Council Initiatives
Domestic
Mines To Market
Mines To Market

Proceeding

Photo Gallery : Trends Jewellery Forecasting (TJF) Seminar

Day 1 : International Diamond Conference Mines To Market Kick Starts In Mumbai
“Turning adversity into advantage”

The third International Diamond Conference Mines to Market kick-stated today in Mumbai amidst much fanfare. The inaugural session was conducted by Mr. Rajiv Jain, chairman, the gems and jewellery export promotion council (GJEPC) who said in his welcome note that turning the adversity into advantage, there is an expected growth of around 30-35 percent this year. He said that Indian production has rescued the markets world over and without Indian products, consumers would have bought something else with the same money. He also said that earlier Indian products would be near gems or Indian items but never diamonds but now the consumers are confident of buying Indian products continue to promote international diamonds.

The chief guest of the day, Hon’ble Jyotiraditya Schindia, Minister of State, Commerce & Industry government of India, said in his speech that India is a land of mystic though there are no more active mines in India, the nation still manages to be numero uno in cutting and polishing and processing. India has an amalgamation of tradition and modern techniques, and in 2010 the gems and jewellery industry scored 29 billion US dollars. He said that the export and revenue prospect, the industry is in the government’s agenda as it generates largest employment and so the government is sensitive to the needs of this industry. He said that the industry is expected to generate over 35 percent growth and even the domestic demand is increasing and between 2010 – 2020, will grow by 4-5 percent.

In moderator’s opening remarks, Tacy’s Chaim Even-Zohar said that the market is 15-20 percent below crisis levels and there’s a slowdown in the pipeline in the coming months. He said that rough production in 2010 is still running below the level of industry requirements causing speculative upward pricing pressures.

In 2009, the world output was between US$8.2 - $9.0 billion and 110 million carats processed in India by volume. He also said that the consumer demand was marginally down -9.7 percent and De Beers forecast that demand will exceed production doesn’t hold true. He was concerned about the Kimberly Plus which has taken precedence in the market.

Mr. Pranay Narvekar, strategy consultant, said that retail demand in 2010 will be flat but polished and rough will increase by 21 % and 72% respectively. India will be profitable during the year and rough and polished prices will rally during the year. In 2011 growth scenario, polished demand is expected to grow by about 7% and rough demand will growth only by about 1% as there will be no additional stocking demand. He said that easy access to liquidity and bank financing in 2011 will make India marginally profitable. Moderate growth will imply lower prices and in 2011, though 25 million of carats will get added, the demand-supply mismatch will again appear.

In his keynote address, Mr. Gareth Penny, former CEO, De Beers group, said that our industry has come a long way in the past many years and 10 years back, retail and consumer demand was dominated by the US and Jaoan. India had only 3% global demand. He said 10 years ago, lack of framework to deal collectively with reputational and consumer demand issues but today rough supply is still dominated by 6 major suppliers though the industry has gone through a dramatic change. In these short 10 years, there has been significant improvementsw in working conditions and manufacturing gwoth of India (58%) has incureased. India is the largest cutting centre by value and number of people employed in the sector. Technology and innovation has taken precedence and Indian manufacturers are leading the way in the application of cutting edge technology across the pipeline.

Though synthetics continue to pose an ever-present challenge, diamonds have become more significant part of luxury goods branding. KP is the first attempt at a framework for collectively addressing issues of reputation and diamond equity. Indian market has seen extra-ordinary growth in the last decade and US and Japan are still the largest markets. But India and china have significantly increased their share.

He also said that the Bharat Diamond Bourse is set to solidify India’s role as a leader in the diamond industry and GJEPC has played a significant role in the evolution of Indian gems and jewellery industry. De Beers on the other hand has stimulated category demand and helped maintain industry consumer confidence and developed BPP for the industry which is in turn instrumental in the development of KP.

He further said that constricted liquidity, inventory overhang and drop in consumer demand are the three factors that have most affected the industry today. The major challenges remain the world economy is still fragile and high levels of manufacturing debt. He said that the major forces that will shape the future of the diamond industry are stable to declining supply of demands, consumer shits and challenges to diamond equity protecting the reputation of our industry. We must continue to protect the reputation of our product and our industry. India and china promise to be the next engines of growth by 2016.

