Alrosa Partners With Chow Tai Fook For Rough … Partners With Chow Tai Fook For Rough Diamond Supply Alrosa has signed a two-year agreement with Chow Tai Fook Jewellery Group Limited,

Alrosa Partners With Chow Tai Fook For Rough Diamond SupplyAlrosa has signed a two-year agreement with Chow Tai Fook Jewellery Group Limited, a jewellery manufacturer in China, for the supply of rough diamonds. The official signing ceremony took place on November 13 in Moscow.

“The greatest challenge for all diamond industry players is the scarcity of authentic natural diamonds. The agreement with Alrosa enables us to secure more reliable supplies of rough diamonds, particularly those specifications that are in greatest demand from our customers,” said Conroy

agreement with Chow Tai Fook is a step towards geographical diversification. “Alrosa’s priority is signing long-term agreements with large companies,

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Cheng, executive director of Chow Tai Fook Jewellery Group Limited.

According to Alrosa president Fyodor Andreev, signing a long-term

since such agreements guarantee stable sales volume to us, as a producer, and guarantee stable rough diamond supply to a customer. Chow Tai Fook has already been Alrosa’s customer on a spot term basis. The document we signed today takes our cooperation to the next level, and it is Alrosa’s first long-term agreement with a company from China. We believe this market has great potential in terms of the growth in diamond jewellery consumption as well as demand for rough diamonds,” he said.

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Archduke Joseph Diamond Sold for $21.5 MnThe historical 76.02-carat cushion-shaped Archduke Joseph Diamond sold for $21.5 million setting a new world record at auction for a colourless diamond. The

Christie’s Geneva auction of Magnificent Jewels, which the diamond was a part of, realised a total of $85.05 million. This extraordinary result concludes the most

successful year for Christie’s jewellery department in Switzerland.

The diamond originated from the ancient Golconda mines in India and was

previously owned by the Archduke Joseph August of Austria. It was first sold at auction at Christie's Geneva in 1993 for $6.5 million ($10.1 million in today’s terms), which represents a 113% increase over a 19-year period.

They auction sold 84% by lot and 86% by value. Over the seven-hour long sale a total of 19 lots sold above $1 million with 147 buyers coming from 28 countries, competing enthusiastically in the room, on the telephone and online.

“I am thrilled but not surprised that the Archduke Joseph Diamond should have fetched such a high price,” commented Alfredo J. Molina, the diamond’s former owner and CEO of America’s Black, Starr & Frost jeweller.

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Blue Nile Q3 Sales +20%Blue Nile, Inc. reported a gross profit of $16.9 million in its third quarter ended September 30. The company posted an increase of nearly 20% to $89.9 million in their net sales in its third quarter.

The company’s net income totalled $1.7 million while operating income for the quarter stood at $2.7 million, representing an operating margin of 3.0% of net sales. The company’s earnings per diluted share totalled $0.14.

“We are excited to report solid results in the third quarter, with accelerating

revenue growth and expanding earnings per share. The execution of our strategy is clearly on track. Investments we made in marketing and pricing are working and building

assortment of new jewellery aimed to further accelerate our growth,” said Harvey Kanter, president and chief executive officer.

“With continued steady execution of our strategy coupled with exciting product offerings for the holiday season, we believe we are well positioned to achieve our goals for 2012," he added.

Blue Nile expects net sales to climb up to $140 million- $153 million in the fourth quarter of 2012 with earnings per diluted share projected at $0.44 to $0.50.

Aamna Sharif Unveils Forevermark’s Promise Pieces In Vadodara

Forevermark announced its association with Damodardas and Narayan Jewellers in Vadodara. Model and actress Aamna

Exhibition comprising of pieces from UK, USA, China, Hong Kong and India features diamond jewellery by some of the country’s top designers like Rachel Roy, Stephen Webster, Reena Ahluwalia, Biren Vaidya and Shaun Leane.

Sharif, who dazzled in diamond jewellery herself, said, “Forevermark jewellery pays homage to the strength that comes with being a woman. I am glad to unveil the Promise exhibition today in the beautiful and vibrant city of Vadodara. The exhibition is a display of exemplary craftsmanship created for today's discerning woman.”

