. He currently serves as treasurer and also the chairman of both the IDE’s Industry and Manufacturing Committee and the Marketing and Foreign Affairs Committee. He is the driving force behind


the establishment and further development and expansion of the IDE’s Centre for Manufacturing and Innovation which was established to guarantee that diamond cutting and manufacturing will not only remain in Israel but will also increase and make a decisive contribution to the diversity and growth of the Israel diamond sector.

He also initiated the “10+ carat development section”

in the technological service area in the bourse trading hall to assure that these stones will be manufactured in Israel. Dvash was congratulated by outgoing president Shmuel Schnitzer upon his election.

First Edition Of South India Retail Summit Launched In Bangalore

The inaugural edition of the South India Retail Summit (SIRS), presented by India Retail Forum (IRF), and organised by retail intelligence organisation, Images Group was held at the ITC Gardenia, Bengaluru with an opening presentation by Rashmi Nair, associate director, Deals Strategy PwC, offering detailed and in-depth insights on consumer behaviour in South India.

Speaking to an audience comprising CEOs, business, marketing and operational heads of retail and retail support businesses from across India, Nair’s presentation revealed that most South Indian consumers still continue to be highly price conscious. Referring to consumers across Kerala, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh, Nair however pointed out that despite the generalised leaning toward price consciousness; there

are also many consumers willing to spend a premium on certain products.

The one-day SIRS hosted several conference sessions through the day on all key aspects of retailing in the modern age, featuring topics on technology, Omni channel empowerment, experiential retail and shopping centre innovation. The event’s mission is to focus on building successful retail models and growing the retail ecosystem in a technology and digitally-enhanced retail atmosphere to delight new age consumers.

B.S. Nagesh, founder, Trust for Retailers and Retail Associates of India (TRRAIN), chaired the inaugural session, delivered the keynote address and moderated a panel discussion on the topic of Growth and Opportunities in Retail – The Role of Omni-Channel in Growing the Retail Ecosystem. Among the esteemed panellists were Lavnaya Nalli, president, Nallis; and Suraj Shantakumar, director, business strategy, Kirtilals among others.

Nalli mentioned that in order to cater to their loyal customers, Nalli launched jewellery as customers buying clothes for a wedding invariably are also looking to buy jewellery.

Sharing his thoughts on experiential retail, Shantakumar said, “Experiential retail is a 360-degree approach towards customer satisfaction. It is not just about having a big fancy store at a prominent location. While location size and interiors are important, the quality of people, the product and pricing are equally important. It is not possible for inadequately trained staff to sell inferior products at a higher price to knowledgeable customers”.

SPECTRUM

Petra Acquires Interest In The Kimberley MinesPetra Diamonds Limited announced the acquisition of an interest in the Kimberley Mines in South Africa from De Beers Consolidated Mines Proprietary Limited (DBCM), in a consortium with Ekapa Mining (Pty) Ltd., an established Kimberley-based diamond tailings producer.

Ekapa Minerals, the consortium’s acquisition vehicle owned by Ekapa Mining (50.1%) and Petra (49.9%), has entered into a binding agreement with DBCM to acquire the Kimberley Mines as a going concern. The acquisition consideration of ZAR102 million ($7.2 million) will be funded by Ekapa Mining and Petra according to their percentage interests in the consortium, with Petra’s share being ZAR50.9 million ($3.6 million).

Ekapa Minerals expects to produce circa 700,000 carats per annum (ctpa) in the first three years of operation of the Kimberley Mines, with a revenue of ZAR920 million ($65 million) per annum, based on an assumed diamond price of $95 per carat. Kimberley Mines are expected to be cash flow positive in the first year of operation subsequent to completion of the transaction. Initial working capital of ZAR200 million ($14 million) will be financed 100% by Ekapa Minerals on a standalone basis.

Ekapa Mining will be the lead operator of the Kimberley Mines business and will be managed by Jahn Hohne, a successful operator of tailings in the Kimberley area. The consortium between Ekapa Mining and Petra offers synergic opportunities with regard to joint resources and the potential to leverage the combined skills and capabilities of each company.

“We are delighted to have formed this consortium with Ekapa Mining in the acquisition of an interest in the Kimberley Mines, and we look forward to working with them to build upon their proven capabilities in tailings retreatment operations in Kimberley, as well as their strong local relationships. Together we are showing our commitment to shaping a new future for the diamond mining operations of Kimberley, to the benefit of our employees, shareholders and all stakeholders,” said Johan Dippenaar, CEO of Petra.

