Diamond World (DW) May - June 2020

FOunDER: Late Vidya Vinod Kala 

Alok Kala 

Editor and Publisher 

Arpit Kala 

Associate Publisher 

Vijetha Rangabashyam 

Senior Editor 

Sugandha R 

Features Editor 

Gunjan Jain 

Business & Marketing 

Dhananjay Kokate 

Graphic Designer 

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Vol. 47 # 4 • MAy-JUNE 2020 

Why the demand for diamonds will still be relevant? 

Diamonds will continue to 

light up people’s lives with 

its sparkle and here’s why 

As long as love and happiness remain key to people, diamonds will stay 

relevant. No pandemic can bring down the allure of diamonds. With weddings 

being downsized world over, people saving from not spending on 

vacations and other avenues of entertainment, more money can be spent 

on buying diamond jewellery. It is up to the industry as to how they can 

win back their rightful market share says Vijetha Rangabashyam 

66 | Cover Story 

Owner : 

International Journal House 

Publisher and Printer: Alok Kala 

Printed at : 

Thomson Press India Ltd., Faridabad 

Published from : 

Journal House, 

A-95, Janta Colony, 

Jaipur 

34 

34 | In MeMorIaM 

Remembering late Shri 

Arunbhai Mehta 

Visionary, Leader, 

Philanthropist… A Real Gem

82 | sPecial rePort 

Ban on rough diamonds 

78 

To Import or to not Import 

82 

78 | Personality 

David Kellie, CEO, Natural 

Diamond Council 

“There is nothing else in the world 

that connects emotions, memories 

and moments like diamonds” 

94 

94 | sPecial Feature 

Online jewellery auctions 

The Rich are finding Happiness 

in Precious Baubles 

88 

98 

88 | sPecial rePort 

Hong Kong market 

The View from Hong Kong 

108 | Design stuDio 

Selim Mouzannar 

Bearer of Legacy 

98 | the rock talk 

Hot Trends 

Auction pieces, elephant motif, 

gold & multicolour jewellery 

108

editorial 

Sparkle of 

Hope 

No pandemic can bring down the lure of diamonds. 

Diamond as a product speaks for itself. Despite the 

pandemic diamonds are holding onto their sheen. 

Markets across the globe are yet to open up to their 

normal levels. Indian jewellers are doing their best to woo customers 

and bring the shine back in their business. It will take some time. 

The current edition of Diamond World discusses how the pandemic 

cannot dampen joy and how despite the gloom in the market, things 

will pick up eventually. Associations and trade bodies are gearing up 

to talk for the industry – they are representing the difficulties faced by 

the industry to the government without mincing words. Among other 

sections, we have market report from Hong Kong, there’s a special 

feature on auctions across the globe, Beirut-based Selim Mouzannar’s 

designs and insights open up new vistas of imagination for Indian 

designers. 

Passing away of Late Shri Arunbhai Mehta, a great businessman of 

virtue and a visionary leader has left a void in the industry – we bring 

glimpses from the life and work of this great diamantaire and pay our 

tribute to the memory of a lifetime, which will inspire and awe our 

readers. 

All in all, we bring rays of hope and insights to regain your 

composure in these trying times. 

Happy Reading! 

Editor 

Alok Kala 

DiamonD WorlD | may-june 2020 | 19

Round & About 

Rough & Mining 

Lucapa 

discovers 171ct 

gem-quality 

white diamond 

at Lulo 

The 171 carat gem-quality 

white stone is the 15th +100 

carat diamond recovered to 

date from Lulo and the 2nd +100 

carat diamond recovered for 2020. 

It is also the 4th largest diamond 

recovered to date since activities 

began at Lulo. This 171 carat white 

diamond was recovered from Mining 

Block 6 as scaled mining operations 

recommenced at Lulo. Mining Block 

6 has now produced 6 +100 carat 

diamonds. 

Lucapa Managing Director 

Stephen Wetherall commented: 

“The recovery of this 171 carat gemquality 

white diamond continues 

to underpin the potential of the 

kimberlite exploration programme 

as drilling of the high-priority 

kimberlites in the Canguige 

catchment continues.” 

ALRoSA reports its May 

2020 diamond sales results 

in May 2020, ALROSA Group 

sold $40.1 million worth of 

rough and polished diamonds. 

The revenue from rough diamond 

sales sequentially grew to $36.2 

million, and from polished 

diamond sales −to $3.9 million. 

Said, Evgeny Agureev, ALROSA Deputy CEO, “Despite a 

noticeable increase compared to April, sales in May were 

expectedly low, as ALROSA remains committed to its price 

over volume strategy, allowing the cutters, who are just 

resuming their work, to reduce the accumulated rough and 

polished diamond stock.” 

Mountain Province lowers 

production for 2020 

The revised production guidance reflects the challenges 

of COVID-19 pandemic and the impact on operations 

and logistics at the Gahcho Kué Mine, and the necessity 

to implement changes to operating policies and procedures 

to minimize the risk of infection. These changes included 

protecting the workforce by isolating vulnerable employees, 

implementing travel restrictions to and from the mine, revising 

health and safety protocols, including on site self isolation, 

social distancing, and ongoing testing of all employees. 

Said, Stuart Brown, the Company's President and Chief 

Executive Officer, 

“The new forecast for 

the year 2020 is the 

result of a tremendous 

amount of effort to 

maintain production at 

the mine.” 

20 | may-june 2020 | DiamonD WorlD

RoUGh & MininG 

Rough prices of 

Petra Diamonds 

down by 27% 

The Company chose to only sell a portion 

of its South African goods, representing 

ca. 75 per cent by volume and ca. 50 

per cent by value. The remaining goods were 

exported to Antwerp and of these, ca. 75 per 

cent were subsequently sold 

at the Company’s Antwerp 

marketing office. 

Rough diamond prices 

achieved at Petra’s fifth 

sales cycle were down ca. 

27 per cent overall on a likefor-like 

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 were withdrawn and will be 

sold privately or at a subsequent sales cycle, 

when market conditions allow. 

Gemfields reports 

revenue USD216.2 

million for 2019 

Gemfields announced audited 

financial results for the year ended 

31 December 2019. 

Sean Gilbertson, CEO of Gemfields, 

commented: “We are pleased to report a strong 

set of results for the 2019 financial year, with 

the team delivering record group revenues 

and a healthy growth in operating profit.”

POLISHED DIAMONDS 

Anna Hu’s jewels sold 

by Diamonds That Care 

to raise funds against 

Covid-19 

Three diamond jewellery pieces designed 

by Chinese jewellery artist Anna Hu were 

offered at an online charity auction, to raise 

up to $420,000 for the families of health-care 

workers who lost their lives to Covid-19. The online 

auction will run through July 13. 

The jewellery pieces include an 18k white-gold 

and 18k red-gold heart-shaped necklace with 305 

fancy colour and colourless diamonds, weighing 

a total weight of 77 carats. It is centered with 

a 27.02-carat pear-shaped fancy brown-yellow 

diamond and has an estimated value of between 

US$257,800 and US$386,700. 

Hu created these unique pieces exclusively 

for this charity project using rich brown 

diamonds extracted by ALROSA in Yakutia, 

a region in the Siberian Far East. Proceeds 

from the sale will assist healthcare workers 

who continue to work at the center of efforts to 

combat the pandemic. The project is organized 

in cooperation with the nonprofit charitable 

organisation Diamonds Do Good. 

Board President of Diamonds Do Good, Anna 

Martin says: “We are honoured to be associated 

with this project which will spread positivity and 

hope and show that diamonds truly do good”.

Round & About 

POLISHED DIAMONDS 

3ct blue diamond 

goes unsold at 

Sotheby's auction 

The Part II Magnificent 

Jewels & Nobel Jewels 

Geneva was not a success 

as many lots went unsold. Just 

when we thought all is well in 

the world of live digital auction, 

Sotheby's hit a roadblock with 

its Part II Magnificent Jewels & 

Nobel Jewels Geneva. Many lots 

went unsold including a 3.01 

ct fancy vivid blue diamond 

with VS1 clarity. The auction 

house withdrew the diamond 

from sale. It was estimated to 

be sold for $4.3 – $6.3 million. 

Many pieces with fancy colour 

diamonds went unsold. 

28.86ct D colour diamond 

sells for $2,115,000 

Christie’s Jewels Online (June 16-30) totaled 

$4,164,500, with 100% sold by value, 93% sold by 

lot, achieving 140% hammer above low estimate, 

and 64% of lots selling at or above their high estimate. 

Estimated at $1-2m, the 28.86 Carat, D Color Diamond 

was the highest valued lot ever offered in a Christie’s online 

sale. The impressive stone received bids immediately upon 

the sale going live on June 16. After a fierce competition of 

31 bids, from four countries spanning Asia to America, the 

exceptional stone sold for $2,115,000, setting the new record 

for a jewel sold in an online auction. 

SRK Knowledge Foundation 

extends relief operation 

SRK Knowledge Foundation (SRKKF), the CSR arm of 

Shree Ramkrishna Exports Pvt Ltd (SRK) - initiated an 

emergency relief operation in the cyclone hit coastal 

areas of Maharashtra last week. 

The team of SRKKF visited 40 villages of the affected areas 

and provided 200 Food kits, each of 43 kgs comprising of 

Daily essential food items like 15 kg wheat flour, 10 kg rice, 7 

kg pulses, 500 gm tea, 3 kg sugar, 1.5 kg dry spices and 5 kg 

cooking oil. Along with this, 200 numbers of Solar lights were 

also provided to light up houses and help charge the smart phone 

batteries. With this, SRKKF reached homes of over 100 SRK 

family members working at various of its units. Needy families 

were also sought out and the remaining food packets and lights 

were distributed amongst them too. 


Round & About 

Lab & TechnoLogy 

Lucara Diamond corp expands 

collaboration with Sarine on clara 

clara is a digital, web 

based rough diamond 

sales platform that 

uses Sarine's Galaxy® / 

Advisor® derived possible 

planning solutions together with 

proprietary matching analytics to 

sell individual rough diamonds 

directly. Sarine Technologies Ltd 

announces that it has expanded 

its collaboration with Clara 

Diamond Solutions Corporation 

David Block, CEO of the Group 

commented, "We are excited to 

have another producer opt into our 

unique provenance initiative.” 

HRD Antwerp announces 17th edition 

of HRD Awards 

hRD Antwerp announced the 17th edition 

of the HRD Awards, with the results being 

declared on 21st June 2020 on HRD 

Antwerp’s social media pages. The theme of the 2020 

awards was HAPPINESS - A New Beginning, which 

would be an inspiration for others in the current 

global crisis. 

Ellen Joncheere – CEO, HRD Antwerp states “The 

enormous response we received from across the globe 

brings across one strong message - we are together 

no matter from where we are or who we are.” 


Lab & TechnoLogy 

Round & About 

GIA New York laboratory reopens 

The GIA (Gemological Institute of America) 

gem identification and grading laboratory in 

New York City reopened on Monday, June 29. 

The 11 global GIA laboratories are open, gradually 

adding hours and extra shifts to meet the increasing 

demand for services. 

GIA schools in Taipei and Hong Kong are open 

and all other GIA schools are preparing to welcome 

back on-campus students in the near future. 

“As restrictions are lifted and the global gem and 

jewelry industry begins to recover, we are safely 

reopening GIA locations, returning staff to work and 

preparing to engage in our mission-driven activities,” 

said Susan Jacques, GIA president and CEO. 


Round & About 

AssociATion & TrADe BoDies 

Diamond 

Producers 

Association 

rebrands itself 

as 'Only Natural 

Diamonds' 

The DPA will be called "Natural 

Diamond Council" and will be 

armed with a new consumerfacing 

identity and digital platform. 

The world’s leading diamond producers 

today launched the Natural Diamond 

Council (NDC), formerly known as 

the Diamond Producers Association 

(DPA), in USA 

and Europe. The 

NDC will promote 

the desirability of 

natural diamonds 

and support the 

integrity of the 

natural diamond 

jewellery 

industry. 

Richa Singh, 

Managing 

Director, India, 

said: “Our endeavour is to create the 

natural diamond dream in India by 

being both emotionally and culturally 

relevant. In India each piece of 

jewellery we buy has strong meaning 

and emotions attached to it.” 

WFDB launches 

digital campaign 

The campaign, which will run on social media 

and search engines, is focused on targeting 

jewellers, major brands, manufacturers and 

other diamond buyers in the United States. 

The World Federation of Diamond Bourses 

(WFDB) is launching an international digital 

marketing campaign to introduce Get Diamonds 

to jewelry retailers. The campaign, which will 

run on social media and search engines, is 

focused in the first stage on jewellers, major 

brands, manufacturers and other diamond buyers 

in the United States.The WFDB says that it's 

US campaign is only the first step in a greater 

marketing effort that is intended to reach markets 

in Asia, Europe, Latin America and Australia. 


Round & About 

AssociAtion & trAde Bodies 

GJEPC contributes 

Rs 20 lacs to UP Govt 

GJEPC had allocated a fund of Rs.51 

crore to fight against Covid-19 and 

help the disadvantaged workers of 

the industry. 

In their continuous endeavour to 

support the fight against Covid-19, GJEPC 

contributed a sum of INR 20 lakhs to the Uttar 

Pradesh Government, which will be used in 

the CSR activities by the state government. 