Sachin Jain, managing director Forevermark India, who was also present at the event stated that they were

Sharif graced the occasion and unveiled diamond pieces from the Promise exhibition.

The Forevermark Promise

pleased to partner with Damodardas and Narayan Jewellers for their mutual passion for diamonds and their expertise in creating beautiful and popular designs, both in contemporary and traditional jewellery.

Present on the occasion, Ketan Chokshi director, Narayan Jewellers said, “We at Narayan Jewellers, constantly strive to create exceptional designs that exude vitality for our clientele. This association with Forevermark will only enhance our customers’ experience and offer them the best in the beauty, integrity and rarity of a Forevermark diamond. We look forward to a great association and hope that diamond jewellery rules the upcoming festive and wedding season.”

momentum behind the strength of our diamond engagement products. Sales of our non-engagement products also improved this quarter, and we are only beginning to launch an

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Rio Tinto’s Specials Tender Delivers A Strong Result

UBM’s Mumbai Jewellery and Gem Fair Kicks Off In January 2013

SRDSIL Opens Rough Diamond Showing Centre in Surat

Rio Tinto’s Specials tender saw some of the largest rough diamonds in the world on sale. This invitation-only event provided a glimpse into Rio Tinto’s diverse diamond production.

According to Patrick Coppens, general manager of sales for Rio Tinto Diamonds, “The 94 parcels of diamonds, which included 26 diamonds greater than

The second edition of the Mumbai Jewellery & Gem Fair (MJGF) will take place at the Bombay Exhibition Centre from January 5-7, 2013. UBM has synergised with over

Surat Rough Diamond Sourcing (India) Limited (SRDSIL) has opened a rough diamond showing centre at its office in Surat. The showing centre has the latest state-of-the-art facilities, including advanced security systems, tender & auction solutions, and comfortable showing cabins with necessary equipment.

There are seven showing cabins that offer complete privacy and can accommodate 50 customers in a single day. SRDSIL intends to offer this infrastructure and platform for selling rough diamonds as a service to global mining companies in addition to its own rough diamond distribution.

20 carats each, attracted very strong bidding and global participation, including Rio Tinto’s select diamantaires, who were among the 29 successful companies. The strong participation and results of this Specials Tender, as well as the recently concluded Argyle Pink Diamond Tender, demonstrates the consistent demand and

competition for rare and valuable diamonds.”

The most expensive diamond, Diavik Selene, an extraordinary white gem weighing more than 22 carats, was sold to specialist Israeli diamond company, Eshed Diam.

The Specials tender was also notable for the inclusion of a number of large, fancy-coloured diamonds.

500 retail, wholesale and industry associations, which together represent the key players in the industry. It has partnered with Mumbai Wholesale Gold Jewellers Association

and the Mumbai Diamond Merchants Association for the second edition.

To leverage the diamond market in India, a live online diamond search will feature at the exhibition. Visitors will

be able to access an online live search for diamonds available through the exhibitors well ahead of the show to ensure successful trading and purchasing onsite. A special pavilion will be dedicated to

machinery companies at the fair.

Ongoing registrations suggest a record level of attendance from retailers, wholesalers and distributors for the fair.

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eliance Money has made its foray into one of the most promising markets in India, the gold market. Along with

the World Gold Council as its marketing partner, Reliance launched a gold savings plan called My Gold Plan, which enables customers to accumulate gold over a period of time.

With this plan, Reliance Money is targeting the R2 trillion-worth unorganised gold sector, which accounts for 75% of the sales in the country.

With a minimum investment of R1,000 per month, customers can subscribe for a period ranging from 1 to 15 years. The subscription is split over 20 working days and Reliance Money, on behalf of the customer will purchase micrograms of gold for as low as R50 a day based on the daily average price methodology.

The plan is backed by physical gold which is held with a vaulting agency and is controlled by an independent trustee. At the end of the term, the accumulated gold grams can be redeemed in the form of 24-karat gold coins or jewellery.

Reliance Money has tied up with 100 jewellers, to redeem their gold investment, which will soon be raised to 10,000 jewellers across the country.

