India Now - page 44

qualitative analysis of rough diamonds
happens as per specialty in a centralised
location and manufacturing happens
at 160 various specialised (as per size
and quality) units spread over Surat and
Ahmedabad.” The company invests
heavily in building a robust technology
framework and has received several
industry acknowledgements for its abil-
ity to absorb and implement the latest
technology across its large set-up. Kiran
has been honoured by Sarine Technolo-
gies for having the highest number of
machineries. Recently, it received the
2000th D-Scope produced by HRD
For that perfect solitaire, companies
like Kiran procure rough diamonds only
from miners like De Beers, Rio Tinto,
Alrosa and Dominion to ensure ethi-
cal sourcing. The most optimal value
of any rough is extracted with the right
combination of man and machine and
the diamond passes through multiple
quality checks at every stage of produc-
tion. “Any deviation from the expected
results, during stages of production,
is closely studied and reasons and out-
comes are shared among the concerned
employees,” says Patel.
Discerning Consumers
According to Patel, the traditional export
markets for diamonds include UAE,
US, Russia, Singapore, Hong Kong,
Israel, China, Switzerland and Belgium.
The emerging markets include Italy,
Australia and South America. He is
optimistic about the market and says
that considering the current demand
for diamonds the world over the export
market seems to be growing at a steady
pace. He feels that advancements in
technology “have fuelled the growth
of exports”. He also envisages strong
domestic demand as he feels that with
the country’s economy in the growth
mode it “has strong long term funda-
mentals and is a consumer of diamonds
and diamond jewellery” alongside being
a manufacturer and exporter. “The
figures of recent past suggest that the
Indian consumer appetite is growing
for diamonds and diamond jewellery,”
adds Patel.
Dholakia too has similar forecasts.
“For the next five years, the diamond
industry will grow more than it ever did
in the last 50 years.” Throwing light on
the diamond retail sector, he adds that
though it has never been a problem,
“it takes as much as 20 years to estab-
lish. We have been in the retail sector
for 10 years.” HKEPL runs its retail
wing under the brand KISNA and has
more than 5,000 outlets across India.
Indian customers are exhibiting their
discerning tastes. “Customers wanting
to buy diamond jewellry need quality
stones, innovative designs, consistency
and transparency. Our customers are
more discerning, knowledgeable and
demanding than ever before. We all
have to bring innovative ideas to our
consumers on a regular basis,” says
Dholakia. In addition, a retailer needs to
plan, innovate and anticipate customers
demands and reach out through cre-
ative campaigning, he adds.
The emerging middle class wealthy
consumers in India and globally are
exhibiting brand consciousness for a
variety of reasons but mainly for the
association value and the perceived
reduced risk of “wrong purchase” asso-
ciated with brands when buying high
end luxury products, as per the McKin-
sey whitepaper. In India too, certifica-
tions like ForeverMark, Canadamark
and Rio Tinto programs that are miner
initiated certificate programs bring an
assurance to discerning end customers
of the diamond’s origin. “It also promis-
es that the diamond is mined, manufac-
tured and sold most ethically so that the
owner of the diamond is proud of the
same,” explains Patel. The programmes
are basically directed to ensure the pipe-
line integrity of diamonds to safeguard
the customer’s interests.
With such precision control by quality
driven players and the government’s
focus on creating a conducive atmo-
sphere for the industry, Indian dia-
monds are sure to be around forever.
n order to provide an effective
mechanism to stop the trade in
conflict diamonds, the Kimberley
Process Certification scheme came
into effect from January 1, 2003.
To tackle the menace of the mixing
of synthetic with natural diamonds
in India, GJEPC formed the Natural
Diamond Monitoring Commit-
tee (NDMC). It also disseminates
information to ensure awareness
in the diamond industry regarding
synthetics, etc.
The first Diamond Detection and
Resource Centre (DDRC) was
opened in December 2013 at Bharat
Diamond Bourse, Mumbai, to enable
testing by companies and to ensure
that lab-grown diamonds were not
mixed with natural diamonds. A
DDRC has now been opened in
In February 2015, the founda-
tion stone for the new Diamond
Research and Mercantile (Dream)
city was laid in Surat. The project
will house the Surat Hira Bourse and
related infrastructure and facilities
for the development of the diamond
industry. Gujarat government has
announced a Special Purpose Vehi-
cle (SPV) called Diamond Research
and Mercantile City Company Lim-
ited, which will be responsible for its
speedy and successful implementa-
tion of Dream.
The players are expecting positive
trends in the industry as Special
Notified Zone have been given spe-
cial mention in the recently released
Foreign Trade Policy Statement
Source: Gems and Jewellery
Export Promotion Council of India
& Balances
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