Titan unveils Nebula Calligraphy Collection for men

Nebula, the exquisite range of solid 18K gold watches from Titan, has introduced Nebula Calligraphy - a collection inspired by the art of Calligraphy.

Bollywood actor Raima Sen unveiled the collection in the presence of Ms. Vandana Bhalla, Marketing Manager, Titan. Calligraphy means "beautiful writing".

Free spirited & uninhibited, this art form extends from alphabets to numerals to even abstract expressions using a vivid palette of colors. Meticulously crafted in 18K Gold, the Nebula Calligraphy collection is a unique blend of intricate craftsmanship and the delightful art of Calligraphy. Studded with dazzling diamonds and Italian styled leather straps, watches in this collection are brought alive by the exquisite use of calligraphy on the dials. Indices in the devnagri script adorn the mother of pearl dials while Sanskrit lipi shlokas quietly form the backdrop in some of the watches. The Classic forms and simple elegance captures the ingenuity and creativity of an invaluable collectible.

Speaking on the occasion, Ms. Vandana Bhalla, Marketing Manager, Titan, said, "Every collection from Titan enables our customers to connect with their deep-rooted yearnings of self-expression, encouraging them to Be More in their lives. Nebula Calligraphy is a beautiful illustration of this theme as it allows them to bring alive their hidden love for art".

Unveiling the collection, Raima Sen, Bollywood actor said, "I am truly impressed with the inspiration and refined styling of these watches. I am an ardent lover of all art forms and the flowing lines of calligraphy as an art appeals greatly to me. I think every watch in this new collection from Titan Nebula is a beautiful piece of art." Created by the Titan design studio, every Nebula watch is crowned with a sapphire glass crystal and comes with a lifetime warranty.
This unique men's collection is available in 7 different styles, offering dial designs that range from the subtle use of the art to bolder versions. The collection is designed to appeal the discerning men with a keen interest in art forms. Priced between Rs. 65,000 – Rs. 95,000/-, the Nebula Calligraphy collection is available exclusively at the World of Titan showrooms across the country.

About Titan Nebula: Nebula is an exclusive collection of 18k solid gold jewellery watches from Titan Industries Ltd. and India's first solid gold watch brand. Crafted in 18k gold, the elegant watches are a blend of the rich heritage of Indian jewellery and the fine craftsmanship of watch making. The Nebula collection comprises a variety of exquisite watches in 18k gold both plain and embellished with pearls and diamonds. The Nebula range is available in kada & bracelet styles for women besides the classic leather strap style. For men, there are options available in leather strap or pure gold strap. The entire Nebula collection of jewellery watches ranges from Rs. 18,000 to Rs. 1,50,000 and is available across all World of Titan showrooms. Each watch comes with a lifetime warranty and is designed to last for generations.

About Titan Industries: Titan Industries Limited, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO) commenced operations in 1987 under the name Titan Watches Limited. In 1994, Titan Industries diversified into Jewellery and more recently into Prescription Eyewear with Titan Eye+. Today Titan Industries is India's leading producer and retailer of watches and jewellery, and is credited with changing the face of the Indian watch as well as the jewellery industry. The watch division has a domestic market share of over 70% of the organized market. Titan Industries reported a turnover of Rs. 3,046 Crore for the year ended 2007 - 08. As a full range producer-marketer, Titan Industries offers the Indian and International customer a very large range of products to suit various consumer preferences. Its products are recognized for innovation in design, quality and reliability.

IsDMA President Ganz Calls on Bank of Israel to Establish $2.25 Billion Credit Fund for Israeli Diamond Industry

Ramat Gan, Israel, December 17, 2008: Israel Diamond Manufacturers Association (IsDMA) President Moti Ganz has called on the Bank of Israel to intervene in the terms of credit made available to the Israeli Diamond Industry.

In a letter sent this week to Prof. Stanley Fischer, Governor of the Bank of Israel, Ganz proposed that the Bank establish a $2.25 billion credit fund for the diamond industry out of the central bank’s foreign exchange surplus. This credit would be made available to diamantaires through the banks financing the industry – Union Bank, Israel Discount Bank, Bank Leumi, First International Bank and Mizrahi Tefahot Bank. Diamantaires would continue to pay individualized margins according to the company’s level of risk, but would save the cost of raising the funds (LIBOR).

In addition, Ganz asked Fischer to instruct the banks to reduce the margins charged to diamantaires to the level of January 2008 – between 1 and 3 percent. He wrote that since the beginning of the financial crisis the banks have raised margins unilaterally by 0.25 to 1 percent. “This increase is a major burden to the industry,” Ganz wrote.