GJEPC has also donated INR 21 crore to 

the PM Cares Fund, to support the country’s 

challenge against the pandemic. GJEPC is 

helping daily wage workers of the industry 

by transferring Rs.1,500 in the form of 

Direct Benefit Transfer (DBT) directly into 

their individual bank accounts. 

Shri Ashok Seth, Regional Chairman 

- North, GJEPC, on behalf of the Council 

members, met Chief Minister of Uttar 

Pradesh, Yogi Adityanath, and contributed 

Rs. 20 lakh to augment the financial 

resources of the State Government for the 

welfare of its people. 

Colin Shah, Chairman 

Vipul Shah, Vice Chairman 

GJePc elects new 

chairman and vice 

chairman 

Gem Jewellery Export Promotion Council 

(GJEPC) has appointed Colin Shah 

as the new chairman for the next two 

years from 2019 to 2021. Shah will take over 

from the outgoing chairman Pramod Kumar 

Agrawal. Vipul Shah will be the Vice Chairman 

(uncontested). 

The other key appointments include: 

Regional Chairman – Northern region, Ashok 

Seth; Eastern region, Prakash Chandra Pincha; 

Southern region, Mahender Tayal; Western 

region, Ashokbhai Gajera; Gujarat region, 

Dineshbai Navadiya and Rajasthan region, 

Nirmal Kumar Bardiya. 

Along with various panel convenors: Silver 

panel - Ram Babu Gupta, Synthetics Panel 

- Badrinarayanan Gupta, Jewellery Panel - 

Suvankar Sen, Diamond Panel - Chirag Lakhi, 

Gold / Jewellery Panel - Shailesh Sangani, colour 

stone panel - Mahendar Agarawal (Derewala). 


Round & About 

Retail and ecommeRce 

de Beers Jewellers 

unveils new customer 

centric ecommerce 

de Beers announced the launch of its entirely 

customer centric website, debeers.com. With a 

unique offering among the fine jewellery industry, 

this unveiling affirms De Beers’ position as the Home of 

Diamonds. The new website, available in English, French 

and Chinese (simplified and traditional), is expanding 

the product selection available for purchase to include 

the wide range of De Beers jewellery and, for the first 

time, engagement rings and solitaires from the entry price 

points of My First De Beers collection up to $250,000, as 

well as extending its delivery capabilities to clients to 15 

markets. 

François Delage, Chief Executive Officer at De Beers 

Jewellers said: “Our new site enables our clients to 

discover andacquire diamond jewellery through a rich 

content experience.” 

Tata's Zoya 

opens flagship 

store in 

Bengaluru 

amidst Covid-19 

over the last decade, 

this luxury Maison, 

with artistry and 

craftsmanship at its core, 

has been redefining the way 

fine jewellery is experienced 

in India. Located in the ‘it’ 

neighbourhood of Vittal Mallya 

Road in the heart of the city, 

all 3300 square feet of this 

boutique speak with a quiet 

eloquence of a love for fine 

jewellery.“Zoya is a brand with 

its heart in India and an eye 

on the world”, says Business 

Head, Amanpreet Ahluwalia. 


Round & About 

Retail and ecommeRce 

Forevermark diamonds stands by its 

commitment to protect the environment 

at the heart of a 

Forevermark diamond 

lies a continuing 

commitment to integrity. 

Forevermark’s promise of 

beautiful, rare and responsibly 

sourced diamonds goes a lot 

deeper than just ensuring the 

diamonds are conflict free. 

De Beers Group is running a 

ground-breaking, multimilliondollar 

research programme 

focused on using kimberlite rock 

to capture carbon dioxide from 

the atmosphere and establish a 

carbonneutral mine. “Every day 

Forevermark and the De Beers 

Group commits to protecting 

the natural world and positively 

impacting the countries 

where our natural diamonds 

are sourced. A Forevermark 

diamond is a lifelong reflection 

of the beauty, perfection and 

infinite variety of nature,” 

said Sachin Jain, President, 

Forevermark India. 

Tiffany-LVMH deal on the rocks 

the LVMH board met 

on June 2 to discuss its 

takeover of Tiffany & Co. 

It’s said that the $16.2 billion 

deal was less certain than before 

Covid-19. 

The panel of directors 

“focused its attention on the 

development of the pandemic 

and its potential impact on 

the results and perspectives of 

Tiffany & Co. with respect 

to the agreement that links the 

two groups,” LVMH said in a brief 

statement on June 5. 

LVMH had agreed in November 

last year to buy the New Yorkbased 

jeweller for $135 per share. 

Directors of LVMH also 

expressed concerns about 

Tiffany’s ability to cover all 

its debts by the time the 

transaction closed, which was 

due to happen in mid-2020. 

Meanwhile, Bernard 

Arnault, LVMH’s CEO and 

chairman, is exploring ways of 

pressuring Tiffany to lower the 

selling price, Reuters reported on 

June 4. As per recent reports the 

takeover is uncertain as of now. 


In MeMorIaM 

Remembering Late Shri Arunbhai Mehta 

(9 January, 1940 – 14 June, 2020) 

Visionary, leader, 

philanthropist… 

a real Gem 

Diamantaire par excellence, a businessman of virtue and champion 

of the masses, Late Shri Arunbhai Mehta was all of these and more. 

Here are some memoirs compiled from his great life and work 


In MeMorIaM 

He was born in Patan, Gujarat, 

in January 1940, the son of 

Ramniklalji Mehta, who was in 

the diamond business. He grew up with 

two brothers, Harshadbhai and Dilipbhai, 

and one sister. 

In 1960, he co-founded B. Arunkumar 

& Co in Mumbai, with his maternal 

uncle Bhanuchandra Bhansali, and 

Ramniklal Mehta (1920–2002). In 

1970, his brother Dilipbhai Mehta set 

up Rosy Blue in Belgium. 

Mehta was the senior director of Rosy 

Blue. He was a founding member of the 

Diamond Exporters Association Ltd, and 

its vice-president. He was a member of the 

managing committee of the Bharat Diamond 

Bourse. For 20 years he was a member of 

the managing committee of the Gem & 

Jewellery Export Promotion Council. 

It was with profound sadness that the 

industry read the news about the passing 

away of Arunkumar R Mehta. Arunbhai, 

an industry stalwart and highly respected 

community leader was a guiding force 

and mentor to many. He was 80 and is 

survived by his wife Rajnika, son Russell 

and daughters Amita Samir Mehta and 

With trade leaders & Rajiv Gandhi 

Arunbhai receiving award from commerce 

minister Dinesh Singh 

During the World Diamond Congress 

Alpa Nishit Kothari, daughter-in-law 

Mona, and sons-in-law Samir Mehta and 

Nishit Kothari, along with many grand 

and great grandchildren. He is also 

survived by his brothers Harshad and 

Dilip Mehta. 

end of an era 

The demise of this great visionary and 

industry veteran at the age of 80 in 

Girgaum, Mumbai marks the end of 

era and passing away of a beacon who 

ensured that diamonds processed in 

India reached out all across the world 

and secured admiration for their quality 

and finesse. 

The history of the Indian diamond 

industry would have been different 

without Arunbhai’s key contributions. In 

the late 1970s he was one of the pioneers 

of its modernization and rapid growth 

phase, allowing him to not just grow the 

company he co-founded – Rosy Blue, but 

also the industry as a whole. 

With his vision and business acumen, 

he was able to seize opportunities but 

above all else he always prioritized high 

integrity and business ethics; helping 

the industry, like Rosy Blue, gain a 

favourable and trustworthy reputation. 

His participation and efforts in a number 

of trade organisations contributed 

immensely to the growth of the whole 

industry. He was a member of the 


In MeMorIaM 

Arunbhai welcoming a 

diamantaire from overseas 

Managing Committee of Bharat Diamond 

Bourse for a long period. He was also 

associated with the Bombay (now Mumbai) 

Diamond Merchants Association and a 

member of the Working Committee of 

The Gem and Jewellery Export Promotion 

Council for over 20 years. 

Arunbhai will not be remembered 

only for his business prowess; but over 

time, his experience, wisdom, honesty 

and most importantly willingness led to 

him becoming a mentor and contributing 

to the training and guidance of several 

of our country’s leading diamantaires. 

His approach was practical, simple and 

effective, leading him to be one of the 

most sought after advisors and problem 

solvers - be it for personal or professional 

issues, and it is testament to his immense 

humility that he never declined to 

support someone who sought his counsel. 

For those who knew him, he was always 

a phone call away: no problem or 

discussion was ever delayed or avoided. 

The Brainchild behind a 

Diamond Empire 

In the late 50s, a 19-year-old moved 

to Bombay to start his career as 

a trainee in a diamond firm. He 

learnt the ropes of the diamond trade 

by understanding the nuances of every 

aspect of diamond manufacturing. He 

worked in cutting, sorting polished 

diamonds and even learned the basics 

of boiling rough diamonds, cleaning 

the stones and making parcels. Having 

learnt how each department of diamond 

manufacturing functions, Arunbhai 

started out as a broker 

and a diamond dealer. In 

1960, along with his uncle 

Bhanuchandra Bhansali, 

he founded the company 

B.Arunkumar & Company 

with a mere Rs.25,000 

investment worth of rough 

diamonds. 

The Indo-China war that 

held between 1962-63 was a big 

blow for the diamond trade. With 

prices decreasing by 20 per cent and 

all that unsold inventory, Arunbhai 

swiftly decided to turn their attention 

overseas. the company’s was no looking 

back. The company began to focus 

all its energies into exports. In the 

late 60s, Arubhai’s brothers Harshad 

and Dilip Mehta joined the company. 

As the business grew, they realised 

they needed a presence in Antwerp. 

Dilipbhai Mehta, the youngest brother 

moved to Antwerp. B. Arunkumar & 

Co. became a De Beers sightholder in 

1969. 

At every step of the way, the company 

was first to innovate and experiment 

under the guidance of Arunbhai. It kept 

improving its manufacturing prowess 

and in the 80s, the company decided 

to make its foray into gem-set jewellery 

for the overseas market. In 1987, along 

with Conwood Group, the company set 

up Intergold, a jewellery manufacturing 

unit in SEEPZ, Mumbai. The group took 

so many manufacturing units under its 

wing and today is the largest exporter 

of jewellery in the country. 

Before the inception of 

Rosy Blue, Arunkumar 

Mehta used go to Antwerp 

to buy diamonds from 

Gembel’s Kirtilal Mehta 

till the 1960s. 

In 1973, he spun 

off Rosy Blue from B. 

Arunkumar and Co, which 

he had founded with Bhanuchandra 

Bhansali. In the beginning, Rosy Blue 

was to be an Antwerp-based satellite 

office for rough procurement and 

polished distribution. Dilip Mehta ran 

Rosy Blue for many years since its 

inception. 

In 2000, it changed its name to the 

Rosy Blue Group, paying homage to the 

two rarest diamond colours. The Rosy 

Blue Group now has a global presence 

in more than 12 countries and recently 

took a position in Leo Schachter. At 

present, Shri Arunkumar Mehta’s son 

Russell Mehta is at the helm of Rosy 

Blue Group. 

Arunbhai receiving Award from former 

Commerce Secretary Abid Hussain 


In MeMorIaM 

Arunbhai with De Beers Chairman Nicky Oppenheimer and Anthony Oppenheimer and trade leaders 

Achievements & Accomplishments 

Shri Arunbhai Mehta was active in the industry, 

serving as a member of the managing committee of the 

Bharat Diamond Bourse and member of the working 

committee of the Gem & Jewellery Export Promotion Council 

(GJEPC) for more than two decades. He also contributed to 

a number of charities designed to support and promote his 

local community. He won the Lifetime Achievement Award 

from the GJEPC in 2007. 

Arunbhai lived a life of service which in later years became 

dedicated to philanthropy. He was the founding-member of 

the influential body Diamond Exporters Association Ltd. 

besides being active with the Bharat Diamond Bourse, the 

Gems and Jewellery Export Promotion Council, Rajkamal 

Rikhabchand Charitable Trust, Bombay Diamond Merchants 

Association Relief Fund and was involved with other 

prominent organisations. 

Arunbhai supported causes like education and medicine. 

Many of his endeavours were focused on the growth and 

development of the Banskantha region, and the Palanpuri 

community as a whole. Notably, he served as Chairman of 

Palanpur Samaj Kendra, Mumbai and of Vidyamandir Trust, 

Palanpur for several years, and he was also associated 

with Sir Kikabhai Premchand Trust, Banaskantha District 

Kelavani Mandal and the Gem and Jewellery National Relief 

Foundation. 