Reliance Money, through the My Gold Plan wants to introduce transparency, purity and accessibility into the unorganised gold market in India. Reliance Money aspires to achieve a standard price of gold in the country through this scheme.

R“Reliance My Gold Plan will change

the way consumers accumulate gold and we expect it to be the most preferred way of saving in gold,” said Vikrant Gugnani, CEO, broking and distribution business, Reliance Capital.

With a minimum lock-in period of six months, customers can withdraw their money before the minimum one year tenure at a 2.5% pre-maturity charge. Every subscription is subjected to a 1.5% administrative fee.

The daily average pricing methodology gives consumers an edge over other jewellers’ gold savings schemes as the consumer would accumulate gold on a daily average price methodology, while in the case of a jeweller’s scheme, the consumer would be able to purchase jewellery at the rate prevalent at the end of the tenure.

The Indian gold market, one of the largest gold markets, currently accounts for 28.3% of gold consumption in the world. With a shift in demand from physical gold to gold-based financial assets, My Gold Plan is a strategic launch to capture the gold market in India. n

Reliance Money Launches

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mWith this plan, Reliance Money is targeting the R2 trillion-worth unorganised gold sector, which accounts for 75% of the sales in the country.”

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Gaetano Cavalieri Praises British Efforts To Maintain Ethical Supply Chain

CIBJO president Gaetano Cavalieri, the guest of honour at the 2012 Graduation Ceremony of Gem-A, the Gemmological Association of Great Britain praised the co-ordinated efforts of British jewellery organisations to ensure an ethical chain of supply in the industry. The ceremony was held at the Goldsmiths' Hall in London, during the Gem-A Conference that took place in the city.

“In the modern jewellery industry, where a single item is likely to include materials and input from a variety of countries, global standards must apply,” Cavalieri stated. “National laws and regulations must be honoured and enforced, but in the end the ultimate judge and jury is the consumer, and today we have to consider the needs of

Cavalieri presenting a diploma and medal during the Gem-A Graduation Ceremony.

CIBJO president Gaetano Cavalieri addressing the 2012 Graduation Ceremony of Gem-A at the Goldsmiths' Hall in London.

Forevermark Brings Its Promise To AhmedabadForevermark, the diamond brand from the De Beers group of companies, made its foray into the city of Ahmedabad through select partnerships with leading jewellers – Arvindbhai Bechardas Jewellers, Arunbhai Maneklal Jhaveri & Sons and Kabra Jewels Pvt. Ltd.

To celebrate the launch of Forevermark in Ahmedabad, the brand showcased diamond pieces from the Promise Exhibition. The Forevermark Promise

well-known and hence we’re glad to be able to introduce what we believe

will become the ultimate diamond brand, to this lively and vibrant city.”

Exhibition is a collection of pledges and exceptional diamond pieces from some of today’s most prodigious design talent.

Forevermark India managing director Sachin Jain commented, “We are delighted to launch in Ahmedabad, a market that is of significant importance to us. Forevermark is a diamond brand that will offer today’s Indian diamond purchasers, quality, integrity and inspiration. The Gujarati passion for diamonds is

consumers at home and abroad.” As the guest of honour Cavalieri presented diplomas

and awards to the students. Speaking to the graduates, he stressed the responsibility that they now have in defending the integrity of the jewellery sector and in enhancing consumer confidence.

“What is particularly important is that the effort should encompass all elements of our business, providing solutions for every participant, large or small, at all stages along the supply chain. Each member of our trade should be provided a fair and equal opportunity to demonstrate that he or she acts responsibly and with integrity,” Cavalieri noted.

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P.N. Gadgil Inaugurates Showroom In Mumbai

Pune-based jewellery house P.N. Gadgil & Sons has opened its flagship store in Mumbai. The showroom, located at Prabhadevi, was inaugurated by Sharmila Raj Thackeray.

“In spite of us being a jewellery house from Pune, we always had a large base of patrons from Mumbai and now we are bringing the same trust, craftsmanship and

variety of traditional and contemporary designs to the doorstep of our Mumbai clientele,” said Ajit Gadgil, partner, P.N. Gadgil & Sons.

