Diamond World (DW) March - April 2020

Vol. 47 No.3 INDIA 300
Diamonds in the
Time of Covid-19
Why this Industry
Needs a New Price List?
The Plight of
Diamond Workforce
Yes, a Recession is in the Offing, but we will Conquer it!

FOunDER: Late Vidya Vinod Kala
Vol. 47 No.3 INDIA 300
Alok Kala
Editor and Publisher
Arpit Kala
Associate Publisher
Vijetha Rangabashyam
Senior Editor
Sugandha R
Features Editor
Gunjan Jain
Business & Marketing
Diamonds in the
Time of Covid-19
Why this Industry The Plight of
Needs a New Price List? Diamond Workforce
Yes, a Recession is in the Offing, but we will Conquer it!
Dhananjay Kokate
Graphic Designer
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Vol. 47 # 3 • March-April 2020
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Diamond Pricing
The Importance of an
Earnest Price List
The diamond industry without a benchmark price could lead
to confusion. What it really needs is a price list that is backed
by solid data arrived by studying the actual deals made over a
period of time finds out Vijetha Rangabashyam
12 | Cover Story

26 | sPecial feature
Impact of Covid-19
A Recession like No Other, but the
Industry will Bounce Back
26
36 | sPecial rePort
Trading Platforms
Which trading platform is best for you?
20
20 | sPecial rePort
Diamond Workforce of Surat
How soon before diamond workers return?
36
42 | Hot off tHe Press
DW’s Fav 8
COVID-19 Donations,
jewellery, trends,
appointments & more
56 | tHe rock talk
Hot Trends
Baguette diamonds,
butterfly motif, earcuffs
& Imperial topaz
51 | Personality
Francesca Cartier Brickell
A Fitting Ode to a Living
Legacy
56
48
51
48 | Haute Joaillerie
Dior et Moi
An Ode to Intimacy

editorial
This Too
shall pass..
Here’s a refreshingly new perspective of the world. The
joyful colours and extravagance from within these
pages will fill your lives with renewed joy and vigour.
This is, what the world needs at present, in contrast
to the gloom cast over all sectors owing to the pandemic.
This edition of this e-magazine brings to its readers a plethora of
news and features related to the shining rock.
The cover story on diamond pricing fathoms the depths and vagaries
of diamond pricing and presents a detailed analytical report.
A study of the recession springing from the pandemic, in comparison
with economic crises of the past presents new insights into the world of
business and offers some workable solutions as well.
There is a special report on Surat’s diamond sector, challenges faced
by artisans and business owners and answers offered. In addition to
a vast range of: news reports, showcase of arguably the world’s best
diamond jewellery and takes a look at new challenges, business and
marketing strategies and more.
Editor
Alok Kala
DiamonD WorlD | march-april 2020 | 9
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Cover Story
Diamond Pricing
The Importance of an
earnest Price List
The diamond industry without a benchmark price could lead
to confusion. What it really needs is a price list that is backed
by solid data arrived by studying the actual deals made over a
period of time finds out Vijetha Rangabashyam
12 | march-april 2020 | DiamonD WorlD
Advertisement: Varni Gems

Cover Story
There is very less
information on how
diamonds were traded in
the pre Rap List era. All we know
is that handshakes were made
based on price per carat and a
general worthiness of the stone.
However, since 1978, the year
Rapaport Diamond Index was
established, the way diamond
industry functioned changed
overnight. A weekly price list
(which has now become monthly)
generated keeping the actual
asking prices as a baseline for
top-quality one-carat stones
became an industry standard.
Manufacturers, wholesalers,
dealers and retailers everywhere
in the world have been using this
proverbial list to buy and sell
their goods. You would be hardpressed
to find a dealer who does
not have the bright red Rapaport
price list on his workstation.
So, since the late 70s – early
80s, the industry has been
following a set international
price for diamonds (Rap List),
something that the colour
gemstone industry has not
been able to replicate. Agreed,
adopting a benchmark has helped
bring in more transparency in
the pricing system and garner
more consumer confidence but
not without a tradeoff – what is
supposed to be eternally rare and
valuable has been commoditized
so to speak. Gold as a commodity
has also been following a market
price, but while every ounce
of gold is the same, no two
diamonds are the same. The Rap
List, since its inception has posed
two problems – one, it generates
its prices based only on carat,
colour and clarity, but diamonds
are beyond those parameters of
grading, there are other intrinsic
values in a diamond. Anybody
who has been in the industry long
enough would know that different
diamonds of the same grade can
look very different. The second
and more prominent problem
with the Rap List, something
that most dealers resonate with
is the monopoly and controlling
of diamond prices for several
decades. When the Rap List
alters, it impacts diamond prices
all over the world. Rap List,
which is also presumably based
on the simple economic law of
supply and demand, decided
to drop the prices recently,
when there was absolutely no
business happening around the
world, which led to the industry’s
furor. A benchmark price list
that has had the ability to make
or break businesses with its
decision to alter prices based on
a methodology that has hitherto
been ambiguous, has led many to
reflect on the problems associated
with the current system and a fair
way of arriving at benchmark
pricing.
I don’t have any
argument about the
need for a price list.
The need for a price
list is well preserved.
This is what the
industry has been
used to. My main
concern is – what
is the basis of this
price list. The basis
of the benchmark
(per carat price)
that is unknown, far
from the eye and not
transparent is not
something that can be
relied upon
Lior eshed, Eshed
Diamonds
DiamonD WorlD | march-april 2020 | 13
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Cover Story
Does the industry need a
benchmark price list?
In the luxury industry, no one
dictates how Louis Vuitton should
price their bags or no one controls
how Cartier should price their
watches, then why must the diamond
industry follow a benchmark price?
“I don’t have any argument about
the need for a price list. The need for
a price list is well preserved. This is
what the industry has been used to.
My main concern is – what is the
basis of this price list. The basis of
the benchmark (per carat price) that
is unknown, far from the eye and not
transparent is not something that
can be relied upon. The decision
making process and the criteria of
changes in the price list should be
transparent, objective, unbiased
and correct. We have to remember
that at the end of the day, prices
are determined by the supply and
demand rules. The price list is just
a benchmark,” says Lior Eshed of
Eshed Diamonds. The industry has
been acclimatized to a price list for
40 years and more importantly, with
grading systems having evolved,
pricing has also become very
scientific. “I believe it is vital to
have a universal price list. It makes
the process of valuation/appraisal,
buying and selling diamonds more
efficient,” says Hamesh Seth of
Excellent Diamonds. Earlier, there
were no certificates – D,E, F were
categorized as “collection colours”
and I,J were “commercial” colours.
But today, a nuanced grading system
that is so accurate calls for a pricing
system that is fair and transparent.
“It is definitely helpful to have a
common ground where buyers and
sellers meet and have a starting
point to begin the negotiation. A
universal price gives the industry
a common language to speak and
communicate,” says Simit Parikh of
Sim Gems Limited.
“There is surely a scope for more
structured universal pricing. The
mechanism of single pricing system
is always good for the diamond
industry establishing a benchmark
for everyone to follow. Possibly
if a World Diamond Council can
collaborate with all the stakeholders
including traders, governing bodies
and manufacturers and device a
neutral platform, then that can
be a better actuator,” says Sanjay
Kothari of KGK Group. Consumers
also use a price list to buy
diamonds, especially in the U.S.
where a majority of the demand for
diamonds come from. “In the late
1970s, diamond prices experienced
wild fluctuations, and an industry
price guide was urgently required
to stabilise the market and regain
customer confidence. Rapaport
There is surely a scope for more structured
universal pricing. The mechanism of single pricing
system is always good for the diamond industry
establishing a benchmark for everyone to follow
Sanjay Kothari, KGK Group
14 | march-april 2020 | DiamonD WorlD
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Cover Story
diamond did that. The diamond
industry has grown tremendously
in the last four-decades. I think it
has given a great platform between
buyers and sellers. Consumer
confidence increased and at the
same time it has helped retailers to
build credibility with the end-user,”
says Gaurav Nigam of Oriental
Gemco. The problem has never
been with following a price list, but
it has been about how it has been
maneuvered and whether or not it
genuinely represents the market
realities.
The optimum method
to come out with a
benchmark price list
There are many issues to the current
benchmark price list – while the
platform suggests that the prices
reflect the market reality, of demand
and supply, how the price list is
arrived at is still something that is
not clear. “I believe the industry
needs a price guideline, not
necessarily a list, preferably based
on actual deals on relevant items
in question,” says Shai Schnitzer of
S.Schnitzer Diamonds.
The common parlance used in
the industry is “back off rap”, “15
back” or “plus 10” meaning the
diamonds are traded at a discount
to Rap – normally x% on the asking
price. “The price should be based on
actual deals and invoices. Meaning
that an item base price should be
based on similar items that were sold
during a specific period of time. It is
very easy to analyze the data that is
being accumulated today. The big
manufacturers and wholesalers have
been accumulating this data. Based
on an average of actual sales of each
item, this data can be analyzed and
a trustable benchmark could be
produced. This is a fair, correct and
logical system anyone could trust,”
says Eshed.
Price list must be derived from the
collection of B2B data and even B2C
data of at least last 12 months and it
should be analysed at every quarter
says Pratik Shah of DiaSense. “I
must add that data analysis alone
cannot justify the polished price list.
The mechanism must be transparent
to all B2B segments and must be
approved/verified by the industry as
well, especially by manufacturers
and traders including sight holders,
SMEs and even small traders,” he
adds.
However, some suppliers believe
that a price range would work
better for the industry. “The price
list should be in accordance with
supply chain management. Also
I believe the
industry needs a
price guideline, not
necessarily a list,
preferably based
on actual deals on
relevant items in
question
Shai Schnitzer,
S.Schnitzer
Diamonds
a price range is a better pick than
a fixed price,” adds Kothari. A
transparent way of coming out with
a benchmark for pricing involves
months of studying and analyzing
the actual deals that are made.
“A system that wants to dictate
the price rather than following or
reporting the price is a problem. A
correct system would act as follows:
if a price of 30 deals of 3ct round G
The mechanism must be transparent to all B2B
segments and must be approved/verified by the industry
as well, especially by manufacturers and traders
including sight holders, SMEs and even small traders
Pratik Shah, DiaSense
DiamonD WorlD | march-april 2020 | 15
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Cover Story
In order to have
price discovery,
you need a liquid
market where buyers
compete with other
buyers and sellers
compete with other
sellers openly and
transparently. Liquid
Diamonds has a
patented exchange
technology which
solves both of these
issues. Combined
with our data-driven
tools, we enable
price discovery
and liquidity in
diamonds for the
first time
Kashyap Mehta,
Liquid Diamonds
VS2 was priced at “$xp/c”, than the
benchmark should be based on an
average of these historical deals (let’s
assume a period of 2 months). Now,
assuming we agree that the “average
trade level” is at 50% discount
from the benchmark you can easily
create a figure based on the actual
deals. This way, once everything is
known and transparent, whoever
is using this benchmark, can
trust the basis of the benchmark,”
adds Eshed. There are also other
comprehensive factors based on
which the benchmark should be
arrived at. “I believe, the price list
should reflect the comprehensive
research and analysis of database
on mining, availability of rough,
production capabilities, stock
availabilities on the market, and,
most importantly, demand and
supply. All calculations must be
made by a theoretical system, and
using artificial intelligence (AI),
keeping the above factors in mind,”
adds Nigam.
More than calculating on the
average of actual deals, stakeholders
in the diamond industry need to
give their inputs on the price list.
“The single most important factor
in determining the price list is
data collected from actual sales
of polished diamonds as well as
procurement situations of rough
diamonds. This list should reflect
insight from miners, diamantaires,
bankers, manufacturers, traders
and retailers, and market analysts
worldwide integrated,” adds
Hamesh.
Get Diamonds recently launched
by WFDB guarantees that it will be
different. “It is working on a format
which looks good and suitable for
the market but we still don’t know
the correct picture. Let’s hope it is
a good replacement for Rapaport
prices,” says Chirag Jogani of Anita
Diamonds.
16 | march-april 2020 | DiamonD WorlD
The price list should reflect the comprehensive
research and analysis of database on mining,
availability of rough, production capabilities, stock
availabilities on the market, and, most importantly,
demand and supply
Gaurav Nigam, Oriental Gemco
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Where’s the question
of “misleading” buyers
when it’s all about supply
and demand?