“The most compelling aspect of this transaction is the extension of the mining and processing of Kimberley’s


tailings mineral resources (TMRs) far into the future. Ekapa Minerals will be operated and managed in Kimberley by the people of Kimberley and to the benefit of the area. Ekapa Mining could not wish for a better partner than Petra, who provides depth of knowledge and experience to the Kimberley operations. The consortium, Ekapa Minerals, has a shareholding reflective of HDSA compliance, with Kimberley and Northern Cape content,” said Jahn Hohne, CEO, Ekapa Mining.

Kimberley Mines will be acquired as a going concern from DBCM by Ekapa Minerals, an HDSA-controlled (historically disadvantaged South Africans) consortium vehicle. Ekapa Minerals will acquire the TMRs, combined treatment plant and other related sale assets as moveable assets. An application for a Section 11 transfer of the DBCM mining right in relation to Kimberley Mines to Ekapa Minerals will be made to the Department of Mineral Resources of South Africa.

The cash consideration of ZAR102 million ($7.2 million) will be funded by way of shareholder loans from Ekapa Mining and Petra, pro-rata to their shareholding. In addition, Ekapa Minerals will assume liabilities relating to environmental rehabilitation, employee related liabilities and certain accounts payable.

SPECTRUM

John Pye Luxury Assets Offered Rare Gemstones To Indian MarketUK-based asset management firm John Pye Luxury Assets offered Indian consumers a chance to bid for some of the world’s exceptional gemstones through online auctions starting in November. The David Jerome Collection was made up of 700 ethically-sourced aquamarines, rubies, rubellites, emeralds, tanzanites, sapphires, zultanites, morganites and other prized gems.

Bollywood star and model Amy Jackson received a private viewing of these gemstones in London. “I’ve never seen stones like this before or so many beautiful rubies and rubellites in one collection,” she said.

The first of three sales took place between November 6 and 13 and featured 249 pure and untreated rubies and 18 rare and natural rubellites, alongside other precious stones. Cited as one of the largest collections of gemstones to ever be sold at auction in Europe, the first sale also included 48 emeralds, 13 tanzanites, 9 zultanites, a pink sapphire and a Padparadscha sapphire.

“Each stone has been beautifully created into a one off piece of jewellery like no other. I was interested to learn

about the purity of untreated gems and the benefits of buying gemstones that are fully certified,” added the star of Singh is Bling.

Signature pieces from the first auction include a 9.86-carat natural heart-cut deep intense red rubellite pendant set in white gold and surmounted by VVS clarity diamonds, expected to reach £5,000. A 21.78-carat tanzanite and diamond pendant, worth an estimated £36,000, and a 7.10-carat intense green emerald white gold mounted ring with diamonds, were expected to reach over £19,000.

Ian Hall, expert valuer for John Pye Luxury Assets, said: “This is quite simply a once-in-a-lifetime opportunity to buy from an exquisite and extremely valuable collection of gemstones. Every stone in the collection has its own independently-issued certificate, a guarantee of both authenticity and quality, including Gem Research Swisslab (GRS) certificates showing that they are the purest quality in their natural form.”

The collection was sold in three sales through an online auction. Bidders from across the globe registered their interest in the online auctions which took place on November 6-13, November 20-27 and December 4-11.

Sheldon Miller, director for John Pye, noted: “We were delighted to have the opportunity to showcase the collection exclusively to Amy Jackson given her love for gemstones and jewellery.

A 9.86-carat natural heart-cut deep intense red-pink rubellite set in 14-karat white gold.

Aquamarine and rubellite rings.


IDCA Elects New Board Of Directors The Indian Diamond & Colorstone Association Inc.’s board of directors at a meeting held on December 7, 2015 unanimously elected the new executive committee for the year 2016.

Ashok Sancheti was elected as president, Rakesh Barmecha as vice president, Jay Mehta as secretary, Nirav Doshi as treasurer and Prateek Nigam as the joint secretary. The entire list of board members is as follows:1. Ashok Sancheti (Pioneer Gems) – President2. Rakesh Barmecha (Niru NY Ltd.) – Vice President3. Jay Mehta (Amikam) – Secretary4. Nirav Doshi (Jewelex NY Ltd.) – Treasurer5. Prateek Nigam (Oriental Gemco NY, Inc.) - Jt. Secretary6. Shailesh Jhalani (Prompt Gem Imptrs, Inc.) – Director7. Alok Mehta (IDD) – Director

8. Atit Mehta (Atit Diamond Corp) – Director9. Rajeev Pandya (Ashi LLC) – Director10. Neeraj Rawat (Rawat Gems) – Director11. Neil Savalia (Neil Savalia, Inc.) - Director12. Mehul Shah (Shivani Gems, Inc.) - Director13. Rayaz Takat (Takat Gems USA, Inc.) – Director14. Nilesh Sheth (Nice Diamonds) – Director

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SPECTRUM

Dubai Diamond Exchange Hosts Finance Seminar

The Dubai Diamond Exchange (DDE), a DMCC platform, recently hosted the inaugural Dubai Diamond Finance Seminar at Almas Tower. It was the first of three to be hosted this year. The seminars aim to raise awareness of diamond financing options and how Dubai’s trade infrastructure and financial institutions can further support the diamond trade.

