Amitabh Bachchan Unveils Kalyan Jewellers’...

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Amitabh Bachchan Unveils Kalyan Jewellers’ Ahmedabad Showroom Monique Lhuillier Designs Bridal Jewellery For Blue Nile Kalyan Jewellers brand ambassador Amitabh Bachchan launched the brand’s first store outside southern India in Internationally renowned fashion and bridal designer Monique Lhuillier has entered into an exclusive partnership with online jewellery retailer Blue Nile to create an exclusive bridal jewellery collection. Monique Lhuillier Fine Jewelry will launch in October with an assortment of engagement rings and wedding bands. Inspired by the designer's romantic, couture bridal creations, the collection embodies the sophistication, elegance and femininity that define the brand. Each platinum piece will be set with Blue Nile diamonds. “There is no symbol of love more permanent or meaningful than an engagement ring,” said Lhuillier. “To know that I continue to touch the lives of so many brides is a very special feeling.” “When it comes to prestige, youth, and a compelling design vision that inspires today's brides, no other designer compares,” said Blue Nile CEO and president Harvey Kanter. “We are proud to partner with Monique and bring this exclusive bridal collection to our customers and the world.” Available worldwide exclusively at Blue Nile, Monique Lhuillier Fine Jewelry will launch in October with engagement rings and wedding bands ranging in price from $2,000 to $5,000. For Valentine's Day, additional pieces, including earrings, necklaces and pendants will be unveiled. silver, platinum, diamond and pearl jewellery. Kalyan Jewellers chairman and managing director T.S. Kalyanaraman said, “We at Kalyan try to give the best to our consumers through our products and services. Customers are our pride and the Kalyan Jewellers store is our endeavour to make their shopping experience hassle-free, comfortable and unique. Our company and its products are synonymous with trust and purity in a INTERNATIONAL OCTOBER 2012 22 Ahmedabad, Gujarat on September 17, in time for the festive season. The 20,000-sq-ft showroom offers hallmarked gold, category that is fraught with questionable practices.” The company has earmarked H300 crore to open three more showrooms in Rajkot, Vadodara and Surat by March 2013. The company plans to open 100 stores across the world by 2015. It currently has 37 stores spread across the southern Indian states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh. Kalyan Jewellers generated a turnover of H9,437 crore for the fiscal year that ended March 31, 2012, and is targeting a turnover of H16,000 crore for the next financial year. Bollywood superstar Amitabh Bachchan inaugurating Kalyan Jewellers’ store in Ahmedabad, as Kalyan Jewellers chairman T.S. Kalyanaraman (second from left) looks on. The Monique Lhuillier Fine Jewelry Collection is available exclusively at Blue Nile.

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Amitabh Bachchan Unveils Kalyan Jewellers’ Ahmedabad Showroom

Monique Lhuillier Designs Bridal Jewellery For Blue Nile

Kalyan Jewellers brand ambassador Amitabh Bachchan launched the brand’s first store outside southern India in

Internationally renowned fashion and bridal designer Monique Lhuillier has entered into an exclusive partnership with online jewellery retailer Blue Nile to create an exclusive bridal jewellery collection.

Monique Lhuillier Fine Jewelry will launch in October with an assortment of engagement rings and wedding bands. Inspired by the designer's romantic, couture bridal creations, the collection embodies the sophistication, elegance and femininity that define the brand. Each platinum piece will be set with Blue Nile diamonds.

“There is no symbol of love more permanent or meaningful than an engagement ring,” said Lhuillier. “To know that I continue to touch the lives of so many brides is a very special feeling.”

“When it comes to prestige, youth, and a compelling design vision that inspires today's brides, no other designer compares,” said Blue Nile CEO and president Harvey Kanter. “We are proud to partner with Monique and bring this exclusive bridal collection to our customers and the world.”

Available worldwide exclusively at Blue Nile, Monique Lhuillier Fine Jewelry will launch in October with engagement rings and wedding bands ranging in price from $2,000 to $5,000. For Valentine's Day, additional pieces, including earrings, necklaces and pendants will be unveiled.

silver, platinum, diamond and pearl jewellery.

Kalyan Jewellers chairman and managing director T.S. Kalyanaraman said, “We at Kalyan try to give the best to our consumers through our products and services. Customers are our pride and the Kalyan Jewellers store is our endeavour to make their shopping

experience hassle-free, comfortable and unique. Our company and its products are synonymous with trust and purity in a

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Ahmedabad, Gujarat on September 17, in time for the festive season. The 20,000-sq-ft showroom offers hallmarked gold,

category that is fraught with questionable practices.”

The company has earmarked H300 crore to open three more showrooms in Rajkot, Vadodara and Surat by March 2013. The company plans to open 100 stores across the world by 2015. It currently has 37 stores spread across the southern Indian states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

Kalyan Jewellers generated a turnover of H9,437 crore for the fiscal year that ended March 31, 2012, and is targeting a turnover of H16,000 crore for the next financial year.

Bollywood superstar Amitabh Bachchan inaugurating Kalyan Jewellers’ store in Ahmedabad, as Kalyan Jewellers chairman T.S. Kalyanaraman (second from left) looks on.

The Monique Lhuillier Fine Jewelry Collection is available exclusively at Blue Nile.

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HP Launches Multifunction Printer For JewellersTech giant HP has launched a multifunction printer (print, scan, copy) that addresses the specialised needs of jewellers. Priced at H42,899, the HP TopShot LaserJet Pro M275 is capable of capturing high-quality images of 3-D objects such as ornaments for immediate use in presentations or marketing materials. The printer can also email the images directly to customers or upload them to a website, at the touch of a button.