“Only the supply or demand rules
will control the price paid. For
example, if a supplier is asking
for his goods $1000 per carat he is
free to do that, but if for the same
goods, 50 other suppliers are selling
at $900 per carat, then I guess
he would have a problem selling
his goods, because market is at
$900 per carat,” adds Eshed. The
fundamental issue in the diamond
value chain is that rough and polish
are two very different markets,
prices being exponentially different
from each other. If a supplier paid a
certain amount on the rough, which
gives him a certain polished goods,
then it is only logical that he trades
the goods over and above what he
paid. It is a business at the end of
the day built on a capitalist model.
“Buyers are smart. They eventually
find the right product at the right
price,” adds Simit. At the end of
the day, the data collected based on
actual deals, and therefore supply
and demand should and will protect
the interests of both suppliers
and buyers. “Eventually, market
dynamics and trading platforms will
create equilibrium among buyers and
sellers,” adds Schnitzer. According
to Hamesh, altering pricing for no
rhyme or reason, without credible
data to back the same only leads to
loss of confidence. “As long as the
market stakeholders are working
together and using actual sales data,
the supply and demand, and pricing
will naturally find equilibrium.
Making erratic and frequent
changes in the price list will result
in loss of confidence amongst all
members of the trade; from miners to
consumers. This hinders businesses
from engaging in long-term business
strategy, as the merchandise prices
are unpredictable,” he says.
Could we go back to per
car pricing?
Going back to old time pricing
(price per carat without a guideline)
though not impossible would create
a lot of confusion in the industry that
has been following a price list for
many years. It is not something the
industry entirely supports, however,
what they need is a credible price list
that is based on supply and demand
and nothing else. “Abandoning the
price list will be a nightmare and is
not practical at all. Currently, Rapnet
is playing its imperative part and is
being followed by every individual
in the diamond industry. One can
Cover Story
Making erratic and
frequent changes
in the price list will
result in loss of
confidence amongst
all members of the
trade; from miners
to consumers. This
hinders businesses
from engaging in
long-term business
strategy, as the
merchandise prices
are unpredictable
Hamesh Seth,
Excellent Diamonds
It is definitely helpful to have a common ground
where buyers and sellers meet and have a starting
point to begin the negotiation. A universal price
gives the industry a common language to speak and
communicate
Simit Parikh, Sim Gems Limited
DiamonD WorlD | march-april 2020 | 17
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Cover Story
The whole market
is following the
list of 6th March
2020. We are buying
and selling at the
same level and the
industry is adapting
to it. For many
years we are used to
selling to discount
prices but now
there are going to be
many platforms, so
following price per
carat is easier
Chirag Jogani, Anita
Diamonds
switch to any other format, only if
it exists and is globally acclaimed
and accepted. But no price list will
only lead to a greater chaos,” says
Kothari. The truth is, no body in the
industry today really knows what
the per carat price of a diamond
is, Rapnet price minus discount
is the standard way of pricing.
“The diamond world got used to a
certain reality, which creates some
flexibility between wholesale and
retail environments. Time will tell
whether this system will survive
the new reality within the market,”
says Schnitzer. The price per carat
has been working for the colour
gemstone market but insiders will
tell you how unorganized the market
is and it is also often shrouded with
a veil of ambiguity. “Fancy diamond
and colour stone dealers don’t work
on a price-list. It regulates on its
own as per demand and supply.
An illusion is there, which ensures
a fair margin to all. But it works
well in this segment. Even in loose
diamonds, parcel prices are decided
by the supplier based on his cost
and demand from buyers. However,
a fair mechanism to run and manage
the pricing of diamonds helps to
build consumer confidence and
retailer credibility in retailers. Also,
it gives a smooth platform to do fast
transactions between suppliers and
buyers,” adds Nigam. Going back to
per carat pricing would be certainly
tough, but the idea is not something
we can entirely dismiss.
What’s the verdict?
Over the years, the diamond industry
has structurally changed in many
ways. It has become more organized
and there is more transparency in
the system, with a lot of information
available to all stakeholders in the
pipeline. Undoing what the industry
has followed for many decades
could pose a lot of problems.
Given the current scenario where
there’s already a lot of uncertainty,
functioning without a benchmark for
pricing could be difficult. Especially
in a world where the end consumer
is far knowledgeable and wants to
know why he is paying a premium
on certain goods, having a price
guidance is necessary. However,
supply and demand arrived by
calculating the average on actual
deals made in addition to taking
into account the sales data of rough
and polish, along with insights from
all the stakeholders in the diamond
value chain is the only way to
come out with a fair, transparent
benchmark price list. Instead
of questioning the existence of a
price list, the industry should work
together in coming out with one that
is comprehensive, scientific and
completely transparent.
18 | march-april 2020 | DiamonD WorlD
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SPECIAL REPORT
Diamond workforce of Surat
How soon before
the diamond
workers return?
The labour-intensive diamond industry
in Surat is arguably the worst hit in this
pandemic lockdown, and industry veterans
contemplate whether the workers will
return any time soon says R.Sugandha
Surat, arguably the world’s
largest workshop for
diamonds has seen an
unprecedented lockdown,
because of the recent government
impositions in order to control the
coronavirus pandemic. The city is
home to about two million workers
in the sector, including skilled
artisans. This lockdown has hit
diamond traders badly, with every
extension announced by the
government the blow worsened.
Currently, the diamond and
jewellery business has come to a
standstill. This is a global crisis
which every authority is trying
to mitigate it in its own way. The
20 | march-april 2020 | DiamonD WorlD
Advertisement: Varni Gems

SPECIAL REPORT
We have collected
bank data of poor
workers in the
trading businesses.
Initially, BDB has
promised Rs 5000
per person as relief
fund
Mehul Shah, Vice
President, Bharat
Diamond Bourse
(BDB)
uncertainty of the scenario has
made it more challenging.
As per Gem & Jewellery Export
Promotion Council (GJEPC)
data -- India’s imports of rough
diamonds are down 22 per cent
as compared the first quarter of
last year, and polished diamond
exports have declined 18 per cent.
This has contributed to overall
exports falling in five of the past
six months, pushing down India’s
GDP growth to a six-year low of
4.5 per cent last quarter.
Currently, the prime concern
for most business owners is
for how long they can continue
giving salaries to their staff,
DiamonD WorlD | march-april 2020 | 21
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SPECIAL REPORT
If government does
not address these
issues at a policy level,
small traders will have
to close shop totally.
This will bring the
whole economy on its
knees. Saving human
life takes precedence
over everything else.
The effect of the
virus will escalate
into a different form
altogether. Trade
bodies have given the
government an action
plan
Dinesh Lakhani,
Director, Kiran Gems
Pvt Ltd.
without booking any profits. “We
have spoken to the government
authorities, we are doing the best
we can to ensure that diamond
workers do not starve,” informs
Dinesh Navadiya, regional
chairman of GJEPC.
The council is pooling
every resource possible and
is negotiating with banks,
government authorities, other
associations, et al to ensure that
interests of business owners and
their employees is looked after
adequately. Mehul Shah, Vice
President, Bharat Diamond Bourse
(BDB) says, “We have collected
bank data of poor workers in
the trading businesses. Initially,
BDB has promised Rs 5000 per
person as relief fund.” Currently,
businesses are sinking, unless
government supports the traders,
they will have to shut shop totally.
The industry is eagerly waiting
for some customs and income tax
subsidies.
“Economy is the backbone of
any country. If government does
not address these issues at a
policy level, small traders will
have to close shop totally. This
will bring the whole economy on
its knees. Saving human life takes
precedence over everything else.
The effect of the virus will escalate
into a different form altogether.
Trade bodies have given the
government an action plan,”
explains Dinesh Lakhani of Kiran
Gems Pvt Ltd. A senior team of
authorised government decision
makers must study the plan and
take steps to resolve some of the
hurdles. This has to be done at the
earliest.
Business owners are also worried
because, the government is paying
migrant workers relief funds. In
such a case, these workers will
not return in time, even after the
lockdown is lifted.
Paying anyone any sum, without
22 | march-april 2020 | DiamonD WorlD
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SPECIAL REPORT
Diamond Exports
work, is to ensure that the person
will discontinue work totally. “This
will weaken the industry further,
and it is surely not a good sign,”
explains Rajesh Shah of Venus
Jewel.
India’s leading authority on
migrant studies, Dr Chinmay
We have spoken
to the government
authorities, we are
doing the best we
can to ensure that
diamond workers do
not starve
Dinesh Navadiya,
Regional Chairman,
GJEPC
Tumbe, says, “Most diamond
workers in Surat are relatively
better off than those working in
the textile sector. The powerloom
industry workers are paid very low
wages and they are the ones going
hostile in the current situation.”
The IMF predicts India’s GDP
growth will drop to 1.9 per cent,
as bad as in 1991. This economic
disaster will create massive misery
that will aggravate illness and
deaths.
All the same, migrant workers
have always been on the lowest
rung of the socio-economic ladder.
Their families are away. They lead
a solitary existence and survive
on minimum pocket money, which
they are able to retain for their
expenses after sending majority
of their earnings to the families
located across the country.
“Migrant workers in Surat come
from as far as Orissa, Bihar, Uttar
Pradesh and such other states.
Their families live in poverty in
their native villages and in the
diamond-capital of India these
workers are nothing short of
paupers,” explains Tumbe.
The industry is geared to
Surat is a leading
back-end support
for some of the
world’s finest
diamond brands.
With the current
multi-pronged
crisis hitting the
roof, the industry
is going through
trying times With
time, things will
get better
Rajesh Shah,
Partner, Venus
Jewel
look after the interests of their
stakeholders, all the same, when
the calamity is of this scale, every
measure seems meagre. “Surat is
a leading back-end support for
some of the world’s finest diamond
brands. With the current multipronged
crisis hitting the roof, the
industry is going through trying
times,” opines Rajesh Shah. With
time things will get better. And
one can only hope for the best.
DiamonD WorlD | march-april 2020 | 23
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Special Feature
Impact of Covid-19
A Recession like No
Other, but the Industry
will Bounce Back
The jewellery industry is not immune to covid-19. In fact,
spending on luxury is one of the first things people will cut
out. But if past recessions have taught us anything, cutting
costs, staying connected to clients and creating jewellery
that is meaningful and of lasting value will save you from
sinking and when this is all over, consumers will crave
human contact says Vijetha Rangabashyam
In the world economic history,
nothing is comparable to the crisis
led by Covid-19. As medical
professionals, governments, businesses
and civilians are trying to fight this
unknown animal, the economy across
the board is in doldrums. Consulting
firms are writing long papers on the
impact this deadly virus is having
on businesses in various sectors.
Economists have been called upon to
talk on recessions. But as human lives
are at stake, everything has taken a
backseat, even economies. While the
pandemic has led to a loss of jobs and
posed the question of survival for many,
luxury, jewellery in particular will have
absolutely no priority in the minds of
consumers. Though this may be true, if
you take a good look at history, you may
also find that precious adornments have
braved wars, famines and plagues, still
appreciating in value. Yes, people may
not walk in herds to your store once the
lockdown is over and there could even
be a distinct shift in what they buy and
how they buy, but will they stop buying
jewellery altogether? The simple
answer is ‘no’.
Impact on centers of luxury
On February 22nd, when the virus began
to spread continuously in the country,
Giovanni Ferraris was still going about
his business normally, running around
for delivering export orders. “But some
shipments were stalled due to flights
being cancelled. We finally decided to
shutdown our business on March 12.
There was an outpour of well wishes
from clients. But things have escalated
quite drastically with the whole world
going into lockdown. There is no
business. We are only maintaining our
relationship with customers,” he says.
His establishment has been exporting
handcrafted jewellery from its factory
in Alessandria in Northern Italy for
35 years. For heritage brand Antonini
that is headquartered in Milan, the
hub of luxury, things are no different.
26 | march-april 2020 | DiamonD WorlD
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shopping malls and nonessential stores
have gone into a complete lockdown and
the measures taken in cities like New
York are far more stringent. “As we saw
trillions erased from global markets in
a matter of days, the commodity prices
have been slow to counteract. Gold for
instance has been quietly tickling near
its multiyear high of $1700, yet nowhere
near the almost $2000 threshold of
2008/2009. Unfortunately, much of
the jewellery business in the United
States is very layered like the rings of
the proverbial onion, each representing
a supplier, vendor, middleman, broker,
or retailer. Today those razor thin
margins are cutting everyone’s fingers
and the bleeding will not stop soon.
We are still hopeful for a joyous holiday
season as the world will be ready to
celebrate together,” says Vin Lee of
Grand Metropolitan, a multinational
luxury goods holding company founded
in Beverly Hills, CA in 2000.