At the inauguration of S.G.Jhaveri Diamond Hall at BDB 

with Sharad Pawar 


In MeMorIaM 

names of associations and 

trade bodies Late Shri arun 

Mehta was affiliated with 

• Bharat Diamond Bourse (BDB) 

• Diamond Exporter’s Association Limited 

(DEAL) 

• Gem & Jewellery Export Promotion 

Council (GJEPC) 

• Mumbai Diamond Merchant’s 

Association (MDMA) 

• Palanpur Samaj Kendra, Mumbai (PSK) 

• Vidyamandir Trust, Palanpur (VMT) 

• All India Gem and Jewellery Domestic 

Council (GJC) 

• Banaskantha District Kelavani Mandal, 

Palanpur 

• Brihad Mumbai Vardhman Sthanakvasi 

Jain Mahasangh 

• Conwest and Manjula S. Badani Jain 

Hospital, Mumbai 

• Dariyapuri Sthanakvasi Jain Samiti, 

Ahmedabad 

• Gem & Jewellery National Relief 

Foundation (GJNRF) 

• Lok Niketan Trust, Palanpur 

• Mahavir Health & Medical Relief Society, 

Surat 

• Sarvodaya Ashram, Sanali 

• Saurashtra Medical & Educational 

Charitable Trust, Project Life, Rajkot 

• Shree Vardhaman Sthanakvasi Jain 

Shravak Sangh (Walkeshwar), Mumbai 

• Shri Mahavir Charitable Trust, 

Ahmedabad 

• Shri Sacchiyay Mataji Trust, Mumbai 

• Sir Kikabhai Premchand and S.R. Mehta 

Hospital, Mumbai 

• Vision Foundation India, Mumbai 

• World Jain Confederation, Mumbai 

• Zaveri Mangalji Vamalshi Dispensary - 

Parikh Hospital, Palanpur 


In MeMorIaM 

A Saga of Successes 

A throwback of an exclusive interview with him in 2007, on the occasion of him 

winning the Life-time Achievement Award 

decided to set-up a partnership with me for 

a diamond cutting unit in Mumbai. This is 

how we started in 1960 our company – B. 

Arunkumar & Company and set- up its first 

tiny manufacturing unit in Mumbai. Initial 

business activity was quite limited. This 

is evident from the fact that we purchased 

rough worth about Rs. 25,000-30,000, cut 

and polished it and sold the same in the 

market. This yielded small profit, but added 

to our confidence. 

Receiving Life Time Achievement Award from Kamal Nath, former 

Union Cabinet Minister of Commerce 

What is your age, sir ? How were you 

attracted to this business? 

I was born at Patan (N. Gujarat) in January 

1940, now I am 67. Apart from our parents, 

there were four members in the familythree 

brothers – myself, Harshadbhai and 

Dilipbhai – and one sister. 

After studying upto SSC, I joined a college 

for higher studies. My father, Ramniklalji 

Mehta was doing some diamond business. 

His friends advised him to induct me into 

this business. This changed the course of 

my life. Subsequently, I got some training in 

the Ratanchand Laxmichand & Company’s 

diamond units in Surat and Navsari. For a 

few months I went to Pondicherry where 

in my uncle’s firm I got some training for 

accounts and import business. 

When and How did you launch your 

own diamond business? 

Even today I remember well that in 1958 

I purchased one diamond for Rs. 25 and 

sold it at Rs. 27! This was my first brush 

with this business. Subsequently, I started 

purchasing –polished gemstones from 

some units and selling them in the market. 

This gave me enough experience about 

assortment and marketing. 

When did you start manufacturing 

activity ? 

My maternal uncle Bhanuchandra 

Bhansali was doing some business in 

rough diamonds with his son-in-law. He 

When did you start business in 

antwerp ? 

In 1970 Dilipbhai went to Belgium to settle 

down there. He set-up the Rosy Blue firm 

there. 

When did your firm become a DTC- 

Sightholder? 

Our firm became a DTC Sightholder in 

1969. Thus we started getting rough stones 

from this all important direct source. 

Do you get rough from other 

producers too ? 

There are five major producers of rough in 

the world at present. Rosy Blue is getting 

rough from all of them. 

When did you start jewellery 

manufacturing business ? 

We turned our attention to this activity 

around 1985. At present jewellery accounts 

for the major share of Rosy Blue business. 

What is the philosophy of the rosy 

Blue Group ? 

It has been the philosophy of our group 

to spend regularly a part of our earnings 

on education, healthcare and charitable 

objectives. All members of the Rosy Blue 

Group share this humanitarian view. 


In MeMorIaM 

What have been the important milestones in the 

progress of your Group ? 

In 1969 our group obtained DTC’s approval as its Sighthoder. 

This was a noteworthy event in the Group’s history. Another 

equally memorable milestone was the opening of its Antwerp 

office in 1973. On the whole the company’s progress has been 

smooth without any obstacles. This is a matter of happiness 

for us. 

What about rosy Blue’s business policy ? 

We believe in a business policy that none of our clients should 

incur a loss. Ours is a family business. As the time passes, senior 

members step aside encouraging the younger generation to take 

up more responsibilities. 

What are your dreams after achieving such 

outstanding success? 

After achieving this much growth over the last four decades, 

one does not foresee similar growth prospects in the coming 

years as no new large diamond mines are coming up. So, while 

continuing our present activities we are exploring possibilities of 

diversification into some other areas as well. We are encouraging 

the younger generation to get the necessary education needed for 

such other activities. We feel that India provides the best place 

for such other activities as well. 

While prices of rough continue rising, polished prices 

seem to be dragging behind. What are the reasons ? 

The main reason for this situation is that diamond producers had 

earlier started the policy of restocking and stepping up supplies 

to market. All these supplies were cut and polished within a 

relatively shorter time as the manufacturing capacity had been 

greatly enlarged during the earlier years. However there has been 

no corresponding improvement in offtake at the retail level. This 

has led to considerable accumulations of stock in the pipeline. 

Once the pipeline gets cleared, prices of polished diamonds are 

bound to rise like those of all other goods. 

other than diamonds and business, what are your 

interests? 

My other subject of choice is reading. 

What is your message to the diamond industry ? 

Those who are already established in the business should make 

room for the new generation in time. Those who are contemplating 

to enter this business for the first time may do well to remember, 

capital requirements have gone up considerably in this business. 

Besides, teamwork is quite necessary for success. 


In MeMorIaM 

Remembering a Gentleman Par 

Excellence – A Tribute 

Arunbhai’s closest associates pen down their memories associated with him 

Dilip Mehta, Brother 

Our father, Shri Ramniklal 

Mehta had a hard childhood 

and lost his parents when he 

was just two years of age. As a result, 

Hiteshbhai’s (of H Dipak & Co.) great 

grandfather played a great role in 

bringing up my father. 

Arunbhai was wise, not just smart. 

A smart person gets out of a difficult 

situation easily, whereas a wise person 

never lands in a difficult situation. He was 

my eldest brother, ten years my senior. 

He was my confidante, partner and buddy 

in my growing up years. He often treated 

me like a son, rather than a younger 

brother. He looked after all of us younger 

siblings lovingly. Everyone believed 

that he always took my side during any 

discussion. I too liked to believe it. But 

in reality he was truly impartial and 

when it came to matters of ethics he was 

totally just. In business, he was a great 

visionary – he believed in hard work and 

team spirit. During my learning years, 

he was my mentor and I looked up to 

him for sound advice in many cases. He 

always told me ‘know your numbers well. 

Never overlook the importance of sound 

accounting knowledge – you must know 

your accounts very well. He was a great 

believer in the power of team effort and 

therefore nurtured and valued people. 

These are values I recall to this day – 

ones which have seen the whole family in 

good stead in every situation. 

He was my eldest 

brother, ten years 

my senior. He was 

my confidante, 

partner and buddy 

in my growing up 

years. He often 

treated me like a 

son, rather than a 

younger brother 

Former diamantaire and film producer 

Bharat Shah, a close family friend 

Arunbhai used to help everyone in the 

market. He was revered by the whole 

diamond trading fraternity, in India 

and abroad. He was very active in social field. 

People swore by his philanthropy and till date 

respect his commitment to the society. He 

knew how to manage business, personal life 

and societal commitments better than anyone 

else. Arunbhai has been the forerunner to take 

diamond industry to new highs. His visionary 

attitude and ability to think for the benefit of 

the whole fraternity are qualities of a great 

business leader. He was very well respected 

by all. 

He knew how to manage business, personal life 

and societal commitments better than anyone else 


In MeMorIaM 

Ashish K. Mehta, Partner, Kantilal Chhotalal 

Arunbhai was a visionary, and 

had anuncanny business 

acumen rooted in an ethical 

and humanitarian approach. He led the 

Rosy Blue group with amazing focus, 

impeccable integrity and outstanding 

leadership. 

Arunbhai also played a prominent 

role in steering the Indian diamond 

industry through these exciting times. 

At a personal level, his immense 

contribution lay in training and guiding 

many of the country’s successful 

diamantaires, and remained a mentor 

for many of the next generation. Many 

of them also recall how he would easily 

analyse the most complex of issues and 

offer practical advice and suggestion on 

how to overcome problems. Arunbhai 

selflessly dedicated efforts to the 

growth and sustenance of the industry 

through his involvement in numerous 

trade organisations. 

He actively participated in a range 

of charitable organizations, adding 

immense value through his guidance 

and leadership. He was a leader sans 

comparison: his effective, nurturing 

style successfully unlocked people’s 

potential and even enthusiasm. He was 

associated with several organisations in 

the field of education, healthcare and 

religion. I had the privilege of working 

very closely with him. 

I worked closely with him particularly 

in Vidyamandir Trust, Palanpur. For 

several years we visited Palanpur 

jointly in the winter and spent a lot 

of time with the management, staff, 

parents and teachers. The Vidyamandir 

family always keenly looked forward to 

his annual inspiring speech. He was a 

source of inspiration to all. 

He was a person with great clarity 

of thought and vision. Endowed with 

uncanny ability to assess problems with 

great simplicity, he arrived at practical 

and sustainable solutions. For those 

who knew him, he was always a phone 

call away: no problem or discussion 

was ever delayed or avoided. 

He would easily 

analyse the most 

complex of issues and 

offer practical advice 

and suggestion on how 

to overcome problems 

Alok Kala, Publisher, Diamond World 

I 

have known Arunbhai since 1975, 

it is over four decades now. I recall 

his charitable nature. He was a 

man of few words. He was known to be 

forthright and spoke to the point. His 

concentration on his work and focused 

attitude was always appreciated. I recall, 

back in the early 90s when we were 

working on raising funds for a Cancer 

hospital in Jaipur, my father wrote to him 

for a donation, he immediately sent a 

cheque of Rs five lakhs. It was quite an 

impressive donation back then. He was 

a great philanthropist and did not shirk 

away from any of his responsibilities. 

He used to be a good guide in various 

business matters, for which trade leaders 

used to consult him. He was offered many 

honorary positions in various associations 

quite often. But he chose to work behind 

the scenes, without any titles. His words 

were greatly revered by the gems and 

jewellery fraternity across the world. 

He used to be a good 

guide in various 

business matters, for 

which trade leaders 

used to consult him. 

He was offered many 

honorary positions in 

various associations 

quite often. But he 

chose to work behind 

the scenes, without 

any titles 


In MeMorIaM 

Life & 

Times of 

Arunbhai 

Mehta in 

Pictures 

A friendly cricket match between DTC and Indian diamond team - Arunbhai 

seen with Nigel Wisden 

With his uncle late Shri Bhanuchandra Bhansali 


In MeMorIaM 

Arunbhai with GJEPC Knowledge Delegation Overseas 

Arunbhai with Benjamin Bonas 

Arunbhai (far right) with GJEPC working committee in Jaipur 


In MeMorIaM 

Antwerp diamond market observes a few minutes of silence as a mark of condolence 

(Left- right) Sanjay Virani, Prakash Goti, Vipul Sutariya, Piyush Patel, Laljibhai 

Patel and Late Shri Arunbhai Mehta 

Laljibhai Patel with Arunbhai during a 

visit to Surat Diamond Bourse 

Arunbhai with the Nawab of Palanpur 

Arunbhai & Ghanshyambhai at the Opening of Hari Krishna Exports 

New Office 


In MeMorIaM 

At the inauguration of IIJS Signature show 

Arunbhai receiving an award for Diamond Exports 

With Anoop Mehta, President BDB & Milind Deora, Congress Leader 

At an event (left corner) where MDMA is felicitating BJP member Ashish Shelar 


In MeMorIaM 

With late Shri Mafatlal Mehta of Jayam 

At IIGJ Inauguration 

Welcoming Shobha L. Chary, Member (Customs & EP) 

Arunbhai with brothers Dilip & Harshad Mehta 

With son Russell Mehta & grand son Viraj Mehta 


Cover Story 

Why the demand for diamonds will still be relevant? 

Diamonds will continue to 

light up people’s lives with 

its sparkle and here’s why 

As long as love and happiness remain key to people, diamonds 

will stay relevant. No pandemic can bring down the allure of 

diamonds. With weddings being downsized world over, people 

saving from not spending on vacations and other avenues of 

entertainment, more money can be spent on buying diamond 

jewellery. It is up to the industry as to how they can win back their 

rightful market share says Vijetha Rangabashyam 


Cover Story 

The very first day Mumbai-based jeweller Anmol opened 

its store, the owner got a call from a celebrity client. She 

wanted to purchase diamond jewellery to gift to a friend on 

her birthday. After short listing two pieces over a video call, she 

asked to send both pieces to her residence, to pick one. She ended 

up buying both pieces of jewellery, one for herself and one for her 

friend. Diamond as a product speaks for itself. If a client makes an 

emotional connect with a piece of diamond jewellery, she may even 

exceed her budget by a few lakhs, rather than not buying a piece 

at all. So, we as an industry have an undue advantage of dealing 

with this beautiful, precious, rare and natural gemstone, which is 

a miracle. But are we doing enough to promote it? There needs 

to be a concerted effort by the industry to win back people’s 

trust and faith in diamonds. The truth is, the industry 

is in dire need for a strong, exhaustive campaign 

that promotes diamond jewellery, not just as an 

emotional asset but also as a financial asset. 


Cover Story 

Basically, we 

have to portray 

diamonds as a 

safe investment. 