“This Diwali is turning out to be a special one for us

as P.N. Gadgil & Sons is not only foraying into Mumbai but will soon open one more showroom in the important town of Satara,” informed Abhay Gadgil, partner, P.N. Gadgil & Sons.

Zale Delivers Positive Q1 ResultsZale Corporation posted a 1.8% increase in revenue to $357 million for its first quarter of fiscal 2013 that ended October 31, 2012. The company reported a $3 million rise in gross margin on sales that stood at $190 million. Zale

Corporation’s net loss narrowed to $28 million from the $32 million net loss last year.

Zales Jewelers, Zales Outlet and Gordon’s Jewelers, Zale’s US fine jewellery brands, posted a comparable store sales increase of 3.9% as compared to a 7% rise in the corresponding period last year.

“We are pleased to report our eighth consecutive quarter of positive same store sales and continued progress towards our goal of returning Zale to profitability,” commented Theo Killion, chief executive officer.

Zale Corporation’s Canadian brands consisting of Peoples Jewellers and Mappins Jewellers, posted a comparable store sales increase of 5.5%. This increase follows a 7.8% rise in the same period last year. At constant exchange rates, comparable store sales increased 4% in the first quarter of fiscal 2013, following an increase of 4.7% in the same period last year.

Piercing Pagoda, their kiosk jewellery wing posted a comparable store sales increase of 2%. In the same period last year, comparable store sales declined 1.6%. The comparable store sales increased 3.9% for the quarter as compared to a 5.8% rise in the corresponding period last year. At constant exchange rates, comparable store sales increased 3.7%.

“As we enter the holiday period, we are confident our foundation is in place for this important selling season,” Killion added.

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Rebound In Investment Demand To Drive Silver Prices, Says Thomson ReutersThe Thomson Reuters GFMS Interim Silver Market Review projected a rise in the demand for silver jewellery in 2012. The report focuses on the critical area of investment demand as the consultancy sees it as the prime driver of silver price this year. Thomson Reuters highlights key differences between the gold and silver markets, noting that, while the gold-silver ratio fell to below 32 during the April 2011 rally, it only briefly traded below 48 during the early 2012 rally.

With silverware and photography continuing their secular downtrends, the only bright spot was jewellery demand which is expected to rise, as consumption losses in western countries on weak consumer spending and down-shifting to non-precious alternatives are more than offset by rising sales in emerging markets like China in particular. Overall demand weakness was exacerbated by a small increase in total supply. Weak economic data in the United States, the Eurozone crisis and concerns of a hard landing in China at times raised fears of a poor industrial demand.

The report nonetheless points out that investment demand for silver has recovered since mid-August, highlighting growing interest in precious metals, especially gold, as a hedge against possible high future inflation and currency debasement, following a series of announcements of monetary loosening from the major central banks. Nevertheless, Thomson Reuters feels that the new wave of investment remains somewhat smaller than in early 2011 because of residual caution and the concerns over silver’s fundamentals.

The unsupportive nature of the fundamentals was felt mainly to concern the demand side. The consultancy estimates that silver used in industrial applications will fall

Rapnet Adds Japanese To Its Multi-lingual WebsiteThe Rapaport Diamond Trading Network (Rapnet) is the first global diamond trading network to add Japanese to the list of preferred languages on their website. This innovative step will assist the Japanese diamond trading community in utilising Rapnet to its full potential.

The Rapnet professional diamond trading community has over 7,700 corporate members from 80 countries

with daily diamond listings of over 970,000 diamonds

valued at $6.1 billion. Rapnet chief operating

officer, Saville Stern said, “We are pleased to be able to offer Rapnet in Japanese for the benefit of our Japan-based member companies trading on Rapnet. We have added support for CGL certificates to support the local Japanese market. We pride ourselves in being responsive to our members’ needs and our ability to offer services and features that make diamond trading easier and more profitable.”

by 6% this year, primarily due to sluggish economic activity in the industrialised world, which was felt to have resulted in heavy destocking right down the supply chain

The fundamental ‘surplus’ is therefore set to increase this year and, with limited scope for de-hedging by producers, this gap between supply and demand will have to be filled by investors, highlighting the metal’s vulnerability to a change in investor sentiment. Looking ahead, Thomson Reuters GFMS cautioned that sentiment could prove volatile and that there was still scope for downside as regards the price in the short term.