“We haven’t been able to travel
abroad for any of the trunk shows and
boutique events. So many jewellery
fairs have been cancelled and above
all, the Couture Show in Las Vegas was
extremely important for us. We have
been in lockdown for several days now.
We are worried about the industry’s
impoverishment and the probable loss
of jobs, especially among small artisan
businesses,” says Sergio Antonini who
now carries on the history of the brand
as its creative director.
The U.S. retail industry witnessed
a great holiday season and it was all
geared up for even better sales during
Spring. Much like other countries,
A woman walks through a lightly trafficked Times Square in New York
DiamonD WorlD | march-april 2020 | 27
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People wear masks as they walk inside Vittorio Emanuele II gallery, in downtown Milan
Why Covid-19 led recession
is different?
Expert economists say that the
Covid-19 driven recession is extremely
different. Every downturn has some
commonalities, however each one of
them is unique. With Great Depression,
excessive consumerism led by a
massive boom, led to an economic
downturn. There were certain factors
that prevailed in the system for years
that eventually led to a slump in the
case of Great Depression that began
in 1929 and almost lasted till late
30s in several countries. GDP in the
U.S. was halved during that time from
$105 billion to $57 billion. Though
there are a lot of numbers thrown
around as to what the exact impact of
Covid-19 will be on economies, they
are all still conjectures. Mark Zandi,
Chief Economist at Moody’s said to
Wall Street Journal, “This is a natural
disaster. There’s nothing in the Great
Depression that is analogous to what
we’re experiencing now.”
As with the recession that occurred
between 2007-2009, which is often
referred to as the Great Recession, the
problem again was far more structural
– banks took excessive risks in lending
loans to people and all of a sudden
people couldn’t pay their mortgages
back, they were out of jobs and
establishments like Lehman Brothers
went down. With Covid-19, businesses
were functioning and in some cases
were even doing extremely well, until
they completely came to a standstill.
The economy is mute today due to a
health crisis, which is far different from
previous recessions. “During 2008 it
was like a slow moving fog that rolled
throughout the planet. Much of the
jewellery market especially at the haute
couture and fine jewellery levels were
some of the last to feel the tightening
from the consumer. And they were
28 | march-april 2020 | DiamonD WorlD
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also the last to recover. It is true that
many of the largest brands were so
burdened with debt and high rents that
it was a slow and painful process. But
companies were still able to operate,
many attempting to pivot into brokering
gold as it skyrocketed near $2000.
Today, all those shops are boarded up
and locked down. There isn’t a slow
reduction in cash flow or a softening
of the market. It came to a quick and
deafening grinding halt in a matter of
days,” adds Vin.
The diamond industry in India went
through a rough patch in 2008-2009, as
majority of the diamonds were exported
to the U.S. However, the situation
is different. “IN 2008, there was a
financial crisis, which began in the
U.S. and spread to all other countries.
At that time the only difference was
that the economy had not come to a
standstill, the way it has, today. At
that time, people did not experience a
lockdown. Buying and spending were
pretty much a regular activity. The
economy, worldwide was moving, albeit
at a slower pace. There was a correction
in prices – for both rough and polished
diamonds. Since demand was lower,
polished diamonds had to be sold at
the cost at which rough diamonds were
bought. Prices fell and stabilized at a
new low. The loss was the difference
between these two prices. Today,
everything is at a standstill. There is
no demand at all. The transactions are
totally nil,” adds Vipul Shah of Asian
Star.
Sooner or later the industry
will bounce back
Studies indicate that economy
will bounce back from Covid-19 in
a V-shaped recovery, meaning if the
economy crashed because of a mass
lockdown, once people are free from
the lockdown, there will be a surge
in buying, and hence the economy
will pick up. “Being an optimist, I
think most jewellers will be okay
if they have been hard at work on
building relationships. We are not
just in the business of celebrating
special occasions and moments, but
many of us have close relationships
with our customers. For several years,
it’s been about outreach, not about
waiting for customers to visit us.
Birthdays, anniversaries, engagements
and probably a lot of future babies in
9 months will be celebrated this year
and for years to come. It might even
mean more with the togetherness that
we all experienced. Today that might
mean Facetime, Zoom or another
virtual experience, but I think we will
recover from this pandemic. It will not
be immediate and the hard work has
already begun,” says John A. Green,
President & CEO, Lux Bond & Green.
Unlike past recessions, which started
off in main economic centers and had
a trickle down effect on the rest of
the world, Covid-19 has affected all
and sundry and hence the world will
be more connected. “The jewellery
and the desire of people to adorn
themselves with beauty has survived
wars and pestilence since the time of
man’s appearance on earth. This time
will be the same but sure will be in
a different way from the past. Also,
recovery will be quicker because now
the world is connected together. I think
for the next 6 months, the conditions
will worsen, but it all depends on the
virus and whether or not they have
found a cure or a vaccine that ensures
people feel safe to go on with their lives
as before. I think first signal of sales
will be coming from Far East, because
that was the first market to shut down,
and also the reaction of this market will
be faster than Europe,” says Ferraris.
Today, the digital world is far more
robust with brands being armed with
the ability to make sales online more
effectively and social media was not
as active as it is today. “The Italian
industry for sure will bounce back
because Italian jewellery is really
important in the world and women
love jewels. Maybe the small Italian
companies have to develop new ways
to sell, through digital channels. Even
30 | march-april 2020 | DiamonD WorlD
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though they can reach out to consumers
through e-commerce, their marketing
has to be emotional. One year could be
enough,” says Sergio.
If past recessions have taught us
anything, it is to continue to provide
excellent service after the lockdown
is over and care for your customers.
“Don’t get ahead of yourself and listen
to our customers. Service, not just
extraordinary service but what are we
offering the customers to make them
feel comfortable shopping with Lux
Bond & Green will be paramount,” adds
Green. If there is no second wave, he
believes that his industry will recover
in 12-18 months. “As for the recovery
of the larger global luxury market, I
believe you will see a bigger pie by the
end of this year but it will be serviced
by a fewer players. Not to be indelicate
but these incidents tend to weed out
the under financed and more poorly
positioned operations in the luxury
industry. We anticipate doubling our
portfolio in several market segments by
the end of 2021 as a result of fallout
from Covid-19,” adds Vin.
Shah remains cautiously optimistic.
“Some reasonable opening may
take place in June, July, August and
thereafter, demand will first come from
Far East. Exporters will face a bigger
challenge, because every economy will
take its own time to open up. China
has opened up, Hong Kong is opening
gradually. Japan and Korea will also
open up in due course of time. U.S.
and European nations will have to open
up with time. Exports will be slow in
moving up, domestic demand will
increase more easily as compared to
export,” he adds.
What they said
Being an optimist, I think most jewellers
will be okay if they have been hard at
work on building relationships. We are
not just in the business of celebrating
special occasions and moments, but
many of us have close relationships
with our customers. For several years, it’s been about
outreach, not about waiting for customers to visit us.
Birthdays, anniversaries, engagements and probably a
lot of future babies in 9 months will be celebrated this
year and for years to come
John A. Green, President & CEO, Lux Bond
& Green (U.S.)
The jewellery and the desire of people
to adorn themselves with beauty has
survived wars and pestilence since the
time of man’s appearance on earth. This
time will be the same but sure will be
in a different way from the past. Also,
recovery will be quicker because now the world is
connected together. I think for the next 6 months, the
conditions will worsen, but it all depends on the virus
and whether or not they have found a cure or a vaccine
Giovanni Ferraris, President, Giovanni Ferraris
Gioielli (Italy)
The Italian industry for sure will
bounce back because Italian jewellery
is really important in the world and
women love jewels. Maybe the small
Italian companies have to develop new
ways to sell, through digital channels.
Even though they can reach out to consumers
through e-commerce, their marketing has to be
emotional. One year could be enough
Sergio Antonini, Creative Director, Antonini (Italy)
DiamonD WorlD | march-april 2020 | 31
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What they said
As for the recovery of the larger global
luxury market, I believe you will see
a bigger pie by the end of this year
but it will be serviced by a fewer
players. Not to be indelicate but these
incidents tend to weed out the under
financed and more poorly positioned operations in
the luxury industry. We anticipate doubling our
portfolio in several market segments by the end of
2021 as a result of fallout from Covid-19
Vin Lee, CEO, Grand Metropolitan (U.S.)
Some reasonable opening may
take place in June, July, August and
thereafter, demand will first come
from Far East. Exporters will face
a bigger challenge, because every
economy will take its own time to
open up. China has opened up, Hong Kong is opening
gradually. Japan and Korea will also open up in due
course of time. The U.S. and European nations will
have to open up with time. Exports will be slow in
moving up, domestic demand will increase more
easily as compared to export
Vipul Shah, CEO & Managing Director,
Asian Star (India)
It’s possible that we see a bout of revenge
shopping given consumers are going stir
crazy. I believe that retailers and vendors
should be careful to avoid falling into
the trap of believing “everything” will go
online and that will be the new normal or
permanent shift in consumer behaviors.
Most data around luxury indicates anywhere from 80-85%
of consumers prefer to purchase in brick and mortar. I
don’t anticipate that permanently changing. We still crave
the experience and the human contact when it comes to
luxury purchases, and that isn’t going away.
Sherry Smith, Director of Business Development,
Edge Retail Academy (U.S.)
We remain
positive. We
expect that
most people
will just look
forward to
returning their regular
routines and enjoying
outings they used to take for
granted. While during this
unprecedented time people
might turn to online retailers
as their only option, we feel
that many will quickly realize
the importance of the inperson
shopping experience
and be excited to return to
their favorite stores.
Cristiana Vigano, Vice
President, Vhernier (Italy)
Consumers will
probably want
a simpler, more
streamlined
lifestyle, after
spending an
increased amount of time in
the digital sphere and realizing
that they can enjoy life just fine
without all the indulgences
they may have had before this
pandemic. I don’t think labgrown
would be an answer to
surviving any recession—at all.
Jewellery is not expendable
like fashion/accessory. It’s
designed to be passed on to the
future. Of course the market
will shrink, but brands will just
have to adjust accordingly.
Mio Harutaka, Designer
(Japan)
32 | march-april 2020 | DiamonD WorlD
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Special RepoRt
Trading Platforms
Which Trading
Platform is Best
for You?
So much has happened over the last couple of weeks in the
diamond trading front. While vendors have abandoned a trading
platform they have sworn by for years owing to a dispute regarding
diamond pricing, relatively new players have emerged to show
the industry what they can offer. Diamond World connected with
5 major players to understand how their portal works, the kind
of pricing system they follow, some of their unique services and
more so that you can make an informed decision and choose the
one that works best for you
Our industry, just like the
others in the realm of
luxury is going through
a watershed moment, thanks
to COVID-19. Added to that,
the single act of dropping the
Rapaport price list on March 19th
when the market has literally been
on a comatose, has paved way for
a lot of questioning, discussions,
innovation and inventions. When
one door shuts, many open and
36 | march-april 2020 | DiamonD WorlD
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Special RepoRt
as RapNet decides to stick with
its latest price list, hundreds
of companies decided to delist
their stocks and move onto
other portals. On the other
hand, service providers have
been working round the clock to
create alternative state-of-the-art
trading platforms or better their
existing ones.
Over the week, we saw a handful
of diamond trading portals engage
in webinars, giving us a little
demo on how their portals work.
Diamond World got in touch with
all the players to understand their
competitive edge over the others
and what they have to offer.
By the Industry, For
the Industry
To outperform a major player
who has had a monopoly for
several decades, the first and
foremost criteria for any of these
trading portals is to have a deep
understanding and knowledge
of diamonds. People from the
diamond industry understand
the pain points involved in
selling diamonds, from procuring
finance to payment and logistics.
Most players who are at present
in the bid to offer a highly
effective networking platform
where buying and selling can
happen cogently are invariably
from the diamond business or the
jewellery industry. A majority of
these companies are relatively
new entrants in the market with
prior experience in the diamond
or jewellery business.
Two key criteria you should
keep in mind before you select
your trading portal:
The Question of
Pricing
Diamond pricing has always
been a matter of debate. Should
the industry embrace a price
list for diamonds? If so, should
the industry collectively create
a price list or should the trading
portal govern the pricing based
on trading activity? Many
believe that diamond is not a
commodity and hence there
shouldn’t be a price list at all
and suppliers must be able to
price their diamonds as they wish.
But for four decades, the industry
has been following a universal
price list. So before you take a
call, please check whether or not
the portal allows you to determine
your own pricing.
Technological Advantage
While on the one end an understanding of diamonds and
how this industry works is important, on the other, the
one who leverages technology the most to understand
user behaviour and utilize the same to provide topnotch
services to its members will have an undue advantage.
