In a press release, the company said the new showroom will offer innovative designs in 100 per cent pure BIS 916 Hallmarked gold.

Besides offering making charges at 4 per cent, the showroom has come out with an inaugural offer of 100 pendants in 100 hours wherein a lucky draw winner will get diamond pendant estimated at Rs. 7,999.

The showroom promises to allow exchange of jewellery bought from one showroom of the brand in the country in any other showroom.

The customers can use the purity analyzer at all showrooms to determine the purity of the gold purchased.

Exquisite range

All diamond jewellery will have international Gemmology Certification. The range includes pendants, tear drops, solitaire and spiral varieties for daily, party and occasional wear.

Ceremonial wear section features Blue Fire and Nakshatra, Asmi, Sangini and Jwala brands.

The showroom has offered free diamond certificates with reasonable accuracy within showroom conditions.

Anybody can bring the jewellery, irrespective of their age, and place of purchase.

This facility is arranged with the support of Solitare Gemmological Laboratories, the release added.

Source: www.hindu.com

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Brussels: India and Belgium want to diversify their trade ties — currently dominated by diamonds — in sectors like IT, energy and infrastructure development, a senior official said yesterday.

“Prime Minister [Manmohan Singh] and his Belgian counterpart [Yves Leterme] want to diversify the bilateral trade,” said Secretary (West) in the Ministry of External Affairs Vivek Katju. Singh concluded his two-nation European tour during which he attended an India-EU summit and also held bilateral talks with leaders in Belgium and Germany. The official said India wanted Belgian companies to invest in India’s infrastructure development. The focus of Belgium and India’s “expanding ties was on opportunities available in investment in India’s ambitious plan to build infrastructure”, said Katju.

Source: gulfnews.com

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According to the latest cable releases by whistleblower website, Wikileaks, diamonds sales have enriched those close to President Robert Mugabe including his wife Grace, who is said to have reaped “tremendous profits”.

The cable detailed allegations that Gono was making thousands of dollars a month from diamond dealing, with money being funneled to Mugabe’s wife and sister and to top members of the Zanu-PF party.

The cables, dated November 2008, reveal that the Reserve Bank of Zimbabwe (RBZ) provided freshly printed notes for purchase of diamonds, which would then be sold for foreign currency, which was scarce at the time.

Sources are said to have told the United States ambassador to Zimbabwe that RBZ governor, Gideon Gono was running the sale of the diamonds making thousands of dollars every month.

The cables suggested that Gono kept the money printing press running to finance the purchase of diamonds and this could have accelerated hyperinflation, which eventually rendered the Zimbabwe dollar worthless.

“The diamonds that are sold to regime members and elites are sold for freshly printed Zimbabwean notes issued by the RBZ,” one document from late 2008 cited British mining executive Andrew Cranswick as saying.

The cables describe Zimbabwe’s diamond sales as one of the dirtiest, being run by a cartel of Mugabe’s close associates.

The Zimbabwean minerals are regularly referred to as “blood diamonds” as the illicit trade in the gemstones is reported to have led to the murder and displacement of thousands of people.

“In a country filled with corrupt schemes, the diamond business in Zimbabwe is one of the dirtiest,” according to a classified document from the US embassy in Harare.

A separate document from January 2009 said that as the local currency became essentially worthless, the Zimbabwe military stepped more deeply into the diamonds trade, using hard cash from abroad to finance operations.

“This (collapse of the Zimbabwe dollar) has not deterred the continued brisk diamond trade involving foreign buyers, including most prominently the Lebanese,” said a document from January 2009 citing a classified report from an unnamed US political officer.

In the classified documents prepared before the unity government came to power, US diplomats cite Cranswick as saying those close to Mugabe, including his wife, “have been extracting tremendous profits” from the Chiadzwa fields in the eastern part of the country.

Cranswick is embroiled in a legal wrangle with the government as he claims that his company, ACR was illegally pushed off mining the precious gem stone.

Rumours have been awash on Grace and Gono’s involvement in the diamond sales, but the latest cables could be the most revealing.

