Russian Consul-General, ALROSA Official To Open Bharat Diamond Week
Russian Consul-General Andrei Zhiltsov and Director of ALROSA’s United Selling Organisation Evgeny Agureev are slated to formally open the second edition of the Bharat Diamond Week (BDW), the polished diamond fair organised by the Bharat Diamond Bourse (BDB), which begins on Monday.
“We are delighted that Consul General Zhiltsov and USO Director Agureev have graciously agreed to join us for the ceremonial opening of the diamond show,” said BDB Vice-President Mehul Shah, who heads the BDW project. “ALROSA is an extremely important supplier of rough goods to the Indian diamond industry, which is by far the world’s largest diamond manufacturing centre.”
BDB President Anoop Mehta said, “It is not by chance that the second edition of the Bharat Diamond Week is to be opened by these important gentlemen. India is the largest purchaser of Russian goods which are critical for Indian manufacturers. We have excellent relations with Russia, and especially with ALROSA which recognises the importance of the Indian diamond market.”
He added that the finishing touches were being put to the diamond fair where 120 Indian polished diamonds companies will be exhibiting a wide range of goods in all shapes, colours and sizes. The BDB has provided 100 free flight tickets for selected buyers to create more sales opportunities for the exhibitors.
The buyers who have been selected are from Turkey, Thailand and India. The bourse will also be providing 150 rooms for international buyers at a hotel close to the BDB. More than 750 visitors from India and overseas have already registered for the show. Read More
Bharat Diamond Week Looks To Fill Gaps After Typhoon Cut Short HK Show
The October 8-10 Bharat Diamond Week is set to welcome many representatives of diamond and jewellery companies who were planning to visit the Hong Kong Jewellery and Gem Fair but had to cut short or cancel due to Typhoon Mangkhut, which battered Hong Kong. The typhoon led to the closure a day early of the initial part of the show dedicated to loose diamonds at the Asia-World venue.
Bharat Diamond Bourse (BDB) Vice-President Mehul Shah, who heads the Bharat Diamond Week project, said, “Since the typhoon struck, we have been contacted by many diamond buyers who were intending to visit the Hong Kong show. They had to readjust their plans because they were unable to visit exhibitors on their lists.”
He added, “The Hong Kong fair is a vital one for the global diamond industry, especially in the run-up to the final quarter of the year and the holiday sale season. We are delighted to be able to serve as a venue to fill their diamond requests.”
BDB President Anoop Mehta said, “We have seen registration for the Bharat Diamond Week increase following the unfortunate events in Hong Kong earlier this month. It appears that many buyers did not have the time to make all the visits necessary as they brought forward their flights or were stuck in hotels waiting out the typhoon. We also heard many reports of other buyers, including many Indian colleagues, who cancelled their travel plans due to the approach of Typhoon Mangkhut.”
More than 500 visitors from India and overseas have already registered for the second edition of the Bharat Diamond Week which takes place at the Bharat Diamond Bourse, with the final figure expected to be in excess of 1,000. The inaugural show, held from April 23-25, was attended by more than 1,000 visitors from India and across the world who did business with 100 Indian exhibitors of polished goods.
Among the changes introduced for the fair next month are 100 free flight tickets for selected buyers to create more sales opportunities for the 120 Indian polished diamonds companies who will be exhibiting at the show. The buyers who have been selected are from Turkey, Thailand and India. The bourse will also be providing 150 rooms for international buyers at a hotel close to the show grounds.
Shah said that a new feature at the October fair will be on site facilities for checking for diamonds created using the Chemical Vapour Deposition (CVD) method. “It is critical for our business that consumer confidence in our products remains intact. This is absolutely paramount. Consequently, we will have a display of equipment for the detection of such stones so that diamantaires can see the equipment available, how straightforward it is to operate, and the financial outlay involved,” Shah said.
Taking place shortly before the start of the Diwali festival, the polished diamond event is expected to provide competitively priced diamonds for visitors.
Millennials, Gen Z Dominate Diamond Buying: De Beers Insight Report
The Millennial and Gen Z generations combined accounted for two-thirds of global diamond jewellery sales in 2017, as diamond jewellery demand reached a new record high of $82 billion, according to data published today by De Beers Group in its latest Diamond Insight Report.
Millennials, those people currently aged 21 to 39, represent 29 per cent of the world’s population and are the current largest group of diamond consumers. They accounted for almost 60 per cent of diamond jewellery demand in the US in 2017 and nearly 80 per cent in China.