“Usually customers used to capture the image of the product through the digital camera and then transfer it to their laptop/desktop for internet marketing/mailing to the customer’s email ID or for marketing presentations and collaterals. This three-step process has been simplified by HP through the HP TopShot LaserJet Pro M275,” the firm said.

The printer uses an 8-mega pixel camera fitted with a high-quality optical lens and a high-resolution sensor that can generate images with enhanced depth-of-focus.

Poonam Soni Debuts Platinum Collection

from 2005. The women’s range of jewellery uses platinum coins imprinted with snake motifs along with diamonds and coloured gemstones. The highlight of the collection is the fusion of platinum with the vilandi (jadtar) studded in gold. The coins also feature prominently in a line of men’s accessories like cufflinks, buttons and tie pins.

Jewellery designer Poonam Soni launched a signature platinum collection that takes traditional Indian motifs in gold and marries them with the white metal. The launch party at the Raymond Showroom in Mumbai on September 6th was attended by celebrities such as Raveena Tandon, Tara Sharma, Sabira Merchant, Rael Padamsee, Amrita Raichand, Deepika Gehani, Gulshan Grover, Deepti Bhatnagar, Nawaz Singhania, Gautam Singhania, Laxman Shrestha, Rashmi Uday Singh, Aditya Hitkari and Divya Palat among others.

The new line includes seven platinum coins that are an extension of her iconic ‘Gaudi Revived’ collection

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Four-coin pendant

(Left to right) Gautam Singhania, Gulshan Grover, Poonam Soni, Raveena Tandon and Nawaz Singhania at the unveiling.

Square platinum coin

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Lagu Bandhu Opens Eighth Store In Borivali

Mumbai-based jewellery retailer Lagu Bandhu opened its latest showroom in the suburb of Borivali last month, in keeping with the company’s expansion strategy of opening one new showroom every year.

The 1,500-sq-ft store stocks the latest designs in diamonds and other gemstones. The jeweller said it uses diamonds of VVS clarity and F-G colour grades, starting from H63,000 per carat.

Including the recent Borivali opening, Lagu Bandhu has a total of eight showrooms. It has a store in Thane, Dombivali, Pune and Panjim (Goa). It has three more stores located in the bustling central Mumbai area of Dadar, one each specialising in diamonds, studded jewellery and gold jewellery.

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Varuna D Jani’s ‘Vow Initiative’ Empowers Budding DesignersJewellery designer Varuna D Jani launched a new venture called the Vow Initiative, which aims to provide a platform for up-and-coming jewellery designers in the country. The jeweller recently held an orientation programme in Mumbai for 10 students who were chosen after a rigorous selection process.

The year-long Vow Initiative programme will instruct the students to respond to global fashion trends and will provide exposure by organising fashion shows and through personal interaction with customers. The students will also be given hands-on training with raw materials, technology, production, construction, finishes, design methodologies, etc.

At the end of the year, four top students will be given an inventory of 150 carats of diamonds to create their own collection under their own exclusive label, which will be displayed at the Vow Designer Lounge.

The Lounge will stock “designer jewellery at affordable prices” of up to H5 lakh. In the next five years, Varuna D Jani intends to have two such showrooms – each measuring a minimum of 1,500-sq-ft – in all the major cities.

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Kays Jewels Introduces Forevermark Jewellery

PC Jeweller Sponsors Delhi Couture Week

Indian city of Kanpur. On the occasion, Bollywood actor Juhi Chawla unveiled a new collection set with Forevermark diamonds.

“Forevermark signifies beauty, inspiration and integrity that every woman stands for. I personally prefer delicate designs as they go well with any occasion and outfit. The current designs are classy and match the sensibility of a modern Indian woman. I am sure everyone in Kanpur will be elated to experience the indulgence at Kays Jewels,” Chawla said.

Kays Jewels director Ravi Kapoor said, “Forevermark

(Left to right) Forevermark India managing director Sachin Jain, actor Juhi Chawla and Kays Jewels director Ravi Kapoor at the Forevermark launch.

Katrina Kaif walked for Manish Malhotra. PCJ managing director Balram Garg with Pooja Garg.

is a promise to all the valued customers of the city who want to possess diamonds without worrying about quality and authenticity. Inspired by timeless Indian motifs and crafted to perfection, the current collection is specially designed to suit the Indian sensibilities.”

Forevermark India managing director Sachin Jain noted, “We are also pleased to partner with Kays Jewels for their mutual passion for diamonds and their expertise in creating beautiful designs both in contemporary and traditional designs”.

September 8, marking the launch of the De Beers brand in the northern

Jewellery retailer Kays Jewels Pvt. Ltd. unveiled the Forevermark brand on

Delhi-based jewellery retailer PC Jeweller (PCJ) sponsored the recently concluded Delhi Couture Week, a five-day fashion event that showcased designs by leading names such as Manish Malhotra, JJ Valaya, Sabyasachi, Varun Bahl and Rohit Bal. The showstoppers included stars like Sridevi, Katrina Kaif, Madhuri Dixit Nene, Sharmila Tagore and Sonam Kapoor.

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Aurelsa’s First Fairtrade Gold Shipment To UK’s Ingle & RhodeIngle & Rhode co-founder Tim Ingle said: “This historic

first shipment reflects the continued increase in consumer demand for jewellery made with certified Fairtrade & Fairmined gold, and Aurelsa will significantly improve availability of this type of product to both jewellers and consumers. Fairtrade & Fairmined gold makes jewellery all the more beautiful for having been produced without human or environmental exploitation.”