Ms. Varda Shine, managing director, DTC, said that marketing wise, Forevermark focuses on major and growth markets and India will be the third major market in which Forevermark will be launched in cities like Bangalore, Mumbai, Delhi, Chennai, Hyderabad and Kolkata. The first one will be Bangalore by the end of 2010.


Day 1 : International Diamond Conference Mines To Market (Post Lunch)
“China and India drivers of diamond jewellery growth in the next decade”

The post-lunch session of the International Diamond Conference Mines to Market, organized by the Gem and Jewlelery Export Promotion Council (GJEPC) has been equally invigorating. The India Session was presided by Mr. Rajiv Mehta, director, Dimexon, who enthralled and captivated the audiences with his powerful speech.

The Rough Producers’ Session was presided by Hon’ble Obert Mpofu, Minister of Mines, Zimbabwe, Jacob Thamage, Co-ordinator Diamond Hub on behalf of Hon’able Ponatshego Kedikilwe, Minister of Minerals, Energy & Water Resource, Botswana; Jean Marc Lieberherr, General Manager, Diamonds Sales and Marketing Rio Tinto; and Leonid Tolpezhikov, Head, Analytical Department, Alrosa.

In this invigorating session, Mr. Mpofu said that Marange diamonds have taken the entire diamond industry by storm and Zimbabwe should be taken seriously since the country is one of the largest productive resources. He also said that Kimberly Process (KP) has not complimented our efforts and we need to co-operate with other players. “Our strategy is that it is the demand for diamonds and sell our diamonds according to the world market strategies. We want to make local value addition of rough diamonds as Zimbabwe has the largest number of minerals”.

Speaking on Botswana’s present, future production policies, Mr. Jacob Thamage said that the cornerstone of Botwana’s mineral policy are vesting of all minerals in the state and development of minerals in partnership with the private sector. Some of the objectives specified by Mr. Thamage for Botswana include maximizing the economic benefit for the nation while enabling private investor to earn competitive returns. It is to also create a competitive environment to stimulate private sector investment in mineral exploration and exploitation.

He also said that Botswana would encourage linkages with the rest of the economy to expand value addition partnerships in copper nickel mining and soda ash and salt production. Some of the emerging challenges faced by Botswana are its ageing mines and replenishment of resources. He said that opportunities for future production are the nation’s existing mine dumps and ongoing exploration.

Botswana’s participation in the diamond value chain is to strategize investments and sustainable involvement in more sectors of the value chain by creating and enabling enrivonment by reducing red tape which include recent exemption of certain diamond industry workers from requirement to obtain work and resident permits. He also stressed on developing infrastructure to easy communication, pursue opportunities to increase local rough supply (sales of BK11 and AK06 production) and encourage and support skills development in the cutting and polishing industry.

Some of Botswana’s marketing strategies include supporting value creation, grow Botswana’s diamond downstream industry and continue building and nurturing partnerships. In his captivating presentation, Mr. Lieberherr mentioned that China and India will be the drivers of diamond jewellery growth in the next decade and marketing and promoting diamond brands will create demand for diamonds provided demand is translated into consumption. China and India will account for 40% of the diamond jewellery market by 2010.

“Chinese retailers are actively widening their product offering and bridal jewellery is very successful in China. But our heart is in India and we have been here since last 25 years. We are working closely with Indian retailers and manufacturers and want to tap a percentage of the US$20 billion wedding market”.

He disclosed that Argyle is finally going underground and Rio Tinto will be investing around US$800 million in the coming years and by 2013, it should start mining around 20-25 million carats. He also said that Rio Tinto Diamonds is on the road to a major Indian diamond mine in Madhya Pradesh and is investing US$60 million over the period of 2-3 years in it and by 2014-15, India should have a first world class diamond mine.

Mr Tolpezhnikov revealed that in the H1 2010, Alrosa has produced around 16.6 million carats of diamonds and some of the goods sold were sold in aggregated mixed boxes and lots. He said that in Alrosa, consistent assortments are assured and a multiple-branch distribution network has been set up. By 2018, sales of diamonds may reach US$90 billion.

Speaking on “Establishing Business Standards & Ethics”, Cecilia Gardner, president CEO and general counsel, Jewelers Vigilance Committee, general counsel, World Diamond Council and director, US KP Authority said that there is increased emphasis on these subjects throughout the business community in all industries and consumers seek assurance regarding the products they buy.