Nevertheless, it was felt that silver should now be well supported in the low $30s as investor interest is rekindled by such factors as a rejuvenated gold market, on-going monetary loosening across major economies, the persistence of ultra-low short-term interest rates and rising fears about high inflation in the long run.

Philip Klapwijk, global head of Metals Analytics noted, “We wouldn’t be surprised also if silver’s gains outpaced gold’s, not only as the usual result of lower liquidity but also as memories of early 2011’s painful losses continue to fade”.

In the consultancy’s view, the growth expected, especially in value terms, of investment would be sufficient to drive the silver price to around the $36 mark before the year ends, although the attainment of a level similar to or just above its all-time high is unlikely to take place until some way into 2013.

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RJC Certifies De Beers Group Of CompaniesDe Beers Group of Companies, the leading diamond company, has been certified by the Responsible Jewellery Council (RJC) for meeting the highest ethical, social and environmental standards established by the RJC’s Member Certification system.

“The De Beers Group of Companies is the largest diamond mining group to achieve RJC certification and we warmly congratulate De Beers on its certification. The successful verification assessment was conducted by Firouzeh Siavoshi from SGS, one of the independent third-party auditing firms accredited to the RJC’s Member Certification system,” said Michael Rae, RJC’s chief executive officer.

“De Beers’ commitment to meeting the highest standards is embedded in our commitment to ‘live up to diamonds’, and guides us in the delivery of our commercial goals. It is particularly pleasing to receive confirmation that we measure up to the exacting requirements of credible and external standards like the RJC’s. De Beers remains committed to supporting industry-wide initiatives like the RJC Certification System that reinforce stakeholder and consumer confidence in the diamond industry,” added James Suzman, De Beers’ director of public affairs.

Record Sales For Gemfields’ Auction In Singapore

Gemfields’ rough emerald and beryl auction held in Singapore from October 29 to November 2, saw a robust revenue of $26.8 million – the second-highest auction revenue achieved by the company to date. Thirty-seven companies attended the

auction, with 35 of these placing bids. The auction saw 0.925 million carats of emerald and beryl, mined from its Kagem mine in Zambia, placed on offer with 0.902 million carats sold.

The company’s eleven auctions held since July

2009 have generated an aggregate revenue of $160.5 million. The Singapore auction yielded an overall average of $29.71 per carat for the lots sold, which is slightly lower than the emerald auction held in March 2012 in Singapore (which achieved an overall average of $38.25 per carat).

Ian Harebottle, CEO of Gemfields commented, “Gemfields is delighted with the results of the Singapore auction. The figures provide further evidence that the general global economic uncertainty has not affected the achievable per-carat emerald rough prices on a quality-for-quality basis. The higher

quality material is often regarded as a store of value in times of uncertainty and we remain confident in the long term value of these gemstones, the consistency of global demand and our ability to ensure a stable supply of high-quality ethically sourced emeralds from our Kagem mine in Zambia.”

“During the coming year we will also begin to focus on new marketing initiatives aimed at increasing the market visibility and profile of emeralds, rubies and other premium coloured gems. We look forward to adding the sale of rough rubies from the Montepuez ruby mine in Mozambique to our auctions in 2013.”

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TBZ’s Revenue Up 24%; Net Profit Rises By 17%Tribhovandas Bhimji Zaveri Limited (TBZ) posted a total income of R350.44 crore, up 24%, and a net profit of R19.01 crore, up 17%, for the second fiscal quarter that ended September 30, 2012. The company said it achieved an impressive top line and bottom line growth despite a tough economic environment and higher gold prices.

The pre-tax earnings for the quarter stood at R28.39 crore while the pre-tax margin stood at 8.62% of the total income. TBZ maintained a net profit margin at 5.45% for the quarter on account of an optimal sales mix of gold and diamond, wherein diamond jewellery sales enhanced the margins.