Take for example Amazon – the success of this ecommerce
giant has been backed by its ability to use data to create
customized experiences for
its users. Amazon also uses
this data to further build its
relationship with customers.
The most successful trading
portal will be the one
that uses tech to create a
seamless selling and buying
experience – all the vendors
have to worry about is
creating the perfect diamond.
DiamonD WorlD | march-april 2020 | 37
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Special RepoRt
A Comparative Analysis of Get-Diamonds, Idexonline , VDB, Uni
Diamonds, Polygon & DiaSense
GET DIAMONDS UNI DIAMONDS VDB IDEX Polygon DisaSense
DURATION OF THE COMPANY Less than 5 years Less than 5 years 5-10 years More than 20 years More than 20 years Less than 5 years
PARTNERS & FUNDED BY
NUMBER OF DIAMONDS
LISTED
NUMBER OF REGISTERED
SELLERS
NUMBER OF REGISTERED
BUYERS
OWN PRICELIST
DISCOUNT BASED SEARCHING
OF DIAMONDS
PRODUCTS AVAILABLE ON
PORTAL
Non-profit by World
Diamond Federation of
Bourses, Self-funded &
through advertisment**
Diamond Veterans, High Tech
Investors and
Malca Amit.
Tanya Nisguretsky, Leon
Bitelman, Gil Ohad
Ehud D Cohen,
Sarine Technology and
more but majority shares by
above two.
Mediagrif Interactive
Technologies, a public
company listed on the
Toronto Stock Exchange
(TSX:MDF).
Private limited firm named
“SoftSense Technologies
Private Limited”. Directors:
Pratik M Shah and Nisha
P Shah
1,187,204 Approx 300,000 Approx 7,50,000 Approx 10,00,000 425,000 2,00,000
1200 Not Specified, Work in Progress. 710 2000 1400 250
18000 2000 17,000 12,000 1400 600
6/3/2020 PriceList.
In process of building
Transparent & Logical
Price List
Loose Diamonds Loose Diamonds A. Loose diamonds
B. Gemstones
C. Jewellery
D. Lab-grown diamonds
Loose diamonds
A. Diamonds - Polished,
Parcels
B. Gemstones
C. Jewellery
D. Lab-grown diamonds
Loose Diamonds
LANGUAGES AVAILABLE IN English English English English English English
KYC PROCESS
DIAMOND FINANCING
SECURE TRANSACTION &
LOGISTICS
MARKETS CATERING TO Global Global Global Global Majorly US. Global
CAN A MEMBER SHOW HIS
ENTIRE INVENTORY WITH A
LINK TO HIS CLIENTS
MOBILE APP
ANONYMOUS SALES
PARTICIPATION IN TRADE
SHOWS
BLOCKCHAIN
PHOTOGRAPHY &
VIDEOGRAPHY SERVICES
DIGITAL CERTIFICATE
VERIFICATION OF
AUTHENTICITY AND ORIGIN
AUCTIONS
KEY FEATURES
MEMBERSHIP FEE
A.Easy to use
B.Fast registration
C. Direct contact to
seller, no middlemen, no
commission
D. You can post your
diamond needs and
recieve customised offers
More clarity when the
portal launches
Free for now. Multiple
Membership plans to be
added later.
A.Diamond pricing and market
trend analytics and information
B.Easy to use sales platform
enhanced with a veteran sales
team
C.Financing for diamonds, where
they are needed and logistics
services
D.Three different kind of
membership plans UNI Free, UNI
Standard & UNI Prime – tailor
made to specific needs
E.UNI Masterpiece facilitates
curation of rarest diamonds
available only by invitation and
demand
A.Free for basic upload and
search
B.Paid for advance features
like Sell Anonymously, Sales
Assistance, Logistics Service,
Assistance to sell in China and
Europe and many more.
A.360 degree videos
B.Automatic match
C.In app messaging with
suppliers
D. Robust inventory of
diamonds, jewellery,
gemstones & lab-grown
diamonds
E. Sharing collection
- suppliers can build a
collection of entire inventory
or special curated collections
for their VIP customers and
share it with whomever
A.Free for retailers, dealers &
designers
B. Nominal fee of US$ 120
for suppliers scaled based on
total value of inventory.
Global, transparent &
objective platform with a
unique personal service!
Transparent & objective
Big Data company in the
diamond arena
A. Premium Plan: US$ 500,
Access including diamond
search, bidding/ buying
online from suppliers, real
prices, search and post buy
requests, etc. Pro: US$: 850,
All premium features with
inventory upload.
B. Free access to Diamond
Search for using their Global
Buying and Consolidation
Services.
A. 4 product databases:
Diamonds, Colored Stones,
Jewelry, Watches
B. Marketplace: For Sale &
Wanted channels in various
product categories
C. Reports & Business
Intelligence
D. Diamond Auctions:
Online auctions for the
trade, held every 2 weeks
E. Member Directory &
Profiles
A. POLY LIGHT – Only for
buyers – US$ 595,
B. VENDOR PRO – For
buyers and sellers both,
and can list inventory –
US$ 895
A. Top 10 anaylsis for
buyers to easily choose
supplier who can fulfil his
demand quantity & budget
wise
B. Find dimaonds based
on colour & clarity at a
cheaper price
C.Buyers can search for
diamonds based on cut,
size, fluoresence & region
D. Price tool for suppliers to
compare prices with other
suppliers
E. Universal login
F. Live integration with
sellers back office software
A. Free for suppliers as of now
B. Free for buyers as of now
C. Free for brokers as of now
D. Associate jewellers &
Traders: $1000 per year (White
labelling Services where
suppliers’ inventory can be
uploaded on their website
with their own branding, very
effective to boost sales)
Last updated : 5th April 2020
38 | march-april 2020 | DiamonD WorlD
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Special RepoRt
Analysis in a Gist
Based on experience, number of
diamonds listed, registered buyers
and sellers, Idex seems to be a good
choice, as it also provides financing as
well as logistics. Like with most cases,
the portal however only allows the
listing of polished diamonds. Polygon
has been in the market since the mid
80s – from starting off as a message
board to the industry to posting
wanted requests and items for sale to
becoming a wholesome trading portal
with a veritable range of inventory
including diamonds, coloured stones,
watches, estate and finished jewellery,
Polygon has evolved to include many
more sophisticated features and tools
for wholesalers and retailers. Loose
diamonds can be searched based
on certified, non-certified, parcels,
fancy coloured and lab-grown are not
included in search results by default
but users can search these listings
separately. One of the key benefits for
retailers is that they can use Polygon
to source quickly and efficiently what
they need, when they need it, rather
than having to invest heavily in stock.
WFDB backed Get-Diamonds has
over 1,187,204 diamonds with a total
weight of 984,172.82 carats and a
total value of US$ 4,764,420,185.88.
If you want to place your diamonds
with an entity that has no vested
interest (non-profit) then Get-
Diamonds may be the right choice
for you and as far as pricing goes,
like the majority of the industry, they
seem to be following the 6/3/2020
price list. If you are looking at tailormade
services, as though the portal
was created for you specifically, then
VDB is a definite contender. It is also
has a robust inventory of polished
diamonds, gemstones, jewellery
as well as lab-grown diamonds.
VDB also allows a vendor to curate
collections out of his inventory and
showcase it to whomever he chooses
to and this is an excellent feature.
VDB offers the ability to perform
searches with customers so they can
pinpoint exactly what they are looking
for, prequalifying and therefore preselling
each item before they even
have the item in hand. VDB’s price
markup modes, HD images, and 360
degree videos, allow all of that to
happen. If you don’t want any portal
to govern your pricing and wish to go
with your own pricing, then VDB is
the portal for you, however, it does
not offer logistics or financing at the
moment. For a more nuanced, endto-end
diamond trading solutions,
UNI Diamonds with its various
membership programmes offers a
variety of services. The UNI Free
platform, which will be ready in a
few days will be free for all. However
under UNI Standard and Prime, 3 per
cent will be accrued to the diamond
price after being sold. However,
under these platforms a member
gets a host of features like selling
anonymously, shipping, 50%
upfront financing, free
professional
photography
and more. More
importantly,
UNI allows
members to
decide their
own prices – the
data and analytics
from the industry
is merely used to
understand the market
prices and demands,
to further enhance the trading
experience on its portal. SoftSense
Technologies backed DiaSense with
close to 5 years in the market, has
200,000 listed diamonds. The portal
provides a price tool where in a
inventory prices are compared with
other suppliers and with the data
arrived, it guides suppliers whether
they are priced reasonably or not.
The universal login feature is also
a smart solution which will divert
DiaSense members’ traffic directly
on suppliers’ website. Suppliers can
integrate their universal login feature
on their website to allow buyers to
login to their own website directly
without nay registration process (like
sign up with Facebook or Google
feature). If you are a buyer who
doesn’t want to pay a premium and
needs to have access to a plethora of
goods with special tools that will help
you choose the right product, then
DiaSense is a good choice.
DiamonD WorlD | march-april 2020 | 39
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Special RepoRt
What’s in a price?
POLYGON
Members determine and publish their own
prices and terms. Diamonds are listed as
a price per carat and total asking price.
Polygon’s diamond price report is compiled
and updated every week and shows the
actual asking prices for GIA stones listed
in Polygon’s diamond database for the week
prior. Unlike other industry price reports,
it does not publish future market prices,
rather reports what actual asking prices
were for the week, as well as indicate
whether prices were up or down from the
previous term.
IDEX
IDEX has been collecting data from
the market since 2003 with 10th of
millions data point for each category,
the portal created its own price report.
IDEX Diamond Price Report reflects
IDEX estimates of the high asking
prices for high-quality diamonds
in the global professional diamond
centers. They base their report on
statistical analysis performed on
approximately 950,000 certified
diamonds that are automatically listed
on IDEX Online’s trading platform.
These listings come from thousands of
diamond manufacturers, wholesalers
and dealers from all major diamond
trading centers and therefore provide a
reliable representation of prices in the
wholesale market.
Get Diamonds
Get Diamonds will introduce a new system
of benchmarking diamond prices, which is
transparent, logical, unbiased and correct. As for
now, the trade has agreed to the 6/3 price as the
benchmark until the new system is presented.
UNI Diamonds
UNI provides market pricing, which is
different than a price list. They believe that
the industry has evolved to a point that it only
needs information for what it is looking for.
Their platform can provide data on pricing for
all diamonds, but they let the customer device
the prices of what they are looking for using a
diamond calculator. And the most important
thing is that this data and information is for
free! Why? Because the information is from
the industry and for the industry.
DiaSense
DiaSense Price Index [DPI] has been derived
from historical records of B2C diamond listing
database. Their mechanism to produce DPI is
much authenticated and transparent because it
is based on 15+ millions of records which have
been studied from various B2C online platform
worldwide from last 12 months.
VDB
VDB does not have its own pricelist nor does
it govern in any way how its sellers would like
to sell. VDB is a B2B platform. It displays
the prices their suppliers want to display, if
it’s calculated off a price list or if it’s not.
Disclaimer: All information is published in good faith and for general information purpose only. Diamond World
does not take any guarantee about the completeness, reliability and accuracy of this information. Any action you
take based on the information you find here, is strictly at your own risk. Diamond World will not be liable for
any losses and/or damages in connection with the use of our website.
40 | march-april 2020 | DiamonD WorlD
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Hot off tHe Press
DW’s Fav 8
COVID-19 Donations, jewellery, trends, appointments & more
What? Graff’s Hope, Light,
Love
And… The Graff Foundation will donate
US$1 million to the COVID-19 Solidarity
Response Fund in support of WHO, which
is leading and coordinating the global efforts
to detect and respond to the pandemic. The
donation will aid the Fund’s critical work
tracking and understanding the spread of the
virus; mobilising resources; ensuring patients
are given the correct care and frontline
workers have access to essential supplies and
information; and accelerating the development of
vaccines, tests and treatments.
What? De Beers
Group Donates
$2,500,000 towards
COVID-19
And…De Beers Group is a
50/50 joint venture partner with
both Botswana and Namibia in
the recovery and sorting of rough
diamonds. Its contribution in both
countries forms part of a larger
effort across De Beers Group’s
four producing countries including
Canada and South Africa to support
governments and communities in the
procurement of medical supplies,
logistical support, vulnerability
assessment support plans, food
security for vulnerable households,
water supply to communities,
community COVID-19 awareness
and education, and local clinical
support.