We used to do 

it in the past. 

People don’t want 

to make impulse 

purchases on EMIs 

anymore. This is 

the perfect time 

to let people know 

that diamonds are 

a safe investment 

and that we need 

to go back to our 

roots, and do 

what our parents 

and grandparents 

did. And with 

diamonds, one can 

buy it, wear it and 

still think of it as a 

safe investment 

Alkesh Shah, 

Gold Star Jewellery 

Pandemic doesn’t deter 

people from celebrating 

Weddings may not be “big-fat” but 

there will still be weddings. Parents 

may not want to cater food for a 

pack of thousand but they would 

never want to compromise on the 

jewellery they want to gift their 

daughter on her special day. And no 

matter the scale of this pandemic, 

people would still want to celebrate 

special moments like birthdays 

and anniversaries in a small yet 

memorable way. “Until women exist 

in this world, diamonds will never go 

out of demand. After the pandemic, 

men are spending more time with 

their life partners and gifting has 

become more prevalent,” says Sunit 

Hirawat of Sunvim Exports. The fact 

that they are not in a position to go 

out and celebrate it lavishly may in 

fact be a reason for them to splurge 

a bit more and buy their loved 

ones something of lasting value. 

Diamond jewellery retailer Orra has 

created an heirloom trousseau box 

called the Generation’s Box, which 

can be passed on as heirloom from 

one generation to the other. The box 

starts at around Rs 6 lacs. Michelle 

Demaree, founder of Beverly Hills 

based Miss Diamond Ring believes 

that every diamond represents 

one couple’s unique love story. 

“Couples will never stop falling in 

love and couples will never stop 

getting engaged. People want to feel 

happy, they want to feel important, 

they seek pleasureable experiences 

and items that create lasting joy and 

meaning. People will never stop 

wanting this – ever,” says Michelle. 


Cover Story 

The Carpe Diem 

mentality 

If this pandemic has taught us 

one thing, it is the fact that life is 

uncertain and fickle. So, people 

want to make the most of it. Michelle 

sold a 10 ct radiant 3-stone ring to 

a client from Florida who wanted 

to impress his girlfriend who fell in 

love with a few 7-13 ct stones from 

the inventory Demaree had put 

together for the couple exclusively. 

“My average clientele purchase 

rings in the 3-10 carat range. 

Clients see a window of opportunity 

to propose, especially with the 

threat of a resurgence of Covid 

in the Fall, so it seems consumer 

mentality is Carpe Diem, life is 

short, love cannot be quarantined - 

let’s do this!” says Michelle. 

It is still a materialistic 

world! 

The truth is, the wealthy continue 

to remain wealthy, even after 

the pandemic. World over, these 

wealthy folks are stuck at home, not 

being able to visit their favourite 

holiday destination or spend their 

summers in a luxurious retreat. 

There is a lot of pent up frustration, 

of not being able to lead a life that 

they believe is normal, which is all 

getting channeled towards buying 

expensive baubles. The recently 

held online jewellery auctions are 

a testament to this. “Trends may 

change but timelessness is going 

to be very important, especially in 

this fickle world. People are going 

to be relooking at what is important 

in their lives now. Something that is 

Customers have 

realised that gold 

and diamonds are 

an investment and 

they hold their 

value. We need 

to capitlise on 

the timelessness. 

People are not 

spending money 

carelessly – they 

want to obviously 

spend their savings 

on something 

prudently, so we 

have to give them 

that opportunity. 

Trends may change 

but timelessness 

is going to be 

very important, 

especially in this 

fickle world 

Dipu Mehta, Orra 


Cover Story 

We should learn a 

lot from the mutual 

fund industry. In 4 

years, mutual fund 

hasn’t given anyone 

any returns. But 

the way people 

are being pulled 

towards investing 

in mutual funds 

is great because 

their marketing is 

so good. Now every 

graduate, fresh out 

of college, with 

his first job, wants 

to open a mutual 

fund account. This 

kind of initiative 

is not there in the 

diamond industry 

Sunit Hirawat, 

Sunvim Exports 

timeless resonate more with them. 

We have not seen a downward 

trend in terms of ticket size for our 

diamond products, it has stayed 

where it was pre-Covid,” says 

Dipu Mehta of Orra. The diamond 

industry world over needs to 

capitalise on this and gain back its 

market share. “Diamonds do the 

same thing that exercise, alcohol, 

drugs, sugar/sweets, sex, luxury 

spending does - they give people 

pleasure - that daily sought after 

dopamine, oxytocin, serotonin, and 

endorphins. If a pandemic threatens 

to take away each individual’s 

happiness, what does the brain do? 

It goes treasure hunting for pleasure 

“pleasure hunting”, which is why 

alcohol sales are up and the rich 

are still spending and in some cases 

even more frivolously than before,” 

adds Michelle. 

Diamonds – a solid 

investment vehicle 

Any luxury item one buys, be it a 

handbag or a car, the minute one 

makes the purchase, the value 

of the item depreciates by 15-20 

per cent. This is not the case with 

diamonds. Alkesh Shah of Gold 

Star Jewellery believes that the 

industry needs to go back to basics. 


Cover Story 

“We have to portray diamonds as a 

safe investment. During uncertain 

times, savings is important. People 

don’t want to make impulse 

purchases on EMIs anymore. This is 

the perfect time to let people know 

that diamonds are a safe investment 

and that we need to go back to our 

roots, and do what our parents and 

grandparents did. The resale value 

of gold and diamonds has only gone 

up. And with diamonds, one can 

buy it, wear it and still think of it 

as a safe investment,” says Alkesh. 

In the heydays, jewellers in India 

would always convert gold buying 

customers into diamond buying 

customers because that’s where the 

money was. “We need to get that 

back in practice,” adds Alkesh. 

Customers have realised that gold 

and diamonds are an investment 

and they hold their value. There 

was a lot of predisposed buying 

happening but now people have 

this inherent need to feel safe. 

“People are not spending money 

carelessly – they want to obviously 

spend their savings on something 

prudently, so we have to give them 

at opportunity. People are picking 

up solitaires and we are also going 

to be focusing on simple jewellery,” 

adds Dipu. People who have 

purchased solitaires a few years ago 

have made some money on it, may 

be not a lot. But people who have 

invested in real estate, equities 

or bonds have lost a lot of money. 

And diamonds are also a great 

investment against the dollar. “We 

haven’t really promoted diamonds 

as an investment and we should do 

that. We should learn a lot from the 

mutual fund industry. In 4 years, 

mutual fund hasn’t given anyone 

any returns. But the way people are 

being pulled towards investing in 

Buying diamond 

jewellery has always 

been about the 

sentiment. There 

are times when a 

consumer will walk 

into the store with 

a particular budget 

in mind and she will 

even exceed their 

budget if they like the 

product, because of 

the sentiment. What 

we need now is for 

the sentiment to come 

back. The biggest 

impediment right now 

is fear. So, rather than 

asking a client if they 

are safe and okay, 

we talk to a client as 

though everything is 

normal, you need to 

give the client a picture 

that things are normal 

Ishu Datwani, Anmol 

Jewellers 


Cover Story 

We are all pleasure 

seeking people, 

so those who can, 

will acquire their 

“happy things and 

experiences” from 

all avenues possible 

and that includes a 

sparkling diamond 

bauble. Around 

60% of my calls are 

for ovals, 20% are 

for radiants, 10% 

cushions and the 

final 10% rounds. 

The thin, simple 

solitaire setting 

trend is strong, I 

would say around 

75% of my calls 

are for that setting, 

the remainder are 

generally 3 stone 

rings 

Michelle Demaree, 

Miss Diamond Ring 

mutual funds is great because their 

marketing is so good. Now every 

graduate, fresh out of college, with 

his first job, wants to open a mutual 

fund account. This kind of initiative 

is not there in the diamond industry 

because the market is also very 

scattered,” adds Sunit. 

A strong need for “selfexpression” 

People have also had a lot of 

time on their hands during this 

lockdown. There has been a lot of 

product and brand discovery that 

has been happening. Clients are 

more likely to go for brands whose 

ideology and sense of aesthetic 

resonate with them. “Once the 

lockdown started to ease, we really 

felt people’s need for joy and happy 

moments, they wanted to “treat 

themselves” in an act of self-love, 

so it seems they are more open to 

discovering new brands and pieces, 

and thus happily we have noticed 

more activity and interest around 

the brand,” says Parisian jeweller 

Marie Mas. People will continue 

to express themselves with their 

choice of clothing and accessory 

and they will continue to seek 


Cover Story 

happiness through the sparkle of a 

diamond that is irreplaceable. Even 

though people are stuck in their 

homes, the need to feel beautiful is 

still very real. And when this is all 

over, women would want to flaunt 

their favourite purchases during 

their outing. 

As lockdown eased in Europe, 

Marie noticed that clients showed 

an increased interest in pieces from 

her new collection ‘The Wave’. “It 

is an ode to harmony, femininity 

and deceptive simplicity. I think it 

is the surprise, joy and excitement 

which our best seller “Queen Wave 

ring” brings, that it has attracted 

the interest of clients in the postpandemic 

world. It is my belief that 

people buy fine jewellery because 

they fall in love with it and because 

the piece means something special to 

them. So, I don’t think fine jewellery 

creation and client interest will stop, 

I think people will gravitate to buy 

something which carries that special 

personal meaning—which can be 

found in designer jewellery, carefully 

crafted,” adds Marie. 

Loyal clients would want 

to support their favourite 

brands 

A strong brand connect is now more 

important than before. All that 

equity a brand has created for so 

many years will now reap its rewards 

as no faithful customer would want 

their favourite brands to go out 

of business. This pandemic has 

not affected everybody financially 

and if people are inclined towards 

purchasing diamond jewellery, they 

may as well support brands that they 

have had previously bought from. 

“I had a bridal client who walked 

into our store with her mother. Her 

wedding was scheduled for July 12th 

and she was so nervous because she 

felt jewellery stores wouldn’t open 

by then. So, she came in the minute 

we opened, spent a good three hours 

and bought her jewellery. Though it 

was purely need based, I didn’t see 

a difference in her sentiment,” says 

Ishu Datwani of Anmol. 

It is my belief that 

people buy fine 

jewellery because 

they fall in love with it 

and because the piece 

means something 

special to them. So, 

I don’t think fine 

jewellery creation and 

client interest will 

stop, I think people 

will gravitate to buy 

something which 

carries that special 

personal meaning— 

This time has given 

us an opportunity 

to reflect and really 

connect with our 

private clients, getting 

to know them better— 

which is one of my 

favourite things to do 

and is key to an honest 

and strong foundation 

for the brand 

Marie Mas, Marie Mas 

Jewelry 


Personality 

David Kellie, CEO, Natural Diamond Council 

There is nothing else in 

the world that connects 

emotions, memories and 

moments like diamonds 

David Kellie, CEO, Natural Diamond Council (DPA), talks about the 

reason and timeliness behind the new rebranding strategy, why 

diamonds will be relevant in connecting people in the near and 

long-term future, potential plans for the Indian market and more 


Personality 

Why was the decision to rebrand 

Diamond Producers Association 

implemented now? 

The world was changing even before 

Coronavirus, fairly dramatically. I started 

my role back in December 2019. We were 

already two or three months into this strategy 

and positioning before Coronavirus. But 

obviously, the impact of Coronavirus has 

both accentuated and accelerated in terms 

of what we were doing. So why did we want 

to do it? A number of reasons. First of all, 

we wanted to speak to a younger audience in 

the major markets in the world, particularly 

in the U.S. 

The average age of the diamond jewellery 

shopper is in the mid forties, and there’s 

a generation of potential consumers that 

has grown up without having the major 

advertising campaigns presented to them. 

Secondly, the tone and the values with which 

the audience engages has also changed and 

subjects like sustainability are very strong 

in the in the minds of these consumers. 

And finally, this is the Digital Age and in 

all honesty, it has been slow to evolve into 

the digital revolution. And we really see the 

opportunity with this consumer, whether 

it be through websites, or social media 

platforms, to develop in the digital world. 

For many years now the DPA has 

built on the ideas ‘Real and Rare’. As 

part of the new strategy the tagline 

Real is Rare has been dropped. Does 

this mean both these words are not 

relevant anymore? 

No, I think the real and rare are still very 

relevant. But we also want to talk about all 

of the other properties that make diamonds 

individual. Being real is one of them. There 

are many other facets of a diamond that 

make it unique when you compare it with 

other products that consumers spend their 

hard earned income on. So for us, it was 

about keeping it real and individual, and 

also expanding that to give us a platform 

to be able to talk about all the other unique 

aspects of a diamond. 

The rebranding strategy also involves 

a lot of marketing through content. 

How do you see this as an effective 

tool to communicate with your target 

audience? 

We are catering to an audience which is 

digesting content every hour, every day of 

the year. And traditionally, many brands 

worked with campaigns which were seen 

at a specific time of the year and then went 

quiet through the rest of the year. But the 

shopper is looking at our industry every day 

of the year, and we have to be present every 

day of the year and that we also have such 

The average age 

of the diamond 

jewellery 

shopper is in the 

mid forties, and 

there’s 

a generation 

of potential 

consumers that 

has grown up 

without having 

the major 

advertising 

campaigns 

presented to 

them 

amazing content. I came into this industry 

from outside. I was in fashion before. I 

thought it was incredible, the amazing 

amount of stories, whether they are about the 

industry and supply chain - where diamonds 

originate from, the stories of epic diamonds, 

etc. There are just so many great stories. I 

was a bit frustrated to see that there are all 

these great stories, but we don’t have the 

platforms to be able to talk to the consumer 

about them. So, that’s why content was part 

of our strategic planning setup so early. We 

had to create these platforms that allowed us 

to talk about all of the great things that are 

done in our industry and to do that in a way 

that really inspires consumers and educates 

them. It has been a very interesting process 

we’ve gone through to get here. 