Some of the challenges for the Committee include conflict diamonds, human rights violation in diamond trade, sanctions/money laundering/terrorist financing and corporate social responsibility in the context of the jewellery business.

She said that in the US, the government is placing an increased emphasis on trade based activity to implement foreign policy and detect criminal conduct. Recent laws require trade to fulfill national and foreign policy/sanctioning priorities and US patriot Act regarding money laundering and terrorist financing. It also has Jade Act sanctioning Myanmar by banning jade and rubies and conflict minerals provisions of the Wall Street Reform Act.

US dollar transactions must flow through US correspondence banks and comply with US law. She concluded saying, “Business today needs an awareness of the law and ethics”.

Day 2 : International Diamond Conference Mines To Market
“20% of Indian polished diamonds for domestic market”

The second day of the 3rd edition of the International Diamond Conference Mines to Market, organized by the Gem and Jewellery Export Promotion Council (GJEPC) began with an overview by Mr. Russell Mehta, COO, Rosy Blue (India) Pvt. Ltd. While speaking on “Assessing the Present – Moving to the Future”, Mr. Mehta said that India’s growth has been below world GDP growth and is even below inflation. “Developing markets like China, India, Middle East, Brazil, Russia and SE Asia hold the greatest promise for enhancing the diamond market as the penetration of this category is lower. Currency appreciation in non-dollar developing countries will help”.

Mr. Mehta also said that diamonds inherently can become an asset class as potential supplies are finite, acknowledged as a store of wealth and have a high profitability. He said that industry growth has lagged GDP despite some category promotion. According to him, international brands both in jewellery and retail will drive the growth forward in developing countries except India where large family owned stores with an established customer base have the advantage. He said that organized retail chains like Tanishq with sustain rather than smaller family owned stores.

As per Mr. Mehta’s observations, India will retain its dominant position in diamond polishing for the foreseeable future. He said, “Polishers will continue to face challenges getting long term as rough supplies is a constraint while second hand rough will not leave sufficient margin”. But according to him, current rough supply diamond resources indicate the supplies should be stable in the next ten years. Over the next 5-10 years, industry will grow steadily with gradual price appreciation in polished and rough.

Moving on, next was the intriguing panel discussion on “Crucial Challenges to Moving Ahead” wherein the participating speakers were Mr. Ashish Mehta, partner, Kantilal Chhotalal; Mr. Vishal Mehta, director, Rosy Blue, South Africa; Mr. Rajiv Mehta, director, Dimexon; Mr. Rohan Shah, managing partner, Economics Law Practice; and Mr. Biju Patnaik, regional manager, Asia, International Diamond & Jewellery Group, The Royal Bank of Scotland. One thing which all speakers agreed upon was that consumerism is here to stay and one needs to have confidence and belief in one’s products. It was the general consensus that there will be years which will see profitability in the business and there’s a need for correct level of presumption taxation.

It was discussed that by capturing the larger goods market, India was able to face the challenge faced during the recession and moved ahead during the difficult times. It was felt that appropriate capitalization is very important as it helps to weather the hard times. Though synthetic diamonds were hyped a lot during 1999-2000, the gaps between natural diamonds and manmade one’s aren’t much nowadays. “The cost of producing these diamonds is much too high and yes there will be a future for synthetics and there’s a market for both,” said Mr. Vishal Mehta from Dimexon. “There’s an element of concern in pricing but there’s a stable of medium for both”.

The next session on “Manufacturing” had some eminent speakers like Mr. Jacky Tache, partner, Tache Diamonds, Antwerp; Elliot Tannenbaum, senior principal, Leo Schachter Diamond Group, Israel; and Mr. Anil Shah, partner, Venus Jewel. In his opening remarks, Mr. Tache said the industry is facing a fragmented supply of diamonds and there’s a continuous supply-demand gap. There’s a need for increased direct supply in producing countries and so there’s the need for change in business processes. “We need to adapt our organization and allocate resources in supply sourcing in manufacturing management in distribution structure”. He said that there should be proper allocation of capital, human and management resources and also long term sustainable and CSR commitment.

