Gitanjali Gems , India's largest integrated branded jewellery company, today said it has successfully converted and redeemed its foreign currency convertible bonds (FCCBs) worth USD 110 million.
Gitanjali had issued 1% FCCBs worth USD 110 million, which matured on November 25. Of the total issuance, 63% of the total issue size was converted into equity shares and the rest 37% bonds were redeemed at a premium, a company statement said here.

A total payment of USD 57.2 million was made by Gitanjali on November 25 to redeem the outstanding amount and its premium. The conversion price was set to Rs 220 with a premium of 42%. Effective price of Rs 312 was the breakeven for the bond holders. With last four weeks' average price of Rs 345, conversion offered higher returns to the bond holders. Many of them chose to convert during this period. ost-conversion, total outstanding shares of the company rose from 84.9 million as on March 31, 2011 to 91.1 million shares till date. "In these tough financial markets, we are pleased to have a successful conversion and redemption of bonds. This reduction in debt will improve the leverage, gearing ratios and our exposure to dollar payments," Gitanjali Group Chairman and Managing Director Mehul Choksi said.

Read the rest of this entry »

An international jewelry exhibition showcasing world famous designs was held in Dubai last week. The event featured over 300 exhibitors from 27 countries – it was a global collection of jewelry pieces and industry expertise. The exhibit was held at the Dubai International Convention and Exhibition Center.  It reflects one of the world's most dynamic markets for luxury goods.

[Jack  Zybert, ZYDO Italy]: “High end jewelry - very unique pieces and very high end quality for royal families, for VIP customers, for stars. Some examples are these bracelets you see - it is very flexible. All handmade pieces, one of a kind.”

The event provides a place for global and regional manufacturers to meet buyers from the Gulf, North Africa, India and other countries. Sparkling jewelry and unique pieces of high-end quality, awaiting the right person.

Professionals in the industry have gathered from around the world and brought with them the latest technology on the market.

[Rakesh Bhan, GM, Fischer Measurement Technologies]: “New technology for checking the purity of the gold, which is not a destructive method. And within 30 seconds you get the analysis of your jewelry without using the old traditional method of ferrite where your sample is destroyed or melted. So within 30 seconds you get the complete report including the gold, silver, copper, and all the contents which are there in the alloy.”

While priceless gemstones and dazzling jewelry collections continue to be top sellers at this year’s Dubai International Jewelry Week, it was the sale of the world’s first gemstone bathtub that had the show abuzz.

The Caijou’s “Le Grand Queen” luxurious gemstone bathtub was carved from petrified wood that is said to be over 180 million years old, the first of its kind in the world and sold for $1.74 million.

Read the rest of this entry »

Gemfields, an AIM-listed company, describes itself as one of the world’s foremost coloured gemstone producers and represents 20 per cent of the world’s production of rough emeralds. In an interview with Zehra Naqvi, Gemfields CEO spoke on the partnerships the company is forging in India and the importance of branding coloured gemstones. Excerpts:

What is the position of the coloured gemstones industry in global markets at present?

I’d hate to talk about coloured gemstones as a whole; I’ll speak only about emeralds — the rough gems. We have witnessed a phenomenal growth since 2008. The average price that our emeralds were fetching in auctions in 2009 was 50 cents each, and now it has grown to $4.5 each. That’s an eightfold increase. Our global turnover last year was $40 million, with global annual sales of $330 million.

We represent 20 per cent of the world’s production of rough emeralds (mined 33 million carats last year) and 90 per cent of the industry’s marketing and advertising expenditure. And we see more and more ads about emeralds in magazines, more people are calling up and asking about emeralds. Even though markets around the world are going down, we have been going up, and that’s because we’re so far from saturation. Now, we’ve been able to talk and explain to people about emeralds. It’s true that because of the economic environment today, people see this as a luxury that’s not as important as the basic needs. But when you have those, you want something to make you feel special. And there’s nothing wrong with feeling a little special.

What is your vision for growth in the Indian coloured gemstones market?