Personality 

When we 

come out of 

this pandemic 

– the world 

will be more 

disconnected, 

because of the 

norms of social 

distancing which 

have been forced 

upon the whole 

human race. In 

such a world – 

diamonds will 

help strengthen 

bonds and reestablish 

these connections 

Who exactly is the new target audience 

you are catering to through this new 

campaign? 

The younger audience we want to address is 

now connected globally. They’re all on digital 

platforms. They’re all on smartphones. I 

think over 80 percent of our traffic coming 

onto our platforms is on mobile. Although 

culturally they’re different in each market, 

the consumer is very much engaging in 

global content. 

So that’s what we’ve got to speak to them 

in. And they all have very similar values 

because they are all digesting the same 

content. They all want to know about 

naturality and sustainability. They want to 

know where things have come from. They 

all have an obsession with celebrities of the 

world. So, the world is getting smaller. And 

we think that diamonds play a major part in 

that world going forward. 

You spoke about celebrities -- is 

celebrity endorsement an option that 

you’re looking at? 

Celebrity endorsement is surely an option 

we’re looking at. It’s very important that 

these celebrities are able to tell our story. 

We aren’t a product brand. So we’re not 

showing off products 

specifically, which 

is typically how 

and why product 

placement doesn’t 

always workwith 

celebrities, because 

you’re showing a 

specific product. 

So for us, it’s much more than just about 

celebrities and it is about their ability to use 

their voice to talk about the values of our 

industry. 

In India, gold is part of our culture. 

The engagement diamond giving 

trend, though growing, is still not 

widely prevalent. What is your plan 

to make diamonds more popular in 

India? 

I have been to India only twice in my current 

role. The Indian market is fascinating. 

I was quickly trained in the impact gold 

hand in India. For me, diamonds present 

a new opportunity. Engagement doesn’t 

have the same importance in India, but 

as cultures around the world become 

connected with each other, there is an 

opportunity for engagement rings to grow 

in the future. It may not be the same size 

as other markets for sure but you can 

already see celebrities giving engagement 

rings, so that in itself is a sign. 

In ten years time, people in retrospect will 

feel amazed at the size of the engagement 

rings market. Also the connection 

between people that diamonds create 

is incredible. A diamond helps you 

celebrate a moment – a romantic moment, 

a gift for someone or marking the birth 

of a child – there is nothing else in the 

world that connects emotions, memories 

and moments like a diamond. 

When we come out of this pandemic – the 

world will be more disconnected, because 

of the norms of 

social distancing 

which have 

been forced 

upon the whole 

human race. In 

such a world – 

diamonds will 

help strengthen bonds and re-establish 

these connections. 

What are the budgets chalked out for 

the U.S. and Asian markets? 

We don’t talk budgets. We are fortunate 

to have great financing from our member 

companies and at this time of crisis they 

are committed to us. All I can say is, it’s a 

healthy budget, we are able to do great things 

with it – we are already seeing ten times 

more of traffic to our website as compared to 

what it was a couple of months ago and the 

engagement on our social media platforms 

has also increased by hundred times. We 

have the budget to make an impact and 

once we demonstrate that, we will continue 

to finance it well. 

It is an incredibly tough time for our 

industry all over the world. Yet, I believe 

in presenting an optimistic vision because 

I believe diamonds have a great future in 

the long term and they will come back in a 

healthy and positive way. 


SPECIAL REPORT 

Ban on rough diamonds 

To impoRt or 

To NoT impoRt… 

The dilemma whether to import rough diamonds or not had 

baffled analysts initially when the ban was suggested and 

today, nearly two months later and after further extension of 

the ban on imports of roughs the diamond industry in India 

unanimously supports it, says R Sugandha 

The pandemic has indeed shaken 

up the world by its very roots. The 

economy has toppled and this 

industry is taking a beating world over. 

It’s not just a health disaster, the economy 

is crumbling, rupee is crashing, stocks 

are toppling and demand for diamond 

jewellery is yet to gain momentum. 

Voluntary moratorium on import 

of rough diamonds extended 

After nearly two months of the Covid- 

19-induced lockdown, Indian diamond 

processors have been facing voluntary 

moratorium on the import of rough 

diamonds which is extending far into July 

2020. Many diamond units are expecting 

the moratorium to mount pressure on 

mining companies to reduce the price. 

Move to safeguard interests of all 

diamond merchants 

“This move is a voluntary one, meant 

to safeguard the business interest of the 

diamond manufacturers and retailers 

in turn. It will help them cut down on 

import cost. Owing to the lockdown, most 

diamond traders have a good inventory. 

They don’t need more roughs at the 

moment,” explains Vipul Shah, vicechairman 

GJEPC. 



Need to be more disciplined and 

united in these trying times 

The ban isn’t mandatory – at the same 

time, it has been supported by members 

of the diamond fraternity in unison. 

Because of the lockdown, business did 

not take place for the past few months 

and demand-supply equation is still 

adjusting itself, which will determine 

diamond pricing. “It is difficult to gauge 

prices at this time, at B2B level, market 

pressures may force some traders to sell 

off their excess stock, which may have an 

impact on prices,” informs Vipul Shah. 

Important to safeguard value of 

one’s assets 

Every stakeholder has to safeguard the 

value of his assets – the diamond supplychain 

will get affected, if the industry 

doesn’t adhere to this ban. At present, in 

the USA and Hong Kong, there has been 

some demand for diamonds. Yet, there is 

no significant increase in demand from 

any market in the world. 

Wait and watch continues… 

Currently, the condition is indeed 

unpredictable and one needs to wait and 

watch. “As a council – GJEPC is in talks 

with the finance ministry to support our 

MSME sector. We are trying to work out a 

package for the benefit of this sector. We 

are in talks with nationalized banks. We 

hope to bring about a good plan for the 

benefit of diamond merchants and traders 

from the MSME sector,” explained Shah. 

Diamond trade may revive in 

festive season 

The apex industry body, Gem and 

Jewellery Export Promotion Council 

(GJEPC), has called for extension of 

this the voluntary moratorium to help 

Indian diamond processors ease their 

inventory. With demand for diamonds 

expected to decline in the monsoon, the 

moratorium will offer time to processing 

FACT ChECk 

India’s gross import of 

rough diamonds had 

declined by 13.43 per cent 

to $12.39 billion between 

April 2019 and February 

2020 from a year earlier 

This move is a 

voluntary one, meant to 

safeguard the business 

interest of the diamond 

manufacturers and 

retailers in turn. It will 

help them cut down 

on import cost. Owing 

to the lockdown, most 

diamond traders have 

a good inventory. They 

don’t need more roughs 

at the moment 

Vipul Shah, Vice 

Chairman, GJEPC 

units to restore their business activities 

for a demand revival during Dussehra 

and Diwali. 

Exports need to improve 

Exports, too, are on a steady decline 

because of the lockdown, even as some 

shipments have been sent to Hong Kong 

last month. 

Rough diamonds imported in January 

and February are still lying with 

processing units. Diamond processing 

factories, wholesale, and retail stores 

were shut for most parts of this ongoing 

lockdown. 



If this voluntary ban 

is not supported, 

diamond prices are 

likely to fall sharply. 

In order to avoid this 

scenario, it is important 

that the whole diamond 

industry curtails import 

of roughs and also 

does not allow overflooding 

of market with 

diamond inventory. 

We have to maintain a 

healthy demand and 

supply ratio – only then 

the prices of diamonds 

can be maintained 

Vipul Sutariya, 

Dharmanandan 

Diamonds Pvt Ltd 

Leading diamond mines cut 

supplies 

The moratorium has prompted De Beers, 

one of the largest rough diamond miners 

in the world that contributes around 20 

per cent of the total supply, to cut its 

production estimates to 25-27 million 

carats for the calendar year 2020, from 

32-34 million carats earlier. 

Other global miners, including 

ALROSA and Rio Tinto, too, have 

revised their production forecast for 2020 

to avoid inventory building and distress 

selling. Diamond processors, which had 

stored their imported rough diamonds at 

their factories abroad, including Dubai, 

are now bringing their stock to India. 

GJEPC had reported a year-on-year 

decline of 11 per cent in the country’s 

rough diamond import to 146.4 million 

carats (worth $12.7 million) for the 

financial year 2019-20. This figure was 

165 million carats (worth $15.7 million) 

in the previous year. 

Labour scarcity affects 

manufacturing 

“Workers have returned to their 

hometown. Hence, diamond processing 

factories are witnessing an acute shortage 

of karigars. Since the possibility of their 

immediate return seems remote, the 

voluntary moratorium not only should be 

made compulsory but also extended. The 

consensus and the anecdotal reference 

from coordinated efforts multiple times 

over the last decades - when the Global 

diamond demand recovered from the 

demand shocks, both in volumes and 

price terms - dictates that the most 

effective solution has been to curtail 

the supply, as it fundamentally creates 

buoyancy for sustainable future demand 

for the retailers, manufacturers and the 

miners,” said Dinesh Lakhani, of Kiran 

Gems. 

This voluntary ban will help diamond 

manufacturers to manage the current 

lockdown-induced crisis and meet the 

banking sector’s reluctance to finance the 

sector confidently. 

On an average, rough diamonds worth 

over $1 billion are imported every 

month, and a month’s restraint will allow 

processing units to tide over the current 

situation at least partially. These units 

are also under severe financial stress and 

aren’t in a position to restart despite the 

NO GAIN HERE 

Budget 2020 raised the 

BCD (basic customs duty) 

on rough coloured like 

rubies, sapphires, emerald 

and others to 0.5 per cent 

from nil 

GJEPC said that given 

the relatively low value 

of imports the levy 

would hardly yield the 

government any revenue 

Imports of semi-precious 

stones totalled $571.32 

million in FY19 



government’s go-ahead. The lockdown, 

has rendered thousands of workers 

jobless and forced them to return to their 

native places. 

As a solution and to protect the interests 

of the industry during this crisis, it was 

suggested by the GJEPC that individual 

members consider the option of curtailing 

imports of rough diamonds from May 15. 

India has a monopoly in cutting and 

polishing diamonds, with 14 out of 15 

stones in the world being processed here. 

However, the industry is now seeking to 

cutback domestic inventories and also 

import of rough diamonds. 

Recently, several companies that 

get diamonds processed and export 

the polished stones, made some 

representations to the GJEPC. The 

Council responded to their call and also 

discussed possible steps to strengthen 

the Indian diamond industry. 

“Such a curtailment of imports will help 

the industry face the challenges arising 

out of the drop in demand in the global 

gems and jewellery market,” explained 

Vipul Shah. However, it left the decision 

to individual importers. 

This move will send a signal to the 

banks that the diamond industry will not 

increase its indebtedness at a this crucial 

time. This, they hope will reassure 

bankers and prompt them not to reduce 

credit exposure to the industry. 

IMPORT VALUE 

Quantity (in million carats) 

200 

150 

100 

50 

0 

Source: GJPEC 

16.8 

146.2 

14.0 

17.1 

Diamond industry is financially 

sound 

The Indian industry’s total indebtedness 

to banks is not excessively high—it 

currently stands at around $9.5 billion. 

The industry has honoured a major 

portion of its debts to the banks, and if 

the diamond sector tides over the next 

three months, the situation should be 

under control. It is expected that demand 

will be restored by 2021. 

According to the council, another 

aspect of the move to curtail import is 

that, it will allow fewer rough diamonds 

to enter the pipeline and the producer 

companies will face lesser strain and 

indirectly share in the financing burden, 

thus contributing to a faster restoration 

18.9 

15.7 

- value (in $billion) 

12.7 

138.4 153.3 187.7 165.0 146.4 

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20# 

20 

15 

10 

5 

0 

#provisional 

MSME units too have 

enough stock, because 

there has been no 

demand for the past 

two months at least, 

even if government 

has relaxed norms 

in some regions, a 

majority of diamond 

trade takes place from 

Surat, Delhi, Mumbai, 

Kolkata, and some 

metro cities of India – 

in all of these cities the 

demand for diamonds 

is yet to pick up 

Priyal Shankar, 

Shivam Jewels 



of normalcy in an otherwise healthy 

business. 

Just before the lockdown, the industry 

saw a sharp fall in FY20 exports due 

to the global slowdown. The lockdown 

was announced when banks were to 

review financial limits for FY21 and the 

industry was hoping for relief from them. 

However, the lockdown which followed 

unprecedented virus attack across 

globe, demanded stringent discipline by 

industry players and hence, curtailment 

of rough diamond imports was proposed. 

This will also help improve industry 

financials and release of working capital 

stuck in inventories. 

Speaking about the voluntary ban, Vipul 

Sutariya, Director at Dharmanandan 

Diamonds Pvt Ltd., said, “This voluntary 

ban can protect price of diamonds. If 

this is not supported, diamond prices 

are likely to fall sharply. In order to 

avoid this scenario, it is important that 

the whole diamond industry curtails 

import of roughs and also does not allow 

over-flooding of market with diamond 

inventory. We have to maintain a healthy 

demand and supply ratio – only then the 

prices of diamonds can be maintained.” 