42 | march-april 2020 | DiamonD WorlD
Advertisement: J.b. and brothers

Hot off tHe Press
What? De Beers offers Online
Diamond Foundation Course
for Free
And… De Beers Group Institute of Diamonds has
taken the decision to offer their Diamond Foundation
Course for free (normally $250) to the diamond
industry. The Diamond Foundation Course covers
everything from the atomic structure of a diamond
to how De Beers Group recovers and sorts rough
diamonds. Modules focus on the 4Cs, retail sales
skills and the detection of synthetic (lab-grown)
diamonds, drawing on the latest findings of De Beers
Group Technology. By following this course, students
can return to work with a greater understanding and
appreciation of the entire diamond industry with
the confidence needed to clearly communicate the
natural diamond story with customers.
What? The Tiffany
& Co. Foundation
Commits $1m to
COVID-19 relief
And…The Foundation is
urgently allocating $750,000 to the
COVID-19 Solidarity Response
Fund for the World Health
Organization, powered by the UN
Foundation and $250,000 to The
New York Community Trust’s NYC
COVID-19 Response & Impact
Fund. Tiffany & Co. is also proud
to match employee donations to
any qualified nonprofit organization
supporting COVID-19 relief, dollar
for dollar.
DiamonD WorlD | march-april 2020 | 43
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Hot off tHe Press
What? GIA’s Free
Online Resources
available to all
And…You can now continue your
education on gems and jewellery with
an online course in GIA at https://www.
gia.edu/gem-education/distance Learn
about the latest gemological research and
new discoveries in Gems & Gemology
– GIA’s quarterly journal – including
the most recent issue on colored stone
origin and every issue, back to 1934
https://www.gia.edu/gems-gemologyRead
some of the most important books on
gemology, minerology, gems and jewelry
in the digital collection of rare and
historic books from GIA’s Cartier Rare
Book Repository and Archives https://
www.gia.edu/gia-news-research/rarebooks-project-puts-gem-jewelry-historyreach
and Explore GIA’s online Gem
Encyclopedia https://www.gia.edu/gemencyclopedia
What? Bonas offers
beautiful coloured
gemstones in its latest
tender
And… Comprised of 514 lots, totaling
221,603 carats of precious and semiprecious
stones, the sale featured a
strong selection of impressive sapphires,
important rubies, vibrant emeralds,
aquamarines, spinels, Paraiba tourmalines
amongst other fine gemstones from
distinguished private collections. Bringing
together exceptional highlights, Bonas has
joined forces with Thailand’s Department
of International Trade Promotion (DITP)
to hold the polished gemstone tender
alongside the Bangkok Gems & Jewellery
Fair (BGJF) for the very first time.
44 | march-april 2020 | DiamonD WorlD
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Hot off tHe Press
What? Nimesh Patel
De Beers Group CFO
to Resign
And… De Beers Group
announced that Nimesh Patel,
Chief Financial Officer, will leave
the business to join Spirax-Sarco
Engineering plc as their new Chief
Financial Officer and Executive
Director before the end of July.
Nimesh joined Anglo American
in 2012 as Group Head of Corporate
Finance before moving to
De Beers Group in 2016 as Chief
Financial Officer, joining both the
Executive Committee and Board.
Nimesh will leave De Beers
Group on 26 July. An announcement
regarding his successor will
be made in due course.
What? Cindy Chao’s 2020
Black Label Masterpiece VI
Reflection Bangle
And… Cindy Chao unveiled this 2020 Black
Label Masterpiece VI “Reflection Bangle,” her
latest creation from a collection inspired by Chinese
landscape paintings. The piece consists seven nonheated
Ceylon sapphires, ranging from eight to 18
carats, with an understated purplish hue. They are
blended with a smattering of rose-cut sapphires that
mimics shards of mirrors. The cuff is crafted with
brilliant-cut white diamonds and fancy-coloured
diamonds on both sides. The branch motif is set with
1500 fancy colour diamonds, ranging from yellow
to dark brown. It apparently took Chao six years to
complete this gorgeous bangle.
DiamonD WorlD | march-april 2020 | 45
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Haute Joaillerie
Dior et Moi high jewellery necklace
featuring a pear shaped white opal
pendant in yellow and white gold,
diamonds, cultured pearls and multicoloured
lacquer and gemstones
Dior et Moi
An Ode to
Intimacy
Dior’s latest high jewellery collection
comprising of congenial pieces reflects
the designer’s audacious love for colour
and iconoclastic vision. In the time of self
isolation, these intimate, rainbow-hued
pieces are just what we need
Dior et Moi open ring with sapphire, lapis
lazuli and dimaonds
The House of Dior is known
for its revolutionary
designs. Over the years,
they have given us meaningful
creations that have stood the test of
time. In its latest collection, Dior
celebrates the age-old tradition of
wearing “your heart on your finger”.
Legend has it that Napoléon
Bonaparte wooed his future wife
into marriage with a sapphire and
diamond toi et moi ring. Victoire
de Castellane, Dior’s visionary
creative director continues this
quaint legacy with a collection
that celebrates duality, comprising
a riot of semi-precious stones
with an abundance of choices of
diamonds and gemstones. The
collection named “Dior et Moi” is
inspired by “toi et moi” which also
in a way represents the imaginary
relationship the designer has with
Christian Dior founder of the
fashion house.
The collection brings to
limelight semiprecious stones
like lapis lazuli, turquoise and
malachite, which are otherwise
under appreciated in the world
of gems and jewellery. Castellane
has always questioned the idea
of using gemstones that only has
exceptional value, rather she uses
them for their intrinsic, organic
beauty. So in this collection too,
semiprecious stones find their
rightful place alongside coloured
sapphires, diamonds, tourmalines,
opals, pearls, kunzites and
rubelites.
The collection is a colourful
odyssey of 39 pieces including
necklaces, earrings, rings and
48 | march-april 2020 | DiamonD WorlD
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Haute Joaillerie
Dior et Moi open ring with
opal, pink sapphire and
diamonds set in rose gold
Dior et Moi high jewellery
ring, set with a cultured
purple pearl and vibrant
pink kunzite, pink
sapphires and diamonds
in white gold
Dior et Moi black opal
double ring in yellow and
pink gold, accompanied by
diamonds, a cultured pink
pearl, a pink sapphire and
multi-coloured lacquer and
gemstones
Dior et Moi double ring in
white, yellow and pink gold,
diamonds, black opal, red
spinels, emerald, turquoise
and red lacquer
bangles. In a double ring, a
stunning handpicked black opal
is enveloped by multicoloured
lacquer and gemstones with a
cultured pink pearl as well as
pink sapphire on either side. If a
rainbow had to transfigure itself
into a piece of jewellery, this
would be it. The phalanx ring is
another favourite, with a beautiful
cabochon oval turquoise that
reminds you of a summery ocean,
surrounded by green lacquer and
diamonds on one side, and pink
sapphire and emeralds on the
other.
The collection appeals to
anybody with a penchant for
radical, edgy aesthetic. In its
mismatched earrings, black
opal with its raw magnetism
complements the softness of pink
pearl, both married together with
diamonds, coloured sapphires and
multicoloured gemstones. Classic
styles are equally respected; in
a high jewellery necklace for
instance, an elegant row of cultured
pearls are offset by a black opal
again, with pear shaped emerald,
red spinels and diamonds.
Castellane toys with her
favourite idea of “hidden”
jewellery, with a beautiful secret
watch with a radiant white opal,
pearl, sapphires, peridots, garnet
with olive green lacquer all set
in pink and white gold. Another
stunning necklace from the
collection marries a huge pear
shaped white opal with diamond,
cultured pearls, a smattering of
coloured sapphires, mandarin
garnets, peridots and emeralds
with a rainbow hued lacquer.
The collection also comprises
of a handful of open rings, that
pays homage to the concept of
duality, with stones belonging to a
same palate of colours. Castellane
juxtaposes emerald with turquoise,
opal with pink sapphire, malachite
with emerald, kunzite with pink
cultured pearl and lapis lazuli
with a blue sapphire.
The collection as expected sets
itself apart with its artistry and its
profound love for semiprecious
stones and the ability to respect
them. These pieces which applaud
asymmetry are what dreams are
made of, probably dreams of
Castellane herself.
DiamonD WorlD | march-april 2020 | 49
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Personality
Francesca Cartier Brickell
A Fitting Ode to a
Living Legacy
Having worked on this book for 10 years that
included many months of intense research
and writing, family holidays getting cancelled
along the way and closing herself off from the
rest of the world, Francesca Cartier Brickell
has managed to produce a powerful book that
mimics the journey of the French luxury maison
quite eloquently
Over ten years ago, on her
grandfather’s 90th birthday,
while rummaging through
his cellar for a bottle of champagne,
Francesca stumbled across an old
battered travelling trunk. The contents
of that trunk, priceless stories in
the form of long-lost-letters, almost
hundred years old, transpired into
pages of untold, enlivening stories
surrounding the maison.
When and how did the idea of
chronicling the story of the
Cartiers come to you?
My grandfather, Jean-Jacques Cartier
was the last of the Cartiers to own and
manage a branch of the firm (Cartier
London) before it was sold, but he
had retired just before I was born.
The summer holidays I spent with him
as a child were often peppered with
anecdotes, but more just fun stories
rather than a full account of how the
Cartier business came to be. The idea
for the book came later.
Just over 10 years ago, while looking
for a bottle of champagne on my
grandfather’s 90th birthday, I stumbled
across an old battered traveling trunk
in his cellar. Inside were hundreds of
long-lost letters - dating back over
a century – that told the story of four
generations of my family and the firm
they had founded. After taking the
case up to my grandfather, we spent
the remainder of that summer reading
those letters together, and suddenly
those black and white ancestors that I
had grown up seeing in photo frames
around his house sprung to life. I
realised then I couldn’t simply shut the
trunk and leave them there for another
few decades. This was a story that
deserved to be told – if only to keep it
alive for my children.
What kind of research did you
have to undertake for this book?
Reading through the letters was an
enormous job in itself, as they were
in both French and English, and had
hard-to-decipher handwriting. Beyond
that, I read very widely and intensely,
because in order to understand the
characters and their motivations, I had
to understand the social context they
were acting in. For example, for the
first chapter (based in the late 19th
century), I read multiple first-hand
accounts of the period under Napoleon
III, the Franco-Prussian war and the
Siege of Paris. For the 1930s, I read all
about the Great Crash, the lives of the
Maharajas in India and the coronation
of King George VI. But also I tried to
go beyond those secondary sources
into primary research, by not only
recording my grandfather’s memoirs
(and bombarding him with questions!)
but also speaking to ex-employees of
the family firm, former clients, gem
dealers and their descendants – anyone
connected to the past who was open to
shedding more light on the history. to
DiamonD WorlD | march-april 2020 | 51
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Personality
try to fill in the picture and triangulate
the story, because I knew only part of
the history was in the trunk.
From conception to writing and
finishing the book – how long did
it take you to complete the book?
It took about 10 years in total, including
about 18 months of intense writing. The
bulk of the time was spent researching
but in reality, I was also bringing up
two young children simultaneously, so
I had other distractions as well. In fact,
I often took them with me on research
holidays! But a couple of years ago, I
came to realise that I could be turning
over stones forever — each time I
made a new discovery, it just opened
up a whole new avenue of research
possibilities. I needed to get on with the
writing or this story would never make
it out into the world.
When anybody looks at pieces
from Cartier, be it a watch or
a bracelet, there’s a distinct
design aesthetic– where do you
believe your ancestors drew their
inspiration from?
There were several family values that I
talk about in the book, and one of them
was ‘never copy only create’. The idea
behind this was that inspiration could
and should come from everywhere apart
from existing jewellery, so the Cartier
brothers, and later my grandfather,
would always look to come up with
new ideas and create unique, beautiful
pieces based on inspiration from other
cultures, from the natural world, from
pattern books, from motifs on fabrics,
you name it.
I remember asking my grandfather
and different designers about what
it was that made the Cartier style so
There was a
timeless classic
element to the
Cartier pieces
that unified them,
making them
recognizable as
Cartier whether
they were flowers or
geometrical shapes
and whether they
were made in 1900
or 1960
recognisable, because if one was taking
inspiration from everywhere, then surely
you could end up with a hotchpotch of
ideas. The answer I received time and
time again was that it was to do with
the symmetry, the hints of Parisian
style (Pierre Cartier once said that the
artist has to breathe the air of France
to create artistic models), and the
simplicity and restrained elegance of
the designs. There was in their designs,
as one Cartier London designer Rupert
Emmerson explained, “an absence of
unnecessary twiddly bits”. As a result,
there was a timeless classic element
to the Cartier pieces that unified
them, making them recognizable as
Cartier whether they were flowers or
geometrical shapes and whether they
were made in 1900 or 1960.