Ganz cited stiff competition which has caused the industry to grant buyers credit of 120 to 160 days. Since the start of the financial crisis, Ganz wrote, the Israeli banks have seriously reduced the credit available to the industry.

“The Israeli diamond industry’s total debt to the banks is about $2.3 billion, a level it has maintained for several years despite an impressive growth in exports,” wrote Ganz. He added that the number of bankruptcies in the industry is minimal, not exceeding more than one or two a year. This, he stated, attests to the financial strength of the industry and its stability.

Ganz added that the diamond industry is the largest export industry in Israel, with polished exports in 2007 reaching over $7 billion (about 20% of the country’s total industrial exports), and with a net turnover of $20 billion.

Ganz concluded that the diamond industry was not a cause of the current economic crisis, yet is being forced to deal with its serious consequences daily. “We are the only industry in Israel that has not leveraged itself, has not issued bonds to the detriment of the economy,” he wrote. Ganz added that the Israeli diamond industry, which supports tens of thousands of families in Israel, should not be made to pay the price of errors caused by others.

Global meltdown rubs off the sheen from Indian diamond industry

India's diamond industry seems to be losing its sheen with global recession hitting its exports.

Those associated closely with the industry at Surat in Gujarat are struggling to survive the current recessionary trends.

The traders say that the diamonds processed in Surat are sent to various parts of the world including the Middle East from where manufactured jewellery is then sold across the globe.

The US, one of the largest markets for diamonds and other gemstones, would import 60% of diamonds manufactured in Surat. But these imports have come down by half due to deep economic crisis that America is currently reeling under.

With the financial turmoil spilling over to the rest of the world, the demand for diamond jewellery is declining in the international markets. Diamond traders said that domestic markets too are no better and don't see any respite in the near future.

"Due to the global recessionary trends the diamond industry world over is facing problems and so is our fraternity in Surat. The effect is being feltmore than ever before and we are trying to fight it. But how long would the industry be able to fight it and survive, it is a matter of concern. I don'tsee any respite in the near future," said CP Wananai, President, Diamond Association, Surat.

The Surat diamond industry is worth Rs800,000mn and accounts for more than half of the total diamond exports from India. It employs more than 700,000 workers from across the country. Over 2.5mn people are indirectly associated with the trade. These workers are uncertain about their jobs. The one-month annual vacation that these workers get during Diwali, the Hindu festival of lights, is being extended, sparking off fears that many companies might have to close down.

"I have been in this industry for around 10 years now. We have already had a vacation of 40 days now. My salary is just Rs7000 per month and I had spent almost all of it during the festive season. I don't have anything now. I am somehow trying to survive. The situation is really bad. I don't even want to think about what can be done if the situation doesn't improve," said Manish Bhai, a diamond worker.

With the 40-day vacation ending on Monday (November 17), the diamond unions are scheduled to meet to discuss the situation and likely possibilities to save the livelihood of the millions of workers associated with diamond trade. Reducing the number of working hours and decreasing the salary proportionately are among various options being thought of as against laying off of workers.

Meanwhile, the diamond industry is lobbying hard to get a bailout package from the government. India's diamond industry has been reeling under a spate of problems. Around 2,000 factories out of 10,000 have already shut down.

The worst-hit diamond cutters and polishers have not yet lost hope about the markets regaining their lost glitter but feel that would take a couple of months.

Jewels, watches set to fetch lower prices at auction

While the world is facing the biggest global financial crisis since the Great Depression, experts are confident the best diamonds and rare gems tofetch good prices in Geneva.

Sotheby's are offering over 400 luxury jewels in their autumn "Magnificent Jewels" sale. Sotheby's are confident their autumn jewels auction will sell well, although price levels for some luxury pieces have dropped by 20-30%.
"The volatility in all markets at the moment is quite remarkable, nobody can see which way this market's going", David Bennett, Sotheby's jewellery chairman for Europe and the Middle East told Reuters.

Sotheby's has had to reduce estimates for the flagship jewel auctions as a result of the world's financial crisis that has reduced appetites for luxury goods.

But while many lots were stranded in New York's Autumn art sales, which failed to meet low-end estimates the two best diamonds are expected to fetch good prices on Wednesday evening (November 19).

The jewel auction market is driven by top-end diamonds, which brokers and leading fine jewellers say have come off price peaks touched earlier this year to more sustainable levels.

"There is a historical precedent, because the last recession, if you like, was straight after the Gulf war, the first Gulf war in 1990. And between 1991 and 1997 were our greatest years of jewellery sales, including the three world records-the biggest diamond sales of $16mn,were in those years, 1990, 1993 and 1995, so there is maybe a precedent that people will look to diamonds, I'm pretty optimistic", Bennett said.