Aurelsa is only the fourth gold producer in the world to obtain Fairtrade & Fairmined status, following in the footsteps of the Cotapata Mining Cooperative in Bolivia, Sotrami in Peru, and Oro Verde in Colombia.

Fairtrade & Fairmined gold was launched in the UK on February 14, 2011, with the aim of ensuring that artisanal and small-scale miners can produce and sell gold without being exploited by middlemen, while working with fair pay and conditions, without child labour, and without polluting the environment.

Achieving Fairtrade & Fairmined gold certification means that Aurelsa will now receive a guaranteed Fairtrade Minimum Price, set at 95% of the London fix (the price set by the London Bullion Market Association or LBMA), as well as a Fairtrade premium payment, set at 10% of the London fix, and which is democratically reinvested in community projects and improving mining operations.

London-based ethical bespoke jeweller Ingle & Rhode recently received the first ever batch of certified Fairtrade & Fairmined gold from the Relave small-scale gold mining community (Aurelsa) in Peru. Aurelsa received Fairtrade & Fairmined gold certification in May 2012 following a series of independent audits by FLO-Cert, the leading international social certification body that is responsible for verifying compliance with the Fairtrade & Fairmined gold standards.

GIA Hosts Seminar On ‘Healing Properties of Navratnas’Bandra Kurla Complex.

In addition to describing the healing properties associated with these particular gemstones, Bhojwani emphasised gemstone dimensions and proper metals for

retail jewellery purposes. The seminar concluded with traditional Indian palm readings and Bhojwani prescribed gemstones to audience volunteers.

“The navratnas are an important part of Indian

Indira Bhojwani giving the lecture on gemstones.

retail jewellery and we are thankful that Bhojwani shared details about each gemstone with our alumni,” said Manoj Singhania, education director of GIA in India and the Middle East. “The seminar was beneficial to retail jewellers who learned how to market birthstones more effectively to clients.”

Bhojwani, an astro-gemmologist and heritage jeweller, has been in the retail jewellery industry for more than 15 years. Passionate about gemstones and period jewellery, she conducts events for corporations that focus on preserving the heritage of Indian jewellery.

‘Romance of Gemstones’ in mid-September. The interactive session was led by Indira Bhojwani, director of Pure Skies Jewels, and took place at the institute’s Mumbai campus in the

The Gemological Institute of America (GIA) and its Mumbai Alumni Chapter hosted a special seminar on the ‘Healing Power of Navratnas’ (nine gemstones) and the

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Aishwarya Rai Inaugurates Kalyan Jewellers’ Kochi Store

GJTCI & Gujarat Govt. To Set Up Training Centre

Swarovski To Decorate Pune Luxury Skyscraper

Bollywood actress Aishwarya Rai Bachchan recently inaugurated Kerala-based Kalyan Jewellers’s 36th showroom in Kochi. The 20,000-sq-ft store is spread over three floors and offers a variety of studded gold and silver jewellery as well as gift articles, said T.S. Kalyanaraman, chairman and managing director of Kalyan Jewellers.

Kalyan Jewellers recently signed up Amitabh Bachchan and Aishwarya Rai Bachchan as its brand ambassadors. The company has 37 branches spread over Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

The Gem & Jewellery Trade Council of India (GJTCI) signed a memorandum of understanding with the Gujarat government on September 20 for establishing a state-of-the-art training centre in Ahmedabad. The agreement was signed during an event titled ‘Industry Responsive Skill Convention: Making Gujarat a Skill Hub’ that was inaugurated by Gujarat chief minister Narendra Modi (centre) in Gandhinagar.

In addition to jewellery designing and diamond grading courses already being offered by the GJTCI, in three months’ time the new training centre will begin courses on sales & marketing, and innovative ways to export. “Gujarat is the hub of diamond processing and specialises in the manufacture of gold, studded and kundan jewellery. The local industry will require skilled manpower at various levels, and the new institute aims to empower the new generation that wants to enter this sector,” noted GJTCI president Shantibhai Patel (third from left).

Swarovski, a fashion and lifestyle accessories brand, has collaborated with township developer City Corporation Ltd. to adorn

and other crystal products.

David White, global vice president marketing and sales, Swarovski Lighting, said, “India is a very exciting and interesting market, with many brand connoisseurs who hold a deep appreciation for beauty and luxury. As India evolves, we

expect Swarovski lighting and interior products to emerge as a perfect fit for those discerning Indian customers who want to

celebrate their success with beautiful, exclusive designs for their personal spaces. Swarovski has always been synonymous with crystal, beauty and lifestyle and through the marvelling of Gateway Towers 1, we will attempt to add sparkle to people’s everyday lives with beautiful crystal and lighting products.”

Gateway Towers 1 will be among the tallest skyscrapers in and around Pune at a height of 150 metres or 45 storeys. Spread across 14 acres, the $2 billion project will boast a futuristic design and promises to be one of India’s most iconic residential buildings.

a high-end residential building, Gateway Towers 1, in Pune. Swarovski will embellish the interiors of the towers with light fixtures

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Dubai To Host Jewellery Week In November

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he seventeenth edition of the Dubai International Jewellery Week (DIJW), a premier consumer show featuring

international jewellers and designers, will run from November 21 to 24 at the Dubai World Trade Centre (DWTC). With the largest collection of one-off jewellery pieces, luxury collections, unique watches and stylish designs, the show is expected to attract thousands of visitors this year. Last year the show attracted more than 20,000 visitors.