You can’t take the Parisian-ness
out of Cartier – how has the city
of love been a part of the brand’s
journey through decades?
Well, the business was founded in Paris
back in 1847 and, for two generations
until the three brothers came along and
52 | march-april 2020 | DiamonD WorlD
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Personality
internationalised it, it was just in Paris.
From then on, it still remained rooted
in Paris – I briefly mentioned how
the Parisian style was an influence in
the Maison’s designs and when Pierre
started the New York branch he wanted
to keep that Parisian edge even over
the Atlantic ( “we can start French
luxury in New York!” he wrote to his
brother). But Cartier was also able to
evolve, fusing elements from Japan,
China, India and Persia into its designs
while also opening other branches and
seasonal stores, from Monte Carlo to
Caracas to Palm Beach, so while on
the one hand, its foundations remained
in the French capital, it also became
much more than just a Parisian luxury
firm by transcending these boundaries.
Cartier’s portfolio is vast –
through time, the Maison has
fashioned pieces like brooches,
hair accessories, etc. that were
in vogue in the past. Why do you
think these pieces stand the test
of time such that they still reach
records at auction today?
That’s an interesting question. I actually
start the book off with a phenomenal
jewellery auction at Christies that took
place last year (Maharajas & Mughal
Magnificence) which I think illustrates
that point well. But to answer your
question, I think the main reason those
pieces still break records is because
of the quality of design, materials and
craftsmanship as well as the heritage
associated with them. My grandfather
once told me that his father had always
insisted on using the best gemstones
even though they might be the most
expensive. The Cartiers’ logic back
then (which still holds true today) was
that if a jewel – whether it be a small
tie-pin or an extravagant tiara - was
of the highest quality, and assured of
lasting for generations, then the client
would come to feel the high price tag
was worth it. Today of course, those
unique, and now antique, pieces have
the added appeal of heritage, adding
even more to their value. In some
cases, the Cartier jewels also have the
provenance of having been owned by
famous clients like Elizabeth Taylor,
Maria Felix, Wallis Simpson, Daisy
Fellowes, or Grace Kelly.
Cartier’s India connection is
profound – from the gemstones
that were sourced right here to
crafting pieces commissioned by
the Royalty. Can you talk more
about that link?
DiamonD WorlD | march-april 2020 | 53
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Personality
My great-grandfather Jacques’ first visit
was in 1911 but he visited regularly
through the 1920s and 30s. Each trip
would last several months, which is not
surprising when you consider that this
was before planes and the boat journey
there from Marseilles was three weeks,
then of course another three weeks
back, so he had to stay long enough to
make it worthwhile. As part of writing
the book, I have been lucky enough
to retrace his steps from the diaries,
visiting places like Mumbai, Baroda,
Kapurthala and Jaipur.
Though they took him away from
home and family for months at a time,
Jacques loved his visits to India –
he was fascinated by its history and
culture even tried to learn Hindi with
the help of a language book and the
ship’s crew on journey over there! He
was awed by the country – everything
from the architecture to the fabrics, to
the colours had an enormous effect on
him.
Over time, India became increasingly
important for the Cartiers. Partly this
was because of the clients who came
to entrust Cartier with more and more
commissions (jewels like the Patiala
diamond necklace or Kapurthala
emerald turban ornament have become
legendary) but it was also because of
the gems Jacques was able to source
there and bring back to the West. India,
being the gem-capital of the world,
had some of the best precious stones
available anywhere on the planet and
as a result of Jacques’ trips, Cartier
would gain a reputation as having some
of the highest quality rubies, sapphires
and emeralds on the market. But there
was another reason India was important
too, even though this was a by-product
Though they took him away from
home and family for months at a
time, Jacques loved his visits to India
– he was fascinated by its history and
culture even tried to learn Hindi
of Jacques’ trips rather than an early
motivation: it was the inspiration that
Cartier would derive from India. The
Indian colours inspired vibrant tutti
frutti jewels, while Indian carvings and
motifs fed into designs on everything
from tiaras to cigarette cases.
What was your family’s recipe for
success in becoming the world’s
leading jewellery firm?
As I mention in the book, the dream to
build the family firm into “the leading
jewellery firm in the world’ was one
that the three Cartier brothers had
shared as children. Knowing they were
to inherit the Parisian firm, which their
grandfather founded, they formulated
a plan to take it beyond Paris. They
took a map of the world and literally
divided it with a pencil: divide and
conquer. Louis took Paris, the firm’s
headquarters, which he felt was his
right as the oldest brother. Pierre, the
middle brother, took the Americas:
he would go on to marry an American
heiress and open a branch in New York.
And Jacques, the youngest brother,
took England, and along with it, the
responsibility for clients in the British
colonies, most importantly India.
I always knew the three Cartier
brothers, Louis, Pierre and Jacques
were close - my grandfather had told
me about their special bond. But it
wasn’t until I read their letters that I
recognized how significant their shared
ambition and love for one another was
in terms of the firm’s success. Whenever
one of them was feeling disheartened
(they called it having a blue moment),
the others would rally round reminding
him of their dream ‘to build the leading
jewellery firm in the world.’ I loved
reading those letters and so did my
grandfather. We marvelled together at
how those three brothers didn’t just
have a lofty dream – nothing so unusual
about that – but, by working together
and leveraging each other’s strengths,
they actually made it happen!
54 | march-april 2020 | DiamonD WorlD
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The Rock Talk
Les Intemporels Ruban Prestige
baguette-cut diamond bracelet, Chanel
Essential Orbit Ring with baguette
diamonds, Shay
Baguette set diamond tassel earrings,
Hammerman Jewels
Diamond baguette eternity band,
Ricadro Basta Fine Jewelry
Diamond baguette ring, Suzanne Kalan
Baguette-Cut
Beloved Baguettes
An underrated albeit dreamy cut,
baguette diamonds are increasingly
featuring in standout designs
alongside the more voluptuous
cuts like round, marquise and pear.
Jewellery designers favour baguette
diamonds for their geometric
exactness as well as lustre. Enjoy
these pieces in alluring gemstones
and diamonds in this splendid cut
Necklace with elongated baguette,
rectangular and square-cut
diamonds, Shinde (Christie’s)
Lumieres d’Eau high jewellery
ring in white gold set with
brilliant-cut, square-cut and
baguette-cut diamonds, blue and
yellow sapphires and a 5.10ct
oval-cut sapphire, Chaumet
Ring Set with an oval ruby weighing
3.42 carats, surrounded with tapered
baguette and baguette diamonds, Bulgari
56 | march-april 2020 | DiamonD WorlD
Blue Book 2018 necklace in platinum with baguette
and round brilliant white, rare fancy blue grey and
grey diamonds, over 63 total carats, Tiffany & Co.
Oui earrings with blue
sapphire & baguette white
diamonds, Nikos Koulis
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18k white gold
and slice diamond
butterfly necklace,
Nina Runsdorf
The Rock Talk
Transformable high jewellery
bracelet, Chopard
Amarylis mystery-set
ruby diamond and pearl
butterfly brooch, Van
Cleef & Arpels
Butterfly Motif
Bejeweled Flutter
Who isn’t moved by the beauty of a
butterfly? So ethereal and gorgeous
is its form that the design world is
forever enchanted by this wonderful
creature. The jewellery fraternity of
course has left no stone unturned
when it comes to celebrating the
glory of a butterfly in all its forms
Butterfly earrings, Sylvie Corbelin
Butterfly garden
earrings, Anna Hu
Butterfly lovers
earrings, Stenzhorn
Butterfly garland
earrings, Anabela Chan
Enamel
butterflies with
diamonds,
Boucheron
Diamond set in white
gold and titanium
ring, Glenn Spiro
Opal and emerald
butterfly brooch,
Boghossian
Princess Butterfly sapphire
secret watch, Graff
2019 Black Label Masterpiece I ‘Aurora
Butterfly Brooch’, Cindy Chao
DiamonD WorlD | march-april 2020 | 57
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The Rock Talk
Briolette diamond Delphine ear cuff at the
Musée des Arts Décoratifs in Paris during
Couture Week, Ana Khouri
Cherry Blossom ear cuff, set with
pink, yellow and white diamonds
in white gold, David Morris
Cupid ear cuffs, De Beers
Butterfly & jade flower ear cuff, Wendy Yue
Large ear cuff,
Sabine G
Ear-Cuff
edgy & elegant
Statement-making ear cuffs
are finding their place in
high jewellery maisons,
thanks to their popularity
amidst the young and the
restless! Millennials who
like a little spunk in their
luxury prefer these stylish
ear-cuffs festooned with
precious and semiprecious
gemstones
Ear cuffs in white gold, carved rubies and
emeralds, brilliant-cut diamonds, Cartier
Vegetal lace diamond and
emerald ear cuff from
Golden Oasis high jewellery
collection, set with a 1.45
carat pear shape Colombian
emerald, Piaget
Single caterpillar ear cuff,
Gaelle Khouri
58 | march-april 2020 | DiamonD WorlD
Privée ear cuff, set with rows
of baguette cut diamonds
and eight cushion cut yellow
diamonds, Messika.jpg
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The Rock Talk
Georgian Imperial topaz demi
parure brooch and earrings,
Simon Teakle
Imperial
topaz,
morganite &
tourmaline
ring, earrings,
Sarkissian
A pair of Imperial topaz, ruby &
diamond ear pendants, JAR
A 17.43ct Imperial bi-coloured
topaz with a striking yellow to
pink gradient is set in rose gold
and surrounded by sapphires in
this ring, Katherine Jetter
Imperial Topaz
Burning Bright
First discovered in the Brazilian
town of Ora Preta, Imperials
have become sought-after for
their highly saturated orangishpink
colour, at times with hints of
purple and red. A gemstone whose
shade mimics a beautiful sunset or
a burning flame, Imperial topaz is
extremely rare. From JAR to high
jewellery maisons like Cartier and
Van Cleef & Arpel most jewellery
houses have used this rare stone
Bloom Large Imperial Topaz
Studs, Fernando Horge
Les Ciels de Chaumet Lueurs rage earrings
in white and yellow gold, set with two
cushion-cut Imperial topaz, pink morganites,
sapphires, onyx and diamonds
Earrings crafted in Brazilian
Imperial Topaz and soft pink conch
pearls set in rose gold and with
diamond highlights, Sarah Ho
Drop earrings, Erica Courtney
DiamonD WorlD | march-april 2020 | 59
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Round & About
Rough & Mining
Quebec’s Renard
mine stays on care
and maintenance
ALROSA
reports
9% drop in
production
Diamond production seasonally
declined by 9 per cent q-o-q to 8.0
m cts. A 2 per cent y-o-y growth
was due to increased diamond production
at the Jubilee pipe and the Aikhal and
International underground mines. Ore and
gravels processing seasonally decreased by
18 per cent q-o-q (down 7 per cent y-o-y)
to 5.9.
Diamond inventories as at the end of Q1
saw a seasonal reduction by 6 per cent q-o-q
to 21.1 m cts. Q1 average realised prices
for gem-quality diamonds totalled $123/ct,
going down by 17 per cent q-o-q (flat y-o-y)
at the end of 2019. Q1 diamond price index
declined by 1.2 per cent q-o-q, and down
1.9 per cent year-to-date.
Stornoway Diamond says the decision is due
to depressed market prices for diamonds
stemming from the coronavirus pandemic.
The decision affects some 540 people at the Renard
mine, 350 km north of Chibougamau, in the James
Bay region of north-central Quebec.
A team of 50 workers will remain onsite during
care and maintenance. Stornoway was acquired
by a group of its creditors, including Osisko Gold
Royalties, and delisted last year after it failed
to achieve free cash flow and ran out of working
capital. The mine continued to operate, however,
until March 24, when the Quebec government
suspending mining as a non-essential service due
to the COVID-19 pandemic.
62 | march-april 2020 | DiamonD WorlD
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Round & About
Rough & Mining
Rough prices of Petra
Diamonds down by 27%
Petra experienced depressed and opportunistic
bidding for its diamonds at its fifth sales cycle
of FY 2020, particularly in the larger size and
higher quality, greater value categories.
Rough diamond prices achieved at Petra’s fifth sales
cycle were down by 27 per cent overall on a like-forlike
basis in comparison to those achieved at the fourth
sales cycle in February 2020. A total of 24,254 carats,
comprising higher value +10.8 carat single stones as
well as parcels across the size and quality (gem and
cleavage) ranges, were withdrawn.
