IDEX India Retail December2011

8/3/2019 IDEX India Retail December2011

1/60

Dec 11

MUMBAI

DIAMOND MARKET

REPORTSurprisingly Strong PricesAfter Diwali

INDUSTRY

NEWS

GJEPC Working onRoad Map for ColouredGemstones Revival

SPECIAL

REPORT

Worlds Premier DiamondFamily Exits IconicDiamond Company

DIAMONDRETAIL

BENCHMARA Price List to Assure YCustomers

WHATTHE INDIAN CONSUMER

NOW WANTS

1ST

ANNIVERSARY

ISSUE!

Letter From the Chairman


2/60


3/60


4/604 IDEX MAGAZINE INDIA RETAIL| NO

magazine india retail

05FROM THE EDITORS DESK

Rules, Benchmarks & The Importance Of Belief In

The Industry

06CHAIRMANS LETTER

10MUMBAI DIAMOND MARKET

REPORT

Surprisingly Strong Prices After Diwali

14SPECIAL REPORT

Worlds Premier Diamond Family Exits Iconic

Diamond Company

23RETAIL ET CETERA

27DIAMOND RETAIL BENCHMARK

40COVER STORY

What The Indian Consumer Now Wants

52INDUSTRY NEWSGJEPC Working on Road Map for Colored Gemstones

Revival

55ONLINE RESEARCH

High Income Households Essential To Jewelry

Industry

08 MoAa_Z n

12_w~Bhram ~mOma H$s [anmoQ>

Xrdmbr Ho$ ~mX H$s_V _| Am`OZH$ $n go CN>mb

34{deof [anmoQ>X{Z`m H$m _wI hram n[adma {V{>V hram H$nZr go~mha

46AmdaU H$Wm^maVr` Cn^mo$m A~ `m MmhVo h

w w w . i d e x o n l i n e . c o m

d e c e m b e r 2 0 1 1VOL. 1 No. 13

Editorial Department

EDITOR-IN-CHIEF Vino Kuiyan

EDITORs eahn Golan, danill max

IDEX ONLINE REsEARCH Kn Gassan

INTERNATIONAL CORREsPONDENT

Taa Katzav

ADMINIsTRATION & MARKETING

managing dito Yaon bazilay

makting manag Kulip bisALEs MANAGERs

Anish Kuiakos, Osnat daviov, Avivit mohai, Yaon bazilay

PRODUCTION & CIRCULATION Hlna dosht

ACCOUNT MANAGER rinat Oz

ART DEPARTMENT

GRAPHIC DEsIGNERs

bois manlis (rd mia goup)

Ta Kau (rd mia goup)

PRINTED by SAP Pints, Low Pal, muai 400 013

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IdeX magazin - Inia rtail is pulish in Inia y Ix Onlin S.A.. rpintsof iniviual atils a otainal on appliation to th ito. All ights sv.No pat of this puliation ay pou, sto in a tival syst otansitt in any fo o y any ans without th pio wittn pission of

th copyight own.

PUbLIsHED by yARON bARzILAy FOR IDEX ONLINE s.A

ISSN 0334-6838

2003 IDEX ONLINE S.A.

CONTENTS

DECEMBER


5/60

Editor

IDEX MAGAZINEINDIA RETAIL

|NO 13: EDITOR

As our chairman rightly observes in his letter in this, our

anniversary issue, this industry is all about people. To

believe that you are in the business of selling a product is

to make a very big mistake indeed. The gem and jewellery

industrys products have no utility value at all. Theyre all

about emotion and belief. The industry sell intangibles.

It stands to reason then that what gives the industrys

products value is a set of agreed on qualities and attributes

and the price that society sets on them. And while many

of these attributes like the colour, clarity, cut and carat

weight of a gemstone can actually be quantied and

certied, what remains unclear is value in rupee terms that

society sets on these at any given time.

This is why price benchmarks are so important to the

well-being of the gem and jewellery industry. Without

benchmarks, society cannot value the product and the

result is uncertainty, which in turn rocks the beliefs that arethe actual attributes the consumer values.

The customer, as we all know, is the linchpin of our

business. So it comes as no surprise at all to note that a

key element in the survival and thriving of the gem and

jewellery industry, is a good understanding of not only

what the consumer wants, but what she or he believes in as

being important, the aspirations that drive her or him and

what, above all, would encapsulate all of this in a product

and bring satisfaction in the consumer owning it.

What the Indian consumer believes in and values today

is very different from what the norm was just a few years

ago. If you havent caught that change and understood it,you run the risk of alienating and ultimately losing your

customer.

One of the companies that understood this well over

a century ago and set about building a globe-girdling

empire is the diamond mining giant De Beers. Starting

with the enigmatic Cecil John Rhodes, who rst set up a

system to regulate the ow of diamonds and ensure that

prices remained high, and through three generations of

the Oppenheimer family that took over the reins of the

company some 80 years ago, De Beers has never forgotten

that it is only selling intangibles. It positioned the diamondas a symbol of the relationship between men and women

and gave the world one of the greatest slogans of all time

A Diamond Is Forever.

Now that the Oppenheimers are exiting De Beers after

all these decades, its worth revisiting the story of how

diamonds came to be what they are today. We have that

great story for you. idEX

rulEs, BEnchmarks & thE importancE

of BEliEf in thE industry

byVINoD KurIyAN


6/60

ChairmanS

Letter

6IDEX MAGAZINE

INDIA RETAIL|

NO 13: CHAIRMANS LET

Dear Friends and Colleagues,

It has been a busy year for us all, full of changes and surprises.

The nancial markets are changing quickly, governments

in some countries are nding it difcult to manage their

economies, and consumers are constantly looking to be

reassured that the products they are spending their hard

earned money on is indeed well spent. They need to knowthat they are buying a quality product that will last and remain

valuable, one that was created with care and without causing

any harm.

As business owners and managers, we need to navigate the

turbulent seas of ever changing needs, requirements and

threats as well as opportunities. It was with those issues in

mind that we set out, with the cooperation of the All India

Gems & Jewellery Trade Federation (GJF), to create this

magazine.

To manage in challenging global environments, we are always

in need of a steady source of reliable information. We want

to have easy access to knowledge, have the opportunity to

nd out how others tackled issues we are just facing, and

learn more about the business environment we operate in. Ofno less importance, we need to trust that this information is

unbiased, keeping us, the readers, as the top priority.

Last year we launched this magazine with all this in mind. The

hard data comes from the IDEX Online trading platform,

enabling us to distill large volumes of data into concise,

meaningful information. Our international team of writers is

well versed in the global industry, and brings you the latest,


7/60IDEX MAGAZINE

INDIA RETAIL|

NO 13: CHAIRMANS LETTER

most important information for running a diamond and

jewellery business. We also have some in-depth analysis to

give you more when you need it.

It is our goal to introduce to the Indian retailers, the best

tools available to the industry:

The DRB, a selling and educational diamond-pricing tool

for consumers. This retail price benchmarking system givesretailers a solid framework to educate and reassure consumers

about what prices they should pay for diamonds throughout

the country.

An IDEX 100% guarantee for diamond transactions.

Guaranteed Diamond Transaction (GDT) takes the

uncertainty out of a diamond purchase. It allows you to

spot the best diamond deal available from the local and

international diamond markets and buy it with condence

with just a mouse-click

Best of all, now you can show on your website, the largest

diamond selection provided by IDEX, with your margin.

A comprehensive suite of tools that include pricing

information and trading platforms is also at your service

for when you need it.

It is my sincere hope that you have found IDEX India Retail

a useful source of information and ideas and that you choose

to continue with us in the many years to come.