Shrikant Zaveri, chairman and managing director of TBZ, commented, “In the second quarter, our focus was on enhancing our brand positioning in the wedding segment and enhancing our retail presence. In this quarter, TBZ successfully opened five new stores adding up to a total retail carpet area of 15,338 sq ft. With this, we now have 19 showrooms in 13 cities across six states including

Maharashtra, Gujarat, Madhya Pradesh, Kerala, Andhra Pradesh and West Bengal.”

“Overall volumes are expected to recover during the second half of this fiscal year. TBZ is maintaining the momentum of its retail expansion across key markets,” he added.

RBI Bans Banks From Advances On GoldIn a bid to curb India’s rising gold imports, the Reserve Bank of India (RBI) has issued a notice, banning banks from issuing loans to finance gold purchases.

RBI circulated a letter to

all banks stating that no advances shall be granted for gold including primary gold, gold coins and jewellery as well as units of exchange traded funds and mutual funds.

“No advances should

be granted by banks against gold bullion to dealers/traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions and/or speculative

holding of stocks and bullion,” said RBI in the notification.

However, banks can provide finance for genuine working capital requirements of jewellers.

India is the largest consumer of gold and its rising gold imports are exerting extreme pressure on India’s current account deficits.

The Monetary Policy Statement of April 2012 announced the constitution of a Working Group to study issues relating to gold imports and gold loans by Non-Banking Financial Companies (NBFCs) in India.

The Working Group submitted its draft report in August 2012. Pending a decision on its recommendations, the central bank passed this decision to deter further speculations on gold. ©

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Bangkok’s Mid-year Jewellery Fair To Debut In June 2013

Neha Dhupia Inaugurates 89th Gitanjali Jewels Store

Thailand’s only mid-year gems and jewellery trade event, the International Gems & Jewelry Thailand Fair, will be held on June 13-16, 2013 at the Royal Paragon Hall, Bangkok.

Inter Expo Management Co Ltd is organising the first edition of the International Gems & Jewelry Thailand Fair 2013, which is expected to promote business among the Thai gem and jewellery industry and its international counterparts.

The event offers Thai producers and traders the opportunity to exhibit goods and to capitalise on a previously ignored market segment – the mid-year international buyers and dealers.

Bollywood beauty Neha Dhupia inaugurated Gitanjali Jewels’ 89th store in India at Kingsway Camp in Delhi. She also unveiled their latest collection, Ananya along with Santosh Srivastava, managing director, Gitanjali Jewels.

Ananya offers customers beautifully handcrafted 18-karat diamond jewellery set with precious coloured stones.

Dhupia commented, “Gitanjali Jewels is a one-stop jewellery destination that has all the leading jewellery brands under one roof which takes the jewellery shopping experience to a whole new and exciting level.”

Gitanjali Jewels houses a number of jewellery brands under their banner. This is Gitanjali Jewels’ 8th store in the Delhi NCR region.

Speaking on the occasion, Srivastava, said, “We are very glad to have launched Gitanjali Jewels in Kingsway Camp. It is a new format that is catching on in India which has the personal touch of a traditional jeweller and the freshness, look and feel of an innovative retail format.”

Celina Jaitley Unveils Gitanjali’s Envi Festive Collection Bollywood actor Celina Jaitley unveiled the new Envi collection by Gitanjali and Gemfields in Delhi. Joining the blue-eyed beauty at the launch was Sushil Sharma, vice president, international business, Gitanjali Group.

Envi is an exquisite range of high-end jewellery studded with emeralds and diamonds. Coloured stone jewellery is big this season and Envi expects to capitalise on this trend.

Sharma said, “The new collection is all about unique, beaming and striking emeralds. Celina Jaitley is the perfect match for this new collection as she epitomises a strong, attractive persona. It is our pleasure to have her at the launch of Envi’s new collection”

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Gujarat To Host Two Jewellery Trade Shows In JanuaryThe Gujarat government is organising two trade shows for the gem and jewellery sector in early January next year in an endeavour to boost all-round development of the industry.

Sparkle International 2013, a business-to-business trade show, will be held in Surat from January 4-7 as part of the Vibrant Gujarat biennial summit organised by the state government to attract foreign investment. Sparkle will house all the major diamond industry giants, as well as international participants from Japan, Thailand and Dubai.