MSMEs too support the move 

While the ban hopes to control diamond 

prices in the long run and ensures healthy 

business environment of the sector, how 

will it affect the MSME units, will they be 

able to meet the demand, do they really 

have enough stock? 

“Yes, they too have enough stock, 

because there has been no demand for 

the past two months at least, even if 

government has relaxed norms in some 

regions, a majority of diamond trade 

takes place from Surat, Delhi, Mumbai, 

Kolkata, and some metro cities of India 

– in all of these cities the demand for 

Workers have 

returned to their 

hometown. Hence, 

diamond processing 

factories are 

witnessing an acute 

shortage of karigars. 

Since the possibility 

of their immediate 

return seems remote, 

the voluntary 

moratorium not 

only should be made 

compulsory but also 

extended 

Dinesh Lakhani, 

Kiran Gems 

diamonds is yet to pick up,” explains 

Priyal Shankar of Shivam Jewels. 

The pandemic is a global phenomenon, 

so exports have been falling, in such 

a case, the only solution for traders 

is to control supply. The first step in 

controlling supply of finished products 

is to control imports of rough diamonds – 

which is the core and the most expensive 

raw material needed to produce polished 

diamonds. 

Industry has to remain unified in this 

time of crisis and observe discipline 

and orderliness in business. “Right 

now, the retail demand for diamond 

jewellery is practically non-existent. 

Hence manufacturers will have to control 

imports, there is no point investing a 

heavy sum in the raw material – which 

cannot be processed for want of adequate 

labour, and lack of demand as well,” 

explains Priyal. 

Mid-level and small scale units will 

benefit from this move, as they will be 

able to sell off their inventory at a better 

price, once markets open. 

All in all, despite initially worries about 

the effect the voluntary ban would have 

had on the gems and jewellery industry – 

currently, the stakeholders unanimously 

agree that this ban will surely prove to be 

good for the industry. 



Hong Kong Market 

THe View fRoM 

HonG KonG 

It has been a tough road for Hong Kong, with US- 

China Trade War, pro-democracy protests and finally, 

coronavirus. But thanks to the indefatigable spirit 

of Hong Kongers, the city has managed to beat the 

virus. In the same spirit, with the support of the 

Government that believes in the business capability 

of its small and medium scale entrepreneurs, the 

jewellery industry will come out of this crisis says 


The slick city has been back in 

action for over couple of months 

now. Hong Kong is one of the 

densest cities in the world with high 

rises literally stuck to each other. The 

transportation is almost always packed 

to the brim. Some of the best restaurants 

in Hong Kong barely have space for 

people to move around. Be that as it 

may, this financial hub whose efficiency 



Earrings, Oriental Gemco 

and skill many countries world over are 

dependent on, managed to beat the virus 

and its resurgence as well, thanks to its 

citizens. Perhaps it was the experience 

from SARS and many other epidemics 

before that, the people of Hong Kong are 

definitely equipped to handle a pandemic 

of this scale better than most countries 

– they are organized and have a sense 

of self-discipline, so much so that even 

when the Government banned masks, 

Hong Kongers went onto wear masks, 

distributing them and encouraging fellow 

citizens to wear them. 

Life is back to normal today, with 

restaurants, bars and stores having 

opened up late June. However, people are 

erring on the side of caution with social 

distancing norms in place. It has been 

a cruel year for Hong Kong – a bustling 

city with thriving economic activities has 

been subject to one blow after the other. 

The pro-domestic protests that engulfed 

the city in 2019 are still ongoing and 

the threat of the virus brought the city 

to a standstill for nearly 3 months. The 

imposition of National Security Law might 

spark more confusion and trouble for the 

business community in Hong Kong. One 

of the biggest revenues for the city is 

tourism, which has been badly hit since 

March and with the government imposing 

restrictions on foreigners flying into the 

country, it looks like tourism will remain 

affected for the foreseeable future. 

An export driven market 

Hong Kong depends on the exports 

mainly, especially China, U.S. and the 

Middle East. The Middle East has been 

in a complete lock down and business 

from the region is nil. “We’ve been 

getting orders from the U.S. mainly from 

TV shopping network companies and 

some online companies. China has also 

completely opened up, so we are getting 

steady demand from there as well,” says 

Gaurav Nigam of Oriental Gemco. The 

survival mode for the jewellery industry 

in Hong Kong right now is entirely 

through opportunities they are getting 

from China as well as the U.S. Until 

April, businesses in Hong Kong were 

badly hit because of logistical issues and 

exports were definitely down and India 

being shut completely obviously didn’t 

help. Markets started opening up in May 

and in June, the market started slowly 

picking up. Of course, the market isn’t 

booming but it is not all that bad because 

all major hubs of jewellery and diamonds 

like Antwerp, New York and some parts 

of Asia are all open and Europe will 

fully open up mid July. “We went into 

Fancy colour diamonds, Kunming Diamonds 

We’ve been getting 

orders from the 

U.S. mainly from 

TV shopping 

network companies 

and some online 

companies. For 

most retailers 

around the world, 

things are looking 

bad and Hong Kong 

is no different. 

When we ask for 

payments they 

want to return 

the goods. But we 

are cooperating 

with them. We are 

being patient and 

extending the credit 

by six months 

Gaurav Nigam, 

Oriental Gemco 



I know of a 

retailer who has 

created a bench 

jeweller concept 

for consumers to 

build, repair, and/ 

or polish their 

rings as a touch of 

personalization. 

These are creative 

ways in which 

retailers are 

expanding beyond 

conventional 

methods 

Harsh Maheshwari, 

Kunming Diamonds 

lockdown end of January and before that 

we were shut because of Chinese New 

Year. We also had the protests, so Hong 

Kong has been through a lot. China is 

doing extremely well. We don’t have a 

presence there but our clients from the 

U.S. and Europe who have stores in China 

tell us that on some days they have had 

record breaking sales. This sentiment has 

not trickled into Hong Kong as yet. We 

are hearing that the borders will open up 

in July, may be things will start looking 

up then,” says Harsh Maheshwari of 

Kunming Diamonds. The jewellery 

market in Hong Kong is at least 70 per 

cent down. 

Jewellers are working on pending 

orders as parts of U.S. are opening up. 

However, India opening up remains 

crucial to Hong Kong jewellery industry’s 

health as it is the sourcing hub – if India 

doesn’t open up, it will heavily affect the 

supply chain and operation will not be 

smooth. 

largely depends on inflow of tourists from 

China and anywhere else in the world. 

Jewellery and watch sales plummeted by 

69.7 per cent to HKD 2.02 billion ($261 

million) in May. HK’s largest jeweller 

Chow Tai Fook reported a 36.6% drop 

in profit but is still optimistic about 

demand in Mainland China. The retail 

giant is planning to close at least 10-15 

stores in HK and Macau, however, as 

demand from China seems to be steady, 

the company plans to expand using the 

franchise model, aiming to open 400- 

450 more points of sales by the end 

March 2021. Retailer Luk Fook is also 

struggling. The decline of same-store 

Retail needs resurgence 

Closure of Mainland border due to 

Covid-19 has affected retail sales in 

Hong Kong to a large extent as the city 

Earrings, Oriental Gemco 



sales in the first three weeks narrowed to 

around 60 percent, while overall shops in 

the mainland market showed progressive 

improvements with a less than 20-percent 

decline in June as compared to the 

20-per-cent drop in April to May and 

40-per-cent drop in March. The retailer 

will close five stores in Hong Kong and 

open two in Macau. 

Tse Sui Luen (TSL) reported HKD 

89.8 million ($11.6 million) loss for the 

12 months ending March 2020. The 

company stated that it has been one 

of the most difficult years, citing the 

backdrop of US-China trade war as one 

of the major reasons for a steady decline 

in sales. Before the onslaught of the 

novel coronavirus and the protests, TSL 

opened four stores in HK. However, 

with the crisis at hand, the company has 

realigned its business strategy and cost 

effectiveness remains a key priority. 

Many retailers have negotiated with 

their landlords – their rents have been 

significantly cut to tide through the 

current period. “For most retailers 

around the world, things are looking bad 

and Hong Kong is no different. When 

we ask for payments they want to return 

the goods. But we are cooperating with 

them. We are being patient and extending 

the credit by six months. I do believe 

that nothing will change before second 

quarter of 2021. So, if retailers don’t get 

support from suppliers and owners of the 

place they are renting, they won’t be able 

to survive,” says Nigam. 

Primed for innovation 

When the going gets tough, the tough gets 

going. Hong Kong has been a centre for 

gems and jewellery for many years and 

businesses have gotten complacent – a 

Ring, Oriental Gemco 

The Government 

has given subsidies 

and salary packages 

to support the 

employees. They 

have given $9000 

to each employee 

in Hong Kong 

every month, this 

will continue for 

6 months. India 

opening up is 

crucial as it is the 

hub of sourcing. 

There will be major 

issues if India 

doesn’t open up as 

supply chain will 

get affected 

Zulu Ghevriya, 

Prism Group 



Green and pink fancy colour diamonds, Kunming Diamonds 

dose of innovation was much needed. 

Due to this pandemic, people are slowly 

beginning to get creative. However, many 

business owners are happy with being 

busy tending to customers who are coming 

in or having some enquiries. Basic pieces 

were getting sold off the shelves, now 

people want to think outside the box. 

Some retailers are even clearing out some 

of their merchandise to make room for 

some sort of seminars and educational 

programmes for people. ‘‘I know of a 

retailer who has created a bench jeweller 

concept for consumers to build, repair, 

and/or polish their rings as a touch of 

personalization. These are creative 

ways in which retailers are expanding 

beyond conventional methods,” adds 

Maheshwari. 

Another big setback 

The Hong Kong jewellery show, one of the 

biggest jewellery events in the world has 

been cancelled and this is a major setback 

for the jewellery market in Hong Kong. It 

is a place where serious business takes 

place and this will further lead to downfall 

in business numbers, especially for small 

and medium businesses. “Established 

businesses are able to maneuver through 

this crisis and conduct business through 

Zoom calls because they already have a 

network of clients,” says Maheshwari.. 

Also, dealing with a niche product like 

fancy colour diamonds has given him an 

edge. “There’s always been a scarcity in 

natural coloured diamonds, but it’s even 

more prevalent now. Being a stockist with 

a global footprint, we have an advantage 

in acting swiftly and delivering on time,” 

he adds. 

HK Government to the rescue 

All said and done, the Hong Kong 

government has been extremely 

supportive to business owners in rolling 

out financial aids and relief packages to 

both small and medium scale businesses. 

“They understand that the market has 

been affected. They have given subsidies 

and salary packages to support the 

employees. They have given $9000 to 

each employee in Hong Kong every 

month, this will continue for 6 months,” 

says Zulu Ghevriya of Prism Group. 

This move has been initiated to ensure 

there are no layoffs. The belief and hope 

in HK’s business prowess is strong and 

undeterred even with coronavirus. The 

government is encouraging business to 

fully go digital and they are completely 

funding any digital initiative undertaken 

by companies. 


Special Feature 

Cartier Gem-Set, Diamond and Enamel ‘Tutti Frutti’ 

Bracelet that sold for $1.3 million at Sotheby’s 

Online Jewellery Auctions 

The Rich are Finding 

Happiness in 

Precious Baubles 

Online auctions are all the rage with successful sales as 

well-to-do collectors are deriving joy out of bidding their 

favourite pieces from the comfort of their homes says 




HARRY WINSTON 

RUBY AND DIAMOND 

NECKLACE 

Ultimately, estimates under 

$20,000 seems to be a sweet spot 

for collectors – the decision of 

buying can be independent without 

consulting members of the family 

as it is not a high octane purchase. 

Fewer lots and frequent options seem 

to be a winning combination 

While most people are 

worried in anticipation 

about this ongoing dreadful 

pandemic and are cloistered within the 

walls of their homes, the well to do 

female consumers and in some cases 

males, who have an affinity towards 

jewellery, are having fun with online 

digital auctions hosted by world famous 

auction houses like Christie’s, Sotheby’s 

and the like. The recently held auctions 

are a testament to the growing fondness 

of rich shoppers towards bidding their 

favourite pieces online. May be it is the 

stress or restlessness, but more number 

of women are finding joy in collecting 

pieces from their favourite jewellers. 

The Thrill of Bidding 

Women who are bidding pieces online 

are already passionate about jewellery. 

They don’t have an outlet, no evening 

drinks at a favourite restaurant with 

girl friends, no hot yoga – the pent 

up energy is being channeled towards 

chasing jewellery pieces that they have 

been eyeing and the thrill of locking 

it in a desired price is extremely 

gratifying. Maleeva, aged 60 bought a 

Tiffany & Co Angela Cummings Gold 

‘Rose Petal’ Link Bracelet; according to 

an article on New York Times, she had 

been impatient to buy the piece and has 

been bidding aggressively. 

A Safer Investment Choice 

Those who are averse to stocks and 

real estate right now are investing in 

timeless pieces. When everything else 

around people is uncertain, deriving joy 

from owning exceptional gemstones and 

jewellery is the new normal. Historical 

pieces are irreplaceable and one of a 

kind and people are finding the need to 

fill a void in their otherwise mundane 

lives with such gorgeous pieces. 