DIJW 2012 will feature over 200 exhibitors from 20 countries presenting collections of fine jewellery and watches. National pavilions representing retailers from Hong Kong, India, Italy, Korea, Lebanon, Singapore, Thailand, Turkey and the United Kingdom will be taking part in the exhibition.

“There is no doubt that the region's penchant for fine jewellery is substantial, across all cultures and age groups. With the world's top jewellers and luxury brands available in most of our shopping malls in the UAE, there is growing appeal for new,

T unique and previously unavailable designers and jewellery collections. This year's DIJW includes both jewellers with a presence in the region and those showcasing their collections here for the first time," said Trixee Loh, senior vice president, DWTC, the organiser of the event.

With many jewellery analysts expecting luxury sales to climb by the end of the year, the show will provide leading retailers and manufacturers the perfect platform to showcase their collections.

New York-based international jeweller

Monique Creations Inc., with a presence in Mumbai, specialises in solitaire jewellery and has been participating at DIJW for the past four years. Manager Kavita Bajaj said, "Dubai is a key location for us as it is so central to the billions of consumers around the region and South Asia. Participating at this event gives us considerable access to our global customer base. Monique Creations Inc. will be previewing the biggest and latest one-of-a-kind designs at this year's exhibition, and we expect a record response in Dubai this year."

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Amit Dhamani, CEO, Dhamani Jewels, added, "We are delighted to be participating at the Dubai International Jewellery Week for the twelfth consecutive year. Dhamani Jewels is recognised as one of the largest fine jewellery retail groups in the region, and we are thrilled to be launching an exclusive new jewellery collection during the show."

This year's event introduces a VIP Lounge with exclusive access for VIPs, and the ultra-premium Designer Avenue, which will feature limited edition and bespoke luxury jewellery from around the world.

Emerging jewellery design talent will be showcased during the show through the fourth annual Dubai Jewellery Design Awards, with the winning entries to be crafted and put on display.

DIJW will also welcome for the first time Fiera di Vicenza, which signed a strategic partnership that strengthens the emirate’s commitment towards the Italian and European gold and jewellery businesses. n©

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Gitanjali Installs Gold, Silver ATM At Mumbai’s Lalbaugcha Raja

De Beers Opens First Store In Shanghai

The Gitanjali Group joined hands with Lalbaugcha Raja Ganeshotsav Mandal to install a gold and silver coin dispensing machine near the revered idol for Mumbai’s most celebrated festival of Ganeshotsav.

Embossed with an image of the famous statue, the gold and silver coins could be withdrawn from Gitanjali’s vending machine during all ten days of the festival. Gitanjali Lifestyle CFO Vijay Shanker, Lalbaugcha Raja Ganeshotsav Mandal secretary Sudhir Salvi, and actress Sayali Bhagat unveiled the machine.

“We got an overwhelming response from consumers after the launch of the second kiosk at Siddhivinayak Temple. Devotees flock to Lalbaugcha Raja in huge numbers every Ganeshotsav. With this gold and silver coin vending machine, people can take home a symbol of the blessings and good luck from Lalbaugcha Raja, the fulfiller of all wishes!” Shanker said.

The kiosk is a part of Gitanjali’s ‘Go for Gold’ umbrella branding to promote the purchase of gold – whether in the form of jewellery or coins and bars. The vending machine accepts credit cards, debit cards and cash, and offers products at current market rates.

De Beers Diamond Jewellers opened a new store in the heart of Shanghai's most prosperous financial area Lujiazui in the Pudong district on August 30. The new showroom marks the brand’s fourth store in China.

The new 75-sq-m space will display solitaires, timeless classics and unique high jewellery creations. For this occasion, De Beers displayed the Talisman Crown that was specially designed for the celebration of the Queen’s diamond jubilee along with the Talisman Wonder. A set of eight unique Talisman Medals were exclusively created to celebrate the Shanghai store opening.

François Delage, CEO of De Beers Diamond Jewellers, commented, “We

Actress Sayali Bhagat unveiling Gitanjali’s gold and silver coin vending machine at Lalbaugcha Raja.

(Left to right) De Beers Institute of Diamonds president Andrew Coxon, Shu Qi and Francois Delage do the honours.

are proud to continue to build the brand in China with the opening of our first store in Shanghai after the successful openings in Beijing, Tianjin and Dalian. As the sole diamond jewellery specialists, we are delighted to share our exceptional passion and expertise in diamond selection, craftsmanship and diamond jewellery design with one of the most discerning markets.”

Award-winning actress, Shu Qi was in attendance to celebrate the opening in Shanghai, wearing De Beers jewellery including the Arpeggia necklace and bracelet crafted in yellow gold with white and fancy-coloured diamonds, and two solitaire rings. Shu Qi commented, “I am

delighted to be able to join De Beers for the opening of the first Shanghai store and these timeless, elegant creations from De Beers are a joy to wear.”

De Beers has a worldwide presence with stores located in the most sought-after locations including Old Bond Street in London, Fifth Avenue in

New York, Printemps and Galeries Lafayette in Paris, Shin Kong Place in Beijing, The Landmark in Hong Kong and Ginza in Tokyo. De Beers Diamond Jewellers was established in 2001 as an independently managed and operated joint venture between LVMH Moët Hennessy Louis Vuitton and De Beers.

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De Beers Unveils Imaginary Nature Collection In Asia

TBZ Opens Showroom In Vadodara

De Beers Diamond Jewellers unveiled its high jewellery collection Imaginary Nature for the first time in Asia on September 10. The high profile event was attended by award-winning actress, Gigi Leung and Taiwanese actress and model Bianca Bai.