Gen Z, those currently aged up to 20, is an even larger consumer generation , representing 35 per cent of the world’s population and will come of age as diamond consumers over the coming decades. Despite the generation being a long way from financial maturity, Gen Z is already making its presence felt in the diamond market, with the oldest Gen Z consumers (those currently aged 18 to 20) acquiring five per cent of all diamond jewellery pieces in the US last year.
The report highlights key similarities and differences between Millennials and Gen Z as a result of their life experiences that have particular implications for diamond brands and retailers. For example, Millennials are in general more mistrusting, requiring brands to earn their trust before they can pursue growth, while Gen Z tend to be more individualistic and optimistic, desiring products that help build their own personal brands. Read More
Indian Industry To Launch International Campaign At Hong Kong Show
The Indian gem and jewellery industry is launching its international promotional campaign at the Hong Kong Jewellery & Gem Fair, said the Gem & Jewellery Export Promotion Council (GJEPC).
GJEPC Chairman Pramod Agarwal commented, “Hong Kong has been India’s largest export market, with 33 percent of the country’s $42 billion in gem and jewellery exports directed there. India exported $10 billion in polished diamonds and $973.4 million in gold jewellery to Hong Kong. It has also become a promising for Indian coloured gemstone exports, while Indian jewellery exports to Hong Kong are on the rise.” Read More
ALROSA Jan-Aug Rough Sales $3.3B; Sees Moderate Growth For 2018
ALROSA reported that it sold rough diamonds worth $283.2 million in August this year. It also sold $11.7 million in polished, achieving a total of $294.9 million in sales for the month — a 14 percent growth in a year-on-year comparison.
The Russian miner said its rough diamond sales total for January-August 2018 stood at $3.26 billion, while it also sold $67 million in polished over the period. Read More
De Beers Provisionally Sells $505M In Cycle 7; Sees Stable Demand
De Beers announced that it had provisionally sold $505 million worth of rough diamonds in its seventh sales cycle of this year. This compares with the $507 million actually sold in the seventh sales cycle of 2017.
De Beers also said that its actual sales figures for the sixth cycle this year now stand at $533 million. Read More
India Stays An Assured Supply Source As US-China Trade War Heats Up
As the ongoing trade war between the United States and China heats up, stakeholders in the gem and jewellery industry in both countries are looking at either a disruption in supplies or the blocking of access to clients, along with a dizzying uncertainty in prices.
US jewellery manufacturers and wholesalers, as well as large-format retailers who normally source their own raw materials for product ranges developed specifically for certain seasons, price points and geographic market locations, now are facing an uncertain business plan as product sourcing from China is under threat.
Many of the big-format retailers also have retail operations in China, as do several huge Chinese jewellery retail chains that cater to the domestic market in the mainland and in Hong Kong and Macau — which are frequented by mainland consumers looking for different styles and different price points.
India has remained relatively untouched by the trade war and threats of tariff barriers that even the EU now faces with regard to the US. Thus the world’s largest diamond processing centre is still free from supply disruptions and price oscillations.
This is something that the Bharat Diamond Bourse is highlighting as it readies to roll out the second edition of its Bharat Diamond Meet, slate to run between October 8 and 10. The most comprehensive product range at really competitive prices as the Indian industry readies to clear as much of its inventory as possible before the upcoming Diwali holidays.
The situation has come about because diamond processing output in India has not slowed down due to the uncertainties of the trade war, due to steady and growing domestic demand, that has acted as a buffer in this turbulent and tough business environment.
This domestic demand has been shaped by global trends, thanks to the impact of satellite television that has made deep inroads even into the most remote parts of the country. Given that this trend has a major global influence, the products being rolled out to meet are also the kind that many retailers in other geographic markets will recognise as been eminently saleable. And moving one step upstream from this, the diamond processing output has stayed in sync with this, offering product ranges at price points that jewellery manufacturers and retailers will find viable.
This is what seasoned buyers of Indian diamonds are looking forward to.
Competitive Pre-Diwali Prices At Bharat Diamond Week, Says BDB
The Bharat Diamond Bourse (BDB) in Mumbai said visitors to the second edition of the Bharat Diamond Week at the bourse, to take place from October 8 to 10, will benefit from competitive pre-Diwali prices. The BDB is expanding the scale of the polished diamond fair following the success of the first edition held from April 23-25 where in excess of 1,000 visitors from India and across the world did business with 100 Indian exhibitors of polished goods.