According to him, competitive tenders is the second challenge in supply chain which can be overcome by successfully buying and with a team of dedicated and specialized team with adapted skills set. One also needs regular information flow from the markets. “There’s a need for efficiency of technology and process management”.

Mr. Tannenbaum said that India has reacted to the recession aggressively and it is the ideal place to be in. He kept comparing with the Japanese automobile industry and felt that though we are in a badly hurt market today, we have fought back well. Mr. Shah in his presentation mentioned about India’s five decades of accumulated experience in diamond manufacturing in all its aspects across all rough categories and high level of business acumen amongst Indian diamond companies. “There is government support at state and central level and there’s also the responsible and supportive banker who has helped the industry during the difficult times”, he said.

Mr. Shah said that 20% of Indian polished diamonds are now destined for domestic market with its ever more diamond-conscious consumers. India’s acknowledged prowess in IT development has strengthened the Indian diamond industry in terms of creating platform for internet sales, and providing the industry with the sophisticated factories.

But the challenge lies in technological research and intelligent manufacturing. It’s time to shift from a normal factory to an intelligent factory. He urged the audiences to focus on adding more fire and brilliance in diamonds and selling diamonds by spread weight ratio and not by size. He also said that there’s no justification for big price difference between round and fancy shape diamonds and there should be a shift from yield based manufacturing to value-based manufacturing. “We need to develop technology to shift from subjective based grading to objective based grading and rough planning should be at the early stage of manufacturing. We need to develop new parameters for fancy shaped diamonds”.

Day 2 : International Diamond Conference Mines to Market Concludes On a Positive Note
“Time to create value in the minds of consumers”

The International Diamond Conference Mines to Market came to a conclusion today on a positive note and with enthusiastic response from the gem and jewellery industry. The post lunch session on “Finance” witnessed some eminent speakers like Mr. Victor Van Der Kwast, CEO, International Diamond and Jewelry Group (ID&JG), ABN AMRO Bank NV; Mr. Pierre De Bosscher, chairman of the Executive Committee Antwerp Diamond Band and Mr. A P Verma, deputy managing director, State Bank of India.

The eminent speakers had a wish list that consisted of security against direct bills, adequate duration of finance, bank borrowings at an acceptable level and review of required collateral level. They wished to safeguard each other’s reputation and expressed the desire to continue to support the industry.

The next topic on “Rough Sourcing” was equally enthralling and the panelists for this discussion were Mr. Praveenshankar Pandya, chairman, Diamond India Ltd (DIL) and Mr. Ashit Mehta, founder director, Surat Diamond Sourcing India (SDSL). Though SDSL is hardly 50 days old, Mr. Mehta said that the company’s agenda was to make Surat the world’s leading manufacturing hub as the industry has the largest versatility and innovation and technologically driven.

He said, “Chinese government intervention, beneficiation in South Africa, ageing of skill labour and lack of fresh talent are some of the worries that is ailing the industry right now”. The objective of the company is to directly source rough diamonds, tender the ultimate final user, maximize shareholder value, welfare of workforce, education and re-training of workforce and research and development.

He drew a conclusion by saying that India needs the most efficient distribution platform and establish transparent rough pricing and also facilitate brining producers direct to the ultimate final user.

Mr. Pandya said that DIL has the goal of crossing a billion dollar this year may set up refinaries also. They have already concluded two shipments of gold and are very happy with the 3-year deal which they signed with Alrosa.

The session on “Role of Laboratories” was by Mr. Tom Moses, senior vice president, Gemological Institute of America and Mr. Marc Brauner, Co-CEO, IGI Worldwide. According to Mr. Moses, a laboratory’s responsibility is to keep abreast of new developments with treatments and synthetics and having the necessary instrumentation and scientific expertise to correctly identify treatments and synthetics. He said, “GIA maintains an exclusive data base of both natural and treated diamonds to support proper identification and communication is to increase trade awareness and understanding and have the proper identification knowledge and tools in place”.

Mr. Brauner said, “Our industry is different and consumers are becoming more and more aware. Between 2003 and 2008, online sales have more than doubled in US and figures around US$ 3 billion. India online sales in 2009 were close to US$ 560 and are expected to increase by approximately 20-25 percent yearly”.

He said that the future clients will use search engines, browse company websites, read tutorials, go to discussion forums and then they will come to you. People want to deal with people when buying jewellery and this is why 90% of jewellery is sales still made in traditional stores.