JAR ‘GERANIUM’ ALUMINUM EARRINGS 



Who are these Collectors? 

Rich housewives and women with 

thriving careers between the age of 35 

and 60 participate in these auctions. 

These are women who know their 

jewellery and have an eye for rare, 

exquisite pieces by pedigree brands. 

By virtue of collecting for several years, 

the need to see the piece in the flesh 

is less. The trust that they have with 

the auction houses and the jewellery 

brands is high. 

The Matter of Pricing 

Auction houses have used the winning 

strategy of implementing conservative 

pricing as it attracts more bidders. 

The current bid for a pair of Geranium 

earrings by JAR with an estimate of 

$1,500-2000 is $5500. A gorgeous 

Cartier coral and diamond brooch with 

an estimate of 50,000-80,000 CHF 

was sold for 68,750 CHF. Ultimately, 

estimates under $20,000 seems to be a 

sweet spot for collectors – the decision 

of buying can be independent without 

consulting members of the family as it 

is not a high octane purchase. Fewer 

lots and frequent options seem to be a 

winning combination. 

IMPORTANT FANCY INTENSE 

PINK DIAMOND RING SOLD FOR 

$3 MILLION 

Verdura Emerald and Sapphire Ring 

Of Provenance & Pedigree 

Pieces from brands with repute and 

history do well in these auctions. 

Cartier, Tiffany & Co, Van, Cleef & 

Arpels, Bulgari are usual suspects, 

while brands like David Webb, JAR, 

Verdura and Hemmerle also do 

extremely well. Pieces whose origins 

are unknown don’t do as well unless 

they come with a piece of indelible 

story, mostly period pieces. Collectors 

feel safer and secure when they buy 

pieces from known brands at an online 

auction. 

Innovation Abound 

Auction houses are doing everything in 

their capacity to make their auctions 

more exciting. From private viewings 

through video calls to home delivery 

to guiding bidders over the phone, an 

array of services is made available to 

eager bidders. Auction houses like 

Doyle are even walking the bidders 

through the whole process, by showing 

them pieces on Facetime or Zoom – 

maintaining a personal connection 

with potential collectors has become 

important now than before. 

Diamonds Galore 

In an auction by Christie’s a plethora 

of diamond jewellery were on sale 

including a spectacular diamond ring 

of 28.86 carats that sold for $2,115,000 

and many diamond pieces from Graff. 

A few fancy colour diamond pieces at 

Sotheby’s Magnificent Jewellery auction 

missed the mark, but an intense pink 

diamond ring was sold for $3 million. 

Colours of Hope 

The demand for Kashmiri sapphires and 

Burmese Pigeon blood rubies was high 

even before the lockdown. Once the 

pandemic came into play, people wanted 

to seize the opportunity to get their hands 

on such rare investments. An important 

Kashmiri sapphire and diamond ring was 

sold at a recently held auction for 524,000 

CHF well over its estimate of 300,000 - 

490,000 CHF. 

IMPORTANT SAPPHIRE AND DIAMOND 

RING SOLD FOR CHF 5,24,000 

CARTIER CORAL AND DIAMOND 

BROOCH, CIRCA 1960 


The Rock Talk 

Aluminum ‘violet’ earrings, JAR 

Gem set diamond 

necklace, Michelle 

Della Valle 

Sapphire & 

diamond 

bracelet, Graff 

Gold and diamond brooch 

1950s, Sterlé 

Going once, going twice 

cherish Forever 

These pieces crafted by world class 

jewellery brands are decorated with the 

finest of gemstones. Their provenance 

and story have garnered them a place in 

some of the most sought after auction 

houses in the world 

Emerald, diamond and 

sapphire brooch, ‘Double 

Aster’ 1956, Verdura 

Amazonite diamond ring 

Diamond leaf brooch, 

Boucheron 

11.34 ct emerald cut diamond 

ring, Harry Winston 


The Rock Talk 

Gem set & 

diamond 

bracelet ‘rose’, 

Tiffany & Co 

A pair of 

diamond, 

coloured 

diamond, 

platinum and 

gold earrings 

An Art Deco 

diamond, emerald, 

platinum and gold 

brooch, Janesich 

A Ruby, diamond, platinum and 

gold brooch, Aletto Brothers 

Gem set flower ring, Chanel 

A Suite of enamel, multigem, 

diamond 

and gold turban 

jewellery, Tiffany & Co 


The Rock Talk 

Hand carved agate & ruby 

cufflinks, Steven Fox Jewellery 

Gold, 

diamond 

bracelet, 

Cartier 

Elephant Motif 

Majestic & Magical 

A symbol of strength and power, elephants are an epitome of 

handsomeness. Their regal and stately appearance has made them 

a popular icon in the world of design. Here are a few pieces that 

are inspired by this gorgeous animal 

Elephant necklace, Van 

Cleef & Arpels 

Wild elephant brooch, Tiffany & Co 

Elephant pendant necklace, 

Cedille 

Amethyst & 

enamel elephant 

pendant necklace, 

Bulgari 

Elephant ring from Maneater 

collection, Wendy Brand 

Coral, diamond, emerald & 

sapphire elephant bangle 

ring, David Webb 

Elephant ring, Boucheron 


The Rock Talk 

Roman Barocco necklace, 

Roberto Coin 

Ring from sun set 

copia collection, 

Palmiero 

Dynamite bracelet, Stephen Webster 

San Lorenzo, Damiani 

Bracelet, Mattia Cielo 

Anello oro 

rosa e 

brillanti, 

Davite E 

Delucchi 

Gold Jewellery 

The Golden hour 

Who can resist the charm of this 

yellow metal? The only precious 

item whose price kept soaring 

despite the economic gloom 

across the world! From stackable 

rings to spiral bracelets, here are 

our favourite pieces 

Rings, Roberto Coin 

Ring, Schaffrath 

Love nest earrings, Fope 

Eka anniversario 

bracelets, Fope 

Dynamite 

earrings, 

Stephen 

Webster 

Pair of bracelets, 

Gioielliamo 


The Rock Talk 

Handcarved 18 kt 

gold bracelet with 

multi-coloured 

sapphires 

including 

diamonds, 

tsavorite garnets, 

blue sapphires, 

orange sapphires, 

and pink 

sapphires, Page 

Sargisson 

Prism pendants in platinum, set with tsavorites, spessartites or 

coloured sapphires with diamonds, Tiffany & Co 

Multi Sapphire 18 karat gold 

earrings, Meghna Jewels 

Cirque large baguette square 

stacking band with rainbow 

gemstones, Jane Taylor 

Multicolor sapphire & 

diamond ring, Ross Simon 

Multicolored 

Sapphire 

Necklace 

Multicolour Jewellery 

Rainbow love 

Colours give us hope. They 

are everywhere, in Nature, 

in paintings, in edifices and 

beautiful gemstones that are 

priceless. These pieces with a 

smattering of colours remind 

of us a time that was filled with 

happiness and cheer 

Gold sapphire diamond 

floral ring, Bulgari 

Multicolor 

sapphire 

necklace, 

Bahina 

18 k gold sapphire earrings, Essere 

18 kt yellow gold 3-row shaker ring 

with diamonds and multicolor 

sapphires, Hammerman Brothers 


DW Promotion 

Limelight Lab-Grown Diamonds 

HOW LAB GROWN CVD 

DIAMONDS CAN BE INDIA’s 

ACE CARD IN GLOBAL GEMS & 

JEWELLERY INDUSTRY 

In the time of crisis, lab-grown CVD diamonds can be 

India’s answer to growth and success 

In times when the global diamond 

industry had been challenged with 

declining natural diamond prices 

driven by decreased global consumption, 

geopolitical tensions, reduced 

financial aid from banking institutions, 

demonetisation struggles in India and a 

collective scale-back of production by the 

miners worldwide, lab grown diamonds 

have seem to emerge slowly as a ray of 

hope and establish a growing footprint in 

the gems and jewellery industry. 

2019, particularly, was the year for labgrown 

diamonds. India, alone, witnessed 

a sharp rise in LGD exports worth $443 

million which were up by 102% y/y. 

Even at the start of 2020, lab-grown 

diamond exports in India were up by 60% 

y/y, while natural diamond exports were 

down by 41% y/y. 

Whilst the lab-grown diamond industry 

had seen a significant price correction in 

recent years with the technology evolving 

and the cost of technology coming down, 

lab-grown diamond prices, particularly 

CVD diamonds, have now stabilized. In 

fact, CVD diamonds above 1ct saw a 29% 

price rise in the last quarter of 2019 driven 

by significant demand and limited supply. 

Globally, estimated at INR 13,300 

Cr currently, the lab-grown diamond 

jewellery market is expected to 

rapidly rise to INR 36,000 Cr by 

2023 and exceed INR 1,00,000 Cr 

by 2035, says a recent report by 

renowned analyst, Paul Zimnisky. 

These hefty numbers are not 

just what adds on to the prospect 

of diamonds created using the 

CVD technology, the major shift in 

consumer consumption patterns is a 

great contributor to the rise in demand 

for lab grown CVD diamonds. 

Millennials and Gen Z as 

purchasers of luxury including 

diamonds, are steering away from 

natural diamonds because of their higher 

environment and social costs and increasingly 

leaning towards sustainable luxury. As a 

result, consumers are now exploring real 

diamonds that are grown in laboratories as 

the new alternative for engagement rings as 

well everyday luxury wear as it comes with 

the added benefit of being ethical, affordable, 

sustainable and more environment-friendly 

product. 

With the largest population of Millennials 

in the world, India is perceived to become the 

largest market for lab grown diamonds in the 

future. 



India remains critical to the 

growth of the lab grown CVD 

industry 

A known fact is that India and China are 

currently the world’s largest exporters of lab 

grown diamonds and that India is also one of 

the strongest players producing or growing the 

lab grown diamonds. 

India particularly specialises in the 

CVD technology that exactly replicates 

the environment below the surface, above 

in a reactor and produces lab grown CVD 

diamonds – certified as the purest type of 

diamonds (Type IIa). 

On the other hand, China produces lab 

grown HPHT diamonds that are created 

using graphite and a molten metal influx not 

resulting in the purest type of diamonds (NOT 

CLASSIFIED as Type IIa). 

What is interesting to know is that in 

the current lab grown polished diamond 

production of 2 million carats, over 90% 

of it is under 0.18cts, majority of which are 

Chinese diamonds. 

Whilst, so far China has progressed with 

significant rise in volumes of star melee 

diamonds, bulk production of higher quality 

and bigger solitaires (0.30cts and above) 

with the HPHT technology still remains a 

challenge. 

India, whilst may not have achieved the 

same volumes yet, with its homegrown scalable 

CVD technology has certainly surpassed 

China in terms of producing superior quality 

(Type IIa) and bigger solitaires. 

As the economy slowly opens post lockdown, 

the implementation of several financial 

measures adopted by the Indian government 

and the RBI to boost lending and increase 

liquidity is likely to revive the economy faster 

than anticipated. In such times of recovery, 

industries that focus on the domestic market 

and homegrown “MakeInIndia” products are 

likely to have a speedy recovery compared to 

industries that have dependency on foreign 

markets. 

Given the scalable production of lab grown CVD 

diamonds occurring in India, a robust strategy 

with a visionary approach and government 

assistance in place can help India make bigger strides in 

offering this choice to consumers domestically but also 

capture a bigger share of the world market for lab grown 

diamonds. With domestic production, cutting, polishing 

and manufacturing of CVD diamonds and our existing 

abilities of domestically designing and crafting to the 

sensibilities of the overseas market, the country is poised 

to capture the opportunity locally as well as be the biggest 

foreign exchange earner going forward 

Pooja Sheth, MD & Founder of Limelight Diamonds, 

the first luxury brand in India offering lab grown CVD 

diamond jewellery 

5 reasons why CVD diamonds can be INDIA’s 

golden opportunity for revival post crisis 

1. Opening up a new segment of AFFORDABLE LUXURY 

Majority of the polished natural diamonds are currently consumed by US and 

China, as per the latest DeBeers Diamond Insight Report, 2019. India only 

consumes 5% of the polished natural diamonds. This is largely a reflection of 

majority of the Indian population not being able to afford natural diamonds. 

Lab grown CVD diamonds, with its affordable price points, is an opportunity 

for every jewellery retailer to offer a new choice to consumers who have always 

aspired to purchase a diamond. 

Source: De Beers Diamond Insight Report, 2019 



Source: Limelight Handcrafted Diamonds 

2. Increasing ACCEPTANCE 

of lab grown CVD diamonds 

in India 

Indian consumers have begun 

embracing lab grown diamond jewellery 

mainly due to the wide education drive 

on the creation process conducted by 

several brands in the country. This 

has helped consumers understand that 

these diamonds are as REAL as natural 

diamonds and originate from a natural 

diamond itself – similar to the concept 

of IVF technology / test tube babies. 

Along with that, the recent campaign 

conducted by Limelight Diamonds with 

support from the Royal Families of 

India who have been prime custodians 

of some of the most precious diamonds 

in the world, and their encouragement 

for technology and its ability to produce 

the purest Type IIa diamonds through 

the CVD process yet saving the planet, 

helped the consumers understand that 

these are not low in quality but the 

purest type of diamonds – maintaining 

the aspiration behind the purchase just 

like any other precious gemstone. 

Moreover, the millennials and Gen Z 

of the country have shown even stronger 

support for these diamonds because of 

their ethical, social and environmental 

benefits as there is no mining involved. 