Sincerely,

Ehud D. Cohen, Chairman

IDEX Online


8/60

8IDEX MAGAZINE

INDIA RETAIL|

NO 13: CHAIRMANS LET

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9/60IDEX MAGAZINE

INDIA RETAIL|

NO 13: CHAIRMANS LETTER

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10/6010 IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPOR

MUMBAIDIAMOND MARKET

REPORT

by VINAY PAREKH

SURPRISINgly STRONg PRIcES

AfTER DIwAlI

Much to everyones surprise, polished diamond prices

rmed up between 2 and 4 percent after Diwali. Just before

the festival, sellers were willing to do deals just to get

inventory moving. Just after the holidays, they were holding

rm to their asking prices.

Part of the rise could be attributed to a rise in rough

diamond prices. There is usually some rming just after

Diwali as those manufacturers wanting to restart their

factories after Diwali will have to buy rough even if it isnt

at the prices they actually want. Rough diamond dealers

know this and see this period as an opportunity to recover

some ground on prices. At the time of reporting, rough

prices had risen between 8- and 10 percent.

Polished diamond dealers saw this period immediately after

the festival as a window of opportunity to claw back some

lost pricing ground. There is some Christmas demand fromoverseas and the ongoing Indian marriage season is also

a good demand generator. Polished from new production

wont come onto the market for another month. Those

who couldnt sell the polished that came out of expensive

July rough during Diwali, would naturally try and recover

some ground. Asking prices are up between 3 and 5

percent. Whether this rally will be sustained or not remains

to be seen.


11/60IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPORT

-0.01(-2 ) Good demand for Top colors VS-SI & white

natts. Fair demand for white SI & piqu

goods.

Overall demand & prices will remain stable.

Prices for top shades & natts will remain

relatively firm.

-0.02(+2-6.5) Good demand for Top colors VVS-SI & white

natts. Fair demand for white SI & piqu

goods.

Demand & prices for top colors will remain

strong. Some shortages will be experienced due

to low productions.

0.03-0.07 (+6.5-11) Fair demand for Top colors VS-SI goods.

Some demand for piqu goods.

Overall demand & prices will remain soft.

0.08-0.14(+11-14) Fair demand for SI & piqu goods.

Some demand for VVS/VS goods.

Demand & prices will remain soft.

0.30(1/3) Fair demand for VS-SI goods.

Some demand for piqu goods.

Demand is likely to improve. Prices will remain

firm.

0.50(1/2) Good demand for SI+/J+ col.

Fair demand for I1 & lower goods.

Overall demand & Prices will be stable.

0.75(3/4) Good demand for +0.90 carat SI+/F-J col.Fair demand for I1-I2/J+ col.

Demand & prices for VS-SI /+0.90 cts. willremain firm.

1.00(4/4) Good demand for VS & SI / F-L col.

Fair demand for I1 & lower piqu goods.

Overall demand & prices will be stable. Demand

for lower colors will be stronger.

0.15-0.17(+14-15.5) Fair demand for SI+ & piqu goods. Demand & prices will remain soft.

0.18-0.22(1/5) Fair demand for SI1+ & piqu goods. Demand & prices will remain soft.

0.23-0.29(1/4) Fair demand for SI1+ & piqu goods. Overall demand & prices will be lower.

0.40(3/8) Fair demand for VS-SI goods. Overall demand & Prices will be stable.

+3.00 Fair demand for SI/G-K colors. Overall demand & prices will remain low.

MUMBAI DIAMOND TRADING IN NOVEMBER

Size in Carat(Sieve)

Comments Forward Call


12/6012 IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPO

{dZ` nmaoI mam

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_w~B hram~mOma H$s [anmoQ>


13/60IDEX MAGAZINE INDIA RETAIL | NO 13: MARKET REPORT

-0.01(-2 ) Q>mn H$bg VS-SI VWm g\o$X ZQg H$sAN>r _mJ&g\o$XSI VWm {nH$ _mbm| H$s ghr _mJ&

Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zrah|Jr& Q>mn eoSg VWm ZQg H$s H$s_VVwbZm_H$ $n go _O~yV ~Zr ahoJr&

-0.02(+2-6.5) Q>mn H$bgVVS-SI VWm g\o$X ZQg H$s AN>r _mJ&

g\o$XSI VWm {nH$ _mbm| H$s ghr _mJ&Q>mn H$bgH$s Hw$b {_bmH$a _mJ VWm H$s_VpWV ~Zr ah|Jr& H$_ CnmXZ Ho$ H$maH$WmoS>r H$_r {XImB nS>oJr&

0.03-0.07 (+6.5-11) Q>mn H$bgVS-SI _mbm| H$s AN>r _mJ&

{ng _mbm| H$s WmoS>r _mJ&

Hw$b {_bmH$a _mJ VWm H$s_V Z_ah|Jr&

0.08-0.14(+11-14) SI VWm {nH$ _mbm| H$s ghr _mJ&

VVS/VS _mbm| H$s WmoS>r _mJ&_mJ VWm H$s_V Z_ ahoJr&

0.30(1/3) VS-SI _mbm| H$s ghr _mJ&

{nH$ _mbm| H$s WmoS>r _mJ&_mJ _| gwYma H$s g^mdZm h& H$s_V pWaahoJr&

0.50(1/2) SI+/J+ H$bg H$s AN>r _mJ&

I1 VWm bmoAa _mJm| H$s AN>r _mJ&Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zr ah|Jr&

0.75(3/4) +0.90 H$aoQ> SI+/F-J H$bgH$s AN>r _mJ&I1-I2/J+ col. H$s ghr _mJ&

VS-SI/+0.90cts. H$s _mJ VWm H$s_V pWV _O~yV ahoJr&

1.00(4/4) VS VWmSI/F-L H$bgH$s AN>r _mJ&

I1 VWm bmo`a {nH$ _mbm| H$s ghr _mJ&Hw$b {_bmH$a _mJ VWm H$s_V pWa ahoJr&bmo a H$bgH$s _mJ _O~yV ahoJr&

0.15-0.17(+14-15.5) SI+ VWm {nH$ _mbm| H$s ghr _mJ& _mJ VWm H$s_V Z_ ahoJr&

0.18-0.22(1/5) SI1+ VWm {nH$ _mbm| H$s ghr _mJ& _mJ VWm H$s_V Z_ ahoJr&

0.23-0.29(1/4) SI1+ VWm {nH$ _mbm| H$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V H$_ ahoJr&

0.40(3/8) VS-SI _mbm| H$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V pWV ~Zr ah|Jr&

+3.00 SI/G-K H$bgH$s ghr _mJ& Hw$b {_bmH$a _mJ VWm H$s_V H$_ ahoJr&

Zd~a _mh _| _w~B H$m hrao `mnmaAmH$ma H$aQ> _|(grd)

{Q>nUr \$madS> H$m b


14/60

Worlds Premier diamond

Family exits iconic diamond

comPany

In a momentous event, mining major Anglo American

agreed to buy the Oppenheimer familys 40 percent

interest in De Beers, the worlds leading diamond miner.

The history of diamonds in the modern era is entwined

with the history of De Beers, which was founded in 1888 by

British businessman and imperialist Cecil John Rhodes

after who the erstwhile Rhodesia, present-day Zimbabwe

was named. The Oppenheimers wrested control of De

Beers in 1927 and have managed the mining group eversince. Anglo American, which the Oppenheimers founded,

has been the more or less silent partner in De Beers these

last 80 years or so.

Rhodes began by renting water pumps to miners who had

swarmed all over the Kimberley area during the diamond

rush of 1871. When an 83.5 carat diamond was found,

Rhodes decided to get directly involved in diamond

a Rhodes Realised that the keyto pRofitable diamond mining

was to ensuRe that diamond

p R i c e s R e m a i n e d h i g h . h e

stRuck a deal with a gRoup of

london meRchants known asthe diamond syndicate. the

syndicate would buy a fixed

quantity of diamonds eveRy

yeaR foR an agReed pRice. it

was a masteR stRoke.

memo

14IDEX MAGAZINE

INDIA RETAIL|

NO 13: SPECIAL REP

sPecial rePort

by VINoD KurIyAN


15/60

mining. He began buying up the claims of small miners inthe area. Soon, funded by Lord Nathan Mayer Rothschild,

Rhodes was able to consolidate his holdings by buying up

a large number of claims. De Beers Consolidated Mines

was formed by the merger of Rhodes holdings with those

of Barney Barnato. The rm was named after the farm of

brothers Johannes and Diederik de Beer, who owned the

farm on which many of the new mining claims that were

outside the Kimberley mine were situated.