For the “Retail” discussion panel, the eminent speakers to grace the dias were Mr. Mehul Choksi, chairman and managing director, Gitanjali Group and Mr. Nilesh Hundekari, principal, AT Kearney. Mr. Choksi said that the dynamics of diamond jewellery supply side were pressure on mining of diamonds, stagnation in production of rough diamonds and diamond jewellery did not experience exponential growth in this decade. He said that Iconic Image leads to higher demand and premium value proposition. An extension of the demand and pull is evident in the international jewellery circuit. It’s time to create value in the minds of the consumers.

He said, “Pressed margins emphasize the need to create value and hence aspiration and it’s time to create value in the diamond jewellery. The gap between consumer requirements and current offerings need to be closed. Gitanjali has created a global brand by distinctive marketing and promotional activities and reaching out to the consumers with multibrand strategies and catering the diversities across”.

Mr. Hundekari said that luxury and jewellery market in India are similar yet different and both markets can learn from each other. The luxury market is growing rapidly and is estimated to be Rs 140,000 crore. Organized retail penetration has been increasing rapidly over the past few years yet still very low. Middle segment of the market are getting populated and there is a lot to learn from the experience of the luxury industry.

He said that fashion consciousness remains low amongst most consumers while brand awareness is rapidly increasing. Luxury consumption is currently limited to Mumbai and Delhi but other cities are showing significant potential. The Indian luxury market has grown 13% over the past 3 years and is currently estimated to be $4.76 billion. The luxury products market is $1.5 billion wherein jewellery, apparel and accessories are the largest categories.

The Indian luxury market is constrained by demand side and supply side factors leading to a high latent demand. “We expect the market to grow 3 times by 2015 even then there will be significant latent demand. Some of the key challenges like difficulty in reaching the consumers, infrastructure and regulatory constraints, consumer reservations about luxury purchases and lack of talent. Success factor like getting the footfalls right, get iconic brand and lead brands, get the cost structure right and create the business environment”.

Chairman Speech :
Opening Remarks of the third Mines to Market Conference
by GJEPC Chairman Rajiv Jain
October 12, 2010

Honourable Ministers, Excellencies, Leaders of Government and of the International and Indian diamond industries, guests from around the world, members of the media, colleagues, and friends. I hereby warmly greet and welcome you to India’s Third Mines to Market Conference.

We have with us today as our Chief Guest Shri Jyotiraditya Madhavrao Scindia, the Hon’ble Minister of State for Commerce, an avid sportsman himself and is often spotted at polo matches. He is known to be a sportsman-politician and is known to have encouraged Indian sports and get them international recognition. After doing graduation, he interned with the UN Economic Development Cell and in fact had the distinction of being the only under-graduate intern there. After getting an MBA, he went on to work as an investment banker with Merrill Lynch and Morgan Stanley. He is known to be one of the most focused and hard-working students at college and also one of the most dedicated workers at his workplace. He is the face of the future of India and with his efforts, the Indian politics will definitely touch new heights. I welcome him at this Mines to market Seminar and the entire industry is thankful to you for your presence.

It was with considerable trepidation that I accepted the distinct honour my colleagues bestowed upon me by asking me to serve as Chairman of the Gem and Jewellery Export Promotion Council. In these turbulent economic times it would seem madness to take reigns at the helm of one of the nation’s most vital economic sectors, which, for its prosperity, depends largely on depressed overseas consumer markets. What convinced me to accept the challenge was the realization that my predecessor, Shri Vasant Mehta, delivered me an industry “in mint condition”. Having weathered the most serious economic crisis in the existence of our industry in a most laudable manner, having provided the strong leadership that made us fully capture the opportunities inherent in every crisis, Vasant Mehta, together with his Council colleagues, was able to turn adversity into advantage – and made the Indian industry, to quote a foreign journalist, the “absolute winner of the diamond crisis.”

Vasantbhai, the industry is deeply grateful and indebted to you. You united our main stakeholders – industry, banks and government – who followed a unified, agreed, crisis management strategy. Vasantbhai – we salute you and we consider ourselves blessed that you were there, at the most critical time in our industry.