The government deployed soldiers at the diamond fields in Marange in 2008 to seal off the area and clamp down on illegal mining, but rights activists say this resulted in serious rights abuses by the army.

Villagers were uprooted and murders increased, the classified US documents said.

Another classified document cited a village chief as saying the government had relocated as many as 25 000 villagers in an attempt to secure more money.

Zimbabwe is now struggling to sell its Marange diamonds after the Kimberley Process barred its members from dealing in the stones, saying their certification by global regulators did not guarantee they were free from human rights abuses.

Source: allafrica.com

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In addition, they are Flawless, suffering no inclusions internally or externally and ranked as Type IIa. Type IIa diamonds are also called Golconda diamonds in honor of the Indian mines where some of the first amazing diamonds the world was gifted came from. A slim margin of known diamonds in the world are considered Type IIa, approximately 2%. They are highest in clarity and brilliance and thus are extremely rare. Steinmetz Diamonds introduced the prized twins after more than a year of handcrafting them to perfection.

Typically it is accepted that the larger the diamond, the less difficult it is to cut, but cutting diamonds with the intention of creating exact replicas is a task that puts the rule to rest.Nir Livnat, Chairman of Steimetz Diamonds, expressed great pride in the unveiling of the diamonds saying, “We strive to have the rarest most beautiful diamonds available in the marketplace, which is why we are so delighted to be unveiling Steinmetz Yin Yang, the likes of which the world has never seen before.”

After display, the fate of the diamonds is unknown as they will be auctioned off through Sotheby’s, a world-known auction house with roots dating back to the 1700s. Experts in the diamond industry estimate that the diamonds could sell anywhere between $18 to $25 million.

Source: www.diamondpriceguide.com

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The wedding industry has done a good job convincing us that a marriage proposal is virtually null and void without a diamond. And that a bride has to have the right jewellery to get married. But in a sea of exquisitely dressed shops displaying fiery stones set in regal glory, one store, BG’s, defiantly pokes fun at the craze for jaw-droppingly expensive jewellery and has turned it into a somewhat lucrative venture. BG’s makes extremely convincing imitation jewellery– chunky, theatrical stuff– that only a bride can carry off.

Imitation jewellery so far, simply doesn’t cut it at Indian weddings. An older generation would baulk with horror at a bride wearing fake gems. Better no gems at all. Yet, that loathsome term “jewellery set” is slowly, but surely, heading towards extinction. In my opinion unless you are the bride, it’s a huge fashion faux pas to wear matching earrings, necklace, ring and bangles. Sure, it looks great in Jodhaa Akbar , but in reality, you’re likely to look like a dated, overdressed cartoon.

A decent sized wedding set depending on variables like quality and weight, can cost upwards of three lakhs. Many more brides are discovering the value of shopping at places like BG’s. Even with my limited financial knowledge I realize it makes little sense to lock up Rs 3 lakh on wedding-specific jewellery. Besides the return it could fetch you on an FD, it’s better invested in many smaller pieces of jewellery that you might wear routinely.

India is one of the largest consumers of gold and diamonds in the world. While “sets” lose their lustre, there’s an entirely different crowd for whom the craze is to flaunt a 10 carat diamond ring (Rs 1 crore upwards). Blame Elizabeth Taylor, or closer home, Sushmita Sen. The promoter of www.bag4aday.com , a popular website to rent branded handbags from Bottega Veneta and Louis Vuitton contemplated renting out real jewellery as well, but dropped the idea after evaluating risks of theft and capital investment. She’s settled for branded watches instead, but remains confident that jewellery will do well, if she can figure out a model for it to work. Conversely, Coco Chanel wore faux gems proudly, the first designer who made fake jewels acceptable. In India, sadly, we’re obsessed with the real stuff. Yet, Moissanite, a lab-created mineral that has the same brilliance of a diamond at a fraction of the cost is wildly popular in Mumbai and Delhi . Will it be the death of the diamond? Cheesy rom-coms, responsible for propagating the diamond myth, should take a cue from Prince William’s gallant proposal, and change the setting of the ring to a sapphire instead.