Rhodes realised that the key to protable diamond mining

was to ensure that diamond prices remained high. He

struck a deal with a group of London merchants known asthe Diamond Syndicate. The Syndicate would buy a xed

quantity of diamonds every year for an agreed price. It was

a master stroke. Rhodes was assured of a good price for his

diamonds and in turn ensured that diamond supply never

exceeded the xed quota.

In 1902, the year Rhodes died, De Beers controlled 90

percent of the worlds diamond production. That same

year, however, the Cullinan mine was founded and the

owner refused to join the De Beers cartel. Instead, he sold

his production to two independent dealers, the brothers

Bernard and Ernest Oppenheimer, who had founded amining group called Anglo American with the help of the

US nancier J.P. Morgan.

The Cullinan mine soon equalled De Beers in its output.

It also yielded the worlds largest rough diamond,

name ttingly enough, the Cullinan Diamond. Ernest

Oppenheimer was soon appointed the local agent for

the Diamond Syndicate. His political power grew too,

culminating in his being appointed mayor of Kimberleyin 1912. But Oppenheimer too realised that competition

and increased production were detrimental to the future of

diamonds. He once noted, Common sense tells us that the

only way to increase the value of diamonds is to make them

scarce, that is to reduce production.

that same yeaR, howeveR, the

cullinan mine was founded

and the owneR Refused to join

the de beeRs caRtel. instead,

h e s o l d h i s p R o d u c t i o n t otwo independent dealeRs, the

bRotheRs beRnaRd and eRnest

oppenheimeR, who had founded

a mining gRoup called anglo

ameRican with the help of the

us financieR j.p. moRgan.


|NO 13: SPECIAL REPORT


16/60

which only mined and sold rough diamonds, launched a

global advertising campaign promoting diamonds and

positioning them as a symbol of the relationship between

men and women. The famousA Diamond Is Foreverslogan

was coined in 1947 by a young copywriter named Frances

Gerety of the N.W. Ayer advertising agency for De Beers.

In 2000, Advertising Agemagazine named A Diamond Is

Foreverthe best advertising slogan of the 20th century.

In keeping with its philosophy of controlling diamond

supply and maintaining prices, De Beers did not sell its

production in the open market. Instead, it entered intolong-term contracts with chosen diamond cutting rms The Cullinan mine was merged with De Beers during

World War I. In 1926, Ernest Oppenheimer bought a seat

on the board of De Beers. In 1927, he wrested control of

the company.

Throughout the 20th century, under the control of the

Oppenheimer family, beginning with Ernest, followed by

his son Harry and nally his grandson Nicholas (Nicky),

De Beers followed the principle of controlling supply and

maintaining high prices. Whatever diamonds they didnt

mine, De Beers agreed to market for the mine owners. Up

until the last decade of the century, De Beers was estimatedto control some 85 percent of the supply of the worlds

diamonds.

Just after World War II, with global peace and spreading

prosperity, De Beers realised that something needed to

be done to keep consumer demand strong and growing

throughout the world if diamond prices were to stay

strong. In another strategically telling move, De Beers,

thRoughout the 20th centuRy,

u n d e R t h e c o n t R o l o f t h e

oppenheimeR family, beginning

with eRnest, followed by his

son h aRRy and f inal l y h isgRandson nicholas (nicky), de

beeRs followed the pRinciple

of cont Rol l ing suppl y and

m a i n t a i n i n g h i g h p R i c e s .

w h a t e v e R d i a m o n d s t h e y

didnt mine, de beeRs agReed to

maRket foR the mine owneRs.

Diamnd digges camp, Kimbele, 1873

Eal pht f diamnd sting at the De Bees mine.

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product they received. While a few succeeded, many of

these moves downstream ended in failure because diamond

processors dont necessarily know enough about jewellery

development and manufacture, design, branding and retail

to make those ventures a success.

around the world. These rms were chosen for, among

other things, their nancial strength as much as their

diamond processing expertise. These select few companies

were and still are known as sightholders. They buy their

rough diamonds from De Beers at ten annual sales, called

sights (as that is when the diamond dealers actually get

to see the goods).

At rst, with an 85 percent control of the worlds diamond

supply, De Beers acted as a true monopoly, making it

mandatory for the sightholders to buy a minimum xed

value at every sight. And in order to ensure that goods from

every mine that was selling through the De Beers system

got out into the market, sightholders didnt always get

what they had asked for. Instead, they had to take goods

they didnt want, because De Beers wanted to make sure

everything under its control got to market.

All that changed in 2000, when Russias government-

owned Alrosa and the Rio Tinto owned mines of Argyle

in Australia and Diavik in Canada decided to sell outside

the system. The De Beers monopoly was effectively

ended. With its market share down to less than half the

worlds supply, De Beers then switched from trying to

control the supply of rough diamonds to controlling the

way it distributed them. It launched an initiative called the

Supplier of Choice, promising rough supplies to only

those that it deemed had done something in their own right

to raise the value of the product.

Diamond processing companies rushed to move

downstream, rst into jewellery manufacture and then

into branding and even retail to maximise the value of the

Today, De Beers controls under 40 percent of the worlds

diamond supply and has, naturally, now moved out of

global generic promotions. It has instead, launched its ownbrand of diamonds, Forevermark, providing a certied

audit trail for these stones all the way from the mine to

the retail counter. It promotes the fact that these diamonds

have been ethically mined, with fair wages to workers and

that the mining process is as environmentally green as

it possibly can be. Forevermark diamonds are also of a

certied minimum quality, most being in the upper bracket.

They are inscribed with a proprietary De Beers system. The

inscription can be viewed through a special viewer provided

by the select retailers who sell these diamonds set in jewellery.

Through all these changes, the Oppenheimer family hasbeen at the helm of De Beers. On November 4, Anglo

American, which until then held a 45 percent share in De

Beers, entered into an agreement with CHL and Centhold

International Limited (CIL), together representing the

Oppenheimer family interests to acquire their 40 percent

interest in DB Investments and De Beers SA, the holding

company for the familys De Beers holdings, for a total cash

consideration of $5.1 billion (Rs.25,003 crore), subject

in keeping with its philosophy

o f c o n t R o l l i n g d i a m o n d

s u p p l y a n d m a i n t a i n i n g

pRices, de beeRs did not sell

its pRoduction in the open

maRket. instead, it enteRed

i n t o l o n g - t e R m c o n t R a c t s

with chosen diamond cutting

fiRms aRound the woRld. these

fiRms weRe chosen foR, among

otheR things, theiR financial

st Rengt h as m uch as t h eiR

diamond pRocessing expeRtise.

Si Enest oppenheime.




18/60

t o d a y , d e b e e R s c o n t R o l s

u n d e R 4 0 p e R c e n t o f t h e

woRlds diamond supply and

has, natuRally, now moved out

of global geneRic pRomotions.

it has instead, launched its

o w n b R a n d o f d i a m o n d s ,

f o R e v e R m a R k , p R o v i d i n g a

ceRtified audit tRail foR these

stones all the way fRom the

mine to the Retail counteR. it

pRomotes the fact that thesediamonds have been ethically

m i n e d , w i t h f a i R w a g e s t o

woRkeRs and that the mining

pRocess is as enviRonmentally

gReen as it possibly can be.

The wlds lagest diamnd, a 3,106 caat gh stne, was fnd in 1905 b mine spevisFedeick Wells (ight) and was named afte Si Thmas Cllinan (left) wh pened the mine.