Francois Delage, CEO of De Beers Diamond Jewellers, commented, “We wanted through Imaginary Nature to truly establish our legitimacy as a jeweller and to express our vision through a strong creative and contemporary gesture. Our unique designs inspired by our DNA bring to life our brand essence – the jeweller of light – by creating exquisite pieces, moments and movements from a journey from earth to light. The eight one-of-a-kind creations sublime our diamond mastery and jewellery know-how, and we are delighted to now unveil them in Asia”

Gigi Leung, who wore the De Beers Arpeggia collection, commented, “It is so refreshing to see a contemporary take on high jewellery; the three-dimensional aspect and the interplay of light between different diamond cuts is truly unique.”

Jewellery retailer Tribhovandas Bhimji Zaveri Limited (TBZ) opened its brand new showroom at Racecourse Road, Vadodara on August 16 on the auspicious jewellery-buying occasion of Gurupushya Nakshatra. With this addition, TBZ now has 15 showrooms in 10 cities across five states.

The Mayor of Vadodara, Jyotiben Pandya, inaugurated the new TBZ showroom alongside TBZ chairman and managing director Shrikant Zaveri, and TBZ marketing head Kiran Dixit. The new showroom showcases a wide range of jewellery for men and women, including a new

Taiwanese actress and model Bianca Bai (left) and actress Gigi Leung (right) wore pieces from the Imaginary Nature Collection at the launch.

wedding collection, the Surprise collection and temple jewellery among others.

“We had received an overwhelming response from the people of Vadodara during a jewellery exhibition in the past. Now our new showroom will provide the unique

shopping experience that suits various festive occasions and moments of joy and celebration. Our trendy jewellery products are designed to meet the people's aspirations through its elegance, style and modernity,” Zaveri noted.

The launch of TBZ’s

Vadodara showroom marks the company’s sustained efforts in expanding its base in the state of Gujarat. The opening of the showroom is also timed to serve customers during the festive season, which includes Navratri, Dussera, Pushyanakshatra, Dhanteras and Diwali.

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RJC Certifies Gemological Science InternationalThe Responsible Jewellery Council (RJC) announced that Gemological Science International (GSI), a leading international gem laboratory, has achieved certification by meeting the highest ethical, social and environmental standards established by the RJC’s Member Certification system.

“RJC warmly congratulates GSI on its certification. The verification assessment was conducted by UL Responsible Sourcing, one of the independent third-party auditing firms accredited to the RJC’s Member Certification system,” said Michael Rae, RJC’s chief executive officer.

“GSI is very proud to join RJC certified members that includes leaders of the jewellery industry all over the world. Our goals as a gemmological laboratory are very much aligned with the mission of the RJC: to reinforce consumer and stakeholder confidence in jewellery products, and to protect the reputation and integrity of the jewellery industry. Integrity is one of the main building blocks of our organisation’s foundation. To GSI this means a focus on ethical behaviour, involvement in the industry, reputation, and transparency,” added Mark Gershburg, founder and CEO of GSI. ©

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Tiffany Q2 Net Profit +2% To $887 MnLuxury jeweller Tiffany & Co. reported a net profit of $92 million on worldwide net sales of $887 million in line with company expectations for the second quarter that ended July 31, 2012. Both earnings and revenues rose 2% above the prior year.

On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into US dollars, worldwide net sales increased 3% and comparable store sales declined 1%.

In the first half of the fiscal year, worldwide net sales increased 4% to $1.7 billion. On a constant-exchange-rate basis, worldwide net sales and comparable store sales rose 5% and 1% respectively. Tiffany’s net earnings in the six-month period increased 1% to $173 million, or $1.36 per diluted share, from $171 million, or $1.32 per diluted share, a year ago.

Michael J. Kowalski,

Tiffany’s chairman and chief executive officer, said, “These second quarter results met the expectations contained in our previously-reported financial guidance. Not surprisingly, sales growth has been affected by economic weakness in a number of markets and by a very challenging prior-year comparison to a 30% increase in worldwide net sales.”

Second-quarter sales in the Americas region declined 1% to $434 million in the second quarter and rose 1% to $820 million in the first half. In the Asia-Pacific region, total sales rose 1% to $174 million in the second quarter and 8% to $369 million in the first half. Sales in Europe declined 1% to $100 million in the second quarter and increased 1% to $188 million in the first six months of the fiscal year. In Japan, total sales increased 11% to $159 million in the

second quarter and 13% to $300 million in the first half.

“We also anticipated the reduced operating margin in the quarter, adjusted for nonrecurring items, due to continued, but moderating, high product input costs and a lack of sales leverage on fixed costs. The resulting decline in net earnings, when compared with last year's earnings excluding nonrecurring costs, was in line with our expectations and was on top of a 58% increase in last year's second quarter,” Kowalski noted.

As of July 31, 2012, the company operated 260 stores – 106 in the Americas, 61 in Asia-Pacific, 55 in Japan, 33 in Europe and five in the UAE – compared with 236 stores a year ago. For the full year

ending January 31, 2013, Tiffany expects net earnings of $454-$473 million, and a 6-7% increase in worldwide net sales.

Kowalski added, “We think it is only prudent to maintain a cautious near-term outlook about global economic conditions and the effects on customer spending, with year-over-year growth comparisons in the next few months also being pressured by the strong increases we experienced last year. At the same time, we are determined to further strengthen Tiffany's competitive position by expanding our store and customer base and introducing enticing new designs, all intended to generate solid long-term financial performance.”