However, a lot more education is still 

required to the trade and the consumers 

to infuse the confidence of establishing 

this as a distinct product category 

by the trade and a distinct product 

offering/choice to the consumers. 

3. Indian MILLENNIAL 

– the diamond jewellery 

CUSTOMER for next 15-20 

years 

410 million millennials. The largest 

millennial population in the world. 

An opportunity that cannot be 

missed. 

Millennials, those roughly born 

between 1980s – 2000’s, and the target 

audience of every growing industry, are 

increasingly leaning towards spending 

less on high value luxury items and 

more willing to spend on experiences. 

Whilst post Covid era will see some 

short term shift in spending from travel 

and food into more luxury purchase, the 

millennial is likely to remain more price 

conscious and will only PURCHASE 

WITH A PURPOSE. 

On taking a look at their purchasing 

preferences, a recent Deloitte report 

on Millennials in India states that 

climate change & environment has 

become the no.1 priority or concern for 

them. Statistics also state that 44% of 

these millennials are willing to a pay 

a premium on sustainable products/ 

materials. 70% of a survey in U.S. 

conducted by MVI Marketing, said the 

millennials would consider buying a 

lab grown diamond engagement ring as 

it provides a bigger stone for the same 

money and they would like to save 

money on an engagement ring. 

“Among consumers in general, and 

millennials most specifically, mineddiamonds 

have a bad reputation for the 

high human cost and environmental 

damage that mining operations entail. 

This generation is fixated on responsible 

sourcing and manufacturing of the 

products they buy. Lab-grown diamonds 

meet that demand, while mineddiamonds 

fall short.” – Forbes.com 



Source: Limelight Handcrafted Diamonds 

4. Increasing consumer acceptance for 

SUSTAINABLE PRODUCTS, especially post 

Covid-19 

This message has resonated strongly with consumers and the post- 

Covid era is likely to see a strong shift in the behaviour, attitudes and 

purchasing patterns of consumers. Several studies and analysis, 

including the recent Bain & Co report suggests that consumers in 

response to the crisis will have an increased environmental and 

social consciousness and sustainable alternatives to conventional 

products will start having a preference. 

CVD Diamonds are not just flawless but they do not bear 

the burden of mining and save 109 gallons of water and 1,750 

tonnes of earth per carat. Land mass and water being the most 

precious and stretched resources today. 

Even pre-Covid era, with the rising consciousness amongst 

consumers for saving the environment, several sustainable 

alternatives have emerged across industries such as electric 

vehicles, recycled fashion, bamboo brushes and straws etc. 

However, all these products are yet to scale and currently 

remain more expensive that their conventional counterpart for 

the end customer. 

Interestingly, the gems & jewellery industry is strongly 

placed with a sustainable product like the lab grown diamonds 

that are affordable relative to the natural diamonds. 

“Women in today’s age make their own choices and decisions. 

They have their own independence not just in terms of profession 

but are now more empowered in their thoughts and opinions. This 

is very much starting to reflect in the trends in the fashion and 

jewellery industry where more women are opting for sustainable 

options - such as the lab grown CVD diamonds - that allow them 

to enjoy several luxuries without damaging the planet for the 

future generation. With women getting economically and socially 

independent they deserve to celebrate every little achievement and 

any big success with a girl’s best friend - a sustainable diamond.” – 

Pooja Sheth, MD & Founder of Limelight Handcrafted Diamonds. 

5. Lab grown CVD diamonds are certified as 

the purest Type IIa diamonds 

CVD diamonds are classified as the purest type of diamonds 

– Type IIa – by world’s leading diamond certifying organisations 

such as the SGL labs & IGI. 

Type IIa diamonds are devoid of any impurities and almost 

entirely composed of carbon. As a result, the brilliance, shine 

& lustre of a Type IIa diamond is significantly better than any 

other type of diamond. Any such diamond even with a natural 

origin has a mention of Type IIa on its certificate and is sold at a 

5 – 15% premium in the market. But such diamonds are rare to 

find under the earth’s surface as 98% of natural diamonds have 

nitrogen impurities. Only 2% of all natural diamonds in the world 

have been classified as Type IIa. 

The world-famous Koh-i-Noor, 105.6-carat, is a Type IIa 

diamond, found from the ancient Golconda mines (now between 

Telangana and Andhra Pradesh). Some of the most world famous 

Type IIa diamonds have emerged from the Golconda Kullur 

mines in India. 

However, due to the rarity of Type IIa diamonds, most 

consumers do not have access to the purest diamonds. Through 

the CVD technology, and only through this technology, the Type 

IIa privilege can be brought at the hands of each consumer. 

In addition, lab grown diamonds particularly CVD diamonds 

have resale value. Brands like Limelight Diamonds, offer its 

consumers buyback and 100% exchange opportunities. 

“The beauty of technology is that it permits you to enjoy 

something you could never even dream of. Truly, an industry 

revolution, CVD diamonds turn dreams into reality by offering 

Type IIa diamonds that belong to the same league as the Koh-i- 

Noor at the hand of every consumer. At the same time creating a 

new kind of heritage that can protect the legacy of the diamond yet 

preserve the planet for a brighter future for all,” says Pooja Sheth. 

“India was ONCE one of the largest mines for Type IIa diamonds 

and India now ONCE AGAIN stands the chance to be the largest 

mine for Type IIa diamonds through the CVD technology.” 

Source: 

Limelight 

Handcrafted 

Diamond 

Jewellery 

Disclaimer: This article is for advertorial purpose only. All information has been provided by Limelight Lab-Grown Diamonds Ltd. 

Diamond World will not be responsible for decisions based on this article. 


Design stuDio 

Selim Mouzannar 

Bearer of Legacy 

Embracing the legacy left behind by his forefathers while 

ensuring that doesn’t stifle his creative process, Beirut-based 

jewellery designer Selim Mouzannar has a one-of-a-kind 

personality and his jewellery is just a reflection of that 


Design stuDio 

Selim Mouzannar hails from a 

family of jewellers who served 

the Ottoman Empire since the 

19th century. As a child, he spent his 

time in his father’s workshop in the 

heart of Beirut’s historical jewellery 

souks. After studying mineralogy in 

France and Belgium, he was hired by 

a renowned jewellery group to manage 

its workshops in Saudi Arabia. Shortly 

after, he went to Thailand where he led 

the life of a stone hunter in ruby mines 

near the Burmese border. It is here that 

he had a life changing experience, of 

being stalled by a local militia at the 

Cambodian border. This misadventure 

made him an eternal advocate of 

nonviolence. 

Selim is passionate about the Ottoman 

and Art Deco architecture from Beirut’s 

past – a fertile blend of oriental culture 

with traces of the Colonial French 

presence. He has put all his energy 

into restoring his family home in the 

old neighborhood of Ashrafieh, where 

he currently lives. It is in the comfort 

of his ancient home that he finds his 

inspiration. Mouzannar likes to confront 

the past with the present, which is why 

his jewellery represents a heritage in 

perpetual movement. 

You come from a family of 

jewellers. Is it right to say that 

you are naturally inclined towards 

jewellery? 

I don’t believe that just because one is 

born into a family of jewellers, he or she 

will have a propensity towards the art. 

However, growing up in an environment 

filled with jewellery definitely enriched 

my creative process. 

How do you blend your Lebanese 

upbringing and design elements 

from the royal courts of Ottoman 

– because much of your jewellery 

is a cross section between the two? 

It is mainly the impact of all the things 

I lived through and Beirut is steeped in 

history, including 400 years of Ottoman 

Empire. 

I don’t believe 

that just because 

one is born 

into a family of 

jewellers, he or 

she will have 

a propensity 

towards the 

art. However, 

growing up in 

an environment 

filled with 

jewellery 

definitely 

enriched my 

creative process 


Design stuDio 

Fine jewellery 

is being 

democratised, 

it is not about 

financial 

investment 

anymore. 

The main 

investment 

today is to wear 

the jewellery 

one buys and 

to feel good 

wearing it 

You stand for nonviolence and you 

are an eternal optimist – how do 

these reflect in your designs? 

There is a lot of colour in my jewellery. 

I think they represent happiness, peace 

and hopefulness. 

How would you define your label’s 

spirit? 

Powerful like the women who wear my 

pieces, colourful like the spectrum 

of the gems I use, and poetic like the 

nostalgia of Beirut and many other 

cities. 

Can you walk us through your 

latest collection? 

In my latest collection, I revisited our 

Kastak collection with a new version of 

charms combined with transparent blue 

and rusty red enamel. Each charm has 

a meaning of peaceful messages. 

From a spark (idea) to how it 

becomes a finished piece of 

jewellery, can you walk us through 

your creative process? 

There is no code for the process in my 

mind. It could be the sources of what 

has impacted my life, mainly nature. 

Where do you think high/fine 

jewellery stands in the market 

today, amidst consumers and what 

does the future for this market 

look like? 

Fine jewellery is being democratised, 

it is not about financial investment 

anymore. The main investment today is 

to wear the jewellery one buys and to 

feel good wearing it. 


Design stuDio 

Define the style sensibility of 

the wearer (audience) of your 

jewellery. 

The women who wear our pieces are 

modern, simple, cosmopolitan and 

timeless. 

What precious stones and metals 

do you love working with? 

I like working with all natural materials, 

including wood. The precious side 

comes not only from the financial value 

but from the emotion that a jewel can 

diffuse. A metal like copper, aluminum 

and a natural stone like tourmaline or 

chrysoberyl are always interesting to 

work with. 

In your experience of travelling, 

which country has been the most 

inspiring and why? 

Many cultures and people from many 

countries have left a mark in my mind. 

The one that is the most inspiring is our 

Mother Earth and human beings. 

The precious 

side comes not 

only from the 

financial value 

but from the 

emotion that 

a jewel can 

diffuse. A metal 

like copper, 

aluminum and 

a natural stone 

like tourmaline 

or chrysoberyl 

are always 

interesting to 

work with 


GIA AdvertorIAl 

Stone Talk 

Ruby 

Rarity, beauty and an incomparable red colour make ruby one of 

the most important gems in the coloured stone market. Because 

of these attributes, ruby was called the “king of gems” in ancient 

India. Today ruby can command the highest per-carat price of any 

coloured stone. 

Ruby is a variety of the mineral corundum. In its purest form, the mineral corundum is colourless. 

Trace elements that become part of the mineral’s crystal structure cause variations in its colour. 

Chromium is the trace element that causes ruby’s red. The more chromium that is present in the 

gemstone, the stronger the colour. 

The word “ruby” comes from the Latin “ruber,” meaning red. Ancient Hindus believed that 

offering fine rubies to the god Krishna assured rebirth as emperors. Burmese warriors thought 

it made them invincible in battle. Medieval Europeans maintained that rubies bestowed 

health, wisdom, wealth and success in love. 

Colour 

Colour is the most significant factor in determining a ruby’s value. 

Ruby ranges from a saturated red, to dark red and orangey red, 

to purplish red. Desirable rubies include pure, vibrant reds 

to slightly purplish reds. The most sought-after colour by 

collectors worldwide is a deep red sometimes tinged with 

a hint of purple. In the trade, such rubies are occasionally 

referred to as “pigeon’s blood,” because of their 

deep, unmistakable colour. 

©2018 GIA. GIA® is a registered trademark of Gemological Institute of America, Inc. 

112 | may-june 2020 | DiamonD WorlD 

ADT180075_Ruby_advertorial_India_v5.indd All Pages

GIA AdvertorIAl 

Clarity 

A ruby’s value can be significantly reduced if inclusions, 

or clarity characteristics, affect its transparency 

or brilliance. However, some natural inclusions 

can be expected and they remain as beautiful 

markers of the gemstone’s origin. Inclusion-free 

ruby is practically nonexistent, so value fluctuates 

depending on how visible the inclusions are. Inclusions 

can also affect a ruby’s durability, especially 

if there is a surface-reaching fracture. Typical 

clarity characteristics include thin mineral inclusions 

called needles. Rutile needles, or “silk,” can 

contribute positively to a gem’s appearance. 

Sources 

The most famous ruby mines are in Myanmar 

(formerly known as Burma). Vietnam, Mozambique, 

Madagascar, Kenya, Tajikistan, Afghanistan 

and Pakistan are also sources of ruby. The most 

renowned rubies, like those from Myanmar, the 

Himalayas, and northern Vietnam, typically form in 

marble. In other locations, rubies can be found in 

basalt rocks. Rubies from these sources can have 

higher iron content, which can make the rubies 

darker and less intense in colour. 

Treatments 

Heat treatment is often used to improve the 

colour or clarity of a ruby. Heat can also cause 

some fractures to “heal” in certain conditions. 

Lower quality material may have surface-reaching 

fractures that are filled with a glass and repolished. 

This treatment is designed to decrease the 

visibility of the fractures. All treatments should 

be disclosed to the buyer. 

To learn more about rubies and other popular 

gemstones visit GIA.edu/gem-encyclopedia 

This article is provided by GIA (Gemological Institute of America). 

GIA.edu 

This article is provided by GIA (Gemological Institute of America). 

Images Courtesy of: Bear Essentials, Bill Larson, Christie’s 

GIA.edu 

Learn More About GIA Education Programmes and Laboratory Services in India 

GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu 

Images Courtesy of: Bear Essentials, Bill Larson, Christie’s 

Learn More About GIA Education Programmes and Laboratory Services in India 

GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu 

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