18IDEX MAGAZINE

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to certain conditions. This will raise Anglo Americans

holdings in De Beers to 85 percent. The government of

Botswana, which holds a 15 percent share in De Beers,

has a preemption agreement allowing it rst buying rights

to increase its holdings to 25 percent. Should it exercise

this right, then Anglo Americans holdings will stand at

75 percent and the sale price will correspondingly be

reduced.

Cynthia Carroll, Chief Executive of Anglo American,

said: This transaction is a unique opportunity for Anglo

American to consolidate control of the worlds leading

diamond company De Beers. Todays announcement

marks our commitment to an industry with highly

attractive long term supply and demand fundamentals.

Underpinned by the security of supply offered by a new

10-year sales agreement with our partner, the Government

of the Republic of Botswana, this forms a compelling

proposition. De Beers management team has led the

business successfully through the nancial crisis and into a

stable position and it is now well placed for the future, with

improving performance throughout 2011. I believe that

the benets brought by Anglo Americans scale, technical,

operational and exploration expertise and nancial

resources, combined with the unquestionable leadership

of De Beers business and iconic brand will enable De

Beers to enhance its position across the diamond pipeline

and capture the potential presented by a rapidly evolving

diamond market.

Nicky Oppenheimer, representing the Oppenheimerfamily interests, said: This has been a momentous and

difcult decision as my family has been in the diamond

industry for more than 100 years and part of De Beers for

over 80 years. After careful and deliberate consideration of

the offer, and what is in the best interests of the family,

we unanimously agreed to accept Anglo Americans offer.

Anglo American is the natural home for our stake as they

have been major shareholders in De Beers since 1926 and

have a deep knowledge of the diamond business. I am

certain that Anglo American will provide strong support to

Philippe Mellier (the current De Beers CEO) and the De

Beers management team.

The Minister of Minerals, Energy, and Water Resources,

Dr. Ponatshego H Kedikilwe, on behalf of the Republic

of Botswana said: The diamond industry is a major

contributor to our economy in Botswana. We are grateful to

the Oppenheimer family for their vision and contribution

to the diamond industry and to Botswana and we will

proudly take forward that legacy with Anglo American. We

Sting gh diamnds at DTC Btswana.

rgh diamnds




20/60

cynthia caRRoll, chief executive of anglo ameRican, said: this tRansaction

is a unique oppoRtunity foR anglo ameRican to consolidate contRol of the

woRlds leading diamond company de beeRs. todays announcement maRks

ouR commitment to an industRy with highly attRactive long teRm supply and

demand fundamentals. undeRpinned by the secuRity of supply offeRed by a new

10-yeaR sales agReement with ouR paRtneR, the goveRnment of the Republic of

botswana, this foRms a compelling pRoposition.

remarkable achievement. We look forward to increasing ourinvolvement in the business and building strong links and

relationships with De Beers Sightholders and partners.

A clause in the agreement states that Anglo American will

pay the Oppenheimers $75 million (Rs.368 crore) if for any

reason the sale doesnt close. The agreement will kick in by

the middle of 2012 if the government of Botswana has not

by then exercised its option to increase its holdings. idex

look forward to building on the excellent relationship wehave with Anglo American, both through our ownership of

De Beers and through the Debswana joint venture.

Sir John Parker, Chairman of Anglo American, added:

The purchase of an incremental interest in De Beers

is fully aligned with the Boards strategic priorities. The

value created in De Beers and the diamond industry by

the Oppenheimer family over the past century has been a

DTC Btswana sting facilit.

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retAiLet

ceterA


|NO 13: RETAIL ET CETERA

deceMber deLiGhts

when its Cold outside, let these beAutiful new

jewellery desiGns wArM you uP. As usuAl, theres

soMethinG here for eVeryone, froM eArrinGs to

brACelets And rinGs.

uni-desiGns new

oFFerinGs in white GoLd

& pLAtinuM

jewelry by uni-desiGn

Uni-Designs new offerings move away from the yellow

gold look and feature both white gold and platinum in a

range featuring rings and pendants.

This stunning 18K white gold ring features 136 pav set

diamonds weighing 1.076 carats surround a dazzling 1

carat ruby.

This delicately crafted pendant in white gold is a scintillating

duet between a 23.5 carat prong-set emerald surrounded by

154 round diamonds weighing 1.45 carats.

Impeccable craftsmanship is the hallmark of this graceful

platinum solitaire set. The channel-set diamonds stand

strong and serene with diamond weights of 0.14carats and

0.11 carats respectively.


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24IDEX MAGAZINE

INDIA RETAIL|

NO 13: RETAIL ET CET

GeoArt by Cynthia Gale recently launched the ArtKnots

Collection featuring an assortment of colored freshwater

pearls, beaded accent gemstone strands and S-Hooks. The

S-Hooks are used to mix and match pearl strands and

have varied decorative elements including a oral pattern,

feathers, a nude goddess, ligree with white pearl, double

Celtic hearts and a sterling silver and 14 karat-plated two

tone quatrefoil. Says Cynthia Gale, ArtKnots offers the

GeoArt customer an opportunity to get creativewhat

woman doesnt want to customize her accessories to suit

her mood and wardrobe?

Mix And MAtch

jewelry by GeoArt by CynthiA GAle

Fireworks!

jewelry by AnGelique de PAris

Innovative Angelique de Paris has once again set offdesign reworks with these Starburst bangles. The wrist

pieces are rendered in sterling silver and accented in

gemstone cabochons in amethyst or pink, yellow or green

tourmaline with white topaz. In the words of the designer,

Exquisite luminosity and translucence capped with a

cabochon celestial star will transport you to another land.

We agree!

To make this stunning mandarin garnet ring from the Soire

CollectionbyVictor Mayer, authentic re enamel is fused

on gold at temperatures of more than 800 centigrade. The

design of the ring is highly inuenced by the iconography

and the style of art deco jewelry.

jewelry by ViCtor MAyer

GorGeous GArnet


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jewelry by Anil MAloo of los AnGeles-bAsed bAGGins, inC.

LiGht oF My LiFe

The Aurora Eclipseearrings by pearl jewelry designer Anil

Maloo of Los Angeles-based Baggins, Inc. are crafted

in 18 karat white gold with black rhodium nish and areencrusted with 8.16 carats of light cognac diamonds that

are pav set upside down. The pearls are round, white

South Sea pearls measuring more than 13mm in diameter.

Over the last 20 years, diamond companyDalumi has

developed a specialization in natural yellow diamonds, as

these beautiful pieces from the Golden Diamonds Collection

attest. The collection consists of exquisitely designed 18

karat white and yellow gold rings and pendants featuring

yellow diamonds sized at 1 carat and above. Each piece is

tailor-made based on the unique features of the selected

center diamond.

jewelry by dAluMi

rArity Meets speciALity

For those women who are not afraid of drawing attention

to themselves, this multi-colored gemstone hinged bracelet

from Stuller is the perfect piece to wear with any Outt.

Its colourful hues will be the perfect match for any fashion

choice! The cuff bracelet is made of sterling silver andenhanced with genuine amethyst, citrine, mozambique

garnet, peridot and sky blue topaz.

jewelry by stuller

rAinbow briGht


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MEMO

34IDEX MAGAZINE

INDIA RETAIL|

NO13: SPECIAL REP

{dZmoX Hw$[a`Z mam

{deof [anmoQ>


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Cheque for the purchase of the Kimberley mines




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The Kimberley mine in 1872

Early photo of diamond sorting at De Beers.