De Beers defers 3rd
Sight of 2020
Anglo American announces that due
to the public health restrictions on
the movement of people and product
in Botswana, South Africa and India, which
prohibit customers from traveling and
prevent the shipment of goods to customers’
international operations, De Beers Group will
not hold its third Sight of 2020.
De Beers Group is enabling sight holders to
defer 100 per cent of their Sight 3 allocations
to later in the year, and will continue to seek
innovative ways to meet sight holders’ rough
diamond supply needs in the coming weeks.
Lucapa recovers top quality 64ct diamond
The latest recoveries include a topquality
64 carat D-colour Type IIa gem.
The 64-carat diamond is the 12th +50
carat diamond recovered from Mothae since
commercial production commenced in January
2019 and further underlines Mothae’s status as
a source of large and premium-value diamonds.
Other significant recoveries include a 0.3
carat blue gem, proving Mothae also hosts rare
Type IIb diamonds, which account for less than
0.1 per cent of global diamond production.
64 | march-april 2020 | DiamonD WorlD
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Round & About
POLISHED DIAMONDS
Banks go
easy on loan
repayments
from diamond
exporters
Companies will get more time
to repay loans they take to
fund overseas shipments,
the Gem & Jewellery Export
Promotion Council (GJEPC) said
in a note to members. Owing to the
coronavirus outbreak in most parts
of the world, exporters’ ability to
recover payments from customers
has suffered in the past two months;
as China and Hong Kong account
for about a third of orders.
Polished-diamond shipments
to all markets fell 41 per cent
to $1.38 billion in February,
according to data from the GJEPC.
The organisation had asked the
government and banks for leniency
due to the slowdown and its impact
on cash flow.
Finestar Diamonds
opens manufacturing
factory in Botswana
Finestar is a sight holder of De Beers specialising in
manufacturing of polished diamonds ranging from one
to plus-10 carats in size of all colours and clarities. The
factory in Block 3 will cut, polish and manufacture jewellery from
the rough diamonds Finestar buys from De Beers under its status
as a sight holder. Finestar Diamonds Jewellery currently employs
almost 20 Botswana staff, with prospects of employing 70 more
in the future. Speaking at the launch, Mineral Resources, Green
Technology and Energy Security minister, Lefoko Moagi stressed
the importance of diamond beneficiation initiatives such as the
opening of Finestar. Through continuously investing in the best
technology and developing an expert workforce, Finestar says it
is determined to establish a seasoned product design team and
produce high-quality products.
De Beers Group CEO Bruce Cleaver said the diamond industry
in Botswana continues to develop adding that in not much more
than a decade, Botswana has not only become a leading rough
diamond sales location, but also a significant cutting and polishing
sector responsible for manufacturing a substantial share of the
world’s gem quality production.
(L-R) Mmetla Masire - Permanent Several (PS) Ministry of Mines, Bruce Cleaver - De
Beers Group, CEO, Vinod Jain, Founder, Finestar, Dr. Rajesh Ranjan - Indian High
Commissioner to Botswana, Lefoko Moagi - Hon. Minister of Mineral Resources, Green
Technology & Energy Security, Botswana
66 | march-april 2020 | DiamonD WorlD
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Round & About
POLISHED DIAMONDS
SRK donates around 55
tonnes of food during
COVID-19 crisis
SRK Group came together with Surat Municipal
Corporation (SMC) to aid in the preparation of
grocery kits for the less privileged in order to
tackle food shortage due to the ongoing virus outbreak.
The kits consisted of pulses, beans, vegetables, cooking
oil, wheat flour, rice, etc.
Daily essential food items estimated 24,500 kgs of
wheat flour, 12,500 kgs of rice, 1,800 kgs of sugar, 5,500
kgs of pulses, 7500 kgs of cooking oil, 2,000 kgs of beans
and 1,500 kgs each of potatoes and onions were donated
by SRK. The company also facilitated in supplying all
these items to the homes of the needy people.
Dimexon extends
support during
COVID-19 crisis
The company is undertaking these
initiatives in conjunction with various
local governmental bodies and with its
stakeholders in its diamond-manufacturing
hub in Coimbatore, all the while respecting
the Indian
Government's
guidance to further
restrict the spread
of the virus.
The company
has pledged their
support towards providing the local community
by serving at least 30,000 people with 12,000
kilos of daily freshly-cooked food, during the
time of the lockdown in India. The company
will monitor the situation closely and will
possibly extend this support as long as it is
needed, until there is stability in the local
community.
Polished diamonds exports sinks by 40%
The gems and jewellery industry, particularly
polished diamonds was already going
through a rough patch even before the
spread of coronavirus. Now, with coronavirus,
the industry is sinking to a new
low because of the decline in
diamond shipments to countries
like China, Hong Kong, and
USA, where India exports 80 per
cent of its polished diamonds.
Around 12 lakh people are employed in the
diamond industry in Surat alone, many of them
have migrated back to their hometowns because of
the fear of catching the virus. Though many have
been promised their salaries
during the period of lockdown,
the condition of those who
work in small-scale diamond
manufacturing units remain
uncertain.
68 | march-april 2020 | DiamonD WorlD
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Round & About
LAb & TeChnOLOgy
GIA offers
free
webinars
In GIA’s Knowledge
Session webinars, field
gemologists, scientists
and educators will engage
with online participants
around the world on the
diverse, pressing and
interesting issues and topics
in gemology today.
One of the sessions
included GIA Senior
Research Scientist Dr. Evan
Smith as he presented “The
Unique Story of Natural
Diamond.” Smith shared his
ground-breaking research on
diamonds and tectonic plate
activity. Discover what these
billion-year-old treasures tell
us about continent formation,
how legendary diamonds
such as the Hope were formed
and clues hidden within the
world’s most popular gem.
STPL develops
indigenous ventilator
to help India fight
COVID-19
A
medical ventilator is a life-saving innovation for
mankind. It provides artificial breathing when the lungs
of a patient fail to do it naturally. According to the ICMR
reports, around 5 per cent of COVID-19 infected patients will
require extensive care and mechanical ventilation, but India
faces an acute shortage of reliable ventilators, to effectively
deal with the current situation.
Sensing the dire need of ventilators, STPL pulled together its
team of highly skilled technocrats and developed its ventilator
in record-breaking short time. The ventilator has passed all
the medical trials conducted at the Civil Hospital, Surat by a
team of medical experts. The machine is now ready for mass
production. STPL is gearing up to manufacture 250 units per
day, to boost the hospitals' efforts to fight COVID-19.
70 | march-april 2020 | DiamonD WorlD
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Round & About
LAB & TechnoLoGy
GIA graduate
recognized with
Gianmaria Buccellati
Foundation Award
GIA (Gemological Institute of America) students
put their skills and talent to the test for the third
annual Gianmaria Buccellati Foundation Award
for Excellence in Jewelry Design. Yi-Hsuan Chiang, who
earned her Jewelry Design certificate at the GIA Taiwan
campus, received the top honour at the GIA Alumni
Association event in Tucson, AZ on Feb. 5. In addition to
the recognition, Chiang will travel to Italy to meet Rosa
Maria Bresciani Buccellati, president of the foundation,
and visit the foundation’s collection.
The 2020 Gianmaria Buccellati Foundation Award for
Excellence in Jewelry Design competition is underway
and open to students in GIA’s Jewelry Design courses who
meet the eligibility requirements.
Yi-Hsuan Chiang’s winning design for the 2019 Gianmaria Buccellati Foundation
Award for Excellence in Jewelry Design features amethyst, diamond, moonstone,
conch pearls, coral, black opal and baroque pearl. Photo by Emily Lane/GIA.
Nirupa Bhatt
Managing
Director GIA
India to step
down
After 12 years of serving as the
Managing Director of GIA
India & Middle East, Nirupa
Bhatt will be stepping down from her
position. With her experience and
knowledge that she has garnered over
three decades, she was responsible
for growing GIA
India as one of the
leading grading
laboratories in
India. A globally
renowned
gemological
institute, GIA
enjoys a distinct
reputation in the
industry in India
today, thanks to
her leadership. Bhatt will continue
to be on a consultant advisory role for
GIA following her resignation.
Sriram Natarajan, currently vice
president of laboratory operations
since joining GIA India in August
2017, will become managing director
of GIA India. Before his current
role, Natarajan held operational
and leadership roles in a variety of
international industries.
72 | march-april 2020 | DiamonD WorlD
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Round & About
ASSoCIAtIoN & trADE BoDIES
Ernie Blom
temporarily
resigns from
WFDB
Ernie Blom, President, WFDB
has stepped aside temporarily
from his post. According to a
report by JCK, the resignation comes
shortly after Blom's company, Ernest
Blom Diamonds has been involved
in a litigation with a WFDB-member
hourse, the Dubai Diamond Exchange,
in a dispute
over the
jurisdiction of
an arbitration.
Yoram Dvash,
President
of the Israel
Diamond
Bourse, was
unanimously
elected as
the Acting President of the World
Federation of Diamond Bourses
(WFDB). “The WFDB is at a very
historical moment as we have only
recently launched the Diamond
Trading Platform, Get Diamonds,
which has already become the largest
such platform,” stated Dvash. “It is a
time when it is absolutely essential for
the diamond industry to stand together
like never before to ensure the welfare
of the entire diamond industry.”
DPA continues New
Mom Gift campaign
with South Indian
actor couple
Continuing with their industry initiative to
create positive conversations around natural
diamonds, the Diamond Producers Association
(DPA) has gone regional in their latest communication
for their ‘New Mom Gift’ campaign.
The birth of a child is perhaps the most authentic,
precious and rare moment for any couple, as it is the
day their bond strengthens further with parenthood.
Only a gift that is as real, rare unique and precious
as a natural diamond can commemorate the journey of
becoming a family. DPA has taken the thought forward
of “Celebrate the miracle of life, with a miracle of
nature” by collaborating with leading celebrity couple
Sriranjani & Amith as they celebrate their parenting
journey with a #NewMomGift of billion-year old
natural diamonds.
74 | march-april 2020 | DiamonD WorlD
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Round & About
AssociAtion & trAde Bodies
GJePc pledges rs. 21
crore to PM-cAres fund
GJEPC, the apex body of gems and jewellery trade
in India has decided to contribute Rs. 21 Crore
to PM-CARES Fund, pledging its commitment
on behalf of the entire gem and jewellery trade in India
for the welfare of
the nation,” Pramod
Agrawal, Chairman
GJEPC, said in a
press statement
released on April 1.
Nation is facing an
unprecedented crisis
and needs the service
of organisations and
their resources like
never before. In such
times, the Council steps forward to show its solidarity
and ardent support towards all the initiatives undertaken
by Govt of India to Fight COVID 19.
dMcc announces support
package to boost UAe’s
economic resilience
dMCC – the world’s flagship Free Zone
and Government of Dubai Authority
on commodities trade and enterprise –
recently announced the roll-out of a Business
Support Package to support its business
community as well as new companies navigate
the current economic environment.
The package, applicable as of 1 April 2020,
includes a range of discounts and waivers, and
complements the various economic initiatives
announced by the UAE Government to support
the business and financial sectors.
Diamond trade bodies appeal to Ministry of
Commerce to ban imports of rough diamonds
in the wake of COVID-19 and the
unprecedented impact on the global economy,
the diamond trade bodies have appealed to the
goverment to ban import of rough
diamonds for 30 days after May 15.
In a letter signed by chair persons
of all committies including BDB,
GJEPC, SDB, SDA and MDMA, it
was stated that the members have
had several meetings with the
top member exporters and local
members of Committee of Administration of the
GJEPC to discuss the current market scenario and
possible steps that can be taken by the members in
consequence of the unprecedented
issues arising from the pandemic,
to protect the diamond industry.
The letter stated that such import
stoppage will help the industry
face the challenge that has arisen
out of turmoil in the global gems
and jewellery market.
76 | march-april 2020 | DiamonD WorlD
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Round & About
Retail and ecommeRce
Get Diamonds
launches with
an inventory
of 1,187,204
diamonds
World Federation of
Diamond Bourses
(WFDB) led Get
Diamonds, a brand-new, stateof-
the-art, trading platform is
ready for the trade. It already has
had a robust beginning and is
now the largest diamond trading
platform with an inventory
of 1,187,204 diamonds with
a total weight of 984,172.82
carats and a total value of US$
4,764,420,185.88.
The very three principles
which are firmly embedded in
its vision and the DNA of the Get
Diamonds trading platform are
Independence, Transparency
and Not for Profit. However,
“not-for-profit” does not mean
that there will be no charges.