My personal background is in precious gemstones, which is an integral part of our diamond and jewellery industry, though somewhat less prominent in its size. In the Council, all the components of the sector are equal partners and equal stakeholders. That a “gemstone man” now stands before you as chairman, is a tribute to the way the we govern ourselves. The GJEPC is truly a unique organization – and it success is measured and measurable by its impressive results.

Ladies and gentleman, this is not the place to remind you again that 14 out of every 15 diamonds in the world are cut and polished in India, or that our annual exports exceeded $28 billion last year, which was a crisis year. I am even not going to dwell on our expectations that after the crisis we now expect a 30%-35% growth. You know the industry’s “vital statistics” – which is what led you to come here today.

No, I would like to use the advantage I have as a diamond industry “outsider” to take a longer historical perspective – and to look at the revolution India has brought about in the diamond world, and, especially, in the world of the diamond producers and diamond consumers.

For this, I need to bring you back to our early beginnings, in the 1960’s. Of the world’s diamond output, only some 15%-20% of the rough reached the gem market. Diamonds were truly only for a small limited group of privileged ladies around the world. When prices of natural diamonds for industrial purposes dropped to near-to-nothing, the diamond producers were facing serious problems on how to optimize their revenues. What to do with what they consider their non-gem rough?

It is then when the skills and the marketing acumen of the Indian diamantaires came in. We developed a “new product” – call it “affordable diamonds”. We showed that we can add value to rough that otherwise would have been largely discarded by the producers. India “rescued”, and I think that is the right word, some 45%-50% of the world’s rough production and started a consumer revolution – we caused the democratization of the diamond industry.

India made a possible for almost every woman in the developed world to become the proud and happy owner of diamond jewellery. Our skilled craftsmen went from 50 stones per carat down to 100, and even 200, and, I must add, even 300 stones per carat. That technological achievement has not been matched by any other diamond centre. As the labour cost nearly always exceeded the material costs of these affordable stones, we also provided enormous added value to India.

Today, when we have so many producers in the room, I don’t just want to remind the diamond mining countries what we have done for them from a historic perspective, but I rather want to stress the benefits to you that comes from working together. The more added value we can create out of your rough, the better it is for you. We have a proven record to support what I am saying. We don’t want you to sell your rough directly to the Indian industry solely because we are your natural partners to polish your output, and we are your partners, but rather because by working together we are able to help you in getting more revenues for a greater part of your output. And we have shown that we buy your output in good and in bad times.

Ladies and gentleman, I want to say something that some may find hard to say aloud, but I think it needs to be said. When we started out in the 1960’s, the diamond producers didn’t know what to think about the goods that we said we could cut and polish, and, more importantly, we could sell. They hesitate to call these diamonds – diamonds. So they invented names, such as “near-gems” qualities, or “Indian goods”. God forbid, no one should confuse these goods with true quality diamonds.

The most severe crisis in the diamond industry that we have just faced has shown that our India’s production again “rescued the market”. Highly indebted consumers, who had lost the lion share of their life savings, who faced the prospects of losing their homes, or losing their jobs, continue to express their love for each other by giving diamond jewellery. They have less money to spent – and they spent it on affordable diamonds and affordable jewellery. Without the Indian product, these consumers would have spent their money on other items. Research has shown that when you “lose a consumer”, you don’t get her back. In the crisis, consumers stayed with us.

They remained loyal and, when the economic tide in the consumer centres turns around, they will revert to buying more expensive goods – alongside the affordable goods. My point, ladies and gentlemen, is that consumers don’t buy “near gems” or “Indian goods”. They buy diamonds. We should move these somewhat derogatory terms into the “delete boxes” of our computers and from the way we are thinking.

There is something else that needs to be said about our Indian industry – and that is in the area of social responsibility. It is said that we are “production driven” – that we convert rough into polished also when we may be overproducing, and may not have ready clients for the resultant polished output. Charges have been made that the Indian over-demand for rough drive up prices – and that we are competing among ourselves to buy rough for which we have no end-consumers yet. That is all true.

But, ladies and gentlemen, what makes us “production driven”? There are various reasons, but the main one is our responsibility to our workers, to our work-force – and their families. When you employ anywhere between 800,000 to 1,000,000 workers, who all have many dependents relying on the income of the diamond worker, you cannot make their livelihood depend on the traditional buying seasons or the economic prospects of the consumer markets.