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AmO S>r ~r`g X{Z`m â Ho$ hrao H$s Amny{V H$m40 {VeV{hgo H$mo {Z`{V H$aVm h, Eogo _| dm^m{dH$ h {H$ `h bmo~bOoZ[aH$ mo_moeZ go ~mha {ZH$b J`m& BgHo$ ~Xbo BgZo hram|H$m AnZm ~mS> \$maEda_mH$ bmM {H$`m, {OgZo IXmZ go boH$a[aQ>ob H$mCQ>a VH$ OmZo H$s {H$`m H$m EH$ m_m{UV Am{S>Q> Q>obXmZ {H$`m& BgZo Bg V` H$mo ~T>mdm {X`m {H$ ò hrao Z{VH$$n go {ZH$mbo JE h, {Og_| _OXam| H$mo C{MV _OXar Xr JBVWm IwXmBH$s {H$`m ha g d $n go n`mdaU {hVfr Wr&\$maEda_mH$ S>m_`Sg r EH$ `yZV_ JwUdVm Ho$ {bE m_m{UVh, {OZ_| go A{YH$Va D$Mo Va Ho$ h& CZna S>r ~r`g {gQ>_

E S>m`_S> \$maEda H$mo ~rgdt gXr Ho$ gdm}m_ {dkmnZ ZmamH$m pIVm~ {X`m&hrao H$s _mJ H$mo {ZÙ H$aZo VWm BgH$s H$s_V ~aH$ama H$aZoHo$ {gmV Ho$ gmW S>r ~r`g Zo AnZm CnmX Iwbo ~mOma _|H$^r Zht ~oMm& BgH$s ~OmE BgZo X{Z`m a Ho$ hram H$qQ>J \$_Ho$ gmW XrKH$m{bH$ H$ama {H$E& BZ \$_m]H$m M`Z A` MrOm|Ho$ Abmdm CZH$s Am{WH$ _O~yVr VWm CZH$s hram mgoqgJH$s XjVm Ho$ AmYma H$a {H$`m J`m& ò Hw$N> M`{ZV H$n{Z`mWt VWm AmO ^r Bh| gmBQ>hmoS>g Ho$ Zm_ go OmZm OmVm h&do AnZo H$o hrao S>r ~r`g go Xg dm{fH$ gog Ho$ O[aE mH$aVo h, {Oh| gmBQg (`m|{H$ `hr dh g_` hmoVm Wm O~hrao Ho$ S>rbg H$mo hrao XoIZo H$mo {_bVo) H$hVo h&g~go nhbo X{Z`m Ho$ hrao H$s Amny{V na85% {Z` U Ho$gmW S>r ~r`g Zo ghr _m`Zo _| EH$ EH$m{YH$ma dmbr H$nZr Ho$

$n _| H$m` {H$`m, {OgHo$ VhV gmBQ>hmoS>gH$mo òH$ gmBQ>na EH$ `yZV_ V` _y` Ho$ hrao IarXZo hr hmoVo Wo& Ama `hgw{Z{V H$aZo Ho$ {bE {H$ S>r ~r`g{gQ>_ Ho$ O[aE òH$IXmZ go {ZH$bo _mb H$mo ~mOma {_bo, gmBQ> hmoS>g H$mo H$^rdh Zhr {_bm Omo do MmhVo Wo& ~Xbo _| Ch| do _mb boZo nS>VoWo Omo do Zht boZm MmhVo, `m|{H$ S>r ~r`g`h MmhVm Wm {H$BgHo$ {ZÙ dmbr ha MrO H$mo ~mOma {_bo&

AmQ>{b`m Ho$ AJmBb _| VWm H$mZmS>m _| {S>`m{dH$ _| [a`mo qQ>Q>moH$s dm{_d dmbr IXmZm| Zo Bg {gQ>_ Ho$ ~mha {~H$s H$aZo

Harry and Nicholas Oppenheimer.




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Nicholas (Nicky) Oppenheimer.

H$m dm{_d N>nm hmoVm h& o A{^boI EH$ {deof VarHo$ go XoImOm gH$Vm h, Omo BZ hram| H$mo dobar _| ~oMZo dmbo Hw$N> MwqZXm[aQ>obg mam CnbY H$am`m h&

`{n ò g^r n[adVZ Ho$ {bhmO go AmonoZho_a n[adma na S>r

~r`gH$m {ZÙ ahm& 4 Zd~a H$mo E|bmo A_o[aH$Z (Omo V~VH$ S>r ~r`g _|45% H$s {hgoXmar aIVm Wm) Zo CHL VWmg|Q>hmoS> BQ>aZoeZb {b{_Q>oS> (CIL), Ho$ gmW EH$ H$ama {H$`m,{OgHo$ VhV Bhm|Zo Amono Zho_a n[adma mam S>r~r BdoQ>_|Q> VWm S>r~r`gEgE (Bg n[adma Ho$ S>r ~r`g hmopS>g H$mhmopS>J H$nZr) Ho$ 40% {hgo H$s IarX H$s, {OgH$s Hw$bH$s_V5.1 Aa~ (Rs.25,003 H$amoS>) Wm, Ama `h Hw$N> eVm]Ho$ AYrZ Wm& Bggo S>r ~r`g _| E|bmo A_o[aH$Z H$s hmopS>J~T>H$a 85% hmo OmEJr& S>r ~r`g _|15% H$s {hgoXmar aIZodmbr ~moQgdmZm gaH$ma Zo EH$ H$ama {H$`m h, {OgHo$ VhV

Bgo AnZr hmopS>g ~T>mH$a 25% H$aZo Ho$ {bE W_ IarXA{YH$ma m hAm& `{X `h Bg A{YH$ma H$mo bmJy H$aVm h,V~ E|bmo A_o[aH$Z H$s hmopS>g75% na Am OmEJr VWm gobH$s_V Cgr AZw$n H$_ hmo OmEJr&

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H$m\$s AmH$fH$ h Omo XrK H$mb H$s Amny{VVWm _mJ \$S>m_|Q>gdmbo EH$ CmoJ Ho$ {V h_mar {V~Vm H$mo XemVr h& AnZonmQ>Zg~moQ gdmZm JUam` H$s gaH$ma Ho$ gmW10 gmb Ho$EH$ ZE gog g_PmVo mam noe H$s JB _mJ gwajm Ho$ H$maUEH$ _O~yar dmbm Vmd {Z{_V hAm h& S>r ~r`g~YZ Q>r_

Zo `dgm` H$mo {dmr` gH$Q> Ho$ Xma _| g\$bVmnydH$ gMm{bV{H$`m Ama Bgo EH$ Wm`r pW{V XmZ H$s& nyao2011 _| AN>oXeZ Ho$ gmW hr A~ `h ~ohVa ^{d` Ho$ {bE V ma h& _wPobJVm h {H$ E|bmo A_o[aH$m Ho$ Ho$b, VH$ZrH$s, gMmbZ VWmImoO XjVm Ama {dmr` ggmYZ mam m bm^ Ama S>r ~r`gH$s {ZamnX ZoVd j_Vm Ho$ gmW `dgm` VWm {V{>V ~mS> Ho$H$maU S>r ~r`gAnZm WmZ nyao S>m`_S> nmBnbmBZ _| _O~yVH$aoJm d VoOr go ~T>Vo hrao ~mOma mam VwV g mdZmAm| H$mCn`moJ H$aoJm&

AmonoZho_a n[adma Ho$ {V{Z{Y {ZH$s AmonoZho_a Zo H$hm: `hEH$ `mXJma Ama H${R>Z \$gbm ahm `m| {H$ _oam n[adma hramCmoJ _| 100 dfm]go A{YH$ g_` go h Ama `h bJ^J80dfm]go S>r ~r`g H$m {hgm h& Am\$a Ho$ {bE gmdYmZrnydH$Ama gmoM-g_PH$a {bE \$gbo Ho$ ~mX, Omo {H$ n[adma Ho$ {hV _| A{YH$ Wm, h_Zo gdg_{V go E|bmo A_o[aH$Z H$mAm\$a drH$ma {H$`m& E|bmo A_o[aH$Z h_mao {hgo Ho$ {bEEH$ dm^m{dH$ WmZ Wm `m|{H$ BgH$m1926 go hr S>r ~r`g

AmonoZho_a n[adma Ho$ {V{Z{Y {ZH$sAmonoZho_a Zo H$hm: `h EH$ `mXJmaAma H${R>Z \$gbm ahm `m|{H$ _oam

n[adma hram CmoJ _| 100 dfm] goA{YH$ g_` go h Ama `h bJ^J80 dfm] go S>r ~r`g H$m {hgm h& Am\$a Ho$ {bE gmdYmZrnydH$Ama gmo M-g_PH$a {bE \$gbo Ho$ ~mX, Omo {H$ n[adma Ho$ {hV

_| A{YH$ Wm, h_Zo gdg_{V goE|bmo A_o[aH$Z H$m Am\$a drH$ma{H$`m&

38IDEX MAGAZINE

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Rough diamonds at De Beers.