India is a part of the world. So the vision for India is the same as the rest of the world. Coloured gemstones have been a very important part of mankind’s history. But, unfortunately, the value we’ve ascribed to coloured gemstones has slowly gone down. Why? Because of a thing called branding. There was a time when the value of a product was determined by its rarity. And if you want to think of rarity, there’s nothing more rare than rubies, sapphires and emeralds. They’re extremely rare, rarer, in fact, than diamonds. Today, the global market for emerald, ruby and sapphire cut stones — not jewellery, but cut and polished stones — is estimated at around $1.5 billion. Last year, Louis Vuitton made a net profit of $2.5 billion after tax out of plastic bags mixed with a little bit of leather — not leather mixed with a little bit of plastic, let’s be clear. And that’s because of marketing and branding. We haven’t reminded the population how rare these stones are. You can change the setting of the stones, but you don’t chuck them out like old shoes. The stone is there for eternity. So that’s a long way to answer your question — my vision for the business in this product is to rebrand. We shouldn’t be falling behind.

Are you planning on collaborating with big players like Tiffany’s or Cartier for that?

I’m a huge believer in partnerships. Our mines are also held in partnership. The mines in Zambia are 75 per cent owned by us, and 25 per cent by the Zambian government. The ruby mines that we have now acquired in Mozambique are also held in partnership with the government. So yes, maybe we would work with Cartier in rebranding coloured gemstones to­gether. Our focus is on the mining and marketing of the stones. Fabergé is one of the brands we’re already working with. It is one of the ancient and premier brands.

Which Indian brands are you in talks with for partnerships?

All of them. We’re trying to get into partnerships with all the big brands in India. We’re in talks with Mehul Choksi from Gitanjali and with Tanishq, and others. Any brand that’s passionate about coloured gemstones, we’re passionate about them. According to Gems and Jewellery Export Promotion Council, 10 out of 11 diamonds and nine out of 10 coloured stones are cut and polished in India. About 95 per cent of our buyers are Indians and out of those 94 per cent are from Jaipur. Our largest markets are India and the US, in a ratio of 50:50. The size of the Indian market for coloured gemstones is $250 million. Earlier the US-India ratio was 80:20 but since the downturn it has changed to 50:50. So obviously, India is a very important part for of the world for coloured gemstones. Colour is a big part of your culture — your clothes, deities, your food… everything is colourful. But gradually you’ve moved to diamonds and platinum. I’ve nothing against them, but you’re becoming boring!

Could you explain the ethical mining concept that your company promotes?

We are saying to the consumer, this is an emerald you can trust. We tell you the source of the emerald. If there’s a value, we’ll tell you what it is. If it’s treated we’ll tell you how and how much. You’d know the real value of the stone. We try to ensure that our dealers are going for more disclosure, too. And we stop selling to them if they're not. We’re trying to make people more aware about that. And then we’re also an environmental-conscious company. We fill up old pits with water and feed them with fish and the local community uses them for fishing. We’re also in the process of going for a zero carbon footprint. We need to plant 300,000 trees to be a carbon neutral company and we’re trying to get there. We take the waste that we’ve moved and fill back pits with it, and then we plant trees there. We also undertake significant investment in the communities where we operate.

Read the rest of this entry »

Even if you’re shopping for jewelry this holiday season – or dropping a hint that a new necklace or ring is on your own wish list – it’s easy to forget that gemstones have long been believed to carry healing, protective and even magical properties.

Today, gemstones are enjoyed for their beauty in jewelry. But if, by chance, they carry some mysterious qualities that heal illnesses, protect travelers, repel insects or attract love, isn’t that just an extra helping of good fortune?

Here’s a sampling of gemstones and a description of their qualities and lore, courtesy of the Gemological Institute of America.

¦ Diamonds have the longest endurance of any substance known to man. Carbon-dating has established that diamonds, on average, are 3.4 billion years of age – now that’s timeless beauty! Even the word “diamond” comes from the Greek word adamas, meaning “unconquerable and indestructible.”

Diamonds were worn in ancient times to promote strength, invincibility and courage. The diamond is also the gemstone of love: When carried or worn, a diamond is said to advance positive relations with the opposite sex, to conquer infertility and to ensure fidelity.

The earliest record of a man giving a diamond to a woman for her hand in marriage was in 1477, when the Archduke of Austria gave one to Mary of Burgundy. Now, more than 500 years later, diamonds are still the most popular gemstones in engagement rings.

¦ Emeralds take their name from the Greek word smaragdos, meaning “green.” A member of the beryl mineral species, the stone contains chromium, which gives emerald its green color. In ancient Egypt, this tranquil green gem was highly prized by the wealthy and by priests. It is said that Isis wore a green emerald in her headband and that those who looked upon it would be able to conceive.