“Gujarat’s development journey is now on an autopilot mode. With robust world class infrastructure, business friendly policies and the unflinching commitment of its people for growth, Gujarat has achieved a consistent double-digit growth rate. With the support of all the stakeholders, the Vibrant Gujarat Summit has grown from an investment promotion event to a growth propelling event. Participation in this event is a good business decision in itself…other transactions are just by-products,” said Gujarat chief minister Narendra Modi.

The Sparkle fair will be immediately followed by Jewel To The World, a high profile gem and jewellery exhibition for upmarket consumers, which will be held at Gandhinagar, Ahmedabad from January 8-13.

Bunder Diamond Jewellery Makes Red Carpet DebutThe inaugural diamond jewellery collection from Rio Tinto’s developing Bunder diamond project in India has been showcased on the red carpet at Mumbai’s famous Liberty Cinema.

Australian-born Indian actress Pallavi Sharda wore the diamond jewellery earrings and necklace, known as Courageous Spirit, to a showing of Fearless Nadia, in celebration of 100 years of Indian cinema. The Courageous Spirit jewellery incorporates more than 25 carats of polished Bunder diamonds, including a 5.04-carat round brilliant cut white diamond and a round 5.02-carat brilliant-cut cognac diamond.

Sharda was joined on the stage by Bollywood legend Amitabh Bachchan and the Premier of South Australia, Jay Weatherill. Sharda is the ambassador of Oz Fest – the biggest Australian cultural festival ever held in India – to promote cultural exchange between the two countries.

“I am honoured to wear Rio Tinto’s beautiful diamond jewels, dedicated to the pioneering spirit of the women of Madhya Pradesh, who are so much a part of the Bunder project’s development,” Sharda said.

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Richland Resumes Tanzanite Exports

IGI To Host Buyer-Seller Knowledge Meet In Hyderabad

Tanzanite producer and developer Richland Resources Ltd. said that it has received interim permission from the ministry of energy and minerals in Tanzania to resume exports.

The interim permission was received after extensive discussions between the company and the ministry and will apply during the re-audit of financial records of the company’s subsidiary, TanzaniteOne Mining

The International Gemological Institute (IGI) has announced the launch of a two-day buyer-seller knowledge meet called the “IGI D-Show” to facilitate easier communication within the market. The IGI D-Show will be held in Hyderabad in the presence of well-known market players and luminaries from the jewellery industry.

The idea is to bring like-minded people on a common platform to interact and establish long-term business goals. Speaking on the occasion, IGI managing director Tehmasp Printer said, “We are thrilled with the response by the jewellery industry, and look forward to building this property with regular events across cities for the benefit of diamond merchants and traders in India. The first diamonds in the world were unearthed here in Golconda, and IGI will initiate the D-Show in Hyderabad and complete the circle.”

(From left) Vasundhara K. of Vasundhara Exotic Jewellers, Tehmasp Printer and IGI India general manager Ramit Kapoor at the launch function in Hyderabad.

Avi Paz Awarded Ordre de la CouronneAvi Paz, honorary life president of the World Federation of Diamond Bourses (WFDB) was awarded the Ordre de la Couronne, an official title from Belgium, recognising his achievements in the development of the diamond trade between Belgium and Israel.

Established in 1879, the Ordre de la Couronne is awarded for distinguished artistic, literary or scientific achievements, or for commercial or industrial services in Belgium or Africa.

The award was presented on November 8, 2012 on behalf of Belgium’s King Albert II by Benedicte Frankinet, Belgium’s ambassador to Israel at a ceremony held at the ambassador's residence in Israel.

WFDB president Ernest Blom extended his personal congratulations to Paz, saying: “We are proud of your achievements in both Israel and Belgium and also for what you have done for the WFDB; the award is well-deserved.”

Limited, by the Tanzanian Minerals Audit Agency (TMAA). The additional, retrospective royalties claim relates to the period from 2004 to 2008, and amounts to $1.73 million.

A letter, received from the ministry states that the TMAA has commenced a re-audit of the financial records of TanzaniteOne for the period 2004 to 2010 in order to establish the amount, if any, of

additional royalties payable. The company said it will provide its full support and assistance with the re-audit, which is expected to last for several weeks.