Sotheby's estimates that its star lot, a flawless deep blue diamond weighing 10.48 carats, could fetch $6mn to $9mn. And the Lesotho I, a light brown diamond of 71.73 carats mounted on a ring, has a catalogue estimate of $3mn-$5mn.

Discovered by a miner's wife in Lesotho in 1967, it was the largest of 18 to be cut on live television from a 601-carat rough diamond by US jeweller Harry Winston. It has remained in the gem box of an unidentified "lady of title" ever since.

The week kicked off Sunday night with Sotheby's sale of 200 timepieces.

Israel Diamond Exchange celebrates 70th Anniversary

Ramat Gan, Israel, November 24, 2008: The Israel Diamond Exchange (IDE) celebrated its 70th anniversary last night at a gala event in the Mann Auditorium in Tel Aviv with the participation of thousands of diamantaires from Israel and abroad.

Special guests included Israel’s Minister of Industry, Trade and Labor Eli Yishai; Ramat Gan Mayor Zvi Bar; DTC Managing Director Varda Shine; Chairman of the World Diamond Council Eli Izhakoff; CIBJO President Gaetano Cavalieri and representatives from diamond exchanges in China, the U.S. and Europe.

Avi Paz, President of IDE and the World Federation of Diamond Bourses, thanked the many guests who came from all over the world, and said that their participation was a tribute to the importance of the Israeli diamond center within the world diamond industry.

About the world economic situation, Paz said: “At this time we must maintain our optimism. What we achieved over the past 70 years did not come easily! Our industry has gone through difficult times as well as periods of huge success and prosperity. At this time it is especially important to act with determination, optimism and cool-headedness.”

In his remarks Paz called upon Minister Yishai to act immediately to ensure that the Government’s emergency economic plan provides solutions for diamantaires harmed by the world economic crisis. Minister Yishai said that he would continue to do everything in his power to support the diamond industry. “Your leadership is a very special one – filled with wisdom, professionalism and modesty. You pursue your vocation with resoluteness and during this difficult time you are showing vision, determination and conviction. I believe in your abilities and I will always be at your service in all positions that I will hold,” he said.

Managing Director of Israel Discount Bank Giora Offer said that the Bank would stand firm in its support of the Israeli Diamond Industry. “I believe that you will continue to act in times of crisis with ethics, credibility and loyalty. Israel Discount Bank, the largest bank in the finance of Israel’s diamond industry, stands beside you. Together we will get through this period with a great deal of appreciation and esteem for your achievements of which we are all proud.”

One of the highlights of the evening was the bestowal of Honorary Membership in the Israel Diamond Exchange to DTC Managing Director Varda Shine. Avi Paz said: “Varda Shine is a pioneer in the global diamond industry. She is the only woman in the history of IDE to receive Honorary Membership. Varda is an excellent professional, a keen businesswoman, and above all a true friend of the Israel Diamond Exchange and the entire Israeli Diamond Industry.”

Shine thanked Avi Paz and the IDE for this award. “It is a great honor for me to receive this title and I feel proud to be the first woman to hold it,” she said. “The Israel Diamond Exchange has all it needs to succeed. Thanks to your human capital, entrepreneurship and strength you will know how to continue your path forward. We must all learn from the diamond during this period – to be transparent, clear and strong,” she added.

Shine reiterated that De Beers would significantly reduce the supply of rough diamonds in the near future and stressed that especially in these times it is important to remain optimistic. “The future of the diamond looks excellent, largely because there are no new mines in the world and the diamond is becoming rarer and rarer. At the same time, research is showing that during 2011 a growth in demand for diamonds is expected in countries with a developing middle class.”

"Road Side Romeo" collection launched by Popley's Disney Fine Jewellery

The Popley's Disney Fine Jewellery division has launched a new range of diamond jewellery called "Road Side Romeo" collection.

With the animated movie, this collection will mark The Walt Disney the company's first Indian collaboration. RoadsideRomeo, which is the animated movie will feature Saif Ali Khan and Kareena Kapoor's voice over.

Popley & sons have designed the pendants to displays the love betweenthe two characters 'Romeo' and 'Laila' in the movie. The desgined pendant is a Unisex piece of jewellery with the oval shape getting converted into a heart shape. The oval pendant has the image of Romeo while the heart shape is accompanied by Laila.

The pendant is studded with brilliant cut diamonds in 18 karat gold and is limited to only eight pieces worldwide. The collection will be available only at Popley & Sons stores.