Source: www.indianexpress.com

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In February 2008, the CBSA intercepted a shipment from China with more than 100 pieces of undeclared jewelry. The CBSA officers later determined that shipments had entered Canada on several other occasions.

An investigation found that the suspect and a network of sales associates were selling the jewelry through parties at private residences, businesses, the Internet and local shopping mall kiosks.

A search of the suspect’s home revealed close to 3,000 pieces of fraudulent jewelry, sold under the brand name Tiffany and Co.

Debbie Craddock, 41, of Ottawa is charged with seven offences under the Criminal Code, three offences under the Copyright Act and five offences under the Customs Act related to smuggling, distribution and sale of fraudulent jewelry, as well as designer handbags.

Sean Craddock, 42, also faces two Criminal Code charges.

Source: www.metronews.ca

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Riversdale, which owns coking coal projects in Mozambique, received a A$15-a-share approach from Rio Tinto, chairperson Michael O’Keeffe said in a statement.

He added that these discussions were undertaken in confidence, and that Rio had advised that it was not in a position to submit a firm proposal.

“While discussions with Rio Tinto are ongoing there is no certainty that Rio or any other party will proceed with any proposal for the acquisition of Riversdale, or if it does, the timing of such a proposal or the terms and conditions on which any such proposal will be made,” O’Keeffe stated.

Riversdale’s shares surged to A$16,23 a share on Monday, from A$14,10 a share on Friday.

Resources analyst Peter Strachan on Monday told Mining Weekly Online that Rio would have to up its bid for Riversdale if it was intent on making a serious takeover.

“Share trading closed at around A$16,31 a share, so clearly the market is expecting that Rio would have to bid higher than A$15 a share.”

Strachan noted that the proposed Rio bid might also prompt other resource companies already active in Africa, to consider a takeover of Riversdale.

“That is what the market is betting on, that those already operational on the continent might be potential buyers.”

Rio Tinto CEO Tom Albanese has previously said that the company was “underinvested” in Africa, with only 4% of its business on the continent.

Riversdale owns the Benga and Zambeze coal projects, in Mozambique.

The Benga project is a joint venture between Riversdale and Tata Steel and has a coal resource of four-billion tons and a coal reserve of 502-million tons.

The Zambeze project, which is adjacent to Benga, has a coal resource of nine-billion tons. Wuhan Iron and Steel has signed an agreement with Riversdale to buy a 40% stake in the project for $800-million.

Riversdale also operates the Zululand Anthracite Colliery, in South Africa, which produced 166 125 t during the September quarter.

Strachan said on Monday that its coal resources made Riversdale a prime takeover target, as Southern Africa looked to fill a 1 000 MW power generation gap.

“The market is pretty strong. A 1 000 MW power plant could use up to ten-million tons of thermal coal a year, which means that they will need to be mining ten-million tons a year, every year, for as long as you can think.”

Source: www.miningweekly.com

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Mehta discussed how India attained a leadership role, noting the country’s technological capabilities, labor force and how government aid helped it establish itself as a global jewelry hub.

“Taken together, the two eastern giants are a formidable force, in every way, whether in sheer numbers of population, of skills, as developing economies and as markets. I look forward to the unfolding of the future in which our two great nations will take centre stage,” Mehta added.

The conference comes on the heels of the fourth Indo-China Buyer Seller Meet held in Shanghai on December 1-3. The event, organized by the GJEPC and Shanghai Diamond exchange (SDE), included an exhibition some 25 booths of loose diamonds. One of the goals of the Meet is to connect Indian diamond polishers with Chinese jewelry makers.

According to GJEPC Chairman Rajiv Jain, the event is part of a continuous effort to boost trade between the countries.”

Source: www.idexonline.com

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Light Performance Technology (LPT) provides a method to measure a polished diamond’s appearance based on the diamond’s light performance characteristics: brilliance, fire, scintillation/sparkle, and symmetry. The LPT will also provide a report on each diamond evaluated.