_| ~S>r {hgoXmar ahr, Ama hrao Ho$ `dgm` Ho$ ~mao _| JhamAZw d ahm& _wPo ^amogm h {H$ E|bmo A_o[aH$Z {\${bn _o{b`a(S>r ~r`gHo$ _mOyXm grBAmo) VWm S>r ~r`gHo$ ~YZ Q>r_ H$moEH$ _O~yV ghm`Vm XmZ H$aoJm& I{ZO, D$OmVWm Ob ggmYZ _ r S>m. nmoZoQ>meoJmo EMHo$S>r{H$do Zo ~moQgdmZm JUam` H$s Amoa go H$hm: hram `dgm`

E|bmo A_o[aH$Z H$s qg{W`m H$amob Ho$ _wVm{~H$, `h Q>mOeZ E|bmoA_o[aH$Z Ho$ {bE X{Z`m Ho$ _wIhram H $nZr S>r ~r`g _| AnZo {Z U~T>mZo H$m EH$ AZmoIm Adga h&AmO H$s KmofUm H$m\$s AmH$fH$ hOmo XrK H$mb H$s Amny{V VWm _mJ\$S>m_|Q>g dmbo EH$ CmoJ Ho $ {Vh_mar {V~Vm H$mo XemVr h&

~moQdmZm H$s AW`dWm _| EH$ Ah_ y {_H$m {Z^mVm h& h_ AmonoZho_a n[adma H$m CZHo$ {dOZ VWm Bg CmoJ Ama~moQgdmZm _| CZH$s y{_H$m Ho$ {bE ewH$JwOma h Ama h_| Bg {damgV H$mo E|bmo A_o [aH$Z Ho$ gmW Ama AmJo ~T>mZo _| Jd_hgyg hmoVm h& E|bmo A_o[aH$Z Ho$ gmW AnZo ~ohVarZ [aVo

H$mo S>r ~r`g na h_mao dm{_d VWm So>gdmbm g`w$ CnH$_Ho$ O[aE AmJo ~T>mZo Ho$ BNw>H$ h&

E|bmo A_o[aH$Z Ho$ A`j ga OmZ nmH$a Zo H$hm, S>r ~r`g_|~T>r hB{hgoXmar IarXZm nyU$n go ~moS> H$m aUZ{VH$ \$gbmh& AmonoZho_a n[adma mam {nN>bo gXr Ho$ XmamZ S>r ~r`gVWmhram CmoJ _| A{OV _y` EH$ CoIZr` CnbpY ahr& h_AnZo H$m` H$mo `dgm` _| ~T>mZm MmhVo h VWm S>r ~r`g Ho$gmBQ> hmoS>gVWm nmQ>Zg Ho$ gmW _O~yV [aVo ~ZmZm MmhVoh&

Bg g_PmVo _| EH$ AZwN>oX _| CoI h {H$ {X {H$gr H$maUdegob bmoO Zht hmo Vm h, Vmo Eogr pW{V _| E| bmo A_o[aH$ZAmonoZho_a H$mo 75 {_{b`Z (Rs.368 H$amoS>) am{e H$m wJVmZH$aoJm& `{X ~moQgdmZm gaH$ma2012 Ho$ _` VH$ AnZo {hgoH$mo ~T>mZo H$m {dH$n H$mo Zht AmO_mVr h, V~ Bg g_PmVo H$moPQ>H$m bJ gH$Vm h&IDEX




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40IDEX MAGAZINE

INDIA RETAIL|

NO 13: COVER STOR

Whatthe IndIan Consumer

noW WantsBY VINOD KURIYAN


41/60IDEX MAGAZINE

INDIA RETAIL|

NO 13: COVER STORY

n the rapidly growing Indian luxury goods sector, the

watches and jewellery represent the largest and fastest

growing segments. The reason for this is that the Indian

luxury consumer primarily seeks long term investment

from luxury products. They serve more as assets. These

are the ndings of a study of the Indian luxury sector bymanagement consultants Technopak. Another study by

the group of the Indian consumer in general, however,

indicates that the Indian consumption market is all about

caution and price points.

Having witnessed the global economic slowdown and now

keeping an eye on the uncertain economic situation in both

Europe and the United States, the Indian consumer is now

cautious and very value conscious. Products and services

that deliver maximum value yet pinch the pocket the least

are at the top of preference list.

This is one of ten Indian consumer trends for 2011-12,

outlined in the Technopak study. Elaborating on the rst

trend, the Technopak study notes: To unlock the full

potential of the Indian middle class as consumers and

drivers of growth, marketers must continue to address

issues like limited disposable income. The middle class

wants to enjoy a lifestyle that does not burn a hole in

their pockets. Marketers need to bear this in mind while

designing products and services.

Charmed by modernity in all its gritty glory,todays hyper consumer welcomes innovation,creativity and unconventionality. He or she

is moving away from traditional, social andfamilial structures and feels that now itstime to loosen up. The more experienced andoutspoken consumer is appreciating brandsthat are enterprising, candid and even a bit

more risqu.

I


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42IDEX MAGAZINE

INDIA RETAIL|

NO 13: COVER STOR

For the jewellery retail industry (along with a whole range

of other consumer goods), the validity of this rst trend

was driven home this Diwali. Consumer purchasing was

extremely price conscious and much of the buying was

centred on products that would maintain value, if not

grow it. According to the study, this trend is set to continue

into 2012. Whats more, the study identies the middle

class as the growth drivers and thus a segment that cannot

be ignored by anyone selling products and services

jewellery retailers take note.

The study notes: The mass segment is the catalyst of

growth and ignoring this important segment will cost a lot.Companies by following a strategy focused on innovation,

design and usage can develop products and services at

affordable prices. Such products will satisfy the aspiration

for better products and at the same time be cost effective.

Along with the cost consciousness, the Indian consumer

has also got heart. Any product that enables the consumer

to reach out in some way to society; that helps those who

are less fortunate or makes a positive contribution to the

environment, is now favoured by the Indian consumer. The

Technopak study notes: With increased consciousness,

consumers are positively responding to products and

services which have a generous component; especiallythose, portions of which would be donated to a worthy

cause. The ecological and social concerns which existed

earlier, but were never manifested, would gain momentum.

Increased awareness of consumers and at the same time,

efforts by retailers, of connecting with consumers, through

an element of embedded generosity in their products,

would extend an emotional reason to buy. Following

which, giving initiatives that make donating painless, if not

automatic, will be amplied. At the same time, preference

for eco friendly products will also be enhanced.

With initiatives like the Gem & Jewellery NationalRelief Foundation (GJNRF), as well as the tremendous

contributions to social upliftment and poverty alleviation

by individual rms, the gem and jewellery industry in

India is among the most socially aware and active. Yet the

consumer knows very little of this. One marketer observed,

Something simple, like announcing to the customer

that a specic fraction of the sale proceeds will go the

to the GJNRF, for instance, would go a long way toward

motivating the customer to buy.

stAtUs Is A KEY sALEs DRIVEROne of the key drivers of jewellery sales, particularly at the

high end, is status. Big, expensive jewellery has been the

most surere way of conferring status. It might not be that

guaranteed now, going by one of the trends the study has

highlighted. The Indian consumer now values experience

over obviously perceivable expense. To quote the study:

There has been a gradual drift from owning the most

expensive to experiencing the most unique. Taking pride in

sharing the experience of something exceptional is socially

indulging and hence personally attering.