The ministry will also resume all other support to the company’s mining activities. In conjunction with this announcement, the company has applied for the restoration of trading in its Ordinary Shares on AIM. IC

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KGK Shifts Base To Bharat Diamond Bourse

KGK Diamonds recently shifted its entire operations to its new office at the Bharat Diamond Bourse (BDB) at Bandra Kurla Complex in Mumbai. The office was inaugurated by Diamond Trading Company chief executive officer Varda Shine, along with her colleagues from the De Beers Group. Also present during the opening of the 10,000-sq-ft facility were KGK Group promoters Navrattan Kothari and Sanjay Kothari.

Looking towards a brighter future, Sandeep Kothari, promoter of the group, commented, “The move from Opera House to the BDB was long overdue for the diamond industry, keeping the growth patterns and security in mind. The environment and services offered by the BDB will go a long way in supporting India’s growth.”

Varda Shine does the honours. The De Beers team meets with the KGK Group promoters.


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FabergéTo AcquireGemfieldsFor $142 Mn


emfields plc, the leading gemstone mining and marketing company, announces its proposed acquisition of a 100%

interest in luxury jeweller Fabergé with a view to creating a globally recognised coloured gemstone champion. Fabergé will provide Gemfields with direct control over a high-end luxury goods platform and a global brand with an exceptional heritage.

The acquisition consideration will be satisfied by the issue of up to 214 million new ordinary shares representing approximately 39.6% of the enlarged issued share capital (assuming no shareholder in Fabergé dissents) following completion. It values Fabergé at approximately $142

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that a globally recognised brand of Fabergé’s standing is able to offer us, to good use. I have no doubt that Fabergé will help to further accelerate demand for Gemfields’ ethically sourced premium coloured gemstones, actively championing the coloured gemstone industry and providing a directly-controlled showcase for our finest gems. We look forward to moving into what is a considerably larger and grander market space than that which was previously available to the Gemfields brand.”

Katharina Flohr, managing and creative director at Fabergé, commented: “The combination with Gemfields presents a unique platform to further develop coloured gemstone products in new and existing global markets. Both businesses are fortunate to share the same vision and to recognise the exciting long term opportunity that exists within the combination of the coloured gemstone and luxury goods markets. Gemfields’ leading market position is in part due to its ability to supply ethically produced coloured gemstones on a large scale but is also due to its extensive marketing initiatives, both of which are certain to be developed further by Fabergé, to the benefit of both companies and the sector as a whole.” n

million, on the basis of a 30-day volume weighted share price and at approximately $133 million, on the basis of the price of ordinary shares as of November 20, 2012.

Gemfields noted that it will continue to sell its rough coloured

gemstone production through its established auction platform. The

enlarged group, listed on AIM and managed from London, will have

approximately 1,150 employees across the UK, US, Switzerland, Zambia, Mozambique, India and China providing expertise in coloured gemstones via a global platform poised for additional growth and expansion at both ends of the supply chain.

Fabergé is a purveyor of luxury jewellery with boutiques and retail concessions located in Geneva, New York, London and Hong Kong. Like Gemfields, Fabergé is set for growth, with revenues growing 367% in the financial year to March 31, 2012. Assuming completion in the first quarter of 2013, Fabergé is expected to have at least $10 million in cash and no debt.

Ian Harebottle, CEO of Gemfields plc, commented: “Gemfields has firmly established itself as ‘the Coloured Gemstone Mining Company’ and the proposed acquisition of Fabergé further enhances our potential to be recognised as the leading coloured gemstone company. It provides exposure to the two most profitable segments in the gemstones value chain, namely mining and consumer sales. Fabergé is a globally recognised brand with a unique heritage, a history of excellence and a commitment to coloured gemstone products, sales and marketing. The proposed acquisition has the potential to deliver significant value, expanded growth and diversification opportunities to the company and our shareholders.

“Gemfields has made excellent strides in its coloured gemstones mining and marketing initiatives, which will remain core to our business. However, we are confident that we will be able to put the new and exciting opportunities and natural synergies,

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