Emeralds in ancient Rome were highly prized and valued for their calming and soothing effects. Nero watched the Roman games in the Colosseum through a set of highly prized emerald glasses. Emeralds, like almost all green gemstones, are also thought to be advantageous for business-and-money ventures.

¦ Rubies are made of aluminum oxide (corundum). Their red color is caused by trace amounts of chromium – the redder the gem, the more chromium. Rubies are found primarily in Myanmar, Thailand and Sri Lanka.

The ruby represents the sun’s power in Hindu ancient writings and is said to have been given as an offering to Buddha in China and Krishna in India. An ancient belief about rubies was that dreaming of them meant the coming of success in matters of money and love.

¦ Sapphires are also made of aluminum oxide and are considered the sister stones to rubies. Sapphires come in all colors except red, which has been designated as “ruby.”

Blue sapphires have enjoyed increased popularity over the past decade, and fashion mavens credit the public’s renewed interest to the necklace worn in the 1997 film Titanic. Many Buddhists have traditionally believed that the sapphire favors devotion and spiritual enlightenment. The ancient Greeks linked the sapphire with Apollo and wore it as an aid to prophecy when consulting oracles.

Read the rest of this entry »

Pear-shaped yellow gem discovered in South Africa was sold by Sotheby's for $12.36m

Read the rest of this entry »

Included as part of the exhibitions at the third annual Abu Dhabi Art fair at Saadiyat Island were some real jewels: 27 stunning pieces, many of them vintage, all intricate and distinctly Bulgari.

Twenty security guards were brought along to guard the collection, which provided the public with a rare glimpse into a range of pricey pieces from select decades of the Italian jeweller's 127-year history.

"As a platform for modern and contemporary art and design, Abu Dhabi Art is the perfect occasion to share the impactful creativity of our high jewellery pieces," says Nicola Bulgari, the grandson of the founder. "They have been designed and executed to convey a sense of perfect, unquestionable and timeless beauty, like a work of art."

In cases designed by the celebrated Iraqi-British architect Zaha Hadid, the rare collection offered bracelets, chokers and minaudières (small decorative cases). Hadid drew inspiration from the craftsmanship of signature pieces by Bulgari, which was established by the Greek silversmith Sotirio Bulgari in Rome at the end of the 19th century. The select pieces are the best representation of the master jeweller's work from 1920 to the modern day, says Giampaolo Della Croce, Bulgari's high jewellery senior marketing director.

"We tried to pick the most significant jewels to share the brand's heritage," he says. "There's a blend of colourful gems like rubies, sapphires, emeralds, amethysts and aquamarines. And of course, since they are a girl's best friend, we have jewels set with diamonds, too. We also have porcelain - a lovely bracelet part of our Chandra collection, which was crafted at the beginning of the 1990s."

From the 1920s and 1930s, Croce points to Bulgari's eastern-inspired brooches as the exhibition's standout pieces. It was also during this period that the company first became known for its use of vibrant coloured gemstones and love of imposing geometric motifs in diamonds and precious stones. Growing in equal popularity around the same time were its convertible jewels, including necklaces that could be separated into different, usable parts including clips and bracelets.

Bowing to the constraints of the Second World War, Bulgari paired down its use of precious materials such as platinum and diamonds, using gold and favouring more natural designs than previously seen.

"Then in the 1950s, we used a lot of cabochon [polished but not faceted] cut gems," says Della Croce. "Also, 'the snake' came from the second half of the 1950s. This was something that fascinated Liz Taylor, who bought a lot of Serpenti bracelets and watches."

As seen in Abu Dhabi, Bulgari fashioned the sinuous body of the serpent into many timeless creations, from rings to wraparound bracelets. It was also the first jeweller to adapt the snake into a wristwatch, which became one of its signature pieces.

"In the 1970s there was the use of coins," says Della Croce. The tradition dates back to the late Roman era and remained in fashion until the 7th century AD, before re-emerging in the 19th century.

Pieces in the capital's exhibition from the 1980s truly represent a Bulgari style that the late pop artist Andy Warhol famously once told Nicola Bulgari everyone was "trying to copy". Precious stones are combined with ones of lesser value to form elegant, decorative, often modular pieces - a secret to their "wearability", according to the jewellery house. In the 1990s, Bulgari's style became far less structured and gold continued to be the metal of preference.