This trend might be new, the study observes, but that doesntmake it permanent. Status symbols are destined to change

with time but the consumers desire to stand out from the

crowd is boundless and permanent. The study advises

product marketers that adding an element to the product

that would help build up the consumers image, would go

a long way to having that product desired. The need is to

gure out how the product can help the consumer show

off his or her new status in the most impressive way.

The study also found that while todays consumers value

and seek out a contemporary look and feel for the products

they buy, they also value Indias rich heritage and theproducts and services associated with that history. Thus

while todays Indian consumers, particularly those below the

age of 35, want the latest in styles and trends to be reected

in their product, they are partial to modern interpretations

of Indian heritage products and processes. This is reected

in the strong consumer demand for traditional kundan,

meena, jadau and polki jewellery, especially those designs

that have been tweaked with modern design interpretations,

even among the below 35 age bracket.

The modern touches and interpretations are important as

the Technopak study cautions that history and heritagealone are not bulletproof guarantees of continued

consumer demand. The design and product also need to

give the consumer a feeling of being connected with the

modern and contemporary.

In fact, there is a strong movement away from the traditional

and Indian consumers are no longer simply looking to blend

in with established norms. They want to stand out and look

for products that do so too. As the study puts it: The old


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Design thinking will continue toplay a key role as a differentiator.

Anything unique and distinct will

capture greater audience and

would prove to be more effective.

Any medium that eases out

consumers queries and

at the same time is

attractive enough to

delight them, would gainpopularity. It is important

for the brands to keep an

eye on consumers altering

demands and revamp their

communication strategy

in line with consumers

changing aspirations.


|NO 13: COVER STORY

order is changing and yielding place to new. The change

is fast and for all to see. The new age liberal consumer in

emerging economies like India is also positively responding

to the change. Charmed by modernity in all its gritty glory,

todays hyper consumer welcomes innovation, creativity

and unconventionality. He or she is moving away from

traditional, social and familial structures and feels that now

its time to loosen up. The more experienced and outspoken

consumer is appreciating brands that are enterprising,

candid and even a bit more risqu.

The broad spread of more liberal attitudes and increasing

urbanization has given birth to savvy streetwise consumers

who do not hesitate in trying products that push the

boundaries. Consumption for them is a means of reecting

their personality and changing belief system. The very

afuent urban consumer is increasingly looking for

products and services which can give him the thrill and a

sense of eccentricity. No wonder any product or service

that reects change to societys cultural foundations and

established rules, is catching the fancy of new age urbane

consumer. Subsequently, brands are giving importance

to innovative, bold and unusual ideas and concepts and

branding their products accordingly. There has never been

a bigger market for demanding, bold and unconventional

offerings before.

Therefore this ongoing collapse of the established beliefs,

rituals and laws that society held close for years, is seen

bringing into the market, products that are practical,

expressive, cool, bold, unconventional and even naughty.Products are now in tune with the very dynamic culture and

promise passion and excitement to the global consumer.

EAsE & CONVENIENCE A PLUs POINtModern life with its pressures is also affecting consumer

behaviour. Any product or service that can be accessed in the

least possible time, with the least hassles and complications,

gives the customer more control over choice and decision


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and services. Anything that delivers on their wants (and

at times surprises them with some unexpected benet)

is ought to be appreciated by the consumers. Precisely,

anything that instantly supports their needs, apart from

merely providing them with the expected functions would

denitely please them. Offering additional service has

become anonymous with selling, says the study.

How the product is presented to the consumer is now also

of vital importance. Overloaded with a media blitz, Indian

consumers are partial to those products and services

that reach out to them innovatively and perhaps through

non-traditional media channels. The study observes,With the changes in consumers mindset, the traditional

media has begun to stagger. And hence, the brands are

developing newer communication strategies to reach out

to its target consumers. Taking for instance; todays time

pressed consumer seeks out for convenience and easy and

immediate information. Catering to which, brands can

use large digital impressions,

detailing the features of

products. Moreover, digital

kiosks can ease consumers

concerns of seeking details

of a product.

Design thinking will

continue to play a key role

as a differentiator. Anything

unique and distinct will

capture greater audience

and would prove to be more

effective. Any medium that

eases out consumers queries

and at the same time is attractive

enough to delight them, would

gain popularity. It is importantfor the brands to keep an eye

on consumers altering demands

and revamp their communication

strategy in line with consumers


Many jewellery brands in other

global markets have begun

using innovative means to reach

gives the customer more control over choice and decision

making and in effect offers more independence in choice

and implementation is today valued by the Indian consumer

particularly the urban one. The study says consumers

prefer those products and services that give them on the

plate benets.

This could mean that a product that offers more in the way

of fringe benets is preferred. If the purchase of a piece

of jewellery also brings with it preferred customer status

for other lifestyle products, or an incentive in the form of

of the buy-back of old jewellery, the recycling of diamonds

and gemstones or a range of many other benets, thatparticular piece or line of jewellery is going to be favoured

by a large number of consumers.

In their fast paced lifestyle, consumers have now begun

to look beyond the given and functional benets of a

product and wish to look for more extended applications


|NO 13: COVER STOR


45/60

consumers. As we reported in our last issue, De Beers

Forevermark brand of diamonds is now using a unique

way to reach out to potential customers a digital 3D

system that, with the aid of a webcam, lets a person

virtually try on a piece of jewellery featuring its diamonds

over the internet.

The study reects these innovations, noting that

traditional media has begun to lose ground. In response,

brands have developed new strategies to reach out to

their target customers. The new strategies include the

use of digital kiosks and digital information distribution.

The study notes: Design thinking will continue to play akey role as a differentiator. Anything unique and distinct

will capture greater audience and will prove to be more

effective. Any medium that eases consumers queries and

at the same time is attractive enough to delight them,

would gain popularity. It is important for the brands to

keep an eye on consumers altering demands and revamp

their communication strategy in line with consumers


WhAts AGE GOt tO DO WIth It?Among the studys most signicant ndings is that the

target consumer group for all products now includes eventhose who have retired from active economic activity.

These retirees havent lost their purchasing clout and are

now willing to try new products and services just as much

as the younger target groups.

The study points out, The current day older generation

is fast emerging as an exceptional genre with new desires

and anticipation and are increasingly showcasing the

life begins after retirement attitude. As this generation

is becoming more economically stable and largely self

reliant, traditional retirement has gradually become a

thing of the past. Even though the earlier phase of theirlife was rushed with a bundle of responsibilities and life

primarily revolved around tight deadlines at workplace,

bringing up their children and various other pressures,

they did not miss out on a meticulous plan to save up for

a comfortable later life.

And now, when they are free from the burden of

numerous responsibilities, they look forward for ways

to enjoy and LIVE their life without strings. Their

considerations have expanded beyond the constraints

of familial ties. As they become self reliant both

emotionally and economically, they are now condent

to face the various challenges of old age. Long pending

wishes which were close to their hearts, but had taken a

backseat, gain weight and they want to experience all their

unfullled desires. Leading a hassle free life, without any

worries and at the same time enjoying to the fullest has

become their top most priority. This has been possible

because of change in their attitude and a strong nancial

holding.

Thus the Indian consumers tastes and demands haveevolved considerably from what they were just a few years

ago.They continue to evolve and the trend appears to be

towards bringing Indian consumer behaviour more in line

with consumers in the developed countries. However,

domestic demand in India will always have its own unique

avour and those selling products and services need to

stay in tune with them.

The potential is great. The Technopak luxury study

reports that the Indian economy has increased by

Rs.47,78,157 crore ($975 billion over the last 10 years.