We care for our workers. In India their income, their social benefits, their job security, and their working conditions are way above those of peer group sectors. Here, again, this was proven by the recent diamond crisis. It was with pain in our hearts that we had to make a significant number of workers redundant. But we minimized, rather than maximized, the redundancies.

We did something else – that no other centre did. Because of our care for our workers, we bought during the crisis rough diamonds from producers which were refused by their regular clients. We made purchases in Namibia, where De Beers sold to us from those allocations which their Namibian clients declined to take. We went to Russia and bought those diamonds the regular clients were not willing to buy. These were expensive deals – especially in the uncertain economic environment. But our workers saw how much we were committed to keeping them employed. At the same time, the rough producers also saw on whom they can rely in adverse economic conditions.

Consumers can always be confident when they buy diamonds or diamond jewellery from India, they buy a product which meet the highest ethical and socially responsible production standards. Simply, because we care. As human beings, we all want to do the right thing.India is often labelled in the press as the world leading diamonds centre. It is a position we earned almost by default, because of our sheer size and our notable success.

However, leading doesn’t make one the leader. Today, I want to promise to all stakeholders present here that the Council, under my Chairmanship, has made the strategic decision to pro-actively become the worldwide leader of the diamond industry. In that context, we want to continue to promote the establishment of international diamond promotion initiatives.

Looking at the entire value chain and pipeline, we want the industry to be inclusive. Every producer should be able to join the Kimberly Process and all members of the Kimberly Process should continuously strive to enhance the social and economic conditions in every producing country. We were told that some 40% of all people living in the sub-Saharan countries make less than 1 dollar a day. These are country-wide problems and are not specifically diamond industry problems. But our industry can – and must -- help these countries through responsible trading practices and through the creation of added value opportunities. We don’t want countries to smuggle out their output because the Kimberly Process failure in reaching out and extending its inclusiveness.

We are very fortunate to have today, in our conference, participation from virtually all producing, manufacturing, trading and consuming centres. If we, through our Mines to Market conference provide a successful and fruitful dialogue among all stakeholders and contribute to raising their levels of shared responsibility, of share values and commitments, then the GJEPC believes this meeting has achieved its aims.

I wish all of us a very successful conference.

Thank you very much.

Conference

The Gem and Jewellery Export Promotion Council is organizing International Diamond Conference, Mines to Market 2010 on October 12th &13th, 2010. The two day conference would witness Presidents, Ministers from various mining countries such Angola, Botswana, Zimbabwe etc, Delegates from Mining Companies like De Beers & Rio-Tinto, heads of Retail and Luxury brands, Int. Diamond heads of various banks such as, ABN and Antwerp Diamond Bank.

The Conference aims at taking stock of the Diamond industry globally, and evolving a way forward for future .Each Country would present a paper on their current scenario and future programs, along with Panel discussions on the same.

The Mines to Market Conference in the past, has received enthusiastic response from all stakeholders in the diamond industry, and has emerged as a platform for meaningful interaction and forging business ties.

Venue : Tata Theatre, NCPA Auditorium, Mumbai.

Date : 12th & 13th October 2010

Sponship

CATEGORY SPONSORED SPONSORSHIP BENEFITS
Co-sponsorship Display banners at the conference venue.
  Credit to company on website
  Credit to company on main event backdrop
  Credit to company on 6X3 banners ( 4-6 nos)
  One advertisement in Souvenir
  Display banner at Gala Dinner venue.
  Logo branding on all the promotional material.
  12 complimentary Registration passes
  6 complimentary Dinner passes
   
Gala Dinner on 12th October'10 4 banners at the dinner venue
  Company/brand name being displayed on each table
  6 complimentary Registration passes
  6 complimentary Dinner passes
   
LUNCH on 12th October'10 Display banner at the lunch venue
   
LUNCH on 13th October'10 Company/brand name being displayed on the counters
  Name will be announced before lunch break
  4 complimentary Registration passes
   
Kit Sponsorship Name of the company on the kit
  6 complimentary Registration passes
  2 complimentary Dinner passes
   
Brochure Name shall be displayed in the bottom left hand corner
  On the inside of the cover flap
  On the sponsors insert in the brochure
  4 complimentary Registration passes
   