"From then we also have beautiful rainbow-coloured tourmaline gems on a sumptuous necklace with heart-shaped gems," says Della Croce. And bringing the story up to date is the exhibition's pièce de résistance, representing the jewellery makers' savoir faire and ease of mixing the classic with contemporary design:

"The new millennia tiara is an icon of all these important dates," says Della Croce. "The pieces are all one-of-a-kind and, if we want to give a price, I would say the most expensive is the tiara from 2000 because of the two huge diamonds dangling from the top - 20 carats each. It's a masterpiece and a treasure of nature with those diamonds."

Read the rest of this entry »

GemePrice, the revolutionary online wholesale pricing system that allocates prices to fancy colored diamonds as well as to gemstones according to the Color Codes generated by Gemewizard, was officially launched on November 15 at the Israel Diamond Exchange.

More than 200 leading diamond and gem traders, gemologists and other diamond professionals crowded into the Cullinan restaurant in the diamond exchange complex, leaving many participants with standing room only.
 
Shlomo Eshed, President of the Israel Precious Stones and Diamond Exchange, hosted the event, introducing two exchange members, Gemewizard founders Avi Merom and Menahem Sevdermish.
 
“Menahem Sevdermish, the inventor of the system, is considered one of Israel’s foremost gemological experts,” Eshed told the audience. “In 1975 Menahem and the Precious Stones and Diamonds Exchange established the first gemological lab in Israel, GIPS, which today has trained over 4,000 students.”
 
Eshed noted that Sevdermish and Meron owned the EGC gemological lab, and explained that Sevdermish had been instrumental in writing two books on gemological terminology in Hebrew and English, as well as inventing the Carmel cut, which has inspired many gemstone cuts.
 
In a fast-paced presentation, Sevdermish demonstrated the GemePrice system and explained how the unique Gemewizard color communication software had been successfully integrated into a pricing system for fancy colored diamonds, creating - de facto - a comprehensive digital "Color Master Set" together with pricing information for the benefit of the industry.
 
The GemePrice database contains grades, qualities, commercial names and prices of almost 400 fancy colored diamonds' color combinations and over 50 types of the most traded gemstones with a visual display of over 15 shapes.
 
Asked by members of the audience how the data for the price list are obtained and how reliable they are, Sevdermish pointed out that the prices quoted by GemePrice are generated and authenticated through real-time analysis of over $100 million worth of inventory of fancy colored diamonds that are offered for sale at any particular time from carefully selected sources on the Internet, as well as data obtained from renowned industry experts. "The prices are automatically generated, using a sophisticated algorithm, taking into account various sources of data, which consequently are weighed carefully by IT experts at the GemePrice Center.  Throughout the process, there is no intervention or any undue influence by trade members or people who are interested in pushing market prices up," he stated.
 
Israel Diamond Exchange President Yair Sahar said that he had taken his first steps in the diamond industry under Sevdermish. “In the 1980s, when I was brought into the sector by my late father-in-law Nissan Shmueli, a member of the Israel Precious Stones and Diamond Exchange, he sent me to study gemology with two teachers – one of whom was Menahem Sevdermish.”
 
“It fills the heart with joy to see the new developments in the field,” Sahar added.  Honorary IDE President Shmuel Schnitzer heaped praise on Sevdermish and his team on their achievements, saying that "in today's diamond business, we need modern tools and precise terminology. The trade will benefit significantly from this system, as it will enable traders of fancy colored diamonds, no matter where they are in the world, to communicate better, while using the same platform.”
 
"Since the gem and jewelry industry and trade began using online trading tools, the total bulk of trade in diamonds and gems has only increased," said Avner Sofiov, principal of Tzoffey's auction house and a former president of the Israel Precious Stones and Diamonds Exchange (IPSDE).
 
"I have no doubt that the adoption by the trade of the GemePrice system and price list for fancy colored diamonds and for colored gemstones will greatly improve the level and quality of communications between trading partners. In addition, as this system creates more transparency, this fantastic tool will help increase consumer confidence in the products we sell. That can only be good for our business, " Softov said.

Read the rest of this entry »

(Mission Valley News, San Diego, CA)
– Today more than ever people are looking for value. You may be sitting on a wealth of possibilities in your own jewelry box just waiting to be rediscovered. Something that you received as a gift or bought years ago that doesn’t seem to fit your tastes today, is just waiting to be revitalized. We can reset your gemstones into new mountings, and give you credit for your old setting towards the new one. If you now wear white gold and your old jewelry is yellow gold we can rhodium it white to match your new tastes. Many jewelry pieces can be refurbished and given as a cherished family heirloom gift for the holidays. You may have your own “Antiques Roadshow”. Stop by soon for a free design consultation.