It is project to increase by another Rs.88,75,122 crore($1,811 billion) over the next ten years. India has over two

million households earning Rs.49 lakh ($100,000) or more

annually and these households are expected to grow at a

13 percent rate over the coming years.

The segment geared to show tremendous promise over

the next few years is number of households earning

between Rs.24.5 lakh ($50,000) and Rs.49 lakh ($100,000)

annually. The two segments are projected to combine to

contribute signicantly to the growth of the luxury sector

at 20 percent over the next ve years to reach Rs.33,325

crore ($6.8 billion) in 2015 from the current Rs.14,702crore ($3 billion).

Luxury assets currently comprises the largest share of

the luxury market at 65 percent, followed by services

at 22 percent and products at 13 percent. It is clear that

products hold the largest potential for growth and best

opportunity for products and services looking to grow

their Indian market share in the future.

IdeX


|NO 13: COVER STORY


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^maVr` Cn^mo$mA~ `m MmhVo h{dZmoX Hw$[a`Z mam


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VoOr go ~T>Vr ^maVr` {dbm{gVm dVwAm| Ho$ jo _| K{S>`m VWmAm yfU VoOr go ~T>Zo dmbo g~go ~S>o joH$ h& BgH$m H$maU`h h {H$ {dbm{gVm dVwAm| Ho$ ^maVr` Cn^mo$m _yb $n go{dbm{gVm dVwAm| go XrKH$mbrZ {Zdoe H$s BN>m aIVo h& `odVwE n[agn{m Ho$ $n _| A{YH$ hmoVr h& `h {ZH$f _ZoO_|Q>H$gQ>| Q> Q>oZmo nH$ mam ^maVr` {dbm{gVm joH$ Ho$ ~mao _| H$amE JE A``Z H$m h& Am_ ^maVr` Cn^mo $m na H$amEJE EH$ A` A``Z XemVm h {H$ ^maVr` Cn^mo$m ~mOmagmdYmZr Ama H$s_V Ho$ _wm| H$mo Ah{_`V XoVm h&

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IwXam A yfU CmoJ (A` Cn^mo$m dVwAm| H$s gnyUlIbm Ho$ gmW) Ho$ {bE Bg PmZ H$s W_ nw {> Bg {Xdmbr Ho$Adga na hB& Cn^mo$m IarXmar {~Hw$b _y` gdoXr hmoVr h

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AmYw{ZH$Vm Ho$ nwQ> Ama AbH$aU _hdnyUh `m|{H$ Q>oZmonH$H$m A``Z h AmJmh H$aVm h {H$ B{Vhmg Ama nanam Cn^mo$m


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H$s _mJ Ho$ {ZaVa ~Zo ahZo H$s JmaQ>r Zht XoVo& {S>Om`Z AmaCnmX ^r Eogo hmoZo Mm{hE Omo Cn^mo$m H$mo AmYw{ZH$Vm Amag_H$mbrZVm go OwS>o hmoZo H$m Ahgmg {XbmE&

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AmYw{ZH$Vm Ho$ nwQ> Ama AbH$aU

_hdnyU h `m| {H$ Q>oZmon H$ H$m

A``Z `h AmJmh H$aVm h {H$

B{Vhmg Ama nanam Cn^mo$m H$s _mJ

Ho$ {ZaVa ~Zo ahZo H$s JmaQ>r Zht

XoVo& {S>Om`Z Ama CnmX

^r Eogo hmoZo Mm{hE

Omo Cn^mo$m H$moAmYw{ZH$Vm Ama g_

H$mbrZVm go OwS>o hmoZo

H$m Ahgmg {XbmE&


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A``Z Ho$ AZwgma- AnZr Vo O J{V dmbr OrdZe br _|Cn^mo$m A~ CnmX Ho$ V`ewXm Ama {H$`m_H$ bm^m| go naoHw$N> Ama nmZo H$s BN>m aIVo h Ama A{YH$ {dVV AZw`moJm|

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mam ~Vm`m OmVm h& A``Z Ho$ AZwgma- Cn^mo$m H$s_mZ{gH$Vm _| ~Xbmd Ho$ gmW nman[aH$ _r{S>`m H$s ^y{_H$m H$maJa Zht ahr& Ama Bg{bE A~ b{jV Cn^mo$m VH$nhM ~ZmZo Ho$ {bE ~mS> Ho$ Mma Ho$ ZE-ZE Vma-VarHo$AnZmE OmZo bJo h& CXmhaU Ho$ {bE gr{_V g_` go ~Yo AmO Ho$ Cn^mo$m gw{dYmOZH$, gab Ama d[aV

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MrO AnZr Amoa ~S>r g`m _| bmoJm| H$m `mZ AmH$> H$aoJrAma A{YH$ ^mdr {g hmoJr&

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Ama amo_mM H$m AZw d hmoVm h&

gabVm Ama gw{dYm: EH$ gH$mam_H$ nhbyAnZo X~mdm| Ho$ gmW AmYw{ZH$ OrdZebr Cn^mo$m Ho$ `dhmaH$mo ^r ^m{dV H$a ahr h& H$moB ^r CnmX Omo H$_ go H$_~IoS>m| Ama O{Q>bVmAm| Ho$ gmW H$_ go H$_ g_` _| CnbY hmo, Cn^mo $m H$mo, ImgH$a ehar Cn^mo $m H$mo M`Z H$aZoAma {ZU boZo Ho$ _m_bo _| A{YH$ dVVm XmZ H$aVm h&A``Z ~VmVm h {H$ AmO Ho$ Cn^mo$m dgo CnmXm| H$mo `mXmngX H$aVo h Omo Ch| VH$mb Ama `j \$m`Xo H$amE&

BgH$m AW`h r hAm {H$ AZwfJr bm^ XoZo dmbo CnmX A{YH$ngX {H$E OmZo bJo h& `{X IarXo JE Am yfU _| Cn^mo$m H$mQ>oQ>g PbH$Vm hmo `m `h nwamZo Am yfU Ho$ ~Xbo {_bVm hmo `mCg_| hrao `m A` aZm| H$s [agmBpbJ H$s gw{dYm m hmo `m{\$a Eogo hr AZoH$ A` bm^ hm| Vmo Eogm Am yfU Cn^mo$m mamA{YH$ ngX {H$`m OmVm h&


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CZHo$ mam Cn^mo$m H$s ~XbVo hB _mJm| na ZOa aIrOmE CZH$s ~XbVr AmH$mjmAm| Ho$ AZw$n Mma V H$saUZr{V ~ZmBOmE&

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A``Z _| ò ZE Vma-VarHo$ {V{~p~V hmoVo h Ama `h nVmMbVm h {H$ nman[aH$ _r{S>`m H$s ^r AnZr O_rZ ~aH$ama

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{dbm{gVm dVwAm| go OwS>r n[agn{m`m| _| ~S>m {hgm bOar~mOma H$m h, Omo65% h, {OgHo$ ~mX godm jo H$m, Omo22%h Ama {\$a CnmX jo H$m Omo 13% h& `h n> h {H$ CnmXjo Ho$ {dH$mg H$m\$s g mdZm h Ama ^{d` _| ^maVr` ~mOma_| CnmX VWm godm jo H$m ~S>m {hgm ahoJm&IDEX


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|NO 13: INDUSTRY NE

GJEPCWorking on road Map for ColoUred geMstones revival

he the worlds rst-ever Mines to Market

conference for coloured gemstones was held in

Jaipur over November 2 and 3. The event brought togetherstakeholders in the coloured gemstone industry including

miners, cutters and polishers, gem-testing laboratories,

jewellery manufacturers and retailers from all over the

world.

The conference was an initiative of the Gem & Jewellery

Export Promotion Council (GJEPC). As GJEPC chairman

Rajiv Jain pointed out in his opening remarks, th

IDEX India Retail December2011

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