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Rio Tinto H1 Diamond Revenue +12%Rio Tinto said its revenue from diamond operations grew 12% to $350 million for the first six months of 2012 on the back of strong production levels. Rio Tinto's diamond interests include Argyle in Australia (100%), Diavik in Canada (60%) and Murowa in

TBZ Wins Bombay Bullion Association AwardMumbai-based jewellery retailer Tribhovandas Bhimji Zaveri Ltd. (TBZ) won an award for the ‘Best Branded Traditional Jewellery Brand of the Year 2012’ from the Bombay Bullion Association at the 9th India International Gold Convention held recently in Hyderabad. The award was presented to TBZ chairman and managing director Shrikant Zaveri (third from left) by Dr. Anup Pujari, IAS, director general of foreign trade, department of commerce, the chief guest on the occasion.

Zaveri commented, “At TBZ, our focus is constantly on encouraging innovation and excellence in the branded jewellery business. This helps us keep pace with the times and stay relevant to Gen-X while being embedded in the minds and hearts of the decision makers and influencers. The award recognises our efforts to be synonymous with tradition, trust and timelessness while being an encouragement for times to come.”

Zimbabwe (77.8%).During the first half of

2012, the group’s overall diamond output rose 18% to 6.167 million carats, compared with 5.232 million carats in the same period last year. In 2012, Rio Tinto’s share of production is expected to

be 14.6 million carats.Diamond production at

Argyle was 24% higher than the first half of 2011, due primarily to the impact of heavy rains and flooding in March 2011. Construction of the underground mine at Argyle is proceeding and production is scheduled to commence in the first half of 2013, the company noted. Diavik’s production was 8% higher than the 2011 first half due to higher open pit volumes and improved grades.

“Demand for rough diamonds saw a modest slowdown in the first half of 2012 across established and emerging markets. The long term outlook for diamonds remains robust; short term fluctuations will continue in line with economy cycles and global conditions,” Rio Tinto said.

Meanwhile, the Argyle

diamond mine underground project is expected to extend the mine life to at least 2019. Originally approved in 2005, the project was slowed in 2009 and restarted in September 2010. The total approved capital cost of the project is $2.2 billion, of which $0.9 billion is remaining to be spent. An additional $0.6 billion was approved in November 2011, primarily reflecting the impact of a record 2010/11 wet season and adverse exchange movements. Production is expected to commence in the first half of 2013 with full production in 2014.

On March 27, 2012 Rio Tinto announced a strategic review of its diamond business that will include exploring a range of options for potential divestment of its diamonds interests.

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Malabar Gold Signs Suriya As Brand Ambassador Kerala-based jewellery retailer Malabar Gold & Diamonds has signed renowned South Indian actor Suriya (centre) as its brand ambassador. Malabar Gold & Diamonds chairman M.P. Ahammed (second from left) together with the actor launched the firm’s latest CSR initiative of providing educational scholarships to girl students in Tamil Nadu.

At present, the jeweller has five showrooms in Tamil Nadu in the cities of Chennai, Coimbatore, Erode, Madurai and Salem. Malabar Gold & Diamonds aims to set up 35 showrooms across Tamil Nadu by 2015 with supply chain centres at Chennai, Coimbatore, Madurai and Tiruchirappalli.

The company also

announced a four-year expansion plan to raise its retail network to 220 outlets from 70 with an investment of H3,500 crore. The programme is expected to create 15,000 jobs and triple the company’s annual

turnover to H30,000 crore. As part of the plan, the

company is investing about H500 crore to roll out more than 20 retail outlets this year. Its domestic expansion plan includes cities like Delhi, Mumbai,

Ekati Annual Revenue -30% On Lower OutputMining major BHP Billiton said the revenues from its Ekati diamond operations in Canada declined by a third to $707 million for the fiscal year that ended June 30 owing to a drop in output. Underlying earnings before interest, taxation, depreciation and amortisation plunged 48% to $363 million, while capital expenditure grew 80% to $97 million.

Ekati’s annual diamond production fell 29% to 1.784 million carats, and had an average value of $396.3 per carat. “As anticipated, diamond production in the 2012 financial year was lower than the prior period. Ekati production is forecast to remain constrained in the medium term as the operations extract lower grade material, consistent with the mine plan,” BHP Billiton said. The decline in Ekati’s production was the major contributing factor to the compression of operating margins, it added.

Regarding its disinvestment plans, BHP said the “review of our diamond business is ongoing” adding that “assets must earn their right to remain in the portfolio”.

The company said that the Ekati Misery Open Pit Project, which consists of a pushback of the existing Misery open pit which was mined from 2001 to 2005, is expected to begin initial production by 2015 for a total cost of $323 million. ©

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Ahmedabad, Punjab and Haryana. The group also intends to spread its overseas retail network across the Gulf region, Indonesia, Malaysia, Thailand, Singapore, China, Sri Lanka, the US and UK.

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GIA Opens Diamond Grading Lab In Israel

The Gemological Institute of America (GIA) opened a diamond grading laboratory in Ramat Gan early last month, making this the eighth in the institute’s global network. Located in the diamond centre in Tel Aviv, the new lab began accepting diamonds for grading directly from clients on September 4.

“Opening a GIA grading laboratory in Israel – one of the most important countries in the global diamond trade – is a proud achievement for GIA,” said Donna Baker, GIA president and CEO. “On behalf of everyone at GIA I am honoured that we will now serve the Israeli diamond community close to their home here in Ramat Gan.”