Bharat Diamond Bourse Vice-President Mehul Shah, who heads the Bharat Diamond Week project, said, “Since India is a huge manufacturing hub and the show is being held before Diwali, prices will be very competitive. Those buyers looking for pre-Diwali bargains will find it a highly attractive time to visit the show. With the Diwali festival starting in the beginning of November, traders will be looking to sell goods ahead of the closure of business for the holiday.”
BDB President Anoop Mehta said, “India is the manufacturing hub of the diamond world, so visiting the Bharat Diamond Week gives access to a complete range of inventory which you simply don’t see at other shows. I can say with total confidence that the show has many exhibitors who don’t participate in any other trade fairs so clients will have access to a whole new world of suppliers.”
Mehta said that the team working on the show are putting in place changes learned at the first edition of the fair held in April. “Our aim is to create optimum conditions for our many small and medium-size members. We aim to stage a show that will being them maximum benefit because they need help in a world of strong competition in order to show their goods to potential global clients.” He added that select buyers will again be given complimentary hotel rooms to encourage foreign buyers to attend.
Shah added that a new feature at the October fair will be on-site facilities for checking for diamonds created using the Chemical Vapour Deposition (CVD) method. “It is critical for our business that consumer confidence in our products remains intact. This is absolutely paramount. Consequently, we will have a display of equipment for the detection of such stones so that diamantaires can see the equipment available, how straightforward it is to operate, and the financial outlay involved.”
He added that October will be a busy month for the Bharat Diamond Bourse and the Indian diamond trade, with many members of the global diamond industry visiting Mumbai. “Following the Bharat Diamond Week, we will be holding a meeting of the World Diamond Council on October 22 which is being organised by the Gem and Jewellery Export Promotion Council (GJEPC), and then we are hosting the World Diamond Congress from October 23 to 25. We are delighted to be able to hold the meetings here because it is critical that the global diamond industry meets every year to discuss the major issues affecting it. We will also be holding a Bharat Diamond Week in New York from October 29 to 31.”
WFDB, CIBJO Reiterate Unqualified Term ‘Diamond’ Refers To Mined Stone
The World Federation of Diamond Bourses (WFDB) passed a resolution at its recently concluded Asian Summit & Executive Committee meeting held in Vladivostok, reiterating that despite the recent ruling of the US Federal Trade Commission (FTC), the WFDB would only support the definition of a diamond agreed upon last year by the WFDB, the International Diamond Manufacturers Association (IDMA), the World Jewellery Confederation CIBJO, the International Diamond Council and the International Standards Organisation (ISO).
WFDB President Ernie Blom stated, “We repeated our stance that the only definition of a diamond that we support is the one agreed upon last year by the WFDB, IDMA, CIBJO, the International Diamond Council and the International Standards Organisation.
The ISO definition of a diamond specifies: The denomination “diamond” without further specification always implies “natural diamond”. These two terms are equivalent and carry the same meaning.
CIBJO meanwhile, has released a special report prepared by its Diamond Commission headed by Udi Sheintal. The report concentrates largely on the way in which man-made stones are being distinguished from diamonds that are natural in origin, particularly in light of the newly released FTC guidelines.
“While the new FTC guides clearly recognise the synthetic diamond producers as fully-fledged participants in our industry, the bottom line when it comes to the unqualified use of the word ‘diamond’ has not changed,” writes Sheintal. “It can only refer to a mined stone.”
The report looks at a recently released article about the impact of De Beers’ imminent entry into the man-made diamond jewellery industry, which suggests that over time perceptible differences between the natural and synthetic diamond markets will dissipate, except possibly in the instance of a handful of larger natural diamonds.
Sheintal disagrees with the article’s premise, saying that it is up to the industry to create an identity for naturally-created goods that is different from those grown in a laboratory or factory.
“We now have to create a separate brand identity for diamonds mined in nature,” he writes. “This is a not an impossible exercise. A white cotton t-shirt can be bought in a supermarket for $5, or at a Ralph Lauren store for $70. The physical composition of the two products may be similar, but their legends are very different.”
He adds, “While the one is a generic product, the other is a luxury item backed by a sophisticated branding structure. Both are viable from a business perspective.”