Lanyard 4 complimentary Registration passes
   
Gift Hampers Name tag on the gift hamper
  4 complimentary Registration passes
   
Gallery Display name on the gallery
   
Display Showcase (10 nos) Loose diamonds or jewellery with company name and 
business cards at the venue of the conference
  1 complimentary Registration pass
   
Hi-Tea 3 complimentary Registration passes
   
Welcome Dinner Company/brand name being displayed on each table
  4 complimentary Registration passes
  4 complimentary Welcome Dinner passes

The Speakers

No.
Registration 9.30 - 10.30
1. Moderator’s Opening Remarks
Joint Presentation: 
Tacy’s Chaim Even-Zohar 
and Pranay Narvekar, Strategy Consultant, Rosy Blue
10.30 - 11.10
2. Inaugural Session                                                              
Welcome Address
Rajiv Jain , Chairman GJEPC,                  
-Chief Guest’s Address 
Hon’ble Jyotiraditya Scindia
Minister of State, Commerce & Industry
Government of India
11.10 - 11.50
3. Keynote Session & Q/A                                                        
Keynote Address
Gareth Penny   
Former CEO, De Beers Group    
11.50 - 12.30
  Tea Break 12.30 - 12.45
4. Felicitation of Nishit Parikh, President AWDC
& Tacy’s Chaim Even-Zohar
12.45 - 1.00
5. Marketing the Rough                                                      
Varda Shine
Managing Director, DTC;  
1.00 - 1.30
  Lunch  1.30 - 2.30
6. India Session                                                                      
Rajiv Mehta                                                                  
Director, Dimexon
2:30 - 2:50
7. Rough Producers’ Session      &    Q/A                           
Hon’ble Obert Mpofu
Minister of Mines, Zimbabwe;                                             
Jacob Thamage, Co-ordinator Diamond Hub
on behalf of Hon’ble Ponatshego Kedikilwe,
Minister of Minerals, Energy & Water Resource, Botswana;                                   
Jean Marc Lieberherr
General Manager, Diamonds Sales and Marketing
Rio Tinto;  
Leonid Tolpezhnikov
Head, Analytical Department
Alrosa
2.50 - 4.20
  Tea Break 4.20 - 4.30
8. Business Standards & Ethics                      
& Q/A
Cecilia Gardner 
President, CEO & General Counsel
Jewelers Vigilance Committee
4.30 - 5.00
 
Day 2 - 13th October 2010
 
9 Assessing the Present -- Moving to the Future
An Overview
Russell Mehta
COO, Rosy Blue (India) Pvt. Ltd
10.00 - 10.30
10 Panel Discussion
Crucial Challenges to Moving Ahead
Ashish Mehta, Partner, Kantilal Chhotalal;
Russell Mehta, COO, Rosy Blue (India) Pvt. Ltd;
Rajiv Mehta; Director, Dimexon;
Rohan Shah, Managing Partner, Economics Law Practice;
Biju Patnaik, Regional Manager,
Asia, International Diamond & Jewellery Group,
The Royal Bank of Scotland.
10.30 - 11.30
  Tea Break 11.30 - 11.45
11 Manufacturing Session & Q/A
Jacky Tache, Partner, Tache Diamonds, Antwerp
Elliot Tannenbaum, Senior Principal,
Leo Schachter Diamond Group, Israel
Anil Shah, Partner, Venus Jewel, India
11.45 - 1.00
  Lunch 1.00 - 2.00
12 Finance & Q/A
Victor Van Der Kwast,
CEO International Diamond and Jewelry Group (ID&JG)
ABN AMRO Bank NV;
Pierre De Bosscher,
Chairman of the Executive Committee
Antwerp Diamond Band;
A.P. Verma,
Deputy Managing Director,
State Bank of India
2.00 - 3.00
13 Rough Sourcing & Q/A
Praveenshankar Pandya,
Chairman, Diamond India Ltd.
Ashit Mehta,
Founder Director, Surat Diamond Sourcing India
3.00 - 3.30
14 Laboratories & Q/A
Tom Moses
Senior Vice President,
Gemological Institute of America
Marc Brauner
Co-CEO,
IGI Worldwide
3.30 - 4.15
15 Retail & Q/A
Mehul Choksi,
Chairman & Managing Director
Gitanjali Group
4.30 - 5.00
16 Vote of Thanks 5.00 - 5.10

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