Speaking earlier at a ceremony in Ramat Gan, Israel, hosted by the Israel Diamond Institute (IDI) and the Israel Diamond Manufacturing Association (IsDMA) to commemorate

the opening, the minister of foreign affairs and deputy prime minister Avigdor Liberman said that the opening of the GIA lab in Israel reaffirms the trade and business cooperation that Israel enjoys with the United States. “Israel is a world leader in diamonds, one of our principal industrial exports. The U.S. is our largest market for polished diamonds. A GIA lab in Israel’s diamond centre enables us to better meet the needs of this market.”

“The opening of the GIA facility is of major significance to the Israeli Diamond Industry and advances our position as a global diamond trading hub,” said Moti Ganz, chairman of IDI. “By cutting down waiting time for GIA reports diamantaires will be able to turn over their goods faster and make more of a profit. We estimate that this will translate into savings of $30 million-$50 million a

year for the Israeli diamond industry.”

Avraham Traub, president of IsDMA, said GIA reports are highly respected and very much in demand by both the trade and consumers. “Having a GIA lab facility on-site in Israel will save the diamond trade both precious time and costs,” he said.

The new GIA facility will initially offer Diamond Dossier and Diamond Grading Report services for colourless diamonds up to 2.99 carats. Related secondary services that meet the immediate needs of the local market – including re-examination, updates and verification – will also be offered. Additional services may be added at a later date.

With the introduction of the reservation system for direct submission, clients submitting stones to GIA in Israel will be able schedule drop-off and pick-up

appointments, eliminating the need to wait on-site to submit stones for grading services. They will also be able to monitor the progress of their services online. If reservations are not available, clients will be able to submit stones through GIA LabDirect consolidators who will provide take-in services.

Consolidators will also take in diamonds larger than 2.99 carats, fancy colour diamonds, coloured gemstones and pearls.

“By offering services focused on the needs of our clients, it is our hope that the presence of a GIA grading laboratory in Ramat Gan will support the continued success of the Israeli diamond industry,” said Tom Moses, senior vice president of GIA Laboratory and Research. “The new reservation system will add to our customer service and may be expanded to other locations in the future.”

GIA began its global expansion in 2008, adding diamond grading services to its Bangkok laboratory and opening new laboratory facilities in Johannesburg, South Africa; Gaborone, Botswana; and Mumbai, India. In 2010, a lab opened in Hong Kong and a ninth facility is slated to open in Japan later this year.

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ustralia’s gold output fell slightly in the 2011-12 financial year compared with the previous corresponding

period, Melbourne-based gold mining consultant Surbiton Associates Pty Ltd said in its Australian Gold Quarterly Review.

Output for 2011-12 was 261 tonnes, which was 11 tonnes or 4% less than a year ago. At the current spot price, the value of the 2011-12 year’s gold production, at around $14.5 billion, contributes significantly to Australia’s exports, it noted.

“The fall in production was not surprising given the higher gold prices,” said Dr Sandra Close, a director of Surbiton Associates. “However, with several new and rejuvenated projects coming on stream in late-2012 and in 2013, we should see production rise.”

The average Australian dollar spot gold price for 2011-12 was around A$1,620 per ounce, which was more than $230 per ounce higher than for the 2010-11 year.

“Overall, producers took advantage of the higher gold prices and made the most

A of their deposits by treating slightly lower grade ore,” Close said. “What is most critical is the margin between sales prices and costs.”

For the June quarter 2012, gold output totalled 65 tonnes, some 4% greater than in the previous quarter. “We saw a rise in output in the June quarter and the next few quarters are looking pretty positive as well,” Close noted. “Regis Resources has just poured the first gold at Garden Well which alone will add around 240,000 ounces to annual production.”

Close added that takeover activity had increased recently in the Australian gold sector, which is currently around 60% foreign-controlled. “Overseas investors are showing considerable interest in Australian gold operations,” Close remarked. “Lately, there have been various bids and takeovers by overseas companies of both local and foreign-owned gold producing companies.”

The Singapore-based LionGold Corp has taken over Castlemaine Goldfields which is ramping up production at Ballarat ©

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East in Victoria and is also taking a 10% interest in Citigold Corp at Charters Towers. Currently, LionGold’s purchase of Bass Metals’ Hellyer interests in Tasmania is in dispute. However, LionGold’s bid for Navigator Resources which operates Bronzewing in Western Australia was unsuccessful.

“As well as the Singapore-based LionGold Corp’s recent forays, Chinese owned Xijin Mining has just taken over Norton Gold valuing the company at about A$215 million,” Close said. “Canadian based Crocodile Gold, which has Union Reefs in the Northern Territory, has now also acquired both Fosterville and Stawell in Victoria, previously owned by AuRico.”

While much of the activity has originated offshore, one recently announced takeover will see the amalgamation of two Australia-based companies. “Silver Lake Resources’ takeover of Integra Mining will create a significant locally listed producer,” Close said. “Their combined output will be around 400,000 ounces of gold annually.” n

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Zale Q4 Sales +8% To $407 Mn

Tanishq Q1 Sales +7.8% To K1,775.53 Crore

US-based jewellery retail chain Zale Corporation said revenues for its fourth fiscal quarter that ended July 31 rose 8% year-on-year to $407 million. The jeweller’s fourth-quarter net loss narrowed to $19.7 million, from $32.6 million a year ago.

Comparable store sales increased 8.3%, following a 9.8% rise in the same period last year. At constant exchange rates, which exclude the effect of translating Canadian currency denominated sales into US dollars, comparable store sales increased 9.2%, Zale said.

Zale chief executive

officer Theo Killion said, “In the fourth quarter, we made significant progress in returning Zale to profitability. We recorded our seventh consecutive quarter of positive comps, reported a sizeable improvement in operating margin and strengthened our capital structure. We look forward to building on this momentum in 2013.”