Profits that are generated in the
course of the business will be
put back in the business.
Uni.diamonds & ezcalc
join forces
With the world in physical shutdown as a result of
the COVID-19 coronavirus, and with members
of the diamond and jewelry trades scrambling to
find solutions that will enable them to manage their supply
chains both remotely and more cost effectively, two of the
industry’s most cutting-edge players
have announced a partnership with
game-changing potential.
UNI.Diamonds, operator of the
online ecosystem that connects
between vendors and buyers, securing
the sale and safe delivery of polished
diamonds anywhere on the globe,
will be collaborating with EzCalc, the world’s most popular
application for calculating diamond prices.
chow tai Fook’s sales dips
60% amidst coronavirus fears
Following the highly volatile gold market and Covid-19
striking terror amidst people across the world and particularly
in South-East Asian countries -- Chinese jewellery major,
Chow Tai Fook Jewellery (1929) posted a 60 per cent sales slump
in Hong Kong and Macau in the first two months this year after
shutting down 40
stores in the two
cities.
The company has
shifted production to
its bases in Shunde
and Shenzhen.
Chow Tai Fook
said that about 70
per cent of its retail
stores in Mainland China and 64 per cent of stores in Hong Kong
and Macau resumed operations in February.
78 | march-april 2020 | DiamonD WorlD
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Round & About
Etc
BVc launches Vamastores to
make the jewellery industry
E-commerce ready
the Indian diamond & jewellery industry is
experiencing the worst phase of the century due
to COVID-19. Health concerns have produced
zero revenue month for the entire industry. Consumer
purchase from jewellery retailers
is expected to drop by 90% in the
first six months of 2020.
Among uncertainty, the only
guaranteed behaviour change
of consumers is to buy online.
E-Commerce of gems & jewellery
is expected to grow by over 50% this year. To support the
industry in becoming online ready, BVC today announced
the launch of Vamastores. BVC Logistics has been an
industry partner for over 60 years and through Vamastores
aims to shape the transition of jewellers from offline to
omnichannel.
JcK & Luxury Shows
cancelled
JCK Las Vegas and Luxury shows joins the gamut of
jewellery shows that have been cancelled in 2020. The
next edition of JCK will take place in June 2021 at the
Sands Expo Convention Centre and the Venetian hotel. The
2020 edition was initially
postponed to June 2020.
Reed plans a virtual
event this summer
and has invited all its
exhibitors to participate
in its sister show, the
Jewelers International Show (JIS) taking place Oct 13-16 in
Miami Beach Convention Center, Florida. JIS is the second
largest jewellery show in America.
Italian Exhibition
Group moves
Oroarezzo to July
Italian Exhibition Group (IEG)
recently decided to move
Oroarezzo 2020 (OA) to July and
is working to guarantee customers,
visitors, partners and, of course, its
own workers, with the highest safety
standards.
OA 2020 will be held from Saturday
18th to Tuesday 21st July in the Arezzo
Expo Centre with a proactive listening
approach on the part of IEG and a
punctual response to sector companies
that have been at a standstill for weeks
due to the health crisis. Companies
that are the country’s economic pride
and which need to meet customers
and international retailers in order
to resume production and engage the
market’s summer period.
Buyers will therefore be in ideal
conditions for respecting their
confirmed meeting agendas whether
physically at Arezzo or connected online
through the I-MOP platform: IEG
Meeting Omnichannel Platform.
80 | march-april 2020 | DiamonD WorlD
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Round & About
Etc
Final Strike for Baselworld as exodus
of big watch companies begin
In an attempt to being fair and
conscious of the sentiments
of all participants, MCH
Group (organizers) claimed that
though it has incurred a cost of
CHF 18.36 million, it is willing
to give exhibitors two options: A,
85% of the fees for Baselworld
2020 will be carried forward to
Baselworld 2021; the remaining
15% will serve “partially”
to offset out-of-pocket costs
already accrued; B, Exhibitors
can alternatively request 30%
cash refund (provided any
advance payments made allow
for repayment), while remaining
40% will get carried forward to
Baselworld 2021 and 30% will
be used to offset against accrued
costs.
If an exhibitor does not want
to go with either of the abovementioned
options, then he
will get invoiced for the costs
incurred in accordance with the
Supplementary Regulations with
Exhibitors (9.1) and offset them
against payment made. In simple
terms, if an exhibitor has made
full payment, he will receive a
refund of 30%, and the remaining
70% will be used for covering
the costs of Baselworld 2020.
“Our offer is not legally binding
and it is only valid till April 30”
was part of the communication
sent to exhibitors. In the
current time of global crisis,
the clause regarding the date is
being viewed as untimely and
insensitive by the industry.
First, this was a cancellation
done by the Swiss government
not by the exhibitors, so the
latter should help Basel with the
losses incurred. Secondly, the
organizers haven’t postponed
the show, they have cancelled it
altogether. The show dates of the
2021 (28 Jan – 2 Feb) edition is
also tricky as it falls in the midst
of a plethora of other shows
like Vicenza, Tuscon, Tokyo
and Miami amongst others. In
a matter of a couple of weeks
there are about 8 shows and one
wonders how Baselworld might
fit into this timeline.
Soon, Rolex, Patek Philippe,
Chanel, Chopard and Tudor
left Baselworld to create a new
watch trade show in Geneva
with the Fondation de la Haute
Horlogerie. The show will be
held early April 2021 at Palexpo,
at the same time as Watches
& Wonders. The MCH group
retaliated in a statement saying
that exhibitors including the
likes of Rolex favoured the show
dates.
82 | march-april 2020 | DiamonD WorlD
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DW Promotion
Gem Certification & Assurance Lab
Lost opportunity for
diamond companies…but
GCAL says it’s not too late
Trust and accuracy, as well as gemological transparency, are the
focal points of GCAL’s mantra and reputation
Important questions: Does your
company manufacture and/or
sell well-cut diamonds? Do
you take particular pride in the
quality of your products, and would
hope and expect to be appreciated
for the passion, technology,
expertise and dollar investment
you put into these products?
If the answer is yes to these
questions, you’re not alone. But of
far greater significance, you have
a serious problem. Ask yourself:
by the time your diamonds get
into the hands of retailers in North
America (from independents to the
majors), do store owners have the
ultimate evidence that convinces
them your diamonds and jewelry
are what you say they are?
Perhaps of greater importance, do
they have the selling tools to train
their sales people how to convince
consumers of the added value?
In other words, do retailers have
what they need to close more sales
of your diamonds and diamond
jewelry?
Lab reports don’t show it! And
you shouldn’t assume jewelers will
visit your website to learn your
benefits and advantages. They
probably won’t. They’ll work with
the tools they’re given. And none
of the lab reports you provide…
none of them… showcase your
84 | march-april 2020 | DiamonD WorlD
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DW Promotion
ingenuity. They don’t recognize
your talents.
None of them that is, except
GCAL (Gem Certification &
Assurance Lab).
This is because GCAL Guaranteed
Certificates (NOT reports) include
the following, while the other lab
reports, including GIA, do not:
Optical Light Performance
– direct assessment light
performance analysis, measuring
the actual diamond (not a model),
making it the most accurate
evaluation of a diamond’s light
performance.
Optical Brilliance Analysis –
an actual digital photograph of
the diamond taken in a special
lighting environment to create a
strong contrast between bright
(light return) and dark (light
leakage) areas.
Optical Symmetry Analysis -
an actual digital photograph of the
diamond taken in a special lighting
environment to reveal the patterns
of light return. This assesses your
diamonds’ consistency of angles
and alignment of facets.
Hi Res Photomicrographs – a
picture really is worth 1000 words.
These are actual, high resolution
images of the crown and pavilion
of your diamond, photographed
at 10x magnification. These
photographs are far more accurate
than typical subjective plotting
Proportion Diagram – actual
to-scale profile of your diamonds’
dimensions, using optical scanning
technology.
Hearts & Arrows – if precise
H&A are important to your
diamonds and your story, only
GCAL can include actual
photography to reveal the hearts &
arrows patterns.
Fancy Shaped Diamonds - an
actual digital photograph of the
diamond is taken that reveals the
diamond’s true shape.
Gemprint® Light Performance
– in addition to being the industry’s
leading diamond identification
technology (providing a unique
optical “fingerprint” for each
diamond), Gemprint’s® light
performance technology captures
and measures a diamond’s actual
output of light from a diamond
to assess Light Return, Optical
Symmetry and Scintillation. The
Gemprint® instrument shines
a single beam of light into a
diamond, collects data from nine
different positions, and analyzes
the light coming back out of the
diamond (the light return).
GCAL – Setting an
example for all to follow
Celebrating its 20th Anniversary,
GCAL stands alone among all
labs, and they do claim ALL
labs, as the most accurate, most
consistent and reliable gem
grading lab in the world. In part
as a result of TV investigative
reporting, GCAL believes trust
has unfortunately become a
serious issue, especially in the
diamond industry. But trust and
accuracy, as well as gemological
transparency, are the focal points
of GCAL’s mantra and reputation.
As part of its anniversary launch,
GCAL is committed to providing
support and training to retailers,
so they can convey this important
message to their customers, the
ultimate consumer.
Other areas of differentiation
between GCAL and other labs
are what they refer to as their
“guaranteed integrity.” This
refers in part to the 100% money
backed guaranteed certificates
GCAL provides the consumer.
This is in direct contrast to the
grading “reports” the other labs
provide; reports not supported by
a guarantee. In addition, GCAL
is one of only two ISO 17025
accredited labs in North America
(the other is Tiffany & Co). GCAL
provides, customized certificates,
exceptional quality 360° videos,
live fire and sparkle videos, live
sales training, and so much more.
For more information on all
GCAL lab and grading services, or
any of the other marketing services
they provide, please email sales@
gcalusa.com or call GCAL in New
York at 212-869-8985.
DiamonD WorlD | march-april 2020 | 85
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GIA AdvertorIAl
Stone Talk
Diamond – The Universal
Symbol of Love
The universal symbol of love, diamond is one of the most coveted
gems. Pliny, the noted first century Roman naturalist, perfectly
described them: “Diamond is the most valuable, not only of
precious stones, but of all things in this world.”
Diamonds were traded in India as early as
the fourth century BCE, and many of the
world’s most famous ones came from the
Golconda mining area. As India’s diamond supplies
began to decline in the early 1700s, Brazil emerged
as an important source. Later discoveries in South
Africa and elsewhere put a gem once owned only
by royalty and the rich in the reach of many.
Cut
Diamonds are renowned for their fire, sparkle
and brilliance. Precise workmanship and artistry
are required to cut a diamond so its proportions,
symmetry and polish deliver a magnificent return of
light. Among other things, a standard round brilliant
diamond’s cut grade describes how well its facets
interact with light.
Colour
The evaluation of colour for most gem-quality
diamonds is based on its relative absence. A
chemically pure and structurally perfect diamond
has no hue, like a drop of pure water. Within the
normal colour range, colourless diamonds are the
most rare, so they’re the most valuable.
©GIA 2019. GIA®, the GIA logo and Gemological Institute of America® are registered trademarks of Gemological Institute of America, Inc.
86 | march-april 2020 | DiamonD WorlD
ADT190033_India_Advertorial_Diamond_v3.indd All Pages

GIA AdvertorIAl
Clarity
Natural diamonds form deep within the earth
where carbon is subjected to tremendous heat
and pressure. This process can cause internal
characteristics, called inclusions, within a
diamond crystal. External surface features, called
blemishes, can result from the cutting process or
subsequent damage.
Treatments
Most diamonds are not treated. However, a
diamond’s appearance can be enhanced with
various types of treatments. If a diamond’s
colour or clarity has been enhanced, it may
affect its value. In some cases, special care
might be required. Treatments should always be
disclosed.
In determining a diamond’s clarity grade, graders
consider the size, nature, position and colour
or relief of these characteristics, as well as how
they affect the overall appearance of the stone. A
diamond without inclusions or blemishes is rare,
so the closer it comes to flawless, the greater its
value.
Carat Weight
Diamonds are weighed in metric carats. One
carat (abbreviated ct) is equal to 0.2 grams or 200
milligrams. A carat is sub-divided into 100 points.
Precision is important, so diamond weight is often
measured to the thousandth of a carat and then
rounded to the hundredth decimal place.
This article is provided by GIA (Gemological Institute of America®).
GIA.edu
Images Courtesy of: 1stdibs.com
Learn More About GIA Education Programmes and Laboratory Services in India
GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu
DiamonD WorlD | march-april 2020 | 87
6/18/19 3:20 PM

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