Sanjeev Dutta, director, DMCC Tea Centre and DMCC Tradeflow, said: “DMCC Tradeflow has revolutionised the lending market for Dubai’s diamond industry. Our Loans for Diamonds solution and our Shariah-compliant commodity Murabaha module ensure commodity traders have access to transparent and efficient trade and finance mechanisms.”

Representatives of the world’s largest diamond manufacturers spoke at the seminar, including Dilip Mehta, CEO of Rosy Blue, and Aditya Gandhi, director of Azure Diamonds.

Mehta said: “There is a drought when it comes to finance options available to diamond buyers on a global scale. However, local lenders in Dubai are making finance options available. This will no doubt attract many companies, specifically rough diamond traders, to the Emirate.”

Discussions were moderated by Davy Blommaert, unit head precious metals & diamonds at National Bank of Fujairah, and Peter Meeus, executive chairman of the DDE.

Davy Blommaert Aditya Gandhi Dilip Mehta Peter Meeus Sanjeev Dutta

Evara Platinum Blessings Associates With Band Baajaa BrideEvara Platinum Blessings has announced its association with the sixth season of the popular show Band Baajaa Bride with Sabyasachi. This association is yet another stepping stone in the robust marketing approach for Platinum Evara that taps into the wedding jewellery industry.

Commenting on the association, Vaishali Banerjee, managing director, Platinum Guild International (PGI), said, “We are pleased to be associated with Band Baaja Bride. We feel they are the right partner to bring alive the essence of Platinum Evara. The initial response for Evara has been encouraging. Band Baajaa Bride mirrors the dreams and desires of young contemporary brides and we are very much a part of it. This season will essay precious moments between the couple and their families and strengthen their bond, which is what Platinum Evara stands for.”

With love at the heart of every design, Platinum Evara is a classic representation of the modern marriage, symbolic of the coming together of two families to create a new relationship.

“Band Baajaa Bride is our most popular show and enjoys tremendous response from the audience. We are excited to partner with Evara – Platinum Blessings. Just like the

brand, the show is a blend of modern yet traditional culture. We will continue to make dreams come true and create precious and everlasting moments through our association with Platinum Evara,” said Arati Singh, channel head, NDTV Good Times.


SPECTRUM

Silver Bullion Coins On Allocation At Major National MintsRetail investors in recent months have seized the opportunity to significantly increase their holdings of silver bullion coins and, to a lesser extent, bars. Due to strong demand, the US Mint, the Royal Canadian Mint, Australia’s Perth Mint, the Austrian Mint and the British Royal Mint have put their silver bullion coins on allocation, where the volume of distribution of coins is controlled due to bottlenecks in the manufacturing process. This is an unprecedented industry-wide phenomenon. In recent history, putting bullion coins on allocation has only occasionally been done by the U.S. Mint. The practice points to considerable tightness in the silver coin business at the moment.

Globally, silver bullion coin sales reached an all-time high of 32.9 Moz in the third quarter of this year, according to GFMS Thomson Reuters data. This volume was a 74% quarter-on-quarter and 95% year-on-year increase. Sales in North America, Europe, Japan and other Asian countries (predominantly China) saw quarter-on-quarter growth of 74%, 72%, 95% and 202%, respectively.

As a result, lead times for silver coins have been stretched from immediate delivery to 3-4 weeks in some cases. This is an unusual occurrence in the industry, with several dealers stating this is the first time they have experienced lag times for certain coin products. Additionally, the shortage is apparently both a supply and demand issue. While demand is very strong, given the slow global economic outlook and attractive silver price, the mints are finding it difficult to source the blanks needed to produce the coins.

“It is clear that investors are continuing to demonstrate their desire for silver bullion coins and we encourage

national mints across the globe to examine their manufacturing pipeline to ensure that this strong demand is met with immediate fulfilment,” stated Michael DiRienzo, executive director of the Silver Institute.