November birthstone – Topaz or Citrine
Bright yellow is the particular color for November, and these two brilliant gemstones offer a bright, sunny tonic for darker November days. Both topaz and citrine are hard, sparkling gems that symbolize a long and happy life for the November born.

Citrine is beautiful yellow quartz named after the French word “citron” meaning lemon. It is hard and durable with bright color and lively sparkle. It varies from pale yellow to rich golden yellow to dark orange.
Topaz occurs in a range of different colors from deep golden yellow to sherry pink and blue. Imperial Topaz with its distinct peach, pink, or mauve hues is perhaps the rarest topaz variety, and the primary source is found at the Capão Imperial Topaz, in the town of Ouro Prêto, Minas Gerais, Brazil. Marty and Kathy visited the Capão mine recently on their gem buying trip to Brazil. You can view it at www.enhancery. com “Our Videos”, Brazil trip.

Read the rest of this entry »

A Dubai-based jeweller has introduced a high-end service to provide customers bespoke jewellery in diamonds and gemstones. The service by Dhamani Jewels will be available at its 10,000 square foot facility which opened on the 55th floor of Almas Tower in Jumeirah Lake Towers on Wednesday.

Amit Dhamani, CEO and Managing Director of Dhamani Jewels, said customers can choose from a variety of stones and designs to get their jewellery made according to their preference and budget. "We have special private rooms where our elite customers can select loose diamonds and gems and sit with our team of specialised designers to create exclusive designs for themselves. They can budget their purchases," said Dhamani.

Dhamani said coinciding with the launch of the Almas Tower facility, Dhamani has also launched a 4,000 sq ft diamond jewellery factory, the largest of its kind, at Gemplex in Jumeirah Lake Towers for very high-end bespoke jewellery. The first piece to be made by the factory is a Dh15 million diamond necklace with 600 carats of solitaires.

One of the unique selling propositions is the 99-facet Dubai Cut diamond, over which it has exclusive distribution and retail rights, said Dhamani. "Unlike the 56 facet diamond, the 99 facet stones are very rare. Each piece comes with an individualised serial number."Manish Dhamani, Director, Retail, said the 99-facet diamond comes from Russia and is inspired by the 99 names of Allah in the Quran. "Every year, we get a limited edition of 1,800 stones," he said. The value of the 99-facet diamond begins from Dh5,000. "We recently sold a bracelet with the 99-facet diamonds to an Irish customer for $360,000 (Dh1.32 million)," said Dhamani.

Read the rest of this entry »

Arusha. Tanzania will showcase its rich mineral resources during an international gemstone and mineral exhibition that will take place here next April. The gemstone exhibitions used to be an annual event here in the 1990s, however, following El Nino rains of 1998 that resulted to a tragedy as miners succumbed to death in the flooded Mirerani Tanzanite mines, the event stopped. By then it used to generate an average of $600,000 (Sh1 billion) annually.

Preparations for the four day event, slated for April 26th to 29th are underway, according to the chairman of Tanzania Mineral Dealers' Association (Tamida) Sammy Mollel. "The exhibition is targeting firms involved in mining of different types of minerals as well as dealers. It will also attract big buyers of our minerals from overseas", he told The Citizen.

He said the government would be fully involved in the preparation of the event through the ministry of Energy and Minerals. The event would take place alongside the conference on the role of minerals to the national economy growth.

Mr Mollel, a prominent gemstone dealer, said the exhibition woud avail an opportunity for outside buyers to sample the country's rich minerals, especially gemstones whose demand continues to rise in the world market.

"Our country is endowed with precious and semi-precious gemstones; rubies, garnet, emerald, sapphires, rhodelite, tourmaline, aquamarine, topaz, diamonds, amethyst not to mention tanzanite and many others.

"The list is long", he explained, adding that mining firms and mineral dealers from various African countries would take part in the show. These will include, among others, neighbouring Kenya, Rwanda as well as Mozambique, Namibia, South Africa, Madagascar and others from the Southern Africa Development Community (Sadc) bloc.

The Tamida official urged and challenged local mineral dealers to use the opportunity to win buyers overseas and modern excavation technologies from more advanced countries such as South Africa.

 Tanzania’s tanzanite is only found in the country at Mirerani in Simanjiro District, Manyara Region.
It is estimated that the rare gem, mined by both large scale and small scale excavators, generates over $300million (Sh48 billion) annually.

Read the rest of this entry »