With LPT, Sarin can provide diamond retailers with a sales tool designed to simplify and enhance the customer’s diamond jewelry buying experience, as well as contributing to the profitability and sophistication of the diamond trade.

Sarin CEO Uzi Levami said that diamond consumers were seeking “more readily understood information” on polished diamonds’ beauty and value, and that by acquiring LPT, Sarin was in a position to provide the diamond retailer with that information.

“LPT will provide an enhanced 21st-century buying experience,” Levami said.

Source: www.israelidiamond.co.il

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An elderly lady walked into a Jewelry Warehouse store in Lexington County recently wanting to sell her gold jewelry. She left with $3,000 in her pocket, according to store manager Scott Satterfield.

“She said she was buying $500 worth of medicine every month,” Satterfield said, recalling the story the woman had told him. “’I can buy six months of medicine now,’” she said.

The U.S. economy is still a tough go for a lot of people.

And gold?

“The price of gold is crazy,” said Satterfield, who buys the precious metal from walk-in customers every day, or swaps the amount of gold determined to be in their jewelry, at its going value, for other merchandise in the store.

It’s the customer’s choice.

More and more Americans are selling their unwanted or unneeded gold jewelry these days, and in some cases their precious heirlooms, too, experts say, to make a buck.

The driving factor for some is the soaring price of gold, which closed Tuesday at $1,383.86 an ounce – too tempting for some people to pass up.

But in other cases, it’s the bare necessities of life.

Satterfield and other local gold dealers say people come in to trade their gold valuables because they are behind on their mortgages, can’t afford to pay for the medications or can’t play Santa Claus.

Sometimes, though, they just want to get rid of old jewelry they no longer want.

“We all need money, right?” asked Nathan Picow, a long-time jeweler and gold buyer at King’s Jewelry store in downtown Columbia. “We have to buy gasoline, we have to buy groceries, we all need money.”

Picow said selling gold is a legitimate way for the public to get what it needs – cold hard cash, or newer, more updated jewelry.

Everybody, it seems, is in the gold game now, from pawn shops to fly-by-night gold dealers to furniture stores.

So, when customers decide to sell their gold, creditable buyers will do a couple of things, Satterfield said.

First they will determine how much gold is in the item the customer wishes to sell, either 10 karats, 14 karats, or 18 karats, then determine its weight. Jewelry owners can check the content of the gold in their jewelry by the inscriptions on it.

Next, the jeweler gets a spot price for gold at the time, and based on that calculates the value of the jewelry.

The customer can then accept the offer and get paid, reject it and go to another dealer, or go home and wait for prices to climb more. The customer can accept cash or trade the value for something else in the store.

“A trade will work if I have something to trade it for,” Satterfield said. “You get more with the trade.”

When jewelry is traded, most of it goes to a refinery to be melted down, and in today’s market, that too, is big business. “For many jewelry stores, the No. 1 vendor is the scrap refiner,” Satterfield said.

But the company has a business model with respect to gold, Satterfield said, and it’s purely a personal business decision for the company. “I will never take an item we buy, polish it up, and resell it,” Satterfield said.

It is not uncommon for customers to call the store every day to check on the price of gold, and some customers “play” the gold price market much like Wall Street traders “play” stocks on the New York Stock Exchange, Satterfield said.

For potential gold sellers locally, Satterfield sounded a note of caution and urged people to use common sense.

At the Jewelry Warehouse, for example, Satterfield said every piece of jewelry that comes in to the store for sale or trade is photocopied.

“We are not a fence,” Satterfield said. “We are not out to get people’s valuables.”

TIPS FOR SELLING YOUR GOLD

Soaring gold prices create a market for scrap gold.

• Selling locally generally means selling better. (Be leery of mailing off your goods.)

• Deal with a jeweler you know and trust. (Watch out for fly-by-night operators who set up then quickly disappear.)

• Don’t be afraid to negotiate for the best price. (Different dealers may offer a different price for the same piece of jewelry.)

• Know the value of your own merchandise.

Source: www.thestate.com

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