Silver bars are also experiencing a slight shortage, although confined to bars under 100 ounces, specifically one ounce and ten ounce bars. Delivery times have increased from immediate to a 10-day delay in the most extreme cases, especially in the US and Canada. The increase in demand in recent months has been primarily driven by bargain buying, particularly after prices fell below $15/oz. The demand remained buoyant when prices reverted back above $15/oz, however, as shortages in products spurred more investor interest in the white metal.

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Alrosa’s Diamond Output In January-September 2015 Grows 16%

Alrosa’s diamond production from January to September 2015 totalled 29.6 million carats, showing an increase of 16% year-on-year. The Russian miner said this performance was driven by growth in diamond production at the Mir underground mine as a result of measures to stabilise its

hydro-geological conditions; output growth at Karpinskogo-1 pipe of Lomonosov deposit (Severalmaz); continued mining operations at the Botuobinskaya pipe, commissioned in Q1 2015; and the Udachny underground mine development.

The company also confirmed its previously announced production plan of 38 million carats. Elaborating on the company’s sales performance in the year-to-date, Alrosa sold 23 million carats of diamonds and revenue from rough diamond sales is set to reach at least $2.7 billion.

In Q3 2015, Alrosa reported sales of 4.9 million carats of diamonds, including 3 million carats of gem-quality diamonds at an average price of $182 per carat and 1.9 million carats of industrial diamonds at an average price of $9 per carat. Preliminary revenue from rough diamond sales in Q3 2015 exceeded $550 million.

In the third quarter of 2015, Alrosa reported a drop in gem-quality rough diamond prices by 8% due to the slowdown in the diamond market.


SPECTRUM

WFDB Exco Meeting Discusses New StrategyThe World Federation of Diamond Bourses (WFDB) executive committee meeting in Idar-Oberstein, Germany, enabled the organisation to hold discussions on the global diamond industry and a new strategy going forward. The meeting, hosted by Germany’s Diamond and Gemstones Exchange, took place on November 1-2, and was attended by executive committee bourse presidents from across the globe who heard presentations on the WFDB’s plans to further boost its role as the ‘go-to’ organisation for the diamond industry.

“We have made very serious progress in formulating a new and highly pro-active approach regarding the work of the WFDB, led by our recently appointed executive director Louise Prior,” said WFDB president Ernie Blom.

“Everything is on the table and will be debated at the meeting. Since 95% of the people involved in the diamond business worldwide are members of the WFDB via the 30 affiliated bourses, we play a critical role in representing the industry and taking it forward. We therefore believe it is critical that we define more clearly our strategy, mission, vision and values. We will also agree on proposals to grow

our membership by broadening the benefits of being a WFDB member.

“As the WFDB is putting its weight behind the World Diamond Mark (WDM) efforts to unite the industry and engage with the Diamond Producers Association and other stakeholders to revive confidence in diamonds among consumers, WDM chairman Alex Popov presented the next stages in the programme’s development plans for the roll-out of the WDM. We also discussed developing closer ties with industry and related media, trade bodies in the major diamond centres, producers, and laboratories.

“The meeting certainly promised to be a critical milestone in the development of what will be a powerful new leadership approach by the WFDB to the issues affecting the diamond industry.”

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TBZ – The Original’s First Franchisee Store Opens In Jharkhand

Jewellery retailer Tribhovandas Bhimji Zaveri Limited – The Original (TBZ) has signed its first franchise agreement for its upcoming store in Dhanbad, Jharkhand, that opened in early November. This is the first franchisee store of TBZ.

The stores will be operated on a “franchisee owned, franchisee operated” (FOFO) model, entailing the entire store inventory to be on the books of the franchisee. This will help TBZ to scale up its domestic operations at a faster

pace in an asset-light manner without increasing its balance sheet size, resulting in improved Return on Capital Employed (ROCE) and Return on Equity (ROE).

The franchisee stores will increase the momentum of retail expansion across key markets and reach out to various communities in satellite townships, following successful launches in metro cities. This will help in adding incremental sales, expanding retailing space and enhancing pan-India presence of TBZ.

According to Shrikant Zaveri, chairman and managing director, TBZ Limited, “Every franchisee store will offer a wide array of innovative and attractive jewellery designs with an added attraction of custom-made products. We will handhold our franchisee partners in the initial stages to take them through the learning curve of doing business with us and serving customers the TBZ-The Original way. We intend to pace ourselves comfortably through the process to ensure we do not compromise in the quality of TBZ-The Original experience.”

With this new business strategy, TBZ will remain focused on growth and expansion over the coming years. Going forward, the store expansion will be through a right mix of company-owned and franchisee stores, helping the company to achieve its target of growing its retail space from 93,000 sq ft currently to around 1,50,000 sq ft over the coming 2-3 years.

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