Comparable store sales at Zale’s US fine jewellery brands, consisting of Zales Jewelers, Zales Outlet and Gordon’s Jewelers, increased 11.2%. Its Canadian brands, consisting of Peoples Jewellers and Mappins

Jewellers, registered comparable store sales growth of 2%.

For the full fiscal year, Zale’s revenues increased 7.1% to $1.87 billion, while its net loss shrank to $27.3 million in the twelve-month period to July 31, 2012, from $112.3 million last year. In the fiscal year 2012, comparable store sales increased 6.9%, following an 8.1% rise in 2011. “Based on the current momentum of the business and the recent debt refinancing, the company expects to achieve positive net income for fiscal year 2013,” Zale said.

maintain its investments in brand building, retail network expansion and new product introductions to infuse confidence in consumers.”

In the first quarter, jewellery accounted for nearly 80% of Titan’s total group revenue, which rose 9.2% to H2,205.65 crore. Group net profit for the period grew by 8.8% to H156.09 crore.

The company maintained the momentum of retail expansion across all its businesses and opened 20 stores in the first quarter, ending the period with a retail area of 1.08 million sq ft nationally. Titan currently has a total of 847 stores across the jewellery, watches, accessories, and eyewear segments.

Tanishq, the jewellery arm of Titan Industries, said revenues for the first quarter of the 2012-13 fiscal year grew by 7.8% year-on-year to H1,775.53 crore. However, revenues fell 1.3% versus the preceding three-month period. Tanishq’s first-quarter profit before interest and taxes rose 9% to H180.55 crore against the same period last year.

“Gold in rupee terms touched its peak at H3,067 per gram of 24 karats during this quarter, thus affecting the growth of jewellery,” the company said. “The reduction in wedding dates during the quarter has also affected both watches and jewellery.”

Titan managing director Bhaskar Bhat said, “The first quarter has been

disappointing by way of sales growth due to several factors leading to weak consumer sentiment. Consumer response was good only to discount offers thereby impacting margins, specially in watches and

eyewear. Looking ahead, factors like high inflation, a weak rupee and poor monsoon are likely to have an adverse impact on our targeted growth but Titan Industries will leverage the strength of its brands and

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Rio Tinto Launches Nazraana In Kolkata

Oro Introduces Wholesale Trading Club

SRS Jewells Turnover +25% To K1,800 Crore

Diamond mining major Rio Tinto launched its flagship Indian diamond initiative, Nazraana, in Kolkata on September 19. Raima Sen, a leading actress of Bollywood and Bengali cinema, unveiled the Nazraana collection, which is crafted using diamonds, 18-karat gold, and 925 silver.

Nazraana jewellery is available at popular gifting price-points from H4,999 to H39,999. Rio Tinto Diamonds, manager – India, Vikram Merchant said, “The Nazraana products are beautiful, timeless and affordable. We are happy to be associated with the leading jewellers of Bengal in introducing this new gifting category to consumers in West Bengal.”

The launch event will be followed by a Nazraana

Oro, one of India’s largest machine-made bangle manufacturers, launched the largest single-point distribution office for the wholesaling of gold and platinum bangles, called the Oro Trading Club (OTC). Situated in the heart of Mumbai’s Zaveri Bazaar, the OTC will have over 1,500 bangle sets for display at any given time. Bangles constitute an estimated 30% of the entire jewellery market.

The OTC is targeted at the wholesale market and not the end customer. It is expected to become a hub for distributors and retailers, who can now buy hallmarked 18-karat and 22-karat gold as well as PGI-certified platinum bangles under one roof.

Oro director Avinash Pahuja said, “The gold industry in India is fragmented and unorganised. The OTC represents a step towards organising this industry by creating a single-point wholesale outlet that will lead towards creating unity among distributors.”

The company expects the OTC to generate a turnover of

SRS Jewells, the flagship brand of gold and diamond jewellery manufacturer and retailer SRS Ltd., achieved a turnover of H1,800 crore for the 2011-12 fiscal year, an increase of 25% versus the previous year. In line with its strategy to expand the reach of its flagship brand, the company launched two wholesale outlets of SRS Jewells in Mumbai and Ahmedabad.

Anil Jindal, chairman of the SRS group, said, “The jewellery vertical has proved itself to be our top-performing business in terms of revenue, profitability and growth potential. SRS Jewells is spreading its footprint to newer geographies and building a formidable reputation for itself

Vikram Merchant (right) gifting actress Raima Sen some jewellery from the Nazraana collection.

H100 crore within a year, and plans to open similar OTCs in all metros.

“We also plan to be the first company to introduce the concept of online selling of ‘live stock’ in all cities in India in the near future,” noted Oro director Ravish Pahuja.

in the markets it operates in. This has been the result of a strategy to position the brand distinctly in the marketplace through creating an aura of trust and excellence in service.”

The Mumbai and Ahmedabad operations will be focussed on the jewellery and gold bullion wholesale business. Earlier this year, the firm also launched two SRS Jewells retail outlets, one each in Delhi and Faridabad.

SRS Ltd. managing director Sunil Jindal noted, “We aim to further strengthen our position with new retail and wholesale stores in many more cities of India and establish SRS Jewells as one of the country’s leading brands in this segment.”

promotion that will cover Kolkata, Siliguri and Durgapur, and run until the Durga Puja festival. The six participating retailers – Anjali Jewellers, B.C. Sen Jewellers, Indian Gem & Jewellery Creations, Manik Chand Jewellers & Sons, M.P. Jewellers and Senco-Gold – have a total of 31 outlets.